Blackstone's Second Quarter 2025 Earnings

AI Summary

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Key Insights

📈 Strong Quarterly Results: Blackstone reports outstanding second-quarter results reflecting the firm's expansion and earnings power.
💰 Assets Under Management: Total assets under management increased by 13% year-over-year, reaching $1.2 trillion.
📊 Segment Performance: Breakdown by segment, including Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing.
💸 Dividend Announcement: Declares a quarterly dividend of $1.03 per share, payable on August 11, 2025.
📞 Investor Call Details: Blackstone to host a second-quarter investor conference via webcast on July 24, 2025.

#Privatewealth #Investmentperformance #Financialresults #Marketgrowth #Assetsundermanagement #Dividenddeclaration #Earningsreport #Blackstone #Creditinsurance #Investorcall #Q22025earnings #Q225earnings #Q22025 #Earningsseason #Quarter2earnings #Q2earnings

_____________________________
Blackstone
345 Park Avenue, New York, NY 10154
T 212 583 5000
www.blackstone.com
Blackstone Reports Second Quarter 2025 Results
New York, July 24, 2025: Blackstone (NYSE:BX) today reported its second quarter 2025 results.
Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone delivered outstanding secondquarter results, reflective of the broader underlying expansion of the firm’s business and earnings power,
particularly in private wealth, credit and insurance, and infrastructure. Despite the volatile market backdrop, we
grew earnings significantly and total assets under management increased 13% year-over-year to more than
$1.2 trillion—a new industry record. Most importantly, we continued to deliver strong investment performance for
our LPs, with the highest overall amount of fund appreciation in nearly four years.”
Blackstone issued a full detailed presentation of its second quarter 2025 results, which can be viewed at
www.blackstone.com.
Dividend
Blackstone has declared a quarterly dividend of $1.03 per share to record holders of common stock at the close of
business on August 4, 2025. This dividend will be paid on August 11, 2025.
Quarterly Investor Call Details
Blackstone will host its second quarter 2025 investor conference via public webcast on July 24, 2025 at
9:00 a.m. ET. To register, please use the following link:
https://event.webcasts.com/starthere.jsp?ei=1725493&tp_key=ccdd76990b. 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
$1.2 trillion in assets under management include global investment strategies focused on real estate, private
equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is
available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.
Forward-Looking Statements
This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our
current views with respect to, among other things, our operations, taxes, earnings and financial performance, share
repurchases and dividends. You can identify these forward-looking statements by the use of words such as
“outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,”
“approximately,” “predicts,” “intends,” “plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,”
“forecast,” “possible” or the negative version of these words or other comparable words. Such forward-looking
statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that
could cause actual outcomes or results to differ materially from those indicated in these statements. We believe
these factors include but are not limited to those described under the section entitled “Risk Factors” in our Annual
Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in
our periodic 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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Blackstone’s Second
Quarter 2025 Earnings
JULY 24, 2025

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Blackstone | 1
BLACKSTONE’S SECOND QUARTER 2025 GAAP RESULTS
▪ GAAP Net Income was $1.6 billion for the quarter and $2.8 billion year-to-date (“YTD”). GAAP Net Income
Attributable to Blackstone Inc. was $764 million for the quarter and $1.4 billion YTD.
Throughout this presentation, all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See pages 36-38, Definitions and
Dividend Policy, for definitions of terms used throughout this presentation. NCI means non-controlling interests.
($ in thousands, except per share data) (unaudited) 2Q'24 2Q'25 2Q'24 YTD 2Q'25 YTD 2Q'24 LTM 2Q'25 LTM
Revenues
Management and Advisory Fees, Net $ 1,787,313 $ 2,035,495 $ 3,514,461 $ 3,939,812 $ 6,818,036 $ 7,614,287
Incentive Fees 188,299 195,414 367,640 387,239 766,858 983,777
Performance Allocations 653,870 1,143,103 1,752,330 1,968,354 1,780,342 4,045,177
Principal Investments 42,269 462,562 582,489 806,817 447,593 937,177
Interest and Dividend Revenue 104,999 100,389 202,838 197,809 480,345 406,130
Other 19,631 (225,063) 64,451 (298,673) 17,340 (239,431)
Total Revenues $ 2,796,381 $ 3,711,900 $ 6,484,209 $ 7,001,358 $ 10,310,514 $ 13,747,117
Expenses
Compensation and Benefits 1,206,202 1,421,530 2,514,506 2,853,370 4,003,770 5,332,917
General, Administrative and Other 311,928 360,817 681,878 693,190 1,250,755 1,373,221
Interest Expense 108,616 135,822 216,819 253,937 436,150 480,806
Fund Expenses 5,960 14,434 9,910 26,538 48,913 36,304
Total Expenses $ 1,632,706 $ 1,932,603 $ 3,423,113 $ 3,827,035 $ 5,739,588 $ 7,223,248
Other Income (Loss) $ 44,934 $ 136,330 $ 27,167 $ 193,905 $ (210,281) $ 215,576
Income Before Provision for Taxes $ 1,208,609 $ 1,915,627 $ 3,088,263 $ 3,368,228 $ 4,360,645 $ 6,739,445
Provision for Taxes 260,246 289,494 543,917 533,321 786,434 1,011,075
Net Income $ 948,363 $ 1,626,133 $ 2,544,346 $ 2,834,907 $ 3,574,211 $ 5,728,370
Redeemable NCI in Consolidated Entities 258 18,209 (39,411) 26,109 (295,917) 4,231
Non-Redeemable NCI in Consolidated Entities 503,691 843,680 1,291,957 1,429,702 1,874,534 2,860,335
Net Income Attributable to Blackstone Inc. $ 444,414 $ 764,244 $ 1,291,800 $ 1,379,096 $ 1,995,594 $ 2,863,804
Net Income Per Share of Common Stock, Basic $ 0.58 $ 0.98 $ 1.69 $ 1.77 $ 2.62 $ 3.71
Net Income Per Share of Common Stock, Diluted $ 0.58 $ 0.98 $ 1.69 $ 1.77 $ 2.62 $ 3.71

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Blackstone | 2
BLACKSTONE’S SECOND QUARTER 2025 HIGHLIGHTS
▪ Fee Related Earnings (“FRE”) of $1.5 billion ($1.19/share) in the quarter
– FRE was $5.7 billion over the last twelve months (“LTM”) ($4.68/share)
▪ Distributable Earnings (“DE”) of $1.6 billion ($1.21/share) in the quarter
– DE was $6.4 billion over the LTM ($5.00/share)
▪ Net Accrued Performance Revenues of $6.6 billion ($5.37/share)
Financial Measures
▪ Total Assets Under Management (“AUM”) of $1,211.2 billion
– Fee-Earning AUM of $887.1 billion
– Perpetual Capital AUM of $484.6 billion
▪ Inflows of $52.1 billion in the quarter and $211.8 billion over the LTM
▪ Deployment of $33.1 billion in the quarter and $145.1 billion over the LTM
▪ Realizations of $23.4 billion in the quarter and $97.5 billion over the LTM
Capital Metrics
▪ Dividend of $1.03 per common share payable on August 11, 2025
– Dividends of $4.26 per common share over the LTM
▪ Repurchased 0.2 million common shares in the quarter and 1.7 million common shares
over the LTM
▪ $1.4 billion to be distributed to shareholders with respect to the second quarter and
$5.8 billion over the LTM through dividends and share repurchases
Capital Returned
to Shareholders

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Blackstone | 3
BLACKSTONE’S SECOND QUARTER 2025 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 two quarters. See pages 32-33 for the Reconciliation of GAAP to Total Segment Measures.
% Change % Change
($ in thousands, except per share data) 2Q'24 2Q'25 vs. 2Q'24 2Q'24 YTD 2Q'25 YTD vs. 2Q'24 YTD
Management and Advisory Fees, Net $ 1,779,938 $ 2,020,012 13% $ 3,487,509 $ 3,912,010 12%
Fee Related Performance Revenues 177,067 472,050 167% 472,568 765,965 62%
Fee Related Compensation (552,913) (700,316) 27% (1,106,990) (1,317,298) 19%
Other Operating Expenses (293,122) (332,243) 13% (582,100) (639,118) 10%
Fee Related Earnings $ 1,110,970 $ 1,459,503 31% $ 2,270,987 $ 2,721,559 20%
Realized Performance Revenues 542,889 553,121 2% 1,079,282 1,013,144 (6)%
Realized Performance Compensation (251,057) (256,624) 2% (504,081) (477,548) (5)%
Realized Principal Investment Income 16,572 29,421 78% 26,510 147,331 456%
Net Realizations 308,404 325,918 6% 601,711 682,927 13%
Total Segment Distributable Earnings $ 1,419,374 $ 1,785,421 26% $ 2,872,698 $ 3,404,486 19%
Distributable Earnings $ 1,252,221 $ 1,565,763 25% $ 2,518,599 $ 2,976,568 18%
Additional Metrics:
Net Income Per Share of Common Stock, Basic $ 0.58 $ 0.98 69% $ 1.69 $ 1.77 5%
FRE per Share $ 0.91 $ 1.19 31% $ 1.86 $ 2.22 19%
DE per Common Share $ 0.96 $ 1.21 26% $ 1.94 $ 2.30 19%
Total Segment Revenues $ 2,516,466 $ 3,074,604 22% $ 5,065,869 $ 5,838,450 15%
Total Assets Under Management $ 1,076,371,811 $ 1,211,207,341 13% $ 1,076,371,811 $ 1,211,207,341 13%
Fee-Earning Assets Under Management $ 808,656,801 $ 887,114,205 10% $ 808,656,801 $ 887,114,205 10%

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Blackstone | 4
INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES
▪ Appreciation across nearly all strategies led to higher Net Accrued Performance Revenues quarter-over-quarter of
$6.6 billion ($5.37/share).
Investment Performance
(appreciation / gross returns)
Net Accrued Performance Revenues
($ 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 2.2% and 9.5% for 2Q’25 and 2Q’25 LTM, respectively. Liquid Credit net returns
were 2.3% and 7.4% for 2Q’25 and 2Q’25 LTM, respectively. Absolute Return Composite net returns were 2.5% and 10.6% for 2Q’25 and 2Q’25 LTM, respectively.
See notes on page 34 for additional details on these strategies and our investment performance.
$6,399 $6,608
$840
$631
1Q'25 Net
Performance
Revenues
Net
Realized
Distributions
2Q'25
2Q'25 2Q'25 LTM
Real Estate
Opportunistic 0.1% (3.6)%
Core+ (0.4)% (0.5)%
Private Equity
Corporate Private Equity 5.1% 17.2%
Tactical Opportunities 4.1% 14.3%
Secondaries 6.6% 10.9%
Infrastructure 2.9% 19.1%
Credit & Insurance
Private Credit 3.0% 13.3%
Liquid Credit 2.4% 7.9%
Multi-Asset Investing
Absolute Return Composite 2.8% 11.8%

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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) 2Q'25 2Q'25 LTM 2Q'25 2Q'25 LTM 2Q'25 2Q'25 LTM
Real Estate $ 7,222 $ 27,327 $ 6,168 $ 22,071 $ 5,249 $ 22,418
Opportunistic 383 4,137 1,230 10,186 636 4,249
Core+ 4,479 14,502 1,857 4,896 2,141 8,977
Debt Strategies 2,360 8,688 3,081 6,989 2,472 9,192
Private Equity 15,323 58,826 11,759 51,655 7,316 29,604
Corporate Private Equity 7,714 31,178 5,088 23,450 3,875 15,471
Tactical Opportunities 550 3,491 231 4,794 1,042 4,452
Secondaries 3,289 12,983 2,453 14,856 1,687 7,265
Infrastructure 3,770 11,174 3,986 8,554 712 2,417
Credit & Insurance 26,818 112,738 14,098 68,146 9,962 42,179
Multi-Asset Investing 2,714 12,861 1,055 3,231 825 3,274
Total Blackstone $ 52,077 $ 211,752 $ 33,080 $ 145,104 $ 23,352 $ 97,475
Inflows Capital Deployed Realizations
▪ Inflows were $52.1 billion in the quarter, bringing LTM inflows to $211.8 billion.
▪ Deployed $33.1 billion in the quarter and $145.1 billion over the LTM.
– Committed an additional $19.5 billion that was not yet deployed in the quarter.
▪ Realizations were $23.4 billion in the quarter and $97.5 billion over the LTM.

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Blackstone | 6
$71.8 $80.2
$237.3 $288.9
$200.5
$232.2
$299.1
$285.8
$808.7
$887.1
2Q'24 2Q'25
$174.4 $224.8
$64.4
$91.8
$179.6
$167.8
$418.6
$484.6
2Q'24 2Q'25
ASSETS UNDER MANAGEMENT
Total AUM
($ in billions)
Fee-Earning AUM
($ in billions)
Perpetual Capital AUM
($ in billions)
Real Estate Private Equity Credit & Insurance Multi-Asset Investing
▪ Total AUM increased to $1,211.2 billion, up 13% year-over-year, with $52.1 billion of inflows in the quarter
and $211.8 billion over the LTM.
▪ Fee-Earning AUM of $887.1 billion was up 10% year-over-year, with $41.9 billion of inflows in the quarter
and $159.4 billion over the LTM.
▪ Perpetual Capital AUM reached $484.6 billion, up 16% year-over-year.
– Fee-Earning Perpetual Capital AUM increased to $415.9 billion, representing 47% of Fee-Earning AUM.
Multi-Asset Investing had $200 million and $186 million of Perpetual Capital AUM as of 2Q’24 and 2Q’25, respectively.
$79.6 $9 .
$ .1
$4 7.
$ .6
$ 88.9
$ 6.1
$ 25.
$1, 76.4
$1,211.2
2Q 24 2Q 25

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Blackstone | 7
$48.2 $52.5
$98.5 $115.2
$180.3
$232.0
$204.3
$204.8
$531.3
$604.4
2Q'24 2Q'25
$55.2
$73.8
$47.5
$4.8
ADDITIONAL CAPITAL DETAIL
▪ Invested Performance Eligible AUM reached $604.4 billion at quarter end, up 14% year-over-year.
▪ Total Dry Powder of $181.2 billion available for future investments.
Real Estate Private Equity
Credit & Insurance Multi-Asset Investing
Invested Performance Eligible AUM
($ in billions)
Total Dry Powder
($ in billions)
Private
Equity
Real
Estate
Multi-Asset
Investing
Credit &
Insurance
2Q’25 total: $181.2
Invested Performance Eligible AUM represents the fair value of invested assets that are eligible to earn performance revenues.

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Blackstone | 9
SEGMENT DISTRIBUTABLE EARNINGS COMPOSITION
▪ 2Q’25 Total Segment Distributable Earnings were $1.8 billion.
▪ LTM Total Segment Distributable Earnings were $7.2 billion.
$2,066
$2,969
$1,685
$522
Segment Distributable Earnings
($ in millions)
2Q’25 LTM total: $7,242
$566
$751
$396
$72
2Q’25 total: $1,785
Private
Equity
Real
Estate
Multi-Asset
Investing
Credit &
Insurance
Multi-Asset
Investing
Credit &
Insurance
Private
Equity
Real
Estate

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Blackstone | 10
REAL ESTATE
▪ Total AUM: $325.0 billion with inflows of $7.2 billion in the quarter and $27.3 billion over the LTM.
– Inflows in the quarter included $2.4 billion in BREDS, of which $1.2 billion was from Insurance SMAs, $1.1 billion
of capital raised in BREIT, and $1.0 billion in Blackstone Americas Logistics within Core+.
▪ Capital Deployed: $6.2 billion in the quarter, including acquisitions of a portfolio of performing commercial real
estate loans in BREDS and a Texas Industrial portfolio in Core+, and $22.1 billion over the LTM.
▪ Realizations: $5.2 billion in the quarter and $22.4 billion over the LTM.
▪ Appreciation: Opportunistic funds appreciated 0.1% in the quarter and declined (3.6)% over the LTM; Core+ funds
declined (0.4)% in the quarter and (0.5)% over the LTM.
% Change % Change
($ in thousands) 2Q'24 2Q'25 vs. 2Q'24 2Q'24 YTD 2Q'25 YTD vs. 2Q'24 YTD
Management Fees, Net $ 757,457 $ 711,292 (6)% $ 1,477,896 $ 1,412,140 (4)%
Fee Related Performance Revenues 606 89,590 n/m 130,564 127,393 (2)%
Fee Related Compensation (184,404) (170,209) (8)% (358,973) (340,734) (5)%
Other Operating Expenses (92,378) (87,048) (6)% (182,140) (170,329) (6)%
Fee Related Earnings $ 481,281 $ 543,625 13% $ 1,067,347 $ 1,028,470 (4)%
Realized Performance Revenues 53,472 43,587 (18)% 103,439 62,597 (39)%
Realized Performance Compensation (25,295) (24,139) (5)% (47,158) (32,909) (30)%
Realized Principal Investment Income 7,053 2,797 (60)% 9,246 3,146 (66)%
Net Realizations 35,230 22,245 (37)% 65,527 32,834 (50)%
Segment Distributable Earnings $ 516,511 $ 565,870 10% $ 1,132,874 $ 1,061,304 (6)%
Segment Revenues $ 818,588 $ 847,266 4% $ 1,721,145 $ 1,605,276 (7)%
Total AUM $ 336,100,271 $ 324,994,725 (3)% $ 336,100,271 $ 324,994,725 (3)%
Fee-Earning AUM $ 299,066,252 $ 285,826,676 (4)% $ 299,066,252 $ 285,826,676 (4)%

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Blackstone | 11
PRIVATE EQUITY
▪ Total AUM: Increased 18% to $388.9 billion with inflows of $15.3 billion in the quarter and $58.8 billion over the
LTM.
– Inflows in the quarter included $3.8 billion in Infrastructure, $3.5 billion for the third Corporate Private Equity
Asia fund, and $3.3 billion in Secondaries.
– $1.7 billion of capital raised for BXPE and $577 million of capital raised for BXINFRA.
▪ Capital Deployed: $11.8 billion in the quarter, including Safe Harbor Marinas, Citrin Cooperman, and AGS Airports,
and $51.7 billion over the LTM; committed an additional $9.5 billion in the quarter, including to TXNM Energy.
▪ Realizations: $7.3 billion in the quarter, including HealthEdge, Vine Energy, and Liftoff, and $29.6 billion over the
LTM.
▪ Appreciation: Corporate Private Equity appreciated 5.1% in the quarter and 17.2% over the LTM.
– Tactical Opportunities appreciated 4.1% in the quarter and 14.3% over the LTM; Secondaries appreciated 6.6% in
the quarter and 10.9% over the LTM; Infrastructure appreciated 2.9% in the quarter and 19.1% over the LTM.
% Change % Change
($ in thousands) 2Q'24 2Q'25 vs. 2Q'24 2Q'24 YTD 2Q'25 YTD vs. 2Q'24 YTD
Management and Advisory Fees, Net $ 514,851 $ 706,298 37% $ 1,016,058 $ 1,328,090 31%
Fee Related Performance Revenues 8,703 192,331 n/m 8,703 253,235 n/m
Fee Related Compensation (158,068) (266,925) 69% (320,627) (470,244) 47%
Other Operating Expenses (87,436) (112,300) 28% (177,471) (215,194) 21%
Fee Related Earnings $ 278,050 $ 519,404 87% $ 526,663 $ 895,887 70%
Realized Performance Revenues 381,797 408,980 7% 831,671 759,053 (9)%
Realized Performance Compensation (179,761) (196,824) 9% (400,242) (367,965) (8)%
Realized Principal Investment Income 5,725 19,859 247% 28,154 29,035 3%
Net Realizations 207,761 232,015 12% 459,583 420,123 (9)%
Segment Distributable Earnings $ 485,811 $ 751,419 55% $ 986,246 $ 1,316,010 33%
Segment Revenues $ 911,076 $ 1,327,468 46% $ 1,884,586 $ 2,369,413 26%
Total AUM $ 330,589,586 $ 388,907,242 18% $ 330,589,586 $ 388,907,242 18%
Fee-Earning AUM $ 200,486,740 $ 232,160,209 16% $ 200,486,740 $ 232,160,209 16%
BXPE represents the aggregate BXPE fund platform, which comprises both U.S. and non-U.S. vehicles. BXPE and BXINFRA capital raised includes amounts
allocated to other strategies.

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Blackstone | 12
CREDIT & INSURANCE
▪ Total AUM: Increased 23% to $407.3 billion with inflows of $26.8 billion in the quarter and $112.7 billion over the
LTM.
– Inflows in the quarter included $8.9 billion for the global direct lending strategy, inclusive of $3.7 billion of
equity raised for BCRED, and $7.1 billion for infrastructure and asset based credit strategies.
– Closed 8 new CLOs (6 U.S. and 2 European) for $4.3 billion.
– Subsequent to quarter end, announced a partnership with Legal and General (“L&G”) to provide access to
investment-grade assets to support L&G’s business growth, and to develop public/private credit solutions.
▪ Capital Deployed: $14.1 billion in the quarter and $68.1 billion over the LTM driven by U.S. direct lending as well as
infrastructure and asset based credit strategies; committed an additional $8.5 billion that was not yet deployed in
the quarter.
▪ Realizations: $10.0 billion in the quarter and $42.2 billion over the LTM.
▪ Returns: Private Credit gross return of 3.0% (2.2% net) and Liquid Credit gross return of 2.4% (2.3% net) in the
quarter.
– Private Credit gross return of 13.3% (9.5% net) and Liquid Credit gross return of 7.9% (7.4% net) over the LTM.
% Change % Change
($ in thousands) 2Q'24 2Q'25 vs. 2Q'24 2Q'24 YTD 2Q'25 YTD vs. 2Q'24 YTD
Management Fees, Net $ 390,200 $ 470,627 21% $ 760,015 $ 917,671 21%
Fee Related Performance Revenues 167,758 190,129 13% 333,301 385,337 16%
Fee Related Compensation (172,551) (220,305) 28% (351,072) (421,923) 20%
Other Operating Expenses (88,348) (107,426) 22% (172,924) (203,704) 18%
Fee Related Earnings $ 297,059 $ 333,025 12% $ 569,320 $ 677,381 19%
Realized Performance Revenues 91,247 87,393 (4)% 106,367 178,990 68%
Realized Performance Compensation (37,738) (30,433) (19)% (43,059) (70,928) 65%
Realized Principal Investment Income 3,511 5,800 65% 7,072 113,703 n/m
Net Realizations 57,020 62,760 10% 70,380 221,765 215%
Segment Distributable Earnings $ 354,079 $ 395,785 12% $ 639,700 $ 899,146 41%
Segment Revenues $ 652,716 $ 753,949 16% $ 1,206,755 $ 1,595,701 32%
Total AUM $ 330,117,204 $ 407,296,172 23% $ 330,117,204 $ 407,296,172 23%
Fee-Earning AUM $ 237,285,546 $ 288,931,236 22% $ 237,285,546 $ 288,931,236 22%

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MULTI-ASSET INVESTING
▪ Total AUM: Increased 13% to $90.0 billion with inflows of $2.7 billion in the quarter and $12.9 billion over the LTM.
▪ Returns: Absolute Return Composite gross return of 2.8% in the quarter (2.5% net), outperforming the HFRX Global
Hedge Fund Index, which was 1.8%.
– Absolute Return benefited from performance across strategies, including quantitative, equities, macro, and
credit during the quarter.
– Gross return of 11.8% over the LTM (10.6% net), compared to 4.7% return for the HFRX Global Hedge Fund Index,
with significantly less volatility than the broader markets.
% Change % Change
($ in thousands) 2Q'24 2Q'25 vs. 2Q'24 2Q'24 YTD 2Q'25 YTD vs. 2Q'24 YTD
Management Fees, Net $ 117,430 $ 131,795 12% $ 233,540 $ 254,109 9%
Fee Related Compensation (37,890) (42,877) 13% (76,318) (84,397) 11%
Other Operating Expenses (24,960) (25,469) 2% (49,565) (49,891) 1%
Fee Related Earnings $ 54,580 $ 63,449 16% $ 107,657 $ 119,821 11%
Realized Performance Revenues 16,373 13,161 (20)% 37,805 12,504 (67)%
Realized Performance Compensation (8,263) (5,228) (37)% (13,622) (5,746) (58)%
Realized Principal Investment Income (Loss) 283 965 241% (17,962) 1,447 n/m
Net Realizations 8,393 8,898 6% 6,221 8,205 32%
Segment Distributable Earnings $ 62,973 $ 72,347 15% $ 113,878 $ 128,026 12%
Segment Revenues $ 134,086 $ 145,921 9% $ 253,383 $ 268,060 6%
Total AUM $ 79,564,750 $ 90,009,202 13% $ 79,564,750 $ 90,009,202 13%
Fee-Earning AUM $ 71,818,263 $ 80,196,084 12% $ 71,818,263 $ 80,196,084 12%

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TOTAL SEGMENTS
($ in thousands) 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 2Q'24 YTD 2Q'25 YTD
Base Management Fees $ 1,651,566 $ 1,710,941 $ 1,773,645 $ 1,807,119 $ 1,876,672 $ 3,296,296 $ 3,683,791
Transaction, Advisory and Other Fees, Net 132,536 82,506 117,708 111,309 165,690 199,474 276,999
Management Fee Offsets (4,164) (6,713) (32,062) (26,430) (22,350) (8,261) (48,780)
Total Management and Advisory Fees, Net 1,779,938 1,786,734 1,859,291 1,891,998 2,020,012 3,487,509 3,912,010
Fee Related Performance Revenues 177,067 264,101 1,399,276 293,915 472,050 472,568 765,965
Fee Related Compensation (552,913) (554,855) (1,077,477) (616,982) (700,316) (1,106,990) (1,317,298)
Other Operating Expenses (293,122) (320,823) (345,169) (306,875) (332,243) (582,100) (639,118)
Fee Related Earnings $ 1,110,970 $ 1,175,157 $ 1,835,921 $ 1,262,056 $ 1,459,503 $ 2,270,987 $ 2,721,559
Realized Performance Revenues 542,889 342,669 865,080 460,023 553,121 1,079,282 1,013,144
Realized Performance Compensation (251,057) (157,570) (289,595) (220,924) (256,624) (504,081) (477,548)
Realized Principal Investment Income 16,572 40,403 25,613 117,910 29,421 26,510 147,331
Total Net Realizations $ 308,404 $ 225,502 $ 601,098 $ 357,009 $ 325,918 $ 601,711 $ 682,927
Total Segment Distributable Earnings $ 1,419,374 $ 1,400,659 $ 2,437,019 $ 1,619,065 $ 1,785,421 $ 2,872,698 $ 3,404,486
Distributable Earnings $ 1,252,221 $ 1,278,650 $ 2,169,493 $ 1,410,805 $ 1,565,763 $ 2,518,599 $ 2,976,568
Additional Metrics:
Total Segment Revenues $ 2,516,466 $ 2,433,907 $ 4,149,260 $ 2,763,846 $ 3,074,604 $ 5,065,869 $ 5,838,450
Total Assets Under Management $ 1,076,371,811 $ 1,107,628,362 $ 1,127,179,996 $ 1,167,461,910 $ 1,211,207,341 $ 1,076,371,811 $ 1,211,207,341
Fee-Earning Assets Under Management $ 808,656,801 $ 820,457,203 $ 830,708,603 $ 860,069,950 $ 887,114,205 $ 808,656,801 $ 887,114,205

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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 returned to investors from CLOs. Market Activity includes
realized and unrealized gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations. AUM is reported in the segment where the assets are managed.
Three Months Ended June 30, 2025 Twelve Months Ended June 30, 2025
Real Private Credit & Multi-Asset Real Private Credit & Multi-Asset
Estate Equity Insurance Investing Estate Equity Insurance Investing
Beginning Balance $ 319,989 $ 370,990 $ 388,720 $ 87,763 $1,167,462 $ 336,100 $ 330,590 $ 330,117 $ 79,565 $1,076,372
Inflows 7,222 15,323 26,818 2,714 52,077 27,327 58,826 112,738 12,861 211,752
Outflows (1,883) (1,805) (5,287) (1,796) (10,772) (22,233) (9,774) (9,333) (8,161) (49,500)
Net Flows 5,339 13,518 21,531 917 41,306 5,095 49,053 103,405 4,700 162,252
Realizations (5,249) (7,316) (9,962) (825) (23,352) (22,418) (29,604) (42,179) (3,274) (97,475)
Market Activity 4,916 11,715 7,007 2,154 25,792 6,218 38,869 15,953 9,018 70,059
Ending Balance $ 324,995 $ 388,907 $ 407,296 $ 90,009 $1,211,207 $ 324,995 $ 388,907 $ 407,296 $ 90,009 $1,211,207
% Change 2% 5% 5% 3% 4% (3)% 18% 23% 13% 13%
Total Total
Three Months Ended June 30, 2025 Twelve Months Ended June 30, 2025
Real Private Credit & Multi-Asset Real Private Credit & Multi-Asset
Estate Equity Insurance Investing Estate Equity Insurance Investing
Beginning Balance $ 282,060 $ 226,219 $ 274,120 $ 77,670 $ 860,070 $ 299,066 $ 200,487 $ 237,286 $ 71,818 $ 808,657
Inflows 7,587 7,550 23,817 2,945 41,900 26,464 39,825 82,637 10,475 159,401
Outflows (1,713) (805) (5,873) (1,689) (10,080) (20,706) (6,142) (12,773) (7,576) (47,197)
Net Flows 5,874 6,746 17,944 1,255 31,820 5,759 33,683 69,864 2,899 112,205
Realizations (5,406) (3,289) (7,006) (782) (16,483) (23,027) (11,376) (26,990) (2,971) (64,364)
Market Activity 3,297 2,484 3,873 2,053 11,707 4,029 9,367 8,772 8,450 30,617
Ending Balance $ 285,827 $ 232,160 $ 288,931 $ 80,196 $ 887,114 $ 285,827 $ 232,160 $ 288,931 $ 80,196 $ 887,114
% Change 1% 3% 5% 3% 3% (4)% 16% 22% 12% 10%
Total Total

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▪ At June 30, 2025, Blackstone had $10.6 billion in total cash, cash equivalents, corporate treasury, and other
investments and $20.5 billion of cash and net investments, or $16.64 per share.
▪ Blackstone has a $4.3 billion credit revolver ($3.6 billion undrawn) and maintains A+/A+ ratings.
$14.44
$16.64
2Q'24 2Q'25
DECONSOLIDATED BALANCE SHEET HIGHLIGHTS
Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $6.8 billion as of June 30, 2025, which was comprised of $6.3 billion
of liquid investments and $514 million of illiquid investments. See notes on pages 31 and 34 for additional details on non-GAAP balance sheet measures.
A+ / A+
rated by S&P and Fitch
$4.3B
credit revolver with
December 2028 maturity
$10.6B
total cash, corporate
treasury and other
Cash and Net Investments
(per share)
($ in millions) 2Q'25
Cash and Cash Equivalents $ 2,235
Corporate Treasury and
Other Investments 8,336
GP/Fund Investments 3,289
Net Accrued Performance
Revenues 6,608
Cash and Net Investments $ 20,468
Outstanding Debt (at par) 12,004

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2Q’25 QoQ Rollforward
($ in millions)
2Q’25 LTM Rollforward
($ in millions)
NET ACCRUED PERFORMANCE REVENUES – ADDITIONAL DETAIL
Net Accrued Performance Revenues (“NAPR”) are presented net of performance compensation and excludes Performance Revenues realized but not yet distributed
as of the reporting date and clawback amounts, if any, which are disclosed in the 10-K/Q. Real Estate and Private Equity include co-investments, as applicable. Per
Share calculations are based on end of period DE Shares Outstanding (see page 24, Share Summary).
1Q'25
Net
Performance
Revenues
Net
Realized
Distributions 2Q'25
Real Estate $ 1,140 $ (111) $ (106) $ 923
Private Equity 4,838 707 (332) 5,212
Credit &
Insurance 374 179 (184) 369
Multi-Asset
Investing 46 65 (8) 103
Total $ 6,399 $ 840 $ (631) $ 6,608
QoQ Change 3%
2Q'24
Net
Performance
Revenues
Net
Realized
Distributions 2Q'25
Real Estate $ 1,595 $ (405) $ (267) $ 923
Private Equity 4,150 2,636 (1,573) 5,212
Credit &
Insurance 391 719 (741) 369
Multi-Asset
Investing 78 301 (276) 103
Total $ 6,214 $ 3,251 $ (2,857) $ 6,608
YoY Change 6%
2Q'24 1Q'25 2Q'25
2Q'25
Per Share
Real Estate
BREP Global $ 1,294 $ 904 $ 721 $ 0.59
BREP Europe 117 69 27 0.02
BREP Asia 97 98 98 0.08
BPP 73 37 45 0.04
BREDS 16 32 32 0.03
Real Estate $ 1,595 $ 1,140 $ 923 $ 0.75
Private Equity
BCP Global 1,508 1,739 1,869 1.52
BCP Asia 190 253 344 0.28
Energy/Energy Transition 417 545 515 0.42
Core Private Equity 243 257 266 0.22
Tactical Opportunities 159 200 227 0.18
Secondaries 813 1,144 1,270 1.03
Infrastructure 478 248 247 0.20
Life Sciences 125 214 239 0.19
BTAS/BXPE 217 238 236 0.19
Private Equity $ 4,150 $ 4,838 $ 5,212 $ 4.24
Credit & Insurance $ 391 $ 374 $ 369 $ 0.30
Multi-Asset Investing $ 78 $ 46 $ 103 $ 0.08
Net Accrued Performance
Revenues $ 6,214 $ 6,399 $ 6,608 $ 5.37
($ in millions, except per share data)

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INVESTMENT RECORDS AS OF JUNE 30, 2025(a)
($/€ 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 - 2,336 n/a 13,468,476 2.3x 13,470,812 2.3x 11% 11%
BREP VI (Feb 2007 / Aug 2011) 11,060,122 - 1,752 n/a 27,764,962 2.5x 27,766,714 2.5x 13% 13%
BREP VII (Aug 2011 / Apr 2015) 13,506,798 898,732 1,584,660 0.5x 28,788,970 2.2x 30,373,630 1.9x 18% 14%
BREP VIII (Apr 2015 / Jun 2019) 16,638,999 1,415,060 10,524,212 1.3x 23,084,365 2.3x 33,608,577 1.8x 23% 12%
BREP IX (Jun 2019 / Aug 2022) 21,356,236 3,197,042 21,704,362 1.2x 9,310,853 2.1x 31,015,215 1.4x 52% 8%
*BREP X (Aug 2022 / Feb 2028) 30,662,078 19,129,490 14,101,112 1.2x 1,071,053 1.2x 15,172,165 1.2x 7% 10%
Total Global BREP $ 104,204,814 $ 24,640,324 $ 47,918,434 1.2x $ 115,708,205 2.3x $ 163,626,639 1.8x 17% 14%
BREP Int'l I-II (Jan 2001 / Jun 2008) (e) € 2,453,920 € - € - n/a € 3,956,202 1.9x € 3,956,202 1.9x 12% 12%
BREP Europe III (Jun 2008 / Sep 2013) 3,205,420 385,566 56,204 0.3x 5,926,938 2.1x 5,983,142 2.0x 14% 13%
BREP Europe IV (Sep 2013 / Dec 2016) 6,676,604 1,047,011 940,560 0.7x 10,217,388 1.9x 11,157,948 1.7x 17% 11%
BREP Europe V (Dec 2016 / Oct 2019) 7,997,397 757,584 4,192,061 0.8x 6,762,819 3.8x 10,954,880 1.5x 41% 6%
BREP Europe VI (Oct 2019 / Sep 2023) 9,935,641 2,869,990 7,798,015 1.1x 3,512,882 2.6x 11,310,897 1.4x 72% 8%
*BREP Europe VII (Sep 2023 / Mar 2029) 9,783,376 7,332,218 2,917,076 1.2x 47,242 1.1x 2,964,318 1.2x n/m 15%
Total BREP Europe € 40,052,358 € 12,392,369 € 15,903,916 1.0x € 30,423,471 2.3x € 46,327,387 1.5x 16% 10%
BREP Asia I (Jun 2013 / Dec 2017) $ 4,262,075 $ 898,761 $ 1,509,465 1.8x $ 7,369,699 2.0x $ 8,879,164 1.9x 15% 12%
BREP Asia II (Dec 2017 / Mar 2022) 7,358,270 1,236,069 6,202,463 1.2x 2,387,241 1.8x 8,589,704 1.3x 23% 4%
*BREP Asia III (Mar 2022 / Sep 2027) 8,225,740 4,628,445 3,884,536 1.1x 70,976 2.3x 3,955,512 1.1x 42% (2)%
Total BREP Asia $ 19,846,085 $ 6,763,275 $ 11,596,464 1.2x $ 9,827,916 1.9x $ 21,424,380 1.5x 16% 8%
BREP Co-Investment (f) 7,782,389 136,284 1,142,965 1.4x 15,277,156 2.2x 16,420,121 2.1x 16% 16%
Total BREP $ 178,512,387 $ 45,899,019 $ 78,518,657 1.1x $ 177,993,322 2.2x $ 256,511,979 1.7x 17% 13%
*BREDS High-Yield (Various) (g) 27,607,180 9,640,706 5,402,248 1.1x 22,923,144 1.3x 28,325,392 1.3x 10% 9%
Private Equity
Corporate Private Equity
BCP I-III (Oct 1987 / Nov 2002) $ 6,187,603 $ - $ - n/a $ 14,239,072 2.4x $ 14,239,072 2.4x 19% 19%
BCOM (Jun 2000 / Jun 2006) 2,137,330 24,575 187 n/a 2,995,106 1.4x 2,995,293 1.4x 6% 6%
BCP IV (Nov 2002 / Dec 2005) 6,773,182 195,824 329 n/a 21,720,334 2.9x 21,720,663 2.9x 36% 36%
BCP V (Dec 2005 / Jan 2011) 21,009,112 982,018 7,751 n/a 38,862,488 1.9x 38,870,239 1.9x 8% 8%
BCP VI (Jan 2011 / May 2016) 15,195,794 1,341,577 3,749,193 2.1x 29,465,219 2.3x 33,214,412 2.2x 15% 12%
BCP VII (May 2016 / Feb 2020) 18,872,738 1,464,882 17,109,476 1.7x 21,685,432 2.7x 38,794,908 2.1x 25% 13%
BCP VIII (Feb 2020 / Apr 2024) 25,753,034 7,205,084 27,089,459 1.4x 5,102,888 2.3x 32,192,347 1.5x 35% 10%
*BCP IX (Apr 2024 / Apr 2030) 21,699,785 20,652,930 1,454,909 1.6x - n/a 1,454,909 1.6x n/a n/m
Energy I (Aug 2011 / Feb 2015) 2,441,558 174,492 390,794 2.0x 4,456,022 2.0x 4,846,816 2.0x 13% 12%
Energy II (Feb 2015 / Feb 2020) 4,931,260 783,727 3,917,459 1.9x 4,954,266 1.9x 8,871,725 1.9x 12% 8%
Energy III (Feb 2020 / Jun 2024) 4,355,417 1,675,267 5,203,019 2.1x 2,301,128 2.4x 7,504,147 2.2x 38% 25%
*Energy Transition IV (Jun 2024 / Jun 2030) 5,852,687 4,738,767 1,458,397 1.5x - n/a 1,458,397 1.5x n/a n/m
BCP Asia I (Dec 2017 / Sep 2021) 2,437,080 417,510 2,715,503 2.2x 2,886,025 3.0x 5,601,528 2.6x 43% 24%
*BCP Asia II (Sep 2021 / Sep 2027) 6,794,242 4,558,655 4,495,291 2.3x 858,688 3.4x 5,353,979 2.4x 106% 41%
BCP Asia III (TBD) 7,906,614 7,906,614 - n/a - n/a - n/a n/a n/a
Core Private Equity I (Jan 2017 / Mar 2021) (h) 4,760,130 1,184,250 7,607,485 2.0x 3,086,102 5.5x 10,693,587 2.5x 59% 16%
*Core Private Equity II (Mar 2021 / Mar 2026) (h) 8,231,069 5,028,913 5,067,196 1.5x 502,247 n/a 5,569,443 1.6x n/a 14%
Total Corporate Private Equity $ 165,338,635 $ 58,335,085 $ 80,266,448 1.7x $ 153,115,017 2.3x $ 233,381,465 2.0x 16% 15%
Tactical Opportunities
*Tactical Opportunities (Various) 31,299,857 12,676,036 14,449,563 1.3x 27,911,570 1.8x 42,361,133 1.6x 14% 11%
*Tactical Opportunities Co-Investment and Other (Various) 10,719,054 1,232,593 4,710,265 1.4x 11,033,570 1.8x 15,743,835 1.6x 18% 15%
Total Tactical Opportunities $ 42,018,911 $ 13,908,629 $ 19,159,828 1.3x $ 38,945,140 1.8x $ 58,104,968 1.6x 16% 12%
The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not meaningful” generally due to the limited time
since initial investment. n/a represents “not applicable”. Notes on pages 21-22. BREP – Blackstone Real Estate Partners, BREDS – Blackstone Real Estate Debt Strategies, BCP –
Blackstone Capital Partners, BCOM – Blackstone Communications.
* Represents funds that are currently in their investment period.

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INVESTMENT RECORDS AS OF JUNE 30, 2025(a)– (CONT’D)
($/€ 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)
Growth
BXG I (Jul 2020 / Feb 2025) $ 4,968,719 $ 724,615 $ 4,111,011 1.0x $ 561,134 2.7x $ 4,672,145 1.1x n/m (1)%
*BXG II (Feb 2025 / Feb 2030) 4,389,899 4,342,078 - n/a - n/a - n/a n/a n/a
Total Growth $ 9,358,618 $ 5,066,693 $ 4,111,011 1.0x $ 561,134 2.7x $ 4,672,145 1.1x n/m (1)%
Strategic Partners (Secondaries)
Strategic Partners I-V (Various) (i) 11,035,527 9,572 1,962 n/a 16,796,758 n/a 16,798,720 1.7x n/a 13%
Strategic Partners VI (Apr 2014 / Apr 2016) (i) 4,362,772 590,701 529,398 n/a 4,543,440 n/a 5,072,838 1.7x n/a 13%
Strategic Partners VII (May 2016 / Mar 2019) (i) 7,489,970 1,633,510 2,657,693 n/a 8,036,195 n/a 10,693,888 1.9x n/a 15%
Strategic Partners Real Assets II (May 2017 / Jun 2020) (i) 1,749,807 517,352 1,395,364 n/a 1,240,984 n/a 2,636,348 1.8x n/a 16%
Strategic Partners VIII (Mar 2019 / Oct 2021) (i) 10,763,600 3,587,242 7,459,822 n/a 7,549,779 n/a 15,009,601 1.8x n/a 21%
*Strategic Partners Real Estate, SMA and Other (Various) (i) 7,055,591 1,708,630 2,543,735 n/a 2,650,956 n/a 5,194,691 1.4x n/a 11%
Strategic Partners Infrastructure III (Jun 2020 / Jun 2024) (i) 3,250,100 789,234 2,569,431 n/a 640,888 n/a 3,210,319 1.5x n/a 18%
*Strategic Partners IX (Oct 2021 / Jan 2027) (i) 19,692,625 3,697,398 13,603,694 n/a 1,107,668 n/a 14,711,362 1.5x n/a 21%
*Strategic Partners GP Solutions (Jun 2021 / Dec 2026) (i) 2,095,211 578,490 1,038,195 n/a 11,152 n/a 1,049,347 1.0x n/a (2)%
*Strategic Partners Infrastructure IV (Jul 2024 / Jun 2029) (i) 4,637,949 4,190,514 69,750 n/a - n/a 69,750 n/m n/a n/m
Total Strategic Partners (Secondaries) $ 72,133,152 $ 17,302,643 $ 31,869,044 n/a $ 42,577,820 n/a $ 74,446,864 1.6x n/a 14%
Life Sciences
Clarus IV (Jan 2018 / Jan 2020) 910,000 55,270 699,827 2.1x 586,139 1.4x 1,285,966 1.7x 6% 9%
BXLS V (Jan 2020 / Mar 2025) 4,993,165 2,566,835 4,705,006 2.1x 1,088,641 1.6x 5,793,647 2.0x 9% 20%
Credit
Mezzanine / Opportunistic I (Jul 2007 / Oct 2011) $ 2,000,000 $ 97,114 $ - 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 72,977 0.6x 6,678,087 1.4x 6,751,064 1.4x n/a 9%
Mezzanine / Opportunistic III (Sep 2016 / Jan 2021) 6,639,133 1,076,877 1,525,686 1.0x 9,260,802 1.6x 10,786,488 1.5x n/a 12%
*Mezzanine / Opportunistic IV (Jan 2021 / Jan 2026) 5,016,771 1,369,196 4,206,195 1.2x 2,526,842 1.6x 6,733,037 1.3x n/a 13%
Mezzanine / Opportunistic V (TBD) 3,916,540 3,916,540 - n/a - n/a - n/a n/a n/a
Total Mezzanine / Opportunistic $ 21,692,444 $ 7,452,987 $ 5,804,858 1.1x $ 23,274,844 1.5x $ 29,079,702 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 66,642 0.1x 5,504,072 1.2x 5,570,714 1.1x n/a 1%
Stressed / Distressed III (Dec 2017 / Dec 2022) 7,356,380 1,068,577 1,454,800 0.8x 5,516,944 1.5x 6,971,744 1.3x n/a 10%
Total Stressed / Distressed $ 15,734,523 $ 1,616,007 $ 1,521,442 0.7x $ 16,798,114 1.3x $ 18,319,556 1.2x n/a 7%
European Senior Debt I (Feb 2015 / Feb 2019) € 1,964,689 € 65,796 € 172,113 0.3x € 2,981,872 1.3x € 3,153,985 1.1x n/a 1%
European Senior Debt II (Jun 2019 / Jun 2023) (j) 4,088,344 916,352 2,799,584 0.9x 4,166,690 1.7x 6,966,274 1.3x n/a 9%
Total European Senior Debt € 6,053,033 € 982,148 € 2,971,697 0.8x € 7,148,562 1.5x € 10,120,259 1.2x n/a 6%
Energy I (Nov 2015 / Nov 2018) $ 2,856,867 $ 1,154,819 $ 173,338 0.8x $ 3,422,576 1.6x $ 3,595,914 1.5x n/a 10%
Energy II (Feb 2019 / Jun 2023) 3,616,081 1,464,279 619,526 1.0x 3,216,072 1.4x 3,835,598 1.3x n/a 15%
*Energy III (May 2023 / May 2028) 6,477,000 3,043,157 3,936,437 1.1x 328,904 1.2x 4,265,341 1.1x n/a 13%
Total Energy $ 12,949,948 $ 5,662,255 $ 4,729,301 1.1x $ 6,967,552 1.5x $ 11,696,853 1.3x n/a 12%
*Senior Direct Lending I (Dec 2023 / Dec 2025) (k) 2,057,661 736,905 2,162,525 1.1x 64,476 1.1x 2,227,001 1.1x n/a 11%
Total Credit Drawdown Funds (l) $ 59,340,235 $ 16,621,050 $ 19,149,462 1.0x $ 55,671,872 1.5x $ 74,821,334 1.3x n/a 10%
The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not meaningful” generally due to the limited time
since initial investment. n/a represents “not applicable”. Notes on pages 21-22. BXG – Blackstone Growth, BXLS – Blackstone Life Sciences.
* Represents funds that are currently in their investment period.

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INVESTMENT RECORDS AS OF JUNE 30, 2025(a)– (CONT’D)
(l) Funds presented represent the flagship credit drawdown funds only. The Total Credit Net IRR is the combined IRR of the credit drawdown funds presented.
(m) Represents the performance for select Perpetual Capital Strategies; strategies excluded consist primarily of (1) investment strategies that have been investing for less than one year,
(2) perpetual capital assets managed for certain insurance clients, and (3) investment vehicles where Blackstone does not earn fees.
(n) Unless otherwise indicated, Total Net Return represents the annualized inception to June 30, 2025 IRR on total invested capital based on realized proceeds and unrealized value, as
applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of investor cash flows. Initial inception date of cash flows occurred
during the Inception Year.
(o) BPP represents the aggregate Total AUM and Total Net Return of the BPP Platform, which comprises over 30 funds, 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 June 30, 2025, these vehicles represented $4.4 billion of Total AUM.
(p) The BREIT Total Net Return reflects a per share blended return, assuming BREIT had a single share class, reinvestment of all dividends received during the period, and no upfront selling
commission, net of all fees and expenses incurred by BREIT. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is
presented on an annualized basis and is from January 1, 2017.
(q) Represents the Total Net Return for BREIT’s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends
received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. Class I Total Net Return is presented on an annualized basis and is from
January 1, 2017.
(r) The BXMT Total Net Return reflects annualized market return of a shareholder invested in BXMT since inception, May 22, 2013, assuming reinvestment of all dividends received during
the period.
(s) Blackstone GP Stakes ("BXGP") represents the aggregate Total AUM and Total Net Return of BSCH I and II funds that invest as part of the Secondaries GP Stakes strategy, which targets
minority investments in the general partners of private equity and other private-market alternative asset management firms globally. As of June 30, 2025, including co-investment
vehicles that do not pay fees, BXGP Total AUM is $13.1 billion.
(t) BIP represents the aggregate Total AUM and Total Net Return of infrastructure-focused funds and co-investment vehicles for institutional investors with a primary focus on the U.S. and
Europe. As of June 30, 2025, including co-investment vehicles that do not pay fees, BIP Total AUM is $62.4 billion.
(u) The BXPE Total Net Return reflects a per share blended return, assuming the BXPE Fund Program had a single vehicle and a single share class, reinvestment of any dividends received
during the period, and no upfront selling commission, net of all fees and expenses incurred by BXPE. This return is not representative of the return experienced by any particular
vehicle, investor or share class. For purposes of calculating the blended return, vehicles or share classes that report in a foreign currency have been converted to U.S. dollars at the spot
rate as of June 30, 2025. Total net return is from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is
excluded from the calculation. BXPE Total AUM reflects net asset value as of June 30, 2025. BXPE AUM, to the extent managed by a different business, is reported in such business for
the purposes of segment AUM reporting.
(v) Represents the blended Total Net Return for BXPE Fund Program Class I shares, the Program’s largest share class across vehicles. Performance varies by vehicle and share class. Class I
Total Net Return assumes reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by the Class I shares. For
purposes of calculating the blended Class I return, vehicles or share classes that report in a foreign currency have been converted to U.S. dollars at the spot rate as of June 30, 2025.
Class I Total Net Return is from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the
calculation.
(w) The BXSL Total AUM and Total Net Return are presented as of March 31, 2025. BXSL Total Net Return reflects the change in NAV per share, plus distributions per share (assuming
dividends and distributions are reinvested in accordance with BXSL’s dividend reinvestment plan) divided by the beginning NAV per share. Total Net Returns are presented on an
annualized basis and are from November 20, 2018.
(x) The BCRED Total Net Return reflects a per share blended return, assuming BCRED had a single share class, reinvestment of all dividends received during the period, and no upfront
selling commission, net of all fees and expenses incurred by BCRED. This return is not representative of the return experienced by any particular investor or share class. Total Net Return
is presented on an annualized basis and is from January 7, 2021. Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities.
BCRED net asset value as of June 30, 2025 was $44.3 billion.
(y) Represents the Total Net Return for BCRED’s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends
received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. Class I Total Net Return is presented on an annualized basis and is from
January 7, 2021.
(z) The ECRED Total Net Return reflects a per share blended return, assuming ECRED had a single share class, reinvestment of all dividends received during the period, and no upfront
selling commission, net of all fees and expenses incurred by ECRED. This return is not representative of the return experienced by any particular investor or share class. Total Net Return
is presented on an annualized basis and is from October 3, 2022. Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities.
ECRED net asset value as of June , 2 25 was €1.3 billion.
(aa) Represents the Total Net Return for ECRED’s Class I shares, its largest share class. Performance varies by share class. Total Net Return assumes reinvestment of all dividends received
during the period, and no upfront selling commission, net of all fees and expenses incurred by ECRED. Class I Total Net Return is presented on an annualized basis and is from
October 3, 2022.

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SHAREHOLDER DIVIDENDS
▪ Generated $1.21 of Distributable Earnings per common share during the quarter, bringing the YTD amount to
$2.30 per common share.
▪ Blackstone declared a quarterly dividend of $1.03 per common share to record holders as of August 4, 2025; payable
on August 11, 2025.
A detailed description of Blackstone’s dividend policy and the definition of Distributable Earnings can be found on pages 6-38, Definitions and Dividend Policy.
See additional notes on page 35.
% Change % Change
($ in thousands, except per share data) 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 vs. 2Q'24 2Q'24 YTD 2Q'25 YTD vs. 2Q'24 YTD
Distributable Earnings $ 1,252,221 $ 1,278,650 $ 2,169,493 $ 1,410,805 $ 1,565,763 25% $ 2,518,599 $ 2,976,568 18%
Add: Other Payables Attributable to
Common Shareholders 124,280 73,491 185,782 138,425 142,664 15% 255,200 281,089 10%
DE Before Certain Payables 1,376,501 1,352,141 2,355,275 1,549,230 1,708,427 24% 2,773,799 3,257,657 17%
Percent to Common Shareholders 63% 63% 63% 63% 64% 63% 63%
DE Before Certain Payables Attributable to
Common Shareholders 864,033 849,966 1,482,636 980,440 1,086,833 26% 1,735,920 2,067,273 19%
Less: Other Payables Attributable to
Common Shareholders (124,280) (73,491) (185,782) (138,425) (142,664) 15% (255,200) (281,089) 10%
DE Attributable to Common Shareholders 739,753 776,475 1,296,854 842,015 944,169 28% 1,480,720 1,786,184 21%
DE per Common Share $ 0.96 $ 1.01 $ 1.69 $ 1.09 $ 1.21 26% $ 1.94 $ 2.30 19%
Less: Retained Capital per Common Share $ (0.14) $ (0.15) $ (0.25) $ (0.16) $ (0.18) 29% $ (0.29) $ (0.34) 17%
Actual Dividend per Common Share $ 0.82 $ 0.86 $ 1.44 $ 0.93 $ 1.03 26% $ 1.65 $ 1.96 19%
Record Date Aug 4, 2025
Payable Date Aug 11, 2025

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SHARE SUMMARY
▪ Distributable Earnings Shares Outstanding as of quarter end of 1,230 million shares.
– Repurchased 0.2 million common shares in the quarter and 1.7 million common shares over the LTM.
– Available authorization remaining was $1.8 billion at June 30, 2025.
Participating Common Shares and Participating Partnership Units include both issued and outstanding shares and unvested shares that participate in dividends.
2Q'24 3Q'24 4Q'24 1Q'25 2Q'25
Participating Common Shares 768,224,405 767,895,244 768,722,241 773,038,934 782,567,390
Participating Partnership Units 455,642,926 453,685,697 452,448,896 448,468,715 447,574,842
Distributable Earnings Shares Outstanding 1,223,867,331 1,221,580,941 1,221,171,137 1,221,507,649 1,230,142,232

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Reconciliations and
Disclosures

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BLACKSTONE’S SECOND QUARTER 2025 GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
($ in thousands, except per share data) (unaudited) 2Q'24 2Q'25 2Q'24 YTD 2Q'25 YTD 2Q'24 LTM 2Q'25 LTM
Revenues
Management and Advisory Fees, Net $ 1,787,313 $ 2,035,495 $ 3,514,461 $ 3,939,812 $ 6,818,036 $ 7,614,287
Incentive Fees 188,299 195,414 367,640 387,239 766,858 983,777
Investment Income
Performance Allocations
Realized 531,641 829,820 1,184,158 1,391,870 2,259,021 3,665,458
Unrealized 122,229 313,283 568,172 576,484 (478,679) 379,719
Principal Investments
Realized 74,045 97,171 152,642 282,713 293,572 462,329
Unrealized (31,776) 365,391 429,847 524,104 154,021 474,848
Total Investment Income 696,139 1,605,665 2,334,819 2,775,171 2,227,935 4,982,354
Interest and Dividend Revenue 104,999 100,389 202,838 197,809 480,345 406,130
Other 19,631 (225,063) 64,451 (298,673) 17,340 (239,431)
Total Revenues $ 2,796,381 $ 3,711,900 $ 6,484,209 $ 7,001,358 $ 10,310,514 $ 13,747,117
Expenses
Compensation and Benefits
Compensation 766,647 870,358 1,561,450 1,899,720 2,893,595 3,386,499
Incentive Fee Compensation 77,139 67,363 150,846 124,392 304,405 347,132
Performance Allocations Compensation
Realized 260,736 331,191 519,630 573,081 918,499 1,485,668
Unrealized 101,680 152,618 282,580 256,177 (112,729) 113,618
Total Compensation and Benefits 1,206,202 1,421,530 2,514,506 2,853,370 4,003,770 5,332,917
General, Administrative and Other 311,928 360,817 681,878 693,190 1,250,755 1,373,221
Interest Expense 108,616 135,822 216,819 253,937 436,150 480,806
Fund Expenses 5,960 14,434 9,910 26,538 48,913 36,304
Total Expenses $ 1,632,706 $ 1,932,603 $ 3,423,113 $ 3,827,035 $ 5,739,588 $ 7,223,248
Other Income (Loss)
Change in Tax Receivable Agreement Liability - - - - (29,083) (41,246)
Net Gains (Losses) from Fund Investment Activities 44,934 136,330 27,167 193,905 (181,198) 256,822
Total Other Income (Loss) $ 44,934 $ 136,330 $ 27,167 $ 193,905 $ (210,281) $ 215,576
Income Before Provision for Taxes $ 1,208,609 $ 1,915,627 $ 3,088,263 $ 3,368,228 $ 4,360,645 $ 6,739,445
Provision for Taxes 260,246 289,494 543,917 533,321 786,434 1,011,075
Net Income $ 948,363 $ 1,626,133 $ 2,544,346 $ 2,834,907 $ 3,574,211 $ 5,728,370
Net Income (Loss) Attributable to Redeemable Non-Controlling
Interests in Consolidated Entities 258 18,209 (39,411) 26,109 (295,917) 4,231
Net Income Attributable to Non-Controlling
Interests in Consolidated Entities 100,583 240,836 203,410 341,383 263,260 611,799
Net Income Attributable to Non-Controlling
Interests in Blackstone Holdings 403,108 602,844 1,088,547 1,088,319 1,611,274 2,248,536
Net Income Attributable to Blackstone Inc. $ 444,414 $ 764,244 $ 1,291,800 $ 1,379,096 $ 1,995,594 $ 2,863,804
Net Income Per Share of Common Stock, Basic $ 0.58 $ 0.98 $ 1.69 $ 1.77 $ 2.62 $ 3.71
Net Income Per Share of Common Stock, Diluted $ 0.58 $ 0.98 $ 1.69 $ 1.77 $ 2.62 $ 3.71

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RECONCILIATION OF GAAP TO NON-GAAP MEASURES
Notes on pages 28-29.
QTD YTD LTM
($ in thousands) 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 2Q'24 2Q'25 2Q'24 2Q'25
Net Income Attributable to Blackstone Inc. $ 444,414 $ 780,835 $ 703,873 $ 614,852 $ 764,244 $ 1,291,800 $ 1,379,096 $ 1,995,594 $ 2,863,804
Net Income Attributable to Non-Controlling
Interests in Blackstone Holdings 403,108 603,057 557,160 485,475 602,844 1,088,547 1,088,319 1,611,274 2,248,536
Net Income Attributable to Non-Controlling
Interests in Consolidated Entities 100,583 202,929 67,487 100,547 240,836 203,410 341,383 263,260 611,799
Net Income (Loss) Attributable to Redeemable
Non-Controlling Interests in Consolidated Entities 258 (22,184) 306 7,900 18,209 (39,411) 26,109 (295,917) 4,231
Net Income $ 948,363 $ 1,564,637 $ 1,328,826 $ 1,208,774 $ 1,626,133 $ 2,544,346 $ 2,834,907 $ 3,574,211 $ 5,728,370
Provision for Taxes 260,246 245,303 232,451 243,827 289,494 543,917 533,321 786,434 1,011,075
Income Before Provision for Taxes $ 1,208,609 $ 1,809,940 $ 1,561,277 $ 1,452,601 $ 1,915,627 $ 3,088,263 $ 3,368,228 $ 4,360,645 $ 6,739,445
Transaction-Related and Non-Recurring Items (a) 4,962 (394) (393) 18,824 10,381 57,159 29,205 72,291 28,418
Amortization of Intangibles (b) 7,333 7,333 7,333 7,333 7,333 14,666 14,666 29,370 29,332
Impact of Consolidation (c) (100,841) (180,745) (67,793) (108,447) (259,045) (163,999) (367,492) 32,657 (616,030)
Unrealized Performance Revenues (d) (122,239) (1,154,905) 1,351,673 (263,201) (313,256) (568,175) (576,457) 478,676 (379,689)
Unrealized Performance Allocations Compensation (e) 101,680 465,099 (607,658) 103,559 152,618 282,580 256,177 (112,729) 113,618
Unrealized Principal Investment (Income) Loss (f) 38,125 90,254 42,729 (161,257) (294,093) (404,851) (455,350) (129,968) (322,367)
Other Revenues (g) (19,541) 96,329 (155,207) 73,635 225,083 (64,288) 298,718 (17,103) 239,840
Equity-Based Compensation (h) 295,396 262,798 283,149 471,302 312,018 613,175 783,320 1,054,760 1,329,267
Administrative Fee Adjustment (i) 2,465 3,219 3,429 4,186 4,112 4,942 8,298 9,789 14,946
Taxes and Related Payables (j) (163,728) (120,278) (249,046) (187,730) (195,015) (340,873) (382,745) (659,998) (752,069)
Distributable Earnings $ 1,252,221 $ 1,278,650 $ 2,169,493 $ 1,410,805 $ 1,565,763 $ 2,518,599 $ 2,976,568 $ 5,118,390 $ 6,424,711
Taxes and Related Payables (j) 163,728 120,278 249,046 187,730 195,015 340,873 382,745 659,998 752,069
Net Interest and Dividend (Income) Loss (k) 3,425 1,731 18,480 20,530 24,643 13,226 45,173 (55,892) 65,384
Total Segment Distributable Earnings $ 1,419,374 $ 1,400,659 $ 2,437,019 $ 1,619,065 $ 1,785,421 $ 2,872,698 $ 3,404,486 $ 5,722,496 $ 7,242,164
Realized Performance Revenues (l) (542,889) (342,669) (865,080) (460,023) (553,121) (1,079,282) (1,013,144) (2,110,435) (2,220,893)
Realized Performance Compensation (m) 251,057 157,570 289,595 220,924 256,624 504,081 477,548 925,704 924,713
Realized Principal Investment (Income) Loss (n) (16,572) (40,403) (25,613) (117,910) (29,421) (26,510) (147,331) (101,212) (213,347)
Fee Related Earnings $ 1,110,970 $ 1,175,157 $ 1,835,921 $ 1,262,056 $ 1,459,503 $ 2,270,987 $ 2,721,559 $ 4,436,553 $ 5,732,637
Adjusted EBITDA Reconciliation
Distributable Earnings $ 1,252,221 $ 1,278,650 $ 2,169,493 $ 1,410,805 $ 1,565,763 $ 2,518,599 $ 2,976,568 $ 5,118,390 $ 6,424,711
Interest Expense (o) 108,424 111,326 117,027 117,950 125,033 216,064 242,983 434,246 471,336
Taxes and Related Payables (j) 163,728 120,278 249,046 187,730 195,015 340,873 382,745 659,998 752,069
Depreciation and Amortization (p) 25,336 24,685 22,682 22,226 26,642 51,389 48,868 98,238 96,235
Adjusted EBITDA $ 1,549,709 $ 1,534,939 $ 2,558,248 $ 1,738,711 $ 1,912,453 $ 3,126,925 $ 3,651,164 $ 6,310,872 $ 7,744,351

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RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES
Note: See pages 36-38, Definitions and Dividend Policy.
(a) This adjustment removes Transaction-Related and Non-Recurring Items, which are excluded from Blackstone’s segment presentation. Transaction-Related
and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering, and non-recurring gains,
losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements,
changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated
with these corporate actions, and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of
Blackstone’s operational performance.
(b) This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation.
(c) This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment
includes the elimination of Blackstone’s interest in these funds and the removal of amounts associated with the ownership of Blackstone consolidated
operating partnerships held by non-controlling interests.
(d) This adjustment removes Unrealized Performance Revenues on a segment basis. The Segment Adjustment represents the add back of performance
revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.
(g) This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents the removal of certain Transaction-Related and NonRecurring 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 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.
QTD YTD LTM
($ in thousands) 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 2Q'24 2Q'25 2Q'24 2Q'25
GAAP Unrealized Principal Investment Income (Loss) $ (31,776) $ (1,864) $ (47,392) $ 158,713 $ 365,391 $ 429,847 $ 524,104 $ 154,021 $ 474,848
Segment Adjustment (6,349) (88,390) 4,663 2,544 (71,298) (24,996) (68,754) (24,053) (152,481)
Unrealized Principal Investment Income (Loss) $ (38,125) $ (90,254) $ (42,729) $ 161,257 $ 294,093 $ 404,851 $ 455,350 $ 129,968 $ 322,367
(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) 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 2Q'24 2Q'25 2Q'24 2Q'25
GAAP Unrealized Performance Allocations $ 122,229 $ 1,154,918 $ (1,351,683) $ 263,201 $ 313,283 $ 568,172 $ 576,484 $ (478,679) $ 379,719
Segment Adjustment 10 (13) 10 - (27) 3 (27) 3 (30)
Unrealized Performance Revenues $ 122,239 $ 1,154,905 $ (1,351,673) $ 263,201 $ 313,256 $ 568,175 $ 576,457 $ (478,676) $ 379,689
QTD YTD LTM
($ in thousands) 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 2Q'24 2Q'25 2Q'24 2Q'25
GAAP Other Revenue $ 19,631 $ (96,312) $ 155,554 $ (73,610) $ (225,063) $ 64,451 $ (298,673) $ 17,340 $ (239,431)
Segment Adjustment (90) (17) (347) (25) (20) (163) (45) (237) (409)
Other Revenues $ 19,541 $ (96,329) $ 155,207 $ (73,635) $ (225,083) $ 64,288 $ (298,718) $ 17,103 $ (239,840)

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QTD YTD LTM
2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 2Q'24 2Q'25 2Q'24 2Q'25
Total GAAP Weighted-Average Shares of Common Stock
Outstanding - Basic 769,187,351 768,230,595 768,689,957 771,796,385 782,386,121 764,492,944 777,120,501 761,256,453 772,754,797
Weighted-Average Shares of Unvested Deferred Restricted
Common Stock 47,326 49,771 80,028 638,217 15,116 253,218 326,667 188,840 195,783
Total GAAP Weighted-Average Shares of Common Stock
Outstanding - Diluted 769,234,677 768,280,366 768,769,985 772,434,602 782,401,237 764,746,162 777,447,168 761,445,293 772,950,580
(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 to exclude the tax impact of any divestitures. 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 Agreement.
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 Agreement.
(p) This adjustment adds back Depreciation and Amortization on a segment basis.
Reconciliation of GAAP Shares of Common Stock Outstanding to Distributable Earnings Shares Outstanding
Disclosure of Weighted-Average Shares Common Stock Outstanding
QTD
2Q'24 3Q'24 4Q'24 1Q'25 2Q'25
GAAP Shares of Common Stock Outstanding 722,540,712 730,699,964 731,925,965 737,929,437 739,055,944
Unvested Participating Common Shares 45,683,693 37,195,280 36,796,276 35,109,497 43,511,446
Total Participating Common Shares 768,224,405 767,895,244 768,722,241 773,038,934 782,567,390
Participating Partnership Units 455,642,926 453,685,697 452,448,896 448,468,715 447,574,842
Distributable Earnings Shares Outstanding 1,223,867,331 1,221,580,941 1,221,171,137 1,221,507,649 1,230,142,232
QTD YTD LTM
($ in thousands) 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 2Q'24 2Q'25 2Q'24 2Q'25
Taxes $ 141,656 $ 95,483 $ 211,496 $ 162,535 $ 167,162 $ 297,529 $ 329,697 $ 570,496 $ 636,676
Related Payables 22,072 24,795 37,550 25,195 27,853 43,344 53,048 89,502 115,393
Taxes and Related Payables $ 163,728 $ 120,278 $ 249,046 $ 187,730 $ 195,015 $ 340,873 $ 382,745 $ 659,998 $ 752,069
QTD YTD LTM
($ in thousands) 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 2Q'24 2Q'25 2Q'24 2Q'25
GAAP Interest and Dividend Revenue $ 104,999 $ 109,774 $ 98,547 $ 97,420 $ 100,389 $ 202,838 $ 197,809 $ 480,345 $ 406,130
Segment Adjustment - (179) - - 1 - 1 9,793 (178)
Interest and Dividend Revenue $ 104,999 $ 109,595 $ 98,547 $ 97,420 $ 100,390 $ 202,838 $ 197,810 $ 490,138 $ 405,952
GAAP Interest Expense $ 108,616 $ 111,337 $ 115,532 $ 118,115 $ 135,822 $ 216,819 $ 253,937 $ 436,150 $ 480,806
Segment Adjustment (192) (11) 1,495 (165) (10,789) (755) (10,954) (1,904) (9,470)
Interest Expense $ 108,424 $ 111,326 $ 117,027 $ 117,950 $ 125,033 $ 216,064 $ 242,983 $ 434,246 $ 471,336
Net Interest and Dividend Income (Loss) $ (3,425) $ (1,731) $ (18,480) $ (20,530) $ (24,643) $ (13,226) $ (45,173) $ 55,892 $ (65,384)

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BLACKSTONE’S SECOND QUARTER 2025 GAAP CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
See page 31, Reconciliation of GAAP to Non-GAAP Balance Sheet Measures.
($ in thousands) (unaudited) 2Q'24 3Q'24 4Q'24 ` 1Q'25 2Q'25
Assets
Cash and Cash Equivalents $ 2,381,436 $ 2,353,332 $ 1,972,140 $ 2,386,979 $ 2,235,499
Cash Held by Blackstone Funds and Other 219,393 180,545 204,052 1,012,958 313,950
Investments 26,426,289 28,322,715 29,800,566 30,259,429 31,135,504
Accounts Receivable 247,538 300,004 237,930 221,200 357,858
Due from Affiliates 4,868,069 5,163,883 5,409,315 5,434,078 5,516,820
Intangible Assets, Net 183,246 174,265 165,243 156,269 147,294
Goodwill 1,890,202 1,890,202 1,890,202 1,890,202 1,890,202
Other Assets 1,083,400 933,990 947,859 929,107 877,000
Right-of-Use Assets 995,524 978,699 838,620 807,487 793,690
Deferred Tax Assets 2,289,932 2,277,807 2,003,948 2,157,920 2,105,277
Total Assets $ 40,585,029 $ 42,575,442 $ 43,469,875 $ 45,255,629 $ 45,373,094
Liabilities and Equity
Loans Payable $ 10,688,193 $ 10,752,246 $ 11,320,956 $ 12,454,559 $ 12,008,870
Due to Affiliates 2,364,099 2,620,530 2,808,148 3,361,900 2,802,514
Accrued Compensation and Benefits 5,703,156 6,398,365 6,087,700 6,164,503 6,065,974
Operating Lease Liabilities 1,142,317 1,136,671 965,742 937,369 918,887
Accounts Payable, Accrued Expenses and Other Liabilities 2,012,969 2,202,689 2,792,314 2,472,395 2,497,969
Total Liabilities 21,910,734 23,110,501 23,974,860 25,390,726 24,294,214
Redeemable Non-Controlling Interests in Consolidated Entities 888,868 892,846 801,399 1,382,374 1,487,129
Equity
Common Stock, $0.00001 par value (739,055,944 shares issued
and outstanding as of June 30, 2025) 7 7 7 7 7
Series I Preferred Stock, $0.00001 par value (1 share issued
and outstanding as of June 30, 2025) - - - - -
Series II Preferred Stock, $0.00001 par value (1 share issued
and outstanding as of June 30, 2025) - - - - -
Additional Paid-in-Capital 6,260,619 6,257,788 7,444,561 7,686,980 7,988,663
Retained Earnings 607,564 760,471 808,079 320,160 362,614
Accumulated Other Comprehensive Loss (34,617) (10,609) (40,326) (29,027) 1,055
Non-Controlling Interests in Consolidated Entities 5,682,606 6,015,967 6,154,943 6,400,585 6,847,785
Non-Controlling Interests in Blackstone Holdings 5,269,248 5,548,471 4,326,352 4,103,824 4,391,627
Total Equity 17,785,427 18,572,095 18,693,616 18,482,529 19,591,751
Total Liabilities and Equity $ 40,585,029 $ 42,575,442 $ 43,469,875 $ 45,255,629 $ 45,373,094

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(a) This adjustment adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation.
(b) Represents GAAP accrued performance revenue recorded within Due from Affiliates.
(c) Represents Performance Revenues realized but not yet distributed as of the reporting date and are included in Distributable Earnings in the period they are realized.
(d) Represents GAAP accrued performance compensation associated with Accrued Performance Allocations and is recorded within Accrued Compensation and Benefits and
Due to Affiliates.
(e) This adjustment adds other assets related to Treasury Operations that are recorded within Accounts Receivable, reverse repurchase agreements and Due from Affiliates.
(f) This adjustment adds other liabilities related to Treasury Operations that are recorded within Accounts Payable, Accrued Expenses and Other Liabilities, Repurchase
Agreements and securities sold short, not yet purchased.
(g) Deconsolidated Other Investments was $6.8 billion as of June 30, 2025, which was comprised of $6.3 billion of liquid investments and $514 million of illiquid investments.
The liquid portion of Other Investments relates to public equity securities and other investments held by Blackstone that can be easily converted to cash and may include
securities and investments subject to lock-up periods.
(h) This adjustment removes amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests and adds back
investments in consolidated Blackstone Funds which have been eliminated in consolidation.
(i) This adjustment removes amounts related to consolidated Blackstone Funds.
RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES
($ in thousands) 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25
Investments of Consolidated Blackstone Funds $ 3,621,676 $ 3,873,027 $ 3,890,732 $ 4,589,194 $ 5,101,278
Equity Method Investments
Partnership Investments 6,107,429 6,295,704 6,546,728 6,740,598 6,942,526
Accrued Performance Allocations 11,132,801 12,411,485 12,397,366 12,522,848 12,054,879
Corporate Treasury Investments 176,330 147,642 1,147,328 106,684 229,497
Other Investments 5,388,053 5,594,857 5,818,412 6,300,105 6,807,324
Total GAAP Investments 26,426,289 28,322,715 29,800,566 30,259,429 31,135,504
Accrued Performance Allocations - GAAP $ 11,132,801 $ 12,411,485 $ 12,397,366 $ 12,522,848 $ 12,054,879
Impact of Consolidation (a) - - - - -
Due from Affiliates - GAAP (b) 235,767 253,490 489,086 249,376 229,359
Less: Net Realized Performance Revenues (c) (146,832) (141,896) (1,050,026) (927,240) (456,507)
Less: Accrued Performance Compensation - GAAP (d) (5,007,547) (5,531,520) (5,555,870) (5,446,352) (5,220,188)
Net Accrued Performance Revenues $ 6,214,189 $ 6,991,559 $ 6,280,556 $ 6,398,632 $ 6,607,543
Corporate Treasury and Other Investments - GAAP $ 5,564,383 $ 5,742,499 $ 6,965,740 $ 6,406,789 $ 7,036,821
Impact of Consolidation (a) 590,551 580,076 622,411 857,457 965,045
Other Assets (e) 218,728 250,996 159,011 180,761 337,228
Other Liabilities (f) (6,874) (6,584) (4,024) (3,653) (3,190)
Corporate Treasury and Other Investments - Deconsolidated (g) $ 6,366,788 $ 6,566,987 $ 7,743,138 $ 7,441,354 $ 8,335,904
Partnership Investments - GAAP $ 6,107,429 $ 6,295,704 $ 6,546,728 $ 6,740,598 $ 6,942,526
Impact of Consolidation (h) (3,401,589) (3,482,920) (3,482,497) (3,559,722) (3,653,037)
GP/Fund Investments - Deconsolidated $ 2,705,840 $ 2,812,784 $ 3,064,231 $ 3,180,876 $ 3,289,489
Loans Payable - GAAP $ 10,688,193 $ 10,752,246 $ 11,320,956 $ 12,454,559 $ 12,008,870
Impact of Consolidation (i) (130,321) (107,715) (87,488) (266,568) (128,335)
Outstanding Debt - Carrying Value 10,557,872 10,644,531 11,233,468 12,187,991 11,880,535
Unamortized Discount 124,677 122,418 127,281 125,209 123,255
Outstanding Debt (at par) - Deconsolidated $ 10,682,549 $ 10,766,949 $ 11,360,749 $ 12,313,200 $ 12,003,790

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RECONCILIATION OF GAAP TO TOTAL SEGMENTS
QTD YTD LTM
($ in thousands) 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 2Q'24 2Q'25 2Q'24 2Q'25
Management and Advisory Fees, Net
GAAP $ 1,787,313 $ 1,794,894 $ 1,879,581 $ 1,904,317 $ 2,035,495 $ 3,514,461 $ 3,939,812 $ 6,818,036 $ 7,614,287
Segment Adjustment (a) (7,375) (8,160) (20,290) (12,319) (15,483) (26,952) (27,802) (22,856) (56,252)
Total Segment $ 1,779,938 $ 1,786,734 $ 1,859,291 $ 1,891,998 $ 2,020,012 $ 3,487,509 $ 3,912,010 $ 6,795,180 $ 7,558,035
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues
GAAP
Incentive Fees 188,299 191,794 404,744 191,825 195,414 367,640 387,239 766,858 983,777
Investment Income - Realized Performance Allocations 531,641 414,755 1,858,833 562,050 829,820 1,184,158 1,391,870 2,259,021 3,665,458
GAAP $ 719,940 $ 606,549 $ 2,263,577 $ 753,875 $ 1,025,234 $ 1,551,798 $ 1,779,109 $ 3,025,879 $ 4,649,235
Total Segment
Less: Realized Performance Revenues (542,889) (342,669) (865,080) (460,023) (553,121) (1,079,282) (1,013,144) (2,110,435) (2,220,893)
Segment Adjustment (b) 16 221 779 63 (63) 52 - 669 1,000
Total Segment $ 177,067 $ 264,101 $ 1,399,276 $ 293,915 $ 472,050 $ 472,568 $ 765,965 $ 916,113 $ 2,429,342
GAAP Compensation to Total Segment Fee Related Compensation
GAAP
Compensation 766,647 732,041 754,738 1,029,362 870,358 1,561,450 1,899,720 2,893,595 3,386,499
Incentive Fees Compensation 77,139 73,464 149,276 57,029 67,363 150,846 124,392 304,405 347,132
Realized Performance Allocations Compensation 260,736 169,740 742,847 241,890 331,191 519,630 573,081 918,499 1,485,668
GAAP $ 1,104,522 $ 975,245 $ 1,646,861 $ 1,328,281 $ 1,268,912 $ 2,231,926 $ 2,597,193 $ 4,116,499 $ 5,219,299
Total Segment
Less: Realized Performance Compensation (251,057) (157,570) (289,595) (220,924) (256,624) (504,081) (477,548) (925,704) (924,713)
Less: Equity-Based Compensation - Fee Related Compensation (291,540) (259,265) (278,849) (464,053) (306,495) (604,940) (770,548) (1,039,916) (1,308,662)
Less: Equity-Based Compensation - Performance Compensation (3,856) (3,533) (4,300) (7,249) (5,523) (8,235) (12,772) (14,844) (20,605)
Segment Adjustment (c) (5,156) (22) 3,360 (19,073) 46 (7,680) (19,027) (18,714) (15,689)
Total Segment $ 552,913 $ 554,855 $ 1,077,477 $ 616,982 $ 700,316 $ 1,106,990 $ 1,317,298 $ 2,117,321 $ 2,949,630
GAAP General, Administrative and Other to Total Segment Other Operating Expenses
GAAP $ 311,928 $ 340,945 $ 339,086 $ 332,373 $ 360,817 $ 681,878 $ 693,190 $ 1,250,755 $ 1,373,221
Segment Adjustment (d) (18,806) (20,122) 6,083 (25,498) (28,574) (99,778) (54,072) (93,336) (68,111)
Total Segment $ 293,122 $ 320,823 $ 345,169 $ 306,875 $ 332,243 $ 582,100 $ 639,118 $ 1,157,419 $ 1,305,110
Realized Performance Revenues
GAAP
Incentive Fees 188,299 191,794 404,744 191,825 195,414 367,640 387,239 766,858 983,777
Investment Income - Realized Performance Allocations 531,641 414,755 1,858,833 562,050 829,820 1,184,158 1,391,870 2,259,021 3,665,458
GAAP $ 719,940 $ 606,549 $ 2,263,577 $ 753,875 $ 1,025,234 $ 1,551,798 $ 1,779,109 $ 3,025,879 $ 4,649,235
Total Segment
Less: Fee Related Performance Revenues (177,067) (264,101) (1,399,276) (293,915) (472,050) (472,568) (765,965) (916,113) (2,429,342)
Segment Adjustment (b) 16 221 779 63 (63) 52 - 669 1,000
Total Segment $ 542,889 $ 342,669 $ 865,080 $ 460,023 $ 553,121 $ 1,079,282 $ 1,013,144 $ 2,110,435 $ 2,220,893

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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
Statement of Operations (page 26). Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and
excludes the amortization of intangibles, the expense of equity-based awards and Transaction-Related and Non-Recurring Items.
(a) Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the
removal of amounts attributable to the reimbursement of certain expenses by the Blackstone Funds and certain NAV-based fee arrangements, which are
presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures.
(b) Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.
(c) Represents the removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures.
(d) Represents the (1) removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment Measures, (2) removal of amounts
attributable to certain expenses that are reimbursed by the Blackstone Funds and certain NAV-based fee arrangements, which are presented on a gross basis
under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an administrative fee
collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is
reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.
(e) Fee related performance compensation may include equity based compensation based on fee related performance revenues.
(f) Represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been
eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by noncontrolling interests.
(g) Represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and
(2) the removal of interest expense associated with the Tax Receivable Agreement.
QTD YTD LTM
($ in thousands) 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 2Q'24 2Q'25 2Q'24 2Q'25
Realized Performance Compensation
GAAP
Incentive Fee Compensation $ 77,139 $ 73,464 $ 149,276 $ 57,029 $ 67,363 $ 150,846 $ 124,392 $ 304,405 $ 347,132
Realized Performance Allocations Compensation 260,736 169,740 742,847 241,890 331,191 519,630 573,081 918,499 1,485,668
GAAP $ 337,875 $ 243,204 $ 892,123 $ 298,919 $ 398,554 $ 670,476 $ 697,473 $ 1,222,904 $ 1,832,800
Total Segment
Less: Fee Related Performance Compensation (e) (82,962) (82,101) (598,228) (70,746) (136,407) (158,160) (207,153) (282,356) (887,482)
Less: Equity-Based Compensation - Performance Compensation (3,856) (3,533) (4,300) (7,249) (5,523) (8,235) (12,772) (14,844) (20,605)
Total Segment $ 251,057 $ 157,570 $ 289,595 $ 220,924 $ 256,624 $ 504,081 $ 477,548 $ 925,704 $ 924,713
Realized Principal Investment Income (Loss)
GAAP $ 74,045 $ 95,235 $ 84,381 $ 185,542 $ 97,171 $ 152,642 $ 282,713 $ 293,572 $ 462,329
Segment Adjustment (f) (57,473) (54,832) (58,768) (67,632) (67,750) (126,132) (135,382) (192,360) (248,982)
Total Segment $ 16,572 $ 40,403 $ 25,613 $ 117,910 $ 29,421 $ 26,510 $ 147,331 $ 101,212 $ 213,347
GAAP Interest and Dividend Revenue net of Interest Expense to Total Segment Net Interest and Dividend Income (Loss)
GAAP
Interest and Dividend Revenue 104,999 109,774 98,547 97,420 100,389 202,838 197,809 480,345 406,130
Interest Expense (108,616) (111,337) (115,532) (118,115) (135,822) (216,819) (253,937) (436,150) (480,806)
GAAP $ (3,617) $ (1,563) $ (16,985) $ (20,695) $ (35,433) $ (13,981) $ (56,128) $ 44,195 $ (74,676)
Segment Adjustment (g) 192 (168) (1,495) 165 10,790 755 10,955 11,697 9,292
Total Segment $ (3,425) $ (1,731) $ (18,480) $ (20,530) $ (24,643) $ (13,226) $ (45,173) $ 55,892 $ (65,384)

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NOTES
Notes to page 4 - Investment Performance and Net Accrued Performance Revenues
▪ The changes in carrying value, fund returns and composite returns presented throughout this presentation represent those of the applicable
Blackstone Funds and not those of Blackstone.
▪ Core+ appreciation represents a weighted average of BREIT’s per share appreciation, BEPIF’s per share appreciation, and BPP’s appreciation for
the period. The returns are weighted based on the average of BREIT’s monthly net asset values, BEPIF’s monthly net asset values, and the
average of BPP’s net asset value.
▪ Throughout this presentation, Secondaries reflects Strategic Partners and GP Stakes unless otherwise indicated. Results for the Secondaries
business refer to the appreciation of the Strategic Partners funds and do not include results for GP Stakes. Strategic Partners results are reported
on a three-month lag from fund financial statements, which generally report underlying investments on a same-quarter basis, if available. As a
result, the appreciation presented herein does not include the impact of economic and market activity in the current quarter. Current market
activity is expected to affect reported results in upcoming quarters.
▪ Throughout this presentation, Infrastructure refers to our infrastructure-focused funds, including Blackstone Infrastructure Partners’ funds
(“BIP”) and Blackstone Infrastructure Strategies (“BXINFRA”). AUM, inflows, and related metrics for Infrastructure refer to BIP and the portion of
BXINFRA assets that are managed in Infrastructure. Infrastructure appreciation represents a weighted average of BIP’s appreciation and
BXINFRA’s per share appreciation for the period. The returns are weighted based on the average of BIP’s quarterly net asset value and the
average of BXINFRA’s monthly net asset values.
▪ Private Credit returns include the Flagship commingled funds across the opportunistic lending, global middle market direct lending funds
(including BXSL, BCRED, and ECRED strategies), stressed/distressed strategies, and non-investment grade infrastructure and asset-based credit
strategies. Separately managed accounts, funds with a limited number of limited partners that are not broadly marketed, inactive investment
strategies, unlevered funds within a strategy that has designated levered and unlevered sleeves, and Multi-Asset Credit strategies are excluded.
Liquid Credit returns include CLOs, closed-ended funds, open-ended funds and separately managed accounts. Only fee-earning funds exceeding
$100 million of fair value at the beginning of each respective quarter-end are included. Funds in liquidation, funds investing primarily in
investment grade corporate credit and asset-based finance are excluded. Blackstone Funds that were contributed to Blackstone Credit as part of
Blackstone’s acquisition of Blackstone Credit, formerly known as GSO, in March 2 8 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. BXMAmanaged funds in liquidation and, in the case of net returns, non fee-paying assets are also excluded. The funds/accounts that comprise the
Absolute Return Composite are not managed within a single fund or account and are managed with different mandates. There is no guarantee
that BXMA would have made the same mix of investments in a stand-alone fund/account. The Absolute Return Composite is not an investible
product and, as such, the performance of the Absolute Return Composite does not represent the performance of an actual fund or account.
Notes to page 17 – Deconsolidated Balance Sheet Highlights
▪ GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing, which were
$623 million, $1.5 billion, $1.1 billion, and $119 million, respectively, as of June 30, 2025. Cash and Net Investments per share amounts are
calculated using period end DE Shares Outstanding (see page 24, Share Summary).

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NOTES – (CONT’D)
Notes to page 23 – Shareholder Dividends
▪ DE before Certain Payables represents Distributable Earnings before the deduction for the Payable Under Tax Receivable Agreement and tax
expense (benefit) of wholly owned subsidiaries. Common shareholders receive tax benefits from deductions taken by Blackstone’s corporate tax
paying subsidiaries and bear responsibility for the deduction from Distributable Earnings of the Payable Under Tax Receivable Agreement and
certain other tax-related payables.
▪ Per Share calculations are based on end of period Participating Common Shares (page 24, Share Summary); actual dividends are paid to
shareholders as of the applicable record date.
▪ Retained capital is withheld pro rata from common shareholders and Blackstone Holdings Partnership unitholders. Common shareholders’ share
was $141 million for 2Q’25 and $265 million for 2Q’25 YTD.

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DEFINITIONS AND DIVIDEND POLICY
Blackstone discloses the following operating metrics and financial measures that are calculated and presented on the basis of methodologies other
than in accordance with generally accepted accounting principles in the United States of America (“non-GAAP”) in this presentation:
▪ Segment Distributable Earnings, or “Segment DE”, is Blackstone’s segment profitability measure used to make operating decisions and assess
performance across Blackstone’s four segments. Segment DE represents the net realized earnings of Blackstone’s segments and is the sum of Fee
Related Earnings and Net Realizations for each segment. Blackstone’s segments are presented on a basis that deconsolidates Blackstone Funds,
eliminates non-controlling ownership interests in Blackstone’s consolidated operating partnerships, removes the amortization of intangible assets
and removes Transaction-Related and Non-Recurring Items. Segment DE excludes unrealized activity and is derived from and reconciled to, but
not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.
– Net Realizations is presented on a segment basis and is the sum of Realized Principal Investment Income and Realized Performance
Revenues (which refers to Realized Performance Revenues excluding Fee Related Performance Revenues), less Realized Performance
Compensation (which refers to Realized Performance Compensation excluding Fee Related Performance Compensation and Equity-Based
Performance Compensation).
– Segment Revenues represent Net Management and Advisory Fees, Fee Related Performance Revenues, Realized Performance Revenues and
Realized Principal Investment Income.
▪ Distributable Earnings, or “DE”, is derived from Blackstone’s segment reported results. DE is used to assess performance and amounts available
for dividends to Blackstone shareholders, including Blackstone personnel and others who are limited partners of the Blackstone Holdings
Partnerships. DE is the sum of Segment DE plus Net Interest and Dividend Income (Loss) less Taxes and Related Payables. DE excludes unrealized
activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before
Provision (Benefit) for Taxes.
– Net Interest and Dividend Income (Loss) is presented on a segment basis and is equal to Interest and Dividend Revenue less Interest
Expense, adjusted for the impact of consolidation of Blackstone Funds, and interest expense associated with the Tax Receivable Agreement.
– Taxes and Related Payables represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on
Income (Loss) Before Provision (Benefit) for Taxes and including the Payable under the Tax Receivable Agreement. Further, the current tax
provision utilized when calculating Taxes and Related Payables and DE reflects the benefit of deductions available to the company on certain
expense items that are excluded from the underlying calculation of Segment DE and Total Segment Distributable Earnings, such as equitybased 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 contingencies and refunds which are reflected when paid or received. The Payable
under the Tax Receivable Agreement reflects the expected amount of tax savings generated in the period that holders of the Tax Receivable
Agreements are entitled to receive in future periods. Management believes that including the amount payable under the tax receivable
agreement and utilizing the current income tax provision adjusted as described above when calculating DE is meaningful as it increases
comparability between periods and more accurately reflects earnings that are available for distribution to shareholders.
▪ Fee Related Earnings, or “FRE”, is a performance measure used to assess Blackstone’s ability to generate profits from revenues that are
measured and received on a recurring basis and not subject to future realization events. FRE equals management and advisory fees (net of
management fee reductions and offsets) plus Fee Related Performance Revenues, less (a) Fee Related Compensation on a segment basis, and
(b) Other Operating Expenses. FRE is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of
Income (Loss) Before Provision (Benefit) for Taxes.

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DEFINITIONS AND DIVIDEND POLICY – (CONT’D)
– Fee Related Compensation is presented on a segment basis and refers to the compensation expense, excluding Equity-Based Compensation,
directly related to (a) Management and Advisory Fees, Net and (b) Fee Related Performance Revenues, referred to as Fee Related
Performance Compensation.
– Fee Related Performance Revenues refers to the realized portion of Performance Revenues from Perpetual Capital that are (a) measured
and received on a recurring basis, and (b) not dependent on realization events from the underlying investments.
– Other Operating Expenses is presented on a segment basis and is equal to General, Administrative and Other Expenses, adjusted to
(a) remove the Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment Measures, (b) remove certain
expenses reimbursed by the Blackstone Funds which are netted against Management and Advisory Fees, Net in Blackstone’s segment
presentation, and (c) give effect to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings
Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other
Operating Expenses in Blackstone’s segment presentation.
– Perpetual Capital refers to the component of assets under management with an indefinite term, that is not in liquidation, and for which
there is no requirement to return capital to investors through redemption requests in the ordinary course of business, except where funded
by new capital inflows or where required redemption requests are limited in quantum. Includes co-investment capital with an investor right
to convert into Perpetual Capital.
– FRE Margin is calculated by dividing Fee Related Earnings by Fee Related Revenues (defined as the sum of Total Segment Management and
Advisory Fees, Net and Fee Related Performance Revenues).
▪ Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization, or “Adjusted EBITDA”, is a supplemental measure used to
assess performance derived from Blackstone’s segment results and may be used to assess its ability to service its borrowings. Adjusted EBITDA
represents Distributable Earnings plus the addition of (a) Interest Expense on a segment basis, (b) Taxes and Related Payables, and
(c) Depreciation and Amortization. Adjusted EBITDA is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP
measure of Income (Loss) Before Provision (Benefit) for Taxes.
▪ Performance Revenues collectively refers to: (a) Incentive Fees, and (b) Performance Allocations.
▪ Performance Compensation collectively refers to: (a) Incentive Fee Compensation, and (b) Performance Allocations Compensation.
– Performance Compensation reflects an increase in the aggregate Realized Performance Compensation paid to certain of our professionals
above the amounts allocable to them based upon the percentage participation in the relevant performance plans previously awarded to
them as a result of a compensation program that commenced in 2Q’21. The expectation is that for the full year 2 25, Fee Related
Compensation will be decreased by the total amount of additional Performance Compensation awarded for the year. For 2Q’25 QTD, 2Q’25
YTD, 2Q’24 QTD and 2Q’24 YTD, the increase to Realized Performance Compensation was greater than the decrease to Fee Related
Compensation, which negatively impacted Distributable Earnings for both the current year and prior year quarter and YTD periods. These
changes typically have an impact on individual quarters but do not impact Income Before Provision (Benefit) for Taxes and Distributable
Earnings for the full year.
▪ Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public
offering, and non-recurring gains, losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses
on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar
event, transaction costs, gains or losses associated with these corporate actions, and non-recurring gains, losses or other charges that affect
period-to-period comparability and are not reflective of Blackstone's operational performance.

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

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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 1 -K for the year ended December 31, 2024, as
such factors may be updated from time to time in our periodic filings with the United States Securities and Exchange Commission (“SEC”), which are
accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the
other cautionary statements that are included in this report and in our other periodic filings. The forward-looking statements speak only as of the
date of this report, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new
information, future developments or otherwise.
This presentation does not constitute an offer of any Blackstone Fund.

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Blackstone's Second Quarter 2025 Earnings

1. _____________________________ Blackstone 345 Park Avenue, New York, NY 10154 T 212 583 5000 www.blackstone.com Blackstone Reports Second Quarter 2025 Results New York, July 24, 2025: Blackstone (NYSE:BX) today reported its second quarter 2025 results. Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone delivered outstanding secondquarter results, reflective of the broader underlying expansion of the firm’s business and earnings power, particularly in private wealth, credit and insurance, and infrastructure. Despite the volatile market backdrop, we grew earnings significantly and total assets under management increased 13% year-over-year to more than $1.2 trillion—a new industry record. Most importantly, we continued to deliver strong investment performance for our LPs, with the highest overall amount of fund appreciation in nearly four years.” Blackstone issued a full detailed presentation of its second quarter 2025 results, which can be viewed at www.blackstone.com. Dividend Blackstone has declared a quarterly dividend of $1.03 per share to record holders of common stock at the close of business on August 4, 2025. This dividend will be paid on August 11, 2025. Quarterly Investor Call Details Blackstone will host its second quarter 2025 investor conference via public webcast on July 24, 2025 at 9:00 a.m. ET. To register, please use the following link: https://event.webcasts.com/starthere.jsp?ei=1725493&tp_key=ccdd76990b. For those unable to listen to the live

2. 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 $1.2 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram. Forward-Looking Statements This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our current views with respect to, among other things, our operations, taxes, earnings and financial performance, share repurchases and dividends. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,” “forecast,” “possible” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in our periodic 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.

3. 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

4. Blackstone’s Second Quarter 2025 Earnings JULY 24, 2025

5. Blackstone | 1 BLACKSTONE’S SECOND QUARTER 2025 GAAP RESULTS ▪ GAAP Net Income was $1.6 billion for the quarter and $2.8 billion year-to-date (“YTD”). GAAP Net Income Attributable to Blackstone Inc. was $764 million for the quarter and $1.4 billion YTD. Throughout this presentation, all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See pages 36-38, Definitions and Dividend Policy, for definitions of terms used throughout this presentation. NCI means non-controlling interests. ($ in thousands, except per share data) (unaudited) 2Q'24 2Q'25 2Q'24 YTD 2Q'25 YTD 2Q'24 LTM 2Q'25 LTM Revenues Management and Advisory Fees, Net $ 1,787,313 $ 2,035,495 $ 3,514,461 $ 3,939,812 $ 6,818,036 $ 7,614,287 Incentive Fees 188,299 195,414 367,640 387,239 766,858 983,777 Performance Allocations 653,870 1,143,103 1,752,330 1,968,354 1,780,342 4,045,177 Principal Investments 42,269 462,562 582,489 806,817 447,593 937,177 Interest and Dividend Revenue 104,999 100,389 202,838 197,809 480,345 406,130 Other 19,631 (225,063) 64,451 (298,673) 17,340 (239,431) Total Revenues $ 2,796,381 $ 3,711,900 $ 6,484,209 $ 7,001,358 $ 10,310,514 $ 13,747,117 Expenses Compensation and Benefits 1,206,202 1,421,530 2,514,506 2,853,370 4,003,770 5,332,917 General, Administrative and Other 311,928 360,817 681,878 693,190 1,250,755 1,373,221 Interest Expense 108,616 135,822 216,819 253,937 436,150 480,806 Fund Expenses 5,960 14,434 9,910 26,538 48,913 36,304 Total Expenses $ 1,632,706 $ 1,932,603 $ 3,423,113 $ 3,827,035 $ 5,739,588 $ 7,223,248 Other Income (Loss) $ 44,934 $ 136,330 $ 27,167 $ 193,905 $ (210,281) $ 215,576 Income Before Provision for Taxes $ 1,208,609 $ 1,915,627 $ 3,088,263 $ 3,368,228 $ 4,360,645 $ 6,739,445 Provision for Taxes 260,246 289,494 543,917 533,321 786,434 1,011,075 Net Income $ 948,363 $ 1,626,133 $ 2,544,346 $ 2,834,907 $ 3,574,211 $ 5,728,370 Redeemable NCI in Consolidated Entities 258 18,209 (39,411) 26,109 (295,917) 4,231 Non-Redeemable NCI in Consolidated Entities 503,691 843,680 1,291,957 1,429,702 1,874,534 2,860,335 Net Income Attributable to Blackstone Inc. $ 444,414 $ 764,244 $ 1,291,800 $ 1,379,096 $ 1,995,594 $ 2,863,804 Net Income Per Share of Common Stock, Basic $ 0.58 $ 0.98 $ 1.69 $ 1.77 $ 2.62 $ 3.71 Net Income Per Share of Common Stock, Diluted $ 0.58 $ 0.98 $ 1.69 $ 1.77 $ 2.62 $ 3.71

6. Blackstone | 2 BLACKSTONE’S SECOND QUARTER 2025 HIGHLIGHTS ▪ Fee Related Earnings (“FRE”) of $1.5 billion ($1.19/share) in the quarter – FRE was $5.7 billion over the last twelve months (“LTM”) ($4.68/share) ▪ Distributable Earnings (“DE”) of $1.6 billion ($1.21/share) in the quarter – DE was $6.4 billion over the LTM ($5.00/share) ▪ Net Accrued Performance Revenues of $6.6 billion ($5.37/share) Financial Measures ▪ Total Assets Under Management (“AUM”) of $1,211.2 billion – Fee-Earning AUM of $887.1 billion – Perpetual Capital AUM of $484.6 billion ▪ Inflows of $52.1 billion in the quarter and $211.8 billion over the LTM ▪ Deployment of $33.1 billion in the quarter and $145.1 billion over the LTM ▪ Realizations of $23.4 billion in the quarter and $97.5 billion over the LTM Capital Metrics ▪ Dividend of $1.03 per common share payable on August 11, 2025 – Dividends of $4.26 per common share over the LTM ▪ Repurchased 0.2 million common shares in the quarter and 1.7 million common shares over the LTM ▪ $1.4 billion to be distributed to shareholders with respect to the second quarter and $5.8 billion over the LTM through dividends and share repurchases Capital Returned to Shareholders

7. Blackstone | 3 BLACKSTONE’S SECOND QUARTER 2025 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 two quarters. See pages 32-33 for the Reconciliation of GAAP to Total Segment Measures. % Change % Change ($ in thousands, except per share data) 2Q'24 2Q'25 vs. 2Q'24 2Q'24 YTD 2Q'25 YTD vs. 2Q'24 YTD Management and Advisory Fees, Net $ 1,779,938 $ 2,020,012 13% $ 3,487,509 $ 3,912,010 12% Fee Related Performance Revenues 177,067 472,050 167% 472,568 765,965 62% Fee Related Compensation (552,913) (700,316) 27% (1,106,990) (1,317,298) 19% Other Operating Expenses (293,122) (332,243) 13% (582,100) (639,118) 10% Fee Related Earnings $ 1,110,970 $ 1,459,503 31% $ 2,270,987 $ 2,721,559 20% Realized Performance Revenues 542,889 553,121 2% 1,079,282 1,013,144 (6)% Realized Performance Compensation (251,057) (256,624) 2% (504,081) (477,548) (5)% Realized Principal Investment Income 16,572 29,421 78% 26,510 147,331 456% Net Realizations 308,404 325,918 6% 601,711 682,927 13% Total Segment Distributable Earnings $ 1,419,374 $ 1,785,421 26% $ 2,872,698 $ 3,404,486 19% Distributable Earnings $ 1,252,221 $ 1,565,763 25% $ 2,518,599 $ 2,976,568 18% Additional Metrics: Net Income Per Share of Common Stock, Basic $ 0.58 $ 0.98 69% $ 1.69 $ 1.77 5% FRE per Share $ 0.91 $ 1.19 31% $ 1.86 $ 2.22 19% DE per Common Share $ 0.96 $ 1.21 26% $ 1.94 $ 2.30 19% Total Segment Revenues $ 2,516,466 $ 3,074,604 22% $ 5,065,869 $ 5,838,450 15% Total Assets Under Management $ 1,076,371,811 $ 1,211,207,341 13% $ 1,076,371,811 $ 1,211,207,341 13% Fee-Earning Assets Under Management $ 808,656,801 $ 887,114,205 10% $ 808,656,801 $ 887,114,205 10%

8. Blackstone | 4 INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES ▪ Appreciation across nearly all strategies led to higher Net Accrued Performance Revenues quarter-over-quarter of $6.6 billion ($5.37/share). Investment Performance (appreciation / gross returns) Net Accrued Performance Revenues ($ 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 2.2% and 9.5% for 2Q’25 and 2Q’25 LTM, respectively. Liquid Credit net returns were 2.3% and 7.4% for 2Q’25 and 2Q’25 LTM, respectively. Absolute Return Composite net returns were 2.5% and 10.6% for 2Q’25 and 2Q’25 LTM, respectively. See notes on page 34 for additional details on these strategies and our investment performance. $6,399 $6,608 $840 $631 1Q'25 Net Performance Revenues Net Realized Distributions 2Q'25 2Q'25 2Q'25 LTM Real Estate Opportunistic 0.1% (3.6)% Core+ (0.4)% (0.5)% Private Equity Corporate Private Equity 5.1% 17.2% Tactical Opportunities 4.1% 14.3% Secondaries 6.6% 10.9% Infrastructure 2.9% 19.1% Credit & Insurance Private Credit 3.0% 13.3% Liquid Credit 2.4% 7.9% Multi-Asset Investing Absolute Return Composite 2.8% 11.8%

9. 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) 2Q'25 2Q'25 LTM 2Q'25 2Q'25 LTM 2Q'25 2Q'25 LTM Real Estate $ 7,222 $ 27,327 $ 6,168 $ 22,071 $ 5,249 $ 22,418 Opportunistic 383 4,137 1,230 10,186 636 4,249 Core+ 4,479 14,502 1,857 4,896 2,141 8,977 Debt Strategies 2,360 8,688 3,081 6,989 2,472 9,192 Private Equity 15,323 58,826 11,759 51,655 7,316 29,604 Corporate Private Equity 7,714 31,178 5,088 23,450 3,875 15,471 Tactical Opportunities 550 3,491 231 4,794 1,042 4,452 Secondaries 3,289 12,983 2,453 14,856 1,687 7,265 Infrastructure 3,770 11,174 3,986 8,554 712 2,417 Credit & Insurance 26,818 112,738 14,098 68,146 9,962 42,179 Multi-Asset Investing 2,714 12,861 1,055 3,231 825 3,274 Total Blackstone $ 52,077 $ 211,752 $ 33,080 $ 145,104 $ 23,352 $ 97,475 Inflows Capital Deployed Realizations ▪ Inflows were $52.1 billion in the quarter, bringing LTM inflows to $211.8 billion. ▪ Deployed $33.1 billion in the quarter and $145.1 billion over the LTM. – Committed an additional $19.5 billion that was not yet deployed in the quarter. ▪ Realizations were $23.4 billion in the quarter and $97.5 billion over the LTM.

10. Blackstone | 6 $71.8 $80.2 $237.3 $288.9 $200.5 $232.2 $299.1 $285.8 $808.7 $887.1 2Q'24 2Q'25 $174.4 $224.8 $64.4 $91.8 $179.6 $167.8 $418.6 $484.6 2Q'24 2Q'25 ASSETS UNDER MANAGEMENT Total AUM ($ in billions) Fee-Earning AUM ($ in billions) Perpetual Capital AUM ($ in billions) Real Estate Private Equity Credit & Insurance Multi-Asset Investing ▪ Total AUM increased to $1,211.2 billion, up 13% year-over-year, with $52.1 billion of inflows in the quarter and $211.8 billion over the LTM. ▪ Fee-Earning AUM of $887.1 billion was up 10% year-over-year, with $41.9 billion of inflows in the quarter and $159.4 billion over the LTM. ▪ Perpetual Capital AUM reached $484.6 billion, up 16% year-over-year. – Fee-Earning Perpetual Capital AUM increased to $415.9 billion, representing 47% of Fee-Earning AUM. Multi-Asset Investing had $200 million and $186 million of Perpetual Capital AUM as of 2Q’24 and 2Q’25, respectively. $79.6 $9 . $ .1 $4 7. $ .6 $ 88.9 $ 6.1 $ 25. $1, 76.4 $1,211.2 2Q 24 2Q 25

11. Blackstone | 7 $48.2 $52.5 $98.5 $115.2 $180.3 $232.0 $204.3 $204.8 $531.3 $604.4 2Q'24 2Q'25 $55.2 $73.8 $47.5 $4.8 ADDITIONAL CAPITAL DETAIL ▪ Invested Performance Eligible AUM reached $604.4 billion at quarter end, up 14% year-over-year. ▪ Total Dry Powder of $181.2 billion available for future investments. Real Estate Private Equity Credit & Insurance Multi-Asset Investing Invested Performance Eligible AUM ($ in billions) Total Dry Powder ($ in billions) Private Equity Real Estate Multi-Asset Investing Credit & Insurance 2Q’25 total: $181.2 Invested Performance Eligible AUM represents the fair value of invested assets that are eligible to earn performance revenues.

12. Blackstone | 8 Segment Highlights

13. Blackstone | 9 SEGMENT DISTRIBUTABLE EARNINGS COMPOSITION ▪ 2Q’25 Total Segment Distributable Earnings were $1.8 billion. ▪ LTM Total Segment Distributable Earnings were $7.2 billion. $2,066 $2,969 $1,685 $522 Segment Distributable Earnings ($ in millions) 2Q’25 LTM total: $7,242 $566 $751 $396 $72 2Q’25 total: $1,785 Private Equity Real Estate Multi-Asset Investing Credit & Insurance Multi-Asset Investing Credit & Insurance Private Equity Real Estate

14. Blackstone | 10 REAL ESTATE ▪ Total AUM: $325.0 billion with inflows of $7.2 billion in the quarter and $27.3 billion over the LTM. – Inflows in the quarter included $2.4 billion in BREDS, of which $1.2 billion was from Insurance SMAs, $1.1 billion of capital raised in BREIT, and $1.0 billion in Blackstone Americas Logistics within Core+. ▪ Capital Deployed: $6.2 billion in the quarter, including acquisitions of a portfolio of performing commercial real estate loans in BREDS and a Texas Industrial portfolio in Core+, and $22.1 billion over the LTM. ▪ Realizations: $5.2 billion in the quarter and $22.4 billion over the LTM. ▪ Appreciation: Opportunistic funds appreciated 0.1% in the quarter and declined (3.6)% over the LTM; Core+ funds declined (0.4)% in the quarter and (0.5)% over the LTM. % Change % Change ($ in thousands) 2Q'24 2Q'25 vs. 2Q'24 2Q'24 YTD 2Q'25 YTD vs. 2Q'24 YTD Management Fees, Net $ 757,457 $ 711,292 (6)% $ 1,477,896 $ 1,412,140 (4)% Fee Related Performance Revenues 606 89,590 n/m 130,564 127,393 (2)% Fee Related Compensation (184,404) (170,209) (8)% (358,973) (340,734) (5)% Other Operating Expenses (92,378) (87,048) (6)% (182,140) (170,329) (6)% Fee Related Earnings $ 481,281 $ 543,625 13% $ 1,067,347 $ 1,028,470 (4)% Realized Performance Revenues 53,472 43,587 (18)% 103,439 62,597 (39)% Realized Performance Compensation (25,295) (24,139) (5)% (47,158) (32,909) (30)% Realized Principal Investment Income 7,053 2,797 (60)% 9,246 3,146 (66)% Net Realizations 35,230 22,245 (37)% 65,527 32,834 (50)% Segment Distributable Earnings $ 516,511 $ 565,870 10% $ 1,132,874 $ 1,061,304 (6)% Segment Revenues $ 818,588 $ 847,266 4% $ 1,721,145 $ 1,605,276 (7)% Total AUM $ 336,100,271 $ 324,994,725 (3)% $ 336,100,271 $ 324,994,725 (3)% Fee-Earning AUM $ 299,066,252 $ 285,826,676 (4)% $ 299,066,252 $ 285,826,676 (4)%

15. Blackstone | 11 PRIVATE EQUITY ▪ Total AUM: Increased 18% to $388.9 billion with inflows of $15.3 billion in the quarter and $58.8 billion over the LTM. – Inflows in the quarter included $3.8 billion in Infrastructure, $3.5 billion for the third Corporate Private Equity Asia fund, and $3.3 billion in Secondaries. – $1.7 billion of capital raised for BXPE and $577 million of capital raised for BXINFRA. ▪ Capital Deployed: $11.8 billion in the quarter, including Safe Harbor Marinas, Citrin Cooperman, and AGS Airports, and $51.7 billion over the LTM; committed an additional $9.5 billion in the quarter, including to TXNM Energy. ▪ Realizations: $7.3 billion in the quarter, including HealthEdge, Vine Energy, and Liftoff, and $29.6 billion over the LTM. ▪ Appreciation: Corporate Private Equity appreciated 5.1% in the quarter and 17.2% over the LTM. – Tactical Opportunities appreciated 4.1% in the quarter and 14.3% over the LTM; Secondaries appreciated 6.6% in the quarter and 10.9% over the LTM; Infrastructure appreciated 2.9% in the quarter and 19.1% over the LTM. % Change % Change ($ in thousands) 2Q'24 2Q'25 vs. 2Q'24 2Q'24 YTD 2Q'25 YTD vs. 2Q'24 YTD Management and Advisory Fees, Net $ 514,851 $ 706,298 37% $ 1,016,058 $ 1,328,090 31% Fee Related Performance Revenues 8,703 192,331 n/m 8,703 253,235 n/m Fee Related Compensation (158,068) (266,925) 69% (320,627) (470,244) 47% Other Operating Expenses (87,436) (112,300) 28% (177,471) (215,194) 21% Fee Related Earnings $ 278,050 $ 519,404 87% $ 526,663 $ 895,887 70% Realized Performance Revenues 381,797 408,980 7% 831,671 759,053 (9)% Realized Performance Compensation (179,761) (196,824) 9% (400,242) (367,965) (8)% Realized Principal Investment Income 5,725 19,859 247% 28,154 29,035 3% Net Realizations 207,761 232,015 12% 459,583 420,123 (9)% Segment Distributable Earnings $ 485,811 $ 751,419 55% $ 986,246 $ 1,316,010 33% Segment Revenues $ 911,076 $ 1,327,468 46% $ 1,884,586 $ 2,369,413 26% Total AUM $ 330,589,586 $ 388,907,242 18% $ 330,589,586 $ 388,907,242 18% Fee-Earning AUM $ 200,486,740 $ 232,160,209 16% $ 200,486,740 $ 232,160,209 16% BXPE represents the aggregate BXPE fund platform, which comprises both U.S. and non-U.S. vehicles. BXPE and BXINFRA capital raised includes amounts allocated to other strategies.

16. Blackstone | 12 CREDIT & INSURANCE ▪ Total AUM: Increased 23% to $407.3 billion with inflows of $26.8 billion in the quarter and $112.7 billion over the LTM. – Inflows in the quarter included $8.9 billion for the global direct lending strategy, inclusive of $3.7 billion of equity raised for BCRED, and $7.1 billion for infrastructure and asset based credit strategies. – Closed 8 new CLOs (6 U.S. and 2 European) for $4.3 billion. – Subsequent to quarter end, announced a partnership with Legal and General (“L&G”) to provide access to investment-grade assets to support L&G’s business growth, and to develop public/private credit solutions. ▪ Capital Deployed: $14.1 billion in the quarter and $68.1 billion over the LTM driven by U.S. direct lending as well as infrastructure and asset based credit strategies; committed an additional $8.5 billion that was not yet deployed in the quarter. ▪ Realizations: $10.0 billion in the quarter and $42.2 billion over the LTM. ▪ Returns: Private Credit gross return of 3.0% (2.2% net) and Liquid Credit gross return of 2.4% (2.3% net) in the quarter. – Private Credit gross return of 13.3% (9.5% net) and Liquid Credit gross return of 7.9% (7.4% net) over the LTM. % Change % Change ($ in thousands) 2Q'24 2Q'25 vs. 2Q'24 2Q'24 YTD 2Q'25 YTD vs. 2Q'24 YTD Management Fees, Net $ 390,200 $ 470,627 21% $ 760,015 $ 917,671 21% Fee Related Performance Revenues 167,758 190,129 13% 333,301 385,337 16% Fee Related Compensation (172,551) (220,305) 28% (351,072) (421,923) 20% Other Operating Expenses (88,348) (107,426) 22% (172,924) (203,704) 18% Fee Related Earnings $ 297,059 $ 333,025 12% $ 569,320 $ 677,381 19% Realized Performance Revenues 91,247 87,393 (4)% 106,367 178,990 68% Realized Performance Compensation (37,738) (30,433) (19)% (43,059) (70,928) 65% Realized Principal Investment Income 3,511 5,800 65% 7,072 113,703 n/m Net Realizations 57,020 62,760 10% 70,380 221,765 215% Segment Distributable Earnings $ 354,079 $ 395,785 12% $ 639,700 $ 899,146 41% Segment Revenues $ 652,716 $ 753,949 16% $ 1,206,755 $ 1,595,701 32% Total AUM $ 330,117,204 $ 407,296,172 23% $ 330,117,204 $ 407,296,172 23% Fee-Earning AUM $ 237,285,546 $ 288,931,236 22% $ 237,285,546 $ 288,931,236 22%

17. Blackstone | 13 MULTI-ASSET INVESTING ▪ Total AUM: Increased 13% to $90.0 billion with inflows of $2.7 billion in the quarter and $12.9 billion over the LTM. ▪ Returns: Absolute Return Composite gross return of 2.8% in the quarter (2.5% net), outperforming the HFRX Global Hedge Fund Index, which was 1.8%. – Absolute Return benefited from performance across strategies, including quantitative, equities, macro, and credit during the quarter. – Gross return of 11.8% over the LTM (10.6% net), compared to 4.7% return for the HFRX Global Hedge Fund Index, with significantly less volatility than the broader markets. % Change % Change ($ in thousands) 2Q'24 2Q'25 vs. 2Q'24 2Q'24 YTD 2Q'25 YTD vs. 2Q'24 YTD Management Fees, Net $ 117,430 $ 131,795 12% $ 233,540 $ 254,109 9% Fee Related Compensation (37,890) (42,877) 13% (76,318) (84,397) 11% Other Operating Expenses (24,960) (25,469) 2% (49,565) (49,891) 1% Fee Related Earnings $ 54,580 $ 63,449 16% $ 107,657 $ 119,821 11% Realized Performance Revenues 16,373 13,161 (20)% 37,805 12,504 (67)% Realized Performance Compensation (8,263) (5,228) (37)% (13,622) (5,746) (58)% Realized Principal Investment Income (Loss) 283 965 241% (17,962) 1,447 n/m Net Realizations 8,393 8,898 6% 6,221 8,205 32% Segment Distributable Earnings $ 62,973 $ 72,347 15% $ 113,878 $ 128,026 12% Segment Revenues $ 134,086 $ 145,921 9% $ 253,383 $ 268,060 6% Total AUM $ 79,564,750 $ 90,009,202 13% $ 79,564,750 $ 90,009,202 13% Fee-Earning AUM $ 71,818,263 $ 80,196,084 12% $ 71,818,263 $ 80,196,084 12%

18. Blackstone | 14 Supplemental Details

19. Blackstone | 15 TOTAL SEGMENTS ($ in thousands) 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 2Q'24 YTD 2Q'25 YTD Base Management Fees $ 1,651,566 $ 1,710,941 $ 1,773,645 $ 1,807,119 $ 1,876,672 $ 3,296,296 $ 3,683,791 Transaction, Advisory and Other Fees, Net 132,536 82,506 117,708 111,309 165,690 199,474 276,999 Management Fee Offsets (4,164) (6,713) (32,062) (26,430) (22,350) (8,261) (48,780) Total Management and Advisory Fees, Net 1,779,938 1,786,734 1,859,291 1,891,998 2,020,012 3,487,509 3,912,010 Fee Related Performance Revenues 177,067 264,101 1,399,276 293,915 472,050 472,568 765,965 Fee Related Compensation (552,913) (554,855) (1,077,477) (616,982) (700,316) (1,106,990) (1,317,298) Other Operating Expenses (293,122) (320,823) (345,169) (306,875) (332,243) (582,100) (639,118) Fee Related Earnings $ 1,110,970 $ 1,175,157 $ 1,835,921 $ 1,262,056 $ 1,459,503 $ 2,270,987 $ 2,721,559 Realized Performance Revenues 542,889 342,669 865,080 460,023 553,121 1,079,282 1,013,144 Realized Performance Compensation (251,057) (157,570) (289,595) (220,924) (256,624) (504,081) (477,548) Realized Principal Investment Income 16,572 40,403 25,613 117,910 29,421 26,510 147,331 Total Net Realizations $ 308,404 $ 225,502 $ 601,098 $ 357,009 $ 325,918 $ 601,711 $ 682,927 Total Segment Distributable Earnings $ 1,419,374 $ 1,400,659 $ 2,437,019 $ 1,619,065 $ 1,785,421 $ 2,872,698 $ 3,404,486 Distributable Earnings $ 1,252,221 $ 1,278,650 $ 2,169,493 $ 1,410,805 $ 1,565,763 $ 2,518,599 $ 2,976,568 Additional Metrics: Total Segment Revenues $ 2,516,466 $ 2,433,907 $ 4,149,260 $ 2,763,846 $ 3,074,604 $ 5,065,869 $ 5,838,450 Total Assets Under Management $ 1,076,371,811 $ 1,107,628,362 $ 1,127,179,996 $ 1,167,461,910 $ 1,211,207,341 $ 1,076,371,811 $ 1,211,207,341 Fee-Earning Assets Under Management $ 808,656,801 $ 820,457,203 $ 830,708,603 $ 860,069,950 $ 887,114,205 $ 808,656,801 $ 887,114,205

20. Blackstone | 16 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 returned to investors from CLOs. Market Activity includes realized and unrealized gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations. AUM is reported in the segment where the assets are managed. Three Months Ended June 30, 2025 Twelve Months Ended June 30, 2025 Real Private Credit & Multi-Asset Real Private Credit & Multi-Asset Estate Equity Insurance Investing Estate Equity Insurance Investing Beginning Balance $ 319,989 $ 370,990 $ 388,720 $ 87,763 $1,167,462 $ 336,100 $ 330,590 $ 330,117 $ 79,565 $1,076,372 Inflows 7,222 15,323 26,818 2,714 52,077 27,327 58,826 112,738 12,861 211,752 Outflows (1,883) (1,805) (5,287) (1,796) (10,772) (22,233) (9,774) (9,333) (8,161) (49,500) Net Flows 5,339 13,518 21,531 917 41,306 5,095 49,053 103,405 4,700 162,252 Realizations (5,249) (7,316) (9,962) (825) (23,352) (22,418) (29,604) (42,179) (3,274) (97,475) Market Activity 4,916 11,715 7,007 2,154 25,792 6,218 38,869 15,953 9,018 70,059 Ending Balance $ 324,995 $ 388,907 $ 407,296 $ 90,009 $1,211,207 $ 324,995 $ 388,907 $ 407,296 $ 90,009 $1,211,207 % Change 2% 5% 5% 3% 4% (3)% 18% 23% 13% 13% Total Total Three Months Ended June 30, 2025 Twelve Months Ended June 30, 2025 Real Private Credit & Multi-Asset Real Private Credit & Multi-Asset Estate Equity Insurance Investing Estate Equity Insurance Investing Beginning Balance $ 282,060 $ 226,219 $ 274,120 $ 77,670 $ 860,070 $ 299,066 $ 200,487 $ 237,286 $ 71,818 $ 808,657 Inflows 7,587 7,550 23,817 2,945 41,900 26,464 39,825 82,637 10,475 159,401 Outflows (1,713) (805) (5,873) (1,689) (10,080) (20,706) (6,142) (12,773) (7,576) (47,197) Net Flows 5,874 6,746 17,944 1,255 31,820 5,759 33,683 69,864 2,899 112,205 Realizations (5,406) (3,289) (7,006) (782) (16,483) (23,027) (11,376) (26,990) (2,971) (64,364) Market Activity 3,297 2,484 3,873 2,053 11,707 4,029 9,367 8,772 8,450 30,617 Ending Balance $ 285,827 $ 232,160 $ 288,931 $ 80,196 $ 887,114 $ 285,827 $ 232,160 $ 288,931 $ 80,196 $ 887,114 % Change 1% 3% 5% 3% 3% (4)% 16% 22% 12% 10% Total Total

21. Blackstone | 17 ▪ At June 30, 2025, Blackstone had $10.6 billion in total cash, cash equivalents, corporate treasury, and other investments and $20.5 billion of cash and net investments, or $16.64 per share. ▪ Blackstone has a $4.3 billion credit revolver ($3.6 billion undrawn) and maintains A+/A+ ratings. $14.44 $16.64 2Q'24 2Q'25 DECONSOLIDATED BALANCE SHEET HIGHLIGHTS Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $6.8 billion as of June 30, 2025, which was comprised of $6.3 billion of liquid investments and $514 million of illiquid investments. See notes on pages 31 and 34 for additional details on non-GAAP balance sheet measures. A+ / A+ rated by S&P and Fitch $4.3B credit revolver with December 2028 maturity $10.6B total cash, corporate treasury and other Cash and Net Investments (per share) ($ in millions) 2Q'25 Cash and Cash Equivalents $ 2,235 Corporate Treasury and Other Investments 8,336 GP/Fund Investments 3,289 Net Accrued Performance Revenues 6,608 Cash and Net Investments $ 20,468 Outstanding Debt (at par) 12,004

22. Blackstone | 18 2Q’25 QoQ Rollforward ($ in millions) 2Q’25 LTM Rollforward ($ in millions) NET ACCRUED PERFORMANCE REVENUES – ADDITIONAL DETAIL Net Accrued Performance Revenues (“NAPR”) are presented net of performance compensation and excludes Performance Revenues realized but not yet distributed as of the reporting date and clawback amounts, if any, which are disclosed in the 10-K/Q. Real Estate and Private Equity include co-investments, as applicable. Per Share calculations are based on end of period DE Shares Outstanding (see page 24, Share Summary). 1Q'25 Net Performance Revenues Net Realized Distributions 2Q'25 Real Estate $ 1,140 $ (111) $ (106) $ 923 Private Equity 4,838 707 (332) 5,212 Credit & Insurance 374 179 (184) 369 Multi-Asset Investing 46 65 (8) 103 Total $ 6,399 $ 840 $ (631) $ 6,608 QoQ Change 3% 2Q'24 Net Performance Revenues Net Realized Distributions 2Q'25 Real Estate $ 1,595 $ (405) $ (267) $ 923 Private Equity 4,150 2,636 (1,573) 5,212 Credit & Insurance 391 719 (741) 369 Multi-Asset Investing 78 301 (276) 103 Total $ 6,214 $ 3,251 $ (2,857) $ 6,608 YoY Change 6% 2Q'24 1Q'25 2Q'25 2Q'25 Per Share Real Estate BREP Global $ 1,294 $ 904 $ 721 $ 0.59 BREP Europe 117 69 27 0.02 BREP Asia 97 98 98 0.08 BPP 73 37 45 0.04 BREDS 16 32 32 0.03 Real Estate $ 1,595 $ 1,140 $ 923 $ 0.75 Private Equity BCP Global 1,508 1,739 1,869 1.52 BCP Asia 190 253 344 0.28 Energy/Energy Transition 417 545 515 0.42 Core Private Equity 243 257 266 0.22 Tactical Opportunities 159 200 227 0.18 Secondaries 813 1,144 1,270 1.03 Infrastructure 478 248 247 0.20 Life Sciences 125 214 239 0.19 BTAS/BXPE 217 238 236 0.19 Private Equity $ 4,150 $ 4,838 $ 5,212 $ 4.24 Credit & Insurance $ 391 $ 374 $ 369 $ 0.30 Multi-Asset Investing $ 78 $ 46 $ 103 $ 0.08 Net Accrued Performance Revenues $ 6,214 $ 6,399 $ 6,608 $ 5.37 ($ in millions, except per share data)

23. Blackstone | 19 INVESTMENT RECORDS AS OF JUNE 30, 2025(a) ($/€ 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 - 2,336 n/a 13,468,476 2.3x 13,470,812 2.3x 11% 11% BREP VI (Feb 2007 / Aug 2011) 11,060,122 - 1,752 n/a 27,764,962 2.5x 27,766,714 2.5x 13% 13% BREP VII (Aug 2011 / Apr 2015) 13,506,798 898,732 1,584,660 0.5x 28,788,970 2.2x 30,373,630 1.9x 18% 14% BREP VIII (Apr 2015 / Jun 2019) 16,638,999 1,415,060 10,524,212 1.3x 23,084,365 2.3x 33,608,577 1.8x 23% 12% BREP IX (Jun 2019 / Aug 2022) 21,356,236 3,197,042 21,704,362 1.2x 9,310,853 2.1x 31,015,215 1.4x 52% 8% *BREP X (Aug 2022 / Feb 2028) 30,662,078 19,129,490 14,101,112 1.2x 1,071,053 1.2x 15,172,165 1.2x 7% 10% Total Global BREP $ 104,204,814 $ 24,640,324 $ 47,918,434 1.2x $ 115,708,205 2.3x $ 163,626,639 1.8x 17% 14% BREP Int'l I-II (Jan 2001 / Jun 2008) (e) € 2,453,920 € - € - n/a € 3,956,202 1.9x € 3,956,202 1.9x 12% 12% BREP Europe III (Jun 2008 / Sep 2013) 3,205,420 385,566 56,204 0.3x 5,926,938 2.1x 5,983,142 2.0x 14% 13% BREP Europe IV (Sep 2013 / Dec 2016) 6,676,604 1,047,011 940,560 0.7x 10,217,388 1.9x 11,157,948 1.7x 17% 11% BREP Europe V (Dec 2016 / Oct 2019) 7,997,397 757,584 4,192,061 0.8x 6,762,819 3.8x 10,954,880 1.5x 41% 6% BREP Europe VI (Oct 2019 / Sep 2023) 9,935,641 2,869,990 7,798,015 1.1x 3,512,882 2.6x 11,310,897 1.4x 72% 8% *BREP Europe VII (Sep 2023 / Mar 2029) 9,783,376 7,332,218 2,917,076 1.2x 47,242 1.1x 2,964,318 1.2x n/m 15% Total BREP Europe € 40,052,358 € 12,392,369 € 15,903,916 1.0x € 30,423,471 2.3x € 46,327,387 1.5x 16% 10% BREP Asia I (Jun 2013 / Dec 2017) $ 4,262,075 $ 898,761 $ 1,509,465 1.8x $ 7,369,699 2.0x $ 8,879,164 1.9x 15% 12% BREP Asia II (Dec 2017 / Mar 2022) 7,358,270 1,236,069 6,202,463 1.2x 2,387,241 1.8x 8,589,704 1.3x 23% 4% *BREP Asia III (Mar 2022 / Sep 2027) 8,225,740 4,628,445 3,884,536 1.1x 70,976 2.3x 3,955,512 1.1x 42% (2)% Total BREP Asia $ 19,846,085 $ 6,763,275 $ 11,596,464 1.2x $ 9,827,916 1.9x $ 21,424,380 1.5x 16% 8% BREP Co-Investment (f) 7,782,389 136,284 1,142,965 1.4x 15,277,156 2.2x 16,420,121 2.1x 16% 16% Total BREP $ 178,512,387 $ 45,899,019 $ 78,518,657 1.1x $ 177,993,322 2.2x $ 256,511,979 1.7x 17% 13% *BREDS High-Yield (Various) (g) 27,607,180 9,640,706 5,402,248 1.1x 22,923,144 1.3x 28,325,392 1.3x 10% 9% Private Equity Corporate Private Equity BCP I-III (Oct 1987 / Nov 2002) $ 6,187,603 $ - $ - n/a $ 14,239,072 2.4x $ 14,239,072 2.4x 19% 19% BCOM (Jun 2000 / Jun 2006) 2,137,330 24,575 187 n/a 2,995,106 1.4x 2,995,293 1.4x 6% 6% BCP IV (Nov 2002 / Dec 2005) 6,773,182 195,824 329 n/a 21,720,334 2.9x 21,720,663 2.9x 36% 36% BCP V (Dec 2005 / Jan 2011) 21,009,112 982,018 7,751 n/a 38,862,488 1.9x 38,870,239 1.9x 8% 8% BCP VI (Jan 2011 / May 2016) 15,195,794 1,341,577 3,749,193 2.1x 29,465,219 2.3x 33,214,412 2.2x 15% 12% BCP VII (May 2016 / Feb 2020) 18,872,738 1,464,882 17,109,476 1.7x 21,685,432 2.7x 38,794,908 2.1x 25% 13% BCP VIII (Feb 2020 / Apr 2024) 25,753,034 7,205,084 27,089,459 1.4x 5,102,888 2.3x 32,192,347 1.5x 35% 10% *BCP IX (Apr 2024 / Apr 2030) 21,699,785 20,652,930 1,454,909 1.6x - n/a 1,454,909 1.6x n/a n/m Energy I (Aug 2011 / Feb 2015) 2,441,558 174,492 390,794 2.0x 4,456,022 2.0x 4,846,816 2.0x 13% 12% Energy II (Feb 2015 / Feb 2020) 4,931,260 783,727 3,917,459 1.9x 4,954,266 1.9x 8,871,725 1.9x 12% 8% Energy III (Feb 2020 / Jun 2024) 4,355,417 1,675,267 5,203,019 2.1x 2,301,128 2.4x 7,504,147 2.2x 38% 25% *Energy Transition IV (Jun 2024 / Jun 2030) 5,852,687 4,738,767 1,458,397 1.5x - n/a 1,458,397 1.5x n/a n/m BCP Asia I (Dec 2017 / Sep 2021) 2,437,080 417,510 2,715,503 2.2x 2,886,025 3.0x 5,601,528 2.6x 43% 24% *BCP Asia II (Sep 2021 / Sep 2027) 6,794,242 4,558,655 4,495,291 2.3x 858,688 3.4x 5,353,979 2.4x 106% 41% BCP Asia III (TBD) 7,906,614 7,906,614 - n/a - n/a - n/a n/a n/a Core Private Equity I (Jan 2017 / Mar 2021) (h) 4,760,130 1,184,250 7,607,485 2.0x 3,086,102 5.5x 10,693,587 2.5x 59% 16% *Core Private Equity II (Mar 2021 / Mar 2026) (h) 8,231,069 5,028,913 5,067,196 1.5x 502,247 n/a 5,569,443 1.6x n/a 14% Total Corporate Private Equity $ 165,338,635 $ 58,335,085 $ 80,266,448 1.7x $ 153,115,017 2.3x $ 233,381,465 2.0x 16% 15% Tactical Opportunities *Tactical Opportunities (Various) 31,299,857 12,676,036 14,449,563 1.3x 27,911,570 1.8x 42,361,133 1.6x 14% 11% *Tactical Opportunities Co-Investment and Other (Various) 10,719,054 1,232,593 4,710,265 1.4x 11,033,570 1.8x 15,743,835 1.6x 18% 15% Total Tactical Opportunities $ 42,018,911 $ 13,908,629 $ 19,159,828 1.3x $ 38,945,140 1.8x $ 58,104,968 1.6x 16% 12% The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not meaningful” generally due to the limited time since initial investment. n/a represents “not applicable”. Notes on pages 21-22. BREP – Blackstone Real Estate Partners, BREDS – Blackstone Real Estate Debt Strategies, BCP – Blackstone Capital Partners, BCOM – Blackstone Communications. * Represents funds that are currently in their investment period.

24. Blackstone | 20 INVESTMENT RECORDS AS OF JUNE 30, 2025(a)– (CONT’D) ($/€ 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) Growth BXG I (Jul 2020 / Feb 2025) $ 4,968,719 $ 724,615 $ 4,111,011 1.0x $ 561,134 2.7x $ 4,672,145 1.1x n/m (1)% *BXG II (Feb 2025 / Feb 2030) 4,389,899 4,342,078 - n/a - n/a - n/a n/a n/a Total Growth $ 9,358,618 $ 5,066,693 $ 4,111,011 1.0x $ 561,134 2.7x $ 4,672,145 1.1x n/m (1)% Strategic Partners (Secondaries) Strategic Partners I-V (Various) (i) 11,035,527 9,572 1,962 n/a 16,796,758 n/a 16,798,720 1.7x n/a 13% Strategic Partners VI (Apr 2014 / Apr 2016) (i) 4,362,772 590,701 529,398 n/a 4,543,440 n/a 5,072,838 1.7x n/a 13% Strategic Partners VII (May 2016 / Mar 2019) (i) 7,489,970 1,633,510 2,657,693 n/a 8,036,195 n/a 10,693,888 1.9x n/a 15% Strategic Partners Real Assets II (May 2017 / Jun 2020) (i) 1,749,807 517,352 1,395,364 n/a 1,240,984 n/a 2,636,348 1.8x n/a 16% Strategic Partners VIII (Mar 2019 / Oct 2021) (i) 10,763,600 3,587,242 7,459,822 n/a 7,549,779 n/a 15,009,601 1.8x n/a 21% *Strategic Partners Real Estate, SMA and Other (Various) (i) 7,055,591 1,708,630 2,543,735 n/a 2,650,956 n/a 5,194,691 1.4x n/a 11% Strategic Partners Infrastructure III (Jun 2020 / Jun 2024) (i) 3,250,100 789,234 2,569,431 n/a 640,888 n/a 3,210,319 1.5x n/a 18% *Strategic Partners IX (Oct 2021 / Jan 2027) (i) 19,692,625 3,697,398 13,603,694 n/a 1,107,668 n/a 14,711,362 1.5x n/a 21% *Strategic Partners GP Solutions (Jun 2021 / Dec 2026) (i) 2,095,211 578,490 1,038,195 n/a 11,152 n/a 1,049,347 1.0x n/a (2)% *Strategic Partners Infrastructure IV (Jul 2024 / Jun 2029) (i) 4,637,949 4,190,514 69,750 n/a - n/a 69,750 n/m n/a n/m Total Strategic Partners (Secondaries) $ 72,133,152 $ 17,302,643 $ 31,869,044 n/a $ 42,577,820 n/a $ 74,446,864 1.6x n/a 14% Life Sciences Clarus IV (Jan 2018 / Jan 2020) 910,000 55,270 699,827 2.1x 586,139 1.4x 1,285,966 1.7x 6% 9% BXLS V (Jan 2020 / Mar 2025) 4,993,165 2,566,835 4,705,006 2.1x 1,088,641 1.6x 5,793,647 2.0x 9% 20% Credit Mezzanine / Opportunistic I (Jul 2007 / Oct 2011) $ 2,000,000 $ 97,114 $ - 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 72,977 0.6x 6,678,087 1.4x 6,751,064 1.4x n/a 9% Mezzanine / Opportunistic III (Sep 2016 / Jan 2021) 6,639,133 1,076,877 1,525,686 1.0x 9,260,802 1.6x 10,786,488 1.5x n/a 12% *Mezzanine / Opportunistic IV (Jan 2021 / Jan 2026) 5,016,771 1,369,196 4,206,195 1.2x 2,526,842 1.6x 6,733,037 1.3x n/a 13% Mezzanine / Opportunistic V (TBD) 3,916,540 3,916,540 - n/a - n/a - n/a n/a n/a Total Mezzanine / Opportunistic $ 21,692,444 $ 7,452,987 $ 5,804,858 1.1x $ 23,274,844 1.5x $ 29,079,702 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 66,642 0.1x 5,504,072 1.2x 5,570,714 1.1x n/a 1% Stressed / Distressed III (Dec 2017 / Dec 2022) 7,356,380 1,068,577 1,454,800 0.8x 5,516,944 1.5x 6,971,744 1.3x n/a 10% Total Stressed / Distressed $ 15,734,523 $ 1,616,007 $ 1,521,442 0.7x $ 16,798,114 1.3x $ 18,319,556 1.2x n/a 7% European Senior Debt I (Feb 2015 / Feb 2019) € 1,964,689 € 65,796 € 172,113 0.3x € 2,981,872 1.3x € 3,153,985 1.1x n/a 1% European Senior Debt II (Jun 2019 / Jun 2023) (j) 4,088,344 916,352 2,799,584 0.9x 4,166,690 1.7x 6,966,274 1.3x n/a 9% Total European Senior Debt € 6,053,033 € 982,148 € 2,971,697 0.8x € 7,148,562 1.5x € 10,120,259 1.2x n/a 6% Energy I (Nov 2015 / Nov 2018) $ 2,856,867 $ 1,154,819 $ 173,338 0.8x $ 3,422,576 1.6x $ 3,595,914 1.5x n/a 10% Energy II (Feb 2019 / Jun 2023) 3,616,081 1,464,279 619,526 1.0x 3,216,072 1.4x 3,835,598 1.3x n/a 15% *Energy III (May 2023 / May 2028) 6,477,000 3,043,157 3,936,437 1.1x 328,904 1.2x 4,265,341 1.1x n/a 13% Total Energy $ 12,949,948 $ 5,662,255 $ 4,729,301 1.1x $ 6,967,552 1.5x $ 11,696,853 1.3x n/a 12% *Senior Direct Lending I (Dec 2023 / Dec 2025) (k) 2,057,661 736,905 2,162,525 1.1x 64,476 1.1x 2,227,001 1.1x n/a 11% Total Credit Drawdown Funds (l) $ 59,340,235 $ 16,621,050 $ 19,149,462 1.0x $ 55,671,872 1.5x $ 74,821,334 1.3x n/a 10% The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not meaningful” generally due to the limited time since initial investment. n/a represents “not applicable”. Notes on pages 21-22. BXG – Blackstone Growth, BXLS – Blackstone Life Sciences. * Represents funds that are currently in their investment period.

25. Blackstone | 21 ($/€ in thousands, except where noted) Investment Total Total Net Strategy (Inception Year) Strategy AUM Return (n) Real Estate BPP - Blackstone Property Partners Platform (2013) (o) Core+ Real Estate $ 64,298,098 4% BREIT - Blackstone Real Estate Income Trust (2017) (p) Core+ Real Estate 53,050,569 9% BREIT - Class I (q) Core+ Real Estate 9% BXMT - Blackstone Mortgage Trust (2013) (r) Real Estate Debt 6,129,160 7% Private Equity BXGP – Blackstone GP Stakes (2 14) (s) Minority GP Interests 11,656,689 14% BIP - Blackstone Infrastructure Partners (2019) (t) Infrastructure 51,540,327 17% BXPE - Blackstone Private Equity Strategies Fund Program (2024) (u) Private Equity 12,515,293 16% BXPE - Class I (v) Private Equity 17% Credit BXSL - Blackstone Secured Lending Fund (2018) (w) U.S. Direct Lending 16,311,870 11% BCRED - Blackstone Private Credit Fund (2021) (x) U.S. Direct Lending 83,511,801 10% BCRED - Class I (y) U.S. Direct Lending 10% ECRED - Blackstone European Credit Fund (2022) (z) European Direct Lending € 2,613,129 10% ECRED - Class I (aa) European Direct Lending 11% The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not meaningful” generally due to the limited time since initial investment. n/a represents “not applicable”. Notes continue on page 22. INVESTMENT RECORDS AS OF JUNE 30, 2025(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 June , 2 25 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 14% and 8%, respectively, for the levered and unlevered funds of the strategy. (k) Senior Direct Lending I IRR represents the blended return across the commingled levered and unlevered funds within the strategy. The total net returns were 14% and 8%, respectively, for the levered and unlevered funds of the strategy. Investment Records as of June 30, 2025 - Notes

26. Blackstone | 22 INVESTMENT RECORDS AS OF JUNE 30, 2025(a)– (CONT’D) (l) Funds presented represent the flagship credit drawdown funds only. The Total Credit Net IRR is the combined IRR of the credit drawdown funds presented. (m) Represents the performance for select Perpetual Capital Strategies; strategies excluded consist primarily of (1) investment strategies that have been investing for less than one year, (2) perpetual capital assets managed for certain insurance clients, and (3) investment vehicles where Blackstone does not earn fees. (n) Unless otherwise indicated, Total Net Return represents the annualized inception to June 30, 2025 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of investor cash flows. Initial inception date of cash flows occurred during the Inception Year. (o) BPP represents the aggregate Total AUM and Total Net Return of the BPP Platform, which comprises over 30 funds, 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 June 30, 2025, these vehicles represented $4.4 billion of Total AUM. (p) The BREIT Total Net Return reflects a per share blended return, assuming BREIT had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from January 1, 2017. (q) Represents the Total Net Return for BREIT’s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. Class I Total Net Return is presented on an annualized basis and is from January 1, 2017. (r) The BXMT Total Net Return reflects annualized market return of a shareholder invested in BXMT since inception, May 22, 2013, assuming reinvestment of all dividends received during the period. (s) Blackstone GP Stakes ("BXGP") represents the aggregate Total AUM and Total Net Return of BSCH I and II funds that invest as part of the Secondaries GP Stakes strategy, which targets minority investments in the general partners of private equity and other private-market alternative asset management firms globally. As of June 30, 2025, including co-investment vehicles that do not pay fees, BXGP Total AUM is $13.1 billion. (t) BIP represents the aggregate Total AUM and Total Net Return of infrastructure-focused funds and co-investment vehicles for institutional investors with a primary focus on the U.S. and Europe. As of June 30, 2025, including co-investment vehicles that do not pay fees, BIP Total AUM is $62.4 billion. (u) The BXPE Total Net Return reflects a per share blended return, assuming the BXPE Fund Program had a single vehicle and a single share class, reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BXPE. This return is not representative of the return experienced by any particular vehicle, investor or share class. For purposes of calculating the blended return, vehicles or share classes that report in a foreign currency have been converted to U.S. dollars at the spot rate as of June 30, 2025. Total net return is from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation. BXPE Total AUM reflects net asset value as of June 30, 2025. BXPE AUM, to the extent managed by a different business, is reported in such business for the purposes of segment AUM reporting. (v) Represents the blended Total Net Return for BXPE Fund Program Class I shares, the Program’s largest share class across vehicles. Performance varies by vehicle and share class. Class I Total Net Return assumes reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by the Class I shares. For purposes of calculating the blended Class I return, vehicles or share classes that report in a foreign currency have been converted to U.S. dollars at the spot rate as of June 30, 2025. Class I Total Net Return is from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation. (w) The BXSL Total AUM and Total Net Return are presented as of March 31, 2025. BXSL Total Net Return reflects the change in NAV per share, plus distributions per share (assuming dividends and distributions are reinvested in accordance with BXSL’s dividend reinvestment plan) divided by the beginning NAV per share. Total Net Returns are presented on an annualized basis and are from November 20, 2018. (x) The BCRED Total Net Return reflects a per share blended return, assuming BCRED had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from January 7, 2021. Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. BCRED net asset value as of June 30, 2025 was $44.3 billion. (y) Represents the Total Net Return for BCRED’s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. Class I Total Net Return is presented on an annualized basis and is from January 7, 2021. (z) The ECRED Total Net Return reflects a per share blended return, assuming ECRED had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by ECRED. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from October 3, 2022. Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. ECRED net asset value as of June , 2 25 was €1.3 billion. (aa) Represents the Total Net Return for ECRED’s Class I shares, its largest share class. Performance varies by share class. Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by ECRED. Class I Total Net Return is presented on an annualized basis and is from October 3, 2022.

27. Blackstone | 23 SHAREHOLDER DIVIDENDS ▪ Generated $1.21 of Distributable Earnings per common share during the quarter, bringing the YTD amount to $2.30 per common share. ▪ Blackstone declared a quarterly dividend of $1.03 per common share to record holders as of August 4, 2025; payable on August 11, 2025. A detailed description of Blackstone’s dividend policy and the definition of Distributable Earnings can be found on pages 6-38, Definitions and Dividend Policy. See additional notes on page 35. % Change % Change ($ in thousands, except per share data) 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 vs. 2Q'24 2Q'24 YTD 2Q'25 YTD vs. 2Q'24 YTD Distributable Earnings $ 1,252,221 $ 1,278,650 $ 2,169,493 $ 1,410,805 $ 1,565,763 25% $ 2,518,599 $ 2,976,568 18% Add: Other Payables Attributable to Common Shareholders 124,280 73,491 185,782 138,425 142,664 15% 255,200 281,089 10% DE Before Certain Payables 1,376,501 1,352,141 2,355,275 1,549,230 1,708,427 24% 2,773,799 3,257,657 17% Percent to Common Shareholders 63% 63% 63% 63% 64% 63% 63% DE Before Certain Payables Attributable to Common Shareholders 864,033 849,966 1,482,636 980,440 1,086,833 26% 1,735,920 2,067,273 19% Less: Other Payables Attributable to Common Shareholders (124,280) (73,491) (185,782) (138,425) (142,664) 15% (255,200) (281,089) 10% DE Attributable to Common Shareholders 739,753 776,475 1,296,854 842,015 944,169 28% 1,480,720 1,786,184 21% DE per Common Share $ 0.96 $ 1.01 $ 1.69 $ 1.09 $ 1.21 26% $ 1.94 $ 2.30 19% Less: Retained Capital per Common Share $ (0.14) $ (0.15) $ (0.25) $ (0.16) $ (0.18) 29% $ (0.29) $ (0.34) 17% Actual Dividend per Common Share $ 0.82 $ 0.86 $ 1.44 $ 0.93 $ 1.03 26% $ 1.65 $ 1.96 19% Record Date Aug 4, 2025 Payable Date Aug 11, 2025

28. Blackstone | 24 SHARE SUMMARY ▪ Distributable Earnings Shares Outstanding as of quarter end of 1,230 million shares. – Repurchased 0.2 million common shares in the quarter and 1.7 million common shares over the LTM. – Available authorization remaining was $1.8 billion at June 30, 2025. Participating Common Shares and Participating Partnership Units include both issued and outstanding shares and unvested shares that participate in dividends. 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 Participating Common Shares 768,224,405 767,895,244 768,722,241 773,038,934 782,567,390 Participating Partnership Units 455,642,926 453,685,697 452,448,896 448,468,715 447,574,842 Distributable Earnings Shares Outstanding 1,223,867,331 1,221,580,941 1,221,171,137 1,221,507,649 1,230,142,232

29. Blackstone | 25 Reconciliations and Disclosures

30. Blackstone | 26 BLACKSTONE’S SECOND QUARTER 2025 GAAP CONSOLIDATED STATEMENTS OF OPERATIONS ($ in thousands, except per share data) (unaudited) 2Q'24 2Q'25 2Q'24 YTD 2Q'25 YTD 2Q'24 LTM 2Q'25 LTM Revenues Management and Advisory Fees, Net $ 1,787,313 $ 2,035,495 $ 3,514,461 $ 3,939,812 $ 6,818,036 $ 7,614,287 Incentive Fees 188,299 195,414 367,640 387,239 766,858 983,777 Investment Income Performance Allocations Realized 531,641 829,820 1,184,158 1,391,870 2,259,021 3,665,458 Unrealized 122,229 313,283 568,172 576,484 (478,679) 379,719 Principal Investments Realized 74,045 97,171 152,642 282,713 293,572 462,329 Unrealized (31,776) 365,391 429,847 524,104 154,021 474,848 Total Investment Income 696,139 1,605,665 2,334,819 2,775,171 2,227,935 4,982,354 Interest and Dividend Revenue 104,999 100,389 202,838 197,809 480,345 406,130 Other 19,631 (225,063) 64,451 (298,673) 17,340 (239,431) Total Revenues $ 2,796,381 $ 3,711,900 $ 6,484,209 $ 7,001,358 $ 10,310,514 $ 13,747,117 Expenses Compensation and Benefits Compensation 766,647 870,358 1,561,450 1,899,720 2,893,595 3,386,499 Incentive Fee Compensation 77,139 67,363 150,846 124,392 304,405 347,132 Performance Allocations Compensation Realized 260,736 331,191 519,630 573,081 918,499 1,485,668 Unrealized 101,680 152,618 282,580 256,177 (112,729) 113,618 Total Compensation and Benefits 1,206,202 1,421,530 2,514,506 2,853,370 4,003,770 5,332,917 General, Administrative and Other 311,928 360,817 681,878 693,190 1,250,755 1,373,221 Interest Expense 108,616 135,822 216,819 253,937 436,150 480,806 Fund Expenses 5,960 14,434 9,910 26,538 48,913 36,304 Total Expenses $ 1,632,706 $ 1,932,603 $ 3,423,113 $ 3,827,035 $ 5,739,588 $ 7,223,248 Other Income (Loss) Change in Tax Receivable Agreement Liability - - - - (29,083) (41,246) Net Gains (Losses) from Fund Investment Activities 44,934 136,330 27,167 193,905 (181,198) 256,822 Total Other Income (Loss) $ 44,934 $ 136,330 $ 27,167 $ 193,905 $ (210,281) $ 215,576 Income Before Provision for Taxes $ 1,208,609 $ 1,915,627 $ 3,088,263 $ 3,368,228 $ 4,360,645 $ 6,739,445 Provision for Taxes 260,246 289,494 543,917 533,321 786,434 1,011,075 Net Income $ 948,363 $ 1,626,133 $ 2,544,346 $ 2,834,907 $ 3,574,211 $ 5,728,370 Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities 258 18,209 (39,411) 26,109 (295,917) 4,231 Net Income Attributable to Non-Controlling Interests in Consolidated Entities 100,583 240,836 203,410 341,383 263,260 611,799 Net Income Attributable to Non-Controlling Interests in Blackstone Holdings 403,108 602,844 1,088,547 1,088,319 1,611,274 2,248,536 Net Income Attributable to Blackstone Inc. $ 444,414 $ 764,244 $ 1,291,800 $ 1,379,096 $ 1,995,594 $ 2,863,804 Net Income Per Share of Common Stock, Basic $ 0.58 $ 0.98 $ 1.69 $ 1.77 $ 2.62 $ 3.71 Net Income Per Share of Common Stock, Diluted $ 0.58 $ 0.98 $ 1.69 $ 1.77 $ 2.62 $ 3.71

31. Blackstone | 27 RECONCILIATION OF GAAP TO NON-GAAP MEASURES Notes on pages 28-29. QTD YTD LTM ($ in thousands) 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 2Q'24 2Q'25 2Q'24 2Q'25 Net Income Attributable to Blackstone Inc. $ 444,414 $ 780,835 $ 703,873 $ 614,852 $ 764,244 $ 1,291,800 $ 1,379,096 $ 1,995,594 $ 2,863,804 Net Income Attributable to Non-Controlling Interests in Blackstone Holdings 403,108 603,057 557,160 485,475 602,844 1,088,547 1,088,319 1,611,274 2,248,536 Net Income Attributable to Non-Controlling Interests in Consolidated Entities 100,583 202,929 67,487 100,547 240,836 203,410 341,383 263,260 611,799 Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities 258 (22,184) 306 7,900 18,209 (39,411) 26,109 (295,917) 4,231 Net Income $ 948,363 $ 1,564,637 $ 1,328,826 $ 1,208,774 $ 1,626,133 $ 2,544,346 $ 2,834,907 $ 3,574,211 $ 5,728,370 Provision for Taxes 260,246 245,303 232,451 243,827 289,494 543,917 533,321 786,434 1,011,075 Income Before Provision for Taxes $ 1,208,609 $ 1,809,940 $ 1,561,277 $ 1,452,601 $ 1,915,627 $ 3,088,263 $ 3,368,228 $ 4,360,645 $ 6,739,445 Transaction-Related and Non-Recurring Items (a) 4,962 (394) (393) 18,824 10,381 57,159 29,205 72,291 28,418 Amortization of Intangibles (b) 7,333 7,333 7,333 7,333 7,333 14,666 14,666 29,370 29,332 Impact of Consolidation (c) (100,841) (180,745) (67,793) (108,447) (259,045) (163,999) (367,492) 32,657 (616,030) Unrealized Performance Revenues (d) (122,239) (1,154,905) 1,351,673 (263,201) (313,256) (568,175) (576,457) 478,676 (379,689) Unrealized Performance Allocations Compensation (e) 101,680 465,099 (607,658) 103,559 152,618 282,580 256,177 (112,729) 113,618 Unrealized Principal Investment (Income) Loss (f) 38,125 90,254 42,729 (161,257) (294,093) (404,851) (455,350) (129,968) (322,367) Other Revenues (g) (19,541) 96,329 (155,207) 73,635 225,083 (64,288) 298,718 (17,103) 239,840 Equity-Based Compensation (h) 295,396 262,798 283,149 471,302 312,018 613,175 783,320 1,054,760 1,329,267 Administrative Fee Adjustment (i) 2,465 3,219 3,429 4,186 4,112 4,942 8,298 9,789 14,946 Taxes and Related Payables (j) (163,728) (120,278) (249,046) (187,730) (195,015) (340,873) (382,745) (659,998) (752,069) Distributable Earnings $ 1,252,221 $ 1,278,650 $ 2,169,493 $ 1,410,805 $ 1,565,763 $ 2,518,599 $ 2,976,568 $ 5,118,390 $ 6,424,711 Taxes and Related Payables (j) 163,728 120,278 249,046 187,730 195,015 340,873 382,745 659,998 752,069 Net Interest and Dividend (Income) Loss (k) 3,425 1,731 18,480 20,530 24,643 13,226 45,173 (55,892) 65,384 Total Segment Distributable Earnings $ 1,419,374 $ 1,400,659 $ 2,437,019 $ 1,619,065 $ 1,785,421 $ 2,872,698 $ 3,404,486 $ 5,722,496 $ 7,242,164 Realized Performance Revenues (l) (542,889) (342,669) (865,080) (460,023) (553,121) (1,079,282) (1,013,144) (2,110,435) (2,220,893) Realized Performance Compensation (m) 251,057 157,570 289,595 220,924 256,624 504,081 477,548 925,704 924,713 Realized Principal Investment (Income) Loss (n) (16,572) (40,403) (25,613) (117,910) (29,421) (26,510) (147,331) (101,212) (213,347) Fee Related Earnings $ 1,110,970 $ 1,175,157 $ 1,835,921 $ 1,262,056 $ 1,459,503 $ 2,270,987 $ 2,721,559 $ 4,436,553 $ 5,732,637 Adjusted EBITDA Reconciliation Distributable Earnings $ 1,252,221 $ 1,278,650 $ 2,169,493 $ 1,410,805 $ 1,565,763 $ 2,518,599 $ 2,976,568 $ 5,118,390 $ 6,424,711 Interest Expense (o) 108,424 111,326 117,027 117,950 125,033 216,064 242,983 434,246 471,336 Taxes and Related Payables (j) 163,728 120,278 249,046 187,730 195,015 340,873 382,745 659,998 752,069 Depreciation and Amortization (p) 25,336 24,685 22,682 22,226 26,642 51,389 48,868 98,238 96,235 Adjusted EBITDA $ 1,549,709 $ 1,534,939 $ 2,558,248 $ 1,738,711 $ 1,912,453 $ 3,126,925 $ 3,651,164 $ 6,310,872 $ 7,744,351

32. 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 Agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated with these corporate actions, and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of Blackstone’s operational performance. (b) This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation. (c) This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests. (d) This adjustment removes Unrealized Performance Revenues on a segment basis. The Segment Adjustment represents the add back of performance revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation. (g) This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents the removal of certain Transaction-Related and NonRecurring 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 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. QTD YTD LTM ($ in thousands) 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 2Q'24 2Q'25 2Q'24 2Q'25 GAAP Unrealized Principal Investment Income (Loss) $ (31,776) $ (1,864) $ (47,392) $ 158,713 $ 365,391 $ 429,847 $ 524,104 $ 154,021 $ 474,848 Segment Adjustment (6,349) (88,390) 4,663 2,544 (71,298) (24,996) (68,754) (24,053) (152,481) Unrealized Principal Investment Income (Loss) $ (38,125) $ (90,254) $ (42,729) $ 161,257 $ 294,093 $ 404,851 $ 455,350 $ 129,968 $ 322,367 (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) 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 2Q'24 2Q'25 2Q'24 2Q'25 GAAP Unrealized Performance Allocations $ 122,229 $ 1,154,918 $ (1,351,683) $ 263,201 $ 313,283 $ 568,172 $ 576,484 $ (478,679) $ 379,719 Segment Adjustment 10 (13) 10 - (27) 3 (27) 3 (30) Unrealized Performance Revenues $ 122,239 $ 1,154,905 $ (1,351,673) $ 263,201 $ 313,256 $ 568,175 $ 576,457 $ (478,676) $ 379,689 QTD YTD LTM ($ in thousands) 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 2Q'24 2Q'25 2Q'24 2Q'25 GAAP Other Revenue $ 19,631 $ (96,312) $ 155,554 $ (73,610) $ (225,063) $ 64,451 $ (298,673) $ 17,340 $ (239,431) Segment Adjustment (90) (17) (347) (25) (20) (163) (45) (237) (409) Other Revenues $ 19,541 $ (96,329) $ 155,207 $ (73,635) $ (225,083) $ 64,288 $ (298,718) $ 17,103 $ (239,840)

33. Blackstone | 29 QTD YTD LTM 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 2Q'24 2Q'25 2Q'24 2Q'25 Total GAAP Weighted-Average Shares of Common Stock Outstanding - Basic 769,187,351 768,230,595 768,689,957 771,796,385 782,386,121 764,492,944 777,120,501 761,256,453 772,754,797 Weighted-Average Shares of Unvested Deferred Restricted Common Stock 47,326 49,771 80,028 638,217 15,116 253,218 326,667 188,840 195,783 Total GAAP Weighted-Average Shares of Common Stock Outstanding - Diluted 769,234,677 768,280,366 768,769,985 772,434,602 782,401,237 764,746,162 777,447,168 761,445,293 772,950,580 (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 to exclude the tax impact of any divestitures. 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 Agreement. 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 Agreement. (p) This adjustment adds back Depreciation and Amortization on a segment basis. Reconciliation of GAAP Shares of Common Stock Outstanding to Distributable Earnings Shares Outstanding Disclosure of Weighted-Average Shares Common Stock Outstanding QTD 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 GAAP Shares of Common Stock Outstanding 722,540,712 730,699,964 731,925,965 737,929,437 739,055,944 Unvested Participating Common Shares 45,683,693 37,195,280 36,796,276 35,109,497 43,511,446 Total Participating Common Shares 768,224,405 767,895,244 768,722,241 773,038,934 782,567,390 Participating Partnership Units 455,642,926 453,685,697 452,448,896 448,468,715 447,574,842 Distributable Earnings Shares Outstanding 1,223,867,331 1,221,580,941 1,221,171,137 1,221,507,649 1,230,142,232 QTD YTD LTM ($ in thousands) 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 2Q'24 2Q'25 2Q'24 2Q'25 Taxes $ 141,656 $ 95,483 $ 211,496 $ 162,535 $ 167,162 $ 297,529 $ 329,697 $ 570,496 $ 636,676 Related Payables 22,072 24,795 37,550 25,195 27,853 43,344 53,048 89,502 115,393 Taxes and Related Payables $ 163,728 $ 120,278 $ 249,046 $ 187,730 $ 195,015 $ 340,873 $ 382,745 $ 659,998 $ 752,069 QTD YTD LTM ($ in thousands) 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 2Q'24 2Q'25 2Q'24 2Q'25 GAAP Interest and Dividend Revenue $ 104,999 $ 109,774 $ 98,547 $ 97,420 $ 100,389 $ 202,838 $ 197,809 $ 480,345 $ 406,130 Segment Adjustment - (179) - - 1 - 1 9,793 (178) Interest and Dividend Revenue $ 104,999 $ 109,595 $ 98,547 $ 97,420 $ 100,390 $ 202,838 $ 197,810 $ 490,138 $ 405,952 GAAP Interest Expense $ 108,616 $ 111,337 $ 115,532 $ 118,115 $ 135,822 $ 216,819 $ 253,937 $ 436,150 $ 480,806 Segment Adjustment (192) (11) 1,495 (165) (10,789) (755) (10,954) (1,904) (9,470) Interest Expense $ 108,424 $ 111,326 $ 117,027 $ 117,950 $ 125,033 $ 216,064 $ 242,983 $ 434,246 $ 471,336 Net Interest and Dividend Income (Loss) $ (3,425) $ (1,731) $ (18,480) $ (20,530) $ (24,643) $ (13,226) $ (45,173) $ 55,892 $ (65,384)

34. Blackstone | 30 BLACKSTONE’S SECOND QUARTER 2025 GAAP CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION See page 31, Reconciliation of GAAP to Non-GAAP Balance Sheet Measures. ($ in thousands) (unaudited) 2Q'24 3Q'24 4Q'24 ` 1Q'25 2Q'25 Assets Cash and Cash Equivalents $ 2,381,436 $ 2,353,332 $ 1,972,140 $ 2,386,979 $ 2,235,499 Cash Held by Blackstone Funds and Other 219,393 180,545 204,052 1,012,958 313,950 Investments 26,426,289 28,322,715 29,800,566 30,259,429 31,135,504 Accounts Receivable 247,538 300,004 237,930 221,200 357,858 Due from Affiliates 4,868,069 5,163,883 5,409,315 5,434,078 5,516,820 Intangible Assets, Net 183,246 174,265 165,243 156,269 147,294 Goodwill 1,890,202 1,890,202 1,890,202 1,890,202 1,890,202 Other Assets 1,083,400 933,990 947,859 929,107 877,000 Right-of-Use Assets 995,524 978,699 838,620 807,487 793,690 Deferred Tax Assets 2,289,932 2,277,807 2,003,948 2,157,920 2,105,277 Total Assets $ 40,585,029 $ 42,575,442 $ 43,469,875 $ 45,255,629 $ 45,373,094 Liabilities and Equity Loans Payable $ 10,688,193 $ 10,752,246 $ 11,320,956 $ 12,454,559 $ 12,008,870 Due to Affiliates 2,364,099 2,620,530 2,808,148 3,361,900 2,802,514 Accrued Compensation and Benefits 5,703,156 6,398,365 6,087,700 6,164,503 6,065,974 Operating Lease Liabilities 1,142,317 1,136,671 965,742 937,369 918,887 Accounts Payable, Accrued Expenses and Other Liabilities 2,012,969 2,202,689 2,792,314 2,472,395 2,497,969 Total Liabilities 21,910,734 23,110,501 23,974,860 25,390,726 24,294,214 Redeemable Non-Controlling Interests in Consolidated Entities 888,868 892,846 801,399 1,382,374 1,487,129 Equity Common Stock, $0.00001 par value (739,055,944 shares issued and outstanding as of June 30, 2025) 7 7 7 7 7 Series I Preferred Stock, $0.00001 par value (1 share issued and outstanding as of June 30, 2025) - - - - - Series II Preferred Stock, $0.00001 par value (1 share issued and outstanding as of June 30, 2025) - - - - - Additional Paid-in-Capital 6,260,619 6,257,788 7,444,561 7,686,980 7,988,663 Retained Earnings 607,564 760,471 808,079 320,160 362,614 Accumulated Other Comprehensive Loss (34,617) (10,609) (40,326) (29,027) 1,055 Non-Controlling Interests in Consolidated Entities 5,682,606 6,015,967 6,154,943 6,400,585 6,847,785 Non-Controlling Interests in Blackstone Holdings 5,269,248 5,548,471 4,326,352 4,103,824 4,391,627 Total Equity 17,785,427 18,572,095 18,693,616 18,482,529 19,591,751 Total Liabilities and Equity $ 40,585,029 $ 42,575,442 $ 43,469,875 $ 45,255,629 $ 45,373,094

35. 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, reverse repurchase agreements and Due from Affiliates. (f) This adjustment adds other liabilities related to Treasury Operations that are recorded within Accounts Payable, Accrued Expenses and Other Liabilities, Repurchase Agreements and securities sold short, not yet purchased. (g) Deconsolidated Other Investments was $6.8 billion as of June 30, 2025, which was comprised of $6.3 billion of liquid investments and $514 million of illiquid investments. The liquid portion of Other Investments relates to public equity securities and other investments held by Blackstone that can be easily converted to cash and may include securities and investments subject to lock-up periods. (h) This adjustment removes amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests and adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation. (i) This adjustment removes amounts related to consolidated Blackstone Funds. RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES ($ in thousands) 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 Investments of Consolidated Blackstone Funds $ 3,621,676 $ 3,873,027 $ 3,890,732 $ 4,589,194 $ 5,101,278 Equity Method Investments Partnership Investments 6,107,429 6,295,704 6,546,728 6,740,598 6,942,526 Accrued Performance Allocations 11,132,801 12,411,485 12,397,366 12,522,848 12,054,879 Corporate Treasury Investments 176,330 147,642 1,147,328 106,684 229,497 Other Investments 5,388,053 5,594,857 5,818,412 6,300,105 6,807,324 Total GAAP Investments 26,426,289 28,322,715 29,800,566 30,259,429 31,135,504 Accrued Performance Allocations - GAAP $ 11,132,801 $ 12,411,485 $ 12,397,366 $ 12,522,848 $ 12,054,879 Impact of Consolidation (a) - - - - - Due from Affiliates - GAAP (b) 235,767 253,490 489,086 249,376 229,359 Less: Net Realized Performance Revenues (c) (146,832) (141,896) (1,050,026) (927,240) (456,507) Less: Accrued Performance Compensation - GAAP (d) (5,007,547) (5,531,520) (5,555,870) (5,446,352) (5,220,188) Net Accrued Performance Revenues $ 6,214,189 $ 6,991,559 $ 6,280,556 $ 6,398,632 $ 6,607,543 Corporate Treasury and Other Investments - GAAP $ 5,564,383 $ 5,742,499 $ 6,965,740 $ 6,406,789 $ 7,036,821 Impact of Consolidation (a) 590,551 580,076 622,411 857,457 965,045 Other Assets (e) 218,728 250,996 159,011 180,761 337,228 Other Liabilities (f) (6,874) (6,584) (4,024) (3,653) (3,190) Corporate Treasury and Other Investments - Deconsolidated (g) $ 6,366,788 $ 6,566,987 $ 7,743,138 $ 7,441,354 $ 8,335,904 Partnership Investments - GAAP $ 6,107,429 $ 6,295,704 $ 6,546,728 $ 6,740,598 $ 6,942,526 Impact of Consolidation (h) (3,401,589) (3,482,920) (3,482,497) (3,559,722) (3,653,037) GP/Fund Investments - Deconsolidated $ 2,705,840 $ 2,812,784 $ 3,064,231 $ 3,180,876 $ 3,289,489 Loans Payable - GAAP $ 10,688,193 $ 10,752,246 $ 11,320,956 $ 12,454,559 $ 12,008,870 Impact of Consolidation (i) (130,321) (107,715) (87,488) (266,568) (128,335) Outstanding Debt - Carrying Value 10,557,872 10,644,531 11,233,468 12,187,991 11,880,535 Unamortized Discount 124,677 122,418 127,281 125,209 123,255 Outstanding Debt (at par) - Deconsolidated $ 10,682,549 $ 10,766,949 $ 11,360,749 $ 12,313,200 $ 12,003,790

36. Blackstone | 32 RECONCILIATION OF GAAP TO TOTAL SEGMENTS QTD YTD LTM ($ in thousands) 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 2Q'24 2Q'25 2Q'24 2Q'25 Management and Advisory Fees, Net GAAP $ 1,787,313 $ 1,794,894 $ 1,879,581 $ 1,904,317 $ 2,035,495 $ 3,514,461 $ 3,939,812 $ 6,818,036 $ 7,614,287 Segment Adjustment (a) (7,375) (8,160) (20,290) (12,319) (15,483) (26,952) (27,802) (22,856) (56,252) Total Segment $ 1,779,938 $ 1,786,734 $ 1,859,291 $ 1,891,998 $ 2,020,012 $ 3,487,509 $ 3,912,010 $ 6,795,180 $ 7,558,035 GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues GAAP Incentive Fees 188,299 191,794 404,744 191,825 195,414 367,640 387,239 766,858 983,777 Investment Income - Realized Performance Allocations 531,641 414,755 1,858,833 562,050 829,820 1,184,158 1,391,870 2,259,021 3,665,458 GAAP $ 719,940 $ 606,549 $ 2,263,577 $ 753,875 $ 1,025,234 $ 1,551,798 $ 1,779,109 $ 3,025,879 $ 4,649,235 Total Segment Less: Realized Performance Revenues (542,889) (342,669) (865,080) (460,023) (553,121) (1,079,282) (1,013,144) (2,110,435) (2,220,893) Segment Adjustment (b) 16 221 779 63 (63) 52 - 669 1,000 Total Segment $ 177,067 $ 264,101 $ 1,399,276 $ 293,915 $ 472,050 $ 472,568 $ 765,965 $ 916,113 $ 2,429,342 GAAP Compensation to Total Segment Fee Related Compensation GAAP Compensation 766,647 732,041 754,738 1,029,362 870,358 1,561,450 1,899,720 2,893,595 3,386,499 Incentive Fees Compensation 77,139 73,464 149,276 57,029 67,363 150,846 124,392 304,405 347,132 Realized Performance Allocations Compensation 260,736 169,740 742,847 241,890 331,191 519,630 573,081 918,499 1,485,668 GAAP $ 1,104,522 $ 975,245 $ 1,646,861 $ 1,328,281 $ 1,268,912 $ 2,231,926 $ 2,597,193 $ 4,116,499 $ 5,219,299 Total Segment Less: Realized Performance Compensation (251,057) (157,570) (289,595) (220,924) (256,624) (504,081) (477,548) (925,704) (924,713) Less: Equity-Based Compensation - Fee Related Compensation (291,540) (259,265) (278,849) (464,053) (306,495) (604,940) (770,548) (1,039,916) (1,308,662) Less: Equity-Based Compensation - Performance Compensation (3,856) (3,533) (4,300) (7,249) (5,523) (8,235) (12,772) (14,844) (20,605) Segment Adjustment (c) (5,156) (22) 3,360 (19,073) 46 (7,680) (19,027) (18,714) (15,689) Total Segment $ 552,913 $ 554,855 $ 1,077,477 $ 616,982 $ 700,316 $ 1,106,990 $ 1,317,298 $ 2,117,321 $ 2,949,630 GAAP General, Administrative and Other to Total Segment Other Operating Expenses GAAP $ 311,928 $ 340,945 $ 339,086 $ 332,373 $ 360,817 $ 681,878 $ 693,190 $ 1,250,755 $ 1,373,221 Segment Adjustment (d) (18,806) (20,122) 6,083 (25,498) (28,574) (99,778) (54,072) (93,336) (68,111) Total Segment $ 293,122 $ 320,823 $ 345,169 $ 306,875 $ 332,243 $ 582,100 $ 639,118 $ 1,157,419 $ 1,305,110 Realized Performance Revenues GAAP Incentive Fees 188,299 191,794 404,744 191,825 195,414 367,640 387,239 766,858 983,777 Investment Income - Realized Performance Allocations 531,641 414,755 1,858,833 562,050 829,820 1,184,158 1,391,870 2,259,021 3,665,458 GAAP $ 719,940 $ 606,549 $ 2,263,577 $ 753,875 $ 1,025,234 $ 1,551,798 $ 1,779,109 $ 3,025,879 $ 4,649,235 Total Segment Less: Fee Related Performance Revenues (177,067) (264,101) (1,399,276) (293,915) (472,050) (472,568) (765,965) (916,113) (2,429,342) Segment Adjustment (b) 16 221 779 63 (63) 52 - 669 1,000 Total Segment $ 542,889 $ 342,669 $ 865,080 $ 460,023 $ 553,121 $ 1,079,282 $ 1,013,144 $ 2,110,435 $ 2,220,893

37. Blackstone | 33 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 Statement of Operations (page 26). Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles, the expense of equity-based awards and Transaction-Related and Non-Recurring Items. (a) Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts attributable to the reimbursement of certain expenses by the Blackstone Funds and certain NAV-based fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures. (b) Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation. (c) Represents the removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures. (d) Represents the (1) removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment Measures, (2) removal of amounts attributable to certain expenses that are reimbursed by the Blackstone Funds and certain NAV-based fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation. (e) Fee related performance compensation may include equity based compensation based on fee related performance revenues. (f) Represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by noncontrolling interests. (g) Represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest expense associated with the Tax Receivable Agreement. QTD YTD LTM ($ in thousands) 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 2Q'24 2Q'25 2Q'24 2Q'25 Realized Performance Compensation GAAP Incentive Fee Compensation $ 77,139 $ 73,464 $ 149,276 $ 57,029 $ 67,363 $ 150,846 $ 124,392 $ 304,405 $ 347,132 Realized Performance Allocations Compensation 260,736 169,740 742,847 241,890 331,191 519,630 573,081 918,499 1,485,668 GAAP $ 337,875 $ 243,204 $ 892,123 $ 298,919 $ 398,554 $ 670,476 $ 697,473 $ 1,222,904 $ 1,832,800 Total Segment Less: Fee Related Performance Compensation (e) (82,962) (82,101) (598,228) (70,746) (136,407) (158,160) (207,153) (282,356) (887,482) Less: Equity-Based Compensation - Performance Compensation (3,856) (3,533) (4,300) (7,249) (5,523) (8,235) (12,772) (14,844) (20,605) Total Segment $ 251,057 $ 157,570 $ 289,595 $ 220,924 $ 256,624 $ 504,081 $ 477,548 $ 925,704 $ 924,713 Realized Principal Investment Income (Loss) GAAP $ 74,045 $ 95,235 $ 84,381 $ 185,542 $ 97,171 $ 152,642 $ 282,713 $ 293,572 $ 462,329 Segment Adjustment (f) (57,473) (54,832) (58,768) (67,632) (67,750) (126,132) (135,382) (192,360) (248,982) Total Segment $ 16,572 $ 40,403 $ 25,613 $ 117,910 $ 29,421 $ 26,510 $ 147,331 $ 101,212 $ 213,347 GAAP Interest and Dividend Revenue net of Interest Expense to Total Segment Net Interest and Dividend Income (Loss) GAAP Interest and Dividend Revenue 104,999 109,774 98,547 97,420 100,389 202,838 197,809 480,345 406,130 Interest Expense (108,616) (111,337) (115,532) (118,115) (135,822) (216,819) (253,937) (436,150) (480,806) GAAP $ (3,617) $ (1,563) $ (16,985) $ (20,695) $ (35,433) $ (13,981) $ (56,128) $ 44,195 $ (74,676) Segment Adjustment (g) 192 (168) (1,495) 165 10,790 755 10,955 11,697 9,292 Total Segment $ (3,425) $ (1,731) $ (18,480) $ (20,530) $ (24,643) $ (13,226) $ (45,173) $ 55,892 $ (65,384)

38. 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. The returns are weighted based on the average of BREIT’s monthly net asset values, BEPIF’s monthly net asset values, and the average of BPP’s net asset value. ▪ Throughout this presentation, Secondaries reflects Strategic Partners and GP Stakes unless otherwise indicated. Results for the Secondaries business refer to the appreciation of the Strategic Partners funds and do not include results for GP Stakes. Strategic Partners results are reported on a three-month lag from fund financial statements, which generally report underlying investments on a same-quarter basis, if available. As a result, the appreciation presented herein does not include the impact of economic and market activity in the current quarter. Current market activity is expected to affect reported results in upcoming quarters. ▪ Throughout this presentation, Infrastructure refers to our infrastructure-focused funds, including Blackstone Infrastructure Partners’ funds (“BIP”) and Blackstone Infrastructure Strategies (“BXINFRA”). AUM, inflows, and related metrics for Infrastructure refer to BIP and the portion of BXINFRA assets that are managed in Infrastructure. Infrastructure appreciation represents a weighted average of BIP’s appreciation and BXINFRA’s per share appreciation for the period. The returns are weighted based on the average of BIP’s quarterly net asset value and the average of BXINFRA’s monthly net asset values. ▪ Private Credit returns include the Flagship commingled funds across the opportunistic lending, global middle market direct lending funds (including BXSL, BCRED, and ECRED strategies), stressed/distressed strategies, and non-investment grade infrastructure and asset-based credit strategies. Separately managed accounts, funds with a limited number of limited partners that are not broadly marketed, inactive investment strategies, unlevered funds within a strategy that has designated levered and unlevered sleeves, and Multi-Asset Credit strategies are excluded. Liquid Credit returns include CLOs, closed-ended funds, open-ended funds and separately managed accounts. Only fee-earning funds exceeding $100 million of fair value at the beginning of each respective quarter-end are included. Funds in liquidation, funds investing primarily in investment grade corporate credit and asset-based finance are excluded. Blackstone Funds that were contributed to Blackstone Credit as part of Blackstone’s acquisition of Blackstone Credit, formerly known as GSO, in March 2 8 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. BXMAmanaged funds in liquidation and, in the case of net returns, non fee-paying assets are also excluded. The funds/accounts that comprise the Absolute Return Composite are not managed within a single fund or account and are managed with different mandates. There is no guarantee that BXMA would have made the same mix of investments in a stand-alone fund/account. The Absolute Return Composite is not an investible product and, as such, the performance of the Absolute Return Composite does not represent the performance of an actual fund or account. Notes to page 17 – Deconsolidated Balance Sheet Highlights ▪ GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing, which were $623 million, $1.5 billion, $1.1 billion, and $119 million, respectively, as of June 30, 2025. Cash and Net Investments per share amounts are calculated using period end DE Shares Outstanding (see page 24, Share Summary).

39. Blackstone | 35 NOTES – (CONT’D) Notes to page 23 – Shareholder Dividends ▪ DE before Certain Payables represents Distributable Earnings before the deduction for the Payable Under Tax Receivable Agreement and tax expense (benefit) of wholly owned subsidiaries. Common shareholders receive tax benefits from deductions taken by Blackstone’s corporate tax paying subsidiaries and bear responsibility for the deduction from Distributable Earnings of the Payable Under Tax Receivable Agreement and certain other tax-related payables. ▪ Per Share calculations are based on end of period Participating Common Shares (page 24, Share Summary); actual dividends are paid to shareholders as of the applicable record date. ▪ Retained capital is withheld pro rata from common shareholders and Blackstone Holdings Partnership unitholders. Common shareholders’ share was $141 million for 2Q’25 and $265 million for 2Q’25 YTD.

40. 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 Net Management and Advisory Fees, Fee Related Performance Revenues, Realized Performance Revenues and Realized Principal Investment Income. ▪ Distributable Earnings, or “DE”, is derived from Blackstone’s segment reported results. DE is used to assess performance and amounts available for dividends to Blackstone shareholders, including Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. DE is the sum of Segment DE plus Net Interest and Dividend Income (Loss) less Taxes and Related Payables. DE excludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes. – Net Interest and Dividend Income (Loss) is presented on a segment basis and is equal to Interest and Dividend Revenue less Interest Expense, adjusted for the impact of consolidation of Blackstone Funds, and interest expense associated with the Tax Receivable Agreement. – Taxes and Related Payables represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and including the Payable under the Tax Receivable Agreement. Further, the current tax provision utilized when calculating Taxes and Related Payables and DE reflects the benefit of deductions available to the company on certain expense items that are excluded from the underlying calculation of Segment DE and Total Segment Distributable Earnings, such as equitybased 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 contingencies and refunds which are reflected when paid or received. The Payable under the Tax Receivable Agreement reflects the expected amount of tax savings generated in the period that holders of the Tax Receivable Agreements are entitled to receive in future periods. Management believes that including the amount payable under the tax receivable agreement and utilizing the current income tax provision adjusted as described above when calculating DE is meaningful as it increases comparability between periods and more accurately reflects earnings that are available for distribution to shareholders. ▪ Fee Related Earnings, or “FRE”, is a performance measure used to assess Blackstone’s ability to generate profits from revenues that are measured and received on a recurring basis and not subject to future realization events. FRE equals management and advisory fees (net of management fee reductions and offsets) plus Fee Related Performance Revenues, less (a) Fee Related Compensation on a segment basis, and (b) Other Operating Expenses. FRE is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.

41. 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 an increase in the aggregate Realized Performance Compensation paid to certain of our professionals above the amounts allocable to them based upon the percentage participation in the relevant performance plans previously awarded to them as a result of a compensation program that commenced in 2Q’21. The expectation is that for the full year 2 25, Fee Related Compensation will be decreased by the total amount of additional Performance Compensation awarded for the year. For 2Q’25 QTD, 2Q’25 YTD, 2Q’24 QTD and 2Q’24 YTD, the increase to Realized Performance Compensation was greater than the decrease to Fee Related Compensation, which negatively impacted Distributable Earnings for both the current year and prior year quarter and YTD periods. These changes typically have an impact on individual quarters but do not impact Income Before Provision (Benefit) for Taxes and Distributable Earnings for the full year. ▪ Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering, and non-recurring gains, losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated with these corporate actions, and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of Blackstone's operational performance.

42. Blackstone | 38 DEFINITIONS AND DIVIDEND POLICY – (CONT’D) Dividend Policy. Blackstone’s intention is to pay to holders of common stock a quarterly dividend representing approximately 85% of Blackstone Inc.’s share of Distributable Earnings, subject to adjustment by amounts determined by Blackstone’s board of directors to be necessary or appropriate to provide for the conduct of its business, to make appropriate investments in its business and funds, to comply with applicable law, any of its debt instruments or other agreements, or to provide for future cash requirements such as tax-related payments, clawback obligations and dividends to shareholders for any ensuing quarter. The dividend amount could also be adjusted upward in any one quarter. All of the foregoing is subject to the qualification that the declaration and payment of any dividends are at the sole discretion of Blackstone’s board of directors and our board of directors may change our dividend policy at any time, including, without limitation, to reduce such quarterly dividends or even to eliminate such dividends entirely.

43. 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 1 -K for the year ended December 31, 2024, as such factors may be updated from time to time in our periodic 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.

Blackstone's Second Quarter 2025 Earnings

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Blackstone's Second Quarter 2025 Earnings

Blackstone's Second Quarter 2025 Earnings

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AI Summary

Blackstone's Second Quarter 2025 Earnings

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