falseQ30001393818--12-31Amounts presented are inclusive of both legally enforceable master netting agreements, and financial instruments received or pledged as collateral. Financial instruments received or pledged as collateral offset derivative counterparty risk exposure, but do not reduce net balance sheet exposure.The Secured Borrowings Due 10/27/2033 and 1/29/2035 were repaid during the nine months ended September 30, 2025.Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.CLO Notes Payable have maturity dates ranging from June 2025 to January 2037. For periods prior to September 30, 2025, a portion of the outstanding borrowings consisted of subordinated notes, which did not have contractual interest rates but instead received distributions from the excess cash flows generated by the CLO vehicles. As of September 30, 2025, the CLO Notes Payable were fully deconsolidated, and there are no outstanding borrowings for the current period.Blackstone Fund Facilities represent borrowing facilities for the various consolidated Blackstone Funds that are used to meet liquidity and investing needs. Such borrowings have varying maturities and may be rolled over until a disposition or refinancing event. Borrowings bear interest at spreads to market rates or at stated fixed rates that can vary over the borrowing term. Interest may be subject to the performance of the assets within the fund and therefore, the stated interest rate and effective interest rate may differ.Represents the Revolving Credit Facility of Blackstone, through Blackstone Holdings Finance Co. L.L.C. Interest on the borrowings is based on an adjusted Secured Overnight Finance Rate (“SOFR”) or alternate base rate, in each case plus a margin, and undrawn commitments bear a commitment fee of 0.06%. The margin above adjusted SOFR used to calculate interest on borrowings was 0.75%. The margin is subject to change based on Blackstone’s credit rating. Borrowings may also be made in U.K. sterling, euros, Swiss francs, Japanese yen or Canadian dollars, in each case subject to certain sub-limits. The Revolving Credit Facility contains customary representations, covenants and events of default. Financial covenants consist of a maximum net leverage ratio and a requirement to keep a minimum amount of fee-earning assets under management, each tested quarterly. The $550.0 million of outstanding borrowings under the Revolving Credit Facility was repaid on November 5, 2025. As of September 30, 2025 and December 31, 2024, Blackstone had outstanding but undrawn letters of credit against the Revolving Credit Facility of $39.3 million and $38.9 million, respectively. The amount Blackstone can draw from the Credit Facility is reduced by the undrawn letters of credit.During the period presented, Blackstone also had one share outstanding of each of Series I and Series II preferred stock, with par value of each less than one cent.The Secured Borrowings Due 10/27/2033 and 1/29/2035 were repaid during the nine months ended September 30, 2025.Fee related performance compensation may include equity-based compensation based on fee related performance revenues.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, 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, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.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. 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.Represents the removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures.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.Represents the add back of Performance Revenues earned from consolidated Blackstone funds which have been eliminated in consolidation.Total Segment Revenues is comprised of the following:This adjustment removes Unrealized Performance Revenues on a segment basis.This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis.This adjustment removes Interest and Dividend Revenue on a segment basis.This adjustment removes Other Revenue on a segment basis. For the three months ended September 30, 2025 and 2024, Other Revenue on a GAAP basis was $28.7 million and $(96.3) million, and included $28.7 million and $(96.7) million of foreign exchange gains (losses), respectively. For the nine months ended September 30, 2025 and 2024, Other Revenue on a GAAP basis was $(270.0) million and $(31.9) million, and included $(270.6) million and $(31.9) million of foreign exchange gains (losses), respectively.Total Segment Expenses is comprised of the following:This adjustment removes Unrealized Performance Allocations Compensation.This adjustment removes Equity-Based Compensation on a segment basis.This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the tax receivable agreement.This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation.This adjustment removes Other Revenue on a segment basis. For the three months ended September 30, 2025 and 2024, Other Revenue on a GAAP basis was $28.7 million and $(96.3) million, and included $28.7 million and $(96.7) million of foreign exchange gains (losses), respectively. For the nine months ended September 30, 2025 and 2024, Other Revenue on a GAAP basis was $(270.0) million and $(31.9) million, and included $(270.6) million and $(32.6) million of foreign exchange gains (losses), respectively.A summary of the investments where the fair value is not readily determinable and NAV is used as a practical expedient as of September 30, 2025 is presented by strategy type below:Equity Securities, Partnership and LLC Interest includes investments in investment funds.As of September 30, 2025 and December 31, 2024, Other Investments includes Level III Freestanding Derivatives. Unobservable inputs were weighted based on the fair value of the investments included in the range.Represents freestanding derivatives, corporate treasury investments and Other Investments. Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities. For Freestanding Derivatives included within Other Investments, Settlements includes all ongoing contractual cash payments made or received over the life of the instrument. 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.As of September 30, 2025 and December 31, 2024, Other Liabilities includes Level III Contingent Consideration and Level III Corporate Treasury Commitments. The volatility of the historical performance of the underlying reference entities or an appropriate proxy is used to project the expected returns relevant for the fair value of the derivatives. 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. 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM

10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO

Commission File Number:

001-33551

Blackstone Inc.

(Exact name of registrant as specified in its charter)


Delaware		20-8875684
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

345 Park Avenue

New York, New York 10154

(Address of principal executive offices)(Zip Code)

(212)

583-5000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	BX	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes

☒

☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation

S-T

(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such
files). Yes

☒

☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a

non-accelerated

filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in

Rule 12b-2

of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule

12b-2

of the Exchange Act). Yes

☐

☒

As of October 31, 2025, there were 738,450,871 shares of common stock of the registrant outstanding.

Table of Contents


		Page
Part I.	Financial Information

Item 1.	Financial Statements		5

	Unaudited Condensed Consolidated Financial Statements:

	Condensed Consolidated Statements of Financial Condition as of September 30, 2025 and December 31, 2024		5

	Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024		7

	Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2025 and 2024		8

	Condensed Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2025 and 2024		9

	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024		13

	Notes to Condensed Consolidated Financial Statements		15

Item 1A.	Unaudited Supplemental Presentation of Statements of Financial Condition		68

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		71

Item 3.	Quantitative and Qualitative Disclosures About Market Risk		143

Item 4.	Controls and Procedures		143

Part II.	Other Information

Item 1.	Legal Proceedings		144

Item 1A.	Risk Factors		144

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		144

Item 3.	Defaults Upon Senior Securities		145

Item 4.	Mine Safety Disclosures		145

Item 5.	Other Information		145

Item 6.	Exhibits		145

Signatures			147

Forward-Looking Statements

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

Website and Social Media Disclosure

We may use our website (www.blackstone.com), Facebook page (www.facebook.com/blackstone), X (Twitter) (www.x.com/blackstone), LinkedIn (www.linkedin.com/company/blackstonegroup), Instagram (www.instagram.com/blackstone), SoundCloud (www.soundcloud.com/blackstone-300250613), Pandora (https://www.pandora.com/artist/blackstone/ARvlPz9Plblrlmg), PodBean (www.blackstone.podbean.com), Spotify (https://spoti.fi/2LJ1tHG and https://open.spotify.com/artist/52Eom8vQxM8Lk75ZZlf2hJ), YouTube (www.youtube.com/user/blackstonegroup) and Apple Podcast (https://apple.co/31Pe1Gg) accounts as channels of distribution of company information. The information we post through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, you may automatically receive email alerts and other information about Blackstone when you enroll your email address by visiting the “Contact Us/E-mail Alerts” section of our website at http://ir.blackstone.com. The contents of our website, any alerts and social media channels are not, however, a part of this report.

In this report, references to “Blackstone,” the “Company,” “we,” “us” or “our” refer to Blackstone Inc. and its consolidated subsidiaries.

“Series I Preferred Stockholder” refers to Blackstone Partners L.L.C., the holder of the sole outstanding share of our Series I preferred stock.

“Series II Preferred Stockholder” refers to Blackstone Group Management L.L.C., the holder of the sole outstanding share of our Series II preferred stock.

“Blackstone Holdings,” “Blackstone Holdings Partnerships” or “Holdings Partnerships” refer to Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P., collectively.

“Blackstone Funds,” “our funds” and “our investment funds” refer to the funds and other vehicles that are managed by Blackstone. “Our carry funds” refers to funds managed by Blackstone that have commitment-based multi-year drawdown structures that pay carry on the realization of an investment.

“Our hedge funds” refers to our funds of hedge funds, hedge funds, certain of our real estate debt investment funds and certain other credit-focused funds which are managed by Blackstone.

We refer to our separately managed accounts as “SMAs.”

“Total Assets Under Management” refers to the invested and available capital in Blackstone-managed or advised vehicles (including, without limitation, investment funds and SMAs). The Total Assets Under Management attributable to an individual vehicle is dependent on the structure and investment strategy of such vehicle and accordingly, will vary from vehicle to vehicle. Total Assets Under Management generally equals the sum of the following across Blackstone-managed or advised vehicles, as applicable:

(a)

a vehicle’s invested capital at fair value which, as applicable, is measured as (1) total investments measured at fair value, or gross asset values, each of which may include the fair value of investments purchased with leverage under certain credit facilities, (2) net asset value, or (3) amount of debt and equity outstanding or aggregate par amount of assets, including principal cash for collateralized loan obligation vehicles (“CLOs”), and

(b)

a vehicle’s available capital, if any, which represents (1) uncalled commitments made by investors and (2) available borrowing capacity under certain credit facilities.

Uncalled commitments represent the capital we are entitled to call from investors pursuant to the terms of their respective capital commitments, including capital commitments to funds that have yet to commence their investment periods. Drawdown funds, perpetual capital vehicles, co-investment vehicles, and SMAs can each be structured with a commitment from an investor that is called over time as opposed to fully funded upon subscription.

Assets may be raised in one vehicle or business unit and subsequently invested in or managed or advised by another vehicle or business unit. Total Assets Under Management are reported in the segment where the assets are managed.

Our measurement of Total Assets Under Management includes commitments to, and the fair value of, invested capital in our funds from Blackstone and our personnel. Our calculation of Total Assets Under Management may differ from the calculations of other asset managers, and as a result this measure may not be comparable to similar measures presented by other asset managers. Our definition of Total Assets Under Management differs from the manner in which affiliated investment advisors report regulatory assets under management and may differ from the definition set forth in the agreements governing the vehicles we manage or advise.

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

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

While Fee-Earning Assets Under Management generally reflects Total Assets Under Management on which we are entitled to earn management fees, Fee-Earning Assets Under Management may also include Total Assets Under Management on which we are entitled to earn only performance revenues. Our calculation of Fee-Earning Assets Under Management may differ from the calculations of other asset managers, and as a result this measure may not be comparable to similar measures presented by other asset managers. Our definition of Fee-Earning Assets Under Management may differ from the definition set forth in the agreements governing the vehicles that we manage or advise.

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

Commitment-based drawdown structured funds generally do not permit investors to redeem their interests at their election. Certain of our open-ended vehicles generally afford an investor the right to withdraw or redeem their interests on a periodic basis (for example, annually, quarterly or monthly), typically with 2 to 95 days’ notice, depending on the fund and the liquidity profile of the underlying assets. In our perpetual capital vehicles where redemption rights exist, redemption requests are required to be fulfilled only (a) in Blackstone’s or the vehicles’ board’s discretion, as applicable, (b) to the extent there is sufficient new capital, or (c) where such required redemptions are limited in quantum, such as interval funds or in certain insurance-dedicated vehicles. Investment advisory agreements related to certain SMAs in our Credit & Insurance and Multi-Asset Investing segments, excluding SMAs in our insurance platform, may generally be terminated by an investor on 15 to 95 days’ notice. SMAs in our insurance platform can generally only be terminated for long-term underperformance, cause and certain other limited circumstances, in each case subject to Blackstone’s right to cure.

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

Part I. Financial Information

Item 1. Financial Statements

Blackstone Inc.

Condensed Consolidated Statements of Financial Condition (Unaudited)

(Dollars in Thousands, Except Share Data)

	$			$
	September 30, 2025			December 31, 2024
Assets
Cash and Cash Equivalents	$	2,430,690		$	1,972,140
Cash Held by Blackstone Funds and Other		401,558			204,052
Investments		31,528,443			29,800,566
Accounts Receivable		543,209			237,930
Due from Affiliates		5,845,843			5,409,315
Intangible Assets, Net		140,458			165,243
Goodwill		1,890,202			1,890,202
Other Assets		900,582			947,859
Right-of-Use Assets		773,030			838,620
Deferred Tax Assets		2,100,275			2,003,948

Total Assets	$	46,554,290		$	43,469,875

Liabilities and Equity
Loans Payable	$	12,002,650		$	11,320,956
Due to Affiliates		3,000,083			2,808,148
Accrued Compensation and Benefits		6,385,958			6,087,700
Operating Lease Liabilities		886,135			965,742
Accounts Payable, Accrued Expenses and Other Liabilities		2,918,023			2,792,314

Total Liabilities		25,192,849			23,974,860

Commitments and Contingencies
Redeemable Non-Controlling Interests in Consolidated Entities		1,476,212			801,399

Equity
Stockholders’ Equity of Blackstone Inc.
Common Stock, $0.00001 par value, 90 billion shares authorized, (747,812,724 shares issued and outstanding as of September 30, 2025; 731,925,965 shares issued and outstanding as of December 31, 2024)		7			7
Series I Preferred Stock, $ 0.00001 par value, 999,999,000 shares authorized, 1 share issued and outstanding as of September 30, 2025 and December 31, 2024)		—			—
Series II Preferred Stock, $ 0.00001 par value, 1,000 shares authorized, 1 share issued and outstanding as of September 30, 2025 and December 31, 2024)		—			—
Additional Paid-in-Capital		8,214,078			7,444,561
Retained Earnings		184,040			808,079
Accumulated Other Comprehensive Loss		(5,602	)		(40,326	)

Total Stockholders’ Equity of Blackstone Inc.		8,392,523			8,212,321
Non-Controlling Interests in Consolidated Entities		7,162,957			6,154,943
Non-Controlling Interests in Blackstone Holdings		4,329,749			4,326,352

Total Equity		19,885,229			18,693,616

Total Liabilities and Equity	$	46,554,290		$	43,469,875

continued...

See notes to condensed consolidated financial statements.

Table of Contents

Blackstone Inc.

Condensed Consolidated Statements of Financial Condition (Unaudited)

(Dollars in Thousands)

The following presents the asset and liability portion of the consolidated balances presented in the Condensed Consolidated Statements of Financial Condition attributable to consolidated Blackstone funds which are variable interest entities. The following assets may only be used to settle obligations of these consolidated Blackstone funds and these liabilities are only the obligations of these consolidated Blackstone funds and they do not have recourse to the general credit of Blackstone.

	$		$
	September 30, 2025		December 31, 2024
Assets
Cash Held by Blackstone Funds and Other	$	401,558	$	204,052
Investments		5,507,078		3,890,732
Accounts Receivable		6,042		45,993
Due from Affiliates		345,279		19,956
Other Assets		7,281		9,807

Total Assets	$	6,267,238	$	4,170,540

Liabilities
Loans Payable	$	328,044	$	87,488
Due to Affiliates		169,834		229,478
Accounts Payable, Accrued Expenses and Other Liabilities		63,682		68,763

Total Liabilities	$	561,560	$	385,729

See notes to condensed consolidated financial statements.

Table of Contents

Blackstone Inc.

Condensed Consolidated Statements of Operations (Unaudited)

(Dollars in Thousands, Except Share and Per Share Data)

	$			$			$			$
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
Revenues
Management and Advisory Fees, Net	$	2,056,248		$	1,794,894		$	5,996,060		$	5,309,355

Incentive Fees		200,675			191,794			587,914			559,434

Investment Income (Loss)
Performance Allocations
Realized		997,296			414,755			2,389,166			1,598,913
Unrealized		(215,818	)		1,154,918			360,666			1,723,090
Principal Investments
Realized		152,652			95,235			435,365			247,877
Unrealized		(238,658	)		(1,864	)		285,446			427,983

Total Investment Income		695,472			1,663,044			3,470,643			3,997,863

Interest and Dividend Revenue		107,538			109,774			305,347			312,612
Other		28,702			(96,312	)		(269,971	)		(31,861	)

Total Revenues		3,088,635			3,663,194			10,089,993			10,147,403

Expenses
Compensation and Benefits
Compensation		845,659			732,041			2,745,379			2,293,491
Incentive Fee Compensation		61,882			73,464			186,274			224,310
Performance Allocations Compensation
Realized		354,765			169,740			927,846			689,370
Unrealized		(31,547	)		465,099			224,630			747,679

Total Compensation and Benefits		1,230,759			1,440,344			4,084,129			3,954,850
General, Administrative and Other		383,580			340,945			1,076,770			1,022,823
Interest Expense		126,288			111,337			380,225			328,156
Fund Expenses		10,060			3,470			36,598			13,380

Total Expenses		1,750,687			1,896,096			5,577,722			5,319,209

Other Income
Net Gains from Fund Investment Activities		108,634			42,842			302,539			70,009

Total Other Income		108,634			42,842			302,539			70,009

Income Before Provision for Taxes		1,446,582			1,809,940			4,814,810			4,898,203
Provision for Taxes		209,657			245,303			742,978			789,220

Net Income		1,236,925			1,564,637			4,071,832			4,108,983
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		29,008			(22,184	)		55,117			(61,595	)
Net Income Attributable to Non-Controlling Interests in Consolidated Entities		125,890			202,929			467,273			406,339
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings		457,110			603,057			1,545,429			1,691,604

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

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

Diluted	$	0.80		$	1.02		$	2.57		$	2.71

Weighted-Average Shares of Common Stock Outstanding
Basic		782,633,394			768,230,595			778,978,328			765,747,924

Diluted		782,681,135			768,280,366			779,212,020			765,933,326

See notes to condensed consolidated financial statements.

Table of Contents

Blackstone Inc.

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

(Dollars in Thousands)

	$			$		$		$
	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2025			2024		2025		2024
Net Income	$	1,236,925		$	1,564,637	$	4,071,832	$	4,108,983
Other Comprehensive Income (Loss) – Currency Translation Adjustment		(42,000	)		75,461		199,527		30,493

Comprehensive Income		1,194,925			1,640,098		4,271,359		4,139,476

Less:
Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		(943	)		14,035		190,695		(45,207	)
Comprehensive Income Attributable to Non-Controlling Interests in Consolidated Entities		125,890			202,929		467,273		406,339
Comprehensive Income Attributable to Non-Controlling Interests in Blackstone Holdings		451,718			618,291		1,574,654		1,697,185

Comprehensive Income Attributable to Non-Controlling Interests		576,665			835,255		2,232,622		2,058,317

Comprehensive Income Attributable to Blackstone Inc.	$	618,260		$	804,843	$	2,038,737	$	2,081,159

See notes to condensed consolidated financial statements.

Table of Contents

Blackstone Inc.

Condensed Consolidated Statements of Changes in Equity (Unaudited)

(Dollars in Thousands, Except Share Data)

	$			$		$			$			$			$			$			$			$			$
	Shares of Blackstone Inc. (a)			Blackstone Inc. (a)
	Common Stock			Common Stock		Additional Paid-in- Capital			Retained Earnings (Deficit)			Accumulated Other Compre- hensive Income (Loss)			Total Stockholders’ Equity			Non- Controlling Interests in Consolidated Entities			Non- Controlling Interests in Blackstone Holdings			Total Equity			Redeemable Non- Controlling Interests in Consolidated Entities
Balance at June 30, 2025		739,055,944			7	$	7,988,663		$	362,614		$	1,055		$	8,352,339		$	6,847,785		$	4,391,627		$	19,591,751		$	1,487,129
Net Income		—			—		—			624,917			—			624,917			125,890			457,110			1,207,917			29,008
Currency Translation Adjustment		—			—		—			—			(6,657)			(6,657	)		—			(5,392	)		(12,049	)		(29,951	)
Capital Contributions		—			—		—			—			—			—			455,919			4,098			460,017			41,009
Capital Distributions		—			—		—			(803,491	)		—			(803,491	)		(266,385	)		(542,431	)		(1,612,307	)		(50,983	)
Transfer and Repurchase of Non-Controlling Interests in Consolidated Entities		—			—		(10	)		—			—			(10	)		(252	)		—			(262	)		—
Deferred Tax Effects on Equity Transactions		—			—		70,256			—			—			70,256			—			—			70,256			—
Equity-Based Compensation		—			—		190,396			—			—			190,396			—			115,560			305,956			—
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock		7,842,326			—		(91,193	)		—			—			(91,193	)		—			—			(91,193	)		—
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units		(200,000	)		—		(34,857	)		—			—			(34,857	)		—			—			(34,857	)		—
Change in Blackstone Inc.’s Ownership Interest		—			—		78,701			—			—			78,701			—			(78,701	)		—			—
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock		1,114,454			—		12,122			—			—			12,122			—			(12,122	)		—			—

Balance at September 30, 2025		747,812,724			7	$	8,214,078		$	184,040		$	(5,602	)	$	8,392,523		$	7,162,957		$	4,329,749		$	19,885,229		$	1,476,212

(a)	During the period presented, Blackstone also had one share outstanding of each of Series I and Series II preferred stock, with par value of each less than one cent.

continued...

See notes to condensed consolidated financial statements.

Table of Contents

Blackstone Inc.

Condensed Consolidated Statements of Changes in Equity (Unaudited)

(Dollars in Thousands, Except Share Data)

	$			$		$			$			$			$			$			$			$			$
	Shares of Blackstone Inc. (a)			Blackstone Inc. (a)
	Common Stock			Common Stock		Additional Paid-in- Capital			Retained Earnings (Deficit)			Accumulated Other Compre- hensive Income (Loss)			Total Stockholders’ Equity			Non- Controlling Interests in Consolidated Entities			Non- Controlling Interests in Blackstone Holdings			Total Equity			Redeemable Non- Controlling Interests in Consolidated Entities
Balance at June 30, 2024		722,540,712		$	7	$	6,260,619		$	607,564		$	(34,617 )		$	6,833,573		$	5,682,606		$	5,269,248		$	17,785,427		$	888,868
Transfer In Due to Consolidation of Fund Entities		—			—		—			—			—			—			87,643			—			87,643			—
Net Income (Loss)		—			—		—			780,835			—			780,835			202,929			603,057			1,586,821			(22,184	)
Currency Translation Adjustment		—			—		—			—			24,008			24,008			—			15,234			39,242			36,219
Capital Contributions		—			—		—			—			—			—			186,158			3,218			189,376			43,083
Capital Distributions		—			—		—			(627,928	)		—			(627,928	)		(141,949	)		(446,490	)		(1,216,367	)		(53,140	)
Transfer and Repurchase of Non-Controlling Interests in Consolidated Entities		—			—		—			—			—			—			(1,420	)		—			(1,420	)		—
Deferred Tax Effects on Equity Transactions		—			—		52,997			—			—			52,997			—			—			52,997			—
Equity-Based Compensation		—			—		162,407			—			—			162,407			—			102,347			264,754			—
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock		7,259,786			—		(75,561	)		—			—			(75,561	)		—			—			(75,561	)		—
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units		(1,000,000	)		—		(140,817	)		—			—			(140,817	)		—			—			(140,817	)		—
Change in Blackstone Inc.’s Ownership Interest		—			—		(23,823	)		—			—			(23,823	)		—			23,823			—			—
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock		1,899,466			—		21,966			—			—			21,966			—			(21,966	)		—			—

Balance at September 30, 2024		730,699,964		$	7	$	6,257,788		$	760,471		$	(10,609	)	$	7,007,657		$	6,015,967		$	5,548,471		$	18,572,095		$	892,846

(a)	During the period presented, Blackstone also had one share outstanding of each of Series I and Series II preferred stock, with par value of each less than one cent.

continued...

See notes to condensed consolidated financial statements.

Table of Contents

Blackstone Inc.

Condensed Consolidated Statements of Changes in Equity (Unaudited)

(Dollars in Thousands, Except Share Data)

	$			$		$			$			$			$			$			$			$			$
	Shares of Blackstone Inc. (a)			Blackstone Inc. (a)
	Common Stock			Common Stock		Additional Paid-in- Capital			Retained Earnings (Deficit)			Accumulated Other Compre- hensive Income (Loss)			Total Stockholders’ Equity			Non- Controlling Interests in Consolidated Entities			Non- Controlling Interests in Blackstone Holdings			Total Equity			Redeemable Non- Controlling Interests in Consolidated Entities
Balance at December 31, 2024		731,925,965		$	7	$	7,444,561		$	808,079		$	(40,326 )		$	8,212,321		$	6,154,943		$	4,326,352		$	18,693,616		$	801,399
Transfer Out Due to Deconsolidation of Fund Entities		—			—		—			—			—			—			(389,344	)		—			(389,344	)		(127,295	)
Net Income		—			—		—			2,004,013			—			2,004,013			467,273			1,545,429			4,016,715			55,117
Currency Translation Adjustment		—			—		—			—			34,724			34,724			—			29,225			63,949			135,578
Capital Contributions		—			—		—			—			—			—			1,577,341			12,397			1,589,738			763,254
Capital Distributions		—			—		—			(2,628,052	)		—			(2,628,052	)		(647,262	)		(1,800,177	)		(5,075,491	)		(153,209	)
Transfer and Repurchase of Non-Controlling Interests in Consolidated Entities		—			—		1,148			—			—			1,148			6			—			1,154			1,368
Deferred Tax Effects on Equity Transactions		—			—		139,543			—			—			139,543			—			—			139,543			—
Equity-Based Compensation		—			—		686,995			—			—			686,995			—			419,767			1,106,762			—
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock		10,635,197			—		(167,725	)		—			—			(167,725	)		—			—			(167,725	)		—
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units		(600,000	)		—		(93,688	)		—			—			(93,688	)		—			—			(93,688	)		—
Change in Blackstone Inc.’s Ownership Interest		—			—		140,877			—			—			140,877			—			(140,877	)		—			—
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock		5,851,562			—		62,367			—			—			62,367			—			(62,367	)		—			—

Balance at September 30, 2025		747,812,724		$	7	$	8,214,078		$	184,040		$	(5,602	)	$	8,392,523		$	7,162,957		$	4,329,749		$	19,885,229		$	1,476,212

(a)	During the period presented, Blackstone also had one share outstanding of each of Series I and Series II preferred stock, with par value of each less than one cent.

continued...

See notes to condensed consolidated financial statements.

Table of Contents

Blackstone Inc.

Condensed Consolidated Statements of Changes in Equity (Unaudited)

(Dollars in Thousands, Except Share Data)

	$			$		$			$			$			$			$			$			$			$
	Shares of Blackstone Inc. (a)			Blackstone Inc. (a)
	Common Stock			Common Stock		Additional Paid-in- Capital			Retained Earnings (Deficit)			Accumulated Other Compre- hensive Income (Loss)			Total Stockholders’ Equity			Non- Controlling Interests in Consolidated Entities			Non- Controlling Interests in Blackstone Holdings			Total Equity			Redeemable Non- Controlling Interests in Consolidated Entities
Balance at December 31, 2023		719,358,114		$	7	$	6,175,190		$	660,734		$	(19,133 )		$	6,816,798		$	5,177,255		$	4,902,088		$	16,896,141		$	1,179,073
Transfer In Due to Consolidation of Fund Entities		—			—		—			—			—			—			87,643			—			87,643			1,065
Net Income (Loss)		—			—		—			2,072,635			—			2,072,635			406,339			1,691,604			4,170,578			(61,595	)
Currency Translation Adjustment		—			—		—			—			8,524			8,524			—			5,581			14,105			16,388
Capital Contributions		—			—		—			—			—			—			700,343			8,160			708,503			55,316
Capital Distributions		—			—		—			(1,972,898	)		—			(1,972,898	)		(416,359	)		(1,371,073	)		(3,760,330	)		(228,310	)
Transfer and Repurchase of Non-Controlling Interests in Consolidated Entities		—			—		(134	)		—			—			(134	)		60,746			—			60,612			(69,091	)
Deferred Tax Effects on Equity Transactions		—			—		121,541			—			—			121,541			—			—			121,541			—
Equity-Based Compensation		—			—		535,526			—			—			535,526			—			339,016			874,542			—
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock		10,309,560			—		(127,730	)		—			—			(127,730	)		—			—			(127,730	)		—
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units		(3,700,000	)		—		(473,510	)		—			—			(473,510	)		—			—			(473,510	)		—
Change in Blackstone Inc.’s Ownership Interest		—			—		(26,617	)		—			—			(26,617	)		—			26,617			—			—
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock		4,732,290			—		53,522			—			—			53,522			—			(53,522	)		—			—

Balance at September 30, 2024		730,699,964		$	7	$	6,257,788		$	760,471		$	(10,609	)	$	7,007,657		$	6,015,967		$	5,548,471		$	18,572,095		$	892,846

(a)	During the period presented, Blackstone also had one share outstanding of each of Series I and Series II preferred stock, with par value of each less than one cent.

See notes to condensed consolidated financial statements.

Table of Contents

Blackstone Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(Dollars in Thousands)

	$			$
	Nine Months Ended September 30,
	2025			2024
Operating Activities
Net Income	$	4,071,832		$	4,108,983
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities
Net Realized Gains on Investments		(3,064,558	)		(2,016,277	)
Changes in Unrealized Gains on Investments		(462,922	)		(512,196	)
Non-Cash Performance Allocations		(360,666	)		(1,723,090	)
Non-Cash Performance Allocations and Incentive Fee Compensation		1,338,096			1,656,373
Equity-Based Compensation Expense		1,086,762			885,862
Amortization of Intangibles		26,924			26,944
Other Non-Cash Amounts Included in Net Income		31,896			(141,766	)
Cash Flows Due to Changes in Operating Assets and Liabilities
Cash Acquired with Consolidation of Fund Entities		—			22,101
Cash Relinquished with Deconsolidation of Fund Entities		(65,803	)		(113,224	)
Accounts Receivable		(377,686	)		(133,900	)
Due from Affiliates		(11,514	)		(445,388	)
Other Assets		81,113			(41,946	)
Accrued Compensation and Benefits		(814,597	)		(557,187	)
Accounts Payable, Accrued Expenses and Other Liabilities		459,408			237,730
Due to Affiliates		(140,348	)		2,713
Investments Purchased		(2,999,047	)		(1,313,128	)
Cash Proceeds from Sale of Investments		4,796,476			3,377,653

Net Cash Provided by Operating Activities		3,595,366			3,320,257

Investing Activities
Purchase of Furniture, Equipment and Leasehold Improvements		(93,353	)		(49,523	)

Net Cash Used in Investing Activities		(93,353	)		(49,523	)

Financing Activities
Distributions to Non-Controlling Interest Holders in Consolidated Entities		(800,029	)		(650,455	)
Contributions from Non-Controlling Interest Holders in Consolidated Entities		2,341,654			747,180
Payments Under Tax Receivable Agreement		(43,954	)		(87,508	)
Net Settlement of Vested Common Stock and Repurchase of Common Stock		(261,413	)		(601,240	)
Proceeds from Loans Payable		1,226,729			—

continued...

See notes to condensed consolidated financial statements.

Table of Contents

Blackstone Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(Dollars in Thousands)

	$			$
	Nine Months Ended September 30,
	2025			2024
Financing Activities (Continued)
Repayment and Repurchase of Loans Payable	$	(906,362	)	$	(83,787	)
Dividends/Distributions to Stockholders and Unitholders		(4,415,832	)		(3,335,811	)

Net Cash Used in Financing Activities		(2,859,207	)		(4,011,621	)

Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other		13,250			2,701

Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other
Net Increase (Decrease)		656,056			(738,186	)
Beginning of Period		2,176,192			3,272,063

End of Period	$	2,832,248		$	2,533,877

Supplemental Disclosure of Cash Flows Information
Payments for Interest	$	349,862		$	269,804

Payments for Income Taxes	$	352,704		$	492,142

Supplemental Disclosure of Non-Cash Investing and Financing Activities
Non-Cash Contributions from Non-Controlling Interest Holders	$	12,397		$	8,160

Non-Cash Distributions to Non-Controlling Interest Holders	$	(12,724	)	$	(2,374	)

Transfer of Interests to Non-Controlling Interest Holders	$	1,374		$	(8,345	)

Net Settlement of Vested Common Stock	$	1,261,394		$	925,711

Deferred Tax Asset Increase from Equity Transactions	$	377,365		$	274,453

Due to Affiliates Increase Related to the Impact of Conversions on Tax Receivable Agreements	$	249,474		$	152,912

The following table provides a reconciliation of Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other reported within the Condensed Consolidated Statements of Financial Condition:

	$		$
	September 30, 2025		December 31, 2024
Cash and Cash Equivalents	$	2,430,690	$	1,972,140
Cash Held by Blackstone Funds and Other		401,558		204,052

	$	2,832,248	$	2,176,192

See notes to condensed consolidated financial statements.

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Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

1.	Organization

Blackstone Inc., together with its consolidated subsidiaries (“Blackstone” or the “Company”), is the world’s largest alternative asset manager. Blackstone’s asset management business includes global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. “Blackstone Funds” refers to the funds and other vehicles that are managed by Blackstone. Blackstone’s business is organized into four segments: Real Estate, Private Equity, Credit & Insurance and Multi-Asset Investing.

Blackstone Inc. was initially formed as The Blackstone Group L.P., a Delaware limited partnership, on March 12, 2007. Prior to its conversion on July 1, 2019 to a Delaware corporation, Blackstone Inc. was managed and operated by Blackstone Group Management L.L.C., which is wholly owned by Blackstone’s senior managing directors and controlled by one of Blackstone’s founders, Stephen A. Schwarzman (the “Founder”).

The activities of Blackstone are conducted through its holding partnerships: Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. (collectively, “Blackstone Holdings,” “Blackstone Holdings Partnerships” or the “Holding Partnerships”). Blackstone, through its wholly owned subsidiaries, is the sole general partner of each of the Holding Partnerships. Generally, holders of the limited partner interests in the Holding Partnerships may, four times each year, exchange their limited partnership interests (“Partnership Units”) for Blackstone common stock, on a

one-to-one

basis, exchanging one Partnership Unit from each of the Holding Partnerships for one share of Blackstone common stock.

2.	Summary of Significant Accounting Policies

Basis of Presentation

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

Form 10-Q.

The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in Blackstone’s Annual Report on

Form 10-K

for the year ended December 31, 2024 filed with the United States Securities and Exchange Commission.

The condensed consolidated financial statements include the accounts of Blackstone, its wholly owned or majority-owned subsidiaries, the consolidated entities which are considered to be variable interest entities and for which Blackstone is considered the primary beneficiary, and certain partnerships or similar entities which are not considered variable interest entities but in which the general partner is determined to have control.

All intercompany balances and transactions have been eliminated in consolidation.

Consolidation

Blackstone consolidates all entities that it controls through a majority voting interest or otherwise, including those Blackstone Funds in which the general partner has a controlling financial interest. Blackstone has a controlling financial interest in Blackstone Holdings because the limited partners do not have the right to dissolve the partnerships or have substantive

kick-out

rights or participating rights that would overcome the control held by Blackstone. Accordingly, Blackstone consolidates Blackstone Holdings and records

non-controlling

interests to reflect the economic interests of the limited partners of Blackstone Holdings.

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Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

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

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

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

Blackstone’s other disclosures regarding VIEs are discussed in Note 8. “Variable Interest Entities.”

Revenue Recognition

Revenues primarily consist of management and advisory fees, incentive fees, investment income, interest and dividend revenue and other.

Management and advisory fees and incentive fees are accounted for as contracts with customers. Under the guidance for contracts with customers, an entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. See Note 17. “Segment Reporting” for a disaggregated presentation of revenues from contracts with customers.

Management and Advisory Fees, Net

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

Blackstone earns base management fees from its customers at a fixed percentage of a calculation base which is typically net asset value, gross asset value, total fair value of investments, committed capital, total invested capital or remaining invested capital. Blackstone identifies its customers on a fund by fund basis in accordance with the terms and circumstances of the individual fund. Generally the customer is identified as the investors in its

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Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

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

Transaction, advisory and other fees are principally fees charged to the investors of funds indirectly through the managed funds and portfolio companies. The investment advisory agreements generally require that the investment adviser reduce the amount of management fees payable by the investors to Blackstone (“management fee reductions”) by an amount equal to a portion of the transaction and other fees paid to Blackstone by the portfolio companies. The amount of the reduction varies by fund, the type of fee paid by the portfolio company and the previously incurred expenses of the fund. These fees and associated management fee reductions are a component of the transaction price for Blackstone’s performance obligation to provide investment management services to the investors of funds and are recognized as changes to the transaction price in the period in which they are charged and the services are performed.

Management fee offsets are reductions to management fees payable by the investors of the Blackstone Funds, which are based on the amount such investors reimburse the Blackstone Funds or Blackstone primarily for placement fees. Providing investment management services requires Blackstone to arrange for services on behalf of its customers. In those situations where Blackstone is acting as an agent on behalf of the investors of funds, it presents the cost of services as net against management fee revenue. In all other situations, Blackstone is primarily responsible for fulfilling the services and is therefore acting as a principal for those arrangements. As a result, the cost of those services is presented as Compensation or General, Administrative and Other expense, as appropriate, with any reimbursement from the investors of the funds recorded as Management and Advisory Fees, Net. In cases where the investors of the funds are determined to be the customer in an arrangement, placement fees may be capitalized as a cost to acquire a customer contract. Capitalized placement fees are amortized over the life of the customer contract, are recorded within Other Assets in the Consolidated Statements of Financial Condition and amortization is recorded within General, Administrative and Other within the Consolidated Statements of Operations. In cases where the Blackstone Funds are determined to be the customer in the arrangement, placement fees are generally expensed as incurred. Blackstone may also pay ongoing investor servicing fees to certain distributors of its products. Where Blackstone is the principal in those arrangements, ongoing investor servicing fees are expensed as incurred and are recorded within General, Administrative and Other expense.

Accrued but unpaid Management and Advisory Fees, net of management fee reductions and management fee offsets, as of the reporting date are included in Due from Affiliates in the Condensed Consolidated Statements of Financial Condition.

Incentive Fees

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

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Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

Investment Income (Loss)

— Investment Income (Loss) represents the unrealized and realized gains and losses on Blackstone’s Performance Allocations and Principal Investments.

In carry fund structures and certain open-ended structures, Blackstone, through its subsidiaries, invests alongside its limited partners in a partnership and is entitled to its

pro-rata

share of the results of the fund vehicle (a

“pro-rata

allocation”). In addition to a

pro-rata

allocation, and assuming certain investment returns are achieved, Blackstone is entitled to a disproportionate allocation of the income otherwise allocable to the limited partners, commonly referred to as carried interest (“Performance Allocations”).

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

Performance Allocations in carry fund structures are realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the preferred return or, in limited instances, after certain thresholds for return of capital are met. Performance Allocations in carry fund structures are subject to clawback to the extent that the Performance Allocation received to date exceeds the amount due to Blackstone based on cumulative results. As such, the accrual for potential repayment of previously received Performance Allocations, which is a component of Due to Affiliates, represents all amounts previously distributed to Blackstone Holdings and

non-controlling

interest holders that would need to be repaid to the Blackstone carry funds if the Blackstone carry funds were to be liquidated based on the current fair value of the underlying funds’ investments as of the reporting date. The actual clawback liability, however, generally does not become realized until the end of a fund’s life except for certain funds, which may have an interim clawback liability. Performance Allocations in open-ended structures are realized based on the stated time period in the agreements and are generally not subject to clawback once paid.

Principal Investments include the unrealized and realized gains and losses on Blackstone’s principal investments, including its investments in Blackstone Funds that are not consolidated and receive

pro-rata

allocations, its equity method investments and other principal investments. Income (Loss) on Principal Investments is realized when Blackstone redeems all or a portion of its investment or when Blackstone receives cash income, such as dividends or distributions. Unrealized Income (Loss) on Principal Investments results from changes in the fair value of the underlying investment as well as the reversal of unrealized gain (loss) at the time an investment is realized.

Interest and Dividend Revenue

— Interest consists primarily of interest income earned on cash, receivables and Blackstone held principal investments not accounted for under the equity method. Dividend Revenue consists primarily of dividend income earned on principal investments not accounted for under the equity method held by Blackstone, including investments accounted for under the fair value option.

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Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

Other Revenue

— Other Revenue consists of miscellaneous income and foreign exchange gains and losses arising on transactions denominated in currencies other than U.S. dollars.

Fair Value of Financial Instruments

GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows:

•

Level I – Quoted prices are available in active markets for identical financial instruments as of the reporting date. The types of financial instruments in Level I include listed equities, listed derivatives and mutual funds with quoted prices. Blackstone does not adjust the quoted price for these investments, even in situations where Blackstone holds a large position and a sale could reasonably impact the quoted price.

•

Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Financial instruments which are generally included in this category include corporate bonds and loans, including corporate bonds and loans held within consolidated collateralized loan obligations (“CLO”) vehicles, government and agency securities, less liquid and restricted equity securities, and certain

over-the-counter

derivatives where the fair value is based on observable inputs. Notes issued by consolidated CLO vehicles are classified within Level II of the fair value hierarchy.

•

Level III – Pricing inputs are unobservable for the financial instruments and includes situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category generally include private investments in the equity of operating companies, real estate properties, distressed debt and

non-investment

grade residual interests in securitizations, investments in

non-consolidated

CLOs and certain

over-the-counter

derivatives where the fair value is based on unobservable inputs. For certain investments where the fair value is not readily determinable, net asset value (“NAV”) is applied as a practical expedient.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Blackstone’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

Level II Valuation Techniques

Financial instruments classified within Level II of the fair value hierarchy comprise debt instruments, debt securities sold, not yet purchased and certain equity securities and derivative instruments valued using observable inputs.

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Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

The valuation techniques used to value financial instruments classified within Level II of the fair value hierarchy are as follows:

•

Debt Instruments and Equity Securities are valued on the basis of prices from an orderly transaction between market participants including those provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments and various relationships between investments. The valuation of certain equity securities is based on an observable price for an identical security adjusted for the effect of a restriction.

•

Freestanding Derivatives are valued using contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads.

•

Notes issued by consolidated CLO vehicles are measured based on the more observable fair value of CLO assets less (a) the fair value of any beneficial interests held by Blackstone, and (b) the carrying value of any beneficial interests that represent compensation for services.

Level III Valuation Techniques

In the absence of observable market prices, Blackstone values its investments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist; management’s determination of fair value is then based on the best information available in the circumstances, and may incorporate management’s own assumptions and involve a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for

non-performance

and liquidity risks. Investments for which market prices are not observable include private investments in the equity of operating companies, real estate properties and investments in

non-consolidated

CLO vehicles.

Real Estate Investments

– The fair values of real estate investments are determined by considering projected operating cash flows, sales of comparable assets, if any, and replacement costs, among other measures and considerations. The methods used to estimate the fair value of real estate investments include the discounted cash flow method, where value is calculated by discounting the estimated cash flows and the estimated terminal value of the subject investment by the assumed buyer’s weighted-average cost of capital. A terminal value is derived by reference to an exit multiple, such as for estimates of earnings before interest, taxes, depreciation and amortization (“EBITDA”), or a capitalization rate, such as for estimates of net operating income (“NOI”). Valuations may also be derived by the performance multiple or market approach, by reference to observable valuation measures for comparable companies or assets (for example, dividing NOI by a relevant capitalization rate observed for comparable companies or transactions), adjusted by management for differences between the investment and the referenced comparables.

Private Equity Investments

– The fair values of private equity investments are determined by reference to projected net earnings, EBITDA, public market or private transactions, valuations for comparable companies and other measures which, in many cases, are based on unaudited information at the time received. The methods used to estimate the fair value of private equity investments include the discounted cash flow method. Where a discounted cash flow method is used, a terminal value is derived by reference to EBITDA or price/earnings exit multiples. Valuations may also be derived by reference to observable valuation measures for comparable companies or transactions (for example, multiplying a key performance metric of the investee company, such as EBITDA, by a relevant valuation multiple observed in the range of comparable companies or transactions), adjusted by management for differences between the investment and the referenced comparables, and in some instances by reference to option pricing models or other similar methods.

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Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

Credit-Focused Investments

– The fair values of credit-focused investments are generally determined on the basis of prices between market participants provided by reputable dealers or pricing services. For credit-focused investments that are not publicly traded or whose market prices are not readily available, Blackstone may utilize other valuation techniques, including the discounted cash flow method or a market approach. The discounted cash flow method projects the expected cash flows of the debt instrument based on contractual terms, and discounts such cash flows back to the valuation date using a market-based yield. The market-based yield is generally estimated using yields of publicly traded debt instruments issued by companies operating in similar industries as the subject investment or based on changes in credit spreads of a broader benchmark index applicable to a subject investment.

The market approach is generally used to determine the enterprise value of the issuer of a credit investment and considers valuation multiples of comparable companies or transactions. The resulting enterprise value will dictate whether or not such credit investment has adequate enterprise value coverage. In cases of distressed credit instruments, the market approach may be used to estimate a recovery value in the event of a restructuring.

Investments, at Fair Value

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

Investment Companies

, and reflect their investments, including majority-owned and controlled investments, at fair value. Such consolidated funds’ investments are reflected in Investments on the Condensed Consolidated Statements of Financial Condition at fair value, with unrealized gains and losses resulting from changes in fair value reflected as a component of Net Gains (Losses) from Fund Investment Activities in the Condensed Consolidated Statements of Operations. Fair value is the amount that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants at the measurement date, at current market conditions (i.e., the exit price).

Certain principal investments are presented at fair value with unrealized appreciation or depreciation and realized gains and losses recognized in the Condensed Consolidated Statements of Operations within Investment Income (Loss).

For certain instruments, Blackstone has elected the fair value option. Such election is irrevocable and is applied on an investment by investment basis at initial recognition or other eligible election dates. Blackstone has applied the fair value option for certain loans and receivables, unfunded loan commitments and certain investments that otherwise would not have been carried at fair value with gains and losses recorded in net income. The methodology for measuring the fair value of such investments is consistent with the methodology applied to private equity, real estate and credit-focused investments. Changes in the fair value of such instruments are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. Interest income on interest bearing loans and receivables and debt securities on which the fair value option has been elected is based on stated coupon rates adjusted for the accretion of purchase discounts and the amortization of purchase premiums. This interest income is recorded within Interest and Dividend Revenue.

Blackstone has elected the fair value option for the assets of consolidated CLO vehicles. As permitted under GAAP, Blackstone measures notes issued by consolidated CLO vehicles as (a) the sum of the fair value of the consolidated CLO assets and the carrying value of any

non-financial

assets held temporarily, less (b) the sum of the fair value of any beneficial interests retained by Blackstone (other than those that represent compensation for services) and Blackstone’s carrying value of any beneficial interests that represent compensation for services. As a result of this measurement alternative, there is no attribution of amounts to

Non-Controlling

Interests for consolidated CLO vehicles. Assets of the consolidated CLOs are presented within Investments within the Condensed Consolidated Statements of Financial Condition and notes payable within Loans Payable for the amounts due to unaffiliated third parties. Changes in the fair value of consolidated CLO assets and liabilities and related interest, dividend and other income are presented within Net Gains (Losses) from Fund Investment Activities. Expenses of consolidated CLO vehicles are presented in Fund Expenses.

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Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

Blackstone has elected the fair value option for certain proprietary investments that would otherwise have been accounted for using the equity method of accounting. The fair value of such investments is based on quoted prices in an active market, quoted prices that are published on a regular basis and are the basis for current transactions or using the discounted cash flow method. Changes in fair value are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations.

Further disclosure on instruments for which the fair value option has been elected is presented in Note 6. “Fair Value Option.”

Blackstone may elect to measure certain proprietary investments in equity securities without readily determinable fair values under the measurement alternative, which reflects cost less impairment, with adjustments in value resulting from observable price changes arising from orderly transactions of the same or a similar security from the same issuer. If the measurement alternative election is not made, the equity security is measured at fair value. The measurement alternative election is made on an instrument by instrument basis. The election is reassessed each reporting period to determine whether investments under the measurement alternative have readily determinable fair values, in which case they would no longer be eligible for this election.

Certain investments of Blackstone and the consolidated Blackstone funds are valued at NAV per share pursuant to the practical expedient. In limited circumstances, Blackstone may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, Blackstone will estimate the fair value in good faith and in a manner that it reasonably chooses, in accordance with the requirements of GAAP.

The terms of the investee’s investment generally provide for minimum holding periods or

lock-ups,

the institution of gates on redemptions or the suspension of redemptions or an ability to side pocket investments, at the discretion of the investee’s fund manager, and as a result, investments may not be redeemable at, or within three months of, the reporting date.

Security and loan transactions are recorded on a trade date basis.

Equity Method Investments

Investments in which Blackstone is deemed to exert significant influence, but not control, are accounted for using the equity method of accounting except in cases where the fair value option has been elected. Blackstone has significant influence over all Blackstone Funds in which it invests but does not consolidate. Therefore, its investments in such Blackstone Funds, which generally include both a proportionate and disproportionate allocation of the profits and losses (as is the case with funds that include a Performance Allocation), are accounted for under the equity method. Under the equity method of accounting, Blackstone’s share of earnings (losses) from equity method investments is included in Investment Income (Loss) in the Condensed Consolidated Statements of Operations.

In cases where Blackstone’s equity method investments provide for a disproportionate allocation of the profits and losses (as is the case with funds that include a Performance Allocation), Blackstone’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period, Blackstone calculates the Accrued Performance Allocations that would be due to Blackstone for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date,

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Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner, or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles and therefore cannot have negative Performance Allocations over the life of a fund. The carrying amounts of equity method investments are reflected in Investments in the Condensed Consolidated Statements of Financial Condition.

Strategic Partners’ results presented in Blackstone’s condensed consolidated financial statements are reported on a three-month lag from Strategic Partners’ fund financial statements, which report the performance of underlying investments generally on a same quarter basis, if available. Therefore, Strategic Partners’ results presented herein do not reflect the impact of economic and market activity in the current quarter. Current quarter market activity of Strategic Partners’ underlying investments is expected to affect Blackstone’s reported results in upcoming periods.

Compensation and Benefits

—

Compensation

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

Compensation and Benefits

— Incentive Fee Compensation

—

Incentive Fee Compensation consists of compensation paid based on Incentive Fees.

Compensation and Benefits

— Performance Allocations Compensation

—

Performance Allocation Compensation consists of compensation paid based on Performance Allocations (which may be distributed in cash or

in-kind).

Such compensation expense is subject to both positive and negative adjustments. Performance Allocations Compensation is generally based on the performance of individual investments held by a fund rather than on a fund by fund basis. These amounts may also include allocations of investment income from Blackstone’s principal investments, to senior managing directors and employees participating in certain profit sharing initiatives.

Non-Controlling

Interests in Consolidated Entities

Non-Controlling

Interests in Consolidated Entities represent the component of Equity in general partner entities and consolidated Blackstone funds held by third-party investors and employees. The percentage interests in consolidated Blackstone funds held by third parties and employees is adjusted for general partner allocations and by subscriptions and redemptions in funds of hedge funds and certain credit-focused funds which occur during

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Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

the reporting period. Income (Loss) and other comprehensive income, if applicable, arising from the respective entities is allocated to

non-controlling

interests in consolidated entities based on the relative ownership interests of third-party investors and employees after considering any contractual arrangements that govern the allocation of income (loss) such as fees allocable to Blackstone Inc.

Redeemable

Non-Controlling

Interests in Consolidated Entities

Investors in certain consolidated vehicles may be granted redemption rights that allow for quarterly or monthly redemption, as outlined in the relevant governing documents. Such redemption rights may be subject to certain limitations, including limits on the aggregate amount of interests that may be redeemed in a given period, may only allow for redemption following the expiration of a specified period of time, or may be withdrawn subject to a redemption fee during the period when capital may not be withdrawn. As a result, amounts relating to third-party interests in such consolidated vehicles are presented as Redeemable

Non-Controlling

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

non-controlling

interests are presented within Equity in the Condensed Consolidated Statements of Financial Condition as

Non-Controlling

Interests in Consolidated Entities.

Non-Controlling

Interests in Blackstone Holdings

Non-Controlling

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

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

Non-Controlling

Interests in Blackstone Holdings. This residual attribution is based on the year to date average percentage of Blackstone Holdings Partnership Units and unvested participating Holdings Partnership Units held by Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. Unvested participating Holdings Partnership Units are excluded from the attribution in periods of loss as they are not contractually obligated to share in losses of the Holdings Partnerships.

Income Taxes

Provision for Income Taxes

Income taxes are provided for using the asset and liability method under which deferred tax assets and liabilities are recognized for temporary differences between the financial reporting and tax bases of assets and liabilities, resulting in all pretax amounts being appropriately tax effected in the period, irrespective of which tax return year items will be reflected. Blackstone reports interest expense and tax penalties related to income tax matters in provision for income taxes.

Deferred Income Taxes

Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities. These temporary differences result in taxable or deductible amounts in future years and are measured using the tax rates and laws that will be in effect when such differences are expected to reverse. Valuation allowances are established to reduce the deferred tax assets to the amount that is more likely than not to be realized. Deferred tax assets are separately stated, and deferred tax liabilities are included in Accounts Payable, Accrued Expenses, and Other Liabilities in the condensed consolidated financial statements.

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Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

Unrecognized Tax Benefits

Blackstone recognizes tax positions in the condensed consolidated financial statements when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in the return and amounts recognized in the condensed consolidated financial statements. Accrued interest and penalties related to unrecognized tax benefits are reported on the related liability line in the condensed consolidated financial statements.

Net Income (Loss) Per Share of Common Stock

Basic Income (Loss) Per Share of Common Stock is calculated by dividing Net Income (Loss) Attributable to Blackstone Inc. by the weighted-average shares of common stock, unvested participating shares of common stock outstanding for the period and vested deferred restricted shares of common stock that have been earned for which issuance of the related shares of common stock is deferred until future periods. Diluted Income (Loss) Per Share of Common Stock reflects the impact of all dilutive securities. Unvested participating shares of common stock are excluded from the computation in periods of loss as they are not contractually obligated to share in losses.

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

“if-converted”

method to the Blackstone Holdings Partnership Units to determine the dilutive impact, if any, of the exchange right included in the Blackstone Holdings Partnership Units. Blackstone applies the contingently issuable share model to contracts that may require the issuance of shares.

Reverse Repurchase and Repurchase Agreements

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

non-U.S.

government and agency securities, asset backed securities and corporate debt, represent collateralized financing transactions. Such transactions are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition at their contractual amounts and include accrued interest. The carrying value of reverse repurchase and repurchase agreements approximates fair value.

Blackstone manages credit exposure arising from reverse repurchase agreements and repurchase agreements by, in appropriate circumstances, entering into master netting agreements and collateral arrangements with counterparties that provide Blackstone, in the event of a counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations.

Blackstone takes possession of securities purchased under reverse repurchase agreements and is permitted to repledge, deliver or otherwise use such securities. Blackstone also pledges its financial instruments to counterparties to collateralize repurchase agreements. Financial instruments pledged that can be repledged, delivered or otherwise used by the counterparty are recorded in Investments in the Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to repurchase agreements are included in Note 9. “Repurchase Agreements.”

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Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

Blackstone does not offset assets and liabilities relating to reverse repurchase agreements and repurchase agreements in its Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to offsetting are discussed in Note 10. “Offsetting of Assets and Liabilities.”

Securities Sold, Not Yet Purchased

Securities Sold, Not Yet Purchased consist of equity and debt securities that Blackstone has borrowed and sold. Blackstone is required to “cover” its short sale in the future by purchasing the security at prevailing market prices and delivering it to the counterparty from which it borrowed the security. Blackstone is exposed to loss in the event that the price at which a security may have to be purchased to cover a short sale exceeds the price at which the borrowed security was sold short.

Securities Sold, Not Yet Purchased are recorded at fair value within Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition.

Derivative Instruments

Blackstone recognizes all derivatives as assets or liabilities on its Condensed Consolidated Statements of Financial Condition at fair value. On the date Blackstone enters into a derivative contract, it designates and documents each derivative contract as one of the following: (a) a hedge of a recognized asset or liability (“fair value hedge”), (b) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), (c) a hedge of a net investment in a foreign operation, or (d) a derivative instrument not designated as a hedging instrument (“freestanding derivative”).

For freestanding derivative contracts, Blackstone presents changes in fair value in current period earnings. Changes in the fair value of derivative instruments held by consolidated Blackstone funds are reflected in Net Gains (Losses) from Fund Investment Activities or, where derivative instruments are held by Blackstone, within Investment Income (Loss) in the Condensed Consolidated Statements of Operations. The fair value of freestanding derivative assets of the consolidated Blackstone funds are recorded within Investments, the fair value of freestanding derivative assets that are not part of the consolidated Blackstone funds are recorded within Other Assets and the fair value of freestanding derivative liabilities are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition.

Blackstone has elected to not offset derivative assets and liabilities or financial assets in its Condensed Consolidated Statements of Financial Condition, including cash, that may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement is in place that provides Blackstone, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations.

Blackstone’s other disclosures regarding derivative financial instruments are discussed in Note 5. “Derivative Financial Instruments.”

Blackstone’s disclosures regarding offsetting are discussed in Note 10. “Offsetting of Assets and Liabilities.”

Affiliates

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

Dividends

Dividends are reflected in the condensed consolidated financial statements when declared.

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Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

Recent Accounting Developments

In December 2023, the Financial Accounting Standards Board issued amended guidance addressing income tax disclosures. The guidance requires greater disaggregation of information in the effective income tax rate reconciliation and income taxes paid disclosure. The guidance is effective for Blackstone’s annual period ending December 31, 2025.

3.	Intangible Assets

Intangible Assets, Net consists of the following:

	$			$
	September 30, 2025			December 31, 2024
Finite-Lived Intangible Assets/Contractual Rights	$	1,749,626		$	1,769,372
Accumulated Amortization		(1,609,168	)		(1,604,129	)

Intangible Assets, Net	$	140,458		$	165,243

Amortization expense associated with Blackstone’s intangible assets was $9.0 million and $26.9 million for the three and nine months ended September 30, 2025, respectively, and $9.0 million and $26.9 million for the three and nine months ended September 30, 2024, respectively.

Amortization of Intangible Assets held at September 30, 2025 is expected to be $36.0 million, $36.1 million, $35.1 million, $18.2 million and $17.0 million for each of the years ending December 31, 2025, 2026, 2027, 2028 and 2029, respectively. Blackstone’s Intangible Assets as of September 30, 2025 are expected to amortize over a weighted-average period of 4.7 years.

4.	Investments

Investments consist of the following:

	$		$
	September 30, 2025		December 31, 2024
Investments of Consolidated Blackstone Funds	$	5,507,078	$	3,890,732
Equity Method Investments
Partnership Investments		6,936,411		6,546,728
Accrued Performance Allocations		11,933,738		12,397,366
Corporate Treasury Investments		262,582		1,147,328
Other Investments		6,888,634		5,818,412

	$	31,528,443	$	29,800,566

Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $872.2 million and $439.7 million at September 30, 2025 and December 31, 2024, respectively.

Where appropriate, the accounting for Blackstone’s investments incorporates the changes in fair value of those investments as determined under GAAP. The significant inputs and assumptions required to determine the change in fair value of the Investments of Consolidated Blackstone Funds, Corporate Treasury Investments and Other Investments are discussed in more detail in Note 7. “Fair Value Measurements of Financial Instruments.”

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Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

Investments of Consolidated Blackstone Funds

The following table presents the Realized and Net Change in Unrealized Gains (Losses) on investments held by the consolidated Blackstone funds and a reconciliation to Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities in the Condensed Consolidated Statements of Operations:

	$		$		$		$
	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Realized Gains (Losses)	$	20,327	$	10,721	$	67,925	$	(29,725	)
Net Change in Unrealized Gains		61,445		28,698		174,029		84,216

Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds		81,772		39,419		241,954		54,491
Interest and Dividend Revenue, Foreign Exchange Gains and Other Gains Attributable to Consolidated Blackstone Funds		26,862		3,423		60,585		15,518

Other Income – Net Gains from Fund Investment Activities	$	108,634	$	42,842	$	302,539	$	70,009

Equity Method Investments

Blackstone’s equity method investments include Partnership Investments, which represent the

pro-rata

investments, and any associated Accrued Performance Allocations, in Blackstone Funds, excluding any equity method investments for which the fair value option has been elected. Blackstone evaluates each of its equity method investments, excluding Accrued Performance Allocations, to determine if any were significant as defined by guidance from the United States Securities and Exchange Commission. As of and for the nine months ended September 30, 2025 and 2024, no individual equity method investment held by Blackstone met the significance criteria.

Partnership Investments

Blackstone recognized net gains related to its Partnership Investments accounted for under the equity method of $149.9 million and $215.3 million for the three months ended September 30, 2025 and 2024, respectively. Blackstone recognized net gains related to its Partnership Investments accounted for under the equity method of $569.8 million and $512.4 million for the nine months ended September 30, 2025 and 2024, respectively.

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Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

Accrued Performance Allocations

Accrued Performance Allocations to Blackstone were as follows:

	$			$			$			$			$
	Real Estate			Private Equity			Credit & Insurance			Multi-Asset Investing			Total
Accrued Performance Allocations, December 31, 2024	$	1,986,017		$	9,461,936		$	801,849		$	147,564		$	12,397,366
Performance Allocations as a Result of Changes in Fund Fair Values		(177,446	)		2,678,109			170,225			207,734			2,878,622
Foreign Exchange Loss		(25,529	)		—			—			—			(25,529	)
Fund Distributions		(278,279	)		(2,654,523	)		(270,328	)		(113,591	)		(3,316,721	)

Accrued Performance Allocations, September 30, 2025	$	1,504,763		$	9,485,522		$	701,746		$	241,707		$	11,933,738

Corporate Treasury Investments

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

	$			$			$			$
	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Realized Gains (Losses)	$	641		$	(11	)	$	(7,544	)	$	(2,660	)
Net Change in Unrealized Gains (Losses)		(706	)		6,935			13,840			9,711

	$	(65	)	$	6,924		$	6,296		$	7,051

Other Investments

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

non-consolidated

CLO vehicles. Equity investments without a readily determinable fair value had a carrying value of $415.8 million as of September 30, 2025. In the period of acquisition and upon remeasurement in connection with an observable transaction, such investments are reported at fair value. See Note 7. “Fair Value Measurements of Financial Instruments” for additional detail. The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in Other Investments:

	$			$			$		$
	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025		2024
Realized Gains (Losses)	$	310		$	(3,702	)	$	121,580	$	1,114
Net Change in Unrealized Gains (Losses)		(235,495	)		(21,118	)		152,687		426,250

	$	(235,185	)	$	(24,820	)	$	274,267	$	427,364

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Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

5.	Derivative Financial Instruments

Blackstone and the consolidated Blackstone funds enter into derivative contracts in the normal course of business to achieve certain risk management objectives and for general investment and business purposes. Blackstone may enter into derivative contracts in order to hedge its interest rate risk exposure against the effects of interest rate changes. Additionally, Blackstone may also enter into derivative contracts in order to hedge its foreign currency risk exposure against the effects of a portion of its

non-U.S.

dollar denominated currency net investments. As a result of the use of derivative contracts, Blackstone and the consolidated Blackstone funds are exposed to the risk that counterparties will fail to fulfill their contractual obligations. To mitigate such counterparty risk, Blackstone and the consolidated Blackstone funds enter into contracts with certain major financial institutions, all of which have investment grade ratings. Counterparty credit risk is evaluated in determining the fair value of derivative instruments.

Freestanding Derivatives

Freestanding derivatives are instruments that Blackstone and certain of the consolidated Blackstone funds have entered into as part of their overall risk management and investment strategies. These derivative contracts are not designated as hedging instruments for accounting purposes. Such contracts may include interest rate swaps, foreign exchange contracts, equity swaps, options, futures and other derivative contracts.

The table below summarizes the aggregate notional amount and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts.

	$		$		$		$		$		$		$		$
	September 30, 2025								December 31, 2024
	Assets				Liabilities				Assets				Liabilities
	Notional		Fair Value		Notional		Fair Value		Notional		Fair Value		Notional		Fair Value
Freestanding Derivatives
Blackstone
Interest Rate Contracts	$	613,740	$	115,238	$	601,000	$	86,649	$	624,740	$	166,126	$	600,000	$	107,425
Foreign Currency Contracts		803,237		3,540		450,471		3,611		239,365		4,030		479,383		14,198
Credit Default Swaps		—		—		640		16		—		—		640		10
Total Return Swaps		25,511		5,064		—		—		58,263		10,153		—		—
Equity Options		—		—		1,424,267		1,090,494		—		—		1,139,400		938,216

		1,442,488		123,842		2,476,378		1,180,770		922,368		180,309		2,219,423		1,059,849

Investments of Consolidated Blackstone Funds
Interest Rate Contracts		879,258		16,534		879,258		16,534		785,790		13,243		915,215		15,918

		879,258		16,534		879,258		16,534		785,790		13,243		915,215		15,918

	$	2,321,746	$	140,376	$	3,355,636	$	1,197,304	$	1,708,158	$	193,552	$	3,134,638	$	1,075,767

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Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

The table below summarizes the impact to the Condensed Consolidated Statements of Operations from derivative financial instruments:

	$			$			$			$
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
Freestanding Derivatives
Realized Gains (Losses)
Interest Rate Contracts	$	(2,560	)	$	—		$	(2,560	)	$	(614	)
Foreign Currency Contracts		(8,608	)		3,078			(8,724	)		6,380
Credit Default Swaps		1			—			6			75
Total Return Swaps		4,142			6,455			12,616			19,325

		(7,025	)		9,533			1,338			25,166

Net Change in Unrealized Gains (Losses)
Interest Rate Contracts		15,157			(23,272	)		(22,817	)		(1,176	)
Foreign Currency Contracts		16,473			8,028			10,097			2,413
Credit Default Swaps		5			(2	)		(12	)		(54	)
Total Return Swaps		(1,921	)		(3,592	)		(2,463	)		(6,930	)
Equity Options		(11,729	)		(106,119	)		(152,278	)		(293,646	)

		17,985			(124,957	)		(167,473	)		(299,393	)

	$	10,960		$	(115,424	)	$	(166,135	)	$	(274,227	)

As of September 30, 2025 and December 31, 2024, Blackstone had not designated any derivatives as fair value, cash flow or net investment hedges.

6.	Fair Value Option

The following table summarizes the financial instruments for which the fair value option has been elected:

	$		$
	September 30, 2025		December 31, 2024
Assets
Loans and Receivables	$	469,766	$	100,866
Equity and Preferred Securities		4,483,042		4,498,617
Debt Securities		9,120		63,671
Assets of Consolidated CLO Vehicles
Corporate Loans		—		62,426

	$	4,961,928	$	4,725,580

Liabilities
CLO Notes Payable	$	—	$	87,488
Corporate Treasury Commitments		709		368

	$	709	$	87,856

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Blackstone Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

The following tables present the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected:

	$			$			$			$
	Three Months Ended September 30,
	2025						2024
	Realized Gains (Losses)			Net Change in Unrealized Gains (Losses)			Realized Gains (Losses)			Net Change in Unrealized Gains (Losses)
Assets
Loans and Receivables	$	(521	)	$	2,319		$	(625	)	$	406
Equity and Preferred Securities		409			2,894			884			(21,743	)
Debt Securities		—			(2,280	)		—			87
Assets of Consolidated CLO Vehicles
Corporate Loans		—			—			(438	)		1,065

	$	(112	)	$	2,933		$	(179	)	$	(20,185	)

Liabilities
CLO Notes Payable	$	—		$	—		$	—		$	(391	)
Corporate Treasury Commitments		—			(417	)		—			16

	$	—		$	(417	)	$	—		$	(375	)

	$	$	$	$
	Nine Months Ended September 30,
	2025		2024
	Realized Gains (Losses)	Net Change in Unrealized Gains	Realized Gains (Losses)	Net Change in Unrealized Gains (Losses)
Assets
Loans and Receivables

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

Blackstone Inc. 10-Q