Blackstone Reports Third Quarter 2026 Results

New York, October 22, 2026: Blackstone (NYSE:BX) today reported its third quarter 2026 results.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone delivered strong third-quarter results amid a volatile external environment. Our flagship strategies outperformed comparable public market indices and inflows reached $63 billion, with positive momentum across our major fund-raising channels. We’ve established leading platforms to address the key investment themes powering the global economy and markets today – including AI and energy infrastructure – which gives our investors unique access to remarkable opportunities.”

Blackstone issued a full detailed presentation of its third quarter 2026 results, which can be viewed at www.blackstone.com.

Dividend

Blackstone has declared a quarterly dividend of $1.12 per share to record holders of common stock at the close of business on November 2, 2026. This dividend will be paid on November 9, 2026.

Quarterly Investor Call Details

Blackstone will host its third quarter 2026 investor conference via public webcast on October 22, 2026, at 9:00 a.m. ET. To register, please use the following link:

https://event.webcasts.com/starthere.jsp?ei=1777525&tp_key=e1c5d41eb8. For those unable to listen to the live

Blackstone

345 Park Avenue, New York, NY 10154

T 212 583 5000

www.blackstone.com

broadcast, there will be a webcast replay on the Shareholders section of Blackstone’s website at https://ir.blackstone.com/.

About Blackstone

Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s nearly $1.4 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Forward-Looking Statements

This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our current views with respect to, among other things, our operations, taxes, earnings and financial performance, share repurchases and dividends. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,” “forecast,” “possible” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, as such factors may be updated from time to time in our subsequent filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other periodic filings. The forward-looking statements speak only as of the date of this report, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

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

Investor and Media Relations Contacts

Weston Tucker Blackstone Tel: +1 (212) 583-5231 tucker@blackstone.com Christine Anderson Blackstone Tel: +1 (212) 583-5182 christine.anderson@blackstone.com

Blackstone’s Third

Quarter 2026 Earnings

OCTOBER 22, 2026

BLACKSTONE’S THIRD QUARTER 2026 GAAP RESULTS

§ GAAP Net Income was $1.3 billion for the quarter and $4.9 billion year-to-date (“YTD”). GAAP Net Income Attributable to Blackstone Inc. was $662 million for the quarter and $2.5 billion YTD.

Throughout this presentation, all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See pages 36-38, Definitions and Dividend Policy, for definitions of terms used throughout this presentation. NCI means non-controlling interests. Blackstone | 1

BLACKSTONE’S THIRD QUARTER 2026 HIGHLIGHTS

Blackstone | 2

BLACKSTONE’S THIRD QUARTER 2026 SEGMENT EARNINGS

Fee Related Earnings per Share is based on end of period DE Shares Outstanding (see page 24, Share Summary). DE per Common Share is based on DE Attributable to Common Shareholders (see page 23, Shareholder Dividends) and end of period Participating Common Shares outstanding. YTD FRE per Share and DE Blackstone | 3

INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES

§ Realized distributions across strategies led to lower Net Accrued Performance Revenues quarter-over-quarter of $7.3 billion ($5.84/share).

Investment Performance

(appreciation / gross returns)

Net Accrued Performance Revenues

($ in millions)

Investment Performance represents fund appreciation for Real Estate and Private Equity and gross returns for Credit & Insurance and Multi-Asset Investing. Secondaries appreciation excludes GP Stakes. Private Credit net returns were 1.8% and 3.9% for 3Q’26 and 3Q’26 LTM, respectively. Liquid Credit n Blackstone | 4

CAPITAL METRICS – ADDITIONAL DETAIL

§ Inflows were $63.3 billion in the quarter, bringing LTM inflows to $271.6 billion.

§ Deployed $30.1 billion in the quarter and $142.0 billion over the LTM.

• Committed an additional $17.0 billion that was not yet deployed in the quarter.

§ Realizations were $33.1 billion in the quarter and $147.0 billion over the LTM.

Corporate Private Equity also includes Life Sciences, Growth, BTAS, and BXPE. AUM and related capital metrics are reported in the segment where the assets are managed. Blackstone | 5

ASSETS UNDER MANAGEMENT

§ Total AUM increased to $1,368.3 billion, up 10% year-over-year, with $63.3 billion of inflows in the quarter and $271.6 billion over the LTM.

§ Fee-Earning AUM of $989.7 billion was up 9% year-over-year, with $55.4 billion of inflows in the quarter and $184.8 billion over the LTM.

§ Perpetual Capital AUM reached $562.3 billion, up 12% year-over-year.

• Fee-Earning Perpetual Capital AUM increased to $469.5 billion, representing 47% of Fee-Earning AUM.

Multi-Asset Investing had $286 million and $907 million of Perpetual Capital AUM as of 3Q’25 and 3Q’26, respectively. Blackstone | 6

ADDITIONAL CAPITAL DETAIL

§ Invested Performance Eligible AUM reached $662.8 billion at quarter end, up 8% year-over-year.

§ Total Dry Powder of $228.9 billion available for future investments.

Invested Performance Eligible AUM represents the fair value of invested assets that are eligible to earn performance revenues. Blackstone | 7

Segment Highlights

Blackstone | 8

SEGMENT DISTRIBUTABLE EARNINGS COMPOSITION

§ 3Q’26 Total Segment Distributable Earnings were $1.9 billion.

§ LTM Total Segment Distributable Earnings were $8.6 billion.

Segment Distributable Earnings

($ in millions)

Blackstone | 9

REAL ESTATE

§ Total AUM: $309.0 billion with inflows of $6.3 billion in the quarter and $29.6 billion over the LTM.

• Inflows in the quarter included $2.3 billion in BREDS, primarily from insurance SMAs, and $1.3 billion of capital raised in BREIT.

§ Capital Deployed: $6.1 billion in the quarter, including BREP’s acquisition of the Hyatt Regency Embarcadero in San Francisco, and $24.4 billion over the LTM.

• Committed an additional $1.6 billion in the quarter, including an investment in a large European hotel owner by BREP.

§ Realizations: $7.0 billion in the quarter, including BREP’s realizations in India office and Japan logistics and hotels, and $29.3 billion over the LTM.

§ Appreciation: Opportunistic funds declined (3.2)% in the quarter and (4.0)% over the LTM; Core+ funds appreciated 1.6% in the quarter and 4.3% over the LTM.

See notes on page 34. Blackstone | 10

PRIVATE EQUITY

§ Total AUM: Increased 18% to $465.4 billion with inflows of $12.6 billion in the quarter and $77.8 billion over the LTM.

• Inflows in the quarter included $3.7 billion in Infrastructure, $3.1 billion in Secondaries, primarily from the tenth flagship Secondaries strategy and the ninth Secondaries Real Estate strategy, and $2.5 billion for the fifth energy transition fund.
• $2.9 billion of capital raised for BXPE and $1.1 billion of capital raised for BXINFRA.

§ Capital Deployed: $8.8 billion in the quarter, including Urbaser, Falcata, and Eurowind Energy, and $50.7 billion over the LTM.

• Committed an additional $8.6 billion in the quarter, including Flow Control Holdings and Safe Harbor Marinas.

§ Realizations: $9.8 billion in the quarter, including Recognition Music Group, Ennovi, and SP.LINKS, and $46.2 billion over the LTM.

§ Appreciation: Corporate Private Equity appreciated 2.8% in the quarter and 14.7% over the LTM.

• Tactical Opportunities appreciated 2.2% in the quarter and 8.9% over the LTM; Secondaries appreciated 4.3% in the quarter and 9.3% over the LTM; Infrastructure appreciated 6.4% in the quarter and 28.9% over the LTM.

See notes on page 35. Blackstone | 11

CREDIT & INSURANCE

§ Total AUM: Increased 11% to $480.0 billion with inflows of $35.8 billion in the quarter and $142.8 billion over the LTM.

• Inflows in the quarter included $18.0 billion for the infrastructure and asset based credit strategies, inclusive of $16.5 billion for insurance SMAs, and $11.9 billion for the global direct lending strategy.
• Closed 3 new CLOs (2 European and 1 U.S.) for $1.3 billion.

§ Capital Deployed: $13.4 billion in the quarter, driven by infrastructure and asset based credit strategies and U.S. direct lending, including transactions with Williams and Air Canada, and $62.1 billion over the LTM.

• Committed an additional $5.8 billion in the quarter.

§ Realizations: $15.4 billion in the quarter and $68.2 billion over the LTM.

§ Returns: Private Credit gross return of 2.6% (1.8% net) and Liquid Credit gross return of 1.5% (1.4% net) in the quarter.

• Private Credit gross return of 6.7% (3.9% net) and Liquid Credit gross return of 3.7% (3.2% net) over the LTM.

Blackstone | 12

MULTI-ASSET INVESTING

§ Total AUM: Increased 22% to $113.9 billion with inflows of $8.6 billion in the quarter and $21.4 billion over the LTM.

§ Returns: Absolute Return Composite gross return of 0.5% in the quarter (0.3% net), outperforming the HFRX Global Hedge Fund Index, which was (0.8)%.

• Absolute Return benefited from positive performance across strategies, including quantitative and credit during the quarter.
• Gross return of 12.8% over the LTM (11.5% net), outperforming a 5.4% return for the HFRX Global Hedge Fund Index, with significantly less volatility than the broader markets.

Blackstone | 13

Supplemental Details

Blackstone | 14

TOTAL SEGMENTS

Blackstone | 15

ASSETS UNDER MANAGEMENT - ROLLFORWARD

Total AUM Rollforward

($ in millions)

Fee-Earning AUM Rollforward

($ in millions)

Inflows include contributions, capital raised, other increases in available capital (recallable capital and increased side-by-side commitments), purchases, inter-segment allocations and acquisitions. Outflows represent redemptions, client withdrawals and decreases in available capital (expired capit Blackstone | 16

DECONSOLIDATED BALANCE SHEET HIGHLIGHTS

§ At September 30, 2026, Blackstone had $13.2 billion in total cash, cash equivalents, corporate treasury, and other investments and $23.5 billion of cash and net investments, or $18.91 per share.

§ Blackstone has a $4.3 billion credit revolver ($3.6 billion undrawn) and maintains A+/A+ ratings.

Cash and Net Investments

(per share)

A+ / A+

rated by S&P and Fitch

$4.3B

credit revolver with

October 2030 maturity

$13.2B

total cash, corporate

treasury and other

investments

Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $9.5 billion as of September 30, 2026, which was comprised of $8.9 billion of liquid investments and $649 million of illiquid investments. See notes on pages 31 and 35 for additional details on non-GAAP balance Blackstone | 17

NET ACCRUED PERFORMANCE REVENUES – ADDITIONAL DETAIL

($ in millions, except per share data)

3Q’26 QoQ Rollforward

($ in millions)

3Q’26 LTM Rollforward

($ in millions)

Net Accrued Performance Revenues (“NAPR”) are presented net of performance compensation and exclude Performance Revenues realized but not yet distributed as of the reporting date and clawback amounts, if any, which are disclosed in the 10-K/Q. Real Estate and Private Equity include co-investments, a Blackstone | 18

INVESTMENT RECORDS AS OF SEPTEMBER 30, 2026 (a)

The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not meaningful” generally due to the limited time since initial investment. n/a represents “not applicable”. Notes on pages 21-22. BREP – Blackstone Real Estate Partners, Blackstone | 19

INVESTMENT RECORDS AS OF SEPTEMBER 30, 2026 (a) – (CONT’D)

The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not meaningful” generally due to the limited time since initial investment. n/a represents “not applicable”. Notes on pages 21-22. BXG – Blackstone Growth, BXLS – Blacksto Blackstone | 20

INVESTMENT RECORDS AS OF SEPTEMBER 30, 2026 (a) – (CONT’D)

Selected Perpetual Capital Strategies(m)

Investment Records as of September 30, 2026 - Notes

(a) Excludes investment vehicles where Blackstone does not earn fees.

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

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

(d) Unless otherwise indicated, Net Internal Rate of Return (“IRR”) represents the annualized inception to September 30, 2026 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using

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

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

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

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

(i) Strategic Partners’ Unrealized Investment Value, Realized Investment Value, Total Investment Value, Total MOIC and Total Net IRRs are reported on a three-month lag and therefore do not include the impact of economic and market activities in the current quarter. Realizations are treated as returns of

(j) European Senior Debt II IRR represents the blended return across the commingled levered and unlevered funds within the strategy. The total net returns were 12% and 7%, respectively, for the levered and unlevered funds of the strategy.

The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not meaningful” generally due to the limited time since initial investment. n/a represents “not applicable”. Notes continue on page 22. Blackstone | 21

INVESTMENT RECORDS AS OF SEPTEMBER 30, 2026 (a) – (CONT’D)

(k) Senior Direct Lending IRR represents the blended return across the commingled levered and unlevered funds within the strategy. The total net returns were 9% and 7%, respectively, for the levered and unlevered funds of the strategy.

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

(m) Represents the performance for select Perpetual Capital Strategies; strategies excluded consist primarily of (1) investment strategies that have been investing for less than one year, (2) perpetual capital assets managed for certain insurance clients, and (3) investment vehicles where Blackstone doe

(n) To the extent AUM is managed by a different business, such AUM is reported in such businesses for the purposes of segment AUM reporting.

(o) Unless otherwise indicated, Total Net Return represents the annualized per share blended return from a fund’s or fund program’s inception date to September 30, 2026, assuming the applicable fund or fund program had a single share class and a single vehicle, as applicable, reinvestment of dividends r

(p) BPP represents the aggregate Total AUM and Total Net Return of the BPP Platform, which comprises over 30 fund, co-investment and separately managed account vehicles. It includes certain vehicles managed as part of the BPP Platform but not classified as Perpetual Capital. As of September 30, 2026, th

(q) The BXMT Total Net Return reflects annualized market return of a shareholder invested in BXMT since its inception date, assuming reinvestment of all dividends received during the period.

(r) Blackstone GP Stakes (“BXGP”) represents the aggregate Total AUM and Total Net Return of BSCH I and II funds that invest as part of the Secondaries GP Stakes strategy, which targets minority investments in the general partners of private equity and other private-market alternative asset management f

(s) BIP represents the aggregate Total AUM and Total Net Return of infrastructure-focused funds and co-investment vehicles for institutional investors with a primary focus on the U.S. and Europe. As of September 30, 2026, including co-investment vehicles that do not pay fees, BIP Total AUM was $91.9 bil

(t) The BXSL Total AUM and Total Net Return are presented as of June 30, 2026. BXSL Total Net Return reflects the annualized change in NAV per share from the inception date to June 30, 2026, plus distributions per share (assuming dividends and distributions are reinvested in accordance with BXSL’s divid

(u) For BCRED and ECRED, Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. BCRED’s and ECRED’s net asset values as of September 30, 2026 were $41.1 billion and €2.6 billion, respectively.

Blackstone | 22

SHAREHOLDER DIVIDENDS

§ Generated $1.32 of Distributable Earnings per common share during the quarter, bringing the YTD amount to $4.20 per common share.

§ Blackstone declared a quarterly dividend of $1.12 per common share to record holders as of November 2, 2026; payable on November 9, 2026.

A detailed description of Blackstone’s dividend policy and the definition of Distributable Earnings can be found on pages 36-38, Definitions and Dividend Policy. See additional notes on page 35. Blackstone | 23

SHARE SUMMARY

§ Distributable Earnings Shares Outstanding as of quarter end of 1,243 million shares.

• Repurchased 0.2 million common shares in the quarter and 0.8 million common shares over the LTM.
• Available authorization remaining was $1.6 billion at September 30, 2026.

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

Reconciliations and Disclosures

Blackstone | 25

BLACKSTONE’S THIRD QUARTER 2026 GAAP CONSOLIDATED STATEMENTS OF OPERATIONS

Blackstone | 26

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

Notes on pages 28-29. Blackstone | 27

RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES

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

(a) This adjustment removes Transaction-Related and Non-Recurring Items, which are excluded from Blackstone’s segment presentation. Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering, and non-recurring gains

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

(c) This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds and the removal of amounts associated with the ownership of Blackstone consolidated opera

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

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

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

Blackstone | 28

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

(j) Taxes represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and adjusted for impacts of divestitures and tax contingencies. For interim periods, taxes are calculated using the preferred ann

(k) This adjustment removes Interest and Dividend Revenue less Interest Expense on a segment basis. The Segment Adjustment represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest e

Blackstone | 29

BLACKSTONE’S THIRD QUARTER 2026 GAAP CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

See page 31, Reconciliation of GAAP to Non-GAAP Balance Sheet Measures. Blackstone | 30

RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES

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

(b) Represents GAAP accrued performance revenue recorded within Due from Affiliates.

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

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

(e) This adjustment adds other assets related to Treasury Operations that are recorded within Accounts Receivable, Other Assets and Due from Affiliates.