Exhibit 99.1 Blackstone Reports Third Quarter 2026 Results New York, October 22,
Exhibit 99.1 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 Christine Anderson Blackstone Tel: +1 (212) 583-5231 Tel: +1 (212) 583-5182 tucker@blackstone.com 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 Blackstone | 1 Policy, for definitions of terms used throughout this presentation. NCI means non-controlling interests.
–FRE was $6.4 billion over the last twelve months (“LTM”) Financial Measures ($5.20/share) –DE was $7.7 billion over the LTM ($5.95/share) Capital Metrics –Fee-Earning AUM of $989.7 billion –Perpetual Capital AUM of $562.3 billion Capital Returned –Dividends of $5.06 per common share over the LTM to Shareholders
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 Blackstone | 3 period Participating Common Shares outstanding. YTD FRE per Share and DE per Common Share amounts represent the sum of the last three quarters. See pages 32-33 for the Reconciliation of GAAP to Total Segments.
Realized distributions across strategies led to lower Net Accrued § Performance Revenues quarter-over-quarter of $7.3 billion ($5.84/share).
3Q’26 3Q’26 LTM Real Estate Opportunistic (3.2 )% (4.0 )% Core+ 1.6 % 4.3 % Private Equity Corporate Private Equity 2.8 % 14.7 % Tactical Opportunities 2.2 % 8.9 % Secondaries 4.3 % 9.3 % Infrastructure 6.4 % 28.9 % Credit & Insurance Private Credit 2.6 % 6.7 % Liquid Credit 1.5 % 3.7 % Multi-Asset Investing Absolute Return Composite 0.5 % 12.8 %
Investment Performance represents fund appreciation for Real Estate and Private Equity and gross returns for Credit & Insurance and Multi-Asset Investing. Secondaries appreciation excludes GP Stakes. Private Credit net returns were 1.8% and 3.9% for 3Q’26 and 3Q’26 LTM, respectively. Liquid Credit net returns were 1.4% and Blackstone | 4 3.2% for 3Q’26 and 3Q’26 LTM, respectively. Absolute Return Composite net returns were 0.3% and 11.5% for 3Q’26 and 3Q’26 LTM, respectively. See notes on page 34 for additional details on these strategies and our investment performance.
§ Inflows were $63.3 billion in the quarter, bringing LTM inflows to $271.6 billion.
– 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 Blackstone | 5 capital metrics are reported in the segment where the assets are managed.
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.
– 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 Blackstone | 6 3Q’26, respectively.
§ Invested Performance Eligible AUM reached $662.8 billion at quarter end, up 8% year-over-year.
Invested Performance Eligible AUM represents the fair value of invested assets that are eligible to Blackstone | 7 earn performance revenues.
§ 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.
§ 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.
§ 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.
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.
§ 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.
§ 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.
Inflows include contributions, capital raised, other increases in available capital (recallable capital and increased side-by-side commitments), purchases, inter-segment allocations and acquisitions. Outflows represent redemptions, client withdrawals and decreases in available capital (expired capital, expense drawdowns and decreased side-by-side commitments). Realizations represent Blackstone | 16 realization proceeds from the disposition or other monetization of assets, current income or capital returned to investors from CLOs. Market Activity includes realized and unrealized gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations. AUM is reported in the segment where the assets are managed.
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 $18.91 per share.
($ in millions) 3Q’26 ─────────────────────────────────────────────────────────── Cash and Cash Equivalents $ 3,038 Corporate Treasury and Other Investments 10,155 GP/Fund Investments 3,061 Net Accrued Performance Revenues 7,263 Cash and Net Investments $ 23,517 Outstanding Debt (at par) 13,076
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 $649 million of Blackstone | 17 illiquid investments. See notes on pages 31 and 35 for additional details on non-GAAP balance sheet measures.
Net Accrued Performance Revenues (“NAPR”) are presented net of performance compensation and exclude Performance Revenues realized but not yet distributed as of the reporting date and clawback amounts, if any, which are Blackstone | 18 disclosed in the 10-K/Q. Real Estate and Private Equity include co-investments, as applicable. Per Share calculations are based on end of period DE Shares Outstanding (see page 24, Share Summary).
The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not meaningful” generally due to the limited time since initial investment. n/a represents “not applicable”. Notes on pages 21-22. BREP – Blackstone Blackstone | 19 Real Estate Partners, BREDS – Blackstone Real Estate Debt Strategies, BCP – Blackstone Capital Partners, BCOM – Blackstone Communications. * Represents funds that are currently in their investment period.
The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not meaningful” generally due to the limited time since initial investment. n/a represents “not Blackstone | 20 applicable”. Notes on pages 21-22. BXG – Blackstone Growth, BXLS – Blackstone Life Sciences. * Represents funds that are currently in their investment period.
INVESTMENT RECORDS AS OF SEPTEMBER 30, 2026 (a)– (CONT’D) Selected Perpetual Capital Strategies (m)
($/€ in thousan… except where noted) Strategy (Incept… Date) Total Net Real Investment Total Return Estate Strategy AUM (n) (o) ────────────────────────────────────────────────────────────────────────────── BPP - Blackst… Property Core+ Partners Real $ 57,792,821 2 % Platform Estate (Dec 2013) (p) BREIT - Blackst… Real Core+ Estate Real 57,715,461 9 % Income Estate Trust (Jan 2017) BREIT - Core+ Class I Real 9 % Estate BXMT - Blackst… Mortgage Real Trust Estate 5,265,823 3 % (May Debt 2013) (q) Private Equity BXGP - Blackst… GP Minority Stakes GP 9,999,814 12 % (Feb Interests 2014) (r) BIP - Blackst… Infrast… Partners Infrastr… 80,983,780 19 % (Mar 2019) (s) BXINFRA - Blackst… Infrast… Strateg… Infrastr… 7,374,776 16 % Fund Program (Jan 2025) BXINFRA - Class Infrastr… 17 % I BXPE - Blackst… Private Equity Private Strateg… Equity 28,546,620 18 % Fund Program (Jan 2024) BXPE - Private 18 % Class I Equity Credit BXSL - Blackst… Secured U.S. Lending Direct 16,633,800 11 % Fund Lending (Nov 2018) (t) BCRED - Blackst… Private U.S. Credit Direct 93,210,950 9 % Fund Lending (Jan 2021) (u) BCRED - U.S. Class I Direct 9 % Lending ECRED - Blackst… European European Credit Direct € 5,192,601 9 % Fund Lending (Oct 2022) (u) ECRED - European Class I Direct 9 % Lending
Available Capital represents total investable capital commitments, including side-by-side, adjusted for certain (b) expenses and expired or recallable capital and may include leverage, less invested capital. This amount is not reduced by outstanding commitments to investments.
Multiple of Invested Capital (“MOIC”) represents carrying value, before (c) management fees, expenses and Performance Revenues, divided by invested capital.
Unless otherwise indicated, Net Internal Rate of Return (“IRR”) represents the annualized inception to September 30, 2026 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of limited partner cash flows. Initial inception date of cash flows may differ from the Investment (d) Period Beginning Date. ──────────────────────────────────────────────────────────────────────────────
The 12% Realized Net IRR and 12% Total Net IRR exclude investors that (e) 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.
BREP Co-Investment represents co-investment capital raised for various BREP investments. The Net IRR reflected is (f) 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.
Blackstone Core Equity Partners is a core private equity strategy which (h) invests with a more modest risk profile and longer hold period than traditional private equity.
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 (i) do not include the impact of economic and market activities in the current quarter. Realizations are treated as returns of capital until fully recovered and therefore Unrealized and Realized MOICs and Realized Net IRRs are not applicable. Committed Capital and Available Capital are presented as of the current quarter.
European Senior Debt II IRR represents the blended return across the (j) 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 Blackstone | 21 meaningful” generally due to the limited time since initial investment. n/a represents “not applicable”. Notes continue on page 22.
Senior Direct Lending IRR represents the blended return across the (k) 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.
Funds presented represent the flagship credit drawdown funds only. The (l) Total Credit Net IRR is the combined IRR of the credit drawdown funds presented.
Represents the performance for select Perpetual Capital Strategies; strategies excluded consist primarily of (m) (1) investment strategies that have been investing for less than one year, (2) perpetual capital assets managed for certain insurance clients, and (3) investment vehicles where Blackstone does not earn fees.
To the extent AUM is managed by a different business, such AUM is (n) reported in such businesses for the purposes of segment AUM reporting.
Unless otherwise indicated, Total Net Return represents the annualized per share blended return from a fund’s or fund program’s inception date to September 30, 2026, assuming the applicable fund or fund program had a single share class and a single vehicle, as applicable, reinvestment of dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by the applicable fund or fund program. Fund or fund program returns are not representative of the return experienced by any particular vehicle, investor or share class. Functional currency equivalent returns are included when calculating the blended return for funds or fund programs that have share classes that are denominated in a currency other than a fund’s or fund program’s functional currency and that are not hedged. The return methodology of the separate individual share classes presented matches that of the respective fund or fund program and represents the Total Net Return of a respective fund’s or fund program’s largest share class, with performance varying by vehicle and/or share class across a fund or fund (o) program. ──────────────────────────────────────────────────────────────────────────────
BPP represents the aggregate Total AUM and Total Net Return of the BPP Platform, which comprises over 30 fund, co-investment and separately managed account vehicles. It includes certain vehicles managed as part of the BPP Platform but not classified as Perpetual Capital. As of September 30, 2026, these vehicles represented $4.5 billion of Total AUM. Total Net Return represents the annualized IRR on total invested (p) capital from the inception date to September 30, 2026 based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues (but before taxes or withholdings incurred by the limited partners directly or indirectly), and adds back the effect of any tax distributions paid for carried interest already reflected in returns. IRRs are calculated using actual timing of investor cash flows and the initial date of certain cash flows may differ from the inception date.
The BXMT Total Net Return reflects annualized market return of a (q) shareholder invested in BXMT since its inception date, assuming reinvestment of all dividends received during the period.
Blackstone GP Stakes (“BXGP”) represents the aggregate Total AUM and Total Net Return of BSCH I and II funds that invest as part of the Secondaries GP Stakes strategy, which targets minority investments in the general partners of private equity and other private-market alternative asset management firms globally. As of September 30, 2026, including vehicles that are not classified as Perpetual Capital and co-investment vehicles that do not pay fees, BXGP Total AUM was $13.2 (r) billion. Total Net Return represents the annualized IRR on total invested capital from the inception date to September 30, 2026 based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues (but before taxes or withholdings incurred by the limited partners directly or indirectly), and adds back the effect of any tax distributions paid for carried interest already reflected in returns. IRRs are calculated using actual timing of investor cash flows and the initial date of certain cash flows may differ from the inception date.
BIP represents the aggregate Total AUM and Total Net Return of infrastructure-focused funds and co-investment vehicles for institutional investors with a primary focus on the U.S. and Europe. As of September 30, 2026, including co-investment vehicles that do not pay fees, BIP Total AUM was $91.9 billion. Total Net Return represents the annualized IRR on total invested capital from the inception date to September 30, 2026 (s) based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues (but before taxes or withholdings incurred by the limited partners directly or indirectly), and adds back the effect of any tax distributions paid for carried interest already reflected in returns. IRRs are calculated using actual timing of investor cash flows and the initial date of certain cash flows may differ from the inception date.
The BXSL Total AUM and Total Net Return are presented as of June 30, 2026. BXSL Total Net Return reflects the annualized change in NAV per share from the inception date to June 30, 2026, plus distributions per share (assuming dividends and distributions are reinvested in accordance with BXSL’s dividend reinvestment plan) divided by the beginning (t) NAV per share. ──────────────────────────────────────────────────────────────────────────────
For BCRED and ECRED, Total AUM reflects gross asset value plus amounts (u) 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.
§ 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 Blackstone | 23 and Dividend Policy. See additional notes on page 35.
§ 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.
Participating Common Shares and Participating Partnership Units include both issued and Blackstone | 24 outstanding shares and unvested shares that participate in dividends.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES Note: See pages 36-38, Definitions and Dividend Policy.
This adjustment removes Transaction-Related and Non-Recurring Items, which are excluded from Blackstone’s segment presentation. Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering, and non-recurring gains, losses, or other charges, if any. They consist (a) primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreements resulting from a change in tax law or similar event, transaction costs, gains or losses associated with these corporate actions, and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of Blackstone’s operational performance.
This adjustment removes the amortization of transaction-related (b) intangibles, which are excluded from Blackstone’s segment presentation.
This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of (c) Blackstone’s interest in these funds and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.
This adjustment removes Unrealized Performance Revenues on a segment (d) basis. The Segment Adjustment represents the add back of performance revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.
This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders (i) 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.
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 (j) annualized effective tax rate approach. Related Payables represent tax-related payables including the amount payable to holders of the Tax Receivable Agreements based on expected tax savings generated in the current period. Please refer to page 36 for the full definition of Taxes and Related Payables.
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 (k) Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest expense associated with the Tax Receivable Agreements.
BLACKSTONE’S THIRD QUARTER 2026 GAAP CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
See page 31, Reconciliation of GAAP to Non-GAAP Blackstone | 30 Balance Sheet Measures.
This adjustment adds back investments in consolidated Blackstone Funds (a) which have been eliminated in consolidation.
(b) Represents GAAP accrued performance revenue recorded within Due from Affiliates.
Represents Performance Revenues realized but not yet distributed as of (c) the reporting date and are included in Distributable Earnings in the period they are realized.
Represents GAAP accrued performance compensation associated with (d) Accrued Performance Allocations and is recorded within Accrued Compensation and Benefits and Due to Affiliates.
This adjustment adds other assets related to Treasury Operations that (e) are recorded within Accounts Receivable, Other Assets and Due from Affiliates.
This adjustment adds other liabilities related to Treasury Operations (f) that are recorded within Accounts Payable, Accrued Expenses and Other Liabilities.
Deconsolidated Other Investments was $9.5 billion as of September 30, 2026, which was comprised of $8.9 billion of liquid investments and $649 million of illiquid investments. (g) The liquid portion of Other Investments relates to public equity securities and other investments held by Blackstone that can be easily converted to cash and may include securities and investments subject to lock-up periods.
This adjustment removes amounts associated with the ownership of Blackstone consolidated operating partnerships (h) held by non-controlling interests and adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation.
This analysis reconciles the components of Total Segment Distributable Earnings (page 3) to their equivalent GAAP measures, reported on the Consolidated Statements of Operations (page 26). Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles, the expense of equity-based awards and Transaction-Related and Non-Recurring Items.
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 (a) 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 (b) consolidated Blackstone Funds which have been eliminated in consolidation.
Represents the removal of Transaction-Related and Non-Recurring Items (c) that are not recorded in the Total Segment measures.
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 (d) 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.
Fee Related Performance Compensation may include Equity-Based (e) Compensation based on Fee Related Performance Revenues.
Represents (1) the add back of Principal Investment Income, including general partner income, earned from (f) 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 (1) the add back of Interest and Dividend Revenue earned (g) from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest expense associated with the Tax Receivable Agreements.
NOTES Notes to page 4 - Investment Performance and Net Accrued Performance Revenues
The changes in carrying value, fund returns and composite returns § presented throughout this presentation represent those of the applicable Blackstone Funds and not those of Blackstone.
Core+ appreciation represents a weighted average of BREIT’s per share appreciation, BEPIF’s per share appreciation, and BPP’s appreciation § for the period and does not include BXDC. The returns are weighted based on the average of BREIT’s monthly net asset values, BEPIF’s monthly net asset values, and the average of BPP’s net asset value.
Throughout this presentation, Secondaries reflects Strategic Partners and GP Stakes unless otherwise indicated. Results for the Secondaries business refer to the appreciation of the Strategic Partners funds and do not include results for GP Stakes. Strategic Partners results are reported § on a three-month lag from fund financial statements, which generally report underlying investments on a same-quarter basis, if available. As a result, the appreciation presented herein does not include the impact of economic and market activity in the current quarter. Current market activity is expected to affect reported results in upcoming quarters.
Throughout this presentation, Infrastructure refers to our infrastructure-focused funds, including Blackstone Infrastructure Partners’ funds (“BIP”) and Blackstone Infrastructure Strategies Fund Program (“BXINFRA”). AUM, inflows, and related metrics for § Infrastructure refer to BIP and the portion of BXINFRA assets that are managed in Infrastructure. Infrastructure appreciation represents a weighted average of BIP’s appreciation and BXINFRA’s per share appreciation for the period. The returns are weighted based on the average of BIP’s quarterly net asset value and the average of BXINFRA’s monthly net asset values.
Private Credit returns include the Flagship commingled funds across the opportunistic lending, global middle market direct lending funds (including BXSL, BCRED, and ECRED strategies), stressed/distressed strategies, and non-investment grade infrastructure and asset based credit strategies. Separately managed accounts, funds with a limited number of limited partners that are not broadly marketed, inactive investment strategies, unlevered funds within a strategy that has designated levered and unlevered sleeves, and Multi-Asset Credit § strategies are excluded. Liquid Credit returns include CLOs, closed-ended funds, open-ended funds and separately managed accounts. Only fee-earning funds exceeding $100 million of fair value at the beginning of each respective quarter-end are included. Funds in liquidation, funds investing primarily in investment grade corporate credit and asset-based finance are excluded. Blackstone Funds that were contributed to Blackstone Credit as part of Blackstone’s acquisition of Blackstone Credit, formerly known as GSO, in March 2008 and the pre-acquisition date performance for funds and vehicles acquired by Blackstone Credit subsequent to March 2008, are also excluded.
The Absolute Return Composite gross and net returns are based on the Multi-Asset Investing (“BXMA”) Absolute Return Composite, which includes only BXMA-managed commingled and customized multi-manager funds and accounts and does not include BXMA’s liquid solutions group, seeding, multi-strategy, and advisory (non-discretionary) platforms, except for investments by Absolute Return funds directly into those platforms. BXMA-managed funds in § liquidation and, in the case of net returns, non fee-paying assets are also excluded. The funds/accounts that comprise the Absolute Return Composite are not managed within a single fund or account and are managed with different mandates. There is no guarantee that BXMA would have made the same mix of investments in a stand-alone fund/account. The Absolute Return Composite is not an investible product and, as such, the performance of the Absolute Return Composite does not represent the performance of an actual fund or account.
BREIT capital raised includes net offering proceeds raised from a § Delaware statutory trust (“DST”) program to issue and sell beneficial interests in DSTs holding real properties.
BXPE represents the aggregate BXPE fund platform, which comprises both U.S. and non-U.S. vehicles. BXINFRA represents the aggregate BXINFRA § fund platform, which comprises both U.S. and non-U.S. vehicles. BXPE and BXINFRA capital raised include amounts allocated to other strategies. Secondaries appreciation excludes GP Stakes.
GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing, which § were $722 million, $1.8 billion, $352 million, and $150 million, respectively, as of September 30, 2026. Cash and Net Investments per share amounts are calculated using period end DE Shares Outstanding (see page 24, Share Summary).
DE Before Certain Payables represents Distributable Earnings before the deduction for the payable under the Tax Receivable Agreements and tax expense (benefit) of wholly owned subsidiaries. Common shareholders receive § tax benefits from deductions taken by Blackstone’s corporate tax paying subsidiaries and bear responsibility for the deduction from Distributable Earnings of the payable under the Tax Receivable Agreements and certain other tax-related payables.
Per Share calculations are based on end of period Participating Common § Shares (page 24, Share Summary); actual dividends are paid to shareholders as of the applicable record date.
Retained capital is withheld pro rata from common shareholders and § Blackstone Holdings Partnership unitholders. Common shareholders’ share was $160 million for 3Q’26 and $501 million for 3Q’26 YTD.
DEFINITIONS AND DIVIDEND POLICY Blackstone discloses the following operating metrics and financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America (“non-GAAP”) in this presentation:
Segment Distributable Earnings, or “Segment DE”, is Blackstone’s segment profitability measure used to make operating decisions and assess performance across Blackstone’s four segments. Segment DE represents the net realized earnings of Blackstone’s segments and is the sum of Fee Related Earnings and Net Realizations for each segment. Blackstone’s segments § are presented on a basis that deconsolidates Blackstone Funds, eliminates non-controlling ownership interests in Blackstone’s consolidated operating partnerships, removes the amortization of intangible assets and removes Transaction-Related and Non-Recurring Items. Segment DE excludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.
Net Realizations is presented on a segment basis and is the sum of Realized Principal Investment Income and Realized Performance Revenues (which refers to Realized Performance Revenues excluding Fee – Related Performance Revenues), less Realized Performance Compensation (which refers to Realized Performance Compensation excluding Fee Related Performance Compensation and Equity-Based Performance Compensation).
Segment Revenues represent Management and Advisory Fees, Net, Fee – Related Performance Revenues, Realized Performance Revenues and Realized Principal Investment Income.
Distributable Earnings, or “DE”, is derived from Blackstone’s segment reported results. DE is used to assess performance and amounts available for dividends to Blackstone shareholders, including Blackstone personnel and others who are limited § partners of the Blackstone Holdings Partnerships. DE is the sum of Segment DE plus Net Interest and Dividend Income (Loss) less Taxes and Related Payables. DE excludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.
Net Interest and Dividend Income (Loss) is presented on a segment basis – and is equal to Interest and Dividend Revenue less Interest Expense, adjusted for the impact of consolidation of Blackstone Funds, and interest expense associated with the Tax Receivable Agreements.
Taxes and Related Payables represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and including the payable under the Tax Receivable Agreements. Further, the current tax provision utilized when calculating Taxes and Related Payables and DE reflects the benefit of deductions available to the company on certain expense items that are excluded from the underlying calculation of Segment DE and Total Segment Distributable Earnings, such as equity-based compensation charges and certain Transaction-Related and Non-Recurring Items where there is a current tax provision or benefit. The economic assumptions and methodologies that impact the implied income tax – provision are the same as those methodologies and assumptions used in calculating the current income tax provision for Blackstone’s consolidated statements of operations under U.S. GAAP, excluding the impact of divestitures and accrued tax contingency related liabilities or refunds which are reflected when paid or received. The payable under the Tax Receivable Agreements reflects the expected amount of tax savings generated in the period that holders of the Tax Receivable Agreements are entitled to receive in future periods. Management believes that including the amount payable under the Tax Receivable Agreements and utilizing the current income tax provision adjusted as described above when calculating DE is meaningful as it increases comparability between periods and more accurately reflects earnings that are available for distribution to shareholders.
Fee Related Earnings, or “FRE”, is a performance measure used to assess Blackstone’s ability to generate profits from revenues that are measured and received on a recurring basis and not subject to future realization events. FRE equals § management and advisory fees (net of management fee reductions and offsets) plus Fee Related Performance Revenues, less (a) Fee Related Compensation on a segment basis, and (b) Other Operating Expenses. FRE is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.
Fee Related Compensation is presented on a segment basis and refers to the compensation expense, excluding Equity-Based Compensation, directly – related to (a) Management and Advisory Fees, Net and (b) Fee Related Performance Revenues, referred to as Fee Related Performance Compensation.
Fee Related Performance Revenues refers to the realized portion of – Performance Revenues from Perpetual Capital that are (a) measured and received on a recurring basis, and (b) not dependent on realization events from the underlying investments.
Other Operating Expenses is presented on a segment basis and is equal to General, Administrative and Other Expenses, adjusted to (a) remove the Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures, (b) remove certain expenses reimbursed by the Blackstone Funds which are netted against Management – and Advisory Fees, Net in Blackstone’s segment presentation, and (c) give effect to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.
Perpetual Capital refers to the component of assets under management with an indefinite term, that is not in liquidation, and for which there is no requirement to return capital to investors through – redemption requests in the ordinary course of business, except where funded by new capital inflows or where required redemption requests are limited in quantum. Includes co-investment capital with an investor right to convert into Perpetual Capital.
FRE Margin is calculated by dividing Fee Related Earnings by Fee – Related Revenues (defined as the sum of Total Segment Management and Advisory Fees, Net and Fee Related Performance Revenues).
Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization, or “Adjusted EBITDA”, is a supplemental measure used to assess performance derived from Blackstone’s segment results and may be used to assess its ability to service its borrowings. Adjusted EBITDA represents Distributable § Earnings plus the addition of (a) Interest Expense on a segment basis, (b) Taxes and Related Payables, and (c) Depreciation and Amortization. Adjusted EBITDA is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.
§ Performance Revenues collectively refers to: (a) Incentive Fees, and (b) Performance Allocations.
§ Performance Compensation collectively refers to: (a) Incentive Fee Compensation, and (b) Performance Allocations Compensation.
Performance Compensation reflects, pursuant to an ongoing compensation program, an increase in the aggregate Realized Performance Compensation paid to certain of our professionals above the amounts allocable to them based upon the percentage participation in the relevant performance plans previously awarded to them. The expectation is that for the full year 2026, Fee Related Compensation will be decreased by the total amount of additional Performance Compensation awarded for the year. The program, which typically has an impact on individual quarters based on the estimated amounts for the – full year, does not impact Income Before Provision (Benefit) for Taxes and Distributable Earnings for the full year. For 3Q’26 QTD, the increase to Realized Performance Compensation was less than the decrease to Fee Related Compensation, which favorably impacted Distributable Earnings for the current year quarter. For 3Q’26 YTD, 3Q’25 QTD and 3Q’25 YTD, the increase to Realized Performance Compensation was greater than the decrease to Fee Related Compensation, which negatively impacted Distributable Earnings for the current year YTD period and both the prior year quarter and YTD periods.
Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering, and non-recurring gains, losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in § the balance of the Tax Receivable Agreements resulting from a change in tax law or similar event, transaction costs, gains or losses associated with these corporate actions, and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of Blackstone’s operational performance.
Private Wealth AUM refers to the portion of assets under management attributable to the individual investor channel and comprises (a) all Assets Under Management in vehicles or share classes of vehicles, in each case that are primarily targeted to the individual § investor channel (including parallel or related vehicles) and (b) Assets Under Management attributable only to individual investors (including through private wealth distribution agreements) in vehicles that are not primarily targeted to the individual investor channel.
Dividend Policy. Blackstone’s intention is to pay to holders of common stock a quarterly dividend representing approximately 85% of Blackstone Inc.’s share of Distributable Earnings, subject to adjustment by amounts determined by Blackstone’s board of directors to be necessary or appropriate to provide for the conduct of its business, to make appropriate investments in its business and funds, to comply with applicable law, any of its debt instruments or other agreements, or to provide for future cash requirements such as tax-related payments, clawback obligations and dividends to shareholders for any ensuing quarter. The dividend amount could also be adjusted upward in any one quarter. All of the foregoing is subject to the qualification that the declaration and payment of any dividends are at the sole discretion of Blackstone’s board of directors and our board of directors may change our dividend policy at any time, including, without limitation, to reduce such quarterly dividends or even to eliminate such dividends entirely.
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.
Full text with the tables
Exhibit 99.1 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 Christine Anderson Blackstone
Tel: +1 (212) 583-5231 Tel: +1 (212) 583-5182
tucker@blackstone.com 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.
…
…
…
…
…
…
…
… 3Q… 3Q… 3Q… 3Q…
… 3Q… 3Q… YTD YTD LTM LTM
──────────────────────────────────────────────────────────────────────────────
…
…
… $ 2… $ 2… $ 5… $ 6… $ 7… $ 8…
…
…
… 2… 1… 5… 4… 9… 8…
…
… 7… 2… 2… 3… 3… 5…
…
… (… ) 3… 7… 6… 7… 8…
…
…
… 1… 1… 3… 3… 4… 4…
…
…
… 2… 1… (… ) 7… (… ) 7…
… $ 3… $ 3… $ 1… $ 1… $ 1… $ 1…
…
…
…
… 1… 1… 4… 4… 5… 6…
…
…
… 3… 4… 1… 1… 1… 1…
…
…
… 1… 1… 3… 4… 4… 5…
…
… 1… 9… 3… 2… 4… 3…
…
… $ 1… $ 1… $ 5… $ 6… $ 7… $ 8…
…
… $ 1… $ 9… $ 3… $ 3… $ 2… $ 4…
…
…
…
… $ 1… $ 1… $ 4… $ 5… $ 6… $ 8…
…
…
…
… 2… 2… 7… 9… 9… 1…
…
… $ 1… $ 1… $ 4… $ 4… $ 5… $ 6…
…
…
…
… 2… 3… 5… 2… 5… 2…
…
…
…
…
… 5… 6… 2… 2… 2… 3…
…
…
…
…
… $ 6… $ 6… $ 2… $ 2… $ 2… $ 3…
…
…
…
…
…
…
… $ 0… $ 0… $ 2… $ 3… $ 3… $ 4…
…
…
…
…
…
…
…
… $ 0… $ 0… $ 2… $ 3… $ 3… $ 4…
…
…
…
…
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 Blackstone | 1
Policy, for definitions of terms used throughout this
presentation. NCI means non-controlling interests.
BLACKSTONE’S THIRD QUARTER 2026 HIGHLIGHTS
–FRE
was $6.4 billion over the last twelve months (“LTM”)
Financial Measures ($5.20/share)
–DE
was $7.7 billion over the LTM ($5.95/share)
Capital Metrics –Fee-Earning AUM of $989.7 billion
–Perpetual Capital AUM of $562.3 billion
Capital Returned –Dividends of $5.06 per common share over the LTM
to Shareholders
Blackstone | 2
BLACKSTONE’S THIRD QUARTER 2026 SEGMENT EARNINGS
($
in
t… %
e… % C…
p… C… v…
s… v… 3… 3… 3…
d… 3Q… 3… 3… Y… Y… Y…
──────────────────────────────────────────────────────────────────────────────
M…
a…
A… $ 2,… $ 2,… 6% $ 5,… $ 6,… 1…
F…
N…
F…
R… 45… 54… 19% 1,… 1,… 4…
P…
R…
F…
R… (6… ) (7… ) 13% (1… ) (2… ) 1…
C…
O…
O… (3… ) (3… ) 7% (9… ) (1… ) 1…
E…
F…
R… $ 1,… $ 1,… 6% $ 4,… $ 4,… 1…
E…
R…
P… 74… 46… (3… 1,… 1,… 1…
R…
R…
P… (3… ) (1… ) (3… (7… ) (8… ) 1…
C…
R…
P… 62… 52… (1… 20… 11… (…
I…
I…
N… 50… 33… (3… 1,… 1,… 1%
R…
T…
S… $ 1,… $ 1,… (4… $ 5,… $ 6,… 1…
D…
E…
D… $ 1,… $ 1,… (9… $ 4,… $ 5,… 1…
E…
A…
M…
N…
I…
P…
S… $ 0.… $ 0.… 4% $ 2.… $ 3.… 2…
of
C…
S…
B…
F…
p… $ 1.… $ 1.… 5% $ 3.… $ 3.… 1…
S…
DE
p… $ 1.… $ 1.… (1… $ 3.… $ 4.… 1…
C…
S…
T…
S… $ 3,… $ 3,… (3… $ 9,… $ 10… 1…
R…
T…
A… $ 1,… $ 1,… 10% $ 1,… $ 1,… 1…
U…
M…
F…
A… $ 90… $ 98… 9% $ 90… $ 98… 9%
U…
M…
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 Blackstone | 3
period Participating Common Shares outstanding. YTD FRE
per Share and DE per Common Share amounts represent the
sum of the last three quarters. See pages 32-33 for the
Reconciliation of GAAP to Total Segments.
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
($5.84/share).
Investment Performance (appreciation /
gross returns)
3Q’26 3Q’26 LTM
Real Estate
Opportunistic (3.2 )% (4.0 )%
Core+ 1.6 % 4.3 %
Private Equity
Corporate Private Equity 2.8 % 14.7 %
Tactical Opportunities 2.2 % 8.9 %
Secondaries 4.3 % 9.3 %
Infrastructure 6.4 % 28.9 %
Credit & Insurance
Private Credit 2.6 % 6.7 %
Liquid Credit 1.5 % 3.7 %
Multi-Asset Investing
Absolute Return Composite 0.5 % 12.8 %
Net Accrued Performance Revenues ($ in millions)
Investment Performance represents fund appreciation for
Real Estate and Private Equity and gross returns for
Credit & Insurance and Multi-Asset Investing. Secondaries
appreciation excludes GP Stakes. Private Credit net
returns were 1.8% and 3.9% for 3Q’26 and 3Q’26 LTM,
respectively. Liquid Credit net returns were 1.4% and Blackstone | 4
3.2% for 3Q’26 and 3Q’26 LTM, respectively. Absolute
Return Composite net returns were 0.3% and 11.5% for
3Q’26
and 3Q’26 LTM, respectively. See notes on page 34 for
additional details on these strategies and our investment
performance.
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 $147.0 billion over
the LTM.
($ Ca…
in In… 3Q… De… 3Q… Rea… 3Q’…
m… 3Q… LTM 3Q… LTM 3Q’… LTM
──────────────────────────────────────────────────────────────────────────────
R… $ 6,… $ 29… $ 6,… $ 24… $ 6,… $ 29…
E…
O… 712 2,… 1,… 8,… 3,… 11…
C… 3,… 14… 787 3,… 2,… 8,…
D… 2,… 12… 3,… 13… 1,… 9,…
S…
P… 12… 77… 8,… 50… 9,… 46…
E…
C…
P… 4,… 34… 4,… 28… 4,… 24…
E…
T… 1,… 4,… 641 2,… 2,… 7,…
O…
S… 3,… 25… 1,… 13… 1,… 10…
I… 3,… 13… 2,… 6,… 1,… 3,…
C…
& 35… 14… 13… 62… 15… 68…
I…
M… 8,… 21… 1,… 4,… 874 3,…
I…
T… $ 63… $ 27… $ 30… $ 14… $ 33… $ 14…
B…
Corporate Private Equity also includes Life
Sciences, Growth, BTAS, and BXPE. AUM and related Blackstone | 5
capital metrics are reported in the segment where
the assets are managed.
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 Blackstone | 6
3Q’26, respectively.
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 Blackstone | 7
earn performance revenues.
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 $29.3
billion over the LTM.
Appreciation: Opportunistic funds declined (3.2)% in the quarter and
§ (4.0)% over the LTM; Core+ funds appreciated 1.6% in the quarter and
4.3% over the LTM.
%
% Ch…
($ Ch… vs.
in vs. 3Q… 3Q… 3Q…
t… 3Q… 3Q… 3Q… YTD YTD YTD
──────────────────────────────────────────────────────────────────────────────
M…
a…
A… $ 68… $ 62… (9… $ 2,… $ 2,… (3…
F…
N…
F…
R… 12… 16… 29% 25… 55… 12…
P…
R…
F…
R… (1… ) (1… ) 16% (5… ) (6… ) 28%
C…
O…
O… (9… ) (9… ) (1… (2… ) (2… ) 5%
E…
F…
R… $ 54… $ 49… (9… $ 1,… $ 1,… 5%
E…
R…
P… 13… 99… (2… 19… 35… 81%
R…
R…
P… (6… ) (4… ) (2… (1… ) (1… ) 54%
C…
R…
P… 5,… 3,… (2… 8,… 1,… (7…
I…
I…
N… 68… 54… (2… 10… 19… 94%
R…
S…
D… $ 61… $ 55… (1… $ 1,… $ 1,… 11%
E…
S… $ 95… $ 89… (6… $ 2,… $ 2,… 15%
R…
T… $ 32… $ 30… (4… $ 32… $ 30… (4…
A…
F… $ 28… $ 27… (2… $ 28… $ 27… (2…
A…
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 $46.2 billion over the LTM.
§ Appreciation: Corporate Private Equity appreciated 2.8% in the quarter
and 14.7% over the LTM.
Tactical Opportunities appreciated 2.2% in the quarter and 8.9% over
– the LTM; Secondaries appreciated 4.3% in the quarter and 9.3% over the
LTM; Infrastructure appreciated 6.4% in the quarter and 28.9% over the
LTM.
%
% Ch…
($ Ch… vs.
in vs. 3Q… 3Q… 3Q…
t… 3Q… 3Q… 3Q… YTD YTD YTD
──────────────────────────────────────────────────────────────────────────────
M…
a…
A… $ 71… $ 83… 17% $ 2,… $ 2,… 19%
F…
N…
F…
R… 12… 21… 70% 37… 77… 10…
P…
R…
F…
R… (2… ) (2… ) 27% (7… ) (8… ) 28%
C…
O…
O… (1… ) (1… ) 15% (3… ) (3… ) 14%
E…
F…
R… $ 49… $ 61… 26% $ 1,… $ 1,… 39%
E…
R…
P… 55… 28… (4… 1,… 1,… 7%
R…
R…
P… (2… ) (1… ) (5… (5… ) (6… ) 13%
C…
R…
P… 26… 11… (5… 55… 81… 46%
I…
I…
N… 38… 19… (4… 80… 84… 6%
R…
S…
D… $ 87… $ 81… (7… $ 2,… $ 2,… 27%
E…
S… $ 1,… $ 1,… (6… $ 3,… $ 4,… 24%
R…
T… $ 39… $ 46… 18% $ 39… $ 46… 18%
A…
F… $ 23… $ 28… 22% $ 23… $ 28… 22%
A…
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 $68.2 billion over the
LTM.
§ Returns: Private Credit gross return of 2.6% (1.8% net) and Liquid
Credit gross return of 1.5% (1.4% net) in the quarter.
– Private Credit gross return of 6.7% (3.9% net) and Liquid Credit gross
return of 3.7% (3.2% net) over the LTM.
%
% Ch…
($ Ch… vs.
in vs. 3Q… 3Q… 3Q…
t… 3Q… 3Q… 3Q… YTD YTD YTD
──────────────────────────────────────────────────────────────────────────────
M…
a…
A… $ 49… $ 52… 5% $ 1,… $ 1,… 13%
F…
N…
F…
R… 20… 16… (1… 58… 48… (1…
P…
R…
F…
R… (2… ) (2… ) (6… (6… ) (6… ) 5%
C…
O…
O… (1… ) (1… ) 6% (3… ) (3… ) 13%
E…
F…
R… $ 36… $ 36… (1… $ 1,… $ 1,… 2%
E…
R…
P… 40… 58… 46% 21… 14… (3…
R…
R…
P… (2… ) (2… ) 20% (9… ) (6… ) (3…
C…
R…
P… 29… 36… 23% 14… 26… (8…
I…
I…
N… 48… 69… 43% 27… 11… (5…
R…
S…
D… $ 41… $ 43… 4% $ 1,… $ 1,… (1…
E…
S… $ 76… $ 78… 2% $ 2,… $ 2,… (4…
R…
T… $ 43… $ 47… 11% $ 43… $ 47… 11%
A…
F… $ 30… $ 32… 6% $ 30… $ 32… 6%
A…
Blackstone | 12
MULTI-ASSET INVESTING
§ Total AUM: Increased 22% to $113.9 billion with inflows of $8.6 billion
in the quarter and $21.4 billion over the LTM.
Returns: Absolute Return Composite gross return of 0.5% in the quarter
§ (0.3% net), outperforming the HFRX Global Hedge Fund Index, which was
(0.8)%.
– Absolute Return benefited from positive performance across strategies,
including quantitative and credit during the quarter.
Gross return of 12.8% over the LTM (11.5% net), outperforming a 5.4%
– return for the HFRX Global Hedge Fund Index, with significantly less
volatility than the broader markets.
%
% Ch…
($ Ch… vs.
in vs. 3Q… 3Q… 3Q…
t… 3Q… 3Q… 3Q… YTD YTD YTD
──────────────────────────────────────────────────────────────────────────────
M…
a…
A… $ 13… $ 16… 21% $ 39… $ 46… 19%
F…
N…
F…
R… (3… ) (4… ) 23% (1… ) (1… ) 12%
C…
O…
O… (2… ) (2… ) 7% (7… ) (8… ) 10%
E…
F…
R… $ 72… $ 90… 26% $ 19… $ 24… 28%
E…
R…
P… 12… 20… 62% 25… 60… 14…
R…
R…
P… (5… ) (8… ) 40% (1… ) (2… ) 13…
C…
R…
P… 691 890 29% 2,… 2,… 19%
I…
I…
N… 7,… 13… 77% 15… 35… 12…
R…
S…
D… $ 79… $ 10… 31% $ 20… $ 28… 36%
E…
S… $ 15… $ 18… 25% $ 41… $ 53… 27%
R…
T… $ 93… $ 11… 22% $ 93… $ 11… 22%
A…
F… $ 83… $ 10… 24% $ 83… $ 10… 24%
A…
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 capital, expense drawdowns and decreased
side-by-side commitments). Realizations represent Blackstone | 16
realization proceeds from the disposition or other
monetization of assets, current income or
capital returned to investors from CLOs. Market Activity
includes realized and unrealized gains (losses) on
portfolio investments and the impact of foreign exchange
rate fluctuations. AUM is reported in the segment where
the assets are managed.
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 ($3.6 billion undrawn)
and maintains A+/A+ ratings.
($ in millions) 3Q’26
───────────────────────────────────────────────────────────
Cash and Cash Equivalents $ 3,038
Corporate Treasury and Other Investments 10,155
GP/Fund Investments 3,061
Net Accrued Performance Revenues 7,263
Cash and Net Investments $ 23,517
Outstanding Debt (at par) 13,076
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 $649 million of Blackstone | 17
illiquid
investments. See notes on pages 31 and 35 for additional
details on non-GAAP balance sheet measures.
NET ACCRUED PERFORMANCE REVENUES – ADDITIONAL
DETAIL
($ in millions, except per share data)
Real 3Q’26
Estate 3Q’25 2Q’26 3Q’26 Per Share
──────────────────────────────────────────────────────────────────────────────
BREP $ 547 $ 553 $ 521 $ 0.42
Global
BREP 31 81 83 0.07
Europe
BREP Asia 91 114 111 0.09
BPP 57 114 143 0.11
BREDS 38 30 25 0.02
Real $ 763 $ 891 $ 883 $ 0.71
Estate
Private
Equity
BCP 1,843 1,764 1,158 0.93
Global
BCP Asia 309 262 190 0.15
Energy/E… 598 1,052 1,271 1.02
Transiti…
Core
Private 269 256 281 0.23
Equity
Tactical 203 150 156 0.13
Opportun…
Secondar… 1,169 1,148 1,196 0.96
Infrastr… 347 936 1,100 0.88
Life 240 253 270 0.22
Sciences
BTAS 250 262 245 0.20
Private $ 5,228 $ 6,081 $ 5,868 $ 4.72
Equity
Credit & $ 372 $ 252 $ 241 $ 0.19
Insurance
Multi-As… $ 148 $ 243 $ 271 $ 0.22
Investing
Net
Accrued $ 6,511 $ 7,468 $ 7,263 $ 5.84
Performa…
Revenues
3Q’26 QoQ Rollforward ($ in
millions)
Net Net
Perfor… Realized
2Q’26 Revenu… Distrib… 3Q’26
──────────────────────────────────────────────────────────────────────────────
Real $ 891 $ 157 $ (166 ) $ 883
Estate
Private 6,081 112 (325 ) 5,868
Equity
Credit
& 252 141 (153 ) 241
Insura…
Multi-… 243 40 (12 ) 271
Invest…
Total $ 7,468 $ 451 $ (655 ) $ 7,263
QoQ (3)%
Change
3Q’26 LTM Rollforward ($ in
millions)
Net Net
Perf… Reali…
3Q’25 Reve… Distr… 3Q’26
──────────────────────────────────────────────────────────────────────────────
Real $ 763 $ 1,013 $ (893 ) $ 883
Esta…
Priv… 5,228 2,288 (1,6… ) 5,868
Equi…
Cred…
& 372 542 (673 ) 241
Insu…
Mult… 148 539 (416 ) 271
Inve…
Total $ 6,511 $ 4,382 $ (3,6… ) $ 7,263
YoY 12 %
Chan…
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 Blackstone | 18
disclosed in the 10-K/Q. Real Estate and Private Equity
include co-investments, as applicable. Per Share
calculations are based on end of period DE Shares
Outstanding (see page 24, Share Summary).
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 Blackstone | 19
Real Estate Partners, BREDS – Blackstone Real Estate
Debt Strategies,
BCP –
Blackstone Capital Partners, BCOM – Blackstone
Communications. * Represents funds that are currently in
their investment period.
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 Blackstone | 20
applicable”. Notes on pages 21-22. BXG
– Blackstone Growth, BXLS – Blackstone Life Sciences. *
Represents funds that are currently in their investment
period.
INVESTMENT RECORDS AS OF SEPTEMBER 30, 2026 (a)– (CONT’D) Selected Perpetual
Capital Strategies (m)
($/€ in
thousan…
except
where
noted)
Strategy
(Incept…
Date) Total Net
Real Investment Total Return
Estate Strategy AUM (n) (o)
──────────────────────────────────────────────────────────────────────────────
BPP -
Blackst…
Property Core+
Partners Real $ 57,792,821 2 %
Platform Estate
(Dec
2013)
(p)
BREIT -
Blackst…
Real Core+
Estate Real 57,715,461 9 %
Income Estate
Trust
(Jan
2017)
BREIT - Core+
Class I Real 9 %
Estate
BXMT -
Blackst…
Mortgage Real
Trust Estate 5,265,823 3 %
(May Debt
2013)
(q)
Private
Equity
BXGP -
Blackst…
GP Minority
Stakes GP 9,999,814 12 %
(Feb Interests
2014)
(r)
BIP -
Blackst…
Infrast…
Partners Infrastr… 80,983,780 19 %
(Mar
2019)
(s)
BXINFRA
-
Blackst…
Infrast…
Strateg… Infrastr… 7,374,776 16 %
Fund
Program
(Jan
2025)
BXINFRA
- Class Infrastr… 17 %
I
BXPE -
Blackst…
Private
Equity Private
Strateg… Equity 28,546,620 18 %
Fund
Program
(Jan
2024)
BXPE - Private 18 %
Class I Equity
Credit
BXSL -
Blackst…
Secured U.S.
Lending Direct 16,633,800 11 %
Fund Lending
(Nov
2018)
(t)
BCRED -
Blackst…
Private U.S.
Credit Direct 93,210,950 9 %
Fund Lending
(Jan
2021)
(u)
BCRED - U.S.
Class I Direct 9 %
Lending
ECRED -
Blackst…
European European
Credit Direct € 5,192,601 9 %
Fund Lending
(Oct
2022)
(u)
ECRED - European
Class I Direct 9 %
Lending
Investment Records as of September 30, 2026 - Notes
(a) Excludes investment vehicles where Blackstone does not earn fees.
Available Capital represents total investable capital commitments,
including side-by-side, adjusted for certain
(b) expenses and expired or recallable capital and may include leverage,
less invested capital. This amount is not reduced by outstanding
commitments to investments.
Multiple of Invested Capital (“MOIC”) represents carrying value, before
(c) management fees, expenses and
Performance Revenues, divided by invested capital.
Unless otherwise indicated, Net Internal Rate of Return (“IRR”)
represents the annualized inception to
September 30, 2026 IRR on total invested capital based on realized
proceeds and unrealized value, as applicable, after management fees,
expenses and Performance Revenues. IRRs are calculated using actual
timing of limited partner cash flows.
Initial inception date of cash flows may differ from the Investment
(d) Period Beginning Date.
──────────────────────────────────────────────────────────────────────────────
The 12% Realized Net IRR and 12% Total Net IRR exclude investors that
(e) 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.
BREP Co-Investment represents co-investment capital raised for various
BREP investments. The Net IRR reflected is
(f) 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.
Blackstone Core Equity Partners is a core private equity strategy which
(h) invests with a more modest risk profile and
longer hold period than traditional private equity.
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
(i) do not include the impact of economic and market activities in the
current quarter. Realizations are treated as returns of capital until
fully recovered and therefore Unrealized
and Realized MOICs and Realized Net IRRs are not applicable. Committed
Capital and Available Capital are presented as of the current quarter.
European Senior Debt II IRR represents the blended return across the
(j) 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 Blackstone | 21
meaningful” generally due to the limited time since
initial investment. n/a represents “not applicable”.
Notes continue on page 22.
INVESTMENT RECORDS AS OF SEPTEMBER 30, 2026 (a)– (CONT’D)
Senior Direct Lending IRR represents the blended return across the
(k) 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.
Funds presented represent the flagship credit drawdown funds only. The
(l) Total Credit Net IRR is the combined IRR of
the credit drawdown funds presented.
Represents the performance for select Perpetual Capital Strategies;
strategies excluded consist primarily of
(m) (1) investment strategies that have been investing for less than one
year, (2) perpetual capital assets managed for certain insurance
clients, and (3) investment vehicles where Blackstone does not earn
fees.
To the extent AUM is managed by a different business, such AUM is
(n) reported in such businesses for the purposes of
segment AUM reporting.
Unless otherwise indicated, Total Net Return represents the annualized
per share blended return from a fund’s
or fund program’s inception date to September 30, 2026, assuming the
applicable fund or fund program had a single share class and a single
vehicle, as applicable, reinvestment of dividends received during the
period, and no upfront
selling commission, net of all fees and expenses incurred by the
applicable fund or fund program. Fund or fund program returns are not
representative of the return experienced by any particular vehicle,
investor or share class. Functional currency
equivalent returns are included when calculating the blended return for
funds or fund programs that have share classes that are denominated in
a currency other than a fund’s or fund program’s functional currency
and that are not hedged.
The return methodology of the separate individual share classes
presented matches that of the respective fund or fund program and
represents the Total Net Return of a respective fund’s or fund
program’s largest share class, with
performance varying by vehicle and/or share class across a fund or fund
(o) program.
──────────────────────────────────────────────────────────────────────────────
BPP represents the aggregate Total AUM and Total Net Return of the BPP
Platform, which comprises over 30 fund,
co-investment and separately managed account vehicles. It includes
certain vehicles managed as part of the BPP Platform but not classified
as Perpetual Capital. As of September 30, 2026, these vehicles
represented $4.5 billion of Total AUM.
Total Net Return represents the annualized IRR on total invested
(p) capital from the inception date to September 30, 2026 based on realized
proceeds and unrealized value, as applicable, after management fees,
expenses and Performance Revenues (but
before taxes or withholdings incurred by the limited partners directly
or indirectly), and adds back the effect of any tax distributions paid
for carried interest already reflected in returns. IRRs are calculated
using actual timing of investor cash
flows and the initial date of certain cash flows may differ from the
inception date.
The BXMT Total Net Return reflects annualized market return of a
(q) shareholder invested in BXMT since its inception
date, assuming reinvestment of all dividends received during the
period.
Blackstone GP Stakes (“BXGP”) represents the aggregate Total AUM and
Total Net Return of BSCH I and II
funds that invest as part of the Secondaries GP Stakes strategy, which
targets minority investments in the general partners of private equity
and other private-market alternative asset management firms globally.
As of September 30, 2026,
including vehicles that are not classified as Perpetual Capital and
co-investment vehicles that do not pay fees, BXGP Total AUM was $13.2
(r) billion. Total Net Return represents the annualized IRR on total
invested capital from the inception date to
September 30, 2026 based on realized proceeds and unrealized value, as
applicable, after management fees, expenses and Performance Revenues
(but before taxes or withholdings incurred by the limited partners
directly or indirectly), and adds
back the effect of any tax distributions paid for carried interest
already reflected in returns. IRRs are calculated using actual timing
of investor cash flows and the initial date of certain cash flows may
differ from the inception date.
BIP represents the aggregate Total AUM and Total Net Return of
infrastructure-focused funds and co-investment
vehicles for institutional investors with a primary focus on the U.S.
and Europe. As of September 30, 2026, including co-investment vehicles
that do not pay fees, BIP Total AUM was $91.9 billion. Total Net Return
represents the annualized IRR
on total invested capital from the inception date to September 30, 2026
(s) based on realized proceeds and unrealized value, as applicable, after
management fees, expenses and Performance Revenues (but before taxes or
withholdings incurred by the
limited partners directly or indirectly), and adds back the effect of
any tax distributions paid for carried interest already reflected in
returns. IRRs are calculated using actual timing of investor cash flows
and the initial date of certain cash
flows may differ from the inception date.
The BXSL Total AUM and Total Net Return are presented as of June 30,
2026. BXSL Total Net Return reflects the
annualized change in NAV per share from the inception date to June 30,
2026, plus distributions per share (assuming dividends and
distributions are reinvested in accordance with BXSL’s dividend
reinvestment plan) divided by the beginning
(t) NAV per share.
──────────────────────────────────────────────────────────────────────────────
For BCRED and ECRED, Total AUM reflects gross asset value plus amounts
(u) 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 Blackstone | 23
and Dividend Policy. See additional notes on page
35.
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.
3Q’… 4Q’… 1Q’26 2Q’26 3Q’26
Pa…
Co… 782… 783… 785… 799… 799…
Sh…
Pa…
Pa… 446… 445… 444… 443… 443…
Un…
Di…
Ea… 1,2… 1,2… 1,2… 1,2… 1,2…
Sh…
Ou…
Participating Common Shares and Participating
Partnership Units include both issued and Blackstone | 24
outstanding shares and unvested shares that
participate in dividends.
Reconciliations and Disclosures
Blackstone | 25
BLACKSTONE’S THIRD QUARTER 2026 GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
…
…
…
…
…
…
…
… 3… 3Q… 3Q… 3Q…
… 3… 3… Y… YTD LTM LTM
──────────────────────────────────────────────────────────────────────────────
…
…
… $ 2… $ 2… $ 5… $ 6… $ 7… $ 8…
…
…
… 2… 1… 5… 4… 9… 8…
…
…
…
…
…
… 9… 8… 2… 3… 4… 4…
… (… ) (… ) 3… 2… (… ) 5…
…
…
… 1… 1… 4… 3… 5… 6…
… (… ) 2… 2… 2… 2… 2…
…
… 6… 5… 3… 4… 4… 5…
…
…
… 1… 1… 3… 3… 4… 4…
…
…
… 2… 1… (… ) 7… (… ) 7…
… $ 3… $ 3… $ 1… $ 1… $ 1… $ 1…
…
…
…
…
…
… 8… 9… 2… 3… 3… 3…
…
… 6… 4… 1… 1… 3… 2…
…
…
…
…
… 3… 3… 9… 1… 1… 1…
… (… ) (… ) 2… 1… (… ) 2…
…
… 1… 1… 4… 4… 5… 6…
…
…
…
… 3… 4… 1… 1… 1… 1…
…
…
… 1… 1… 3… 4… 4… 5…
…
… 1… 9… 3… 2… 4… 3…
…
… $ 1… $ 1… $ 5… $ 6… $ 7… $ 8…
…
…
…
…
…
… - - - - (… ) 6…
…
…
…
…
…
… 1… 9… 3… 3… 3… 4…
…
…
…
…
… $ 1… $ 9… $ 3… $ 3… $ 2… $ 4…
…
…
…
… $ 1… $ 1… $ 4… $ 5… $ 6… $ 8…
…
…
…
… 2… 2… 7… 9… 9… 1…
…
… $ 1… $ 1… $ 4… $ 4… $ 5… $ 6…
…
…
…
…
…
… 2… 3… 5… 2… 5… 2…
…
…
…
…
…
…
…
…
…
… 1… 1… 4… 3… 5… 5…
…
…
…
…
…
…
…
…
… 4… 4… 1… 1… 2… 2…
…
…
…
…
…
…
… $ 6… $ 6… $ 2… $ 2… $ 2… $ 3…
…
…
…
…
…
…
… $ 0… $ 0… $ 2… $ 3… $ 3… $ 4…
…
…
…
…
…
…
…
… $ 0… $ 0… $ 2… $ 3… $ 3… $ 4…
…
…
…
…
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.
This adjustment removes Transaction-Related and Non-Recurring Items,
which are excluded from Blackstone’s
segment presentation. Transaction-Related and Non-Recurring Items arise
from corporate actions including acquisitions, divestitures,
Blackstone’s initial public offering, and non-recurring gains, losses,
or other charges, if any. They consist
(a) primarily of equity-based compensation charges, gains and losses on
contingent consideration arrangements, changes in the balance of the
Tax Receivable Agreements resulting from a change in tax law or similar
event, transaction costs, gains or
losses associated with these corporate actions, and non-recurring
gains, losses or other charges that affect period-to-period
comparability and are not reflective of Blackstone’s operational
performance.
This adjustment removes the amortization of transaction-related
(b) intangibles, which are excluded from
Blackstone’s segment presentation.
This adjustment reverses the effect of consolidating Blackstone Funds,
which are excluded from Blackstone’s
segment presentation. This adjustment includes the elimination of
(c) Blackstone’s interest in these funds and the removal of amounts
associated with the ownership of Blackstone consolidated operating
partnerships held by non-controlling
interests.
This adjustment removes Unrealized Performance Revenues on a segment
(d) 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.
This adjustment adds an amount equal to an administrative fee collected
on a quarterly basis from certain holders
(i) 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.
Blackstone | 28
RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES (CONT’D)
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
(j) annualized effective tax rate approach. Related
Payables represent tax-related payables including the amount payable to
holders of the Tax Receivable Agreements based on expected tax savings
generated in the current period. Please refer to page 36 for the full
definition of Taxes and Related
Payables.
… … …
… … … … … … … … …
──────────────────────────────────────────────────────────────────────────────
$ … $ … $ … $ … $ … $ 3… $ 5… $ 5… $ 7…
… … … … … 8… 8… 1… 1…
$ … $ … $ … $ … $ … $ 4… $ 6… $ 7… $ 8…
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
(k) Dividend Revenue earned from consolidated Blackstone Funds which have
been eliminated in consolidation, and (2) the removal of interest
expense associated with the Tax
Receivable Agreements.
…
…
──────────────────────────────────────────────────────────────────────────────
… $ …
… …
… $ …
… $ …
) … ) …
… $ …
) … $ ) …
(l)
Th…
ad…
re…
the
to…
se…
am…
of
Re…
Pe…
Re…
(m)
Th…
ad…
re…
the
to…
se…
am…
of
Re…
Pe…
Co…
(n)
Th…
ad…
re…
the
to…
se…
am…
of
Re…
Pr…
In…
In…
(o)
Th…
ad…
ad…
ba…
In…
Ex…
on
a
se…
ba…
ex…
in…
ex…
re…
to
the
Tax
Re…
Ag…
(p)
Th…
ad…
ad…
ba…
De…
and
Am…
on
a
se…
ba…
Re…
of
GA…
Sh…
of
Co…
St…
Ou…
to
Di…
Ea…
Sh…
Ou…
QTD
3Q’… 4Q’… 1Q’26 2Q’26 3Q’26
GA…
Sh…
of 747… 748… 751… 752… 760…
Co…
St…
Ou…
Un…
Pa… 34,… 34,… 33,… 47,… 39,…
Co…
Sh…
To…
Pa… 782… 783… 785… 799… 799…
Co…
Sh…
Pa…
Pa… 446… 445… 444… 443… 443…
Un…
Di…
Ea… 1,2… 1,2… 1,2… 1,2… 1,2…
Sh…
Ou…
… … …
… … … … … … … … …
… … … … … 7… 7… 7… 7…
… … … … … 2… 4… 1… 3…
… … … … … 7… 7… 7… 7…
Blackstone | 29
BLACKSTONE’S THIRD QUARTER 2026 GAAP CONDENSED CONSOLIDATED STATEMENTS OF
FINANCIAL CONDITION
($
in
t…
(…
A… 3Q… 4Q… 1Q… 2Q… 3Q…
──────────────────────────────────────────────────────────────────────────────
C…
a… $ 2,… $ 2,… $ 2,… $ 2,… $ 3…
C…
E…
C…
H…
by
B… 40… 22… 26… 26… 2…
F…
a…
O…
I… 31… 32… 32… 34… 3…
A… 54… 29… 57… 69… 4…
R…
D…
f… 5,… 6,… 6,… 6,… 6…
A…
I…
A… 14… 13… 12… 11… 1…
N…
G… 1,… 1,… 1,… 1,… 1…
O… 90… 1,… 1,… 99… 1…
A…
R… 77… 75… 78… 74… 7…
A…
D…
T… 2,… 2,… 2,… 1,… 1…
A…
T… $ 46… $ 47… $ 48… $ 49… $ 4…
A…
L…
a…
E…
L… $ 12… $ 12… $ 13… $ 13… $ 1…
P…
D…
to 3,… 3,… 3,… 3,… 3…
A…
A…
C… 6,… 6,… 6,… 6,… 7…
a…
B…
O…
L… 88… 86… 88… 83… 7…
L…
A…
P…
A…
E… 2,… 2,… 3,… 3,… 3…
a…
O…
L…
T… 25… 25… 26… 27… 2…
L…
R…
N…
I… 1,… 1,… 1,… 1,… 1…
in
C…
E…
E…
C…
S…
$…
p…
v…
(…
s…
i… 7 7 7 7 7
a…
o…
as
of
S…
3…
2…
S…
I
P…
S…
$…
p…
v…
(1
s… - - - - -
i…
a…
o…
as
of
S…
3…
2…
S…
II
P…
S…
$…
p…
v…
(1
s… - - - - -
i…
a…
o…
as
of
S…
3…
2…
A… 8,… 8,… 8,… 9,… 9…
P…
R…
E… 18… 19… (3… ) (1… ) (… )
(…
A…
O…
C… (5… ) (6… ) (1… ) (1… ) (… )
I…
(…
N…
I…
in 7,… 7,… 7,… 7,… 5…
C…
E…
N…
I…
in 4,… 4,… 4,… 4,… 4…
B…
H…
T… 19… 20… 20… 21… 1…
E…
T…
L… $ 46… $ 47… $ 48… $ 49… $ 4…
a…
E…
See page 31, Reconciliation of GAAP to Non-GAAP Blackstone | 30
Balance Sheet Measures.
RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES
($
in
t… 3Q… 4Q… 1Q… 2Q… 3Q…
──────────────────────────────────────────────────────────────────────────────
I…
of
C… $ 5,… $ 5,… $ 5,… $ 5,… $ 4…
B…
F…
E…
M…
I…
P… 6,… 6,… 6,… 6,… 6…
I…
A…
P… 11… 12… 13… 13… 1…
A…
C…
T… 26… 35… 16… 40… 1…
I…
O… 6,… 7,… 7,… 8,… 8…
I…
T…
G… 31… 32… 32… 34… 3…
I…
A…
P…
A… $ 11… $ 12… $ 13… $ 13… $ 1…
-
G…
I…
of - - - - -
C…
(…
D…
f…
A… 21… 57… 20… 16… 2…
-
G…
(…
L…
N…
R… (3… ) (1… ) (6… ) (5… ) (… )
P…
R…
(…
L…
A…
P…
C… (5… ) (5… ) (5… ) (6… ) (… )
-
G…
(…
N…
A… $ 6,… $ 6,… $ 6,… $ 7,… $ 7…
P…
R…
C…
T…
a…
O… $ 7,… $ 7,… $ 7,… $ 8,… $ 9…
I…
-
G…
I…
of 93… 75… 72… 67… 9…
C…
(…
O…
A… 56… 40… 56… 49… 2…
(…
O…
L… (3… ) (3… ) (3… ) (3… ) (… )
(…
C…
T…
a…
O… $ 8,… $ 8,… $ 8,… $ 9,… $ 1…
I…
-
D…
(…
P…
I… $ 6,… $ 6,… $ 6,… $ 6,… $ 6…
-
G…
I…
of (3… ) (3… ) (3… ) (3… ) (… )
C…
(…
G…
I… $ 3,… $ 2,… $ 2,… $ 2,… $ 3…
-
D…
L…
P… $ 12… $ 12… $ 13… $ 13… $ 1…
-
G…
I…
of (3… ) (1… ) (9… ) (1… ) (… )
C…
(…
O…
D…
- 11… 12… 13… 13… 1…
C…
V…
U… 12… 12… 12… 12… 1…
D…
O…
D…
(… $ 11… $ 12… $ 13… $ 13… $ 1…
p…
-
D…
This adjustment adds back investments in consolidated Blackstone Funds
(a) which have been eliminated in
consolidation.
(b) Represents GAAP accrued performance revenue recorded within Due from
Affiliates.
Represents Performance Revenues realized but not yet distributed as of
(c) the reporting date and are included in
Distributable Earnings in the period they are realized.
Represents GAAP accrued performance compensation associated with
(d) Accrued Performance Allocations and is recorded
within Accrued Compensation and Benefits and Due to Affiliates.
This adjustment adds other assets related to Treasury Operations that
(e) are recorded within Accounts Receivable,
Other Assets and Due from Affiliates.
This adjustment adds other liabilities related to Treasury Operations
(f) that are recorded within Accounts Payable,
Accrued Expenses and Other Liabilities.
Deconsolidated Other Investments was $9.5 billion as of September 30,
2026, which was comprised of $8.9
billion of liquid investments and $649 million of illiquid investments.
(g) The liquid portion of Other Investments relates to public equity
securities and other investments held by Blackstone that can be easily
converted to cash and may include
securities and investments subject to lock-up periods.
This adjustment removes amounts associated with the ownership of
Blackstone consolidated operating partnerships
(h) held by non-controlling interests and adds back investments in
consolidated Blackstone Funds which have been eliminated in
consolidation.
(i) This adjustment removes amounts related to consolidated Blackstone
Funds.
Blackstone | 31
RECONCILIATION OF GAAP TO TOTAL SEGMENTS
…
…
──────────────────────────────────────────────────────────────────────────────
… $ …
) … ) …
… $ …
… …
… …
… $ …
) … ) …
… …
… $ …
… …
… …
… …
… $ …
) … ) …
) … ) …
) … ) …
) … ) …
… $ …
… $ …
) … ) …
… $ …
… …
… …
… $ …
) … ) …
… …
… $ …
Blackstone | 32
RECONCILIATION OF GAAP TO TOTAL SEGMENTS – (CONT’D)
…
…
──────────────────────────────────────────────────────────────────────────────
… $ …
… …
… $ …
) … ) …
) … ) …
… $ …
… $ …
) … ) …
… $ …
… …
) … ) …
) … $ ) …
… …
) … $ ) …
This analysis reconciles the components of Total Segment Distributable
Earnings (page 3) to their equivalent GAAP measures, reported on the
Consolidated Statements of Operations (page 26). Segment basis presents
revenues and expenses on a basis that deconsolidates the investment funds
Blackstone manages and excludes the amortization of intangibles, the expense
of equity-based awards and Transaction-Related and Non-Recurring Items.
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
(a) 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
(b) consolidated Blackstone Funds which have been
eliminated in consolidation.
Represents the removal of Transaction-Related and Non-Recurring Items
(c) that are not recorded in the Total Segment
measures.
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
(d) 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.
Fee Related Performance Compensation may include Equity-Based
(e) Compensation based on Fee Related Performance
Revenues.
Represents (1) the add back of Principal Investment Income, including
general partner income, earned from
(f) 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 (1) the add back of Interest and Dividend Revenue earned
(g) from consolidated Blackstone Funds which
have been eliminated in consolidation, and (2) the removal of interest
expense associated with the Tax Receivable Agreements.
Blackstone | 33
NOTES Notes to page 4 - Investment Performance and Net Accrued Performance
Revenues
The changes in carrying value, fund returns and composite returns
§ presented throughout this presentation represent those of the
applicable Blackstone Funds and not those of Blackstone.
Core+ appreciation represents a weighted average of BREIT’s per share
appreciation, BEPIF’s per share appreciation, and BPP’s appreciation
§ for the period and does not include BXDC. The returns are
weighted based on the average of BREIT’s monthly net asset values,
BEPIF’s monthly net asset values, and the average of BPP’s net asset
value.
Throughout this presentation, Secondaries reflects Strategic Partners
and GP Stakes unless otherwise indicated. Results for the Secondaries
business refer to the appreciation of the Strategic Partners funds and
do not
include results for GP Stakes. Strategic Partners results are reported
§ on a three-month lag from fund financial statements, which generally
report underlying investments on a same-quarter basis, if available. As
a result, the appreciation presented
herein does not include the impact of economic and market activity in
the current quarter. Current market activity is expected to affect
reported results in upcoming quarters.
Throughout this presentation, Infrastructure refers to our
infrastructure-focused funds, including Blackstone Infrastructure
Partners’ funds (“BIP”) and Blackstone Infrastructure Strategies Fund
Program (“BXINFRA”). AUM, inflows, and related metrics for
§ Infrastructure refer to BIP and the portion of BXINFRA assets that are
managed in Infrastructure. Infrastructure appreciation represents a
weighted average of BIP’s
appreciation and BXINFRA’s per share appreciation for the period. The
returns are weighted based on the average of BIP’s quarterly net asset
value and the average of BXINFRA’s monthly net asset values.
Private Credit returns include the Flagship commingled funds across the
opportunistic lending, global middle market direct lending funds
(including BXSL, BCRED, and ECRED strategies), stressed/distressed
strategies, and
non-investment grade infrastructure and asset based credit strategies.
Separately managed accounts, funds with a limited number of limited
partners that are not broadly marketed, inactive investment strategies,
unlevered funds within a strategy that
has designated levered and unlevered sleeves, and Multi-Asset Credit
§ strategies are excluded. Liquid Credit returns include CLOs,
closed-ended funds, open-ended funds and separately managed accounts.
Only fee-earning funds exceeding $100 million of
fair value at the beginning of each respective quarter-end are
included. Funds in liquidation, funds investing primarily in investment
grade corporate credit and asset-based finance are excluded. Blackstone
Funds that were contributed to Blackstone
Credit as part of Blackstone’s acquisition of Blackstone Credit,
formerly known as GSO, in March 2008 and the pre-acquisition date
performance for funds and vehicles acquired by Blackstone Credit
subsequent to March 2008, are also excluded.
The Absolute Return Composite gross and net returns are based on the
Multi-Asset Investing (“BXMA”) Absolute Return Composite, which
includes only BXMA-managed commingled and customized multi-manager
funds
and accounts and does not include BXMA’s liquid solutions group,
seeding, multi-strategy, and advisory (non-discretionary) platforms,
except for investments by Absolute Return funds directly into those
platforms. BXMA-managed funds in
§ liquidation and, in the case of net returns, non fee-paying assets are
also excluded. The funds/accounts that comprise the Absolute Return
Composite are not managed within a single fund or account and are
managed with different mandates. There is no
guarantee that BXMA would have made the same mix of investments in a
stand-alone fund/account. The Absolute Return Composite is not an
investible product and, as such, the performance of the Absolute Return
Composite does not represent the
performance of an actual fund or account.
Notes to page 10 – Real Estate Segment Highlights
BREIT capital raised includes net offering proceeds raised from a
§ Delaware statutory trust (“DST”) program to issue and sell beneficial
interests in DSTs holding real properties.
Blackstone | 34
NOTES – (CONT’D) Notes to page 11 – Private Equity Segment Highlights
BXPE represents the aggregate BXPE fund platform, which comprises both
U.S. and non-U.S. vehicles. BXINFRA represents the aggregate BXINFRA
§ fund platform, which comprises both U.S. and non-U.S. vehicles. BXPE
and
BXINFRA capital raised include amounts allocated to other strategies.
Secondaries appreciation excludes GP Stakes.
Notes to page 17 – Deconsolidated Balance Sheet Highlights
GP/Fund Investments include Blackstone investments in Real Estate,
Private Equity, Credit & Insurance, and Multi-Asset Investing, which
§ were $722 million, $1.8 billion, $352 million, and $150 million,
respectively, as of September 30, 2026. Cash and Net Investments per
share amounts are calculated using period end DE Shares Outstanding
(see page 24, Share Summary).
Notes to page 23 – Shareholder Dividends
DE Before Certain Payables represents Distributable Earnings before the
deduction for the payable under the Tax Receivable Agreements and tax
expense (benefit) of wholly owned subsidiaries. Common shareholders
receive
§ tax benefits from deductions taken by Blackstone’s corporate tax paying
subsidiaries and bear responsibility for the deduction from
Distributable Earnings of the payable under the Tax Receivable
Agreements and certain other tax-related
payables.
Per Share calculations are based on end of period Participating Common
§ Shares (page 24, Share Summary); actual dividends are paid to
shareholders as of the applicable record date.
Retained capital is withheld pro rata from common shareholders and
§ Blackstone Holdings Partnership unitholders. Common shareholders’ share
was $160 million for 3Q’26 and $501 million for 3Q’26 YTD.
Blackstone | 35
DEFINITIONS AND DIVIDEND POLICY Blackstone discloses the following operating
metrics and financial measures that are calculated and presented on the basis
of methodologies other than in accordance with generally accepted accounting
principles in the United States of America (“non-GAAP”) in this presentation:
Segment Distributable Earnings, or “Segment DE”, is Blackstone’s
segment profitability measure used to make operating decisions and
assess performance across
Blackstone’s four segments. Segment DE represents the net realized
earnings of Blackstone’s segments and is the sum of Fee Related
Earnings and Net Realizations for each segment. Blackstone’s segments
§ are presented on a basis that
deconsolidates Blackstone Funds, eliminates non-controlling ownership
interests in Blackstone’s consolidated operating partnerships, removes
the amortization of intangible assets and removes Transaction-Related
and Non-Recurring Items. Segment
DE excludes unrealized activity and is derived from and reconciled to,
but not equivalent to, its most directly comparable GAAP measure of
Income (Loss) Before Provision (Benefit) for Taxes.
Net Realizations is presented on a segment basis and is the sum of
Realized Principal Investment Income and Realized Performance Revenues
(which refers to Realized Performance Revenues excluding Fee
– Related Performance Revenues), less Realized Performance Compensation
(which refers to Realized Performance Compensation excluding Fee
Related Performance Compensation and Equity-Based Performance
Compensation).
Segment Revenues represent Management and Advisory Fees, Net, Fee
– Related Performance Revenues, Realized Performance Revenues and
Realized Principal Investment Income.
Distributable Earnings, or “DE”, is derived from Blackstone’s segment
reported results. DE is used to assess performance and amounts
available for dividends to Blackstone
shareholders, including Blackstone personnel and others who are limited
§ partners of the Blackstone Holdings Partnerships. DE is the sum of
Segment DE plus Net Interest and Dividend Income (Loss) less Taxes and
Related Payables. DE excludes
unrealized activity and is derived from and reconciled to, but not
equivalent to, its most directly comparable GAAP measure of Income
(Loss) Before Provision (Benefit) for Taxes.
Net Interest and Dividend Income (Loss) is presented on a segment basis
– and is equal to Interest and Dividend Revenue less Interest Expense,
adjusted for the impact of consolidation of Blackstone Funds,
and interest expense associated with the Tax Receivable Agreements.
Taxes and Related Payables represent the total GAAP tax provision
adjusted to include only the current tax provision (benefit) calculated
on Income (Loss) Before Provision (Benefit) for Taxes and including
the payable under the Tax Receivable Agreements. Further, the current
tax provision utilized when calculating Taxes and Related Payables and
DE reflects the benefit of deductions available to the company on
certain expense items that are excluded
from the underlying calculation of Segment DE and Total Segment
Distributable Earnings, such as equity-based compensation charges and
certain Transaction-Related and Non-Recurring Items where there is a
current tax provision or benefit. The economic
assumptions and methodologies that impact the implied income tax
– provision are the same as those methodologies and assumptions used in
calculating the current income tax provision for Blackstone’s
consolidated statements of operations under
U.S. GAAP, excluding the impact of divestitures and accrued tax
contingency related liabilities or refunds which are reflected when
paid or received. The payable under the Tax Receivable Agreements
reflects the expected amount of tax savings
generated in the period that holders of the Tax Receivable Agreements
are entitled to receive in future periods. Management believes that
including the amount payable under the Tax Receivable Agreements and
utilizing the current income tax provision
adjusted as described above when calculating DE is meaningful as it
increases comparability between periods and more accurately reflects
earnings that are available for distribution to shareholders.
Fee Related Earnings, or “FRE”, is a performance measure used to assess
Blackstone’s ability to generate profits from revenues that are
measured and received on a recurring
basis and not subject to future realization events. FRE equals
§ management and advisory fees (net of management fee reductions and
offsets) plus Fee Related Performance Revenues, less (a) Fee Related
Compensation on a segment basis, and
(b) Other Operating Expenses. FRE is derived from and reconciled to,
but not equivalent to, its most directly comparable GAAP measure of
Income (Loss) Before Provision (Benefit) for Taxes.
Blackstone | 36
DEFINITIONS AND DIVIDEND POLICY – (CONT’D)
Fee Related Compensation is presented on a segment basis and refers to
the compensation expense, excluding Equity-Based Compensation, directly
– related to (a) Management and Advisory Fees, Net and
(b) Fee Related Performance Revenues, referred to as Fee Related
Performance Compensation.
Fee Related Performance Revenues refers to the realized portion of
– Performance Revenues from Perpetual Capital that are (a) measured and
received on a recurring basis, and (b) not dependent on
realization events from the underlying investments.
Other Operating Expenses is presented on a segment basis and is equal
to General, Administrative and Other Expenses, adjusted to (a) remove
the Transaction-Related and Non-Recurring Items that are not
recorded in the Total Segment measures, (b) remove certain expenses
reimbursed by the Blackstone Funds which are netted against Management
– and Advisory Fees, Net in Blackstone’s segment presentation, and (c)
give effect to an
administrative fee collected on a quarterly basis from certain holders
of Blackstone Holdings Partnership Units. The administrative fee is
accounted for as a capital contribution under GAAP, but is reflected as
a reduction of Other Operating
Expenses in Blackstone’s segment presentation.
Perpetual Capital refers to the component of assets under management
with an indefinite term, that is not in liquidation, and for which
there is no requirement to return capital to investors through
– redemption requests in the ordinary course of business, except where
funded by new capital inflows or where required redemption requests are
limited in quantum. Includes co-investment capital with an investor
right to convert into Perpetual Capital.
FRE Margin is calculated by dividing Fee Related Earnings by Fee
– Related Revenues (defined as the sum of Total Segment Management and
Advisory Fees, Net and Fee Related Performance Revenues).
Adjusted Earnings Before Interest, Taxes and Depreciation and
Amortization, or “Adjusted EBITDA”, is a supplemental measure used to
assess performance derived from
Blackstone’s segment results and may be used to assess its ability to
service its borrowings. Adjusted EBITDA represents Distributable
§ Earnings plus the addition of (a) Interest Expense on a segment basis,
(b) Taxes and Related
Payables, and (c) Depreciation and Amortization. Adjusted EBITDA is
derived from and reconciled to, but not equivalent to, its most
directly comparable GAAP measure of Income (Loss) Before Provision
(Benefit) for Taxes.
§ Performance Revenues collectively refers to: (a) Incentive Fees, and
(b) Performance Allocations.
§ Performance Compensation collectively refers to: (a) Incentive Fee
Compensation, and (b) Performance Allocations Compensation.
Performance Compensation reflects, pursuant to an ongoing compensation
program, an increase in the aggregate Realized Performance Compensation
paid to certain of our professionals above the amounts allocable to
them
based upon the percentage participation in the relevant performance
plans previously awarded to them. The expectation is that for the full
year 2026, Fee Related Compensation will be decreased by the total
amount of additional Performance
Compensation awarded for the year. The program, which typically has an
impact on individual quarters based on the estimated amounts for the
– full year, does not impact Income Before Provision (Benefit) for Taxes
and Distributable Earnings for the
full year. For 3Q’26 QTD, the increase to Realized Performance
Compensation was less than the decrease to Fee Related Compensation,
which favorably impacted Distributable Earnings for the current year
quarter. For 3Q’26 YTD, 3Q’25
QTD and 3Q’25 YTD, the increase to Realized Performance Compensation
was greater than the decrease to Fee Related Compensation, which
negatively impacted Distributable Earnings for the current year YTD
period and both the prior year
quarter and YTD periods.
Blackstone | 37
DEFINITIONS AND DIVIDEND POLICY – (CONT’D)
Transaction-Related and Non-Recurring Items arise from corporate
actions including acquisitions, divestitures, Blackstone’s initial
public offering, and non-recurring gains, losses, or other charges,
if any. They consist primarily of equity-based compensation charges,
gains and losses on contingent consideration arrangements, changes in
§ the balance of the Tax Receivable Agreements resulting from a change in
tax law or similar event, transaction
costs, gains or losses associated with these corporate actions, and
non-recurring gains, losses or other charges that affect
period-to-period comparability and are not reflective of Blackstone’s
operational performance.
Private Wealth AUM refers to the portion of assets under management
attributable to the individual investor channel and comprises (a) all
Assets Under Management in vehicles or share classes of
vehicles, in each case that are primarily targeted to the individual
§ investor channel (including parallel or related vehicles) and (b)
Assets Under Management attributable only to individual investors
(including through private wealth
distribution agreements) in vehicles that are not primarily targeted to
the individual investor channel.
Dividend Policy. Blackstone’s intention is to pay to holders of common stock a
quarterly dividend representing approximately 85% of Blackstone Inc.’s share
of Distributable Earnings, subject to adjustment by amounts determined by
Blackstone’s board of directors to be necessary or appropriate to provide for
the conduct of its business, to make appropriate investments in its business
and funds, to comply with applicable law, any of its debt instruments or other
agreements, or to provide for future cash requirements such as tax-related
payments, clawback obligations and dividends to shareholders for any ensuing
quarter. The dividend amount could also be adjusted upward in any one quarter.
All of the foregoing is subject to the qualification that the declaration and
payment of any dividends are at the sole discretion of Blackstone’s board of
directors and our board of directors may change our dividend policy at any
time, including, without limitation, to reduce such quarterly dividends or
even to eliminate such dividends entirely.
Blackstone | 38
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.
Blackstone | 39