BX 10-K & 10-Q changes, risk factors and insider trading

Our business is materially affected by financial market and economic conditions and events throughout the world that are outside our control. We may not be able to or may choose not to manage our exposure to these conditions and/or events. Such conditions and/or events can adversely affect our business in many ways, including reducing the ability of our funds to raise or deploy capital, reducing the value or performance of our funds’ investments and making it more difficult for our funds to exit and realize value from existing investments. This could in turn materially reduce our revenue, earnings and cash flow and adversely affect our financial prospects and condition. In addition, in the face of a difficult market or economic environment, we may need to reduce our fixed costs and other expenses in order to maintain profitability. This may include cutting back or eliminating the use of certain services or service providers, or terminating the employment of a significant number of our personnel that, in each case, could be important to our business and without which our operating results could be adversely affected. A failure to manage or reduce our costs and other expenses within a time frame sufficient to match any decrease in profitability would adversely affect our operating performance.

valuations particularly sensitive to sharp changes in the price of any of these positions. Further, although the equity markets are not the only means by which we exit investments, should we experience a periodperiods of challenging equity markets,markets make it more difficult for our funds mayto experience continued difficulty in realizingrealize value from investments.

Geopolitical concerns and other global events outside of our control have also contributed and may continue to contribute to volatile global equity and debt markets, particularly as geopolitical instability has in recent years become more prevalent.markets. These concerns and events include, without limitation, trade conflict, civil unrest, threats to national security, and national and international security events (including war, terrorist acts or other hostilities). ForGeopolitical example,instability has been prevalent in therecent U.S., the current Presidential administration has stated its intention to make governmental policyyears, and regulatory2025 changes inwas a varietyyear of areas,significant includinggeopolitical theevents, impositionincluding, ofamong others, trade tensions resulting from U.S. tariff implementation and retaliatory tariffs orby other trade barriers. In that connection, certain countries subject to those changes have expressed an intent to impose similar measures in return. Outside the U.S.,and ongoing warsarmed conflicts in the Middle East and Ukraine, as well as concern as to whether China’s stimulus measures will effectively stabilize slowing economic growth in the country, have further contributed to global economic uncertainty and volatility in the global financial markets. This may adversely impact our performance and the performance of our funds and their respective portfolio companies.Ukraine.

Despite overall resilience in some geographies, many global economies have in recent years experienced periods of deceleration. Further economic deceleration or contraction in the rate of growth in certain industries, sectors or geographies may contribute to poor financial results for our funds’ portfolio companies or assets, which may result in lower investment returns for our funds. For example, periods of economic weakness have contributed and may in the future contribute to a decline in commodity prices and decreased consumer demand for certain goods and services (including energy),services, and/or volatility in the oil and natural gas markets, each of which would have an adverse effect on our energy and consumer investments. In addition, slowing growth in certain markets and real estate sectors with excess near-term supply, such as life science office and U.S. multifamily, has negatively impacted and may continue to negatively impact the valuations of assets in such sectors in the near term. In addition, the governing agreements of our funds contain only limited requirements, if any, regarding diversification of fund investments (by, for example, sector or geographic region). Accordingly, to the extent our funds’ investments are concentrated in sectors or geographies that experience more challenging fundamentals, the impact on our funds may be exacerbated. Further, to the extent our funds’ investments are concentrated in sectors or geographies that have historically experienced strong fundamentals, an adverse shift in such fundamentals may make it more difficult for such funds to replicate their historic performance. For example, our real estate and infrastructure funds have in recent years substantially increased their exposure to digital infrastructure investments, which has supported strong performance for such funds. Such performance would be difficult to replicate if demand for digital infrastructure were substantially reduced, including as a result of economic slowdown or regulatory impediments. This could impact our ability to raise new funds, and adversely impact our operating results and cash flows.

HighSustained periods of high interest rates and challenging debt market conditions have negatively impacted and could continue to negatively impact the values of certain assets or investments and the ability of our funds and their portfolio companies to access capital markets, which could adversely affect investment and realization opportunities, lead to lower-yielding investments and potentially decrease our net income.

AlthoughFollowing three consecutive rate cuts, the U.S. Federal Reserve loweredheld interest rates threesteady timesin overJanuary the2026 courseand ofnoted, 2024,among other matters, that it has expressed an expectation that any such decreases would becontinue slowerto goingassess forward.and monitor incoming information in considering additional adjustments. Accordingly, significant uncertainty remains regarding the timing and extent of future interest rate decreases. Elevated interest rates createhave in recent years created downward pressure on the value of certain assets owned by our funds, including, among others, real estate and fixed-rate debt. A slower-than-expected decrease in interest rates would continue to present a challenge for the valuations of such assets, as well as for fundraising in certain of our strategies targeting

In recentaddition, years, highelevated interest rates have increasedincrease the cost of debt financing for the transactions our funds pursue. A significant contraction or weakening in the market for debt financing or other adverse change relating to the terms of debt financing (such as, for example, higher equity requirements and/or more restrictive covenants), particularly in the area of acquisition financings for private equity and real estate transactions, could have a material adverse effect on our business. For example, a portion of the indebtedness used to finance certain fund investments often includes high-yield debt securities issued in the capital markets. Availability of capital from the high-yield debt markets is subject to significant volatility, and there may be times when we might not be able to access those markets at attractive rates, or at all, when completing an investment.

The revenues that we earn are driven in part by the pace at which our funds make investments and the size of those investments, and a decline in the pace or the size of such investments may reduce our revenues. In particular, in recent years we have meaningfully increased the number of perpetual capital vehicles we offer and the assets under management in such vehicles. This has also resulted in a substantial amount of capital available for deployment, including in such vehicles, and for which we must identify attractive deployment opportunities. The fees we earn from our perpetual capital vehicles, including our Core+ real estate strategy,vehicles represent a significant and growing portion of our overall revenues. If our funds, including our perpetual capital vehicles, are unable to deploy capital at a sufficient pace, our revenues would be adversely impacted. Many factors could cause a decline in the pace of investment, including a market environment characterized by high prices, the inability of our investment professionals to identify attractive investment opportunities, competition for such opportunities among other potential acquirers, decreased availability of financing on attractive terms or at all or decreased availability of investor capital, including as a result of a challenging fundraising environment or heightened investor requests for repurchases in certain vehicles. A number of our funds have invested and intend to continue to invest in large transactions or transactions that otherwise have substantial business, regulatory or legal complexity and may be more difficult to execute successfully than smaller or less complex investments. In addition, realizing value from such investments may be more difficult as a result of, among other things, a limited universe of potential acquirers.

We may also fail to consummate identified investment opportunities because of regulatory or legal complexities or uncertainty and adverse developments in the U.S. or global economy, financial markets or geopolitical conditions. Additionally, our ability to deploy capital in certain countries may be adversely impacted by U.S. and foreign government policy changes and regulations. ForAny example,potential antime FTCdelay ruleassociated thatwith significantlyapproval increasesmay themake amountit ofmore informationdifficult requiredfor our funds to bedeploy providedcapital, inas awell as to exit and realize value from investments.

homes.Further, U.S. and state legislative and regulatory bodies may impose restrictions on private funds’ investments in certain types of assets or industries, which could affect our funds’ ability to find attractive and diversified investments and to complete such investments in a timely manner. For example, certain states have, and others may in the future, increased state regulatory review measures of investments by private equity into the patient-facing healthcare industry. The U.S. Presidential administration issued an executive order in January 2026 seeking to restrict institutional investor ownership of single-family homes, and certain states have considered, and others may seek to enact, legislation aimed at doing so. Such policies and laws may impact the ability of our funds to invest in certain assets or sectors. In addition, the ability to deploy capital in China has been adversely impacted by policies and regulations in the U.S., which may be exacerbated prospectively. See “—Laws and regulations on foreign direct investment applicable to us and our funds’ portfolio companies, both within and outside the U.S., may make it more difficult for us to deploy capital in certain jurisdictions or to sell assets to certain buyers.”

Our revenue, earnings, net income and cash flow can all vary materially due to our reliance on Performance Revenues. We may experience fluctuations in our results, including our revenue and net income, from quarter to quarter due to a number of other factors. These include the timing of realizations, changes in the valuations of our funds’ investments, changes in the amount of distributions, dividends or interest paid in respect of investments, changes in our operating expenses and the degree to which we encounter competition. Each of these factors may be impacted by economic and market conditions. Achieving steady growth in net income and cash flow on a quarterly basis may be difficult, which could in turn lead to large adverse movements or general increased volatility in the price of our common stock. We do not provide guidance regarding our expected quarterly and annual operating results. The lack of guidance may affect the expectations of public market analysts and could cause increased volatility in our common stock price.

For certaina number of our perpetual capital vehicles, including certain Core+ real estate funds, infrastructure focused funds, BCRED and other of our perpetual capital vehicles,vehicles that have in recent years become increasingly large contributors to our earnings, incentive income is paid to us in varying frequencies, ranging from quarterly to every five years. This contributes to the volatility of our cash flow. Furthermore, we earn this incentive income only if the net asset value of a vehicle has increased or, in the case of certain vehicles, increased beyond a particular return threshold, or if the vehicle has earned a net profit. Certain of these vehicles also have “high water marks” whereby we do not earn incentive income during a particular period even though the vehicle had positive returns in such period as a result of losses in prior periods. If one of these vehicles experiences losses, we will not earn incentive income from it until it surpasses the previous high-water mark. The incentive income we earn is therefore dependent on the net asset value or the net profit of the vehicle, which could lead to significant volatility in our results.

We generate revenue from fees earned pursuant to contractual arrangements with funds, fund investors and fund portfolio companies,companies (including management, transaction and monitoring fees), and from capital markets services. We also invest in the funds we manage and we are entitled to a

allocation, and assuming certain investment returns are achieved, we are entitled to a disproportionate allocation of the income otherwise allocable to the limited partners, commonly referred to as carried interest (“Performance Allocations”). In certain investment fund structures, we receive a contractual incentive fee from anthe investment vehiclefund based on achieving certain investment returns (an “Incentive Fee,” and together with Performance Allocations, “Performance Revenues”). The composition of our revenues will vary based on market conditions and the cyclicality of the different businessesbusiness in whichunits we operate. Net investment gains and investment income generated by the Blackstone Funds are driven by the performance of the underlying investments in such funds as well as overall market conditions. Fair values are affected by changes in the fundamentals of our funds’ portfolio companies and other investments, the industries in which they operate, the overall economy and other market conditions.

Blackstone’s businesses are materially affectedaffected by conditions in the financial markets and economic conditions in the U.S., Europe, Asia and, to a lesser extent, elsewhere in the world.

Capital markets activity levels in the U.S. expanded moderately,considerably in 2025, with globalU.S. initial public offeringoffering volumes up 4% and global announced merger and acquisition volumes up 12%approximately 73% and 60%, respectively, compared to 2023;2024. however,In bothparticular, metricsthe remainfourth belowquarter priorsaw peak levels.a

On DecemberNovember 6,3, 2024,2025, Blackstone, through its indirect subsidiary Blackstone Reg Finance Co. L.L.C., issued $750$600 million aggregate principal amount of 5.000%4.300% senior notes due DecemberNovember 6,3, 20342030 (the “Registered 2030 Notes”), and $600 million aggregate principal amount of 4.950% senior notes due February 15, 2036 (the “Registered 2036 Notes”) and, together with the Registered 2030 Notes, (the “Registered Notes”), pursuant to a Registration Statement on Form

Form S-3S-3.

Blackstone intends to use the net proceeds from the sale of the Registered Notes for general corporate purposes. For additional informationinformation, see Note 12. “Borrowings” in the “Notes to Consolidated Financial Statements” in “— Item 8. Financial Statements and Supplementary Data” and “— Liquidity and Capital Resources — Sources and Uses of Liquidity.”

We manage our business using certain financial measures and key operating metrics since we believe these metrics measure the productivity of our investment activities. We prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”). See “— Item 8. Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements — Note 2. Summary of Significant Accounting Policies” and “— Critical Accounting Policies.” Our key

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 GAAP, excluding the impact of divestitures and accrued tax contingenciescontingency-related andliabilities or refunds which are reflected when paid or received. The Payable under the Tax Receivable Agreement reflects the expected amount of tax savings generated in the period that parties to the Tax Receivable Agreement are entitled to receive in future periods. Management believes that including the amount payable under the Tax Receivable Agreement and utilizing the current income tax provision adjusted as described above when calculating Distributable Earnings is meaningful as it increases comparability between periods and more accurately reflects earnings that are available for distribution to stockholders.

comparability and are not reflective of Blackstone’s operational performance. Segment Distributable Earnings 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. See “—

Realized Performance Compensation reflectsreflects, 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. InFor the year ended December 31, 2025, Realized Performance Compensation increased by an aggregate of $76.6 million and Fee Related Compensation decreased by a corresponding amount. For the year ended December 31, 2024, Realized Performance Compensation increased by an aggregate of $83.1 million and Fee Related Compensation decreased by a corresponding amount. In the year ended December 31, 2023, Realized Performance Compensation increased by an aggregate of $65.0 million and Fee Related Compensation decreased by a corresponding amount. These changes to Realized Performance Compensation and Fee Related Compensation reduced Net Realizations, increased Fee Related Earnings and had a neutral impact to Income Before Provision (Benefit) for Taxes and Distributable Earnings in the years ended December 31, 2024 and December 31, 2023.

Fee Related Earnings 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. Blackstone believes Fee Related Earnings is useful to stockholders as it provides insight into the profitability of the portion of Blackstone’s business that is not dependent on realization activity. Fee Related Earnings 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. Fee Related Earnings is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes. See “—

Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization (“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. See “—

financial measure Blackstone believes is useful to stockholders as an indicator of potential future realized performance revenues based on the current investment portfolio of the funds and vehicles we manage. Net Accrued Performance Revenues represents the accrued performance revenues receivable by Blackstone, net of the related accrued performance compensation payable by Blackstone, excluding performance revenues that have been realized but not yet distributed as of the reporting date and clawback amounts, if any. Net Accrued Performance Revenues is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Investments. See “—

Financial Measures” for our reconciliation of Net Accrued Performance Revenues and Note 22. “Summary of Significant Accounting Policies — Equity Method Investments” in the “Notes to Consolidated Financial Statements” in “— Item 8. Financial Statements and Supplementary Data” for additional information on the calculation of Investments — Accrued Performance Allocations.

The alternative asset management business is primarily based on managing third-party capital and does not require substantial capital investment to support rapid growth. Since our inception, we have developed and used various key operating metrics to assess and monitor the operating performance of our various alternative asset management businesses in order to monitor the effectiveness of our value creatingvalue-creating strategies.

ownership interests in Blackstone’s consolidated operating partnerships and removes the amortization of intangiblesintangible assets and Transaction-Related and

Items) in these periods, see “— Segment Analysis” below.

For a discussion of our potential risks and uncertainties, see the information under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 ,2025, as such factors may be updated from time to time in our subsequently filed reports, all of which are accessible on the United States Securities and Exchange Commission’s website at www.sec.gov.

Our Core+ real estate strategy invests in substantially stabilized real estate globally, primarily through perpetual capital vehicles. The strategy includes our (a) Blackstone Property Partners (“BPP”) funds, which are focused on high-quality assets in the Americas, Europe and Asia andAsia, (b) a non-listed real estate investment trust (“REIT”), Blackstone Real Estate Income Trust, Inc. (“BREIT”) and Blackstone European Property Income Fund (“BEPIF”) vehicles, which provide income-focused individual investors access to institutional quality real estate primarily in the Americas and Europe, respectively.respectively, and (c) a NYSE-listed REIT focused on acquiring and owning data centers, Blackstone Digital Infrastructure Trust (“BXDC”).

Our Multi-Asset Investing segment (“BXMA”) is the world’s largest discretionary allocator to hedge funds,funds and is a leader in building multi-asset portfolios. BXMA invests across asset classes in both public and private markets aiming to generate compelling risk-adjusted returns.

Most major equity markets experiencedappreciated significant market volatility and declinessignificantly in the firstsecond quarter of 2026. The volatility was2026, driven by heightenedresilient geopoliticaleconomic uncertaintygrowth and concernsunderpinned overby highcontinued energylarge-scale pricescapex in connection with the ongoing conflictinvestments in the Middle East, as well as concerns regarding artificial intelligenceintelligence-related (“AI”) disruption in certain sectors, particularly software.ecosystem. The total return of the S&P 500 Index was (4.4)% in the first quarter,15.2%, with the largestinformation declines – 9.5%technology and 9.2%industrial —sectors inexhibiting the financiallargest gains of 31.8% and consumer discretionary sectors,14.9%, respectively. The energy sector,sector however,was increasedan 38.2%outlier, decreasing 13.4% amid expectationslower ofoil tighteningprices supply.as supply disruption concerns eased. The price of West Texas Intermediate crude oil increaseddecreased 76.6%31.4% to $101.38.$69.50 per barrel. In credit markets, the total return of the S&P Leveraged Loan Index was (0.6)%1.9% and the ICE Bank of America High Yield Bond Index similarly was (0.5)%.2.5%. High yield spreads widenedtightened 5132 basis points in the first quarter while year-to-date issuance increased 9% year-over-year.points.

CapitalU.S. capital markets activity levels inexpanded considerably following an active first quarter. Initial public offering volumes increased 628% year-over-year, buoyed by the U.S.$75 continued to expand considerably in the first quarter of 2026. U.S.billion initial public offering volumesof andSpaceX, the largest IPO in history. U.S. announced merger and acquisition (“M&A”) deal volumes werealso rose sharply, up 200%99% and 41% year-over-year, respectively, with M&A growth driven by large AI-related investments.year-over-year.

InInflation in the U.S., while in recent years inflationU.S. has moderated significantly from the post-Covid peak,peak; higherhowever, energyinflation costsremains drove headline CPI year-over-year growth from 2.4% to 3.3% in February and March 2026, respectively. The core U.S. PCE price index,above the Federal Reserve’s preferredlong-term inflationtarget measure,of also2.0%, roselargely 3.2%reflecting the impact of elevated energy prices in the first half of 2026. CPI increased 3.5% year-over-year in MarchJune, 2026,as itscompared highestto rate3.3% growth in nearlyMarch 3 years.2026. The Federal Reserve has held the federal funds target range steady at 3.50-3.75% since December 2025, as inflation has remained above the target rate of 2%.2025. The ten-year U.S. Treasury yield increased 15 basis points in the firstsecond quarter of 2026 to 4.32%.4.47% and has since risen to 4.72% as of July 31, 2026. Three-month SOFR decreasedwas 19unchanged basisquarter-over-quarter points in the first quarter toat 3.68%.

Despite marketslowing and geopolitical volatility,growth, the U.S. economy demonstratedcontinued resilientto growthdemonstrate resilience in the firstsecond quarter. The Bureau of Economic Analysis’ advance estimate of U.S. real GDP indicated annualized growth of 2.0%1.5% quarter-over-quarter, upcompared fromto 0.5%2.1% in the fourthfirst quarter of 2025.quarter. Wages rose 3.5% year-over-year in MarchJune 2026. Demand for retail and food services also remained strong, with advance estimates of sales in March 2026 increasing 4.0%6.7% year-over-year. The labor market remained largelyin flat quarter-over-quarter,balance, with anthe unemployment rate at 4.2% as of June 2026 compared to 4.3% in March 2026 compared to 4.4% in December 2025.2026.

Outside of the U.S., most major central banks heldhave interestpursued ratesa steady, as renewed inflation risks – led by higher energy prices – complicated the pathvariety of continuedpolicy easing.approaches in response to regional economic conditions. The Bank of England left its bank rate unchanged at 3.75% throughoutthrough the firstsecond quarter. Inflation in the U.K. decreased slightly to 3.3%2.6% year-over-year in MarchJune 2026from compared to 3.4%3.3% in DecemberMarch 2025.2026. The European Central Bank heldincreased its deposit facility rate steadyby 25 basis points to 2.25% in theJune firstamid quarterinflationary atpressures 2.0%.associated Eurozonewith inflationhigher increasedenergy to 2.6% year-over-year in March 2026, compared to 1.9% in December 2025.prices. The Bank of Japan andincreased theits policy rate to 1.0% in June from 0.75%, as policymakers balanced inflation concerns against economic growth considerations. The People’s Bank of China also both left theirits policy ratesrate unchanged in the first quarter at 0.75%3.0% andfor 9.0%,its respectively.one-year prime loan.

year, does not impact Income Before Provision (Benefits) for Taxes and Distributable Earnings for the full year. For the three and six months ended MarchJune 31,30, 2026, Realized Performance Compensation increased by an aggregate of $28.3$39.9 million and $68.2 million, respectively, and Fee Related Compensation decreased by $17.5 million and $35.0 million, respectively, which reduced Net Realizations, increased Fee Related Earnings and had a negative impact to Income Before Provision (BenefitBenefits) for Taxes and Distributable Earnings in the three and six months ended MarchJune 31,30, 2026. In 2025, theseThese changes had an impact on individual quarters but did not impact Income Before Provision (Benefits) for Taxes and Distributable Earnings for the year ended December 31, 2025.

Net Accrued Performance Revenues is a non-GAAP financial measure Blackstone believes is useful to stockholders as an indicator of potential future realized performance revenues based on the current investment portfolio of the funds and vehicles we manage. Net Accrued Performance Revenues represents the accrued performance revenues receivable by Blackstone, net of the related accrued performance compensation payable by Blackstone, excluding performance revenues that have been realized but not yet distributed as of the reporting date and clawback amounts, if any. Net Accrued Performance Revenues is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Investments. See “—Non-GAAP Financial Measures” for our reconciliation of Net Accrued Performance Revenues and Note 2. “Summary of Significant Accounting Policies — Equity Method Investments” in the “Notes to Condensed Consolidated Financial Statements” in “—Item 1. Financial Statements” for additional information on the calculation of Investments — Accrued Performance Allocations.

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

Following is a discussion of our consolidated results of operations. For a more detailed discussion of the factors that affected the results of our four business segments (which are presented on a basis that deconsolidates the investment funds, eliminates non-controlling ownership interests in Blackstone’s consolidated operating partnerships and removes the amortization of intangiblesintangible assets and Transaction-Related and Non-Recurring Items) in these periods, see “—Segment Analysis” below.

The following table sets forth information regarding our consolidated results of operations and certain key operating metrics for the three and six months ended MarchJune 31,30, 2026 and 2025:

Revenues were $3.6$5.0 billion for the three months ended MarchJune 31,30, 2026, an increase of $328.1$1.3 million,billion compared to $3.3$3.7 billion for the three months ended MarchJune 31,30, 2025. The increase in Revenues was primarily attributable to an increaseincreases of $244.3$867.1 million in Investment Income, $237.0 million in Other Revenue and $230.5 million in Management and Advisory Fees, Net, partially offset by a decrease of $24.9 million in Investment Income (Loss).Net.

OtherInvestment Income was $99.8$2.5 millionbillion for the three months ended MarchJune 31,30, 2026, an increase of $42.2$867.1 million, compared to $57.6$1.6 millionbillion for the three months ended MarchJune 31,30, 2025. The increase in OtherInvestment Income was primarily attributable to an increaseincreases of $42.2$543.8 million in Net Gains from FundRealized Investment Activities.Income and of $323.3 million in Unrealized Investment Income.

Blackstone’s Provision for Taxes for the three months ended MarchJune 31,30, 2026 was $197.2$452.4 million, aan decreaseincrease of $46.7$162.9 million, compared to $243.8$289.5 million for the three months ended MarchJune 31,30, 2025. This resulted in an effective tax rate of 13.5%16.1% and 16.8%,15.1%, based on our Income Before Provision for Taxes of $1.5$2.8 billion and $1.5$1.9 billion for the three months ended MarchJune 31,30, 2026 and 2025, respectively.

The decreaseincrease in Blackstone’s effective tax rate for the three months ended MarchJune 31,30, 2026, compared to the three months ended MarchJune 31,30, 2025, relates primarily to the impact of Non-Controlling Interests in consolidatedConsolidated entities and a decrease in Blackstone’s state tax provisions for the jurisdictions in which it operates.Entities.

Net Income Attributable to Non-Controlling Interests in Blackstone Holdings is derived from the Income Before Provision for Taxes at the Blackstone Holdings level, excluding the Net Gains (Losses) from Fund Investment Activities and is based on the percentage allocation of the income between Blackstone personnel and others who are limited partners of Blackstone Holdings and Blackstone after considering any contractual arrangements that govern the allocation of income such as fees allocable to Blackstone.

For the three months ended MarchJune 31,30, 2026 and 2025, the Net Income Before Taxes allocated to Blackstone personnel and other limited partners of Blackstone Holdings was 37.1% and 37.7%, respectively. For the six months ended June 30, 2026 and 2025, the Net Income Before Taxes allocated to Blackstone personnel and other limited partners of Blackstone Holdings was 37.2% and 38.0%,37.9%, respectively. The decreaserespective decreases of 0.6% and 0.7% waswere primarily attributable to the conversion of Blackstone Holdings Partnership Units to shares of common stock and the vesting of shares of common stock.

The following graphs and tables summarize the Total Assets Under Management by Segment and Fee-Earning Assets Under Management by Segment, followed by a rollforward of activity for the three and six months ended MarchJune 31,30, 2026 and 2025. For a description of how Total Assets Under Management and Fee-Earning Assets Under Management are determined, please see “—Key Financial Measures and Indicators — Operating Metrics — Total and Fee-Earning Assets Under Management.”

Total Assets Under Management were $1,346.3 billion at June 30, 2026, an increase of $42.2 billion compared to $1,304.0 billion at March 31, 2026, an increase of $29.1 billion compared to $1,274.9 billion at December 31, 2025.2026. The net increase was due to:

Fee-Earning Assets Under Management were $961.6 billion at June 30, 2026, an increase of $24.0 billion compared to $937.6 billion at March 31, 2026, an increase of $15.9 billion compared to $921.7 billion at December 31, 2025.2026. The net increase was due to:

The following table presents the Accrued Performance Revenues, net of performance compensation, of the Blackstone Funds as of MarchJune 31,30, 2026 and 2025. Net Accrued Performance Revenues presented do not include clawback amounts, if any, which are disclosed in Note 16. “Commitments and Contingencies — Contingencies — Contingent Obligations (Clawback)” in the “Notes to Condensed Consolidated Financial Statements” in “—Item 1. Financial Statements” of this filing. See “—Non-GAAP Financial Measures” for our reconciliation of Net Accrued Performance Revenues.

For the twelve months ended MarchJune 31,30, 2026, Net Accrued Performance Revenues receivable increased due to Net Performance Revenues of $4.1$4.6 billion, partially offset by net realized distributions of $3.5$3.8 billion.

Perpetual Capital Total Assets Under Management werewas $555.6 billion as of June 30, 2026, an increase of $15.9 billion, compared to $539.7 billion as of March 31, 2026, an increase of $16.0 billion, compared to $523.6 billion as of December 31, 2025.2026. Perpetual Capital Total Assets Under Management in our Private Equity and Credit & Insurance segments increased $9.6$11.4 billion and $5.4$4.1 billion, respectively.

The following tables present the investment record of our significant and formerly significant carry/drawdown funds and select perpetual capital strategies from inception through MarchJune 31,30, 2026:

Segment Distributable Earnings were $557.5$745.3 million for the three months ended MarchJune 31,30, 2026, an increase of $62.0$179.4 million, compared to $495.4$565.9 million for the three months ended MarchJune 31,30, 2025. The increase in Segment Distributable Earnings was attributable to an increaseincreases of $62.3$110.0 million in Net Realizations and of $69.4 million in Fee Related Earnings, partially offset by a decrease of $0.3 million in Net Realizations.Earnings.

PerformanceOverall values in our Realreal Estateestate segment wasappreciated flatmodestly in the firstsecond quarter of 2026, notwithstandingled solid performance in BREIT. Continued significantby strength in digital infrastructure investmentsand supported performance, which waspartly offset by declines in life science office,office marketand certain other areas. Despite elevated base rates and volatility in our public holdings in India and foreign currency impact from a strong U.S. dollar. In addition, the ongoing conflict in the Middle East weighedcontinuing to weigh on transaction activityactivity, debt capital markets continued to exhibit strength in the quarter. Nonetheless,While the overall recovery in commercial real estate has also been impacted by the increase in base rates, we believe there are a number of positive factors that should support values in our Real Estate portfolio,portfolio includingover time. In addition to favorable debt capital marketsmarkets, these factors include strong fundamentals in digital infrastructure, a meaningful re-acceleration of U.S. leasing activity in our logistics portfolio and declining new supply.supply, including in rental housing. These three sectors represent a substantial portion of our overall real estate equity portfolio.

Fee Related Earnings were $547.1$613.0 million for the three months ended MarchJune 31,30, 2026, an increase of $62.3$69.4 million, compared to $484.8$543.6 million for the three months ended MarchJune 31,30, 2025. The increase in Fee Related Earnings was attributable to an increase of $115.2$153.1 million in Fee Related Performance Revenues, partially offset by an increase of $22.6$92.0 million in Fee Related Compensation and a decrease of $23.4 million in Management Fees, Net.Compensation.

Fee Related Performance Revenues were $153.0$242.7 million for the three months ended MarchJune 31,30, 2026, an increase of $115.2$153.1 million, compared to $37.8$89.6 million for the three months ended MarchJune 31,30, 2025. The increase was primarily attributable to higher Fee Related Performance Revenues in BREIT.

Fee Related Compensation was $193.1$262.2 million for the three months ended MarchJune 31,30, 2026, an increase of $22.6$92.0 million, compared to $170.5$170.2 million for the three months ended MarchJune 31,30, 2025. The increase was primarily attributable to the increase in Fee Related Performance Revenues, on which a portion of Fee Related Compensation is based.