Blackstone BX · USD

19. Segment Reporting Blackstone conducts its alternative asset management businesses through four segments: • Real Estate – Blackstone’s Real Estate segment primarily comprises its management of opportunistic real estate funds, Core+ real estate funds, and real estate debt strategies. • Private Equity – Blackstone’s Private Equity segment includes its management of flagship Corporate Private Equity funds, sector and geographically-focused Corporate Private Equity funds, core private equity funds, an opportunistic investment platform, a secondary funds business and GP Stakes, infrastructure-focused funds, a life sciences investment platform, a growth equity investment platform, investment platforms offering eligible individual investors access to Blackstone’s private equity and infrastructure capabilities, a multi-asset investment program for eligible high net worth investors and a capital markets services business. • Credit & Insurance – Blackstone’s Credit & Insurance segment consists principally of Blackstone Credit & Insurance, which is organized into three overarching strategies: private corporate credit, liquid corporate credit and infrastructure and asset based credit. In addition, the segment includes an insurer-focused platform. • Multi-Asset Investing – Blackstone’s Multi-Asset Investing segment is organized into four investment platforms: Absolute Return, Multi-Strategy, Total Portfolio Management, and Public Real Assets. These business segments are differentiated by their various investment strategies. Each of the segments primarily earns its income from management fees and investment returns on assets under management. Blackstone’s chief operating decision makers are its Chief Executive Officer and Co-Founder and its President and Chief Operating Officer. Segment Distributable Earnings is Blackstone’s segment profitability measure used to make operating decisions and assess performance across Blackstone’s four segments. Segment Distributable Earnings 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.

This adjustment removes Transaction-Related and Non-Recurring Items, which are excluded from Blackstone’s segment presentation. Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering and non-recurring gains, losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated with these corporate actions and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of Blackstone’s operational performance.

18. Commitments and Contingencies Commitments Investment Commitments Blackstone had $6.5 billion of investment commitments as of December 31, 2025 representing general partner capital funding commitments to the Blackstone Funds, limited partner capital funding to other funds and Blackstone principal investment commitments, including loan commitments. The consolidated Blackstone Funds had signed investment commitments of $797.4 million as of December 31, 2025, which includes $98.6 million of signed investment commitments for portfolio company acquisitions in the process of closing.Regulated Entities Certain U.S. and non-U.S. entities are subject to various investment adviser and other financial regulatory rules and requirements that may include minimum net capital requirements. These entities have continuously operated in excess of these requirements. This includes a number of U.S. entities that are registered as investment advisers with the SEC. These regulatory capital requirements may restrict Blackstone’s ability to withdraw capital from its entities. At December 31, 2025, $116.2 million of net assets of consolidated entities may be restricted as to the payment of cash dividends and advances to Blackstone. Contingencies Guarantees Certain of Blackstone’s consolidated real estate funds guarantee payments to third parties in connection with the ongoing business activities and/or acquisitions of their Portfolio Companies. There is no direct recourse to Blackstone to fulfill such obligations. To the extent that underlying funds are required to fulfill guarantee obligations, Blackstone’s invested capital in such funds is at risk. Total investments at risk in respect of guarantees extended by consolidated real estate funds was $24.7 million as of December 31, 2025. The Blackstone Holdings Partnerships provided guarantees to a lending institution for certain loans held by employees either for investment in Blackstone Funds or for members’ capital contributions to Blackstone Europe LLP. The amount guaranteed as of December 31, 2025 was $82.0 million. Strategic Ventures In December 2022 and January 2023, Blackstone entered into long-term strategic ventures (“UC strategic ventures”) with the Regents of the University of California (“UC Investments”), an institutional investor that subscribed for $4.5 billion of Blackstone Real Estate Income Trust, Inc. (“BREIT”) Class I shares during the three months ended March 31, 2023.

14. Income Taxes The Income Before Provision for Taxes consists of the following: Year Ended December 31, 2025 2024 2023 Income Before Provision (Benefit) for Taxes U.S. Domestic Income $ 6,721,171 $ 6,029,702 $ 2,577,184 Foreign Income 450,475 429,778 380,530 $ 7,171,646 $ 6,459,480 $ 2,957,714 The Provision for Taxes consists of the following: Year Ended December 31, 2025 2024 2023 Current Federal Income Tax $ 354,543 $ 424,659 $ 362,144 Foreign Income Tax 142,098 128,757 112,861 State and Local Income Tax 186,952 120,454 186,851 683,593 673,870 661,856 Deferred Federal Income Tax 362,993 265,749 (94,732 ) Foreign Income Tax (3,823 ) (471 ) (7,020 ) State and Local Income Tax 82,260 82,523 (46,643 ) 441,430 347,801 (148,395 ) Provision for Taxes $ 1,125,023 $ 1,021,671 $ 513,461 Effective Income Tax Rate 15.7 % 15.8 % 17.4 % 199 The following table reconciles the effective income tax rate to the U.S. federal statutory tax rate: Year Ended December 31, 2025 Income before Provision for Taxes $ 7,171,646 Statutory U.S. Federal Tax Rate $ 1,506,046 21.0 % State and Local Income Taxes, Net of Federal Benefit (a) 206,841 2.9 % Foreign Tax Effects 76,209 1.1 % Nontaxable or Nondeductible Items Income Passed Through to Non-Controlling Interest Holders (632,663 ) -8.8 % Other Nontaxable or Nondeductible Items 30,471 0.4 % Other Adjustments (61,881 ) -0.9 % Effective Income Tax Rate $ 1,125,023 15.7 % (a) State and local taxes in New York State and New York City made up the majority (50% or greater) of the tax effect in this category. 2024vs. Year EndedDecember 31, 2024 2023 2023 Statutory U.S. Federal Income Tax Rate 21.0 % 21.0 % — Income Passed Through to Non-Controlling Interest Holders -9.0 % -8.2 % -0.8 % State and Local Income Taxes 2.9 % 4.3 % -1.4 % Other 0.9 % 0.3 % 0.6 % Effective Income Tax Rate 15.8 % 17.4 % -1.6 % Deferred income taxes reflect the net tax effects of temporary differences that may exist between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes using enacted tax rates in effect for the year in which the differences are expected to reverse.

13. Leases Blackstone enters into non-cancelable lease and sublease agreements primarily for office space, which expire on various dates through 2043. In addition to contractual rent payments, which are generally subject to escalation provisions, occupancy lease agreements may include payments for certain costs incurred by the landlord, such as building expenses and utilities. To the extent these costs are fixed or determinable, they are included as part of the minimum lease payments used to measure the Operating Lease Liability and are included in Straight-Line Lease Cost. At December 31, 2025 and 2024, Blackstone maintained irrevocable standby letters of credit and cash deposits as security for the leases of $15.1 million and $14.1 million, respectively. As of December 31, 2025, the weighted-average remaining lease term was 7.4 years, and the weighted-average discount rate was 3.5%. The components of lease expense were as follows: Year Ended December 31, 2025 2024 2023 Operating Lease Cost Straight-Line Lease Cost (a) $ 149,490 $ 156,680 $ 160,534 Variable Lease Cost (b) 28,584 20,222 15,268 Sublease Income (206 ) (65 ) (63 ) $ 177,868 $ 176,837 $ 175,739 (a) Straight-line lease cost includes short-term leases, which are immaterial. (b) Variable lease cost approximates variable lease cash payments. Supplemental cash flow information related to leases was as follows: Year Ended December 31, 2025 2024 2023 Operating Cash Flows for Operating Lease Liabilities $ 187,012 $ 145,388 $ 127,183 Non-Cash Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities $ 41,689 $ 129,451 $ 117,155 198 The following table shows the undiscounted cash flows on an annual basis for Operating Lease Liabilities as of December 31, 2025: 2026 $ 160,648 2027 156,893 2028 147,780 2029 120,754 2030 62,175 Thereafter 231,241 Total Lease Payments (a) 879,491 Less: Imputed Interest (18,470) Present Value of Operating Lease Liabilities $ 861,021 (a) Excludes signed leases that have not yet commenced.

Cybersecurity Risk Management and Strategy Blackstone maintains a comprehensive cybersecurity program, including policies and procedures designed to protect our systems, operations and the data entrusted to us by our investors, employees, portfolio companies and business partners from anticipated threats or hazards. Blackstone utilizes a variety of protective measures as a part of its cybersecurity program. These measures include, where appropriate, physical and digital access controls, patch management, identity verification and mobile device management software, new hire and annual employee cybersecurity awareness and best practices training programs, security baselines and tools to report anomalous activity, and monitoring of data usage, hardware and software. We test our cybersecurity defenses regularly through automated and manual vulnerability scanning, to identify and remediate critical vulnerabilities. In addition, we conduct annual “white hat” penetration tests to validate our security posture. We internally review our cybersecurity program and conduct a third-party review every two to three years to evaluate its effectiveness, in part by considering industry standards and established frameworks, such as the National Institute of Standards and Technology and Center for Internet Security, as guidelines. Further, we engage in cybersecurity incident tabletop exercises and scenario planning exercises involving hypothetical cybersecurity incidents to test our cybersecurity incident response processes. Our Chief Security Officer (the “CSO”) and members of senior management, Legal and Compliance, Technology and Innovations (“BXTI”) and Global Corporate Affairs participate in these exercises. Learnings from these tabletop exercises and any cybersecurity events we experience are reviewed, discussed and incorporated into our cybersecurity incident response processes, as appropriate. In addition to our internal exercises to test aspects of our cybersecurity program, we periodically engage independent third parties to analyze data on the interactions of users of our information technology resources, including employees, and conduct penetration tests and scanning exercises to assess the performance of our cybersecurity systems and processes.

12. Borrowings On October 16, 2025, Blackstone Holdings Finance Co. L.L.C., as borrower, and Blackstone Holdings AI L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P., as guarantors, entered into an amended and restated $4.325 billion revolving credit facility (the “Revolving Credit Facility”) with Citibank, N.A., as administrative agent, and the lenders party thereto. The Revolving Credit Facility amends and restates Blackstone’s existing revolving credit facility to, among other things, extend the maturity date from December 15, 2028 to October 16, 2030 and increase the aggregate required minimum amount of fee generating assets under management. On November 3, 2025, Blackstone, through its subsidiary Blackstone Reg Finance Co. L.L.C., issued $600 million aggregate principal amount of senior notes due November 3, 2030 (the “Registered 2030 Notes”), and $600 million aggregate principal amount of 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 S-3. The Registered 2030 Notes have an interest rate of 4.300% per annum, and the Registered 2036 Notes have an interest rate of 4.950%. The Registered Notes accrue interest from November 3, 2025. Interest on the Registered 2030 Notes is payable semi-annually in arrears on May 3 and November 3 of each year commencing on May 3, 2026. Interest on the Registered 2036 Notes is payable semi-annually in arrears on February 15 and August 15 of each year commencing on February 15, 2026. All of Blackstone’s outstanding senior notes as of December 31, 2025 are unsecured and unsubordinated obligations of Blackstone Holdings Finance Co. L.L.C. or Blackstone Reg Finance Co. L.L.C. (together, the “Issuers”), as applicable, both indirect subsidiaries of Blackstone, that are fully and unconditionally guaranteed by Blackstone Inc. and its indirect subsidiaries, Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. (the “Guarantors”). The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to senior note issuances have been capitalized and are amortized over the life of each respective note issuance.

4. Investments Investments consist of the following: December 31, 2025 2024 Investments of Consolidated Blackstone Funds $ 5,180,879 $ 3,890,732 Equity Method Investments Partnership Investments 6,546,190 6,546,728 Accrued Performance Allocations 12,980,356 12,397,366 Corporate Treasury Investments 359,657 1,147,328 Other Investments 7,145,029 5,818,412 $ 32,212,111 $ 29,800,566 Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $472.7 million and $439.7 million at December 31, 2025 and December 31, 2024, respectively. Where appropriate, the accounting for Blackstone’s investments incorporates the changes in fair value of those investments as determined under GAAP. The significant inputs and assumptions required to determine the change in fair value of the investments of Consolidated Blackstone Funds, Corporate Treasury Investments and Other Investments are discussed in more detail in Note 7. “Fair Value Measurements of Financial Instruments.” Investments of Consolidated Blackstone Funds The following table presents the Realized and Net Change in Unrealized Gains (Losses) on investments held by the consolidated Blackstone Funds and a reconciliation to Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities in the Consolidated Statements of Operations: Year Ended December 31, 2025 2024 2023 Realized Gains (Losses) $ 95,758 $ (19,139 ) $ (42,756 ) Net Change in Unrealized Gains (Losses) 233,867 92,834 (80,416 ) Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds 329,625 73,695 (123,172 ) Interest and Dividend Revenue, Foreign Exchange Gains and Other Gains Attributable to Consolidated Blackstone Funds 87,772 16,389 66,371 Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities $ 417,397 $ 90,084 $ (56,801 ) Equity Method Investments Blackstone’s equity method investments include Partnership Investments, which represent the pro-rata investments, and any associated Accrued Performance Allocations, in Blackstone Funds, excluding any equity method investments for which the fair value option has been elected. Blackstone evaluates each of its equity method investments, excluding Accrued Performance Allocations, to determine if any were significant as defined by guidance from the United States Securities and Exchange Commission.