Blackstone Inc.

Previous wording

Blackstone is the world’s largest alternative asset manager. We generate revenue from fees earned pursuant to contractual arrangements with funds, fund investors and fund portfolio 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 apro-rata share of the income of the fund (a“pro-rata allocation”). In addition to apro-rata 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 structures, we receive a contractual incentive fee from an investment fund 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 businesses in which we operate. Net investment gains and investment income generated by the Blackstone Funds are driven by the performance of the underlying investments as well as overall market conditions. Fair values are affected by changes in the fundamentals of our portfolio companies and other investments, the industries in which they operate, the overall economy and other market conditions.

Current wording

Blackstone is the world’s largest alternative asset manager. We generate revenue from fees earned pursuant to contractual arrangements with funds, fund investors and fund portfolio 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 apro-rata share of the income of the fund (a“pro-rata allocation”). In addition to apro-rata 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 the fund 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 business units we operate. Net investment gains and investment income generated by Blackstone Funds are driven by the performance of 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.

Previous wording

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 and (b) ournon-listed real estate investment trust (“REIT”) Blackstone Real Estate Income Trust, Inc. (“BREIT”) and our Blackstone European Property Income (“BEPIF”) vehicles, which provide income-focused individual investors access to institutional quality real estate primarily in the Americas and Europe, respectively.

Current wording

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 and(b) non-listed real estate investment trust (“REIT”) Blackstone Real Estate Income Trust, Inc. (“BREIT”) and Blackstone European Property Income (“BEPIF”) vehicles, which provide income-focused individual investors access to institutional quality real estate primarily in the Americas and Europe, respectively.

Previous wording

Capital markets activity levels in the U.S. expanded considerably in the second quarter of 2025, with both U.S. initial public offering volumes and announced merger and acquisition deal volumes up approximately 50% year-over-year.

Current wording

Capital markets activity levels in the U.S. expanded dramatically in the third quarter of 2025, with U.S. initial public offering volumes and announced merger and acquisition deal volumes up approximately 100% and 64% year-over-year, respectively.

Previous wording

Outside of the U.S., many major central banks have continued to loosen monetary policy. The European Central Bank lowered its deposit facility rate by 50 basis points in the second quarter to 2.0%. Eurozone inflation slowed to 2.0% year-over-year in June 2025, down from 2.2% in March 2025. The Bank of England held its bank rate steady in the second quarter at 4.25%. Inflation in the U.K. increased to 3.6% year-over-year in June compared to 2.6% in March 2025, although was still well below the post-Covid peak of 11.1% in October 2022. The Bank of Japan also left its policy rate unchanged in the second quarter at 0.50%.

Current wording

Outside of the U.S., most major central banks maintained their monetary policies. The Bank of England lowered its bank rate by 25 basis points in August 2025 to 4.00% but left the rate unchanged in September 2025. Inflation in the U.K. increased slightly to 3.8% year-over-year in September 2025 compared to 3.6% in June 2025. The European Central Bank held its deposit facility rate steady in the quarter at 2.0%. Eurozone inflation increased slightly to 2.2% year-over-year in September 2025, compared to 2.0% in June 2025. The Bank of Japan also left its policy rate unchanged in the quarter at 0.50%.

Previous wording

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 agreement. Further, the current tax provision utilized when calculating Taxes and Related Payables and Distributable Earnings reflects the benefit of deductions available to the company on certain expense items that are excluded from the underlying calculation of Segment Distributable Earnings 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 GAAP, excluding the impact of divestitures and accrued tax contingencies and 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.

Current wording

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 agreement. Further, the current tax provision utilized when calculating Taxes and Related Payables and Distributable Earnings reflects the benefit of deductions available to the company on certain expense items that are excluded from the underlying calculation of Segment Distributable Earnings 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 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 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.

Previous wording

Realized Performance Compensation reflects an increase, pursuant to a separate compensation program, 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 2025, Fee Related Compensation will be decreased by the total amount of additional Performance Compensation awarded for the year in respect of this compensation program. During the three and six months ended June 30, 2025, Realized Performance Compensation increased by

Current wording

Realized Performance Compensation reflects an increase, pursuant to a separate compensation program, 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 2025, Fee Related Compensation will be decreased by the total amount of additional Performance Compensation awarded for the year in respect of this compensation program. During the three and nine months ended September 30, 2025, Realized Performance Compensation increased by

Previous wording

$25.8 million and $47.1 million, respectively, and Fee Related Compensation decreased by $25.6 million and $46.9 million, respectively. These changes to Realized Performance Compensation and Fee Related Compensation reduced Net Realizations, increased Fee Related Earnings and had a negative impact to Income Before Provision for Taxes and Distributable Earnings in the three and six months ended June 30, 2025. These changes are not expected to impact Income Before Provision for Taxes and Distributable Earnings for the year ending December 31, 2025. These changes had an impact on individual quarters in 2024, but did not impact Income Before Provision for Taxes and Distributable Earnings for the year ended December 31, 2024.

Current wording

$31.1 million and $78.2 million, respectively, and Fee Related Compensation decreased by $13.2 million and $60.0 million, respectively. These changes to Realized Performance Compensation and Fee Related Compensation reduced Net Realizations, increased Fee Related Earnings and had a negative impact to Income Before Provision for Taxes and Distributable Earnings in the three and nine months ended September 30, 2025. These changes are not expected to impact Income Before Provision for Taxes and Distributable Earnings for the year ending December 31, 2025. These changes had an impact on individual quarters in 2024, but did not impact Income Before Provision for Taxes and Distributable Earnings for the year ended December 31, 2024.

Previous wording

The following table sets forth information regarding our consolidated results of operations and certain key operating metrics for the three and six months ended June 30, 2025 and 2024:

Current wording

The following table sets forth information regarding our consolidated results of operations and certain key operating metrics for the three and nine months ended September 30, 2025 and 2024:

Previous wording

The $248.2 million increase in Management and Advisory Fees, Net was primarily attributable to an increase in our Private Equity segment of $191.4 million. The increase in our Private Equity segment was primarily attributable to fee holiday expirations of BCP IX and BETP IV, as well as an increase in Fee-Earning Assets Under Management in BXPE and BIP.

Current wording

The $261.4 million increase in Management and Advisory Fees, Net was primarily attributable to an increase in our Private Equity segment of $164.6 million. The increase in our Private Equity segment was primarily attributable to increased deal activity in BXCM, fee holiday expirations of BCP IX and BETP IV and an increase in Fee-Earning Assets Under Management in BXPE and BIP.

Previous wording

Expenses were $3.8 billion for the six months ended June 30, 2025, an increase of $403.9 million, compared to $3.4 billion for the six months ended June 30, 2024. The increase was primarily attributable to an increase of $338.9 million in Total Compensation and Benefits, of which $338.3 million was an increase in Compensation. The increase in Compensation was primarily attributable to the increase in Management and Advisory Fees, Net, on which a portion of Compensation is based.

Current wording

Expenses were $1.8 billion for the three months ended September 30, 2025, a decrease of $145.4 million, compared to $1.9 billion for the three months ended September 30, 2024. The decrease was primarily attributable to a decrease of $209.6 million in Total Compensation and Benefits, of which $311.6 million was a decrease in Performance Allocations Compensation, partially offset by an increase of $113.6 million in Compensation. The decrease in Performance Allocations Compensation was primarily attributable to the decrease in Investment Income (Loss), on which a portion of Performance Allocations Compensation is based. The increase in Compensation was primarily attributable to the increase in Management and Advisory Fees, Net, on which a portion of Compensation is based.

Previous wording

Other Income (Loss) was $136.3 million for the three months ended June 30, 2025, an increase of $91.4 million, compared to $44.9 million for the three months ended June 30, 2024. The increase in Other Income (Loss) was primarily attributable to an increase of $91.4 million in Net Gains (Losses) from Fund Investment Activities.

Current wording

Other Income was $108.6 million for the three months ended September 30, 2025, an increase of $65.8 million, compared to $42.8 million for the three months ended September 30, 2024. The increase in Other Income was attributable to an increase of $65.8 million in Net Gains from Fund Investment Activities.

Previous wording

The increase in Net Gains (Losses) from Fund Investment Activities was primarily attributable to increases of $46.9 million in our Private Equity segment and $32.3 million in our Real Estate segment. The increases in our Private Equity and Real Estate segments were primarily attributable to higher net unrealized appreciation of investments in our consolidated funds in the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

Current wording

The increase in Net Gains from Fund Investment Activities was primarily attributable to an increase of $42.5 million in our Real Estate segment, which was primarily attributable to net unrealized appreciation of investments in our consolidated funds in the three months ended September 30, 2025 compared to net unrealized depreciation of investments in our consolidated funds in the three months ended September 30, 2024.

Previous wording

The $588.2 million increase in Unrealized Investment Income was primarily attributable to higher net unrealized appreciation of investments in the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The principal drivers were:

Current wording

The $1.5 billion decrease in Unrealized Investment Income was primarily attributable to lower unrealized gains in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The principal drivers were:

Previous wording

The $337.8 million increase in Realized Investment Income was primarily attributable to higher realized gains in the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The principal drivers were:

Current wording

The $977.7 million increase in Realized Investment Income was primarily attributable to higher realized gains in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The principal drivers were:

Previous wording

The $425.4 million increase in Management and Advisory Fees, Net was primarily attributable to an increase in our Private Equity segment of $312.0 million. The increase in our Private Equity segment was primarily attributable to an increase in Base Management Fees due to fee holiday expirations of BCP IX and BETP IV.

Current wording

The $686.7 million increase in Management and Advisory Fees, Net was primarily attributable to an increase in our Private Equity segment of $476.6 million. The increase in our Private Equity segment was primarily attributable to increased deal activity in BXCM, an increase in Base Management Fees due to fee holiday expirations of BCP IX and BETP IV and an increase in Fee-Earning Assets Under Management in BXPE and BIP.

Previous wording

Expenses were $1.9 billion for the three months ended June 30, 2025, an increase of $299.9 million, compared to $1.6 billion for the three months ended June 30, 2024. The increase was primarily attributable to an increase of $215.3 million in Total Compensation and Benefits, of which $103.7 million was an increase in Compensation and $121.4 million was an increase in Performance Allocations Compensation. The increase in Compensation was primarily attributable to the increase in Management and Advisory Fees, Net, on which a portion of Compensation is based. The increase in Performance Allocations Compensation was primarily attributable to the increase in Investment Income (Loss), on which a portion of Performance Allocations Compensation is based.

Current wording

Expenses were $5.6 billion for the nine months ended September 30, 2025, an increase of $258.5 million, compared to $5.3 billion for the nine months ended September 30, 2024. The increase was primarily attributable to an increase of $129.3 million in Total Compensation and Benefits, of which $451.9 million was an increase in Compensation, partially offset by a decrease of $284.6 million in Performance Allocations Compensation. The increase in Compensation was primarily attributable to the increase in Management and Advisory Fees, Net, on which a portion of Compensation is based. The decrease in Performance Allocations Compensation was primarily attributable to the decrease in Investment Income (Loss), on which a portion of Performance Allocations Compensation is based.

Previous wording

Other Income (Loss) was $193.9 million for the six months ended June 30, 2025, an increase of $166.7 million, compared to $27.2 million for the six months ended June 30, 2024. The increase in Other Income (Loss) was primarily attributable to an increase of $166.7 million in Net Gains (Losses) from Fund Investment Activities.

Current wording

Other Income was $302.5 million for the nine months ended September 30, 2025, an increase of $232.5 million, compared to $70.0 million for the nine months ended September 30, 2024. The increase in Other Income was attributable to an increase of $232.5 million in Net Gains from Fund Investment Activities.

Previous wording

The increase in Net Gains (Losses) from Fund Investment Activities was primarily attributable to increases of $92.9 million in our Real Estate segment and $54.3 million in our Private Equity segment. The increase in our Real Estate segment was primarily attributable to net unrealized appreciation of investments in our consolidated funds in the six months ended June 30, 2025 compared to net unrealized depreciation of investments in the six months ended June 30, 2024. The increases in our Private Equity segment were primarily attributable to higher net unrealized appreciation of investments in our consolidated funds in the six months ended June 30, 2025 compared to the six months ended June 30, 2024.

Current wording

The increase in Net Gains from Fund Investment Activities was primarily attributable to increases of $135.3 million in our Real Estate segment and $63.8 million in our Private Equity segment. The increase in our Real Estate segment was primarily attributable to net unrealized appreciation of investments in our consolidated funds in the nine months ended September 30, 2025 compared to net unrealized depreciation of investments in the nine months ended September 30, 2024. The increases in our Private Equity segment were primarily attributable to higher net unrealized appreciation of investments in our consolidated funds in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

Previous wording

Blackstone’s Provision for Taxes for the three months ended June 30, 2025 was $289.5 million, an increase of $29.2 million, compared to $260.2 million for the three months ended June 30, 2024. This resulted in an effective tax rate of 15.1% and 21.5%, based on our Income Before Provision for Taxes of $1.9 billion and $1.2 billion for the three months ended June 30, 2025 and 2024, respectively.

Current wording

Blackstone’s Provision for Taxes for the three months ended September 30, 2025 was $209.7 million, a decrease of $35.6 million, compared to $245.3 million for the three months ended September 30, 2024. This resulted in an effective tax rate of 14.5% and 13.6%, based on our Income Before Provision for Taxes of $1.4 billion and $1.8 billion for the three months ended September 30, 2025 and 2024, respectively.

Previous wording

The decrease in Blackstone’s effective tax rate for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, relates primarily to the impact of Non-Controlling Interests in Consolidated Entities and the deferred tax impact of Blackstone’s investment in its operating partnerships.

Current wording

The increase in Blackstone’s effective tax rate for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, relates primarily to the impact of Non-Controlling Interests in Consolidated Entities and the deferred tax impact of Blackstone’s investment in its operating partnerships.

Previous wording

Blackstone’s Provision for Taxes for the six months ended June 30, 2025 was $533.3 million, a decrease of $10.6 million, compared to $543.9 million for the six months ended June 30, 2024. This resulted in an effective tax rate of 15.8% and 17.6%, based on our Income Before Provision for Taxes of $3.4 billion and $3.1 billion for the six months ended June 30, 2025 and 2024, respectively.

Current wording

Blackstone’s Provision for Taxes for the nine months ended September 30, 2025 was $743.0 million, a decrease of $46.2 million, compared to $789.2 million for the nine months ended September 30, 2024. This resulted in an effective tax rate of 15.4% and 16.1%, based on our Income Before Provision for Taxes of $4.8 billion and $4.9 billion for the nine months ended September 30, 2025 and 2024, respectively.

Previous wording

The decrease in Blackstone’s effective tax rate for the six months ended June 30, 2025 compared to the six months ended June 30, 2024, relates primarily to the impact of Non-Controlling Interests in Consolidated Entities and the deferred tax impact of Blackstone’s investment in its operating partnerships.

Current wording

The decrease in Blackstone’s effective tax rate for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, relates primarily to the impact of Non-Controlling Interests in Consolidated Entities and the deferred tax impact of Blackstone’s investment in its operating partnerships.

Previous wording

For the three months ended June 30, 2025 and 2024, the Net Income Before Taxes allocated to Blackstone personnel and others who are limited partners of Blackstone Holdings was 37.7% and 38.7%, respectively. For the six months ended June 30, 2025 and 2024, the Net Income Before Taxes allocated to Blackstone personnel and others who are limited partners of Blackstone Holdings was 37.9% and 38.8%, respectively. The respective decreases of 1.0% and 0.9% were primarily attributable to the conversion of Blackstone Holdings Partnership Units to shares of common stock and the vesting of shares of common stock.

Current wording

For the three months ended September 30, 2025 and 2024, the Net Income Before Taxes allocated to Blackstone personnel and other limited partners of Blackstone Holdings was 37.5% and 38.4%, respectively. For the nine months ended September 30, 2025 and 2024, the Net Income Before Taxes allocated to Blackstone personnel and other limited partners of Blackstone Holdings was 37.7% and 38.6%, respectively. The respective decreases of 0.9% and 0.9% were primarily attributable to the conversion of Blackstone Holdings Partnership Units to shares of common stock and the vesting of shares of common stock.

Previous wording

The following graphs and tables summarize the Fee-Earning Assets Under Management by Segment and Total Assets Under Management by Segment, followed by a rollforward of activity for the three and six months ended June 30, 2025 and 2024. For a description of how 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.”

Current wording

The following graphs and tables summarize the Fee-Earning Assets Under Management by Segment and Total Assets Under Management by Segment, followed by a rollforward of activity for the three and nine months ended September 30, 2025 and 2024. For a description of how 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.”

Previous wording

Total Assets Under Management were $1,211.2 billion at June 30, 2025, an increase of $84.0 billion compared to $1,127.2 billion at December 31, 2024. The net increase was due to:

Current wording

Total Assets Under Management were $1,241.7 billion at September 30, 2025, an increase of $114.6 billion compared to $1,127.2 billion at December 31, 2024. The net increase was due to:

Previous wording

Fee-Earning Assets Under Management were $887.1 billion at June 30, 2025, an increase of $56.4 billion compared to $830.7 billion at December 31, 2024. The net increase was due to:

Current wording

Fee-Earning Assets Under Management were $906.2 billion at September 30, 2025, an increase of $75.5 billion compared to $830.7 billion at December 31, 2024. The net increase was due to:

Previous wording

For the twelve months ended June 30, 2025, Net Accrued Performance Revenues receivable increased due to Net Performance Revenues of $3.3 billion, partially offset by net realized distributions of $2.9 billion.

Current wording

For the twelve months ended September 30, 2025, Net Accrued Performance Revenues receivable decreased due to net realized distributions of $3.3 billion, partially offset by Net Performance Revenues of $2.8 billion.

Previous wording

Perpetual Capital Total Assets Under Management was $484.6 billion as of June 30, 2025, an increase of $20.1 billion, compared to $464.4 billion as of March 31, 2025. Perpetual Capital Total Assets Under Management in our Credit & Insurance and Private Equity segments increased $11.5 billion and $6.6 billion, respectively. Principal drivers of these increases were:

Current wording

Perpetual Capital Total Assets Under Management was $500.6 billion as of September 30, 2025, an increase of $16.0 billion, compared to $484.6 billion as of June 30, 2025. Perpetual Capital Total Assets Under Management in our Credit & Insurance and Private Equity segments increased $12.3 billion and $4.1 billion, respectively. Principal drivers of these increases were:

Previous wording

Perpetual Capital Total Assets Under Management was $484.6 billion as of June 30, 2025, an increase of $39.8 billion, compared to $444.8 billion as of December 31, 2024. Perpetual Capital Total Assets Under Management in our Credit & Insurance and Private Equity segments increased $21.0 billion and $14.8 billion, respectively. Principal drivers of the increases were:

Current wording

Perpetual Capital Total Assets Under Management was $500.6 billion as of September 30, 2025, an increase of $55.8 billion, compared to $444.8 billion as of December 31, 2024. Perpetual Capital Total Assets Under Management in our Credit & Insurance and Private Equity segments increased $33.3 billion and $18.9 billion, respectively. Principal drivers of the increases were:

Previous wording

Nevertheless, we believe commercial real estate is increasingly well-positioned for a recovery. Our overall Real Estate equity portfolio has benefited and is set to benefit from positive cash flow growth, declining new supply and continued improvement in the cost and availability of debt. These factors should be constructive for asset values. Additionally, along with greater clarity in the U.S. policy environment and lower market volatility, these factors have contributed to a market environment that is more conducive to transaction activity. While we expect the market for larger realizations to remain muted in the near-term, we believe such factors, if sustained, should provide a strong foundation for acceleration in transaction activity. Additionally, these positive developments have coincided with improving investor sentiment, reflected in the continued decline in repurchase requests and a stronger quarter of fundraising in BREIT.

Current wording

We believe values in our Real Estate equity portfolio will continue to benefit from healthy cash flow growth, declining new supply and further improvement in the cost and availability of debt. More favorable capital markets, along with improving investor sentiment, are also supporting an environment that is more conducive to transaction activity. While we expect the market for larger realizations to remain muted in the near-term, we believe this environment, if sustained, should provide a strong foundation for acceleration in transaction activity.

Previous wording

Fee Related Performance Revenues were $89.6 million for the three months ended June 30, 2025, an increase of $89.0 million, compared to $0.6 million for the three months ended June 30, 2024. The increase was primarily attributable to higher Fee Related Performance Revenues in BREIT.

Current wording

Fee Related Performance Revenues were $124.6 million for the three months ended September 30, 2025, an increase of $52.2 million, compared to $72.4 million for the three months ended September 30, 2024. The increase was primarily attributable to higher Fee Related Performance Revenues in BREIT.

Previous wording

Segment Distributable Earnings were $1.3 billion for the six months ended June 30, 2025, an increase of $329.8 million, compared to $986.2 million for the six months ended June 30, 2024. The increase in Segment Distributable Earnings was attributable to an increase of $369.2 million in Fee Related Earnings, partially offset by a decrease of $39.5 million in Net Realizations.

Current wording

Segment Distributable Earnings were $1.7 billion for the nine months ended September 30, 2025, an increase of $6.4 million, compared to the nine months ended September 30, 2024. The increase in Segment Distributable Earnings was attributable to an increase of $10.3 million in Fee Related Earnings, partially offset by a decrease of $3.9 million in Net Realizations.

Previous wording

Management Fees, Net were $1.4 billion for the six months ended June 30, 2025, a decrease of $65.8 million, compared to $1.5 billion for the six months ended June 30, 2024, primarily attributable to decreases in Base Management Fees and Transaction and Other Fees, Net. Base Management Fees decreased $42.2 million primarily attributable to a decrease in Fee-Earning Assets Under Management in Core+ and BREDS. Transaction and Other Fees, Net decreased $22.5 million primarily attributable to a decrease in acquisition advisory fees paid to the advisor of our BREP funds.

Current wording

Management Fees, Net were $2.1 billion for the nine months ended September 30, 2025, a decrease of $72.5 million, compared to $2.2 billion for the nine months ended September 30, 2024, primarily attributable to decreases in Base Management Fees and Transaction and Other Fees, Net. Base Management Fees decreased $43.7 million primarily attributable to a decrease in Fee-Earning Assets Under Management in BREDS and BREIT. Transaction and Other Fees, Net decreased $26.0 million primarily attributable to a decrease in acquisition advisory fees paid to the advisor of our BREP funds.

Previous wording

The Real Estate segment has thirteen funds with closed investment periods as of June 30, 2025: BREP IX, BREP VIII, BREP VII, BREP VI, BREP V, BREP Europe VI, BREP Europe V, BREP Europe IV, BREP Europe III, BREP Asia II, BREP Asia I, BREDS IV and BREDS III. As of June 30, 2025, BREP VII, BREP VI, BREP V, BREP Europe IV, BREP Europe III and BREP Asia I were above their carried interest thresholds (i.e., the preferred return payable to its limited partners before the general partner is eligible to receive carried interest) and would have been above their carried interest thresholds even if all remaining investments were valued at zero. BREP IX, BREP VIII, BREP Europe VI, BREDS IV and BREDS III were above their carried interest thresholds as of June 30, 2025, while BREP Asia II and BREP Europe V were below their carried interest thresholds. Funds are considered above their carried interest thresholds based on the aggregate fund position, although individual limited partners may be below their respective carried interest thresholds in certain funds.

Current wording

The Real Estate segment has thirteen funds with closed investment periods as of September 30, 2025: BREP IX, BREP VIII, BREP VII, BREP VI, BREP V, BREP Europe VI, BREP Europe V, BREP Europe IV, BREP Europe III, BREP Asia II, BREP Asia I, BREDS IV and BREDS III. As of September 30, 2025, BREP VII, BREP VI, BREP V, BREP Europe IV, BREP Europe III and BREP Asia I were above their carried interest thresholds (i.e., the preferred return payable to its limited partners before the general partner is eligible to receive carried interest) and would have been above their carried interest thresholds even if all remaining investments were valued at zero. BREP IX, BREP VIII, BREDS IV and BREDS III were above their carried interest thresholds as of September 30, 2025, while BREP Asia II, BREP Europe VI, and BREP Europe V were below their carried interest thresholds. Funds are considered above their carried interest thresholds based on the aggregate fund position, although individual limited partners may be below their respective carried interest thresholds in certain funds.

Previous wording

Our Private Equity segment generated positive performance across all strategies in the second quarter of 2025, with particular strength in our Life Sciences and Secondaries strategies. In Corporate Private Equity, our operating companies exhibited broad-based strength with healthy revenue growth and resilient margin expansion. Greater clarity in the U.S. policy environment, including in respect of taxes and tariffs, and lower market volatility, have contributed to increased market transaction activity. A more conducive capital markets environment, if sustained, should provide a foundation for acceleration in transaction activity, including realizations, in our Private Equity segment going forward. Continued decelerating inflation may also encourage the lowering of interest rates, which would be positive for asset values. These positive developments have additionally coincided with improving investor sentiment, reflected in stronger fundraising in our drawdown and perpetual strategies. Nevertheless, the ultimate outcome of ongoing tariff negotiations could have an adverse impact on the U.S. economy and growth expectations as well as contribute to slower-than-anticipated interest rate decreases in a manner that could adversely affect valuations, fundraising and realizations in our Private Equity segment.

Current wording

Our Private Equity segment generated positive performance across all strategies in the third quarter of 2025, with particular strength in our Infrastructure and Secondaries strategies. In Corporate Private Equity, our operating companies exhibited resilient performance with solid revenue growth and margin stability. A more favorable capital markets environment has begun to provide a foundation for acceleration in transaction activity, including initial public offerings. If sustained, this environment should contribute to a further increase in transaction activity, including realizations, in our Private Equity segment.

Previous wording

Management and Advisory Fees, Net were $706.3 million for the three months ended June 30, 2025, an increase of $191.4 million, compared to $514.9 million for the three months ended June 30, 2024, primarily attributable to increases in Base Management Fees and Transaction, Advisory and Other Fees, Net. Base Management Fees increased $136.8 million primarily attributable to fee holiday expirations of BCP IX and BETP IV, as well as an increase in Fee-Earning Assets Under Management in BXPE and BIP. Transaction, Advisory and Other Fees, Net increased $62.8 million primarily attributable to increased volume of deal activity in BXCM.

Current wording

Management and Advisory Fees, Net were $717.4 million for the three months ended September 30, 2025, an increase of $164.6 million, compared to $552.8 million for the three months ended September 30, 2024, primarily attributable to increases in Base Management Fees and Transaction, Advisory and Other Fees, Net. Base Management Fees increased $117.0 million primarily attributable to fee holiday expirations of BCP IX and BETP IV, as well as an increase in Fee-Earning Assets Under Management in BXPE and BIP. Transaction, Advisory and Other Fees, Net increased $61.3 million primarily attributable to increased volume of deal activity in BXCM.

Previous wording

Fee Related Performance Revenues were $192.3 million for the three months ended June 30, 2025, an increase of $183.6 million, compared to $8.7 million for the three months ended June 30, 2024. The increase was primarily attributable to crystallization of performance revenues in BXPE and BIP.

Current wording

Fee Related Performance Revenues were $126.7 million for the three months ended September 30, 2025, an increase of $120.8 million, compared to $5.9 million for the three months ended September 30, 2024. The increase was primarily attributable to crystallization of performance revenues in BXPE and BIP.

Previous wording

Fee Related Compensation was $266.9 million for the three months ended June 30, 2025, an increase of $108.9 million, compared to $158.1 million for the three months ended June 30, 2024. The increase was primarily attributable to increases in Fee Related Performance Revenues and Management and Advisory Fees, Net, both of which impact Fee Related Compensation.

Current wording

Fee Related Compensation was $231.9 million for the three months ended September 30, 2025, an increase of $62.9 million, compared to $169.1 million for the three months ended September 30, 2024. The increase was primarily attributable to increases in Fee Related Performance Revenues and Management and Advisory Fees, Net both of which impact Fee Related Compensation.

Previous wording

Net Realizations were $232.0 million for the three months ended June 30, 2025, an increase of $24.3 million, compared to $207.8 million for the three months ended June 30, 2024. The increase in Net Realizations was attributable to increases in Realized Performance Revenues of $27.2 million and in Realized Principal Investment Income of $14.1 million, partially offset by an increase in Realized Performance Compensation of $17.1 million.

Current wording

Net Realizations were $380.1 million for the three months ended September 30, 2025, an increase of $249.2 million, compared to $130.9 million for the three months ended September 30, 2024. The increase in Net Realizations was attributable to an increase in Realized Performance Revenues of $342.7 million, partially offset by an increase in Realized Performance Compensation of $111.2 million.

Previous wording

Management and Advisory Fees, Net were $1.3 billion for the six months ended June 30, 2025, an increase of $312.0 million compared to $1.0 billion for the six months ended June 30, 2024, primarily attributable to increases in Base Management Fees and Transaction, Advisory and Other Fees, Net. Base Management Fees increased $240.7 million primarily attributable to fee holiday expirations of BCP IX and BETP IV. Transaction, Advisory and Other Fees, Net increased $90.1 million primarily attributable to increased volume of deal activity in BXCM.

Current wording

Management and Advisory Fees, Net were $2.0 billion for the nine months ended September 30, 2025, an increase of $476.6 million compared to $1.6 billion for the nine months ended September 30, 2024, primarily attributable to increases in Base Management Fees and Transaction, Advisory and Other Fees, Net. Base Management Fees increased $357.7 million primarily attributable to fee holiday expirations in BCP IX and BETP IV, as well as increased Fee-Earning Assets Under Management in BXPE and BIP. Transaction, Advisory and Other Fees, Net increased $151.4 million primarily attributable to increased volume of deal activity in BXCM.