Blackstone Inc. · Earnings release · 8-K Exhibit 99

Blackstone Reports Fourth Quarter and Full Year

Results

New York, January 29, 2026: Blackstone (NYSE:BX) today reported its fourth quarter and full year 2025 results.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone’s extraordinary fourth-quarter

results capped a record year for the firm. T1We delivered again for our limited partners, leading to $71 billion of

inflows in the quarter — the highest in over three years. T2Our focus on investing at massive scale in the buildout of

digital and energy infrastructure continues to create significant value for our investors.”

Blackstone issued a full detailed presentation of its fourth quarter and full year 2025 results, which can be viewed

at www.blackstone.com.

Dividend

Blackstone has declared a quarterly dividend of

$1.49 per share to record holders of common stock at the close of

business on February 9, 2026. This dividend will be paid on February 17,

Quarterly Investor Call Details

Blackstone will

host its fourth quarter and full year 2025 investor conference via public webcast on January 29,

the following link:

https:/event.webcasts.com/starthere.jsp?ei=1748258&tp_key=b779ba06d9. For those unable to listen to the live

Blackstone

www.blackstone.com

broadcast, there will be a webcast replay on the Shareholders section of Blackstone’s website at

https://ir.blackstone.com/.

About Blackstone

Blackstone is the world’s largest

alternative asset manager. Blackstone seeks to deliver compelling returns for

institutional and individual investors by strengthening the companies in which

the firm invests. Blackstone’s

$1.3 trillion in assets under management include global investment strategies focused on real estate, private

equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is

available at www.blackstone.com.

Follow @blackstone on LinkedIn, X

(Twitter), and Instagram.

Forward-Looking Statements

This presentation may contain

forward-looking statements within the meaning of Section 27A of the Securities Act

of 1933, as amended, and Section 21E of the Securities Exchange

Act of 1934, as amended, which reflect our

current views with respect to, among other things, our operations, taxes, earnings and financial performance,

share

repurchases and dividends. You can identify these forward-looking statements by the use of words such as

“outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,”

“may,” “will,” “should,” “seeks,”

“approximately,” “predicts,” “intends,”

“plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,”

“forecast,” “possible” or the negative version of these words or other comparable words. Such forward-looking

statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that

could cause actual outcomes or results to differ materially from those indicated in these statements. We believe

these factors include but are not limited to those described under the section entitled “Risk Factors” in our Annual

Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in

our subsequent filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on

the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in

conjunction with the other cautionary statements that are included in this report and in our other periodic filings.

The forward-looking statements speak only as of the date of this report, and we undertake no obligation to publicly

update or review any forward-looking statement, whether as a result of new information, future developments or

otherwise.

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

Investor and Media Relations Contacts

Weston Tucker

Blackstone

tucker@blackstone.com

Christine Anderson

Blackstone

christine.anderson@blackstone.com

Blackstone’s Fourth

Quarter and Full Year

BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2025 GAAP RESULTS

§

GAAP Net Income was $2.0 billion for the quarter and $6.0 billion for the year. GAAP Net Income Attributable to Blackstone Inc. was $1.0 billion for the quarter and $3.0 billion for the year.

($ in thousands, except per share data)

(unaudited)

Revenues

Management and Advisory Fees, Net

$

$

$

$

Incentive Fees

Performance Allocations

Principal Investments

Interest and Dividend Revenue

Other

)

)

Total Revenues

$

$

$

$

Expenses

Compensation and Benefits

General, Administrative and Other

Interest Expense

Fund Expenses

Total Expenses

$

$

$

$

Other Income (Loss)

$

)

$

$

$

Income Before Provision for

Taxes

$

$

$

$

Provision for Taxes

Net Income

$

$

$

$

Redeemable NCI in Consolidated

Entities

)

)

Non-Redeemable NCI in Consolidated Entities

Net Income Attributable to

Blackstone Inc.

$

$

$

$

Net Income Per Share of Common Stock,

Basic

$

$

$

$

Net Income Per Share of Common

Stock, Diluted

$

$

$

$

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

Blackstone | 1

BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2025 HIGHLIGHTS

Financial Measures

§ Fee Related Earnings (“FRE”) of $1.5 billion ($1.25/share) in the quarter

–

FRE

was $5.7 billion for the year ($4.67/share)

§ T3Distributable Earnings (“DE”) of $2.2 billion ($1.75/share) in the quarter

–

DE

was $7.1 billion for the year ($5.57/share)

§ Net Accrued Performance Revenues of $6.7 billion ($5.49/share)

Capital Metrics

§ Total Assets Under Management (“AUM”) of $1,274.9 billion

–

Fee-Earning AUM of $921.7 billion

–

Perpetual Capital AUM of $523.6 billion

§ Inflows of $71.5 billion in the quarter and $239.4 billion for the year

§ Deployment of $42.2 billion in the quarter and $138.2 billion for the year

§ Realizations of $46.1 billion in the quarter and $125.6 billion for the year

Capital Returned

to Shareholders

§ Dividend of $1.49 per common share payable on February 17, 2026

–

Dividends of $4.74 per common share for the year

§ Repurchased 0.2 million common shares in the quarter and 0.8 million common shares for the year

§ $T42.0 billion to be distributed to shareholders with respect to the fourth quarter and $6.2 billion for the year through dividends and share repurchases

Blackstone | 2

BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2025 SEGMENT EARNINGS

% Change

% Change

($ in thousands, except per share data)

Management and Advisory Fees, Net

$

$

$

$

Fee Related Performance

Revenues

Fee Related Compensation

)

)

)

)

(2)%

Other Operating Expenses

)

)

)

)

Fee Related Earnings

$

$

$

$

9%

Realized Performance

Revenues

Realized Performance Compensation

)

)

7%

)

)

Realized Principal Investment

Income

Net Realizations

Total Segment Distributable

Earnings

$

$

2%

$

$

Distributable Earnings

$

$

3%

$

$

Additional Metrics:

Net Income Per Share of Common Stock, Basic

$

$

$

$

7%

FRE per Share

$

$

$

$

8%

DE per Common Share

$

$

4%

$

$

Total Segment Revenues

$

$

(5)%

$

$

Total Assets Under Management

$

$

$

$

Fee-Earning Assets Under Management

$

$

$

$

Fee Related Earnings per Share is based on end of period DE Shares Outstanding (see page 24, Share Summary). DE per Common Share is based on DE

Attributable

to Common Shareholders (see page 23, Shareholder Dividends) and end of period Participating Common Shares outstanding. Full

year FRE per Share and DE per

Common Share amounts represent the sum of the last four quarters. See pages 32-33 for the

Reconciliation of GAAP to Total Segments. See page 34 for

additional detail.

Blackstone | 3

INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES

§

Appreciation across strategies led to higher Net Accrued Performance Revenues quarter-over-quarter of $6.7 billion ($5.49/share).

Investment Performance

(appreciation / gross returns)

Real Estate

Opportunistic

Core+

Private Equity

Corporate Private Equity

Tactical Opportunities

Secondaries

Infrastructure

Credit & Insurance

Private Credit

Liquid Credit

Multi-Asset Investing

Absolute Return Composite

Net Accrued Performance Revenues

($ in millions)

Investment Performance represents fund appreciation for Real Estate and Private Equity and gross returns for Credit & Insurance and

Multi-Asset Investing.

Secondaries appreciation excludes GP Stakes. Private Credit net returns were 1.6% and 7.8% for 4Q’25 and FY’25,

respectively. Liquid Credit net returns were

1.2% and 5.5% for 4Q’25 and FY’25, respectively. Absolute Return Composite net returns were 3.9% and

page 34 for additional details on these strategies and our investment performance.

Blackstone | 4

CAPITAL METRICS – ADDITIONAL DETAIL

§

Inflows were $71.5 billion in the quarter, bringing full year inflows to $239.4 billion.

§

T5Deployed $42.2 billion in the quarter and $138.2 billion for the year.

–

Committed an additional $23.0 billion that was not yet deployed in the quarter.

§

Realizations were $46.1 billion in the quarter and $125.6 billion for the year.

Inflows

Capital Deployed

Realizations

($ in millions)

Real Estate

$

$

$

$

$

$

Opportunistic

Core+

Debt Strategies

Private Equity

Corporate Private Equity

Tactical Opportunities

Secondaries

Infrastructure

Credit & Insurance

Multi-Asset Investing

Total Blackstone

$

$

$

$

$

$

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

the assets are

managed.

Blackstone | 5

ASSETS UNDER MANAGEMENT

§

T6Total AUM increased to $1,274.9 billion, up 13% year-over-year, with $71.5 billion of inflows in the quarter and $239.4 billion for the year.

§

Fee-Earning AUM of $921.7 billion was up 11% year-over-year, with $41.9 billion of inflows in the quarter and $167.0 billion for the year.

§

Perpetual Capital AUM reached $523.6 billion, up 18% year-over-year.

–

Fee-Earning Perpetual Capital AUM increased to $445.8 billion, representing 48% of Fee-Earning AUM.

Multi-Asset Investing had $247 million and $582 million of Perpetual Capital AUM as of 4Q’24 and 4Q’25, respectively.

Blackstone | 6

ADDITIONAL CAPITAL DETAIL

§

Invested Performance Eligible AUM reached $624.2 billion at quarter end, up 11% year-over-year.

§

Total Dry Powder of $198.3 billion available for future investments.

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

Blackstone | 7

Segment Highlights

Blackstone | 8

SEGMENT DISTRIBUTABLE EARNINGS COMPOSITION

§

4Q’25 Total Segment Distributable Earnings were $2.5 billion.

§

Full year Total Segment Distributable Earnings were $7.9 billion.

Segment Distributable Earnings

($ in millions)

Blackstone | 9

REAL ESTATE

§

Total AUM: Increased 1% to $319.3 billion with inflows of $8.3 billion in the quarter and $25.5 billion for the year.

–

Inflows in the quarter included $4.6 billion in BREDS, inclusive of $1.5 billion for a new drawdown fund focused on real estate credit and $1.0 billion from multi-asset strategies, and $935 million

of capital raised in BREIT.

§

Capital Deployed: $5.5 billion in the quarter, including a mixed-use asset in Paris by BREP, and $20.5 billion for the year.

–

Committed an additional $1.8 billion in the quarter, including the privatization of a diversified REIT in Hawaii by BREP.

§

Realizations: $8.6 billion in the quarter, including BREP U.S. Industrial and CityCenter Las Vegas, and $25.6 billion for the year.

§

Appreciation: Opportunistic funds declined (0.3)% in the quarter and (0.6)% for the year; Core+ funds appreciated 1.5% in the quarter and 3.0% for the year.

% Change

% Change

($ in thousands)

Management Fees, Net

$

$

(3)%

$

$

(3)%

Fee Related Performance Revenues

n/m

Fee Related Compensation

)

)

)

)

2%

Other Operating Expenses

)

)

7%

)

)

(3)%

Fee Related Earnings

$

$

$

$

9%

Realized Performance Revenues

Realized Performance Compensation

)

)

)

)

Realized Principal Investment Income (Loss)

)

n/m

Net Realizations

Segment Distributable Earnings

$

$

$

$

Segment Revenues

$

$

$

$

8%

Total AUM

$

$

1%

$

$

1%

Fee-Earning AUM

$

$

0%

$

$

0%

Blackstone | 10

PRIVATE EQUITY

§

Total AUM: Increased 18% to $416.4 billion with inflows of $20.3 billion in the quarter and $68.1 billion for the year.

–

Inflows in the quarter included $8.0 billion in Secondaries, inclusive of the tenth flagship Secondaries fund, $4.2 billion in Infrastructure, $1.6 billion in Tactical

Opportunities, $1.2 billion for the third Corporate Private Equity Asia fund, and $1.0 billion for the sixth Life Sciences fund.

–

$2.2 billion of capital raised for BXPE and $728 million of capital raised for BXINFRA.

§

Capital Deployed: $12.8 billion in the quarter, including TechnoPro and Shermco, and $46.5 billion for the year.

–

Committed an additional $9.7 billion in the quarter, including Hologic and MacLean Power Systems.

§

Realizations: $10.8 billion in the quarter, including a public sale for Legence and a royalty sale in Life Sciences, and $33.9 billion for the year.

§

Appreciation: T7Corporate Private Equity appreciated 5.0% in the quarter and 13.8% for the year.

–

Tactical Opportunities appreciated 0.7% in the quarter and 9.9% for the year; Secondaries appreciated 2.5% in the quarter and 13.1% for the year; Infrastructure appreciated 8.4% in the

quarter and 23.5% for the year.

% Change

% Change

($ in thousands)

Management and Advisory Fees, Net

$

$

$

$

Fee Related Performance Revenues

Fee Related Compensation

)

)

)

)

Other Operating Expenses

)

)

)

)

Fee Related Earnings

$

$

$

$

3%

Realized Performance Revenues

2%

Realized Performance Compensation

)

)

(5)%

)

)

Realized Principal Investment Income

Net Realizations

5%

Segment Distributable Earnings

$

$

$

$

Segment Revenues

$

$

$

$

5%

Total AUM

$

$

$

$

Fee-Earning AUM

$

$

$

$

BXPE represents the aggregate BXPE fund platform, which comprises both U.S. and non-U.S. vehicles. BXPE and BXINFRA capital raised includes amounts allocated to other strategies. Secondaries

appreciation excludes GP Stakes.

Blackstone | 11

CREDIT & INSURANCE

§

T8Total AUM: Increased 18% to $443.0 billion with inflows of $39.0 billion in the quarter and $132.1 billion for the year.

–

Inflows in the quarter included $16.6 billion for the global direct lending strategy, inclusive of $2.4 billion for direct lending SMAs, $3.3 billion of equity raised for

BCRED, and $700 million of equity raised for ECRED.

–

Inflows also included $11.8 billion for the infrastructure and asset based credit strategies, inclusive of $8.0 billion for insurance SMAs.

–

Closed 4 new CLOs (2 U.S. and 2 European) for $2.0 billion.

§

Capital Deployed: $22.9 billion in the quarter and $67.7 billion for the year driven by U.S. direct lending as well as infrastructure and asset based credit strategies;

committed an additional $11.2 billion in the quarter.

§

Realizations: $25.6 billion in the quarter and $62.4 billion for the year.

§

Returns: Private Credit gross return of 2.4% (1.6% net) and Liquid Credit gross return of 1.3% (1.2% net) in the quarter; gross returns for the year for Private Credit of 11.2%

(7.8% net) and Liquid Credit of 6.0% (5.5% net).

§

Realized Principal Investment Income in the quarter included the monetization of Blackstone’s stake in Resolution Life with respect to its sale to Nippon Life, where Blackstone will

continue to be the investment manager for Resolution Life going forward.

% Change

% Change

($ in thousands)

Management Fees, Net

$

$

$

$

Fee Related Performance Revenues

5%

Fee Related Compensation

)

)

3%

)

)

Other Operating Expenses

)

)

)

)

Fee Related Earnings

$

$

$

$

Realized Performance Revenues

2%

Realized Performance Compensation

)

)

(1)%

)

)

Realized Principal Investment Income

n/m

Net Realizations

Segment Distributable Earnings

$

$

$

$

Segment Revenues

$

$

$

$

Total AUM

$

$

$

$

Fee-Earning AUM

$

$

$

$

Blackstone | 12

MULTI-ASSET INVESTING

§

Total AUM: Increased 14% to $96.2 billion with inflows of $3.9 billion in the quarter and $13.6 billion for the year.

§

Returns: Absolute Return Composite gross return of 4.3% in the quarter (3.9% net), outperforming the HFRX Global Hedge Fund Index, which was 1.4%.

–

Absolute Return benefited from positive performance across strategies, including equities, quantitative, macro, and credit during the quarter.

–

Gross return of 13.2% for the year (11.9% net), outperforming 7.1% return for the HFRX Global Hedge Fund Index, with significantly less volatility than the broader markets.

% Change

% Change

($ in thousands)

Management Fees, Net

$

$

$

$

Fee Related Compensation

)

)

)

)

Other Operating Expenses

)

)

)

)

5%

Fee Related Earnings

$

$

(4)%

$

$

Realized Performance Revenues

Realized Performance Compensation

)

)

)

)

8%

Realized Principal Investment Income (Loss)

)

n/m

Net Realizations

Segment Distributable Earnings

$

$

$

$

Segment Revenues

$

$

$

$

Total AUM

$

$

$

$

Fee-Earning AUM

$

$

$

$

Blackstone | 13

Supplemental Details

Blackstone | 14

TOTAL SEGMENTS

($ in thousands)

Base Management Fees

$

$

$

$

$

$

$

Transaction, Advisory and Other

Fees, Net

Management Fee Offsets

)

)

)

)

)

)

)

Total Management and Advisory Fees, Net

Fee Related Performance Revenues

Fee Related Compensation

)

)

)

)

)

)

)

Other Operating Expenses

)

)

)

)

)

)

)

Fee Related Earnings

$

$

$

$

$

$

$

Realized Performance

Revenues

Realized Performance Compensation

)

)

)

)

)

)

)

Realized Principal Investment

Income

Total Net Realizations

$

$

$

$

$

$

$

Total Segment Distributable

Earnings

$

$

$

$

$

$

$

Distributable Earnings

$

$

$

$

$

$

$

Additional Metrics:

Total Segment Revenues

$

$

$

$

$

$

$

Total Assets Under

Management

$

$

$

$

$

$

$

Fee-EarningAssets Under Management

$

$

$

$

$

$

$

Blackstone | 15

ASSETS UNDER MANAGEMENT - ROLLFORWARD

Total AUM Rollforward

($ in millions)

Real

Estate

Private

Equity

Credit &

Insurance

Multi-Asset

Investing

Total

Real

Estate

Private

Equity

Credit &

Insurance

Multi-Asset

Investing

Total

Beginning Balance

$

$

$

$

$

$

$

$

$

$

Inflows

Outflows

)

)

)

)

)

)

)

)

)

)

Net Flows

Realizations

)

)

)

)

)

)

)

)

)

)

Market Activity

Ending Balance

$

$

$

$

$

$

$

$

$

$

% Change

(0)%

5%

2%

3%

3%

1%

Fee-Earning AUM Rollforward

($ in millions)

Real

Estate

Private

Equity

Credit &

Insurance

Multi-Asset

Investing

Total

Real

Estate

Private

Equity

Credit &

Insurance

Multi-Asset

Investing

Total

Beginning Balance

$

$

$

$

$

$

$

$

$

$

Inflows

Outflows

)

)

)

)

)

)

)

)

)

)

Net Flows

Realizations

)

)

)

)

)

)

)

)

)

)

Market Activity

Ending Balance

$

$

$

$

$

$

$

$

$

$

% Change

(1)%

3%

3%

3%

2%

0%

Inflows include contributions, capital raised, other increases in available capital (recallable capital and increasedside-by-side commitments), purchases, inter-segment allocations and

acquisitions. Outflows represent redemptions, client withdrawals and decreases in available

capital (expired capital, expense drawdowns and decreased side-by-side commitments).

Realizations represent realization proceeds from the disposition or other

monetization of assets, current income or capital returned to investors from CLOs. Market Activity includes

realized and unrealized gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations. AUM is reported in

the segment where the assets are managed.

Blackstone | 16

DECONSOLIDATED BALANCE SHEET HIGHLIGHTS

§

At December 31, 2025, Blackstone had $11.3 billion in total cash, cash equivalents, corporate treasury, and other investments and $20.9 billion of cash and net investments, or $17.05 per share.

§

Blackstone has a $4.3 billion credit revolver and maintains A+/A+ ratings.

–

On November 3, 2025, Blackstone issued $600 million of 5-year notes at a 4.30% coupon and $600 million of 10-year notesat a 4.95% coupon.

($ in millions)

Cash and Cash Equivalents

$

Corporate Treasury and

Other Investments

GP/Fund Investments

Net Accrued Performance

Revenues

Cash and Net Investments

$

Outstanding Debt (at par)

Cash and Net Investments

(per share)

A+ / A+

rated by S&P and Fitch

credit revolver with

total cash, corporate

treasury and other

Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $7.1 billion as of December 31, 2025, which was comprised of

$6.5 billion of liquid investments and $566 million of

illiquid investments. See notes on pages 31 and 35 for additional details on non-GAAP balance sheet

measures.

Blackstone | 17

NET ACCRUED PERFORMANCE REVENUES - ADDITIONAL DETAIL

($ in millions, except per share data)

Per Share

Real Estate

BREP Global

$

$

$

$

BREP Europe

BREP Asia

BPP

BREDS

Real Estate

$

$

$

$

Private Equity

BCP Global

BCP Asia

Energy/Energy Transition

Core Private Equity

Tactical Opportunities

Secondaries

Infrastructure

Life Sciences

BTAS/BXPE

Private Equity

$

$

$

$

Credit & Insurance

$

$

$

$

Multi-Asset Investing

$

$

$

$

Net Accrued Performance

Revenues

$

$

$

$

4Q’25 QoQ Rollforward

($ in millions)

Net

Net

Performance