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

Blackstone Reports Second Quarter 2025 Results

New York, July 24, 2025: Blackstone (NYSE:BX) today reported its second quarter 2025 results.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone delivered outstanding second-

quarter results, reflective of the broader underlying expansion of the firm’s business and earnings power,

particularly in private wealth, credit and insurance, and infrastructure. Despite the volatile market backdrop, we

grew earnings significantly and T1total assets under management increased 13% year-over-year to more than

$1.2 trillion—a new industry record. Most importantly, we continued to deliver strong investment performance for

our LPs, with the highest overall amount of fund appreciation in nearly four years.”

Blackstone issued a full detailed presentation of its second quarter 2025 results, which can be viewed at

www.blackstone.com.

Dividend

Blackstone has declared a quarterly dividend of

$1.03 per share to record holders of common stock at the close of

business on August 4, 2025. This dividend will be paid on August 11, 2025.

Quarterly Investor Call Details

Blackstone will host its

second quarter 2025 investor conference via public webcast on July 24, 2025 at

9:00 a.m. ET. To register, please use the following link:

https://event.webcasts.com/starthere.jsp?ei=1725493&tp_key=ccdd76990b. 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

$1.2 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 periodic 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 Second

BLACKSTONE’S SECOND QUARTER 2025 GAAP RESULTS

§

GAAP Net Income was $1.6 billion for the quarter and $2.8 billion year-to-date (“YTD”). GAAP Net Income

Attributable to Blackstone Inc. was $764 million for the quarter and $1.4 billion YTD.

($ 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 SECOND QUARTER 2025 HIGHLIGHTS

Financial Measures

§ Fee Related Earnings (“FRE”) of $1.5 billion ($1.19/share) in the quarter

– FRE was $5.7 billion over the last twelve months (“LTM”)

§ T2Distributable Earnings (“DE”) of $1.6 billion ($1.21/share) in the quarter

billion over the LTM ($5.00/share)

§ T3Net Accrued Performance Revenues of $6.6 billion ($5.37/share)

Capital Metrics

§ Total Assets Under Management (“AUM”) of $1,211.2 billion

– Fee-Earning AUM of $887.1 billion

– Perpetual

Capital AUM of $484.6 billion

§ T4Inflows of $52.1 billion in the quarter and $211.8 billion over the LTM

§ Deployment of $33.1 billion in the quarter and $145.1 billion over the LTM

§ Realizations of $23.4 billion in the quarter and $97.5 billion over the LTM

Capital Returned

to Shareholders

§ Dividend of $1.03 per common share payable on August 11, 2025

– Dividends of $4.26 per common share over the LTM

§ Repurchased 0.2 million common shares in the quarter and 1.7 million common shares

over the LTM

§ $T51.4 billion to be distributed to shareholders with respect to the second quarter and

over the LTM through dividends and share repurchases

Blackstone | 2

BLACKSTONE’S SECOND QUARTER 2025 SEGMENT EARNINGS

% Change

% Change

($ in thousands, except per share data)

Management and Advisory Fees, Net

$

$

$

$

Fee Related Performance

Revenues

Fee Related Compensation

)

)

)

)

Other Operating Expenses

)

)

)

)

Fee Related Earnings

$

$

$

$

Realized Performance

Revenues

2%

(6)%

Realized Performance Compensation

)

)

2%

)

)

(5)%

Realized Principal Investment

Income

Net Realizations

6%

Total Segment Distributable

Earnings

$

$

$

$

Distributable Earnings

$

$

$

$

Additional Metrics:

Net Income Per Share of Common Stock, Basic

$

$

$

$

5%

FRE per Share

$

$

$

$

DE per Common Share

$

$

$

$

Total Segment Revenues

$

$

$

$

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. YTD FRE per Share and DE

per

Common Share amounts represent the sum of the last two quarters. See pages 32-33 for the Reconciliation of GAAP to Total Segment Measures.

Blackstone | 3

INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES

§

Appreciation across nearly all strategies led to higher Net Accrued Performance Revenues quarter-over-quarter of

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 2.2% and 9.5% for 2Q’25 and 2Q’25 LTM,

respectively. Liquid Credit net returns

were 2.3% and 7.4% for 2Q’25 and 2Q’25 LTM, respectively. Absolute Return Composite net returns were 2.5% and

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

Blackstone | 4

CAPITAL METRICS – ADDITIONAL DETAIL

§

Inflows were $52.1 billion in the quarter, bringing LTM inflows to $211.8 billion.

§

Deployed $33.1 billion in the quarter and $145.1 billion over the LTM.

–

Committed an additional $19.5 billion that was not yet deployed in the quarter.

§

Realizations were $23.4 billion in the quarter and $97.5 billion over the LTM.

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

§

Total AUM increased to $1,211.2 billion, up 13% year-over-year, with $52.1 billion of inflows in the quarter

and $211.8 billion over the LTM.

§

Fee-Earning AUM of $887.1 billion was up 10% year-over-year, with $41.9 billion of inflows in the quarter

and $159.4 billion over the LTM.

§

Perpetual Capital AUM reached $484.6 billion, up 16% year-over-year.

–

Fee-Earning Perpetual Capital AUM increased to $415.9 billion, representing 47% of Fee-Earning AUM.

Multi-Asset Investing had $200 million and $186 million of Perpetual Capital AUM as of 2Q’24 and 2Q’25, respectively.

Blackstone | 6

ADDITIONAL CAPITAL DETAIL

§

Invested Performance Eligible AUM reached $604.4 billion at quarter end, up 14% year-over-year.

§

Total Dry Powder of $181.2 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

§

2Q’25 Total Segment Distributable Earnings were $1.8 billion.

§

LTM Total Segment Distributable Earnings were $7.2 billion.

Segment Distributable Earnings

($ in millions)

Blackstone | 9

REAL ESTATE

§

Total AUM: $325.0 billion with inflows of $7.2 billion in the quarter and $27.3 billion over the LTM.

–

Inflows in the quarter included $2.4 billion in BREDS, of which $1.2 billion was from Insurance SMAs, $1.1 billion of capital raised in BREIT, and $1.0 billion in Blackstone Americas Logistics within Core+.

§

Capital Deployed: $6.2 billion in the quarter, including acquisitions of a portfolio of performing commercial real estate loans in BREDS and a Texas Industrial portfolio in Core+, and $22.1 billion over the

LTM.

§

Realizations: $5.2 billion in the quarter and $22.4 billion over the LTM.

§

Appreciation: T6Opportunistic funds appreciated 0.1% in the quarter and declined (3.6)% over the LTM; Core+ funds declined (0.4)% in the quarter and (0.5)% over the LTM.

% Change

% Change

($ in thousands)

Management Fees, Net

$

$

(6)%

$

$

(4)%

Fee Related Performance Revenues

n/m

(2)%

Fee Related Compensation

)

)

(8)%

)

)

(5)%

Other Operating Expenses

)

)

(6)%

)

)

(6)%

Fee Related Earnings

$

$

$

$

(4)%

Realized Performance Revenues

Realized Performance Compensation

)

)

(5)%

)

)

Realized Principal Investment Income

Net Realizations

Segment Distributable Earnings

$

$

$

$

(6)%

Segment Revenues

$

$

4%

$

$

(7)%

Total AUM

$

$

(3)%

$

$

(3)%

Fee-EarningAUM

$

$

(4)%

$

$

(4)%

Blackstone | 10

PRIVATE EQUITY

§

Total AUM: Increased 18% to $388.9 billion with inflows of $15.3 billion in the quarter and $58.8 billion over the

LTM.

–

Inflows in the quarter included $3.8 billion in Infrastructure, $3.5 billion for the third Corporate Private Equity

Asia fund, and $3.3 billion in Secondaries.

–

$1.7 billion of capital raised for BXPE and $577 million of capital raised for BXINFRA.

§

Capital Deployed: $11.8 billion in the quarter, including Safe Harbor Marinas, Citrin Cooperman, and AGS Airports,

and $51.7 billion over the LTM; committed an additional

$9.5 billion in the quarter, including to TXNM Energy.

§

Realizations: $7.3 billion in the quarter, including HealthEdge, Vine Energy, and Liftoff, and $29.6 billion over the

LTM.

§

Appreciation: T7Corporate Private Equity appreciated 5.1% in the quarter and 17.2% over the LTM.

–

Tactical Opportunities appreciated 4.1% in the quarter and 14.3% over the LTM; Secondaries appreciated 6.6% in the quarter and 10.9% over the LTM; Infrastructure appreciated 2.9% in

the quarter and 19.1% over the LTM.

% Change

% Change

($ in thousands)

Management and Advisory Fees, Net

$

$

$

$

Fee Related Performance Revenues

n/m

n/m

Fee Related Compensation

)

)

)

)

Other Operating Expenses

)

)

)

)

Fee Related Earnings

$

$

$

$

Realized Performance Revenues

7%

(9)%

Realized Performance Compensation

)

)

9%

)

)

(8)%

Realized Principal Investment Income

3%

Net Realizations

(9)%

Segment Distributable Earnings

$

$

$

$

Segment Revenues

$

$

$

$

Total AUM

$

$

$

$

Fee-EarningAUM

$

$

$

$

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.

Blackstone | 11

CREDIT & INSURANCE

§

T8Total AUM: Increased 23% to $407.3 billion with inflows of $26.8 billion in the quarter and $112.7 billion over the

LTM.

–

Inflows in the quarter included $8.9 billion for the global direct lending strategy, inclusive of $3.7 billion of equity raised for BCRED, and $7.1 billion for

infrastructure and asset based credit strategies.

–

Closed 8 new CLOs (6 U.S. and 2 European) for $4.3 billion.

–

Subsequent to quarter end, announced a partnership with Legal and General (“L&G”) to provide access to investment-grade assets to

support L&G’s business growth, and to develop public/private credit solutions.

§

Capital Deployed: $14.1 billion in the quarter and $68.1 billion over the LTM driven by U.S. direct lending as well as infrastructure and asset based credit strategies;

committed an additional $8.5 billion that was not yet deployed in

the quarter.

§

Realizations: $10.0 billion in the quarter and $42.2 billion over the LTM.

§

Returns: Private Credit gross return of 3.0% (2.2% net) and Liquid Credit gross return of 2.4% (2.3% net) in the

quarter.

–

Private Credit gross return of 13.3% (9.5% net) and Liquid Credit gross return of 7.9% (7.4% net) over the LTM.

% Change

% Change

($ in thousands)

Management Fees, Net

$

$

$

$

Fee Related Performance Revenues

Fee Related Compensation

)

)

)

)

Other Operating Expenses

)

)

)

)

Fee Related Earnings

$

$

$

$

Realized Performance Revenues

(4)%

Realized Performance Compensation

)

)

)

)

Realized Principal Investment Income

n/m

Net Realizations

Segment Distributable Earnings

$

$

$

$

Segment Revenues

$

$

$

$

Total AUM

$

$

$

$

Fee-EarningAUM

$

$

$

$

Blackstone | 12

MULTI-ASSET INVESTING

§

Total AUM: Increased 13% to $90.0 billion with inflows of $2.7 billion in the quarter and $12.9 billion over the LTM.

§

Returns: Absolute Return Composite gross return of 2.8% in the quarter (2.5% net), outperforming the HFRX Global Hedge Fund Index, which was 1.8%.

–

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

–

Gross return of 11.8% over the LTM (10.6% net), compared to 4.7% return for the HFRX Global Hedge Fund Index, with significantly less volatility than the broader markets.

% Change

% Change

($ in thousands)

Management Fees, Net

$

$

$

$

9%

Fee Related Compensation

)

)

)

)

Other Operating Expenses

)

)

2%

)

)

1%

Fee Related Earnings

$

$

$

$

Realized Performance Revenues

Realized Performance Compensation

)

)

)

)

Realized Principal Investment Income (Loss)

)

n/m

Net Realizations

6%

Segment Distributable Earnings

$

$

$

$

Segment Revenues

$

$

9%

$

$

6%

Total AUM

$

$

$

$

Fee-EarningAUM

$

$

$

$

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-Earning Assets 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

2%

5%

5%

3%

4%

(3)%

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%

5%

3%

3%

(4)%

Inflows include contributions, capital raised, other increases in available capital (recallable capital and increased side-by-side commitments),

purchases, inter-segment allocations and

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

expense drawdowns and decreased side-by-side commitments).

Realizations represent 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 June 30, 2025, Blackstone had $10.6 billion in total cash, cash equivalents, corporate treasury, and other

investments and $20.5 billion of cash and net investments, or $16.64 per share.

§

Blackstone has a $4.3 billion credit revolver ($3.6 billion undrawn) and maintains A+/A+ ratings.

($ 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 $6.8 billion as of June 30, 2025, which was

comprised of $6.3 billion

of liquid investments and $514 million of illiquid investments. See notes on pages 31 and 34 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