Blackstone Inc.

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• investors. Relatedly, slower-than-expected interest rate decreases have adversely impacted, and may continue to adversely impact, the ability to realize value from certain investments, such as in certain real estate sectors, given the potential adverse impact on equity prices and caution on the part of potential acquirers. Conversely, in recent periods the performance of certain of our credit funds has benefited from elevated interest rates as a substantial majority of the portfolio is floating rate. Accordingly, a decline in interest rates and/or widening of credit spreads would make it more difficult for such funds to replicate such strong performance.

• Our initiatives to expand our individual investor base, including marketing, creating and maintaining the types of products and vehicles that individual investors may invest in, may not be successful. Read more

  Such initiatives include the hiring of additional personnel and the implementation of new operational, technological, compliance and other systems and processes, each of which require significant time, effort and resources. Further, in light of the August 2025 Executive Order on Democratizing Access to Alternative Assets for 401(k) Investors, there may be significant future opportunity for the alternative asset management industry to increase the distribution of products to individual investors. Accordingly, we are likely to face significant competition in addressing such opportunity, which will require us to spend substantial time, effort and resources, and may not ultimately be…

• regulatory and compliance costs. On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (the “OBBBA”), which makes significant changes to the U.S. Read more

  Internal Revenue Code and other federal tax laws. Among other changes, the OBBBA extends or reinstates many of the provisions enacted by the Tax Cuts and Jobs Act of 2017, including the tax rate brackets for individuals and capital expensing provisions, and significantly curtails many of the clean energy subsidies enacted by the Inflation Reduction Act of 2022. How the OBBBA will be implemented will depend on future administrative guidance and court rulings. The U.S. Congress may also pass additional tax reform legislation in the future. The timing and details of any such guidance, rulings and legislation, and the impact on us, our personnel, and our funds’ portfolio companies, is uncertain.

• system under which U.S.-parented groups would be exempt from certain of the Pillar Two proposals. Read more

  While the details of such “side-by-side”

• that took effect in 2025. These amendments impose operationally challenging data breach notification requirements and deadlines as well as obligations to implement written policies and procedures to govern oversight of service providers that will likely increase associated compliance costs. The U.S. Department of Justice issued a rule, effective in 2025, that prohibits or restricts certain transactions involving the transfer of, and access to, bulk sensitive personal data to foreign persons connected with certain designated countries of concern, including China. While we expect this development will increase compliance burdens and associated costs, this rule may also impact the way we conduct business, including the ability of employees in countries of concern to access certain information.

• In Europe we are subject to, among others, the EU Alternative Investment Fund Managers Directive (“AIFMD”), the EU regulation on over-the-counter

• heightened exposure to corruption risk and/or economic sanctions risk in certain non-U.S.

• producing and will therefore be particularly exposed to a number of the risks outlined above.

No longer in the text (4)

• In addition, severe public health events, such as those caused by the COVID-19

• pandemic, may occur from time to time, and could directly and indirectly impact us in material respects that we are unable to predict or control, including by threatening our employees’ well-being

• and morale and interrupting business activities. In addition, related factors may materially and adversely affect us, including the effectiveness of governmental responses, the extension, amendment or withdrawal of any government programs or initiatives and the timing and speed of economic recovery. Actions taken in response may contribute to significant volatility in the financial markets, resulting in increased volatility in equity prices, material interest rate changes, supply chain disruptions, such as simultaneous supply and demand shock to global, regional and national economies, and an increase in inflationary pressures.

• In addition to the factors described above, other market, economic and geopolitical factors described herein that may adversely affect our business include, without limitation: