J P M O R G A N North America Equity Research 15 July 2026 Blackstone Model Update We are raising numbers for Blackstone for 2Q26. Our numbers rise due to a combination of somewhat better carry (driven by a late quarter realization) and higher FRPR, with returns particularly good for BREIT. Our 2Q26 EPS estimate rises to $1.30 on higher incentive income, our 2026 estimate falls to $5.60 on the impact of fee holidays in 3Q26. Our 2027 estimate falls to $6.86 due to weaker wealth flows in credit and real esta ...