# EDGAR Filing Document

**Accession Number:** 0001953940
**File Stem:** 0001193125-25-277478
**Filing Date:** 2025-11
**Character Count:** 348078
**Document Hash:** 9174b53620778375573f5a069755f550
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-277478.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001193125-25-277478

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 67

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blackstone Private Equity Strategies Fund L.P.
- **CENTRAL INDEX KEY:** 0001930054

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56446
- **FILM NUMBER:** 251472501

**BUSINESS ADDRESS:**
- **STREET 1:** 345 PARK AVENUE
- **STREET 2:** 40TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154
- **BUSINESS PHONE:** 2125835000

**MAIL ADDRESS:**
- **STREET 1:** 345 PARK AVENUE
- **STREET 2:** 40TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blackstone Private Equity Strategies Fund (TE) L.P.
- **CENTRAL INDEX KEY:** 0001953940
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56742
- **FILM NUMBER:** 251472502

**BUSINESS ADDRESS:**
- **STREET 1:** 345 PARK AVENUE
- **STREET 2:** 40TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154
- **BUSINESS PHONE:** 212-583-5000

**MAIL ADDRESS:**
- **STREET 1:** 345 PARK AVENUE
- **STREET 2:** 40TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10154

?xml version='1.0' encoding='ASCII'? 10-Q

##### [**Table of Contents**](#toc)
UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO

Commission File Number:

Blackstone Private Equity Strategies Fund L.P. 000-56446

Blackstone Private Equity Strategies Fund (TE) L.P. 000-56742

![](g12786g96w26.jpg)

Blackstone Private Equity Strategies Fund L.P.

Blackstone Private Equity Strategies Fund (TE) L.P.

---

| | | |
|:---|:---|:---|
| Delaware | Blackstone Private Equity Strategies Fund L.P. | 88-1872156 |
| Delaware | Blackstone Private Equity Strategies Fund (TE) L.P. | 88-2930978 |
| (State or other jurisdiction of<br> incorporation or organization) | (Exact name of registrant as specified in its charter) | (I.R.S. Employer<br> Identification No.) |

---

345 Park Avenue

New York, New York 10154

(Address of principal executive offices)(Zip Code)

(212) 583-5000

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | | |
|:---|:---|:---|:---|
| Registrant | Title of each<br>class | Trading<br>Symbol(s) | Name of each exchange on which registered |
| Blackstone Private Equity Strategies Fund L.P. | None | None | None |
| Blackstone Private Equity Strategies Fund (TE) L.P. | None | None | None |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:

Blackstone Private Equity Strategies Fund L.P. Yes ☒ No ☐ Blackstone Private Equity Strategies Fund (TE) L.P. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files):

Blackstone Private Equity Strategies Fund L.P. Yes ☒ No ☐ Blackstone Private Equity Strategies Fund (TE) L.P. Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act:

---

| | | | |
|:---|:---|:---|:---|
| Blackstone Private Equity Strategies Fund L.P. | Large accelerated filer ☐ | Accelerated filer ☐ | Non-accelerated filer ☒ |
| |  | Smaller reporting company ☐ | Emerging growth company ☒ |
| Blackstone Private Equity Strategies Fund (TE) L.P. | Large accelerated filer ☐ | Accelerated filer ☐ | Non-accelerated filer ☒ |
| |  | Smaller reporting company ☐ | Emerging growth company ☒ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Blackstone Private Equity Strategies Fund L.P. ☐ Blackstone Private Equity Strategies Fund (TE) L.P. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Blackstone Private Equity Strategies Fund L.P. Yes ☐ No ☒ Blackstone Private Equity Strategies Fund (TE) L.P. Yes ☐ No ☒

As of October 31, 2025, Blackstone Private Equity Strategies Fund L.P. had the following limited partnership units outstanding: 103,587,629 Class S units, 2,993,897 Class D units, 171,152,168 Class I units and 408,009 Class N units.

As of October 31, 2025, Blackstone Private Equity Strategies Fund (TE) L.P. had the following limited partnership units outstanding: 50,553,812 Class S units, 209,995 Class D units and 36,097,579 Class I units.

This combined Form 10-Q is separately filed by Blackstone Private Equity Strategies Fund L.P. and Blackstone Private Equity Strategies Fund (TE) L.P. Information contained herein relating to any individual registrant is filed by such registrant on its own behalf.

------

##### [**Table of Contents**](#toc)
**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | Page |
|  Part I. | Financial Information |  |
|  Item 1. | [Financial Statements](#tx12786_2) | 6 |
|  | [Unaudited Condensed Consolidated Financial Statements of Blackstone Private Equity Strategies Fund (TE) L.P.:](#tx12786_3) | 6 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Statements of Assets and Liabilities as of September 30, 2025 and December 31, 2024](#tx12786_4) | 7 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024](#tx12786_5) | 8 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2025 and 2024](#tx12786_6) | 9 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024](#tx12786_7) | 11 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Schedules of Investments as of September 30, 2025 and December 31, 2024](#tx12786_8) | 12 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Condensed Consolidated Financial Statements](#tx12786_9) | 13 |
|  | [Unaudited Condensed Financial Statements of Blackstone Private Equity Strategies Fund L.P.:](#tx12786_10) | 23 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Statements of Assets and Liabilities as of September 30, 2025 and December 31, 2024](#tx12786_11) | 24 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024](#tx12786_12) | 25 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2025 and 2024](#tx12786_13) | 26 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024](#tx12786_14) | 28 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Schedules of Investments as of September 30, 2025 and December 31, 2024](#tx12786_15) | 29 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Condensed Financial Statements](#tx12786_16) | 30 |
|  | [Unaudited Condensed Consolidated Financial Statements of BXPE US Aggregator (CYM) L.P.:](#tx12786_17) | 41 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Statements of Assets and Liabilities as of September 30, 2025 and December 31, 2024](#tx12786_18) | 42 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024](#tx12786_19) | 43 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2025 and 2024](#tx12786_20) | 44 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024](#tx12786_21) | 46 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Schedules of Investments as of September 30, 2025 and December 31, 2024](#tx12786_22) | 48 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Condensed Consolidated Financial Statements](#tx12786_23) | 60 |

---

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
|  |  | Page | Page |
|  Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#tx12786_24) |  | 82 |
|  Item 3. | [Quantitative and Qualitative Disclosures About Market Risk](#tx12786_25) |  | 97 |
|  Item 4. | [Controls and Procedures](#tx12786_26) |  | 98 |
|  Part II. | Other Information |  |  |
|  Item 1. | [Legal Proceedings](#tx12786_28) |  | 99 |
|  Item 1A. | [Risk Factors](#tx12786_29) |  | 99 |
|  Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#tx12786_30) |  | 99 |
|  Item 3. | [Defaults Upon Senior Securities](#tx12786_31) |  | 100 |
|  Item 4. | [Mine Safety Disclosures](#tx12786_32) |  | 100 |
|  Item 5. | [Other Information](#tx12786_33) |  | 100 |
|  Item 6. | [Exhibits](#tx12786_34) |  | 101 |
|  [Signatures](#tx12786_35) |  |  | 103 |

---

------

##### [**Table of Contents**](#toc)
Explanatory Note

This report combines the Quarterly Reports on Form 10-Q for the three and nine months ended September 30, 2025, of Blackstone Private Equity Strategies Fund L.P. ("BXPE U.S.") and Blackstone Private Equity Strategies Fund (TE) L.P. (together with its consolidated subsidiary, the "Feeder") (collectively, the "Registrants").

The Feeder invests all or substantially all of its assets through its investment in BXPE U.S. and BXPE U.S. invests all or substantially all of its assets through its investment in BXPE US Aggregator (CYM) L.P. (together with its consolidated subsidiaries, the "Aggregator"). The Feeder, BXPE U.S. and the Aggregator all have the same investment objectives.

We believe combining the Quarterly Reports on Form 10-Q of the Registrants and the Aggregator into this single report:

• facilitates clarity for investors in the Feeder and BXPE U.S. regarding the underlying investments of the Registrants,

• enables investors to gain a clearer understanding of the Registrants by allowing them to evaluate the business as a whole,

• eliminates duplicative disclosures and provides a more streamlined and readable presentation, and

• creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

Forward-Looking Statements

This report may contain forward-looking statements, which involve certain known and unknown risks and uncertainties. Forward-looking statements predict or describe our future operations, business plans, business and investment strategies, portfolio management and the performance of our investments. These forward-looking statements are generally identified by their use of such terms and phrases as "intend," "goal," "estimate," "expect," "project," "projections," "plans," "seeks," "anticipates," "will," "should," "could," "may," "designed to," "foreseeable future," "believe," "scheduled" and similar expressions. Our actual results or outcomes may differ materially from those anticipated. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. Potential investors should not rely on these statements as if they were fact. We assume no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

References herein to "expertise" or any party being an "expert," based solely on the belief of Blackstone, are intended only to indicate proficiency as compared to an average person and in no way limit any exculpation provisions or alter any standard of care applicable to Blackstone. Additionally, any awards, honors, or other references or rankings referred to herein with respect to Blackstone or any investment professional are provided solely for informational purposes and are not intended to be, nor should they be construed or relied upon as, any indication of future performance or other future activity. Any such awards, honors, or other references or rankings may have been based on subjective criteria and may have been based on a limited universe of participants, and there are other awards, honors, or other references or rankings given to others and not received by Blackstone and/or any investment professional of Blackstone.

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 (the "SEC"), which are accessible on the SEC's website at www.sec.gov or on our website at

------

#### **Table of Contents**
www.bxpe.com. 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. Our website contains additional information about our business, but the contents of the website are not incorporated by reference in, or otherwise a part of, this report.

In this report, except where the context suggests otherwise:

The term "Aggregator" refers to BXPE US Aggregator (CYM) L.P. (including any successor vehicle or vehicles used to aggregate the holdings of BXPE (as defined below)), a Cayman Islands exempted limited partnership, together with its consolidated subsidiaries and through which BXPE invests all or substantially all of its assets.

The term "Blackstone" refers collectively to Blackstone Inc. and its subsidiaries and affiliated entities.

The term "BXPE U.S." refers to Blackstone Private Equity Strategies Fund L.P.

The terms "BXPE," the "Fund," "we," "us" or "our" collectively refer to BXPE U.S., the Feeder (as defined below), the Aggregator and any Parallel Funds (as defined below), as the context requires.

The term "BXPE Lux" means Blackstone Private Equity Strategies Fund SICAV, a Luxembourg alternative investment fund available to individual investors primarily domiciled in countries of the European Economic Area, the United Kingdom, Switzerland, certain Asian jurisdictions and certain other jurisdictions, together with its master fund, feeder funds, parallel funds and other related entities.

BXPE and BXPE Lux are together referred to as the "BXPE Fund Program."

The term "Feeder" refers to Blackstone Private Equity Strategies Fund (TE) L.P. together with its consolidated subsidiary.

The term "General Partner" refers to Blackstone Private Equity Strategies Associates L.P., our general partner.

The term "Intermediate Entity" refers to one or more entities through which the General Partner or any of its affiliates may, in its sole discretion, cause BXPE to hold certain investments directly or indirectly through (a) entities that may elect to be classified as corporations for U.S. federal corporate income tax purposes, whether formed in a U.S. or non-U.S. jurisdiction (each a "Corporation") or (b) one or more limited liability companies or limited partnerships (each, a "Lower Entity," and together with any Corporation, including the Aggregator, "Intermediate Entities").

The term "Investment Manager" refers to Blackstone Private Investments Advisors L.L.C., our investment manager.

The term "Other Blackstone Accounts" refers to, as the context requires, individually and collectively, any of the following: investment funds, vehicles, accounts, products and/or other similar arrangements sponsored, advised, and/or managed by Blackstone or its affiliates, whether currently in existence or subsequently established (in each case, including any related successor funds, alternative vehicles, supplemental capital vehicles, surge funds, over-flow funds, co-investment vehicles and other entities formed in connection with Blackstone or its affiliates side-by-side or additional general partner investments with respect thereto), including BXPE Lux.

The term "Parallel Fund" refers to one or more parallel vehicles established by, or at the direction of, the Sponsor (as defined below) to invest alongside the Fund, but excluding BXPE Lux (as determined in the Investment Manager's discretion). One or more such Parallel Funds invest in the Aggregator alongside the Fund.

------

The term "Portfolio Entity" refers, individually and collectively, to any entity owned, directly or indirectly through subsidiaries, by the Fund or Other Blackstone Accounts, including as the context requires, portfolio companies, holding companies, special purpose vehicles and other entities through which investments are held.

The term "Registrant" refers to, individually and collectively, BXPE U.S. and the Feeder.

The term "Sponsor" refers to, as the context or applicable law requires, individually and collectively, the General Partner and the Investment Manager.

The term "Transactional NAV" refers to the price at which transactions in the Fund's Units (as defined below) are made (as the context requires), calculated in accordance with a valuation policy that has been approved by BXPE U.S.'s board of directors ("BXPE U.S. Board of Directors" or "BXPE U.S. Board"). Unless the context requires otherwise, references herein to "net asset value" or "NAV" shall refer to Transactional NAV.

The term "Units" refers to our limited partnership units of BXPE U.S. and the Feeder, as context requires. There are four classes of Units outstanding at BXPE U.S.: Class S ("Class S" or the "Class S Units"), Class D ("Class D" or the "Class D Units"), Class I ("Class I" or the "Class I Units") and Class N ("Class N" or the "Class N Units"), and three classes of Units outstanding at the Feeder: Class S, Class D and Class I Units (each, a "Unit Class" or a "Class").

The investment activities of BXPE are carried out through the Aggregator, a non-consolidated affiliate of BXPE U.S. As such, we believe it is important to present information for each of the Feeder, BXPE U.S. and the Aggregator in this report. The financial statements of each entity are presented in "Part I. Item 1. Financial Statements." See also "Part I. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations."

This report does not constitute an offer of BXPE or any Other Blackstone Accounts.

------

Part I. Financial Information

Item 1. Financial Statements

## Blackstone Private Equity Strategies Fund (TE) L.P.

------

#### **Table of Contents**
Blackstone Private Equity Strategies Fund (TE) L.P.

Condensed Consolidated Statements of Assets and Liabilities (Unaudited)

(Dollars in Thousands, Except Unit Data)

---

| | | |
|:---|:---|:---|
|  | September 30, | December 31, |
|  | 2025 | 2024 |
|  Assets |  |  |
|  Investment in BXPE U.S. at Fair Value (Cost $2,219,848 as of September 30, 2025; $1,263,768 as of December 31, 2024) | $2581380 | $1385158 |
|  Cash and Cash Equivalents | 1128 | 1130 |
|  Redemption Receivable | 1761 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $2584269 | $1386460 |
|  Liabilities and Net Assets |  |  |
|  Accounts Payable and Accrued Expenses | $716 | $258 |
|  Servicing Fees Payable | 80660 | 50776 |
|  Due to Affiliates | 199 | 1436 |
|  Redemptions Payable | 1636 | 162 |
|  Deferred Tax Liabilities | 7737 | 2278 |
|  Taxes Payable | 150 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 91098 | 55060 |
|  Commitments and Contingencies |  |  |
|  Net Assets |  |  |
|  Limited Partnership Unit — Class S Units, unlimited Units authorized (48,502,843 Units issued and outstanding as of September 30, 2025 and 31,356,066 Units issued and outstanding as of December 31, 2024) | 1443022 | 827177 |
|  Limited Partnership Unit — Class D Units, unlimited Units authorized (196,457 Units issued and outstanding as of September 30, 2025 and 24,000 Units issued and outstanding as of December 31, 2024) | 5501 | 595 |
|  Limited Partnership Unit — Class I Units, unlimited Units authorized (32,789,403 Units issued and outstanding as of September 30, 2025 and 17,847,128 Units issued and outstanding as of December 31, 2024) | 1044648 | 503628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Net Assets | 2493171 | 1331400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities and Net Assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2584269 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386460 |

---

See notes to condensed consolidated financial statements.

------

Blackstone Private Equity Strategies Fund (TE) L.P.

Condensed Consolidated Statements of Operations (Unaudited)

(Dollars in Thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Three Months Ended <br>September 30, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Three Months Ended <br>September 30, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nine Months Ended <br>September 30, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nine Months Ended <br>September 30, |
|  | 2025 | 2024 | 2025 | 2024 |
|  Expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Fees | $358 | $140 | $889 | $313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Organizational Expenses |  | 25 |  | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 358 | 165 | 889 | 338 |
|  Net Investment Loss Before Provision for Taxes | (358) | (165) | (889) | (338) |
|  Provision for Taxes | 975 | 1496 | 7034 | 2956 |
|  Net Investment Loss | (1333) | (1661) | (7923) | (3294) |
|  Net Change in Unrealized Gain (Loss) on Investment in BXPE U.S. | 56206 | 39465 | 240142 | 69971 |
|  Net Increase in Net Assets Resulting from Operations | $54873 | $37804 | $232219 | $66677 |

---

See notes to condensed consolidated financial statements.

------

Blackstone Private Equity Strategies Fund (TE) L.P.

Condensed Consolidated Statements of Changes in Net Assets (Unaudited)

(Dollars in Thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class S<br>Units | Class D<br>Units | Class I<br>Units | Total<br>Net Assets |
|  Balance at June 30, 2025 | $1244668 | $2982 | $806945 | $2054595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from Units Issued | 180866 | 2477 | 213443 | 396786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Loss | (789) | (2) | (542) | (1333) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Gain (Loss) on Investment in BXPE U.S. | 33740 | 93 | 22373 | 56206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Servicing Fees | (11313) | (49) |  | (11362) |
| &nbsp;&nbsp;&nbsp;&nbsp; Conversion of Units Between Classes | (2532) |  | 2532 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption of Units | (1618) |  | (103) | (1721) |
|  Balance at September 30, 2025 | $1443022 | $5501 | $1044648 | $2493171 |
|  Balance at June 30, 2024 | $533695 | $— | $298643 | $832338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from Units Issued | 119183 |  | 89997 | 209180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Loss | (1061) |  | (600) | (1661) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Gain (Loss) on Investment in BXPE U.S. | 25224 |  | 14241 | 39465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Servicing Fees | (8088) |  |  | (8088) |
| &nbsp;&nbsp;&nbsp;&nbsp; Conversion of Units Between Classes | (2592) |  | 2592 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption of Units |  |  | (65) | (65) |
|  Balance at September 30, 2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666361 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404808 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071169 |

---

See notes to condensed consolidated financial statements.

------

Blackstone Private Equity Strategies Fund (TE) L.P.

Condensed Consolidated Statements of Changes in Net Assets (Unaudited)

(Dollars in Thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class S<br>Units | Class D<br>Units | Class I<br>Units | Total<br>Net Assets |
| Balance at December 31, 2024 | $827177 | $595 | $503628 | $1331400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Units Issued | 516894 | 4757 | 450272 | 971923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Loss | (4897) | (8) | (3018) | (7923) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Gain (Loss) on Investment in BXPE U.S. | 148369 | 253 | 91520 | 240142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Servicing Fees | (36227) | (96) |  | (36323) |
| &nbsp;&nbsp;&nbsp;&nbsp;Conversion of Units Between Classes | (3510) |  | 3510 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of Units | (4784) |  | (1264) | (6048) |
| Balance at September 30, 2025 | $1443022 | $5501 | $1044648 | $2493171 |
| Balance at December 31, 2023 | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Units Issued | 671522 |  | 378243 | 1049765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Loss | (2112) |  | (1182) | (3294) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Gain (Loss) on Investment in BXPE U.S. | 44864 |  | 25107 | 69971 |
| &nbsp;&nbsp;&nbsp;&nbsp;Servicing Fees | (45208) |  |  | (45208) |
| &nbsp;&nbsp;&nbsp;&nbsp;Conversion of Units Between Classes | (2705) |  | 2705 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of Units |  |  | (65) | (65) |
| Balance at September 30, 2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666361 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404808 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071169 |

---

See notes to condensed consolidated financial statements.

------

Blackstone Private Equity Strategies Fund (TE) L.P.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(Dollars in Thousands)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nine Months Ended September 30, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nine Months Ended September 30, |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
|  Operating Activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase in Net Assets Resulting from Operations | $232219 | $66677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to Reconcile Net Increase in Net Assets Resulting from Operations to Net Cash Used in Operating Activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized (Gain) Loss on Investment in BXPE U.S. | (240142) | (69971) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment in BXPE U.S. | (962235) | (1046467) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from Investment in BXPE U.S. | 4567 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash Flows Due to Changes in Operating Assets and Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts Payable and Accrued Expenses | 458 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to Affiliates | (1314) | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred Tax Liabilities | 5459 | 2150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxes Payable |  | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Cash Used in Operating Activities | (960988) | (1046496) |
|  Financing Activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from Issuance of Units | 971923 | 1049737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payment for Servicing Fees | (6439) | (2584) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption of Units | (4345) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Early Redemption Deduction | (153) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Cash Provided by Financing Activities | 960986 | 1047153 |
|  Cash and Cash Equivalents |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) | (2) | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Period | 1130 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of Period | $1128 | $657 |
|  Supplemental Disclosure of Cash Flows Information |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash Paid for Income Taxes | $1575 | $— |
|  Supplemental Disclosure of Non-Cash Financing Activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Servicing Fees | $36323 | $45208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption of Units, Net of Early Redemption Deduction | $1636 | $62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Early Redemption Deduction Payable to BXPE U.S. | $85 | $3 |

---

See notes to condensed consolidated financial statements.

------

Blackstone Private Equity Strategies Fund (TE) L.P.

Condensed Consolidated Schedules of Investments (Unaudited)

(Dollars in Thousands, Except Unit Data)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | September 30, 2025 | September 30, 2025 | September 30, 2025 | September 30, 2025 | September 30, 2025 |
| Name of Investment | Type of<br> Investment | Industry | Geography | Fair Value | Fair Value as<br> a Percentage<br> of Net Assets |
|  Investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Private Equity Strategies Fund L.P. (80,360,087 Units) (a) | Investee Fund | Various | Various | $2581380 | 103.5% |
|  Total Investments (Cost $2,219,848) |  |  |  | $2581380 | 103.5% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| Name of Investment | Type of<br> Investment | Industry | Geography | Fair Value | Fair Value as<br> a Percentage<br> of Net Assets |
|  Investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Private Equity Strategies Fund L.P. (48,845,826 Units) (a) | Investee Fund | Various | Various | $1385158 | 104.0% |
|  Total Investments (Cost $1,263,768) |  |  |  | $1385158 | 104.0% |

---

(a) Refer to Note 3. "Investment in BXPE U.S." for details on the Feeder's proportional share of investments through investees.

See notes to condensed consolidated financial statements.

------

Blackstone Private Equity Strategies Fund (TE) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

1. Organization

Blackstone Private Equity Strategies Fund (TE) L.P. is a Delaware limited partnership formed on May 25, 2022, and is a private fund exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended (the "1940 Act"), which together with its consolidated subsidiary, forms the "Feeder." The Feeder is structured as a perpetual-life strategy, with monthly, fully funded subscriptions and periodic redemptions. The Feeder is conducting a continuous private offering of its limited partnership units ("Units") in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), to investors that are both (a) accredited investors (as defined in Regulation D under the Securities Act) and (b) qualified purchasers (as defined in the 1940 Act and rules thereunder).

The Feeder invests all or substantially all of its assets through its investment in Blackstone Private Equity Strategies Fund L.P. ("BXPE U.S."). BXPE U.S. invests all or substantially all of its assets through its investment in BXPE US Aggregator (CYM) L.P. (together with its consolidated subsidiaries, the "Aggregator"). The Feeder has the same investment objectives as BXPE U.S. The Feeder was established to allow certain investors with particular tax characteristics, such as tax-exempt investors and certain non-U.S. investors, to participate in BXPE U.S. in a more tax-efficient manner. The condensed financial statements of BXPE U.S. and the condensed consolidated financial statements of the Aggregator are an integral part of the Feeder's condensed consolidated financial statements, which are included following these condensed consolidated financial statements.

The term parallel fund refers to one or more parallel vehicles established by, or at the direction of, the Sponsor (as defined below) to invest alongside BXPE U.S., but excluding Blackstone Private Equity Strategies Fund SICAV ("BXPE Lux"). The Parallel Funds may be established for certain investors with particular legal, tax, regulatory, compliance, structuring or certain other operational requirements to participate in the Aggregator. Parallel Funds may not have investment objectives and/or strategies that are identical to the investment objectives and strategies of BXPE U.S. or the Feeder. BXPE U.S., the Feeder, the Aggregator and any Parallel Funds collectively form "BXPE." BXPE and BXPE Lux collectively form the "BXPE Fund Program," but are operated as distinct investment structures.

BXPE's investment objectives are to deliver medium- to long-term capital appreciation and, to a lesser extent, generate modest current income. BXPE seeks to meet its investment objectives by investing primarily in privately negotiated, equity-oriented investments, leveraging the talent and investment capabilities of Blackstone Inc.'s ("Blackstone") private equity platform to create an attractive portfolio of alternative investments diversified across geographies and sectors.

Investment operations commenced on January 2, 2024 (the "Initial Closing Date") when the Feeder and BXPE U.S. first sold unregistered limited partnership units to third-party investors and began investment operations.

Blackstone Private Equity Strategies Associates L.P., a Delaware limited partnership, is the general partner (the "General Partner") of the Feeder, BXPE U.S. and the Aggregator. Overall responsibility for oversight of the Feeder, BXPE U.S. and the entities that carry out their investment objectives rests with the General Partner, subject to certain oversight rights held by each of the Feeder's board of directors (the "Feeder Board of Directors" or "Feeder Board" and BXPE U.S.'s board of directors (the "BXPE U.S. Board of Directors" or "BXPE U.S. Board," and together with the Feeder Board, the "Boards of Directors" or "Boards"), as applicable. The General Partner has delegated BXPE U.S.'s portfolio management function to Blackstone Private Investments Advisors L.L.C. (the "Investment Manager"). The Investment Manager has discretion to make investments on behalf of BXPE U.S. and is responsible for initiating, structuring and negotiating BXPE's investments. In addition, the Investment Manager actively manages and monitors each investment to seek to maximize the value of each investment. The Investment Manager and its affiliates also provide certain administrative services to BXPE. The Investment Manager is a Delaware limited liability company and is registered with the United States Securities and Exchange Commission (the "SEC") as an investment adviser under the Investment Advisers Act of 1940, as amended. The General Partner and the Investment Manager are individually and collectively referred to as the "Sponsor." Both the General Partner and Investment Manager are subsidiaries of Blackstone.

------

Blackstone Private Equity Strategies Fund (TE) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Feeder have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Feeder is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 946, *Financial Services—Investment Companies*, ("ASC 946"). Accordingly, the Feeder reflects its investment on the Condensed Consolidated Statements of Assets and Liabilities at its fair value with unrealized gains and losses resulting from changes in fair value reflected in Net Change in Unrealized Gain (Loss) on Investment in BXPE U.S. on the Condensed Consolidated Statements of Operations. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in audited consolidated financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable. Such estimates indirectly include those used in the valuation of the Aggregator's investments and financial instruments and the measurement of deferred tax balances (including valuation allowances, if any) at the Feeder and the Aggregator. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. Certain reclassifications of prior period's amounts have been made to conform to the current year presentation. Such reclassifications had no effect on Net Increase in Net Assets Resulting from Operations.

Principles of Consolidation

As provided under ASC 946, the Feeder will not consolidate its investment in a company other than a controlled investment company subsidiary or a controlled operating company whose business consists of providing services to the Feeder. Accordingly, the Feeder consolidated the results of its wholly owned investment company subsidiary, BXPE Feeder (CYM) L.P. All intercompany balances and transactions have been eliminated in consolidation.

Valuation of Investments at Fair Value

The performance of the Feeder is directly affected by the performance of BXPE U.S.'s investment in the Aggregator which is disclosed in the notes to BXPE U.S.'s condensed financial statements. The Feeder has indirect exposure to gains and losses on underlying investments because it invests in BXPE U.S., which, in turn, has indirect exposure to gains and losses on underlying investments because it invests in the Aggregator, which holds such underlying investments. For information regarding valuation of investments, net realized and change in unrealized gains and losses on such investments held by the Aggregator, see Note 3. "Investments and Fair Value Measurement" in the "Notes to Condensed Consolidated Financial Statements" of the Aggregator.

------

Blackstone Private Equity Strategies Fund (TE) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

The Feeder measures its investment in BXPE U.S. at fair value using the net asset value of BXPE U.S. The net asset value of BXPE U.S. is considered a practical expedient that represents fair value as (a) the investment does not have a readily determinable fair value because BXPE U.S.'s net asset value is not published or the basis for current transactions, (b) BXPE U.S. is an investment company and (c) the net asset value of BXPE U.S. is calculated in a manner in which all of its investments are reported at fair value as of the measurement date. Changes in the fair value of the Feeder's investment in BXPE U.S. are presented within Net Change in Unrealized Gain (Loss) on Investment in BXPE U.S. in the Condensed Consolidated Statements of Operations.

Cash and Cash Equivalents

Cash and Cash Equivalents represents cash on hand, cash held in banks and short-term, highly liquid investments with original maturities of three months or less. The Feeder may have bank balances in excess of federally insured amounts; however, the Feeder deposits its Cash and Cash Equivalents with high credit-quality institutions to minimize credit risk.

Income Taxes

The Feeder operates so that it will qualify to be treated as a partnership for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended, and not as a publicly traded partnership taxable as a corporation and as such is not directly subject to any U.S. federal corporate income taxes. It is possible that the Feeder may be considered a publicly traded partnership and not meet the qualifying income exception in certain years. In such a scenario, the Feeder would be treated as a publicly traded partnership taxed as a corporation, rather than a partnership. The investors in the Feeder would be treated as shareholders in a corporation, and the Feeder itself would become taxable as a corporation for U.S. federal, state and/or local income tax purposes. The Feeder would be required to pay income tax at corporate rates on its net taxable income. Additionally, the Feeder's consolidated subsidiary is subject to U.S. federal, state and/or local income taxes on certain of its investments.

BXPE Feeder (CYM) L.P., the Feeder's consolidated subsidiary, is an investment company that is treated as a corporation for U.S. income tax purposes. To the extent investments made by the Aggregator are engaged in a U.S. trade or business, BXPE Feeder (CYM) L.P. will generally be subject to a U.S. federal corporate income tax of 21% on its share of taxable income effectively connected with the conduct of a U.S. trade or business, and may also be subject to an additional branch profits tax of 30% on its share of the Aggregator's effectively connected earnings and profits, adjusted as provided by law. BXPE Feeder (CYM) L.P. may also be subject to state and local income tax if it is determined to have nexus. Federal and state income taxes are expected to be withheld at the source of the U.S. trade or business and taxes withheld can be used as a credit against the U.S. federal and state income tax liability of BXPE Feeder (CYM) L.P.

If the Aggregator generates U.S. source income that is not effectively connected with a U.S. trade or business, BXPE Feeder (CYM) L.P. could be subject to a 30% federal income tax on its share of all fixed or determinable annual or periodical gains, profits and income unless certain statutory exceptions are met. The tax is expected to be withheld at the source and taxes withheld can be used as a credit against the U.S. income tax liability of BXPE Feeder (CYM) L.P. The Aggregator is expected to hold certain investments which may generate U.S. source interest or dividends subject to this 30% withholding tax.

The government of the Cayman Islands will not, under existing legislation, impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax upon BXPE Feeder (CYM) L.P.

------

Blackstone Private Equity Strategies Fund (TE) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

Deferred Taxes

GAAP requires the asset and liability method of accounting for income taxes. Under this method, deferred taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Valuation allowances are established where the Feeder determines it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Feeder assesses all available positive and negative evidence, including the amount and character of future taxable income.

Uncertain Tax Positions

The Feeder recognizes uncertain tax positions when it is more likely than not that the position will be sustained by the taxing authorities, based on the technical merits of the positions. The tax positions that meet the more-likely-than-not threshold are recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Feeder reevaluates its tax positions each period in which new information becomes available. The Feeder's policy is to recognize tax-related interest and penalties, if applicable, as a component of Provision for Taxes on the Condensed Consolidated Statements of Operations.

Affiliates

The General Partner, Investment Manager, Dealer Manager (as defined in Note 5. "Related Party Transactions"), BXPE U.S., Parallel Funds, the Aggregator, BXPE Lux and other vehicles sponsored, advised and/or managed by Blackstone or its affiliates are affiliates of the Feeder.

Segment Reporting

The Feeder operates through a single reportable segment. The chief operating decision makers (the "CODMs") consist of the Feeder's Chief Executive Officer and Chief Financial Officer. The CODMs assess the performance of, allocate resources to and make operating decisions for the Feeder primarily based on the Feeder's Net Increase in Net Assets Resulting from Operations. Reportable segment assets are reflected on the accompanying Condensed Consolidated Statements of Assets and Liabilities as Total Assets and reportable segment significant expenses reviewed by the CODMs are listed on the accompanying Condensed Consolidated Statements of Operations.

3. Investment in BXPE U.S.

The Feeder recognizes dividend income on the record date of distributions, if any, from BXPE U.S. The Feeder has an interest of 31.1% and 30.4% in BXPE U.S. as of September 30, 2025 and December 31, 2024, respectively. The Feeder's indirect interest in the Aggregator may result in the Feeder indirectly holding investments of the Aggregator that, on a proportional basis, at times may exceed 5% of the net assets of the Feeder. For a listing of investments that may proportionally exceed 5% of the Feeder's net assets, refer to the Condensed Consolidated Schedules of Investments of the Aggregator.

4. Net Assets

The Feeder, at the direction of the General Partner, has the authority to issue an unlimited number of Units of each Unit Class (as defined below).

The Feeder offers three classes of limited partnership Units: Class S, Class D and Class I Units (each, a "Unit Class" or a "Class"). The key differences among each Unit Class relate to the ongoing servicing fees, the upfront subscription fee and distribution channels. The term "Transactional NAV" refers to the price at which transactions in the Feeder's Units are made, calculated in accordance with a valuation policy that has been approved by the BXPE U.S. Board of Directors. The purchase price per Unit of each Class is equal to the Transactional NAV per Unit for such

------

Blackstone Private Equity Strategies Fund (TE) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

Class as of the last calendar day of the immediately preceding month. Before the Feeder determined its first Transactional NAV, the initial subscription price for Units was $25.00 per Unit plus applicable subscription fees that are paid by the unitholder outside its investment in the Feeder and not reflected in the Feeder's Transactional NAV. The Transactional NAV for each Unit Class was first determined as of the end of the first full month after the Initial Closing Date. Thereafter, the Transactional NAV is based on the month-end values of investments, the addition of the value of any other assets such as cash, the deduction of any liabilities and the deduction of expenses attributable to certain Unit Classes, such as applicable servicing fees. At the end of each month, the Feeder allocates its Net Investment Income (Loss) and Net Change in Unrealized Gain (Loss) on Investment in BXPE U.S. across each Unit Class based on their relative ownership share in the Feeder as of the first calendar day of that month.

Unit issuances related to monthly subscriptions are effective the first calendar day of each month. Units are issued at a price per Unit equivalent to the Feeder's most recent Transactional NAV per Unit available for each Class, which is the Feeder's prior month-end Transactional NAV per Unit.

The following tables present transactions in the Units during the periods:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class S<br> Units | Class D<br> Units | Class I<br> Units | Total |
| Units Outstanding as of June 30, 2025 | 42824952 | 109056 | 25943281 | 68877289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Issued | 5810502 | 87401 | 6768988 | 12666891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion of Units Between Classes | (81442) |  | 80349 | (1093) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption of Units | (51169) |  | (3215) | (54384) |
| Units Outstanding as of September 30, 2025 | 48502843 | 196457 | 32789403 | 81488703 |
| Units Outstanding as of June 30, 2024 | 21877435 |  | 11432938 | 33310373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Issued | 4519005 |  | 3403185 | 7922190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion of Units Between Classes | (97440) |  | 96904 | (536) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption of Units |  |  | (2400) | (2400) |
| Units Outstanding as of September 30, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26299000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14930627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41229627 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class S<br> Units | Class D<br> Units | Class I<br> Units | Total |
| Units Outstanding as of December 31, 2024 | 31356066 | 24000 | 17847128 | 49227194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Issued | 17418443 | 172457 | 14870062 | 32460962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion of Units Between Classes | (114721) |  | 113276 | (1445) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption of Units | (156945) |  | (41063) | (198008) |
| Units Outstanding as of September 30, 2025 | 48502843 | 196457 | 32789403 | 81488703 |
| Units Outstanding as of December 31, 2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Issued | 26400840 |  | 14831739 | 41232579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion of Units Between Classes | (101840) |  | 101288 | (552) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption of Units |  |  | (2400) | (2400) |
| Units Outstanding as of September 30, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26299000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14930627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41229627 |

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Blackstone Private Equity Strategies Fund (TE) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

Unit Redemption Plan

The Feeder, as an investor in BXPE U.S., participates in the BXPE U.S. unit redemption plan (the "Unit Redemption Plan") and unitholders of the Feeder have a right to participate in the Unit Redemption Plan under the same terms as direct unitholders of BXPE U.S. BXPE U.S. has implemented the Unit Redemption Plan in which it intends to offer to redeem in each quarter up to 3% of its Units outstanding as of the close of the previous calendar quarter. BXPE U.S. conducts such redemption windows in accordance with its limited partnership agreement (as amended and restated from time to time, the "BXPE U.S. Partnership Agreement").

Under the Unit Redemption Plan, to the extent BXPE U.S. offers to redeem its Units in any particular quarter, BXPE U.S. will use a redemption price equal to BXPE U.S.'s transactional net asset value per unit of the applicable class as of the date specified in the Unit Redemption Plan (the "Redemption Date"), subject to the Early Redemption Deduction (as defined below).

Any redemption requests of Units that have been outstanding for fewer than two years will be subject to an early redemption deduction equal to 5% of the value of BXPE U.S.'s transactional net asset value of the units being redeemed (calculated as of the Redemption Date) (the "Early Redemption Deduction") for the benefit of BXPE U.S. and its unitholders, which includes the unitholders of the Feeder, subject to certain exceptions. Unitholders of the Feeder that request a redemption are entitled to receive the applicable net asset value per Unit of the Feeder as of the valuation date, which is in turn based on the net asset value of BXPE U.S.'s Class I Units (as adjusted for any liabilities or expenses incurred by the Feeder and any assets of, or income received by, the Feeder). The Early Redemption Deduction is applied by BXPE U.S., without duplication by the Feeder.

If the quarterly volume limitation is reached in any particular calendar quarter or the General Partner determines to redeem fewer Units than have been requested to be redeemed in any particular calendar quarter, units submitted for redemption for such calendar quarter will be redeemed on a pro-rata basis after BXPE U.S. has redeemed all units for which redemption has been requested due to death, disability or divorce and other limited exceptions. The General Partner (with the approval of BXPE U.S.'s Independent Directors) may make exceptions, modify or suspend the Unit Redemption Plan (including to make exceptions to the redemption limitations, or redeem fewer units than such redemption limitations) if, in its reasonable judgment, it deems such action to be in the best interest of BXPE U.S. and its unitholders.

During the three and nine months ended September 30, 2025, 54,384 Units and 198,008 Units were redeemed for an aggregate value of $1.7 million and $6.0 million, respectively. During the three and nine months ended September 30, 2024, 2,400 Units were redeemed for an aggregate value of $0.1 million.

5. Related Party Transactions

Partnership Agreement

The Feeder has entered into a limited partnership agreement, as amended and restated (the "Feeder Partnership Agreement"), with the General Partner. Under the terms of the Feeder Partnership Agreement, overall responsibility for the Feeder's oversight rests with the General Partner, subject to certain oversight rights held by the Boards of Directors.

Performance Participation Allocation

The General Partner receives a performance participation allocation ("Performance Participation Allocation") by BXPE. Investors in the Feeder, BXPE U.S. and any Parallel Funds indirectly bear a portion of the Performance Participation Allocation paid by the Aggregator, but such expenses are not duplicated at the Feeder, BXPE U.S. or Parallel Funds. For the three and nine months ended September 30, 2025, the Feeder was allocated $9.6 million and $37.6 million, respectively, of the Performance Participation Allocation recognized by the Aggregator. For the three and nine months ended September 30, 2024, the Feeder was allocated $6.0 million and $10.7 million, respectively, of the Performance Participation Allocation recognized by the Aggregator. Refer to BXPE U.S.'s condensed financial statements for more information regarding the Performance Participation Allocation.

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Blackstone Private Equity Strategies Fund (TE) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

Investment Management Agreement

BXPE U.S. has entered into an investment management agreement with the Investment Manager (the "Investment Management Agreement"). As part of carrying out its investment management services, the Investment Manager has entered, and may in the future enter, into sub-advisory, or other similar arrangements, with other advisory subsidiaries of Blackstone. These sub-advisory relationships do not affect the terms of the Investment Management Agreement.

Management Fee

In consideration for its investment management services, BXPE pays the Investment Manager a management fee (the "Management Fee"). Investors in the Feeder, BXPE U.S. and any Parallel Funds indirectly bear a portion of the Management Fee paid by the Aggregator, but such expenses are not duplicated at the Feeder, BXPE U.S. or Parallel Funds.

The Investment Manager agreed to waive the Management Fee for the first six months following the Initial Closing Date. Effective July 1, 2024, the Aggregator began accruing the Management Fee attributable to the Feeder. The Management Fee is included as a component of Net Change in Unrealized Gain (Loss) on Investment in BXPE U.S. in the Condensed Consolidated Statements of Operations. Refer to BXPE U.S.'s condensed financial statements for more information regarding the Management Fee.

For the three and nine months ended September 30, 2025, the Feeder was allocated $7.8 million and $19.3 million, respectively, of the gross Management Fee recognized by the Aggregator. For the three and nine months ended September 30, 2024, the Feeder was allocated $3.2 million and $7.1 million, respectively, of the gross Management Fee recognized by the Aggregator, of which $3.9 million was waived by the Investment Manager for the nine months ended September 30, 2024. No Management Fee was waived for the three months ended September 30, 2024.

Administration Fee

The Investment Manager and its affiliates provide administration services to BXPE, consistent with the BXPE U.S. Partnership Agreement and Investment Management Agreement. In consideration for its administrative services, the Investment Manager is entitled to receive an administration fee (the "Administration Fee") payable by BXPE. Investors in the Feeder, BXPE U.S. and any Parallel Funds indirectly bear a portion of the Administration Fee, paid by the Aggregator, but such expenses are not duplicated at the Feeder, BXPE U.S. or Parallel Funds.

For the three and nine months ended September 30, 2025, the Feeder was allocated $0.6 million and $1.5 million, respectively, of the Administration Fee recognized by the Aggregator. For the three and nine months ended September 30, 2024, the Feeder was allocated $0.3 million and $0.6 million, respectively, of the Administration Fee recognized by the Aggregator. Refer to BXPE U.S.'s condensed financial statements for more information regarding the Administration Fee.

Dealer Manager Agreement

The Feeder and BXPE U.S. entered into a Dealer Manager Agreement (the "Dealer Manager Agreement") with Blackstone Securities Partners L.P. (the "Dealer Manager"), a broker-dealer registered with the SEC under the Securities Exchange Act of 1934, as amended and a member of the Financial Industry Regulatory Authority. Pursuant to the Dealer Manager Agreement, the Dealer Manager manages the Feeder's relationships with third-party brokers engaged by the Dealer Manager to participate in the distribution of Units, which are referred to as participating brokers, and financial advisors. The Dealer Manager also coordinates the Feeder's marketing and distribution efforts with participating brokers and their registered representatives with respect to communications related to the terms of the Feeder's offering, its investment strategies, material aspects of its operations and subscription procedures.

------

Blackstone Private Equity Strategies Fund (TE) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

The Dealer Manager is entitled to receive unitholder servicing fees monthly in arrears at an annual rate of 0.85% of the value of the Feeder's Transactional NAV attributable to Class S Units as of the last day of each month. The Dealer Manager is entitled to receive unitholder servicing fees monthly in arrears at an annual rate of 0.25% of the value of the Feeder's Transactional NAV attributable to Class D Units as of the last day of each month. In calculating the unitholder servicing fee, the Feeder uses the Transactional NAV before giving effect to any accruals for the unitholder servicing fees, redemptions for that month and distributions, if any, payable on the Feeder's Units. There are no unitholder servicing fees with respect to Class I Units. The unitholder servicing fees are payable to the Dealer Manager, but the Dealer Manager anticipates that all of such fees will be retained by, or reallowed (paid) to, participating brokers or other financial intermediaries.

The Feeder accrues the cost of the unitholder servicing fees for the estimated life of the Units, as applicable, as a distribution cost at the time Class S and Class D Units are sold. Servicing Fees Payable as of September 30, 2025 and December 31, 2024 was $80.7 million and $50.8 million, respectively.

Due to Affiliates

Due to Affiliates consists of cash advances made by Blackstone Holdings Finance Co. L.L.C., a subsidiary of Blackstone, on behalf of the Feeder for the payment of fund expenses. These amounts are intended to be cash reimbursed by the Feeder and are non-interest bearing. Due to Affiliates also consists of balances the Feeder owes to other non-consolidated entities within BXPE.

BXPE Lux

BXPE invests alongside BXPE Lux, a Luxembourg alternative investment fund available to individual investors primarily domiciled in countries of the European Economic Area, the United Kingdom, Switzerland, certain Asian jurisdictions and certain other jurisdictions. While BXPE and BXPE Lux have substantially similar investment objectives and strategies and are expected to have highly overlapping investment portfolios, BXPE and BXPE Lux are operated as distinct investment structures.

6. Commitments and Contingencies

Commitments

For information regarding investment commitments, see the Aggregator's condensed consolidated financial statements. To the extent funded, these investments are expected to reside at the Aggregator but may be funded from the Feeder's available liquidity, including proceeds from the issuance of Units by the Feeder.

Contingencies

The Feeder may, from time to time, be party to various legal matters arising in the ordinary course of business, including claims and litigation proceedings. As of September 30, 2025, the Feeder was not subject to any material litigation nor was the Feeder aware of any material litigation threatened against it.

Indemnifications

In the normal course of business, the Feeder enters into contracts that contain a variety of indemnification arrangements. The Feeder's exposure under these arrangements, if any, cannot be quantified. However, the Feeder has not had any claims or losses pursuant to these indemnification arrangements and expects the potential for a material loss to be remote as of September 30, 2025.

------

Blackstone Private Equity Strategies Fund (TE) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

7. Income Taxes

Uncertain Tax Positions

As of September 30, 2025 and December 31, 2024, the Feeder is not aware of any uncertain tax positions that would require recognition in the condensed consolidated financial statements.

One Big Beautiful Bill Act

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into law in the U.S., introducing a broad range of tax reform provisions affecting businesses, including extending and modifying certain key provisions of the Tax Cuts & Jobs Act of 2017. In accordance with GAAP, the effects of the enacted tax law changes were recognized in the period of enactment.

The OBBBA did not change the U.S. federal corporate income tax rate. The Feeder evaluated the provisions of the law and determined there was no remeasurement of the deferred tax assets and liabilities and that the OBBBA had no material impact to the Feeder's condensed consolidated financial statements as of and for the three and nine months ended September 30, 2025.

Tax Contingencies

The Feeder files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Feeder is subject to examination by various taxing authorities.

8. Financial Highlights

The following financial highlights are calculated for the unitholders of the Feeder as a whole. Calculation of these highlights on an individual unitholder basis may yield results that vary from those stated herein due to the timing of capital transactions and differing fee arrangements.

---

| | | | |
|:---|:---|:---|:---|
|  | Nine Months Ended September 30, 2025 (a) | Nine Months Ended September 30, 2025 (a) | Nine Months Ended September 30, 2025 (a) |
|  | Class S<br>Units | Class D<br>Units | Class I<br>Units |
| Per Unit Data |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Period | $26.38 | $24.81 | $28.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Loss | (0.11) | (0.10) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Gain (Loss) on Investment in BXPE U.S. | 3.68 | 3.37 | 3.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Investment Operations | 3.58 | 3.27 | 3.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Servicing Fees | (0.21) | (0.08) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets | 3.37 | 3.19 | 3.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value, End of Period | $29.75 | $28.00 | 31.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Units Outstanding, End of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48502843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196457 | 32789403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Return Based on Net Asset Value (b) | 12.78% | 12.88% | 12.90% |
| Ratios to Weighted-Average Net Assets (Non-Annualized) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Expenses (c) | 0.05% | 0.05% | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Loss | -0.41% | -0.36% | -0.39% |

---

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Blackstone Private Equity Strategies Fund (TE) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

---

| | | | |
|:---|:---|:---|:---|
|  | Nine Months Ended September 30, 2024 (a) | Nine Months Ended September 30, 2024 (a) | Nine Months Ended September 30, 2024 (a) |
|  | Class S<br> Units | Class D<br> Units | Class I<br> Units |
| Per Unit Data |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Period | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Units Issued | 25.00 |  | 25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Loss | (0.11) |  | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Gain (Loss) on Investment in BXPE U.S. | 2.21 |  | 2.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Investment Operations | 2.10 |  | 2.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Servicing Fees | (1.76) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets | 0.34 |  | 2.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value, End of Period | $25.34 | $— | $27.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Units Outstanding, End of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26299000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 14930627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Return Based on Net Asset Value (b) | 1.36% |  | 8.44% |
| Ratios to Weighted-Average Net Assets (Non-Annualized) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Expenses (c) | 0.05% |  | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Loss | -0.45% |  | -0.44% |

---

(a) Amounts may not add due to rounding.

(b) Total return is calculated as the change in Net Asset Value per Unit during the period, plus distributions per Unit (assuming dividends and distributions are reinvested in accordance with the Feeder's distribution reinvestment plan) divided by the beginning Net Asset Value per Unit for the nine months ended September 30, 2025 or the initial Net Asset Value per Unit of $25.00 for the nine months ended September 30, 2024. Total return does not include upfront transaction fees, if any.

(c) Expense ratio includes Professional Fees. For the nine months ended September 30, 2024, the expense ratio also includes Organizational Expenses.

9. Subsequent Events

There have been no events since September 30, 2025 that require recognition or disclosure in the condensed consolidated financial statements.

------

## Blackstone Private Equity Strategies Fund L.P.

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#### **Table of Contents**
Blackstone Private Equity Strategies Fund L.P.

Condensed Statements of Assets and Liabilities (Unaudited)

(Dollars in Thousands, Except Unit Data)

---

| | | |
|:---|:---|:---|
|  | September 30, | December 31, |
|  | 2025 | 2024 |
| Assets |  |  |
| Investment in the Aggregator at Fair Value (Cost $7,249,872 as of September 30, 2025; $4,247,996 as of December 31, 2024) | $8467216 | $4662353 |
| Cash and Cash Equivalents | 2282 | 1616 |
| Redemption Receivable | 4754 | 563 |
| Due from Affiliates | 85 | 8 |
| Other Assets | 228 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $8474565 | $4664820 |
| Liabilities and Net Assets |  |  |
| Due to Affiliates | $36 | $225 |
| Accounts Payable, Accrued Expenses and Other Liabilities | 2147 | 1153 |
| Redemptions Payable | 4605 | 544 |
| Servicing Fees Payable | 167623 | 107005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 174411 | 108927 |
| Commitments and Contingencies |  |  |
| Net Assets |  |  |
| Limited Partnership Unit — Class S Units, unlimited Units authorized (99,711,958 Units issued and outstanding as of September 30, 2025; 65,661,316 Units issued and outstanding as of December 31, 2024) | 2993147 | 1741432 |
| Limited Partnership Unit — Class D Units, unlimited Units authorized (2,993,895 Units issued and outstanding as of September 30, 2025; 2,346,107 Units issued and outstanding as of December 31, 2024) | 94238 | 65235 |
| Limited Partnership Unit — Class I Units, unlimited Units authorized (162,011,071 Units issued and outstanding as of September 30, 2025; 96,932,930 Units issued and outstanding as of December 31, 2024) | 5204408 | 2748976 |
| Limited Partnership Unit — Class N Units, unlimited Units authorized (330,005 Units issued and outstanding as of September 30, 2025; no Units issued and outstanding as of December 31, 2024) | 8111 |  |
| General Partner Interest | 250 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Net Assets | 8300154 | 4555893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Net Assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8474565 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4664820 |

---

See notes to condensed financial statements.

------

Blackstone Private Equity Strategies Fund L.P.

Condensed Statements of Operations (Unaudited)

(Dollars in Thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Three Months Ended September 30, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Three Months Ended September 30, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nine Months Ended September 30, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nine Months Ended September 30, |
|  | 2025 | 2024 | 2025 | 2024 |
|  Expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Fees | $545 | $412 | $1577 | $1367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' Fees | 105 | 102 | 312 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warehousing Fees |  |  |  | 1166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 47 | 28 | 202 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 697 | 542 | 2091 | 3130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warehousing Fees Waived |  |  |  | (1166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 697 | 542 | 2091 | 1964 |
|  Net Investment Loss | (697) | (542) | (2091) | (1964) |
|  Net Change in Unrealized Gain (Loss) on Investment in the Aggregator | 185930 | 133577 | 802987 | 240759 |
|  Net Increase in Net Assets Resulting from Operations | $185233 | $133035 | $800896 | $238795 |

---

See notes to condensed financial statements.

------

Blackstone Private Equity Strategies Fund L.P.

Condensed Statements of Changes in Net Assets (Unaudited)

(Dollars in Thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class S<br>Units | Class D<br>Units | Class I<br>Units | Class N<br>Units | General<br>Partner<br>Interest | Total<br>Net Assets |
|  Balance at June 30, 2025 | $2549616 | $85469 | $4391355 | $— | $250 | $7026690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from Units Issued | 406322 | 3500 | 700828 | 8300 |  | 1118950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Loss | (261) | (8) | (427) | (1) |  | (697) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Gain (Loss) on Investment in the Aggregator | 69738 | 2131 | 113919 | 142 |  | 185930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Servicing Fees | (25751) | (125) |  | (330) |  | (26206) |
| &nbsp;&nbsp;&nbsp;&nbsp; Conversion of Units Between Classes | (4065) | 3268 | 797 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption of Units, Net of Early Redemption Deduction | (2452) | 3 | (2064) |  |  | (4513) |
|  Balance at September 30, 2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2993147 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94238 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5204408 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8111 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300154 |
|  Balance at June 30, 2024 | $1196490 | $48143 | $1675002 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $250 | $2919885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from Units Issued | 207514 | 11000 | 370287 |  |  | 588801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Loss | (226) | (8) | (308) |  |  | (542) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Gain (Loss) on Investment in the Aggregator | 55228 | 2028 | 76321 |  |  | 133577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Servicing Fees | (13977) | (228) |  |  |  | (14205) |
| &nbsp;&nbsp;&nbsp;&nbsp; Conversion of Units Between Classes | (9100) | (1615) | 10715 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption of Units, Net of Early Redemption Deduction | (610) | 2 | (1293) |  |  | (1901) |
|  Balance at September 30, 2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435319 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59322 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130724 | $— | $250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3625615 |

---

See notes to condensed financial statements.

------

Blackstone Private Equity Strategies Fund L.P.

Condensed Statements of Changes in Net Assets (Unaudited)

(Dollars in Thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class S<br>Units | Class D<br>Units | Class I<br>Units | Class N<br>Units | General<br>Partner<br>Interest | Total<br>Net Assets |
|  Balance at December 31, 2024 | $1741432 | $65235 | $2748976 | $— | $250 | $4555893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from Units Issued | 1039107 | 23610 | 1962520 | 8300 |  | 3033537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | (797) | (25) | (1268) | (1) |  | (2091) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Gain (Loss) on Investment in the Aggregator | 305660 | 9827 | 487358 | 142 |  | 802987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Servicing Fees | (73271) | (460) |  | (330) |  | (74061) |
| &nbsp;&nbsp;&nbsp;&nbsp; Conversion of Units Between Classes | (11252) | (3958) | 15210 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption of Units, Net of Early Redemption Deduction | (7732) | 9 | (8388) |  |  | (16111) |
|  Balance at September 30, 2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2993147 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94238 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5204408 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8111 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300154 |
|  Balance at December 31, 2023 | $— | $— | $100 | $— | $— | $100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from Units Issued | 1446576 | 58100 | 1981988 |  | 250 (a) | 3486914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Loss | (821) | (36) | (1107) |  |  | (1964) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Gain (Loss) on Investment in the Aggregator | 100475 | 4030 | 136254 |  |  | 240759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Servicing Fees | (97134) | (1159) |  |  |  | (98293) |
| &nbsp;&nbsp;&nbsp;&nbsp; Conversion of Units Between Classes | (13167) | (1615) | 14782 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption of Units, Net of Early Redemption Deduction | (610) | 2 | (1293) |  |  | (1901) |
|  Balance at September 30, 2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435319 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59322 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130724 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | $3625615 |

---

(a) The General Partner did not receive any Units for its contribution to BXPE U.S.

See notes to condensed financial statements.

------

Blackstone Private Equity Strategies Fund L.P.

Condensed Statements of Cash Flows (Unaudited)

(Dollars in Thousands)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nine Months Ended September 30, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nine Months Ended September 30, |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
| Operating Activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | $800896 | $238795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to Reconcile Net Increase in Net Assets Resulting from Operations to Net Cash Used in Operating Activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized (Gain) Loss on Investment in the Aggregator | (802987) | (240759) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Cash Directors' Fees |  | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in the Aggregator | (3018732) | (3479391) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Investment in the Aggregator | 12665 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash Flows Due to Changes in Operating Assets and Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Assets | 52 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Affiliates | (190) | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts Payable, Accrued Expenses and Other Liabilities | 994 | 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Cash Used in Operating Activities | (3007302) | (3479497) |
| Financing Activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Issuance of Units | 3033537 | 3486730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment for Servicing Fees | (13442) | (5902) |
| &nbsp;&nbsp;&nbsp;&nbsp;Early Redemption Deduction Received from the Feeder | 153 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of Units, Net of Early Redemption Deduction | (12280) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Cash Provided by Financing Activities | 3007968 | 3480828 |
| Cash and Cash Equivalents |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase | 666 | 1331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period | 1616 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period | $2282 | $1431 |
| Supplemental Disclosure of Cash Flows Information |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash Paid for Interest | $8 | $8 |
| Supplemental Disclosure of Non-Cash Financing Activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Cash Directors' Fees | $— | $184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued Servicing Fees | $74061 | $98293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of Units, Net of Early Redemption Deduction | $4605 | $1901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Early Redemption Deduction Receivable from the Feeder | $85 | $— |

---

See notes to condensed financial statements.

------

Blackstone Private Equity Strategies Fund L.P.

Condensed Schedules of Investments (Unaudited)

(Dollars in Thousands, Except Unit Data)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | September 30, 2025 | September 30, 2025 | September 30, 2025 | September 30, 2025 | September 30, 2025 |
| Name of Investment | Type of<br> Investment | Industry | Geography | Fair Value | Fair Value as<br> a Percentage<br> of Net Assets |
|  Investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BXPE US Aggregator (CYM) L.P. (263,335,343 Units) (a) | Investee Fund | Various | Various | $8467216 | 102.0% |
|  Total Investments (Cost $7,249,872) |  |  |  | $8467216 | 102.0% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| Name of Investment | Type of<br> Investment | Industry | Geography | Fair Value | Fair Value as<br> a Percentage<br> of Net Assets |
|  Investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BXPE US Aggregator (CYM) L.P. (164,267,528 Units) (a) | Investee Fund | Various | Various | $4662353 | 102.3% |
|  Total Investments (Cost $4,247,996) |  |  |  | $4662353 | 102.3% |

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(a) Refer to Note 3. "Investment in the Aggregator" for details on BXPE U.S.'s proportional share of investments through investees.

See notes to condensed financial statements.

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Blackstone Private Equity Strategies Fund L.P.

Notes to Condensed Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

1. Organization

Blackstone Private Equity Strategies Fund L.P. ("BXPE U.S.") is a Delaware limited partnership formed on April 5, 2022, and is a private fund exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended (the "1940 Act"). BXPE U.S. is structured as a perpetual-life strategy, with monthly, fully funded subscriptions and periodic redemptions. BXPE U.S. is conducting a continuous private offering of its limited partnership units ("Units") in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), to investors that are both (a) accredited investors (as defined in Regulation D under the Securities Act) and (b) qualified purchasers (as defined in the 1940 Act and rules thereunder).

Blackstone Private Equity Strategies Fund (TE) L.P. (together with its consolidated subsidiary, the "Feeder"), a Delaware limited partnership, invests all or substantially all of its assets in BXPE U.S. The Feeder was established for certain investors with particular tax characteristics, such as tax-exempt investors and certain non-U.S. investors.

BXPE U.S. invests all or substantially all of its assets through its investment in BXPE US Aggregator (CYM) L.P. (together with its consolidated subsidiaries, the "Aggregator"). The Aggregator has the same investment objectives as BXPE U.S. The condensed consolidated financial statements of the Aggregator, including the Condensed Consolidated Schedules of Investments, are an integral part of BXPE U.S.'s condensed financial statements and are included following these condensed financial statements.

The term "Parallel Fund" refers to one or more parallel vehicles established by, or at the direction of, the Sponsor (as defined below) to invest alongside BXPE U.S., but excluding Blackstone Private Equity Strategies Fund SICAV ("BXPE Lux"). The Parallel Funds may be established for certain investors with particular legal, tax, regulatory, compliance, structuring or certain other operational requirements to participate in the Aggregator. Parallel Funds may not have investment objectives and/or strategies that are identical to the investment objectives and strategies of BXPE U.S. or the Feeder. BXPE U.S., the Feeder, the Aggregator and any Parallel Funds collectively form "BXPE." BXPE and BXPE Lux collectively form the "BXPE Fund Program," but are operated as distinct investment structures.

BXPE's investment objectives are to deliver medium- to long-term capital appreciation and, to a lesser extent, generate modest current income. BXPE seeks to meet its investment objectives by investing primarily in privately negotiated, equity-oriented investments, leveraging the talent and investment capabilities of Blackstone Inc.'s ("Blackstone") private equity platform to create an attractive portfolio of alternative investments diversified across geographies and sectors.

Investment operations commenced on January 2, 2024 (the "Initial Closing Date") when BXPE U.S. and the Feeder first sold unregistered limited partnership units to third-party investors and began investment operations.

Blackstone Private Equity Strategies Associates L.P., a Delaware limited partnership, is the general partner (the "General Partner") of BXPE U.S., the Feeder and the Aggregator. Overall responsibility for oversight of BXPE U.S. and the entities that carry out its investment objectives rests with the General Partner, subject to certain oversight rights held by BXPE U.S.'s board of directors (the "BXPE U.S. Board of Directors" or "BXPE U.S. Board"). The General Partner has delegated BXPE U.S.'s portfolio management function to Blackstone Private Investments Advisors L.L.C. (the "Investment Manager"). The Investment Manager has discretion to make investments on behalf of BXPE U.S. and is responsible for initiating, structuring and negotiating BXPE U.S.'s investments, as well as actively managing each investment to seek to maximize value. The Investment Manager and its affiliates also provide certain administrative services to BXPE U.S. The Investment Manager is a Delaware limited liability company and is registered with the United States Securities and Exchange Commission (the "SEC") as an investment adviser under the Investment Advisers Act of 1940, as amended. The General Partner and the Investment Manager are individually and collectively referred to as the "Sponsor." Both the General Partner and Investment Manager are subsidiaries of Blackstone.

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Blackstone Private Equity Strategies Fund L.P.

Notes to Condensed Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed financial statements of BXPE U.S. have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the instructions to Form 10-Q. BXPE U.S. is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 946, Financial Services—Investment Companies ("ASC 946"). The condensed financial statements, including these notes, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the condensed financial statements are presented fairly and that estimates made in preparing its condensed financial statements are reasonable. Such estimates include those used in the valuation of the investment in the Aggregator, including the valuation of the Aggregator's investments and financial instruments and the measurement of deferred tax balances (including valuation allowances, if any) at the Aggregator. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed financial statements should be read in conjunction with the audited financial statements included in BXPE U.S.'s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC.

Principles of Consolidation

In accordance with ASC 946, BXPE U.S. generally does not consolidate investments unless BXPE U.S. has a controlling financial interest in an investment company or operating company whose business consists of providing services to BXPE U.S. A controlling financial interest is defined as (a) the power to direct the activities of the investment company that most significantly impact the entity's economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the investment company. BXPE U.S. determines whether it has a controlling financial interest in an investment company at such company's inception and continuously reconsiders that conclusion. In instances where BXPE U.S. wholly owns another investment company, BXPE U.S. believes this would constitute a controlling interest and consolidation would be appropriate. For non-wholly owned interests in investment companies, BXPE U.S. assesses the nature of the investment structure and considers its interests in and governance rights over the investment company to determine whether BXPE U.S. holds a controlling financial interest. Performance of that analysis requires the exercise of judgment.

BXPE U.S. does not have a controlling financial interest in and, as a result, does not consolidate the Aggregator, nor any other reporting entities within BXPE, because (a) the General Partner is not acting solely on behalf of BXPE U.S. as it carries out its duties and (b) BXPE U.S. does not absorb essentially all of the Aggregator's variability. At each reporting date, BXPE U.S. assesses whether it has a controlling financial interest in the Aggregator or any other reporting entities within BXPE, and any associated consolidation implications.

Valuation of Investments at Fair Value

BXPE U.S. has indirect exposure to gains and losses on underlying investments because it invests in the Aggregator, which holds such underlying investments. Valuations of investments held by the Aggregator are disclosed in the notes to the Aggregator's condensed consolidated financial statements. For information regarding net realized and change in unrealized gains and losses on such investments held indirectly by BXPE U.S., see the Aggregator's condensed consolidated financial statements included following these condensed financial statements and see Note 3. "Investments and Fair Value Measurement" in the "Notes to Condensed Consolidated Financial Statements" of the Aggregator for information regarding the valuation of investments.

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Blackstone Private Equity Strategies Fund L.P.

Notes to Condensed Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

BXPE U.S. measures its investment in the Aggregator at fair value using the net asset value of the Aggregator. The net asset value of the Aggregator is considered a practical expedient that represents fair value as (a) the investment does not have a readily determinable fair value because the Aggregator's net asset value is not published or the basis for current transactions, (b) the Aggregator is an investment company and (c) the net asset value of the Aggregator is calculated in a manner in which all of its investments are reported at fair value as of the measurement date. Changes in the fair value of BXPE U.S.'s investment in the Aggregator are presented within Net Change in Unrealized Gain (Loss) on Investment in the Aggregator in the Condensed Statements of Operations.

Cash and Cash Equivalents

Cash and Cash Equivalents represents cash on hand, cash held in banks and short-term, highly liquid investments with original maturities of three months or less. BXPE U.S. may have bank balances in excess of federally insured amounts; however, BXPE U.S. deposits its Cash and Cash Equivalents with high credit-quality institutions to minimize credit risk.

Income Taxes

BXPE U.S. is treated as a partnership for U.S. federal income tax purposes and therefore generally is not subject to any U.S. federal and state income taxes. Taxable income is allocated to BXPE U.S.'s unitholders. It is possible that BXPE U.S. may be considered a publicly traded partnership and not meet the qualifying income exception in certain years. In such a scenario, BXPE U.S. would be treated as a publicly traded partnership taxed as a corporation, rather than a partnership. The investors in BXPE U.S. would be treated as shareholders in a corporation, and BXPE U.S. itself would become taxable as a corporation for U.S. federal, state and/or local income tax purposes. BXPE U.S. would be required to pay income tax at corporate rates on its net taxable income.

Deferred Taxes

GAAP requires the asset and liability method of accounting for income taxes. Under this method, deferred taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Valuation allowances are established when BXPE U.S. determines it is more likely than not that some portion or all of the deferred tax asset will not be realized. BXPE U.S. assesses all available positive and negative evidence, including the amount and character of future taxable income.

Uncertain Tax Positions

BXPE U.S. recognizes uncertain tax positions when it is more likely than not that the position will be sustained by the taxing authorities, based on the technical merits of the positions. The tax positions that meet the more-likely-than-not threshold are recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. BXPE U.S. reevaluates its tax positions each period in which new information becomes available. BXPE U.S.'s policy is to recognize tax-related interest and penalties, if applicable, as a component of the provision for income taxes on the Condensed Statements of Operations.

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Blackstone Private Equity Strategies Fund L.P.

Notes to Condensed Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

Affiliates

The General Partner, Investment Manager, Dealer Manager (as defined in Note 6. "Related Party Transactions"), the Feeder, Parallel Funds, the Aggregator, BXPE Lux and other vehicles sponsored, advised and/or managed by Blackstone or its affiliates are affiliates of BXPE U.S.

Segment Reporting

BXPE U.S. operates through a single reportable segment. The chief operating decision makers (the "CODMs") consist of the BXPE U.S.'s Chief Executive Officer and Chief Financial Officer. The CODMs assess the performance of, allocate resources to and make operating decisions for BXPE U.S. primarily based on BXPE U.S.'s Net Increase in Net Assets Resulting from Operations. Reportable segment assets are reflected on the accompanying Condensed Statements of Assets and Liabilities as Total Assets and reportable segment significant expenses reviewed by the CODMs are listed on the accompanying Condensed Statements of Operations.

3. Investment in the Aggregator

BXPE U.S. recognizes dividend income on the record date of distributions, if any, from the Aggregator. BXPE U.S. has an interest of 81.4% and 76.4% in the Aggregator as of September 30, 2025 and December 31, 2024, respectively. The remaining interest in the Aggregator is held by a Parallel Fund. BXPE U.S.'s interest in the Aggregator may result in BXPE U.S. indirectly holding investments of the Aggregator that, on a proportional basis, at times may exceed 5% of the net assets of BXPE U.S. For a listing of investments that may proportionally exceed 5% of BXPE U.S. net assets, see the Condensed Consolidated Schedules of Investments of the Aggregator.

4. Line of Credit Agreement

On November 3, 2023, BXPE U.S. (the "Borrower") and BXPE Lux entered into an amended and restated unsecured, uncommitted line of credit agreement (as amended, the "A&R Line of Credit") with Blackstone Holdings Finance Co. L.L.C. ("Finco") providing up to a maximum amount of $300.0 million. On August 14, 2025, the A&R Line of Credit was amended ("Second A&R Line of Credit") for Finco to provide a maximum amount of $100.0 million to BXPE U.S. The Second A&R Line of Credit expires on August 14, 2026, subject to one-year extension options requiring Finco approval.

Under the Second A&R Line of Credit, the interest rate on the unpaid balance of the principal amount of each loan is the then-current borrowing rate offered by a third-party lender, or, if no such rate is available, the applicable Secured Overnight Financing Rate ("SOFR") plus 3.50%. Each advance under the Second A&R Line of Credit is repayable on the earliest of (a) the expiration of the Second A&R Line of Credit, (b) Finco's demand or (c) the date on which the Investment Manager no longer acts as investment manager to the Borrower, provided that the Borrower will have 180 days to make such repayment in the cases of clauses (a) and (b) and 45 days to make such repayment in the case of clause (c). To the extent the Borrower has not repaid all loans and other obligations under the Second A&R Line of Credit after a repayment event has occurred, the Borrowers are obligated to apply the net cash proceeds from its offering and any sale or other disposition of assets to the repayment of such loans and other obligations; provided that the Borrower will be permitted to (a) make distributions to avoid any entity level tax, (b) make payments to fulfill any redemption requests of the Borrower pursuant to any established unit redemption plans, (c) use funds to close any investment which the Borrower committed to prior to receiving a demand notice and (d) make distributions to its unitholders or shareholders at per unit or per share levels consistent with the immediately preceding fiscal quarter. The Second A&R Line of Credit also permits voluntary pre-payment of principal and accrued interest without any penalty other than customary SOFR breakage costs. The Second A&R Line of Credit contains customary events of default. As is customary in such financings, if an event of default occurs under the Second A&R Line of Credit, Finco may accelerate the repayment of amounts outstanding under the Second A&R Line of Credit and exercise other remedies subject, in certain instances, to the expiration of an applicable cure period. As of September 30, 2025 and December 31, 2024, BXPE U.S. had no borrowings or amounts outstanding under the Second A&R Line of Credit.

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Blackstone Private Equity Strategies Fund L.P.

Notes to Condensed Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

5. Net Assets

BXPE U.S., at the direction of the General Partner, has the authority to issue an unlimited number of Units of each Unit Class (as defined below).

BXPE U.S. offers four classes of limited partnership Units: Class S, Class D, Class I Units and Class N Units (each, a "Unit Class" or a "Class"). As of September 30, 2024, no Class N Units were outstanding. The key differences among each Unit Class relate to the ongoing servicing fees, the upfront subscription fee and distribution channels. The term "Transactional NAV" refers to the price at which transactions in BXPE U.S. are made, calculated in accordance with a valuation policy that has been approved by the BXPE U.S. Board of Directors. The purchase price per Unit of each Class is equal to the Transactional NAV per Unit for such Class as of the last calendar day of the immediately preceding month. Before BXPE U.S. determined its first Transactional NAV, the initial subscription price for Units was $25.00 per Unit plus applicable subscription fees that are paid by the unitholder outside its investment in BXPE U.S. and not reflected in BXPE U.S.'s Transactional NAV. The Transactional NAV for each Unit Class was first determined as of the end of the first full month after the Initial Closing Date. Thereafter, BXPE U.S.'s Transactional NAV is based on the month-end values of investments, the addition of the value of any other assets such as cash, the deduction of any liabilities and the deduction of expenses attributable to certain Unit Classes, such as applicable servicing fees. At the end of each month, BXPE U.S. allocates its Net Investment Income (Loss) and Net Change in Unrealized Gain (Loss) on Investment in the Aggregator across each Unit Class based on their relative ownership share in BXPE U.S. as of the first calendar day of that month.

Unit issuances related to monthly subscriptions are effective the first calendar day of each month. Units are issued at a price per Unit equivalent to BXPE U.S.'s most recent Transactional NAV per Unit available for each Class, which is BXPE U.S.'s prior month-end Transactional NAV per Unit.

The following table presents transactions in the Units during the periods:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class S<br>Units | Class D<br>Units | Class I<br>Units | Class N<br>Units | Total |
| Units Outstanding as of June 30, 2025 | 86968721 | 2781080 | 140029174 |  | 229778975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Issued | 12952595 | 109609 | 22025112 | 330005 | 35417321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Conversion of Units Between Classes | (129691) | 103206 | 25148 |  | (1337) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption of Units | (79667) |  | (68363) |  | (148030) |
| Units Outstanding as of September 30, 2025 | 99711958 | 2993895 | 162011071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330005 | 265046929 |
| Units Outstanding as of June 30, 2024 | 48916722 | 1874867 | 63954404 |  | 114745993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Issued | 7854107 | 408745 | 13961933 |  | 22224785 |
| &nbsp;&nbsp;&nbsp;&nbsp;Conversion of Units Between Classes | (345580) | (60000) | 403739 |  | (1841) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption of Units | (24000) |  | (49400) |  | (73400) |
| Units Outstanding as of September 30, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56401249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2223612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78270676 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136895537 |

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Blackstone Private Equity Strategies Fund L.P.

Notes to Condensed Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class S<br>Units | Class D<br>Units | Class I<br>Units | Class N<br>Units | Total |
| Units Outstanding as of December 31, 2024 | 65661316 | 2346107 | 96932930 |  | 164940353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Issued | 34683172 | 783984 | 64856033 | 330005 | 100653194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Conversion of Units Between Classes | (374266) | (136196) | 505718 |  | (4744) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption of Units | (258264) |  | (283610) |  | (541874) |
| Units Outstanding as of September 30, 2025 | 99711958 | 2993895 | 162011071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330005 | 265046929 |
| Units Outstanding as of December 31, 2023 |  |  | 4000 |  | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units Issued | 56928443 | 2283612 | 77755281 |  | 136967336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Conversion of Units Between Classes | (503194) | (60000) | 560795 |  | (2399) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption of Units | (24000) |  | (49400) |  | (73400) |
| Units Outstanding as of September 30, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56401249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2223612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78270676 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136895537 |

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Unit Redemption Plan

BXPE U.S. has implemented a unit redemption plan (the "Unit Redemption Plan") in which it intends to offer to redeem in each quarter up to 3% of Units outstanding as of the close of the previous calendar quarter. BXPE U.S. conducts such redemption windows in accordance with the BXPE U.S. Partnership Agreement (as defined below).

Under the Unit Redemption Plan, to the extent BXPE U.S. offers to redeem Units in any particular quarter, BXPE U.S., will use a redemption price equal to the Transactional NAV per Unit of the applicable class as of the date specified in the Unit Redemption Plan (the "Redemption Date"), subject to the Early Redemption Deduction (as defined below), if applicable.

Any redemption requests of Units that have been outstanding for fewer than two years will be subject to an early redemption deduction equal to 5% of the value of BXPE U.S.'s Transactional NAV of the Units being redeemed (calculated as of the Redemption Date) (the "Early Redemption Deduction") for the benefit of BXPE U.S. and its unitholders, subject to certain exceptions.

If the quarterly volume limitation is reached in any particular calendar quarter or the General Partner determines to redeem fewer Units than have been requested to be redeemed in any particular calendar quarter, Units submitted for redemption for such calendar quarter will be redeemed on a pro-rata basis after BXPE U.S. has redeemed all Units for which redemption has been requested due to death, disability or divorce and other limited exceptions. The General Partner (with the approval of BXPE U.S.'s Independent Directors) may make exceptions, modify or suspend the Unit Redemption Plan (including to make exceptions to the redemption limitations, or redeem fewer Units than such redemption limitations) if, in its reasonable judgment, it deems such action to be in the best interest of BXPE U.S. and its unitholders.

During the three and nine months ended September 30, 2025, 148,030 Units and 541,874 Units were redeemed for an aggregate value, net of the Early Redemption Deduction, of $4.5 million and $16.1 million, respectively. During the three and nine months ended September 30, 2024, 73,400 Units were redeemed for an aggregate value of $1.9 million, net of the Early Redemption Deduction.

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Blackstone Private Equity Strategies Fund L.P.

Notes to Condensed Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

6. Related Party Transactions

Partnership Agreement

BXPE U.S. has entered into a limited partnership agreement, as amended and restated (the "BXPE U.S. Partnership Agreement"), with the General Partner. Under the terms of the BXPE U.S. Partnership Agreement, overall responsibility for BXPE U.S.'s oversight rests with the General Partner, subject to certain oversight rights held by the BXPE U.S. Board of Directors.

Performance Participation Allocation

The General Partner receives a performance participation allocation ("Performance Participation Allocation") by BXPE. Investors in BXPE U.S., the Feeder and any Parallel Funds indirectly bear a portion of the Performance Participation Allocation paid by the Aggregator, but such expenses are not duplicated at the Feeder, BXPE U.S. or Parallel Funds. For the three and nine months ended September 30, 2025, BXPE U.S. was allocated $31.6 million and $125.3 million, respectively, of the Performance Participation Allocation recognized by the Aggregator. For the three and nine months ended September 30, 2024, BXPE U.S. was allocated $20.2 million and $36.4 million, respectively, of the Performance Participation Allocation recognized by the Aggregator. The Performance Participation Allocation is included as a component of Net Change in Unrealized Gain (Loss) on Investment in the Aggregator in the Condensed Statements of Operations. Refer to the Aggregator's condensed consolidated financial statements for more information regarding the Performance Participation Allocation.

Investment Management Agreement

BXPE U.S. has entered into an investment management agreement with the Investment Manager (the "Investment Management Agreement"). As part of carrying out its investment management services, the Investment Manager has entered, and may in the future enter, into sub-advisory, or other similar arrangements, with other advisory subsidiaries of Blackstone. These sub-advisory relationships do not affect the terms of the Investment Management Agreement.

Management Fee

In consideration for its investment management services, BXPE pays the Investment Manager a management fee (the "Management Fee"). Investors in BXPE U.S., the Feeder and any Parallel Funds indirectly bear a portion of the Management Fee paid by the Aggregator, but such expenses are not duplicated at BXPE U.S., the Feeder or Parallel Funds.

The Investment Manager agreed to waive the Management Fee for the first six months following the Initial Closing Date. Effective July 1, 2024, the Aggregator began accruing the Management Fee attributable to BXPE U.S. The Management Fee is included as a component of Net Change in Unrealized Gain (Loss) on Investment in the Aggregator in the Condensed Statements of Operations. Refer to the Aggregator's condensed consolidated financial statements for more information regarding the Management Fee.

For the three and nine months ended September 30, 2025, BXPE U.S. was allocated $25.6 million and $64.4 million, respectively, of the gross Management Fee recognized by the Aggregator. For the three and nine months ended September 30, 2024, BXPE U.S. was allocated $10.9 million and $24.5 million, respectively, of the gross Management Fee recognized by the Aggregator, of which $13.5 million was waived by the Investment Manager for the nine months ended September 30, 2024. No Management Fee was waived for the three months ended September 30, 2024.

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Blackstone Private Equity Strategies Fund L.P.

Notes to Condensed Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

Administration Fee

The Investment Manager and its affiliates provide administration services to BXPE, consistent with the BXPE U.S. Partnership Agreement and Investment Management Agreement. In consideration for its administrative services, the Investment Manager is entitled to receive an administration fee (the "Administration Fee") payable by BXPE. Investors in BXPE U.S., the Feeder and any Parallel Funds indirectly bear a portion of the Administration Fee, paid by the Aggregator, but such expenses are not duplicated at BXPE U.S., the Feeder or Parallel Funds. For the three and nine months ended September 30, 2025, BXPE U.S. was allocated $2.0 million and $4.9 million, respectively, of the Administration Fee recognized by the Aggregator. For the three and nine months ended September 30, 2024, BXPE U.S. was allocated $0.9 million and $2.0 million, respectively, of the Administration Fee recognized by the Aggregator. The Administration Fee is included as a component of Net Change in Unrealized Gain (Loss) on Investment in the Aggregator in the Condensed Statements of Operations. Refer to the Aggregator's condensed consolidated financial statements for more information regarding the Administration Fee.

Dealer Manager Agreement

BXPE U.S. and the Feeder entered into a Dealer Manager Agreement (the "Dealer Manager Agreement") with Blackstone Securities Partners L.P. (the "Dealer Manager"), a broker-dealer registered with the SEC under the Securities Exchange Act of 1934, as amended and a member of the Financial Industry Regulatory Authority. Pursuant to the Dealer Manager Agreement, the Dealer Manager manages BXPE U.S.'s relationships with third-party brokers engaged by the Dealer Manager to participate in the distribution of Units, which are referred to as participating brokers, and financial advisors. The Dealer Manager also coordinates BXPE U.S.'s marketing and distribution efforts with participating brokers and their registered representatives with respect to communications related to the terms of BXPE U.S.'s offering, its investment strategies, material aspects of its operations and subscription procedures.

The Dealer Manager is entitled to receive unitholder servicing fees monthly in arrears at an annual rate of 0.85%, 0.25% and 0.50% of the value of BXPE U.S.'s Transactional NAV attributable to Class S, Class D and Class N Units, respectively, as of the last day of each month. In calculating the servicing fees, BXPE U.S. uses the Transactional NAV before giving effect to any accruals for the servicing fees, redemptions for that month and distributions, if any, payable on BXPE U.S.'s Units. There are no unitholder servicing fees with respect to Class I Units. The unitholder servicing fees are payable to the Dealer Manager, but the Dealer Manager anticipates that all of such fees will be retained by, or reallowed (paid) to, participating brokers or other financial intermediaries.

BXPE U.S. accrues the cost of the servicing fees for the estimated life of the Units, as applicable, as a distribution cost at the time Class S, Class D and Class N Units are sold. Servicing Fees Payable as of September 30, 2025 and December 31, 2024 was $167.6 million and $107.0 million, respectively. As of December 31, 2024, no class N Units were outstanding.

Line of Credit

The Borrower entered into the Second A&R unsecured, uncommitted Line of Credit with Finco. For additional information, see Note 4. "Line of Credit Agreement."

Due to/from Affiliates

Due to Affiliates is composed of cash advances made by Finco on behalf of BXPE U.S. for the payment of fund expenses. These amounts are intended to be cash reimbursed by BXPE U.S. and are non-interest bearing. Due from Affiliates is composed of balances owed to BXPE U.S. from other non-consolidated entities within BXPE.

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Blackstone Private Equity Strategies Fund L.P.

Notes to Condensed Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

BXPE Lux

BXPE invests alongside BXPE Lux, a Luxembourg alternative investment fund available to individual investors primarily domiciled in countries of the European Economic Area, the United Kingdom, Switzerland, certain Asian jurisdictions and certain other jurisdictions. While BXPE and BXPE Lux have substantially similar investment objectives and strategies and are expected to have highly overlapping investment portfolios, BXPE and BXPE Lux are operated as distinct investment structures.

7. Commitments and Contingencies

Commitments

For information regarding investment commitments, see the Aggregator's condensed consolidated financial statements. To the extent funded, these investments are expected to reside at the Aggregator but may be funded from BXPE U.S.'s available liquidity, including proceeds from the issuance of Units by BXPE U.S. and available borrowing capacity under the Second A&R Line of Credit. For information regarding the Second A&R Line of Credit, see Note 4. "Line of Credit Agreement."

Contingencies

BXPE U.S. may, from time to time, be party to various legal matters arising in the ordinary course of business, including claims and litigation proceedings. As of September 30, 2025, BXPE U.S. was not subject to any material litigation nor was BXPE U.S. aware of any material litigation threatened against it.

Indemnifications

In the normal course of business, BXPE U.S. enters into contracts that contain a variety of indemnification arrangements. BXPE U.S.'s exposure under these arrangements, if any, cannot be quantified. However, BXPE U.S. has not had any claims or losses pursuant to these indemnification arrangements and expects the potential for a material loss to be remote as of September 30, 2025.

8. Income Taxes

Uncertain Tax Positions

As of September 30, 2025 and December 31, 2024, BXPE U.S. is not aware of any uncertain tax positions that would require recognition in the condensed financial statements.

One Big Beautiful Bill Act

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into law in the U.S., introducing a broad range of tax reform provisions affecting businesses, including extending and modifying certain key provisions of the Tax Cuts & Jobs Act of 2017. In accordance with GAAP, the effects of the enacted tax law changes were recognized in the period of enactment.

The OBBBA did not change the U.S. federal corporate income tax rate. BXPE U.S. evaluated the provisions of the law and determined there was no remeasurement of the deferred tax assets and liabilities and that the OBBBA had no material impact to the BXPE U.S.'s condensed financial statements as of and for the three and nine months ended September 30, 2025.

------

Blackstone Private Equity Strategies Fund L.P.

Notes to Condensed Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

9. Financial Highlights

The following financial highlights are calculated for the unitholders of BXPE U.S. as a whole and exclude data for the General Partner, except as otherwise noted herein. Calculation of these highlights on an individual unitholder basis may yield results that vary from those stated herein due to the timing of capital transactions and differing fee arrangements. As of September 30, 2024, no Class N Units were outstanding.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Nine Months Ended September 30, 2025 (a) | Nine Months Ended September 30, 2025 (a) | Nine Months Ended September 30, 2025 (a) | Nine Months Ended September 30, 2025 (a) |
|  | Class S<br>Units | Class D<br>Units | Class I<br>Units | Class N<br>Units |
| Per Unit Data |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Period | $26.52 | $27.81 | $28.36 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Units Issued |  |  |  | 25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Loss | (0.01) | (0.01) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Gain (Loss) on Investment in the Aggregator | 3.72 | 3.74 | 3.77 | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Investment Operations | 3.71 | 3.73 | 3.76 | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Servicing Fees | (0.22) | (0.06) |  | (1.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets | 3.50 | 3.67 | 3.76 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value, End of Period | $30.02 | $31.48 | $32.12 | $24.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Units Outstanding, End of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99711958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2993895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162011071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Return Based on Net Asset Value (b) | 13.18% | 13.20% | 13.27% | -1.69% |
| Ratios to Weighted-Average Net Assets (Non-Annualized) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses without Waivers (c) | 0.03% | 0.03% | 0.03% | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 0.03% | 0.03% | 0.03% | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Loss | -0.03% | -0.03% | -0.03% | -0.01% |

---

------

Blackstone Private Equity Strategies Fund L.P.

Notes to Condensed Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

---

| | | | |
|:---|:---|:---|:---|
|  | Nine Months Ended September 30, 2024 (a) | Nine Months Ended September 30, 2024 (a) | Nine Months Ended September 30, 2024 (a) |
|  | Class S<br> Units | Class D<br> Units | Class I<br> Units |
| Per Unit Data |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Period | $— | $— | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Units Issued | 25.00 | 25.00 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Loss | (0.02) | (0.02) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Gain (Loss) on Investment in the Aggregator | 2.23 | 2.23 | 2.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Investment Operations | 2.21 | 2.21 | 2.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Servicing Fees | (1.76) | (0.53) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets | 0.45 | 1.68 | 2.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value, End of Period | $25.45 | $26.68 | $27.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Units Outstanding, End of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56401249 | 2223612 | 78270676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Return Based on Net Asset Value (d) | 1.80% | 6.72% | 8.88% |
| Ratios to Weighted-Average Net Assets (Non-Annualized) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses without Waivers (c) | 0.12% | 0.14% | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Warehousing Fees Waivers | -0.04% | -0.05% | -0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 0.08% | 0.09% | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Loss | -0.08% | -0.09% | -0.07% |

---

(a) Amounts may not add due to rounding.

(b) Total return is calculated as the change in Net Asset Value per Unit during the period, plus distributions per Unit (assuming dividends and distributions are reinvested in accordance with BXPE U.S.'s distribution reinvestment plan) divided by the beginning Net Asset Value per Unit for Class I, Class D and Class S; and the initial Net Asset Value per Unit for Class N for September 30, 2025. Total return does not include upfront transaction fees, if any.

(c) Expense ratio includes Professional Fees, Directors' Fees, and Other. For the nine months ended September 30, 2024, the expense ratio also included Warehousing Fees.

(d) Total return is calculated as the change in Net Asset Value per Unit during the period, plus distributions per Unit (assuming dividends and distributions are reinvested in accordance with BXPE U.S.'s distribution reinvestment plan) divided by the initial Net Asset Value per Unit of $25.00 for September 30, 2024. Total return does not include upfront transaction fees, if any.

10. Subsequent Events

There have been no events since September 30, 2025 that require recognition or disclosure in the condensed financial statements.

------

BXPE US Aggregator (CYM) L.P.

------

BXPE US Aggregator (CYM) L.P.

Condensed Consolidated Statements of Assets and Liabilities (Unaudited)

(Dollars in Thousands, Except Unit Data)

---

| | | |
|:---|:---|:---|
|  | September 30,<br>2025 | December 31,<br>2024 |
| Assets |  |  |
| Investments at Fair Value (Cost $7,480,566 as of September 30, 2025; $4,913,264 as of December 31, 2024) | $8996427 | $5329357 |
| Investments in Affiliated Investee Funds at Fair Value (Cost $842,473 as of September 30, 2025; $736,141 as of December 31, 2024) | 1005264 | 832952 |
| Cash and Cash Equivalents | 599821 | 114690 |
| Derivative Assets at Fair Value (Cost $473 as of September 30, 2025; $- as of December 31, 2024) | 7218 | 47182 |
| Interest and Dividend Receivable and Other Assets | 200376 | 68349 |
| Deferred Assets | 21676 | 13712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $10830782 | $6406242 |
| Liabilities and Net Assets |  |  |
| Due to Affiliates | $3992 | $6261 |
| Credit Facilities |  | 129000 |
| Payable for Investments Purchased | 181358 | 21151 |
| Accrued Performance Participation Allocation | 61752 | 83602 |
| Management Fee Payable | 31623 | 18209 |
| Derivative Liabilities at Fair Value (Cost $- as of September 30, 2025 and December 31, 2024) | 63 |  |
| Deferred Tax Liabilities, Net | 115117 | 27121 |
| Taxes Payable | 3421 |  |
| Administration Fees Payable | 2474 | 1457 |
| Accounts Payable, Accrued Expenses and Other Liabilities | 8585 | 13257 |
| Redemptions Payable | 19908 | 7037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 428293 | 307095 |
| Commitments and Contingencies |  |  |
| Net Assets |  |  |
| Limited Partnership Unit — Class A Units, unlimited Units authorized (323,549,839 Units issued and outstanding as of September 30, 2025; 214,889,732 Units issued and outstanding as of December 31, 2024) | 10402489 | 6099147 |
| Limited Partnership Unit — Class B Units, unlimited Units authorized (no Units issued and outstanding as of September 30, 2025 and December 31, 2024) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Net Assets | 10402489 | 6099147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Net Assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10830782 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6406242 |

---

See notes to condensed consolidated financial statements.

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BXPE US Aggregator (CYM) L.P.

Condensed Consolidated Statements of Operations (Unaudited)

(Dollars in Thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
|  | September 30, | September 30, | September 30, | September 30, |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
|  Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Income | $26835 | $22778 | $68784 | $63484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Income | 18532 | 14934 | 112972 | 37627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 641 | 955 | 846 | 10839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income | 46008 | 38667 | 182602 | 111950 |
|  Expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fees | 31623 | 15074 | 80489 | 32021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Organizational Expenses | 71 | 932 | 3091 | 6408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Performance Participation Allocation | 38977 | 27697 | 156869 | 48482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Fees | 6057 | 6227 | 18159 | 10443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred Financing Cost Amortization | 2380 |  | 5642 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred Offering Costs Amortization | 175 | 725 | 443 | 2100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration Fees | 2474 | 1206 | 6122 | 2562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Expense | 226 |  | 5992 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 95 | (93) | 159 | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 82078 | 51768 | 276966 | 102858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fees Waived |  |  |  | (16947) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expense Support |  |  |  | (187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 82078 | 51768 | 276966 | 85724 |
|  Net Investment Income (Loss) Before Provision for Taxes | (36070) | (13101) | (94364) | 26226 |
|  Provision for Taxes | 44926 | 11191 | 95618 | 13541 |
|  Net Investment Income (Loss) | (80996) | (24292) | (189982) | 12685 |
|  Net Realized and Unrealized Gain (Loss) on Investments, Derivative Instruments and Translation of Assets and Liabilities in Foreign Currencies |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain on Investments and Derivative Instruments | 28391 | 2539 | 71322 | 1495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Gain (Loss) on Investments | 216207 | 188554 | 966075 | 293081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Gain (Loss) on Derivative Instruments | 75596 | (31720) | (40499) | (28783) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Gain (Loss) on Translation of Assets and Liabilities in Foreign Currencies | (9851) | 47267 | 199709 | 41830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on Investments, Derivative Instruments and Translation of Assets and Liabilities in Foreign Currencies | 310343 | 206640 | 1196607 | 307623 |
|  Net Increase in Net Assets Resulting from Operations | $229347 | $182348 | $1006625 | $320308 |

---

See notes to condensed consolidated financial statements.

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BXPE US Aggregator (CYM) L.P.

Condensed Consolidated Statements of Changes in Net Assets (Unaudited)

(Dollars in Thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | Class A<br>Units | Class B<br>Units | Total<br>Net Assets |
| Balance at June 30, 2025 | $8894439 | $— | $8894439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Units Issued | 1298609 |  | 1298609 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Loss | (80996) |  | (80996) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments and Derivative Instruments | 28391 |  | 28391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Gain (Loss) on Investments | 216207 |  | 216207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Gain (Loss) on Derivative Instruments | 75596 |  | 75596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Gain (Loss) on Translation of Assets and Liabilities in Foreign Currencies | (9851) |  | (9851) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of Units | (19906) |  | (19906) |
| Balance at September 30, 2025 | $10402489 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $10402489 |
| Balance at June 30, 2024 | $4165981 | $— | $4165981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Units Issued | 715901 |  | 715901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Loss | (24292) |  | (24292) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments and Derivative Instruments | 2539 |  | 2539 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Gain (Loss) on Investments | 188554 |  | 188554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Gain (Loss) on Derivative Instruments | (31720) |  | (31720) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Gain (Loss) on Translation of Assets and Liabilities in Foreign Currencies | 47267 |  | 47267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of Units | (4849) |  | (4849) |
| Balance at September 30, 2024 | $5059381 | $— | $5059381 |

---

See notes to condensed consolidated financial statements.

------

BXPE US Aggregator (CYM) L.P.

Condensed Consolidated Statements of Changes in Net Assets (Unaudited)

(Dollars in Thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | Class A<br> Units | Class B<br> Units | Total<br> Net Assets |
| Balance at December 31, 2024 | $6099147 | $— | $6099147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Units Issued | 3348160 |  | 3348160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Loss | (189982) |  | (189982) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments and Derivative Instruments | 71322 |  | 71322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Gain (Loss) on Investments | 966075 |  | 966075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Gain (Loss) on Derivative Instruments | (40499) |  | (40499) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Gain (Loss) on Translation of Assets and Liabilities in Foreign Currencies | 199709 |  | 199709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of Units | (51443) |  | (51443) |
| Balance at September 30, 2025 | $10402489 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $10402489 |
| Balance at December 31, 2023 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Units Issued | 4743922 |  | 4743922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | 12685 |  | 12685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments and Derivative Instruments | 1495 |  | 1495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Gain (Loss) on Investments | 293081 |  | 293081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Gain (Loss) on Derivative Instruments | (28783) |  | (28783) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Gain (Loss) on Translation of Assets and Liabilities in Foreign Currencies | 41830 |  | 41830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of Units | (4849) |  | (4849) |
| Balance at September 30, 2024 | $5059381 | $— | $5059381 |

---

See notes to condensed consolidated financial statements.

------

BXPE US Aggregator (CYM) L.P.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(Dollars in Thousands)

---

| | | |
|:---|:---|:---|
|  | Nine Months Ended September 30, | Nine Months Ended September 30, |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
|  Operating Activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase in Net Assets Resulting from Operations | $1006625 | $320308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to Reconcile Net Increase in Net Assets Resulting from Operations to Net Cash Used in Operating Activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain on Investments and Derivative Instruments | (71322) | (1495) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized (Gain) Loss on Investments | (966075) | (293081) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized (Gain) Loss on Derivative Instruments | 40499 | 28783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized (Gain) Loss on Translation of Assets and Liabilities in Foreign Currencies | (199709) | (41830) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Amortization of Debt Investments | 18 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred Costs Amortization | 6085 | 2100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of Investments | (3349230) | (6131853) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from Investments | 712671 | 1383236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash Flows Due to Changes in Operating Assets and Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and Dividend Receivable and Other Assets | (98233) | (58611) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred Assets | (14049) | (2989) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to Affiliates | (2269) | 4955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts Payable, Accrued Expenses and Other Liabilities | (4672) | 12534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Investments Purchased | 160207 | 26942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred Tax Liabilities, Net | 87996 | 13541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxes Payable | 3421 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management Fee Payable | 13414 | 15074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration Fees Payable | 1017 | 2562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Performance Participation Allocation | (21850) | 48483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Cash Used in Operating Activities | (2695456) | (4671220) |

---

continued...

See notes to condensed consolidated financial statements.

------

BXPE US Aggregator (CYM) L.P.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(Dollars in Thousands)

---

| | | |
|:---|:---|:---|
|  | Nine Months Ended September 30, | Nine Months Ended September 30, |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
| Financing Activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Issuance of Units | $3348160 | $4743922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Credit Facilities | 1428000 | 383000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of Credit Facilities | (1557000) | (383000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of Units | (38573) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Cash Provided by Financing Activities | 3180587 | 4743922 |
| Cash and Cash Equivalents |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase | 485131 | 72702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period | 114690 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period | $599821 | $72702 |
| Supplemental Disclosure of Cash Flows Information |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash Paid for Income Taxes | $3965 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash Paid for Interest | $6235 | $— |
| Supplemental Disclosure of Non-Cash Financing Activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of Units | $19908 | $4849 |

---

See notes to condensed consolidated financial statements.

------

BXPE US Aggregator (CYM) L.P.

Condensed Consolidated Schedules of Investments as of September 30, 2025 (Unaudited)

(Dollars in Thousands, Except Share Data)

---

| | | | |
|:---|:---|:---|:---|
|  | | | Fair Value as<br> a Percentage |
| Name of Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geography | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Net Assets |
|  Investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Investments (a) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business Services |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Equity (b) | Americas | $649849 | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Equity | APAC | 225502 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Equity | EMEA | 217136 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Business Services |  | 1092487 | 10.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Submarine Buyer LLC (497,720,351 shares) (c) | Americas | 519493 | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Equity | Americas | 345060 | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Equity | EMEA | 32301 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer |  | 896854 | 8.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Equity | Americas | 57144 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Equity | EMEA | 11190 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Equity | APAC | 527 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 68861 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Equity (b) | Americas | 928831 | 8.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Equity | EMEA | 115069 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Equity | APAC | 4014 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financial Services |  | 1047914 | 10.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Equity | Americas | 507039 | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Equity | APAC | 30475 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Healthcare |  | 537514 | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Equity (b) | Americas | 576696 | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Equity | APAC | 2264 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 578960 | 5.6% |

---

continued...

See notes to condensed consolidated financial statements.

------

BXPE US Aggregator (CYM) L.P.

Condensed Consolidated Schedules of Investments as of September 30, 2025 (Unaudited)

(Dollars in Thousands, Except Share Data)

---

| | | | |
|:---|:---|:---|:---|
|  | | | Fair Value as<br>a Percentage |
| Name of Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geography | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Net Assets |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Investments (continued) (a) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infrastructure |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Equity | APAC | $298696 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Equity | Americas | 171377 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Infrastructure |  | 470073 | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media & Entertainment |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Equity (b) | EMEA | 1059532 | 10.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Equity | Americas | 80426 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Equity | APAC | 15363 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Media & Entertainment |  | 1155321 | 11.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Equity (b) | Americas | 688802 | 6.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Equity | EMEA | 231977 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Software |  | 920779 | 8.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology & Services |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Equity (b) | Americas | 553279 | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Equity | EMEA | 24137 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Technology & Services |  | 577416 | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity Investments (Cost: Americas $4,209,600, EMEA $1,229,782, APAC $509,391) |  | 7346179 | 70.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Debt Investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt Investments - Private (d) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Debt | EMEA | 330474 | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer |  | 330474 | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Debt | APAC | 6733 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 6733 | 0.1% |

---

continued...

See notes to condensed consolidated financial statements.

------

BXPE US Aggregator (CYM) L.P.

Condensed Consolidated Schedules of Investments as of September 30, 2025 (Unaudited)

(Dollars in Thousands, Except Share Data)

---

| | | | |
|:---|:---|:---|:---|
|  | | | Fair Value as<br> a Percentage |
| Name of Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geography | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Net Assets |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt Investments (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt Investments - Private (continued) (d) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media & Entertainment |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | EMEA | $123542 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Media & Entertainment |  | 123542 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 404 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Software |  | 404 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology & Services |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 385384 | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Technology & Services |  | 385384 | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Debt Investments - Private (Cost: Americas $337,623, EMEA $384,196, APAC $5,812) |  | 846537 | 8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt Investments - Liquids (e) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business Services |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 99559 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Business Services |  | 99559 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 111368 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | EMEA | 11070 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer |  | 122438 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 56947 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Energy |  | 56947 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Services |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 117499 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | EMEA | 3933 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Financial Services |  | 121432 | 1.2% |

---

continued...

See notes to condensed consolidated financial statements.

------

BXPE US Aggregator (CYM) L.P.

Condensed Consolidated Schedules of Investments as of September 30, 2025 (Unaudited)

(Dollars in Thousands, Except Share Data)

---

| | | | |
|:---|:---|:---|:---|
|  | | | Fair Value as<br> a Percentage |
| Name of Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geography | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Net Assets |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt Investments (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt Investments - Liquids (continued) (e) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthcare |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | $43739 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | EMEA | 3917 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Healthcare |  | 47656 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 148814 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | EMEA | 16682 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | APAC | 4084 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Industrials |  | 169580 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infrastructure |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 45167 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Infrastructure |  | 45167 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media & Entertainment |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 9951 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | EMEA | 3006 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Media & Entertainment |  | 12957 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 104063 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Software |  | 104063 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology & Services |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 23912 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Technology & Services |  | 23912 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Debt Investments - Liquids (Cost: Americas $761,470, EMEA $38,617, APAC $4,075) |  | 803711 | 7.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Debt Investments (Cost: Americas $1,099,093, EMEA $422,813, APAC $9,887) |  | 1650248 | 15.9% |
| Total Investments (Cost: $7,480,566) |  | 8996427 | 86.5% |

---

continued...

See notes to condensed consolidated financial statements.

------

BXPE US Aggregator (CYM) L.P.

Condensed Consolidated Schedules of Investments as of September 30, 2025 (Unaudited)

(Dollars in Thousands, Except Share Data)

---

| | | | |
|:---|:---|:---|:---|
|  | | | Fair Value as<br> a Percentage |
| Name of Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geography | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Net Assets |
| Affiliated Investee Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Affiliated Investee Funds | Americas | $34130 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Energy |  | 34130 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Affiliated Investee Funds | EMEA | 13796 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Financial Services |  | 13796 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Affiliated Investee Funds | Americas | 81668 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Healthcare |  | 81668 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Infrastructure |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Affiliated Investee Funds | Americas | 83303 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Infrastructure |  | 83303 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Secondaries |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Affiliated Investee Funds | Americas | 117941 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Secondaries |  | 117941 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Software |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Affiliated Investee Funds | Americas | 119708 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Software |  | 119708 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialty Finance |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Affiliated Investee Funds | Various | 252324 | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Affiliated Investee Funds | Americas | 209453 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Specialty Finance |  | 461777 | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Technology & Services |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Affiliated Investee Funds | Americas | 92941 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Technology & Services |  | 92941 | 0.9% |
| Total Affiliated Investee Funds (Cost: Americas $565,728, EMEA $8,205, Various $268,540) |  | 1005264 | 9.7% |

---

continued...

See notes to condensed consolidated financial statements.

------

BXPE US Aggregator (CYM) L.P.

Condensed Consolidated Schedules of Investments as of September 30, 2025 (Unaudited)

(Dollars in Thousands, Except Share Data)

---

| | | | |
|:---|:---|:---|:---|
|  | | | Fair Value as<br> a Percentage |
| Name of Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geography | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Net Assets |
| Cash and Cash Equivalents |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Money Market Fund(s) | Americas | $201155 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Money Market Fund (Cost: $201,155 Americas) |  | 201155 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills | Americas | 200313 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Short-Term Investments (Cost: $199,999 Americas) |  | 200313 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash Held at Banks | n/a | 198353 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Cash (Cost: $198,353) |  | 198353 | 1.9% |
| Total Cash and Cash Equivalents (Cost: $599,507) |  | 599821 | 5.8% |
| Derivative Instruments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative Assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Forward Contract(s) | n/a | 7102 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodity Futures Contract(s) | n/a | 116 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Derivative Assets (Cost: $473) |  | 7218 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative Liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Forward Contract(s) | n/a | (63) | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Derivative Liabilities (Cost: $-) |  | (63) | 0.0% |
| Total Derivative Instruments (Cost: $473) |  | 7155 | 0.1% |
| Total Investments, Investments in Affiliated Investee Funds, Cash and Cash Equivalents and Derivative Instruments (Cost: $8,923,019) |  | $10608667 | 102.0% |

---

See notes to condensed consolidated financial statements.

------

BXPE US Aggregator (CYM) L.P.

Condensed Consolidated Schedules of Investments as of December 31, 2024 (Unaudited)

(Dollars in Thousands, Except Share Data)

---

| | | | |
|:---|:---|:---|:---|
|  | | | Fair Value as<br> a Percentage |
| Name of Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geography | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Net Assets |
| Investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Investments (a) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business Services |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Equity (b) | Americas | $367849 | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Equity | EMEA | 192472 | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Business Services |  | 560321 | 9.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Equity | Americas | 265594 | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer |  | 265594 | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Equity | Americas | 29076 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Equity | EMEA | 6835 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Equity | APAC | 415 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Energy |  | 36326 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Services |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Equity (b) | Americas | 477512 | 7.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Equity | EMEA | 91662 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Financial Services |  | 569174 | 9.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthcare |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Equity | Americas | 238892 | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Healthcare |  | 238892 | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Equity (b) | Americas | 351339 | 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Industrials |  | 351339 | 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infrastructure |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Equity | APAC | 275315 | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Equity | Americas | 126253 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Infrastructure |  | 401568 | 6.6% |

---

continued...

See notes to condensed consolidated financial statements.

------

BXPE US Aggregator (CYM) L.P.

Condensed Consolidated Schedules of Investments as of December 31, 2024 (Unaudited)

(Dollars in Thousands, Except Share Data)

---

| | | | |
|:---|:---|:---|:---|
|  | | | Fair Value as<br> a Percentage |
| Name of Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geography | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Net Assets |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Investments (continued) (a) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media & Entertainment |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurelia Aggregator (CYM) L.P. (43,118 Shares) | EMEA | $362512 | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Equity (b) | EMEA | 547991 | 9.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Equity | APAC | 14026 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Media & Entertainment |  | 924529 | 15.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Equity | EMEA | 190778 | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Equity | Americas | 180242 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Software |  | 371020 | 6.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology & Services |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matrix Holdings III DE L.P. (62,342 Shares) | Americas | 62862 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Equity | Americas | 265028 | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Equity | EMEA | 19240 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Technology & Services |  | 347130 | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Equity Investments (Cost: Americas $2,104,993, EMEA $1,281,707, APAC $289,911) |  | 4065893 | 66.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt Investments (f) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business Services |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 82370 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Business Services |  | 82370 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | EMEA | 280496 | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 104847 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer |  | 385343 | 6.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | Americas | 37686 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment(s) in Debt | APAC | 5689 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Energy |  | 43375 | 0.7% |

---

continued...

See notes to condensed consolidated financial statements.

------

BXPE US Aggregator (CYM) L.P.

Condensed Consolidated Schedules of Investments as of December 31, 2024 (Unaudited)

(Dollars in Thousands, Except Share Data)

---

| | | | |
|:---|:---|:---|:---|
|  | | | Fair Value as<br> a Percentage |
| Name of Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geography | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Net Assets |
| &nbsp;&nbsp;&nbsp;&nbsp; Debt Investments (continued) (f) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Debt | Americas | $101033 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Debt | EMEA | 3002 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financial Services |  | 104035 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Debt | Americas | 47735 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Debt | EMEA | 3998 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Healthcare |  | 51733 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Debt | Americas | 143055 | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Debt | EMEA | 16840 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Debt | APAC | 4123 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 164018 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infrastructure |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Debt | Americas | 50369 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Infrastructure |  | 50369 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media & Entertainment |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Debt | Americas | 5767 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Media & Entertainment |  | 5767 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Debt | Americas | 79759 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Software |  | 79759 | 1.3% |

---

continued...

See notes to condensed consolidated financial statements.

------

BXPE US Aggregator (CYM) L.P.

Condensed Consolidated Schedules of Investments as of December 31, 2024 (Unaudited)

(Dollars in Thousands, Except Share Data)

---

| | | | |
|:---|:---|:---|:---|
|  | | | Fair Value as<br> a Percentage |
| Name of Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geography | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Net Assets |
| &nbsp;&nbsp;&nbsp;&nbsp; Debt Investments (continued) (f) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology & Services |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matrix Holdings II DE L.P. (Outstanding Principal of $198,504) | Americas | $211562 | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matrix Holdings DE L.P. (Outstanding Principal of $26,329) | Americas | 29057 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Debt | Americas | 56076 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Technology & Services |  | 296695 | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Debt Investments (Cost: Americas $925,421, EMEA $301,315, APAC $9,917) |  | 1263464 | 20.7% |
|  Total Investments (Cost: $4,913,264) |  | 5329357 | 87.4% |
|  Affiliated Investee Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Affiliated Investee Funds | Americas | 35439 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 35439 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Affiliated Investee Funds | EMEA | 17720 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial Services |  | 17720 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Affiliated Investee Funds | Americas | 45005 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Healthcare |  | 45005 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Infrastructure |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Affiliated Investee Funds | Americas | 67977 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Infrastructure |  | 67977 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Secondaries |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Affiliated Investee Funds | Americas | 22749 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Secondaries |  | 22749 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Software |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Affiliated Investee Funds | Americas | 72790 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Software |  | 72790 | 1.2% |

---

continued...

See notes to condensed consolidated financial statements.

------

BXPE US Aggregator (CYM) L.P.

Condensed Consolidated Schedules of Investments as of December 31, 2024 (Unaudited)

(Dollars in Thousands, Except Share Data)

---

| | | | |
|:---|:---|:---|:---|
|  | | | Fair Value as<br> a Percentage |
| Name of Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geography | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of Net Assets |
|  Affiliated Investee Funds (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Finance |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone CLO Management LLC – Series 9 (b) | Various | $292513 | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Affiliated Investee Funds | Americas | 186001 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Specialty Finance |  | 478514 | 7.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology & Services |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment(s) in Affiliated Investee Funds | Americas | 92758 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Technology & Services |  | 92758 | 1.5% |
|  Total Affiliated Investee Funds (Cost: Americas $438,673, EMEA $18,823, Various $278,645) |  | 832952 | 13.7% |
|  Cash and Cash Equivalents |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity Institutional Treasury Portfolio Money Market Fund | Americas | 60283 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Fund (Cost: Americas $60,283) |  | 60283 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash Held at Banks | n/a | 54407 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Cash (Cost: $54,407) |  | 54407 | 0.9% |
|  Total Cash and Cash Equivalents (Cost: $114,690) |  | 114690 | 1.9% |
|  Derivative Instruments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Contracts | n/a | 47182 | 0.8% |
|  Total Derivative Instruments (Cost: $-) |  | 47182 | 0.8% |
|  Total Investments, Investments in Affiliated Investee Funds, Cash and Cash Equivalents and Derivative Instruments (Cost: $5,764,095) |  | $6324181 | 103.7% |

---

Fair Value as a Percentage of Net Assets may not add due to rounding.

n/a Not applicable.

EMEA Europe, Middle East and Africa.

APAC Asia Pacific.

(a) Equity Investments include different forms of interests and rights and obligations that represent ownership in an entity or the right to acquire or dispose of ownership in an entity, including but not limited to (1) common equity, (2) preferred equity, (3) warrants and (4) other equity-linked securities.

(b) There were no single investments included in this category that exceeded 5% of net assets of BXPE US Aggregator (CYM) L.P., Blackstone Private Equity Strategies Fund L.P., Blackstone Private Equity Strategies Fund (TE) L.P. or a Parallel Fund.

(c) A portion of this investment is held through Boardwalk I Aggregator L.P. which in turn invests into Submarine Buyer LLC.

------

BXPE US Aggregator (CYM) L.P.

Condensed Consolidated Schedules of Investments as of December 31, 2024 (Unaudited)

(Dollars in Thousands, Except Share Data)

(d) Private debt investments include different forms of interests that represent a creditor relationship with an investee, including but not limited to direct lending debt investments.

(e) Liquid debt investments include different forms of interests that represent a creditor relationship with an investee, including but not limited to (1) bank loans and (2) interests in collateralized loan obligations ("CLOs"). Investments that are generally liquid in nature are intended to be held for short durations and may be used to generate income, facilitate capital deployment or provide a potential source of liquidity.

(f) Debt includes different forms of interests that represent a creditor relationship with an investee, including but not limited to (1) bank loans, (2) interests in CLOs and (3) direct lending debt investments.

See notes to condensed consolidated financial statements.

------

BXPE US Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

1. Organization

BXPE US Aggregator (CYM) L.P. is a Cayman Islands exempted limited partnership formed on June 15, 2023. BXPE US Aggregator (CYM) L.P. with its consolidated subsidiaries collectively form the "Aggregator." The Aggregator operates in accordance with the limited partnership agreement, as amended and restated (the "Aggregator Partnership Agreement").

Blackstone Private Equity Strategies Fund L.P. ("BXPE U.S.") and Blackstone Private Equity Strategies Fund (TE) L.P. (together with its consolidated subsidiary, the "Feeder") are private funds exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended (the "1940 Act"). BXPE U.S. and the Feeder are structured as a perpetual-life strategy with monthly, fully funded subscriptions and periodic redemptions. The Feeder invests all or substantially all of its assets in BXPE U.S. In turn, BXPE U.S. invests all or substantially all of its assets in the Aggregator.

The term "Parallel Fund" refers to one or more parallel vehicles established by, or at the direction of, the Sponsor (as defined below) to invest alongside BXPE U.S., but excluding Blackstone Private Equity Strategies Fund SICAV ("BXPE Lux"). The Parallel Funds may be established to allow certain investors with particular legal, tax, regulatory, compliance, structuring or certain other operational requirements to participate in the Aggregator. Parallel Funds may not have investment objectives and/or strategies that are identical to the investment objectives and strategies of BXPE U.S. or the Feeder. Parallel Funds are expected to invest directly, or indirectly through one or more intermediate entities, into the Aggregator. BXPE U.S., the Feeder, the Aggregator and any Parallel Funds collectively form "BXPE." BXPE and BXPE Lux collectively form the "BXPE Fund Program," but are operated as distinct investment structures.

BXPE's investment objectives are to deliver medium- to long-term capital appreciation and, to a lesser extent, generate modest current income. BXPE seeks to meet its investment objectives by investing primarily in privately negotiated, equity-oriented investments, leveraging the talent and investment capabilities of Blackstone Inc.'s ("Blackstone") private equity platform to create an attractive portfolio of alternative investments diversified across geographies and sectors. The Aggregator has the same investment objectives as BXPE U.S.

Investment operations commenced on January 2, 2024 (the "Initial Closing Date") when BXPE U.S. and the Feeder sold unregistered limited partnership units to third-party investors and subsequently invested those proceeds into the Aggregator, which, in turn, began investment operations.

Blackstone Private Equity Strategies Associates L.P., a Delaware limited partnership, is the general partner (the "General Partner") of BXPE U.S., the Feeder and the Aggregator. Overall responsibility for oversight of the Feeder, BXPE U.S. and the entities that carry out their investment objectives rests with the General Partner, subject to certain oversight rights held by each of the Feeder's board of directors (the "Feeder Board of Directors" or "Feeder Board") and BXPE U.S.'s board of directors (the "BXPE U.S. Board of Directors" or "BXPE U.S. Board," and together with the Feeder Board, the "Boards of Directors" or "Boards"), as applicable. The General Partner has delegated BXPE U.S.'s portfolio management function to Blackstone Private Investments Advisors L.L.C. (the "Investment Manager"). The Investment Manager has discretion to make investments on behalf of BXPE U.S. and is responsible for initiating, structuring and negotiating BXPE U.S.'s investments, as well as actively managing each investment to seek to maximize value. The Investment Manager and its affiliates also provide certain administrative services to BXPE U.S. The Investment Manager is a Delaware limited liability company and is registered with the United States Securities and Exchange Commission (the "SEC") as an investment adviser under the Investment Advisers Act of 1940, as amended. The General Partner and the Investment Manager are individually and collectively referred to as the "Sponsor." Both the General Partner and Investment Manager are subsidiaries of Blackstone.

------

BXPE US Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Aggregator have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Aggregator is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 946, Financial Services—Investment Companies, ("ASC 946"). Accordingly, the Aggregator reflects its investments on the Condensed Consolidated Statements of Assets and Liabilities at their fair value with unrealized gains and losses resulting from changes in fair value of its investments reflected in Net Change in Unrealized Gain (Loss) on Investments on the Condensed Consolidated Statements of Operations. The condensed consolidated financial statements, including the notes, are unaudited and exclude some of the disclosures required in audited consolidated financial statements. Management believes the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire period. Certain reclassifications of prior periods' amounts have been made to conform to the current year presentation. Such reclassifications had no effect on Net Increase in Net Assets Resulting from Operations.

Principles of Consolidation

In accordance with ASC 946, the Aggregator generally does not consolidate its investment in a company unless the Aggregator has a controlling financial interest in (a) an investment company or (b) an operating company whose business consists of providing services to the Aggregator. Accordingly, the Aggregator consolidates wholly owned investment company subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Fair Value of Investments and Financial Instruments

ASC Topic 820, Fair Value Measurement ("ASC 820"), establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment, the characteristics specific to the investment, and the state of the marketplace. Investments with readily available, actively quoted prices, or for which fair value can be measured from actively quoted prices, generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Investments measured and reported at fair value are classified and disclosed in one of the following categories:

● Level I – Quoted prices are available in active markets for identical investments as of the reporting date. The type of investments included in Level I are publicly traded securities in an active market. The Aggregator does not adjust the quoted price for these investments (to the extent it holds them) even in situations where the Aggregator holds a large position and a sale could reasonably impact the quoted price.

● Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. The types of investments that would generally be included in this category include publicly traded securities with restrictions on disposition, certain convertible securities and certain over-the-counter derivatives where the fair value is based on observable inputs.

------

BXPE US Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

● Level III – Pricing inputs are unobservable and include situations where there is little, if any, market activity for the investment. Fair value for these investments is determined using valuation methodologies that consider a range of factors, including, but not limited to, the price at which the investment was acquired, the nature of the investment, local market conditions, valuations for comparable companies, current and projected operating performance and financing transactions subsequent to the acquisition of the investment. The inputs into the determination of fair value require significant judgment. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. Investments that are included in this category generally are privately held debt, equity and certain convertible securities.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Investment Manager's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment.

Investments at Fair Value and Investments in Affiliated or Unaffiliated Investee Funds

Investments at Fair Value

The Aggregator records public and private investments at trade date and closing date, respectively, and values its investments at fair value in accordance with ASC 820. Fair value is the amount that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. In the absence of observable market prices, the Aggregator's investments are valued using valuation methodologies applied on a consistent basis as described below. Additional information regarding these investments is provided in Note 3. "Investments and Fair Value Measurement."

The Aggregator's determination of fair value is based on the best information available in the circumstances and incorporates the Aggregator's own assumptions, including assumptions that the Aggregator believes market participants would use in valuing the investments, and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including appropriate risk adjustments for non-performance and liquidity. The values estimated by the Aggregator may differ significantly from values that would have been used had a readily available market for the investments existed and the differences could be material to the condensed consolidated financial statements.

Under the income approach, which is generally the Aggregator's primary valuation approach, fair value is determined by converting future amounts, such as cash flows or earnings, discounted to a single present amount using current market expectations about those future amounts. In determining fair value under this approach, the Aggregator makes assumptions over a projection period regarding unobservable inputs such as revenues, operating income, capital expenditures, income taxes, working capital needs and the terminal value and exit multiple of the investee company, among other things. The Aggregator discounts those projected cash flows by deriving a discount rate based on a capital structure similar to that of a market participant using observable inputs such as the rate of return available in the market on an investment free of default risk, an equity risk premium to reflect the additional risk of a market portfolio of equity instruments over risk-free instruments, beta as a measure of risk based on share price correlation to the market, and equity and debt-to-capital ratios of companies deemed comparable to the investee company.

------

BXPE US Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

Under the market approach, which is generally the Aggregator's secondary valuation approach, fair value may be determined by reference to a recent transaction involving the investment or by reference to observable valuation measures for companies or assets that are determined by the Aggregator to be comparable, such as multiplying a key performance metric of the investee company, such as earnings before interest and taxes or other performance metric, by a relevant valuation multiple observed in the range of comparable companies or transactions, adjusted by the Aggregator for differences between the investment and the referenced comparables. Observable inputs used in the market approach to derive a valuation multiple may include the public prices for securities issued by, and the relevant performance metrics of, companies deemed comparable to the investee company, and/or transaction prices involving significant equity interests in companies deemed comparable to the investee company. Unobservable inputs used in the market approach may include the key performance metric of the investee company, such as earnings before interest, taxes, depreciation and amortization ("EBITDA").

Investments may also be valued at their acquisition price for a period of time after an acquisition as the best measure of fair value in the absence of any conditions or circumstances that would indicate otherwise. In the event of an announced sale of investments with a definitive agreement in place, investments may also be valued using a discount-to-sale approach as the primary method with emphasis given to certain considerations including, but not limited to unitholder approval, regulatory approval, financing, completion of due diligence and break-up fees. Minority investments in companies where BXPE has limited information rights may also be valued using a recent round of financing as the primary method considering the nature of the transaction, the rights and privileges of the investments subject to the transaction and any changes in the investment that have occurred since the transaction.

Investments in debt securities that are not listed on an exchange, but for which external pricing sources, such as dealer quotes or independent pricing services may be available, are valued by the Aggregator after considering, among other factors, such external pricing sources, recent trading activity or market transactions of similar securities adjusted for security-specific factors such as relative capital structure priority and interest and yield risks.

Derivative instruments are valued based on contractual cash flows and observable inputs generally comprising of yield curves and foreign currency rates.

Publicly traded investments in active markets are reported at the market closing price, less a discount, as appropriate, as determined by the Aggregator to reflect restrictions on disposition where such restrictions are an attribute of the investment.

Convertible preferred investments may be valued using an option pricing model based on the specific terms of the security, including but not limited to, the publicly traded share price of the common shares or units in active markets as of the reporting date, preferred-in-kind dividend rate, relative yield and other adjustments to the common shares or units, as well as restrictions related to timing of conversion, as applicable, or actual trades of the convertible preferred investment.

Investments in Affiliated or Unaffiliated Investee Funds

Investments in Blackstone-affiliated investee funds ("Investments in Affiliated Investee Funds") or unaffiliated investee funds are generally valued using the reported net asset value ("NAV" or "Net Asset Value") of the investee funds as a practical expedient for fair value. If the Aggregator determines, based on its own due diligence and investment monitoring procedures, that NAV does not represent fair value or if the investee fund is not an investment company, the Aggregator will estimate the fair value in good faith and in a manner that it reasonably chooses, in accordance with its valuation policies.

Derivative Instruments

The Aggregator recognizes derivative instruments as assets or liabilities at fair value in its Condensed Consolidated Statements of Assets and Liabilities as Derivative Assets at Fair Value and Derivative Liabilities at Fair Value, respectively.

------

BXPE US Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

The Aggregator recognizes changes in fair value of derivative instruments in current period earnings. For derivative financial positions that are closed or that mature during a reporting period, the Aggregator recognizes realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it is closed. Realized gains and losses are presented net in Net Realized Gain (Loss) on Investments and Derivative Instruments on the Condensed Consolidated Statements of Operations. Changes in the value of contracts that remain outstanding as of period end are measured based on the difference between the unrealized balance as of the beginning of the reporting period and the unrealized balance as of the end of the reporting period, net of any reversals of previously recorded unrealized gains or losses once realized. Unrealized gains and losses are presented net in Net Change in Unrealized Gain (Loss) on Derivative Instruments on the Condensed Consolidated Statements of Operations.

The Aggregator has elected to not offset derivative assets and liabilities in its Condensed Consolidated Statements of Assets and Liabilities, including cash, that may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement is in place that provides the Aggregator, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty's rights and obligations.

The Aggregator's other disclosures regarding derivative instruments are discussed in Note 4. "Derivative Instruments."

Cash and Cash Equivalents

Cash and Cash Equivalents represents cash on hand, cash held in banks, money market funds, Treasury Bills and short-term, highly liquid investments with original maturities of three months or less. Interest income from Cash and Cash Equivalents is recorded in Interest Income in the Condensed Consolidated Statements of Operations. The Aggregator may have bank balances in excess of federally insured amounts; however, the Aggregator deposits its Cash and Cash Equivalents with high credit-quality institutions to minimize credit risk.

Performance Participation Allocation, Administration Fee and Management Fee Payables

For more information regarding these payables reported on the Condensed Consolidated Statements of Assets and Liabilities, see Note 7. "Related Party Transactions."

Foreign Currency

In the normal course of business, the Aggregator makes investments in non-U.S. dollar currency investments. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the prevailing exchange rate at the reporting date and income, expenses, gains and losses are translated at the prevailing exchange rates at the respective transaction dates. Translation adjustments arising from the translation of non-U.S. dollar denominated assets and liabilities are recorded in Net Change in Unrealized Gain (Loss) on Translation of Assets and Liabilities in Foreign Currencies on the Condensed Consolidated Statements of Operations.

Net Realized and Unrealized Gain (Loss) on Investments

The Aggregator recognizes net realized gains (losses) on investments when earned at the time of receipt of proceeds. Without regard to unrealized gains or losses previously recognized, realized gains or losses will be measured as the difference between the net proceeds from the sale, repayment or disposal of an asset and the adjusted cost basis of the asset.

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BXPE US Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

Net Change in Unrealized Gain (Loss) on Investments is the change in fair value of its underlying investments. Net change in unrealized gains or losses will reflect the change in investment values during the reporting period, including any reversal of previously recorded unrealized gains or losses when gains or losses are realized.

Income Recognition

The Aggregator recognizes interest income from investments when earned pursuant to the terms of the respective investment. The Aggregator recognizes dividend income from its investments when declared. In the case of proceeds received from investments, the Aggregator determines the character of such proceeds and records any interest income, dividend income, realized gain or loss, or return of capital accordingly.

Organizational and Offering Expenses

Prior to the Initial Closing Date, organizational and offering expenses were paid by the Investment Manager. After BXPE U.S. and the Feeder accepted third-party investors and commenced investment operations, costs associated with the organization of BXPE were expensed. Costs associated with the offering of BXPE U.S. and the Feeder are capitalized as a deferred expense and included as an asset on the Condensed Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period. Organization and offering expenses are borne by the Aggregator since the expenses benefit all investors that invest through BXPE U.S., the Feeder or any Parallel Fund. Organizational expenses are reported in Organizational Expenses and offering expenses are reported in Deferred Offering Costs Amortization on the Condensed Consolidated Statements of Operations.

Management Fees Offset and Waived

The Investment Manager agreed to waive the Management Fee (as defined in Note 7. "Related Party Transactions") for the first six months following the Initial Closing Date. The waived Management Fees are reported in Management Fees Waived on the Condensed Consolidated Statements of Operations.

As described in the Investment Management Agreement (as defined in Note 7. "Related Party Transactions"), the Management Fee shall be reduced (but not below zero) by an amount equal to the respective unitholder's pro-rata share of 100% of the net break-up, topping, commitment, transaction, monitoring, directors', organization and divestment fees and management and performance fees borne by BXPE through secondary market purchases of existing investments in established funds in other Blackstone accounts paid to the Investment Manager or its affiliates in connection with BXPE's investments. These fees, when recognized, are presented as Management Fees Waived. Refer to Note 7. "Related Party Transactions" for more information.

Expense Support

The Investment Manager voluntarily agreed to pay certain expenses on behalf of BXPE such that the total expenses borne by BXPE (excluding interest expense, organization and offering expenses, servicing fees, the Performance Participation Allocation (as defined in Note 7. "Related Party Transactions") and taxes) do not exceed a certain threshold. The amount of expenses the Investment Manager has agreed to pay pursuant to this arrangement is reported in Expense Support on the Condensed Consolidated Statements of Operations. Refer to Note 7. "Related Party Transactions" for more information.

Income Taxes

The Aggregator is treated as a partnership for U.S. federal and state income tax purposes and is not directly subject to U.S. federal and state income taxes. It is possible that the Aggregator may be considered a publicly traded partnership and not meet the qualifying income exception in certain years. In such a scenario, the Aggregator would be treated as a publicly traded partnership taxed as a corporation, rather than a partnership.

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BXPE US Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

The investors in the Aggregator would be treated as shareholders in a corporation, and the Aggregator itself would become taxable as a corporation for U.S. federal, state and/or local income tax purposes. The Aggregator would be required to pay income tax at corporate rates on its net taxable income. Additionally, the Aggregator owns a controlling interest in several subsidiaries that are treated as corporations for U.S. and non-U.S. tax purposes ("Aggregator Corporations") which are subject to U.S. federal, state and/or local income taxes.

To the extent investments made by the non-U.S. subsidiaries are engaged in a U.S. trade or business, the subsidiaries will generally be subject to a U.S. federal corporate income tax of 21% of its share of taxable income effectively connected with the conduct of a U.S. trade or business and may be subject to additional branch profits tax of 30% of its share of effectively connected earnings and profits, adjusted as provided by law. The subsidiaries may also be subject to state and local taxes. Federal and state income taxes are expected to be withheld at the source of the U.S. trade or business and taxes withheld can be used as a credit against the income tax liability of the subsidiaries.

Deferred Taxes

GAAP requires the asset and liability method of accounting for income taxes. Under this method, deferred taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Valuation allowances are established where the Aggregator determines it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Aggregator assesses all available positive and negative evidence, including the amount and character of future taxable income.

Uncertain Tax Positions

The Aggregator recognizes uncertain tax positions when it is more likely than not that the position will be sustained by the taxing authorities, based on the technical merits of the positions. The tax positions that meet the more-likely-than-not threshold are recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Aggregator reevaluates its tax positions each period in which new information becomes available. The Aggregator's policy is to recognize tax related interest and penalties, if applicable, as a component of the Provision for Taxes on the Condensed Consolidated Statements of Operations.

Affiliates

The General Partner, Investment Manager, Blackstone Securities Partners L.P. (the "Dealer Manager"), BXPE U.S., the Feeder, Parallel Funds, BXPE Lux and other vehicles sponsored, advised and/or managed by Blackstone or its affiliates are affiliates of the Aggregator.

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BXPE US Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

3. Investments and Fair Value Measurement

The following tables summarize the valuation of the Aggregator's investments by the fair value hierarchy levels:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | September 30, 2025 | September 30, 2025 | September 30, 2025 | September 30, 2025 | September 30, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level III | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |
| Assets |  |  |  |  |  |
| Cash and Cash Equivalents |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash Held at Banks | $198353 | $— | $— | $— | $198353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | 201155 |  |  |  | 201155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury Bills | 200313 |  |  |  | 200313 |
| Total Cash and Cash Equivalents | 599821 |  |  |  | 599821 |
| Investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Investments |  |  | 7304505 | 41674 | 7346179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt Investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private |  |  | 846537 |  | 846537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquids |  | 801400 | 2311 |  | 803711 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Debt Investments |  | 801400 | 848848 |  | 1650248 |
| Total Investments |  | 801400 | 8153353 | 41674 | 8996427 |
| Investments in Affiliated Investee Funds |  |  | 81668 | 923596 | 1005264 |
| Derivative Assets |  | 7218 |  |  | 7218 |
|  | $599821 | $808618 | $8235021 | $965270 | $10608730 |
| Liabilities |  |  |  |  |  |
| Derivative Liabilities | $— | $63 | $— | $— | $63 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level III | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |
| Assets |  |  |  |  |  |
| Cash and Cash Equivalents |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash Held at Banks | $54407 | $— | $— | $— | $54407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Fund | 60283 |  |  |  | 60283 |
| Total Cash and Cash Equivalents | 114690 |  |  |  | 114690 |
| Investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Investments |  | 2768 | 4028240 | 34885 | 4065893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt Investments |  | 722180 | 541284 |  | 1263464 |
| Total Investments |  | 724948 | 4569524 | 34885 | 5329357 |
| Investments in Affiliated Investee Funds |  |  | 248934 | 584018 | 832952 |
| Derivative Assets |  | 47182 |  |  | 47182 |
|  | $114690 | $772130 | $4818458 | $618903 | $6324181 |

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BXPE US Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

The Aggregator may hold equity securities that are subject to sale restrictions that are contractual or legal in nature and are deemed an attribute of the holder rather than the investment. Contractual restrictions may include but are not limited to (a) consent-rights or event-based transfer restrictions imposed by third parties, (b) underwriter lock-ups and (c) sale or transfer restrictions applicable to investments pledged as collateral. Restrictions will generally lapse over time or after a predetermined date. As of September 30, 2025, there were no equity securities subject to sale restrictions within the Aggregator's Level I and II assets. The Aggregator's Level III equity securities are generally illiquid and privately negotiated in nature and may also be subject to contractual sale or transfer restrictions including those pursuant to their respective governing or similar agreements.

The following table summarizes the quantitative inputs and assumptions used for valuation of investments categorized in Level III of the fair value hierarchy as of September 30, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Fair Value | Valuation<br> Techniques | Unobservable Inputs | Ranges | Weighted- <br>Average | Impact to<br>Valuation<br>from an<br>Increase<br> in Input |
|  Financial Assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Investments | $7030763 | Discounted Cash Flows | WACC | 8.7% - 31.1% | 17.0% | Lower |
|  |  |  | Exit Multiple | 6.5x - 24.0x | 16.3x | Higher |
|  | 877 | Transactional Value | n/a |  |  |  |
|  | 272865 | Recent Round of Financing | n/a |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt Investments - Private | 846537 | Discounted Cash Flows | WACC | 8.3% - 16.1% | 12.7% | Lower |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt Investments - Liquids | 2311 | Third-Party Pricing | n/a |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments | 8153353 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliated Investee Funds | 81668 | Discounted Cash Flows | WACC | 7.1% - 24.6% | 14.7% | Lower |
|  | $8235021 |  |  |  |  |  |

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BXPE US Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

The following table summarizes the quantitative inputs and assumptions used for valuation of investments categorized in Level III of the fair value hierarchy as of December 31, 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Fair Value | Valuation<br> Techniques | Unobservable Inputs | Ranges | Weighted- <br>Average | Impact to<br>Valuation<br>from an<br>Increase<br> in Input |
|  Financial Assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Investments | $3645852 | Discounted Cash Flows | WACC | 9.3% - 31.4% | 17.9% | Lower |
|  |  |  | Exit Multiple | 7.6x - 22.0x | 15.8x | Higher |
|  | 382388 | Transactional Value | n/a |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt Investments | 541284 | Discounted Cash Flows | WACC | 8.4% - 15.3% | 12.5% | Lower |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments | 4569524 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliated Investee Funds | 203929 | Third-Party Pricing | n/a |  |  |  |
|  | 45005 | Discounted Cash Flows | WACC | 10.3% | 10.3% | Lower |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4818458 |  |  |  |  |  |

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| | |
|:---|:---|
| n/a | Not applicable. |
| WACC | Weighted-Average Cost of Capital. |
| Exit Multiple | Ranges include the last twelve months EBITDA multiples and the next twelve months forward EBITDA multiples. |
| Third-Party Pricing | Third-Party Pricing is generally determined on the basis of unadjusted prices between market participants provided by reputable dealers or pricing services. |

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BXPE US Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

The following tables present changes in the fair value of investments for which Level III inputs were used to determine the fair value:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Level III Financial Assets at Fair Value | Level III Financial Assets at Fair Value | Level III Financial Assets at Fair Value | Level III Financial Assets at Fair Value | Level III Financial Assets at Fair Value | Level III Financial Assets at Fair Value | Level III Financial Assets at Fair Value | Level III Financial Assets at Fair Value | Level III Financial Assets at Fair Value |
|  | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, |
|  | 2025 | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
|  |<br>Equity<br>Investments | Debt<br>Investments<br>- Private | Debt<br>Investments<br>- Liquid | Affiliated<br>Investee<br>Funds |<br>Total |<br>Equity<br>Investments |<br>Debt<br>Investments | Affiliated<br>Investee<br>Funds |<br>Total |
|  Balance, Beginning of Period | $6572416 | $&nbsp;&nbsp;&nbsp;&nbsp;669641 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;71696 | $7313753 | $1567924 | $&nbsp;&nbsp;&nbsp;&nbsp;106740 | $&nbsp;&nbsp;&nbsp;&nbsp;200208 | $1874872 |
|  Purchases | 475676 | 195587 | 2298 | 6017 | 679578 | 1297247 | 393760 |  | 1691007 |
|  Sales and Proceeds from Investments | (83230) | (29553) |  | (94) | (112877) | (8891) | (9218) |  | (18109) |
|  Transfer Out of Level III (a) |  |  |  |  |  |  | (1820) |  | (1820) |
|  Change in Gain (Loss) Included in Net Assets | 339643 | 10862 | 13 | 4049 | 354567 | 220755 | (18512) | 4699 | 206942 |
|  Balance, End of Period | $7304505 | $846537 | $&nbsp;&nbsp;&nbsp;&nbsp;2311 | $81668 | $8235021 | $3077035 | $470950 | $204907 | $3752892 |
|  Changes in Unrealized Gain (Loss) Included in Earnings Related to Financial Assets Still Held at the Reporting Date | $339643 | $10862 | $13 | $4049 | $354567 | $&nbsp;&nbsp;&nbsp;&nbsp;220755 | $(18512) | $4699 | $206942 |

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BXPE US Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Level III Financial Assets at Fair Value | Level III Financial Assets at Fair Value | Level III Financial Assets at Fair Value | Level III Financial Assets at Fair Value | Level III Financial Assets at Fair Value | Level III Financial Assets at Fair Value | Level III Financial Assets at Fair Value | Level III Financial Assets at Fair Value | Level III Financial Assets at Fair Value |
|  | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, |
|  | 2025 | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
|  |<br>Equity<br>Investments | Debt<br>Investments<br>- Private | Debt<br>Investments<br>- Liquid | Affiliated<br>Investee<br>Funds |<br>Total |<br>Equity<br>Investments |<br>Debt<br>Investments | Affiliated<br>Investee<br>Funds |<br>Total |
|  Balance, Beginning of Period | $4028240 | $&nbsp;&nbsp;&nbsp;&nbsp;541284 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;248934 | $4818458 | $— | $— | $— | $— |
|  Purchases | 2514460 | 248743 | 2298 | 7554 | 2773055 | 2865691 | 443366 | 194133 | 3503190 |
|  Sales and Proceeds from Investments | (188917) | (39045) |  | (518) | (228480) | (8891) | (11106) |  | (19997) |
|  Transfer Into Level III (a) |  |  |  |  |  |  | 51535 |  | 51535 |
|  Transfer Out of Level III (a)(b) | (64680) |  |  | (185942) | (250622) | (49538) | (1820) |  | (51358) |
|  Change in Gain (Loss) Included in Net Assets | 1015402 | 95555 | 13 | 11640 | 1122610 | 269773 | (11025) | 10774 | 269522 |
|  Balance, End of Period | $7304505 | $846537 | $2311 | $81668 | $8235021 | $3077035 | $&nbsp;&nbsp;&nbsp;&nbsp;470950 | $&nbsp;&nbsp;&nbsp;&nbsp;204907 | $3752892 |
|  Changes in Unrealized Gain (Loss) Included in Earnings Related to Financial Assets Still Held at the Reporting Date | $1015402 | $95555 | $13 | $11640 | $1122610 | $269773 | $(11025) | $10774 | $269522 |

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(a) For the three months ended September 30, 2024, the transfers out of Level III financial assets were due to changes in the observability of inputs used in the valuation of such assets. For the nine months ended September 30, 2024, the transfers in and out of Level III financial assets were primarily due to a Level III Equity Investment transferring into Level III Debt Investments.

(b) For the nine months ended September 30, 2025, the transfers out of Level III financial assets were primarily due to a change of observability of inputs used in the valuation of such assets.

NAV as a Practical Expedient

The tables below summarize investments that estimate the fair value of an investment using NAV as a practical expedient. This includes investment information such as investment strategy, or industry, unfunded commitments (if applicable) and the fair value of the respective investment(s). As of September 30, 2025 and December 31, 2024, a majority of these investments may not be redeemed at or within three months of the reporting date and certain investments may not be sold without a general partner's consent. Certain investments cannot be redeemed and distributions received will be a result of income and/or sales of underlying assets of each investment; however, an estimate of the period of time over which the underlying assets are expected to be liquidated for such investments cannot be made.

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BXPE US Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

The following table summarizes investments that estimate the fair value of an investment using NAV as a practical expedient:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | September 30, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2024 |
| NAV as a Practical Expedient Investments | Unfunded<br> Commitment | Fair<br> Value | Unfunded<br> Commitment | Fair<br> Value |
|  Affiliated Investee Funds (a) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176121 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923596 | $169000 | $584018 |
|  Equity Investments (b) |  | 41674 |  | 34885 |
|  | $176121 | $965270 | $169000 | $618903 |

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(a) The Affiliated Investee Funds included each primarily invest across certain industries including Energy, Financial Services, Infrastructure, Software, Secondaries, Specialty Finance and Technology & Services.

(b) The Equity Investments included primarily invest in Financial Services.

4. Derivative Instruments

In the normal course of business, the Aggregator may enter into derivative contracts to achieve certain risk management objectives.

The Aggregator may enter into derivative instruments to hedge against foreign currency exchange rate risk on a portion or all of its non-U.S. dollar denominated investments. These instruments primarily include (a) forward currency contracts and (b) foreign currency swaps. The Aggregator utilizes forward currency contracts and foreign currency swaps, collectively referred to as foreign exchange contracts, to economically hedge the currency exposure associated with certain foreign-denominated investments. These derivative contracts are not designated as hedging instruments for accounting purposes. The use of foreign exchange contracts does not eliminate fluctuations in the price of the underlying investments recognized by the Aggregator. Additionally, the Aggregator may enter into derivative instruments to hedge against other risks in its investments, including commodity price risk and equity price risk.

As a result of the use of derivative contracts, the Aggregator is exposed to the risk that counterparties will fail to fulfill their contractual obligations. To mitigate such counterparty risk, the Aggregator enters into contracts with certain major financial institutions, primarily those with investment grade ratings. Counterparty credit risk is evaluated in determining the fair value of derivative instruments.

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BXPE US Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

The table below summarizes the aggregate notional amount and fair value of the derivative instruments. The notional amount represents the absolute value amount of the foreign exchange contracts (in thousands):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | September 30, 2025 | September 30, 2025 | September 30, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Assets | Assets | Liabilities | Liabilities | Assets | Assets | Liabilities | Liabilities |
|  | | Fair | | Fair | | Fair | | Fair |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional | Value | Notional | Value | Notional | Value | Notional | Value |
| Derivative Instruments | Derivative Instruments |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Contracts (EUR) | 564591 | $7024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25610 | $63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506054 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41880 |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Contracts (GBP) | £&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | £— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | £61967 | $5302 | £&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Contracts (JPY) | ¥936250 | $78 | ¥— | $— | ¥— | $— | ¥— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity Futures Contracts | $56 | $116 | $— | $— | $— | $— | $— | $— |
|  |  | $7218 |  | $63 |  | $47182 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

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The table below summarizes the impact to the Condensed Consolidated Statements of Operations from derivative instruments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended<br>September 30, | Three Months Ended<br>September 30, | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Derivative Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Gain (Loss) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Contracts | $(63603) | $3578 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45809) | $3578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Sales Contracts | (1086) |  | (1086) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Realized Gain (Loss) | (64689) | 3578 | (46895) | 3578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Gain (Loss) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Contracts | 70958 | (31720) | (40143) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28783) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodity Futures Contracts | (109) |  | (356) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Sales Contracts | 4746 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Net Change in Unrealized Gain (Loss) | 75595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31720) | (40499) | (28783) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10906 | $(28142) | $(87394) | $(25205) |

---

As of September 30, 2025 and December 31, 2024, the Aggregator had not designated any derivatives as fair value, cash flow or net investment hedges for accounting purposes.

5. Borrowings

Bonavista Credit Facility

On July 25, 2024, Bonavista Funding Ltd. ("Bonavista"), a consolidated wholly owned subsidiary of the Aggregator that holds broadly syndicated loans, entered into a revolving credit agreement (the "Bonavista Credit Facility") pursuant to which the lenders thereunder agreed to provide loans for an aggregate principal amount not to exceed the aggregate commitment of $300.0 million, subject to customary conditions. The Bonavista Credit Facility is collateralized by assets of Bonavista. The obligations under the Bonavista Credit Facility have limited recourse, with repayment solely from the assets collateralizing Bonavista. The liabilities of Bonavista do not have recourse to the general credit of the Aggregator. On December 19, 2024, the maximum aggregate commitment was increased to $400.0 million through September 18, 2025, after which, the maximum aggregate commitment decreased to $375.0 million.

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BXPE US Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

The parties to the Bonavista Credit Facility include Bonavista, as borrower, the Aggregator, a third-party administrative agent (in such capacity, the "Bonavista Administrative Agent"), also serving as sole lead arranger and sole book manager, and the other third-party lenders as identified in the Bonavista Credit Facility. The Bonavista Credit Facility matures on July 27, 2026, and may not be extended. Upon an event of default, the Bonavista Administrative Agent may also terminate its commitment.

Under the Bonavista Credit Facility, borrowings denominated in U.S. dollars will bear interest, at the borrower's discretion, at a rate of the (a) one-month term Secured Overnight Financing Rate ("SOFR") plus a spread of 1.25% per annum or (b) base rate (as defined in the Bonavista Credit Facility) plus a spread of 1.25%. The Aggregator may voluntarily prepay any loans upon notice to the Bonavista Administrative Agent without a premium or penalty, subject to certain conditions. The Bonavista Credit Facility is subject to a commitment fee that is generally calculated based on two components, the "First Unused Amount" and "Second Unused Amount" (as defined below). The First Unused Amount incurs no commitment fee for the first nine months the Bonavista Credit Facility is outstanding; thereafter, the commitment fee on the First Unused Amount is generally equal to (a) a varying percentage of the unused aggregate commitment amount, less total borrowings outstanding, multiplied by (b) 1%. The Second Unused Amount incurs no commitment fee for the first three-month period the Bonavista Credit Facility is outstanding; on and after the three-month anniversary and prior to the nine-month anniversary, the commitment fee on the Second Unused Amount is equal to (a) the unused aggregate commitment amount, less total borrowings outstanding, multiplied by (b) 0.3%; thereafter, the commitment fee on the Second Unused Amount is generally equal to (a) a varying percentage of the unused aggregate commitment amount, less total borrowings outstanding, multiplied by (b) 0.3%.

As of September 30, 2025, Bonavista had no borrowings or amounts outstanding under the Bonavista Credit Facility. As of December 31, 2024, Bonavista had $129.0 million outstanding under the Bonavista Credit Facility. The borrowing carrying amount outstanding under the Bonavista Credit Facility as of December 31, 2024 approximates fair value and this facility would be classified as Level III within the fair value hierarchy. As of December 31, 2024, the effective interest rate on borrowings outstanding was 5.7%.

Aggregator Credit Agreement

On October 3, 2024, the Aggregator entered into a revolving credit agreement (the "Aggregator Credit Agreement") pursuant to which multiple third-party lenders and letter of credit issuers thereunder agreed to provide loans and letters of credit for up to an aggregate initial commitment of $375.0 million, subject to customary conditions. The available capacity under the Aggregator Credit Agreement may be increased on a permanent or a temporary basis up to an amount agreed by the Joint Lead Arrangers (as defined below) and the increasing lenders, provided that the Aggregator may not incur new loans or letters of credit in excess of the applicable loan to value ratio (which may be between 10% and 20%) and maintains a loan to value ratio of not more than 30%, where value equals the sum of the adjusted net asset values of eligible investments and certain other items (as specified in the Aggregator Credit Agreement). The aggregate commitment has increased periodically over time. On August 27, 2025, the aggregate commitment was increased by $300.0 million to $1.6 billion.

The parties to the Aggregator Credit Agreement include the Aggregator, as borrower, a third-party administrative agent (in such capacity, the "Aggregator Administrative Agent"), third-party joint lead arrangers (in such capacities, the "Joint Lead Arrangers") and co-structuring agents, and certain other lenders and the letter of credit issuers as identified in the Aggregator Credit Agreement. The Aggregator Credit Agreement matures on October 1, 2027, subject to a one-year extension option requiring approval by the Aggregator Administrative Agent and extending lenders and the satisfaction of customary conditions.

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BXPE US Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

Under the Aggregator Credit Agreement, borrowings denominated in U.S. dollars will bear interest, at the Aggregator's discretion, at a rate of the (a) one-month term SOFR plus a spread of 3.50% per annum, (b) daily simple SOFR plus a spread of 3.50% per annum, or (c) base rate (as defined in the Aggregator Credit Agreement) plus a spread of 2.50%. Such rates may be increased by up to 2.50% per annum during a continuing event of default and/or a cash sweep event. The Aggregator Credit Agreement is subject to a commitment fee that is generally based on (a) the total facility commitments, less total borrowings outstanding, multiplied by (b) the commitment fee rate. The unused commitment fee per annum rate varies from 0.50% to 0.70% and is dependent on the total borrowings outstanding. Under the Aggregator Credit Agreement, the Aggregator will bear customary expenses for a credit facility of this size and type, including closing fees, arrangement fees, administration fees and unused fees.

The Aggregator Credit Agreement contains customary representations and warranties, events of default, cash sweep events and affirmative and negative covenants. The Aggregator's obligations under the Aggregator Credit Agreement are non-recourse to BXPE U.S. and secured by the Aggregator's distributions received from investments and the equity interest in certain of its subsidiaries. Upon an event of default, the lenders of the Aggregator Credit Agreement may also terminate their commitment.

As of September 30, 2025 and December 31, 2024, the Aggregator had no borrowings or amounts outstanding under the Aggregator Credit Agreement.

6. Net Assets

The Aggregator, at the direction of the General Partner, has the authority to issue an unlimited number of Class A Units and Class B Units (each, an "Aggregator Unit"). No Class B Units have been issued by the Aggregator since inception. As of September 30, 2025, the Aggregator has two limited partners, BXPE U.S. and a Parallel Fund. Class A Units are issued to both the BXPE U.S. limited partner and the Parallel Fund limited partner. BXPE U.S. and the Parallel Fund receive monthly subscriptions from their investors, which are in turn invested into the Aggregator. BXPE U.S. and the Parallel Fund are issued Class A Units in exchange for their contributions to the Aggregator.

The term "Transactional NAV" refers to the price at which transactions in the Aggregator's Units are made, calculated in accordance with a valuation policy that has been approved by the BXPE U.S. Board of Directors. The purchase price per Aggregator Unit of each limited partner is equal to the Transactional NAV per Aggregator Unit for such limited partner as of the last calendar day of the immediately preceding month. Before the Aggregator determined its first Transactional NAV, the initial purchase price for the Aggregator's Units was $25.00 per Aggregator Unit. The Aggregator's Transactional NAV was first determined as of the end of the first full month after the Initial Closing Date. Thereafter, the Transactional NAV is based on the month-end values of investments, the addition of the value of any other assets such as cash, the deduction of any liabilities, the accrual and allocation of the Management Fee, Administration Fee and the Performance Participation Allocation (each, as defined in Note 7. "Related Party Transactions.") and the deduction of expenses.

Aggregator Unit issuances related to monthly contributions are effective the first calendar day of each month. Aggregator Units are issued at a price per Aggregator Unit equivalent to the Aggregator's most recent Transactional NAV per Aggregator Unit available for Class A Units, which is the Aggregator's prior month-end Transactional NAV per Aggregator Unit.

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BXPE US Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

The following table presents transactions in the Aggregator's Units during the periods:

---

| | | |
|:---|:---|:---|
|  | Class A<br>Units |<br>Total |
|  Units Outstanding as of June 30, 2025 | 283386912 | 283386912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 40777293 | 40777293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption of Units | (614366) | (614366) |
|  Units Outstanding as of September 30, 2025 | 323549839 | 323549839 |
|  Units Outstanding as of June 30, 2024 | 158901585 | 158901585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 26987238 | 26987238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption of Units | (177523) | (177523) |
|  Units Outstanding as of September 30, 2024 | 185711300 | 185711300 |

---

---

| | | |
|:---|:---|:---|
|  | Class A<br>Units |<br>Total |
|  Units Outstanding as of December 31, 2024 | 214889732 | 214889732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 110297894 | 110297894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption of Units | (1637787) | (1637787) |
|  Units Outstanding as of September 30, 2025 | 323549839 | 323549839 |
|  Units Outstanding as of December 31, 2023 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Issued | 185888823 | 185888823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption of Units | (177523) | (177523) |
|  Units Outstanding as of September 30, 2024 | 185711300 | 185711300 |

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In accordance with the Aggregator Partnership Agreement, the General Partner can cause the Aggregator to redeem Aggregator Units from limited partners to match any redemption made by BXPE U.S. and any Parallel Fund. Any redemption of Aggregator Units will be effected by the Aggregator as needed to comply with the redemption plan of BXPE U.S. and any Parallel Fund and otherwise as determined by the General Partner. A Parallel Fund may withdraw entirely from the Aggregator and have all of its Aggregator Units redeemed by the Aggregator only with the consent of BXPE U.S., including, if applicable, approval by the BXPE U.S. Board of Directors.

During the three and nine months ended September 30, 2025, 614,366 and 1,637,787 Aggregator Units were redeemed for an aggregate value of $19.9 million and $51.4 million, respectively. During the three and nine months ended September 30, 2024, 177,523 Aggregator Units were redeemed for an aggregate value of $4.8 million.

7. Related Party Transactions

Partnership Agreement

The Aggregator has entered into the Aggregator Partnership Agreement with the General Partner. Under the terms of the Aggregator Partnership Agreement, overall responsibility for the Aggregator rests with the General Partner. The General Partner has delegated BXPE's portfolio management function to the Investment Manager on January 2, 2024.

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BXPE US Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

Performance Participation Allocation

The General Partner receives a performance participation allocation ("Performance Participation Allocation") by BXPE U.S. (indirectly through the Aggregator) equal to 12.5% of total return subject to a 5% annual hurdle amount and a high water mark with 100% catch-up. Such allocation is measured on a calendar year basis, paid quarterly, accrued monthly (subject to pro-rating for partial periods), and without taking into account accrued and unpaid taxes of any intermediate entity through which BXPE indirectly invests in an investment or taxes paid by any such intermediate entity during the applicable month. For the first calendar year of BXPE's operations, the allocation was payable annually, after the end of such first calendar year, and thereafter, the allocation is payable quarterly. The General Partner may elect to receive the Performance Participation Allocation in cash, the Aggregator's, BXPE U.S.'s, the Feeder's, or the Parallel Fund's units and/or equity of intermediate entities. If the Performance Participation Allocation is paid in units, such units may be redeemed at the General Partner's request and will be subject to certain limitations.

For the three months ended September 30, 2025 and 2024, the Aggregator accrued Performance Participation Allocation of $39.0 million and $27.7 million, respectively.

For the nine months ended September 30, 2025 and 2024, the Aggregator accrued Performance Participation Allocation of $156.9 million and $48.5 million, respectively.

Investment Management Agreement

On January 2, 2024, BXPE U.S. entered into an investment management agreement with the Investment Manager (the "Investment Management Agreement"). As part of carrying out its investment management services (including structuring investments through the Aggregator), the Investment Manager has entered, and may in the future enter, into sub-advisory, or other similar arrangements, with other advisory subsidiaries of Blackstone. These sub-advisory relationships do not affect the terms of the Investment Management Agreement.

Management Fee

In consideration for its investment management services, the Aggregator, on behalf of its limited partners, pays the Investment Manager a management fee (the "Management Fee") equal to 1.25% of the Aggregator's Transactional NAV per year, payable monthly, before giving effect to any accruals for the Management Fee, servicing fees related to BXPE U.S.'s and the Feeder's Class S and Class D units, as applicable, and BXPE U.S.'s Class N units, Administration Fee (as defined below), Performance Participation Allocation, pending unit redemptions, distributions, if any, and without taking into account accrued and unpaid taxes of any intermediate entity through which the Aggregator indirectly invests in an investment or taxes paid by any such intermediate entity during the applicable month.

The Investment Manager may elect to receive the Management Fee in cash, the Aggregator's, BXPE U.S.'s, the Feeder's, or the Parallel Fund's units and/or equity of intermediate entities. If the Management Fee is paid in units, such units may be redeemed at the Investment Manager's request and will be subject to certain limitations. Additionally, the Investment Manager may separately elect for the Management Fee to be paid (in whole or in part) to an affiliate of the Investment Manager in satisfaction of Management Fee amounts owed to the Investment Manager in connection with services provided by such affiliate to BXPE and/or any intermediate entity.

The Investment Manager agreed to waive the Management Fee for the first six months following the Initial Closing Date. As of July 1, 2024, Management Fees may be offset by certain fees paid to the Investment Manager or its affiliates in connection with BXPE's investments consistent with the Aggregator Partnership Agreement and the Investment Management Agreement. These fees, when recognized, are presented as Management Fees Waived. There were no such management fee offsets for the three and nine months ended September 30, 2025 and 2024. Refer to Note 2. "Summary of Significant Accounting Policies" for more information on management fee waivers.

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BXPE US Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

For the three and nine months ended September 30, 2025, the Aggregator accrued gross Management Fees of $31.6 million and $80.5 million, respectively. For the three and nine months ended September 30, 2024, the Aggregator accrued gross Management Fees of $15.1 million and $32.0 million, respectively, of which $16.9 million was waived by the Investment Manager for the nine months ended September 30, 2024. No Management Fee was waived for the three months ended September 30, 2024.

Administration Fee

The Investment Manager and its affiliates provide administration services to BXPE, consistent with the Aggregator Partnership Agreement and Investment Management Agreement. In consideration for its administrative services, the Investment Manager is entitled to receive an administration fee (the "Administration Fee") payable by the Aggregator, equal to, in the aggregate, 0.10% of the Aggregator's Transactional NAV per annum, payable monthly, before giving effect to any accruals for the Management Fee, the servicing fee, Administration Fee and the Performance Participation Allocation, pending unit redemptions, distributions, if any, and without taking into account accrued and unpaid taxes of any intermediate entity through which BXPE indirectly invests in an investment or taxes paid by any such intermediate entity during the applicable month.

From time to time, the Investment Manager may outsource certain administrative duties provided to BXPE with respect to the Administration Fee to third parties. The fees, costs and expenses of any such third-party service providers will be payable by the Investment Manager out of its Administration Fee such that the Administration Fee should not exceed, in the aggregate, 0.10% of the Aggregator's Transactional NAV.

For the three and nine months ended September 30, 2025, the Aggregator accrued Administration Fees of $2.5 million and $6.1 million, respectively. For the three and nine months ended September 30, 2024, the Aggregator accrued Administration Fees of $1.2 million and $2.6 million, respectively.

Investments in Affiliated Investee Funds

As of September 30, 2025 and December 31, 2024, the Aggregator had Investments in Affiliated Investee Funds of $1.0 billion and $833.0 million, respectively. Refer to Note 2. "Summary of Significant Accounting Policies" for more information on Investments in Affiliated Investee Funds.

Expense Support

During the year ended December 31, 2024, the Investment Manager voluntarily agreed to pay certain expenses on behalf of BXPE such that the total expenses borne by BXPE (excluding interest expense, organization and offering expenses, servicing fees, the Performance Participation Allocation and taxes) did not exceed an annualized rate of 0.50% of BXPE's NAV.

For the three months ended September 30, 2024, there was no accrued Expense Support. For the nine months ended September 30, 2024, the Aggregator accrued Expense Support of $0.2 million that was subsequently paid by the Investment Manager. No fees were charged to the Investment Manager for agreeing to bear these expenses and the Investment Manager will not be reimbursed by the Aggregator. There was no accrued Expense Support for the three and nine months ended September 30, 2025.

Due to/from Affiliates

Due to Affiliates consists of cash advances made by Blackstone Holdings Finance Co. L.L.C., a subsidiary of Blackstone, on behalf of the Aggregator for the payment of fund and tax expenses. These amounts are intended to be cash reimbursed by the Aggregator and are non-interest bearing. Due from Affiliates is composed of balances owed to the Aggregator from other non-consolidated entities within BXPE.

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BXPE US Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

BXPE Lux

BXPE invests alongside BXPE Lux, a Luxembourg alternative investment fund available to individual investors primarily domiciled in countries of the European Economic Area, the United Kingdom, Switzerland, certain Asian jurisdictions and certain other jurisdictions. While BXPE and BXPE Lux have substantially similar investment objectives and strategies and are expected to have highly overlapping investment portfolios, BXPE and BXPE Lux are operated as distinct investment structures.

Related Party Transactions

BXPE may from time to time enter into transactions with certain affiliates. During the nine months ended September 30, 2025, the Aggregator participated in post-closing syndication transactions for the purchase of two investments for an aggregate purchase price of $140.5 million, from other entities or vehicles controlled, sponsored, advised and/or managed by Blackstone or its affiliates. The investments were purchased at cost plus a fee for the time the investments were held by such affiliate. During the three months ended September 30, 2025, the Aggregator did not participate in any such transactions with certain affiliates other than the transactions as described below.

As a small portion of BXPE's overall investment strategy, the Aggregator participates in investments alongside other vehicles sponsored, advised and/or managed by Blackstone or its affiliates in a programmatic manner through elections to Blackstone's side-by-side investment program. As a participant in the program, from time to time, the Aggregator and other vehicles sponsored, advised and/or managed by Blackstone or its affiliates may sell or syndicate portions of an investment to a related party, including co-investment vehicles managed by Blackstone. Such syndication transactions are generally required for all participants in the program and are typically made within six months of closing and are effected at cost, plus a fee for the time the investment is held by the Aggregator. During the three and nine months ended September 30, 2025, the Aggregator syndicated portions of five and ten investments, respectively, for an aggregate sale price of $10.1 million and $19.8 million, respectively, to related parties.

8. Commitments and Contingencies

Commitments

The Investment Manager agreed to advance organizational and offering expenses, other than servicing fees related to BXPE U.S.'s Class S, Class D and Class N units and the Feeder's Class S and Class D units, on BXPE's behalf through the first anniversary of the Initial Closing Date. As of December 31, 2024, the Investment Manager and its affiliates have incurred organizational and offering expenses on BXPE's behalf in the amount of $8.3 million, of which $5.6 million related to Organizational Expenses and was expensed as incurred and $2.7 million related to offering costs that are capitalized as a deferred expense and amortized over twelve months. As of September 30, 2025, these accruals were paid off in full and there were no additional expenses that the Investment Manager advanced on BXPE's behalf.

As of September 30, 2025 and December 31, 2024, the Aggregator had unfunded commitments to existing investments of $662.7 million and $568.7 million, respectively, and the BXPE Fund Program had additional conditional commitments of $2.8 billion and $1.9 billion, respectively, to new investments. Conditional commitments are held among the BXPE Fund Program and BXPE's allocation will be determined at closing. Conditional commitments are subject to certain terms and conditions prior to closing of the relevant transactions and there can be no assurance that such transactions will close as expected or at all.

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BXPE US Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

Contingencies

The Aggregator may, from time to time, be party to various legal matters arising in the ordinary course of business, including claims and litigation proceedings. As of September 30, 2025, the Aggregator was not subject to any material litigation nor was the Aggregator aware of any material litigation threatened against it.

Indemnifications

In the normal course of business, the Aggregator enters into contracts that contain a variety of indemnification arrangements. The Aggregator's exposure under these arrangements, if any, cannot be quantified. However, the Aggregator has not had any claims or losses pursuant to these indemnification arrangements and expects the potential for a material loss to be remote as of September 30, 2025.

9. Income Taxes

To the extent investments made by the Aggregator are engaged in a U.S. trade or business, the Aggregator will generally be subject to a U.S. federal corporate income tax of 21.0% of its share of taxable income effectively connected with the conduct of a U.S. trade or business and may be subject to additional branch profits tax of 30.0% of its share of effectively connected earnings and profits, adjusted as provided by law. The subsidiaries may also be subject to state tax and local taxes.

Uncertain Tax Positions

As of September 30, 2025 and December 31, 2024, the Aggregator is not aware of any uncertain tax positions that would require recognition in the condensed consolidated financial statements.

One Big Beautiful Bill Act

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into law in the U.S., introducing a broad range of tax reform provisions affecting businesses, including extending and modifying certain key provisions of the Tax Cuts & Jobs Act of 2017. In accordance with GAAP, the effects of the enacted tax law changes were recognized in the period of enactment.

The OBBBA did not change the U.S. federal corporate income tax rate. The Aggregator evaluated the provisions of the law and determined there was no remeasurement of the deferred tax assets and liabilities and that the OBBBA had no material impact to the Aggregator's condensed consolidated financial statements as of and for the three and nine months ended September 30, 2025.

Tax Contingencies

The Aggregator files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Aggregator and the Aggregator Corporations are subject to examination by various taxing authorities.

10. Financial Highlights

The following financial highlights are calculated for the limited partners as a whole. Calculation of these highlights on an individual limited partner basis may yield results that vary from those stated herein due to the timing of capital transactions and differing fee arrangements. No Class B Units have been issued by the Aggregator since inception.

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BXPE US Aggregator (CYM) L.P.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(All Dollars are in Thousands, Except Unit and Per Unit Data, Except Where Noted)

---

| | | |
|:---|:---|:---|
|  | Class A Units (a) | Class A Units (a) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nine Months Ended September 30, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nine Months Ended September 30, |
|  | 2025 | 2024 |
|  Per Unit Data |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Beginning of Period | $28.38 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from Units Issued |  | 25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | (0.63) | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on Investments, Derivative Instruments and Translation of Assets and Liabilities in Foreign Currencies | 4.40 | 1.97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase in Net Assets | 3.77 | 2.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, End of Period | $32.15 | $27.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Units Outstanding, End of Period | 323549839 | 185711300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return Based on Net Asset Value (b) | 13.28% | 8.96% |
|  Ratios to Weighted-Average Net Assets (Non-Annualized) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses without Waivers (c) | 1.44% | 1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expense Support and Management Fees Waivers (c) |  | -0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Performance Participation Allocation | 1.88% | 1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 3.32% | 2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | -2.28% | 0.38% |

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(a) Amounts may not add due to rounding.

(b) For the nine months ended September 30, 2025, total return is calculated as the change in Net Asset Value per Aggregator Unit during the period, plus distributions per Aggregator Unit (assuming dividends and distributions are reinvested in accordance with the Aggregator's distribution reinvestment plan) divided by the beginning Net Asset Value per Unit for the nine months ended September 30, 2025 or the initial Net Asset Value per Unit of $25.00 for the nine months ended September 30, 2024. Total return does not include upfront transaction fees, if any.

(c) For the nine months ended September 30, 2024, the expense ratio includes Management Fees, Organizational Expenses, Professional Fees, Deferred Offering Costs Amortization, Administration Fees and Other. For the nine months ended September 30, 2025, the expense ratio also includes Interest Expense and Deferred Financing Cost Amortization.

11. Subsequent Events

The Aggregator has evaluated the impact of all subsequent events through November 12, 2025, which is the date that these condensed consolidated financial statements were available to be issued, and has determined that there were no subsequent events requiring adjustment to or disclosure in the condensed consolidated financial statements.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with the unaudited condensed consolidated financial statements and the related notes of Blackstone Private Equity Strategies Fund (TE) L.P., the unaudited condensed financial statements and the related notes of Blackstone Private Equity Strategies Fund L.P. and the unaudited condensed consolidated financial statements and the related notes of BXPE US Aggregator (CYM) L.P., all included within this Quarterly Report on Form 10-Q.

In this report, we refer to Blackstone Private Equity Strategies Fund L.P. as "BXPE U.S." and Blackstone Private Equity Strategies Fund (TE) L.P. (together with its consolidated subsidiary, the "Feeder") (collectively, the "Registrants"). The terms "BXPE," the "Fund," "we," "us" or "our" collectively refers to BXPE U.S., the Feeder, BXPE US Aggregator (CYM) L.P., together with its consolidated subsidiaries, (the "Aggregator") and any Parallel Funds (as defined in Part I. Item 1. Financial Statements), as the context requires. BXPE and Blackstone Private Equity Strategies Fund SICAV ("BXPE Lux") are together referred to as the "BXPE Fund Program."

The investment activities of BXPE are carried out through the Aggregator, a non-consolidated affiliate of BXPE U.S. As such, in this discussion and analysis, we believe it is important to present information for both Registrants and the Aggregator. The unaudited financial statements of each entity are presented in "Part I. Item 1. Financial Statements" of this document and for information related to the principles of consolidation see "—Critical Accounting Estimates — Principles of Consolidation."

Overview

On January 2, 2024, Blackstone launched the BXPE Fund Program, Blackstone's perpetual private equity solution for eligible individual investors, to provide investors greater access to Blackstone's private equity platform. Our investment objectives are to deliver medium- to long-term capital appreciation and, to a lesser extent, generate modest current income. We seek to meet our investment objectives by investing primarily in privately negotiated, equity-oriented investments ("Private Equity Investments") to deliver an attractive portfolio of alternative investments diversified across strategies, sectors and geographies.

BXPE is structured as a perpetual-life strategy, with monthly, fully funded subscriptions and periodic redemptions, which we believe enables investors to better manage exposure to the private equity asset class and achieve the potential benefits of compounding returns. As an investor in BXPE, individuals gain direct exposure to the largest global private equity platform. BXPE is designed to invest across all of Blackstone private equity's major strategies: Corporate Private Equity, Secondaries, Opportunistic, Growth and Life Sciences. As of September 30, 2025, we have constructed a portfolio that includes strategic, sector and geographic diversification, focusing on businesses that align with our thematic approach to investing.

BXPE's differentiated access to the world's largest global private equity platform uniquely positions BXPE among competitors, allowing for a broader universe of investment and deployment opportunities. Identifying, closing and realizing attractive private equity investments that fall within BXPE's investment mandate is highly competitive and involves a high degree of uncertainty. We believe the depth and breadth of our investment strategy and Blackstone's Private Equity Platform, including the deep reservoir of proprietary data, represents a significant advantage as we compete for quality investment opportunities and help our portfolio companies compete in their respective markets.

We focus on transactions where Blackstone's scale, brand and/or operating intervention capabilities can create competitive advantages for the BXPE Fund Program. In the ordinary course, we will generally seek to invest at least 80% of our NAV in Private Equity Investments and up to 20% of our NAV in debt and other securities, including but not limited to loans, debt securities, public equities, interests in collateralized debt obligation and loan obligation vehicles, derivatives, money market instruments, cash and cash equivalents ("Debt and Other Securities"). Our investments may vary materially from these indicative allocation ranges, including due to factors such as a large inflow to capital over a short period of time, the Sponsor's assessment of the relative attractiveness of opportunities, or an increase in anticipated cash requirements or redemption requests and subject to any limitations or requirements relating to applicable law.

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Recent Developments

As of September 30, 2025, the BXPE Fund Program's portfolio consists of 105+ Private Equity Investments, including both closed and future signed commitments, with an aggregate value of $16.8 billion. We currently have a significant majority of our portfolio invested behind Blackstone's high-conviction themes, including artificial intelligence ("AI") and data generation, power and energy demand, innovation in healthcare and life sciences, digitization, experiences and franchisors.

As of November 12, 2025, BXPE's portfolio companies have exhibited broad-based strength, with healthy revenue growth and margin expansion. While the U.S. federal government shutdown effective October 1, 2025, has limited certain economic data for the third quarter of 2025, the resiliency of the U.S. economy and recent declines in interest rates have contributed to a lower cost of capital, as spreads have tightened. Corporate balance sheets remain healthy, and we are seeing robust economic activity, supported by stronger capital markets and improved investor sentiment. If sustained, this environment may contribute to further increases in transaction activity which in turn may support BXPE's continued momentum.

Performance Summary

Since inception in January 2024, we have delivered positive performance across all classes as follows:

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| | | |
|:---|:---|:---|
|  | September 30, 2025 | September 30, 2025 |
|  | Year To Date | Inception To Date |
| Unit Class | Total Return | Total Return (a) |
|  Blackstone Private Equity Strategies Fund L.P. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class S | 13.0% | 15.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Class D | 13.5% | 15.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 13.7% | 16.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Class N | 2.6% | (b) |
|  Blackstone Private Equity Strategies Fund (TE) L.P. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class S | 12.6% | 14.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Class D | 13.1% | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 13.3% | 15.4% |

---

(a) Inception to date is an annualized return from when each unit class was first sold. Returns shown reflect the percent change in the Transactional NAV per unit from the beginning of the applicable period, plus the amount of any distribution per unit declared in the period. Returns shown are reflective of each unit class and not of an individual investor. BXPE believes total return is a useful measure of overall investment performance of our Units.

(b) Total return not presented because the reporting data is less than one year from when BXPE U.S. Class N Units and Feeder Class D Units were first sold (July 1, 2025 and December 1, 2024, respectively).

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Investment Portfolio

The following table represents BXPE's Top Private Equity Investments as of September 30, 2025, based on fair value:

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| | |
|:---|:---|
| Investments | Description |
|  Adevinta | Online classifieds company |
|  AIR | Commercial Heating, Ventilation and Air Conditioning ("HVAC") representation |
|  AirTrunk | Data center developer and operator |
|  CoreWeave | AI infrastructure |
|  Higginbotham | Insurance brokerage |
|  Jersey Mike's | Fast-casual submarine sandwich franchisor |
|  L'Occitane | Multi-brand beauty and skincare |

---

• Investments listed in alphabetical order.

• "Top Private Equity Investments" means (a) each investment that comprises the top 25% of the Aggregator's GAAP Net Asset Value and (b) any individual investment that represents more than 5% of the Aggregator's GAAP Net Asset Value.

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The charts below present the diversification of BXPE's portfolio companies by strategy, sector and geography based on the fair value of our Private Equity Investments as of September 30, 2025:

![LOGO](g12786g01a01.jpg)

![LOGO](g12786g01a02.jpg)

![LOGO](g12786g01a03.jpg)

![LOGO](g12786g01a04.jpg)

• % of fair value may not add due to rounding.

• % of fair value represents the Aggregator's sum of Investments at Fair Value and Affiliated Investee Funds (exclusive of liquid debt investments, and interests in collateralized loan obligations ("CLOs")), with additional exclusions specified below.

• "Regional Breakdown" excludes investments in certain Secondaries funds that have underlying investments with diverse region classifications. Region is generally based on where each investment is headquartered.

• "Sector Breakdown" excludes investments in certain Secondaries funds that have underlying investments with diverse sector classifications. All determinations are made by BXPE in its sole discretion.

• "Thematic Breakdown" themes are designed to classify certain investments into BXPE's high-conviction themes. All determinations are made by BXPE in its sole discretion. Investments classified as Other are generally not aligned to a core theme.

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Key Components of Our Results of Operations and Financial Metrics

Our key financial measures and the results of operations are discussed below.

The Feeder's Net Change in Unrealized Gain (Loss) on Investment in BXPE U.S.

The Feeder generates income primarily from its investment in BXPE U.S. and has the same investment objectives as BXPE U.S. The Feeder was established for certain investors with particular tax characteristics, such as tax-exempt investors and certain non-U.S. investors, to participate in BXPE U.S. in a more tax-efficient manner. The Feeder had an interest of 31.1% in BXPE U.S. as of September 30, 2025, an increase of 0.3%, compared to 30.8% as of September 30, 2024, primarily driven by relative subscriptions between the Feeder and other investors in BXPE U.S.

For the three and nine months ended September 30, 2025, BXPE U.S. generated a Net Increase in Net Assets Resulting from Operations of $185.2 million and $800.9 million, respectively, an increase of $52.2 million and $562.1 million, compared to $133.0 million and $238.8 million for the three and nine months ended September 30, 2024, respectively. This resulted in the Feeder recognizing a Net Change in Unrealized Gain (Loss) on Investment in BXPE U.S. of $56.2 million and $240.1 million for the three and nine months ended September 30, 2025, respectively, an increase of $16.7 million and $170.2 million, compared to $39.5 million and $70.0 million for the three and nine months ended September 30, 2024, respectively. There were no net realized gains or losses from the investment in BXPE U.S. for the three and nine months ended September 30, 2025 and 2024. Key drivers of the results of operations of BXPE U.S. are discussed below.

BXPE U.S.'s Net Change in Unrealized Gain (Loss) on Investment in the Aggregator

BXPE U.S. generates income primarily from its investment in the Aggregator and has the same investment objective as the Aggregator. BXPE U.S. had an interest of 81.4% in the Aggregator as of September 30, 2025, an increase of 7.9%, compared to 73.5% as of September 30, 2024, primarily due to relative subscriptions between BXPE U.S. and the Parallel Fund. For the three and nine months ended September 30, 2025, the Aggregator generated a Net Increase in Net Assets Resulting from Operations of $229.3 million and $1.0 billion, respectively, an increase of $47.0 million and $686.3 million, compared to $182.3 million and $320.3 million for the three and nine months ended September 30, 2024, respectively. This resulted in BXPE U.S. recognizing a Net Change in Unrealized Gain (Loss) on Investment in the Aggregator of $185.9 million and $803.0 million for the three and nine months ended September 30, 2025, respectively, an increase of $52.4 million and $562.2 million, compared to $133.6 million and $240.8 million for the three and nine months ended September 30, 2024, respectively. There were no net realized gains or losses from the investment in the Aggregator for the three and nine months ended September 30, 2025 and 2024. Key drivers of the results of operations of the Aggregator are discussed below.

Aggregator Income, Expenses and Net Realized and Unrealized Gain (Loss) on Investments, Derivative Instruments and Translation of Assets and Liabilities in Foreign Currencies

The Aggregator generates income, gains and losses primarily from investments in Private Equity Investments and in Debt and Other Securities. Realized gains or losses are measured as the difference between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset, without regard to unrealized gains or losses previously recognized. Net change in unrealized gains or losses reflects the change in investment values during the reporting period, including any reversal of previously recorded unrealized gains or losses, when gains or losses are realized. Net realized and unrealized gains and losses can also arise due to the foreign exchange translation of assets and liabilities denominated in foreign currencies.

We generate income in the form of dividends and interest on our Private Equity Investments. To a lesser extent, the Aggregator's liquid debt investments generate interest income.

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For the three months ended September 30, 2025, the increase in the Aggregator's Net Increase in Net Assets Resulting from Operations of $47.0 million was attributable to an increase of $103.7 million in Net Realized and Unrealized Gain (Loss) on Investments, Derivative Instruments and Translation of Assets and Liabilities in Foreign Currencies, partially offset by a decrease of $56.7 million in Net Investment Income (Loss).

For the nine months ended September 30, 2025, the increase in the Aggregator's Net Increase in Net Assets Resulting from Operations of $686.3 million was attributable to an increase of $889.0 million in Net Realized and Unrealized Gain (Loss) on Investments, Derivative Instruments and Translation of Assets and Liabilities in Foreign Currencies, partially offset by a decrease of $202.7 million in Net Investment Income (Loss).

Net Realized and Unrealized Gain (Loss) on Investments, Derivative Instruments and Translation of Assets and Liabilities in Foreign Currencies

For the three months ended September 30, 2025, the Aggregator had $310.3 million of Net Realized and Unrealized Gain (Loss) on Investments, Derivative Instruments and Translation of Assets and Liabilities in Foreign Currencies, an increase of $103.7 million, compared to $206.6 million for the three months ended September 30, 2024. The primary drivers contributing to the increase for the three months ended September 30, 2025 are:

● $75.6 million of Net Change in Unrealized Gain (Loss) on Derivative Instruments, an increase of $107.3 million, compared to $(31.7) million for the three months ended September 30, 2024, primarily due to the reversal of previously recognized unrealized losses on a derivative instrument that was realized during the three months ended September 30, 2025.

● $216.2 million of Net Change in Unrealized Gain (Loss) on Investments, an increase of $27.7 million, compared to $188.6 million for the three months ended September 30, 2024, primarily due to purchases of Private Equity Investments and unrealized appreciation on Corporate Private Equity investments.

● $28.4 million of Net Realized Gain (Loss) on Investments and Derivative Instruments, an increase of $25.9 million, compared to $2.5 million for the three months ended September 30, 2024, primarily attributable to higher realized gains in Opportunistic Investments, partially offset by realized losses on derivative instruments in the three months ended September 30, 2025, compared to the three months ended September 30, 2024.

● $(9.9) million of Net Change in Unrealized Gain (Loss) on Translation of Assets and Liabilities in Foreign Currencies, a decrease of $57.1 million, compared to $47.3 million for the three months ended September 30, 2024, primarily due to purchases of new foreign-denominated investments and the fluctuation of foreign exchange rates.

For the nine months ended September 30, 2025, the Aggregator had $1.2 billion of Net Realized and Unrealized Gain (Loss) on Investments, Derivative Instruments and Translation of Assets and Liabilities in Foreign Currencies, an increase of $889.0 million, compared to $307.6 million for the nine months ended September 30, 2024. The primary drivers contributing to the increase for the nine months ended September 30, 2025 are:

● $966.1 million of Net Change in Unrealized Gain (Loss) on Investments, an increase of $673.0 million, compared to $293.1 million for the nine months ended September 30, 2024, primarily due to purchases of new Private Equity investments and unrealized appreciation on Corporate Private Equity investments.

● $199.7 million of Net Change in Unrealized Gain (Loss) on Translation of Assets and Liabilities in Foreign Currencies, an increase of $157.9 million, compared to $41.8 million for the nine months ended September 30, 2024, primarily due to purchases and appreciation of foreign-denominated investments.

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Net Investment Income (Loss)

For the three months ended September 30, 2025, the Aggregator's Net Investment Income (Loss) was $(81.0) million, a decrease of $56.7 million, compared to $(24.3) million for the three months ended September 30, 2024. The decrease in Net Investment Income (Loss) was attributable to increases of $33.7 million in Provision (Benefit) for Taxes and $30.3 million in Net Expenses, partially offset by an increase of $7.3 million in Total Income.

For the nine months ended September 30, 2025, the Aggregator's Net Investment Income (Loss) was $(190.0) million, a decrease of $202.7 million, compared to $12.7 million for the nine months ended September 30, 2024. The decrease in Net Investment Income (Loss) was attributable to increases of $191.2 million in Net Expenses and $82.1 million in Provision (Benefit) for Taxes, partially offset by an increase of $70.7 million in Total Income.

Aggregator Income

For the three months ended September 30, 2025, the Aggregator generated $46.0 million in Total Income, an increase of $7.3 million, compared to $38.7 million for the three months ended September 30, 2024. The increase was primarily driven by an increase of $4.1 million in Interest Income, principally due to an increase in interest income from Opportunistic investments.

For the nine months ended September 30, 2025, the Aggregator generated $182.6 million in Total Income, an increase of $70.7 million, compared to $112.0 million for the nine months ended September 30, 2024. The increase was primarily driven by an increase of $75.3 million in Dividend Income, principally due to an increase in dividend income from Opportunistic and Corporate Private Equity investments.

Aggregator Expenses

Except as specifically provided below, all investment professionals and staff of the Investment Manager, when and to the extent engaged in providing investment management services to us, and the base compensation, bonus and benefits, and the routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Investment Manager. The Aggregator bears other expenses of its operations, including, but not limited to (a) investment management and administration fees paid to the Investment Manager pursuant to BXPE U.S.'s Investment Management Agreement (as defined in Part I. Item 1. Financial Statements), (b) Performance Participation Allocation (as defined in Part I. Item 1. Financial Statements) paid to the General Partner, (c) other expenses incurred, charged or specifically attributed or allocated by the General Partner, the Investment Manager and/or their affiliates in performing administrative and/or accounting services for BXPE or any Portfolio Entity and (d) all other expenses of BXPE's operations, administrations and transactions, excluding expenses specific to BXPE U.S. (described below).

For the three months ended September 30, 2025, the Aggregator incurred $82.1 million in gross Total Expenses, an increase of $30.3 million, compared to $51.8 million for the three months ended September 30, 2024. The increase was primarily composed of increases in gross Management Fees and Performance Participation Allocation. For the three months ended September 30, 2025, the Aggregator had $31.6 million of gross Management Fees, an increase of $16.5 million, compared to $15.1 million for the three months ended September 30, 2024, primarily due to an increase in Transactional Net Asset Value. For the three months ended September 30, 2025, the Aggregator had $39.0 million of Performance Participation Allocation, an increase of $11.3 million, compared to $27.7 million for the three months ended September 30, 2024, primarily due to an increase in Net Change in Unrealized Gain (Loss) on Investments.

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For the nine months ended September 30, 2025, the Aggregator incurred $277.0 million in gross Total Expenses, an increase of $174.1 million, compared to $102.9 million for the nine months ended September 30, 2024. The increase was primarily composed of increases in Performance Participation Allocation and gross Management Fees. For the nine months ended September 30, 2025, the Aggregator had $156.9 million of Performance Participation Allocation, an increase of $108.4 million, compared to $48.5 million for the nine months ended September 30, 2024, primarily due to an increase in Net Change in Unrealized Gain (Loss) on Investments. For the nine months ended September 30, 2025, the Aggregator had $80.5 million of gross Management Fees, an increase of $48.5 million, compared to $32.0 million for the nine months ended September 30, 2024, primarily due to an increase in Transactional Net Asset Value.

Provision (Benefit) for Taxes

For the three months ended September 30, 2025, the Aggregator incurred $44.9 million in Provision (Benefit) for Taxes, an increase of $33.7 million, compared to $11.2 million for the three months ended September 30, 2024. The increase was primarily driven by the increase in Net Change in Unrealized Gain (Loss) on Investments.

For the nine months ended September 30, 2025, the Aggregator incurred $95.6 million in Provision (Benefit) for Taxes, an increase of $82.1 million, compared to $13.5 million for the nine months ended September 30, 2024. The increase was primarily driven by the increase in Net Change in Unrealized Gain (Loss) on Investments.

BXPE U.S. Expenses

For the three months ended September 30, 2025, BXPE U.S. incurred $0.7 million in Net Expenses, an increase of $0.2 million, compared to $0.5 million for the three months ended September 30, 2024.

For the nine months ended September 30, 2025, BXPE U.S. incurred $2.1 million in Net Expenses, an increase of $0.1 million, compared to $2.0 million for the nine months ended September 30, 2024.

Feeder Expenses

For the three months ended September 30, 2025, the Feeder incurred $0.4 million in Total Expenses, an increase of $0.2 million, compared to $0.2 million for the three months ended September 30, 2024.

For the nine months ended September 30, 2025, the Feeder incurred $0.9 million in Total Expenses, an increase of $0.6 million, compared to $0.3 million for the nine months ended September 30, 2024.

Financial Condition, Liquidity and Capital Resources

We generate cash primarily from BXPE U.S. and the Feeder's net proceeds of its continuous offering of Units, which are then invested into the Aggregator. The Aggregator further generates cash from realizations and other income earned from Private Equity Investments and proceeds from net borrowings on our credit facilities. The primary uses of our Cash and Cash Equivalents include purchasing investments in companies via intermediaries and other equity and debt instruments, funding the costs of our operations, funding redemptions under our Unit redemption plan, debt service and repayment and other financing costs of our borrowings. While BXPE does not currently intend to declare distributions, it may determine to do so in the future at the discretion of the General Partner, considering factors such as earnings, cash flow, capital needs, taxes and general financial condition and the requirements of applicable law. Accordingly, in the future, we may use Cash and Cash Equivalents to fund cash distributions, if any, to the holders of our Units.

As of September 30, 2025, debt financing available to the Registrants and the Aggregator consisted of a revolving credit facility, an asset-backed revolving credit facility and the Second A&R Line of Credit (as defined in Note 4. "Line of Credit Agreement" in the "Notes to the Condensed Financial Statements" of BXPE U.S. in "Part I. Item 1. Financial Statements"). The Registrants and the Aggregator had no outstanding debt as of September 30, 2025 and $129.0 million of aggregate principal amount of debt outstanding as of December 31, 2024. We have and may continue to, from time to time, enter into additional credit facilities, increase the size of our existing credit

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facilities or issue additional other forms of debt. Any such incurrence or issuance may be from sources within the U.S. or from various foreign geographies or jurisdictions, and may be denominated in currencies other than the U.S. dollar. Additionally, any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. We also receive and deploy proceeds from our continuous private offerings of Units on a monthly basis.

As described below, as of September 30, 2025, the Registrants' and the Aggregator's Cash and Cash Equivalents, taken together with the unused capacity under the Aggregator's credit facilities and the unused capacity under BXPE U.S.'s Second A&R Line of Credit, proceeds from new or amended financing arrangements and the continuous offering of Units is expected to be sufficient for investing activities and to conduct operations in the near term. This determination is based in part on our expectations for the timing of funding investment purchases and the timing and amount of future proceeds from sales of our units and the use of existing and future financing arrangements.

The Aggregator

As of September 30, 2025, the Aggregator had $599.8 million in Cash and Cash Equivalents which, in combination with $2.0 billion of unused capacity under the Aggregator's credit facilities, and net proceeds from units, we expect to be sufficient for investing activities and to conduct operations in the near term. Additionally, as of September 30, 2025, the Aggregator held $803.7 million of liquid debt investments, which could provide additional liquidity if necessary. As of September 30, 2025, the BXPE Fund Program had conditional commitments of $2.8 billion to new investments. Generally, conditional commitments are subject to certain terms and conditions prior to closing of the relevant transactions. The Aggregator's allocation of the conditional commitments will be determined at closing, which is generally expected to occur within twenty-four months of signing, although there can be no assurance that such transactions will close as expected or at all. As of September 30, 2025, the Aggregator had unfunded commitments of $662.7 million to existing investments, which are generally due upon demand. These amounts remain unfunded as they relate to reserves for future capital deployments on existing investments. Commitments are expected to be funded by available cash and cash generated from net proceeds from Units issued and investment sale realizations.

As of September 30, 2025, the Aggregator had Total Assets of $10.8 billion, an increase of $4.4 billion, compared to $6.4 billion as of December 31, 2024. The increase in Total Assets was principally due to an increase of $3.7 billion in Investments at Fair Value. As of September 30, 2025, the Aggregator had Total Liabilities of $428.3 million, an increase of $121.2 million, compared to $307.1 million as of December 31, 2024. The increase in Total Liabilities was primarily driven by increases of $160.2 million in Payables for Investments Purchased, primarily due to the settlement subsequent to quarter end for certain deals that closed during the period and $88.0 million of Deferred Tax Liabilities, Net, due to the increase in Net Change in Unrealized Gain (Loss) on Investments. The increases were partially offset by a decrease of $129.0 million in Credit Facilities, driven by a repayment in outstanding borrowings as of December 31, 2024.

BXPE U.S.

As of September 30, 2025, BXPE U.S. had $2.3 million in Cash and Cash Equivalents and $100.0 million of unused capacity under BXPE U.S.'s Second A&R Line of Credit which, including net proceeds from the continuous offering of Units, we expect to be sufficient to conduct operations in the near term. As of September 30, 2025, BXPE U.S. had Total Assets of $8.5 billion, an increase of $3.8 billion, compared to $4.7 billion as of December 31, 2024. The increase in Total Assets was principally due to an increase of $3.8 billion in Investment in the Aggregator at Fair Value. As of September 30, 2025, BXPE U.S. had Total Liabilities of $174.4 million, an increase of $65.5 million, compared to $108.9 million as of December 31, 2024. The increase in Total Liabilities was principally driven by an increase of $60.6 million in Servicing Fees Payable, which was primarily driven by an increase in subscriptions in BXPE U.S. and an increase in Transactional Net Asset Value.

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The Feeder

As of September 30, 2025, the Feeder had $1.1 million in Cash and Cash Equivalents which, including net proceeds from the continuous offering of Units, we expect to be sufficient to conduct operations in the near term. As of September 30, 2025, the Feeder had Total Assets of $2.6 billion, an increase of $1.2 billion, compared to $1.4 billion as of December 31, 2024. The increase in Total Assets was principally due to an increase of $1.2 billion in Investment in BXPE U.S. at Fair Value. As of September 30, 2025, the Feeder had Total Liabilities of $91.1 million, an increase of $36.0 million, compared to $55.1 million as of December 31, 2024. The increase in Total Liabilities was principally driven by an increase of $29.9 million in Servicing Fees Payable which was primarily driven by an increase in subscriptions in the Feeder and an increase in Transactional Net Asset Value.

Transactional Net Asset Value

The Registrants calculate their Transactional NAV per Unit in accordance with valuation policies and procedures that have been approved by the BXPE U.S. Board of Directors. Transactional NAV is the price at which the Registrants sell and redeem their Units and serves as a basis for certain fees incurred by BXPE. The Sponsor also evaluates changes to the Registrants' Transactional NAV to monitor fund performance. The Registrants' Transactional NAV is based on the month-end values of their respective investments and other assets and the deduction of any liabilities, including certain fees and expenses, in all cases as determined in accordance with the valuation policies and procedures that have been approved by the BXPE U.S. Board of Directors. Organizational and offering expenses advanced on BXPE's behalf by the Investment Manager are recognized as a reduction to the Registrants' Transactional NAV ratably over 60 months beginning on January 1, 2025, and unitholder servicing fees, as applicable, are recognized as a reduction to the Registrants' Transactional NAV on a monthly basis as such fees are accrued. Certain contingent tax liabilities may not be recognized as a reduction to the Registrants' Transactional NAV if the General Partner reasonably expects such liabilities will not be recognized upon divestment of the underlying investment. The Registrants believe that presentation of Transactional NAV is useful to investors because it is the basis for subscriptions, redemptions and certain key fees and expenses incurred by BXPE and it enables investors to evaluate the change in value of their investment.

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| | |
|:---|:---|
|  | September 30, 2025 |
|  | (Dollars in Thousands) |
|  Components of BXPE U.S.'s Transactional Net Asset Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment in the Aggregator (a) | $8533273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and Cash Equivalents | 2282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Assets | 5306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Unitholder Servicing Fees (b) | (4437) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Liabilities (c) | (6788) |
|  BXPE U.S.'s Transactional Net Asset Value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8529636 |

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| | |
|:---|:---|
|  | September 30, 2025 |
|  | (Dollars in Thousands) |
|  Components of the Feeder's Transactional Net Asset Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment in BXPE U.S. (d) | $2601310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and Cash Equivalents | 1128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Assets | 1760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued Unitholder Servicing Fees (b) | (2128) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Liabilities | (7886) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Liabilities (c) | (2551) |
|  Feeder's Transactional Net Asset Value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2591633 |

---

(a) For BXPE U.S.'s Transactional NAV, Investment in the Aggregator includes organizational and offering expenses paid by the Investment Manager in the month the Aggregator reimburses the Investment Manager for such costs, Performance Participation Allocation accrual and Management Fee accrual. Investment in the Aggregator excludes certain contingent tax liabilities which the General Partner reasonably expects will not be recognized upon divestment of the underlying investment.

(b) Accrued unitholder servicing fees only apply to Class S, Class D and Class N Units, as applicable. The fees are recognized as a reduction of Transactional NAV on a monthly basis.

(c) Includes redemption payables. For purposes of computing Transactional NAV per Unit, such redemption payables are excluded.

(d) For the Feeder's Transactional NAV, Investment in BXPE U.S. includes organizational and offering expenses paid by the Investment Manager in the month BXPE U.S. reimburses the Investment Manager. Investment in BXPE U.S. is driven by BXPE U.S.'s investment in the Aggregator.

The Transactional NAV per Unit for each class of the Registrants was as follows:

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| | | |
|:---|:---|:---|
|  | September 30, 2025 | September 30, 2025 |
|  | Transactional NAV<br>per Unit | Number of<br>Units |
|  Blackstone Private Equity Strategies Fund L.P. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class S | $31.89 | 99711958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class D | $32.23 | 2993895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $32.37 | 162011071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class N | $25.64 | 330005 |
|  |  | 265046929 |
|  Blackstone Private Equity Strategies Fund (TE) L.P. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class S | $31.62 | 48502843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class D | $28.66 | 196457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.09 | 32789403 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81488703 |

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##### [**Table of Contents**](#toc)
The following table reconciles GAAP Net Asset Value to BXPE U.S.'s Transactional Net Asset Value.

---

| | |
|:---|:---|
|  | September 30, 2025 |
|  | (Dollars in Thousands) |
|  GAAP Net Asset Value | $8300154 |
|  Adjustments |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Organizational and Offering Expenses (a) | 5596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Servicing Fee (b) | 163186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Liabilities (c) | 60700 |
|  Transactional Net Asset Value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8529636 |

---

The following table reconciles GAAP Net Asset Value to the Feeder's Transactional Net Asset Value.

---

| | |
|:---|:---|
|  | September 30, 2025 |
|  | (Dollars in Thousands) |
|  GAAP Net Asset Value | $2493171 |
|  Adjustments |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Organizational and Offering Expenses (a) | 1626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Servicing Fee (b) | 78532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Liabilities (c) | 18304 |
|  Transactional Net Asset Value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2591633 |

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(a) Represents an adjustment to the Investment in the Aggregator or BXPE U.S., as applicable, to reflect the recognition of organizational and offering expenses ratably over the 60-month reimbursement period beginning January 1, 2025.

(b) Represents an adjustment to reflect unitholder servicing fees on Class S, Class D and Class N Units, as applicable, as they are accrued on a monthly basis.

(c) Represents an adjustment to remove certain contingent tax liabilities which the General Partner reasonably expects will not be recognized upon divestment of the underlying investment.

Critical Accounting Estimates

The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") involves significant judgments and assumptions and requires estimates about matters that are inherently uncertain. These judgments will affect our reported amounts of assets and liabilities and our disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of income and expenses during the reporting periods. With different estimates or assumptions, materially different amounts could be reported in our financial statements. The following is a summary of our significant accounting policies that we believe are the most affected by our judgments, estimates and assumptions.

Fair Value

As investment companies under Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 946, *Financial Services – Investment Companies* ("ASC 946"), BXPE U.S., the Feeder and the Aggregator are required to report investments, including those for which current market values are not readily available, at fair value in accordance with ASC 820, *Fair Value Measurements* ("ASC 820"). ASC 820 defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. The fair value process is used to both recognize the investments in accordance with GAAP and for purposes of computing a monthly Transactional NAV.

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Direct Investments that Are Publicly Traded in Active Markets

Securities that are publicly traded and for which market quotations are readily available will be valued at the closing price of such securities in the principal market in which the security trades. If market quotations are not readily available, the fair value will be determined in good faith by the Sponsor using a widely accepted valuation methodology on the valuation date.

In some cases, securities will include legal and contractual restrictions that limit their purchase or sale for a period of time. A discount to the publicly traded price may be appropriate in instances where a legal restriction is a characteristic of the security. The amount of the discount, if taken, will be determined based on the time period that must pass before the restricted security becomes unrestricted or otherwise available for sale.

Direct Investments that Are Not Publicly Traded

Investments for which market prices are not observable include investments in common equity or preferred equity of operating companies. The primary methodology for determining the fair values of such investments is generally the income approach, whereby fair value is derived based on the present value of cash flows that a business, or security is expected to generate in the future. The most widely used methodology under the income approach is the discounted cash flow method, which includes significant assumptions about the underlying investment's projected net earnings or cash flows, discount rate, capitalization rate and exit multiple. The Sponsor's secondary methodology, generally used to corroborate the results of the income approach, is typically the market approach. The most widely used methodology under the market approach relies upon valuations for comparable public companies, transactions or assets, and includes making judgments about which companies, transactions or assets are comparable. In certain cases, debt and equity securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments and various relationships between investments. Depending on the facts and circumstances associated with the investment, different primary and secondary methodologies may be used, including option value, contingent claims or scenario analysis, yield analysis, projected cash flow through maturity or expiration, probability-weighted methods and/or recent round of financing. Generally, material differences between the primary and secondary approaches will be investigated and updates may be made to model inputs as deemed necessary.

Secondary Investments and Primary Commitments

Secondary market purchases of existing investments in established funds managed by Blackstone affiliates or third-party managers ("Secondary Investments") and capital commitments to commingled, blind pool investment funds managed by Blackstone or third-party managers ("Primary Commitments") are generally valued based on the latest NAV reported or provided by the investment fund's investment advisor or investment manager. NAV as a practical expedient is appropriate if the reported NAV of the investment funds is calculated in a manner consistent with the measurement principles applied to investment companies and the Aggregator has internal processes to independently evaluate the fair value measurement process utilized by underlying investment funds to calculate such funds' NAVs, both of which are in accordance with ASC 946. Such internal processes include the evaluation of the investment fund's own process and related internal controls in place to estimate the fair value of its underlying investments that are included in the NAV calculation, performance of ongoing operational due diligence, review of such funds' financial statements and ongoing monitoring of other relevant qualitative and quantitative factors. If the latest NAV of an investment fund is not available at the time the Registrants are calculating their NAV, the Sponsor will update the last available NAV by recognizing any cash flow activity for the investment fund during the month. Cash flows since the reference date of the last NAV received by an investment fund are recognized by adding the nominal amount of the investment-related capital calls and deducting the nominal amount of investment-related distributions from the NAV as reported.

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Debt and Other Securities

In general, Debt and Other Securities will be valued by the Sponsor based on market quotations or at fair value determined in accordance with the valuation policy and are accounted for on a settlement basis.

Market quotations may be obtained from third-party pricing service providers or, if not available from third-party pricing service providers, broker-dealers for certain of the Aggregator's Debt and Other Securities. Securities that are traded publicly on an exchange or other public market (stocks, exchange traded derivatives and securities convertible into publicly traded securities, such as warrants) will be valued at the closing price of such securities in the principal market in which the security trades.

If market quotations are not readily available (or are otherwise not reliable for a particular investment), the fair value will be determined in good faith by the Sponsor. The primary methodology for determining the fair value of such investments is generally a yield analysis whereby the Sponsor determines if there is adequate collateral value supporting such investments and whether the investment's yield approximates market yield. If the market yield is estimated to approximate the investment's yield, then such investment is valued at its par value. If the market yield is not estimated to approximate the investment's yield, the Sponsor will project the expected cash flows of the investment based on its contractual terms and discount such cash flows back to the valuation date based on an estimated market yield. Market yield is estimated based on a variety of inputs regarding the collateral asset(s) performance and capital market conditions, in each case as determined in good faith by the Sponsor. The Sponsor may determine that certain Investments in Debt and Other Securities will be valued using different procedures.

Sponsor Process on Fair Value

Due to the importance of fair value throughout the financial statements and the significant judgment required to be applied in arriving at those fair values, the Sponsor has developed a process around valuation that incorporates several levels of approval and review from both internal and external sources.

For investments valued utilizing the income method and where the Sponsor has information rights, the Sponsor generally has a direct line of communication with each of the portfolio companies' and underlying assets' finance teams and collects financial data used to support projections used in a discounted cash flow analysis. The valuation team then analyzes the data received and updates the valuation models reflecting any changes in the underlying cash flow projections, weighted-average cost of capital, exit multiple or capitalization rate and any other valuation input relevant to economic conditions.

The results of all valuations of investments are reviewed by the BXPE Fund Program valuation sub-committee, which consists of key personnel including BXPE Fund Program's Chairperson, Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Portfolio Manager and the Investment Manager's Chief Compliance Officer. See "Part I. Item 1. Business — Investment Process Overview" in BXPE U.S.'s Annual Report on Form 10-K for the year ended December 31, 2024. To further corroborate results, each quarter, the Sponsor will engage a qualified, independent valuation advisor to provide positive assurance for the valuations of each of the Aggregator's investments in companies and other private assets ("Direct Investments") prepared by the Sponsor. It is expected that the independent valuation advisor will provide such positive assurance on a rolling basis throughout the quarter, such that the Aggregator's Direct Investments may be reviewed at different times during the quarter but that the independent valuation advisor would provide positive assurance on each Direct Investment at least once per quarter. Additionally, a second independent valuation advisor will provide a more detailed "range of value" analysis on a rolling basis throughout the year, such that the value of Aggregator's Direct Investments may be estimated by an independent valuation advisor at different times during the year but that the

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independent valuation advisor would provide a range of value on each Direct Investment at least once per year. Both independent valuation advisors will be engaged on a monthly basis and will review a portion of the portfolio each month. Finally, valuation is subject to the annual audit of the financial statements performed by our independent auditor.

Servicing Fees

Pursuant to the Dealer Manager Agreement entered into between the Registrants and Blackstone Securities Partners L.P. (the "Dealer Manager"), the Registrants pay the Dealer Manager a servicing fee in the amount of (a) 0.85% per annum of the aggregate NAV for the Class S Units as of the last day of each month, (b) 0.25% per annum of the aggregate NAV for the Class D Units as of the last day of each month, and (c) for BXPE U.S., 0.50% per annum of the aggregate NAV for the Class N Units as of the last day of each month, in each case, payable monthly. Neither the Registrants nor their affiliates pay the Dealer Manager a servicing fee in respect of the purchase of any Class I Units. In calculating the servicing fees, each Registrant uses its respective NAV before giving effect to any accruals for the servicing fee, redemptions, if any, for that month and distributions payable on its Units. The servicing fees are payable to the Dealer Manager, but the Dealer Manager anticipates that all of such fees will be retained by, or reallowed (paid) to, participating brokers or other financial intermediaries.

BXPE U.S. and the Feeder accrue the cost of the servicing fees for the estimated life of their respective Units as a distribution cost at the time they sell Class S Units, Class D Units and, for BXPE U.S., Class N Units. The calculation of the estimated amount of servicing fees to be paid in future periods includes significant estimates including the estimated life of the Units held by a unitholder and judgments including market expectations. Servicing Fees Payable as of September 30, 2025 for BXPE U.S. and the Feeder are $167.6 million and $80.7 million, respectively.

Principles of Consolidation

BXPE U.S., the Feeder and the Aggregator are investment companies under ASC 946. The Registrants will not consolidate an investment in a company other than a controlled investment company subsidiary or a controlled operating company whose business consists of providing services to them. Accordingly, the Feeder consolidated the results of its wholly owned investment company subsidiary, BXPE Feeder (CYM) L.P. All intercompany balances and transactions have been eliminated in consolidation. There is inherent judgment in how to apply ASC Topic 810, *Consolidation* ("ASC 810"), to instances where an investment company invests in another investment company as generally investment companies do not consolidate their investments and rather report them at fair value.

BXPE U.S. considered the guidance in ASC 810, ASC 946 and certain SEC industry guidance in concluding that non-consolidation of the Aggregator by BXPE U.S. was appropriate. In considering ASC 810, the following factors were deemed important in supporting a conclusion that BXPE U.S. does not have a controlling financial interest in the Aggregator: (a) the Aggregator's purpose is to pool investments across funds from various regions, (b) there is no contractual mechanism for BXPE U.S. to control the Aggregator and (c) essentially all of the Aggregator's activities are not conducted solely on behalf of BXPE U.S.

Additionally, the Feeder considered the guidance in ASC 810, ASC 946 and certain SEC industry guidance in concluding that non-consolidation of BXPE U.S. by the Feeder was appropriate. In considering ASC 810, the following factors were deemed important in supporting a conclusion that the Feeder does not have a controlling financial interest in BXPE U.S.: (a) there is no contractual mechanism for the Feeder to control BXPE U.S. and (b) substantially all of BXPE U.S.'s activities are not conducted on behalf of the Feeder.

Both BXPE U.S. and the Feeder believe non-consolidation is the financial presentation that most meaningfully presents the financial position and results of operations. As the investment in and operations of the Aggregator are an integral part of the Registrants' financial statements, three sets of financial statements are included in this report, one for the Feeder, one for BXPE U.S. and one for the Aggregator. Barring a significant change to the activities and structure of the Aggregator or BXPE U.S., we do not expect this consolidation conclusion and the resulting presentation to change.

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Recent Accounting Developments

Information regarding recent accounting developments and their impact on the Feeder, BXPE U.S. and the Aggregator, if any, can be found in Note 2. "Summary of Significant Accounting Policies" in the "Notes to Condensed Consolidated Financial Statements" of the Feeder, Note 2. "Summary of Significant Accounting Policies" in the "Notes to Condensed Financial Statements" of BXPE U.S. and Note 2. "Summary of Significant Accounting Policies" in the "Notes to Condensed Consolidated Financial Statements" of the Aggregator in "Part I. Item 1. Financial Statements" in this Quarterly Report on Form 10-Q.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Uncertainty with respect to economic conditions introduces significant volatility in the financial markets, and the effect of that volatility could materially impact our market risks. We are subject to financial market risks, including fair value risk, foreign exchange risk and interest rate risk.

Fair Value Risk

BXPE makes Private Equity Investments and, to a lesser extent, investments in Debt and Other Securities, all of which are reported at fair value. Determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments made by BXPE. Based on the fair value of the equity investments and debt investments as of September 30, 2025, we estimate that a 10% decline in the fair value of such investments would result in the following impacts to Net Increase in Net Assets Resulting from Operations:

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| | | | |
|:---|:---|:---|:---|
|  | September 30, 2025 | September 30, 2025 | September 30, 2025 |
|  | Feeder | BXPE U.S. | Aggregator (a) |
|  | (Dollars in Thousands) | (Dollars in Thousands) | (Dollars in Thousands) |
|  10% Decline in Fair Value Investments | $(212190) | $(677847) | $(829866) |

---

(a) The Aggregator's Net Increase in Net Assets Resulting from Operations represents the cumulative effect that a decline in fair value of investments has on Net Change in Unrealized Gain (Loss) on Investments, net of Management Fees, Performance Participation Allocation and Administration Fees.

Exchange Rate Risk

BXPE holds investments that are denominated in non-U.S. dollar currencies that may be affected by movements in the rate of exchange between the U.S. dollar and non-U.S. dollar currencies. BXPE may manage exposure to investments in portfolio companies in foreign currencies by hedging such risks. As of September 30, 2025, the Aggregator held foreign currency contracts to hedge a change in exchange rates against the U.S. dollar. Based on the fair value of the equity investments and debt investments as of September 30, 2025, we estimate that a 10% decline in the rate of exchange of all foreign currencies against the U.S. dollar would result in the following impacts to Net Increase in Net Assets Resulting from Operations:

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| | | | |
|:---|:---|:---|:---|
|  | September 30, 2025 | September 30, 2025 | September 30, 2025 |
|  | Feeder | BXPE U.S. | Aggregator (a) |
|  | (Dollars in Thousands) | (Dollars in Thousands) | (Dollars in Thousands) |
|  10% Decline in the Rate of Exchange of All Foreign Currencies Against the U.S. Dollar | $(29200) | $(93889) | $(115348) |

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(a) The Aggregator's Net Increase in Net Assets Resulting from Operations represents the cumulative effect that a decline in the rate of exchange of all foreign currencies against the U.S. dollar has on Net Change in Unrealized Gain (Loss) on Investments, net of Management Fees, Performance Participation Allocation and Administration Fees.

There were no other material changes in our market risks as of September 30, 2025 as compared to March 31, 2025. For additional information, see "Part 1. Item 3. Quantitative and Qualitative Disclosures about Market Risk" in the BXPE U.S. Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 and "Quantitative and Qualitative Disclosures About Market Risk" in "Item 2. Financial Information" of Post-Effective Amendment No. 2 to the Feeder's Registration Statement on Form 10 filed on September 22, 2025.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Each Registrant maintains "disclosure controls and procedures," as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that are designed to ensure that information required to be disclosed by the Registrants, as applicable, in reports that the Registrants, as applicable, file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms, and that such information is accumulated and communicated to the Registrants' management, including the Chairperson and Chief Financial Officer of each of the Registrants, as appropriate, to allow timely decisions regarding required disclosure. In designing disclosure controls and procedures, the Registrants' management, as applicable, was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures. The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired objectives.

The Registrants' management, including the Chairperson and Chief Financial Officer of each of the Registrants, evaluated the effectiveness of each of the Registrant's disclosure controls and procedures pursuant to Rule 13a-15 under the Exchange Act as of the end of the period covered by this report. Based on that evaluation, the Chairperson and Chief Financial Officer of each of the Registrants, have concluded that, as of the end of the period covered by this report, each of the Registrant's disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) are effective at the reasonable assurance level to accomplish their objectives of ensuring that information each of the Registrants are required to disclose in reports that the Registrants file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms, and that such information is accumulated and communicated to each of the Registrant's management, including the Chairperson and Chief Financial Officer of each of the Registrants, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

No change in each of the Registrant's internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the most recent quarter, that has materially affected, or is reasonably likely to materially affect, the Registrants' internal control over financial reporting.

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Part II. Other Information

Item 1. Legal Proceedings

The Registrants are not currently subject to any pending material legal proceedings. From time to time, the Registrants may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Registrants' rights under contracts with our portfolio companies. The Registrants may also be subject to regulatory proceedings.

Item 1A. Risk Factors

For a discussion of our potential risks and uncertainties for BXPE U.S., see the information under the heading "Risk Factors" in its Annual Report on Form 10-K for the year ended December 31, 2024 and in its subsequently filed periodic reports as such factors may be updated from time to time, all of which are accessible on the Securities and Exchange Commission's website at www.sec.gov and www.bxpe.com. For a discussion of the potential risks and uncertainties for the Feeder, see the information under the heading "Risk Factors" in Post-Effective Amendment No. 2 to Form 10 filed September 22, 2025, which is accessible on the Securities and Exchange Commission's website at www.sec.gov. The risks described in BXPE U.S.'s Annual Report on Form 10-K and in the Feeder's Post-Effective Amendment No. 2 to Form 10 are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Unregistered Sales of Equity Securities

All sales of unregistered securities during the three months ended September 30, 2025 were previously disclosed.

Unit Redemptions

The following table sets forth information regarding redemptions of Units during the three months ended September 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | | Total Number of Units | Maximum Number of |
|  | Total Number | Average | Redeemed as Part of | Units that May Yet Be |
|  | of Units | Price Paid | Publicly Announced | Redeemed Under the |
|  | Redeemed | per Unit | Plans or Programs | Plans or Programs |
| Redemption Period (a) | (All Classes) | (All Classes) (b) | (All Classes) | (All Classes) (c) |
|  BXPE U.S. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; July 1, 2025 - July 31, 2025 | 148030 | $30.52 | 148030 |  |
|  Feeder |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; July 1, 2025 - July 31, 2025 | 54384 | $30.07 | 54384 |  |

---

(a) Redemptions were effective as of September 30, 2025.

(b) Average Price Paid per Unit reflects the 5% early redemption deduction, as applicable.

(c) All redemption requests were satisfied in full.

For additional information on our unit redemption plan, including a breakdown by class, see Note 4. "Net Assets — Unit Redemption Plan" in the "Notes to Condensed Consolidated Financial Statements" of the Feeder and in Note 5. "Net Assets — Unit Redemption Plan" in the "Notes to Condensed Financial Statements" of BXPE U.S. in "Part I. Item 1. Financial Statements" in this Quarterly Report on Form 10-Q.

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Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

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Item 6. Exhibits

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| | |
|:---|:---|
| Exhibit<br>Number | Exhibit Description |
| Blackstone Private Equity Strategies Fund L.P. | Blackstone Private Equity Strategies Fund L.P. |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 | [Amendment No. 1 to the Second Amended and Restated Limited Partnership Agreement of Blackstone Private Equity Strategies Fund L.P. (incorporated herein by reference to Exhibit 3.1 to the registrant's Current Report on Form 8-K filed with the SEC on October 1, 2025).](http://www.sec.gov/Archives/edgar/data/1930054/000119312525225905/d939369dex31.htm) |
| 10.1 | [Second Amended and Restated Uncommitted Unsecured Line of Credit, dated as of August 14, 2025, between Blackstone Holdings Finance Co. L.L.C., Blackstone Private Equity Strategies Fund L.P. and Blackstone Private Equity Strategies Fund SICAV — BXPE Feeder SICAV — I (incorporated by reference to Exhibit 10.3 to Blackstone Private Equity Strategies Fund (TE) L.P's Registration Statement on Post-Effective Amendment No. 1 to Form 10 filed with the SEC on August 22, 2025).](http://www.sec.gov/Archives/edgar/data/1953940/000119312525185446/d787220dex103.htm) |
|  31.1\* | [Certification of the Principal Executive Officer pursuant to Rule 13a-14(a).](d12786dex311.htm) |
|  31.2\* | [Certification of the Principal Financial Officer pursuant to Rule 13a-14(a).](d12786dex312.htm) |
|  32.1\*\* | [Certification of the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](d12786dex321.htm) |
|  32.2\*\* | [Certification of the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](d12786dex322.htm) |
| Blackstone Private Equity Strategies Fund (TE) L.P. | Blackstone Private Equity Strategies Fund (TE) L.P. |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2 | [Amendment No. 1 to the Amended and Restated Limited Partnership Agreement of Blackstone Private Equity Strategies Fund (TE) L.P. (incorporated herein by reference to Exhibit 3.2 to the registrant's Current Report on Form 8-K filed with the SEC on October 1, 2025).](http://www.sec.gov/Archives/edgar/data/1930054/000119312525225905/d939369dex32.htm) |
|  31.3\* | [Certification of the Principal Executive Officer pursuant to Rule 13a-14(a).](d12786dex313.htm) |
|  31.4\* | [Certification of the Principal Financial Officer pursuant to Rule 13a-14(a).](d12786dex314.htm) |
|  32.3\*\* | [Certification of the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](d12786dex323.htm) |
|  32.4\*\* | [Certification of the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](d12786dex324.htm) |
| All Registrants | All Registrants |
|  101.INS\* | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
|  101.SCH\* | Inline XBRL Taxonomy Extension Schema with Embedded Linkbases. |
|  104\* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

---

\* Filed herewith.

\*\* Furnished herewith.

------

##### [**Table of Contents**](#toc)
The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

------

##### [**Table of Contents**](#toc)
Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: November 12, 2025

---

| | |
|:---|:---|
| Blackstone Private Equity Strategies Fund L.P. | Blackstone Private Equity Strategies Fund L.P. |
| /s/ Christopher J. James | /s/ Christopher J. James |
| Name: | Christopher J. James |
| Title: | Chairperson |
|  | (Principal Executive Officer) |

---

Date: November 12, 2025

---

| | |
|:---|:---|
| Blackstone Private Equity Strategies Fund L.P. | Blackstone Private Equity Strategies Fund L.P. |
| /s/ Christopher Striano | /s/ Christopher Striano |
| Name: | Christopher Striano |
| Title: | Chief Financial Officer |
|  | (Principal Financial Officer and |
|  | Principal Accounting Officer) |

---

Date: November 12, 2025

---

| | |
|:---|:---|
| Blackstone Private Equity Strategies Fund (TE) L.P. | Blackstone Private Equity Strategies Fund (TE) L.P. |
| /s/ Christopher J. James | /s/ Christopher J. James |
| Name: | Christopher J. James |
| Title: | Chairperson |
|  | (Principal Executive Officer) |

---

Date: November 12, 2025

---

| | |
|:---|:---|
| Blackstone Private Equity Strategies Fund (TE) L.P. | Blackstone Private Equity Strategies Fund (TE) L.P. |
| /s/ Christopher Striano | /s/ Christopher Striano |
| Name: | Christopher Striano |
| Title: | Chief Financial Officer |
|  | (Principal Financial Officer and |
|  | Principal Accounting Officer) |

---

## Exhibit 31.1

**Exhibit 31.1** 

**Principal Executive Officer Certification** 

I, Christopher J. James, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 of Blackstone Private Equity Strategies Fund L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting
(as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the
period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based
on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 12, 2025

---

| |
|:---|
| /s/ Christopher J. James |
| Christopher J. James |
| Chairperson |
| (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2** 

**Principal Financial Officer Certification** 

I, Christopher Striano, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 of Blackstone Private Equity Strategies Fund L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting
(as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the
period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based
on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 12, 2025

---

| |
|:---|
| /s/ Christopher Striano |
| Christopher Striano |
| Chief Financial Officer |
| (Principal Financial Officer) |

---

## Exhibit 31.3

**Exhibit 31.3** 

**Principal Executive Officer Certification** 

I, Christopher J. James, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 of Blackstone Private Equity Strategies Fund (TE) L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the
period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) [Intentionally Omitted];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based
on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 12, 2025

---

| |
|:---|
| /s/ Christopher J. James |
| Christopher J. James |
| Chairperson |
| (Principal Executive Officer) |

---

## Exhibit 31.4

**Exhibit 31.4** 

**Principal Financial Officer Certification** 

I, Christopher Striano, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 of Blackstone Private Equity Strategies Fund (TE) L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the
period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) [Intentionally Omitted];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based
on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 12, 2025

---

| |
|:---|
| /s/ Christopher Striano |
| Christopher Striano |
| Chief Financial Officer |
| (Principal Financial Officer) |

---

## Exhibit 32.1

**Exhibit 32.1** 

**Certification of the Principal Executive Officer** 

**Pursuant to 18 U.S.C. Section 1350,** 

**As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

In connection with the Quarterly Report of Blackstone Private Equity Strategies Fund L.P. (the "Company") on Form 10-Q for the quarter ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Christopher J. James, Chairperson of the Company, certify, pursuant to 18 U.S.C. Section § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: November 12, 2025 |  |
|  | /s/ Christopher J. James |
|  | Christopher J. James |
|  | Chairperson |
|  | (Principal Executive Officer) |

---

\* The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

## Exhibit 32.2

**Exhibit 32.2** 

**Certification of the Principal Financial Officer** 

**Pursuant to 18 U.S.C. Section 1350,** 

**As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

In connection with the Quarterly Report of Blackstone Private Equity Strategies Fund L.P. (the "Company") on Form 10-Q for the quarter ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Christopher Striano, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: November 12, 2025 |  |
|  | /s/ Christopher Striano |
|  | Christopher Striano |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |

---

\* The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

## Exhibit 32.3

**Exhibit 32.3** 

**Certification of the Principal Executive Officer** 

**Pursuant to 18 U.S.C. Section 1350,** 

**As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

In connection with the Quarterly Report of Blackstone Private Equity Strategies Fund (TE) L.P. (the "Company") on Form 10-Q for the quarter ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Christopher J. James, Chairperson of the Company, certify, pursuant to 18 U.S.C. Section § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: November 12, 2025 |  |
|  | /s/ Christopher J. James |
|  | Christopher J. James |
|  | Chairperson |
|  | (Principal Executive Officer) |

---

\* The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

## Exhibit 32.4

**Exhibit 32.4** 

**Certification of the Principal Financial Officer** 

**Pursuant to 18 U.S.C. Section 1350,** 

**As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

In connection with the Quarterly Report of Blackstone Private Equity Strategies Fund (TE) L.P. (the "Company") on Form 10-Q for the quarter ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Christopher Striano, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: November 12, 2025 |  |
|  | /s/ Christopher Striano |
|  | Christopher Striano |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |

---

\* The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

### Attached PDF Documents

**Attachment 1:** `d12786d10q1.pdf`

_No text found in this document._