Blackstone, Inc: 2Q26 Initial Thoughts

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Blackstone, Inc: 2Q26 Initial Thoughts

indexed to a typically short-dated interest rate reference index) are exchanged for fixed coupons. Funding in

a currency that differs from the currency in which coupons are denominated carries FX risk. Options on swaps

(swaptions) the risks typical to options in addition to the risks related to rates movements.

Derivative transactions involve numerous risks including market, counterparty default and illiquidity risk. The

appropriateness of these products for use by investors depends on the investors' own circumstances, including their

tax position, their regulatory environment and the nature of their other assets and liabilities; as such, investors should

take expert legal and financial advice before entering into any transaction similar to or inspired by the contents of this

publication. The risk of loss in futures trading and options, foreign or domestic, can be substantial. As a result of the

high degree of leverage obtainable in futures and options trading, losses may be incurred that are greater than the

amount of funds initially deposited - up to theoretically unlimited losses. Trading in options involves risk and is not

suitable for all investors. Prior to buying or selling an option, investors must review the 'Characteristics and Risks of

Standardized Options", at https://www.theocc.com/company-information/documents-and-archives/options-

disclosure-document. If you are unable to access the website, please contact your Deutsche Bank representative for a

copy of this important document.

Participants in foreign exchange transactions may incur risks arising from several factors, including the following: (i)

exchange rates can be volatile and are subject to large fluctuations; (ii) the value of currencies may be affected by