Blackstone Reports First Quarter 2022 Results

New York, April 21, 2022: Blackstone (NYSE:BX) today reported its first quarter 2022 results.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, "The first quarter represented one of the best

in Blackstone's 36-year history despite an extremely challenging market backdrop. Our flagship strategies delivered

significant outperformance for investors while our powerful platform expansion continued with $50 billion of

inflows in the quarter. This translated once again to exceptional financial results for our shareholders."

Blackstone issued a full detailed presentation of its first quarter 2022 results, which can be viewed at

www.blackstone.com.

Dividend

Blackstone has declared a quarterly dividend of $1.32 per share to record holders of common stock at the close of

business on May 2, 2022. This dividend will be paid on May 9, 2022.

Quarterly Investor Call Details

Blackstone will host its first quarter 2022 investor conference via public webcast on April 21, 2022 at 9:00 a.m. ET.

To register, please use the following link:

https://event.webcasts.com/starthere.jsp?ei=1541131&tp_key=e885c96742. For those unable to listen to the live

broadcast, there will be a webcast replay on the Shareholders section of Blackstone's website at

https://ir.blackstone.com/.

Blackstone

345 Park Avenue, New York, NY 10154

T 212 583 5000

www.blackstone.com

About Blackstone

Blackstone is the world's largest alternative asset manager. We seek to create positive economic impact and long-

term value for our investors, the companies we invest in, and the communities in which we work. We do this by

using extraordinary people and flexible capital to help companies solve problems. Our $915 billion in assets under

management include investment vehicles focused on private equity, real estate, public debt and equity,

infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary

funds, all on a global basis. Further information is available at www.blackstone.com. Follow @blackstone on

LinkedIn, Twitter, and Instagram.

Forward-Looking Statements

This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act

of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our

current views with respect to, among other things, our operations, taxes, earnings and financial performance, share

repurchases and dividends. You can identify these forward-looking statements by the use of words such as

"outlook," "indicator," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks,"

"approximately," "predicts," "intends," "plans," "scheduled," "estimates," "anticipates," "opportunity," "leads,"

"forecast" or the negative version of these words or other comparable words. Such forward-looking statements are

subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause

actual outcomes or results to differ materially from those indicated in these statements. We believe these factors

include but are not limited to the impact of the novel coronavirus ("COVID-19"), as well as those described under

the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2021, as

such factors may be updated from time to time in our periodic filings with the United States Securities and

Exchange Commission ("SEC"), which are accessible on the SEC's website at www.sec.gov. These factors should not

be construed as exhaustive and should be read in conjunction with the other cautionary statements that are

included in this report and in our other periodic filings. The forward-looking statements speak only as of the date of

this report, and we undertake no obligation to publicly update or review any forward-looking statement, whether

as a result of new information, future developments or otherwise.

2

This presentation does not constitute an offer of any Blackstone Fund.

Investor and Media Relations Contacts

Weston Tucker

Blackstone

Tel: +1 (212) 583-5231

tucker@blackstone.com

Christine Anderson

Blackstone

Tel: +1 (212) 583-5182

christine.anderson@blackstone.com

3

Blackstone's First

Quarter 2022 Earnings

APRIL 21, 2022

BLACKSTONE'S FIRST QUARTER 2022 GAAP RESULTS

§

GAAP Net Income was $2.5 billion for the quarter and $11.5 billion over the last twelve months ("LTM"). GAAP Net Income Attributable to Blackstone Inc. was $1.2 billion for the quarter and $5.3 billion over the LTM.
($ in thousands, except per share data) (unaudited) 1Q'21 1Q'22 1Q'21 LTM 1Q'22 LTM

Revenues

Management and Advisory Fees, Net

$

1,177,815

$

1,475,936

$

4,335,532

$

5,468,828

Incentive Fees

36,124

104,489

162,624

322,356

Investment Income

Performance Allocations

Realized

534,367

1,766,386

2,472,837

6,885,471

Unrealized

2,464,497

1,293,050

5,533,185

7,503,799

Principal Investments

Realized

355,038

285,104

697,971

933,888

Unrealized

639,315

73,961

1,484,073

890,847

Total Investment Income

3,993,217

3,418,501

10,188,066

16,214,005

Interest and Dividend Revenue

31,412

54,485

121,559

183,716

Other

60,304

72,869

(331,018

)

215,651

Total Revenues

$

5,298,872

$

5,126,280

$

14,476,763

$

22,404,556

Expenses

Compensation and Benefits

Compensation

542,638

656,505

1,921,714

2,275,840

Incentive Fee Compensation

13,325

41,019

51,228

125,806

Performance Allocations Compensation

Realized

213,027

717,601

983,834

2,816,567

Unrealized

1,049,969

472,284

2,292,831

3,200,363

Total Compensation and Benefits

1,818,959

1,887,409

5,249,607

8,418,576

General, Administrative and Other

185,122

240,674

739,338

973,399

Interest Expense

44,983

66,747

169,501

220,032

Fund Expenses

2,383

2,192

10,642

10,185

Total Expenses

$

2,051,447

$

2,197,022

$

6,169,088

$

9,622,192

Other Income (Loss)

Change in Tax Receivable Agreement Liability

2,910

761

(31,878

)

(4,908

)

Net Gains from Fund Investment Activities

120,353

50,876

478,269

392,147

Income Before Provision for Taxes

$

3,370,688

$

2,980,895

$

8,754,066

$

13,169,603

Provision (Benefit) for Taxes

(447

)

483,281

514,270

1,668,129

Net Income

$

3,371,135

$

2,497,614

$

8,239,796

$

11,501,474

Net Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities

629

5,052

2,200

10,163

Net Income Attributable to Non-Controlling Interests in Consolidated Entities

386,850

216,375

1,249,044

1,454,831

Net Income Attributable to Non-Controlling Interests in Blackstone Holdings

1,235,784

1,059,313

3,128,825

4,710,081

Net Income Attributable to Blackstone Inc. ("BX")

$

1,747,872

$

1,216,874

$

3,859,727

$

5,326,399

Net Income Per Share of Common Stock, Basic

$

2.47

$

1.66

$

5.49

$

7.34

Net Income Per Share of Common Stock, Diluted

$

2.46

$

1.66

$

5.49

$

7.33

Income Before Provision for Taxes Margin

63.6

%

58.1

%

60.5%

58.8%

Throughout this presentation, all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See pages 34-36, Definitions and
Dividend Policy, for definitions of terms used throughout this presentation. See additional notes on page 32.

Blackstone | 1

BLACKSTONE'S FIRST QUARTER 2022 HIGHLIGHTS

Financial Measures

§   Fee Related Earnings ("FRE") of $1.1 billion ($0.95/share) in the quarter, up 55% year-over-year

-  FRE was $4.5 billion over the LTM ($3.70/share)

§   Distributable Earnings ("DE") of $1.9 billion ($1.55/share) in the quarter, up 63% year-over-year

-  DE was $6.9 billion over the LTM ($5.36/share)

§   Net Accrued Performance Revenues of $9.5 billion ($7.94/share), up 84% year-over-year

Capital Metrics

§   Total Assets Under Management ("AUM") of $915.5 billion, up 41% year-over-year

-  Fee-Earning AUM of $677.9 billion, up 41% year-over-year

-  Perpetual Capital AUM of $338.2 billion, up 127% year-over-year

§   Inflows of $49.9 billion in the quarter and $288.7 billion over the LTM

§   Realizations of $23.2 billion in the quarter and $85.6 billion over the LTM

§   Deployment of $22.8 billion in the quarter and $149.5 billion over the LTM

Capital Returned
to Shareholders

§   Dividend of $1.32 per common share payable on May 9, 2022

-  Dividends of $4.56 per common share over the LTM

§   $1.7 billion to be distributed to shareholders with respect to the first quarter and $7.2 billion over the LTM through dividends and share repurchases

Notes on page 32.

Blackstone | 2

BLACKSTONE'S FIRST QUARTER 2022 SEGMENT EARNINGS

% Change % Change

($ in thousands, except per share data)

1Q'21 1Q'22 vs. 1Q'21 1Q'21 LTM 1Q'21 LTM vs. 1Q'21 LTM

Management and Advisory Fees, Net

$

1,178,205

$

1,473,368

25%

$

4,348,803

$

5,462,405

26%

Fee Related Performance Revenues

169,168

558,065

230%

535,378

2,414,141

351%

Fee Related Compensation

(445,110

)

(670,471

)

51%

(1,595,416

)

(2,573,371

)

61%

Other Operating Expenses

(161,424

)

(214,098

)

33%

(645,756

)

(846,351

)

31%

Fee Related Earnings

$

740,839

$

1,146,864

55%

$

2,643,009

$

4,456,824

69%

Realized Performance Revenues

401,323

1,312,810

227%

2,100,083

4,794,599

128%

Realized Performance Compensation

(150,924

)

(519,120

)

244%

(793,969

)

(1,925,766

)

143%

Realized Principal Investment Income

298,156

157,095

(47)%

436,799

446,705

2%

Net Realizations

548,555

950,785

73%

1,742,913

3,315,538

90%

Total Segment Distributable Earnings

$

1,289,394

$

2,097,649

63%

$

4,385,922

$

7,772,362

77%

Net Interest and Dividend Income (Loss)

(12,928

)

(12,117

)

(6)%

(43,897

)

(32,777

)

(25)%

Taxes and Related Payables

(84,222

)

(147,652

)

75%

(365,296

)

(823,112

)

125%

Distributable Earnings

$

1,192,244

$

1,937,880

63%

$

3,976,729

$

6,916,473

74%

Additional Metrics:

FRE per Share

$

0.62

$

0.95

53%

$

2.20

$

3.70

68%

DE per Common Share

$

0.96

$

1.55

61%

$

3.15

$

5.36

70%

Total Segment Revenues

$

2,046,852

$

3,501,338

71%

$

7,421,063

$

13,117,850

77%

Total Assets Under Management

$

648,803,007

$

915,491,742

41%

$

648,803,007

$

915,491,742

41%

Fee-Earning Assets Under Management

$

481,225,407

$

677,943,302

41%

$

481,225,407

$

677,943,302

41%

Fee Related Earnings per Share is based on end of period DE Shares Outstanding (see page 23, Share Summary). DE per Common Share is based on DE Attributable

to Common Shareholders (see page 22, Shareholder Dividends) and end of period Participating Common Shares outstanding. LTM per Share amounts represent the

sum of the last four quarters. See pages 30-31 for the Reconciliation of GAAP to Total Segment Measures.

Blackstone | 3

SUMMARY OF FINANCIALS

§

LTM Fee Related Earnings of $3.70 per share, an increase of 68% year-over-year.

§

LTM Total Segment Distributable Earnings were $7.8 billion, an increase of 77% year-over-year.

Fee Related Earnings per Share

Segment Distributable Earnings

($ in millions)

FRE Margin is calculated by dividing Fee Related Earnings by Fee Related Revenues (defined as the sum of Total Segment Management and Advisory Fees, Net and

Fee Related Performance Revenues). If quarterly crystallization of BREIT's fee related performance revenues had been in effect for all quarters included in the

current and prior year LTM periods, LTM FRE would have been up 61% year-over-year and LTM Segment DE would have been up 72% year-over-year. See notes on

page 32 for additional details.

Blackstone | 4

INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES

§ Strong appreciation across strategies led to a 9% increase in Net Accrued Performance Revenues quarter-over-
quarter to $9.5 billion ($7.94/share).

Investment Performance

(appreciation / gross returns)

1Q'22

1Q'22 LTM

Real Estate

Opportunistic

10.3%

47.6%

Core+

7.9%

30.9%

Private Equity

Corporate Private Equity

2.8%

30.0%

Tactical Opportunities

1.8%

22.0%

Secondaries

8.5%

41.1%

Hedge Fund Solutions

BPS Composite

1.2%

6.9%

Credit & Insurance

Private Credit

1.7%

15.8%

Liquid Credit

(0.5)%

3.0%

Net Accrued Performance Revenues

($ in millions)

Investment Performance represents fund appreciation for Real Estate and Private Equity and gross returns for Hedge Fund Solutions and Credit & Insurance. Secondaries appreciation is

reported on a three-month lag from the fund financial reporting. Effective 3Q'21, the Secondaries fund financial reporting process was updated to generally report underlying fund

investments on a same-quarter basis, if available. Previously such fund financial reporting was generally on a three-month lag. This update has permitted Secondaries appreciation to

be reported on a more current basis. Secondaries appreciation is presented above as if the updated reporting process was in place for prior periods. Secondaries appreciation for 1Q'22

is not impacted by the reporting process change. Including the "catch up" from the reporting process change to reflect the economic and market activity of five quarters in 1Q'22 LTM,

Secondaries appreciation was 55.9% for 1Q'22 LTM. BPS Composite net returns were 1.0% and 5.9% for 1Q'22 and 1Q'22 LTM, respectively. Private Credit net returns were 0.8% and

10.6% for 1Q'22 and 1Q'22 LTM, respectively. Liquid Credit net returns were (0.6)% and 2.7% for 1Q'22 and 1Q'22 LTM, respectively. See notes on pages 32-33 for additional details on

investment performance.

Blackstone | 5

CAPITAL METRICS - ADDITIONAL DETAIL

§

Inflows were $49.9 billion in the quarter, bringing LTM inflows to $288.7 billion.

§

Realizations were $23.2 billion in the quarter and $85.6 billion over the LTM.

§

Deployed $22.8 billion in the quarter and $149.5 billion over the LTM.
-

Committed an additional $16.5 billion that was not yet deployed in the quarter.

Inflows Realizations Capital Deployed

($ in millions)

1Q'22 1Q'22 LTM 1Q'22 1Q'22 LTM 1Q'22 1Q'22 LTM

Real Estate

$

17,043

$

83,720

$

9,538

$

27,074

$

7,491

$

47,153

Opportunistic

2,391

10,582

5,762

17,306

1,519

10,064

Core+

12,196

42,606

2,779

6,761

4,878

33,888

BREDS

2,457

30,532

997

3,008

1,094

3,201

Private Equity

9,234

55,260

7,726

36,249

7,513

49,920

Corporate Private Equity

2,505

12,605

4,133

18,178

3,005

20,705

Tactical Opportunities

1,422

9,156

875

6,983

1,991

7,044

Secondaries

2,834

24,298

2,400

10,248

2,288

12,369

Infrastructure

2,473

9,202

316

840

229

9,802

Hedge Fund Solutions

4,015

13,870

438

1,872

428

4,844

Credit & Insurance

19,583

135,892

5,534

20,382

7,352

47,574

Total Blackstone

$

49,875

$

288,743

$

23,236

$

85,577

$

22,784

$

149,490

Corporate Private Equity also includes Life Sciences and BTAS. Tactical Opportunities also includes Blackstone Growth.

Blackstone | 6

ASSETS UNDER MANAGEMENT

§

Total AUM increased to $915.5 billion, up 41% year-over-year, with $49.9 billion of inflows in the quarter
and $288.7 billion over the LTM.

§

Fee-Earning AUM of $677.9 billion was up 41% year-over-year, with $45.4 billion of inflows in the quarter
and $246.7 billion over the LTM.

§

Perpetual Capital AUM reached $338.2 billion, up 127% year-over-year.
-

Fee-Earning Perpetual Capital AUM reached $294.6 billion, representing 43% of Fee-Earning AUM.

Total AUM

($ in billions)

Fee-Earning AUM

($ in billions)

Perpetual Capital AUM

($ in billions)

Blackstone | 7

ADDITIONAL CAPITAL DETAIL

§

Invested Performance Eligible AUM reached $481.3 billion at quarter end, up 50% year-over-year.

§

Undrawn capital ("Total Dry Powder") available for investment of $139.3 billion.
Invested Performance Eligible AUM Total Dry Powder
($ in billions) ($ in billions)
Invested Performance Eligible AUM represents the fair value of invested assets that are eligible to earn performance revenues.

Blackstone | 8

Segment Highlights

Blackstone | 9

REAL ESTATE

§

Total AUM: Increased 52% to $298.2 billion with inflows of $17.0 billion in the quarter and $83.7 billion over the LTM.
-

Inflows during the quarter included $9.8 billion in BREIT, $1.9 billion across BPP, $1.1 billion in the third Asian opportunistic fund which commenced its investment period on March 4, and €469 million capital raised in BEPIF.

-

April 1 subscriptions of $2.5 billion in BREIT not yet included in Total AUM.

§

Realizations: $9.5 billion in the quarter and $27.1 billion over the LTM; realizations include $4.3 billion of proceeds primarily from refinancings across the BREP U.S. logistics portfolio.
-

In the quarter, BREIT's fee related performance revenue was amended to crystallize quarterly instead of annually.

§

Capital Deployed: $7.5 billion in the quarter and $47.2 billion over the LTM.
-

Committed an additional $9.4 billion that was not yet deployed in the quarter; commitments include the privatization of a publicly traded U.S. REIT and a public Australian casino operator.

§

Appreciation: Opportunistic funds and Core+ funds appreciated 10.3% and 7.9% for the quarter, and 47.6% and 30.9% over the LTM, respectively, driven by strong performance in global logistics, residential and life sciences portfolios.

% Change

% Change

($ in thousands)

1Q'21

1Q'22

vs. 1Q'21

1Q'21 LTM

1Q'22 LTM

vs. 1Q'21 LTM

Management Fees, Net

$

451,582

$

619,711

37%

$

1,704,149

$

2,220,437

30%

Fee Related Performance Revenues

155,392

491,517

216%

489,002

2,031,144

315%

Fee Related Compensation

(188,492

)

(344,842

)

83%

(686,301

)

(1,317,699

)

92%

Other Operating Expenses

(44,362

)

(66,003

)

49%

(187,018

)

(256,146

)

37%

Fee Related Earnings

$

374,120

$

700,383

87%

$

1,319,832

$

2,677,736

103%

Realized Performance Revenues

88,638

802,916

806%

832,686

1,833,890

120%

Realized Performance Compensation

(22,762

)

(290,031

)

n/m

(322,068

)

(710,489

)

121%

Realized Principal Investment Income

100,820

53,975

(46)%

118,284

150,024

27%

Net Realizations

166,696

566,860

240%

628,902

1,273,425

102%

Segment Distributable Earnings

$

540,816

$

1,267,243

134%

$

1,948,734

$

3,951,161

103%

Segment Revenues

$

796,432

$

1,968,119

147%

$

3,144,121

$

6,235,495

98%

Total AUM

$

196,277,032

$

298,196,783

52%

$

196,277,032

$

298,196,783

52%

Fee-Earning AUM

$

155,851,794

$

240,621,453

54%

$

155,851,794

$

240,621,453

54%

Blackstone | 10

PRIVATE EQUITY

§

Total AUM: Increased 27% to $268.0 billion with inflows of $9.2 billion in the quarter and $55.3 billion over the LTM.
-

Inflows in the quarter included $2.5 billion in Blackstone Infrastructure Partners and $749 million for the ninth Secondaries fund.

§

Realizations: $7.7 billion in the quarter and $36.2 billion over the LTM; realizations in the quarter included proceeds from IntraFi, Apria, and other private and public sales.

§

Capital Deployed: $7.5 billion in the quarter and $49.9 billion over the LTM, including investments in Renaissance Learning, Interplex, and ASK Investment Management during the quarter.
-

Committed an additional $2.0 billion that was not yet deployed in the quarter.

§

Appreciation: Corporate Private Equity appreciated 2.8% in the quarter and 30.0% over the LTM.
-

Tactical Opportunities appreciated 1.8% in the quarter and 22.0% over the LTM; Secondaries appreciated 8.5% in the quarter and 41.1% over the LTM.

% Change

% Change

($ in thousands)

1Q'21

1Q'22

vs. 1Q'21

1Q'21 LTM

1Q'22 LTM

vs. 1Q'21 LTM

Management and Advisory Fees, Net

$

406,448

$

406,988

0%

$

1,410,116

$

1,663,471

18%

Fee Related Performance Revenues

-

(648

)

n/m

-

211,480

n/m

Fee Related Compensation

(140,597

)

(151,050

)

7%

(485,767

)

(673,277

)

39%

Other Operating Expenses

(51,055

)

(67,744

)

33%

(205,267

)

(281,157

)

37%

Fee Related Earnings

$

214,796

$

187,546

(13)%

$

719,082

$

920,517

28%

Realized Performance Revenues

255,845

450,238

76%

1,021,262

2,457,492

141%

Realized Performance Compensation

(111,209

)

(206,703

)

86%

(423,515

)

(1,038,693

)

145%

Realized Principal Investment Income

115,403

65,438

(43)%

177,145

213,403

20%

Net Realizations

260,039

308,973

19%

774,892

1,632,202

111%

Segment Distributable Earnings

$

474,835

$

496,519

5%

$

1,493,974

$

2,552,719

71%

Segment Revenues

$

777,696

$

922,016

19%

$

2,608,523

$

4,545,846

74%

Total AUM

$

211,801,085

$

267,956,351

27%

$

211,801,085

$

267,956,351

27%

Fee-Earning AUM

$

131,903,347

$

160,946,196

22%

$

131,903,347

$

160,946,196

22%

See note on page 5 for additional details on Secondaries appreciation.

Blackstone | 11

HEDGE FUND SOLUTIONS

§

Total AUM: Record $82.9 billion with inflows of $4.0 billion in the quarter and $13.9 billion over the LTM.
-

Increase driven by fundraising activities as well as market appreciation of $754 million in the quarter and $4.8 billion over the LTM.

-

April 1 subscriptions of $226 million not yet included in Total AUM.

§

Returns: BPS Composite gross return of 1.2% in the quarter (1.0% net).
-

Gross returns of 6.9% over the LTM (5.9% net), with significantly less volatility than the broader markets, compared to 0.9% return for the HFRX Global Hedge Fund Index.

% Change

% Change

($ in thousands)

1Q'21

1Q'22

vs. 1Q'21

1Q'21 LTM

1Q'22 LTM

vs. 1Q'21 LTM

Management Fees, Net

$

154,821

$

146,446

(5)%

$

602,528

$

639,508

6%

Fee Related Compensation

(38,850

)

(47,235

)

22%

(154,372

)

(164,900

)

7%

Other Operating Expenses

(19,172

)

(23,184

)

21%

(80,263

)

(98,804

)

23%

Fee Related Earnings

$

96,799

$

76,027

(21)%

$

367,893

$

375,804

2%

Realized Performance Revenues

31,573

28,913

(8)%

209,595

288,320

38%

Realized Performance Compensation

(6,908

)

(9,000

)

30%

(37,187

)

(78,793

)

112%

Realized Principal Investment Income

35,550

14,901

(58)%

90,269

36,084

(60)%

Net Realizations

60,215

34,814

(42)%

262,677

245,611

(6)%

Segment Distributable Earnings

$

157,014

$

110,841

(29)%

$

630,570

$

621,415

(1)%

Segment Revenues

$

221,944

$

190,260

(14)%

$

902,392

$

963,912

7%

Total AUM

$

81,819,220

$

82,896,827

1%

$

81,819,220

$

82,896,827

1%

Fee-Earning AUM

$

76,614,206

$

75,685,828

(1)%

$

76,614,206

$

75,685,828

(1)%

Blackstone | 12

CREDIT & INSURANCE

§

Total AUM: Increased 68% to $266.4 billion with inflows of $19.6 billion in the quarter and $135.9 billion over the LTM.
-

Inflows during the quarter included $5.2 billion of equity raised for BCRED and $3.7 billion for Direct Lending SMAs.

-

April 1 subscriptions of $1.6 billion for BCRED not yet included in Total AUM.

-

Closed 3 new CLOs (2 U.S. and 1 European) for $2.3 billion and closed 3 CLO refinancings and resets (2 U.S. and 1 European) for $1.6 billion.

§

Realizations: $5.5 billion in the quarter and $20.4 billion over the LTM.

§

Capital Deployed: $7.4 billion in the quarter, driven by $5.1 billion in Direct Lending, and $47.6 billion over the LTM; committed an additional $5.1 billion that was not yet deployed in the quarter.

§

Returns: Private Credit gross return of 1.7% (0.8% net) and Liquid Credit gross return of (0.5)% ((0.6)% net) for the quarter.

% Change

% Change

($ in thousands)

1Q'21

1Q'22

vs. 1Q'21

1Q'21 LTM

1Q'22 LTM

vs. 1Q'21 LTM

Management Fees, Net

$

165,354

$

300,223

82%

$

632,010

$

938,989

49%

Fee Related Performance Revenues

13,776

67,196

388%

46,376

171,517

270%

Fee Related Compensation

(77,171

)

(127,344

)

65%

(268,976

)

(417,495

)

55%

Other Operating Expenses

(46,835

)

(57,167

)

22%

(173,208

)

(210,244

)

21%

Fee Related Earnings

$

55,124

$

182,908

232%

$

236,202

$

482,767

104%

Realized Performance Revenues

25,267

30,743

22%

36,540

214,897

488%

Realized Performance Compensation

(10,045

)

(13,386

)

33%

(11,199

)

(97,791

)

773%

Realized Principal Investment Income

46,383

22,781

(51)%

51,101

47,194

(8)%

Net Realizations

61,605

40,138

(35)%

76,442

164,300

115%

Segment Distributable Earnings

$

116,729

$

223,046

91%

$

312,644

$

647,067

107%

Segment Revenues

$

250,780

$

420,943

68%

$

766,027

$

1,372,597

79%

Total AUM

$

158,905,670

$

266,441,781

68%

$

158,905,670

$

266,441,781

68%

Fee-Earning AUM

$

116,856,060

$

200,689,825

72%

$

116,856,060

$

200,689,825

72%

Blackstone | 13

Supplemental Details

Blackstone | 14

TOTAL SEGMENTS

($ in thousands)

1Q'21

2Q'21

3Q'21

4Q'21

1Q'22

1Q'21 LTM

1Q'22 LTM

Base Management Fees

$

1,117,290

$

1,140,051

$

1,207,866

$

1,354,068

$

1,439,149

$

4,178,948

$

5,141,134

Transaction, Advisory and Other Fees, Net

78,640

78,125

114,784

120,389

64,009

235,850

377,307

Management Fee Offsets

(17,725

)

(5,434

)

(2,575

)

(18,237

)

(29,790

)

(65,995

)

(56,036

)

Total Management and Advisory Fees, Net

1,178,205

1,212,742

1,320,075

1,456,220

1,473,368

4,348,803

5,462,405

Fee Related Performance Revenues

169,168

48,889

73,313

1,733,874

558,065

535,378

2,414,141

Fee Related Compensation

(445,110

)

(375,385

)

(419,481

)

(1,108,034

)

(670,471

)

(1,595,416

)

(2,573,371

)

Other Operating Expenses

(161,424

)

(182,178

)

(194,942

)

(255,133

)

(214,098

)

(645,756

)

(846,351

)

Fee Related Earnings

$

740,839

$

704,068

$

778,965

$

1,826,927

$

1,146,864

$

2,643,009

$

4,456,824

Realized Performance Revenues

401,323

792,938

1,497,477

1,191,374

1,312,810

2,100,083

4,794,599

Realized Performance Compensation

(150,924

)

(338,271

)

(619,074

)

(449,301

)

(519,120

)

(793,969

)

(1,925,766

)

Realized Principal Investment Income

298,156

63,132

151,010

75,468

157,095

436,799

446,705

Total Net Realizations

548,555

517,799

1,029,413

817,541

950,785

1,742,913

3,315,538

Total Segment Distributable Earnings

$

1,289,394

$

1,221,867

$

1,808,378

$

2,644,468

$

2,097,649

$

4,385,922

$

7,772,362

Net Interest and Dividend Income (Loss)

(12,928

)

(11,201

)

(16,238

)

6,779

(12,117

)

(43,897

)

(32,777

)

Taxes and Related Payables

(84,222

)

(140,673

)

(156,867

)

(377,920

)

(147,652

)

(365,296

)

(823,112

)

Distributable Earnings

$

1,192,244

$

1,069,993

$

1,635,273

$

2,273,327

$

1,937,880

$

3,976,729

$

6,916,473

Additional Metrics:

Total Segment Revenues

$

2,046,852

$

2,117,701

$

3,041,875

$

4,456,936

$

3,501,338

$

7,421,063

$

13,117,850

Total Assets Under Management

$

648,803,007

$

684,028,712

$

730,662,712

$

880,901,720

$

915,491,742

$

648,803,007

$

915,491,742

Fee-Earning Assets Under Management

$

481,225,407

$

498,932,526

$

528,412,550

$

649,969,058

$

677,943,302

$

481,225,407

$

677,943,302

Blackstone | 15

ASSETS UNDER MANAGEMENT - ROLLFORWARD

Total AUM Rollforward

($ in millions)

Three Months Ended March 31, 2022 Twelve Months Ended March 31, 2022

Real

Estate

Private
Equity		 Hedge Fund
Solutions		 Credit &
Insurance		 Total

Real

Estate

Private
Equity		 Hedge Fund
Solutions		 Credit &
Insurance		 Total

Beginning Balance

$

279,474

$

261,471

$

81,334

$

258,622

$

880,902

$

196,277

$

211,801

$

81,819

$

158,906

$

648,803

Inflows

17,043

9,234

4,015

19,583

49,875

83,720

55,260

13,870

135,892

288,743

Outflows

(2,296)

(1,420)

(2,768)

(3,520)

(10,004)

(5,632)

(3,639)

(15,708)

(11,140)

(36,119)

Net Flows

14,748

7,813

1,247

16,063

39,871

78,087

51,622

(1,837)

124,752

252,624

Realizations

(9,538)

(7,726)

(438)

(5,534)

(23,236)

(27,074)

(36,249)

(1,872)

(20,382)

(85,577)

Market Activity

13,513

6,398

754

(2,710)

17,955

50,907

40,782

4,787

3,166

99,642

Ending Balance

$

298,197

$

267,956

$

82,897

$

266,442

$

915,492

$

298,197

$

267,956

$

82,897

$

266,442

$

915,492

% Change

7%

2%

2%

3%

4%

52%

27%

1%

68%

41%

Fee-Earning AUM Rollforward

($ in millions)

Three Months Ended March 31, 2022 Twelve Months Ended March 31, 2022

Real

Estate

Private
Equity		 Hedge Fund
Solutions		 Credit &
Insurance		 Total

Real

Estate

Private
Equity		 Hedge Fund
Solutions		 Credit &
Insurance		 Total

Beginning Balance

$

221,477

$

156,557

$

74,035

$

197,901

$

649,969

$

155,852

$

131,903

$

76,614

$

116,856

$

481,225

Inflows

22,791

5,450

4,170

12,949

45,360

87,282

38,508

12,820

108,074

246,685

Outflows

(4,290)

(873)

(2,582)

(3,072)

(10,817)

(6,539)

(3,958)

(15,940)

(9,904)

(36,342)

Net Flows

18,501

4,577

1,588

9,877

34,543

80,743

34,550

(3,120)

98,170

210,343

Realizations

(5,292)

(2,688)

(363)

(3,496)

(11,839)

(17,647)

(12,805)

(1,743)

(13,024)

(45,220)

Market Activity

5,935

2,500

426

(3,592)

5,270

21,674

7,298

3,935

(1,312)

31,595

Ending Balance

$

240,621

$

160,946

$

75,686

$

200,690

$

677,943

$

240,621

$

160,946

$

75,686

$

200,690

$

677,943

% Change

9%

3%

2%

1%

4%

54%

22%

(1)%

72%

41%

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

acquisitions. Outflows represent redemptions, client withdrawals and decreases in available capital (expired capital, expense drawdowns and decreased side-by-side commitments).

Realizations represent realization proceeds from the disposition or other monetization of assets, current income or capital returned to investors from CLOs. Market Activity includes

realized and unrealized gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations. AUM is reported in the segment where the assets are managed.

Total AUM Market Activity for the LTM period includes an adjustment for a change in methodology, see additional notes on page 33.

Blackstone | 16

DECONSOLIDATED BALANCE SHEET HIGHLIGHTS

§

At March 31, 2022, Blackstone had $8.8 billion in total cash, cash equivalents, corporate treasury, and other investments and $20.6 billion of cash and net investments, or $17.15 per share.

§

Blackstone has a $2.3 billion undrawn credit revolver and maintains A+/A+ ratings.

($ in millions)

1Q'22

Cash and Cash Equivalents

$ 3,869

Corporate Treasury and
Other Investments

4,958

GP/Fund Investments

2,235

Net Accrued Performance
Revenues

9,546

Cash and Net Investments

$ 20,608

Outstanding Debt (at par)

9,060

Cash and Net Investments

(per share)

A+ / A+

rated by S&P and Fitch

$2.3B

credit revolver with

November 2025 maturity

$8.8B

total cash, corporate

treasury and other

Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $3.5 billion as of March 31, 2022, which was comprised of

$1.1 billion of liquid investments and $2.4 billion of illiquid investments. See notes on pages 29 and 33 for additional details on non-GAAP balance sheet

measures.

Blackstone | 17

NET ACCRUED PERFORMANCE REVENUES - ADDITIONAL DETAIL

($ in millions, except per share data)

1Q'21 4Q'21 1Q'22 1Q'22
Per Share

Real Estate

BREP IV

$

18

$

22

$

6

$

0.01

BREP V

18

36

1

0.00

BREP VI

39

33

38

0.03

BREP VII

253

481

527

0.44

BREP VIII

519

962

990

0.82

BREP IX

198

901

1,139

0.95

BREP Europe IV

92

89

93

0.08

BREP Europe V

244

521

548

0.46

BREP Europe VI

-

253

301

0.25

BREP Asia I

179

126

126

0.10

BREP Asia II

78

162

189

0.16

BPP

189

505

734

0.61

BREIT

82

-

-

-

BEPIF

-

2

6

0.00

BREDS

31

46

37

0.03

BTAS

1

57

83

0.07

Real Estate

$

1,941

$

4,197

$

4,817

$

4.01

Private Equity

BCP IV

9

8

8

$

0.01

BCP V

37

45

-

-

BCP VI

746

469

475

0.40

BCP VII

987

1,313

1,257

1.05

BCP VIII

41

275

315

0.26

BCP Asia I

105

380

330

0.27

BEP I

52

27

27

0.02

BEP III

34

68

93

0.08

BCEP

147

214

222

0.19

Tactical Opportunities

320

382

378

0.31

Growth

39

36

12

0.01

Secondaries

157

489

570

0.47

Infrastructure

43

-

106

0.09

Life Sciences

19

21

22

0.02

BTAS/Other

93

211

255

0.21

Private Equity

$

2,831

$

3,939

$

4,070

$

3.39

Hedge Fund Solutions

$

214

$

280

$

342

$

0.28

Credit & Insurance

$

216

$

323

$

318

$

0.26

Net Accrued Performance Revenues

$

5,202

$

8,738

$

9,546

$

7.94

1Q'22 QoQ Rollforward

($ in millions)

Net

Net

Performance

Realized

4Q'21

Revenues

Distributions

1Q'22

Real Estate

$ 4,197 $ 1,417 $ (796 ) $ 4,817

Private Equity

3,939 374 (243 ) 4,070

HFS

280 88 (26 ) 342

Credit &
Insurance

323 51 (56 ) 318

Total

$ 8,738 $ 1,930 $ (1,121 ) $ 9,546

QoQ Change

9%

1Q'22 LTM Rollforward

($ in millions)

Net

Net

Performance

Realized

1Q'21

Revenues

Distributions

1Q'22

Real Estate

$ 1,941 $ 5,198 $ (2,322 ) $ 4,817

Private Equity

2,831 2,777 (1,539 ) 4,070

HFS

214 354 (226 ) 342

Credit &
Insurance

216 316 (214 ) 318

Total

$ 5,202 $ 8,645 $ (4,301 ) $ 9,546

YoY Change

84%

Net Accrued Performance Revenues ("NAPR") are presented net of performance compensation and excludes Performance Revenues realized but not yet distributed

as of the reporting date and clawback amounts, if any, which are disclosed in the 10-K/Q. Real Estate and Private Equity include co-investments, as applicable. Per

Share calculations are based on end of period DE Shares Outstanding (see page 23, Share Summary).

Blackstone | 18

INVESTMENT RECORDS AS OF MARCH 31, 2022(a)

($/€ in thousands, except where noted)

Committed

Available

Unrealized Investments

Realized Investments

Total Investments

Net IRRs (d)

Fund (Investment Period Beginning Date / Ending Date)

Capital

Capital (b)

Value

MOIC (c)

Value

MOIC (c)

Value

MOIC (c)

Realized

Total

Real Estate

Pre-BREP

$

140,714

$

-

$

-

n/a

$

345,190

2.5x

$

345,190

2.5x

33%

33%

BREP I (Sep 1994 / Oct 1996)

380,708

-

-

n/a

1,327,708

2.8x

1,327,708

2.8x

40%

40%

BREP II (Oct 1996 / Mar 1999)

1,198,339

-

-

n/a

2,531,614

2.1x

2,531,614

2.1x

19%

19%

BREP III (Apr 1999 / Apr 2003)

1,522,708

-

-

n/a

3,330,406

2.4x

3,330,406

2.4x

21%

21%

BREP IV (Apr 2003 / Dec 2005)

2,198,694

-

23,471

n/a

4,640,501

1.7x

4,663,972

1.7x

12%

12%

BREP V (Dec 2005 / Feb 2007)

5,539,418

-

8,546

n/a

13,444,906

2.3x

13,453,452

2.3x

11%

11%

BREP VI (Feb 2007 / Aug 2011)

11,060,444

550,452

408,815

2.2x

27,407,685

2.5x

27,816,500

2.5x

13%

13%

BREP VII (Aug 2011 / Apr 2015)

13,501,376

1,513,361

7,589,097

1.7x

23,864,256

2.1x

31,453,353

2.0x

22%

15%

BREP VIII (Apr 2015 / Jun 2019)

16,591,084

2,281,492

17,009,035

1.8x

19,609,674

2.5x

36,618,709

2.1x

29%

19%

*BREP IX (Jun 2019 / Dec 2024)

21,321,251

9,461,862

22,133,179

1.9x

6,024,086

2.1x

28,157,265

1.9x

66%

47%

Total Global BREP

$

73,454,736

$

13,807,167

$

47,172,143

1.8x

$

102,526,026

2.3x

$

149,698,169

2.1x

18%

17%

BREP Int'l (Jan 2001 / Sep 2005)

€

824,172

€

-

€

-

n/a

€

1,373,170

2.1x

€

1,373,170

2.1x

23%

23%

BREP Int'l II (Sep 2005 / Jun 2008) (e)

1,629,748

-

-

n/a

2,583,032

1.8x

2,583,032

1.8x

8%

8%

BREP Europe III (Jun 2008 / Sep 2013)

3,205,167

421,732

280,829

0.5x

5,792,215

2.4x

6,073,044

2.0x

19%

14%

BREP Europe IV (Sep 2013 / Dec 2016)

6,673,049

1,378,153

1,883,356

1.3x

9,699,087

2.0x

11,582,443

1.8x

20%

14%

BREP Europe V (Dec 2016 / Oct 2019)

7,965,079

1,338,957

10,018,509

1.7x

2,336,451

2.7x

12,354,960

1.8x

39%

15%

*BREP Europe VI (Oct 2019 / Apr 2025)

9,901,655

5,670,276

6,911,549

1.6x

471,010

2.0x

7,382,559

1.7x

60%

32%

Total BREP Europe

€

30,198,870

€

8,809,118

€

19,094,243

1.6x

€

22,254,965

2.1x

€

41,349,208

1.8x

16%

13%

BREP Asia I (Jun 2013 / Dec 2017)

$

4,261,983

$

917,144

$

2,435,276

1.5x

$

6,206,034

2.1x

$

8,641,310

1.9x

20%

13%

BREP Asia II (Dec 2017 / Mar 2022)

7,338,909

2,007,555

7,252,702

1.4x

761,817

1.8x

8,014,519

1.4x

42%

13%

*BREP Asia III (Mar 2022 / Sep 2027)

7,502,256

7,502,256

-

n/a

-

n/a

-

n/a

n/a

n/a

BREP Co-Investment (f)

7,131,383

37,934

973,293

2.3x

15,029,656

2.2x

16,002,949

2.2x

16%

16%

Total BREP

$

135,148,753

$

34,021,106

$

79,856,621

1.7x

$

152,235,747

2.2x

$

232,092,368

2.0x

17%

16%

*BREDS High-Yield (Various) (g)

19,986,312

5,702,368

5,721,393

1.1x

15,438,412

1.3x

21,159,805

1.2x

11%

10%

Private Equity

Corporate Private Equity

BCP I (Oct 1987 / Oct 1993)

$

859,081

$

-

$

-

n/a

$

1,741,738

2.6x

$

1,741,738

2.6x

19%

19%

BCP II (Oct 1993 / Aug 1997)

1,361,100

-

-

n/a

3,256,819

2.5x

3,256,819

2.5x

32%

32%

BCP III (Aug 1997 / Nov 2002)

3,967,422

-

-

n/a

9,184,688

2.3x

9,184,688

2.3x

14%

14%

BCOM (Jun 2000 / Jun 2006)

2,137,330

24,575

15,928

n/a

2,953,649

1.4x

2,969,577

1.4x

6%

6%

BCP IV (Nov 2002 / Dec 2005)

6,773,182

169,884

127,159

1.3x

21,479,599

2.9x

21,606,758

2.8x

36%

36%

BCP V (Dec 2005 / Jan 2011)

21,009,112

1,035,259

110,390

7.5x

38,427,169

1.9x

38,537,559

1.9x

8%

8%

BCP VI (Jan 2011 / May 2016)

15,202,513

1,378,295

7,754,859

1.8x

23,846,668

2.3x

31,601,527

2.1x

17%

13%

BCP VII (May 2016 / Feb 2020)

18,852,880

1,931,935

25,281,125

1.9x

10,049,608

2.4x

35,330,733

2.0x

35%

19%

*BCP VIII (Feb 2020 / Feb 2026)

25,424,279

17,027,500

12,308,856

1.5x

514,942

2.9x

12,823,798

1.5x

125%

45%

Energy I (Aug 2011 / Feb 2015)

2,441,558

174,492

705,759

1.5x

3,869,928

2.0x

4,575,687

1.9x

15%

12%

Energy II (Feb 2015 / Feb 2020)

4,933,284

1,030,529

4,954,452

1.6x

1,588,019

1.1x

6,542,471

1.4x

2%

7%

*Energy III (Feb 2020 / Feb 2026)

4,329,863

3,067,781

2,117,059

1.9x

320,742

2.7x

2,437,801

2.0x

113%

57%

BCP Asia I (Dec 2017 / Sep 2021)

2,452,754

869,042

4,636,769

3.0x

995,878

4.9x

5,632,647

3.2x

115%

61%

*BCP Asia II (Sep 2021 / Sep 2027)

6,554,832

6,529,852

9,373

n/a

-

n/a

9,373

n/a

n/a

n/a

Core Private Equity I (Jan 2017 / Mar 2021) (h)

4,764,447

1,149,384

8,022,079

2.1x

2,020,771

3.6x

10,042,850

2.3x

52%

26%

*Core Private Equity II (Mar 2021 / Mar 2026) (h)

8,191,582

6,750,467

1,493,095

1.1x

-

n/a

1,493,095

1.1x

n/a

n/m

Total Corporate Private Equity

$

129,255,219

$

41,138,995

$

67,536,903

1.8x

$

120,250,218

2.2x

$

187,787,121

2.0x

16%

16%

Notes on page 21. BREP - Blackstone Real Estate Partners, BREDS - Blackstone Real Estate Debt Strategies, BCP - Blackstone Capital Partners, BCOM - Blackstone Communications.

* Represents funds that are currently in their investment period.

Blackstone | 19

INVESTMENT RECORDS AS OF MARCH 31, 2022(a) - (CONT'D)

($/€ in thousands, except where noted)

Committed

Available

Unrealized Investments

Realized Investments

Total Investments

Net IRRs (d)

Fund (Investment Period Beginning Date / Ending Date)

Capital

Capital (b)

Value

MOIC (c)

Value

MOIC (c)

Value

MOIC (c)

Realized

Total

Private Equity (continued)

Tactical Opportunities

*Tactical Opportunities (Various)

$

22,736,825

$

6,769,836

$

14,405,782

1.4x

$

18,216,793

1.9x

$

32,622,575

1.6x

18%

13%

*Tactical Opportunities Co-Investment and Other (Various)

14,348,123

5,975,749

5,852,894

1.8x

6,734,373

1.6x

12,587,267

1.7x

19%

19%

Total Tactical Opportunities

$

37,084,948

$

12,745,585

$

20,258,676

1.5x

$

24,951,166

1.8x

$

45,209,842

1.6x

19%

14%

*Growth (Jul 2020 / Jul 2025)

5,046,626

1,914,667

3,472,702

1.1x

337,102

3.2x

3,809,804

1.2x

n/m

17%

Strategic Partners (Secondaries)

Strategic Partners I-V (Various) (i)

11,447,898

842,769

460,940

n/a

16,871,169

n/a

17,332,109

1.7x

n/a

13%

Strategic Partners VI (Apr 2014 / Apr 2016) (i)

4,362,750

1,451,461

1,236,940

n/a

3,941,301

n/a

5,178,241

1.7x

n/a

15%

Strategic Partners VII (May 2016 / Mar 2019) (i)

7,489,970

1,871,515

5,544,959

n/a

5,089,030

n/a

10,633,989

2.1x

n/a

23%

Strategic Partners Real Assets II (May 2017 / Jun 2020) (i)

1,749,807

493,169

999,444

n/a

968,153

n/a

1,967,597

1.5x

n/a

15%

Strategic Partners VIII (Mar 2019 / Oct 2021) (i)

10,763,600

5,085,423

10,069,319

n/a

3,956,714

n/a

14,026,033

1.9x

n/a

57%

*Strategic Partners Real Estate, SMA and Other (Various) (i)

7,878,498

2,346,047

3,389,313

n/a

2,875,142

n/a

6,264,455

1.6x

n/a

20%

*Strategic Partners Infra III (Jun 2020 / Jul 2024) (i)

3,250,100

2,084,092

565,067

n/a

124,956

n/a

690,023

1.6x

n/a

67%

*Strategic Partners IX (Oct 2021 / Jul 2026) (i)

13,536,771

10,111,164

2,502,428

n/a

-

n/a

2,502,428

1.3x

n/a

n/m

Total Strategic Partners (Secondaries)

$

60,479,394

$

24,285,640

$

24,768,410

n/a

$

33,826,465

n/a

$

58,594,875

1.8x

n/a

16%

Life Sciences

Clarus IV (Jan 2018 / Jan 2020)

910,000

13,755

815,050

1.5x

232,776

1.9x

1,047,826

1.6x

25%

15%

*BXLS V (Jan 2020 / Jan 2025)

4,775,203

1,952,326

1,137,803

1.2x

-

n/a

1,137,803

1.2x

n/a

(2)%

Credit

Mezzanine / Opportunistic I (Jul 2007 / Oct 2011)

$

2,000,000

$

97,114

$

20,241

1.6x

$

4,785,527

1.6x

$

4,805,768

1.6x

n/a

17%

Mezzanine / Opportunistic II (Nov 2011 / Nov 2016)

4,120,000

1,007,436

436,872

0.5x

6,338,457

1.6x

6,775,329

1.4x

n/a

10%

Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)

6,639,133

915,252

4,321,060

1.1x

5,013,903

1.6x

9,334,963

1.3x

n/a

11%

*Mezzanine / Opportunistic IV (Jan 2021 / Jan 2026)

5,016,771

3,904,772

1,248,665

1.0x

31,378

n/m

1,280,043

1.1x

n/a

11%

Stressed / Distressed I (Sep 2009 / May 2013)

3,253,143

76,000

-

n/a

5,776,181

1.3x

5,776,181

1.3x

n/a

9%

Stressed / Distressed II (Jun 2013 / Jun 2018)

5,125,000

547,430

430,963

0.5x

5,213,790

1.2x

5,644,753

1.1x

n/a

2%

*Stressed / Distressed III (Dec 2017 / Dec 2022)

7,356,380

3,477,014

2,066,718

0.9x

2,382,486

1.4x

4,449,204

1.1x

n/a

8%

Energy I (Nov 2015 / Nov 2018)

2,856,867

1,057,174

959,388

1.0x

2,307,898

1.6x

3,267,286

1.4x

n/a

9%

*Energy II (Feb 2019 / Feb 2024)

3,616,081

2,193,068

1,672,130

1.2x

745,850

1.5x

2,417,980

1.3x

n/a

27%

European Senior Debt I (Feb 2015 / Feb 2019)

€

1,964,689

€

341,823

€

1,002,526

0.9x

€

2,262,946

1.4x

€

3,265,472

1.2x

n/a

5%

*European Senior Debt II (Jun 2019 / Jun 2024)

€

4,088,344

€

2,037,066

€

3,203,147

1.0x

€

1,009,298

1.4x

€

4,212,445

1.1x

n/a

16%

Total Credit Drawdown Funds (j)

$

46,889,033

$

15,922,149

$

15,835,479

1.0x

$

36,351,249

1.4x

$

52,186,728

1.3x

n/a

10%

Selected Perpetual Capital Strategies(k)

($ in thousands, except where noted)

Investment Total Total Net

Strategy (Inception Year)

Strategy AUM Return (l)

Real Estate

BPP - Blackstone Property Partners (2013) (m)

Core+ Real Estate $ 66,264,521 13%

BREIT - Blackstone Real Estate Income Trust (2017) (n)

Core+ Real Estate 63,312,062 13%

BXMT - Blackstone Mortgage Trust (2013) (o)

Real Estate Debt 7,982,810 11%

Private Equity

BIP - Blackstone Infrastructure Partners (2019) (p)

Infrastructure 23,363,335 25%

Hedge Fund Solutions

BSCH - Blackstone Strategic Capital Holdings (2014) (q)

GP Stakes 10,641,112 18%

Credit

BXSL - Blackstone Secured Lending Fund (2018) (r)

U.S. Direct Lending 10,708,046 10%

BCRED - Blackstone Private Credit Fund (2021) (s)

U.S. Direct Lending 44,569,626 11%

Notes on page 21. BXLS - Blackstone Life Sciences.

* Represents funds that are currently in their investment period.

Blackstone | 20

INVESTMENT RECORDS AS OF MARCH 31, 2022 - NOTES

The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc.

n/m

Not meaningful generally due to the limited time since initial investment.

n/a

Not applicable.

(a)

Excludes investment vehicles where Blackstone does not earn fees.

(b)

Available Capital represents total investable capital commitments, including side-by-side, adjusted for certain expenses and expired or recallable capital and may include leverage, less invested capital. This amount is not reduced by outstanding commitments to investments.

(c)

Multiple of Invested Capital ("MOIC") represents carrying value, before management fees, expenses and Performance Revenues, divided by invested capital.

(d)

Unless otherwise indicated, Net Internal Rate of Return ("IRR") represents the annualized inception to March 31, 2022 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of limited partner cash flows. Initial inception date of cash flows may differ from the Investment Period Beginning Date.

(e)

The 8% Realized Net IRR and 8% Total Net IRR exclude investors that opted out of the Hilton investment opportunity. Overall BREP International II performance reflects a 7% Realized Net IRR and a 7% Total Net IRR.

(f)

BREP Co-Investment represents co-investment capital raised for various BREP investments. The Net IRR reflected is calculated by aggregating each co-investment's realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues.

(g)

BREDS High-Yield represents the flagship real estate debt drawdown funds only.

(h)

Blackstone Core Equity Partners is a core private equity strategy which invests with a more modest risk profile and longer hold period than traditional private equity.

(i)

Realizations are treated as return of capital until fully recovered and therefore unrealized and realized MOICs are not applicable. Returns are calculated from results that are reported on a three-month lag from Strategic Partners' fund financial statements and therefore do not include the impact of economic and market activities in the current quarter. Effective 1Q'22, Strategic Partners I-V Committed Capital, Available Capital, Unrealized Investment Value, Realized Investment Value and Total Investment Value were updated to exclude funds not managed by Strategic Partners.

(j)

Funds presented represent the flagship credit drawdown funds only. The Total Credit Net IRR is the combined IRR of the credit drawdown funds presented.

(k)

Represents the performance for select Perpetual Capital Strategies; strategies excluded consist primarily of (1) investment strategies that have been investing for less than one year, (2) most perpetual capital assets managed for insurance clients, and (3) investment vehicles where Blackstone does not earn fees.

(l)

Unless otherwise indicated, Total Net Return represents the annualized inception to March 31, 2022 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of investor cash flows. Initial inception date of cash flows occurred during the Inception Year.

(m)

BPP includes certain vehicles managed as part of the BPP Platform but not classified as Perpetual Capital. As of March 31, 2022, these vehicles represented $3.3 billion of Total AUM.

(n)

The BREIT Total Net Return reflects a per share blended return, assuming BREIT had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. These returns are not representative of the returns experienced by any particular investor or share class. Total Net Returns are presented on an annualized basis and are from January 1, 2017.

(o)

The BXMT return reflects annualized market return of a shareholder invested in BXMT since inception through March 31, 2022, assuming reinvestment of all dividends received during the period. Return incorporates the closing NYSE stock price as of March 31, 2022. Total Net Return is from May 22, 2013.

(p)

Including co-investment vehicles that do not pay fees, BIP Total AUM is $27.3 billion.

(q)

BSCH represents the aggregate Total AUM and Total Net Return of BSCH I and BSCH II funds that invest as part of the GP Stakes strategy, which targets minority investments in the general partners of private equity and other private-market alternative asset management firms globally. Including co-investment vehicles that do not pay fees, BSCH Total AUM is $11.5 billion.

(r)

The BXSL Total AUM and Total Net Return are presented as of December 31, 2021. BXSL Total Net Return reflects the change in NAV per share, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the Company's dividend reinvestment plan) divided by the beginning NAV per share. Total Net Returns are presented on an annualized basis and are from November 20, 2018.

(s)

The BCRED Total Net Return reflects a per share blended return, assuming BCRED had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. These returns are not representative of the returns experienced by any particular investor or share class. Total Net Returns are presented on an annualized basis and are from January 7, 2021. Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. BCRED net asset value as of March 31, 2022 was $17.9 billion.

Blackstone | 21

SHAREHOLDER DIVIDENDS

§

Generated $1.55 of Distributable Earnings per common share during the quarter, bringing the LTM amount to $5.36 per common share.

§

Blackstone declared a quarterly dividend of $1.32 per common share to record holders as of May 2, 2022; payable on May 9, 2022.

% Change

% Change

($ in thousands, except per share data)

1Q'21

2Q'21

3Q'21

4Q'21

1Q'22

vs. 1Q'21

1Q'21 LTM

1Q'22 LTM

vs. 1Q'21 LTM

Distributable Earnings

$

1,192,244

$

1,069,993

$

1,635,273

$

2,273,327

$

1,937,880

63%

$

3,976,729

$

6,916,473

74%

Add: Other Payables Attributable to Common Shareholders

61,249

120,336

133,841

352,514

115,166

88%

285,166

721,856

153%

DE before Certain Payables

1,253,493

1,190,329

1,769,114

2,625,841

2,053,046

64%

4,261,895

7,638,329

79%

Percent to Common Shareholders

59%

60%

60%

61%

61

%

59%

61%

DE before Certain Payables Attributable to
Common Shareholders

741,662

710,081

1,059,142

1,601,199

1,254,703

69%

2,500,139

4,625,125

85%

Less: Other Payables Attributable to
Common Shareholders

(61,249

)

(120,336

)

(133,841

)

(352,514

)

(115,166

)

88%

(285,166

)

(721,856

)

153%

DE Attributable to Common Shareholders

680,413

589,745

925,301

1,248,685

1,139,537

67%

2,214,973

3,903,269

76%

DE per Common Share

$

0.96

$

0.82

$

1.28

$

1.71

$

1.55

61%

$

3.15

$

5.36

70%

Less: Retained Capital per Common Share

$

(0.14

)

$

(0.12

)

$

(0.19

)

$

(0.26

)

$

(0.23

)

64%

$

(0.46

)

$

(0.80

)

74%

Actual Dividend per Common Share

$

0.82

$

0.70

$

1.09

$

1.45

$

1.32

61%

$

2.69

$

4.56

70%

Record Date

May 2, 2022

Payable Date

May 9, 2022

A detailed description of Blackstone's dividend policy and the definition of Distributable Earnings can be found on pages 34-36, Definitions and Dividend Policy.

See additional notes on page 33.

Blackstone | 22

SHARE SUMMARY

§

Distributable Earnings Shares Outstanding as of quarter end of 1.202 billion shares.
-

Repurchased 10.3 million common shares over the LTM.

-

Available authorization remaining was $1.5 billion at March 31, 2022.

1Q'21 2Q'21 3Q'21 4Q'21 1Q'22

Participating Common Shares

711,065,543 720,474,539 721,369,398 732,037,197 734,543,862

Participating Partnership Units

490,716,529 487,276,882 483,553,949 468,446,388 467,375,889

Distributable Earnings Shares Outstanding

1,201,782,072 1,207,751,421 1,204,923,347 1,200,483,585 1,201,919,751
Participating Common Shares and Participating Partnership Units include both issued and outstanding shares and unvested shares that participate in dividends.

Blackstone | 23

Reconciliations and Disclosures

Blackstone | 24

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

QTD LTM

($ in thousands)

1Q'21

2Q'21

3Q'21

4Q'21

1Q'22

1Q'21

1Q'22

Net Income Attributable to Blackstone Inc.

$

1,747,872

$

1,309,152

$

1,401,895

$

1,398,478

$

1,216,874

$

3,859,727

$

5,326,399

Net Income Attributable to Non-Controlling Interests in Blackstone
Holdings

1,235,784

1,116,193

1,315,641

1,218,934

1,059,313

3,128,825

4,710,081

Net Income Attributable to Non-Controlling Interests in
Consolidated Entities

386,850

431,516

486,907

320,033

216,375

1,249,044

1,454,831

Net Income Attributable to Redeemable Non-Controlling
Interests in Consolidated Entities

629

637

1,550

2,924

5,052

2,200

10,163

Net Income

$

3,371,135

$

2,857,498

$

3,205,993

$

2,940,369

$

2,497,614

$

8,239,796

$

11,501,474

Provision (Benefit) for Taxes

(447

)

288,250

458,904

437,694

483,281

514,270

1,668,129

Income Before Provision for Taxes

$

3,370,688

$

3,145,748

$

3,664,897

$

3,378,063

$

2,980,895

$

8,754,066

$

13,169,603

Transaction-Related Charges (a)

27,888

35,533

59,193

21,424

25,333

221,623

141,483

Amortization of Intangibles (b)

17,124

17,044

17,044

17,044

17,044

66,625

68,176

Impact of Consolidation (c)

(387,479

)

(432,153

)

(488,457

)

(322,957

)

(221,427

)

(1,251,244

)

(1,464,994

)

Unrealized Performance Revenues (d)

(2,464,497

)

(2,697,170

)

(2,724,366

)

(789,213

)

(1,293,050

)

(5,533,185

)

(7,503,799

)

Unrealized Performance Allocations Compensation (e)

1,049,969

1,150,219

1,193,853

384,007

472,284

2,292,831

3,200,363

Unrealized Principal Investment (Income) Loss (f)

(423,934

)

(104,658

)

2,343

(153,518

)

(26,758

)

(938,802

)

(282,591

)

Other Revenues (g)

(60,273

)

(27,870

)

(64,109

)

(50,633

)

(72,819

)

331,571

(215,431

)

Equity-Based Compensation (h)

144,272

121,422

129,254

164,589

201,545

390,567

616,810

Administrative Fee Adjustment (i)

2,708

2,551

2,488

2,441

2,485

7,973

9,965

Taxes and Related Payables (j)

(84,222

)

(140,673

)

(156,867

)

(377,920

)

(147,652

)

(365,296

)

(823,112

)

Distributable Earnings

$

1,192,244

$

1,069,993

$

1,635,273

$

2,273,327

$

1,937,880

$

3,976,729

$

6,916,473

Taxes and Related Payables (j)

84,222

140,673

156,867

377,920

147,652

365,296

823,112

Net Interest and Dividend (Income) Loss (k)

12,928

11,201

16,238

(6,779

)

12,117

43,897

32,777

Total Segment Distributable Earnings

$

1,289,394

$

1,221,867

$

1,808,378

$

2,644,468

$

2,097,649

$

4,385,922

$

7,772,362

Realized Performance Revenues (l)

(401,323

)

(792,938

)

(1,497,477

)

(1,191,374

)

(1,312,810

)

(2,100,083

)

(4,794,599

)

Realized Performance Compensation (m)

150,924

338,271

619,074

449,301

519,120

793,969

1,925,766

Realized Principal Investment Income (n)

(298,156

)

(63,132

)

(151,010

)

(75,468

)

(157,095

)

(436,799

)

(446,705

)

Fee Related Earnings

$

740,839

$

704,068

$

778,965

$

1,826,927

$

1,146,864

$

2,643,009

$

4,456,824

Adjusted EBITDA Reconciliation

Distributable Earnings

$

1,192,244

$

1,069,993

$

1,635,273

$

2,273,327

$

1,937,880

$

3,976,729

$

6,916,473

Interest Expense (o)

44,340

44,132

51,773

56,387

66,602

167,822

218,894

Taxes and Related Payables (j)

84,222

140,673

156,867

377,920

147,652

365,296

823,112

Depreciation and Amortization (p)

12,293

12,581

12,771

14,542

14,316

39,917

54,210

Adjusted EBITDA

$

1,333,099

$

1,267,379

$

1,856,684

$

2,722,176

$

2,166,450

$

4,549,764

$

8,012,689

Notes on pages 26-27.

Blackstone | 25

RECONCILIATION OF GAAP TO NON-GAAP MEASURES - NOTES

Note: See pages 34-36, Definitions and Dividend Policy.

(a)

This adjustment removes Transaction-Related Charges, which are excluded from Blackstone's segment presentation. Transaction-Related Charges arise from corporate actions including acquisitions, divestitures, and Blackstone's initial public offering. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs and any gains or losses associated with these corporate actions.

(b)

This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone's segment presentation. This amount includes amortization of intangibles associated with Blackstone's investment in Pátria, which was historically accounted for under the equity method. As a result of Pátria's IPO in January 2021, equity method has been discontinued and there will no longer be amortization of intangibles associated with the investment.

(c)

This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone's segment presentation. This adjustment includes the elimination of Blackstone's interest in these funds and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.

(d)

This adjustment removes Unrealized Performance Allocations.

(e)

This adjustment removes Unrealized Performance Allocations Compensation.

(f)

This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis. The Segment Adjustment represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.

QTD LTM
($ in thousands) 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 1Q'21 1Q'22

GAAP Unrealized Principal Investment Income (Loss)

$ 639,315 $ 328,835 $ 183,754 $ 304,297 $ 73,961 $ 1,484,073 $ 890,847

Segment Adjustment

(215,381 ) (224,177 ) (186,097 ) (150,779 ) (47,203 ) (545,271 ) (608,256 )

Unrealized Principal Investment Income (Loss)

$ 423,934 $ 104,658 $ (2,343 ) $ 153,518 $ 26,758 $ 938,802 $ 282,591

(g) This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents (1) the add back of Other Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of certain Transaction-Related Charges.

QTD LTM
($ in thousands) 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 1Q'21 1Q'22

GAAP Other Revenue

$ 60,304 $ 27,896 $ 64,187 $ 50,699 $ 72,869 $ (331,018 ) $ 215,651

Segment Adjustment

(31 ) (26 ) (78 ) (66 ) (50 ) (553 ) (220 )

Other Revenues

$ 60,273 $ 27,870 $ 64,109 $ 50,633 $ 72,819 $ (331,571 ) $ 215,431

(h)   This adjustment removes Equity-Based Compensation on a segment basis.

(i)  This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone's segment presentation.

(j)  Taxes represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and adjusted to exclude the tax impact of any divestitures. Related Payables represent tax-related payables including the amount payable under the Tax Receivable Agreement. Please refer to page 34 for the full definition of Taxes and Related Payables.

QTD LTM
($ in thousands) 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 1Q'21 1Q'22

Taxes

$ 69,609 $ 127,809 $ 140,548 $ 365,109 $ 124,645 $ 313,904 $ 758,111

Related Payables

14,613 12,864 16,319 12,811 23,007 51,392 65,001

Taxes and Related Payables

$ 84,222 $ 140,673 $ 156,867 $ 377,920 $ 147,652 $ 365,296 $ 823,112

Blackstone | 26

RECONCILIATION OF GAAP TO NON-GAAP MEASURES - NOTES (CONT'D)

(k)   This adjustment removes Interest and Dividend Revenue less Interest Expense on a segment basis. The Segment Adjustment represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest expense associated with the Tax Receivable Agreement.

QTD LTM
($ in thousands) 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 1Q'21 1Q'22

GAAP Interest and Dividend Revenue

$ 31,412 $ 31,017 $ 35,048 $ 63,166 $ 54,485 $ 121,559 $ 183,716

Segment Adjustment

- 1,914 487 - - 2,366 2,401

Interest and Dividend Revenue

$ 31,412 $ 32,931 $ 35,535 $ 63,166 $ 54,485 $ 123,925 $ 186,117

GAAP Interest Expense

$ 44,983 $ 44,322 $ 52,413 $ 56,550 $ 66,747 $ 169,501 $ 220,032

Segment Adjustment

(643 ) (190 ) (640 ) (163 ) (145 ) (1,679 ) (1,138 )

Interest Expense

$ 44,340 $ 44,132 $ 51,773 $ 56,387 $ 66,602 $ 167,822 $ 218,894

Net Interest and Dividend Income (Loss)

$ (12,928 ) $ (11,201 ) $ (16,238 ) $ 6,779 $ (12,117 ) $ (43,897 ) $ (32,777 )

(l) This adjustment removes the total segment amount of Realized Performance Revenues.

(m)  This adjustment removes the total segment amount of Realized Performance Compensation.

(n)  This adjustment removes the total segment amount of Realized Principal Investment Income.

(o)  This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement.

(p)  This adjustment adds back Depreciation and Amortization on a segment basis.

Reconciliation of GAAP Shares of Common Stock Outstanding to Distributable Earnings Shares Outstanding

QTD
1Q'21 2Q'21 3Q'21 4Q'21 1Q'22

GAAP Shares of Common Stock Outstanding

690,569,563 691,093,463 693,612,698 704,339,774 707,180,830

Unvested Participating Common Shares

20,495,980 29,381,076 27,756,700 27,697,423 27,363,032

Total Participating Common Shares

711,065,543 720,474,539 721,369,398 732,037,197 734,543,862

Participating Partnership Units

490,716,529 487,276,882 483,553,949 468,446,388 467,375,889

Distributable Earnings Shares Outstanding

1,201,782,072 1,207,751,421 1,204,923,347 1,200,483,585 1,201,919,751

Disclosure of Weighted-Average Shares Common Stock Outstanding

QTD LTM
1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 1Q'21 1Q'22

Total GAAP Weighted-Average Shares of
Common Stock Outstanding - Basic

709,033,212 721,141,954 722,229,117 726,445,206 734,327,015 702,549,444 726,003,755

Weighted-Average Shares of Unvested Deferred
Restricted Common Stock

879,132 123,226 203,982 226,315 639,900 445,528 427,485

Total GAAP Weighted-Average Shares of Common Stock Outstanding - Diluted

709,912,344 721,265,180 722,433,099 726,671,521 734,966,915 702,994,972 726,431,240

Blackstone | 27

BLACKSTONE'S FIRST QUARTER 2022 GAAP BALANCE SHEET RESULTS

($ in thousands) (unaudited) 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22

Assets

Cash and Cash Equivalents

$

2,862,422

$

2,467,444

$

5,011,433

$

2,119,738

$

3,868,567

Cash Held by Blackstone Funds and Other

109,285

109,676

113,731

79,994

110,648

Investments

17,943,309

22,163,322

25,104,195

28,665,043

30,068,474

Accounts Receivable

975,610

582,542

496,265

636,616

517,465

Due from Affiliates

3,015,318

3,159,829

3,718,119

4,656,867

4,004,359

Intangible Assets, Net

340,478

321,780

303,082

284,384

265,686

Goodwill

1,890,185

1,890,202

1,890,202

1,890,202

1,890,202

Other Assets

434,475

556,714

538,567

492,936

422,786

Right-of-Use Assets

736,633

723,539

745,886

788,991

868,437

Deferred Tax Assets

1,402,271

1,322,144

1,116,612

1,581,637

1,327,454

Total Assets

$

29,709,986

$

33,297,192

$

39,038,092

$

41,196,408

$

43,344,078

Liabilities and Equity

Loans Payable

$

5,573,965

$

5,594,648

$

7,527,576

$

7,748,163

$

8,937,456

Due to Affiliates

1,161,775

1,226,504

1,426,209

1,906,098

1,881,054

Accrued Compensation and Benefits

4,376,226

5,789,662

7,399,559

7,905,070

8,140,773

Securities Sold, Not Yet Purchased

33,160

35,783

35,657

27,849

27,278

Repurchase Agreements

58,050

57,247

36,545

57,980

77,289

Operating Lease Liabilities

842,692

841,152

863,020

908,033

986,073

Accounts Payable, Accrued Expenses and Other Liabilities

838,930

1,205,182

871,661

937,169

1,053,128

Total Liabilities

12,884,798

14,750,178

18,160,227

19,490,362

21,103,051

Redeemable Non-Controlling Interests in Consolidated Entities

65,546

65,568

66,824

68,028

41,430

Equity

Common Stock, $0.00001 par value (707,180,830 shares issued
and outstanding as of March 31, 2022)

7

7

7

7

7

Series I Preferred Stock, $0.00001 par value (1 share issued
and outstanding as of March 31, 2022)

-

-

-

-

-

Series II Preferred Stock, $0.00001 par value (1 share issued
and outstanding as of March 31, 2022)

-

-

-

-

-

Additional Paid-in-Capital

6,446,829

6,282,600

6,037,628

5,794,727

5,879,796

Retained Earnings

1,408,768

2,133,794

3,031,765

3,647,785

3,805,918

Accumulated Other Comprehensive Loss

(11,454

)

(10,245

)

(15,357

)

(19,626

)

(25,754

)

Non-Controlling Interests in Consolidated Entities

4,390,594

4,860,442

5,638,612

5,600,653

5,747,698

Non-Controlling Interests in Blackstone Holdings

4,524,898

5,214,848

6,118,386

6,614,472

6,791,932

Total Equity

16,759,642

18,481,446

20,811,041

21,638,018

22,199,597

Total Liabilities and Equity

$

29,709,986

$

33,297,192

$

39,038,092

$

41,196,408

$

43,344,078

See page 29, Reconciliation of GAAP to Non-GAAP Balance Sheet Measures.

Blackstone | 28

RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES

($ in thousands) 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22

Investments of Consolidated Blackstone Funds

$

1,459,804

$

1,871,269

$

2,104,705

$

2,018,829

$

2,045,156

Equity Method Investments

Partnership Investments

4,676,341

4,916,675

5,303,334

5,635,212

5,858,926

Accrued Performance Allocations

9,367,251

12,101,142

15,063,648

17,096,873

17,661,244

Corporate Treasury Investments

1,726,285

2,440,325

1,520,426

658,066

916,510

Other Investments

713,628

833,911

1,112,082

3,256,063

3,586,638

Total GAAP Investments

17,943,309

22,163,322

25,104,195

28,665,043

30,068,474

Accrued Performance Allocations - GAAP

$

9,367,251

$

12,101,142

$

15,063,648

$

17,096,873

$

17,661,244

Impact of Consolidation (a)

1

1

1

1

1

Due from Affiliates - GAAP (b)

56,274

59,304

59,669

260,993

112,194

Less: Net Realized Performance Revenues (c)

(269,426

)

(261,760

)

(416,336

)

(1,294,884

)

(743,772

)

Less: Accrued Performance Compensation - GAAP (d)

(3,952,253

)

(5,137,933

)

(6,395,903

)

(7,324,906

)

(7,483,337

)

Net Accrued Performance Revenues

$

5,201,847

$

6,760,754

$

8,311,079

$

8,738,077

$

9,546,330

Corporate Treasury and Other Investments - GAAP (e)

$

2,439,913

$

3,274,236

$

2,632,508

$

3,914,129

$

4,503,148

Impact of Consolidation (a)

142,187

176,320

178,407

144,354

140,905

Other Assets (f)

766,285

479,591

580,641

797,843

379,768

Other Liabilities (g)

(61,599

)

(494,119

)

(169,863

)

(94,314

)

(66,065

)

Corporate Treasury and Other Investments - Deconsolidated (h)

$

3,286,786

$

3,436,028

$

3,221,693

$

4,762,012

$

4,957,756

Partnership Investments - GAAP

$

4,676,341

$

4,916,675

$

5,303,334

$

5,635,212

$

5,858,926

Impact of Consolidation (i)

(2,923,029

)

(3,091,175

)

(3,459,004

)

(3,552,599

)

(3,623,881

)

GP/Fund Investments - Deconsolidated

$

1,753,312

$

1,825,500

$

1,844,330

$

2,082,613

$

2,235,045

Loans Payable - GAAP

$

5,573,965

$

5,594,648

$

7,527,576

$

7,748,163

$

8,937,456

Impact of Consolidation (j)

(100

)

(99

)

(100

)

(101

)

-

Outstanding Debt - Carrying Value

5,573,865

5,594,549

7,527,476

7,748,062

8,937,456

Unamortized Discount

85,635

84,151

109,524

107,438

122,594

Outstanding Debt (at par) - Deconsolidated

$

5,659,500

$

5,678,700

$

7,637,000

$

7,855,500

$

9,060,050

(a)

This adjustment adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation.

(b)

Represents GAAP accrued performance revenue recorded within Due from Affiliates.

(c)

Represents Performance Revenues realized but not yet distributed as of the reporting date and are included in Distributable Earnings in the period they are realized.

(d)

Represents GAAP accrued performance compensation associated with Accrued Performance Allocations and is recorded within Accrued Compensation and Benefits and Due to Affiliates.

(e)

Effective 3Q'21, Corporate Treasury includes Other Investments and has been renamed to Corporate Treasury and Other Investments. Prior periods have been recast to reflect the revised classification.

(f)

This adjustment adds other assets related to Treasury Operations that are recorded within Accounts Receivable, reverse repurchase agreements and Due from Affiliates.

(g)

This adjustment adds other liabilities related to Treasury Operations that are recorded within Accounts Payable, Accrued Expenses and Other Liabilities, Repurchase Agreements and securities sold short, not yet purchased.

(h)

Deconsolidated Other Investments was $3.5 billion as of March 31, 2022, which was comprised of $1.1 billion of liquid investments and $2.4 billion of illiquid investments. The liquid portion of Other Investments relates to public equity securities, which may include equity securities subject to lockup periods, and other investments held by Blackstone that can be easily converted to cash.

(i)

This adjustment removes amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests and adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation.

(j)

This adjustment removes amounts related to consolidated Blackstone Funds.

Blackstone | 29

RECONCILIATION OF GAAP TO TOTAL SEGMENTS

($ in thousands)

QTD LTM
1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 1Q'21 1Q'22

Management and Advisory Fees, Net

GAAP

$

1,177,815

$

1,212,549

$

1,320,795

$

1,459,548

$

1,475,936

$

4,335,532

$

5,468,828

Segment Adjustment (a)

390

193

(720

)

(3,328

)

(2,568

)

13,271

(6,423

)

Total Segment

$

1,178,205

$

1,212,742

$

1,320,075

$

1,456,220

$

1,473,368

$

4,348,803

$

5,462,405

GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues

GAAP

Incentive Fees

36,124

33,207

48,206

136,454

104,489

162,624

322,356

Investment Income - Realized Performance Allocations

534,367

808,620

1,522,495

2,787,970

1,766,386

2,472,837

6,885,471

GAAP

$

570,491

$

841,827

$

1,570,701

$

2,924,424

$

1,870,875

$

2,635,461

$

7,207,827

Total Segment

Less: Realized Performance Revenues

(401,323

)

(792,938

)

(1,497,477

)

(1,191,374

)

(1,312,810

)

(2,100,083

)

(4,794,599

)

Segment Adjustment (b)

-

-

89

824

-

-

913

Total Segment

$

169,168

$

48,889

$

73,313

$

1,733,874

$

558,065

$

535,378

$

2,414,141

GAAP Compensation to Total Segment Fee Related Compensation

GAAP

Compensation

542,638

507,104

536,199

576,032

656,505

1,921,714

2,275,840

Incentive Fees Compensation

13,325

14,431

21,007

49,349

41,019

51,228

125,806

Realized Performance Allocations Compensation

213,027

347,423

631,632

1,119,911

717,601

983,834

2,816,567

GAAP

$

768,990

$

868,958

$

1,188,838

$

1,745,292

$

1,415,125

$

2,956,776

$

5,218,213

Total Segment

Less: Realized Performance Compensation

(150,924

)

(338,271

)

(619,074

)

(449,301

)

(519,120

)

(793,969

)

(1,925,766

)

Less: Equity-Based Compensation - Fee Related Compensation

(141,674

)

(119,491

)

(127,442

)

(162,656

)

(200,387

)

(382,456

)

(609,976

)

Less: Equity-Based Compensation - Performance Compensation

(2,598

)

(1,931

)

(1,812

)

(1,933

)

(1,158

)

(8,111

)

(6,834

)

Segment Adjustment (c)

(28,684

)

(33,880

)

(21,029

)

(23,368

)

(23,989

)

(176,824

)

(102,266

)

Total Segment

$

445,110

$

375,385

$

419,481

$

1,108,034

$

670,471

$

1,595,416

$

2,573,371

GAAP General, Administrative and Other to Total Segment Other Operating Expenses

GAAP

$

185,122

$

205,057

$

217,995

$

309,673

$

240,674

$

739,338

$

973,399

Segment Adjustment (d)

(23,698

)

(22,879

)

(23,053

)

(54,540

)

(26,576

)

(93,582

)

(127,048

)

Total Segment

$

161,424

$

182,178

$

194,942

$

255,133

$

214,098

$

645,756

$

846,351

Realized Performance Revenues

GAAP

Incentive Fees

36,124

33,207

48,206

136,454

104,489

162,624

322,356

Investment Income - Realized Performance Allocations

534,367

808,620

1,522,495

2,787,970

1,766,386

2,472,837

6,885,471

GAAP

$

570,491

$

841,827

$

1,570,701

$

2,924,424

$

1,870,875

$

2,635,461

$

7,207,827

Total Segment

Less: Fee Related Performance Revenues

(169,168

)

(48,889

)

(73,313

)

(1,733,874

)

(558,065

)

(535,378

)

(2,414,141

)

Segment Adjustment (b)

-

-

89

824

-

-

913

Total Segment

$

401,323

$

792,938

$

1,497,477

$

1,191,374

$

1,312,810

$

2,100,083

$

4,794,599

Blackstone | 30

RECONCILIATION OF GAAP TO TOTAL SEGMENTS - (CONT'D)

($ in thousands)

QTD LTM
1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 1Q'21 1Q'22

Realized Performance Compensation

GAAP

Incentive Fee Compensation

$

13,325

$

14,431

$

21,007

$

49,349

$

41,019

$

51,228

$

125,806

Realized Performance Allocations Compensation

213,027

347,423

631,632

1,119,911

717,601

983,834

2,816,567

GAAP

$

226,352

$

361,854

$

652,639

$

1,169,260

$

758,620

$

1,035,062

$

2,942,373

Total Segment

Less: Fee Related Performance Compensation (e)

(72,830

)

(21,652

)

(31,753

)

(718,026

)

(238,342

)

(232,982

)

(1,009,773

)

Less: Equity-Based Compensation - Performance Compensation

(2,598

)

(1,931

)

(1,812

)

(1,933

)

(1,158

)

(8,111

)

(6,834

)

Total Segment

$

150,924

$

338,271

$

619,074

$

449,301

$

519,120

$

793,969

$

1,925,766

Realized Principal Investment Income

GAAP

$

355,038

$

152,060

$

325,414

$

171,310

$

285,104

$

697,971

$

933,888

Segment Adjustment (f)

(56,882

)

(88,928

)

(174,404

)

(95,842

)

(128,009

)

(261,172

)

(487,183

)

Total Segment

$

298,156

$

63,132

$

151,010

$

75,468

$

157,095

$

436,799

$

446,705

GAAP Interest and Dividend Revenue net of Interest Expense to Total Segment Net Interest and Dividend Income (Loss)

GAAP

Interest and Dividend Revenue

31,412

31,017

35,048

63,166

54,485

121,559

183,716

Interest Expense

(44,983

)

(44,322

)

(52,413

)

(56,550

)

(66,747

)

(169,501

)

(220,032

)

GAAP

$

(13,571

)

$

(13,305

)

$

(17,365

)

$

6,616

$

(12,262

)

$

(47,942

)

$

(36,316

)

Segment Adjustment (g)

643

2,104

1,127

163

145

4,045

3,539

Total Segment

$

(12,928

)

$

(11,201

)

$

(16,238

)

$

6,779

$

(12,117

)

$

(43,897

)

$

(32,777

)

This analysis reconciles the components of Total Segment Distributable Earnings (page 3) to their equivalent GAAP measures, reported on the Consolidated Statement of Operations (page 1). Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles, the expense of equity-based awards and Transaction-Related Charges.

(a)

Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures.

(b)

Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.

(c)

Represents the removal of Transaction-Related Charges that are not recorded in the Total Segment measures.

(d)

Represents the (1) removal of amortization of transaction-related intangibles, (2) removal of certain expenses reimbursed by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone's segment presentation.

(e)

Fee related performance compensation may include equity based compensation based on fee related performance revenues.

(f)

Represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.

(g)

Represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest expense associated with the Tax Receivable Agreement.

Blackstone | 31

NOTES

Notes to page 1 - Blackstone's First Quarter 2022 GAAP Results

§

Income (Loss) Before Provision (Benefit) for Taxes Margin is calculated by dividing Income (Loss) Before Provision (Benefit) for Taxes by Total Revenues.

Notes to page 2 - Blackstone's First Quarter 2022 Highlights

§

The changes in carrying value, fund returns and composite returns presented throughout this presentation represent those of the applicable Blackstone Funds and not those of Blackstone.

Notes to page 4 - Summary of Financials

§

Effective 1Q'22, the BREIT performance revenues crystallize quarterly instead of annually. If quarterly crystallization of BREIT's fee related performance revenues had been in effect for all quarters included in the current and prior year LTM periods, FRE would have been $4,375 million, $2,725 million, and $823 million for 1Q'22 LTM, 1Q'21 LTM, and 1Q'21 QTD respectively and Segment DE would have been $7,691 million, $4,468 million, and $1,371 million for 1Q'22 LTM, 1Q'21 LTM, and 1Q'21 QTD respectively and there would have been no impact to Income (Loss) before Taxes for 1Q'22 LTM, 1Q'21 LTM, and 1Q'21 QTD. This change only affects the timing of realization and not the total amount of net performance revenues recognized; the impact decreases unrealized performance allocations and unrealized performance allocations compensation for the periods, offset by increases to realized fee related performance revenues and realized fee related performance compensation.

Notes to page 5 - Investment Performance and Net Accrued Performance Revenues

§

Core+ appreciation represents a weighted average of BREIT's per share appreciation and BPP appreciation for the period. The returns are weighted based on the average of BREIT's monthly net asset values and the average of BPP's quarterly adjusted beginning period market values for the period.

§

Results for the Secondaries business (also referred to as Strategic Partners) are reported on a three-month lag from the Secondaries' fund financial statements, which generally report underlying investments on a same-quarter basis, if available. As a result, the appreciation presented herein does not include the impact of economic and market activity in the current quarter. Current market activity is expected to affect reported results in upcoming quarters.

§

The BPS Composite gross and net returns are based on the BAAM Principal Solutions ("BPS") Composite, which includes only BAAM-managed commingled and customized multi-manager funds and accounts and does not include BAAM's individual investor solutions (liquid alternatives), strategic capital (seeding and GP minority stakes), strategic opportunities (co-invests), and advisory (non-discretionary) platforms, except for investments by BPS funds directly into those platforms. BAAM-managed funds in liquidation and, in the case of net returns, non fee-paying assets are also excluded. The funds/accounts that comprise the BPS Composite are not managed within a single fund or account and are managed with different mandates. There is no guarantee that BAAM would have made the same mix of investments in a stand-alone fund/account. The BPS Composite is not an investible product and, as such, the performance of the BPS Composite does not represent the performance of an actual fund or account.

Blackstone | 32

NOTES - (CONT'D)

Notes to page 5 - Investment Performance and Net Accrued Performance Revenues (Cont'd)

§

Private Credit returns include mezzanine lending funds and middle market direct lending funds (including BXSL and BCRED), stressed/distressed strategies (including stressed/distressed funds and credit alpha strategies) and energy strategies. Liquid Credit returns include CLOs, closed-ended funds, open-ended funds and separately managed accounts. Only fee-earning funds exceeding $100 million of fair value at the beginning of each respective quarter-end are included. Funds in liquidation, funds investing primarily in investment grade corporate credit and asset-based lending funds are excluded. Blackstone Funds that were contributed to Blackstone Credit as part of Blackstone's acquisition of Blackstone Credit, formerly known as GSO, in March 2008 and the pre-acquisition date performance for funds and vehicles acquired by Blackstone Credit subsequent to March 2008, are also excluded.

Notes to page 16 - Assets Under Management - Rollforward

§

In 2Q'21, the methodology for Total AUM was updated to exclude permanent fund level leverage where the intended use is not for investing purposes. These methodology changes resulted in a one-time adjustment to the LTM market activity of $(1.8) billion for Real Estate. Funds without an adjustment were either already applying the methodology in reporting Total AUM or the update was not applicable.

Notes to page 17 - Deconsolidated Balance Sheet Highlights

§

GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Hedge Fund Solutions, and Credit & Insurance, which were $731 million, $940 million, $209 million, and $354 million, respectively, as of March 31, 2022. Cash and Net Investments per share amounts are calculated using period end DE Shares Outstanding (see page 23, Share Summary).

Notes to page 22 - Shareholder Dividends

§

DE before Certain Payables represents Distributable Earnings before the deduction for the Payable Under Tax Receivable Agreement and tax expense (benefit) of wholly owned subsidiaries. Common shareholders receive tax benefits from deductions taken by Blackstone's corporate tax paying subsidiaries and bear responsibility for the deduction from Distributable Earnings of the Payable Under Tax Receivable Agreement and certain other tax-related payables.

§

Per Share calculations are based on end of period Participating Common Shares (page 23, Share Summary); actual dividends are paid to shareholders as of the applicable record date.

§

Retained capital is withheld pro rata from common shareholders and Blackstone Holdings Partnership unitholders. Common shareholders' share was $169 million for 1Q'22 and $583 million for 1Q'22 LTM.

Blackstone | 33

DEFINITIONS AND DIVIDEND POLICY

Blackstone discloses the following operating metrics and financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America ("non-GAAP") in this presentation:

§

Segment Distributable Earnings, or "Segment DE", is Blackstone's segment profitability measure used to make operating decisions and assess performance across Blackstone's four segments. Segment DE represents the net realized earnings of Blackstone's segments and is the sum of Fee Related Earnings and Net Realizations for each segment. Blackstone's segments are presented on a basis that deconsolidates Blackstone Funds, eliminates non-controlling ownership interests in Blackstone's consolidated operating partnerships, removes the amortization of intangible assets and removes Transaction-Related Charges. Segment DE excludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.

-

Net Realizations is presented on a segment basis and is the sum of Realized Principal Investment Income and Realized Performance Revenues (which refers to Realized Performance Revenues excluding Fee Related Performance Revenues), less Realized Performance Compensation (which refers to Realized Performance Compensation excluding Fee Related Performance Compensation and Equity-Based Performance Compensation).

-

Total Segment Revenues and Segment Revenues represent Net Management and Advisory Fees, Fee Related Performance Revenues, Realized Performance Revenues and Realized Principal Investment Income.

§

Distributable Earnings, or "DE", is derived from Blackstone's segment reported results. DE is used to assess performance and amounts available for dividends to Blackstone shareholders, including Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. DE is the sum of Segment DE plus Net Interest and Dividend Income (Loss) less Taxes and Related Payables. DE excludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.

-

Net Interest and Dividend Income (Loss) is presented on a segment basis and is equal to Interest and Dividend Revenue less Interest Expense, adjusted for the impact of consolidation of Blackstone Funds, and interest expense associated with the Tax Receivable Agreement.

-

Taxes and Related Payables represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and including the Payable under the Tax Receivable Agreement. Further, the current tax provision utilized when calculating Taxes and Related Payables and DE reflects the benefit of deductions available to the company on certain expense items that are excluded from the underlying calculation of Segment DE and Total Segment Distributable Earnings, such as equity-based compensation charges and certain Transaction-Related Charges where there is a current tax provision or benefit. The economic assumptions and methodologies that impact the implied income tax provision are the same as those methodologies and assumptions used in calculating the current income tax provision for Blackstone's consolidated statements of operations under U.S. GAAP, excluding the impact of divestitures and accrued tax contingencies and refunds which are reflected when paid or received. Management believes that including the amount payable under the tax receivable agreement and utilizing the current income tax provision adjusted as described above when calculating DE is meaningful as it increases comparability between periods and more accurately reflects earnings that are available for distribution to shareholders.

§

Fee Related Earnings, or "FRE", is a performance measure used to assess Blackstone's ability to generate profits from revenues that are measured and received on a recurring basis and not subject to future realization events. FRE equals management and advisory fees (net of management fee reductions and offsets) plus Fee Related Performance Revenues, less (a) Fee Related Compensation on a segment basis, and (b) Other Operating Expenses. FRE is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.

Blackstone | 34

DEFINITIONS AND DIVIDEND POLICY - (CONT'D)

-

Fee Related Compensation is presented on a segment basis and refers to the compensation expense, excluding Equity-Based Compensation, directly related to (a) Management and Advisory Fees, Net and (b) Fee Related Performance Revenues, referred to as Fee Related Performance Compensation.

-

Fee Related Performance Revenues refers to the realized portion of Performance Revenues from Perpetual Capital that are (a) measured and received on a recurring basis, and (b) not dependent on realization events from the underlying investments.

-

Other Operating Expenses is presented on a segment basis and is equal to General, Administrative and Other Expenses, adjusted to (a) remove the amortization of transaction-related intangibles, (b) remove certain expenses reimbursed by the Blackstone Funds which are netted against Management and Advisory Fees, Net in Blackstone's segment presentation, and (c) give effect to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone's segment presentation.

-

Perpetual Capital refers to the component of assets under management with an indefinite term, that is not in liquidation, and for which there is no requirement to return capital to investors through redemption requests in the ordinary course of business, except where funded by new capital inflows. Includes co-investment capital with an investor right to convert into Perpetual Capital.

§

Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization, or "Adjusted EBITDA", is a supplemental measure used to assess performance derived from Blackstone's segment results and may be used to assess its ability to service its borrowings. Adjusted EBITDA represents Distributable Earnings plus the addition of (a) Interest Expense on a segment basis, (b) Taxes and Related Payables, and (c) Depreciation and Amortization. Adjusted EBITDA is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.

§

Performance Revenues collectively refers to: (a) Incentive Fees, and (b) Performance Allocations.

§

Performance Compensation collectively refers to: (a) Incentive Fee Compensation, and (b) Performance Allocations Compensation.

-

Performance Compensation reflects an increase in the aggregate Realized Performance Compensation paid to certain of our professionals above the amounts allocable to them based upon the percentage participation in the relevant performance plans previously awarded to them as a result of a compensation program that commenced in 2Q'21. The expectation is that for the full year 2022, Fee Related Compensation will be decreased by the total amount of additional Performance Compensation awarded for the year. In 1Q'22 the increase to Realized Performance Compensation was less than the decrease to Fee Related Compensation, which favorably impacted Distributable Earnings for the quarter. These changes to Performance Compensation and Fee Related Compensation are not expected to impact Distributable Earnings for the full year.

§

Transaction-Related Charges arise from corporate actions including acquisitions, divestitures, and Blackstone's initial public offering. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs and any gains or losses associated with these corporate actions.

Blackstone | 35

DEFINITIONS AND DIVIDEND POLICY - (CONT'D)

Dividend Policy. Blackstone's intention is to pay to holders of common stock a quarterly dividend representing approximately 85% of Blackstone Inc.'s share of Distributable Earnings, subject to adjustment by amounts determined by Blackstone's board of directors to be necessary or appropriate to provide for the conduct of its business, to make appropriate investments in its business and funds, to comply with applicable law, any of its debt instruments or other agreements, or to provide for future cash requirements such as tax-related payments, clawback obligations and dividends to shareholders for any ensuing quarter. The dividend amount could also be adjusted upward in any one quarter. All of the foregoing is subject to the qualification that the declaration and payment of any dividends are at the sole discretion of Blackstone's board of directors and our board of directors may change our dividend policy at any time, including, without limitation, to reduce such quarterly dividends or even to eliminate such dividends entirely.

Blackstone | 36

FORWARD-LOOKING STATEMENTS

This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our current views with respect to, among other things, our operations, taxes, earnings and financial performance, share repurchases and dividends. You can identify these forward-looking statements by the use of words such as "outlook," "indicator," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "scheduled," "estimates," "anticipates," "opportunity," "leads," "forecast" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include but are not limited to the impact of the novel coronavirus ("COVID-19"), as well as those described under the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2021, as such factors may be updated from time to time in our periodic filings with the United States Securities and Exchange Commission ("SEC"), which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other periodic filings. The forward-looking statements speak only as of the date of this report, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

This presentation does not constitute an offer of any Blackstone Fund.

Blackstone | 37

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The Blackstone Group Inc. published this content on 21 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 April 2022 11:04:04 UTC.