EX-99.1

Invested Performance Eligible AUM

Total Dry Powder

($ in billions)

($ in billions)

EX-99.1 2 d139823dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LOGO

Blackstone Reports Second Quarter 2021 Results

New York, July 22, 2021: Blackstone (NYSE:BX) today reported its second quarter 2021 results.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone again reported outstanding
results in the second quarter, including our best-ever quarter of fund appreciation. Strong investment performance
and our culture of innovation have allowed us to meaningfully broaden the clients we serve, including individual
investors and insurance companies, and the types of investments we can make. The result is 21% year-over-year
growth in total assets under management to a record $684 billion and continued elevation in the power and quality
of Blackstone’s earnings.”

Blackstone issued a full detailed presentation of its second quarter 2021 results, which can be viewed at
www.blackstone.com.

Dividend

Blackstone has declared a quarterly dividend of $0.70 per share to record holders of common stock at the close of
business on August 2, 2021. This dividend will be paid on August 9, 2021.

Quarterly Investor Call Details

Blackstone will host its second quarter 2021 investor conference via public webcast on July 22, 2021 at
9:00 a.m. ET. To register, please use the following link:
https://event.webcasts.com/starthere.jsp?ei=1478895&tp_key=6a815c6a88. For those unable to listen to the live

Blackstone

345 Park Avenue New York NY 10154

T 212 583 5000

www.blackstone.com

broadcast, there will be a webcast replay on the Shareholders section of Blackstone’s website at
https://ir.blackstone.com/.

About Blackstone

Blackstone is one of the world’s leading investment firms. 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 $684 billion in assets under
management include investment vehicles focused on private equity, real estate, public debt and equity, 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 Twitter @Blackstone.

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” 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, 2020, 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.

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

LOGO

Blackstone’s Second

Quarter 2021 Earnings

JULY 22, 2021

BLACKSTONE’S SECOND QUARTER 2021 GAAP RESULTS

GAAP Net Income was $2.9 billion for the quarter and $6.2 billion year-to-date (“YTD”). GAAP Net Income
Attributable to The Blackstone Group Inc. was $1.3 billion for the quarter and $3.1 billion YTD.



($ in thousands, except per share data) (unaudited)	2Q’20		2Q’21		2Q’20 YTD		2Q’21 YTD		2Q’20 LTM		2Q’21 LTM
Revenues
Management and Advisory Fees, Net	$	969,728	$	1,212,549	$	1,904,560	$	2,390,364	$	3,726,611	$	4,578,353
Incentive Fees		15,300		33,207		27,461		69,331		123,325		180,531
Investment Income (Loss)
Performance Allocations
Realized		101,910		808,620		269,440		1,342,987		1,433,545		3,179,547
Unrealized		1,067,923		2,697,170		(2,385,158)		5,161,667		(2,080,557)		7,162,432
Principal Investments
Realized		61,102		152,060		109,797		507,098		284,974		788,929
Unrealized		331,762		328,835		(627,603)		968,150		(544,299)		1,481,146
Total Investment Income (Loss)		1,562,697		3,986,685		(2,633,524)		7,979,902		(906,337)		12,612,054
Interest and Dividend Revenue		23,924		31,017		59,008		62,429		153,636		128,652
Other		(55,580)		27,896		82,600		88,200		169,463		(247,542)
Total Revenues	$	2,516,069	$	5,291,354	$	(559,895)	$	10,590,226	$	3,266,698	$	17,252,048
Expenses
Compensation and Benefits
Compensation		458,457		507,104		935,000		1,049,742		1,845,412		1,970,361
Incentive Fee Compensation		8,432		14,431		14,954		27,756		44,962		57,227
Performance Allocations Compensation
Realized		38,569		347,423		110,992		560,450		561,714		1,292,688
Unrealized		454,813		1,150,219		(942,565)		2,200,188		(753,813)		2,988,237
Total Compensation and Benefits		960,271		2,019,177		118,381		3,838,136		1,698,275		6,308,513
General, Administrative and Other		169,051		205,057		326,617		390,179		684,655		775,344
Interest Expense		39,276		44,322		80,920		89,305		194,970		174,547
Fund Expenses		4,083		3,774		8,688		6,157		17,953		10,333
Total Expenses	$	1,172,681	$	2,272,330	$	534,606	$	4,323,777	$	2,595,853	$	7,268,737
Other Income (Loss)
Change in Tax Receivable Agreement Liability		76		(392)		(519)		2,518		161,048		(32,346)
Net Gains (Losses) from Fund Investment Activities		158,297		127,116		(169,077)		247,469		(77,704)		447,088
Income (Loss) Before Provision (Benefit) for Taxes	$	1,501,761	$	3,145,748	$	(1,264,097)	$	6,516,436	$	754,189	$	10,398,053
Provision (Benefit) for Taxes		147,415		288,250		(11,288)		287,803		(139,131)		655,105
Net Income (Loss)	$	1,354,346	$	2,857,498	$	(1,252,809)	$	6,228,633	$	893,320	$	9,742,948
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		(3,426)		637		(18,895)		1,266		(22,591)		6,263
Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities		294,378		431,516		(350,699)		818,366		(141,497)		1,386,182
Net Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings		495,128		1,116,193		(384,989)		2,351,977		293,048		3,749,890
Net Income (Loss) Attributable to The Blackstone Group Inc. (“BX”)	$	568,266	$	1,309,152	$	(498,226)	$	3,057,024	$	764,360	$	4,600,613
Net Income (Loss) Per Share of Common Stock, Basic	$	0.81	$	1.82	$	(0.74)	$	4.27	$	1.12	$	6.51
Net Income (Loss) Per Share of Common Stock, Diluted	$	0.81	$	1.82	$	(0.74)	$	4.27	$	1.12	$	6.51
Income (Loss) Before Provision (Benefit) for Taxes Margin		59.7%		59.5%		225.8%		61.5%		23.1%		60.3%

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 SECOND QUARTER 2021 HIGHLIGHTS


Financial Measures		§ Fee Related Earnings (“FRE”) of $704 million ($0.58/share) in the quarter, up 30% year- over-year – FRE was $2.8 billion over the last twelve months (“LTM”) ($2.33/share), up 40% year-over-year § Distributable Earnings (“DE”) of $1.1 billion ($0.82/share) in the quarter, up 95% year- over-year – DE was $4.5 billion over the LTM ($3.54/share), up 65% year-over-year § Net Accrued Performance Revenues of $6.8 billion ($5.60/share), up 150% year-over- year


Capital Metrics		§ Total Assets Under Management (“AUM”) of $684.0 billion, up 21% year-over-year – Fee-Earning AUM of $498.9 billion, up 14% year-over-year § Inflows of $37.3 billion in the quarter and $116.3 billion over the LTM § Realizations of $19.6 billion in the quarter and $63.4 billion over the LTM § Deployment of $23.8 billion in the quarter and $75.6 billion over the LTM


Capital Returned to Shareholders		§ Dividend of $0.70 per common share payable on August 9, 2021 – Dividends of $3.02 per common share over the LTM § Repurchased 3.2 million common shares in the quarter and 5.2 million common shares over the LTM § $1.2 billion to be distributed to shareholders with respect to the second quarter through dividends and share repurchases, and $4.3 billion over the LTM


AIG L&R Strategic Partnership		§ Subsequent to quarter end, Blackstone agreed to acquire a 9.9% stake in AIG Life & Retirement and enter into a long-term strategic partnership to manage an initial $50.0 billion of AUM, with such amount increasing to $92.5 billion over six years

Notes on page 32.

Blackstone | 2

BLACKSTONE’S SECOND QUARTER 2021 SEGMENT EARNINGS


							% Change							% Change
($ in thousands, except per share data)	2Q’20			2Q’21			vs. 2Q’20	2Q’20 YTD			2Q’21 YTD			vs. 2Q’20 YTD
Management and Advisory Fees, Net	$	976,733		$	1,212,742		24%	$	1,917,300		$	2,390,947		25%
Fee Related Performance Revenues		15,033			48,889		225%		27,499			218,057		693%
Fee Related Compensation		(306,904	)		(375,385	)	22%		(653,168	)		(820,495	)	26%
Other Operating Expenses		(143,583	)		(182,178	)	27%		(282,468	)		(343,602	)	22%
Fee Related Earnings	$	541,279		$	704,068		30%	$	1,009,163		$	1,444,907		43%

Realized Performance Revenues		102,177			792,938		676%		269,410			1,194,261		343%
Realized Performance Compensation		(37,787	)		(338,271	)	795%		(109,089	)		(489,195	)	348%
Realized Principal Investment Income		18,938			63,132		233%		39,228			361,288		821%
Net Realizations		83,328			517,799		521%		199,549			1,066,354		434%
Total Segment Distributable Earnings	$	624,607		$	1,221,867		96%	$	1,208,712		$	2,511,261		108%

Net Interest Income (Loss)		(12,634	)		(11,201	)	(11)%		(16,575	)		(24,129	)	46%
Taxes and Related Payables		(63,990	)		(140,673	)	120%		(87,043	)		(224,895	)	158%
Distributable Earnings	$	547,983		$	1,069,993		95%	$	1,105,094		$	2,262,237		105%

Additional Metrics:
FRE per Share	$	0.45		$	0.58		29%	$	0.84		$	1.20		43%
DE per Common Share	$	0.43		$	0.82		91%	$	0.89		$	1.78		100%
Total Segment Revenues	$	1,112,881		$	2,117,701		90%	$	2,253,437		$	4,164,553		85%
Total Assets Under Management	$	564,330,088		$	684,028,712		21%	$	564,330,088		$	684,028,712		21%
Fee-Earning Assets Under Management	$	435,825,935		$	498,932,526		14%	$	435,825,935		$	498,932,526		14%

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. YTD per Share amounts represent the
sum of the last two quarters. See pages 30-31 for the Reconciliation of GAAP to Total Segment Measures.

Blackstone | 3

SUMMARY OF FINANCIALS

LTM Fee Related Earnings of $2.33 per share, an increase of 40% year-over-year.

LTM Total Segment Distributable Earnings were $5.0 billion, an increase of 69% year-over-year.

Fee Related Earnings per Share

LOGO

Segment Distributable Earnings

($ in millions)

LOGO

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).

Blackstone | 4

INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES

Strong appreciation across strategies led to a 30% increase in Net Accrued Performance Revenues quarter-over-quarter to $6.8 billion ($5.60/share).

Investment Performance

(appreciation / gross returns)


	2Q’21	2Q’21 LTM
Real Estate
Opportunistic	9.4%	25.4%
Core+	5.7%	18.0%

Private Equity
Corporate Private Equity	13.8%	52.2%
Tactical Opportunities	7.2%	44.3%
Secondaries	17.7%	23.3%

Hedge Fund Solutions
BPS Composite	3.5%	15.3%

Credit & Insurance
Private Credit	4.8%	29.4%
Liquid Credit	1.7%	11.1%

Net Accrued Performance Revenues

($ in millions)

LOGO

Investment Performance represents fund appreciation for Real Estate and Private Equity and gross returns for Hedge Fund Solutions and Credit & Insurance. BPS Composite net returns were 3.2% and 14.2% for 2Q’21 and 2Q’21 LTM, respectively. Private Credit net returns were 3.8% and 23.2% for 2Q’21 and 2Q’21 LTM, respectively. Liquid Credit net returns were 1.6% and 10.7% for 2Q’21 and 2Q’21 LTM, respectively. See notes on page 32 for additional details on investment performance.

Blackstone | 5

CAPITAL METRICS – ADDITIONAL DETAIL

Inflows were $37.3 billion in the quarter, bringing LTM inflows to $116.3 billion.

Realizations were $19.6 billion in the quarter and $63.4 billion over the LTM.

Deployed $23.8 billion in the quarter and $75.6 billion over the LTM.

–

Committed an additional $28.5 billion that was not yet deployed in the quarter.


	Inflows				Realizations				Capital Deployed

($ in millions)	2Q’21		2Q’21 LTM		2Q’21		2Q’21 LTM		2Q’21		2Q’21 LTM
Real Estate	$	8,880	$	33,350	$	5,306	$	18,733	$	4,766	$	24,837
Opportunistic		176		968		3,967		13,778		2,219		6,621
Core+		7,500		29,226		878		3,006		1,795		15,316
BREDS		1,204		3,155		461		1,949		752		2,900
Private Equity		7,335		24,126		8,633		29,010		9,457		27,403
Corporate Private Equity		2,589		11,220		4,113		14,287		3,194		10,911
Tactical Opportunities		1,161		8,432		1,909		8,927		2,237		6,929
Secondaries		3,573		4,441		2,556		5,634		2,878		6,149
Infrastructure		12		33		54		162		1,148		3,415
Hedge Fund Solutions		2,197		8,109		304		1,235		1,249		3,012

Credit & Insurance		18,870		50,733		5,390		14,408		8,347		20,332

Total Blackstone	$	37,281	$	116,317	$	19,633	$	63,387	$	23,820	$	75,584

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

Blackstone | 6

ASSETS UNDER MANAGEMENT

Total AUM increased to $684.0 billion, up 21% year-over-year, with $37.3 billion of inflows in the quarter
and $116.3 billion over the LTM.

Fee-Earning AUM of $498.9 billion was up 14% year-over-year, with $28.7 billion of inflows in the quarter
and $94.7 billion over the LTM.

Perpetual Capital AUM reached $169.5 billion, up 55% year-over-year.


Total AUM ($ in billions)	Fee-Earning AUM ($ in billions)	Perpetual Capital AUM ($ in billions)

Blackstone | 7

ADDITIONAL CAPITAL DETAIL

Invested Performance Eligible AUM reached $351.1 billion at quarter end, up 41% year-over-year.

Undrawn capital (“Total Dry Powder”) available for investment of $129.9 billion.

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 24% to $207.5 billion with inflows of $8.9 billion in the quarter and $33.3 billion over the LTM.

–

Inflows during the quarter driven by Core+, including a record $5.8 billion in BREIT and $1.7 billion across BPP.

–

Strong momentum for BREIT with July 1 subscriptions of $2.6 billion not yet included in Total AUM.

Realizations: $5.3 billion in the quarter and $18.7 billion over the LTM.

–

Realizations in the quarter included the sale of Milestone, a 14.6 million square-foot Australian logistics platform, which is the largest ever private real estate transaction in Australia.

Capital Deployed: $4.8 billion in the quarter and $24.8 billion over the LTM; deployment in the quarter included the privatization of Extended Stay America, the largest owner of economy extended stay hotels in the U.S.

–

Committed an additional $11.0 billion in the quarter; commitments included the acquisition of one of the largest private owners of single-family rental homes and a U.S. data center REIT.

Appreciation: Opportunistic funds and Core+ funds appreciated 9.4% and 5.7% for the quarter, and 25.4% and 18.0% over the LTM, respectively.


									% Change									% Change
($ in thousands)	2Q’20				2Q’21				vs. 2Q’20	2Q’20 YTD				2Q’21 YTD				vs. 2Q’20 YTD
Management Fees, Net		$	412,307			$	491,251		19%		$	798,428			$	942,833		18%
Fee Related Performance Revenues			6,505				33,776		419%			11,056				189,168		n/m
Fee Related Compensation			(116,640	)			(121,957	)	5%			(236,936	)			(310,449	)	31%
Other Operating Expenses			(44,525	)			(54,760	)	23%			(85,001	)			(99,122	)	17%
Fee Related Earnings		$	257,647			$	348,310		35%		$	487,547			$	722,430		48%

Realized Performance Revenues			34,209				351,053		926%			77,929				439,691		464%
Realized Performance Compensation			(12,547	)			(154,928	)	n/m			(25,939	)			(177,690	)	585%
Realized Principal Investment Income			1,573				28,129		n/m			8,873				128,949		n/m
Net Realizations			23,235				224,254		865%			60,863				390,950		542%
Segment Distributable Earnings		$	280,882			$	572,564		104%		$	548,410			$	1,113,380		103%

Segment Revenues		$	454,594			$	904,209		99%		$	896,286			$	1,700,641		90%
Total AUM		$	166,723,844			$	207,548,236		24%		$	166,723,844			$	207,548,236		24%
Fee-Earning AUM		$	134,260,348			$	166,263,493		24%		$	134,260,348			$	166,263,493		24%

Blackstone | 10

PRIVATE EQUITY

Total AUM: Increased 21% to $223.6 billion with inflows of $7.3 billion in the quarter and $24.1 billion over the LTM.

–

Inflows in the quarter included $2.1 billion for subsequent closes of the second Corporate Private Equity Asia
fund and $769 million for the first close of the Secondaries’ GP Solutions strategy.

Realizations: $8.6 billion in the quarter and $29.0 billion over the LTM; realizations in the quarter included proceeds from Sona Comstar IPO and Custom Truck One Source sale.

Capital Deployed: $9.5 billion in the quarter and $27.4 billion over the LTM, including Signature Aviation, Huws Gray and Interior Logic Group during the quarter.

–

Committed an additional $12.4 billion that was not yet deployed in the quarter, including to investments in
Medline, Mphasis, Ellucian, QTS Realty Trust, and Autostrade per l’Italia (ASPI).

Appreciation: Corporate Private Equity increased 13.8% in the quarter and 52.2% over the LTM, driven by IPOs of TaskUs and Sona Comstar in Asia as well as broad-based appreciation across industries and sectors.

–

Tactical Opportunities increased 7.2% in the quarter and 44.3% over the LTM; Secondaries increased 17.7% in the quarter and 23.3% over the LTM.


									% Change									% Change
($ in thousands)	2Q’20				2Q’21				vs. 2Q’20	2Q’20 YTD				2Q’21 YTD				vs. 2Q’20 YTD
Management and Advisory Fees, Net		$	269,560			$	393,277		46%		$	535,732			$	799,725		49%
Fee Related Compensation			(92,825	)			(136,767	)	47%			(203,193	)			(277,364	)	37%
Other Operating Expenses			(44,827	)			(61,041	)	36%			(85,828	)			(112,096	)	31%
Fee Related Earnings		$	131,908			$	195,469		48%		$	246,711			$	410,265		66%

Realized Performance Revenues			64,513				383,010		494%			176,589				638,855		262%
Realized Performance Compensation			(25,016	)			(159,375	)	537%			(79,659	)			(270,584	)	240%
Realized Principal Investment Income			17,416				27,796		60%			27,763				143,199		416%
Net Realizations			56,913				251,431		342%			124,693				511,470		310%
Segment Distributable Earnings		$	188,821			$	446,900		137%		$	371,404			$	921,735		148%

Segment Revenues		$	351,489			$	804,083		129%		$	740,084			$	1,581,779		114%
Total AUM		$	184,118,135			$	223,621,359		21%		$	184,118,135			$	223,621,359		21%
Fee-Earning AUM		$	129,284,112			$	132,475,486		2%		$	129,284,112			$	132,475,486		2%

Secondaries’ appreciation reflects a reporting lag of its underlying funds.

Blackstone | 11

HEDGE FUND SOLUTIONS

Total AUM: $79.1 billion with inflows of $2.2 billion in the quarter and $8.1 billion over the LTM.

–

July 1 subscriptions of $655 million are not yet included in Total AUM.

–

Subsequent to quarter end, held the first close for Horizon of $1.9 billion.

Returns: BPS Composite gross return of 3.5% in the quarter (3.2% net), outperforming the HFRX Global Hedge Fund Return Index, which was up 2.4%.

–

YTD gross returns of 6.0% (5.5% net), with significantly less volatility than the broader markets, compared to
3.7% return for the HFRX Global Hedge Fund Return Index.


									% Change									% Change
($ in thousands)	2Q’20				2Q’21				vs. 2Q’20	2Q’20 YTD				2Q’21 YTD				vs. 2Q’20 YTD
Management Fees, Net		$	146,318			$	156,599		7%		$	286,690			$	311,420		9%
Fee Related Compensation			(40,353	)			(38,638	)	(4)%			(86,544	)			(77,488	)	(10)%
Other Operating Expenses			(17,807	)			(21,873	)	23%			(36,474	)			(41,045	)	13%
Fee Related Earnings		$	88,158			$	96,088		9%		$	163,672			$	192,887		18%

Realized Performance Revenues			1,482				17,056		n/m			3,249				48,629		n/m
Realized Performance Compensation			0				(5,626	)	n/m			(945	)			(12,534	)	n/m
Realized Principal Investment Income			(331	)			2,125		n/m			(940	)			37,675		n/m
Net Realizations			1,151				13,555		n/m			1,364				73,770		n/m
Segment Distributable Earnings		$	89,309			$	109,643		23%		$	165,036			$	266,657		62%

Segment Revenues		$	147,469			$	175,780		19%		$	288,999			$	397,724		38%
Total AUM		$	75,668,139			$	79,145,263		5%		$	75,668,139			$	79,145,263		5%
Fee-Earning AUM		$	70,200,141			$	72,240,152		3%		$	70,200,141			$	72,240,152		3%

Blackstone | 12

CREDIT & INSURANCE

Total AUM: Increased 26% to $173.7 billion with inflows of $18.9 billion in the quarter and $50.7 billion over the LTM.

–

$2.8 billion of equity capital raised in the quarter for BCRED, a continuously offered non-traded BDC, bringing
Total Global Direct Lending AUM to $36.3 billion; strong momentum for BCRED with July 1 subscriptions of $1.1 billion not yet included in Total AUM.

–

Liquid Credit strategies had inflows of $7.8 billion in the quarter including $3.6 billion across 5 new CLOs (4 U.S.
and 1 European) and 2 U.S. reissues as well as $2.3 billion in SRLN, a Senior Loan ETF.

Realizations: Record $5.4 billion in the quarter and record $14.4 billion over the LTM; realizations in the quarter included repayments and refinancings in our Mezzanine / Opportunistic and Global Direct Lending funds.

Capital Deployed: Record $8.3 billion in the quarter driven by U.S. Direct Lending, and record $20.3 billion over the LTM; committed an additional $4.9 billion that was not yet deployed in the quarter.

Returns: Private Credit gross return of 4.8% (3.8% net) and Liquid Credit gross return of 1.7% (1.6% net) for the quarter.


									% Change									% Change
($ in thousands)	2Q’20				2Q’21				vs. 2Q’20	2Q’20 YTD				2Q’21 YTD				vs. 2Q’20 YTD
Management Fees, Net		$	148,548			$	171,615		16%		$	296,450			$	336,969		14%
Fee Related Performance Revenues			8,528				15,113		77%			16,443				28,889		76%
Fee Related Compensation			(57,086	)			(78,023	)	37%			(126,495	)			(155,194	)	23%
Other Operating Expenses			(36,424	)			(44,504	)	22%			(75,165	)			(91,339	)	22%
Fee Related Earnings		$	63,566			$	64,201		1%		$	111,233			$	119,325		7%

Realized Performance Revenues			1,973				41,819		n/m			11,643				67,086		476%
Realized Performance Compensation			(224	)			(18,342	)	n/m			(2,546	)			(28,387	)	n/m
Realized Principal Investment Income			280				5,082		n/m			3,532				51,465		n/m
Net Realizations			2,029				28,559		n/m			12,629				90,164		614%
Segment Distributable Earnings		$	65,595			$	92,760		41%		$	123,862			$	209,489		69%

Segment Revenues		$	159,329			$	233,629		47%		$	328,068			$	484,409		48%
Total AUM		$	137,819,970			$	173,713,854		26%		$	137,819,970			$	173,713,854		26%
Fee-Earning AUM		$	102,081,334			$	127,953,395		25%		$	102,081,334			$	127,953,395		25%

Blackstone | 13

Supplemental Details

Blackstone | 14

TOTAL SEGMENTS


($ in thousands)	2Q’20			3Q’20			4Q’20			1Q’21			2Q’21			2Q’20 YTD			2Q’21 YTD

Base Management Fees	$	941,794		$	1,043,770		$	1,076,094		$	1,117,290		$	1,140,051		$	1,852,190		$	2,257,341

Transaction, Advisory and Other Fees, Net		48,292			33,628			75,290			78,640			78,125			98,957			156,765

Management Fee Offsets		(13,353	)		(19,558	)		(15,359	)		(17,725	)		(5,434	)		(33,847	)		(23,159	)

Total Management and Advisory Fees, Net		976,733			1,057,840			1,136,025			1,178,205			1,212,742			1,917,300			2,390,947

Fee Related Performance Revenues		15,033			64,950			286,227			169,168			48,889			27,499			218,057

Fee Related Compensation		(306,904	)		(360,633	)		(482,769	)		(445,110	)		(375,385	)		(653,168	)		(820,495	)

Other Operating Expenses		(143,583	)		(151,213	)		(189,536	)		(161,424	)		(182,178	)		(282,468	)		(343,602	)

Fee Related Earnings	$	541,279		$	610,944		$	749,947		$	740,839		$	704,068		$	1,009,163		$	1,444,907



Realized Performance Revenues		102,177			319,954			1,276,629			401,323			792,938			269,410			1,194,261

Realized Performance Compensation		(37,787	)		(121,730	)		(483,528	)		(150,924	)		(338,271	)		(109,089	)		(489,195	)

Realized Principal Investment Income		18,938			15,884			103,821			298,156			63,132			39,228			361,288

Total Net Realizations		83,328			214,108			896,922			548,555			517,799			199,549			1,066,354

Total Segment Distributable Earnings	$	624,607		$	825,052		$	1,646,869		$	1,289,394		$	1,221,867		$	1,208,712		$	2,511,261



Net Interest Income (Loss)		(12,634	)		(12,731	)		(5,604	)		(12,928	)		(11,201	)		(16,575	)		(24,129	)

Taxes and Related Payables		(63,990	)		(40,225	)		(176,859	)		(84,222	)		(140,673	)		(87,043	)		(224,895	)

Distributable Earnings	$	547,983		$	772,096		$	1,464,406		$	1,192,244		$	1,069,993		$	1,105,094		$	2,262,237



Additional Metrics:

Total Segment Revenues	$	1,112,881		$	1,458,628		$	2,802,702		$	2,046,852		$	2,117,701		$	2,253,437		$	4,164,553

Total Assets Under Management	$	564,330,088		$	584,376,213		$	618,556,928		$	648,803,007		$	684,028,712		$	564,330,088		$	684,028,712

Fee-Earning Assets Under Management	$	435,825,935		$	444,511,078		$	469,433,114		$	481,225,407		$	498,932,526		$	435,825,935		$	498,932,526

Blackstone | 15

ASSETS UNDER MANAGEMENT - ROLLFORWARD

Total AUM Rollforward

($ in millions)



	Three Months Ended June 30, 2021										Twelve Months Ended June 30, 2021


	Real Estate		Private Equity		Hedge Fund Solutions		Credit & Insurance		Total		Real Estate		Private Equity		Hedge Fund Solutions		Credit & Insurance		Total
Beginning Balance	$	196,277	$	211,801	$	81,819	$	158,906	$	648,803	$	166,724	$	184,118	$	75,668	$	137,820	$	564,330
Inflows		8,880		7,335		2,197		18,870		37,281		33,350		24,126		8,109		50,733		116,317
Outflows		(579)		(1,078)		(7,299)		(2,717)		(11,672)		(4,718)		(3,469)		(14,776)		(12,701)		(35,663)
Net Flows		8,301		6,257		(5,102)		16,153		25,609		28,632		20,656		(6,667)		38,032		80,654
Realizations		(5,306)		(8,633)		(304)		(5,390)		(19,633)		(18,733)		(29,010)		(1,235)		(14,408)		(63,387)
Market Activity		8,277		14,196		2,731		4,045		29,250		30,925		47,857		11,379		12,270		102,431
Ending Balance	$	207,548	$	223,621	$	79,145	$	173,714	$	684,029	$	207,548	$	223,621	$	79,145	$	173,714	$	684,029
% Change		6%		6%		(3)%		9%		5%		24%		21%		5%		26%		21%

Fee-Earning AUM Rollforward

($ in millions)



	Three Months Ended June 30, 2021										Twelve Months Ended June 30, 2021


	Real Estate		Private Equity		Hedge Fund Solutions		Credit & Insurance		Total		Real Estate		Private Equity		Hedge Fund Solutions		Credit & Insurance		Total
Beginning Balance	$	155,852	$	131,903	$	76,614	$	116,856	$	481,225	$	134,260	$	129,284	$	70,200	$	102,081	$	435,826
Inflows		9,834		2,320		1,795		14,734		28,684		33,466		12,842		7,666		40,768		94,742
Outflows		(582)		(458)		(8,277)		(2,502)		(11,819)		(3,202)		(1,464)		(14,962)		(12,214)		(31,841)
Net Flows		9,253		1,863		(6,482)		12,232		16,865		30,264		11,378		(7,296)		28,554		62,900
Realizations		(3,070)		(3,304)		(295)		(4,030)		(10,698)		(10,237)		(11,623)		(1,182)		(10,275)		(33,316)
Market Activity		4,229		2,013		2,403		2,895		11,540		11,976		3,436		10,518		7,593		33,523
Ending Balance	$	166,263	$	132,475	$	72,240	$	127,953	$	498,933	$	166,263	$	132,475	$	72,240	$	127,953	$	498,933
% Change		7%		0%		(6)%		9%		4%		24%		2%		3%		25%		14%

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 includes an adjustment for a change in methodology, see additional notes on page 33.

Blackstone | 16

DECONSOLIDATED BALANCE SHEET HIGHLIGHTS

At June 30, 2021, Blackstone had $5.1 billion in total cash, cash equivalents, and corporate treasury investments and $14.5 billion of cash and net investments, or $12.00 per share.

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



($ in millions)	2Q’21

Cash and Cash Equivalents	$	2,467

Corporate Treasury Investments		2,616

GP/Fund Investments		2,646

Net Accrued Performance Revenues		6,761

Cash and Net Investments	$	14,490

Outstanding Bonds (at par)		5,679

Cash and Net Investments

(per share)

LOGO

A+ / A+

rated by S&P and Fitch

$2.3B

undrawn credit revolver

with November 2025 maturity

$5.1B

total cash

and corporate treasury

Balance Sheet Highlights exclude the consolidated Blackstone Funds. GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Hedge
Fund Solutions, and Credit & Insurance, which were $1.1 billion, $999 million, $251 million, and $307 million, respectively, as of June 30, 2021. Cash and Net
Investments per share amounts are calculated using period end DE Shares Outstanding (see page 23, Share Summary).

Blackstone | 17

NET ACCRUED PERFORMANCE REVENUES – ADDITIONAL DETAIL


($ in millions, except per share data)	2Q’20		1Q’21		2Q’21		2Q’21
($ in millions, except per share data)	2Q’20		1Q’21		2Q’21		Per Share
Real Estate
BREP IV	$	7	$	18	$	19	$	0.02
BREP V		1		18		26		0.02
BREP VI		45		39		42		0.03
BREP VII		238		253		300		0.25
BREP VIII		604		519		626		0.52
BREP IX		6		198		359		0.30
BREP Europe IV		105		92		89		0.07
BREP Europe V		99		244		312		0.26
BREP Europe VI		-		-		60		0.05
BREP Asia I		85		179		107		0.09
BREP Asia II		-		78		98		0.08
BPP		225		189		265		0.22
BREIT		-		82		247		0.20
BREDS		3		31		32		0.03
BTAS		22		1		6		0.01
Real Estate	$	1,441	$	1,941	$	2,591	$	2.15
Private Equity
BCP IV		19		9		9		0.01
BCP V		-		37		39		0.03
BCP VI		521		746		740		0.61
BCP VII		307		987		1,351		1.12
BCP VIII		-		41		89		0.07
BCP Asia I		18		105		213		0.18
BEP I		63		52		28		0.02
BEP III		3		34		47		0.04
BCEP I		43		147		170		0.14
Tactical Opportunities		55		359		432		0.36
Secondaries		155		157		262		0.22
Infrastructure		-		43		81		0.07
Life Sciences		8		19		23		0.02
BTAS/Other		7		93		151		0.13
Private Equity	$	1,199	$	2,831	$	3,637	$	3.01

Hedge Fund Solutions	$	26	$	214	$	300	$	0.25

Credit & Insurance	$	42	$	216	$	233	$	0.19

Net Accrued Performance Revenues	$	2,708	$	5,202	$	6,761	$	5.60

2Q’21 QoQ Rollforward

($ in millions)


			Net		Net
			Performance		Realized
	1Q’21		Revenues		Distributions			2Q’21

Real Estate	$	1,941	$	865	$	(215	)	$	2,591

Private Equity		2,831		1,032		(226	)		3,637

HFS		214		98		(12	)		300

Credit & Insurance		216		49		(32	)		233

Total	$	5,202	$	2,044	$	(485	)	$	6,761

QoQ Change									30%

2Q’21 LTM Rollforward

($ in millions)


			Net		Net
			Performance		Realized
	2Q’20		Revenues		Distributions			2Q’21

Real Estate	$	1,441	$	2,128	$	(978	)	$	2,591

Private Equity		1,199		3,226		(788	)		3,637

HFS		26		458		(184	)		300

Credit & Insurance		42		268		(77	)		233

Total	$	2,708	$	6,080	$	(2,027	)	$	6,761

YoY Change									150%

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.
Tactical Opportunities includes Blackstone Growth. Per Share calculations are based on end of period DE Shares Outstanding (see page 23, Share Summary).

Blackstone | 18

INVESTMENT RECORDS AS OF JUNE 30, 2021^(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		-		67,097		1.3x		4,579,740	1.7x		4,646,837		1.7x	13%	12%
BREP V (Dec 2005 / Feb 2007)		5,539,418		231,857		255,300		1.1x		13,090,349	2.4x		13,345,649		2.3x	12%	11%
BREP VI (Feb 2007 / Aug 2011)		11,060,444		550,596		493,096		2.3x		27,272,291	2.5x		27,765,387		2.5x	13%	13%
BREP VII (Aug 2011 / Apr 2015)		13,496,823		1,525,932		5,918,553		1.3x		23,280,621	2.1x		29,199,174		1.9x	22%	14%
BREP VIII (Apr 2015 / Jun 2019)		16,576,617		2,571,042		14,572,997		1.3x		14,848,690	2.4x		29,421,687		1.7x	29%	15%
*BREP IX (Jun 2019 / Dec 2024)		21,007,890		11,839,168		12,675,878		1.4x		1,585,131	1.7x		14,261,009		1.4x	n/m	29%
Total Global BREP	$	73,122,355	$	16,718,595	$	33,982,921		1.4x	$	92,191,740	2.3x	$	126,174,661		1.9x	18%	16%
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		2,576,670	1.8x		2,576,670		1.8x	8%	8%
BREP Europe III (Jun 2008 / Sep 2013)		3,205,167		460,260		339,108		0.5x		5,738,120	2.5x		6,077,228		2.1x	20%	14%
BREP Europe IV (Sep 2013 / Dec 2016)		6,675,950		1,328,875		2,226,614		1.4x		9,238,374	1.9x		11,464,988		1.8x	20%	14%
BREP Europe V (Dec 2016 / Oct 2019)		7,937,730		1,579,708		8,147,321		1.4x		1,530,272	2.5x		9,677,593		1.5x	41%	11%
*BREP Europe VI (Oct 2019 / Apr 2025)		9,835,049		6,410,782		3,935,114		1.2x		9,200	n/a		3,944,314		1.2x	n/m	13%
Total BREP Europe	€	30,107,816	€	9,779,625	€	14,648,157		1.3x	€	20,465,806	2.1x	€	35,113,963		1.7x	16%	12%
BREP Asia I (Jun 2013 / Dec 2017)	$	4,261,983	$	916,901	$	2,505,476		1.4x	$	5,788,923	2.1x	$	8,294,399		1.8x	21%	13%
*BREP Asia II (Dec 2017 / Jun 2023)		7,349,172		3,091,837		5,381,616		1.3x		491,184	1.7x		5,872,800		1.3x	55%	11%
BREP Co-Investment (f)		7,055,974		32,158		670,425		1.6x		14,812,488	2.2x		15,482,913		2.2x	16%	16%
Total BREP	$	127,579,181	$	32,356,170	$	59,378,266		1.3x	$	138,957,222	2.2x	$	198,335,488		1.9x	17%	15%
*Core+ BPP (Various) (g)		n/a		n/a		48,143,297		n/a		8,480,471	n/a		56,623,768		n/a	n/a	9%
*Core+ BREIT (Various) (h)		n/a		n/a		31,518,967		n/a		1,008,038	n/a		32,527,005		n/a	n/a	11%
*BREDS High-Yield (Various) (i)		19,991,125		7,767,589		5,179,211		1.1x		13,732,462	1.3x		18,911,673		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		16,589		n/a		2,953,649	1.4x		2,970,238		1.4x	6%	6%
BCP IV (Nov 2002 / Dec 2005)		6,773,182		179,524		118,662		1.3x		21,478,010	2.9x		21,596,672		2.8x	36%	36%
BCP V (Dec 2005 / Jan 2011)		21,009,112		1,035,259		553,720		37.5x		37,876,327	1.9x		38,430,047		1.9x	8%	8%
BCP VI (Jan 2011 / May 2016)		15,202,246		1,164,816		11,003,889		2.0x		20,142,109	2.1x		31,145,998		2.1x	17%	13%
BCP VII (May 2016 / Feb 2020)		18,846,349		1,622,124		27,335,958		1.8x		5,130,267	1.9x		32,466,225		1.8x	29%	21%
*BCP VIII (Feb 2020 / Feb 2026)		24,884,732		21,948,631		4,226,476		1.5x		-	n/a		4,226,476		1.5x	n/a	n/m
Energy I (Aug 2011 / Feb 2015)		2,441,558		142,138		728,983		1.4x		3,618,876	1.9x		4,347,859		1.8x	14%	11%
Energy II (Feb 2015 / Feb 2020)		4,914,647		833,132		4,214,573		1.3x		1,197,747	0.9x		5,412,320		1.2x	(8)%	2%
*Energy III (Feb 2020 / Feb 2026)		4,257,011		3,679,798		1,091,715		2.1x		238,516	2.0x		1,330,231		2.0x	94%	95%
*BCP Asia I (Dec 2017 / Dec 2023)		2,414,503		1,370,026		3,079,369		3.1x		603,472	4.8x		3,682,841		3.3x	97%	65%
BCP Asia II (TBD)		5,243,475		5,243,475		-		n/a		-	n/a		-		n/a	n/a	n/a
Core Private Equity I (Jan 2017 / Mar 2021) (j)		4,756,020		1,076,792		7,024,913		1.8x		1,284,639	2.3x		8,309,552		1.9x	31%	25%
*Core Private Equity II (Mar 2021 / Mar 2026) (j)		8,165,403		8,156,099		(4,266	)	n/a		-	n/a		(4,266	)	n/a	n/a	n/a
Total Corporate Private Equity	$	127,233,171	$	46,476,389	$	59,390,581		1.8x	$	108,706,857	2.1x	$	168,097,438		2.0x	16%	15%

Notes on page 21. BREP – Blackstone Real Estate Partners, BREIT – Blackstone Real Estate Income Trust, BPP – Blackstone Property Partners, BREDS – Blackstone Real Estate Debt Strategies, BCP – Blackstone Capital Partners, BCOM – Blackstone Communications.

Blackstone | 19

* Represents funds that are currently in their investment period and open ended funds.

INVESTMENT RECORDS AS OF JUNE 30, 2021^(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)	$	22,862,522	$	7,088,393	$	14,979,562		1.5x	$	14,307,619	1.8x	$	29,287,181	1.6x	17%	13%
*Tactical Opportunities Co-Investment and Other (Various)		9,238,885		1,445,766		4,253,052		1.4x		6,072,437	1.6x		10,325,489	1.5x	20%	16%
Total Tactical Opportunities	$	32,101,407	$	8,534,159	$	19,232,614		1.5x	$	20,380,056	1.7x	$	39,612,670	1.6x	18%	14%
*Blackstone Growth (Jul 2020 / Jul 2025)		4,761,851		3,500,609		2,101,698		1.6x		220,087	3.8x		2,321,785	1.7x	n/m	n/m
Strategic Partners (Secondaries)
Strategic Partners I-V (Various) (k)		11,863,351		1,047,300		722,607		n/m		17,234,545	n/m		17,957,152	1.6x	n/a	13%
Strategic Partners VI (Apr 2014 / Apr 2016) (k)		4,362,750		1,316,363		1,278,661		n/m		3,596,948	n/m		4,875,609	1.5x	n/a	15%
Strategic Partners VII (May 2016 / Mar 2019) (k)		7,489,970		2,049,841		5,268,290		n/m		3,509,459	n/m		8,777,749	1.6x	n/a	20%
Strategic Partners Real Assets II (May 2017 / Jun 2020) (k)		1,749,807		379,942		1,047,927		n/m		535,504	n/m		1,583,431	1.2x	n/a	12%
*Strategic Partners VIII (Mar 2019 / Jul 2023) (k)		10,763,600		5,454,255		5,691,944		n/m		1,991,266	n/m		7,683,210	1.5x	n/a	44%
*Strategic Partners Real Estate, SMA and Other (Various) (k)		7,878,498		2,537,778		2,999,839		n/m		2,015,737	n/m		5,015,576	1.3x	n/a	15%
*Strategic Partners Infra III (Jun 2020 / Jul 2024) (k)		3,250,100		2,627,042		101,030		n/m		14,819	n/a		115,849	1.7x	n/a	n/m
Total Strategic Partners (Secondaries)	$	47,358,076	$	15,412,521	$	17,110,298		n/m	$	28,898,278	n/m	$	46,008,576	1.5x	n/a	15%
*Infrastructure (Various)		13,658,063		9,103,132		6,168,496		1.4x		-	n/a		6,168,496	1.4x	n/a	20%

Life Sciences
Clarus IV (Jan 2018 / Jan 2020)		910,000		275,501		821,098		1.5x		34,970	0.8x		856,068	1.5x	(27)%	16%
*BXLS V (Jan 2020 / Jan 2025)		4,772,543		4,124,567		822,115		1.4x		-	n/a		822,115	1.4x	n/a	n/m
Credit
Mezzanine / Opportunistic I (Jul 2007 / Oct 2011)	$	2,000,000	$	97,114	$	20,784		1.1x	$	4,775,786	1.6x	$	4,796,570	1.6x	n/a	17%
Mezzanine / Opportunistic II (Nov 2011 / Nov 2016)		4,120,000		1,013,932		876,247		0.6x		5,787,118	1.6x		6,663,365	1.3x	n/a	10%
Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)		6,639,133		1,073,044		5,120,278		1.1x		3,756,163	1.7x		8,876,441	1.3x	n/a	11%
*Mezzanine / Opportunistic IV (Jan 2021 / Jan 2026)		3,738,771		3,304,044		444,960		1.0x		5,321	n/a		450,281	1.0x	n/a	n/a
Stressed / Distressed I (Sep 2009 / May 2013)		3,253,143		76,000		-		n/a		5,776,922	1.3x		5,776,922	1.3x	n/a	9%
Stressed / Distressed II (Jun 2013 / Jun 2018)		5,125,000		547,430		642,546		0.7x		4,956,906	1.2x		5,599,452	1.1x	n/a	1%
*Stressed / Distressed III (Dec 2017 / Dec 2022)		7,356,380		3,665,909		2,142,557		1.0x		2,002,481	1.4x		4,145,038	1.1x	n/a	8%
Energy I (Nov 2015 / Nov 2018)		2,856,867		1,003,583		1,437,797		1.0x		1,523,775	1.6x		2,961,572	1.3x	n/a	8%
*Energy II (Feb 2019 / Feb 2024)		3,616,081		2,639,556		1,109,599		1.1x		338,649	1.7x		1,448,248	1.2x	n/a	27%
European Senior Debt I (Feb 2015 / Feb 2019)	€	1,964,689	€	262,076	€	1,403,591		1.0x	€	1,824,750	1.4x	€	3,228,341	1.2x	n/a	6%
*European Senior Debt II (Jun 2019 / Jun 2024)	€	4,088,344	€	3,344,258	€	1,777,997		1.0x	€	581,142	1.2x	€	2,359,139	1.1x	n/a	19%
Total Credit Drawdown Funds (l)	$	45,611,033	$	17,697,364	$	15,567,813		1.0x	$	31,707,914	1.4x	$	47,275,727	1.3x	n/a	10%
*Direct Lending BDC (Various) (m)		3,926,295		356,250		3,741,102		n/a		379,307	n/a		4,120,409	n/a	n/a	10%

Notes on page 21. BXLS – Blackstone Life Sciences.

Blackstone | 20

* Represents funds that are currently in their investment period and open ended funds.

INVESTMENT RECORDS AS OF JUNE 30, 2021 – NOTES

The returns presented herein represent those of the applicable Blackstone Funds and not those of The Blackstone Group 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 June 30, 2021 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)	BPP represents the Core+ real estate funds which invest with a more modest risk profile and lower leverage. Committed Capital and Available Capital are not regularly reported to investors in our Core+ strategy and are not applicable in the context of these funds.

(h)

Unrealized Investment Value reflects BREIT’s net asset value as of June 30, 2021. Realized Investment Value represents BREIT’s cash distributions, net
of servicing fees. The BREIT 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. Inception to date net returns are presented on an annualized basis and are from
January 1, 2017. Committed Capital and Available Capital are not regularly reported to investors in our Core+ strategy and are not applicable in the
context of this vehicle.

(i)	BREDS High-Yield represents the flagship real estate debt drawdown funds only and excludes BREDS High-Grade.

(j)	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.

(k)

Realizations are treated as return of capital until fully recovered and therefore unrealized and realized MOICs are not meaningful. If information
is not available on a timely basis, returns are calculated from results that are reported on a three month lag and therefore do not include the impact
of economic and market activities in the quarter in which such events occur.

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

(m)

Unrealized Investment Value reflects Blackstone Secured Lending Fund’s (“BXSL”) net asset value as of June 30, 2021. Realized Investment Value
represents BXSL’s cash distributions. BXSL’s net return is annualized and calculated since inception starting on November 20, 2018, as the change in
NAV per share during the period, 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.

Blackstone | 21

SHAREHOLDER DIVIDENDS

Generated $0.82 of Distributable Earnings per common share during the quarter, bringing the year-to-date amount
to $1.78 per common share.

Blackstone declared a quarterly dividend of $0.70 per common share to record holders as of August 2, 2021; payable on August 9, 2021.


																% Change							% Change
($ in thousands, except per share data)	2Q’20			3Q’20			4Q’20			1Q’21			2Q’21			vs. 2Q’20	2Q’20 YTD			2Q’21 YTD			vs. 2Q’20 YTD

Distributable Earnings	$	547,983		$	772,096		$	1,464,406		$	1,192,244		$	1,069,993		95%	$	1,105,094		$	2,262,237		105%

Add: Other Payables Attributable to Common Shareholders		45,673			23,461			154,783			61,249			120,336		163%		54,873			181,585		231%

DE before Certain Payables		593,656			795,557			1,619,189			1,253,493			1,190,329		101%		1,159,967			2,443,822		111%

Percent to Common Shareholders		58	%		58	%		59	%		59	%		60	%			58	%		59	%

DE before Certain Payables Attributable to Common Shareholders		344,390			464,233			949,854			741,662			710,081		106%		670,380			1,451,743		117%

Less: Other Payables Attributable to Common Shareholders		(45,673	)		(23,461	)		(154,783	)		(61,249	)		(120,336	)	163%		(54,873	)		(181,585	)	231%

DE Attributable to Common Shareholders		298,717			440,772			795,071			680,413			589,745		97%		615,507			1,270,158		106%

DE per Common Share	$	0.43		$	0.63		$	1.13		$	0.96		$	0.82		91%	$	0.89		$	1.78		100%

Less: Retained Capital per Common Share	$	(0.06	)	$	(0.09	)	$	(0.17	)	$	(0.14	)	$	(0.12	)	100%	$	(0.13	)	$	(0.26	)	100%

Actual Dividend per Common Share	$	0.37		$	0.54		$	0.96		$	0.82		$	0.70		89%	$	0.76		$	1.52		100%

Record Date														Aug 2, 2021

Payable Date														Aug 9, 2021

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 1.208 billion shares.

–

Repurchased 3.2 million common shares in the quarter and 5.2 million common shares over the LTM.

–

Available authorization remaining was $758 million at June 30, 2021.



	2Q’20		3Q’20		4Q’20		1Q’21		2Q’21

Participating Common Shares		697,597,036		700,649,135		703,959,789		711,065,543		720,474,539

Participating Partnership Units		504,912,855		500,054,874		496,060,455		490,716,529		487,276,882

Distributable Earnings Shares Outstanding		1,202,509,891		1,200,704,009		1,200,020,244		1,201,782,072		1,207,751,421

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															YTD						LTM

($ in thousands)	2Q’20			3Q’20			4Q’20			1Q’21			2Q’21			2Q’20			2Q’21			2Q’20			2Q’21

Net Income (Loss) Attributable to The Blackstone Group Inc.	$	568,266		$	794,719		$	748,870		$	1,747,872		$	1,309,152		$	(498,226	)	$	3,057,024		$	764,360		$	4,600,613

Net Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings		495,128			638,803			759,110			1,235,784			1,116,193			(384,989	)		2,351,977			293,048			3,749,890

Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities		294,378			259,761			308,055			386,850			431,516			(350,699	)		818,366			(141,497	)		1,386,182

Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		(3,426	)		6,868			(1,871	)		629			637			(18,895	)		1,266			(22,591	)		6,263

Net Income (Loss)	$	1,354,346		$	1,700,151		$	1,814,164		$	3,371,135		$	2,857,498		$	(1,252,809	)	$	6,228,633		$	893,320		$	9,742,948

Provision (Benefit) for Taxes		147,415			100,960			266,342			(447	)		288,250			(11,288	)		287,803			(139,131	)		655,105

Income (Loss) Before Provision (Benefit) for Taxes	$	1,501,761		$	1,801,111		$	2,080,506		$	3,370,688		$	3,145,748		$	(1,264,097	)	$	6,516,436		$	754,189		$	10,398,053

Transaction-Related Charges (a)		76,160			47,283			70,292			27,888			35,533			123,154			63,421			135,322			180,996

Amortization of Intangibles (b)		16,483			16,483			16,535			17,124			17,044			32,966			34,168			65,931			67,186

Impact of Consolidation (c)		(290,952	)		(266,629	)		(306,184	)		(387,479	)		(432,153	)		369,594			(819,632	)		164,088			(1,392,445	)

Unrealized Performance Revenues (d)		(1,067,923	)		(1,403,480	)		(597,285	)		(2,464,497	)		(2,697,170	)		2,385,523			(5,161,667	)		2,080,586			(7,162,432	)

Unrealized Performance Allocations Compensation (e)		454,813			509,474			278,575			1,049,969			1,150,219			(942,565	)		2,200,188			(753,813	)		2,988,237

Unrealized Principal Investment (Income) Loss (f)		(223,316	)		(177,125	)		(114,427	)		(423,934	)		(104,658	)		393,294			(528,592	)		363,539			(820,144	)

Other Revenues (g)		55,606			192,623			143,615			(60,273	)		(27,870	)		(82,545	)		(88,143	)		(168,953	)		248,095

Equity-Based Compensation (h)		89,341			89,862			67,092			144,272			121,422			176,813			265,694			287,126			422,648

Administrative Fee Adjustment (i)		-			2,719			2,546			2,708			2,551			-			5,259			-			10,524

Taxes and Related Payables (j)		(63,990	)		(40,225	)		(176,859	)		(84,222	)		(140,673	)		(87,043	)		(224,895	)		(198,962	)		(441,979	)

Distributable Earnings	$	547,983		$	772,096		$	1,464,406		$	1,192,244		$	1,069,993		$	1,105,094		$	2,262,237		$	2,729,053		$	4,498,739

Taxes and Related Payables (j)		63,990			40,225			176,859			84,222			140,673			87,043			224,895			198,962			441,979

Net Interest (Income) Loss (k)		12,634			12,731			5,604			12,928			11,201			16,575			24,129			26,838			42,464

Total Segment Distributable Earnings	$	624,607		$	825,052		$	1,646,869		$	1,289,394		$	1,221,867		$	1,208,712		$	2,511,261		$	2,954,853		$	4,983,182

Realized Performance Revenues (l)		(102,177	)		(319,954	)		(1,276,629	)		(401,323	)		(792,938	)		(269,410	)		(1,194,261	)		(1,341,897	)		(2,790,844	)

Realized Performance Compensation (m)		37,787			121,730			483,528			150,924			338,271			109,089			489,195			502,318			1,094,453

Realized Principal Investment Income (n)		(18,938	)		(15,884	)		(103,821	)		(298,156	)		(63,132	)		(39,228	)		(361,288	)		(113,918	)		(480,993	)

Fee Related Earnings	$	541,279		$	610,944		$	749,947		$	740,839		$	704,068		$	1,009,163		$	1,444,907		$	2,001,356		$	2,805,798

Adjusted EBITDA Reconciliation

Distributable Earnings	$	547,983		$	772,096		$	1,464,406		$	1,192,244		$	1,069,993		$	1,105,094		$	2,262,237		$	2,729,053		$	4,498,739

Interest Expense (o)		38,924			39,228			45,330			44,340			44,132			80,464			88,472			190,630			173,030

Taxes and Related Payables (j)		63,990			40,225			176,859			84,222			140,673			87,043			224,895			198,962			441,979

Depreciation and Amortization (p)		8,110			9,568			9,946			12,293			12,581			15,622			24,874			30,183			44,388

Adjusted EBITDA	$	659,007		$	861,117		$	1,696,541		$	1,333,099		$	1,267,379		$	1,288,223		$	2,600,478		$	3,148,828		$	5,158,136

Notes on page 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 Revenues on a segment basis. The Segment Adjustment represents the add back of performance revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.


	QTD															YTD						LTM
($ in thousands)	2Q’20			3Q’20			4Q’20			1Q’21			2Q’21			2Q’20			2Q’21			2Q’20			2Q’21
GAAP Unrealized Performance Allocations	$	1,067,923		$	1,403,480		$	597,285		$	2,464,497		$	2,697,170		$	(2,385,158	)	$	5,161,667		$	(2,080,557	)	$	7,162,432
Segment Adjustment		-			-			-			-			-			(365	)		-			(29	)		-
Unrealized Performance Revenues	$	1,067,923		$	1,403,480		$	597,285		$	2,464,497		$	2,697,170		$	(2,385,523	)	$	5,161,667		$	(2,080,586	)	$	7,162,432
(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															YTD						LTM
($ in thousands)	2Q’20			3Q’20			4Q’20			1Q’21			2Q’21			2Q’20			2Q’21			2Q’20			2Q’21
GAAP Unrealized Principal Investment Income (Loss)	$	331,762		$	295,308		$	217,688		$	639,315		$	328,835		$	(627,603	)	$	968,150		$	(544,299	)	$	1,481,146
Segment Adjustment		(108,446	)		(118,183	)		(103,261	)		(215,381	)		(224,177	)		234,309			(439,558	)		180,760			(661,002	)
Unrealized Principal Investment Income (Loss)	$	223,316		$	177,125		$	114,427		$	423,934		$	104,658		$	(393,294	)	$	528,592		$	(363,539	)	$	820,144
(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															YTD						LTM
($ in thousands)	2Q’20			3Q’20			4Q’20			1Q’21			2Q’21			2Q’20			2Q’21			2Q’20			2Q’21
GAAP Other Revenue	$	(55,580	)	$	(192,159	)	$	(143,583	)	$	60,304		$	27,896		$	82,600		$	88,200		$	169,463		$	(247,542	)
Segment Adjustment		(26	)		(464	)		(32	)		(31	)		(26	)		(55	)		(57	)		(510	)		(553	)
Other Revenues	$	(55,606	)	$	(192,623	)	$	(143,615	)	$	60,273		$	27,870		$	82,545		$	88,143		$	168,953		$	(248,095	)

(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.

Blackstone | 26

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

(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															YTD						LTM
($ in thousands)	2Q’20			3Q’20			4Q’20			1Q’21			2Q’21			2Q’20			2Q’21			2Q’20			2Q’21
Taxes	$	48,462		$	32,518		$	163,315		$	69,609		$	127,809		$	64,736		$	197,418		$	155,599		$	393,251
Related Payables		15,528			7,707			13,544			14,613			12,864			22,307			27,477			43,363			48,728
Taxes and Related Payables	$	63,990		$	40,225		$	176,859		$	84,222		$	140,673		$	87,043		$	224,895		$	198,962		$	441,979

(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															YTD						LTM
($ in thousands)	2Q’20			3Q’20			4Q’20			1Q’21			2Q’21			2Q’20			2Q’21			2Q’20			2Q’21
GAAP Interest and Dividend Revenue	$	23,924		$	26,497		$	39,726		$	31,412		$	31,017		$	59,008		$	62,429		$	153,636		$	128,652
Segment Adjustment		2,366			-			-			-			1,914			4,881			1,914			10,156			1,914
Interest and Dividend Revenue	$	26,290		$	26,497		$	39,726		$	31,412		$	32,931		$	63,889		$	64,343		$	163,792		$	130,566

GAAP Interest Expense	$	39,276		$	39,540		$	45,702		$	44,983		$	44,322		$	80,920		$	89,305		$	194,970		$	174,547
Segment Adjustment		(352	)		(312	)		(372	)		(643	)		(190	)		(456	)		(833	)		(4,340	)		(1,517	)
Interest Expense	$	38,924		$	39,228		$	45,330		$	44,340		$	44,132		$	80,464		$	88,472		$	190,630		$	173,030
Net Interest Income (Loss)	$	(12,634)		$	(12,731)		$	(5,604)		$	(12,928)		$	(11,201)		$	(16,575)		$	(24,129)		$	(26,838)		$	(42,464)
(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
	2Q’20			3Q’20			4Q’20			1Q’21			2Q’21
GAAP Shares of Common Stock Outstanding		676,874,583			680,680,748			683,875,544			690,569,563			691,093,463
Unvested Participating Common Shares		20,722,453			19,968,387			20,084,245			20,495,980			29,381,076
Total Participating Common Shares		697,597,036			700,649,135			703,959,789			711,065,543			720,474,539
Participating Partnership Units		504,912,855			500,054,874			496,060,455			490,716,529			487,276,882
Distributable Earnings Shares Outstanding		1,202,509,891			1,200,704,009			1,200,020,244			1,201,782,072			1,207,751,421

Disclosure of Weighted-Average Shares Common Stock Outstanding

	QTD															YTD						LTM
	2Q’20			3Q’20			4Q’20			1Q’21			2Q’21			2Q’20			2Q’21			2Q’20			2Q’21
Total GAAP Weighted-Average Shares of Common Stock Outstanding - Basic		698,534,168			700,184,580			702,543,279			709,033,212			721,141,954			677,041,769			715,121,029			685,032,993			706,212,361

Weighted-Average Shares of Unvested Deferred Restricted Common Stock		123,340			343,386			436,255			879,132			123,226			-			501,179			262,625			445,500
Weighted-Average Blackstone Holdings Partnership Units		505,754,449			-			-			-			-			-			-			-			-

Total GAAP Weighted-Average Shares of Common Stock Outstanding - Diluted		1,204,411,957			700,527,966			702,979,534			709,912,344			721,265,180			677,041,769			715,622,208			685,295,618			706,657,861

Blackstone | 27

BLACKSTONE’S SECOND QUARTER 2021 GAAP BALANCE SHEET RESULTS



($ in thousands) (unaudited)	2Q’20			3Q’20			4Q’20			1Q’21			2Q’21

Assets

Cash and Cash Equivalents	$	1,976,512		$	2,628,895		$	1,999,484		$	2,862,422		$	2,467,444

Cash Held by Blackstone Funds and Other		343,201			85,218			64,972			109,285			109,676

Investments		18,973,373			14,423,456			15,617,142			17,943,309			22,163,322

Accounts Receivable		498,600			477,601			866,158			975,610			582,542

Due from Affiliates		2,431,512			2,817,304			3,221,515			3,015,318			3,159,829

Intangible Assets, Net		362,008			344,258			347,955			340,478			321,780

Goodwill		1,869,860			1,869,860			1,901,485			1,890,185			1,890,202

Other Assets		501,351			544,905			481,022			434,475			556,714

Right-of-Use Assets		568,663			544,361			526,943			736,633			723,539

Deferred Tax Assets		1,319,301			1,305,707			1,242,576			1,402,271			1,322,144

Total Assets	$	28,844,381		$	25,041,565		$	26,269,252		$	29,709,986		$	33,297,192

Liabilities and Equity

Loans Payable	$	10,839,568		$	5,570,888		$	5,644,653		$	5,573,965		$	5,594,648

Due to Affiliates		1,268,571			1,064,336			1,135,041			1,161,775			1,226,504

Accrued Compensation and Benefits		2,551,056			3,349,418			3,433,260			4,376,226			5,789,662

Securities Sold, Not Yet Purchased		51,395			51,231			51,033			33,160			35,783

Repurchase Agreements		80,620			80,597			76,808			58,050			57,247

Operating Lease Liabilities		637,946			621,408			620,844			842,692			841,152

Accounts Payable, Accrued Expenses and Other Liabilities		919,195			804,009			717,104			838,930			1,205,182

Total Liabilities		16,348,351			11,541,887			11,678,743			12,884,798			14,750,178

Redeemable Non-Controlling Interests in Consolidated Entities		68,564			63,384			65,161			65,546			65,568

Equity

Common Stock, $0.00001 par value (691,093,463 shares issued and outstanding as of June 30, 2021)		7			7			7			7			7

Series I Preferred Stock, $0.00001 par value (1 share issued and outstanding as of June 30, 2021)		—			—			—			—			—

Series II Preferred Stock, $0.00001 par value (1 share issued and outstanding as of June 30, 2021)		—			—			—			—			—

Additional Paid-in-Capital		6,272,040			6,243,722			6,332,105			6,446,829			6,282,600

Retained Earnings		(574,295	)		(36,432	)		335,762			1,408,768			2,133,794

Accumulated Other Comprehensive Loss		(36,758	)		(27,407	)		(15,831	)		(11,454	)		(10,245	)

Non-Controlling Interests in Consolidated Entities		3,900,429			3,946,190			4,042,157			4,390,594			4,860,442

Non-Controlling Interests in Blackstone Holdings		2,866,043			3,310,214			3,831,148			4,524,898			5,214,848

Total Equity		12,427,466			13,436,294			14,525,348			16,759,642			18,481,446

Total Liabilities and Equity	$	28,844,381		$	25,041,565		$	26,269,252		$	29,709,986		$	33,297,192

During 3Q’20, Blackstone deconsolidated CLO vehicles as a result of ownership restructuring. The deconsolidation of CLO vehicles reduced Blackstone’s GAAP consolidated Total Assets, Total Liabilities and Non-Controlling Interests in Consolidated Entities by $6.8 billion, $6.6 billion, and $216 million, respectively. 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)	2Q’20			3Q’20			4Q’20			1Q’21			2Q’21

Investments of Consolidated Blackstone Funds	$	7,943,531		$	1,500,398		$	1,455,008		$	1,459,804		$	1,871,269

Equity Method Investments

Partnership Investments		3,873,346			4,144,249			4,353,234			4,676,341			5,082,695

Accrued Performance Allocations		4,715,510			6,112,904			6,891,262			9,367,251			12,101,142

Corporate Treasury Investments		2,205,843			2,390,982			2,579,716			1,726,285			2,440,325

Other Investments		235,143			274,923			337,922			713,628			667,891

Total GAAP Investments	$	18,973,373		$	14,423,456		$	15,617,142		$	17,943,309		$	22,163,322



Accrued Performance Allocations - GAAP	$	4,715,510		$	6,112,904		$	6,891,262		$	9,367,251		$	12,101,142

Impact of Consolidation (a)		19			1			1			1			1

Due from Affiliates - GAAP (b)		20,642			21,499			165,678			56,274			59,304

Less: Net Realized Performance Revenues (c)		(38,592	)		(75,328	)		(313,610	)		(269,426	)		(261,760	)

Less: Accrued Performance Compensation - GAAP (d)		(1,989,219	)		(2,509,357	)		(2,917,609	)		(3,952,253	)		(5,137,933	)

Net Accrued Performance Revenues	$	2,708,360		$	3,549,719		$	3,825,722		$	5,201,847		$	6,760,754

Corporate Treasury Investments - GAAP	$	2,205,843		$	2,390,982		$	2,579,716		$	1,726,285		$	2,440,325

Impact of Consolidation (a)		141,371			143,131			148,911			154,306			189,724

Other Assets (e)		271,615			525,864			947,565			766,285			479,591

Other Liabilities (f)		(69,326	)		(124,734	)		(30,355	)		(61,599	)		(494,119	)

Corporate Treasury Investments - Deconsolidated	$	2,549,503		$	2,935,243		$	3,645,837		$	2,585,277		$	2,615,521

Partnership and Other Investments - GAAP	$	4,108,489		$	4,419,172		$	4,691,156		$	5,389,969		$	5,750,586

Impact of Consolidation (g)		(2,316,855	)		(2,470,797	)		(2,626,765	)		(2,935,148	)		(3,104,579	)

GP/Fund Investments - Deconsolidated	$	1,791,634		$	1,948,375		$	2,064,391		$	2,454,821		$	2,646,007

Loans Payable - GAAP	$	10,839,568		$	5,570,888		$	5,644,653		$	5,573,965		$	5,594,648

Impact of Consolidation (h)		(6,232,787	)		(99	)		(99	)		(100	)		(99	)

Outstanding Bonds - Carrying Value		4,606,781			5,570,789			5,644,554			5,573,865			5,594,549

Unamortized Discount		78,319			87,361			87,846			85,635			84,151

Outstanding Bonds (at par) - Deconsolidated	$	4,685,100		$	5,658,150		$	5,732,400		$	5,659,500		$	5,678,700

(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)

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

(f)

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.

(g)

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.

(h)

This adjustment removes amounts related to consolidated Blackstone Funds.

Blackstone | 29

RECONCILIATION OF GAAP TO TOTAL SEGMENTS


($ in thousands)	QTD															YTD						LTM


	2Q’20			3Q’20			4Q’20			1Q’21			2Q’21			2Q’20			2Q’21			2Q’20			2Q’21

Management and Advisory Fees, Net
GAAP	$	969,728		$	1,053,851		$	1,134,138		$	1,177,815		$	1,212,549		$	1,904,560		$	2,390,364		$	3,726,611		$	4,578,353
Segment Adjustment (a)		7,005			3,989			1,887			390			193			12,740			583			16,707			6,459
Total Segment	$	976,733		$	1,057,840		$	1,136,025		$	1,178,205		$	1,212,742		$	1,917,300		$	2,390,947		$	3,743,318		$	4,584,812

GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues
GAAP
Incentive Fees		15,300			13,498			97,702			36,124			33,207			27,461			69,331			123,325			180,531
Investment Income—Realized Performance Allocations		101,910			371,406			1,465,154			534,367			808,620			269,440			1,342,987			1,433,545			3,179,547
GAAP	$	117,210		$	384,904		$	1,562,856		$	570,491		$	841,827		$	296,901		$	1,412,318		$	1,556,870		$	3,360,078
Total Segment
Less: Realized Performance Revenues		(102,177	)		(319,954	)		(1,276,629	)		(401,323	)		(792,938	)		(269,410	)		(1,194,261	)		(1,341,897	)		(2,790,844	)
Segment Adjustment (b)		-			-			-			-			-			8			-			3,124			-
Total Segment	$	15,033		$	64,950		$	286,227		$	169,168		$	48,889		$	27,499		$	218,057		$	218,097		$	569,234

GAAP Compensation to Total Segment Fee Related Compensation
GAAP
Compensation		458,457			460,983			459,636			542,638			507,104			935,000			1,049,742			1,845,412			1,970,361
Incentive Fees Compensation		8,432			7,385			22,086			13,325			14,431			14,954			27,756			44,962			57,227
Realized Performance Allocations Compensation		38,569			142,149			590,089			213,027			347,423			110,992			560,450			561,714			1,292,688
GAAP	$	505,458		$	610,517		$	1,071,811		$	768,990		$	868,958		$	1,060,946		$	1,637,948		$	2,452,088		$	3,320,276
Total Segment
Less: Realized Performance Compensation		(37,787	)		(121,730	)		(483,528	)		(150,924	)		(338,271	)		(109,089	)		(489,195	)		(502,318	)		(1,094,453	)
Less: Equity-Based Compensation - Operating Compensation		(87,205	)		(88,180	)		(65,397	)		(141,674	)		(119,491	)		(172,539	)		(261,165	)		(280,290	)		(414,742	)
Less: Equity-Based Compensation - Performance Compensation		(2,136	)		(1,682	)		(1,695	)		(2,598	)		(1,931	)		(4,274	)		(4,529	)		(6,836	)		(7,906	)
Segment Adjustment (c)		(71,426	)		(38,292	)		(38,422	)		(28,684	)		(33,880	)		(121,876	)		(62,564	)		(290,763	)		(139,278	)
Total Segment	$	306,904		$	360,633		$	482,769		$	445,110		$	375,385		$	653,168		$	820,495		$	1,371,881		$	1,663,897

GAAP General, Administrative and Other to Total Segment Other Operating Expenses
GAAP	$	169,051		$	171,041		$	214,124		$	185,122		$	205,057		$	326,617		$	390,179		$	684,655		$	775,344
Segment Adjustment (d)		(25,468	)		(19,828	)		(24,588	)		(23,698	)		(22,879	)		(44,149	)		(46,577	)		(96,477	)		(90,993	)
Total Segment	$	143,583		$	151,213		$	189,536		$	161,424		$	182,178		$	282,468		$	343,602		$	588,178		$	684,351

Realized Performance Revenues
GAAP
Incentive Fees		15,300			13,498			97,702			36,124			33,207			27,461			69,331			123,325			180,531
Investment Income - Realized Performance Allocations		101,910			371,406			1,465,154			534,367			808,620			269,440			1,342,987			1,433,545			3,179,547
GAAP	$	117,210		$	384,904		$	1,562,856		$	570,491		$	841,827		$	296,901		$	1,412,318		$	1,556,870		$	3,360,078
Total Segment
Less: Fee Related Performance Revenues		(15,033	)		(64,950	)		(286,227	)		(169,168	)		(48,889	)		(27,499	)		(218,057	)		(218,097	)		(569,234	)
Segment Adjustment (b)		-			-			-			-			-			8			-			3,124			-
Total Segment	$	102,177		$	319,954		$	1,276,629		$	401,323		$	792,938		$	269,410		$	1,194,261		$	1,341,897		$	2,790,844

Blackstone | 30

RECONCILIATION OF GAAP TO TOTAL SEGMENTS – (CONT’D)


($ in thousands)	QTD															YTD						LTM


	2Q’20			3Q’20			4Q’20			1Q’21			2Q’21			2Q’20			2Q’21			2Q’20			2Q’21

Realized Performance Compensation
GAAP
Incentive Fee Compensation	$	8,432		$	7,385		$	22,086		$	13,325		$	14,431		$	14,954		$	27,756		$	44,962		$	57,227
Realized Performance Allocations Compensation		38,569			142,149			590,089			213,027			347,423			110,992			560,450			561,714			1,292,688
GAAP	$	47,001		$	149,534		$	612,175		$	226,352		$	361,854		$	125,946		$	588,206		$	606,676		$	1,349,915
Total Segment
Less: Fee Related Performance Compensation		(7,078	)		(26,122	)		(126,952	)		(72,830	)		(21,652	)		(12,583	)		(94,482	)		(97,522	)		(247,556	)
Less: Equity-Based Compensation - Performance Compensation		(2,136	)		(1,682	)		(1,695	)		(2,598	)		(1,931	)		(4,274	)		(4,529	)		(6,836	)		(7,906	)
Total Segment	$	37,787		$	121,730		$	483,528		$	150,924		$	338,271		$	109,089		$	489,195		$	502,318		$	1,094,453

Realized Principal Investment Income
GAAP	$	61,102		$	61,017		$	220,814		$	355,038		$	152,060		$	109,797		$	507,098		$	284,974		$	788,929
Segment Adjustment (e)		(42,164	)		(45,133	)		(116,993	)		(56,882	)		(88,928	)		(70,569	)		(145,810	)		(171,056	)		(307,936	)
Total Segment	$	18,938		$	15,884		$	103,821		$	298,156		$	63,132		$	39,228		$	361,288		$	113,918		$	480,993

GAAP Interest and Dividend Revenue net of Interest Expense to Total Segment Net Interest Income (Loss)
GAAP
Interest and Dividend Revenue		23,924			26,497			39,726			31,412			31,017			59,008			62,429			153,636			128,652
Interest Expense		(39,276	)		(39,540	)		(45,702	)		(44,983	)		(44,322	)		(80,920	)		(89,305	)		(194,970	)		(174,547	)
GAAP	$	(15,352	)	$	(13,043	)	$	(5,976	)	$	(13,571	)	$	(13,305	)	$	(21,912	)	$	(26,876	)	$	(41,334	)	$	(45,895	)
Segment Adjustment (f)		2,718			312			372			643			2,104			5,337			2,747			14,496			3,431
Total Segment	$	(12,634	)	$	(12,731	)	$	(5,604	)	$	(12,928	)	$	(11,201	)	$	(16,575	)	$	(24,129	)	$	(26,838	)	$	(42,464	)

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 removal of (1) the amortization of transaction-related intangibles, and (2) 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. Beginning in 3Q’20, includes 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)

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.

(f)	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 Second Quarter 2021 GAAP Results

Effective February 26, 2021, Blackstone effectuated changes to rename its Class A common stock as “common stock,” and to reclassify its Class B and Class C common stock into a new “Series I preferred stock” and “Series II preferred stock,” respectively (the “share reclassification”). Each new stock has the same rights and powers of its predecessor. All references to common stock, Series I preferred
stock and Series II preferred stock prior to the share reclassification refer to Class A, Class B and Class C common stock, respectively.

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 Second Quarter 2021 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 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 based on a three month lag from the underlying fund investments unless information is available on
a more timely basis. 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.

Effective 1Q’21, Credit returns are presented as separate returns for Private Credit and Liquid Credit instead of as a Credit Composite. 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 our
structured products group 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.

Blackstone | 32

NOTES – (CONT’D)

Notes to page 16 – Assets Under Management - Rollforward

In 4Q’20, the methodology for Total AUM was updated with respect to the relevant segment for certain real estate, secondaries and credit funds
to include permanent fund level leverage (as this represents additional capital the fund is managing), to include uncalled capital commitments
until they are legally expired and to exclude certain uncalled capital commitments where the investors have complete discretion over
investment. In 2Q’21, the methodology for Total AUM was further updated to exclude permanent fund level leverage where the intended use is
not for investing purposes. Funds without an adjustment were either already applying that methodology in reporting Total AUM or the updates
were not applicable. Additional detail on these adjustments is included below:


		Three Months Ended June 30, 2021												Twelve Months Ended June 30, 2021

($ in millions)	Real Estate			Private Equity		Hedge Fund Solutions		Credit & Insurance		Total			Real Estate		Private Equity		Hedge Fund Solutions		Credit & Insurance			Total
Market Activity	$	10,103		$	14,196	$	2,731	$	4,045	$	31,076		$	28,973	$	45,988	$	11,379	$	13,784		$	100,125
One-Time Methodology Adjustment		(1,826	)		—		—		—		(1,826	)		1,952		1,869		—		(1,514	)		2,306
Reported Market Activity	$	8,277		$	14,196	$	2,731	$	4,045	$	29,250		$	30,925	$	47,857	$	11,379	$	12,270		$	102,431

Subsequent to 4Q’20, increases/decreases in permanent fund level leverage included in Total AUM and uncalled capital commitments that have not legally expired where investors do not have complete discretion over investment for the aforementioned funds will be reflected as inflows, outflows, realizations and/or market activity, as the case may be.

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 and Blackstone Holdings Partnership unitholders. Common shareholders’ share was
$86 million for 2Q’21 and $186 million for 2Q’21 YTD.

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 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 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 new compensation program that commenced in 2Q’21. Fee Related Compensation was decreased by a corresponding amount.
These changes to Performance Compensation and Fee Related Compensation had no impact to Distributable Earnings in 2Q’21.

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 The Blackstone Group 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

“plans,” “scheduled,” “estimates,” “anticipates” 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, 2020, 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