EX-99.1

EX-99.1 2 d286341dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LOGO

Blackstone Reports First Quarter 2022 Results

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

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

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

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

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

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

www.blackstone.com.

Dividend

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

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

Quarterly Investor Call Details

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

To register, please use the following link:

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

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

https://ir.blackstone.com/.

Blackstone

345 Park Avenue, New York, NY 10154

T 212 583 5000

www.blackstone.com

About Blackstone

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

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

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

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

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

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

LinkedIn, Twitter, and Instagram.

Forward-Looking Statements

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

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

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

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

“outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,”

“approximately,” “predicts,” “intends,” “plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,”

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

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

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

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

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

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

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

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

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

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

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

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 First

Quarter 2022 Earnings

APRIL 21, 2022

BLACKSTONE’S FIRST QUARTER 2022 GAAP RESULTS

GAAP Net Income was $2.5 billion for the quarter and $11.5 billion over the last twelve months (“LTM”). GAAP Net Income Attributable to Blackstone Inc. was $1.2 billion for the quarter and $5.3 billion over the LTM.



($ in thousands, except per share data) (unaudited)	1Q’21			1Q’22			1Q’21 LTM			1Q’22 LTM
Revenues
Management and Advisory Fees, Net	$	1,177,815		$	1,475,936		$	4,335,532		$	5,468,828
Incentive Fees		36,124			104,489			162,624			322,356
Investment Income
Performance Allocations
Realized		534,367			1,766,386			2,472,837			6,885,471
Unrealized		2,464,497			1,293,050			5,533,185			7,503,799
Principal Investments
Realized		355,038			285,104			697,971			933,888
Unrealized		639,315			73,961			1,484,073			890,847
Total Investment Income		3,993,217			3,418,501			10,188,066			16,214,005
Interest and Dividend Revenue		31,412			54,485			121,559			183,716
Other		60,304			72,869			(331,018	)		215,651
Total Revenues	$	5,298,872		$	5,126,280		$	14,476,763		$	22,404,556
Expenses
Compensation and Benefits
Compensation		542,638			656,505			1,921,714			2,275,840
Incentive Fee Compensation		13,325			41,019			51,228			125,806
Performance Allocations Compensation
Realized		213,027			717,601			983,834			2,816,567
Unrealized		1,049,969			472,284			2,292,831			3,200,363
Total Compensation and Benefits		1,818,959			1,887,409			5,249,607			8,418,576
General, Administrative and Other		185,122			240,674			739,338			973,399
Interest Expense		44,983			66,747			169,501			220,032
Fund Expenses		2,383			2,192			10,642			10,185
Total Expenses	$	2,051,447		$	2,197,022		$	6,169,088		$	9,622,192
Other Income (Loss)
Change in Tax Receivable Agreement Liability		2,910			761			(31,878	)		(4,908	)
Net Gains from Fund Investment Activities		120,353			50,876			478,269			392,147
Income Before Provision for Taxes	$	3,370,688		$	2,980,895		$	8,754,066		$	13,169,603
Provision (Benefit) for Taxes		(447	)		483,281			514,270			1,668,129
Net Income	$	3,371,135		$	2,497,614		$	8,239,796		$	11,501,474
Net Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		629			5,052			2,200			10,163
Net Income Attributable to Non-Controlling Interests in Consolidated Entities		386,850			216,375			1,249,044			1,454,831
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings		1,235,784			1,059,313			3,128,825			4,710,081
Net Income Attributable to Blackstone Inc. (“BX”)	$	1,747,872		$	1,216,874		$	3,859,727		$	5,326,399
Net Income Per Share of Common Stock, Basic	$	2.47		$	1.66		$	5.49		$	7.34
Net Income Per Share of Common Stock, Diluted	$	2.46		$	1.66		$	5.49		$	7.33
Income Before Provision for Taxes Margin		63.6	%		58.1	%		60.5%			58.8%

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

Blackstone | 1

BLACKSTONE’S FIRST QUARTER 2022 HIGHLIGHTS


Financial Measures		§ Fee Related Earnings (“FRE”) of $1.1 billion ($0.95/share) in the quarter, up 55% year-over-year – FRE was $4.5 billion over the LTM ($3.70/share) § Distributable Earnings (“DE”) of $1.9 billion ($1.55/share) in the quarter, up 63% year-over-year – DE was $6.9 billion over the LTM ($5.36/share) § Net Accrued Performance Revenues of $9.5 billion ($7.94/share), up 84% year-over-year


Capital Metrics		§ Total Assets Under Management (“AUM”) of $915.5 billion, up 41% year-over-year – Fee-Earning AUM of $677.9 billion, up 41% year-over-year – Perpetual Capital AUM of $338.2 billion, up 127% year-over-year § Inflows of $49.9 billion in the quarter and $288.7 billion over the LTM § Realizations of $23.2 billion in the quarter and $85.6 billion over the LTM § Deployment of $22.8 billion in the quarter and $149.5 billion over the LTM


Capital Returned to Shareholders		§ Dividend of $1.32 per common share payable on May 9, 2022 – Dividends of $4.56 per common share over the LTM § $1.7 billion to be distributed to shareholders with respect to the first quarter and $7.2 billion over the LTM through dividends and share repurchases

Notes on page 32.

Blackstone | 2

BLACKSTONE’S FIRST QUARTER 2022 SEGMENT EARNINGS


							% Change							% Change
($ in thousands, except per share data)	1Q’21			1Q’22			vs. 1Q’21	1Q’21 LTM			1Q’21 LTM			vs. 1Q’21 LTM
Management and Advisory Fees, Net	$	1,178,205		$	1,473,368		25%	$	4,348,803		$	5,462,405		26%
Fee Related Performance Revenues		169,168			558,065		230%		535,378			2,414,141		351%
Fee Related Compensation		(445,110	)		(670,471	)	51%		(1,595,416	)		(2,573,371	)	61%
Other Operating Expenses		(161,424	)		(214,098	)	33%		(645,756	)		(846,351	)	31%
Fee Related Earnings	$	740,839		$	1,146,864		55%	$	2,643,009		$	4,456,824		69%


Realized Performance Revenues		401,323			1,312,810		227%		2,100,083			4,794,599		128%
Realized Performance Compensation		(150,924	)		(519,120	)	244%		(793,969	)		(1,925,766	)	143%
Realized Principal Investment Income		298,156			157,095		(47)%		436,799			446,705		2%
Net Realizations		548,555			950,785		73%		1,742,913			3,315,538		90%
Total Segment Distributable Earnings	$	1,289,394		$	2,097,649		63%	$	4,385,922		$	7,772,362		77%


Net Interest and Dividend Income (Loss)		(12,928	)		(12,117	)	(6)%		(43,897	)		(32,777	)	(25)%
Taxes and Related Payables		(84,222	)		(147,652	)	75%		(365,296	)		(823,112	)	125%
Distributable Earnings	$	1,192,244		$	1,937,880		63%	$	3,976,729		$	6,916,473		74%


Additional Metrics:
FRE per Share	$	0.62		$	0.95		53%	$	2.20		$	3.70		68%
DE per Common Share	$	0.96		$	1.55		61%	$	3.15		$	5.36		70%
Total Segment Revenues	$	2,046,852		$	3,501,338		71%	$	7,421,063		$	13,117,850		77%
Total Assets Under Management	$	648,803,007		$	915,491,742		41%	$	648,803,007		$	915,491,742		41%
Fee-Earning Assets Under Management	$	481,225,407		$	677,943,302		41%	$	481,225,407		$	677,943,302		41%

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

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

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

Blackstone | 3

SUMMARY OF FINANCIALS

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

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

Fee Related Earnings per Share

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). If quarterly crystallization of BREIT’s fee related performance revenues had been in effect for all quarters included in the

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

page 32 for additional details.

Blackstone | 4

INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES

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

Investment Performance

(appreciation / gross returns)


	1Q’22	1Q’22 LTM
Real Estate
Opportunistic	10.3%	47.6%
Core+	7.9%	30.9%

Private Equity
Corporate Private Equity	2.8%	30.0%
Tactical Opportunities	1.8%	22.0%
Secondaries	8.5%	41.1%

Hedge Fund Solutions
BPS Composite	1.2%	6.9%

Credit & Insurance
Private Credit	1.7%	15.8%
Liquid Credit	(0.5)%	3.0%

Net Accrued Performance Revenues

($ in millions)

LOGO

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

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

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

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

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

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

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

investment performance.

Blackstone | 5

CAPITAL METRICS – ADDITIONAL DETAIL

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

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

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

–

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


	Inflows				Realizations				Capital Deployed

($ in millions)	1Q’22		1Q’22 LTM		1Q’22		1Q’22 LTM		1Q’22		1Q’22 LTM
Real Estate	$	17,043	$	83,720	$	9,538	$	27,074	$	7,491	$	47,153
Opportunistic		2,391		10,582		5,762		17,306		1,519		10,064
Core+		12,196		42,606		2,779		6,761		4,878		33,888
BREDS		2,457		30,532		997		3,008		1,094		3,201
Private Equity		9,234		55,260		7,726		36,249		7,513		49,920
Corporate Private Equity		2,505		12,605		4,133		18,178		3,005		20,705
Tactical Opportunities		1,422		9,156		875		6,983		1,991		7,044
Secondaries		2,834		24,298		2,400		10,248		2,288		12,369
Infrastructure		2,473		9,202		316		840		229		9,802
Hedge Fund Solutions		4,015		13,870		438		1,872		428		4,844

Credit & Insurance		19,583		135,892		5,534		20,382		7,352		47,574

Total Blackstone	$	49,875	$	288,743	$	23,236	$	85,577	$	22,784	$	149,490

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

Blackstone | 6

ASSETS UNDER MANAGEMENT

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

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

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

–

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


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

Blackstone | 7

ADDITIONAL CAPITAL DETAIL

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

Undrawn capital (“Total Dry Powder”) available for investment of $139.3 billion.


Invested Performance Eligible AUM		Total Dry Powder
($ in billions)		($ in billions)

Invested Performance Eligible AUM represents the fair value of invested assets that are eligible to earn performance revenues.

Blackstone | 8

Segment Highlights

Blackstone | 9

REAL ESTATE

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

–

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

–

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

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

–

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

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

–

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

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


							% Change							% Change
($ in thousands)	1Q’21			1Q’22			vs. 1Q’21	1Q’21 LTM			1Q’22 LTM			vs. 1Q’21 LTM
Management Fees, Net	$	451,582		$	619,711		37%	$	1,704,149		$	2,220,437		30%
Fee Related Performance Revenues		155,392			491,517		216%		489,002			2,031,144		315%
Fee Related Compensation		(188,492	)		(344,842	)	83%		(686,301	)		(1,317,699	)	92%
Other Operating Expenses		(44,362	)		(66,003	)	49%		(187,018	)		(256,146	)	37%
Fee Related Earnings	$	374,120		$	700,383		87%	$	1,319,832		$	2,677,736		103%

Realized Performance Revenues		88,638			802,916		806%		832,686			1,833,890		120%
Realized Performance Compensation		(22,762	)		(290,031	)	n/m		(322,068	)		(710,489	)	121%
Realized Principal Investment Income		100,820			53,975		(46)%		118,284			150,024		27%
Net Realizations		166,696			566,860		240%		628,902			1,273,425		102%
Segment Distributable Earnings	$	540,816		$	1,267,243		134%	$	1,948,734		$	3,951,161		103%

Segment Revenues	$	796,432		$	1,968,119		147%	$	3,144,121		$	6,235,495		98%
Total AUM	$	196,277,032		$	298,196,783		52%	$	196,277,032		$	298,196,783		52%
Fee-Earning AUM	$	155,851,794		$	240,621,453		54%	$	155,851,794		$	240,621,453		54%

Blackstone | 10

PRIVATE EQUITY

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

–

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

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

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

–

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

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

–

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


							% Change							% Change
($ in thousands)	1Q’21			1Q’22			vs. 1Q’21	1Q’21 LTM			1Q’22 LTM			vs. 1Q’21 LTM
Management and Advisory Fees, Net	$	406,448		$	406,988		0%	$	1,410,116		$	1,663,471		18%
Fee Related Performance Revenues		—			(648	)	n/m		—			211,480		n/m
Fee Related Compensation		(140,597	)		(151,050	)	7%		(485,767	)		(673,277	)	39%
Other Operating Expenses		(51,055	)		(67,744	)	33%		(205,267	)		(281,157	)	37%
Fee Related Earnings	$	214,796		$	187,546		(13)%	$	719,082		$	920,517		28%

Realized Performance Revenues		255,845			450,238		76%		1,021,262			2,457,492		141%
Realized Performance Compensation		(111,209	)		(206,703	)	86%		(423,515	)		(1,038,693	)	145%
Realized Principal Investment Income		115,403			65,438		(43)%		177,145			213,403		20%
Net Realizations		260,039			308,973		19%		774,892			1,632,202		111%
Segment Distributable Earnings	$	474,835		$	496,519		5%	$	1,493,974		$	2,552,719		71%

Segment Revenues	$	777,696		$	922,016		19%	$	2,608,523		$	4,545,846		74%
Total AUM	$	211,801,085		$	267,956,351		27%	$	211,801,085		$	267,956,351		27%
Fee-Earning AUM	$	131,903,347		$	160,946,196		22%	$	131,903,347		$	160,946,196		22%

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

Blackstone | 11

HEDGE FUND SOLUTIONS

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

–

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

–

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

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

–

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


							% Change							% Change
($ in thousands)	1Q’21			1Q’22			vs. 1Q’21	1Q’21 LTM			1Q’22 LTM			vs. 1Q’21 LTM
Management Fees, Net	$	154,821		$	146,446		(5)%	$	602,528		$	639,508		6%
Fee Related Compensation		(38,850	)		(47,235	)	22%		(154,372	)		(164,900	)	7%
Other Operating Expenses		(19,172	)		(23,184	)	21%		(80,263	)		(98,804	)	23%
Fee Related Earnings	$	96,799		$	76,027		(21)%	$	367,893		$	375,804		2%

Realized Performance Revenues		31,573			28,913		(8)%		209,595			288,320		38%
Realized Performance Compensation		(6,908	)		(9,000	)	30%		(37,187	)		(78,793	)	112%
Realized Principal Investment Income		35,550			14,901		(58)%		90,269			36,084		(60)%
Net Realizations		60,215			34,814		(42)%		262,677			245,611		(6)%
Segment Distributable Earnings	$	157,014		$	110,841		(29)%	$	630,570		$	621,415		(1)%

Segment Revenues	$	221,944		$	190,260		(14)%	$	902,392		$	963,912		7%
Total AUM	$	81,819,220		$	82,896,827		1%	$	81,819,220		$	82,896,827		1%
Fee-Earning AUM	$	76,614,206		$	75,685,828		(1)%	$	76,614,206		$	75,685,828		(1)%

Blackstone | 12

CREDIT & INSURANCE

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

–

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

–

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

–

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

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

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

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


							% Change							% Change
($ in thousands)	1Q’21			1Q’22			vs. 1Q’21	1Q’21 LTM			1Q’22 LTM			vs. 1Q’21 LTM
Management Fees, Net	$	165,354		$	300,223		82%	$	632,010		$	938,989		49%
Fee Related Performance Revenues		13,776			67,196		388%		46,376			171,517		270%
Fee Related Compensation		(77,171	)		(127,344	)	65%		(268,976	)		(417,495	)	55%
Other Operating Expenses		(46,835	)		(57,167	)	22%		(173,208	)		(210,244	)	21%
Fee Related Earnings	$	55,124		$	182,908		232%	$	236,202		$	482,767		104%

Realized Performance Revenues		25,267			30,743		22%		36,540			214,897		488%
Realized Performance Compensation		(10,045	)		(13,386	)	33%		(11,199	)		(97,791	)	773%
Realized Principal Investment Income		46,383			22,781		(51)%		51,101			47,194		(8)%
Net Realizations		61,605			40,138		(35)%		76,442			164,300		115%
Segment Distributable Earnings	$	116,729		$	223,046		91%	$	312,644		$	647,067		107%

Segment Revenues	$	250,780		$	420,943		68%	$	766,027		$	1,372,597		79%
Total AUM	$	158,905,670		$	266,441,781		68%	$	158,905,670		$	266,441,781		68%
Fee-Earning AUM	$	116,856,060		$	200,689,825		72%	$	116,856,060		$	200,689,825		72%

Blackstone | 13

Supplemental Details

Blackstone | 14

TOTAL SEGMENTS


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

Base Management Fees	$	1,117,290		$	1,140,051		$	1,207,866		$	1,354,068		$	1,439,149		$	4,178,948		$	5,141,134

Transaction, Advisory and Other Fees, Net		78,640			78,125			114,784			120,389			64,009			235,850			377,307

Management Fee Offsets		(17,725	)		(5,434	)		(2,575	)		(18,237	)		(29,790	)		(65,995	)		(56,036	)

Total Management and Advisory Fees, Net		1,178,205			1,212,742			1,320,075			1,456,220			1,473,368			4,348,803			5,462,405

Fee Related Performance Revenues		169,168			48,889			73,313			1,733,874			558,065			535,378			2,414,141

Fee Related Compensation		(445,110	)		(375,385	)		(419,481	)		(1,108,034	)		(670,471	)		(1,595,416	)		(2,573,371	)

Other Operating Expenses		(161,424	)		(182,178	)		(194,942	)		(255,133	)		(214,098	)		(645,756	)		(846,351	)

Fee Related Earnings	$	740,839		$	704,068		$	778,965		$	1,826,927		$	1,146,864		$	2,643,009		$	4,456,824



Realized Performance Revenues		401,323			792,938			1,497,477			1,191,374			1,312,810			2,100,083			4,794,599

Realized Performance Compensation		(150,924	)		(338,271	)		(619,074	)		(449,301	)		(519,120	)		(793,969	)		(1,925,766	)

Realized Principal Investment Income		298,156			63,132			151,010			75,468			157,095			436,799			446,705

Total Net Realizations		548,555			517,799			1,029,413			817,541			950,785			1,742,913			3,315,538

Total Segment Distributable Earnings	$	1,289,394		$	1,221,867		$	1,808,378		$	2,644,468		$	2,097,649		$	4,385,922		$	7,772,362



Net Interest and Dividend Income (Loss)		(12,928	)		(11,201	)		(16,238	)		6,779			(12,117	)		(43,897	)		(32,777	)

Taxes and Related Payables		(84,222	)		(140,673	)		(156,867	)		(377,920	)		(147,652	)		(365,296	)		(823,112	)

Distributable Earnings	$	1,192,244		$	1,069,993		$	1,635,273		$	2,273,327		$	1,937,880		$	3,976,729		$	6,916,473



Additional Metrics:

Total Segment Revenues	$	2,046,852		$	2,117,701		$	3,041,875		$	4,456,936		$	3,501,338		$	7,421,063		$	13,117,850

Total Assets Under Management	$	648,803,007		$	684,028,712		$	730,662,712		$	880,901,720		$	915,491,742		$	648,803,007		$	915,491,742

Fee-Earning Assets Under Management	$	481,225,407		$	498,932,526		$	528,412,550		$	649,969,058		$	677,943,302		$	481,225,407		$	677,943,302

Blackstone | 15

ASSETS UNDER MANAGEMENT – ROLLFORWARD

Total AUM Rollforward

($ in millions)



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


	Real Estate		Private Equity		Hedge Fund Solutions		Credit & Insurance		Total		Real Estate		Private Equity		Hedge Fund Solutions		Credit & Insurance		Total
Beginning Balance	$	279,474	$	261,471	$	81,334	$	258,622	$	880,902	$	196,277	$	211,801	$	81,819	$	158,906	$	648,803
Inflows		17,043		9,234		4,015		19,583		49,875		83,720		55,260		13,870		135,892		288,743
Outflows		(2,296)		(1,420)		(2,768)		(3,520)		(10,004)		(5,632)		(3,639)		(15,708)		(11,140)		(36,119)
Net Flows		14,748		7,813		1,247		16,063		39,871		78,087		51,622		(1,837)		124,752		252,624
Realizations		(9,538)		(7,726)		(438)		(5,534)		(23,236)		(27,074)		(36,249)		(1,872)		(20,382)		(85,577)
Market Activity		13,513		6,398		754		(2,710)		17,955		50,907		40,782		4,787		3,166		99,642
Ending Balance	$	298,197	$	267,956	$	82,897	$	266,442	$	915,492	$	298,197	$	267,956	$	82,897	$	266,442	$	915,492
% Change		7%		2%		2%		3%		4%		52%		27%		1%		68%		41%

Fee-Earning AUM Rollforward

($ in millions)



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


	Real Estate		Private Equity		Hedge Fund Solutions		Credit & Insurance		Total		Real Estate		Private Equity		Hedge Fund Solutions		Credit & Insurance		Total
Beginning Balance	$	221,477	$	156,557	$	74,035	$	197,901	$	649,969	$	155,852	$	131,903	$	76,614	$	116,856	$	481,225
Inflows		22,791		5,450		4,170		12,949		45,360		87,282		38,508		12,820		108,074		246,685
Outflows		(4,290)		(873)		(2,582)		(3,072)		(10,817)		(6,539)		(3,958)		(15,940)		(9,904)		(36,342)
Net Flows		18,501		4,577		1,588		9,877		34,543		80,743		34,550		(3,120)		98,170		210,343
Realizations		(5,292)		(2,688)		(363)		(3,496)		(11,839)		(17,647)		(12,805)		(1,743)		(13,024)		(45,220)
Market Activity		5,935		2,500		426		(3,592)		5,270		21,674		7,298		3,935		(1,312)		31,595
Ending Balance	$	240,621	$	160,946	$	75,686	$	200,690	$	677,943	$	240,621	$	160,946	$	75,686	$	200,690	$	677,943
% Change		9%		3%		2%		1%		4%		54%		22%		(1)%		72%		41%

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

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

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

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

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

Blackstone | 16

DECONSOLIDATED BALANCE SHEET HIGHLIGHTS

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

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



($ in millions)	1Q’22

Cash and Cash Equivalents	$	3,869

Corporate Treasury and Other Investments		4,958

GP/Fund Investments		2,235

Net Accrued Performance Revenues		9,546

Cash and Net Investments	$	20,608

Outstanding Debt (at par)		9,060

Cash and Net Investments

(per share)

LOGO

A+ / A+

rated by S&P and Fitch

$2.3B

credit revolver with

November 2025 maturity

$8.8B

total cash, corporate

treasury and other

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

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

measures.

Blackstone | 17

NET ACCRUED PERFORMANCE REVENUES – ADDITIONAL DETAIL


($ in millions, except per share data)	1Q’21		4Q’21		1Q’22		1Q’22
($ in millions, except per share data)	1Q’21		4Q’21		1Q’22		Per Share
Real Estate
BREP IV	$	18	$	22	$	6	$	0.01
BREP V		18		36		1		0.00
BREP VI		39		33		38		0.03
BREP VII		253		481		527		0.44
BREP VIII		519		962		990		0.82
BREP IX		198		901		1,139		0.95
BREP Europe IV		92		89		93		0.08
BREP Europe V		244		521		548		0.46
BREP Europe VI		-		253		301		0.25
BREP Asia I		179		126		126		0.10
BREP Asia II		78		162		189		0.16
BPP		189		505		734		0.61
BREIT		82		-		-		-
BEPIF		-		2		6		0.00
BREDS		31		46		37		0.03
BTAS		1		57		83		0.07
Real Estate	$	1,941	$	4,197	$	4,817	$	4.01
Private Equity
BCP IV		9		8		8	$	0.01
BCP V		37		45		-		-
BCP VI		746		469		475		0.40
BCP VII		987		1,313		1,257		1.05
BCP VIII		41		275		315		0.26
BCP Asia I		105		380		330		0.27
BEP I		52		27		27		0.02
BEP III		34		68		93		0.08
BCEP		147		214		222		0.19
Tactical Opportunities		320		382		378		0.31
Growth		39		36		12		0.01
Secondaries		157		489		570		0.47
Infrastructure		43		-		106		0.09
Life Sciences		19		21		22		0.02
BTAS/Other		93		211		255		0.21
Private Equity	$	2,831	$	3,939	$	4,070	$	3.39

Hedge Fund Solutions	$	214	$	280	$	342	$	0.28

Credit & Insurance	$	216	$	323	$	318	$	0.26

Net Accrued Performance Revenues	$	5,202	$	8,738	$	9,546	$	7.94

1Q’22 QoQ Rollforward

($ in millions)


			Net		Net
			Performance		Realized
	4Q’21		Revenues		Distributions			1Q’22

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

Private Equity		3,939		374		(243	)		4,070

HFS		280		88		(26	)		342

Credit & Insurance		323		51		(56	)		318

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

QoQ Change									9%

1Q’22 LTM Rollforward

($ in millions)


			Net		Net
			Performance		Realized
	1Q’21		Revenues		Distributions			1Q’22

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

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

HFS		214		354		(226	)		342

Credit & Insurance		216		316		(214	)		318

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

YoY Change									84%

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

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

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

Blackstone | 18

INVESTMENT RECORDS AS OF MARCH 31, 2022^(a)


($/€ in thousands, except where noted)	Committed		Available		Unrealized Investments			Realized Investments			Total Investments			Net IRRs (d)
Fund (Investment Period Beginning Date / Ending Date)	Capital		Capital (b)		Value		MOIC (c)	Value		MOIC (c)	Value		MOIC (c)	Realized	Total
Real Estate
Pre-BREP	$	140,714	$	-	$	-	n/a	$	345,190	2.5x	$	345,190	2.5x	33%	33%
BREP I (Sep 1994 / Oct 1996)		380,708		-		-	n/a		1,327,708	2.8x		1,327,708	2.8x	40%	40%
BREP II (Oct 1996 / Mar 1999)		1,198,339		-		-	n/a		2,531,614	2.1x		2,531,614	2.1x	19%	19%
BREP III (Apr 1999 / Apr 2003)		1,522,708		-		-	n/a		3,330,406	2.4x		3,330,406	2.4x	21%	21%
BREP IV (Apr 2003 / Dec 2005)		2,198,694		-		23,471	n/a		4,640,501	1.7x		4,663,972	1.7x	12%	12%
BREP V (Dec 2005 / Feb 2007)		5,539,418		-		8,546	n/a		13,444,906	2.3x		13,453,452	2.3x	11%	11%
BREP VI (Feb 2007 / Aug 2011)		11,060,444		550,452		408,815	2.2x		27,407,685	2.5x		27,816,500	2.5x	13%	13%
BREP VII (Aug 2011 / Apr 2015)		13,501,376		1,513,361		7,589,097	1.7x		23,864,256	2.1x		31,453,353	2.0x	22%	15%
BREP VIII (Apr 2015 / Jun 2019)		16,591,084		2,281,492		17,009,035	1.8x		19,609,674	2.5x		36,618,709	2.1x	29%	19%
*BREP IX (Jun 2019 / Dec 2024)		21,321,251		9,461,862		22,133,179	1.9x		6,024,086	2.1x		28,157,265	1.9x	66%	47%
Total Global BREP	$	73,454,736	$	13,807,167	$	47,172,143	1.8x	$	102,526,026	2.3x	$	149,698,169	2.1x	18%	17%
BREP Int’l (Jan 2001 / Sep 2005)	€	824,172	€	-	€	-	n/a	€	1,373,170	2.1x	€	1,373,170	2.1x	23%	23%
BREP Int’l II (Sep 2005 / Jun 2008) (e)		1,629,748		-		-	n/a		2,583,032	1.8x		2,583,032	1.8x	8%	8%
BREP Europe III (Jun 2008 / Sep 2013)		3,205,167		421,732		280,829	0.5x		5,792,215	2.4x		6,073,044	2.0x	19%	14%
BREP Europe IV (Sep 2013 / Dec 2016)		6,673,049		1,378,153		1,883,356	1.3x		9,699,087	2.0x		11,582,443	1.8x	20%	14%
BREP Europe V (Dec 2016 / Oct 2019)		7,965,079		1,338,957		10,018,509	1.7x		2,336,451	2.7x		12,354,960	1.8x	39%	15%
*BREP Europe VI (Oct 2019 / Apr 2025)		9,901,655		5,670,276		6,911,549	1.6x		471,010	2.0x		7,382,559	1.7x	60%	32%
Total BREP Europe	€	30,198,870	€	8,809,118	€	19,094,243	1.6x	€	22,254,965	2.1x	€	41,349,208	1.8x	16%	13%
BREP Asia I (Jun 2013 / Dec 2017)	$	4,261,983	$	917,144	$	2,435,276	1.5x	$	6,206,034	2.1x	$	8,641,310	1.9x	20%	13%
BREP Asia II (Dec 2017 / Mar 2022)		7,338,909		2,007,555		7,252,702	1.4x		761,817	1.8x		8,014,519	1.4x	42%	13%
*BREP Asia III (Mar 2022 / Sep 2027)		7,502,256		7,502,256		-	n/a		-	n/a		-	n/a	n/a	n/a
BREP Co-Investment (f)		7,131,383		37,934		973,293	2.3x		15,029,656	2.2x		16,002,949	2.2x	16%	16%
Total BREP	$	135,148,753	$	34,021,106	$	79,856,621	1.7x	$	152,235,747	2.2x	$	232,092,368	2.0x	17%	16%
*BREDS High-Yield (Various) (g)		19,986,312		5,702,368		5,721,393	1.1x		15,438,412	1.3x		21,159,805	1.2x	11%	10%

Private Equity
Corporate Private Equity
BCP I (Oct 1987 / Oct 1993)	$	859,081	$	-	$	-	n/a	$	1,741,738	2.6x	$	1,741,738	2.6x	19%	19%
BCP II (Oct 1993 / Aug 1997)		1,361,100		-		-	n/a		3,256,819	2.5x		3,256,819	2.5x	32%	32%
BCP III (Aug 1997 / Nov 2002)		3,967,422		-		-	n/a		9,184,688	2.3x		9,184,688	2.3x	14%	14%
BCOM (Jun 2000 / Jun 2006)		2,137,330		24,575		15,928	n/a		2,953,649	1.4x		2,969,577	1.4x	6%	6%
BCP IV (Nov 2002 / Dec 2005)		6,773,182		169,884		127,159	1.3x		21,479,599	2.9x		21,606,758	2.8x	36%	36%
BCP V (Dec 2005 / Jan 2011)		21,009,112		1,035,259		110,390	7.5x		38,427,169	1.9x		38,537,559	1.9x	8%	8%
BCP VI (Jan 2011 / May 2016)		15,202,513		1,378,295		7,754,859	1.8x		23,846,668	2.3x		31,601,527	2.1x	17%	13%
BCP VII (May 2016 / Feb 2020)		18,852,880		1,931,935		25,281,125	1.9x		10,049,608	2.4x		35,330,733	2.0x	35%	19%
*BCP VIII (Feb 2020 / Feb 2026)		25,424,279		17,027,500		12,308,856	1.5x		514,942	2.9x		12,823,798	1.5x	125%	45%
Energy I (Aug 2011 / Feb 2015)		2,441,558		174,492		705,759	1.5x		3,869,928	2.0x		4,575,687	1.9x	15%	12%
Energy II (Feb 2015 / Feb 2020)		4,933,284		1,030,529		4,954,452	1.6x		1,588,019	1.1x		6,542,471	1.4x	2%	7%
*Energy III (Feb 2020 / Feb 2026)		4,329,863		3,067,781		2,117,059	1.9x		320,742	2.7x		2,437,801	2.0x	113%	57%
BCP Asia I (Dec 2017 / Sep 2021)		2,452,754		869,042		4,636,769	3.0x		995,878	4.9x		5,632,647	3.2x	115%	61%
*BCP Asia II (Sep 2021 / Sep 2027)		6,554,832		6,529,852		9,373	n/a		-	n/a		9,373	n/a	n/a	n/a
Core Private Equity I (Jan 2017 / Mar 2021) (h)		4,764,447		1,149,384		8,022,079	2.1x		2,020,771	3.6x		10,042,850	2.3x	52%	26%
*Core Private Equity II (Mar 2021 / Mar 2026) (h)		8,191,582		6,750,467		1,493,095	1.1x		-	n/a		1,493,095	1.1x	n/a	n/m
Total Corporate Private Equity	$	129,255,219	$	41,138,995	$	67,536,903	1.8x	$	120,250,218	2.2x	$	187,787,121	2.0x	16%	16%

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

* Represents funds that are currently in their investment period.

Blackstone | 19

INVESTMENT RECORDS AS OF MARCH 31, 2022^(a) – (CONT’D)


($/€ in thousands, except where noted)	Committed		Available		Unrealized Investments				Realized Investments			Total Investments			Net IRRs (d)
Fund (Investment Period Beginning Date / Ending Date)	Capital		Capital (b)		Value		MOIC (c)		Value		MOIC (c)	Value		MOIC (c)	Realized	Total
Private Equity (continued)
Tactical Opportunities
*Tactical Opportunities (Various)	$	22,736,825	$	6,769,836	$	14,405,782		1.4x	$	18,216,793	1.9x	$	32,622,575	1.6x	18%	13%
*Tactical Opportunities Co-Investment and Other (Various)		14,348,123		5,975,749		5,852,894		1.8x		6,734,373	1.6x		12,587,267	1.7x	19%	19%
Total Tactical Opportunities	$	37,084,948	$	12,745,585	$	20,258,676		1.5x	$	24,951,166	1.8x	$	45,209,842	1.6x	19%	14%
*Growth (Jul 2020 / Jul 2025)		5,046,626		1,914,667		3,472,702		1.1x		337,102	3.2x		3,809,804	1.2x	n/m	17%
Strategic Partners (Secondaries)
Strategic Partners I-V (Various) (i)		11,447,898		842,769		460,940		n/a		16,871,169	n/a		17,332,109	1.7x	n/a	13%
Strategic Partners VI (Apr 2014 / Apr 2016) (i)		4,362,750		1,451,461		1,236,940		n/a		3,941,301	n/a		5,178,241	1.7x	n/a	15%
Strategic Partners VII (May 2016 / Mar 2019) (i)		7,489,970		1,871,515		5,544,959		n/a		5,089,030	n/a		10,633,989	2.1x	n/a	23%
Strategic Partners Real Assets II (May 2017 / Jun 2020) (i)		1,749,807		493,169		999,444		n/a		968,153	n/a		1,967,597	1.5x	n/a	15%
Strategic Partners VIII (Mar 2019 / Oct 2021) (i)		10,763,600		5,085,423		10,069,319		n/a		3,956,714	n/a		14,026,033	1.9x	n/a	57%
*Strategic Partners Real Estate, SMA and Other (Various) (i)		7,878,498		2,346,047		3,389,313		n/a		2,875,142	n/a		6,264,455	1.6x	n/a	20%
*Strategic Partners Infra III (Jun 2020 / Jul 2024) (i)		3,250,100		2,084,092		565,067		n/a		124,956	n/a		690,023	1.6x	n/a	67%
*Strategic Partners IX (Oct 2021 / Jul 2026) (i)		13,536,771		10,111,164		2,502,428		n/a		-	n/a		2,502,428	1.3x	n/a	n/m
Total Strategic Partners (Secondaries)	$	60,479,394	$	24,285,640	$	24,768,410		n/a	$	33,826,465	n/a	$	58,594,875	1.8x	n/a	16%
Life Sciences
Clarus IV (Jan 2018 / Jan 2020)		910,000		13,755		815,050		1.5x		232,776	1.9x		1,047,826	1.6x	25%	15%
*BXLS V (Jan 2020 / Jan 2025)		4,775,203		1,952,326		1,137,803		1.2x		-	n/a		1,137,803	1.2x	n/a	(2)%

Credit
Mezzanine / Opportunistic I (Jul 2007 / Oct 2011)	$	2,000,000	$	97,114	$	20,241		1.6x	$	4,785,527	1.6x	$	4,805,768	1.6x	n/a	17%
Mezzanine / Opportunistic II (Nov 2011 / Nov 2016)		4,120,000		1,007,436		436,872		0.5x		6,338,457	1.6x		6,775,329	1.4x	n/a	10%
Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)		6,639,133		915,252		4,321,060		1.1x		5,013,903	1.6x		9,334,963	1.3x	n/a	11%
*Mezzanine / Opportunistic IV (Jan 2021 / Jan 2026)		5,016,771		3,904,772		1,248,665		1.0x		31,378	n/m		1,280,043	1.1x	n/a	11%
Stressed / Distressed I (Sep 2009 / May 2013)		3,253,143		76,000		-		n/a		5,776,181	1.3x		5,776,181	1.3x	n/a	9%
Stressed / Distressed II (Jun 2013 / Jun 2018)		5,125,000		547,430		430,963		0.5x		5,213,790	1.2x		5,644,753	1.1x	n/a	2%
*Stressed / Distressed III (Dec 2017 / Dec 2022)		7,356,380		3,477,014		2,066,718		0.9x		2,382,486	1.4x		4,449,204	1.1x	n/a	8%
Energy I (Nov 2015 / Nov 2018)		2,856,867		1,057,174		959,388		1.0x		2,307,898	1.6x		3,267,286	1.4x	n/a	9%
*Energy II (Feb 2019 / Feb 2024)		3,616,081		2,193,068		1,672,130		1.2x		745,850	1.5x		2,417,980	1.3x	n/a	27%
European Senior Debt I (Feb 2015 / Feb 2019)	€	1,964,689	€	341,823	€	1,002,526		0.9x	€	2,262,946	1.4x	€	3,265,472	1.2x	n/a	5%
*European Senior Debt II (Jun 2019 / Jun 2024)	€	4,088,344	€	2,037,066	€	3,203,147		1.0x	€	1,009,298	1.4x	€	4,212,445	1.1x	n/a	16%
Total Credit Drawdown Funds (j)	$	46,889,033	$	15,922,149	$	15,835,479		1.0x	$	36,351,249	1.4x	$	52,186,728	1.3x	n/a	10%

Selected Perpetual Capital Strategies^(k)

($ in thousands, except where noted)

Investment

Total

Total Net

Strategy (Inception Year)

Strategy

AUM

Return (l)

Real Estate

BPP - Blackstone Property Partners (2013) (m)

Core+ Real Estate

66,264,521

13%

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

Core+ Real Estate

63,312,062

13%

BXMT - Blackstone Mortgage Trust (2013) (o)

Real Estate Debt

7,982,810

11%

Private Equity

BIP - Blackstone Infrastructure Partners (2019) (p)

Infrastructure

23,363,335

25%

Hedge Fund Solutions

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

GP Stakes

10,641,112

18%

Credit

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

U.S. Direct Lending

10,708,046

10%

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

U.S. Direct Lending

44,569,626

11%

Notes on page 21. BXLS – Blackstone Life Sciences.

* Represents funds that are currently in their investment period.

Blackstone | 20

INVESTMENT RECORDS AS OF MARCH 31, 2022 – NOTES

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

n/m

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

n/a

Not applicable.

(a)

Excludes investment vehicles where Blackstone does not earn fees.

(b)

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

(c)

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

(d)

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

(e)

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

(f)

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

(g)

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

(h)

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

(i)

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

(j)

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

(k)

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

(l)

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

(m)

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

(n)

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

(o)

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

(p)

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

(q)

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

(r)

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

(s)

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

Blackstone | 21

SHAREHOLDER DIVIDENDS

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

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


																% Change							% Change
($ in thousands, except per share data)	1Q’21			2Q’21			3Q’21			4Q’21			1Q’22			vs. 1Q’21	1Q’21 LTM			1Q’22 LTM			vs. 1Q’21 LTM

Distributable Earnings	$	1,192,244		$	1,069,993		$	1,635,273		$	2,273,327		$	1,937,880		63%	$	3,976,729		$	6,916,473		74%
Add: Other Payables Attributable to Common Shareholders		61,249			120,336			133,841			352,514			115,166		88%		285,166			721,856		153%

DE before Certain Payables		1,253,493			1,190,329			1,769,114			2,625,841			2,053,046		64%		4,261,895			7,638,329		79%

Percent to Common Shareholders		59%			60%			60%			61%			61	%			59%			61%
DE before Certain Payables Attributable to Common Shareholders		741,662			710,081			1,059,142			1,601,199			1,254,703		69%		2,500,139			4,625,125		85%
Less: Other Payables Attributable to Common Shareholders		(61,249	)		(120,336	)		(133,841	)		(352,514	)		(115,166	)	88%		(285,166	)		(721,856	)	153%

DE Attributable to Common Shareholders		680,413			589,745			925,301			1,248,685			1,139,537		67%		2,214,973			3,903,269		76%

DE per Common Share	$	0.96		$	0.82		$	1.28		$	1.71		$	1.55		61%	$	3.15		$	5.36		70%

Less: Retained Capital per Common Share	$	(0.14	)	$	(0.12	)	$	(0.19	)	$	(0.26	)	$	(0.23	)	64%	$	(0.46	)	$	(0.80	)	74%

Actual Dividend per Common Share	$	0.82		$	0.70		$	1.09		$	1.45		$	1.32		61%	$	2.69		$	4.56		70%

Record Date														May 2, 2022

Payable Date														May 9, 2022

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

See additional notes on page 33.

Blackstone | 22

SHARE SUMMARY

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

–

Repurchased 10.3 million common shares over the LTM.

–

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



	1Q’21		2Q’21		3Q’21		4Q’21		1Q’22

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

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

Distributable Earnings Shares Outstanding		1,201,782,072		1,207,751,421		1,204,923,347		1,200,483,585		1,201,919,751

Participating Common Shares and Participating Partnership Units include both issued and outstanding shares and unvested shares that participate in dividends.

Blackstone | 23

Reconciliations and Disclosures

Blackstone | 24

RECONCILIATION OF GAAP TO NON-GAAP MEASURES


	QTD															LTM


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

Net Income Attributable to Blackstone Inc.	$	1,747,872		$	1,309,152		$	1,401,895		$	1,398,478		$	1,216,874		$	3,859,727		$	5,326,399

Net Income Attributable to Non-Controlling Interests in Blackstone Holdings		1,235,784			1,116,193			1,315,641			1,218,934			1,059,313			3,128,825			4,710,081

Net Income Attributable to Non-Controlling Interests in Consolidated Entities		386,850			431,516			486,907			320,033			216,375			1,249,044			1,454,831

Net Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		629			637			1,550			2,924			5,052			2,200			10,163

Net Income	$	3,371,135		$	2,857,498		$	3,205,993		$	2,940,369		$	2,497,614		$	8,239,796		$	11,501,474

Provision (Benefit) for Taxes		(447	)		288,250			458,904			437,694			483,281			514,270			1,668,129

Income Before Provision for Taxes	$	3,370,688		$	3,145,748		$	3,664,897		$	3,378,063		$	2,980,895		$	8,754,066		$	13,169,603

Transaction-Related Charges (a)		27,888			35,533			59,193			21,424			25,333			221,623			141,483

Amortization of Intangibles (b)		17,124			17,044			17,044			17,044			17,044			66,625			68,176

Impact of Consolidation (c)		(387,479	)		(432,153	)		(488,457	)		(322,957	)		(221,427	)		(1,251,244	)		(1,464,994	)

Unrealized Performance Revenues (d)		(2,464,497	)		(2,697,170	)		(2,724,366	)		(789,213	)		(1,293,050	)		(5,533,185	)		(7,503,799	)

Unrealized Performance Allocations Compensation (e)		1,049,969			1,150,219			1,193,853			384,007			472,284			2,292,831			3,200,363

Unrealized Principal Investment (Income) Loss (f)		(423,934	)		(104,658	)		2,343			(153,518	)		(26,758	)		(938,802	)		(282,591	)

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

Equity-Based Compensation (h)		144,272			121,422			129,254			164,589			201,545			390,567			616,810

Administrative Fee Adjustment (i)		2,708			2,551			2,488			2,441			2,485			7,973			9,965

Taxes and Related Payables (j)		(84,222	)		(140,673	)		(156,867	)		(377,920	)		(147,652	)		(365,296	)		(823,112	)

Distributable Earnings	$	1,192,244		$	1,069,993		$	1,635,273		$	2,273,327		$	1,937,880		$	3,976,729		$	6,916,473

Taxes and Related Payables (j)		84,222			140,673			156,867			377,920			147,652			365,296			823,112

Net Interest and Dividend (Income) Loss (k)		12,928			11,201			16,238			(6,779	)		12,117			43,897			32,777

Total Segment Distributable Earnings	$	1,289,394		$	1,221,867		$	1,808,378		$	2,644,468		$	2,097,649		$	4,385,922		$	7,772,362

Realized Performance Revenues (l)		(401,323	)		(792,938	)		(1,497,477	)		(1,191,374	)		(1,312,810	)		(2,100,083	)		(4,794,599	)

Realized Performance Compensation (m)		150,924			338,271			619,074			449,301			519,120			793,969			1,925,766

Realized Principal Investment Income (n)		(298,156	)		(63,132	)		(151,010	)		(75,468	)		(157,095	)		(436,799	)		(446,705	)

Fee Related Earnings	$	740,839		$	704,068		$	778,965		$	1,826,927		$	1,146,864		$	2,643,009		$	4,456,824

Adjusted EBITDA Reconciliation

Distributable Earnings	$	1,192,244		$	1,069,993		$	1,635,273		$	2,273,327		$	1,937,880		$	3,976,729		$	6,916,473

Interest Expense (o)		44,340			44,132			51,773			56,387			66,602			167,822			218,894

Taxes and Related Payables (j)		84,222			140,673			156,867			377,920			147,652			365,296			823,112

Depreciation and Amortization (p)		12,293			12,581			12,771			14,542			14,316			39,917			54,210

Adjusted EBITDA	$	1,333,099		$	1,267,379		$	1,856,684		$	2,722,176		$	2,166,450		$	4,549,764		$	8,012,689

Notes on pages 26-27.

Blackstone | 25

RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES

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

(a)

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

(b)

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

(c)

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

(d)	This adjustment removes Unrealized Performance Allocations.

(e)	This adjustment removes Unrealized Performance Allocations Compensation.

(f)

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


	QTD															LTM
($ in thousands)	1Q’21			2Q’21			3Q’21			4Q’21			1Q’22			1Q’21			1Q’22
GAAP Unrealized Principal Investment Income (Loss)	$	639,315		$	328,835		$	183,754		$	304,297		$	73,961		$	1,484,073		$	890,847
Segment Adjustment		(215,381	)		(224,177	)		(186,097	)		(150,779	)		(47,203	)		(545,271	)		(608,256	)
Unrealized Principal Investment Income (Loss)	$	423,934		$	104,658		$	(2,343	)	$	153,518		$	26,758		$	938,802		$	282,591
(g) This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents (1) the add back of Other Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of certain Transaction-Related Charges.
	QTD															LTM
($ in thousands)	1Q’21			2Q’21			3Q’21			4Q’21			1Q’22			1Q’21			1Q’22
GAAP Other Revenue	$	60,304		$	27,896		$	64,187		$	50,699		$	72,869		$	(331,018	)	$	215,651
Segment Adjustment		(31	)		(26	)		(78	)		(66	)		(50	)		(553	)		(220	)
Other Revenues	$	60,273		$	27,870		$	64,109		$	50,633		$	72,819		$	(331,571	)	$	215,431
(h) This adjustment removes Equity-Based Compensation on a segment basis. (i) This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation. (j) Taxes represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and adjusted to exclude the tax impact of any divestitures. Related Payables represent tax-related payables including the amount payable under the Tax Receivable Agreement. Please refer to page 34 for the full definition of Taxes and Related Payables.
	QTD															LTM
($ in thousands)	1Q’21			2Q’21			3Q’21			4Q’21			1Q’22			1Q’21			1Q’22
Taxes	$	69,609		$	127,809		$	140,548		$	365,109		$	124,645		$	313,904		$	758,111
Related Payables		14,613			12,864			16,319			12,811			23,007			51,392			65,001
Taxes and Related Payables	$	84,222		$	140,673		$	156,867		$	377,920		$	147,652		$	365,296		$	823,112

Blackstone | 26

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


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

	QTD															LTM
($ in thousands)	1Q’21			2Q’21			3Q’21			4Q’21			1Q’22			1Q’21			1Q’22
GAAP Interest and Dividend Revenue	$	31,412		$	31,017		$	35,048		$	63,166		$	54,485		$	121,559		$	183,716
Segment Adjustment		-			1,914			487			-			-			2,366			2,401
Interest and Dividend Revenue	$	31,412		$	32,931		$	35,535		$	63,166		$	54,485		$	123,925		$	186,117

GAAP Interest Expense	$	44,983		$	44,322		$	52,413		$	56,550		$	66,747		$	169,501		$	220,032
Segment Adjustment		(643	)		(190	)		(640	)		(163	)		(145	)		(1,679	)		(1,138	)
Interest Expense	$	44,340		$	44,132		$	51,773		$	56,387		$	66,602		$	167,822		$	218,894
Net Interest and Dividend Income (Loss)	$	(12,928	)	$	(11,201	)	$	(16,238	)	$	6,779		$	(12,117	)	$	(43,897	)	$	(32,777	)
(l) This adjustment removes the total segment amount of Realized Performance Revenues. (m) This adjustment removes the total segment amount of Realized Performance Compensation. (n) This adjustment removes the total segment amount of Realized Principal Investment Income. (o) This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement. (p) This adjustment adds back Depreciation and Amortization on a segment basis. Reconciliation of GAAP Shares of Common Stock Outstanding to Distributable Earnings Shares Outstanding

	QTD
	1Q’21			2Q’21			3Q’21			4Q’21			1Q’22
GAAP Shares of Common Stock Outstanding		690,569,563			691,093,463			693,612,698			704,339,774			707,180,830
Unvested Participating Common Shares		20,495,980			29,381,076			27,756,700			27,697,423			27,363,032
Total Participating Common Shares		711,065,543			720,474,539			721,369,398			732,037,197			734,543,862
Participating Partnership Units		490,716,529			487,276,882			483,553,949			468,446,388			467,375,889
Distributable Earnings Shares Outstanding		1,201,782,072			1,207,751,421			1,204,923,347			1,200,483,585			1,201,919,751

Disclosure of Weighted-Average Shares Common Stock Outstanding

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

Total GAAP Weighted-Average Shares of Common Stock Outstanding - Basic		709,033,212			721,141,954			722,229,117			726,445,206			734,327,015			702,549,444			726,003,755

Weighted-Average Shares of Unvested Deferred Restricted Common Stock		879,132			123,226			203,982			226,315			639,900			445,528			427,485

Total GAAP Weighted-Average Shares of Common Stock Outstanding - Diluted		709,912,344			721,265,180			722,433,099			726,671,521			734,966,915			702,994,972			726,431,240

Blackstone | 27

BLACKSTONE’S FIRST QUARTER 2022 GAAP BALANCE SHEET RESULTS



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

Assets

Cash and Cash Equivalents	$	2,862,422		$	2,467,444		$	5,011,433		$	2,119,738		$	3,868,567

Cash Held by Blackstone Funds and Other		109,285			109,676			113,731			79,994			110,648

Investments		17,943,309			22,163,322			25,104,195			28,665,043			30,068,474

Accounts Receivable		975,610			582,542			496,265			636,616			517,465

Due from Affiliates		3,015,318			3,159,829			3,718,119			4,656,867			4,004,359

Intangible Assets, Net		340,478			321,780			303,082			284,384			265,686

Goodwill		1,890,185			1,890,202			1,890,202			1,890,202			1,890,202

Other Assets		434,475			556,714			538,567			492,936			422,786

Right-of-Use Assets		736,633			723,539			745,886			788,991			868,437

Deferred Tax Assets		1,402,271			1,322,144			1,116,612			1,581,637			1,327,454

Total Assets	$	29,709,986		$	33,297,192		$	39,038,092		$	41,196,408		$	43,344,078

Liabilities and Equity

Loans Payable	$	5,573,965		$	5,594,648		$	7,527,576		$	7,748,163		$	8,937,456

Due to Affiliates		1,161,775			1,226,504			1,426,209			1,906,098			1,881,054

Accrued Compensation and Benefits		4,376,226			5,789,662			7,399,559			7,905,070			8,140,773

Securities Sold, Not Yet Purchased		33,160			35,783			35,657			27,849			27,278

Repurchase Agreements		58,050			57,247			36,545			57,980			77,289

Operating Lease Liabilities		842,692			841,152			863,020			908,033			986,073

Accounts Payable, Accrued Expenses and Other Liabilities		838,930			1,205,182			871,661			937,169			1,053,128

Total Liabilities		12,884,798			14,750,178			18,160,227			19,490,362			21,103,051

Redeemable Non-Controlling Interests in Consolidated Entities		65,546			65,568			66,824			68,028			41,430

Equity

Common Stock, $0.00001 par value (707,180,830 shares issued and outstanding as of March 31, 2022)		7			7			7			7			7

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

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

Additional Paid-in-Capital		6,446,829			6,282,600			6,037,628			5,794,727			5,879,796

Retained Earnings		1,408,768			2,133,794			3,031,765			3,647,785			3,805,918

Accumulated Other Comprehensive Loss		(11,454	)		(10,245	)		(15,357	)		(19,626	)		(25,754	)

Non-Controlling Interests in Consolidated Entities		4,390,594			4,860,442			5,638,612			5,600,653			5,747,698

Non-Controlling Interests in Blackstone Holdings		4,524,898			5,214,848			6,118,386			6,614,472			6,791,932

Total Equity		16,759,642			18,481,446			20,811,041			21,638,018			22,199,597

Total Liabilities and Equity	$	29,709,986		$	33,297,192		$	39,038,092		$	41,196,408		$	43,344,078

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

Blackstone | 28

RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES



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

Investments of Consolidated Blackstone Funds	$	1,459,804		$	1,871,269		$	2,104,705		$	2,018,829		$	2,045,156

Equity Method Investments

Partnership Investments		4,676,341			4,916,675			5,303,334			5,635,212			5,858,926

Accrued Performance Allocations		9,367,251			12,101,142			15,063,648			17,096,873			17,661,244

Corporate Treasury Investments		1,726,285			2,440,325			1,520,426			658,066			916,510

Other Investments		713,628			833,911			1,112,082			3,256,063			3,586,638

Total GAAP Investments		17,943,309			22,163,322			25,104,195			28,665,043			30,068,474



Accrued Performance Allocations - GAAP	$	9,367,251		$	12,101,142		$	15,063,648		$	17,096,873		$	17,661,244

Impact of Consolidation (a)		1			1			1			1			1

Due from Affiliates - GAAP (b)		56,274			59,304			59,669			260,993			112,194

Less: Net Realized Performance Revenues (c)		(269,426	)		(261,760	)		(416,336	)		(1,294,884	)		(743,772	)

Less: Accrued Performance Compensation - GAAP (d)		(3,952,253	)		(5,137,933	)		(6,395,903	)		(7,324,906	)		(7,483,337	)

Net Accrued Performance Revenues	$	5,201,847		$	6,760,754		$	8,311,079		$	8,738,077		$	9,546,330

Corporate Treasury and Other Investments - GAAP (e)	$	2,439,913		$	3,274,236		$	2,632,508		$	3,914,129		$	4,503,148

Impact of Consolidation (a)		142,187			176,320			178,407			144,354			140,905

Other Assets (f)		766,285			479,591			580,641			797,843			379,768

Other Liabilities (g)		(61,599	)		(494,119	)		(169,863	)		(94,314	)		(66,065	)

Corporate Treasury and Other Investments - Deconsolidated (h)	$	3,286,786		$	3,436,028		$	3,221,693		$	4,762,012		$	4,957,756

Partnership Investments - GAAP	$	4,676,341		$	4,916,675		$	5,303,334		$	5,635,212		$	5,858,926

Impact of Consolidation (i)		(2,923,029	)		(3,091,175	)		(3,459,004	)		(3,552,599	)		(3,623,881	)

GP/Fund Investments - Deconsolidated	$	1,753,312		$	1,825,500		$	1,844,330		$	2,082,613		$	2,235,045

Loans Payable - GAAP	$	5,573,965		$	5,594,648		$	7,527,576		$	7,748,163		$	8,937,456

Impact of Consolidation (j)		(100	)		(99	)		(100	)		(101	)		—

Outstanding Debt - Carrying Value		5,573,865			5,594,549			7,527,476			7,748,062			8,937,456

Unamortized Discount		85,635			84,151			109,524			107,438			122,594

Outstanding Debt (at par) - Deconsolidated	$	5,659,500		$	5,678,700		$	7,637,000		$	7,855,500		$	9,060,050

(a)

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

(b)

Represents GAAP accrued performance revenue recorded within Due from Affiliates.

(c)

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

(d)

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

(e)

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

(f)

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

(g)

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

(h)

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

(i)

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

(j)

This adjustment removes amounts related to consolidated Blackstone Funds.

Blackstone | 29

RECONCILIATION OF GAAP TO TOTAL SEGMENTS


($ in thousands)	QTD															LTM


	1Q’21			2Q’21			3Q’21			4Q’21			1Q’22			1Q’21			1Q’22

Management and Advisory Fees, Net

GAAP	$	1,177,815		$	1,212,549		$	1,320,795		$	1,459,548		$	1,475,936		$	4,335,532		$	5,468,828

Segment Adjustment (a)		390			193			(720	)		(3,328	)		(2,568	)		13,271			(6,423	)

Total Segment	$	1,178,205		$	1,212,742		$	1,320,075		$	1,456,220		$	1,473,368		$	4,348,803		$	5,462,405

GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues

GAAP

Incentive Fees		36,124			33,207			48,206			136,454			104,489			162,624			322,356

Investment Income - Realized Performance Allocations		534,367			808,620			1,522,495			2,787,970			1,766,386			2,472,837			6,885,471

GAAP	$	570,491		$	841,827		$	1,570,701		$	2,924,424		$	1,870,875		$	2,635,461		$	7,207,827

Total Segment

Less: Realized Performance Revenues		(401,323	)		(792,938	)		(1,497,477	)		(1,191,374	)		(1,312,810	)		(2,100,083	)		(4,794,599	)

Segment Adjustment (b)		-			-			89			824			-			-			913

Total Segment	$	169,168		$	48,889		$	73,313		$	1,733,874		$	558,065		$	535,378		$	2,414,141

GAAP Compensation to Total Segment Fee Related Compensation

GAAP

Compensation		542,638			507,104			536,199			576,032			656,505			1,921,714			2,275,840

Incentive Fees Compensation		13,325			14,431			21,007			49,349			41,019			51,228			125,806

Realized Performance Allocations Compensation		213,027			347,423			631,632			1,119,911			717,601			983,834			2,816,567

GAAP	$	768,990		$	868,958		$	1,188,838		$	1,745,292		$	1,415,125		$	2,956,776		$	5,218,213

Total Segment

Less: Realized Performance Compensation		(150,924	)		(338,271	)		(619,074	)		(449,301	)		(519,120	)		(793,969	)		(1,925,766	)

Less: Equity-Based Compensation - Fee Related Compensation		(141,674	)		(119,491	)		(127,442	)		(162,656	)		(200,387	)		(382,456	)		(609,976	)

Less: Equity-Based Compensation - Performance Compensation		(2,598	)		(1,931	)		(1,812	)		(1,933	)		(1,158	)		(8,111	)		(6,834	)

Segment Adjustment (c)		(28,684	)		(33,880	)		(21,029	)		(23,368	)		(23,989	)		(176,824	)		(102,266	)

Total Segment	$	445,110		$	375,385		$	419,481		$	1,108,034		$	670,471		$	1,595,416		$	2,573,371

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

GAAP	$	185,122		$	205,057		$	217,995		$	309,673		$	240,674		$	739,338		$	973,399

Segment Adjustment (d)		(23,698	)		(22,879	)		(23,053	)		(54,540	)		(26,576	)		(93,582	)		(127,048	)

Total Segment	$	161,424		$	182,178		$	194,942		$	255,133		$	214,098		$	645,756		$	846,351

Realized Performance Revenues

GAAP

Incentive Fees		36,124			33,207			48,206			136,454			104,489			162,624			322,356

Investment Income - Realized Performance Allocations		534,367			808,620			1,522,495			2,787,970			1,766,386			2,472,837			6,885,471

GAAP	$	570,491		$	841,827		$	1,570,701		$	2,924,424		$	1,870,875		$	2,635,461		$	7,207,827

Total Segment

Less: Fee Related Performance Revenues		(169,168	)		(48,889	)		(73,313	)		(1,733,874	)		(558,065	)		(535,378	)		(2,414,141	)

Segment Adjustment (b)		-			-			89			824			-			-			913

Total Segment	$	401,323		$	792,938		$	1,497,477		$	1,191,374		$	1,312,810		$	2,100,083		$	4,794,599

Blackstone | 30

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


($ in thousands)	QTD															LTM


	1Q’21			2Q’21			3Q’21			4Q’21			1Q’22			1Q’21			1Q’22

Realized Performance Compensation
GAAP
Incentive Fee Compensation	$	13,325		$	14,431		$	21,007		$	49,349		$	41,019		$	51,228		$	125,806
Realized Performance Allocations Compensation		213,027			347,423			631,632			1,119,911			717,601			983,834			2,816,567
GAAP	$	226,352		$	361,854		$	652,639		$	1,169,260		$	758,620		$	1,035,062		$	2,942,373
Total Segment
Less: Fee Related Performance Compensation (e)		(72,830	)		(21,652	)		(31,753	)		(718,026	)		(238,342	)		(232,982	)		(1,009,773	)
Less: Equity-Based Compensation - Performance Compensation		(2,598	)		(1,931	)		(1,812	)		(1,933	)		(1,158	)		(8,111	)		(6,834	)
Total Segment	$	150,924		$	338,271		$	619,074		$	449,301		$	519,120		$	793,969		$	1,925,766

Realized Principal Investment Income
GAAP	$	355,038		$	152,060		$	325,414		$	171,310		$	285,104		$	697,971		$	933,888
Segment Adjustment (f)		(56,882	)		(88,928	)		(174,404	)		(95,842	)		(128,009	)		(261,172	)		(487,183	)
Total Segment	$	298,156		$	63,132		$	151,010		$	75,468		$	157,095		$	436,799		$	446,705

GAAP Interest and Dividend Revenue net of Interest Expense to Total Segment Net Interest and Dividend Income (Loss)
GAAP
Interest and Dividend Revenue		31,412			31,017			35,048			63,166			54,485			121,559			183,716
Interest Expense		(44,983	)		(44,322	)		(52,413	)		(56,550	)		(66,747	)		(169,501	)		(220,032	)
GAAP	$	(13,571	)	$	(13,305	)	$	(17,365	)	$	6,616		$	(12,262	)	$	(47,942	)	$	(36,316	)
Segment Adjustment (g)		643			2,104			1,127			163			145			4,045			3,539
Total Segment	$	(12,928	)	$	(11,201	)	$	(16,238	)	$	6,779		$	(12,117	)	$	(43,897	)	$	(32,777	)

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

(a)

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

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

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

(d)

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

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

(f)

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

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

Blackstone | 31

NOTES

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

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

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

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

Notes to page 4 – Summary of Financials

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

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

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

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

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

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NOTES – (CONT’D)

Notes to page 5 – Investment Performance and Net Accrued Performance Revenues (Cont’d)

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

Notes to page 16 – Assets Under Management - Rollforward

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

Notes to page 17 – Deconsolidated Balance Sheet Highlights

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

Notes to page 22 – Shareholder Dividends

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

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

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

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DEFINITIONS AND DIVIDEND POLICY

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

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

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

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

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

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

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

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

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DEFINITIONS AND DIVIDEND POLICY – (CONT’D)

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

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

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

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

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

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

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

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

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

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DEFINITIONS AND DIVIDEND POLICY – (CONT’D)

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

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FORWARD-LOOKING STATEMENTS

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

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

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