EX-99.1

EX-99.1 2 d453228dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LOGO

Blackstone Reports Fourth Quarter and

Full Year 2022 Results

New York, January 26, 2023: Blackstone (NYSE:BX) today reported its fourth quarter and full year 2022 results.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Despite one of the most challenging market

backdrops in history, Blackstone delivered for our clients in 2022. We protected investor capital by focusing on the

right sectors, leading to an additional $226 billion of inflows for the year, including $43 billion in the fourth

quarter. Our total assets under management grew to a record $975 billion, up 11% year over year. We now have a

record $187 billion of dry powder capital to take advantage of compelling investment opportunities in a dislocated

environment.”

Blackstone issued a full detailed presentation of its fourth quarter and full year 2022 results, which can be viewed at www.blackstone.com.

Dividend

Blackstone has declared a quarterly dividend of $0.91 per share to record holders of common stock at the close of

business on February 6, 2023. This dividend will be paid on February 13, 2023.

Quarterly Investor Call Details

Blackstone will host its fourth quarter and full year 2022 investor conference via public webcast on January 26,

2023 at 9:00 a.m. ET. To register, please use the following link:

Blackstone

345 Park Avenue, New York, NY 10154

T 212 583 5000

www.blackstone.com

https://event.webcasts.com/starthere.jsp?ei=1578844&tp_key=4829f51418. 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/.

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 $975 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 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 Fourth

Quarter and Full Year 2022 Earnings

JANUARY 26, 2023

BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2022 GAAP RESULTS

GAAP Net Income was $743 million for the quarter and $3.0 billion for the year. GAAP Net Income Attributable to Blackstone Inc. was $558 million for the quarter and $1.7 billion for the year.



($ in thousands, except per share data) (unaudited)	4Q’21		4Q’22			FY’21			FY’22
Revenues
Management and Advisory Fees, Net	$	1,459,548	$	1,648,438		$	5,170,707		$	6,303,315
Incentive Fees		136,454		210,264			253,991			525,127
Investment Income (Loss)
Performance Allocations
Realized		2,787,970		435,597			5,653,452			5,381,640
Unrealized		789,213		(488,801	)		8,675,246			(3,435,056	)
Principal Investments
Realized		171,310		106,834			1,003,822			850,327
Unrealized		304,297		(67,623	)		1,456,201			(1,563,849	)
Total Investment Income (Loss)		4,052,790		(13,993	)		16,788,721			1,233,062
Interest and Dividend Revenue		63,166		102,632			160,643			271,612
Other		50,699		(243,282	)		203,086			184,557
Total Revenues	$	5,762,657	$	1,704,059		$	22,577,148		$	8,517,673
Expenses
Compensation and Benefits
Compensation		576,032		626,990			2,161,973			2,569,780
Incentive Fee Compensation		49,349		71,261			98,112			207,998
Performance Allocations Compensation
Realized		1,119,911		157,817			2,311,993			2,225,264
Unrealized		384,007		(196,739	)		3,778,048			(1,470,588	)
Total Compensation and Benefits		2,129,299		659,329			8,350,126			3,532,454
General, Administrative and Other		309,673		292,340			917,847			1,092,671
Interest Expense		56,550		100,329			198,268			317,225
Fund Expenses		2,959		18,531			10,376			30,675
Total Expenses	$	2,498,481	$	1,070,529		$	9,476,617		$	4,973,025
Other Income (Loss)
Change in Tax Receivable Agreement Liability		32,044		21,535			(2,759	)		22,283
Net Gains (Losses) from Fund Investment Activities		81,843		(52,870	)		461,624			(105,142	)
Income Before Provision (Benefit) for Taxes	$	3,378,063	$	602,195		$	13,559,396		$	3,461,789
Provision (Benefit) for Taxes		437,694		(141,146	)		1,184,401			472,880
Net Income	$	2,940,369	$	743,341		$	12,374,995		$	2,988,909
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		2,924		(199,590	)		5,740			(142,890	)
Net Income Attributable to Non-Controlling Interests in Consolidated Entities		320,033		170,191			1,625,306			107,766
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings		1,218,934		214,886			4,886,552			1,276,402
Net Income Attributable to Blackstone Inc. (“BX”)	$	1,398,478	$	557,854		$	5,857,397		$	1,747,631
Net Income Per Share of Common Stock, Basic	$	1.93	$	0.75		$	8.14		$	2.36
Net Income Per Share of Common Stock, Diluted	$	1.92	$	0.75		$	8.13		$	2.36

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 page 32 for additional details on an out-of-period adjustment affecting the 4Q’22

and FY’22 Provision (Benefit) for Taxes.

Blackstone | 1

BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2022 HIGHLIGHTS


Financial Measures		§ Fee Related Earnings (“FRE”) of $1.1 billion ($0.88/share) in the quarter – FRE was $4.4 billion for the year ($3.65/share) § Distributable Earnings (“DE”) of $1.3 billion ($1.07/share) in the quarter – DE was $6.6 billion for the year ($5.17/share) § Net Accrued Performance Revenues of $6.8 billion ($5.67/share)


Capital Metrics		§ Total Assets Under Management (“AUM”) of $974.7 billion, up 11% year-over-year – Fee-Earning AUM of $718.4 billion, up 11% year-over-year – Perpetual Capital AUM of $371.1 billion, up 18% year-over-year § Inflows of $43.1 billion in the quarter and $226.0 billion for the year § Deployment of $18.7 billion in the quarter and $120.6 billion for the year § Realizations of $13.5 billion in the quarter and $81.8 billion for the year

Capital Returned to Shareholders		§ Dividend of $0.91 per common share payable on February 13, 2023 – Dividends of $4.40 per common share for the year § $1.1 billion to be distributed to shareholders with respect to the fourth quarter and $6.1 billion for the year through dividends and share repurchases

Blackstone | 2

BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2022 SEGMENT EARNINGS


							% Change								% Change
($ in thousands, except per share data)	4Q’21			4Q’22			vs. 4Q’21		FY’21			FY’22			vs. FY’21

Management and Advisory Fees, Net	$	1,456,220		$	1,641,091			13%	$	5,167,242		$	6,282,946			22%

Fee Related Performance Revenues		1,733,874			172,708			(90)%		2,025,244			1,449,497			(28)%

Fee Related Compensation		(1,108,034	)		(480,623	)		(57)%		(2,348,010	)		(2,330,775	)		(1)%

Other Operating Expenses		(255,133	)		(267,281	)		5%		(793,677	)		(989,023	)		25%

Fee Related Earnings	$	1,826,927		$	1,065,895			(42)%	$	4,050,799		$	4,412,645			9%



Realized Performance Revenues		1,191,374			472,745			(60)%		3,883,112			4,461,338			15%

Realized Performance Compensation		(449,301	)		(161,779	)		(64)%		(1,557,570	)		(1,814,097	)		16%

Realized Principal Investment Income		75,468			55,887			(26)%		587,766			396,256			(33)%

Net Realizations		817,541			366,853			(55)%		2,913,308			3,043,497			4%

Total Segment Distributable Earnings	$	2,644,468		$	1,432,748			(46)%	$	6,964,107		$	7,456,142			7%



Distributable Earnings	$	2,273,327		$	1,334,206			(41)%	$	6,170,837		$	6,632,780			7%



Additional Metrics:

Net Income Per Share of Common Stock, Basic	$	1.93		$	0.75			(61)%	$	8.14		$	2.36			(71)%

FRE per Share	$	1.52		$	0.88			(42)%	$	3.37		$	3.65			8%

DE per Common Share	$	1.71		$	1.07			(37)%	$	4.77		$	5.17			8%

Total Segment Revenues	$	4,456,936		$	2,342,431			(47)%	$	11,663,364		$	12,590,037			8%

Total Assets Under Management	$	880,901,720		$	974,673,077			11%	$	880,901,720		$	974,673,077			11%

Fee-Earning Assets Under Management	$	649,969,058		$	718,386,888			11%	$	649,969,058		$	718,386,888			11%

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. Full year FRE per Share and DE per Common Share amounts represent the sum of the last four quarters. See pages 30-31 for the Reconciliation of GAAP to Total Segment Measures. During 2022, BREIT’s fee related performance revenues moved from annual to quarterly crystallization. If quarterly crystallization of BREIT’s fee related performance revenues had been in effect for all quarters included in the prior full year period, 4Q’22 FRE would have been down (19)% year-over-year and 4Q’22 Segment DE would have been down (33)% year-over-year. See note on page 32 for additional details.

Blackstone | 3

INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES

Realized distributions across strategies led to lower Net Accrued Performance Revenues quarter-over-quarter of $6.8 billion ($5.67/share).

Investment Performance

(appreciation / gross returns)


	4Q’22	FY’22
Real Estate
Opportunistic	(2.0)%	7.1%
Core+	(1.5)%	10.3%

Private Equity
Corporate Private Equity	3.8%	(0.6)%
Tactical Opportunities	0.6%	(1.3)%
Secondaries	(1.8)%	8.5%

Credit & Insurance
Private Credit	2.4%	7.4%
Liquid Credit	3.0%	(2.5)%

Hedge Fund Solutions
BPS Composite	2.1%	5.0%

Net Accrued Performance Revenues

($ in millions)

LOGO

Investment Performance represents fund appreciation for Real Estate and Private Equity and gross returns for Credit & Insurance and Hedge Fund Solutions. Private Credit net returns were 1.6% and 4.2% for 4Q’22 and FY’22, respectively. Liquid Credit net returns were 2.8% and (3.3)% for 4Q’22 and FY’22, respectively. BPS Composite net returns were 1.9% and 4.1% for 4Q’22 and FY’22, respectively. See notes on pages 32-33 for additional details on investment performance.

Blackstone | 4

CAPITAL METRICS – ADDITIONAL DETAIL

Inflows were $43.1 billion in the quarter, bringing full year inflows to $226.0 billion.

Deployed $18.7 billion in the quarter and $120.6 billion for the year.

–

Committed an additional $9.8 billion that was not yet deployed in the quarter.

Realizations were $13.5 billion in the quarter and $81.8 billion for the year.


	Inflows				Capital Deployed				Realizations

($ in millions)	4Q’22		FY’22		4Q’22		FY’22		4Q’22		FY’22
Real Estate	$	14,172	$	90,200	$	3,688	$	47,943	$	3,600	$	37,062
Opportunistic		2,647		34,007		2,437		10,663		1,111		22,349
Core+		3,700		41,653		560		34,221		1,951		11,457
BREDS		7,825		14,539		692		3,059		538		3,256
Private Equity		8,742		52,707		6,386		28,926		5,624		24,235
Corporate Private Equity		1,749		20,697		1,947		10,930		3,657		10,759
Tactical Opportunities		400		8,143		221		3,266		517		5,198
Secondaries		3,393		14,183		1,022		6,759		1,374		7,363
Infrastructure		3,199		9,685		3,196		7,970		76		915
Credit & Insurance		16,230		72,038		8,333		42,336		3,499		18,353

Hedge Fund Solutions		3,917		11,094		305		1,348		753		2,118

Total Blackstone	$	43,061	$	226,039	$	18,712	$	120,554	$	13,476	$	81,768

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

Blackstone | 5

ASSETS UNDER MANAGEMENT

Total AUM increased to $974.7 billion, up 11% year-over-year, with $43.1 billion of inflows in the quarter and $226.0 billion for the year.

Fee-Earning AUM of $718.4 billion was up 11% year-over-year, with $31.0 billion of inflows in the quarter and $172.3 billion for the year.

Perpetual Capital AUM reached $371.1 billion, up 18% year-over-year.

–

Fee-Earning Perpetual Capital AUM increased to $314.4 billion, representing 44% of Fee-Earning AUM.


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

Blackstone | 6

ADDITIONAL CAPITAL DETAIL

Invested Performance Eligible AUM reached $501.0 billion at quarter end.

Undrawn capital (“Total Dry Powder”) available for investment of $186.6 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 | 7

Segment Highlights

Blackstone | 8

SEGMENT DISTRIBUTABLE EARNINGS COMPOSITION

4Q’22 Total Segment Distributable Earnings were $1.4 billion.

Full year Total Segment Distributable Earnings were $7.5 billion, an increase of 7% year-over-year.


Segment Distributable Earnings
($ in millions)

Blackstone | 9

REAL ESTATE

Total AUM: Increased 17% to $326.1 billion with inflows of $14.2 billion in the quarter and $90.2 billion for the year.

–

Inflows during the quarter included $2.3 billion in the tenth global opportunistic fund (bringing total capital commitments to $28.6 billion), $2.0 billion of capital raised in BREIT, $1.4 billion for the first close in the fifth real estate debt strategies fund, and $5.8 billion in BREDS insurance SMAs.

–

$4.4 billion of BREIT subscriptions subsequent to quarter end not yet included in Total AUM, including $4.0 billion by University of California.

–

On January 25, University of California agreed to invest an additional $500 million in BREIT on March 1.

Capital Deployed: $3.7 billion in the quarter and record $47.9 billion for the year.

Realizations: $3.6 billion in the quarter and record $37.1 billion for the year.

Appreciation: Opportunistic funds declined (2.0)% in the quarter and appreciated 7.1% for the year; Core+ funds declined (1.5)% in the quarter and appreciated 10.3% for the year.


							% Change							% Change
($ in thousands)	4Q’21			4Q’22			vs. 4Q’21	FY’21			FY’22			vs. FY’21
Management Fees, Net	$	570,737		$	682,212		20%	$	2,052,308		$	2,623,065		28%
Fee Related Performance Revenues		1,470,226			58,397		(96)%		1,695,019			1,075,424		(37)%
Fee Related Compensation		(713,587	)		(180,818	)	(75)%		(1,161,349	)		(1,039,125	)	(11)%
Other Operating Expenses		(73,985	)		(86,298	)	17%		(234,505	)		(315,331	)	34%
Fee Related Earnings	$	1,253,391		$	473,493		(62)%	$	2,351,473		$	2,344,033		(0)%

Realized Performance Revenues		184,194			42,283		(77)%		1,119,612			2,985,713		167%
Realized Performance Compensation		(66,430	)		(13,148	)	(80)%		(443,220	)		(1,168,045	)	164%
Realized Principal Investment Income		25,243			22,402		(11)%		196,869			150,790		(23)%
Net Realizations		143,007			51,537		(64)%		873,261			1,968,458		125%
Segment Distributable Earnings	$	1,396,398		$	525,030		(62)%	$	3,224,734		$	4,312,491		34%

Segment Revenues	$	2,250,400		$	805,294		(64)%	$	5,063,808		$	6,834,992		35%
Total AUM	$	279,474,105		$	326,146,904		17%	$	279,474,105		$	326,146,904		17%
Fee-Earning AUM	$	221,476,699		$	281,967,153		27%	$	221,476,699		$	281,967,153		27%

Blackstone | 10

PRIVATE EQUITY

Total AUM: Increased 10% to $288.9 billion with inflows of $8.7 billion in the quarter and $52.7 billion for the year.

–

Inflows in the quarter included $3.2 billion in Blackstone Infrastructure Partners and $2.6 billion for the ninth Secondaries strategy.

Capital Deployed: $6.4 billion in the quarter and $28.9 billion for the year, including Atlantia, ESDEC, and CoreTrust during the quarter.

–

Committed an additional $6.5 billion that was not yet deployed in the quarter.

Realizations: $5.6 billion in the quarter and $24.2 billion for the year; realizations in the quarter included proceeds from Change Healthcare, Fisterra, and Partners Life.

Appreciation: Corporate Private Equity appreciated 3.8% in the quarter and declined (0.6)% for the year.

–

Tactical Opportunities appreciated 0.6% in the quarter and declined (1.3)% for the year; Secondaries declined (1.8)% in the quarter and appreciated 8.5% for the year.


							% Change							% Change
($ in thousands)	4Q’21			4Q’22			vs. 4Q’21	FY’21			FY’22			vs. FY’21
Management and Advisory Fees, Net	$	442,872		$	496,743		12%	$	1,662,931		$	1,828,737		10%
Fee Related Performance Revenues		212,128			-		(100)%		212,128			(648	)	n/m
Fee Related Compensation		(246,249	)		(129,141	)	(48)%		(662,824	)		(575,194	)	(13)%
Other Operating Expenses		(95,580	)		(77,062	)	(19)%		(264,468	)		(304,177	)	15%
Fee Related Earnings	$	313,171		$	290,540		(7)%	$	947,767		$	948,718		0%

Realized Performance Revenues		635,913			308,580		(51)%		2,263,099			1,191,028		(47)%
Realized Performance Compensation		(255,229	)		(115,615	)	(55)%		(943,199	)		(544,229	)	(42)%
Realized Principal Investment Income		42,599			27,410		(36)%		263,368			139,767		(47)%
Net Realizations		423,283			220,375		(48)%		1,583,268			786,566		(50)%
Segment Distributable Earnings	$	736,454		$	510,915		(31)%	$	2,531,035		$	1,735,284		(31)%

Segment Revenues	$	1,333,512		$	832,733		(38)%	$	4,401,526		$	3,158,884		(28)%
Total AUM	$	261,471,007		$	288,902,142		10%	$	261,471,007		$	288,902,142		10%
Fee-Earning AUM	$	156,556,959		$	167,082,852		7%	$	156,556,959		$	167,082,852		7%

Blackstone | 11

CREDIT & INSURANCE

Total AUM: Increased 8% to $279.9 billion with inflows of $16.2 billion in the quarter and $72.0 billion for the year.

–

Inflows in the quarter included $3.5 billion for U.S. Direct Lending SMAs and $1.5 billion equity raised for BCRED.

–

Raised $832 million for the private credit green energy strategy in the quarter, bringing total capital raised to $4.4 billion.

–

January 1 subscriptions of $321 million for BCRED not yet included in Total AUM.

–

Closed 4 new CLOs (3 U.S. and 1 European) for $1.8 billion.

Capital Deployed: $8.3 billion in the quarter and $42.3 billion for the year.

Realizations: $3.5 billion in the quarter and $18.4 billion for the year.

Returns: Private Credit gross return of 2.4% (1.6% net); Liquid Credit gross return of 3.0% (2.8% net) for the quarter.


							% Change							% Change
($ in thousands)	4Q’21			4Q’22			vs. 4Q’21	FY’21			FY’22			vs. FY’21
Management Fees, Net	$	263,312		$	325,169		23%	$	804,120		$	1,259,902		57%
Fee Related Performance Revenues		51,520			114,311		122%		118,097			374,721		217%
Fee Related Compensation		(104,263	)		(129,985	)	25%		(367,322	)		(529,784	)	44%
Other Operating Expenses		(57,297	)		(74,436	)	30%		(199,912	)		(264,181	)	32%
Fee Related Earnings	$	153,272		$	235,059		53%	$	354,983		$	840,658		137%

Realized Performance Revenues		136,187			25,238		(81)%		209,421			147,413		(30)%
Realized Performance Compensation		(64,918	)		(9,359	)	(86)%		(94,450	)		(63,846	)	(32)%
Realized Principal Investment Income		3,511			4,200		20%		70,796			80,993		14%
Net Realizations		74,780			20,079		(73)%		185,767			164,560		(11)%
Segment Distributable Earnings	$	228,052		$	255,138		12%	$	540,750		$	1,005,218		86%

Segment Revenues	$	454,530		$	468,918		3%	$	1,202,434		$	1,863,029		55%
Total AUM	$	258,622,467		$	279,908,030		8%	$	258,622,467		$	279,908,030		8%
Fee-Earning AUM	$	197,900,832		$	198,162,931		0%	$	197,900,832		$	198,162,931		0%

Blackstone | 12

HEDGE FUND SOLUTIONS

Total AUM: $79.7 billion with inflows of $3.9 billion in the quarter and $11.1 billion for the year.

–

Held final close for fourth seeding fund in the quarter, bringing total capital raised to $1.1 billion.

–

January 1 subscriptions of $1.2 billion not yet included in Total AUM.

Returns: BPS Composite gross return of 2.1% in the quarter (1.9% net), outperforming the HFRX Global Hedge Fund Index, which was up 0.2%.

–

BPS benefited from performance of macro, equities, and multi strategies during the quarter and delivered positive performance despite a challenging market environment.

–

Gross returns of 5.0% for the year (4.1% net), with significantly less volatility than the broader markets, compared to (4.4)% return for the HFRX Global Hedge Fund Index.


							% Change							% Change
($ in thousands)	4Q’21			4Q’22			vs. 4Q’21	FY’21			FY’22			vs. FY’21
Management Fees, Net	$	179,299		$	136,967		(24)%	$	647,883		$	571,242		(12)%
Fee Related Compensation		(43,935	)		(40,679	)	(7)%		(156,515	)		(186,672	)	19%
Other Operating Expenses		(28,271	)		(29,485	)	4%		(94,792	)		(105,334	)	11%
Fee Related Earnings	$	107,093		$	66,803		(38)%	$	396,576		$	279,236		(30)%

Realized Performance Revenues		235,080			96,644		(59)%		290,980			137,184		(53)%
Realized Performance Compensation		(62,724	)		(23,657	)	(62)%		(76,701	)		(37,977	)	(50)%
Realized Principal Investment Income		4,115			1,875		(54)%		56,733			24,706		(56)%
Net Realizations		176,471			74,862		(58)%		271,012			123,913		(54)%
Segment Distributable Earnings	$	283,564		$	141,665		(50)%	$	667,588		$	403,149		(40)%

Segment Revenues	$	418,494		$	235,486		(44)%	$	995,596		$	733,132		(26)%
Total AUM	$	81,334,141		$	79,716,001		(2)%	$	81,334,141		$	79,716,001		(2)%
Fee-Earning AUM	$	74,034,568		$	71,173,952		(4)%	$	74,034,568		$	71,173,952		(4)%

Blackstone | 13

Supplemental Details

Blackstone | 14

TOTAL SEGMENTS


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

Base Management Fees	$	1,354,068		$	1,439,149		$	1,496,876		$	1,528,561		$	1,580,452		$	4,819,275		$	6,045,038

Transaction, Advisory and Other Fees, Net		120,389			64,009			85,092			89,865			71,151			391,938			310,117

Management Fee Offsets		(18,237	)		(29,790	)		(25,051	)		(6,856	)		(10,512	)		(43,971	)		(72,209	)

Total Management and Advisory Fees, Net		1,456,220			1,473,368			1,556,917			1,611,570			1,641,091			5,167,242			6,282,946

Fee Related Performance Revenues		1,733,874			558,065			346,593			372,131			172,708			2,025,244			1,449,497

Fee Related Compensation		(1,108,034	)		(670,471	)		(621,413	)		(558,268	)		(480,623	)		(2,348,010	)		(2,330,775	)

Other Operating Expenses		(255,133	)		(214,098	)		(261,510	)		(246,134	)		(267,281	)		(793,677	)		(989,023	)

Fee Related Earnings	$	1,826,927		$	1,146,864		$	1,020,587		$	1,179,299		$	1,065,895		$	4,050,799		$	4,412,645



Realized Performance Revenues		1,191,374			1,312,810			2,206,774			469,009			472,745			3,883,112			4,461,338

Realized Performance Compensation		(449,301	)		(519,120	)		(926,974	)		(206,224	)		(161,779	)		(1,557,570	)		(1,814,097	)

Realized Principal Investment Income		75,468			157,095			43,509			139,765			55,887			587,766			396,256

Total Net Realizations		817,541			950,785			1,323,309			402,550			366,853			2,913,308			3,043,497

Total Segment Distributable Earnings	$	2,644,468		$	2,097,649		$	2,343,896		$	1,581,849		$	1,432,748		$	6,964,107		$	7,456,142



Distributable Earnings	$	2,273,327		$	1,937,880		$	1,985,825		$	1,374,869		$	1,334,206		$	6,170,837		$	6,632,780



Additional Metrics:

Total Segment Revenues	$	4,456,936		$	3,501,338		$	4,153,793		$	2,592,475		$	2,342,431		$	11,663,364		$	12,590,037

Total Assets Under Management	$	880,901,720		$	915,491,742		$	940,805,741		$	950,946,514		$	974,673,077		$	880,901,720		$	974,673,077

Fee-Earning Assets Under Management	$	649,969,058		$	677,943,302		$	683,825,961		$	705,865,351		$	718,386,888		$	649,969,058		$	718,386,888

Blackstone | 15

ASSETS UNDER MANAGEMENT – ROLLFORWARD

Total AUM Rollforward

($ in millions)



	Three Months Ended December 31, 2022										Twelve Months Ended December 31, 2022


	Real Estate		Private Equity		Credit & Insurance		Hedge Fund Solutions		Total		Real Estate		Private Equity		Credit & Insurance		Hedge Fund Solutions		Total
Beginning Balance	$	319,346	$	283,268	$	269,059	$	79,274	$	950,947	$	279,474	$	261,471	$	258,622	$	81,334	$	880,902
Inflows		14,172		8,742		16,230		3,917		43,061		90,200		52,707		72,038		11,094		226,039
Outflows		(3,608)		(1,121)		(6,359)		(3,976)		(15,063)		(13,577)		(3,990)		(22,995)		(11,500)		(52,062)
Net Flows		10,564		7,622		9,871		(58)		27,998		76,623		48,717		49,043		(405)		173,978
Realizations		(3,600)		(5,624)		(3,499)		(753)		(13,476)		(37,062)		(24,235)		(18,353)		(2,118)		(81,768)
Market Activity		(164)		3,637		4,478		1,254		9,205		7,112		2,950		(9,405)		905		1,561
Ending Balance	$	326,147	$	288,902	$	279,908	$	79,716	$	974,673	$	326,147	$	288,902	$	279,908	$	79,716	$	974,673

% Change		2%		2%		4%		1%		2%		17%		10%		8%		(2)%		11%

Fee-Earning AUM Rollforward

($ in millions)



	Three Months Ended December 31, 2022										Twelve Months Ended December 31, 2022


	Real Estate		Private Equity		Credit & Insurance		Hedge Fund Solutions		Total		Real Estate		Private Equity		Credit & Insurance		Hedge Fund Solutions		Total
Beginning Balance	$	273,448	$	167,273	$	193,706	$	71,438	$	705,865	$	221,477	$	156,557	$	197,901	$	74,035	$	649,969
Inflows		15,497		3,208		8,854		3,439		30,997		98,569		20,409		43,116		10,176		172,270
Outflows		(3,509)		(2,440)		(6,310)		(4,297)		(16,555)		(20,169)		(3,800)		(22,426)		(11,699)		(58,093)
Net Flows		11,988		768		2,544		(858)		14,442		78,401		16,609		20,690		(1,523)		114,176
Realizations		(4,219)		(1,526)		(1,927)		(733)		(8,405)		(22,662)		(9,111)		(8,645)		(1,988)		(42,406)
Market Activity		750		568		3,840		1,326		6,484		4,751		3,028		(11,783)		651		(3,352)
Ending Balance	$	281,967	$	167,083	$	198,163	$	71,174	$	718,387	$	281,967	$	167,083	$	198,163	$	71,174	$	718,387

% Change		3%		(0)%		2%		(0)%		2%		27%		7%		0%		(4)%		11%

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.

Blackstone | 16

DECONSOLIDATED BALANCE SHEET HIGHLIGHTS

At December 31, 2022, Blackstone had $9.7 billion in total cash, cash equivalents, corporate treasury, and other investments and $18.8 billion of cash and net investments, or $15.62 per share.

Blackstone has a $4.1 billion undrawn credit revolver and maintains A+/A+ ratings.

–

On November 3, 2022, Blackstone issued $600 million of 5-year notes at a 5.90% coupon and $900 million of 10.5-year notes at a 6.20% coupon.



($ in millions)	4Q’22

Cash and Cash Equivalents	$	4,252

Corporate Treasury and Other Investments		5,451

GP/Fund Investments		2,309

Net Accrued Performance Revenues		6,835

Cash and Net Investments	$	18,847

Outstanding Debt (at par)		11,041

Cash and Net Investments

(per share)

LOGO

A+ / A+

rated by S&P and Fitch

$4.1B

credit revolver with

June 2027 maturity

$9.7B

total cash, corporate

treasury and other

Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $3.4 billion as of December 31, 2022, which was comprised of $3.1 billion of liquid investments and $330 million 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)	4Q’21		3Q’22		4Q’22		4Q’22
($ in millions, except per share data)	4Q’21		3Q’22		4Q’22		Per Share
Real Estate
BREP IV	$	22	$	7	$	6	$	0.01
BREP V		36		3		4		0.00
BREP VI		33		24		21		0.02
BREP VII		481		145		115		0.09
BREP VIII		962		830		749		0.62
BREP IX		901		1,002		1,011		0.84
BREP Europe IV		89		68		48		0.04
BREP Europe V		521		96		44		0.04
BREP Europe VI		253		74		49		0.04
BREP Asia I		126		105		108		0.09
BREP Asia II		162		119		119		0.10
BPP		505		735		633		0.52
BEPIF		2		-		-		-
BREDS		46		14		11		0.01
BTAS		57		37		25		0.02
Real Estate	$	4,197	$	3,258	$	2,944	$	2.44
Private Equity
BCP IV		8		7		6	$	0.01
BCP V		45		8		20		0.02
BCP VI		469		463		459		0.38
BCP VII		1,313		870		870		0.72
BCP VIII		275		227		256		0.21
BCP Asia I		380		137		144		0.12
BEP I		27		33		37		0.03
BEP II		-		-		27		0.02
BEP III		68		86		136		0.11
BCEP		214		219		205		0.17
Tactical Opportunities		382		233		234		0.19
Growth		36		-		-		-
Secondaries		489		548		512		0.42
Infrastructure		-		126		193		0.16
Life Sciences		21		26		25		0.02
BTAS/Other		211		202		174		0.14
Private Equity	$	3,939	$	3,186	$	3,298	$	2.73

Credit & Insurance	$	323	$	297	$	312	$	0.26

Hedge Fund Solutions	$	280	$	320	$	282	$	0.23

Net Accrued Performance Revenues	$	8,738	$	7,060	$	6,835	$	5.67

4Q’22 QoQ Rollforward

($ in millions)


			Net			Net
			Performance			Realized
	3Q’22		Revenues			Distributions			4Q’22

Real Estate	$	3,258	$	(248	)	$	(66	)	$	2,944

Private Equity		3,186		305			(193	)		3,298

Credit & Insurance		297		105			(89	)		312

HFS		320		36			(73	)		282

Total	$	7,060	$	197		$	(421	)	$	6,835

QoQ Change										(3)%

FY’22 Rollforward

($ in millions)


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

Real Estate	$	4,197	$	1,193	$	(2,447	)	$	2,944

Private Equity		3,939		6		(647	)		3,298

Credit & Insurance		323		295		(306	)		312

HFS		280		102		(99	)		282

Total	$	8,738	$	1,596	$	(3,499	)	$	6,835

YoY Change									(22)%

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 DECEMBER 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		-		19,634	n/a		4,641,310	1.7x		4,660,944	1.7x	12%	12%
BREP V (Dec 2005 / Feb 2007)		5,539,418		-		5,293	n/a		13,461,688	2.3x		13,466,981	2.3x	11%	11%
BREP VI (Feb 2007 / Aug 2011)		11,060,444		550,403		224,331	1.5x		27,524,614	2.5x		27,748,945	2.5x	13%	13%
BREP VII (Aug 2011 / Apr 2015)		13,501,492		1,505,995		3,069,372	0.8x		28,074,443	2.4x		31,143,815	2.0x	22%	15%
BREP VIII (Apr 2015 / Jun 2019)		16,595,144		2,239,288		14,189,012	1.6x		21,483,515	2.5x		35,672,527	2.0x	28%	17%
BREP IX (Jun 2019 / Aug 2022)		21,660,845		4,239,559		26,392,964	1.5x		7,753,249	2.2x		34,146,213	1.7x	66%	30%
*BREP X (Aug 2022 / Feb 2028)		28,554,296		27,899,414		673,932	1.0x		-	n/a		673,932	1.0x	n/a	n/m
Total Global BREP	$	102,352,802	$	36,434,659	$	44,574,538	1.4x	$	110,473,737	2.4x	$	155,048,275	2.0x	18%	16%
BREP Int’l (Jan 2001 / Sep 2005)	€	824,172	€	-	€	-	n/a	€	1,373,170	2.1x	€	1,373,170	2.1x	23%	23%
BREP Int’l II (Sep 2005 / Jun 2008) (e)		1,629,748		-		-	n/a		2,583,032	1.8x		2,583,032	1.8x	8%	8%
BREP Europe III (Jun 2008 / Sep 2013)		3,205,318		425,749		247,709	0.5x		5,821,023	2.4x		6,068,732	2.0x	19%	14%
BREP Europe IV (Sep 2013 / Dec 2016)		6,673,049		1,403,382		1,479,392	1.1x		9,795,271	2.0x		11,274,663	1.8x	20%	13%
BREP Europe V (Dec 2016 / Oct 2019)		7,965,078		1,367,229		5,148,615	1.0x		6,640,848	4.0x		11,789,463	1.7x	42%	12%
*BREP Europe VI (Oct 2019 / Apr 2025)		9,938,743		5,969,382		4,783,791	1.2x		3,395,906	2.6x		8,179,697	1.5x	72%	21%
Total BREP Europe	€	30,236,108	€	9,165,742	€	11,659,507	1.1x	€	29,609,250	2.4x	€	41,268,757	1.8x	17%	12%
BREP Asia I (Jun 2013 / Dec 2017)	$	4,263,411	$	896,064	$	2,124,032	1.4x	$	6,449,727	2.1x	$	8,573,759	1.9x	20%	12%
BREP Asia II (Dec 2017 / Mar 2022)		7,371,119		1,602,346		7,174,021	1.3x		1,120,645	1.8x		8,294,666	1.4x	37%	9%
*BREP Asia III (Mar 2022 / Sep 2027)		8,165,533		7,146,646		969,097	1.0x		-	n/a		969,097	1.0x	n/a	n/m
BREP Co-Investment (f)		7,298,715		38,573		1,027,423	2.2x		15,088,199	2.2x		16,115,622	2.2x	16%	16%
Total BREP	$	165,460,344	$	55,930,215	$	69,213,230	1.3x	$	169,347,054	2.4x	$	238,560,284	1.9x	17%	15%
*BREDS High-Yield (Various) (g)		21,390,058		6,237,466		5,495,823	1.0x		16,988,834	1.3x		22,484,657	1.2x	10%	9%

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		15,506	n/a		2,951,163	1.4x		2,966,669	1.4x	6%	6%
BCP IV (Nov 2002 / Dec 2005)		6,773,182		152,804		27,262	n/a		21,599,783	2.8x		21,627,045	2.8x	36%	36%
BCP V (Dec 2005 / Jan 2011)		21,009,112		1,035,259		147,317	10.0x		38,427,169	1.9x		38,574,486	1.9x	8%	8%
BCP VI (Jan 2011 / May 2016)		15,195,536		1,371,319		6,884,406	1.9x		25,313,360	2.2x		32,197,766	2.2x	16%	13%
BCP VII (May 2016 / Feb 2020)		18,863,710		1,700,509		20,808,070	1.6x		11,591,230	2.5x		32,399,300	1.8x	35%	14%
*BCP VIII (Feb 2020 / Feb 2026)		25,448,173		14,407,242		14,852,797	1.3x		963,311	2.6x		15,816,108	1.4x	n/m	16%
BCP IX (TBD)		15,186,750		15,186,749		-	n/a		-	n/a		-	n/a	n/a	n/a
Energy I (Aug 2011 / Feb 2015)		2,441,558		174,492		676,282	1.8x		4,033,227	2.0x		4,709,509	2.0x	14%	12%
Energy II (Feb 2015 / Feb 2020)		4,938,823		1,036,068		4,829,351	1.7x		2,421,010	1.4x		7,250,361	1.6x	6%	8%
*Energy III (Feb 2020 / Feb 2026)		4,348,681		2,306,823		3,440,633	1.7x		900,586	2.3x		4,341,219	1.8x	66%	45%
BCP Asia I (Dec 2017 / Sep 2021)		2,452,208		705,009		2,959,002	1.8x		1,404,049	4.8x		4,363,051	2.3x	102%	32%
*BCP Asia II (Sep 2021 / Sep 2027)		6,554,504		6,028,901		490,646	1.1x		-	n/a		490,646	1.1x	n/a	n/m
Core Private Equity I (Jan 2017 / Mar 2021) (h)		4,764,585		1,158,509		7,473,755	2.0x		2,264,712	4.1x		9,738,467	2.2x	55%	21%
*Core Private Equity II (Mar 2021 / Mar 2026) (h)		8,190,362		5,733,109		2,712,287	1.1x		9,592	n/a		2,721,879	1.1x	n/a	8%
Total Corporate Private Equity	$	144,492,117	$	51,021,368	$	65,317,314	1.6x	$	126,062,437	2.2x	$	191,379,751	1.9x	16%	15%
Tactical Opportunities
*Tactical Opportunities (Various)	$	22,505,129	$	7,091,481	$	11,849,998	1.2x	$	20,931,450	1.9x	$	32,781,448	1.6x	17%	11%
*Tactical Opportunities Co-Investment and Other (Various)		16,292,816		7,257,964		5,219,779	1.7x		8,238,659	1.6x		13,458,438	1.6x	18%	18%
Total Tactical Opportunities	$	38,797,945	$	14,349,445	$	17,069,777	1.3x	$	29,170,109	1.8x	$	46,239,886	1.6x	18%	13%

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 DECEMBER 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)
Growth
*BXG I (Jul 2020 / Jul 2025)		5,046,626		1,221,647		3,656,100	1.0x		386,207	3.2x		4,042,307	1.1x	n/m	(0)%
BXG II (TBD)		3,516,615		3,516,615		-	n/a		-	n/a		-	n/a	n/a	n/a
Total Growth	$	8,563,241	$	4,738,262	$	3,656,100	1.0x	$	386,207	3.2x	$	4,042,307	1.1x	n/m	(0)%
Strategic Partners (Secondaries)
Strategic Partners I-V (Various) (i)		11,447,898		644,174		385,776	n/a		16,940,272	n/a		17,326,048	1.7x	n/a	13%
Strategic Partners VI (Apr 2014 / Apr 2016) (i)		4,362,750		883,605		1,018,226	n/a		4,045,375	n/a		5,063,601	1.7x	n/a	14%
Strategic Partners VII (May 2016 / Mar 2019) (i)		7,489,970		1,701,454		4,452,664	n/a		6,005,682	n/a		10,458,346	2.0x	n/a	19%
Strategic Partners Real Assets II (May 2017 / Jun 2020) (i)		1,749,807		500,246		1,063,951	n/a		1,040,172	n/a		2,104,123	1.5x	n/a	15%
Strategic Partners VIII (Mar 2019 / Oct 2021) (i)		10,763,600		4,834,321		8,409,932	n/a		5,568,354	n/a		13,978,286	1.8x	n/a	38%
*Strategic Partners Real Estate, SMA and Other (Various) (i)		8,989,890		3,162,325		3,200,753	n/a		3,420,427	n/a		6,621,180	1.7x	n/a	20%
*Strategic Partners Infra III (Jun 2020 / Jul 2024) (i)		3,250,100		1,659,121		1,205,224	n/a		124,956	n/a		1,330,180	1.5x	n/a	50%
*Strategic Partners IX (Oct 2021 / Jan 2027) (i)		19,084,345		13,885,975		3,082,382	n/a		402,916	n/a		3,485,298	1.3x	n/a	n/m
Total Strategic Partners (Secondaries)	$	67,138,360	$	27,271,221	$	22,818,908	n/a	$	37,548,154	n/a	$	60,367,062	1.7x	n/a	15%
Life Sciences
Clarus IV (Jan 2018 / Jan 2020)		910,000		137,342		881,088	1.6x		258,348	2.0x		1,139,436	1.6x	24%	13%
*BXLS V (Jan 2020 / Jan 2025)		4,844,726		3,505,230		1,453,017	1.3x		90,123	1.1x		1,543,140	1.3x	n/m	3%
Credit
Mezzanine / Opportunistic I (Jul 2007 / Oct 2011)	$	2,000,000	$	97,114	$	-	n/a	$	4,809,088	1.6x	$	4,809,088	1.6x	n/a	17%
Mezzanine / Opportunistic II (Nov 2011 / Nov 2016)		4,120,000		997,504		177,195	0.2x		6,609,860	1.5x		6,787,055	1.4x	n/a	10%
Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)		6,639,133		855,229		3,953,100	1.1x		5,627,867	1.6x		9,580,967	1.3x	n/a	10%
*Mezzanine / Opportunistic IV (Jan 2021 / Jan 2026)		5,016,771		3,704,951		2,161,842	1.0x		96,886	n/m		2,258,728	1.1x	n/a	10%
Stressed / Distressed I (Sep 2009 / May 2013)		3,253,143		-		-	n/a		5,777,098	1.3x		5,777,098	1.3x	n/a	9%
Stressed / Distressed II (Jun 2013 / Jun 2018)		5,125,000		547,430		357,563	0.5x		5,246,727	1.2x		5,604,290	1.1x	n/a	1%
*Stressed / Distressed III (Dec 2017 / Dec 2022)		7,356,380		2,644,832		3,371,955	0.9x		2,861,521	1.4x		6,233,476	1.1x	n/a	7%
Energy I (Nov 2015 / Nov 2018)		2,856,867		1,045,875		857,255	1.0x		2,602,176	1.7x		3,459,431	1.5x	n/a	10%
*Energy II (Feb 2019 / Feb 2024)		3,616,081		1,788,336		2,017,746	1.1x		1,159,053	1.6x		3,176,799	1.2x	n/a	22%
European Senior Debt I (Feb 2015 / Feb 2019)	€	1,964,689	€	325,719	€	903,416	0.8x	€	2,283,901	1.4x	€	3,187,317	1.2x	n/a	2%
*European Senior Debt II (Jun 2019 / Jun 2024)	€	4,088,344	€	1,077,989	€	4,241,783	1.0x	€	1,488,677	1.7x	€	5,730,460	1.1x	n/a	11%
Total Credit Drawdown Funds (j)	$	46,889,033	$	13,179,395	$	18,387,870	0.9x	$	39,204,893	1.5x	$	57,592,763	1.2x	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

72,969,326

11%

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

Core+ Real Estate

68,523,348

12%

BXMT - Blackstone Mortgage Trust (2013) (o)

Real Estate Debt

6,551,022

Private Equity

BIP - Blackstone Infrastructure Partners (2019) (p)

Infrastructure

28,122,520

19%

Credit

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

U.S. Direct Lending

11,077,225

10%

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

U.S. Direct Lending

58,534,176

Hedge Fund Solutions

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

GP Stakes

10,090,273

13%

Notes on page 21. BXLS – Blackstone Life Sciences.

* Represents funds that are currently in their investment period.

Blackstone | 20

INVESTMENT RECORDS AS OF DECEMBER 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 December 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.

(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 December 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 December 31, 2022, these vehicles represented $2.9 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 December 31, 2022, assuming reinvestment of all dividends received during the period. Return incorporates the closing NYSE stock price as of December 31, 2022. Total Net Return is from May 22, 2013.

(p)

Including co-investment vehicles, BIP Total AUM is $35.2 billion.

(q)

The BXSL Total AUM and Total Net Return are presented as of September 30, 2022. BXSL Total Net Return reflects the change in NAV per share, plus distributions per share (assuming dividends and distributions are reinvested in accordance with BXSL’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.

(r)

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 December 31, 2022 was $22.7 billion.

(s)

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 $10.9 billion.

Blackstone | 21

SHAREHOLDER DIVIDENDS

Generated $1.07 of Distributable Earnings per common share during the quarter, bringing the full year amount to $5.17 per common share.

Blackstone declared a quarterly dividend of $0.91 per common share to record holders as of February 6, 2023; payable on February 13, 2023.


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

Distributable Earnings		$	2,273,327			$	1,937,880			$	1,985,825			$	1,374,869			$	1,334,206			(41)%		$	6,170,837			$	6,632,780			7%
Add: Other Payables Attributable to Common Shareholders			352,514				115,166				298,570				145,137				67,528			(81)%			667,939				626,401			(6)%

DE before Certain Payables			2,625,841				2,053,046				2,284,395				1,520,006				1,401,734			(47)%			6,838,776				7,259,181			6%

Percent to Common Shareholders			61%				61%				61%				61%				62%						60%				61%

DE before Certain Payables Attributable to Common Shareholders			1,601,199				1,254,703				1,402,640				934,240				862,892			(46)%			4,112,084				4,454,475			8%

Less: Other Payables Attributable to Common Shareholders			(352,514	)			(115,166	)			(298,570	)			(145,137	)			(67,528	)		(81)%			(667,939	)			(626,401	)		(6)%

DE Attributable to Common Shareholders			1,248,685				1,139,537				1,104,070				789,103				795,364			(36)%			3,444,145				3,828,074			11%

DE per Common Share		$	1.71			$	1.55			$	1.49			$	1.06			$	1.07			(37)%		$	4.77			$	5.17			8%

Less: Retained Capital per Common Share		$	(0.26	)		$	(0.23	)		$	(0.22	)		$	(0.16	)		$	(0.16	)		(38)%		$	(0.71	)		$	(0.77	)		8%

Actual Dividend per Common Share		$	1.45			$	1.32			$	1.27			$	0.90			$	0.91			(37)%		$	4.06			$	4.40			8%

Record Date																			Feb 6, 2023

Payable Date																			Feb 13, 2023

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 1.206 billion shares.

–

Repurchased 3.9 million common shares for the year.

Available authorization remaining was $1.1 billion at December 31, 2022.



	4Q’21		1Q’22		2Q’22		3Q’22		4Q’22

Participating Common Shares		732,037,197		734,543,862		742,187,838		741,552,385		742,653,758

Participating Partnership Units		468,446,388		467,375,889		466,568,377		464,951,386		463,758,383

Distributable Earnings Shares Outstanding		1,200,483,585		1,201,919,751		1,208,756,215		1,206,503,771		1,206,412,141

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															FY


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

Net Income (Loss) Attributable to Blackstone Inc.	$	1,398,478		$	1,216,874		$	(29,393	)	$	2,296		$	557,854		$	5,857,397		$	1,747,631

Net Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings		1,218,934			1,059,313			(35,521	)		37,724			214,886			4,886,552			1,276,402

Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities		320,033			216,375			(216,707	)		(62,093	)		170,191			1,625,306			107,766

Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		2,924			5,052			25,875			25,773			(199,590	)		5,740			(142,890	)

Net Income (Loss)	$	2,940,369		$	2,497,614		$	(255,746	)	$	3,700		$	743,341		$	12,374,995		$	2,988,909

Provision (Benefit) for Taxes		437,694			483,281			36,514			94,231			(141,146	)		1,184,401			472,880

Income (Loss) Before Provision (Benefit) for Taxes	$	3,378,063		$	2,980,895		$	(219,232	)	$	97,931		$	602,195		$	13,559,396		$	3,461,789

Transaction-Related Charges (a)		21,424			25,333			25,141			9,247			(2,588	)		144,038			57,133

Amortization of Intangibles (b)		17,044			17,044			17,044			13,238			13,155			68,256			60,481

Impact of Consolidation (c)		(322,957	)		(221,427	)		190,832			36,320			29,399			(1,631,046	)		35,124

Unrealized Performance Revenues (d)		(789,213	)		(1,293,050	)		3,467,668			771,637			490,723			(8,675,246	)		3,436,978

Unrealized Performance Allocations Compensation (e)		384,007			472,284			(1,386,543	)		(359,590	)		(196,739	)		3,778,048			(1,470,588	)

Unrealized Principal Investment (Income) Loss (f)		(153,518	)		(26,758	)		203,288			996,105			62,894			(679,767	)		1,235,529

Other Revenues (g)		(50,633	)		(72,819	)		(155,704	)		(198,546	)		243,315			(202,885	)		(183,754	)

Equity-Based Compensation (h)		164,589			201,545			195,644			190,197			194,704			559,537			782,090

Administrative Fee Adjustment (i)		2,441			2,485			2,476			2,460			2,445			10,188			9,866

Taxes and Related Payables (j)		(377,920	)		(147,652	)		(354,789	)		(184,130	)		(105,297	)		(759,682	)		(791,868	)

Distributable Earnings	$	2,273,327		$	1,937,880		$	1,985,825		$	1,374,869		$	1,334,206		$	6,170,837		$	6,632,780

Taxes and Related Payables (j)		377,920			147,652			354,789			184,130			105,297			759,682			791,868

Net Interest and Dividend (Income) Loss (k)		(6,779	)		12,117			3,282			22,850			(6,755	)		33,588			31,494

Total Segment Distributable Earnings	$	2,644,468		$	2,097,649		$	2,343,896		$	1,581,849		$	1,432,748		$	6,964,107		$	7,456,142

Realized Performance Revenues (l)		(1,191,374	)		(1,312,810	)		(2,206,774	)		(469,009	)		(472,745	)		(3,883,112	)		(4,461,338	)

Realized Performance Compensation (m)		449,301			519,120			926,974			206,224			161,779			1,557,570			1,814,097

Realized Principal Investment Income (n)		(75,468	)		(157,095	)		(43,509	)		(139,765	)		(55,887	)		(587,766	)		(396,256	)

Fee Related Earnings	$	1,826,927		$	1,146,864		$	1,020,587		$	1,179,299		$	1,065,895		$	4,050,799		$	4,412,645

Adjusted EBITDA Reconciliation

Distributable Earnings	$	2,273,327		$	1,937,880		$	1,985,825		$	1,374,869		$	1,334,206		$	6,170,837		$	6,632,780

Interest Expense (o)		56,387			66,602			69,425			80,312			100,230			196,632			316,569

Taxes and Related Payables (j)		377,920			147,652			354,789			184,130			105,297			759,682			791,868

Depreciation and Amortization (p)		14,542			14,316			15,644			14,958			24,301			52,187			69,219

Adjusted EBITDA	$	2,722,176		$	2,166,450		$	2,425,683		$	1,654,269		$	1,564,034		$	7,179,338		$	7,810,436

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.

(c)

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

(d)	This adjustment removes Unrealized Performance Revenues on a segment basis. The Segment Adjustment represents the add back of performance revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.


	QTD															FY
($ in thousands)	4Q’21			1Q’22			2Q’22			3Q’22			4Q’22			FY’21			FY’22
GAAP Unrealized Performance Allocations	$	789,213		$	1,293,050		$	(3,467,668	)	$	(771,637	)	$	(488,801	)	$	8,675,246		$	(3,435,056	)
Segment Adjustment		-			-			-			-			(1,922	)		-			(1,922	)

Unrealized Performance Revenues	$	789,213		$	1,293,050		$	(3,467,668	)	$	(771,637	)	$	(490,723	)	$	8,675,246		$	(3,436,978	)

(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															FY
($ in thousands)	4Q’21			1Q’22			2Q’22			3Q’22			4Q’22			FY’21			FY’22
GAAP Unrealized Principal Investment Income (Loss)	$	304,297		$	73,961		$	(500,490	)	$	(1,069,697	)	$	(67,623	)	$	1,456,201		$	(1,563,849	)
Segment Adjustment		(150,779	)		(47,203	)		297,202			73,592			4,729			(776,434	)		328,320
Unrealized Principal Investment Income (Loss)	$	153,518		$	26,758		$	(203,288	)	$	(996,105)		$	(62,894	)	$	679,767		$	(1,235,529	)

(g) This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents the removal of certain Transaction-Related Charges.
	QTD															FY
($ in thousands)	4Q’21			1Q’22			2Q’22			3Q’22			4Q’22			FY’21			FY’22
GAAP Other Revenue	$	50,699		$	72,869		$	155,588		$	199,382		$	(243,282	)	$	203,086		$	184,557
Segment Adjustment		(66	)		(50	)		116			(836	)		(33	)		(201	)		(803	)
Other Revenues	$	50,633		$	72,819		$	155,704		$	198,546		$	(243,315	)	$	202,885		$	183,754
(h) This adjustment removes Equity-Based Compensation on a segment basis. (i) This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.

Blackstone | 26

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

(j)

Taxes represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and adjusted to exclude the tax impact of any divestitures. For interim periods, taxes are calculated using the preferred annualized effective tax rate approach. 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													FY
($ in thousands)	4Q’21		1Q’22			2Q’22			3Q’22			4Q’22		FY’21			FY’22
Taxes	$	365,109	$	124,645		$	324,954		$	163,602		$	80,242	$	703,075		$	693,443
Related Payables		12,811		23,007			29,835			20,528			25,055		56,607			98,425

Taxes and Related Payables	$	377,920	$	147,652		$	354,789		$	184,130		$	105,297	$	759,682		$	791,868
(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													FY
($ in thousands)	4Q’21		1Q’22			2Q’22			3Q’22			4Q’22		FY’21			FY’22
GAAP Interest and Dividend Revenue	$	63,166	$	54,485		$	62,075		$	52,420		$	102,632	$	160,643		$	271,612
Segment Adjustment		-		-			4,068			5,042			4,353		2,401			13,463

Interest and Dividend Revenue	$	63,166	$	54,485		$	66,143		$	57,462		$	106,985	$	163,044		$	285,075
GAAP Interest Expense	$	56,550	$	66,747		$	69,642		$	80,507		$	100,329	$	198,268		$	317,225
Segment Adjustment		(163)		(145)			(217)			(195)			(99)		(1,636)			(656)
Interest Expense	$	56,387	$	66,602		$	69,425		$	80,312		$	100,230	$	196,632		$	316,569

Net Interest and Dividend Income (Loss)	$	6,779	$	(12,117	)	$	(3,282	)	$	(22,850	)	$	6,755	$	(33,588	)	$	(31,494	)

(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
	4Q’21		1Q’22			2Q’22			3Q’22			4Q’22
GAAP Shares of Common Stock Outstanding		704,339,774		707,180,830			706,476,877			708,995,155			710,276,923

Unvested Participating Common Shares		27,697,423		27,363,032			35,710,961			32,557,230			32,376,835
Total Participating Common Shares		732,037,197		734,543,862			742,187,838			741,552,385			742,653,758
Participating Partnership Units		468,446,388		467,375,889			466,568,377			464,951,386			463,758,383
Distributable Earnings Shares Outstanding		1,200,483,585		1,201,919,751			1,208,756,215			1,206,503,771			1,206,412,141
Disclosure of Weighted-Average Shares Common Stock Outstanding

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

Total GAAP Weighted-Average Shares of Common Stock Outstanding - Basic		726,445,206		734,327,015			707,382,293			742,345,646			742,742,919		719,766,879			740,664,038

Weighted-Average Shares of Unvested Deferred Restricted Common Stock		226,315		639,900			-			149,886			186,808		358,164			278,361

Total GAAP Weighted-Average Shares of Common Stock Outstanding - Diluted		726,671,521		734,966,915			707,382,293			742,495,532			742,929,727		720,125,043			740,942,399

GAAP Shares of Common Stock Outstanding and Total GAAP Weighted-Average Shares of Common Stock Outstanding – Basic for 3Q’22 include the effect of share repurchases that were initiated before quarter end but where the shares were not retired until after quarter end.

Blackstone | 27

BLACKSTONE’S FOURTH QUARTER 2022 GAAP BALANCE SHEET RESULTS



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

Assets

Cash and Cash Equivalents	$	2,119,738		$	3,868,567		$	4,183,380		$	3,480,003		$	4,252,003

Cash Held by Blackstone Funds and Other		79,994			110,648			129,276			94,358			241,712

Investments		28,665,043			30,068,474			27,323,758			26,256,148			27,553,251

Accounts Receivable		636,616			517,465			774,137			835,529			462,904

Due from Affiliates		4,656,867			4,004,359			3,891,958			4,029,490			4,146,707

Intangible Assets, Net		284,384			265,686			246,988			232,096			217,287

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

Other Assets		492,936			422,786			658,298			785,794			800,458

Right-of-Use Assets		788,991			868,437			886,911			887,832			896,981

Deferred Tax Assets		1,581,637			1,327,454			1,646,400			1,767,869			2,062,722

Total Assets	$	41,196,408		$	43,344,078		$	41,631,308		$	40,259,321		$	42,524,227

Liabilities and Equity

Loans Payable	$	7,748,163		$	8,937,456		$	9,365,274		$	9,263,080		$	12,349,584

Due to Affiliates		1,906,098			1,881,054			2,001,391			2,060,891			2,118,481

Accrued Compensation and Benefits		7,905,070			8,140,773			6,765,492			6,732,507			6,101,801

Securities Sold, Not Yet Purchased		27,849			27,278			27,029			26,783			3,825

Repurchase Agreements		57,980			77,289			152,529			313,138			89,944

Operating Lease Liabilities		908,033			986,073			993,875			985,632			1,021,454

Accounts Payable, Accrued Expenses and Other Liabilities		937,169			1,053,128			991,620			1,141,905			1,158,071

Total Liabilities		19,490,362			21,103,051			20,297,210			20,523,936			22,843,160

Redeemable Non-Controlling Interests in Consolidated Entities		68,028			41,430			1,275,491			1,344,188			1,715,006

Equity

Common Stock, $0.00001 par value (710,276,923 shares issued and outstanding as of December 31, 2022)		7			7			7			7			7

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

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

Additional Paid-in-Capital		5,794,727			5,879,796			5,870,285			5,791,006			5,935,273

Retained Earnings		3,647,785			3,805,918			2,803,100			1,869,463			1,748,106

Accumulated Other Comprehensive Loss		(19,626	)		(25,754	)		(42,225	)		(74,800	)		(27,475	)

Non-Controlling Interests in Consolidated Entities		5,600,653			5,747,698			5,281,244			5,357,148			5,056,480

Non-Controlling Interests in Blackstone Holdings		6,614,472			6,791,932			6,146,196			5,448,373			5,253,670

Total Equity		21,638,018			22,199,597			20,058,607			18,391,197			17,966,061

Total Liabilities and Equity	$	41,196,408		$	43,344,078		$	41,631,308		$	40,259,321		$	42,524,227

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

Investments of Consolidated Blackstone Funds	$	2,018,829		$	2,045,156		$	3,764,850		$	3,828,497		$	5,136,967

Equity Method Investments

Partnership Investments		5,635,212			5,858,926			5,446,688			5,566,645			5,530,420

Accrued Performance Allocations		17,096,873			17,661,244			13,544,855			12,938,888			12,360,682

Corporate Treasury Investments		658,066			916,510			810,672			799,016			1,053,540

Other Investments		3,256,063			3,586,638			3,756,693			3,123,102			3,471,642

Total GAAP Investments		28,665,043			30,068,474			27,323,758			26,256,148			27,553,251



Accrued Performance Allocations - GAAP	$	17,096,873		$	17,661,244		$	13,544,855		$	12,938,888		$	12,360,682

Impact of Consolidation (a)		1			1			12,475			2,412			-

Due from Affiliates - GAAP (b)		260,993			112,194			136,631			154,587			269,987

Less: Net Realized Performance Revenues (c)		(1,294,884	)		(743,772	)		(262,083	)		(342,922	)		(282,730	)

Less: Accrued Performance Compensation - GAAP (d)		(7,324,906	)		(7,483,337	)		(5,955,982	)		(5,693,325	)		(5,512,796	)

Net Accrued Performance Revenues	$	8,738,077		$	9,546,330		$	7,475,896		$	7,059,640		$	6,835,143

Corporate Treasury and Other Investments - GAAP	$	3,914,129		$	4,503,148		$	4,567,365		$	3,922,118		$	4,525,181

Impact of Consolidation (a)		144,354			140,905			708,469			697,317			588,355

Other Assets (e)		797,843			379,768			642,875			617,346			360,219

Other Liabilities (f)		(94,314	)		(66,065	)		(54,321	)		(37,974	)		(22,718	)

Corporate Treasury and Other Investments - Deconsolidated (g)	$	4,762,012		$	4,957,756		$	5,864,388		$	5,198,807		$	5,451,037

Partnership Investments - GAAP	$	5,635,212		$	5,858,926		$	5,446,688		$	5,566,645		$	5,530,420

Impact of Consolidation (h)		(3,552,599	)		(3,623,881	)		(3,169,740	)		(3,221,867	)		(3,221,619	)

GP/Fund Investments - Deconsolidated	$	2,082,613		$	2,235,045		$	2,276,948		$	2,344,778		$	2,308,801

Loans Payable - GAAP	$	7,748,163		$	8,937,456		$	9,365,274		$	9,263,080		$	12,349,584

Impact of Consolidation (i)		(101	)		-			-			(30,627	)		(1,450,000	)

Outstanding Debt - Carrying Value		7,748,062			8,937,456			9,365,274			9,232,453			10,899,584

Unamortized Discount		107,438			122,594			131,526			127,947			141,416

Outstanding Debt (at par) - Deconsolidated	$	7,855,500		$	9,060,050		$	9,496,800		$	9,360,400		$	11,041,000

(a)

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

(b)

Represents GAAP accrued performance revenue recorded within Due from Affiliates.

(c)

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

(d)

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

(e)

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

(f)

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

(g)

Deconsolidated Other Investments was $3.4 billion as of December 31, 2022, which was comprised of $3.1 billion of liquid investments and $330 million of illiquid investments. The liquid portion of Other Investments relates to public equity securities and other investments held by Blackstone that can be easily converted to cash and may include securities and investments subject to lock-up periods.

(h)

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.

(i)

This adjustment removes amounts related to consolidated Blackstone Funds.

Blackstone | 29

RECONCILIATION OF GAAP TO TOTAL SEGMENTS


	QTD															FY

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

Management and Advisory Fees, Net

GAAP	$	1,459,548		$	1,475,936		$	1,561,187		$	1,617,754		$	1,648,438		$	5,170,707		$	6,303,315

Segment Adjustment (a)		(3,328	)		(2,568	)		(4,270	)		(6,184	)		(7,347	)		(3,465	)		(20,369	)

Total Segment	$	1,456,220		$	1,473,368		$	1,556,917		$	1,611,570		$	1,641,091		$	5,167,242		$	6,282,946

GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues

GAAP

Incentive Fees		136,454			104,489			99,598			110,776			210,264			253,991			525,127

Investment Income - Realized Performance Allocations		2,787,970			1,766,386			2,453,769			725,888			435,597			5,653,452			5,381,640

GAAP	$	2,924,424		$	1,870,875		$	2,553,367		$	836,664		$	645,861		$	5,907,443		$	5,906,767

Total Segment

Less: Realized Performance Revenues		(1,191,374	)		(1,312,810	)		(2,206,774	)		(469,009	)		(472,745	)		(3,883,112	)		(4,461,338	)

Segment Adjustment (b)		824			-			-			4,476			(408	)		913			4,068

Total Segment	$	1,733,874		$	558,065		$	346,593		$	372,131		$	172,708		$	2,025,244		$	1,449,497

GAAP Compensation to Total Segment Fee Related Compensation

GAAP

Compensation		576,032			656,505			686,012			600,273			626,990			2,161,973			2,569,780

Incentive Fees Compensation		49,349			41,019			45,363			50,355			71,261			98,112			207,998

Realized Performance Allocations Compensation		1,119,911			717,601			1,035,916			313,930			157,817			2,311,993			2,225,264

GAAP	$	1,745,292		$	1,415,125		$	1,767,291		$	964,558		$	856,068		$	4,572,078		$	5,003,042

Total Segment

Less: Realized Performance Compensation		(449,301	)		(519,120	)		(926,974	)		(206,224	)		(161,779	)		(1,557,570	)		(1,814,097	)

Less: Equity-Based Compensation - Fee Related Compensation		(162,656	)		(200,387	)		(191,769	)		(187,873	)		(192,141	)		(551,263	)		(772,170	)

Less: Equity-Based Compensation - Performance Compensation		(1,933	)		(1,158	)		(3,875	)		(2,324	)		(2,563	)		(8,274	)		(9,920	)

Segment Adjustment (c)		(23,368	)		(23,989	)		(23,260	)		(9,869	)		(18,962	)		(106,961	)		(76,080	)

Total Segment	$	1,108,034		$	670,471		$	621,413		$	558,268		$	480,623		$	2,348,010		$	2,330,775

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

GAAP	$	309,673		$	240,674		$	289,288		$	270,369		$	292,340		$	917,847		$	1,092,671

Segment Adjustment (d)		(54,540	)		(26,576	)		(27,778	)		(24,235	)		(25,059	)		(124,170	)		(103,648	)

Total Segment	$	255,133		$	214,098		$	261,510		$	246,134		$	267,281		$	793,677		$	989,023

Realized Performance Revenues

GAAP

Incentive Fees		136,454			104,489			99,598			110,776			210,264			253,991			525,127

Investment Income - Realized Performance Allocations		2,787,970			1,766,386			2,453,769			725,888			435,597			5,653,452			5,381,640

GAAP	$	2,924,424		$	1,870,875		$	2,553,367		$	836,664		$	645,861		$	5,907,443		$	5,906,767

Total Segment

Less: Fee Related Performance Revenues		(1,733,874	)		(558,065	)		(346,593	)		(372,131	)		(172,708	)		(2,025,244	)		(1,449,497	)

Segment Adjustment (b)		824			-			-			4,476			(408	)		913			4,068

Total Segment	$	1,191,374		$	1,312,810		$	2,206,774		$	469,009		$	472,745		$	3,883,112		$	4,461,338

Blackstone | 30

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


	QTD															FY

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

Realized Performance Compensation
GAAP
Incentive Fee Compensation	$	49,349		$	41,019		$	45,363		$	50,355		$	71,261		$	98,112		$	207,998
Realized Performance Allocations Compensation		1,119,911			717,601			1,035,916			313,930			157,817			2,311,993			2,225,264
GAAP	$	1,169,260		$	758,620		$	1,081,279		$	364,285		$	229,078		$	2,410,105		$	2,433,262
Total Segment
Less: Fee Related Performance Compensation (e)		(718,026	)		(238,342	)		(150,430	)		(155,737	)		(64,736	)		(844,261	)		(609,245	)
Less: Equity-Based Compensation - Performance Compensation		(1,933	)		(1,158	)		(3,875	)		(2,324	)		(2,563	)		(8,274	)		(9,920	)
Total Segment	$	449,301		$	519,120		$	926,974		$	206,224		$	161,779		$	1,557,570		$	1,814,097

Realized Principal Investment Income
GAAP	$	171,310		$	285,104		$	265,161		$	193,228		$	106,834		$	1,003,822		$	850,327
Segment Adjustment (f)		(95,842	)		(128,009	)		(221,652	)		(53,463	)		(50,947	)		(416,056	)		(454,071	)
Total Segment	$	75,468		$	157,095		$	43,509		$	139,765		$	55,887		$	587,766		$	396,256

GAAP Interest and Dividend Revenue net of Interest Expense to Total Segment Net Interest and Dividend Income (Loss)
GAAP
Interest and Dividend Revenue		63,166			54,485			62,075			52,420			102,632			160,643			271,612
Interest Expense		(56,550	)		(66,747	)		(69,642	)		(80,507	)		(100,329	)		(198,268	)		(317,225	)
GAAP	$	6,616		$	(12,262	)	$	(7,567	)	$	(28,087	)	$	2,303		$	(37,625)		$	(45,613)
Segment Adjustment (g)		163			145			4,285			5,237			4,452			4,037			14,119
Total Segment	$	6,779		$	(12,117	)	$	(3,282	)	$	(22,850	)	$	6,755		$	(33,588)		$	(31,494)

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 Fourth Quarter and Full Year 2022 GAAP Results

During 4Q’22, Blackstone recorded an out-of-period adjustment to revise the investment basis used to calculate deferred tax assets and the deferred tax provision. The adjustment reflects the cumulative impact of the correction and resulted in a benefit to the Provision (Benefit) for Taxes for the current period. Blackstone concluded the out-of-period adjustment was not material to the current or prior periods. The adjustment did not affect FRE, Segment DE or Distributable Earnings in the current or prior periods.

Notes to page 3 – Blackstone’s Fourth Quarter and Full Year 2022 Segment Earnings

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 periods, FRE would have been $1,314 million for 4Q’21 and Segment DE would have been $2,132 million for 4Q’21 and there would have been no impact to Income (Loss) before Taxes for 4Q’21. There would have been no impact to FRE, Segment DE, or Income (Loss) before Taxes for FY’22 or FY’21. 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. Excluding BREIT’s fee related performance revenues, FRE in 4Q’21 would have been $997 million compared to 4Q’22 FRE of $1,065 million, resulting in year-over-year growth of 7%.

Notes to page 4 – Investment Performance and Net Accrued Performance Revenues

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.

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

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 finance 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.

Effective 2Q’22, for euro-denominated funds included in the overall Private Credit return, cash flows are translated using a historical rate instead of the daily spot rate to more closely reflect the actual performance of foreign-denominated funds in composite returns.

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NOTES – (CONT’D)

Notes to page 4 – Investment Performance and Net Accrued Performance Revenues (Cont’d)

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.

Notes to page 17 – Deconsolidated Balance Sheet Highlights

GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Credit & Insurance, and Hedge Fund Solutions, which were $767 million, $963 million, $379 million, and $200 million, respectively, as of December 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 $119 million for 4Q’22 and $570 million for FY’22.

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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.

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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).

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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.

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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.

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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)

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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.

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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.

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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.

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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.

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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).

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.

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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. For the full year 2022, Fee Related Compensation was decreased by the total amount of additional Performance Compensation awarded for the year resulting in no impact to Distributable Earnings for the full year. In 4Q’22 the increase to Realized Performance Compensation was less than the decrease to Fee Related Compensation, which favorably impacted Distributable Earnings for the quarter.

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 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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