EX-99.1

EX-99.1 2 d781420dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LOGO

Blackstone Reports First Quarter 2024 Results

New York, April 18, 2024: Blackstone (NYSE:BX) today reported its first quarter 2024 results.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone reported strong first-quarter

results, highlighted by accelerating momentum in our private credit and private wealth businesses. We are seeing a

strengthening transaction environment and attractive opportunities to deploy capital. We are well positioned to

navigate today’s dynamic market landscape, with a portfolio concentrated in compelling sectors and nearly

$200 billion of dry powder available to invest.”

Blackstone issued a full detailed presentation of its first quarter 2024 results, which can be viewed at

www.blackstone.com.

Dividend

Blackstone has declared a quarterly dividend of $0.83 per share to record holders of common stock at the close of

business on April 29, 2024. This dividend will be paid on May 6, 2024.

Quarterly Investor Call Details

Blackstone will host its first quarter 2024 investor conference via public webcast on April 18, 2024 at 9:00 a.m. ET.

To register, please use the following link:

https://event.webcasts.com/viewer/event.jsp?ei=1662836&tp_key=79511c5e2b. For those unable to listen to the

Blackstone

345 Park Avenue, New York, NY 10154

T 212 583 5000

www.blackstone.com

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 deliver compelling returns for institutional

and individual investors by strengthening the companies in which we invest. Our more than $1 trillion in assets

under management include global investment strategies focused on real estate, private equity, infrastructure, life

sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at

www.blackstone.com. Follow @blackstone on LinkedIn, X (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, 2023, as such factors may be updated from time to time in our periodic

filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s

website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction

with the other cautionary statements that are included in this report and in our other periodic filings. The forward-

looking statements speak only as of the date of this report, and we undertake no obligation to publicly update or

review any forward-looking statement, whether as a result of new information, future developments or otherwise.

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

Investor and Media Relations Contacts

Weston Tucker

Blackstone

Tel: +1 (212) 583-5231

tucker@blackstone.com

Christine Anderson

Blackstone

Tel: +1 (212) 583-5182

christine.anderson@blackstone.com

LOGO

Blackstone’s First

Quarter 2024 Earnings

APRIL 18, 2024

BLACKSTONE’S FIRST QUARTER 2024 GAAP RESULTS

GAAP Net Income was $1.6 billion for the quarter and $3.8 billion over the last twelve months (“LTM”). GAAP Net Income Attributable to Blackstone Inc. was $847 million for the quarter and $2.2 billion over the LTM.



($ in thousands, except per share data) (unaudited)	1Q’23				1Q’24				1Q’23 LTM				1Q’24 LTM

Revenues

Management and Advisory Fees, Net		$	1,658,315			$	1,727,148			$	6,485,694			$	6,740,093

Incentive Fees			142,876				179,341				563,514				731,636

Performance Allocations			(112,318	)			1,098,460				(1,225,170	)			1,742,951

Principal Investments			(383,359	)			540,220				(1,455,946	)			624,248

Interest and Dividend Revenue			90,485				97,839				307,612				523,851

Other			(14,154	)			44,820				97,534				(33,955	)

Total Revenues		$	1,381,845			$	3,687,828			$	4,773,238			$	10,328,824

Expenses

Compensation and Benefits			763,111				1,308,304				2,408,156				3,858,163

General, Administrative and Other			273,394				369,950				1,125,391				1,213,861

Interest Expense			104,441				108,203				354,919				435,630

Fund Expenses			48,399				3,950				76,882				74,538

Total Expenses		$	1,189,345			$	1,790,407			$	3,965,348			$	5,582,192

Other Income (Loss)		$	65,856			$	(17,767	)		$	(68,640	)		$	(167,620	)

Income Before Provision for Taxes		$	258,356			$	1,879,654			$	739,250			$	4,579,012

Provision for Taxes			47,675				283,671				37,274				749,457

Net Income		$	210,681			$	1,595,983			$	701,976			$	3,829,555

Redeemable NCI in Consolidated Entities			(6,700	)			(39,669	)			(154,642	)			(278,487	)

Non-Redeemable NCI in Consolidated Entities			131,569				788,266				240,049				1,955,588

Net Income Attributable to Blackstone Inc. (‘‘BX’’)		$	85,812			$	847,386			$	616,569			$	2,152,454

Net Income Per Share of Common Stock, Basic		$	0.12			$	1.12			$	0.83			$	2.84

Net Income Per Share of Common Stock, Diluted		$	0.11			$	1.11			$	0.83			$	2.84

Throughout this presentation, all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See pages 36-38, Definitions and

Dividend Policy, for definitions of terms used throughout this presentation. NCI means non-controlling interests.

Blackstone | 1

BLACKSTONE’S FIRST QUARTER 2024 HIGHLIGHTS


Financial Measures		§ Fee Related Earnings (“FRE”) of $1.2 billion ($0.95/share) in the quarter – FRE was $4.5 billion over the LTM ($3.67/share) § Distributable Earnings (“DE”) of $1.3 billion ($0.98/share) in the quarter – DE was $5.1 billion over the LTM ($3.96/share) § Net Accrued Performance Revenues of $6.1 billion ($5.00/share)

Capital Metrics		§ Total Assets Under Management (“AUM”) of $1,061.3 billion – Fee-Earning AUM of $781.4 billion – Perpetual Capital AUM of $408.1 billion § Inflows of $34.0 billion in the quarter and $142.2 billion over the LTM § Deployment of $24.5 billion in the quarter and $87.5 billion over the LTM § Realizations of $15.0 billion in the quarter and $62.8 billion over the LTM

Capital Returned to Shareholders		§ Dividend of $0.83 per common share payable on May 6, 2024 – Dividends of $3.36 per common share over the LTM § Repurchased 0.7 million common shares in the quarter and 3.4 million common shares over the LTM § $1.2 billion to be distributed to shareholders with respect to the first quarter and $4.7 billion over the LTM through dividends and share repurchases

Blackstone | 2

BLACKSTONE’S FIRST QUARTER 2024 SEGMENT EARNINGS



									% Change										% Change

($ in thousands, except per share data)	1Q’23				1Q’24				vs. 1Q’23		1Q’23 LTM				1Q’24 LTM				vs. 1Q’23 LTM

Management and Advisory Fees, Net		$	1,652,387			$	1,707,571			3%		$	6,461,965			$	6,718,428		4%

Fee Related Performance Revenues			148,244				295,501			99%			1,039,676				1,005,784		(3)%

Fee Related Compensation			(508,971	)			(554,077	)		9%			(2,169,275	)			(2,133,216	)	(2)%

Other Operating Expenses			(251,648	)			(288,978	)		15%			(1,026,573	)			(1,121,663	)	9%

Fee Related Earnings		$	1,040,012			$	1,160,017			12%		$	4,305,793			$	4,469,333		4%


Realized Performance Revenues			641,526				536,393			(16)%			3,790,054				1,955,969		(48)%

Realized Performance Compensation			(296,024	)			(253,024	)		(15)%			(1,591,001	)			(853,017	)	(46)%

Realized Principal Investment Income			43,691				9,938			(77)%			282,852				77,179		(73)%

Net Realizations			389,193				293,307			(25)%			2,481,905				1,180,131		(52)%

Total Segment Distributable Earnings		$	1,429,205			$	1,453,324			2%		$	6,787,698			$	5,649,464		(17)%


Distributable Earnings		$	1,249,092			$	1,266,378			1%		$	5,943,992			$	5,078,241		(15)%


Additional Metrics:

Net Income Per Share of Common Stock, Basic		$	0.12			$	1.12			833%		$	0.83			$	2.84		242%

FRE per Share		$	0.86			$	0.95			10%		$	3.56			$	3.67		3%

DE per Common Share		$	0.97			$	0.98			1%		$	4.59			$	3.96		(14)%

Total Segment Revenues		$	2,485,848			$	2,549,403			3%		$	11,574,547			$	9,757,360		(16)%

Total Assets Under Management		$	991,293,596			$	1,061,262,748			7%		$	991,293,596			$	1,061,262,748		7%

Fee-Earning Assets Under Management		$	731,973,409			$	781,397,555			7%		$	731,973,409			$	781,397,555		7%

Fee Related Earnings per Share is based on end of period DE Shares Outstanding (see page 24, Share Summary). DE per Common Share is based on DE Attributable

to Common Shareholders (see page 23, Shareholder Dividends) and end of period Participating Common Shares outstanding. LTM FRE per Share and DE per

Common Share amounts represent the sum of the last four quarters. See pages 32-33 for the Reconciliation of GAAP to Total Segment Measures.

Blackstone | 3

INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES

Appreciation across strategies led to higher Net Accrued Performance Revenues quarter-over-quarter of $6.1 billion ($5.00/share).

Investment Performance

(appreciation / gross returns)



	1Q’24		1Q’24 LTM

Real Estate

Opportunistic		0.3%		(5.6)%

Core+		1.2%		(1.5)%


Private Equity

Corporate Private Equity		3.4%		12.7%

Tactical Opportunities		2.1%		6.8%

Secondaries		2.2%		3.4%

Infrastructure		4.8%		18.9%


Credit & Insurance

Private Credit		4.1%		17.2%

Liquid Credit		2.5%		12.4%


Multi-Asset Investing

Absolute Return Composite		4.6%		11.7%

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 Multi-Asset Investing.

Private Credit net returns were 3.1% and 12.6% for 1Q’24 and 1Q’24 LTM, respectively. Liquid Credit net returns were 2.3% and 11.8% for 1Q’24 and 1Q’24 LTM,

respectively. Absolute Return Composite net returns were 4.3% and 10.7% for 1Q’24 and 1Q’24 LTM, respectively. See notes on page 34 for additional details on

investment performance. Effective 1Q’24, the Hedge Fund Solutions segment was renamed “Multi-Asset Investing” (“BXMA”) and the BPS Composite was renamed

“Absolute Return Composite”.

Blackstone | 4

CAPITAL METRICS – ADDITIONAL DETAIL

Inflows were $34.0 billion in the quarter, bringing LTM inflows to $142.2 billion.

Deployed $24.5 billion in the quarter and $87.5 billion over the LTM.

–

Committed an additional $11.0 billion that was not yet deployed in the quarter.

Realizations were $15.0 billion in the quarter and $62.8 billion over the LTM.



	Inflows				Capital Deployed				Realizations

($ in millions)	1Q’24		1Q’24 LTM		1Q’24		1Q’24 LTM		1Q’24		1Q’24 LTM

Real Estate	$	8,089	$	44,966	$	4,797	$	17,795	$	3,847	$	18,168

Opportunistic		2,321		9,062		819		6,807		470		3,271

Core+		2,208		11,289		1,420		3,440		2,166		10,955

BREDS		3,560		24,615		2,558		7,547		1,211		3,941

Private Equity		7,360		26,601		7,341		28,250		5,219		19,826

Corporate Private Equity		3,394		12,332		3,418		12,939		2,508		11,158

Tactical Opportunities		1,130		4,800		1,523		3,783		1,484		3,086

Secondaries		1,108		6,043		2,080		6,483		1,122		4,861

Infrastructure		1,729		3,426		319		5,046		104		721

Credit & Insurance		17,194		63,103		11,956		38,135		5,543		21,335


Multi-Asset Investing		1,398		7,530		433		3,315		436		3,455


Total Blackstone	$	34,042	$	142,200	$	24,526	$	87,495	$	15,045	$	62,784

Corporate Private Equity also includes Life Sciences, Blackstone Growth (effective 1Q’24 with prior periods recast), BTAS, and BXPE. AUM and related capital metrics are reported in the segment where the assets are managed. See note on page 34 for additional details on segment organizational updates.

Blackstone | 5

ASSETS UNDER MANAGEMENT

Total AUM increased to $1,061.3 billion, up 7% year-over-year, with $34.0 billion of inflows in the quarter and $142.2 billion over the LTM.

Fee-Earning AUM of $781.4 billion was up 7% year-over-year, with $29.0 billion of inflows in the quarter and $116.4 billion over the LTM.

Perpetual Capital AUM reached $408.1 billion, up 7% year-over-year.

–

Fee-Earning Perpetual Capital AUM increased to $351.7 billion, representing 45% of Fee-Earning AUM.

LOGO

Blackstone | 6

ADDITIONAL CAPITAL DETAIL

Invested Performance Eligible AUM reached $515.4 billion at quarter end.

Undrawn capital (“Total Dry Powder”) available for investment of $191.2 billion.

LOGO

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

1Q’24 Total Segment Distributable Earnings were $1.5 billion.

LTM Total Segment Distributable Earnings were $5.6 billion.

Segment Distributable Earnings

($ in millions)

LOGO

Blackstone | 9

REAL ESTATE

Total AUM: Increased 2% to $339.3 billion with inflows of $8.1 billion in the quarter and $45.0 billion over the LTM.

–

Inflows in the quarter included $2.5 billion in BREDS Insurance SMAs, $2.2 billion in the seventh European opportunistic fund, $807 million of capital raised in BREIT, and $606 million in the fifth real estate debt strategies fund.

Capital Deployed: $4.8 billion in the quarter and $17.8 billion over the LTM.

–

Committed an additional $2.9 billion in the quarter, including the privatization of Tricon Residential by BREP and BREIT.

–

Subsequent to quarter end, BREP committed to the privatization of Apartment Income REIT Corp.

Realizations: $3.8 billion in the quarter and $18.2 billion over the LTM.

–

Realizations in the quarter included the sale by BREIT of its remaining interest in Phoenix Tower International, the sale of Arc Place Korean Office by BPP, and the sale of U.S. industrial assets across BREP and Core+.

Appreciation: Opportunistic funds appreciated 0.3% in the quarter and declined (5.6)% over the LTM; Core+ funds appreciated 1.2% in the quarter and declined (1.5)% over the LTM.



									% Change									% Change

($ in thousands)	1Q’23				1Q’24				vs. 1Q’23	1Q’23 LTM				1Q’24 LTM				vs. 1Q’23 LTM

Management Fees, Net		$	715,491			$	720,439		1%		$	2,718,845			$	2,848,306		5%

Fee Related Performance Revenues			20,748				129,958		526%			604,655				403,450		(33)%

Fee Related Compensation			(137,610	)			(174,569	)	27%			(831,893	)			(712,839	)	(14)%

Other Operating Expenses			(74,181	)			(89,762	)	21%			(323,509	)			(340,631	)	5%

Fee Related Earnings		$	524,448			$	586,066		12%		$	2,168,098			$	2,198,286		1%


Realized Performance Revenues			11,096				49,967		350%			2,193,893				283,229		(87)%

Realized Performance Compensation			(3,165	)			(21,863	)	591%			(881,179	)			(141,997	)	(84)%

Realized Principal Investment Income			2,224				2,193		(1)%			99,039				7,597		(92)%

Net Realizations			10,155				30,297		198%			1,411,753				148,829		(89)%

Segment Distributable Earnings		$	534,603			$	616,363		15%		$	3,579,851			$	2,347,115		(34)%


Segment Revenues		$	749,559			$	902,557		20%		$	5,616,432			$	3,542,582		(37)%

Total AUM		$	331,797,338			$	339,332,420		2%		$	331,797,338			$	339,332,420		2%

Fee-Earning AUM		$	287,497,306			$	301,583,557		5%		$	287,497,306			$	301,583,557		5%

Blackstone | 10

PRIVATE EQUITY

Total AUM: Increased 8% to $310.0 billion with inflows of $7.4 billion in the quarter and $26.6 billion over the LTM.

–

Inflows in the quarter included $1.7 billion in Infrastructure and $1.4 billion for the ninth flagship private equity fund.

–

$2.7 billion of capital raised in Blackstone Private Equity Strategies Fund Program (“BXPE”), including amounts allocated to other segments.

Capital Deployed: $7.3 billion in the quarter, including Rover and 7 Brew, and $28.3 billion over the LTM.

–

Committed an additional $2.8 billion in the quarter, including Life Sciences’ transaction with Moderna, Inc.

Realizations: $5.2 billion in the quarter, including in Refinitiv, Phoenix Tower International, and Beacon Offshore Energy, and $19.8 billion over the LTM.

Appreciation: Corporate Private Equity appreciated 3.4% in the quarter and 12.7% over the LTM.

–

Tactical Opportunities appreciated 2.1% in the quarter and 6.8% over the LTM; Secondaries appreciated 2.2% in the quarter and 3.4% over the LTM; Infrastructure appreciated 4.8% in the quarter and 18.9% over the LTM.



									% Change									% Change

($ in thousands)	1Q’23				1Q’24				vs. 1Q’23	1Q’23 LTM				1Q’24 LTM				vs. 1Q’23 LTM

Management and Advisory Fees, Net		$	465,084			$	476,165		2%		$	1,886,833			$	1,919,445		2%

Fee Related Compensation			(161,626	)			(157,392	)	(3)%			(585,770	)			(591,435	)	1%

Other Operating Expenses			(76,763	)			(86,879	)	13%			(313,196	)			(326,857	)	4%

Fee Related Earnings		$	226,695			$	231,894		2%		$	987,867			$	1,001,153		1%


Realized Performance Revenues			499,322				446,455		(11)%			1,240,112				1,215,616		(2)%

Realized Performance Compensation			(232,934	)			(218,938	)	(6)%			(570,460	)			(544,649	)	(5)%

Realized Principal Investment Income			32,889				22,208		(32)%			107,218				56,452		(47)%

Net Realizations			299,277				249,725		(17)%			776,870				727,419		(6)%

Segment Distributable Earnings		$	525,972			$	481,619		(8)%		$	1,764,737			$	1,728,572		(2)%


Segment Revenues		$	997,295			$	944,828		(5)%		$	3,234,163			$	3,191,513		(1)%

Total AUM		$	287,048,441			$	309,999,029		8%		$	287,048,441			$	309,999,029		8%

Fee-Earning AUM		$	165,343,505			$	170,604,390		3%		$	165,343,505			$	170,604,390		3%

Blackstone | 11

CREDIT & INSURANCE

Total AUM: Increased 13% to $329.6 billion with inflows of $17.2 billion in the quarter and $63.1 billion over the LTM.

–

Inflows in the quarter included $7.3 billion for the global direct lending strategy, inclusive of $2.9 billion of equity raised for BCRED, and $5.3 billion for the infrastructure and asset based credit strategies.

–

Closed 3 new U.S. CLOs for $1.4 billion.

Capital Deployed: $12.0 billion in the quarter and $38.1 billion over the LTM driven by U.S. direct lending as well as infrastructure and asset based credit strategies.

–

Committed an additional $5.3 billion that was not yet deployed in the quarter.

Realizations: $5.5 billion in the quarter and $21.3 billion over the LTM.

Returns: Private Credit gross return of 4.1% (3.1% net) and Liquid Credit gross return of 2.5% (2.3% net) in the quarter.

–

Private Credit gross return of 17.2% (12.6% net) and Liquid Credit gross return of 12.4% (11.8% net) over the LTM.



									% Change									% Change

($ in thousands)	1Q’23				1Q’24				vs. 1Q’23	1Q’23 LTM				1Q’24 LTM				vs. 1Q’23 LTM

Management Fees, Net		$	334,129			$	379,896		14%		$	1,293,808			$	1,421,828		10%

Fee Related Performance Revenues			127,496				165,543		30%			435,021				602,334		38%

Fee Related Compensation			(163,999	)			(181,337	)	11%			(566,439	)			(657,528	)	16%

Other Operating Expenses			(74,238	)			(85,530	)	15%			(281,252	)			(339,026	)	21%

Fee Related Earnings		$	223,388			$	278,572		25%		$	881,138			$	1,027,608		17%


Realized Performance Revenues			125,181				15,120		(88)%			241,851				207,699		(14)%

Realized Performance Compensation			(56,772	)			(5,445	)	(90)%			(107,232	)			(89,163	)	(17)%

Realized Principal Investment Income			6,009				3,597		(40)%			64,221				19,485		(70)%

Net Realizations			74,418				13,272		(82)%			198,840				138,021		(31)%

Segment Distributable Earnings		$	297,806			$	291,844		(2)%		$	1,079,978			$	1,165,629		8%


Segment Revenues		$	592,815			$	564,156		(5)%		$	2,034,901			$	2,251,346		11%

Total AUM		$	291,268,846			$	329,636,429		13%		$	291,268,846			$	329,636,429		13%

Fee-Earning AUM		$	206,622,922			$	235,826,905		14%		$	206,622,922			$	235,826,905		14%

See note on page 34 for additional details on infrastructure and asset based credit strategies.

Blackstone | 12

MULTI-ASSET INVESTING

Total AUM: Increased 1% to $82.3 billion with inflows of $1.4 billion in the quarter and $7.5 billion over the LTM.

Returns: Absolute Return Composite gross return of 4.6% in the quarter (4.3% net), outperforming the HFRX Global Hedge Fund Index, which was 2.5%.

–

Absolute Return benefited from performance across strategies, including quantitative, equities, macro, and credit during the quarter.

–

Gross returns of 11.7% over the LTM (10.7% net), with significantly less volatility than the broader markets, compared to 5.7% return for the HFRX Global Hedge Fund Index.



									% Change									% Change

($ in thousands)	1Q’23				1Q’24				vs. 1Q’23	1Q’23 LTM				1Q’24 LTM				vs. 1Q’23 LTM

Management Fees, Net		$	137,683			$	131,071		(5)%		$	562,479			$	528,849		(6)%

Fee Related Compensation			(45,736	)			(40,779	)	(11)%			(185,173	)			(171,414	)	(7)%

Other Operating Expenses			(26,466	)			(26,807	)	1%			(108,616	)			(115,149	)	6%

Fee Related Earnings		$	65,481			$	63,485		(3)%		$	268,690			$	242,286		(10)%


Realized Performance Revenues			5,927				24,851		319%			114,198				249,425		118%

Realized Performance Compensation			(3,153	)			(6,778	)	115%			(32,130	)			(77,208	)	140%

Realized Principal Investment Income (Loss)			2,569				(18,060	)	n/m			12,374				(6,355	)	n/m

Net Realizations			5,343				13		(100)%			94,442				165,862		76%

Segment Distributable Earnings		$	70,824			$	63,498		(10)%		$	363,132			$	408,148		12%


Segment Revenues		$	146,179			$	137,862		(6)%		$	689,051			$	771,919		12%

Total AUM		$	81,178,971			$	82,294,870		1%		$	81,178,971			$	82,294,870		1%

Fee-Earning AUM		$	72,509,676			$	73,382,703		1%		$	72,509,676			$	73,382,703		1%

Blackstone | 13

Supplemental Details

Blackstone | 14

TOTAL SEGMENTS



($ in thousands)	1Q’23				2Q’23				3Q’23				4Q’23				1Q’24				1Q’23 LTM				1Q’24 LTM

Base Management Fees		$	1,619,547			$	1,620,609			$	1,619,743			$	1,605,948			$	1,644,730			$	6,225,436			$	6,491,030

Transaction, Advisory and Other Fees, Net			45,710				92,735				44,611				52,836				66,938				291,818				257,120

Management Fee Offsets			(12,870	)			(10,158	)			(10,514	)			(4,953	)			(4,097	)			(55,289	)			(29,722	)

Total Management and Advisory Fees, Net			1,652,387				1,703,186				1,653,840				1,653,831				1,707,571				6,461,965				6,718,428

Fee Related Performance Revenues			148,244				266,738				274,551				168,994				295,501				1,039,676				1,005,784

Fee Related Compensation			(508,971	)			(568,808	)			(539,923	)			(470,408	)			(554,077	)			(2,169,275	)			(2,133,216	)

Other Operating Expenses			(251,648	)			(257,366	)			(264,445	)			(310,874	)			(288,978	)			(1,026,573	)			(1,121,663	)

Fee Related Earnings		$	1,040,012			$	1,143,750			$	1,124,023			$	1,041,543			$	1,160,017			$	4,305,793			$	4,469,333



Realized Performance Revenues			641,526				388,423				337,940				693,213				536,393				3,790,054				1,955,969

Realized Performance Compensation			(296,024	)			(178,370	)			(133,995	)			(287,628	)			(253,024	)			(1,591,001	)			(853,017	)

Realized Principal Investment Income (Loss)			43,691				(7,461	)			55,500				19,202				9,938				282,852				77,179

Total Net Realizations		$	389,193			$	202,592			$	259,445			$	424,787			$	293,307			$	2,481,905			$	1,180,131

Total Segment Distributable Earnings		$	1,429,205			$	1,346,342			$	1,383,468			$	1,466,330			$	1,453,324			$	6,787,698			$	5,649,464



Distributable Earnings		$	1,249,092			$	1,212,072			$	1,211,611			$	1,388,180			$	1,266,378			$	5,943,992			$	5,078,241



Additional Metrics:

Total Segment Revenues		$	2,485,848			$	2,350,886			$	2,321,831			$	2,535,240			$	2,549,403			$	11,574,547			$	9,757,360

Total Assets Under Management		$	991,293,596			$	1,001,355,959			$	1,007,353,458			$	1,040,192,447			$	1,061,262,748			$	991,293,596			$	1,061,262,748

Fee-Earning Assets Under Management		$	731,973,409			$	731,145,065			$	734,541,603			$	762,607,902			$	781,397,555			$	731,973,409			$	781,397,555

Blackstone | 15

ASSETS UNDER MANAGEMENT – ROLLFORWARD

Total AUM Rollforward

($ in millions)



	Three Months Ended March 31, 2024																				Twelve Months Ended March 31, 2024


	Real Estate				Private Equity				Credit & Insurance				Multi-Asset Investing				Total				Real Estate				Private Equity				Credit & Insurance				Multi-Asset Investing				Total
Beginning Balance		$	336,940			$	304,038			$	318,916			$	80,298			$	1,040,192			$	331,797			$	287,048			$	291,269			$	81,179			$	991,294
Inflows			8,089				7,360				17,194				1,398				34,042				44,966				26,601				63,103				7,530				142,200
Outflows			(3,233	)			(1,805	)			(4,350	)			(1,694	)			(11,082	)			(14,847	)			(4,258	)			(16,813	)			(10,068	)			(45,985	)
Net Flows			4,856				5,555				12,845				(296	)			22,959				30,119				22,343				46,290				(2,538	)			96,215
Realizations			(3,847	)			(5,219	)			(5,543	)			(436	)			(15,045	)			(18,168	)			(19,826	)			(21,335	)			(3,455	)			(62,784	)
Market Activity			1,383				5,625				3,420				2,728				13,156				(4,416	)			20,434				13,413				7,108				36,538
Ending Balance		$	339,332			$	309,999			$	329,636			$	82,295			$	1,061,263			$	339,332			$	309,999			$	329,636			$	82,295			$	1,061,263
% Change			1%				2%				3%				2%				2%				2%				8%				13%				1%				7%

Fee-Earning AUM Rollforward

($ in millions)



	Three Months Ended March 31, 2024																				Twelve Months Ended March 31, 2024


	Real Estate				Private Equity				Credit & Insurance				Multi-Asset Investing				Total				Real Estate				Private Equity				Credit & Insurance				Multi-Asset Investing				Total
Beginning Balance		$	298,889			$	168,621			$	223,844			$	71,254			$	762,608			$	287,497			$	165,344			$	206,623			$	72,510			$	731,973
Inflows			9,026				2,277				16,428				1,315				29,046				53,715				8,852				47,064				6,800				116,431
Outflows			(3,175	)			(218	)			(2,120	)			(1,287	)			(6,800	)			(17,610	)			(811	)			(11,788	)			(9,327	)			(39,535	)
Net Flows			5,852				2,060				14,307				28				22,246				36,105				8,041				35,277				(2,527	)			76,896
Realizations			(4,104	)			(1,455	)			(4,039	)			(385	)			(9,982	)			(19,876	)			(7,205	)			(14,262	)			(3,246	)			(44,589	)
Market Activity			946				1,379				1,714				2,486				6,526				(2,143	)			4,425				8,189				6,647				17,118
Ending Balance		$	301,584			$	170,604			$	235,827			$	73,383			$	781,398			$	301,584			$	170,604			$	235,827			$	73,383			$	781,398
% Change			1%				1%				5%				3%				2%				5%				3%				14%				1%				7%

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 March 31, 2024, Blackstone had $8.4 billion in total cash, cash equivalents, corporate treasury, and other investments and $17.3 billion of cash and net investments, or $14.21 per share.

Blackstone has a $4.3 billion credit revolver and maintains A+/A+ ratings.



($ in millions)	1Q’24

Cash and Cash Equivalents	$	2,504

Corporate Treasury and Other Investments		5,906

GP/Fund Investments		2,793

Net Accrued Performance Revenues		6,084

Cash and Net Investments	$	17,287

Outstanding Debt (at par)		10,698

Cash and Net Investments

(per share)

LOGO

A+ / A+

rated by S&P and Fitch

$4.3B

credit revolver with

December 2028 maturity

$8.4B

total cash, corporate

treasury and other

Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $5.0 billion as of March 31, 2024, which was comprised of $4.6 billion of liquid investments and $353 million of illiquid investments. See notes on pages 31 and 34 for additional details on non-GAAP balance sheet measures.

Blackstone | 17

NET ACCRUED PERFORMANCE REVENUES – ADDITIONAL DETAIL



($ in millions, except per share data)	1Q’23		4Q’23		1Q’24		1Q’24
($ in millions, except per share data)	1Q’23		4Q’23		1Q’24		Per Share
Real Estate
BREP IV	$	6	$	2	$	4	$	0.00
BREP V		4		4		4		0.00
BREP VI		19		1		2		0.00
BREP VII		86		-		-		-
BREP VIII		717		572		585		0.48
BREP IX		1,015		744		730		0.60
BREP Europe IV		43		5		3		0.00
BREP Europe V		28		-		-		-
BREP Europe VI		68		104		113		0.09
BREP Asia I		104		92		89		0.07
BREP Asia II		37		-		-		-
BPP		518		129		73		0.06
BREDS		6		32		30		0.02
BTAS		22		2		-		-
Real Estate	$	2,672	$	1,687	$	1,632	$	1.34
Private Equity
BCP IV		6		-		-		-
BCP V		31		17		14		0.01
BCP VI		407		340		335		0.28
BCP VII		854		839		845		0.69
BCP VIII		276		366		398		0.33
BCP Asia I		95		149		140		0.11
BCP Asia II		-		32		40		0.03
BEP I		26		25		29		0.02
BEP II		2		78		138		0.11
BEP III		158		203		227		0.19
BCEP		213		234		230		0.19
Tactical Opportunities		223		229		158		0.13
Secondaries		511		478		501		0.41
Infrastructure		158		333		389		0.32
Life Sciences		29		82		85		0.07
BTAS/BXPE		172		173		187		0.15
Private Equity	$	3,161	$	3,581	$	3,717	$	3.05

Credit & Insurance	$	239	$	286	$	355	$	0.29

Multi-Asset Investing	$	300	$	281	$	380	$	0.31

Net Accrued Performance Revenues	$	6,372	$	5,835	$	6,084	$	5.00

1Q’24 QoQ Rollforward

($ in millions)


				Net			Net
				Performance			Realized
	4Q’23			Revenues			Distributions				1Q’24

Real Estate		$	1,687		$	101		$	(156	)		$	1,632

Private Equity			3,581			364			(228	)			3,717
Credit & Insurance			286			175			(106	)			355
Multi-Asset Investing			281			117			(18	)			380

Total		$	5,835		$	757		$	(508	)		$	6,084

QoQ Change													4%

1Q’24 LTM Rollforward

($ in millions)


				Net				Net
				Performance				Realized
	1Q’23			Revenues				Distributions				1Q’24

Real Estate		$	2,672		$	(527	)		$	(513	)		$	1,632

Private Equity			3,161			1,226				(671	)			3,717
Credit & Insurance			239			590				(473	)			355
Multi-Asset Investing			300			252				(172	)			380

Total		$	6,372		$	1,542			$	(1,830	)		$	6,084

YoY Change														(5)%

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 24, Share Summary).

Blackstone | 18

INVESTMENT RECORDS AS OF MARCH 31, 2024^(a)



($/€ in thousands, except where noted) Fund (Investment Period Beginning Date / Ending Date)	Committed Capital		Available Capital (b)		Unrealized Investments			Realized Investments			Total Investments			Net IRRs (d)
	Committed Capital		Available 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		-		3,170	n/a		4,666,129	1.7x		4,669,299	1.7x	12%	12%
BREP V (Dec 2005 / Feb 2007)		5,539,418		-		6,226	n/a		13,463,448	2.3x		13,469,674	2.3x	11%	11%
BREP VI (Feb 2007 / Aug 2011)		11,060,122		-		5,324	n/a		27,760,883	2.5x		27,766,207	2.5x	13%	13%
BREP VII (Aug 2011 / Apr 2015)		13,503,329		1,225,034		1,956,790	0.6x		28,403,367	2.3x		30,360,157	1.9x	20%	14%
BREP VIII (Apr 2015 / Jun 2019)		16,602,804		2,106,760		12,551,757	1.5x		22,034,929	2.3x		34,586,686	2.0x	24%	14%
BREP IX (Jun 2019 / Aug 2022)		21,346,305		3,387,974		24,901,917	1.4x		8,634,759	2.2x		33,536,676	1.5x	59%	15%
*BREP X (Aug 2022 / Feb 2028)		30,480,299		28,079,177		2,795,029	1.2x		-	n/a		2,795,029	1.2x	n/m	n/m
Total Global BREP	$	103,973,440	$	34,798,945	$	42,220,213	1.3x	$	112,498,433	2.3x	$	154,718,646	1.9x	17%	15%
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)		3,205,420		395,780		156,697	0.3x		5,856,192	2.4x		6,012,889	2.0x	18%	13%
BREP Europe IV (Sep 2013 / Dec 2016)		6,676,581		1,098,498		1,253,628	0.8x		10,027,832	1.9x		11,281,460	1.7x	19%	12%
BREP Europe V (Dec 2016 / Oct 2019)		7,981,358		1,097,156		4,576,200	0.9x		6,757,417	3.8x		11,333,617	1.6x	41%	9%
BREP Europe VI (Oct 2019 / Sep 2023)		9,922,660		3,320,479		8,093,104	1.2x		3,439,595	2.6x		11,532,699	1.4x	72%	15%
*BREP Europe VII (Sep 2023 / Mar 2029)		7,073,413		6,525,856		631,994	1.2x		-	n/a		631,994	1.2x	n/a	n/a
Total BREP Europe	€	37,313,352	€	12,437,769	€	14,711,623	1.0x	€	30,037,238	2.3x	€	44,748,861	1.6x	17%	11%
BREP Asia I (Jun 2013 / Dec 2017)	$	4,262,075	$	898,228	$	1,614,155	1.6x	$	7,023,539	1.9x	$	8,637,694	1.9x	16%	12%
BREP Asia II (Dec 2017 / Mar 2022)		7,354,811		1,310,691		6,618,861	1.2x		1,707,204	1.9x		8,326,065	1.3x	31%	5%
*BREP Asia III (Mar 2022 / Sep 2027)		8,209,660		6,869,378		1,217,283	0.9x		-	n/a		1,217,283	0.9x	n/a	(21)%
Total BREP Asia	$	19,826,546	$	9,078,297	$	9,450,299	1.2x	$	8,730,743	1.9x	$	18,181,042	1.5x	17%	8%
BREP Co-Investment (f)		7,387,496		101,066		910,970	1.9x		15,226,653	2.2x		16,137,623	2.2x	16%	16%
Total BREP	$	174,923,872	$	57,481,967	$	69,149,508	1.2x	$	173,164,628	2.3x	$	242,314,136	1.8x	17%	14%
*BREDS High-Yield (Various) (g)		24,667,563		8,606,485		6,016,175	1.0x		19,217,327	1.4x		25,233,502	1.3x	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		3,268,627	2.5x		3,268,627	2.5x	32%	32%
BCP III (Aug 1997 / Nov 2002)		3,967,422		-		-	n/a		9,228,707	2.3x		9,228,707	2.3x	14%	14%
BCOM (Jun 2000 / Jun 2006)		2,137,330		24,575		194	n/a		2,995,106	1.4x		2,995,300	1.4x	6%	6%
BCP IV (Nov 2002 / Dec 2005)		6,773,182		195,824		373	n/a		21,720,334	2.9x		21,720,707	2.9x	36%	36%
BCP V (Dec 2005 / Jan 2011)		21,009,112		1,035,259		62,513	n/a		38,806,330	1.9x		38,868,843	1.9x	8%	8%
BCP VI (Jan 2011 / May 2016)		15,195,243		1,341,026		4,571,438	2.1x		28,457,325	2.2x		33,028,763	2.2x	15%	12%
BCP VII (May 2016 / Feb 2020)		18,857,108		1,693,906		18,687,754	1.6x		16,827,034	2.6x		35,514,788	2.0x	27%	13%
*BCP VIII (Feb 2020 / Feb 2026)		25,907,791		10,984,120		21,094,309	1.4x		1,507,061	2.5x		22,601,370	1.4x	n/m	11%
BCP IX (TBD)		19,230,289		19,230,289		-	n/a		-	n/a		-	n/a	n/a	n/a
Energy I (Aug 2011 / Feb 2015)		2,441,558		174,492		524,555	1.6x		4,182,579	2.0x		4,707,134	2.0x	14%	11%
Energy II (Feb 2015 / Feb 2020)		4,914,198		860,834		3,951,409	1.8x		4,229,166	1.7x		8,180,575	1.8x	12%	8%
*Energy III (Feb 2020 / Feb 2026)		4,370,396		1,573,733		5,106,767	1.9x		1,314,854	2.4x		6,421,621	2.0x	55%	33%
Energy Transition IV (TBD)		3,241,333		3,241,333		-	n/a		-	n/a		-	n/a	n/a	n/a
BCP Asia I (Dec 2017 / Sep 2021)		2,437,080		417,503		3,228,733	1.8x		1,790,472	4.9x		5,019,205	2.3x	95%	26%
*BCP Asia II (Sep 2021 / Sep 2027)		6,770,483		4,982,956		2,317,215	1.5x		25	n/a		2,317,240	1.5x	n/a	19%
Core Private Equity I (Jan 2017 / Mar 2021) (h)		4,760,247		1,169,489		7,265,294	1.9x		2,830,764	5.1x		10,096,058	2.3x	58%	18%
*Core Private Equity II (Mar 2021 / Mar 2026) (h)		8,450,914		5,904,921		3,554,718	1.5x		68,770	n/a		3,623,488	1.5x	n/a	15%
Total Corporate Private Equity	$	152,683,867	$	52,830,260	$	70,365,272	1.6x	$	138,968,892	2.2x	$	209,334,164	2.0x	16%	15%

The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not meaningful” generally due to the limited time since initial investment. n/a represents “not applicable”. Notes on pages 21-22. BREP – Blackstone Real Estate Partners, BREDS – Blackstone Real Estate Debt Strategies, BCP – Blackstone Capital Partners, BCOM – Blackstone Communications.

* Represents funds that are currently in their investment period.

Blackstone | 19

INVESTMENT RECORDS AS OF MARCH 31, 2024^(a) – (CONT’D)



($/€ in thousands, except where noted) Fund (Investment Period Beginning Date / Ending Date)	Committed Capital		Available Capital (b)		Unrealized Investments			Realized Investments			Total Investments			Net IRRs (d)
	Committed Capital		Available Capital (b)		Value		MOIC (c)	Value		MOIC (c)	Value		MOIC (c)	Realized	Total
Private Equity (continued)
Tactical Opportunities
*Tactical Opportunities (Various)	$	30,791,361	$	14,876,161	$	12,797,374	1.2x	$	23,350,221	1.8x	$	36,147,595	1.6x	16%	10%
*Tactical Opportunities Co-Investment and Other (Various)		10,866,176		1,984,203		3,889,626	1.3x		10,343,902	1.8x		14,233,528	1.6x	20%	16%
Total Tactical Opportunities	$	41,657,537	$	16,860,364	$	16,687,000	1.2x	$	33,694,123	1.8x	$	50,381,123	1.6x	17%	12%
Growth
*BXG I (Jul 2020 / Jul 2025)		5,117,385		1,229,251		3,490,110	1.0x		509,532	2.6x		3,999,642	1.0x	n/m	(3)%
BXG II (TBD)		4,117,735		4,117,735		-	n/a		-	n/a		-	n/a	n/a	n/a
Total Growth	$	9,235,120	$	5,346,986	$	3,490,110	1.0x	$	509,532	2.6x	$	3,999,642	1.0x	n/m	(3)%
Strategic Partners (Secondaries)
Strategic Partners I-V (Various) (i)		11,035,527		139,208		7,902	n/a		16,782,783	n/a		16,790,685	1.7x	n/a	13%
Strategic Partners VI (Apr 2014 / Apr 2016) (i)		4,362,772		609,788		768,144	n/a		4,292,757	n/a		5,060,901	1.7x	n/a	14%
Strategic Partners VII (May 2016 / Mar 2019) (i)		7,489,970		1,572,428		4,126,974	n/a		6,722,300	n/a		10,849,274	1.9x	n/a	17%
Strategic Partners Real Assets II (May 2017 / Jun 2020) (i)		1,749,807		474,064		1,286,170	n/a		1,142,630	n/a		2,428,800	1.7x	n/a	17%
Strategic Partners VIII (Mar 2019 / Oct 2021) (i)		10,763,600		4,085,028		7,924,434	n/a		6,335,653	n/a		14,260,087	1.8x	n/a	27%
*Strategic Partners Real Estate, SMA and Other (Various) (i)		7,055,474		2,563,005		2,105,684	n/a		2,382,194	n/a		4,487,878	1.6x	n/a	13%
*Strategic Partners Infrastructure III (Jun 2020 / Jul 2024) (i)		3,250,100		708,817		1,980,800	n/a		249,542	n/a		2,230,342	1.4x	n/a	26%
*Strategic Partners IX (Oct 2021 / Jan 2027) (i)		19,542,126		9,574,305		5,693,178	n/a		662,344	n/a		6,355,522	1.4x	n/a	18%
*Strategic Partners GP Solutions (Jun 2021 / Dec 2026) (i)		2,095,211		881,849		854,004	n/a		3,947	n/a		857,951	1.0x	n/a	(2)%
Total Strategic Partners (Secondaries)	$	67,344,587	$	20,608,492	$	24,747,290	n/a	$	38,574,150	n/a	$	63,321,440	1.7x	n/a	14%
Life Sciences
Clarus IV (Jan 2018 / Jan 2020)		910,000		73,154		793,632	1.9x		369,363	1.1x		1,162,995	1.6x	(0)%	9%
*BXLS V (Jan 2020 / Jan 2025)		4,988,972		2,912,985		2,779,957	1.6x		378,348	1.1x		3,158,305	1.5x	n/m	12%

Credit
Mezzanine / Opportunistic I (Jul 2007 / Oct 2011)	$	2,000,000	$	97,114	$	-	n/a	$	4,809,113	1.6x	$	4,809,113	1.6x	n/a	17%
Mezzanine / Opportunistic II (Nov 2011 / Nov 2016)		4,120,000		993,273		117,138	0.2x		6,658,981	1.6x		6,776,119	1.4x	n/a	10%
Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)		6,639,133		1,148,209		2,114,634	1.0x		7,844,281	1.6x		9,958,915	1.4x	n/a	10%
*Mezzanine / Opportunistic IV (Jan 2021 / Jan 2026)		5,016,771		1,951,268		3,878,623	1.1x		930,085	1.8x		4,808,708	1.2x	n/a	14%
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		216,845	0.3x		5,392,565	1.2x		5,609,410	1.1x	n/a	1%
Stressed / Distressed III (Dec 2017 / Dec 2022)		7,356,380		826,481		4,162,531	1.2x		2,356,768	1.3x		6,519,299	1.2x	n/a	9%
Energy I (Nov 2015 / Nov 2018)		2,856,867		1,154,846		344,491	0.8x		3,212,049	1.6x		3,556,540	1.5x	n/a	10%
Energy II (Feb 2019 / Jun 2023)		3,616,081		1,503,865		1,731,457	1.0x		1,937,938	1.6x		3,669,395	1.3x	n/a	16%
*Green Energy III (May 2023 / May 2028)		6,477,000		5,488,866		1,005,818	1.0x		20,437	n/a		1,026,255	1.0x	n/a	n/m
European Senior Debt I (Feb 2015 / Feb 2019)	€	1,964,689	€	142,898	€	515,052	0.7x	€	2,682,985	1.3x	€	3,198,037	1.2x	n/a	2%
European Senior Debt II (Jun 2019 / Jun 2023) (j)	€	4,088,344	€	949,277	€	4,437,562	1.0x	€	2,113,662	2.3x	€	6,551,224	1.2x	n/a	10%
Total Credit Drawdown Funds (k)	$	53,366,033	$	14,890,901	$	18,904,358	1.0x	$	44,464,994	1.5x	$	63,369,352	1.3x	n/a	10%

The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not meaningful” generally due to the limited time since initial investment. n/a represents “not applicable”. Notes on pages 21-22. BXG – Blackstone Growth, BXLS – Blackstone Life Sciences.

* Represents funds that are currently in their investment period.

Blackstone | 20

INVESTMENT RECORDS AS OF MARCH 31, 2024^(a) – (CONT’D)

Selected Perpetual Capital Strategies^(l)

($ in thousands, except where noted)

Investment

Total

Total Net

Strategy (Inception Year)

Strategy

AUM

Return (m)

Real Estate

BPP - Blackstone Property Partners Platform (2013) (n)

Core+ Real Estate

64,981,848

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

Core+ Real Estate

59,274,714

10%

BREIT - Class I (p)

Core+ Real Estate

10%

BXMT - Blackstone Mortgage Trust (2013) (q)

Real Estate Debt

6,134,201

Private Equity

BIP - Blackstone Infrastructure Partners (2019) (r)

Infrastructure

34,291,829

15%

BXPE - Blackstone Private Equity Strategies Fund Program (s)

Private Equity

2,714,744

n/m

Credit

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

U.S. Direct Lending

11,770,776

11%

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

U.S. Direct Lending

66,356,521

10%

BCRED - Class I (v)

U.S. Direct Lending

10%

Multi-Asset Investing

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

GP Stakes

9,781,788

12%

Investment Records as of March 31, 2024 - Notes

(a)

Excludes investment vehicles where Blackstone does not earn fees.

(b)

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

(c)

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

(d)

Unless otherwise indicated, Net Internal Rate of Return (“IRR”) represents the annualized inception to March 31, 2024 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)

Strategic Partners’ Unrealized Investment Value, Realized Investment Value, Total Investment Value, Total MOIC and Total Net IRRs are reported on a three-month lag and therefore do not include the impact of economic and market activities in the current quarter. Realizations are treated as returns of capital until fully recovered and therefore Unrealized and Realized MOICs and Realized Net IRRs are not applicable. Committed Capital and Available Capital are presented as of the current quarter.

(j)

European Senior Debt II Levered has a net return of 16%, European Senior Debt II Unlevered has a net return of 8%.

(k)

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

(l)

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) perpetual capital assets managed for certain insurance clients, and (3) investment vehicles where Blackstone does not earn fees.

Blackstone | 21

INVESTMENT RECORDS AS OF MARCH 31, 2024^(a) – (CONT’D)

(m)

Unless otherwise indicated, Total Net Return represents the annualized inception to March 31, 2024 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.

(n)

BPP represents the aggregate Total AUM and Total Net Return of the BPP Platform, which comprises over 30 funds, co-investment and separately managed account vehicles. It includes certain vehicles managed as part of the BPP Platform but not classified as Perpetual Capital. As of March 31, 2024, these vehicles represented $2.3 billion of Total AUM.

(o)

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. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from January 1, 2017.

(p)

Represents the Total Net Return for BREIT’s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. Class I Total Net Return is presented on an annualized basis and is from January 1, 2017.

(q)

The BXMT Total Net Return reflects annualized market return of a shareholder invested in BXMT since inception, May 22, 2013, assuming reinvestment of all dividends received during the period.

(r)

Including co-investment vehicles, BIP Total AUM is $43.9 billion.

(s)

BXPE Fund Program’s Total AUM reflects net asset value as of February 29, 2024 plus net subscriptions as of March 1, 2024. For purposes of segment AUM reporting, BXPE AUM is reported by the business managing the assets.

(t)

The BXSL Total AUM and Total Net Return are presented as of December 31, 2023. 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.

(u)

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. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from January 7, 2021. Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. BCRED net asset value as of March 31, 2024 was $31.0 billion.

(v)

Represents the Total Net Return for BCRED’s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. Class I Total Net Return is presented on an annualized basis and is from January 7, 2021.

(w)

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 $10.8 billion.

Blackstone | 22

SHAREHOLDER DIVIDENDS

Generated $0.98 of Distributable Earnings per common share during the quarter, bringing the LTM amount to $3.96 per common share.

Blackstone declared a quarterly dividend of $0.83 per common share to record holders as of April 29, 2024; payable on May 6, 2024.



																% Change								% Change

($ in thousands, except per share data)	1Q’23			2Q’23			3Q’23			4Q’23			1Q’24			vs. 1Q’23		1Q’23 LTM			1Q’24 LTM			vs. 1Q’23 LTM

Distributable Earnings	$	1,249,092		$	1,212,072		$	1,211,611		$	1,388,180		$	1,266,378			1%	$	5,943,992		$	5,078,241			(15	)%

Add: Other Payables Attributable to Common Shareholders		131,300			129,187			119,783			57,810			130,920			(0)%		642,535			437,700			(32	)%

DE Before Certain Payables		1,380,392			1,341,259			1,331,394			1,445,990			1,397,298			1%		6,586,527			5,515,941			(16	)%

Percent to Common Shareholders		62%			62%			62%			62%			62%					62%			62%

DE Before Certain Payables Attributable to Common Shareholders		852,166			833,992			828,716			900,980			871,887			2%		4,051,938			3,435,575			(15	)%

Less: Other Payables Attributable to Common Shareholders		(131,300	)		(129,187	)		(119,783	)		(57,810	)		(130,920	)		(0)%		(642,535	)		(437,700	)		(32	)%

DE Attributable to Common Shareholders		720,866			704,805			708,933			843,170			740,967			3%		3,409,403			2,997,875			(12	)%

DE per Common Share	$	0.97		$	0.93		$	0.94		$	1.11		$	0.98			1%	$	4.59		$	3.96			(14	)%

Less: Retained Capital per Common Share	$	(0.15	)	$	(0.14	)	$	(0.14	)	$	(0.17	)	$	(0.15	)		0%	$	(0.69	)	$	(0.60	)		(13	)%

Actual Dividend per Common Share	$	0.82		$	0.79		$	0.80		$	0.94		$	0.83			1%	$	3.90		$	3.36			(14	)%

Record Date														Apr 29, 2024

Payable Date														May 6, 2024

A detailed description of Blackstone’s dividend policy and the definition of Distributable Earnings can be found on pages 36-38, Definitions and Dividend Policy.

See additional notes on page 35.

Blackstone | 23

SHARE SUMMARY

Distributable Earnings Shares Outstanding as of quarter end of 1,217 million shares.

–

Repurchased 0.7 million common shares in the quarter and 3.4 million common shares over the LTM.

–

Available authorization remaining was $668 million at March 31, 2024.



	1Q’23		2Q’23		3Q’23		4Q’23		1Q’24

Participating Common Shares		745,916,828		758,148,528		757,781,111		758,039,099		759,176,426

Participating Partnership Units		462,366,799		461,135,682		459,651,045		458,544,363		457,490,143

Distributable Earnings Shares Outstanding		1,208,283,627		1,219,284,210		1,217,432,156		1,216,583,462		1,216,666,569



Participating Common Shares and Participating Partnership Units include both issued and outstanding shares and unvested shares that participate in dividends.		Blackstone \| 24

Reconciliations and Disclosures

Blackstone | 25

BLACKSTONE’S FIRST QUARTER 2024 GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS



($ in thousands, except per share data) (unaudited)	1Q’23				1Q’24				1Q’23 LTM				1Q’24 LTM

Revenues

Management and Advisory Fees, Net		$	1,658,315			$	1,727,148			$	6,485,694			$	6,740,093

Incentive Fees			142,876				179,341				563,514				731,636

Investment Income (Loss)

Performance Allocations

Realized			646,894				652,517				4,262,148				2,229,464

Unrealized			(759,212	)			445,943				(5,487,318	)			(486,513	)

Principal Investments

Realized			108,058				78,597				673,281				274,362

Unrealized			(491,417	)			461,623				(2,129,227	)			349,886

Total Investment Income (Loss)			(495,677	)			1,638,680				(2,681,116	)			2,367,199

Interest and Dividend Revenue			90,485				97,839				307,612				523,851

Other			(14,154	)			44,820				97,534				(33,955	)

Total Revenues		$	1,381,845			$	3,687,828			$	4,773,238			$	10,328,824

Expenses

Compensation and Benefits

Compensation			716,285				794,803				2,629,560				2,863,965

Incentive Fee Compensation			63,281				73,707				230,260				291,493

Performance Allocations Compensation

Realized			296,794				258,894				1,804,457				862,959

Unrealized			(313,249	)			180,900				(2,256,121	)			(160,254	)

Total Compensation and Benefits			763,111				1,308,304				2,408,156				3,858,163

General, Administrative and Other			273,394				369,950				1,125,391				1,213,861

Interest Expense			104,441				108,203				354,919				435,630

Fund Expenses			48,399				3,950				76,882				74,538

Total Expenses		$	1,189,345			$	1,790,407			$	3,965,348			$	5,582,192

Other Income (Loss)

Change in Tax Receivable Agreement Liability			(5,208	)			-				16,314				(21,988	)

Net Gains (Losses) from Fund Investment Activities			71,064				(17,767	)			(84,954	)			(145,632	)

Total Other Income (Loss)		$	65,856			$	(17,767	)		$	(68,640	)		$	(167,620	)

Income Before Provision for Taxes		$	258,356			$	1,879,654			$	739,250			$	4,579,012

Provision for Taxes			47,675				283,671				37,274				749,457

Net Income		$	210,681			$	1,595,983			$	701,976			$	3,829,555

Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities			(6,700	)			(39,669	)			(154,642	)			(278,487	)

Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities			74,869				102,827				(33,740	)			252,113

Net Income Attributable to Non-Controlling Interests in Blackstone Holdings			56,700				685,439				273,789				1,703,475

Net Income Attributable to Blackstone Inc. (‘‘BX’’)		$	85,812			$	847,386			$	616,569			$	2,152,454

Net Income Per Share of Common Stock, Basic		$	0.12			$	1.12			$	0.83			$	2.84

Net Income Per Share of Common Stock, Diluted		$	0.11			$	1.11			$	0.83			$	2.84

Blackstone | 26

RECONCILIATION OF GAAP TO NON-GAAP MEASURES



	QTD																				LTM



($ in thousands)	1Q’23				2Q’23				3Q’23				4Q’23				1Q’24				1Q’23				1Q’24

Net Income Attributable to Blackstone Inc.		$	85,812			$	601,274			$	551,994			$	151,800			$	847,386			$	616,569			$	2,152,454

Net Income Attributable to Non-Controlling Interests in Blackstone Holdings			56,700				495,309				440,609				82,118				685,439				273,789				1,703,475

Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities			74,869				89,436				20,716				39,134				102,827				(33,740	)			252,113

Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities			(6,700	)			17,688				(92,577	)			(163,929	)			(39,669	)			(154,642	)			(278,487	)

Net Income		$	210,681			$	1,203,707			$	920,742			$	109,123			$	1,595,983			$	701,976			$	3,829,555

Provision for Taxes			47,675				223,269				196,560				45,957				283,671				37,274				749,457

Income Before Provision for Taxes		$	258,356			$	1,426,976			$	1,117,302			$	155,080			$	1,879,654			$	739,250			$	4,579,012

Transaction-Related and Non-Recurring Items (a)			8,621				2,228				6,250				8,882				52,197				40,421				69,557

Amortization of Intangibles (b)			11,341				7,412				7,357				7,347				7,333				54,778				29,449

Impact of Consolidation (c)			(68,169	)			(107,124	)			71,861				124,795				(63,158	)			188,382				26,374

Unrealized Performance Revenues (d)			759,316				(114,379	)			63,209				983,642				(445,936	)			5,489,344				486,536

Unrealized Performance Allocations Compensation (e)			(313,249	)			54,155				11,866				(407,175	)			180,900				(2,256,121	)			(160,254	)

Unrealized Principal Investment (Income) Loss (f)			479,120				(160,702	)			(84,780	)			359,663				(442,976	)			1,741,407				(328,795	)

Other Revenues (g)			14,180				31,718				(63,748	)			110,933				(44,747	)			(96,755	)			34,156

Equity-Based Compensation (h)			268,134				249,755				255,616				185,969				317,779				848,679				1,009,119

Administrative Fee Adjustment (i)			2,447				2,413				2,425				2,422				2,477				9,828				9,737

Taxes and Related Payables (j)			(171,005	)			(180,380	)			(175,747	)			(143,378	)			(177,145	)			(815,221	)			(676,650	)

Distributable Earnings		$	1,249,092			$	1,212,072			$	1,211,611			$	1,388,180			$	1,266,378			$	5,943,992			$	5,078,241

Taxes and Related Payables (j)			171,005				180,380				175,747				143,378				177,145				815,221				676,650

Net Interest and Dividend (Income) Loss (k)			9,108				(46,110	)			(3,890	)			(65,228	)			9,801				28,485				(105,427	)

Total Segment Distributable Earnings		$	1,429,205			$	1,346,342			$	1,383,468			$	1,466,330			$	1,453,324			$	6,787,698			$	5,649,464

Realized Performance Revenues (l)			(641,526	)			(388,423	)			(337,940	)			(693,213	)			(536,393	)			(3,790,054	)			(1,955,969	)

Realized Performance Compensation (m)			296,024				178,370				133,995				287,628				253,024				1,591,001				853,017

Realized Principal Investment (Income) Loss (n)			(43,691	)			7,461				(55,500	)			(19,202	)			(9,938	)			(282,852	)			(77,179	)

Fee Related Earnings		$	1,040,012			$	1,143,750			$	1,124,023			$	1,041,543			$	1,160,017			$	4,305,793			$	4,469,333

Adjusted EBITDA Reconciliation

Distributable Earnings		$	1,249,092			$	1,212,072			$	1,211,611			$	1,388,180			$	1,266,378			$	5,943,992			$	5,078,241

Interest Expense (o)			104,209				107,130				110,014				108,168				107,640				354,176				432,952

Taxes and Related Payables (j)			171,005				180,380				175,747				143,378				177,145				815,221				676,650

Depreciation and Amortization (p)			23,175				24,100				21,598				25,251				26,053				78,078				97,002

Adjusted EBITDA		$	1,547,481			$	1,523,682			$	1,518,970			$	1,664,977			$	1,577,216			$	7,191,467			$	6,284,845

Notes on pages 28-29.

Blackstone | 27

RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES

Note: See pages 36-38, Definitions and Dividend Policy.

(a)

This adjustment removes Transaction-Related and Non-Recurring Items, which are excluded from Blackstone’s segment presentation. Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering, and non-recurring gains, losses, or other charges, if any. 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, gains or losses associated with these corporate actions, and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of Blackstone’s operational performance.

(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																				LTM

($ in thousands)	1Q’23				2Q’23				3Q’23				4Q’23				1Q’24				1Q’23				1Q’24

GAAP Unrealized Performance Allocations		$	(759,212	)		$	114,395			$	(63,204	)		$	(983,647	)		$	445,943			$	(5,487,318	)	$ (486,513)

Segment Adjustment			(104	)			(16	)			(5	)			5				(7	)			(2,026	)	(23)

Unrealized Performance Revenues		$	(759,316	)		$	114,379			$	(63,209	)		$	(983,642	)		$	445,936			$	(5,489,344	)	$ (486,536)

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

	QTD																				LTM

($ in thousands)	1Q’23				2Q’23				3Q’23				4Q’23				1Q’24				1Q’23				1Q’24

GAAP Unrealized Principal Investment Income (Loss)		$	(491,417	)		$	164,089			$	69,340			$	(345,166	)		$	461,623			$	(2,129,227	)	$ 349,886

Segment Adjustment			12,297				(3,387	)			15,440				(14,497	)			(18,647	)			387,820		(21,091)

Unrealized Principal Investment Income (Loss)		$	(479,120	)		$	160,702			$	84,780			$	(359,663	)		$	442,976			$	(1,741,407	)	$ 328,795

(g) This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents the removal of certain Transaction-Related and Non-Recurring Items.

	QTD																				LTM

($ in thousands)	1Q’23				2Q’23				3Q’23				4Q’23				1Q’24				1Q’23				1Q’24

GAAP Other Revenue		$	(14,154	)		$	(31,664	)		$	63,769			$	(110,880	)		$	44,820			$	97,534		$ (33,955)

Segment Adjustment			(26	)			(54	)			(21	)			(53	)			(73	)			(779	)	(201)

Other Revenues		$	(14,180	)		$	(31,718	)		$	63,748			$	(110,933	)		$	44,747			$	96,755		$ (34,156)

(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 | 28

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 36 for the full definition of Taxes and Related Payables.



	QTD																				LTM

($ in thousands)	1Q’23				2Q’23				3Q’23				4Q’23				1Q’24				1Q’23				1Q’24

Taxes		$	151,002			$	156,956			$	151,812			$	121,155			$	155,873			$	719,800			$	585,796

Related Payables			20,003				23,424				23,935				22,223				21,272				95,421				90,854

Taxes and Related Payables		$	171,005			$	180,380			$	175,747			$	143,378			$	177,145			$	815,221			$	676,650
(k) This adjustment removes Interest and Dividend Revenue less Interest Expense on a segment basis. The Segment Adjustment represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest expense associated with the Tax Receivable Agreement.

	QTD																				LTM

($ in thousands)	1Q’23				2Q’23				3Q’23				4Q’23				1Q’24				1Q’23				1Q’24

GAAP Interest and Dividend Revenue		$	90,485			$	148,505			$	109,133			$	168,374			$	97,839			$	307,612			$	523,851

Segment Adjustment			4,616				4,735				4,771				5,022				-				18,079				14,528

Interest and Dividend Revenue		$	95,101			$	153,240			$	113,904			$	173,396			$	97,839			$	325,691			$	538,379

GAAP Interest Expense		$	104,441			$	108,096			$	110,599			$	108,732			$	108,203			$	354,919			$	435,630

Segment Adjustment			(232	)			(966	)			(585	)			(564	)			(563	)			(743	)			(2,678	)

Interest Expense		$	104,209			$	107,130			$	110,014			$	108,168			$	107,640			$	354,176			$	432,952

Net Interest and Dividend Income (Loss)		$	(9,108	)		$	46,110			$	3,890			$	65,228			$	(9,801	)		$	(28,485	)		$	105,427

(l) This adjustment removes the total segment amount of Realized Performance Revenues. (m) This adjustment removes the total segment amount of Realized Performance Compensation. (n) This adjustment removes the total segment amount of Realized Principal Investment Income. (o) This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement. (p) This adjustment adds back Depreciation and Amortization on a segment basis. Reconciliation of GAAP Shares of Common Stock Outstanding to Distributable Earnings Shares Outstanding
	QTD

	1Q’23				2Q’23				3Q’23				4Q’23				1Q’24

GAAP Shares of Common Stock Outstanding			712,794,968				713,551,859				718,442,863				719,358,114				722,263,433

Unvested Participating Common Shares			33,121,860				44,596,669				39,338,248				38,680,985				36,912,993

Total Participating Common Shares			745,916,828				758,148,528				757,781,111				758,039,099				759,176,426

Participating Partnership Units			462,366,799				461,135,682				459,651,045				458,544,363				457,490,143

Distributable Earnings Shares Outstanding			1,208,283,627				1,219,284,210				1,217,432,156				1,216,583,462				1,216,666,569
Disclosure of Weighted-Average Shares Common Stock Outstanding
	QTD																				LTM

	1Q’23				2Q’23				3Q’23				4Q’23				1Q’24				1Q’23				1Q’24

Total GAAP Weighted-Average Shares of Common Stock Outstanding - Basic			746,064,922				758,479,943				757,958,602				758,151,673				759,798,537				743,558,192				758,594,227

Weighted-Average Shares of Unvested Deferred Restricted Common Stock			579,007				68,305				87,494				126,712				459,107				263,137				185,544

Total GAAP Weighted-Average Shares of Common Stock Outstanding - Diluted			746,643,929				758,548,248				758,046,096				758,278,385				760,257,644				743,821,328				758,779,771

Blackstone | 29

BLACKSTONE’S FIRST QUARTER 2024 GAAP CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION



($ in thousands) (unaudited)	1Q’23				2Q’23				3Q’23				4Q’23				1Q’24

Assets

Cash and Cash Equivalents		$	2,830,971			$	3,280,204			$	2,971,614			$	2,955,866			$	2,504,471

Cash Held by Blackstone Funds and Other			190,322				215,444				138,181				316,197				167,711

Investments			26,985,951				27,048,621				27,339,857				26,146,622				25,922,290

Accounts Receivable			924,934				664,028				693,786				193,365				199,302

Due from Affiliates			4,099,765				4,294,437				4,398,333				4,466,521				4,695,224

Intangible Assets, Net			230,295				219,221				210,210				201,208				192,227

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

Other Assets			833,232				905,454				972,069				944,848				1,072,627

Right-of-Use Assets			894,067				888,190				864,691				841,307				805,454

Deferred Tax Assets			2,206,700				2,176,983				2,184,880				2,331,394				2,256,794

Total Assets		$	41,086,439			$	41,582,784			$	41,663,823			$	40,287,530			$	39,706,302

Liabilities and Equity

Loans Payable		$	12,311,469			$	12,299,855			$	12,111,377			$	11,304,059			$	10,740,171

Due to Affiliates			1,974,182				2,092,837				2,188,224				2,393,410				2,135,478

Accrued Compensation and Benefits			5,470,773				5,685,879				5,983,137				5,247,766				5,378,212

Operating Lease Liabilities			1,016,808				1,013,813				981,616				989,823				951,648

Accounts Payable, Accrued Expenses and Other Liabilities			1,599,382				1,399,921				1,588,748				2,277,258				2,023,359

Total Liabilities			22,372,614				22,492,305				22,853,102				22,212,316				21,228,868

Redeemable Non-Controlling Interests in Consolidated Entities			1,644,697				1,626,349				1,349,060				1,179,073				935,005

Equity

Common Stock, $0.00001 par value (722,263,433 shares issued and outstanding as of March 31, 2024)			7				7				7				7				7

Series I Preferred Stock, $0.00001 par value (1 share issued and outstanding as of March 31, 2024)			-				-				-				-				-

Series II Preferred Stock, $0.00001 par value (1 share issued and outstanding as of March 31, 2024)			-				-				-				-				-

Additional Paid-in-Capital			5,957,054				6,076,367				6,057,065				6,175,190				6,190,142

Retained Earnings			1,156,109				1,160,278				1,114,009				660,734				796,201

Accumulated Other Comprehensive Loss			(22,333	)			(17,205	)			(38,258	)			(19,133	)			(31,282	)

Non-Controlling Interests in Consolidated Entities			5,058,090				5,174,961				5,174,473				5,177,255				5,381,678

Non-Controlling Interests in Blackstone Holdings			4,920,201				5,069,722				5,154,365				4,902,088				5,205,683

Total Equity			17,069,128				17,464,130				17,461,661				16,896,141				17,542,429

Total Liabilities and Equity		$	41,086,439			$	41,582,784			$	41,663,823			$	40,287,530			$	39,706,302

See page 31, Reconciliation of GAAP to Non-GAAP Balance Sheet Measures.

Blackstone | 30

RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES



($ in thousands)	1Q’23				2Q’23				3Q’23				4Q’23				1Q’24

Investments of Consolidated Blackstone Funds		$	5,443,867			$	5,490,773			$	5,224,104			$	4,319,483			$	3,458,911

Equity Method Investments

Partnership Investments			5,598,552				5,585,603				5,588,222				5,924,275				6,100,640

Accrued Performance Allocations			11,517,750				11,496,244				11,606,901				10,775,355				11,163,116

Corporate Treasury Investments			958,632				707,079				763,515				803,870				197,976

Other Investments			3,467,150				3,768,922				4,157,115				4,323,639				5,001,647

Total GAAP Investments			26,985,951				27,048,621				27,339,857				26,146,622				25,922,290



Accrued Performance Allocations - GAAP		$	11,517,750			$	11,496,244			$	11,606,901			$	10,775,355			$	11,163,116

Impact of Consolidation (a)			-				-				-				-				-

Due from Affiliates - GAAP (b)			190,337				197,998				196,510				313,838				249,968

Less: Net Realized Performance Revenues (c)			(379,453	)			(283,131	)			(367,944	)			(552,249	)			(448,811	)

Less: Accrued Performance Compensation - GAAP (d)			(4,956,515	)			(4,941,915	)			(5,000,253	)			(4,702,363	)			(4,880,191	)

Net Accrued Performance Revenues		$	6,372,119			$	6,469,196			$	6,435,214			$	5,834,581			$	6,084,082

Corporate Treasury and Other Investments - GAAP		$	4,425,781			$	4,476,001			$	4,920,630			$	5,127,509			$	5,199,623

Impact of Consolidation (a)			488,785				429,718				433,466				500,046				484,521

Other Assets (e)			347,995				135,637				126,676				127,167				228,702

Other Liabilities (f)			(33,505	)			(53,226	)			(9,262	)			(299,368	)			(6,651	)

Corporate Treasury and Other Investments - Deconsolidated (g)		$	5,229,056			$	4,988,130			$	5,471,510			$	5,455,354			$	5,906,195

Partnership Investments - GAAP		$	5,598,552			$	5,585,603			$	5,588,222			$	5,924,275			$	6,100,640

Impact of Consolidation (h)			(3,273,357	)			(3,224,559	)			(3,251,310	)			(3,223,580	)			(3,308,117	)

GP/Fund Investments - Deconsolidated		$	2,325,195			$	2,361,044			$	2,336,912			$	2,700,695			$	2,792,523

Loans Payable - GAAP		$	12,311,469			$	12,299,855			$	12,111,377			$	11,304,059			$	10,740,171

Impact of Consolidation (i)			(1,742,452	)			(1,714,235	)			(1,589,649	)			(687,121	)			(169,836	)

Outstanding Debt - Carrying Value			10,569,017				10,585,620				10,521,728				10,616,938				10,570,335

Unamortized Discount			98,783				136,163				132,838				130,811				127,614

Outstanding Debt (at par) - Deconsolidated		$	10,667,800			$	10,721,783			$	10,654,566			$	10,747,749			$	10,697,949

(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 $5.0 billion as of March 31, 2024, which was comprised of $4.6 billion of liquid investments and $353 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 | 31

RECONCILIATION OF GAAP TO TOTAL SEGMENTS



	QTD															LTM



($ in thousands)	1Q’23			2Q’23			3Q’23			4Q’23			1Q’24			1Q’23			1Q’24

Management and Advisory Fees, Net

GAAP	$	1,658,315		$	1,709,370		$	1,655,443		$	1,648,132		$	1,727,148		$	6,485,694		$	6,740,093

Segment Adjustment (a)		(5,928	)		(6,184	)		(1,603	)		5,699			(19,577	)		(23,729	)		(21,665	)

Total Segment	$	1,652,387		$	1,703,186		$	1,653,840		$	1,653,831		$	1,707,571		$	6,461,965		$	6,718,428

GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues

GAAP

Incentive Fees		142,876			153,077			158,801			240,417			179,341			563,514			731,636

Investment Income - Realized Performance Allocations		646,894			502,084			453,690			621,173			652,517			4,262,148			2,229,464

GAAP	$	789,770		$	655,161		$	612,491		$	861,590		$	831,858		$	4,825,662		$	2,961,100

Total Segment

Less: Realized Performance Revenues		(641,526	)		(388,423	)		(337,940	)		(693,213	)		(536,393	)		(3,790,054	)		(1,955,969	)

Segment Adjustment (b)		-			-			-			617			36			4,068			653

Total Segment	$	148,244		$	266,738		$	274,551		$	168,994		$	295,501		$	1,039,676		$	1,005,784

GAAP Compensation to Total Segment Fee Related Compensation

GAAP

Compensation		716,285			737,017			700,268			631,877			794,803			2,629,560			2,863,965

Incentive Fees Compensation		63,281			64,227			65,432			88,127			73,707			230,260			291,493

Realized Performance Allocations Compensation		296,794			205,196			168,620			230,249			258,894			1,804,457			862,959

GAAP	$	1,076,360		$	1,006,440		$	934,320		$	950,253		$	1,127,404		$	4,664,277		$	4,018,417

Total Segment

Less: Realized Performance Compensation		(296,024	)		(178,370	)		(133,995	)		(287,628	)		(253,024	)		(1,591,001	)		(853,017	)

Less: Equity-Based Compensation - Fee Related Compensation		(265,154	)		(246,445	)		(252,928	)		(182,048	)		(313,400	)		(836,937	)		(994,821	)

Less: Equity-Based Compensation - Performance Compensation		(2,980	)		(3,310	)		(2,688	)		(3,921	)		(4,379	)		(11,742	)		(14,298	)

Segment Adjustment (c)		(3,231	)		(9,507	)		(4,786	)		(6,248	)		(2,524	)		(55,322	)		(23,065	)

Total Segment	$	508,971		$	568,808		$	539,923		$	470,408		$	554,077		$	2,169,275		$	2,133,216

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

GAAP	$	273,394		$	275,034		$	279,186		$	289,691		$	369,950		$	1,125,391		$	1,213,861

Segment Adjustment (d)		(21,746	)		(17,668	)		(14,741	)		21,183			(80,972	)		(98,818	)		(92,198	)

Total Segment	$	251,648		$	257,366		$	264,445		$	310,874		$	288,978		$	1,026,573		$	1,121,663

Realized Performance Revenues

GAAP

Incentive Fees		142,876			153,077			158,801			240,417			179,341			563,514			731,636

Investment Income - Realized Performance Allocations		646,894			502,084			453,690			621,173			652,517			4,262,148			2,229,464

GAAP	$	789,770		$	655,161		$	612,491		$	861,590		$	831,858		$	4,825,662		$	2,961,100

Total Segment

Less: Fee Related Performance Revenues		(148,244	)		(266,738	)		(274,551	)		(168,994	)		(295,501	)		(1,039,676	)		(1,005,784	)

Segment Adjustment (b)		-			-			-			617			36			4,068			653

Total Segment	$	641,526		$	388,423		$	337,940		$	693,213		$	536,393		$	3,790,054		$	1,955,969

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



	QTD															LTM



($ in thousands)	1Q’23			2Q’23			3Q’23			4Q’23			1Q’24			1Q’23			1Q’24

Realized Performance Compensation

GAAP

Incentive Fee Compensation	$	63,281		$	64,227		$	65,432		$	88,127		$	73,707		$	230,260		$	291,493

Realized Performance Allocations Compensation		296,794			205,196			168,620			230,249			258,894			1,804,457			862,959

GAAP	$	360,075		$	269,423		$	234,052		$	318,376		$	332,601		$	2,034,717		$	1,154,452

Total Segment

Less: Fee Related Performance Compensation (e)		(61,071	)		(87,743	)		(97,369	)		(26,827	)		(75,198	)		(431,974	)		(287,137	)

Less: Equity-Based Compensation - Performance Compensation		(2,980	)		(3,310	)		(2,688	)		(3,921	)		(4,379	)		(11,742	)		(14,298	)

Total Segment	$	296,024		$	178,370		$	133,995		$	287,628		$	253,024		$	1,591,001		$	853,017

Realized Principal Investment Income (Loss)

GAAP	$	108,058		$	54,835		$	94,313		$	46,617		$	78,597		$	673,281		$	274,362

Segment Adjustment (f)		(64,367	)		(62,296	)		(38,813	)		(27,415	)		(68,659	)		(390,429	)		(197,183	)

Total Segment	$	43,691		$	(7,461	)	$	55,500		$	19,202		$	9,938		$	282,852		$	77,179

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

GAAP

Interest and Dividend Revenue		90,485			148,505			109,133			168,374			97,839			307,612			523,851

Interest Expense		(104,441	)		(108,096	)		(110,599	)		(108,732	)		(108,203	)		(354,919	)		(435,630	)

GAAP	$	(13,956	)	$	40,409		$	(1,466	)	$	59,642		$	(10,364	)	$	(47,307	)	$	88,221

Segment Adjustment (g)		4,848			5,701			5,356			5,586			563			18,822			17,206

Total Segment	$	(9,108	)	$	46,110		$	3,890		$	65,228		$	(9,801	)	$	(28,485	)	$	105,427

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 26). 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 and Non-Recurring Items.

(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 and Non-Recurring Items that are not recorded in the Total Segment measures.

(d)

Represents the (1) removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment Measures, (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.

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NOTES

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.

The Absolute Return Composite gross and net returns are based on the Multi-Asset Investing (“BXMA”) Absolute Return Composite, which includes only BXMA-managed commingled and customized multi-manager funds and accounts and does not include BXMA’s liquid solutions group, seeding, multi-strategy, and advisory (non-discretionary) platforms, except for investments by Absolute Return funds directly into those platforms. BXMA-managed funds in liquidation and, in the case of net returns, non fee-paying assets are also excluded. The funds/accounts that comprise the Absolute Return Composite are not managed within a single fund or account and are managed with different mandates. There is no guarantee that BXMA would have made the same mix of investments in a stand-alone fund/account. The Absolute Return Composite is not an investible product and, as such, the performance of the Absolute Return Composite does not represent the performance of an actual fund or account.

Notes to page 5 – Capital Metrics – Additional Detail

Effective 1Q’24, the Hedge Fund Solutions segment was renamed “Multi-Asset Investing” (“BXMA”). Effective 2Q’24, GP Stakes will be included in the Private Equity segment and Harvest will be included in BXMA. These segment organizational updates will be reflected beginning in the 2Q’24 earnings presentation.

Notes to page 12 – Credit & Insurance

The infrastructure and asset based credit strategies include our energy, asset based finance, and private placement strategies.

Notes to page 17 – Deconsolidated Balance Sheet Highlights

GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing, which were $738 million, $1.1 billion, $781 million, and $200 million, respectively, as of March 31, 2024. Cash and Net Investments per share amounts are calculated using period end DE Shares Outstanding (see page 24, Share Summary).

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NOTES – (CONT’D)

Notes to page 23 – 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 24, 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 $114 million for 1Q’24 and $455 million for 1Q’24 LTM.

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DEFINITIONS AND DIVIDEND POLICY

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

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

–

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

–

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

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

–

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

–

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

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

Blackstone | 36

DEFINITIONS AND DIVIDEND POLICY – (CONT’D)

–

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

–

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

–

Other Operating Expenses is presented on a segment basis and is equal to General, Administrative and Other Expenses, adjusted to (a) remove the Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment Measures, (b) remove certain expenses reimbursed by the Blackstone Funds which are netted against Management and Advisory Fees, Net in Blackstone’s segment presentation, and (c) give effect to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.

–

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

–

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.

–

Performance Compensation reflects an increase in the aggregate Realized Performance Compensation paid to certain of our professionals above the amounts allocable to them based upon the percentage participation in the relevant performance plans previously awarded to them as a result of a compensation program that commenced in 2Q’21. The expectation is that for the full year 2024, Fee Related Compensation will be decreased by the total amount of additional Performance Compensation awarded for the year. For 1Q’24 QTD, the increase to Realized Performance Compensation was greater than the decrease to Fee Related Compensation, which negatively impacted Distributable Earnings for the current year quarter. For 1Q’24 LTM, the increase to Realized Performance Compensation was less than the decrease to Fee Related Compensation, which favorably impacted Distributable Earnings for the current year LTM period. These changes to Performance Compensation and Fee Related Compensation are not expected to impact Distributable Earnings for the full year. For 1Q’23 QTD and 1Q’23 LTM, the increase to Realized Performance Compensation was greater than the decrease to Fee Related Compensation, which negatively impacted Distributable Earnings for the prior year quarter and LTM periods.

Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering, and non-recurring gains, losses, or other charges, if any. 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, gains or losses associated with these corporate actions, and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of Blackstone’s operational performance.

Blackstone | 37

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, 2023, 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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