EX-99.1

EX-99.1 2 d536731dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LOGO

Blackstone Reports Second Quarter 2023 Results

New York, July 20, 2023: Blackstone (NYSE:BX) today reported its second quarter 2023 results.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone is the first alternative manager to

surpass $1 trillion of assets under management. This milestone reflects the extraordinary trust we have developed

with our investors — built through performance — as well as our distinctive position as an innovator. We believe we

are in the early stages of the long-term growth of the alternatives industry, providing a vast opportunity for further

expansion.”

Blackstone issued a full detailed presentation of its second quarter 2023 results, which can be viewed at

www.blackstone.com.

Dividend

Blackstone has declared a quarterly dividend of $0.79 per share to record holders of common stock at the close of

business on July 31, 2023. This dividend will be paid on August 7, 2023.

Quarterly Investor Call Details

Blackstone will host its second quarter 2023 investor conference via public webcast on July 20, 2023 at

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

https://event.webcasts.com/starthere.jsp?ei=1622278&tp_key=8cb62d5512. For those unable to listen to the live

Blackstone

345 Park Avenue, New York, NY 10154

T 212 583 5000

www.blackstone.com

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

https://ir.blackstone.com/.

About Blackstone

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

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

using extraordinary people and flexible capital to help companies solve problems. Our $1.0 trillion in assets under

management include investment vehicles focused on private equity, real estate, private and liquid credit,

infrastructure, life sciences, growth equity, public securities and secondary funds, all on a global basis. Further

information is available at www.blackstone.com. Follow @blackstone on LinkedIn, Twitter, and Instagram.

Forward-Looking Statements

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

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

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

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

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

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

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

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

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

include but are not limited to those described under the section entitled “Risk Factors” in our Annual Report on

Form 10-K for the year ended December 31, 2022, as such factors may be updated from time to time in our periodic

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

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

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

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

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

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

Investor and Media Relations Contacts

Weston Tucker

Blackstone

Tel: +1 (212) 583-5231

tucker@blackstone.com

Christine Anderson

Blackstone

Tel: +1 (212) 583-5182

christine.anderson@blackstone.com

LOGO

Blackstone’s Second

Quarter 2023 Earnings

JULY 20, 2023

BLACKSTONE’S SECOND QUARTER 2023 GAAP RESULTS

GAAP Net Income was $1.2 billion for the quarter and $1.4 billion year-to-date (“YTD”). GAAP Net Income
Attributable to Blackstone Inc. was $601 million for the quarter and $687 million YTD.



($ in thousands, except per share data) (unaudited)	2Q’22				2Q’23				2Q’22 YTD				2Q’23 YTD				2Q’22 LTM				2Q’23 LTM
Revenues
Management and Advisory Fees, Net		$	1,561,187			$	1,709,370			$	3,037,123			$	3,367,685			$	5,817,466			$	6,633,877
Incentive Fees			99,598				153,077				204,087				295,953				388,747				616,993
Performance Allocations			(1,013,899	)			616,479				2,045,537				504,161				9,869,581				405,208
Principal Investments			(235,329	)			218,924				123,736				(164,435	)			1,108,511				(1,001,693	)
Interest and Dividend Revenue			62,075				148,505				116,560				238,990				214,774				394,042
Other			155,588				(31,664	)			228,457				(45,818	)			343,343				(89,718	)
Total Revenues		$	629,220			$	2,814,691			$	5,755,500			$	4,196,536			$	17,742,422			$	6,958,709
Expenses
Compensation and Benefits			380,748				1,060,595				2,268,157				1,823,706				6,780,147				3,088,003
General, Administrative and Other			289,288				275,034				529,962				548,428				1,057,630				1,111,137
Interest Expense			69,642				108,096				136,389				212,537				245,352				393,373
Fund Expenses			4,435				31,585				6,627				79,984				10,846				104,032
Total Expenses		$	744,113			$	1,475,310			$	2,941,135			$	2,664,655			$	8,093,975			$	4,696,545
Other Income (Loss)
Change in Tax Receivable Agreement Liability			(13	)			7,095				748				1,887				(4,529	)			23,422
Net Gains (Losses) from Fund Investment Activities			(104,326	)			80,500				(53,450	)			151,564				160,705				99,872
Income Before Provision (Benefit) for Taxes		$	(219,232	)		$	1,426,976			$	2,761,663			$	1,685,332			$	9,804,623			$	2,385,458
Provision for Taxes			36,514				223,269				519,795				270,944				1,416,393				224,029
Net Income (Loss)		$	(255,746	)		$	1,203,707			$	2,241,868			$	1,414,388			$	8,388,230			$	2,161,429
Redeemable NCI in Consolidated Entities			25,875				17,688				30,927				10,988				35,401				(162,829	)
Non-Redeemable NCI in Consolidated Entities			(252,228	)			584,745				1,023,460				716,314				4,364,975				1,077,022
Net Income (Loss) Attributable to Blackstone Inc. (‘‘BX’’)		$	(29,393	)		$	601,274			$	1,187,481			$	687,086			$	3,987,854			$	1,247,236
Net Income (Loss) Per Share of Common Stock, Basic		$	(0.04	)		$	0.79			$	1.61			$	0.91			$	5.45			$	1.67
Net Income (Loss) Per Share of Common Stock, Diluted		$	(0.04	)		$	0.79			$	1.61			$	0.91			$	5.45			$	1.67

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 SECOND QUARTER 2023 HIGHLIGHTS


Financial Measures		§ Fee Related Earnings (“FRE”) of $1.1 billion ($0.94/share) in the quarter – FRE was $4.4 billion over the last twelve months (“LTM”) ($3.66/share) § Distributable Earnings (“DE”) of $1.2 billion ($0.93/share) in the quarter – DE was $5.2 billion over the LTM ($4.03/share) § Net Accrued Performance Revenues of $6.5 billion ($5.31/share)


Capital Metrics		§ Total Assets Under Management (“AUM”) of $1.0 trillion, up 6% year-over-year – Fee-Earning AUM of $731.1 billion, up 7% year-over-year – Perpetual Capital AUM of $384.3 billion, up 8% year-over-year § Inflows of $30.1 billion in the quarter and $158.4 billion over the LTM § Deployment of $19.5 billion in the quarter and $80.3 billion over the LTM § Realizations of $17.2 billion in the quarter and $64.4 billion over the LTM

Capital Returned to Shareholders		§ Dividend of $0.79 per common share payable on August 7, 2023 – Dividends of $3.42 per common share over the LTM § Repurchased 1.0 million common shares in the quarter and 4.0 million common shares over the LTM § $1.1 billion to be distributed to shareholders with respect to the second quarter and $4.8 billion over the LTM through dividends and share repurchases

Blackstone | 2

BLACKSTONE’S SECOND QUARTER 2023 SEGMENT EARNINGS



									% Change										% Change

($ in thousands, except per share data)	2Q’22				2Q’23				vs. 2Q’22		2Q’22 YTD				2Q’23 YTD				vs. 2Q’22 YTD

Management and Advisory Fees, Net		$	1,556,917			$	1,703,186			9%		$	3,030,285			$	3,355,573		11%

Fee Related Performance Revenues			346,593				266,738			(23)%			904,658				414,982		(54)%

Fee Related Compensation			(621,413	)			(568,808	)		(8)%			(1,291,884	)			(1,077,779	)	(17)%

Other Operating Expenses			(261,510	)			(257,366	)		(2)%			(475,608	)			(509,014	)	7%

Fee Related Earnings		$	1,020,587			$	1,143,750			12%		$	2,167,451			$	2,183,762		1%


Realized Performance Revenues			2,206,774				388,423			(82)%			3,519,584				1,029,949		(71)%

Realized Performance Compensation			(926,974	)			(178,370	)		(81)%			(1,446,094	)			(474,394	)	(67)%

Realized Principal Investment Income (Loss)			43,509				(7,461	)		n/m			200,604				36,230		(82)%

Net Realizations			1,323,309				202,592			(85)%			2,274,094				591,785		(74)%

Total Segment Distributable Earnings		$	2,343,896			$	1,346,342			(43)%		$	4,441,545			$	2,775,547		(38)%


Distributable Earnings		$	1,985,825			$	1,212,072			(39)%		$	3,923,705			$	2,461,164		(37)%


Additional Metrics:

Net Income Per Share of Common Stock, Basic		$	(0.04	)		$	0.79			n/m		$	1.61			$	0.91		(43)%

FRE per Share		$	0.84			$	0.94			12%		$	1.79			$	1.80		1%

DE per Common Share		$	1.49			$	0.93			(38)%		$	3.04			$	1.90		(38)%

Total Segment Revenues		$	4,153,793			$	2,350,886			(43)%		$	7,655,131			$	4,836,734		(37)%

Total Assets Under Management		$	940,805,741			$	1,001,355,959			6%		$	940,805,741			$	1,001,355,959		6%

Fee-Earning Assets Under Management		$	683,825,961			$	731,145,065			7%		$	683,825,961			$	731,145,065		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. YTD FRE per Share and DE per Common Share amounts represent the sum of the last two 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 $6.5 billion ($5.31/share).



Investment Performance (appreciation / gross returns)						Net Accrued Performance Revenues ($ in millions)

	2Q’23			2Q’23 LTM
Real Estate
Opportunistic		0.0	%		(3.0)%
Core+		1.7	%		0.9%

Private Equity
Corporate Private Equity		3.5	%		9.7%
Tactical Opportunities		1.8	%		2.7%
Secondaries		2.3	%		(1.8)%

Credit & Insurance
Private Credit		3.3	%		12.7%
Liquid Credit		2.8	%		9.8%

Hedge Fund Solutions
BPS Composite		1.9	%		6.2%

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

Private Credit net returns were 2.5% and 9.1% for 2Q’23 and 2Q’23 LTM, respectively. Liquid Credit net returns were 2.7% and 9.2% for 2Q’23 and 2Q’23 LTM,

respectively. BPS Composite net returns were 1.8% and 5.3% for 2Q’23 and 2Q’23 LTM, respectively. See notes on page 34 for additional details on investment

performance.

Blackstone | 4

CAPITAL METRICS – ADDITIONAL DETAIL

Inflows were $30.1 billion in the quarter, bringing LTM inflows to $158.4 billion.

Deployed $19.5 billion in the quarter and $80.3 billion over the LTM.

–

Committed an additional $6.8 billion that was not yet deployed in the quarter.

Realizations were $17.2 billion in the quarter and $64.4 billion over the LTM.



	Inflows				Capital Deployed				Realizations

($ in millions)	2Q’23		2Q’23 LTM		2Q’23		2Q’23 LTM		2Q’23		2Q’23 LTM

Real Estate	$	7,891	$	49,215	$	4,126	$	21,012	$	5,543	$	17,643

Opportunistic		1,622		8,544		2,776		9,163		1,593		4,236

Core+		3,076		21,360		674		9,699		3,071		10,633

BREDS		3,193		19,310		676		2,150		879		2,775

Private Equity		8,539		36,328		11,016		28,536		4,075		23,627

Corporate Private Equity		5,832		15,041		7,767		12,895		2,327		12,376

Tactical Opportunities		1,622		5,151		766		1,677		393		4,434

Secondaries		371		9,613		979		5,918		985		5,726

Infrastructure		713		6,523		1,504		8,045		370		1,089

Credit & Insurance		12,303		64,215		3,759		29,231		5,601		19,591


Hedge Fund Solutions		1,382		8,623		562		1,532		1,959		3,492


Total Blackstone	$	30,115	$	158,381	$	19,463	$	80,311	$	17,178	$	64,352

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

Blackstone | 5

ASSETS UNDER MANAGEMENT

Total AUM increased to $1.0 trillion, up 6% year-over-year, with $30.1 billion of inflows in the quarter and $158.4 billion over the LTM.

Fee-Earning AUM of $731.1 billion was up 7% year-over-year, with $18.0 billion of inflows in the quarter and $132.4 billion over the LTM.

Perpetual Capital AUM reached $384.3 billion, up 8% year-over-year.

–

Fee-Earning Perpetual Capital AUM increased to $327.8 billion, representing 45% of Fee-Earning AUM.

Total AUM

($ in billions)

Fee-Earning AUM

($ in billions)

Perpetual Capital AUM

($ in billions)

LOGO

Blackstone | 6

ADDITIONAL CAPITAL DETAIL

Invested Performance Eligible AUM reached $503.8 billion at quarter end.

Undrawn capital (“Total Dry Powder”) available for investment of $194.5 billion.

Invested Performance Eligible AUM

($ in billions)

Total Dry Powder

($ in billions)

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

2Q’23 Total Segment Distributable Earnings were $1.3 billion.

LTM Total Segment Distributable Earnings were $5.8 billion.


Segment Distributable Earnings ($ in millions)

2Q’23 total: $1,346		2Q’23 LTM total: $5,790

Blackstone | 9

REAL ESTATE

Total AUM: Increased 4% to $333.2 billion with inflows of $7.9 billion in the quarter and $49.2 billion over the LTM.

–

Inflows in the quarter included $1.3 billion for the seventh European opportunistic fund, $791 million of capital raised in BREIT, $2.2 billion in BREDS insurance SMAs, and $203 million in the fifth real estate debt strategies fund, bringing total capital commitments to $3.7 billion for the fund.

–

July 1 subscriptions of $246 million in BREIT not yet included in Total AUM.

Capital Deployed: $4.1 billion in the quarter and $21.0 billion over the LTM.

–

Deployment in the quarter included the privatization of Industrials REIT, which owns a 7.1 million square foot portfolio of U.K. last mile logistics properties.

Realizations: $5.5 billion in the quarter and $17.6 billion over the LTM.

–

Asset sales in the quarter included the JW Marriott San Antonio Hill Country Resort & Spa to Ryman Hospitality Properties, Inc. for $800 million and a portfolio of U.S. logistics to Prologis for $3.1 billion.

Appreciation: Opportunistic funds were flat in the quarter and declined (3.0)% over the LTM; Core+ funds appreciated 1.7% in the quarter and 0.9% over the LTM.



							% Change							% Change

($ in thousands)	2Q’22			2Q’23			vs. 2Q’22	2Q’22 YTD			2Q’23 YTD			vs. 2Q’22 YTD

Management Fees, Net	$	658,036		$	728,736		11%	$	1,277,747		$	1,444,227		13%

Fee Related Performance Revenues		265,507			131,299		(51)%		757,024			152,047		(80)%

Fee Related Compensation		(273,893	)		(199,006	)	(27)%		(618,735	)		(336,616	)	(46)%

Other Operating Expenses		(88,329	)		(71,949	)	(19)%		(154,332	)		(146,130	)	(5)%

Fee Related Earnings	$	561,321		$	589,080		5%	$	1,261,704		$	1,113,528		(12)%


Realized Performance Revenues		1,997,720			119,721		(94)%		2,800,636			130,817		(95)%

Realized Performance Compensation		(831,402	)		(69,593	)	(92)%		(1,121,433	)		(72,758	)	(94)%

Realized Principal Investment Income (Loss)		29,116			(70	)	n/m		83,091			2,154		(97)%

Net Realizations		1,195,434			50,058		(96)%		1,762,294			60,213		(97)%

Segment Distributable Earnings	$	1,756,755		$	639,138		(64)%	$	3,023,998		$	1,173,741		(61)%


Segment Revenues	$	2,950,379		$	979,686		(67)%	$	4,918,498		$	1,729,245		(65)%

Total AUM	$	320,038,428		$	333,241,514		4%	$	320,038,428		$	333,241,514		4%

Fee-Earning AUM	$	252,125,870		$	287,556,241		14%	$	252,125,870		$	287,556,241		14%

Blackstone | 10

PRIVATE EQUITY

Total AUM: Increased 7% to $295.3 billion with inflows of $8.5 billion in the quarter and $36.3 billion over the LTM.

–

Inflows in the quarter included $1.1 billion for the ninth flagship private equity fund, $1.6 billion for Tactical Opportunities vehicles, and $713 million in Blackstone Infrastructure Partners.

Capital Deployed: $11.0 billion in the quarter and $28.5 billion over the LTM, including in Copeland, Cvent, and Invenergy during the quarter.

–

Committed an additional $3.1 billion that was not yet deployed in the quarter.

Realizations: $4.1 billion in the quarter and $23.6 billion over the LTM; realizations in the quarter included proceeds from public share sales of Refinitiv and Gates.

Appreciation: Corporate Private Equity appreciated 3.5% in the quarter and 9.7% over the LTM.

–

Tactical Opportunities appreciated 1.8% in the quarter and 2.7% over the LTM; Secondaries appreciated 2.3% in the quarter and declined (1.8)% over the LTM.



							% Change							% Change

($ in thousands)	2Q’22			2Q’23			vs. 2Q’22	2Q’22 YTD			2Q’23 YTD			vs. 2Q’22 YTD

Management and Advisory Fees, Net	$	437,853		$	491,071		12%	$	844,841		$	956,155		13%

Fee Related Performance Revenues		-			-		n/a		(648	)		-		(100)%

Fee Related Compensation		(152,622	)		(155,680	)	2%		(303,672	)		(317,306	)	4%

Other Operating Expenses		(83,233	)		(74,403	)	(11)%		(150,977	)		(151,166	)	0%

Fee Related Earnings	$	201,998		$	260,988		29%	$	389,544		$	487,683		25%


Realized Performance Revenues		122,884			147,176		20%		573,122			646,498		13%

Realized Performance Compensation		(57,380	)		(62,641	)	9%		(264,083	)		(295,575	)	12%

Realized Principal Investment Income		8,904			3,967		(55)%		74,342			36,856		(50)%

Net Realizations		74,408			88,502		19%		383,381			387,779		1%

Segment Distributable Earnings	$	276,406		$	349,490		26%	$	772,925		$	875,462		13%


Segment Revenues	$	569,641		$	642,214		13%	$	1,491,657		$	1,639,509		10%

Total AUM	$	275,886,414		$	295,293,356		7%	$	275,886,414		$	295,293,356		7%

Fee-Earning AUM	$	163,521,507		$	165,642,235		1%	$	163,521,507		$	165,642,235		1%

Blackstone | 11

CREDIT & INSURANCE

Total AUM: Increased 11% to $294.6 billion with inflows of $12.3 billion in the quarter and $64.2 billion over the
LTM.

–

Inflows in the quarter included $5.7 billion for the global direct lending strategy with $1.8 billion of equity raised
for BCRED.

–

July 1 subscriptions of $867 million for BCRED not yet included in Total AUM.

–

Raised $1.3 billion for the private credit green energy strategy in the quarter, bringing total capital raised to
$6.9 billion.

–

Closed 1 U.S. CLO for $599 million.

Capital Deployed: $3.8 billion in the quarter and $29.2 billion over the LTM.

Realizations: $5.6 billion in the quarter and $19.6 billion over the LTM.

Returns: Private Credit gross return of 3.3% (2.5% net) and Liquid Credit gross return of 2.8% (2.7% net) in the
quarter.



									% Change									% Change

($ in thousands)	2Q’22				2Q’23				vs. 2Q’22	2Q’22 YTD				2Q’23 YTD				vs. 2Q’22 YTD

Management Fees, Net		$	312,541			$	349,254		12%		$	612,764			$	683,383		12%

Fee Related Performance Revenues			81,086				135,439		67%			148,282				262,935		77%

Fee Related Compensation			(137,035	)			(168,234	)	23%			(264,379	)			(332,233	)	26%

Other Operating Expenses			(63,882	)			(81,375	)	27%			(121,049	)			(155,613	)	29%

Fee Related Earnings		$	192,710			$	235,084		22%		$	375,618			$	458,472		22%


Realized Performance Revenues			78,973				42,344		(46)%			109,716				167,525		53%

Realized Performance Compensation			(36,109	)			(17,571	)	(51)%			(49,495	)			(74,343	)	50%

Realized Principal Investment Income (Loss)			7,019				(19,356	)	n/m			29,800				(13,347	)	n/m

Net Realizations			49,883				5,417		(89)%			90,021				79,835		(11)%

Segment Distributable Earnings		$	242,593			$	240,501		(1)%		$	465,639			$	538,307		16%


Segment Revenues		$	479,619			$	507,681		6%		$	900,562			$	1,100,496		22%

Total AUM		$	264,829,491			$	294,580,360		11%		$	264,829,491			$	294,580,360		11%

Fee-Earning AUM		$	195,548,963			$	208,367,109		7%		$	195,548,963			$	208,367,109		7%

Blackstone | 12

HEDGE FUND SOLUTIONS

Total AUM: $78.2 billion with inflows of $1.4 billion in the quarter and $8.6 billion over the LTM.

–

July 1 subscriptions of $623 million not yet included in Total AUM.

Realizations: $2.0 billion in the quarter and $3.5 billion over the LTM, including realizations in the GP Stakes and
Special Situations portfolios.

Returns: BPS Composite gross return of 1.9% in the quarter (1.8% net), outperforming the HFRX Global Hedge Fund
Index, which was 0.6%.

–

Gross returns of 6.2% over the LTM (5.3% net), with significantly less volatility than the broader markets,
compared to 1.3% return for the HFRX Global Hedge Fund Index.



									% Change									% Change

($ in thousands)	2Q’22				2Q’23				vs. 2Q’22	2Q’22 YTD				2Q’23 YTD				vs. 2Q’22 YTD

Management Fees, Net		$	148,487			$	134,125		(10)%		$	294,933			$	271,808		(8)%

Fee Related Compensation			(57,863	)			(45,888	)	(21)%			(105,098	)			(91,624	)	(13)%

Other Operating Expenses			(26,066	)			(29,639	)	14%			(49,250	)			(56,105	)	14%

Fee Related Earnings		$	64,558			$	58,598		(9)%		$	140,585			$	124,079		(12)%


Realized Performance Revenues			7,197				79,182		n/m			36,110				85,109		136%

Realized Performance Compensation			(2,083	)			(28,565	)	n/m			(11,083	)			(31,718	)	186%

Realized Principal Investment Income (Loss)			(1,530	)			7,998		n/m			13,371				10,567		(21)%

Net Realizations			3,584				58,615		n/m			38,398				63,958		67%

Segment Distributable Earnings		$	68,142			$	117,213		72%		$	178,983			$	188,037		5%


Segment Revenues		$	154,154			$	221,305		44%		$	344,414			$	367,484		7%

Total AUM		$	80,051,408			$	78,240,729		(2)%		$	80,051,408			$	78,240,729		(2)%

Fee-Earning AUM		$	72,629,621			$	69,579,480		(4)%		$	72,629,621			$	69,579,480		(4)%

Blackstone | 13

Supplemental Details

Blackstone | 14

TOTAL SEGMENTS



($ in thousands)	2Q’22			3Q’22			4Q’22			1Q’23			2Q’23			2Q’22 YTD			2Q’23 YTD

Base Management Fees	$	1,496,876		$	1,528,561		$	1,580,452		$	1,619,547		$	1,620,609		$	2,936,025		$	3,240,156

Transaction, Advisory and Other Fees, Net		85,092			89,865			71,151			45,710			92,735			149,101			138,445

Management Fee Offsets		(25,051	)		(6,856	)		(10,512	)		(12,870	)		(10,158	)		(54,841	)		(23,028	)

Total Management and Advisory Fees, Net		1,556,917			1,611,570			1,641,091			1,652,387			1,703,186			3,030,285			3,355,573

Fee Related Performance Revenues		346,593			372,131			172,708			148,244			266,738			904,658			414,982

Fee Related Compensation		(621,413	)		(558,268	)		(480,623	)		(508,971	)		(568,808	)		(1,291,884	)		(1,077,779	)

Other Operating Expenses		(261,510	)		(246,134	)		(267,281	)		(251,648	)		(257,366	)		(475,608	)		(509,014	)

Fee Related Earnings	$	1,020,587		$	1,179,299		$	1,065,895		$	1,040,012		$	1,143,750		$	2,167,451		$	2,183,762



Realized Performance Revenues		2,206,774			469,009			472,745			641,526			388,423			3,519,584			1,029,949

Realized Performance Compensation		(926,974	)		(206,224	)		(161,779	)		(296,024	)		(178,370	)		(1,446,094	)		(474,394	)

Realized Principal Investment Income (Loss)		43,509			139,765			55,887			43,691			(7,461	)		200,604			36,230

Total Net Realizations	$	1,323,309		$	402,550		$	366,853		$	389,193		$	202,592		$	2,274,094		$	591,785

Total Segment Distributable Earnings	$	2,343,896		$	1,581,849		$	1,432,748		$	1,429,205		$	1,346,342		$	4,441,545		$	2,775,547



Distributable Earnings	$	1,985,825		$	1,374,869		$	1,334,206		$	1,249,092		$	1,212,072		$	3,923,705		$	2,461,164



Additional Metrics:

Total Segment Revenues	$	4,153,793		$	2,592,475		$	2,342,431		$	2,485,848		$	2,350,886		$	7,655,131		$	4,836,734

Total Assets Under Management	$	940,805,741		$	950,946,514		$	974,673,077		$	991,293,596		$	1,001,355,959		$	940,805,741		$	1,001,355,959

Fee-Earning Assets Under Management	$	683,825,961		$	705,865,351		$	718,386,888		$	731,973,409		$	731,145,065		$	683,825,961		$	731,145,065

Blackstone | 15

ASSETS UNDER MANAGEMENT – ROLLFORWARD

Total AUM Rollforward

($ in millions)



	Three Months Ended June 30, 2023																		Twelve Months Ended June 30, 2023


	Real Estate				Private Equity				Credit & Insurance			Hedge Fund Solutions			Total				Real Estate				Private Equity				Credit & Insurance			Hedge Fund Solutions			Total
Beginning Balance		$	331,797			$	287,048			$ 291,269			$ 81,179			$	991,294			$	320,038			$	275,886			$ 264,829			$ 80,051			$	940,806
Inflows			7,891				8,539			12,303			1,382				30,115				49,215				36,328			64,215			8,623				158,381
Outflows			(3,898	)			(525	)		(5,613	)		(2,859	)			(12,895	)			(15,366	)			(3,170	)		(23,142	)		(9,733	)			(51,411	)
Net Flows			3,993				8,014			6,690			(1,477	)			17,220				33,848				33,158			41,073			(1,110	)			106,969
Realizations			(5,543	)			(4,075	)		(5,601	)		(1,959	)			(17,178	)			(17,643	)			(23,627	)		(19,591	)		(3,492	)			(64,352	)
Market Activity			2,994				4,306			2,222			498				10,021				(3,002	)			9,875			8,269			2,791				17,933
Ending Balance		$	333,242			$	295,293			$ 294,580			$ 78,241			$	1,001,356			$	333,242			$	295,293			$ 294,580			$ 78,241			$	1,001,356
% Change			0%				3%			1%			(4)%				1%				4%				7%			11%			(2)%				6%

Fee-Earning AUM Rollforward

($ in millions)



	Three Months Ended June 30, 2023																		Twelve Months Ended June 30, 2023


	Real Estate				Private Equity				Credit & Insurance			Hedge Fund Solutions			Total				Real Estate				Private Equity				Credit & Insurance			Hedge Fund Solutions			Total
Beginning Balance		$	287,497			$	165,344			$ 206,623			$ 72,510			$	731,973			$	252,126			$	163,522			$ 195,549			$ 72,630			$	683,826
Inflows			7,115				1,386			8,359			1,130				17,990				73,893				12,094			38,863			7,584				132,434
Outflows			(3,832	)			(121	)		(4,238	)		(2,812	)			(11,004	)			(19,928	)			(3,149	)		(20,731	)		(10,106	)			(53,915	)
Net Flows			3,282				1,265			4,121			(1,683	)			6,986				53,965				8,945			18,132			(2,522	)			78,519
Realizations			(5,458	)			(1,593	)		(3,496	)		(1,818	)			(12,366	)			(18,409	)			(7,996	)		(10,112	)		(3,307	)			(39,824	)
Market Activity			2,235				627			1,119			571				4,551				(125	)			1,172			4,798			2,779				8,625
Ending Balance		$	287,556			$	165,642			$ 208,367			$ 69,579			$	731,145			$	287,556			$	165,642			$ 208,367			$ 69,579			$	731,145
% Change			0%				0%			1%			(4)%				(0)%				14%				1%			7%			(4)%				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 June 30, 2023, Blackstone had $8.3 billion in total cash, cash equivalents, corporate treasury, and other

investments and $17.1 billion of cash and net investments, or $14.02 per share.

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



($ in millions)	2Q’23

Cash and Cash Equivalents	$	3,280

Corporate Treasury and Other Investments		4,988

GP/Fund Investments		2,361

Net Accrued Performance Revenues		6,469

Cash and Net Investments	$	17,099

Outstanding Debt (at par)		10,722

Cash and Net Investments

(per share)

LOGO

A+ / A+

rated by S&P and Fitch

$4.1B

credit revolver with

June 2027 maturity

$8.3B

total cash, corporate

treasury and other

Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $3.7 billion as of June 30, 2023, which was comprised of $3.4 billion

of liquid investments and $383 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)	2Q’22		1Q’23		2Q’23		2Q’23
($ in millions, except per share data)	2Q’22		1Q’23		2Q’23		Per Share

Real Estate

BREP IV	$	7	$	6	$	6	$	0.01

BREP V		3		4		4		0.00

BREP VI		32		19		17		0.01

BREP VII		164		86		60		0.05

BREP VIII		841		717		707		0.58

BREP IX		1,015		1,015		987		0.81

BREP Europe IV		83		43		36		0.03

BREP Europe V		120		28		19		0.02

BREP Europe VI		80		68		90		0.07

BREP Asia I		114		104		89		0.07

BREP Asia II		153		37		-		-

BPP		755		518		512		0.42

BREDS		15		6		12		0.01

BTAS		111		22		17		0.01

Real Estate	$	3,491	$	2,672	$	2,556	$	2.10

Private Equity

BCP IV		8		6		6	$	0.01

BCP V		3		31		41		0.03

BCP VI		407		407		411		0.34

BCP VII		975		854		900		0.74

BCP VIII		235		276		297		0.24

BCP Asia I		195		95		94		0.08

BEP I		27		26		29		0.02

BEP II		-		2		73		0.06

BEP III		76		158		202		0.17

BCEP		224		213		205		0.17

Tactical Opportunities		311		223		236		0.19

Secondaries		629		511		527		0.43

Infrastructure		67		158		189		0.15

Life Sciences		24		29		24		0.02

BTAS/Other		228		172		169		0.14

Private Equity	$	3,408	$	3,161	$	3,402	$	2.79



Credit & Insurance	$	271	$	239	$	247	$	0.20



Hedge Fund Solutions	$	305	$	300	$	265	$	0.22



Net Accrued Performance Revenues	$	7,476	$	6,372	$	6,469	$	5.31

2Q’23 QoQ Rollforward

($ in millions)



			Net		Net
			Performance		Realized
	1Q’23		Revenues		Distributions			2Q’23

Real Estate	$	2,672	$	30	$	(146	)	$	2,556

Private Equity		3,161		325		(85	)		3,402

Credit & Insurance		239		112		(104	)		247

HFS		300		15		(51	)		265

Total	$	6,372	$	482	$	(385	)	$	6,469

QoQ Change									2%

2Q’23 LTM Rollforward

($ in millions)



			Net			Net
			Performance			Realized
	2Q’22		Revenues			Distributions			2Q’23

Real Estate	$	3,491	$	(425	)	$	(510	)	$	2,556

Private Equity		3,408		682			(689	)		3,402

Credit & Insurance		271		382			(406	)		247

HFS		305		87			(128	)		265

Total	$	7,476	$	726		$	(1,732	)	$	6,469

YoY Change										(13)%

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 JUNE 30, 2023^(a)



($/€ in thousands, except where noted)	Committed		Available		Unrealized Investments			Realized Investments			Total Investments			Net IRRs (d)

Fund (Investment Period Beginning Date / Ending Date)	Capital		Capital (b)		Value		MOIC (c)	Value		MOIC (c)	Value		MOIC (c)	Realized	Total
Real Estate
Pre-BREP	$	140,714	$	-	$	-	n/a	$	345,190	2.5x	$	345,190	2.5x	33%	33%
BREP I (Sep 1994 / Oct 1996)		380,708		-		-	n/a		1,327,708	2.8x		1,327,708	2.8x	40%	40%
BREP II (Oct 1996 / Mar 1999)		1,198,339		-		-	n/a		2,531,614	2.1x		2,531,614	2.1x	19%	19%
BREP III (Apr 1999 / Apr 2003)		1,522,708		-		-	n/a		3,330,406	2.4x		3,330,406	2.4x	21%	21%
BREP IV (Apr 2003 / Dec 2005)		2,198,694		-		19,634	n/a		4,641,310	1.7x		4,660,944	1.7x	12%	12%
BREP V (Dec 2005 / Feb 2007)		5,539,418		-		5,571	n/a		13,463,448	2.3x		13,469,019	2.3x	11%	11%
BREP VI (Feb 2007 / Aug 2011)		11,060,444		550,934		176,574	2.1x		27,544,722	2.5x		27,721,296	2.5x	13%	13%
BREP VII (Aug 2011 / Apr 2015)		13,501,324		1,440,313		2,565,307	0.7x		28,208,993	2.4x		30,774,300	2.0x	22%	14%
BREP VIII (Apr 2015 / Jun 2019)		16,596,674		2,221,028		13,808,278	1.5x		21,623,193	2.5x		35,431,471	2.0x	28%	16%
BREP IX (Jun 2019 / Aug 2022)		21,320,164		3,875,365		26,541,115	1.5x		8,433,953	2.2x		34,975,068	1.6x	61%	24%
*BREP X (Aug 2022 / Feb 2028)		30,498,731		28,904,123		1,693,146	1.1x		-	n/a		1,693,146	1.1x	n/a	n/m
Total Global BREP	$	103,957,918	$	36,991,763	$	44,809,625	1.4x	$	111,450,537	2.4x	$	156,260,162	2.0x	18%	16%
BREP Int’l (Jan 2001 / Sep 2005)	€	824,172	€	-	€	-	n/a	€	1,373,170	2.1x	€	1,373,170	2.1x	23%	23%
BREP Int’l II (Sep 2005 / Jun 2008) (e)		1,629,748		-		-	n/a		2,583,032	1.8x		2,583,032	1.8x	8%	8%
BREP Europe III (Jun 2008 / Sep 2013)		3,205,420		394,520		196,294	0.4x		5,853,092	2.4x		6,049,386	2.0x	18%	13%
BREP Europe IV (Sep 2013 / Dec 2016)		6,674,949		1,288,693		1,356,843	1.0x		9,936,953	1.9x		11,293,796	1.7x	19%	13%
BREP Europe V (Dec 2016 / Oct 2019)		7,968,437		1,303,840		4,981,282	1.0x		6,694,372	3.9x		11,675,654	1.7x	42%	11%
*BREP Europe VI (Oct 2019 / Apr 2025)		10,051,420		4,035,328		7,158,889	1.2x		3,424,218	2.6x		10,583,107	1.4x	72%	19%
Total BREP Europe	€	30,354,146	€	7,022,381	€	13,693,308	1.1x	€	29,864,837	2.3x	€	43,558,145	1.7x	17%	12%
BREP Asia I (Jun 2013 / Dec 2017)	$	4,262,075	$	897,915	$	1,751,714	1.4x	$	6,801,153	2.0x	$	8,552,867	1.8x	17%	12%
BREP Asia II (Dec 2017 / Mar 2022)		7,347,370		1,470,961		6,708,407	1.2x		1,594,864	1.9x		8,303,271	1.3x	32%	7%
*BREP Asia III (Mar 2022 / Sep 2027)		8,221,870		7,194,247		999,298	1.0x		-	n/a		999,298	1.0x	n/a	(20)%
Total BREP Asia	$	19,831,315	$	9,563,123	$	9,459,419	1.2x	$	8,396,017	2.0x	$	17,855,436	1.5x	18%	10%
BREP Co-Investment (f)		7,298,869		32,106		1,031,360	2.2x		15,118,484	2.2x		16,149,844	2.2x	16%	16%
Total BREP	$	167,230,303	$	54,247,707	$	70,825,555	1.3x	$	171,475,110	2.3x	$	242,300,665	1.9x	17%	15%
*BREDS High-Yield (Various) (g)		23,678,637		7,739,343		6,032,576	1.0x		17,805,349	1.3x		23,837,925	1.2x	10%	9%

Private Equity
Corporate Private Equity
BCP I (Oct 1987 / Oct 1993)	$	859,081	$	-	$	-	n/a	$	1,741,738	2.6x	$	1,741,738	2.6x	19%	19%
BCP II (Oct 1993 / Aug 1997)		1,361,100		-		-	n/a		3,268,627	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		16,329	n/a		2,981,999	1.4x		2,998,328	1.4x	6%	6%
BCP IV (Nov 2002 / Dec 2005)		6,773,182		195,824		28,708	n/a		21,694,051	2.9x		21,722,759	2.9x	36%	36%
BCP V (Dec 2005 / Jan 2011)		21,009,112		1,035,259		172,185	11.7x		38,675,419	1.9x		38,847,604	1.9x	8%	8%
BCP VI (Jan 2011 / May 2016)		15,195,539		1,341,322		6,011,206	1.9x		26,696,258	2.3x		32,707,464	2.2x	15%	13%
BCP VII (May 2016 / Feb 2020)		18,857,492		1,694,290		20,243,357	1.6x		14,110,945	2.6x		34,354,302	1.9x	33%	14%
*BCP VIII (Feb 2020 / Feb 2026)		25,651,776		11,257,684		18,946,828	1.3x		1,179,311	2.4x		20,126,139	1.3x	n/m	13%
BCP IX (TBD)		16,623,978		16,623,978		-	n/a		-	n/a		-	n/a	n/a	n/a
Energy I (Aug 2011 / Feb 2015)		2,441,558		174,492		516,882	1.6x		4,166,580	2.0x		4,683,462	2.0x	12%	12%
Energy II (Feb 2015 / Feb 2020)		4,628,506		867,080		4,391,172	1.7x		3,153,521	1.5x		7,544,693	1.6x	9%	8%
*Energy III (Feb 2020 / Feb 2026)		4,367,658		2,312,829		4,032,943	2.1x		1,076,572	2.3x		5,109,515	2.2x	63%	43%
Energy IV (TBD)		2,054,592		2,054,592		-	n/a		-	n/a		-	n/a	n/a	n/a
BCP Asia I (Dec 2017 / Sep 2021)		2,438,028		418,459		2,785,974	1.5x		1,787,587	4.9x		4,573,561	2.1x	96%	27%
*BCP Asia II (Sep 2021 / Sep 2027)		6,656,115		5,853,941		901,216	1.4x		25	n/a		901,241	1.4x	n/a	n/m
Core Private Equity I (Jan 2017 / Mar 2021) (h)		4,761,605		1,161,678		7,265,690	1.9x		2,423,556	4.4x		9,689,246	2.2x	56%	19%
*Core Private Equity II (Mar 2021 / Mar 2026) (h)		8,205,237		5,752,381		2,861,516	1.2x		59,581	n/a		2,921,097	1.2x	n/a	9%
Total Corporate Private Equity	$	147,989,311	$	50,768,384	$	68,174,006	1.6x	$	132,244,477	2.2x	$	200,418,483	1.9x	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 JUNE 30, 2023^(a) – (CONT’D)



($/€ in thousands, except where noted)	Committed		Available		Unrealized Investments			Realized Investments			Total Investments			Net IRRs (d)

Fund (Investment Period Beginning Date / Ending Date)	Capital		Capital (b)		Value		MOIC (c)	Value		MOIC (c)	Value		MOIC (c)	Realized	Total
Private Equity (continued)

Tactical Opportunities

*Tactical Opportunities (Various)	$	29,677,795	$	15,841,153	$	11,013,035	1.2x	$	22,324,457	1.9x	$	33,337,492	1.6x	16%	11%

*Tactical Opportunities Co-Investment and Other (Various)		9,880,601		1,362,882		4,623,047	1.7x		8,764,203	1.6x		13,387,250	1.6x	18%	17%

Total Tactical Opportunities	$	39,558,396	$	17,204,035	$	15,636,082	1.3x	$	31,088,660	1.8x	$	46,724,742	1.6x	17%	12%

Growth

*BXG I (Jul 2020 / Jul 2025)		5,056,267		1,204,757		3,597,195	1.0x		406,582	3.2x		4,003,777	1.1x	n/m	(2)%

BXG II (TBD)		4,057,253		4,057,253		-	n/a		-	n/a		-	n/a	n/a	n/a

Total Growth	$	9,113,520	$	5,262,010	$	3,597,195	1.0x	$	406,582	3.2x	$	4,003,777	1.1x	n/m	(2)%

Strategic Partners (Secondaries)

Strategic Partners I-V (Various) (i)		11,035,527		628,775		342,849	n/a		16,541,714	n/a		16,884,563	1.7x	n/a	13%

Strategic Partners VI (Apr 2014 / Apr 2016) (i)		4,362,772		874,051		972,992	n/a		4,085,158	n/a		5,058,150	1.7x	n/a	14%

Strategic Partners VII (May 2016 / Mar 2019) (i)		7,489,970		1,705,043		4,300,584	n/a		6,260,527	n/a		10,561,111	2.0x	n/a	19%

Strategic Partners Real Assets II (May 2017 / Jun 2020) (i)		1,749,807		477,595		1,207,811	n/a		1,100,472	n/a		2,308,283	1.7x	n/a	17%

Strategic Partners VIII (Mar 2019 / Oct 2021) (i)		10,763,600		4,576,451		8,407,392	n/a		5,894,590	n/a		14,301,982	1.8x	n/a	35%

*Strategic Partners Real Estate, SMA and Other (Various) (i)		6,061,738		1,974,271		2,023,763	n/a		2,009,060	n/a		4,032,823	1.7x	n/a	17%

*Strategic Partners Infrastructure III (Jun 2020 / Jul 2024) (i)		3,250,100		1,310,498		1,365,189	n/a		239,153	n/a		1,604,342	1.5x	n/a	40%

*Strategic Partners IX (Oct 2021 / Jan 2027) (i)		19,492,126		12,287,157		4,340,449	n/a		538,872	n/a		4,879,321	1.2x	n/a	32%

*Strategic Partners GP Solutions (Jun 2021 / Dec 2026) (i)		2,045,211		1,013,668		659,731	n/a		-	n/a		659,731	1.2x	n/a	7%

Total Strategic Partners (Secondaries)	$	66,250,851	$	24,847,509	$	23,620,760	n/a	$	36,669,546	n/a	$	60,290,306	1.7x	n/a	15%

Life Sciences

Clarus IV (Jan 2018 / Jan 2020)		910,000		95,412		878,772	1.5x		299,296	2.0x		1,178,068	1.6x	24%	11%

*BXLS V (Jan 2020 / Jan 2025)		4,910,605		3,253,897		1,797,158	1.3x		96,352	1.1x		1,893,510	1.3x	n/m	3%

Credit

Mezzanine / Opportunistic I (Jul 2007 / Oct 2011)	$	2,000,000	$	97,114	$	-	n/a	$	4,809,097	1.6x	$	4,809,097	1.6x	n/a	17%

Mezzanine / Opportunistic II (Nov 2011 / Nov 2016)		4,120,000		993,248		155,137	0.2x		6,588,424	1.6x		6,743,561	1.4x	n/a	10%

Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)		6,639,133		905,741		2,549,757	1.0x		7,263,532	1.6x		9,813,289	1.4x	n/a	10%

*Mezzanine / Opportunistic IV (Jan 2021 / Jan 2026)		5,016,771		3,271,137		2,561,989	1.1x		499,780	1.7x		3,061,769	1.1x	n/a	10%

Stressed / Distressed I (Sep 2009 / May 2013)		3,253,143		-		-	n/a		5,777,098	1.3x		5,777,098	1.3x	n/a	9%

Stressed / Distressed II (Jun 2013 / Jun 2018)		5,125,000		547,430		270,251	0.4x		5,311,039	1.2x		5,581,290	1.1x	n/a	1%

Stressed / Distressed III (Dec 2017 / Dec 2022)		7,356,380		1,979,950		3,158,178	1.0x		3,208,190	1.4x		6,366,368	1.1x	n/a	7%

Energy I (Nov 2015 / Nov 2018)		2,856,867		1,134,904		482,636	0.7x		3,001,007	1.8x		3,483,643	1.5x	n/a	10%

Energy II (Feb 2019 / Jun 2023)		3,616,081		1,599,068		2,085,432	1.1x		1,387,127	1.7x		3,472,559	1.2x	n/a	19%

*Green Energy III (May 2023 / May 2028)		5,940,534		5,895,199		46,650	1.0x		-	n/a		46,650	1.0x	n/a	n/m

European Senior Debt I (Feb 2015 / Feb 2019)	€	1,964,689	€	282,061	€	632,260	0.7x	€	2,561,141	1.4x	€	3,193,401	1.2x	n/a	2%

European Senior Debt II (Jun 2019 / Jun 2023)	€	4,088,344	€	1,005,305	€	4,258,397	1.0x	€	1,765,451	1.9x	€	6,023,848	1.2x	n/a	10%

Total Credit Drawdown Funds (j)	$	52,829,568	$	17,828,307	$	16,645,736	0.9x	$	42,850,566	1.5x	$	59,496,302	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 JUNE 30, 2023^(a) – (CONT’D)

Selected Perpetual Capital Strategies^(k)



($ in thousands, except where noted)	Investment		Total		Total Net

Strategy (Inception Year)	Strategy		AUM		Return (l)
Real Estate
BPP - Blackstone Property Partners Platform (2013) (m)		Core+ Real Estate	$	71,011,944		9	%
BREIT - Blackstone Real Estate Income Trust (2017) (n)		Core+ Real Estate		67,775,564		11	%
BREIT - Class I (o)		Core+ Real Estate				12	%
BXMT - Blackstone Mortgage Trust (2013) (p)		Real Estate Debt		6,170,531		6	%
Private Equity
BIP - Blackstone Infrastructure Partners (2019) (q)		Infrastructure		29,117,203		14	%
Credit
BXSL - Blackstone Secured Lending Fund (2018) (r)		U.S. Direct Lending		10,905,781		10	%
BCRED - Blackstone Private Credit Fund (2021) (s)		U.S. Direct Lending		58,949,896		9	%
BCRED - Class I (t)		U.S. Direct Lending				9	%
Hedge Fund Solutions
BSCH - Blackstone Strategic Capital Holdings (2014) (u)		GP Stakes		9,093,463		11	%

Investment Records as of June 30, 2023—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 June 30, 2023 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)

Effective June 30, 2023, Unrealized Investment Value, Realized Investment Value, Total Investment Value, Total MOIC and Total Net IRRs are all reported on a three-month lag, reflect Strategic Partners’ fund financial performance as of the prior quarter and therefore do not include the impact of economic and market activities in the current quarter. Previously, such metrics were calculated from results based on a three-month lag and only incorporated investor cash flow information from the current quarter, given that current quarter valuation information was not available. We believe the updated presentation is more reflective of the Strategic Partners’ investor experience. Committed Capital and Available Capital are presented as of 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. Effective June 30, 2023, Strategic Partners I-V and Strategic Partners Real Estate, SMA and Other exclude investment vehicles where Blackstone does not earn fees, which were previously included.

(j)

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

(k)

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

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 continue on page 22.

Blackstone | 21

INVESTMENT RECORDS AS OF JUNE 30, 2023^(a) – (CONT’D)

(l)

Unless otherwise indicated, Total Net Return represents the annualized inception to June 30, 2023 IRR on total invested capital based on realized proceeds and
unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of investor cash flows. Initial
inception date of cash flows occurred during the Inception Year.

(m)

BPP 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 June 30, 2023, these vehicles represented
$2.9 billion of Total AUM.

(n)

The BREIT Total Net Return reflects a per share blended return, assuming BREIT had a single share class, reinvestment of all dividends received during the period, and no
upfront selling commission, net of all fees and expenses incurred by BREIT. 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.

(o)

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.

(p)

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.

(q)

Including co-investment vehicles, BIP Total AUM is $37.0 billion.

(r)

The BXSL Total AUM and Total Net Return are presented as of March 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.

(s)

The BCRED Total Net Return reflects a per share blended return, assuming BCRED had a single share class, reinvestment of all dividends received during the period, and
no upfront selling commission, net of all fees and expenses incurred by BCRED. 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 June 30, 2023 was $23.8 billion.

(t)

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.

(u)

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 $10.0 billion.

Blackstone | 22

SHAREHOLDER DIVIDENDS

Generated $0.93 of Distributable Earnings per common share during the quarter, bringing the YTD amount to
$1.90 per common share.

Blackstone declared a quarterly dividend of $0.79 per common share to record holders as of July 31, 2023; payable
on August 7, 2023.



																					% Change										% Change

($ in thousands, except per share data)	2Q’22				3Q’22				4Q’22				1Q’23				2Q’23				vs. 2Q’22		2Q’22 YTD				2Q’23 YTD				vs. 2Q’22 YTD

Distributable Earnings		$	1,985,825			$	1,374,869			$	1,334,206			$	1,249,092			$	1,212,072			(39)%		$	3,923,705			$	2,461,164			(37	)%

Add: Other Payables Attributable to Common Shareholders			298,570				145,137				67,528				131,300				129,187			(57)%			413,736				260,487			(37	)%

DE Before Certain Payables			2,284,395				1,520,006				1,401,734				1,380,392				1,341,259			(41)%			4,337,441				2,721,651			(37	)%

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

DE Before Certain Payables Attributable to Common Shareholders			1,402,640				934,240				862,892				852,166				833,992			(41)%			2,657,343				1,686,158			(37	)%

Less: Other Payables Attributable to Common Shareholders			(298,570	)			(145,137	)			(67,528	)			(131,300	)			(129,187	)		(57)%			(413,736	)			(260,487	)		(37	)%

DE Attributable to Common Shareholders			1,104,070				789,103				795,364				720,866				704,805			(36)%			2,243,607				1,425,671			(36	)%

DE per Common Share		$	1.49			$	1.06			$	1.07			$	0.97			$	0.93			(38)%		$	3.04			$	1.90			(38	)%

Less: Retained Capital per Common Share		$	(0.22	)		$	(0.16	)		$	(0.16	)		$	(0.15	)		$	(0.14	)		(36)%		$	(0.45	)		$	(0.29	)		(36	)%

Actual Dividend per Common Share		$	1.27			$	0.90			$	0.91			$	0.82			$	0.79			(38)%		$	2.59			$	1.61			(38	)%

Record Date																			Jul 31, 2023

Payable Date																			Aug 7, 2023

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 1.219 billion shares.

–

Repurchased 1.0 million common shares in the quarter and 4.0 million common shares over the LTM.

–

Available authorization remaining was $932 million at June 30, 2023.



	2Q’22		3Q’22		4Q’22		1Q’23		2Q’23

Participating Common Shares		742,187,838		741,552,385		742,653,758		745,916,828		758,148,528

Participating Partnership Units		466,568,377		464,951,386		463,758,383		462,366,799		461,135,682

Distributable Earnings Shares Outstanding		1,208,756,215		1,206,503,771		1,206,412,141		1,208,283,627		1,219,284,210

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 SECOND QUARTER 2023 GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS



($ in thousands, except per share data) (unaudited)	2Q’22			2Q’23			2Q’22 YTD			2Q’23 YTD			2Q’22 LTM			2Q’23 LTM
Revenues
Management and Advisory Fees, Net	$	1,561,187		$	1,709,370		$	3,037,123		$	3,367,685		$	5,817,466		$	6,633,877
Incentive Fees		99,598			153,077			204,087			295,953			388,747			616,993
Investment Income (Loss)
Performance Allocations
Realized		2,453,769			502,084			4,220,155			1,148,978			8,530,620			2,310,463
Unrealized		(3,467,668	)		114,395			(2,174,618	)		(644,817	)		1,338,961			(1,905,255	)
Principal Investments
Realized		265,161			54,835			550,265			162,893			1,046,989			462,955
Unrealized		(500,490	)		164,089			(426,529	)		(327,328	)		61,522			(1,464,648	)
Total Investment Income (Loss)		(1,249,228	)		835,403			2,169,273			339,726			10,978,092			(596,485	)
Interest and Dividend Revenue		62,075			148,505			116,560			238,990			214,774			394,042
Other		155,588			(31,664	)		228,457			(45,818	)		343,343			(89,718	)
Total Revenues	$	629,220		$	2,814,691		$	5,755,500		$	4,196,536		$	17,742,422		$	6,958,709
Expenses
Compensation and Benefits
Compensation		686,012			737,017			1,342,517			1,453,302			2,454,748			2,680,565
Incentive Fee Compensation		45,363			64,227			86,382			127,508			156,738			249,124
Performance Allocations Compensation
Realized		1,035,916			205,196			1,753,517			501,990			3,505,060			973,737
Unrealized		(1,386,543	)		54,155			(914,259	)		(259,094	)		663,601			(815,423	)
Total Compensation and Benefits		380,748			1,060,595			2,268,157			1,823,706			6,780,147			3,088,003
General, Administrative and Other		289,288			275,034			529,962			548,428			1,057,630			1,111,137
Interest Expense		69,642			108,096			136,389			212,537			245,352			393,373
Fund Expenses		4,435			31,585			6,627			79,984			10,846			104,032
Total Expenses	$	744,113		$	1,475,310		$	2,941,135		$	2,664,655		$	8,093,975		$	4,696,545
Other Income (Loss)
Change in Tax Receivable Agreement Liability		(13	)		7,095			748			1,887			(4,529	)		23,422
Net Gains (Losses) from Fund Investment Activities		(104,326	)		80,500			(53,450	)		151,564			160,705			99,872
Income Before Provision (Benefit) for Taxes	$	(219,232	)	$	1,426,976		$	2,761,663		$	1,685,332		$	9,804,623		$	2,385,458
Provision for Taxes		36,514			223,269			519,795			270,944			1,416,393			224,029
Net Income (Loss)	$	(255,746	)	$	1,203,707		$	2,241,868		$	1,414,388		$	8,388,230		$	2,161,429
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		25,875			17,688			30,927			10,988			35,401			(162,829	)
Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities		(216,707	)		89,436			(332	)		164,305			806,608			272,403
Net Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings		(35,521	)		495,309			1,023,792			552,009			3,558,367			804,619
Net Income (Loss) Attributable to Blackstone Inc. (‘‘BX’’)	$	(29,393	)	$	601,274		$	1,187,481		$	687,086		$	3,987,854		$	1,247,236
Net Income (Loss) Per Share of Common Stock, Basic	$	(0.04	)	$	0.79		$	1.61		$	0.91		$	5.45		$	1.67
Net Income (Loss) Per Share of Common Stock, Diluted	$	(0.04	)	$	0.79		$	1.61		$	0.91		$	5.45		$	1.67

Blackstone | 26

RECONCILIATION OF GAAP TO NON-GAAP MEASURES



	QTD															YTD						LTM



($ in thousands)	2Q’22			3Q’22			4Q’22			1Q’23			2Q’23			2Q’22			2Q’23			2Q’22			2Q’23

Net Income (Loss) Attributable to Blackstone Inc.	$	(29,393	)	$	2,296		$	557,854		$	85,812		$	601,274		$	1,187,481		$	687,086		$	3,987,854		$	1,247,236

Net Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings		(35,521	)		37,724			214,886			56,700			495,309			1,023,792			552,009			3,558,367			804,619

Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities		(216,707	)		(62,093	)		170,191			74,869			89,436			(332	)		164,305			806,608			272,403

Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		25,875			25,773			(199,590	)		(6,700	)		17,688			30,927			10,988			35,401			(162,829	)

Net Income (Loss)	$	(255,746	)	$	3,700		$	743,341		$	210,681		$	1,203,707		$	2,241,868		$	1,414,388		$	8,388,230		$	2,161,429

Provision (Benefit) for Taxes		36,514			94,231			(141,146	)		47,675			223,269			519,795			270,944			1,416,393			224,029

Income (Loss) Before Provision (Benefit) for Taxes	$	(219,232	)	$	97,931		$	602,195		$	258,356		$	1,426,976		$	2,761,663		$	1,685,332		$	9,804,623		$	2,385,458

Transaction-Related Charges (a)		25,141			9,247			(2,588	)		8,621			2,228			50,474			10,849			131,091			17,508

Amortization of Intangibles (b)		17,044			13,238			13,155			11,341			7,412			34,088			18,753			68,176			45,146

Impact of Consolidation (c)		190,832			36,320			29,399			(68,169	)		(107,124	)		(30,595	)		(175,293	)		(842,009	)		(109,574	)

Unrealized Performance Revenues (d)		3,467,668			771,637			490,723			759,316			(114,379	)		2,174,618			644,937			(1,338,961	)		1,907,297

Unrealized Performance Allocations Compensation (e)		(1,386,543	)		(359,590	)		(196,739	)		(313,249	)		54,155			(914,259	)		(259,094	)		663,601			(815,423	)

Unrealized Principal Investment (Income) Loss (f)		203,288			996,105			62,894			479,120			(160,702	)		176,530			318,418			25,355			1,377,417

Other Revenues (g)		(155,704	)		(198,546	)		243,315			14,180			31,718			(228,523	)		45,898			(343,265	)		90,667

Equity-Based Compensation (h)		195,644			190,197			194,704			268,134			249,755			397,189			517,889			691,032			902,790

Administrative Fee Adjustment (i)		2,476			2,460			2,445			2,447			2,413			4,961			4,860			9,890			9,765

Taxes and Related Payables (j)		(354,789	)		(184,130	)		(105,297	)		(171,005	)		(180,380	)		(502,441	)		(351,385	)		(1,037,228	)		(640,812	)

Distributable Earnings	$	1,985,825		$	1,374,869		$	1,334,206		$	1,249,092		$	1,212,072		$	3,923,705		$	2,461,164		$	7,832,305		$	5,170,239

Taxes and Related Payables (j)		354,789			184,130			105,297			171,005			180,380			502,441			351,385			1,037,228			640,812

Net Interest and Dividend (Income) Loss (k)		3,282			22,850			(6,755	)		9,108			(46,110	)		15,399			(37,002	)		24,858			(20,907	)

Total Segment Distributable Earnings	$	2,343,896		$	1,581,849		$	1,432,748		$	1,429,205		$	1,346,342		$	4,441,545		$	2,775,547		$	8,894,391		$	5,790,144

Realized Performance Revenues (l)		(2,206,774	)		(469,009	)		(472,745	)		(641,526	)		(388,423	)		(3,519,584	)		(1,029,949	)		(6,208,435	)		(1,971,703	)

Realized Performance Compensation (m)		926,974			206,224			161,779			296,024			178,370			1,446,094			474,394			2,514,469			842,397

Realized Principal Investment (Income) Loss (n)		(43,509	)		(139,765	)		(55,887	)		(43,691	)		7,461			(200,604	)		(36,230	)		(427,082	)		(231,882	)

Fee Related Earnings	$	1,020,587		$	1,179,299		$	1,065,895		$	1,040,012		$	1,143,750		$	2,167,451		$	2,183,762		$	4,773,343		$	4,428,956

Adjusted EBITDA Reconciliation

Distributable Earnings	$	1,985,825		$	1,374,869		$	1,334,206		$	1,249,092		$	1,212,072		$	3,923,705		$	2,461,164		$	7,832,305		$	5,170,239

Interest Expense (o)		69,425			80,312			100,230			104,209			107,130			136,027			211,339			244,187			391,881

Taxes and Related Payables (j)		354,789			184,130			105,297			171,005			180,380			502,441			351,385			1,037,228			640,812

Depreciation and Amortization (p)		15,644			14,958			24,301			23,175			24,100			29,960			47,275			57,273			86,534

Adjusted EBITDA	$	2,425,683		$	1,654,269		$	1,564,034		$	1,547,481		$	1,523,682		$	4,592,133		$	3,071,163		$	9,170,993		$	6,289,466

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

(b)	This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation.

(c)

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

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



	QTD															YTD						LTM

($ in thousands)	2Q’22			3Q’22			4Q’22			1Q’23			2Q’23			2Q’22			2Q’23			2Q’22			2Q’23

GAAP Unrealized Performance Allocations	$	(3,467,668	)	$	(771,637	)	$	(488,801	)	$	(759,212	)	$	114,395		$	(2,174,618	)	$	(644,817	)	$	1,338,961		$ (1,905,255)

Segment Adjustment		-			-			(1,922	)		(104	)		(16	)		-			(120	)		-		(2,042)

Unrealized Performance Revenues	$	(3,467,668	)	$	(771,637	)	$	(490,723	)	$	(759,316	)	$	114,379		$	(2,174,618	)	$	(644,937	)	$	1,338,961		$ (1,907,297)

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

	QTD															YTD						LTM

($ in thousands)	2Q’22			3Q’22			4Q’22			1Q’23			2Q’23			2Q’22			2Q’23			2Q’22			2Q’23

GAAP Unrealized Principal Investment Income (Loss)	$	(500,490	)	$	(1,069,697	)	$	(67,623	)	$	(491,417	)	$	164,089		$	(426,529	)	$	(327,328	)	$	61,522		$ (1,464,648)

Segment Adjustment		297,202			73,592			4,729			12,297			(3,387	)		249,999			8,910			(86,877	)	87,231

Unrealized Principal Investment Income (Loss)	$	(203,288	)	$	(996,105	)	$	(62,894	)	$	(479,120	)	$	160,702		$	(176,530	)	$	(318,418	)	$	(25,355	)	$ (1,377,417)

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

	QTD															YTD						LTM

($ in thousands)	2Q’22			3Q’22			4Q’22			1Q’23			2Q’23			2Q’22			2Q’23			2Q’22			2Q’23

GAAP Other Revenue	$	155,588		$	199,382		$	(243,282	)	$	(14,154	)	$	(31,664	)	$	228,457		$	(45,818	)	$	343,343		$ (89,718)

Segment Adjustment		116			(836	)		(33	)		(26	)		(54	)		66			(80	)		(78	)	(949)

Other Revenues	$	155,704		$	198,546		$	(243,315	)	$	(14,180	)	$	(31,718	)	$	228,523		$	(45,898	)	$	343,265		$ (90,667)

(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						LTM

($ in thousands)	2Q’22			3Q’22			4Q’22			1Q’23			2Q’23			2Q’22			2Q’23			2Q’22			2Q’23

Taxes	$	324,954		$	163,602		$	80,242		$	151,002		$	156,956		$	449,599		$	307,958		$	955,256		$	551,802

Related Payables		29,835			20,528			25,055			20,003			23,424			52,842			43,427			81,972			89,010
Taxes and Related Payables	$	354,789		$	184,130		$	105,297		$	171,005		$	180,380		$	502,441		$	351,385		$	1,037,228		$	640,812
(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						LTM

($ in thousands)	2Q’22			3Q’22			4Q’22			1Q’23			2Q’23			2Q’22			2Q’23			2Q’22			2Q’23

GAAP Interest and Dividend Revenue	$	62,075		$	52,420		$	102,632		$	90,485		$	148,505		$	116,560		$	238,990		$	214,774		$	394,042

Segment Adjustment		4,068			5,042			4,353			4,616			4,735			4,068			9,351			4,555			18,746

Interest and Dividend Revenue	$	66,143		$	57,462		$	106,985		$	95,101		$	153,240		$	120,628		$	248,341		$	219,329		$	412,788

GAAP Interest Expense	$	69,642		$	80,507		$	100,329		$	104,441		$	108,096		$	136,389		$	212,537		$	245,352		$	393,373

Segment Adjustment		(217	)		(195	)		(99	)		(232	)		(966	)		(362	)		(1,198	)		(1,165	)		(1,492	)

Interest Expense	$	69,425		$	80,312		$	100,230		$	104,209		$	107,130		$	136,027		$	211,339		$	244,187		$	391,881

Net Interest and Dividend Income (Loss)	$	(3,282	)	$	(22,850	)	$	6,755		$	(9,108	)	$	46,110		$	(15,399	)	$	37,002		$	(24,858	)	$	20,907

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

	2Q’22			3Q’22			4Q’22			1Q’23			2Q’23

GAAP Shares of Common Stock Outstanding		706,476,877			708,995,155			710,276,923			712,794,968			713,551,859

Unvested Participating Common Shares		35,710,961			32,557,230			32,376,835			33,121,860			44,596,669

Total Participating Common Shares		742,187,838			741,552,385			742,653,758			745,916,828			758,148,528

Participating Partnership Units		466,568,377			464,951,386			463,758,383			462,366,799			461,135,682

Distributable Earnings Shares Outstanding		1,208,756,215			1,206,503,771			1,206,412,141			1,208,283,627			1,219,284,210
Disclosure of Weighted-Average Shares Common Stock Outstanding

	QTD															YTD						LTM

	2Q’22			3Q’22			4Q’22			1Q’23			2Q’23			2Q’22			2Q’23			2Q’22			2Q’23

Total GAAP Weighted-Average Shares of Common Stock Outstanding - Basic		707,382,293			742,345,646			742,742,919			746,064,922			758,479,943			738,752,489			752,306,729			731,485,547			747,385,306

Weighted-Average Shares of Unvested Deferred Restricted Common Stock		-			149,886			186,808			579,007			68,305			388,373			323,656			376,701			246,001

Total GAAP Weighted-Average Shares of Common Stock Outstanding - Diluted		707,382,293			742,495,532			742,929,727			746,643,929			758,548,248			739,140,862			752,630,385			731,862,248			747,631,307

GAAP Shares of Common Stock Outstanding and Total GAAP Weighted-Average Shares of Common Stock Outstanding – Basic for 3Q’22 include the effect of share

repurchases that were initiated before quarter end but where the shares were not retired until after quarter end.

Blackstone | 29

BLACKSTONE’S SECOND QUARTER 2023 GAAP CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION



($ in thousands) (unaudited)	2Q’22			3Q’22			4Q’22			1Q’23			2Q’23

Assets

Cash and Cash Equivalents	$	4,183,380		$	3,480,003		$	4,252,003		$	2,830,971		$	3,280,204

Cash Held by Blackstone Funds and Other		129,276			94,358			241,712			190,322			215,444

Investments		27,323,758			26,256,148			27,553,251			26,985,951			27,048,621

Accounts Receivable		774,137			835,529			462,904			924,934			664,028

Due from Affiliates		3,891,958			4,029,490			4,146,707			4,099,765			4,294,437

Intangible Assets, Net		246,988			232,096			217,287			230,295			219,221

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

Other Assets		658,298			785,794			800,458			833,232			905,454

Right-of-Use Assets		886,911			887,832			896,981			894,067			888,190

Deferred Tax Assets		1,646,400			1,767,869			2,062,722			2,206,700			2,176,983

Total Assets	$	41,631,308		$	40,259,321		$	42,524,227		$	41,086,439		$	41,582,784

Liabilities and Equity

Loans Payable	$	9,365,274		$	9,263,080		$	12,349,584		$	12,311,469		$	12,299,855

Due to Affiliates		2,001,391			2,060,891			2,118,481			1,974,182			2,092,837

Accrued Compensation and Benefits		6,765,492			6,732,507			6,101,801			5,470,773			5,685,879

Securities Sold, Not Yet Purchased		27,029			26,783			3,825			3,881			3,821

Repurchase Agreements		152,529			313,138			89,944			19,563			18,262

Operating Lease Liabilities		993,875			985,632			1,021,454			1,016,808			1,013,813

Accounts Payable, Accrued Expenses and Other Liabilities		991,620			1,141,905			1,158,071			1,575,938			1,377,838

Total Liabilities		20,297,210			20,523,936			22,843,160			22,372,614			22,492,305

Redeemable Non-Controlling Interests in Consolidated Entities		1,275,491			1,344,188			1,715,006			1,644,697			1,626,349

Equity

Common Stock, $0.00001 par value (713,551,859 shares issued and outstanding as of June 30, 2023)		7			7			7			7			7

Series I Preferred Stock, $0.00001 par value (1 share issued and outstanding as of June 30, 2023)		-			-			-			-			-

Series II Preferred Stock, $0.00001 par value (1 share issued and outstanding as of June 30, 2023)		-			-			-			-			-

Additional Paid-in-Capital		5,870,285			5,791,006			5,935,273			5,957,054			6,076,367

Retained Earnings		2,803,100			1,869,463			1,748,106			1,156,109			1,160,278

Accumulated Other Comprehensive Loss		(42,225	)		(74,800	)		(27,475	)		(22,333	)		(17,205	)

Non-Controlling Interests in Consolidated Entities		5,281,244			5,357,148			5,056,480			5,058,090			5,174,961

Non-Controlling Interests in Blackstone Holdings		6,146,196			5,448,373			5,253,670			4,920,201			5,069,722

Total Equity		20,058,607			18,391,197			17,966,061			17,069,128			17,464,130

Total Liabilities and Equity	$	41,631,308		$	40,259,321		$	42,524,227		$	41,086,439		$	41,582,784

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)	2Q’22			3Q’22			4Q’22			1Q’23			2Q’23

Investments of Consolidated Blackstone Funds	$	3,764,850		$	3,828,497		$	5,136,967		$	5,443,867		$	5,490,773

Equity Method Investments

Partnership Investments		5,446,688			5,566,645			5,530,420			5,598,552			5,585,603

Accrued Performance Allocations		13,544,855			12,938,888			12,360,682			11,517,750			11,496,244

Corporate Treasury Investments		810,672			799,016			1,053,540			958,632			707,079

Other Investments		3,756,693			3,123,102			3,471,642			3,467,150			3,768,922

Total GAAP Investments		27,323,758			26,256,148			27,553,251			26,985,951			27,048,621



Accrued Performance Allocations - GAAP	$	13,544,855		$	12,938,888		$	12,360,682		$	11,517,750		$	11,496,244

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

Due from Affiliates - GAAP (b)		136,631			154,587			269,987			190,337			197,998

Less: Net Realized Performance Revenues (c)		(262,083	)		(342,922	)		(282,730	)		(379,453	)		(283,131	)

Less: Accrued Performance Compensation - GAAP (d)		(5,955,982	)		(5,693,325	)		(5,512,796	)		(4,956,515	)		(4,941,915	)

Net Accrued Performance Revenues	$	7,475,896		$	7,059,640		$	6,835,143		$	6,372,119		$	6,469,196

Corporate Treasury and Other Investments - GAAP	$	4,567,365		$	3,922,118		$	4,525,181		$	4,425,781		$	4,476,001

Impact of Consolidation (a)		708,469			697,317			588,355			488,785			429,718

Other Assets (e)		642,875			617,346			360,219			347,995			135,637

Other Liabilities (f)		(54,321	)		(37,974	)		(22,718	)		(33,505	)		(53,226	)

Corporate Treasury and Other Investments - Deconsolidated (g)	$	5,864,388		$	5,198,807		$	5,451,037		$	5,229,056		$	4,988,130

Partnership Investments - GAAP	$	5,446,688		$	5,566,645		$	5,530,420		$	5,598,552		$	5,585,603

Impact of Consolidation (h)		(3,169,740	)		(3,221,867	)		(3,221,619	)		(3,273,357	)		(3,224,559	)

GP/Fund Investments - Deconsolidated	$	2,276,948		$	2,344,778		$	2,308,801		$	2,325,195		$	2,361,044

Loans Payable - GAAP	$	9,365,274		$	9,263,080		$	12,349,584		$	12,311,469		$	12,299,855

Impact of Consolidation (i)		-			(30,627	)		(1,450,000	)		(1,742,452	)		(1,714,235	)

Outstanding Debt - Carrying Value		9,365,274			9,232,453			10,899,584			10,569,017			10,585,620

Unamortized Discount		131,526			127,947			141,416			98,783			136,163

Outstanding Debt (at par) - Deconsolidated	$	9,496,800		$	9,360,400		$	11,041,000		$	10,667,800		$	10,721,783

(a)

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

(b)

Represents GAAP accrued performance revenue recorded within Due from Affiliates.

(c)

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

(d)

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

(e)

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

(f)

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

(g)

Deconsolidated Other Investments was $3.7 billion as of June 30, 2023, which was comprised of $3.4 billion of liquid investments and $383 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																				YTD								LTM



($ in thousands)	2Q’22				3Q’22				4Q’22				1Q’22				2Q’23				2Q’22				2Q’23				2Q’22				2Q’23

Management and Advisory Fees, Net

GAAP		$	1,561,187			$	1,617,754			$	1,648,438			$	1,658,315			$	1,709,370			$	3,037,123			$	3,367,685			$	5,817,466			$	6,633,877

Segment Adjustment (a)			(4,270	)			(6,184	)			(7,347	)			(5,928	)			(6,184	)			(6,838	)			(12,112	)			(10,886	)			(25,643	)

Total Segment		$	1,556,917			$	1,611,570			$	1,641,091			$	1,652,387			$	1,703,186			$	3,030,285			$	3,355,573			$	5,806,580			$	6,608,234

GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues

GAAP

Incentive Fees			99,598				110,776				210,264				142,876				153,077				204,087				295,953				388,747				616,993

Investment Income - Realized Performance Allocations			2,453,769				725,888				435,597				646,894				502,084				4,220,155				1,148,978				8,530,620				2,310,463

GAAP		$	2,553,367			$	836,664			$	645,861			$	789,770			$	655,161			$	4,424,242			$	1,444,931			$	8,919,367			$	2,927,456

Total Segment

Less: Realized Performance Revenues			(2,206,774	)			(469,009	)			(472,745	)			(641,526	)			(388,423	)			(3,519,584	)			(1,029,949	)			(6,208,435	)			(1,971,703	)

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

Total Segment		$	346,593			$	372,131			$	172,708			$	148,244			$	266,738			$	904,658			$	414,982			$	2,711,845			$	959,821

GAAP Compensation to Total Segment Fee Related Compensation

GAAP

Compensation			686,012				600,273				626,990				716,285				737,017				1,342,517				1,453,302				2,454,748				2,680,565

Incentive Fees Compensation			45,363				50,355				71,261				63,281				64,227				86,382				127,508				156,738				249,124

Realized Performance Allocations Compensation			1,035,916				313,930				157,817				296,794				205,196				1,753,517				501,990				3,505,060				973,737

GAAP		$	1,767,291			$	964,558			$	856,068			$	1,076,360			$	1,006,440			$	3,182,416			$	2,082,800			$	6,116,546			$	3,903,426

Total Segment

Less: Realized Performance Compensation			(926,974	)			(206,224	)			(161,779	)			(296,024	)			(178,370	)			(1,446,094	)			(474,394	)			(2,514,469	)			(842,397	)

Less: Equity-Based Compensation - Fee Related Compensation			(191,769	)			(187,873	)			(192,141	)			(265,154	)			(246,445	)			(392,156	)			(511,599	)			(682,254	)			(891,613	)

Less: Equity-Based Compensation - Performance Compensation			(3,875	)			(2,324	)			(2,563	)			(2,980	)			(3,310	)			(5,033	)			(6,290	)			(8,778	)			(11,177	)

Segment Adjustment (c)			(23,260	)			(9,869	)			(18,962	)			(3,231	)			(9,507	)			(47,249	)			(12,738	)			(91,646	)			(41,569	)

Total Segment		$	621,413			$	558,268			$	480,623			$	508,971			$	568,808			$	1,291,884			$	1,077,779			$	2,819,399			$	2,116,670

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

GAAP		$	289,288			$	270,369			$	292,340			$	273,394			$	275,034			$	529,962			$	548,428			$	1,057,630			$	1,111,137

Segment Adjustment (d)			(27,778	)			(24,235	)			(25,059	)			(21,746	)			(17,668	)			(54,354	)			(39,414	)			(131,947	)			(88,708	)

Total Segment		$	261,510			$	246,134			$	267,281			$	251,648			$	257,366			$	475,608			$	509,014			$	925,683			$	1,022,429

Realized Performance Revenues

GAAP

Incentive Fees			99,598				110,776				210,264				142,876				153,077				204,087				295,953				388,747				616,993

Investment Income - Realized Performance Allocations			2,453,769				725,888				435,597				646,894				502,084				4,220,155				1,148,978				8,530,620				2,310,463

GAAP		$	2,553,367			$	836,664			$	645,861			$	789,770			$	655,161			$	4,424,242			$	1,444,931			$	8,919,367			$	2,927,456

Total Segment

Less: Fee Related Performance Revenues			(346,593	)			(372,131	)			(172,708	)			(148,244	)			(266,738	)			(904,658	)			(414,982	)			(2,711,845	)			(959,821	)

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

Total Segment		$	2,206,774			$	469,009			$	472,745			$	641,526			$	388,423			$	3,519,584			$	1,029,949			$	6,208,435			$	1,971,703

Blackstone | 32

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



	QTD																				YTD								LTM



($ in thousands)	2Q’22				3Q’22				4Q’22				1Q’22				2Q’23				2Q’22				2Q’23				2Q’22				2Q’23

Realized Performance Compensation

GAAP

Incentive Fee Compensation		$	45,363			$	50,355			$	71,261			$	63,281			$	64,227			$	86,382			$	127,508			$	156,738			$	249,124

Realized Performance Allocations Compensation			1,035,916				313,930				157,817				296,794				205,196				1,753,517				501,990				3,505,060				973,737

GAAP		$	1,081,279			$	364,285			$	229,078			$	360,075			$	269,423			$	1,839,899			$	629,498			$	3,661,798			$	1,222,861

Total Segment

Less: Fee Related Performance Compensation (e)			(150,430	)			(155,737	)			(64,736	)			(61,071	)			(87,743	)			(388,772	)			(148,814	)			(1,138,551	)			(369,287	)

Less: Equity-Based Compensation - Performance Compensation			(3,875	)			(2,324	)			(2,563	)			(2,980	)			(3,310	)			(5,033	)			(6,290	)			(8,778	)			(11,177	)

Total Segment		$	926,974			$	206,224			$	161,779			$	296,024			$	178,370			$	1,446,094			$	474,394			$	2,514,469			$	842,397

Realized Principal Investment Income (Loss)

GAAP		$	265,161			$	193,228			$	106,834			$	108,058			$	54,835			$	550,265			$	162,893			$	1,046,989			$	462,955

Segment Adjustment (f)			(221,652	)			(53,463	)			(50,947	)			(64,367	)			(62,296	)			(349,661	)			(126,663	)			(619,907	)			(231,073	)

Total Segment		$	43,509			$	139,765			$	55,887			$	43,691			$	(7,461	)		$	200,604			$	36,230			$	427,082			$	231,882

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

GAAP

Interest and Dividend Revenue			62,075				52,420				102,632				90,485				148,505				116,560				238,990				214,774				394,042

Interest Expense			(69,642	)			(80,507	)			(100,329	)			(104,441	)			(108,096	)			(136,389	)			(212,537	)			(245,352	)			(393,373	)

GAAP		$	(7,567	)		$	(28,087	)		$	2,303			$	(13,956	)		$	40,409			$	(19,829	)		$	26,453			$	(30,578	)		$	669

Segment Adjustment (g)			4,285				5,237				4,452				4,848				5,701				4,430				10,549				5,720				20,238

Total Segment		$	(3,282	)		$	(22,850	)		$	6,755			$	(9,108	)		$	46,110			$	(15,399	)		$	37,002			$	(24,858	)		$	20,907

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 Charges.

(a)	Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the

removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against

Management and Advisory Fees, Net in the Total Segment measures.

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

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

(d)	Represents the (1) removal of amortization of transaction-related intangibles, (2) removal of certain expenses reimbursed by the Blackstone Funds, which

are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an

administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital

contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.

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

(f)	Represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have

been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by

non-controlling interests.

(g)	Represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation,

and (2) the removal of interest expense associated with the Tax Receivable Agreement.

Blackstone | 33

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

Notes to page 17 – Deconsolidated Balance Sheet Highlights

GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Credit & Insurance, and Hedge Fund Solutions, which were $787 million, $947 million, $389 million, and $239 million, respectively, as of June 30, 2023. Cash and Net Investments per share amounts are calculated using period end DE Shares Outstanding (see page 24, Share Summary).

Blackstone | 34

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 $106 million for 2Q’23 and $218 million for 2Q’23 YTD.

Blackstone | 35

DEFINITIONS AND DIVIDEND POLICY

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

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

–

Net Realizations is presented on a segment basis and is the sum of Realized Principal Investment Income and Realized Performance

Revenues (which refers to Realized Performance Revenues excluding Fee Related Performance Revenues), less Realized Performance

Compensation (which refers to Realized Performance Compensation excluding Fee Related Performance Compensation and Equity-Based

Performance Compensation).

–

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

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

–

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

–

Taxes and Related Payables represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and including the Payable under the Tax Receivable Agreement. Further, the current tax provision utilized when calculating Taxes and Related Payables and DE reflects the benefit of deductions available to the company on certain expense items that are excluded from the underlying calculation of Segment DE and Total Segment Distributable Earnings, such as equity- based compensation charges and certain Transaction-Related Charges where there is a current tax provision or benefit. The economic assumptions and methodologies that impact the implied income tax provision are the same as those methodologies and assumptions used in calculating the current income tax provision for Blackstone’s consolidated statements of operations under U.S. GAAP, excluding the impact

of divestitures and accrued tax contingencies and refunds which are reflected when paid or received. Management believes that including

the amount payable under the tax receivable agreement and utilizing the current income tax provision adjusted as described above when

calculating DE is meaningful as it increases comparability between periods and more accurately reflects earnings that are available for

distribution to shareholders.

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

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

–

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

–

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 2023, Fee Related Compensation will be decreased by the total amount of additional Performance Compensation awarded for the year. For 2Q’23 QTD and 2Q’23 YTD 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 and YTD periods. These changes to Performance Compensation and Fee Related Compensation are not expected to impact Distributable Earnings for the full year. These changes had an impact on individual quarters in

2022 but did not impact Income Before Provision (Benefit) for Taxes and Distributable Earnings for the year ended December 31, 2022.

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

Blackstone | 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.

Blackstone | 38

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, 2022, as such

factors may be updated from time to time in our periodic filings with the United States Securities and Exchange Commission (“SEC”), which are

accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the

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

date of this report, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new

information, future developments or otherwise.

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

Blackstone | 39