The Blackstone Group Inc.

01/27/2022 | Press release | Distributed by Public on 01/27/2022 05:56

Blackstone Reports Fourth Quarter and Full Year 2021 Results - Form 8-K

Blackstone Reports Fourth Quarter and

Full Year 2021 Results

New York, January 27, 2022: Blackstone (NYSE:BX) today reported its fourth quarter and full year 2021 results.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, "Blackstone's fourth quarter results

represented a remarkable finish to a record-breaking year. Our limited partners entrusted us with $270 billion of

inflows in 2021, with assets under management rising 42% to $881 billion - our fastest growth rate in over a decade.

Outstanding investment performance and the power of our brand are leading to share gains in multiple customer

channels, driving exceptional earnings momentum for our shareholders."

Blackstone issued a full detailed presentation of its fourth quarter and full year 2021 results, which can be viewed

at www.blackstone.com.

Dividend

Blackstone has declared a quarterly dividend of $1.45 per share to record holders of common stock at the close of

business on February 7, 2022. This dividend will be paid on February 14, 2022.

Quarterly Investor Call Details

Blackstone will host its fourth quarter and full year 2021 investor conference via public webcast on January 27,

2022 at 9:00 a.m. ET. To register, please use the following link:

https://event.webcasts.com/viewer/event.jsp?ei=1520327&tp_key=7f44bccae4. For those unable to listen to the

Blackstone

345 Park Avenue New York NY 10154

T 212 583 5000

www.blackstone.com

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

https://ir.blackstone.com/.

About Blackstone

Blackstone is the world's largest alternative asset manager. We seek to 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 $881 billion in assets under

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

sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a

global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

Forward-Looking Statements

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

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

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

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

"outlook," "indicator," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks,"

"approximately," "predicts," "intends," "plans," "scheduled," "estimates," "anticipates," "opportunity," "leads"

or the negative version of these words or other comparable words. Such forward-looking statements are subject to

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

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

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

section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2020, as such

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

Commission ("SEC"), which are accessible on the SEC's website at www.sec.gov. These factors should not be

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

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

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

result of new information, future developments or otherwise.

2

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

Investor and Media Relations Contacts

Weston Tucker

Blackstone

Tel: +1 (212) 583-5231

[email protected]

Christine Anderson

Blackstone

Tel: +1 (212) 583-5182

[email protected]

3

Blackstone's Fourth

Quarter and Full Year 2021 Earnings

JANUARY 27, 2022

BLACKSTONE'S FOURTH QUARTER AND FULL YEAR 2021 GAAP RESULTS

§

GAAP Net Income was $2.9 billion for the quarter and $12.4 billion for the year. GAAP Net Income Attributable to Blackstone Inc. was $1.4 billion for the quarter and $5.9 billion for the year.
($ in thousands, except per share data) (unaudited) 4Q'20 4Q'21 FY'20 FY'21

Revenues

Management and Advisory Fees, Net

$

1,134,138

$

1,459,548

$

4,092,549

$

5,170,707

Incentive Fees

97,702

136,454

138,661

253,991

Investment Income

Performance Allocations

Realized

1,465,154

2,787,970

2,106,000

5,653,452

Unrealized

597,285

789,213

(384,393)

8,675,246

Principal Investments

Realized

220,814

171,310

391,628

1,003,822

Unrealized

217,688

304,297

(114,607)

1,456,201

Total Investment Income

2,500,941

4,052,790

1,998,628

16,788,721

Interest and Dividend Revenue

39,726

63,166

125,231

160,643

Other

(143,583)

50,699

(253,142)

203,086

Total Revenues

$

3,628,924

$

5,762,657

$

6,101,927

$

22,577,148

Expenses

Compensation and Benefits

Compensation

459,636

576,032

1,855,619

2,161,973

Incentive Fee Compensation

22,086

49,349

44,425

98,112

Performance Allocations Compensation

Realized

590,089

1,119,911

843,230

2,311,993

Unrealized

278,575

384,007

(154,516)

3,778,048

Total Compensation and Benefits

1,350,386

2,129,299

2,588,758

8,350,126

General, Administrative and Other

214,124

309,673

711,782

917,847

Interest Expense

45,702

56,550

166,162

198,268

Fund Expenses

1,902

2,959

12,864

10,376

Total Expenses

$

1,612,114

$

2,498,481

$

3,479,566

$

9,476,617

Other Income (Loss)

Change in Tax Receivable Agreement Liability

(27,171)

32,044

(35,383)

(2,759)

Net Gains from Fund Investment Activities

90,867

81,843

30,542

461,624

Income Before Provision for Taxes

$

2,080,506

$

3,378,063

$

2,617,520

$

13,559,396

Provision for Taxes

266,342

437,694

356,014

1,184,401

Net Income

$

1,814,164

$

2,940,369

$

2,261,506

$

12,374,995

Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities

(1,871)

2,924

(13,898)

5,740

Net Income Attributable to Non-Controlling Interests in Consolidated Entities

308,055

320,033

217,117

1,625,306

Net Income Attributable to Non-Controlling Interests in Blackstone Holdings

759,110

1,218,934

1,012,924

4,886,552

Net Income Attributable to Blackstone Inc. ("BX")

$

748,870

$

1,398,478

$

1,045,363

$

5,857,397

Net Income Per Share of Common Stock, Basic

$

1.07

$

1.93

$

1.50

$

8.14

Net Income Per Share of Common Stock, Diluted

$

1.07

$

1.92

$

1.50

$

8.13

Income Before Provision for Taxes Margin

57.3%

58.6%

42.9%

60.1%

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

Blackstone | 1

BLACKSTONE'S FOURTH QUARTER AND FULL YEAR 2021 HIGHLIGHTS

Financial Measures

§   Fee Related Earnings ("FRE") and Distributable Earnings ("DE") reached record levels
for both the quarter and the year

§   FRE of $1.8 billion ($1.52/share) in the quarter, up 144% year-over-year

-  FRE was $4.1 billion for the year ($3.37/share), up 71% year-over-year

§   DE of $2.3 billion ($1.71/share) in the quarter, up 55% year-over-year

-  DE was $6.2 billion for the year ($4.77/share), up 85% year-over-year

§   Net Accrued Performance Revenues a record $8.7 billion ($7.28/share), up 128% year-over-year

Capital Metrics

§   Total Assets Under Management ("AUM"), Fee-Earning AUM, Perpetual Capital AUM, Inflows, and Deployment all records for both the quarter and the year

§   Total AUM of $880.9 billion, up 42% year-over-year

-  Fee-Earning AUM of $650.0 billion, up 38% year-over-year

-  Perpetual Capital AUM of $313.4 billion, up 132% year-over-year

§   Inflows of $154.8 billion in the quarter and $270.5 billion for the year

§   Realizations of $21.0 billion in the quarter and $77.2 billion for the year

§   Deployment of $65.8 billion in the quarter and $144.4 billion for the year

Capital Returned
to Shareholders

§   Dividend of $1.45 per common share payable on February 14, 2022

-  Dividends of $4.06 per common share for the year

§   Repurchased 4.2 million common shares in the quarter and 10.3 million common shares for the year

§   $2.5 billion to be distributed to shareholders with respect to the fourth quarter
through dividends and share repurchases, and $6.5 billion for the year

Notes on page 32.

Blackstone | 2

BLACKSTONE'S FOURTH QUARTER AND FULL YEAR 2021 SEGMENT EARNINGS

% Change % Change

($ in thousands, except per share data)

4Q'20 4Q'21 vs. 4Q'20 FY'20 FY'21 vs. FY'20

Management and Advisory Fees, Net

$

1,136,025

$

1,456,220

28%

$

4,111,165

$

5,167,242

26%

Fee Related Performance Revenues

286,227

1,733,874

506%

378,676

2,025,244

435%

Fee Related Compensation

(482,769

)

(1,108,034

)

130%

(1,496,570

)

(2,348,010

)

57%

Other Operating Expenses

(189,536

)

(255,133

)

35%

(623,217

)

(793,677

)

27%

Fee Related Earnings

$

749,947

$

1,826,927

144%

$

2,370,054

$

4,050,799

71%

Realized Performance Revenues

1,276,629

1,191,374

(7)%

1,865,993

3,883,112

108%

Realized Performance Compensation

(483,528

)

(449,301

)

(7)%

(714,347

)

(1,557,570

)

118%

Realized Principal Investment Income

103,821

75,468

(27)%

158,933

587,766

270%

Net Realizations

896,922

817,541

(9)%

1,310,579

2,913,308

122%

Total Segment Distributable Earnings

$

1,646,869

$

2,644,468

61%

$

3,680,633

$

6,964,107

89%

Net Interest and Dividend Income (Loss)

(5,604

)

6,779

n/m

(34,910

)

(33,588

)

(4)%

Taxes and Related Payables

(176,859

)

(377,920

)

114%

(304,127

)

(759,682

)

150%

Distributable Earnings

$

1,464,406

$

2,273,327

55%

$

3,341,596

$

6,170,837

85%

Additional Metrics:

FRE per Share

$

0.62

$

1.52

145%

$

1.97

$

3.37

71%

DE per Common Share

$

1.13

$

1.71

51%

$

2.65

$

4.77

80%

Total Segment Revenues

$

2,802,702

$

4,456,936

59%

$

6,514,767

$

11,663,364

79%

Total Assets Under Management

$

618,556,928

$

880,901,720

42%

$

618,556,928

$

880,901,720

42%

Fee-Earning Assets Under Management

$

469,433,114

$

649,969,058

38%

$

469,433,114

$

649,969,058

38%

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

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

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

Blackstone | 3

SUMMARY OF FINANCIALS

§

Full year Fee Related Earnings of $3.37 per share, an increase of 71% year-over-year.

§

Full year Total Segment Distributable Earnings were $7.0 billion, an increase of 89% year-over-year.

Fee Related Earnings per Share

Segment Distributable Earnings

($ in millions)

FRE Margin is calculated by dividing Fee Related Earnings by Fee Related Revenues (defined as the sum of Total Segment Management and Advisory Fees, Net and

Fee Related Performance Revenues).

Blackstone | 4

INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES

§

Strong appreciation across strategies led to a 5% increase in Net Accrued Performance Revenues quarter-over-
quarter to $8.7 billion ($7.28/share).

Investment Performance

(appreciation / gross returns)

4Q'21

FY'21

Real Estate

Opportunistic

12.0%

43.8%

Core+

7.2%

25.0%

Private Equity

Corporate Private Equity

4.8%

42.2%

Tactical Opportunities

11.0%

34.9%

Secondaries

9.1%

49.8%

Hedge Fund Solutions

BPS Composite

0.8%

8.1%

Credit & Insurance

Private Credit

4.6%

21.9%

Liquid Credit

0.8%

5.2%

Net Accrued Performance Revenues

($ in millions)

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

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

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

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

4Q'21 is not impacted by the reporting process change. Including the "catch up" from the reporting process change to reflect the economic and market activity of five quarters in

FY'21, Secondaries appreciation was 61.2% for FY'21. BPS Composite net returns were 0.6% and 7.2% for 4Q'21 and FY'21, respectively. Private Credit net returns were 3.1% and

16.2% for 4Q'21 and FY'21, respectively. Liquid Credit net returns were 0.7% and 4.9% for 4Q'21 and FY'21, respectively. See notes on page 32 for additional details on investment

performance.

Blackstone | 5

CAPITAL METRICS - ADDITIONAL DETAIL

§

Inflows were $154.8 billion in the quarter, bringing full year inflows to $270.5 billion.
-

Inflows in the quarter include $77.6 billion across segments from the AIG Life & Retirement and Everlake transactions.

§

Realizations were $21.0 billion in the quarter and $77.2 billion for the year.

§

Deployed $65.8 billion in the quarter and $144.4 billion for the year.
-

Committed an additional $18.8 billion that was not yet deployed in the quarter.

Inflows Realizations Capital Deployed
($ in millions) 4Q'21 FY'21 4Q'21 FY'21 4Q'21 FY'21

Real Estate

$

41,751

$

75,258

$

5,182

$

19,490

$

20,561

$

45,909

Opportunistic

3,436

8,548

2,351

12,467

3,141

11,096

Core+

12,599

38,272

1,884

4,628

16,802

32,102

BREDS

25,715

28,437

948

2,395

617

2,711

Private Equity

31,336

53,858

9,074

36,616

22,757

48,043

Corporate Private Equity

5,123

14,262

4,031

17,909

9,459

20,285

Tactical Opportunities

2,795

10,799

1,834

8,557

2,015

6,089

Secondaries

16,715

22,047

2,793

9,519

4,882

11,486

Infrastructure

6,703

6,749

416

632

6,401

10,184

Hedge Fund Solutions

4,316

11,922

707

1,628

1,763

4,973

Credit & Insurance

77,443

129,434

5,992

19,475

20,702

45,502

Total Blackstone

$

154,846

$

270,472

$

20,956

$

77,210

$

65,783

$

144,426

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

Blackstone | 6

ASSETS UNDER MANAGEMENT

§

Total AUM increased to $880.9 billion, up 42% year-over-year, with $154.8 billion of inflows in the quarter and $270.5 billion for the year.

§

Fee-Earning AUM of $650.0 billion was up 38% year-over-year, with $135.7 billion of inflows in the quarter and $224.5 billion for the year.

§

Perpetual Capital AUM reached $313.4 billion, up 132% year-over-year.
-

Fee-Earning Perpetual Capital AUM reached $275.4 billion, representing 42% of Fee-Earning AUM.

Total AUM

($ in billions)

Fee-Earning AUM

($ in billions)

Perpetual Capital AUM

($ in billions)

Blackstone | 7

ADDITIONAL CAPITAL DETAIL

§

Invested Performance Eligible AUM reached $450.8 billion at quarter end, up 54% year-over-year.

§

Undrawn capital ("Total Dry Powder") available for investment of $135.8 billion.
Invested Performance Eligible AUM Total Dry Powder
($ in billions) ($ in billions)
Invested Performance Eligible AUM represents the fair value of invested assets that are eligible to earn performance revenues.

Blackstone | 8

Segment Highlights

Blackstone | 9

REAL ESTATE

§

Total AUM: Increased 49% to $279.5 billion with inflows of $41.8 billion in the quarter and $75.3 billion for the year.
-

Inflows during the quarter include $25.7 billion in BREDS driven by the AIG Life & Retirement and Everlake transactions, a record $9.9 billion in BREIT, $2.4 billion in the third Asian opportunistic fund, $2.4 billion across BPP, and €510 million capital raised in BEPIF.

-

January 1 subscriptions of $2.4 billion in BREIT not yet included in AUM.

-

Perpetual AUM increased 98% to $152.0 billion, representing 54% of Total AUM.

§

Realizations: $5.2 billion in the quarter and $19.5 billion for the year.

§

Capital Deployed: $20.6 billion in the quarter and $45.9 billion for the year; deployments in the quarter include the acquisitions of AIG's affordable housing portfolio, a 15 million square-foot U.S. industrial portfolio, a multifamily portfolio of 17 high-quality assets, and the privatization of WPT Industrial REIT.
-

Committed an additional $6.1 billion that was not yet deployed in the quarter.

§

Appreciation: Opportunistic funds and Core+ funds appreciated 12.0% and 7.2% for the quarter, and 43.8% and 25.0% for the year, respectively, driven by strong performance in global logistics and residential portfolios.

% Change

% Change

($ in thousands)

4Q'20

4Q'21

vs. 4Q'20

FY'20

FY'21

vs. FY'20

Management Fees, Net

$

431,050

$

570,737

32%

$

1,638,688

$

2,052,308

25%

Fee Related Performance Revenues

271,778

1,470,226

441%

338,161

1,695,019

401%

Fee Related Compensation

(242,827

)

(713,587

)

194%

(618,105

)

(1,161,349

)

88%

Other Operating Expenses

(55,565

)

(73,985

)

33%

(183,132

)

(234,505

)

28%

Fee Related Earnings

$

404,436

$

1,253,391

210%

$

1,175,612

$

2,351,473

100%

Realized Performance Revenues

690,967

184,194

(73)%

787,768

1,119,612

42%

Realized Performance Compensation

(279,416

)

(66,430

)

(76)%

(312,698

)

(443,220

)

42%

Realized Principal Investment Income

10,945

25,243

131%

24,764

196,869

695%

Net Realizations

422,496

143,007

(66)%

499,834

873,261

75%

Segment Distributable Earnings

$

826,932

$

1,396,398

69%

$

1,675,446

$

3,224,734

92%

Segment Revenues

$

1,404,740

$

2,250,400

60%

$

2,789,381

$

5,063,808

82%

Total AUM

$

187,191,247

$

279,474,105

49%

$

187,191,247

$

279,474,105

49%

Fee-Earning AUM

$

149,121,461

$

221,476,699

49%

$

149,121,461

$

221,476,699

49%

Blackstone | 10

PRIVATE EQUITY

§

Total AUM: Increased 32% to $261.5 billion with inflows of $31.3 billion in the quarter and $53.9 billion for the year.
-

Inflows in the quarter included $12.8 billion for the ninth Secondaries fund and $6.7 billion in Blackstone Infrastructure Partners.

§

Realizations: $9.1 billion in the quarter and $36.6 billion for the year; realizations in the quarter included proceeds from Exeter Finance and Diamond Direct sales.

§

Capital Deployed: $22.8 billion in the quarter and $48.0 billion for the year, including Medline, Carrix, and Chamberlain during the quarter.
-

Committed an additional $5.2 billion that was not yet deployed in the quarter, including investments in Invenergy, VFS Global, and Renaissance Learning.

§

Appreciation: Corporate Private Equity appreciated 4.8% in the quarter and 42.2% for the year.
-

Tactical Opportunities appreciated 11.0% in the quarter and 34.9% for the year; Secondaries appreciated 9.1% in the quarter and 49.8% for the year.

% Change

% Change

($ in thousands)

4Q'20

4Q'21

vs. 4Q'20

FY'20

FY'21

vs. FY'20

Management and Advisory Fees, Net

$

385,935

$

442,872

15%

$

1,269,840

$

1,662,931

31%

Fee Related Performance Revenues

-

212,128

n/m

-

212,128

n/m

Fee Related Compensation

(133,044

)

(246,249

)

85%

(455,538

)

(662,824

)

46%

Other Operating Expenses

(63,683

)

(95,580

)

50%

(195,213

)

(264,468

)

35%

Fee Related Earnings

$

189,208

$

313,171

66%

$

619,089

$

947,767

53%

Realized Performance Revenues

405,665

635,913

57%

877,493

2,263,099

158%

Realized Performance Compensation

(174,577

)

(255,229

)

46%

(366,949

)

(943,199

)

157%

Realized Principal Investment Income

34,078

42,599

25%

72,089

263,368

265%

Net Realizations

265,166

423,283

60%

582,633

1,583,268

172%

Segment Distributable Earnings

$

454,374

$

736,454

62%

$

1,201,722

$

2,531,035

111%

Segment Revenues

$

825,678

$

1,333,512

62%

$

2,219,422

$

4,401,526

98%

Total AUM

$

197,549,222

$

261,471,007

32%

$

197,549,222

$

261,471,007

32%

Fee-Earning AUM

$

129,539,630

$

156,556,959

21%

$

129,539,630

$

156,556,959

21%

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

Blackstone | 11

HEDGE FUND SOLUTIONS

§

Total AUM: Increased 2% to $81.3 billion with inflows of $4.3 billion in the quarter and $11.9 billion for the year.
-

Held final close for the second GP stakes fund in the quarter, bringing total committed capital to $5.6 billion.

-

Market appreciation of $6.2 billion for the year driven by fund returns and portfolio performance.

§

Returns: BPS Composite gross return of 0.8% in the quarter (0.6% net), outperforming the HFRX Global Hedge Fund Return Index, which was up 0.1%
-

Gross returns of 8.1% for the year (7.2% net), with significantly less volatility than the broader markets, compared to 3.7% return for the HFRX Global Hedge Fund Return Index.

% Change

% Change

($ in thousands)

4Q'20

4Q'21

vs. 4Q'20

FY'20

FY'21

vs. FY'20

Management Fees, Net

$

154,074

$

179,299

16%

$

588,079

$

647,883

10%

Fee Related Compensation

(33,764

)

(43,935

)

30%

(161,713

)

(156,515

)

(3)%

Other Operating Expenses

(23,632

)

(28,271

)

20%

(79,758

)

(94,792

)

19%

Fee Related Earnings

$

96,678

$

107,093

11%

$

346,608

$

396,576

14%

Realized Performance Revenues

170,922

235,080

38%

179,789

290,980

62%

Realized Performance Compensation

(29,022

)

(62,724

)

116%

(31,224

)

(76,701

)

146%

Realized Principal Investment Income

55,200

4,115

(93)%

54,110

56,733

5%

Net Realizations

197,100

176,471

(10)%

202,675

271,012

34%

Segment Distributable Earnings

$

293,778

$

283,564

(3)%

$

549,283

$

667,588

22%

Segment Revenues

$

380,196

$

418,494

10%

$

821,978

$

995,596

21%

Total AUM

$

79,422,869

$

81,334,141

2%

$

79,422,869

$

81,334,141

2%

Fee-Earning AUM

$

74,126,610

$

74,034,568

(0)%

$

74,126,610

$

74,034,568

(0)%

Blackstone | 12

CREDIT & INSURANCE

§

Total AUM: Increased 68% to $258.6 billion with inflows of $77.4 billion in the quarter and $129.4 billion for the year.
-

Inflows during the quarter include $52.0 billion from the AIG Life & Retirement and Everlake transactions, as well as the final close for the fourth Mezzanine / Opportunistic fund.

-

Record $4.4 billion of equity raised in the quarter for BCRED, a continuously offered non-traded BDC.

-

BXSL completed its IPO and began trading on the NYSE on October 28 in the largest BDC IPO in 15 years.

-

Closed 10 new CLOs / reissued CLOs (9 U.S. and 1 European) for $5.5 billion and closed 5 CLO refinancings and resets (3 U.S. and 2 European) for $2.4 billion in the quarter, capping another record year of CLO issuance.

§

Realizations: $6.0 billion in the quarter and $19.5 billion for the year.

§

Capital Deployed: Record $20.7 billion in the quarter, driven by $18.4 billion in Direct Lending, and $45.5 billion for the year; committed an additional $7.2 billion that was not yet deployed in the quarter.

§

Returns: Private Credit gross return of 4.6% (3.1% net) for the quarter, positively impacted by strengthening fundamentals and opportunistic exits, and Liquid Credit gross return of 0.8% (0.7% net) for the quarter.

% Change

% Change

($ in thousands)

4Q'20

4Q'21

vs. 4Q'20

FY'20

FY'21

vs. FY'20

Management Fees, Net

$

164,966

$

263,312

60%

$

614,558

$

804,120

31%

Fee Related Performance Revenues

14,449

51,520

257%

40,515

118,097

191%

Fee Related Compensation

(73,134

)

(104,263

)

43%

(261,214

)

(367,322

)

41%

Other Operating Expenses

(46,656

)

(57,297

)

23%

(165,114

)

(199,912

)

21%

Fee Related Earnings

$

59,625

$

153,272

157%

$

228,745

$

354,983

55%

Realized Performance Revenues

9,075

136,187

n/m

20,943

209,421

900%

Realized Performance Compensation

(513

)

(64,918

)

n/m

(3,476

)

(94,450

)

n/m

Realized Principal Investment Income

3,598

3,511

(2)%

7,970

70,796

788%

Net Realizations

12,160

74,780

515%

25,437

185,767

630%

Segment Distributable Earnings

$

71,785

$

228,052

218%

$

254,182

$

540,750

113%

Segment Revenues

$

192,088

$

454,530

137%

$

683,986

$

1,202,434

76%

Total AUM

$

154,393,590

$

258,622,467

68%

$

154,393,590

$

258,622,467

68%

Fee-Earning AUM

$

116,645,413

$

197,900,832

70%

$

116,645,413

$

197,900,832

70%

Blackstone | 13

Supplemental Details

Blackstone | 14

TOTAL SEGMENTS

($ in thousands)

4Q'20

1Q'21

2Q'21

3Q'21

4Q'21

FY'20

FY'21

Base Management Fees

$

1,076,094

$

1,117,290

$

1,140,051

$

1,207,866

$

1,354,068

$

3,972,054

$

4,819,275

Transaction, Advisory and Other Fees, Net

75,290

78,640

78,125

114,784

120,389

207,875

391,938

Management Fee Offsets

(15,359

)

(17,725

)

(5,434

)

(2,575

)

(18,237

)

(68,764

)

(43,971

)

Total Management and Advisory Fees, Net

1,136,025

1,178,205

1,212,742

1,320,075

1,456,220

4,111,165

5,167,242

Fee Related Performance Revenues

286,227

169,168

48,889

73,313

1,733,874

378,676

2,025,244

Fee Related Compensation

(482,769

)

(445,110

)

(375,385

)

(419,481

)

(1,108,034

)

(1,496,570

)

(2,348,010

)

Other Operating Expenses

(189,536

)

(161,424

)

(182,178

)

(194,942

)

(255,133

)

(623,217

)

(793,677

)

Fee Related Earnings

$

749,947

$

740,839

$

704,068

$

778,965

$

1,826,927

$

2,370,054

$

4,050,799

Realized Performance Revenues

1,276,629

401,323

792,938

1,497,477

1,191,374

1,865,993

3,883,112

Realized Performance Compensation

(483,528

)

(150,924

)

(338,271

)

(619,074

)

(449,301

)

(714,347

)

(1,557,570

)

Realized Principal Investment Income

103,821

298,156

63,132

151,010

75,468

158,933

587,766

Total Net Realizations

896,922

548,555

517,799

1,029,413

817,541

1,310,579

2,913,308

Total Segment Distributable Earnings

$

1,646,869

$

1,289,394

$

1,221,867

$

1,808,378

$

2,644,468

$

3,680,633

$

6,964,107

Net Interest and Dividend Income (Loss)

(5,604

)

(12,928

)

(11,201

)

(16,238

)

6,779

(34,910

)

(33,588

)

Taxes and Related Payables

(176,859

)

(84,222

)

(140,673

)

(156,867

)

(377,920

)

(304,127

)

(759,682

)

Distributable Earnings

$

1,464,406

$

1,192,244

$

1,069,993

$

1,635,273

$

2,273,327

$

3,341,596

$

6,170,837

Additional Metrics:

Total Segment Revenues

$

2,802,702

$

2,046,852

$

2,117,701

$

3,041,875

$

4,456,936

$

6,514,767

$

11,663,364

Total Assets Under Management

$

618,556,928

$

648,803,007

$

684,028,712

$

730,662,712

$

880,901,720

$

618,556,928

$

880,901,720

Fee-Earning Assets Under Management

$

469,433,114

$

481,225,407

$

498,932,526

$

528,412,550

$

649,969,058

$

469,433,114

$

649,969,058

Blackstone | 15

ASSETS UNDER MANAGEMENT - ROLLFORWARD

Total AUM Rollforward

($ in millions)

Three Months Ended December 31, 2021 Twelve Months Ended December 31, 2021

Real

Estate

Private
Equity 		Hedge Fund
Solutions 		Credit &
Insurance 		Total

Real

Estate

Private
Equity 		Hedge Fund
Solutions 		Credit &
Insurance 		Total

Beginning Balance

$

230,183

$

231,521

$

80,602

$

188,356

$

730,663

$

187,191

$

197,549

$

79,423

$

154,394

$

618,557

Inflows

41,751

31,336

4,316

77,443

154,846

75,258

53,858

11,922

129,434

270,472

Outflows

(1,641)

(691)

(3,282)

(2,260)

(7,873)

(5,146)

(2,969)

(14,563)

(13,412)

(36,090)

Net Flows

40,110

30,645

1,034

75,183

146,972

70,112

50,889

(2,641)

116,022

234,382

Realizations

(5,182)

(9,074)

(707)

(5,992)

(20,956)

(19,490)

(36,616)

(1,628)

(19,475)

(77,210)

Market Activity

14,363

8,380

405

1,075

24,223

41,661

49,649

6,180

7,683

105,172

Ending Balance

$

279,474

$

261,471

$

81,334

$

258,622

$

880,902

$

279,474

$

261,471

$

81,334

$

258,622

$

880,902

% Change

21%

13%

1%

37%

21%

49%

32%

2%

68%

42%

Fee-Earning AUM Rollforward

($ in millions)

Three Months Ended December 31, 2021 Twelve Months Ended December 31, 2021

Real

Estate

Private
Equity 		Hedge Fund
Solutions 		Credit &
Insurance 		Total

Real

Estate

Private
Equity 		Hedge Fund
Solutions 		Credit &
Insurance 		Total

Beginning Balance

$

180,168

$

139,080

$

73,267

$

135,897

$

528,413

$

149,121

$

129,540

$

74,127

$

116,645

$

469,433

Inflows

41,088

22,366

3,844

68,368

135,666

73,052

37,527

10,656

103,312

224,547

Outflows

(847)

(1,806)

(2,798)

(2,416)

(7,866)

(3,093)

(3,694)

(14,704)

(11,948)

(33,439)

Net Flows

40,241

20,560

1,046

65,953

127,800

69,959

33,833

(4,048)

91,364

191,108

Realizations

(5,057)

(4,163)

(673)

(3,717)

(13,610)

(14,210)

(13,188)

(1,569)

(12,775)

(41,743)

Market Activity

6,124

1,080

394

(232)

7,367

16,607

6,372

5,525

2,667

31,171

Ending Balance

$

221,477

$

156,557

$

74,035

$

197,901

$

649,969

$

221,477

$

156,557

$

74,035

$

197,901

$

649,969

% Change

23%

13%

1%

46%

23%

49%

21%

(0)%

70%

38%

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

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

side commitments). Realizations represent realization proceeds from the disposition or other monetization of assets, current income or capital returned to investors from CLOs.

Market Activity includes realized and unrealized gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations. AUM is reported in the segment

where the assets are managed. Total AUM Market Activity for the full year period includes an adjustment for a change in methodology, see additional notes on page 33.

Blackstone | 16

DECONSOLIDATED BALANCE SHEET HIGHLIGHTS

§

At December 31, 2021, Blackstone had $6.9 billion in total cash, cash equivalents, corporate treasury, and other investments and $17.7 billion of cash and net investments, or $14.75 per share.

§

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

On January 10, 2022, Blackstone issued $500 million of 10-year notes at a 2.55% coupon and $1.0 billion of 30-
year notes at a 3.20% coupon.

($ in millions)

4Q'21

Cash and Cash Equivalents

$ 2,120

Corporate Treasury and
Other Investments

4,762

GP/Fund Investments

2,083

Net Accrued Performance
Revenues

8,738

Cash and Net Investments

$ 17,702

Outstanding Debt (at par)

7,856

Cash and Net Investments

(per share)

A+ / A+

rated by S&P and Fitch

$2.3B

credit revolver with

November 2025 maturity

$6.9B

total cash, corporate

treasury and other

Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $3.2 billion as of December 31, 2021, which was comprised of

$727 million of liquid investments and $2.5 billion of illiquid investments. At December 31, 2021, there was $250 million of borrowings outstanding on the credit

revolver which reduced the capacity; this amount was repaid subsequent to the end of 4Q'21, restoring the revolver to full capacity. See notes on pages 29 and

33 for additional details on non-GAAP balance sheet measures.

Blackstone | 17

NET ACCRUED PERFORMANCE REVENUES - ADDITIONAL DETAIL

($ in millions, except per share data)

4Q'20 3Q'21 4Q'21 4Q'21
Per Share

Real Estate

BREP IV

$

9

$

22

$

22

$

0.02

BREP V

13

44

36

0.03

BREP VI

42

34

33

0.03

BREP VII

236

476

481

0.40

BREP VIII

475

713

962

0.80

BREP IX

137

551

901

0.75

BREP Europe IV

97

90

89

0.07

BREP Europe V

211

476

521

0.43

BREP Europe VI

-

176

253

0.21

BREP Asia I

127

112

126

0.11

BREP Asia II

-

116

162

0.13

BPP

264

362

505

0.42

BREIT

-

513

-

-

BEPIF

-

-

2

0.00

BREDS

23

40

46

0.04

BTAS

21

23

57

0.05

Real Estate

$

1,656

$

3,747

$

4,197

$

3.50

Private Equity

BCP IV

18

8

8

$

0.01

BCP V

-

57

45

0.04

BCP VI

680

561

469

0.39

BCP VII

688

1,278

1,313

1.09

BCP VIII

-

216

275

0.23

BCP Asia I

72

407

380

0.32

BEP I

29

33

27

0.02

BEP III

16

64

68

0.06

BCEP

105

198

214

0.18

Tactical Opportunities

189

296

382

0.32

Growth

15

45

36

0.03

Secondaries

105

430

489

0.41

Infrastructure

-

79

-

-

Life Sciences

10

33

21

0.02

BTAS/Other

45

195

211

0.18

Private Equity

$

1,971

$

3,899

$

3,939

$

3.28

Hedge Fund Solutions

$

29

$

362

$

280

$

0.23

Credit & Insurance

$

170

$

302

$

323

$

0.27

Net Accrued Performance Revenues

$

3,826

$

8,311

$

8,738

$

7.28

4Q'21 QoQ Rollforward

($ in millions)

Net

Net

Performance

Realized

3Q'21

Revenues

Distributions

4Q'21

Real Estate

$ 3,747 $ 1,442 $ (992 ) $ 4,197

Private Equity

3,899 537 (497 ) 3,939

HFS

362 100 (182 ) 280

Credit &
Insurance

302 120 (100 ) 323

Total

$ 8,311 $ 2,198 $ (1,771 ) $ 8,738

QoQ Change

5%

FY'21 Rollforward

($ in millions)

Net

Net

Performance

Realized

4Q'20

Revenues

Distributions

4Q'21

Real Estate

$ 1,656 $ 4,220 $ (1,678 ) $ 4,197

Private Equity

1,971 3,408 (1,440 ) 3,939

HFS

29 476 (225 ) 280

Credit &
Insurance

170 333 (181 ) 323

Total

$ 3,826 $ 8,437 $ (3,524 ) $ 8,738

YoY Change

128%

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

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

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

Blackstone | 18

INVESTMENT RECORDS AS OF DECEMBER 31, 2021(a)

($/€ in thousands, except where noted)

Committed

Available

Unrealized Investments

Realized Investments

Total Investments

Net IRRs (d)

Fund (Investment Period Beginning Date / Ending Date)

Capital

Capital (b)

Value

MOIC (c)

Value

MOIC (c)

Value

MOIC (c)

Realized

Total

Real Estate

Pre-BREP

$

140,714

$

-

$

-

n/a

$

345,190

2.5x

$

345,190

2.5x

33%

33%

BREP I (Sep 1994 / Oct 1996)

380,708

-

-

n/a

1,327,708

2.8x

1,327,708

2.8x

40%

40%

BREP II (Oct 1996 / Mar 1999)

1,198,339

-

-

n/a

2,531,614

2.1x

2,531,614

2.1x

19%

19%

BREP III (Apr 1999 / Apr 2003)

1,522,708

-

-

n/a

3,330,406

2.4x

3,330,406

2.4x

21%

21%

BREP IV (Apr 2003 / Dec 2005)

2,198,694

-

86,217

1.7x

4,579,740

1.7x

4,665,957

1.7x

13%

12%

BREP V (Dec 2005 / Feb 2007)

5,539,418

230,597

225,785

1.9x

13,222,089

2.3x

13,447,874

2.3x

11%

11%

BREP VI (Feb 2007 / Aug 2011)

11,060,444

550,464

368,991

2.0x

27,395,812

2.5x

27,764,803

2.5x

13%

13%

BREP VII (Aug 2011 / Apr 2015)

13,496,823

1,513,419

7,227,075

1.6x

23,739,753

2.1x

30,966,828

2.0x

22%

15%

BREP VIII (Apr 2015 / Jun 2019)

16,576,617

2,408,621

17,141,352

1.7x

17,214,412

2.4x

34,355,764

2.0x

29%

18%

*BREP IX (Jun 2019 / Dec 2024)

21,007,890

9,286,121

20,046,447

1.7x

3,831,613

1.7x

23,878,060

1.7x

69%

43%

Total Global BREP

$

73,122,355

$

13,989,222

$

45,095,867

1.7x

$

97,518,337

2.3x

$

142,614,204

2.1x

17%

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)

3,205,167

418,580

301,469

0.5x

5,790,308

2.4x

6,091,777

2.0x

19%

14%

BREP Europe IV (Sep 2013 / Dec 2016)

6,675,950

1,358,287

1,859,069

1.3x

9,660,569

2.0x

11,519,638

1.8x

20%

14%

BREP Europe V (Dec 2016 / Oct 2019)

7,937,730

1,507,062

9,423,656

1.6x

2,244,531

2.7x

11,668,187

1.8x

40%

14%

*BREP Europe VI (Oct 2019 / Apr 2025)

9,838,021

5,535,286

6,465,502

1.5x

336,091

1.8x

6,801,593

1.5x

58%

33%

Total BREP Europe

€

30,110,788

€

8,819,215

€

18,049,696

1.5x

€

21,987,701

2.1x

€

40,037,397

1.8x

16%

13%

BREP Asia I (Jun 2013 / Dec 2017)

$

4,261,983

$

916,881

$

2,552,222

1.4x

$

6,021,459

2.1x

$

8,573,681

1.9x

21%

13%

*BREP Asia II (Dec 2017 / Jun 2023)

7,339,220

2,425,009

6,713,549

1.4x

580,190

1.8x

7,293,739

1.4x

50%

13%

BREP Asia III (TBD)

6,381,667

6,381,667

-

n/a

-

n/a

-

n/a

n/a

n/a

BREP Co-Investment (f)

7,055,974

31,920

796,536

2.1x

14,948,870

2.2x

15,745,406

2.2x

16%

16%

Total BREP

$

133,185,559

$

33,772,146

$

75,965,536

1.6x

$

146,475,632

2.2x

$

222,441,168

2.0x

17%

16%

*Core+ BPP (Various) (g)

n/a

n/a

57,324,295

n/a

10,728,817

n/a

68,053,112

n/a

n/a

11%

*Core+ BREIT (Various) (h)

n/a

n/a

54,080,977

n/a

1,480,927

n/a

55,561,904

n/a

n/a

13%

*BREDS High-Yield (Various) (i)

19,986,922

5,933,947

5,829,078

1.1x

14,959,035

1.3x

20,788,113

1.2x

11%

10%

Private Equity

Corporate Private Equity

BCP I (Oct 1987 / Oct 1993)

$

859,081

$

-

$

-

n/a

$

1,741,738

2.6x

$

1,741,738

2.6x

19%

19%

BCP II (Oct 1993 / Aug 1997)

1,361,100

-

-

n/a

3,256,819

2.5x

3,256,819

2.5x

32%

32%

BCP III (Aug 1997 / Nov 2002)

3,967,422

-

-

n/a

9,184,688

2.3x

9,184,688

2.3x

14%

14%

BCOM (Jun 2000 / Jun 2006)

2,137,330

24,575

16,409

n/a

2,953,649

1.4x

2,970,058

1.4x

6%

6%

BCP IV (Nov 2002 / Dec 2005)

6,773,182

169,884

128,004

1.3x

21,479,599

2.9x

21,607,603

2.8x

36%

36%

BCP V (Dec 2005 / Jan 2011)

21,009,112

1,035,259

501,086

33.9x

37,985,864

1.9x

38,486,950

1.9x

8%

8%

BCP VI (Jan 2011 / May 2016)

15,202,513

1,378,295

8,021,296

1.8x

23,309,039

2.3x

31,330,335

2.1x

17%

13%

BCP VII (May 2016 / Feb 2020)

18,854,243

1,933,503

26,725,915

1.9x

8,448,126

2.3x

35,174,041

2.0x

34%

21%

*BCP VIII (Feb 2020 / Feb 2026)

25,179,610

18,004,146

10,614,496

1.5x

514,890

2.9x

11,129,386

1.5x

n/m

n/m

Energy I (Aug 2011 / Feb 2015)

2,441,558

174,492

685,652

1.4x

3,740,214

2.0x

4,425,866

1.8x

15%

11%

Energy II (Feb 2015 / Feb 2020)

4,933,284

1,030,529

4,413,862

1.4x

1,405,060

1.0x

5,818,922

1.3x

(0)%

4%

*Energy III (Feb 2020 / Feb 2026)

4,303,030

3,104,547

1,952,422

1.7x

297,794

2.5x

2,250,216

1.8x

110%

64%

BCP Asia I (Dec 2017 / Sep 2021)

2,454,139

1,118,140

4,879,474

3.7x

959,974

5.1x

5,839,448

3.9x

118%

74%

*BCP Asia II (Sep 2021 / Sep 2027)

6,491,738

6,477,858

-

n/a

-

n/a

-

n/a

n/a

n/a

Core Private Equity I (Jan 2017 / Mar 2021) (j)

4,766,232

1,148,177

7,884,413

2.1x

1,845,111

3.3x

9,729,524

2.2x

49%

27%

*Core Private Equity II (Mar 2021 / Mar 2026) (j)

8,180,704

6,749,990

1,461,615

1.0x

-

n/a

1,461,615

1.0x

n/a

n/m

Total Corporate Private Equity

$

128,914,278

$

42,349,395

$

67,284,644

1.8x

$

117,122,565

2.2x

$

184,407,209

2.0x

16%

16%

Notes on page 21. BREP - Blackstone Real Estate Partners, BREIT - Blackstone Real Estate Income Trust, BPP - Blackstone Property Partners, BREDS - Blackstone Real Estate Debt

Strategies, BCP - Blackstone Capital Partners, BCOM - Blackstone Communications.

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

Blackstone | 19

INVESTMENT RECORDS AS OF DECEMBER 31, 2021(a) - (CONT'D)

($/€ in thousands, except where noted)

Committed

Available

Unrealized Investments

Realized Investments

Total Investments

Net IRRs (d)

Fund (Investment Period Beginning Date / Ending Date)

Capital

Capital (b)

Value

MOIC (c)

Value

MOIC (c)

Value

MOIC (c)

Realized

Total

Private Equity (continued)

Tactical Opportunities

*Tactical Opportunities (Various)

$

22,759,261

$

7,559,204

$

14,145,210

1.4x

$

17,666,444

1.9x

$

31,811,654

1.6x

18%

13%

*Tactical Opportunities Co-Investment and Other (Various)

12,949,322

5,251,126

5,963,952

1.8x

6,493,793

1.6x

12,457,745

1.7x

19%

20%

Total Tactical Opportunities

$

35,708,583

$

12,810,330

$

20,109,162

1.5x

$

24,160,237

1.8x

$

44,269,399

1.7x

19%

15%

*Growth (Jul 2020 / Jul 2025)

4,987,303

2,294,812

3,288,600

1.2x

332,887

3.2x

3,621,487

1.3x

n/m

43%

Strategic Partners (Secondaries)

Strategic Partners I-V (Various) (k)

11,863,351

914,512

584,239

n/a

17,444,252

n/a

18,028,491

1.7x

n/a

13%

Strategic Partners VI (Apr 2014 / Apr 2016) (k)

4,362,750

1,405,799

1,265,351

n/a

3,841,661

n/a

5,107,012

1.7x

n/a

15%

Strategic Partners VII (May 2016 / Mar 2019) (k)

7,489,970

1,959,485

5,667,109

n/a

4,538,807

n/a

10,205,916

2.0x

n/a

23%

Strategic Partners Real Assets II (May 2017 / Jun 2020) (k)

1,749,807

446,763

1,185,225

n/a

722,811

n/a

1,908,036

1.4x

n/a

15%

Strategic Partners VIII (Mar 2019 / Oct 2021) (k)

10,763,600

4,356,481

9,904,521

n/a

2,852,354

n/a

12,756,875

1.9x

n/a

62%

*Strategic Partners Real Estate, SMA and Other (Various) (k)

7,878,498

2,567,247

3,123,973

n/a

2,536,724

n/a

5,660,697

1.6x

n/a

19%

*Strategic Partners Infra III (Jun 2020 / Jul 2024) (k)

3,250,100

2,135,928

487,301

n/a

65,044

n/a

552,345

1.4x

n/a

93%

*Strategic Partners IX (Oct 2021 / Jul 2026) (k)

12,787,918

10,352,530

1,214,852

n/a

-

n/a

1,214,852

1.0x

n/a

n/m

Total Strategic Partners (Secondaries)

$

60,145,994

$

24,138,745

$

23,432,571

n/a

$

32,001,653

n/a

$

55,434,224

1.7x

n/a

16%

*Infrastructure (Various)

17,118,991

5,813,496

13,386,607

1.2x

615,083

n/a

14,001,690

1.2x

n/a

17%

Life Sciences

Clarus IV (Jan 2018 / Jan 2020)

910,000

198,477

792,011

1.6x

230,278

1.9x

1,022,289

1.6x

25%

17%

*BXLS V (Jan 2020 / Jan 2025)

4,822,625

3,588,057

1,186,694

1.2x

-

n/a

1,186,694

1.2x

n/a

6%

Credit

Mezzanine / Opportunistic I (Jul 2007 / Oct 2011)

$

2,000,000

$

97,114

$

18,004

1.4x

$

4,785,346

1.6x

$

4,803,350

1.6x

n/a

17%

Mezzanine / Opportunistic II (Nov 2011 / Nov 2016)

4,120,000

1,007,436

456,774

0.4x

6,318,337

1.6x

6,775,111

1.4x

n/a

10%

Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)

6,639,133

951,810

4,671,432

1.1x

4,725,460

1.6x

9,396,892

1.3x

n/a

12%

*Mezzanine / Opportunistic IV (Jan 2021 / Jan 2026)

5,016,771

3,917,329

1,140,074

1.0x

17,999

17.5x

1,158,073

1.0x

n/a

n/m

Stressed / Distressed I (Sep 2009 / May 2013)

3,253,143

76,000

-

n/a

5,776,841

1.3x

5,776,841

1.3x

n/a

9%

Stressed / Distressed II (Jun 2013 / Jun 2018)

5,125,000

547,430

475,897

0.6x

5,163,266

1.2x

5,639,163

1.1x

n/a

2%

*Stressed / Distressed III (Dec 2017 / Dec 2022)

7,356,380

3,477,014

2,179,843

1.0x

2,240,073

1.4x

4,419,916

1.2x

n/a

9%

Energy I (Nov 2015 / Nov 2018)

2,856,867

1,049,896

997,985

1.0x

2,148,795

1.6x

3,146,780

1.3x

n/a

8%

*Energy II (Feb 2019 / Feb 2024)

3,616,081

2,259,493

1,629,250

1.2x

674,471

1.5x

2,303,721

1.3x

n/a

32%

European Senior Debt I (Feb 2015 / Feb 2019)

€

1,964,689

€

342,587

€

1,020,952

1.0x

€

2,258,855

1.4x

€

3,279,807

1.2x

n/a

6%

*European Senior Debt II (Jun 2019 / Jun 2024)

€

4,088,344

€

2,392,801

€

2,821,177

1.0x

€

955,757

1.3x

€

3,776,934

1.1x

n/a

18%

Total Credit Drawdown Funds (l)

$

46,889,033

$

16,494,206

$

15,938,527

1.0x

$

35,541,870

1.4x

$

51,480,397

1.3x

n/a

10%

*Direct Lending BCRED (Various) (m)

n/a

n/a

12,854,821

n/a

315,805

n/a

13,170,626

n/a

n/a

12%

Notes on page 21. BXLS - Blackstone Life Sciences, BCRED - Blackstone Private Credit Fund.

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

Blackstone | 20

INVESTMENT RECORDS AS OF DECEMBER 31, 2021 - NOTES

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

n/m

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

n/a

Not applicable.

(a)

Excludes investment vehicles where Blackstone does not earn fees.

(b)

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

(c)

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

(d)

Unless otherwise indicated, Net Internal Rate of Return ("IRR") represents the annualized inception to December 31, 2021 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of limited partner cash flows. Initial inception date of cash flows may differ from the Investment Period Beginning Date.

(e)

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

(f)

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

(g)

BPP represents the Core+ real estate funds which invest with a more modest risk profile and lower leverage. Committed Capital and Available Capital are not regularly reported to investors in our Core+ strategy and are not applicable in the context of these funds.

(h)

Unrealized Investment Value reflects BREIT's net asset value as of December 31, 2021. Realized Investment Value represents BREIT's cash distributions, net of servicing fees. The BREIT net return reflects a per share blended return, assuming BREIT had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. These returns are not representative of the returns experienced by any particular investor or share class. Inception to date net returns are presented on an annualized basis and are from January 1, 2017. Committed Capital and Available Capital are not regularly reported to investors in our Core+ strategy and are not applicable in the context of this vehicle.

(i)

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

(j)

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

(k)

Realizations are treated as return of capital until fully recovered and therefore unrealized and realized MOICs are not applicable. Returns are calculated from results that are reported on a three-month lag from Strategic Partners' fund financial statements and therefore do not include the impact of economic and market activities in the current quarter. Effective 4Q'21, the MOIC calculation was updated to exclude capital called for management fees and expenses from invested capital.

(l)

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

(m)

Unrealized Investment Value reflects Blackstone Private Credit Fund's ("BCRED") net asset value as of December 31, 2021. Realized Investment Value represents BCRED's cash distributions, net of servicing fees. The BCRED net return reflects a per share blended return, assuming BCRED had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. These returns are not representative of the returns experienced by any particular investor or share class. Inception to date net returns are presented on an unannualized basis and are from January 7, 2021. Committed Capital and Available Capital are not regularly reported to investors in BCRED and are not applicable in the context of this vehicle. Does not include Blackstone Secured Lending Fund ("BXSL") as it is now a publicly traded BDC following its IPO on October 28, 2021.

Blackstone | 21

SHAREHOLDER DIVIDENDS

§

Generated $1.71 of Distributable Earnings per common share during the quarter, bringing the full year amount to
$4.77 per common share.

§

Blackstone declared a quarterly dividend of $1.45 per common share to record holders as of February 7, 2022;
payable on February 14, 2022.

% Change

% Change

($ in thousands, except per share data)

4Q'20

1Q'21

2Q'21

3Q'21

4Q'21

vs. 4Q'20

FY'20

FY'21

vs. FY'20

Distributable Earnings

$

1,464,406

$

1,192,244

$

1,069,993

$

1,635,273

$

2,273,327

55%

$

3,341,596

$

6,170,837

85%

Add: Other Payables Attributable to Common Shareholders

154,783

61,249

120,336

133,841

352,514

128%

233,117

667,939

187%

DE before Certain Payables

1,619,189

1,253,493

1,190,329

1,769,114

2,625,841

62%

3,574,713

6,838,776

91%

Percent to Common Shareholders

59%

59%

60%

60%

61%

58%

60%

DE before Certain Payables Attributable to Common Shareholders

949,854

741,662

710,081

1,059,142

1,601,199

69%

2,084,467

4,112,084

97%

Less: Other Payables Attributable to Common Shareholders

(154,783

)

(61,249

)

(120,336

)

(133,841

)

(352,514

)

128%

(233,117

)

(667,939

)

187%

DE Attributable to Common Shareholders

795,071

680,413

589,745

925,301

1,248,685

57%

1,851,350

3,444,145

86%

DE per Common Share

$

1.13

$

0.96

$

0.82

$

1.28

$

1.71

51%

$

2.65

$

4.77

80%

Less: Retained Capital per Common Share

$

(0.17)

$

(0.14)

$

(0.12)

$

(0.19)

$

(0.26)

53%

$

(0.39)

$

(0.71)

82%

Actual Dividend per Common Share

$

0.96

$

0.82

$

0.70

$

1.09

$

1.45

51%

$

2.26

$

4.06

80%

Record Date

Feb 7, 2022

Payable Date

Feb 14, 2022

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

See additional notes on page 33.

Blackstone | 22

SHARE SUMMARY

§

Distributable Earnings Shares Outstanding as of quarter end of 1.200 billion shares.
-

Repurchased 4.2 million common shares in the quarter and 10.3 million common shares for the year.

-

Available authorization remaining was $1.5 billion at December 31, 2021.

4Q'20 1Q'21 2Q'21 3Q'21 4Q'21

Participating Common Shares

703,959,789 711,065,543 720,474,539 721,369,398 732,037,197

Participating Partnership Units

496,060,455 490,716,529 487,276,882 483,553,949 468,446,388

Distributable Earnings Shares Outstanding

1,200,020,244 1,201,782,072 1,207,751,421 1,204,923,347 1,200,483,585
Participating Common Shares and Participating Partnership Units include both issued and outstanding shares and unvested shares that participate in dividends.

Blackstone | 23

Reconciliations and Disclosures

Blackstone | 24

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

QTD FY

($ in thousands)

4Q'20

1Q'21

2Q'21

3Q'21

4Q'21

FY'20

FY'21

Net Income Attributable to Blackstone Inc.

$

748,870

$

1,747,872

$

1,309,152

$

1,401,895

$

1,398,478

$

1,045,363

$

5,857,397

Net Income Attributable to Non-Controlling Interests in Blackstone
Holdings

759,110

1,235,784

1,116,193

1,315,641

1,218,934

1,012,924

4,886,552

Net Income (Loss) Attributable to Non-Controlling Interests in
Consolidated Entities

308,055

386,850

431,516

486,907

320,033

217,117

1,625,306

Net Income (Loss) Attributable to Redeemable Non-Controlling
Interests in Consolidated Entities

(1,871

)

629

637

1,550

2,924

(13,898

)

5,740

Net Income

$

1,814,164

$

3,371,135

$

2,857,498

$

3,205,993

$

2,940,369

$

2,261,506

$

12,374,995

Provision (Benefit) for Taxes

266,342

(447

)

288,250

458,904

437,694

356,014

1,184,401

Income Before Provision for Taxes

$

2,080,506

$

3,370,688

$

3,145,748

$

3,664,897

$

3,378,063

$

2,617,520

$

13,559,396

Transaction-Related Charges (a)

70,292

27,888

35,533

59,193

21,424

240,729

144,038

Amortization of Intangibles (b)

16,535

17,124

17,044

17,044

17,044

65,984

68,256

Impact of Consolidation (c)

(306,184

)

(387,479

)

(432,153

)

(488,457

)

(322,957

)

(203,219

)

(1,631,046

)

Unrealized Performance Revenues (d)

(597,285

)

(2,464,497

)

(2,697,170

)

(2,724,366

)

(789,213

)

384,758

(8,675,246

)

Unrealized Performance Allocations Compensation (e)

278,575

1,049,969

1,150,219

1,193,853

384,007

(154,516

)

3,778,048

Unrealized Principal Investment (Income) Loss (f)

(114,427

)

(423,934

)

(104,658

)

2,343

(153,518

)

101,742

(679,767

)

Other Revenues (g)

143,615

(60,273

)

(27,870

)

(64,109

)

(50,633

)

253,693

(202,885

)

Equity-Based Compensation (h)

67,092

144,272

121,422

129,254

164,589

333,767

559,537

Administrative Fee Adjustment (i)

2,546

2,708

2,551

2,488

2,441

5,265

10,188

Taxes and Related Payables (j)

(176,859

)

(84,222

)

(140,673

)

(156,867

)

(377,920

)

(304,127

)

(759,682

)

Distributable Earnings

$

1,464,406

$

1,192,244

$

1,069,993

$

1,635,273

$

2,273,327

$

3,341,596

$

6,170,837

Taxes and Related Payables (j)

176,859

84,222

140,673

156,867

377,920

304,127

759,682

Net Interest and Dividend (Income) Loss (k)

5,604

12,928

11,201

16,238

(6,779

)

34,910

33,588

Total Segment Distributable Earnings

$

1,646,869

$

1,289,394

$

1,221,867

$

1,808,378

$

2,644,468

$

3,680,633

$

6,964,107

Realized Performance Revenues (l)

(1,276,629

)

(401,323

)

(792,938

)

(1,497,477

)

(1,191,374

)

(1,865,993

)

(3,883,112

)

Realized Performance Compensation (m)

483,528

150,924

338,271

619,074

449,301

714,347

1,557,570

Realized Principal Investment Income (n)

(103,821

)

(298,156

)

(63,132

)

(151,010

)

(75,468

)

(158,933

)

(587,766

)

Fee Related Earnings

$

749,947

$

740,839

$

704,068

$

778,965

$

1,826,927

$

2,370,054

$

4,050,799

Adjusted EBITDA Reconciliation

Distributable Earnings

$

1,464,406

$

1,192,244

$

1,069,993

$

1,635,273

$

2,273,327

$

3,341,596

$

6,170,837

Interest Expense (o)

45,330

44,340

44,132

51,773

56,387

165,022

196,632

Taxes and Related Payables (j)

176,859

84,222

140,673

156,867

377,920

304,127

759,682

Depreciation and Amortization (p)

9,946

12,293

12,581

12,771

14,542

35,136

52,187

Adjusted EBITDA

$

1,696,541

$

1,333,099

$

1,267,379

$

1,856,684

$

2,722,176

$

3,845,881

$

7,179,338

Notes on pages 26-27.

Blackstone | 25

RECONCILIATION OF GAAP TO NON-GAAP MEASURES - NOTES

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

(a)

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

(b)

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

(c)

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

(d)

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

QTD FY
($ in thousands) 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 FY'20 FY'21

GAAP Unrealized Performance Allocations

$ 597,285 $ 2,464,497 $ 2,697,170 $ 2,724,366 $ 789,213 $ (384,393 ) $ 8,675,246

Segment Adjustment

- - - - - (365 ) -

Unrealized Principal Investment Income (Loss)

$ 597,285 $ 2,464,497 $ 2,697,170 $ 2,724,366 $ 789,213 $ (384,758 ) $ 8,675,246

(e)   This adjustment removes Unrealized Performance Allocations Compensation.

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

QTD FY
($ in thousands) 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 FY'20 FY'21

GAAP Unrealized Principal Investment Income (Loss)

$ 217,688 $ 639,315 $ 328,835 $ 183,754 $ 304,297 $ (114,607 ) $ 1,456,201

Segment Adjustment

(103,261 ) (215,381 ) (224,177 ) (186,097 ) (150,779 ) 12,865 (776,434 )

Unrealized Principal Investment Income (Loss)

$ 114,427 $ 423,934 $ 104,658 $ (2,343 ) $ 153,518 $ (101,742 ) $ 679,767

(g) This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents (1) the add back of Other Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of certain Transaction-Related Charges.

QTD FY
($ in thousands) 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 FY'20 FY'21

GAAP Other Revenue

$ (143,583 ) $ 60,304 $ 27,896 $ 64,187 $ 50,699 $ (253,142 ) $ 203,086

Segment Adjustment

(32 ) (31 ) (26 ) (78 ) (66 ) (551 ) (201 )

Other Revenues

$ (143,615 ) $ 60,273 $ 27,870 $ 64,109 $ 50,633 $ (253,693 ) $ 202,885

(h)   This adjustment removes Equity-Based Compensation on a segment basis.

(i)  This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone's segment presentation.

Blackstone | 26

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

(j)

Taxes represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and adjusted to exclude the tax impact of any divestitures. Related Payables represent tax-related payables including the amount payable under the Tax Receivable Agreement. Please refer to page 34 for the full definition of Taxes and Related Payables.

QTD FY
($ in thousands) 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 FY'20 FY'21

Taxes

$ 163,315 $ 69,609 $ 127,809 $ 140,548 $ 365,109 $ 260,569 $ 703,075

Related Payables

13,544 14,613 12,864 16,319 12,811 43,558 56,607

Taxes and Related Payables

$ 176,859 $ 84,222 $ 140,673 $ 156,867 $ 377,920 $ 304,127 $ 759,682

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

QTD FY
($ in thousands) 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 FY'20 FY'21

GAAP Interest and Dividend Revenue

$ 39,726 $ 31,412 $ 31,017 $ 35,048 $ 63,166 $ 125,231 $ 160,643

Segment Adjustment

- - 1,914 487 - 4,881 2,401

Interest and Dividend Revenue

$ 39,726 $ 31,412 $ 32,931 $ 35,535 $ 63,166 $ 130,112 $ 163,044

GAAP Interest Expense

$ 45,702 $ 44,983 $ 44,322 $ 52,413 $ 56,550 $ 166,162 $ 198,268

Segment Adjustment

(372 ) (643 ) (190 ) (640 ) (163 ) (1,140 ) (1,636 )

Interest Expense

$ 45,330 $ 44,340 $ 44,132 $ 51,773 $ 56,387 $ 165,022 $ 196,632

Net Interest and Dividend Income (Loss)

$ (5,604 ) $ (12,928 ) $ (11,201 ) $ (16,238 ) $ 6,779 $ (34,910 ) $ (33,588 )

(l) This adjustment removes the total segment amount of Realized Performance Revenues.

(m)  This adjustment removes the total segment amount of Realized Performance Compensation.

(n)  This adjustment removes the total segment amount of Realized Principal Investment Income.

(o)  This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement.

(p)  This adjustment adds back Depreciation and Amortization on a segment basis.

Reconciliation of GAAP Shares of Common Stock Outstanding to Distributable Earnings Shares Outstanding

QTD
4Q'20 1Q'21 2Q'21 3Q'21 4Q'21

GAAP Shares of Common Stock Outstanding

683,875,544 690,569,563 691,093,463 693,612,698 704,339,774

Unvested Participating Common Shares

20,084,245 20,495,980 29,381,076 27,756,700 27,697,423

Total Participating Common Shares

703,959,789 711,065,543 720,474,539 721,369,398 732,037,197

Participating Partnership Units

496,060,455 490,716,529 487,276,882 483,553,949 468,446,388

Distributable Earnings Shares Outstanding

1,200,020,244 1,201,782,072 1,207,751,421 1,204,923,347 1,200,483,585

Disclosure of Weighted-Average Shares Common Stock Outstanding

QTD FY
4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 FY'20 FY'21

Total GAAP Weighted-Average Shares of Common Stock Outstanding - Basic

702,543,279 709,033,212 721,141,954 722,229,117 726,445,206 696,933,548 719,766,879

Weighted-Average Shares of Unvested Deferred Restricted Common Stock

436,255 879,132 123,226 203,982 226,315 324,748 358,164

Total GAAP Weighted-Average Shares of Common Stock Outstanding - Diluted

702,979,534 709,912,344 721,265,180 722,433,099 726,671,521 697,258,296 720,125,043

Blackstone | 27

BLACKSTONE'S FOURTH QUARTER 2021 GAAP BALANCE SHEET RESULTS

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

Assets

Cash and Cash Equivalents

$

1,999,484

$

2,862,422

$

2,467,444

$

5,011,433

$

2,119,738

Cash Held by Blackstone Funds and Other

64,972

109,285

109,676

113,731

79,994

Investments

15,617,142

17,943,309

22,163,322

25,104,195

28,665,043

Accounts Receivable

866,158

975,610

582,542

496,265

636,616

Due from Affiliates

3,221,515

3,015,318

3,159,829

3,718,119

4,656,867

Intangible Assets, Net

347,955

340,478

321,780

303,082

284,384

Goodwill

1,901,485

1,890,185

1,890,202

1,890,202

1,890,202

Other Assets

481,022

434,475

556,714

538,567

492,936

Right-of-Use Assets

526,943

736,633

723,539

745,886

788,991

Deferred Tax Assets

1,242,576

1,402,271

1,322,144

1,116,612

1,581,637

Total Assets

$

26,269,252

$

29,709,986

$

33,297,192

$

39,038,092

$

41,196,408

Liabilities and Equity

Loans Payable

$

5,644,653

$

5,573,965

$

5,594,648

$

7,527,576

$

7,748,163

Due to Affiliates

1,135,041

1,161,775

1,226,504

1,426,209

1,906,098

Accrued Compensation and Benefits

3,433,260

4,376,226

5,789,662

7,399,559

7,905,070

Securities Sold, Not Yet Purchased

51,033

33,160

35,783

35,657

27,849

Repurchase Agreements

76,808

58,050

57,247

36,545

57,980

Operating Lease Liabilities

620,844

842,692

841,152

863,020

908,033

Accounts Payable, Accrued Expenses and Other Liabilities

717,104

838,930

1,205,182

871,661

937,169

Total Liabilities

11,678,743

12,884,798

14,750,178

18,160,227

19,490,362

Redeemable Non-Controlling Interests in Consolidated Entities

65,161

65,546

65,568

66,824

68,028

Equity

Common Stock, $0.00001 par value (704,339,774 shares issued
and outstanding as of December 31, 2021)

7

7

7

7

7

Series I Preferred Stock, $0.00001 par value (1 share issued
and outstanding as of December 31, 2021)

-

-

-

-

-

Series II Preferred Stock, $0.00001 par value (1 share issued
and outstanding as of December 31, 2021)

-

-

-

-

-

Additional Paid-in-Capital

6,332,105

6,446,829

6,282,600

6,037,628

5,794,727

Retained Earnings

335,762

1,408,768

2,133,794

3,031,765

3,647,785

Accumulated Other Comprehensive Loss

(15,831

)

(11,454

)

(10,245

)

(15,357

)

(19,626

)

Non-Controlling Interests in Consolidated Entities

4,042,157

4,390,594

4,860,442

5,638,612

5,600,653

Non-Controlling Interests in Blackstone Holdings

3,831,148

4,524,898

5,214,848

6,118,386

6,614,472

Total Equity

14,525,348

16,759,642

18,481,446

20,811,041

21,638,018

Total Liabilities and Equity

$

26,269,252

$

29,709,986

$

33,297,192

$

39,038,092

$

41,196,408

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

Blackstone | 28

RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES

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

Investments of Consolidated Blackstone Funds

$

1,455,008

$

1,459,804

$

1,871,269

$

2,104,705

$

2,018,829

Equity Method Investments

Partnership Investments

4,353,234

4,676,341

4,916,675

5,303,334

5,635,212

Accrued Performance Allocations

6,891,262

9,367,251

12,101,142

15,063,648

17,096,873

Corporate Treasury Investments

2,579,716

1,726,285

2,440,325

1,520,426

658,066

Other Investments

337,922

713,628

833,911

1,112,082

3,256,063

Total GAAP Investments

15,617,142

17,943,309

22,163,322

25,104,195

28,665,043

Accrued Performance Allocations - GAAP

$

6,891,262

$

9,367,251

$

12,101,142

$

15,063,648

$

17,096,873

Impact of Consolidation (a)

1

1

1

1

1

Due from Affiliates - GAAP (b)

165,678

56,274

59,304

59,669

260,993

Less: Net Realized Performance Revenues (c)

(313,610

)

(269,426

)

(261,760

)

(416,336

)

(1,294,884

)

Less: Accrued Performance Compensation - GAAP (d)

(2,917,609

)

(3,952,253

)

(5,137,933

)

(6,395,903

)

(7,324,906

)

Net Accrued Performance Revenues

$

3,825,722

$

5,201,847

$

6,760,754

$

8,311,079

$

8,738,077

Corporate Treasury and Other Investments - GAAP (e)

$

2,917,638

$

2,439,913

$

3,274,236

$

2,632,508

$

3,914,129

Impact of Consolidation (a)

137,745

142,187

176,320

178,407

144,354

Other Assets (f)

947,565

766,285

479,591

580,641

797,843

Other Liabilities (g)

(30,355

)

(61,599

)

(494,119

)

(169,863

)

(94,314

)

Corporate Treasury and Other Investments - Deconsolidated (h)

$

3,972,593

$

3,286,786

$

3,436,028

$

3,221,693

$

4,762,012

Partnership Investments - GAAP

$

4,353,234

$

4,676,341

$

4,916,675

$

5,303,334

$

5,635,212

Impact of Consolidation (i)

(2,615,599

)

(2,923,029

)

(3,091,175

)

(3,459,004

)

(3,552,599

)

GP/Fund Investments - Deconsolidated

$

1,737,635

$

1,753,312

$

1,825,500

$

1,844,330

$

2,082,613

Loans Payable - GAAP

$

5,644,653

$

5,573,965

$

5,594,648

$

7,527,576

$

7,748,163

Impact of Consolidation (j)

(99

)

(100

)

(99

)

(100

)

(101

)

Outstanding Debt - Carrying Value

5,644,554

5,573,865

5,594,549

7,527,476

7,748,062

Unamortized Discount

87,846

85,635

84,151

109,524

107,438

Outstanding Debt (at par) - Deconsolidated

$

5,732,400

$

5,659,500

$

5,678,700

$

7,637,000

$

7,855,500

(a)

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

(b)

Represents GAAP accrued performance revenue recorded within Due from Affiliates.

(c)

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

(d)

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

(e)

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

(f)

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

(g)

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

(h)

Deconsolidated Other Investments was $3.2 billion as of December 31, 2021, which was comprised of $727 million of liquid investments and $2.5 billion of illiquid investments. The liquid portion of Other Investments relates to public equity securities, which may include equity securities subject to lockup periods, and other investments held by Blackstone that can be easily converted to cash.

(i)

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

(j)

This adjustment removes amounts related to consolidated Blackstone Funds.

Blackstone | 29

RECONCILIATION OF GAAP TO TOTAL SEGMENTS

($ in thousands)

QTD FY
4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 FY'20 FY'21

Management and Advisory Fees, Net

GAAP

$

1,134,138

$

1,177,815

$

1,212,549

$

1,320,795

$

1,459,548

$

4,092,549

$

5,170,707

Segment Adjustment (a)

1,887

390

193

(720

)

(3,328

)

18,616

(3,465

)

Total Segment

$

1,136,025

$

1,178,205

$

1,212,742

$

1,320,075

$

1,456,220

$

4,111,165

$

5,167,242

GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues

GAAP

Incentive Fees

97,702

36,124

33,207

48,206

136,454

138,661

253,991

Investment Income - Realized Performance Allocations

1,465,154

534,367

808,620

1,522,495

2,787,970

2,106,000

5,653,452

GAAP

$

1,562,856

$

570,491

$

841,827

$

1,570,701

$

2,924,424

$

2,244,661

$

5,907,443

Total Segment

Less: Realized Performance Revenues

(1,276,629

)

(401,323

)

(792,938

)

(1,497,477

)

(1,191,374

)

(1,865,993

)

(3,883,112

)

Segment Adjustment (b)

-

-

-

89

824

8

913

Total Segment

$

286,227

$

169,168

$

48,889

$

73,313

$

1,733,874

$

378,676

$

2,025,244

GAAP Compensation to Total Segment Fee Related Compensation

GAAP

Compensation

459,636

542,638

507,104

536,199

576,032

1,855,619

2,161,973

Incentive Fees Compensation

22,086

13,325

14,431

21,007

49,349

44,425

98,112

Realized Performance Allocations Compensation

590,089

213,027

347,423

631,632

1,119,911

843,230

2,311,993

GAAP

$

1,071,811

$

768,990

$

868,958

$

1,188,838

$

1,745,292

$

2,743,274

$

4,572,078

Total Segment

Less: Realized Performance Compensation

(483,528

)

(150,924

)

(338,271

)

(619,074

)

(449,301

)

(714,347

)

(1,557,570

)

Less: Equity-Based Compensation - Fee Related Compensation

(65,397

)

(141,674

)

(119,491

)

(127,442

)

(162,656

)

(326,116

)

(551,263

)

Less: Equity-Based Compensation - Performance Compensation

(1,695

)

(2,598

)

(1,931

)

(1,812

)

(1,933

)

(7,651

)

(8,274

)

Segment Adjustment (c)

(38,422

)

(28,684

)

(33,880

)

(21,029

)

(23,368

)

(198,590

)

(106,961

)

Total Segment

$

482,769

$

445,110

$

375,385

$

419,481

$

1,108,034

$

1,496,570

$

2,348,010

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

GAAP

$

214,124

$

185,122

$

205,057

$

217,995

$

309,673

$

711,782

$

917,847

Segment Adjustment (d)

(24,588

)

(23,698

)

(22,879

)

(23,053

)

(54,540

)

(88,565

)

(124,170

)

Total Segment

$

189,536

$

161,424

$

182,178

$

194,942

$

255,133

$

623,217

$

793,677

Realized Performance Revenues

GAAP

Incentive Fees

97,702

36,124

33,207

48,206

136,454

138,661

253,991

Investment Income - Realized Performance Allocations

1,465,154

534,367

808,620

1,522,495

2,787,970

2,106,000

5,653,452

GAAP

$

1,562,856

$

570,491

$

841,827

$

1,570,701

$

2,924,424

$

2,244,661

$

5,907,443

Total Segment

Less: Fee Related Performance Revenues

(286,227

)

(169,168

)

(48,889

)

(73,313

)

(1,733,874

)

(378,676

)

(2,025,244

)

Segment Adjustment (b)

-

-

-

89

824

8

913

Total Segment

$

1,276,629

$

401,323

$

792,938

$

1,497,477

$

1,191,374

$

1,865,993

$

3,883,112

Blackstone | 30

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

($ in thousands)

QTD FY
4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 FY'20 FY'21

Realized Performance Compensation

GAAP

Incentive Fee Compensation

$

22,086

$

13,325

$

14,431

$

21,007

$

49,349

$

44,425

$

98,112

Realized Performance Allocations Compensation

590,089

213,027

347,423

631,632

1,119,911

843,230

2,311,993

GAAP

$

612,175

$

226,352

$

361,854

$

652,639

$

1,169,260

$

887,655

$

2,410,105

Total Segment

Less: Fee Related Performance Compensation (e)

(126,952

)

(72,830

)

(21,652

)

(31,753

)

(718,026

)

(165,657

)

(844,261

)

Less: Equity-Based Compensation - Performance Compensation

(1,695

)

(2,598

)

(1,931

)

(1,812

)

(1,933

)

(7,651

)

(8,274

)

Total Segment

$

483,528

$

150,924

$

338,271

$

619,074

$

449,301

$

714,347

$

1,557,570

Realized Principal Investment Income

GAAP

$

220,814

$

355,038

$

152,060

$

325,414

$

171,310

$

391,628

$

1,003,822

Segment Adjustment (f)

(116,993

)

(56,882

)

(88,928

)

(174,404

)

(95,842

)

(232,695

)

(416,056

)

Total Segment

$

103,821

$

298,156

$

63,132

$

151,010

$

75,468

$

158,933

$

587,766

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

GAAP

Interest and Dividend Revenue

39,726

31,412

31,017

35,048

63,166

125,231

160,643

Interest Expense

(45,702

)

(44,983

)

(44,322

)

(52,413

)

(56,550

)

(166,162

)

(198,268

)

GAAP

$

(5,976

)

$

(13,571

)

$

(13,305

)

$

(17,365

)

$

6,616

$

(40,931

)

$

(37,625

)

Segment Adjustment (g)

372

643

2,104

1,127

163

6,021

4,037

Total Segment

$

(5,604

)

$

(12,928

)

$

(11,201

)

$

(16,238

)

$

6,779

$

(34,910

)

$

(33,588

)

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

(a)

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

(b)

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

(c)

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

(d)

Represents the removal of (1) the amortization of transaction-related intangibles, and (2) certain expenses reimbursed by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures.

(e)

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

(f)

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

(g)

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

Blackstone | 31

NOTES

Notes to page 1 - Blackstone's Fourth Quarter and Full Year 2021 GAAP Results

§

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

§

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

Notes to page 2 - Blackstone's Fourth Quarter and Full Year 2021 Highlights

§

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

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

§

Core+ appreciation represents a weighted average of BREIT's per share appreciation and BPP appreciation for the period. The returns are weighted based on the average of BREIT's monthly net asset values and the average of BPP's quarterly adjusted beginning period market values for the period.
§ Results for the Secondaries business (also referred to as Strategic Partners) are reported on a three-month lag from the Secondaries' fund financial statements, which generally report underlying investments on a same-quarter basis, if available. As a result, the appreciation presented herein does not include the impact of economic and market activity in the current quarter. Current market activity is expected to affect reported results in upcoming quarters.

§

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

§

Effective 1Q'21, Credit returns are presented as separate returns for Private Credit and Liquid Credit instead of as a Credit Composite. Private Credit returns include mezzanine lending funds and middle market direct lending funds (including BXSL and BCRED), stressed/distressed strategies (including stressed/distressed funds and credit alpha strategies) and energy strategies. Liquid Credit returns include CLOs, closed-ended funds, open-ended funds and separately managed accounts. Only fee-earning funds exceeding $100 million of fair value at the beginning of each respective quarter-end are included. Funds in liquidation, funds investing primarily in investment grade corporate credit and our structured products group are excluded. Blackstone Funds that were contributed to Blackstone Credit as part of Blackstone's acquisition of Blackstone Credit, formerly known as GSO, in March 2008 and the pre-acquisition date performance for funds and vehicles acquired by Blackstone Credit subsequent to March 2008, are also excluded.

Blackstone | 32

NOTES - (CONT'D)

Notes to page 16 - Assets Under Management - Rollforward

§

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

Notes to page 17 - Deconsolidated Balance Sheet Highlights

§

GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Hedge Fund Solutions, and Credit & Insurance, which were $697 million, $881 million, $186 million, and $318 million, respectively, as of December 31, 2021. Cash and Net Investments per share amounts are calculated using period end DE Shares Outstanding (see page 23, Share Summary).

Notes to page 22 - Shareholder Dividends

§

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

§

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

§

Retained capital is withheld pro rata from common shareholders and Blackstone Holdings Partnership unitholders. Common shareholders' share was $190 million for 4Q'21 and $513 million for FY'21.

Blackstone | 33

DEFINITIONS AND DIVIDEND POLICY

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

§

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

-

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

-

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

§

Distributable Earnings, or "DE", is derived from Blackstone's segment reported results. DE is used to assess performance and amounts available for dividends to Blackstone shareholders, including Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. DE is the sum of Segment DE plus Net Interest 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 | 34

DEFINITIONS AND DIVIDEND POLICY - (CONT'D)

-

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

-

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

-

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

-

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

§

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

§

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

§

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

-

Performance Compensation reflects an increase in the aggregate Realized Performance Compensation paid to certain of our professionals above the amounts allocable to them based upon the percentage participation in the relevant performance plans previously awarded to them as a result of a new compensation program that commenced in 2Q'21. Fee Related Compensation was decreased by a corresponding amount. These changes to Performance Compensation and Fee Related Compensation had no impact to Distributable Earnings.

§

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

Blackstone | 35

DEFINITIONS AND DIVIDEND POLICY - (CONT'D)

Dividend Policy. Blackstone's intention is to pay to holders of common stock a quarterly dividend representing approximately 85% of 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 | 36

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" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include but are not limited to the impact of the novel coronavirus ("COVID-19"), as well as those described under the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2020, as such factors may be updated from time to time in our periodic filings with the United States Securities and Exchange Commission ("SEC"), which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other periodic filings. The forward-looking statements speak only as of the date of this report, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

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

Blackstone | 37