Exhibit 99.1

Blackstone Reports First Quarter 2023 Results

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

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone’s first-quarter results highlight

the exceptional strength and stability of our firm. We protected our limited partners’ capital in volatile markets,

and they entrusted us with $40 billion of inflows in the quarter. Our successful fundraising initiatives position us

with nearly $200 billion of dry powder capital, an industry record, ahead of what we believe will be an attractive

environment for deployment.”

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

www.blackstone.com.

Dividend

Blackstone has declared a quarterly dividend of $0.82 per share to record holders of common stock at the close of

business on May 1, 2023. This dividend will be paid on May 8, 2023.

Quarterly Investor Call Details

Blackstone will host its first quarter 2023 investor conference via public webcast on April 20, 2023 at 9:00 a.m. ET.

To register, please use the following link:

https://event.webcasts.com/starthere.jsp?ei=1606774&tp_key=92d40f7fe7. For those unable to listen to the live

Blackstone

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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 $991 billion in assets under

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

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

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

LinkedIn, Twitter, and Instagram.

Forward-Looking Statements

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Investor and Media Relations Contacts

  Weston Tucker   Blackstone   Tel: +1 (212) 583-5231   tucker@blackstone.com     Christine Anderson     Blackstone     Tel: +1 (212) 583-5182     christine.anderson@blackstone.com

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Blackstone’s First

Quarter 2023 Earnings

APRIL 20, 2023

BLACKSTONE’S FIRST QUARTER 2023 GAAP RESULTS

§ GAAP Net Income was $211 million for the quarter and $702 million over the last twelve months (“LTM”). GAAP Net Income Attributable to Blackstone Inc. was $86 million for the quarter and $617 million over the LTM.

($ in thousands, except per share data) (unaudited)	1Q’22		1Q’23			1Q’22 LTM			1Q’23 LTM
Revenues
Management and Advisory Fees, Net	$	1,475,936	$	1,658,315		$	5,468,828		$	6,485,694
Incentive Fees		104,489		142,876			322,356			563,514
Investment Income (Loss)
Performance Allocations
Realized		1,766,386		646,894			6,885,471			4,262,148
Unrealized		1,293,050		(759,212	)		7,503,799			(5,487,318	)
Principal Investments
Realized		285,104		108,058			933,888			673,281
Unrealized		73,961		(491,417	)		890,847			(2,129,227	)
Total Investment Income (Loss)		3,418,501		(495,677	)		16,214,005			(2,681,116	)
Interest and Dividend Revenue		54,485		90,485			183,716			307,612
Other		72,869		(14,154	)		215,651			97,534
Total Revenues	$	5,126,280	$	1,381,845		$	22,404,556		$	4,773,238
Expenses
Compensation and Benefits
Compensation		656,505		716,285			2,275,840			2,629,560
Incentive Fee Compensation		41,019		63,281			125,806			230,260
Performance Allocations Compensation
Realized		717,601		296,794			2,816,567			1,804,457
Unrealized		472,284		(313,249	)		3,200,363			(2,256,121	)
Total Compensation and Benefits		1,887,409		763,111			8,418,576			2,408,156
General, Administrative and Other		240,674		273,394			973,399			1,125,391
Interest Expense		66,747		104,441			220,032			354,919
Fund Expenses		2,192		48,399			10,185			76,882
Total Expenses	$	2,197,022	$	1,189,345		$	9,622,192		$	3,965,348
Other Income (Loss)
Change in Tax Receivable Agreement Liability		761		(5,208	)		(4,908	)		16,314
Net Gains (Losses) from Fund Investment Activities		50,876		71,064			392,147			(84,954	)
Income Before Provision for Taxes	$	2,980,895	$	258,356		$	13,169,603		$	739,250
Provision for Taxes		483,281		47,675			1,668,129			37,274
Net Income	$	2,497,614	$	210,681		$	11,501,474		$	701,976
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		5,052		(6,700	)		10,163			(154,642	)
Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities		216,375		74,869			1,454,831			(33,740	)
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings		1,059,313		56,700			4,710,081			273,789
Net Income Attributable to Blackstone Inc. (“BX”)	$	1,216,874	$	85,812		$	5,326,399		$	616,569
Net Income Per Share of Common Stock, Basic	$	1.66	$	0.12		$	7.34		$	0.83
Net Income Per Share of Common Stock, Diluted	$	1.66	$	0.11		$	7.33		$	0.83

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.   Blackstone | 1

BLACKSTONE’S FIRST QUARTER 2023 HIGHLIGHTS

Financial Measures	§   Fee Related Earnings (“FRE”) of $1.0 billion ($0.86/share) in the quarter –  FRE was $4.3 billion over the LTM ($3.56/share) §   Distributable Earnings (“DE”) of $1.2 billion ($0.97/share) in the quarter –  DE was $5.9 billion over the LTM ($4.59/share) §   Net Accrued Performance Revenues of $6.4 billion ($5.27/share)
Capital Metrics	§   Total Assets Under Management (“AUM”) of $991.3 billion, up 8% year-over-year –  Fee-Earning AUM of $732.0 billion, up 8% year-over-year –  Perpetual Capital AUM of $380.5 billion, up 13% year-over-year §   Inflows of $40.4 billion in the quarter and $216.5 billion over the LTM §   Deployment of $10.8 billion in the quarter and $108.6 billion over the LTM §   Realizations of $18.0 billion in the quarter and $76.5 billion over the LTM
Capital Returned to Shareholders	§   Dividend of $0.82 per common share payable on May 8, 2023 –  Dividends of $3.90 per common share over the LTM §   $1.2 billion to be distributed to shareholders with respect to the first quarter and $5.6 billion over the LTM through dividends and share repurchases

Blackstone | 2

BLACKSTONE’S FIRST QUARTER 2023 SEGMENT EARNINGS

							% Change								% Change
($ in thousands, except per share data)	1Q’22			1Q’23			vs. 1Q’22		1Q’22 LTM			1Q’23 LTM			vs. 1Q’22 LTM
Management and Advisory Fees, Net	$	1,473,368		$	1,652,387			12%	$	5,462,405		$	6,461,965			18%
Fee Related Performance Revenues		558,065			148,244			(73)%		2,414,141			1,039,676			(57)%
Fee Related Compensation		(670,471	)		(508,971	)		(24)%		(2,573,371	)		(2,169,275	)		(16)%
Other Operating Expenses		(214,098	)		(251,648	)		18%		(846,351	)		(1,026,573	)		21%
Fee Related Earnings	$	1,146,864		$	1,040,012			(9)%	$	4,456,824		$	4,305,793			(3)%
Realized Performance Revenues		1,312,810			641,526			(51)%		4,794,599			3,790,054			(21)%
Realized Performance Compensation		(519,120	)		(296,024	)		(43)%		(1,925,766	)		(1,591,001	)		(17)%
Realized Principal Investment Income		157,095			43,691			(72)%		446,705			282,852			(37)%
Net Realizations		950,785			389,193			(59)%		3,315,538			2,481,905			(25)%
Total Segment Distributable Earnings	$	2,097,649		$	1,429,205			(32)%	$	7,772,362		$	6,787,698			(13)%
Distributable Earnings	$	1,937,880		$	1,249,092			(36)%	$	6,916,473		$	5,943,992			(14)%
Additional Metrics:
Net Income Per Share of Common Stock, Basic	$	1.66		$	0.12			(93)%	$	7.34		$	0.83			(89)%
FRE per Share	$	0.95		$	0.86			(9)%	$	3.70		$	3.56			(4)%
DE per Common Share	$	1.55		$	0.97			(37)%	$	5.36		$	4.59			(14)%
Total Segment Revenues	$	3,501,338		$	2,485,848			(29)%	$	13,117,850		$	11,574,547			(12)%
Total Assets Under Management	$	915,491,742		$	991,293,596			8%	$	915,491,742		$	991,293,596			8%
Fee-Earning Assets Under Management	$	677,943,302		$	731,973,409			8%	$	677,943,302		$	731,973,409			8%

Fee Related Earnings per Share is based on end of period DE Shares Outstanding (see page 23, Share Summary). DE per Common Share is based on DE Attributable to Common Shareholders (see page 22, Shareholder Dividends) and end of period Participating Common Shares outstanding. LTM FRE per Share and DE per Common Share amounts represent the sum of the last four quarters. See pages 30-31 for the Reconciliation of GAAP to Total Segment Measures. During 2022, BREIT’s fee related performance revenues moved from annual to quarterly crystallization. If quarterly crystallization of BREIT’s fee related performance revenues had been in effect for all quarters included in the prior year LTM period, 1Q’23 LTM FRE would have been down (2)% year-over-year and 1Q’23 LTM Segment DE would have been down (12)% year-over year. See note on page 32 for additional details. Blackstone | 3  

INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES

§ Realized distributions across strategies led to lower Net Accrued Performance Revenues quarter-over-quarter of $6.4 billion ($5.27/share).

Investment Performance

(appreciation / gross returns)

	1Q’23	1Q’23 LTM
Real Estate
Opportunistic	(0.4)%	(4.1)%
Core+	(1.6)%	1.4%
Private Equity
Corporate Private Equity	2.8%	(0.8)%
Tactical Opportunities	2.2%	(1.2)%
Secondaries	1.4%	1.7%
Credit & Insurance
Private Credit	3.4%	9.1%
Liquid Credit	3.0%	0.9%
Hedge Fund Solutions
BPS Composite	0.9%	4.8%

Net Accrued Performance Revenues

($ in millions)

Investment Performance represents fund appreciation for Real Estate and Private Equity and gross returns for Credit & Insurance and Hedge Fund Solutions. Private Credit net returns were 2.6% and 6.0% for 1Q’23 and 1Q’23 LTM, respectively. Liquid Credit net returns were 2.9% and 0.1% for 1Q’23 and 1Q’23 LTM, respectively. BPS Composite net returns were 0.7% and 3.9% for 1Q’23 and 1Q’23 LTM, respectively. See notes on page 32 for additional details on investment performance.   Blackstone | 4

CAPITAL METRICS – ADDITIONAL DETAIL

§ Inflows were $40.4 billion in the quarter, bringing LTM inflows to $216.5 billion.

§ Deployed $10.8 billion in the quarter and $108.6 billion over the LTM.

– Committed an additional $5.9 billion that was not yet deployed in the quarter.

§ Realizations were $18.0 billion in the quarter and $76.5 billion over the LTM.

	Inflows				Capital Deployed				Realizations
($ in millions)	1Q’23		1Q’23 LTM		1Q’23		1Q’23 LTM		1Q’23		1Q’23 LTM
Real Estate	$	17,046	$	90,202	$	2,027	$	42,480	$	4,424	$	31,948
Opportunistic		1,793		33,410		1,240		10,384		525		17,111
Core+		8,013		37,470		415		29,758		3,228		11,906
BREDS		7,240		19,322		373		2,338		671		2,930
Private Equity		4,556		48,029		3,567		24,980		8,621		25,130
Corporate Private Equity		1,239		19,431		407		8,332		4,777		11,403
Tactical Opportunities		737		7,458		351		1,626		1,950		6,273
Secondaries		904		12,253		2,261		6,733		1,596		6,558
Infrastructure		1,676		8,888		548		8,289		297		896
Credit & Insurance		16,589		69,045		4,825		39,810		4,577		17,396
Hedge Fund Solutions		2,168		9,248		422		1,343		331		2,010
Total Blackstone	$	40,360	$	216,524	$	10,841	$	108,611	$	17,952	$	76,484

  Corporate Private Equity also includes Life Sciences and BTAS. Tactical Opportunities also includes Blackstone Growth.   Blackstone | 5

ASSETS UNDER MANAGEMENT

§ Total AUM increased to $991.3 billion, up 8% year-over-year, with $40.4 billion of inflows in the quarter and $216.5 billion over the LTM.

§ Fee-Earning AUM of $732.0 billion was up 8% year-over-year, with $32.0 billion of inflows in the quarter and $158.9 billion over the LTM.

§ Perpetual Capital AUM reached $380.5 billion, up 13% year-over-year.

– Fee-Earning Perpetual Capital AUM increased to $323.3 billion, representing 44% of Fee-Earning AUM.

Blackstone | 6

ADDITIONAL CAPITAL DETAIL

§ Invested Performance Eligible AUM reached $498.2 billion at quarter end.

§ Undrawn capital (“Total Dry Powder”) available for investment of $193.9 billion.

  Invested Performance Eligible AUM represents the fair value of invested assets that are eligible to earn performance revenues.   Blackstone | 7

Segment Highlights

Blackstone | 8

SEGMENT DISTRIBUTABLE EARNINGS COMPOSITION

§ 1Q’23 Total Segment Distributable Earnings were $1.4 billion.

§ LTM Total Segment Distributable Earnings were $6.8 billion.

Segment Distributable Earnings ($ in millions)

Blackstone | 9

REAL ESTATE

§ Total AUM: Increased 11% to $331.8 billion with inflows of $17.0 billion in the quarter and $90.2 billion over the LTM.

– Inflows during the quarter included $5.5 billion of capital raised in BREIT with $4.5 billion from University of California; $1.6 billion in the tenth global opportunistic fund, bringing total capital commitments to $30.4 billion; $2.1 billion in the fifth real estate debt strategies fund, and $4.7 billion in BREDS insurance SMAs.

– April 1 subscriptions of $309 million in BREIT not yet included in Total AUM.

§ Capital Deployed: $2.0 billion in the quarter and $42.5 billion over the LTM.

§ Realizations: $4.4 billion in the quarter and $31.9 billion over the LTM.

§ Appreciation: Opportunistic funds declined (0.4)% in the quarter and (4.1)% over the LTM; Core+ funds declined (1.6)% in the quarter and appreciated 1.4% over the LTM.

							% Change							% Change
($ in thousands)	1Q’22			1Q’23			vs. 1Q’22	1Q’22 LTM			1Q’23 LTM			vs. 1Q’22 LTM
Management Fees, Net	$	619,711		$	715,491		15%	$	2,220,437		$	2,718,845		22%
Fee Related Performance Revenues		491,517			20,748		(96)%		2,031,144			604,655		(70)%
Fee Related Compensation		(344,842	)		(137,610	)	(60)%		(1,317,699	)		(831,893	)	(37)%
Other Operating Expenses		(66,003	)		(74,181	)	12%		(256,146	)		(323,509	)	26%
Fee Related Earnings	$	700,383		$	524,448		(25)%	$	2,677,736		$	2,168,098		(19)%
Realized Performance Revenues		802,916			11,096		(99)%		1,833,890			2,193,893		20%
Realized Performance Compensation		(290,031	)		(3,165	)	(99)%		(710,489	)		(881,179	)	24%
Realized Principal Investment Income		53,975			2,224		(96)%		150,024			99,039		(34)%
Net Realizations		566,860			10,155		(98)%		1,273,425			1,411,753		11%
Segment Distributable Earnings	$	1,267,243		$	534,603		(58)%	$	3,951,161		$	3,579,851		(9)%
Segment Revenues	$	1,968,119		$	749,559		(62)%	$	6,235,495		$	5,616,432		(10)%
Total AUM	$	298,196,783		$	331,797,338		11%	$	298,196,783		$	331,797,338		11%
Fee-Earning AUM	$	240,621,453		$	287,497,306		19%	$	240,621,453		$	287,497,306		19%

Blackstone | 10

PRIVATE EQUITY

§ Total AUM: Increased 7% to $287.0 billion with inflows of $4.6 billion in the quarter and $48.0 billion over the LTM.

– Inflows in the quarter included $1.7 billion in Blackstone Infrastructure Partners and $529 million for the second Blackstone Growth fund.

§ Capital Deployed: $3.6 billion in the quarter and $25.0 billion over the LTM, including $2.3 billion in Secondaries as well as various follow-on investments during the quarter.

– Committed an additional $3.6 billion that was not yet deployed in the quarter.

§ Realizations: $8.6 billion in the quarter and $25.1 billion over the LTM; realizations in the quarter included proceeds from the sale of Vivint, as well as public share sales of Refinitiv (LSEG) and Sona Comstar.

§ Appreciation: Corporate Private Equity appreciated 2.8% in the quarter and declined (0.8)% over the LTM.

– Tactical Opportunities appreciated 2.2% in the quarter and declined (1.2)% over the LTM; Secondaries appreciated 1.4% in the quarter and 1.7% over the LTM.

							% Change							% Change
($ in thousands)	1Q’22			1Q’23			vs. 1Q’22	1Q’22 LTM			1Q’23 LTM			vs. 1Q’22 LTM
Management and Advisory Fees, Net	$	406,988		$	465,084		14%	$	1,663,471		$	1,886,833		13%
Fee Related Performance Revenues		(648	)		-		(100)%		211,480			-		(100)%
Fee Related Compensation		(151,050	)		(161,626	)	7%		(673,277	)		(585,770	)	(13)%
Other Operating Expenses		(67,744	)		(76,763	)	13%		(281,157	)		(313,196	)	11%
Fee Related Earnings	$	187,546		$	226,695		21%	$	920,517		$	987,867		7%
Realized Performance Revenues		450,238			499,322		11%		2,457,492			1,240,112		(50)%
Realized Performance Compensation		(206,703	)		(232,934	)	13%		(1,038,693	)		(570,460	)	(45)%
Realized Principal Investment Income		65,438			32,889		(50)%		213,403			107,218		(50)%
Net Realizations		308,973			299,277		(3)%		1,632,202			776,870		(52)%
Segment Distributable Earnings	$	496,519		$	525,972		6%	$	2,552,719		$	1,764,737		(31)%
Segment Revenues	$	922,016		$	997,295		8%	$	4,545,846		$	3,234,163		(29)%
Total AUM	$	267,956,351		$	287,048,441		7%	$	267,956,351		$	287,048,441		7%
Fee-Earning AUM	$	160,946,196		$	165,343,505		3%	$	160,946,196		$	165,343,505		3%

Blackstone | 11

CREDIT & INSURANCE

§ Total AUM: Increased 9% to $291.3 billion with inflows of $16.6 billion in the quarter and $69.0 billion over the LTM.

– Inflows in the quarter included $6.3 billion for the global direct lending strategy with $1.1 billion of equity raised for BCRED.

– Raised $1.2 billion for the private credit green energy strategy in the quarter, bringing total capital raised to $5.7 billion.

– April 1 subscriptions of $493 million for BCRED not yet included in Total AUM.

§ Capital Deployed: $4.8 billion in the quarter and $39.8 billion over the LTM.

§ Realizations: $4.6 billion in the quarter and $17.4 billion over the LTM.

§ Returns: Private Credit gross return of 3.4% (2.6% net); Liquid Credit gross return of 3.0% (2.9% net) for the quarter.

							% Change							% Change
($ in thousands)	1Q’22			1Q’23			vs. 1Q’22	1Q’22 LTM			1Q’23 LTM			vs. 1Q’22 LTM
Management Fees, Net	$	300,223		$	334,129		11%	$	938,989		$	1,293,808		38%
Fee Related Performance Revenues		67,196			127,496		90%		171,517			435,021		154%
Fee Related Compensation		(127,344	)		(163,999	)	29%		(417,495	)		(566,439	)	36%
Other Operating Expenses		(57,167	)		(74,238	)	30%		(210,244	)		(281,252	)	34%
Fee Related Earnings	$	182,908		$	223,388		22%	$	482,767		$	881,138		83%
Realized Performance Revenues		30,743			125,181		307%		214,897			241,851		13%
Realized Performance Compensation		(13,386	)		(56,772	)	324%		(97,791	)		(107,232	)	10%
Realized Principal Investment Income		22,781			6,009		(74)%		47,194			64,221		36%
Net Realizations		40,138			74,418		85%		164,300			198,840		21%
Segment Distributable Earnings	$	223,046		$	297,806		34%	$	647,067		$	1,079,978		67%
Segment Revenues	$	420,943		$	592,815		41%	$	1,372,597		$	2,034,901		48%
Total AUM	$	266,441,781		$	291,268,846		9%	$	266,441,781		$	291,268,846		9%
Fee-Earning AUM	$	200,689,825		$	206,622,922		3%	$	200,689,825		$	206,622,922		3%

Blackstone | 12

HEDGE FUND SOLUTIONS

§ Total AUM: $81.2 billion with inflows of $2.2 billion in the quarter and $9.2 billion over the LTM.

– April 1 subscriptions of $369 million not yet included in Total AUM.

§ Returns: BPS Composite gross return of 0.9% in the quarter (0.7% net), outperforming the HFRX Global Hedge Fund Index, which was flat for the quarter.

– Gross returns of 4.8% over the LTM (3.9% net), with significantly less volatility than the broader markets, compared to (3.1)% return for the HFRX Global Hedge Fund Index.

							% Change							% Change
($ in thousands)	1Q’22			1Q’23			vs. 1Q’22	1Q’22 LTM			1Q’23 LTM			vs. 1Q’22 LTM
Management Fees, Net	$	146,446		$	137,683		(6)%	$	639,508		$	562,479		(12)%
Fee Related Compensation		(47,235	)		(45,736	)	(3)%		(164,900	)		(185,173	)	12%
Other Operating Expenses		(23,184	)		(26,466	)	14%		(98,804	)		(108,616	)	10%
Fee Related Earnings	$	76,027		$	65,481		(14)%	$	375,804		$	268,690		(29)%
Realized Performance Revenues		28,913			5,927		(80)%		288,320			114,198		(60)%
Realized Performance Compensation		(9,000	)		(3,153	)	(65)%		(78,793	)		(32,130	)	(59)%
Realized Principal Investment Income		14,901			2,569		(83)%		36,084			12,374		(66)%
Net Realizations		34,814			5,343		(85)%		245,611			94,442		(62)%
Segment Distributable Earnings	$	110,841		$	70,824		(36)%	$	621,415		$	363,132		(42)%
Segment Revenues	$	190,260		$	146,179		(23)%	$	963,912		$	689,051		(29)%
Total AUM	$	82,896,827		$	81,178,971		(2)%	$	82,896,827		$	81,178,971		(2)%
Fee-Earning AUM	$	75,685,828		$	72,509,676		(4)%	$	75,685,828		$	72,509,676		(4)%

Blackstone | 13

Supplemental Details

Blackstone | 14

TOTAL SEGMENTS

($ in thousands)	1Q’22			2Q’22			3Q’22			4Q’22			1Q’23			1Q’22 LTM			1Q’23 LTM
Base Management Fees	$	1,439,149		$	1,496,876		$	1,528,561		$	1,580,452		$	1,619,547		$	5,141,134		$	6,225,436
Transaction, Advisory and Other Fees, Net		64,009			85,092			89,865			71,151			45,710			377,307			291,818
Management Fee Offsets		(29,790	)		(25,051	)		(6,856	)		(10,512	)		(12,870	)		(56,036	)		(55,289	)
Total Management and Advisory Fees, Net		1,473,368			1,556,917			1,611,570			1,641,091			1,652,387			5,462,405			6,461,965
Fee Related Performance Revenues		558,065			346,593			372,131			172,708			148,244			2,414,141			1,039,676
Fee Related Compensation		(670,471	)		(621,413	)		(558,268	)		(480,623	)		(508,971	)		(2,573,371	)		(2,169,275	)
Other Operating Expenses		(214,098	)		(261,510	)		(246,134	)		(267,281	)		(251,648	)		(846,351	)		(1,026,573	)
Fee Related Earnings	$	1,146,864		$	1,020,587		$	1,179,299		$	1,065,895		$	1,040,012		$	4,456,824		$	4,305,793
Realized Performance Revenues		1,312,810			2,206,774			469,009			472,745			641,526			4,794,599			3,790,054
Realized Performance Compensation		(519,120	)		(926,974	)		(206,224	)		(161,779	)		(296,024	)		(1,925,766	)		(1,591,001	)
Realized Principal Investment Income		157,095			43,509			139,765			55,887			43,691			446,705			282,852
Total Net Realizations		950,785			1,323,309			402,550			366,853			389,193			3,315,538			2,481,905
Total Segment Distributable Earnings	$	2,097,649		$	2,343,896		$	1,581,849		$	1,432,748		$	1,429,205		$	7,772,362		$	6,787,698
Distributable Earnings	$	1,937,880		$	1,985,825		$	1,374,869		$	1,334,206		$	1,249,092		$	6,916,473		$	5,943,992
Additional Metrics:
Total Segment Revenues	$	3,501,338		$	4,153,793		$	2,592,475		$	2,342,431		$	2,485,848		$	13,117,850		$	11,574,547
Total Assets Under Management	$	915,491,742		$	940,805,741		$	950,946,514		$	974,673,077		$	991,293,596		$	915,491,742		$	991,293,596
Fee-Earning Assets Under Management	$	677,943,302		$	683,825,961		$	705,865,351		$	718,386,888		$	731,973,409		$	677,943,302		$	731,973,409

Blackstone | 15

ASSETS UNDER MANAGEMENT – ROLLFORWARD

Total AUM Rollforward

($ in millions)

	Three Months Ended March 31, 2023										Twelve Months Ended March 31, 2023
	Real Estate		Private Equity		Credit & Insurance		Hedge Fund Solutions		Total		Real Estate		Private Equity		Credit & Insurance		Hedge Fund Solutions		Total
Beginning Balance	$	326,147	$	288,902	$	279,908	$	79,716	$	974,673	$	298,197	$	267,956	$	266,442	$	82,897	$	915,492
Inflows		17,046		4,556		16,589		2,168		40,360		90,202		48,029		69,045		9,248		216,524
Outflows		(4,029)		(632)		(4,751)		(1,403)		(10,815)		(15,310)		(3,202)		(24,226)		(10,135)		(52,872)
Net Flows		13,017		3,924		11,839		765		29,545		74,893		44,827		44,819		(887)		163,652
Realizations		(4,424)		(8,621)		(4,577)		(331)		(17,952)		(31,948)		(25,130)		(17,396)		(2,010)		(76,484)
Market Activity		(2,943)		2,844		4,099		1,028		5,027		(9,344)		(605)		(2,597)		1,179		(11,367)
Ending Balance	$	331,797	$	287,048	$	291,269	$	81,179	$	991,294	$	331,797	$	287,048	$	291,269	$	81,179	$	991,294
% Change		2%		(1)%		4%		2%		2%		11%		7%		9%		(2)%		8%

Fee-Earning AUM Rollforward

($ in millions)

	Three Months Ended March 31, 2023										Twelve Months Ended March 31, 2023
	Real Estate		Private Equity		Credit & Insurance		Hedge Fund Solutions		Total		Real Estate		Private Equity		Credit & Insurance		Hedge Fund Solutions		Total
Beginning Balance	$	281,967	$	167,083	$	198,163	$	71,174	$	718,387	$	240,621	$	160,946	$	200,690	$	75,686	$	677,943
Inflows		15,716		1,780		12,413		2,059		31,967		91,494		16,739		42,580		8,064		158,877
Outflows		(3,742)		(145)		(3,858)		(1,383)		(9,127)		(19,621)		(3,072)		(23,212)		(10,499)		(56,404)
Net Flows		11,974		1,635		8,555		676		22,840		71,873		13,667		19,368		(2,435)		102,473
Realizations		(4,494)		(2,944)		(3,231)		(325)		(10,994)		(21,864)		(9,367)		(8,380)		(1,950)		(41,561)
Market Activity		(1,950)		(431)		3,137		985		1,741		(3,134)		98		(5,055)		1,209		(6,882)
Ending Balance	$	287,497	$	165,344	$	206,623	$	72,510	$	731,973	$	287,497	$	165,344	$	206,623	$	72,510	$	731,973
% Change		2%		(1)%		4%		2%		2%		19%		3%		3%		(4)%		8%

Inflows include contributions, capital raised, other increases in available capital (recallable capital and increased side-by-side commitments), purchases, inter-segment allocations and acquisitions. Outflows represent redemptions, client withdrawals and decreases in available capital (expired capital, expense drawdowns and decreased side-by-side commitments). Realizations represent realization proceeds from the disposition or other monetization of assets, current income or capital returned to investors from CLOs. Market Activity includes realized and unrealized gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations. AUM is reported in the segment where the assets are managed.   Blackstone | 16

DECONSOLIDATED BALANCE SHEET HIGHLIGHTS

§ At March 31, 2023, Blackstone had $8.1 billion in total cash, cash equivalents, corporate treasury, and other investments and $16.8 billion of cash and net investments, or $13.87 per share.

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

($ in millions)	1Q’23
Cash and Cash Equivalents		$ 2,831
Corporate Treasury and Other Investments		5,229
GP/Fund Investments		2,325
Net Accrued Performance Revenues		6,372
Cash and Net Investments		$      16,757
Outstanding Debt (at par)		10,668

Cash and Net Investments

(per share)

A+ / A+

rated by S&P and Fitch

$4.1B

credit revolver with

June 2027 maturity

$8.1B

total cash, corporate

treasury and other

Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $3.4 billion as of March 31, 2023, which was comprised of $3.1 billion of liquid investments and $375 million of illiquid investments. See notes on pages 29 and 33 for additional details on non-GAAP balance sheet measures.   Blackstone | 17

NET ACCRUED PERFORMANCE REVENUES – ADDITIONAL DETAIL

($ in millions, except per share data)	1Q’22		4Q’22		1Q’23		1Q’23
							Per Share
Real Estate
BREP IV	$	6	$	6	$	6	$	0.01
BREP V		1		4		4		0.00
BREP VI		38		21		19		0.02
BREP VII		527		115		86		0.07
BREP VIII		990		749		717		0.59
BREP IX		1,139		1,011		1,015		0.84
BREP Europe IV		93		48		43		0.04
BREP Europe V		548		44		28		0.02
BREP Europe VI		301		49		68		0.06
BREP Asia I		126		108		104		0.09
BREP Asia II		189		119		37		0.03
BPP		734		633		518		0.43
BEPIF		6		-		-		-
BREDS		37		11		6		0.01
BTAS		83		25		22		0.02
Real Estate	$	4,817	$	2,944	$	2,672	$	2.21
Private Equity
BCP IV		8		6		6	$	0.01
BCP V		-		20		31		0.03
BCP VI		475		459		407		0.34
BCP VII		1,257		870		854		0.71
BCP VIII		315		256		276		0.23
BCP Asia I		330		144		95		0.08
BEP I		27		37		26		0.02
BEP II		-		27		2		0.00
BEP III		93		136		158		0.13
BCEP		222		205		213		0.18
Tactical Opportunities		378		234		223		0.18
Growth		12		-		-		-
Secondaries		570		512		511		0.42
Infrastructure		106		193		158		0.13
Life Sciences		22		25		29		0.02
BTAS/Other		255		174		172		0.14
Private Equity	$	4,070	$	3,298	$	3,161	$	2.62
Credit & Insurance	$	318	$	312	$	239	$	0.20
Hedge Fund Solutions	$	342	$	282	$	300	$	0.25
Net Accrued Performance Revenues	$	9,546	$	6,835	$	6,372	$	5.27

  1Q’23 QoQ Rollforward

   ($ in millions)

			Net			Net
			Performance			Realized
	4Q’22		Revenues			Distributions			1Q’23
Real Estate	$	2,944	$	(238	)	$	(33	)	$	2,672
Private Equity		3,298		130			(266	)		3,161
Credit & Insurance		312		68			(141	)		239
HFS		282		21			(3	)		300
Total	$	6,835	$	(19	)	$	(444	)	$	6,372
QoQ Change										(7)%

  1Q’23 LTM Rollforward

   ($ in millions)

			Net			Net
			Performance			Realized
	1Q’22		Revenues			Distributions			1Q’23
Real Estate	$	4,817	$	(462	)	$	(1,684	)	$	2,672
Private Equity		4,070		(238	)		(671	)		3,161
Credit & Insurance		318		312			(391	)		239
HFS		342		35			(76	)		300
Total	$	9,546	$	(352	)	$	(2,822	)	$	6,372
YoY Change										(33)%

Net Accrued Performance Revenues (“NAPR”) are presented net of performance compensation and excludes Performance Revenues realized but not yet distributed as of the reporting date and clawback amounts, if any, which are disclosed in the 10-K/Q. Real Estate and Private Equity include co-investments, as applicable. Per Share calculations are based on end of period DE Shares Outstanding (see page 23, Share Summary).   Blackstone |   18

INVESTMENT RECORDS AS OF MARCH 31, 2023^(a)

($/€ in thousands, except where noted)	Committed		Available		Unrealized Investments			Realized Investments			Total Investments			Net IRRs (d)
Fund (Investment Period Beginning Date / Ending Date)	Capital		Capital (b)		Value		MOIC (c)	Value		MOIC (c)	Value		MOIC (c)	Realized	Total
Real Estate
Pre-BREP	$	140,714	$	-	$	-	n/a	$	345,190	2.5x	$	345,190	2.5x	33%	33%
BREP I (Sep 1994 / Oct 1996)		380,708		-		-	n/a		1,327,708	2.8x		1,327,708	2.8x	40%	40%
BREP II (Oct 1996 / Mar 1999)		1,198,339		-		-	n/a		2,531,614	2.1x		2,531,614	2.1x	19%	19%
BREP III (Apr 1999 / Apr 2003)		1,522,708		-		-	n/a		3,330,406	2.4x		3,330,406	2.4x	21%	21%
BREP IV (Apr 2003 / Dec 2005)		2,198,694		-		19,634	n/a		4,641,310	1.7x		4,660,944	1.7x	12%	12%
BREP V (Dec 2005 / Feb 2007)		5,539,418		-		5,571	n/a		13,463,448	2.3x		13,469,019	2.3x	11%	11%
BREP VI (Feb 2007 / Aug 2011)		11,060,444		550,388		203,661	1.3x		27,526,436	2.5x		27,730,097	2.5x	13%	13%
BREP VII (Aug 2011 / Apr 2015)		13,501,872		1,479,486		2,788,711	0.7x		28,157,750	2.4x		30,946,461	2.0x	22%	15%
BREP VIII (Apr 2015 / Jun 2019)		16,596,889		2,215,570		13,968,827	1.5x		21,522,012	2.5x		35,490,839	2.0x	28%	16%
BREP IX (Jun 2019 / Aug 2022)		21,306,836		3,877,824		26,717,962	1.5x		7,802,955	2.2x		34,520,917	1.6x	65%	27%
*BREP X (Aug 2022 / Feb 2028)		30,415,919		29,626,653		898,174	1.1x		-	n/a		898,174	1.1x	n/a	n/m
Total Global BREP	$	103,862,541	$	37,749,921	$	44,602,540	1.4x	$	110,648,829	2.4x	$	155,251,369	2.0x	18%	16%
BREP Int’l (Jan 2001 / Sep 2005)	€	824,172	€	-	€	-	n/a	€	1,373,170	2.1x	€	1,373,170	2.1x	23%	23%
BREP Int’l II (Sep 2005 / Jun 2008) (e)		1,629,748		-		-	n/a		2,583,032	1.8x		2,583,032	1.8x	8%	8%
BREP Europe III (Jun 2008 / Sep 2013)		3,205,453		395,252		232,011	0.4x		5,853,092	2.4x		6,085,103	2.0x	18%	14%
BREP Europe IV (Sep 2013 / Dec 2016)		6,673,049		1,393,544		1,324,580	1.0x		9,904,968	2.0x		11,229,548	1.8x	19%	13%
BREP Europe V (Dec 2016 / Oct 2019)		7,968,437		1,308,022		5,056,572	1.0x		6,678,098	3.9x		11,734,670	1.7x	42%	11%
*BREP Europe VI (Oct 2019 / Apr 2025)		10,003,818		5,318,763		5,649,050	1.2x		3,413,426	2.6x		9,062,476	1.5x	71%	20%
Total BREP Europe	€	30,304,677	€	8,415,581	€	12,262,213	1.1x	€	29,805,786	2.4x	€	42,067,999	1.7x	17%	12%
BREP Asia I (Jun 2013 / Dec 2017)	$	4,263,411	$	897,686	$	2,072,851	1.4x	$	6,483,462	2.1x	$	8,556,313	1.8x	20%	12%
BREP Asia II (Dec 2017 / Mar 2022)		7,346,689		1,497,375		7,161,885	1.3x		1,211,818	1.8x		8,373,703	1.3x	35%	8%
*BREP Asia III (Mar 2022 / Sep 2027)		8,220,836		7,219,363		1,002,080	1.0x		-	n/a		1,002,080	1.0x	n/a	n/m
BREP Co-Investment (f)		7,298,796		35,018		1,034,501	2.2x		15,092,405	2.2x		16,126,906	2.2x	16%	16%
Total BREP	$	167,079,201	$	56,521,012	$	69,825,600	1.3x	$	169,896,207	2.3x	$	239,721,807	1.9x	17%	15%
*BREDS High-Yield (Various) (g)		23,477,120		8,122,320		5,557,130	1.0x		17,422,179	1.3x		22,979,309	1.2x	10%	9%
Private Equity
Corporate Private Equity
BCP I (Oct 1987 / Oct 1993)	$	859,081	$	-	$	-	n/a	$	1,741,738	2.6x	$	1,741,738	2.6x	19%	19%
BCP II (Oct 1993 / Aug 1997)		1,361,100		-		-	n/a		3,268,627	2.5x		3,268,627	2.5x	32%	32%
BCP III (Aug 1997 / Nov 2002)		3,967,422		-		-	n/a		9,228,707	2.3x		9,228,707	2.3x	14%	14%
BCOM (Jun 2000 / Jun 2006)		2,137,330		24,575		16,242	n/a		2,981,999	1.4x		2,998,241	1.4x	6%	6%
BCP IV (Nov 2002 / Dec 2005)		6,773,182		195,824		28,554	n/a		21,694,051	2.9x		21,722,605	2.9x	36%	36%
BCP V (Dec 2005 / Jan 2011)		21,009,112		1,035,259		169,493	11.5x		38,675,419	1.9x		38,844,912	1.9x	8%	8%
BCP VI (Jan 2011 / May 2016)		15,195,536		1,341,319		6,104,724	1.9x		26,616,194	2.3x		32,720,918	2.2x	15%	13%
BCP VII (May 2016 / Feb 2020)		18,854,174		1,690,971		20,129,358	1.6x		13,382,133	2.6x		33,511,491	1.9x	33%	14%
*BCP VIII (Feb 2020 / Feb 2026)		25,651,112		13,179,751		16,615,869	1.3x		978,651	2.6x		17,594,520	1.3x	n/m	14%
BCP IX (TBD)		15,547,350		15,547,350		-	n/a		-	n/a		-	n/a	n/a	n/a
Energy I (Aug 2011 / Feb 2015)		2,441,558		174,492		527,407	1.4x		4,306,894	1.9x		4,834,301	1.9x	14%	11%
Energy II (Feb 2015 / Feb 2020)		4,628,418		1,017,254		4,227,602	1.7x		3,075,041	1.5x		7,302,643	1.6x	9%	8%
*Energy III (Feb 2020 / Feb 2026)		4,366,334		2,314,765		3,624,077	1.9x		1,018,342	2.3x		4,642,419	2.0x	60%	43%
BCP Asia I (Dec 2017 / Sep 2021)		2,438,028		418,459		2,841,512	1.5x		1,720,561	5.4x		4,562,073	2.1x	93%	29%
*BCP Asia II (Sep 2021 / Sep 2027)		6,656,118		5,906,814		689,960	1.1x		-	n/a		689,960	1.1x	n/a	n/m
Core Private Equity I (Jan 2017 / Mar 2021) (h)		4,761,609		1,158,622		7,517,278	2.0x		2,293,838	4.1x		9,811,116	2.3x	55%	20%
*Core Private Equity II (Mar 2021 / Mar 2026) (h)		8,205,237		5,721,026		2,811,586	1.2x		59,581	n/a		2,871,167	1.2x	n/a	10%
Total Corporate Private Equity	$	144,852,701	$	49,726,481	$	65,303,662	1.5x	$	131,041,776	2.2x	$	196,345,438	1.9x	16%	15%
Tactical Opportunities
*Tactical Opportunities (Various)	$	28,780,088	$	14,588,176	$	11,030,696	1.2x	$	22,016,525	1.9x	$	33,047,221	1.6x	17%	11%
*Tactical Opportunities Co-Investment and Other (Various)		9,900,804		1,301,237		4,499,802	1.7x		8,708,383	1.6x		13,208,185	1.6x	18%	17%
Total Tactical Opportunities	$	38,680,892	$	15,889,413	$	15,530,498	1.3x	$	30,724,908	1.8x	$	46,255,406	1.6x	17%	12%

The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not meaningful” generally due to the limited time since initial investment. n/a represents “not applicable”. Notes on page 20. BREP – Blackstone Real Estate Partners, BREDS – Blackstone Real Estate Debt Strategies, BCP – Blackstone Capital Partners, BCOM – Blackstone Communications. * Represents funds that are currently in their investment period.   Blackstone | 19

INVESTMENT RECORDS AS OF MARCH 31, 2023^(a) – (CONT’D)

($/€ in thousands, except where noted)	Committed		Available		Unrealized Investments			Realized Investments			Total Investments			Net IRRs (d)
Fund (Investment Period Beginning Date / Ending Date)	Capital		Capital (b)		Value		MOIC (c)	Value		MOIC (c)	Value		MOIC (c)	Realized	Total
Private Equity (continued)
Growth
*BXG I (Jul 2020 / Jul 2025)		5,056,267		1,245,453		3,635,281	1.0x		402,400	3.2x		4,037,681	1.1x	n/m	(1)%
BXG II (TBD)		4,045,697		4,045,697		-	n/a		-	n/a		-	n/a	n/a	n/a
Total Growth	$	9,101,964	$	5,291,150	$	3,635,281	1.0x	$	402,400	3.2x	$	4,037,681	1.1x	n/m	(1)%
Strategic Partners (Secondaries)
Strategic Partners I-V (Various) (i)		11,447,898		641,841		351,910	n/a		16,969,978	n/a		17,321,888	1.7x	n/a	13%
Strategic Partners VI (Apr 2014 / Apr 2016) (i)		4,362,772		878,426		963,932	n/a		4,085,158	n/a		5,049,090	1.7x	n/a	14%
Strategic Partners VII (May 2016 / Mar 2019) (i)		7,489,970		1,781,038		4,316,007	n/a		6,260,527	n/a		10,576,534	2.0x	n/a	19%
Strategic Partners Real Assets II (May 2017 / Jun 2020) (i)		1,749,807		476,907		1,027,150	n/a		1,100,472	n/a		2,127,622	1.5x	n/a	14%
Strategic Partners VIII (Mar 2019 / Oct 2021) (i)		10,763,600		4,590,297		8,418,380	n/a		5,894,590	n/a		14,312,970	1.8x	n/a	35%
*Strategic Partners Real Estate, SMA and Other (Various) (i)		9,072,886		3,183,860		3,179,914	n/a		3,488,377	n/a		6,668,291	1.7x	n/a	19%
*Strategic Partners Infra III (Jun 2020 / Jul 2024) (i)		3,250,100		1,423,545		1,271,893	n/a		239,153	n/a		1,511,046	1.4x	n/a	31%
*Strategic Partners IX (Oct 2021 / Jan 2027) (i)		19,492,126		12,551,380		3,907,359	n/a		538,872	n/a		4,446,231	1.3x	n/a	21%
Total Strategic Partners (Secondaries)	$	67,629,159	$	25,527,294	$	23,436,545	n/a	$	38,577,127	n/a	$	62,013,672	1.7x	n/a	15%
Life Sciences
Clarus IV (Jan 2018 / Jan 2020)		910,000		97,447		940,338	1.6x		284,314	1.9x		1,224,652	1.7x	21%	13%
*BXLS V (Jan 2020 / Jan 2025)		4,907,799		3,468,466		1,608,935	1.4x		95,055	1.1x		1,703,990	1.4x	n/m	5%
Credit
Mezzanine / Opportunistic I (Jul 2007 / Oct 2011)	$	2,000,000	$	97,114	$	-	n/a	$	4,809,097	1.6x	$	4,809,097	1.6x	n/a	17%
Mezzanine / Opportunistic II (Nov 2011 / Nov 2016)		4,120,000		994,949		158,837	0.2x		6,586,920	1.6x		6,745,757	1.4x	n/a	10%
Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)		6,639,133		813,501		3,309,664	1.0x		6,429,958	1.6x		9,739,622	1.4x	n/a	11%
*Mezzanine / Opportunistic IV (Jan 2021 / Jan 2026)		5,016,771		3,117,621		2,901,910	1.1x		149,566	n/m		3,051,476	1.1x	n/a	11%
Stressed / Distressed I (Sep 2009 / May 2013)		3,253,143		-		-	n/a		5,777,098	1.3x		5,777,098	1.3x	n/a	9%
Stressed / Distressed II (Jun 2013 / Jun 2018)		5,125,000		547,430		280,321	0.4x		5,287,126	1.2x		5,567,447	1.1x	n/a	1%
Stressed / Distressed III (Dec 2017 / Dec 2022)		7,356,380		2,299,547		3,005,197	1.0x		3,146,337	1.4x		6,151,534	1.1x	n/a	7%
Energy I (Nov 2015 / Nov 2018)		2,856,867		1,045,875		775,134	1.2x		2,711,666	1.6x		3,486,800	1.5x	n/a	10%
*Energy II (Feb 2019 / Feb 2024)		3,616,081		1,618,066		2,112,062	1.1x		1,301,896	1.6x		3,413,958	1.2x	n/a	20%
European Senior Debt I (Feb 2015 / Feb 2019)	€	1,964,689	€	473,985	€	639,489	0.7x	€	2,559,005	1.4x	€	3,198,494	1.2x	n/a	2%
*European Senior Debt II (Jun 2019 / Jun 2024)	€	4,088,344	€	1,085,456	€	4,254,443	1.0x	€	1,590,110	1.9x	€	5,844,553	1.1x	n/a	11%
Total Credit Drawdown Funds (j)	$	46,889,033	$	12,228,380	$	17,860,139	0.9x	$	41,019,983	1.5x	$	58,880,122	1.3x	n/a	10%

(a) Excludes investment vehicles where Blackstone does not earn fees.

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

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

(d) Unless otherwise indicated, Net Internal Rate of Return (“IRR”) represents the annualized inception to March 31, 2023 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of limited partner cash flows. Initial inception date of cash flows may differ from the Investment Period Beginning Date.

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

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

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

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

(i) Realizations are treated as return of capital until fully recovered and therefore unrealized and realized MOICs are not applicable. Returns are calculated from results that are reported on a three-month lag from Strategic Partners’ fund financial statements and therefore do not include the impact of economic and market activities in the current quarter.

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

The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not meaningful” generally due to the limited time since initial investment. n/a represents “not applicable”. BXG – Blackstone Growth. BXLS – Blackstone Life Sciences. * Represents funds that are currently in their investment period.   Blackstone | 20

INVESTMENT RECORDS AS OF MARCH 31, 2023^(a) – (CONT’D)

 Selected Perpetual Capital Strategies^(k)

($ in thousands, except where noted)	Investment		Total		Total Net
Strategy (Inception Year)	Strategy		AUM		Return (l)
Real Estate
BPP - Blackstone Property Partners Platform (2013) (m)		Core+ Real Estate	$	70,595,493		9%
BREIT - Blackstone Real Estate Income Trust (2017) (n)		Core+ Real Estate		69,711,147		11%
BREIT - Class I (o)		Core+ Real Estate				12%
BXMT - Blackstone Mortgage Trust (2013) (p)		Real Estate Debt		5,600,003		5%
Private Equity
BIP - Blackstone Infrastructure Partners (2019) (q)		Infrastructure		28,593,836		15%
Credit
BXSL - Blackstone Secured Lending Fund (2018) (r)		U.S. Direct Lending		10,878,825		10%
BCRED - Blackstone Private Credit Fund (2021) (s)		U.S. Direct Lending		58,964,030		8%
BCRED - Class I (t)		U.S. Direct Lending				9%
Hedge Fund Solutions
BSCH - Blackstone Strategic Capital Holdings (2014) (u)		GP Stakes		10,147,324		12%

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

(l) Unless otherwise indicated, Total Net Return represents the annualized inception to March 31, 2023 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of investor cash flows. Initial inception date of cash flows occurred during the Inception Year.

(m) BPP represents the aggregate Total AUM and Total Net Return of the BPP Platform, which comprises over 30 funds, co-investment and separately managed account vehicles. It includes certain vehicles managed as part of the BPP Platform but not classified as Perpetual Capital. As of March 31, 2023, these vehicles represented $2.9 billion of Total AUM.

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

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

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

(q) Including co-investment vehicles, BIP Total AUM is $36.1 billion.

(r) The BXSL Total AUM and Total Net Return are presented as of December 31, 2022. BXSL Total Net Return reflects the change in NAV per share, plus distributions per share (assuming dividends and distributions are reinvested in accordance with BXSL’s dividend reinvestment plan) divided by the beginning NAV per share. Total Net Returns are presented on an annualized basis and are from November 20, 2018.

(s) The BCRED Total Net Return reflects a per share blended return, assuming BCRED had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from January 7, 2021. Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. BCRED net asset value as of March 31, 2023 was $23.1 billion.

(t) Represents the Total Net Return for BCRED’s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. Class I Total Net Return is presented on an annualized basis and is from January 7, 2021.

(u) BSCH represents the aggregate Total AUM and Total Net Return of BSCH I and BSCH II funds that invest as part of the GP Stakes strategy, which targets minority investments in the general partners of private equity and other private-market alternative asset management firms globally. Including co-investment vehicles that do not pay fees, BSCH Total AUM is $11.1 billion.

The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not meaningful” generally due to the limited time since initial investment. n/a represents “not applicable”. Blackstone | 21

SHAREHOLDER DIVIDENDS

§ Generated $0.97 of Distributable Earnings per common share during the quarter, bringing the LTM amount to $4.59 per common share.

§ Blackstone declared a quarterly dividend of $0.82 per common share to record holders as of May 1, 2023; payable on May 8, 2023.

($ in thousands, except per   share data)																% Change								% Change
	1Q’22			2Q’22			3Q’22			4Q’22			1Q’23			vs. 1Q’22		1Q’22 LTM			1Q’23 LTM			vs. 1Q’22 LTM
Distributable Earnings	$	1,937,880		$	1,985,825		$	1,374,869		$	1,334,206		$	1,249,092			(36)%	$	6,916,473		$	5,943,992			(14)%
Add: Other Payables Attributable to Common Shareholders		115,166			298,570			145,137			67,528			131,300			14%		721,856			642,535			(11)%
DE before Certain Payables		2,053,046			2,284,395			1,520,006			1,401,734			1,380,392			(33)%		7,638,329			6,586,527			(14)%
Percent to Common Shareholders		61%			61%			61%			62%			62%					61%			62%
DE before Certain Payables Attributable to Common Shareholders		1,254,703			1,402,640			934,240			862,892			852,166			(32)%		4,625,125			4,051,938			(12)%
Less: Other Payables Attributable to Common Shareholders		(115,166	)		(298,570	)		(145,137	)		(67,528	)		(131,300	)		14%		(721,856	)		(642,535	)		(11)%
DE Attributable to Common Shareholders		1,139,537			1,104,070			789,103			795,364			720,866			(37)%		3,903,269			3,409,403			(13)%
DE per Common Share	$	1.55		$	1.49		$	1.06		$	1.07		$	0.97			(37)%	$	5.36		$	4.59			(14)%
Less: Retained Capital per Common Share	$	(0.23	)	$	(0.22	)	$	(0.16	)	$	(0.16	)	$	(0.15	)		(35)%	$	(0.80	)	$	(0.69	)		(14)%
Actual Dividend per Common Share	$	1.32		$	1.27		$	0.90		$	0.91		$	0.82			(38)%	$	4.56		$	3.90			(14)%
Record Date														May 1, 2023
Payable Date														May 8, 2023

A detailed description of Blackstone’s dividend policy and the definition of Distributable Earnings can be found on pages 34-36, Definitions and Dividend Policy. See additional notes on page 33. Blackstone | 22

SHARE SUMMARY

§ Distributable Earnings Shares Outstanding as of quarter end of 1.208 billion shares.

– Repurchased 1.0 million common shares in the quarter and 4.9 million common shares over the LTM.

– Available authorization remaining was $1.0 billion at March 31, 2023.

	1Q’22		2Q’22		3Q’22		4Q’22		1Q’23
Participating Common Shares		734,543,862		742,187,838		741,552,385		742,653,758		745,916,828
Participating Partnership Units		467,375,889		466,568,377		464,951,386		463,758,383		462,366,799
Distributable Earnings Shares Outstanding		1,201,919,751		1,208,756,215		1,206,503,771		1,206,412,141		1,208,283,627

Participating Common Shares and Participating Partnership Units include both issued and outstanding shares and unvested shares that participate in dividends. Blackstone | 23

Reconciliations and Disclosures

Blackstone | 24

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

	QTD															LTM
($ in thousands)	1Q’22			2Q’22			3Q’22			4Q’22			1Q’23			1Q’22			1Q’23
Net Income (Loss) Attributable to Blackstone Inc.	$	1,216,874		$	(29,393	)	$	2,296		$	557,854		$	85,812		$	5,326,399		$	616,569
Net Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings		1,059,313			(35,521	)		37,724			214,886			56,700			4,710,081			273,789
Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities		216,375			(216,707	)		(62,093	)		170,191			74,869			1,454,831			(33,740	)
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		5,052			25,875			25,773			(199,590	)		(6,700	)		10,163			(154,642	)
Net Income (Loss)	$	2,497,614		$	(255,746	)	$	3,700		$	743,341		$	210,681		$	11,501,474		$	701,976
Provision (Benefit) for Taxes		483,281			36,514			94,231			(141,146	)		47,675			1,668,129			37,274
Income (Loss) Before Provision (Benefit) for Taxes	$	2,980,895		$	(219,232	)	$	97,931		$	602,195		$	258,356		$	13,169,603		$	739,250
Transaction-Related Charges (a)		25,333			25,141			9,247			(2,588	)		8,621			141,483			40,421
Amortization of Intangibles (b)		17,044			17,044			13,238			13,155			11,341			68,176			54,778
Impact of Consolidation (c)		(221,427	)		190,832			36,320			29,399			(68,169	)		(1,464,994	)		188,382
Unrealized Performance Revenues (d)		(1,293,050	)		3,467,668			771,637			490,723			759,316			(7,503,799	)		5,489,344
Unrealized Performance Allocations Compensation (e)		472,284			(1,386,543	)		(359,590	)		(196,739	)		(313,249	)		3,200,363			(2,256,121	)
Unrealized Principal Investment (Income) Loss (f)		(26,758	)		203,288			996,105			62,894			479,120			(282,591	)		1,741,407
Other Revenues (g)		(72,819	)		(155,704	)		(198,546	)		243,315			14,180			(215,431	)		(96,755	)
Equity-Based Compensation (h)		201,545			195,644			190,197			194,704			268,134			616,810			848,679
Administrative Fee Adjustment (i)		2,485			2,476			2,460			2,445			2,447			9,965			9,828
Taxes and Related Payables (j)		(147,652	)		(354,789	)		(184,130	)		(105,297	)		(171,005	)		(823,112	)		(815,221	)
Distributable Earnings	$	1,937,880		$	1,985,825		$	1,374,869		$	1,334,206		$	1,249,092		$	6,916,473		$	5,943,992
Taxes and Related Payables (j)		147,652			354,789			184,130			105,297			171,005			823,112			815,221
Net Interest and Dividend (Income) Loss (k)		12,117			3,282			22,850			(6,755	)		9,108			32,777			28,485
Total Segment Distributable Earnings	$	2,097,649		$	2,343,896		$	1,581,849		$	1,432,748		$	1,429,205		$	7,772,362		$	6,787,698
Realized Performance Revenues (l)		(1,312,810	)		(2,206,774	)		(469,009	)		(472,745	)		(641,526	)		(4,794,599	)		(3,790,054	)
Realized Performance Compensation (m)		519,120			926,974			206,224			161,779			296,024			1,925,766			1,591,001
Realized Principal Investment Income (n)		(157,095	)		(43,509	)		(139,765	)		(55,887	)		(43,691	)		(446,705	)		(282,852	)
Fee Related Earnings	$	1,146,864		$	1,020,587		$	1,179,299		$	1,065,895		$	1,040,012		$	4,456,824		$	4,305,793
Adjusted EBITDA Reconciliation
Distributable Earnings	$	1,937,880		$	1,985,825		$	1,374,869		$	1,334,206		$	1,249,092		$	6,916,473		$	5,943,992
Interest Expense (o)		66,602			69,425			80,312			100,230			104,209			218,894			354,176
Taxes and Related Payables (j)		147,652			354,789			184,130			105,297			171,005			823,112			815,221
Depreciation and Amortization (p)		14,316			15,644			14,958			24,301			23,175			54,210			78,078
Adjusted EBITDA	$	2,166,450		$	2,425,683		$	1,654,269		$	1,564,034		$	1,547,481		$	8,012,689		$	7,191,467

Notes on pages 26-27.   Blackstone | 25

RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES

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

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

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

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

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

	QTD															LTM
($ in thousands)	1Q’22			2Q’22			3Q’22			4Q’22			1Q’23			1Q’22			1Q’23
GAAP Unrealized Performance Allocations	$	1,293,050		$	(3,467,668	)	$	(771,637	)	$	(488,801	)	$	(759,212	)	$	7,503,799		$	(5,487,318	)
Segment Adjustment		-			-			-			(1,922	)		(104	)		-			(2,026	)
Unrealized Performance Revenues	$	1,293,050		$	(3,467,668	)	$	(771,637	)	$	(490,723	)	$	(759,316	)	$	7,503,799		$	(5,489,344	)
(e)   This adjustment removes Unrealized Performance Allocations Compensation. (f)  This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis. The Segment Adjustment represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.
	QTD															LTM
($ in thousands)	1Q’22			2Q’22			3Q’22			4Q’22			1Q’23			1Q’22			1Q’23
GAAP Unrealized Principal Investment Income (Loss)	$	73,961		$	(500,490	)	$	(1,069,697	)	$	(67,623	)	$	(491,417	)	$	890,847		$	(2,129,227	)
Segment Adjustment		(47,203	)		297,202			73,592			4,729			12,297			(608,256	)		387,820
Unrealized Principal Investment Income (Loss)	$	26,758		$	(203,288	)	$	(996,105	)	$	(62,894	)	$	(479,120	)	$	282,591		$	(1,741,407	)
(g) This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents the removal of certain Transaction-Related Charges.
	QTD															LTM
($ in thousands)	1Q’22			2Q’22			3Q’22			4Q’22			1Q’23			1Q’22			1Q’23
GAAP Other Revenue	$	72,869		$	155,588		$	199,382		$	(243,282	)	$	(14,154	)	$	215,651		$	97,534
Segment Adjustment		(50	)		116			(836	)		(33	)		(26	)		(220	)		(779	)
Other Revenues	$	72,819		$	155,704		$	198,546		$	(243,315	)	$	(14,180	)	$	215,431		$	96,755

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

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

Blackstone | 26

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

(j) Taxes represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and adjusted to exclude the tax impact of any divestitures. For interim periods, taxes are calculated using the preferred annualized effective tax rate approach. Related Payables represent tax-related payables including the amount payable under the Tax Receivable Agreement. Please refer to page 34 for the full definition of Taxes and Related Payables.

	QTD															LTM
($ in thousands)	1Q’22			2Q’22			3Q’22			4Q’22			1Q’23			1Q’22			1Q’23
Taxes	$	124,645		$	324,954		$	163,602		$	80,242		$	151,002		$	758,111		$	719,800
Related Payables		23,007			29,835			20,528			25,055			20,003			65,001			95,421
Taxes and Related Payables	$	147,652		$	354,789		$	184,130		$	105,297		$	171,005		$	823,112		$	815,221
(k) This adjustment removes Interest and Dividend Revenue less Interest Expense on a segment basis. The Segment Adjustment represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest expense associated with the Tax Receivable Agreement.
	QTD															LTM
($ in thousands)	1Q’22			2Q’22			3Q’22			4Q’22			1Q’23			1Q’22			1Q’23
GAAP Interest and Dividend Revenue	$	54,485		$	62,075		$	52,420		$	102,632		$	90,485		$	183,716		$	307,612
Segment Adjustment		-			4,068			5,042			4,353			4,616			2,401			18,079
Interest and Dividend Revenue	$	54,485		$	66,143		$	57,462		$	106,985		$	95,101		$	186,117		$	325,691
GAAP Interest Expense	$	66,747		$	69,642		$	80,507		$	100,329		$	104,441		$	220,032		$	354,919
Segment Adjustment		(145	)		(217	)		(195	)		(99	)		(232	)		(1,138	)		(743	)
Interest Expense	$	66,602		$	69,425		$	80,312		$	100,230		$	104,209		$	218,894		$	354,176
Net Interest and Dividend Income (Loss)	$	(12,117	)	$	(3,282	)	$	(22,850	)	$	6,755		$	(9,108	)	$	(32,777	)	$	(28,485	)
(l) This adjustment removes the total segment amount of Realized Performance Revenues. (m)  This adjustment removes the total segment amount of Realized Performance Compensation. (n)  This adjustment removes the total segment amount of Realized Principal Investment Income. (o)  This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement. (p)  This adjustment adds back Depreciation and Amortization on a segment basis. Reconciliation of GAAP Shares of Common Stock Outstanding to Distributable Earnings Shares Outstanding
	QTD
	1Q’22			2Q’22			3Q’22			4Q’22			1Q’23
GAAP Shares of Common Stock Outstanding		707,180,830			706,476,877			708,995,155			710,276,923			712,794,968
Unvested Participating Common Shares		27,363,032			35,710,961			32,557,230			32,376,835			33,121,860
Total Participating Common Shares		734,543,862			742,187,838			741,552,385			742,653,758			745,916,828
Participating Partnership Units		467,375,889			466,568,377			464,951,386			463,758,383			462,366,799
Distributable Earnings Shares Outstanding		1,201,919,751			1,208,756,215			1,206,503,771			1,206,412,141			1,208,283,627
Disclosure of Weighted-Average Shares Common Stock Outstanding
	QTD															LTM
	1Q’22			2Q’22			3Q’22			4Q’22			1Q’23			1Q’22			1Q’23
Total GAAP Weighted-Average Shares of Common Stock Outstanding - Basic		734,327,015			707,382,293			742,345,646			742,742,919			746,064,922			726,003,755			743,558,192
Weighted-Average Shares of Unvested Deferred Restricted Common Stock		639,900			-			149,886			186,808			579,007			427,485			263,137
Total GAAP Weighted-Average Shares of Common Stock Outstanding - Diluted		734,966,915			707,382,293			742,495,532			742,929,727			746,643,929			726,431,240			743,821,328

GAAP Shares of Common Stock Outstanding and Total GAAP Weighted-Average Shares of Common Stock Outstanding – Basic for 3Q’22 include the effect of share repurchases that were initiated before quarter end but where the shares were not retired until after quarter end.   Blackstone | 27

BLACKSTONE’S FIRST QUARTER 2023 GAAP BALANCE SHEET RESULTS

($ in thousands) (unaudited)	1Q’22			2Q’22			3Q’22			4Q’22			1Q’23
Assets
Cash and Cash Equivalents	$	3,868,567		$	4,183,380		$	3,480,003		$	4,252,003		$	2,830,971
Cash Held by Blackstone Funds and Other		110,648			129,276			94,358			241,712			190,322
Investments		30,068,474			27,323,758			26,256,148			27,553,251			26,985,951
Accounts Receivable		517,465			774,137			835,529			462,904			924,934
Due from Affiliates		4,004,359			3,891,958			4,029,490			4,146,707			4,099,765
Intangible Assets, Net		265,686			246,988			232,096			217,287			230,295
Goodwill		1,890,202			1,890,202			1,890,202			1,890,202			1,890,202
Other Assets		422,786			658,298			785,794			800,458			833,232
Right-of-Use Assets		868,437			886,911			887,832			896,981			894,067
Deferred Tax Assets		1,327,454			1,646,400			1,767,869			2,062,722			2,206,700
Total Assets	$	43,344,078		$	41,631,308		$	40,259,321		$	42,524,227		$	41,086,439
Liabilities and Equity
Loans Payable	$	8,937,456		$	9,365,274		$	9,263,080		$	12,349,584		$	12,311,469
Due to Affiliates		1,881,054			2,001,391			2,060,891			2,118,481			1,974,182
Accrued Compensation and Benefits		8,140,773			6,765,492			6,732,507			6,101,801			5,470,773
Securities Sold, Not Yet Purchased		27,278			27,029			26,783			3,825			3,881
Repurchase Agreements		77,289			152,529			313,138			89,944			19,563
Operating Lease Liabilities		986,073			993,875			985,632			1,021,454			1,016,808
Accounts Payable, Accrued Expenses and Other Liabilities		1,053,128			991,620			1,141,905			1,158,071			1,575,938
Total Liabilities		21,103,051			20,297,210			20,523,936			22,843,160			22,372,614
Redeemable Non-Controlling Interests in Consolidated Entities		41,430			1,275,491			1,344,188			1,715,006			1,644,697
Equity
Common Stock, $0.00001 par value (712,794,968 shares issued and outstanding as of March 31, 2023)		7			7			7			7			7
Series I Preferred Stock, $0.00001 par value (1 share issued and outstanding as of March 31, 2023)		-			-			-			-			-
Series II Preferred Stock, $0.00001 par value (1 share issued and outstanding as of March 31, 2023)		-			-			-			-			-
Additional Paid-in-Capital		5,879,796			5,870,285			5,791,006			5,935,273			5,957,054
Retained Earnings		3,805,918			2,803,100			1,869,463			1,748,106			1,156,109
Accumulated Other Comprehensive Loss		(25,754	)		(42,225	)		(74,800	)		(27,475	)		(22,333	)
Non-Controlling Interests in Consolidated Entities		5,747,698			5,281,244			5,357,148			5,056,480			5,058,090
Non-Controlling Interests in Blackstone Holdings		6,791,932			6,146,196			5,448,373			5,253,670			4,920,201
Total Equity		22,199,597			20,058,607			18,391,197			17,966,061			17,069,128
Total Liabilities and Equity	$	43,344,078		$	41,631,308		$	40,259,321		$	42,524,227		$	41,086,439

See page 29, Reconciliation of GAAP to Non-GAAP Balance Sheet Measures.   Blackstone | 28

RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES    

($ in thousands)	1Q’22			2Q’22			3Q’22			4Q’22			1Q’23
Investments of Consolidated Blackstone Funds	$	2,045,156		$	3,764,850		$	3,828,497		$	5,136,967		$	5,443,867
Equity Method Investments
Partnership Investments		5,858,926			5,446,688			5,566,645			5,530,420			5,598,552
Accrued Performance Allocations		17,661,244			13,544,855			12,938,888			12,360,682			11,517,750
Corporate Treasury Investments		916,510			810,672			799,016			1,053,540			958,632
Other Investments		3,586,638			3,756,693			3,123,102			3,471,642			3,467,150
Total GAAP Investments		30,068,474			27,323,758			26,256,148			27,553,251			26,985,951
Accrued Performance Allocations - GAAP	$	17,661,244		$	13,544,855		$	12,938,888		$	12,360,682		$	11,517,750
Impact of Consolidation (a)		1			12,475			2,412			-			-
Due from Affiliates - GAAP (b)		112,194			136,631			154,587			269,987			190,337
Less: Net Realized Performance Revenues (c)		(743,772	)		(262,083	)		(342,922	)		(282,730	)		(379,453	)
Less: Accrued Performance Compensation - GAAP (d)		(7,483,337	)		(5,955,982	)		(5,693,325	)		(5,512,796	)		(4,956,515	)
Net Accrued Performance Revenues	$	9,546,330		$	7,475,896		$	7,059,640		$	6,835,143		$	6,372,119
Corporate Treasury and Other Investments - GAAP	$	4,503,148		$	4,567,365		$	3,922,118		$	4,525,181		$	4,425,781
Impact of Consolidation (a)		140,905			708,469			697,317			588,355			488,785
Other Assets (e)		379,768			642,875			617,346			360,219			347,995
Other Liabilities (f)		(66,065	)		(54,321	)		(37,974	)		(22,718	)		(33,505	)
Corporate Treasury and Other Investments - Deconsolidated (g)	$	4,957,756		$	5,864,388		$	5,198,807		$	5,451,037		$	5,229,056
Partnership Investments - GAAP	$	5,858,926		$	5,446,688		$	5,566,645		$	5,530,420		$	5,598,552
Impact of Consolidation (h)		(3,623,881	)		(3,169,740	)		(3,221,867	)		(3,221,619	)		(3,273,357	)
GP/Fund Investments - Deconsolidated	$	2,235,045		$	2,276,948		$	2,344,778		$	2,308,801		$	2,325,195
Loans Payable - GAAP	$	8,937,456		$	9,365,274		$	9,263,080		$	12,349,584		$	12,311,469
Impact of Consolidation (i)		-			-			(30,627	)		(1,450,000	)		(1,742,452	)
Outstanding Debt - Carrying Value		8,937,456			9,365,274			9,232,453			10,899,584			10,569,017
Unamortized Discount		122,594			131,526			127,947			141,416			98,783
Outstanding Debt (at par) - Deconsolidated	$	9,060,050		$	9,496,800		$	9,360,400		$	11,041,000		$	10,667,800

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

(b) Represents GAAP accrued performance revenue recorded within Due from Affiliates.

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

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

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

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

(g) Deconsolidated Other Investments was $3.4 billion as of March 31, 2023, which was comprised of $3.1 billion of liquid investments and $375 million of illiquid investments. The liquid portion of Other Investments relates to public equity securities and other investments held by Blackstone that can be easily converted to cash and may include securities and investments subject to lock-up periods.

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

(i) This adjustment removes amounts related to consolidated Blackstone Funds.

Blackstone | 29

RECONCILIATION OF GAAP TO TOTAL SEGMENTS

	QTD															LTM
($ in thousands)	1Q’22			2Q’22			3Q’22			4Q’22			1Q’23			1Q’22			1Q’23
Management and Advisory Fees, Net
GAAP	$	1,475,936		$	1,561,187		$	1,617,754		$	1,648,438		$	1,658,315		$	5,468,828		$	6,485,694
Segment Adjustment (a)		(2,568	)		(4,270	)		(6,184	)		(7,347	)		(5,928	)		(6,423	)		(23,729	)
Total Segment	$	1,473,368		$	1,556,917		$	1,611,570		$	1,641,091		$	1,652,387		$	5,462,405		$	6,461,965
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues
GAAP
Incentive Fees		104,489			99,598			110,776			210,264			142,876			322,356			563,514
Investment Income - Realized Performance Allocations		1,766,386			2,453,769			725,888			435,597			646,894			6,885,471			4,262,148
GAAP	$	1,870,875		$	2,553,367		$	836,664		$	645,861		$	789,770		$	7,207,827		$	4,825,662
Total Segment
Less: Realized Performance Revenues		(1,312,810	)		(2,206,774	)		(469,009	)		(472,745	)		(641,526	)		(4,794,599	)		(3,790,054	)
Segment Adjustment (b)		-			-			4,476			(408	)		-			913			4,068
Total Segment	$	558,065		$	346,593		$	372,131		$	172,708		$	148,244		$	2,414,141		$	1,039,676
GAAP Compensation to Total Segment Fee Related Compensation
GAAP
Compensation		656,505			686,012			600,273			626,990			716,285			2,275,840			2,629,560
Incentive Fees Compensation		41,019			45,363			50,355			71,261			63,281			125,806			230,260
Realized Performance Allocations Compensation		717,601			1,035,916			313,930			157,817			296,794			2,816,567			1,804,457
GAAP	$	1,415,125		$	1,767,291		$	964,558		$	856,068		$	1,076,360		$	5,218,213		$	4,664,277
Total Segment
Less: Realized Performance Compensation		(519,120	)		(926,974	)		(206,224	)		(161,779	)		(296,024	)		(1,925,766	)		(1,591,001	)
Less: Equity-Based Compensation - Fee Related Compensation		(200,387	)		(191,769	)		(187,873	)		(192,141	)		(265,154	)		(609,976	)		(836,937	)
Less: Equity-Based Compensation - Performance Compensation		(1,158	)		(3,875	)		(2,324	)		(2,563	)		(2,980	)		(6,834	)		(11,742	)
Segment Adjustment (c)		(23,989	)		(23,260	)		(9,869	)		(18,962	)		(3,231	)		(102,266	)		(55,322	)
Total Segment	$	670,471		$	621,413		$	558,268		$	480,623		$	508,971		$	2,573,371		$	2,169,275
GAAP General, Administrative and Other to Total Segment Other Operating Expenses
GAAP	$	240,674		$	289,288		$	270,369		$	292,340		$	273,394		$	973,399		$	1,125,391
Segment Adjustment (d)		(26,576	)		(27,778	)		(24,235	)		(25,059	)		(21,746	)		(127,048	)		(98,818	)
Total Segment	$	214,098		$	261,510		$	246,134		$	267,281		$	251,648		$	846,351		$	1,026,573
Realized Performance Revenues
GAAP
Incentive Fees		104,489			99,598			110,776			210,264			142,876			322,356			563,514
Investment Income - Realized Performance Allocations		1,766,386			2,453,769			725,888			435,597			646,894			6,885,471			4,262,148
GAAP	$	1,870,875		$	2,553,367		$	836,664		$	645,861		$	789,770		$	7,207,827		$	4,825,662
Total Segment
Less: Fee Related Performance Revenues		(558,065	)		(346,593	)		(372,131	)		(172,708	)		(148,244	)		(2,414,141	)		(1,039,676	)
Segment Adjustment (b)		-			-			4,476			(408	)		-			913			4,068
Total Segment	$	1,312,810		$	2,206,774		$	469,009		$	472,745		$	641,526		$	4,794,599		$	3,790,054

Blackstone | 30

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

	QTD															LTM
($ in thousands)	1Q’22			2Q’22			3Q’22			4Q’22			1Q’23			1Q’22			1Q’23
Realized Performance Compensation
GAAP
Incentive Fee Compensation	$	41,019		$	45,363		$	50,355		$	71,261		$	63,281		$	125,806		$	230,260
Realized Performance Allocations Compensation		717,601			1,035,916			313,930			157,817			296,794			2,816,567			1,804,457
GAAP	$	758,620		$	1,081,279		$	364,285		$	229,078		$	360,075		$	2,942,373		$	2,034,717
Total Segment
Less: Fee Related Performance Compensation (e)		(238,342	)		(150,430	)		(155,737	)		(64,736	)		(61,071	)		(1,009,773	)		(431,974	)
Less: Equity-Based Compensation - Performance Compensation		(1,158	)		(3,875	)		(2,324	)		(2,563	)		(2,980	)		(6,834	)		(11,742	)
Total Segment	$	519,120		$	926,974		$	206,224		$	161,779		$	296,024		$	1,925,766		$	1,591,001
Realized Principal Investment Income
GAAP	$	285,104		$	265,161		$	193,228		$	106,834		$	108,058		$	933,888		$	673,281
Segment Adjustment (f)		(128,009	)		(221,652	)		(53,463	)		(50,947	)		(64,367	)		(487,183	)		(390,429	)
Total Segment	$	157,095		$	43,509		$	139,765		$	55,887		$	43,691		$	446,705		$	282,852
GAAP Interest and Dividend Revenue net of Interest Expense to Total Segment Net Interest and Dividend Income (Loss)
GAAP
Interest and Dividend Revenue		54,485			62,075			52,420			102,632			90,485			183,716			307,612
Interest Expense		(66,747	)		(69,642	)		(80,507	)		(100,329	)		(104,441	)		(220,032	)		(354,919	)
GAAP	$	(12,262	)	$	(7,567	)	$	(28,087	)	$	2,303		$	(13,956	)	$	(36,316	)	$	(47,307	)
Segment Adjustment (g)		145			4,285			5,237			4,452			4,848			3,539			18,822
Total Segment	$	(12,117	)	$	(3,282	)	$	(22,850	)	$	6,755		$	(9,108	)	$	(32,777	)	$	(28,485	)

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

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

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

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

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

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

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

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

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NOTES

 Notes to page 3 – Blackstone’s First Quarter 2023 Segment Earnings

∎ Effective 1Q’22, the BREIT performance revenues crystallize quarterly instead of annually. If quarterly crystallization of BREIT’s fee related performance revenues had been in effect for all quarters included in the prior year LTM periods, FRE would have been $4,375 million for 1Q’22 LTM and Segment DE would have been $7,691 million for 1Q’22 LTM and there would have been no impact to Income (Loss) before Taxes for 1Q’22 LTM. There would have been no impact to FRE, Segment DE, or Income (Loss) before Taxes for 1Q’23 LTM, 1Q’23 QTD, or 1Q’22 QTD. This change only affects the timing of realization and not the total amount of net performance revenues recognized; the impact decreases unrealized performance allocations and unrealized performance allocations compensation for the periods, offset by increases to realized fee related performance revenues and realized fee related performance compensation.

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

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

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

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

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

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

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

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NOTES – (CONT’D)

 Notes to page 17 – Deconsolidated Balance Sheet Highlights

∎ GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Credit & Insurance, and Hedge Fund Solutions, which were $770 million, $967 million, $385 million, and $204 million, respectively, as of March 31, 2023. 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 $112 million for 1Q’23 and $513 million for 1Q’23 LTM.

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DEFINITIONS AND DIVIDEND POLICY

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

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

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

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

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

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

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

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

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DEFINITIONS AND DIVIDEND POLICY – (CONT’D)

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

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

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

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

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

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

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

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

– Performance Compensation reflects an increase in the aggregate Realized Performance Compensation paid to certain of our professionals above the amounts allocable to them based upon the percentage participation in the relevant performance plans previously awarded to them as a result of a compensation program that commenced in 2Q’21. The expectation is that for the full year 2023, Fee Related Compensation will be decreased by the total amount of additional Performance Compensation awarded for the year. For 1Q’23 QTD and 1Q’23 LTM the increase to Realized Performance Compensation was greater than the decrease to Fee Related Compensation, which negatively impacted Distributable Earnings for the current year quarter and LTM periods. These changes to Performance Compensation and Fee Related Compensation are not expected to impact Distributable Earnings for the full year. For 1Q’22 QTD and 1Q’22 LTM, the increase to Realized Performance Compensation was less than the decrease to Fee Related Compensation, which favorably impacted Distributable Earnings for the prior year quarter and LTM periods.

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

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DEFINITIONS AND DIVIDEND POLICY – (CONT’D)

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

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FORWARD-LOOKING STATEMENTS

This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our current views with respect to, among other things, our operations, taxes, earnings and financial performance, share repurchases and dividends. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,” “forecast” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022, as such factors may be updated from time to time in our periodic filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other periodic filings. The forward-looking statements speak only as of the date of this report, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

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

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