Exhibit 99.1

Blackstone Reports Third Quarter 2023 Results

New York, October 19, 2023: Blackstone (NYSE:BX) today reported its third quarter 2023 results.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone delivered resilient third-quarter
results despite challenging markets. Our investors continue to benefit from our strong sector selection — nearly all
of our flagship strategies outperformed public benchmarks. Our exceptional long-term track record, unique breadth
and the power of our brand allowed us to raise over $25 billion of capital, and we are well positioned with record
dry powder of $200 billion to deploy in a dislocated environment.”

Blackstone issued a full detailed presentation of its third quarter 2023 results, which can be viewed at
www.blackstone.com.

Dividend

Blackstone has declared a quarterly dividend of $0.80 per share to record holders of common stock at the close of

business on October 30, 2023. This dividend will be paid on November 6, 2023.

Quarterly Investor Call Details

Blackstone will host its third quarter 2023 investor conference via public webcast on October 19, 2023 at

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

https://event.webcasts.com/starthere.jsp?ei=1632088&tp_key=515bc1e2c0sd. For those unable to listen to the live

Blackstone

345 Park Avenue, New York, NY 10154

T 212 583 5000

www.blackstone.com

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

https://ir.blackstone.com/.

About Blackstone

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

term value for our investors. We do this by relying on extraordinary people and flexible capital to help strengthen

the companies we invest in. Our over $1 trillion 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, X (Twitter), and Instagram.

Forward-Looking Statements

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

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

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

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

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

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

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

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

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

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

Form 10-K for the year ended December 31, 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.

2

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

Investor and Media Relations Contacts

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

3

Blackstone’s Third

Quarter 2023 Earnings

OCTOBER 19, 2023

BLACKSTONE’S THIRD QUARTER 2023 GAAP RESULTS

§ GAAP Net Income was $921 million for the quarter and $2.3 billion year-to-date (“YTD”). GAAP Net Income
Attributable to Blackstone Inc. was $552 million for the quarter and $1.2 billion YTD.

($ in thousands, except per share data) (unaudited)	3Q’22			3Q’23				3Q’22 YTD			3Q’23 YTD				3Q’22 LTM			3Q’23 LTM
Revenues
Management and Advisory Fees, Net	$	1,617,754		$	1,655,443			$	4,654,877		$	5,023,128			$	6,114,425		$	6,671,566
Incentive Fees		110,776			158,801				314,863			454,754				451,317			665,018
Performance Allocations		(45,749	)		390,486				1,999,788			894,647				5,576,971			841,443
Principal Investments		(876,469	)		163,653				(752,733	)		(782	)			(277,126	)		38,429
Interest and Dividend Revenue		52,420			109,133				168,980			348,123				232,146			450,755
Other		199,382			63,769				427,839			17,951				478,538			(225,331	)
Total Revenues	$	1,058,114		$	2,541,285			$	6,813,614		$	6,737,821			$	12,576,271		$	8,441,880
Expenses
Compensation and Benefits		604,968			946,186				2,873,125			2,769,892				5,002,424			3,429,221
General, Administrative and Other		270,369			279,186				800,331			827,614				1,110,004			1,119,954
Interest Expense		80,507			110,599				216,896			323,136				273,446			423,465
Fund Expenses		5,517			38,934				12,144			118,918				15,103			137,449
Total Expenses	$	961,361		$	1,374,905			$	3,902,496		$	4,039,560			$	6,400,977		$	5,110,089
Other Income (Loss)
Change in Tax Receivable Agreement Liability		-			-				748			1,887				32,792			23,422
Net Gains (Losses) from Fund Investment Activities		1,178			(49,078	)			(52,272	)		102,486				29,571			49,616
Income Before Provision for Taxes	$	97,931		$	1,117,302			$	2,859,594		$	2,802,634			$	6,237,657		$	3,404,829
Provision for Taxes		94,231			196,560				614,026			467,504				1,051,720			326,358
Net Income	$	3,700		$	920,742			$	2,245,568		$	2,335,130			$	5,185,937		$	3,078,471
Redeemable NCI in Consolidated Entities		25,773			(92,577	)			56,700			(81,589	)			59,624			(281,179	)
Non-Redeemable NCI in Consolidated Entities		(24,369	)		461,325				999,091			1,177,639				2,538,058			1,562,716
Net Income Attributable to Blackstone Inc. (‘‘BX’’)	$	2,296		$	551,994			$	1,189,777		$	1,239,080			$	2,588,255		$	1,796,934
Net Income Per Share of Common Stock, Basic	$	0.00		$	0.73			$	1.61		$	1.64			$	3.51		$	2.39
Net Income Per Share of Common Stock, Diluted	$	0.00		$	0.73			$	1.61		$	1.64			$	3.51		$	2.39

Throughout this presentation, all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See pages 36-38, Definitions and
Dividend Policy, for definitions of terms used throughout this presentation. NCI means non-controlling interests.   Blackstone |  1

BLACKSTONE’S THIRD QUARTER 2023 HIGHLIGHTS

Financial Measures	§   Fee Related Earnings (“FRE”) of $1.1 billion ($0.92/share) in the quarter –  FRE was $4.4 billion over the last twelve months (“LTM”) ($3.60/share) §   Distributable Earnings (“DE”) of $1.2 billion ($0.94/share) in the quarter –  DE was $5.0 billion over the LTM ($3.91/share) §   Net Accrued Performance Revenues of $6.4 billion ($5.29/share)
Capital Metrics	§   Total Assets Under Management (“AUM”) of $1,007.4 billion, up 6% year-over-year –  Fee-Earning AUM of $734.5 billion, up 4% year-over-year –  Perpetual Capital AUM of $388.3 billion, up 8% year-over-year §   Inflows of $25.3 billion in the quarter and $138.9 billion over the LTM §   Deployment of $12.4 billion in the quarter and $61.4 billion over the LTM §   Realizations of $14.8 billion in the quarter and $63.4 billion over the LTM
Capital Returned to Shareholders	§   Dividend of $0.80 per common share payable on November 6, 2023 –  Dividends of $3.32 per common share over the LTM §   Repurchased 1.3 million common shares in the quarter and 3.3 million common shares     over the LTM §   $1.2 billion to be distributed to shareholders with respect to the third quarter and     $4.6 billion over the LTM through dividends and share repurchases
S&P 500 Inclusion	§   Blackstone joined the S&P 500 index effective September 18, 2023, the first major     alternative asset manager to be included

     Blackstone |  2

BLACKSTONE’S THIRD QUARTER 2023 SEGMENT EARNINGS

							% Change									% Change
($ in thousands, except per share data)	3Q’22			3Q’23			vs. 3Q’22			3Q’22 YTD			3Q’23 YTD			vs. 3Q’22 YTD
Management and Advisory Fees, Net	$	1,611,570		$	1,653,840			3%		$	4,641,855		$	5,009,413		8%
Fee Related Performance Revenues		372,131			274,551			(26)%			1,276,789			689,533		(46)%
Fee Related Compensation		(558,268	)		(539,923	)		(3)%			(1,850,152	)		(1,617,702	)	(13)%
Other Operating Expenses		(246,134	)		(264,445	)		7%			(721,742	)		(773,459	)	7%
Fee Related Earnings	$	1,179,299		$	1,124,023			(5)%		$	3,346,750		$	3,307,785		(1)%
Realized Performance Revenues		469,009			337,940			(28)%			3,988,593			1,367,889		(66)%
Realized Performance Compensation		(206,224	)		(133,995	)		(35)%			(1,652,318	)		(608,389	)	(63)%
Realized Principal Investment Income		139,765			55,500			(60)%			340,369			91,730		(73)%
Net Realizations		402,550			259,445			(36)%			2,676,644			851,230		(68)%
Total Segment Distributable Earnings	$	1,581,849		$	1,383,468			(13)%		$	6,023,394		$	4,159,015		(31)%
Distributable Earnings	$	1,374,869		$	1,211,611			(12)%		$	5,298,574		$	3,672,775		(31)%
Additional Metrics:
Net Income Per Share of Common Stock, Basic	$	0.00		$	0.73			n/m		$	1.61		$	1.64		2%
FRE per Share	$	0.98		$	0.92			(6)%		$	2.77		$	2.72		(2)%
DE per Common Share	$	1.06		$	0.94			(11)%		$	4.10		$	2.84		(31)%
Total Segment Revenues	$	2,592,475		$	2,321,831			(10)%		$	10,247,606		$	7,158,565		(30)%
Total Assets Under Management	$	950,946,514		$	1,007,353,458			6%		$	950,946,514		$	1,007,353,458		6%
Fee-Earning Assets Under Management	$	705,865,351		$	734,541,603			4%		$	705,865,351		$	734,541,603		4%

Fee Related Earnings per Share is based on end of period DE Shares Outstanding (see page 24, Share Summary). DE per Common Share is based on DE Attributable to
Common Shareholders (see page 23, Shareholder Dividends) and end of period Participating Common Shares outstanding. YTD FRE per Share and DE per Common Share amounts represent the sum of the last three quarters. See pages 32-33 for the Reconciliation of GAAP to Total Segment Measures.   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 ($5.29/share).

Investment Performance

(appreciation / gross returns)

	3Q’23			3Q’23 LTM
Real Estate
Opportunistic		(2.0)%			(4.5	)%
Core+		0.3%			(1.1	)%
Private Equity
Corporate Private Equity		2.4%			12.4	%
Tactical Opportunities		0.1%			4.4	%
Secondaries		0.4%			2.3	%
Infrastructure		11.0%			17.7	%
Credit & Insurance
Private Credit		4.6%			14.4	%
Liquid Credit		3.3%			12.7	%
Hedge Fund Solutions
BPS Composite		2.5%			7.6	%

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 3.5% and 10.5% for 3Q’23 and 3Q’23 LTM, respectively. Liquid Credit net returns were 3.2% and 12.1% for 3Q’23 and 3Q’23 LTM, respectively. BPS Composite net returns were 2.3% and 6.7% for 3Q’23 and 3Q’23 LTM, respectively. See notes on page 34 for additional details on investment performance.   Blackstone |  4

CAPITAL METRICS – ADDITIONAL DETAIL

§ Inflows were $25.3 billion in the quarter, bringing LTM inflows to $138.9 billion.

§ Deployed $12.4 billion in the quarter and $61.4 billion over the LTM.

– Committed an additional $6.7 billion that was not yet deployed in the quarter.

§ Realizations were $14.8 billion in the quarter and $63.4 billion over the LTM.

	Inflows						Capital Deployed				Realizations
($ in millions)	3Q’23			3Q’23 LTM			3Q’23			3Q’23 LTM	3Q’23			3Q’23 LTM
Real Estate	$	9,081		$	48,189		$	2,610		$12,452	$	4,211		$	17,777
Opportunistic		3,242			9,303			1,934		8,387		412			3,641
Core+		2,944			17,733			354		2,003		2,882			11,131
BREDS		2,895			21,153			322		2,062		917			3,005
Private Equity		3,552			25,389			3,342		24,311		5,145			23,465
Corporate Private Equity		846			9,666			150		10,272		3,162			13,924
Tactical Opportunities		1,289			4,048			798		2,137		633			3,493
Secondaries		1,118			5,786			1,488		5,749		1,260			5,215
Infrastructure		299			5,888			906		6,154		89			833
Credit & Insurance		10,448			55,570			5,817		22,734		5,034			18,711
Hedge Fund Solutions		2,263			9,731			661		1,950		386			3,429
Total Blackstone	$	25,343		$	138,880		$	12,431		$   61,447	$	14,776		$	63,382

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

ASSETS UNDER MANAGEMENT

§ Total AUM increased to $1,007.4 billion, up 6% year-over-year, with $25.3 billion of inflows in the quarter
and $138.9 billion over the LTM.

§ Fee-Earning AUM of $734.5 billion was up 4% year-over-year, with $24.8 billion of inflows in the quarter
and $105.7 billion over the LTM.

§ Perpetual Capital AUM reached $388.3 billion, up 8% year-over-year.

– Fee-Earning Perpetual Capital AUM increased to $331.8 billion, representing 45% of Fee-Earning AUM.

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

     Blackstone |  6

ADDITIONAL CAPITAL DETAIL

§ Invested Performance Eligible AUM reached $504.9 billion at quarter end.

§ Undrawn capital (“Total Dry Powder”) available for investment of $200.6 billion.

Invested Performance Eligible AUM      ($ in billions) Total Dry Powder   ($ in billions)

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

Segment Highlights

     Blackstone |  8

SEGMENT DISTRIBUTABLE EARNINGS COMPOSITION

§ 3Q’23 Total Segment Distributable Earnings were $1.4 billion.

§ LTM Total Segment Distributable Earnings were $5.6 billion.

Segment Distributable Earnings

($ in millions)

     Blackstone |  9

REAL ESTATE

§ Total AUM: Increased 4% to $331.5 billion with inflows of $9.1 billion in the quarter and $48.2 billion over the LTM.

– Inflows in the quarter included $3.2 billion for the seventh European opportunistic fund, which commenced its investment period in September, $724 million of capital raised in BREIT, and $2.3 billion in BREDS insurance SMAs.

– October 1 subscriptions of $261 million in BREIT not yet included in Total AUM.

§ Capital Deployed: $2.6 billion in the quarter and $12.5 billion over the LTM.

§ Realizations: $4.2 billion in the quarter and $17.8 billion over the LTM.

– Realizations in the quarter included the BREIT sale of Simply Self Storage to Public Storage for $2.2 billion.

§ Appreciation: Opportunistic funds declined (2.0)% in the quarter and (4.5)% over the LTM; Core+ funds appreciated 0.3% in the quarter and declined (1.1)% over the LTM.

									% Change									% Change
($ in thousands)	3Q’22				3Q’23				vs. 3Q’22	3Q’22 YTD				3Q’23 YTD				vs. 3Q’22 YTD
Management Fees, Net		$	663,106			$	700,631		6%		$	1,940,853			$	2,144,858		11%
Fee Related Performance Revenues			260,003				127,841		(51)%			1,017,027				279,888		(72)%
Fee Related Compensation			(239,572	)			(199,384	)	(17)%			(858,307	)			(536,000	)	(38)%
Other Operating Expenses			(74,701	)			(83,074	)	11%			(229,033	)			(229,204	)	0%
Fee Related Earnings		$	608,836			$	546,014		(10)%		$	1,870,540			$	1,659,542		(11)%
Realized Performance Revenues			142,794				17,419		(88)%			2,943,430				148,236		(95)%
Realized Performance Compensation			(33,464	)			(7,813	)	(77)%			(1,154,897	)			(80,571	)	(93)%
Realized Principal Investment Income			45,297				1,565		(97)%			128,388				3,719		(97)%
Net Realizations			154,627				11,171		(93)%			1,916,921				71,384		(96)%
Segment Distributable Earnings		$	763,463			$	557,185		(27)%		$	3,787,461			$	1,730,926		(54)%
Segment Revenues		$	1,111,200			$	847,456		(24)%		$	6,029,698			$	2,576,701		(57)%
Total AUM		$	319,346,406			$	331,500,697		4%		$	319,346,406			$	331,500,697		4%
Fee-Earning AUM		$	273,447,850			$	284,936,903		4%		$	273,447,850			$	284,936,903		4%

     Blackstone |  10

PRIVATE EQUITY

§ Total AUM: Increased 5% to $298.6 billion with inflows of $3.6 billion in the quarter and $25.4 billion over the LTM.

– Inflows in the quarter included $1.2 billion for Tactical Opportunities vehicles, $1.1 billion in Secondaries, and $473 million for the ninth flagship private equity fund.

§ Capital Deployed: $3.3 billion in the quarter, including in Hub International, Carrix, and Lazeo, and $24.3 billion over the LTM.

– Committed an additional $1.9 billion that was not yet deployed in the quarter.

§ Realizations: $5.1 billion in the quarter and $23.5 billion over the LTM; realizations in the quarter included Refinitiv, IBS Software, and partial realization of Schenck Process Group.

§ Appreciation: Corporate Private Equity appreciated 2.4% in the quarter and 12.4% over the LTM.

– Tactical Opportunities appreciated 0.1% in the quarter and 4.4% over the LTM; Secondaries appreciated 0.4% in the quarter and 2.3% over the LTM; Infrastructure appreciated 11.0% in the quarter and 17.7% over the LTM.

									% Change									% Change
($ in thousands)	3Q’22				3Q’23				vs. 3Q’22	3Q’22 YTD				3Q’23 YTD				vs. 3Q’22 YTD
Management and Advisory Fees, Net		$	487,153			$	476,806		(2)%		$	1,331,994			$	1,432,961		8%
Fee Related Performance Revenues			-				-		n/a			(648	)			-		(100)%
Fee Related Compensation			(142,381	)			(145,987	)	3%			(446,053	)			(463,293	)	4%
Other Operating Expenses			(76,138	)			(78,547	)	3%			(227,115	)			(229,713	)	1%
Fee Related Earnings		$	268,634			$	252,272		(6)%		$	658,178			$	739,955		12%
Realized Performance Revenues			309,326				299,272		(3)%			882,448				945,770		7%
Realized Performance Compensation			(164,531	)			(117,814	)	(28)%			(428,614	)			(413,389	)	(4)%
Realized Principal Investment Income			38,015				22,497		(41)%			112,357				59,353		(47)%
Net Realizations			182,810				203,955		12%			566,191				591,734		5%
Segment Distributable Earnings		$	451,444			$	456,227		1%		$	1,224,369			$	1,331,689		9%
Segment Revenues		$	834,494			$	798,575		(4)%		$	2,326,151			$	2,438,084		5%
Total AUM		$	283,267,698			$	298,643,473		5%		$	283,267,698			$	298,643,473		5%
Fee-Earning AUM		$	167,273,324			$	167,789,938		0%		$	167,273,324			$	167,789,938		0%

     Blackstone |  11

CREDIT & INSURANCE

§ Total AUM: Increased 10% to $297.2 billion with inflows of $10.4 billion in the quarter and $55.6 billion over the
LTM.

– Inflows in the quarter included $5.0 billion for the global direct lending strategy, including $2.5 billion of equity raised for BCRED, bringing direct lending Total AUM to $103.6 billion.

– October 1 subscriptions of $858 million for BCRED not yet included in Total AUM.

– $5.3 billion of inflows from our insurance strategic partnerships, including assets allocated to other segments.

– Held the final close and hit hard cap for the private credit green energy funds in the quarter, bringing total
capital raised to $7.5 billion for the strategy.

§ Capital Deployed: $5.8 billion in the quarter and $22.7 billion over the LTM.

§ Realizations: $5.0 billion in the quarter and $18.7 billion over the LTM.

§ Returns: Private Credit gross return of 4.6% (3.5% net) and Liquid Credit gross return of 3.3% (3.2% net) in the
quarter.

									% Change									% Change
($ in thousands)	3Q’22				3Q’23				vs. 3Q’22	3Q’22 YTD				3Q’23 YTD				vs. 3Q’22 YTD
Management Fees, Net		$	321,969			$	343,292		7%		$	934,733			$	1,026,675		10%
Fee Related Performance Revenues			112,128				146,710		31%			260,410				409,645		57%
Fee Related Compensation			(135,420	)			(148,056	)	9%			(399,799	)			(480,289	)	20%
Other Operating Expenses			(68,696	)			(76,147	)	11%			(189,745	)			(231,760	)	22%
Fee Related Earnings		$	229,981			$	265,799		16%		$	605,599			$	724,271		20%
Realized Performance Revenues			12,459				14,349		15%			122,175				181,874		49%
Realized Performance Compensation			(4,992	)			(5,451	)	9%			(54,487	)			(79,794	)	46%
Realized Principal Investment Income			46,993				29,213		(38)%			76,793				15,866		(79)%
Net Realizations			54,460				38,111		(30)%			144,481				117,946		(18)%
Segment Distributable Earnings		$	284,441			$	303,910		7%		$	750,080			$	842,217		12%
Segment Revenues		$	493,549			$	533,564		8%		$	1,394,111			$	1,634,060		17%
Total AUM		$	269,058,778			$	297,212,418		10%		$	269,058,778			$	297,212,418		10%
Fee-Earning AUM		$	193,705,941			$	210,689,350		9%		$	193,705,941			$	210,689,350		9%

     Blackstone |  12

HEDGE FUND SOLUTIONS

§ Total AUM: $80.0 billion with inflows of $2.3 billion in the quarter and $9.7 billion over the LTM.

– October 1 subscriptions of $248 million not yet included in Total AUM.

§ Returns: BPS Composite gross return of 2.5% in the quarter (2.3% net), outperforming the HFRX Global Hedge Fund Index, which was 0.7%.

– BPS benefited from performance of quantitative, credit, and global macro strategies during the quarter and delivered positive performance despite a challenging market environment.

– Gross returns of 7.6% over the LTM (6.7% net), with significantly less volatility than the broader markets, compared to 1.6% return for the HFRX Global Hedge Fund Index.

									% Change									% Change
($ in thousands)	3Q’22				3Q’23				vs. 3Q’22	3Q’22 YTD				3Q’23 YTD				vs. 3Q’22 YTD
Management Fees, Net		$	139,342			$	133,111		(4)%		$	434,275			$	404,919		(7)%
Fee Related Compensation			(40,895	)			(46,496	)	14%			(145,993	)			(138,120	)	(5)%
Other Operating Expenses			(26,599	)			(26,677	)	0%			(75,849	)			(82,782	)	9%
Fee Related Earnings		$	71,848			$	59,938		(17)%		$	212,433			$	184,017		(13)%
Realized Performance Revenues			4,430				6,900		56%			40,540				92,009		127%
Realized Performance Compensation			(3,237	)			(2,917	)	(10)%			(14,320	)			(34,635	)	142%
Realized Principal Investment Income			9,460				2,225		(76)%			22,831				12,792		(44)%
Net Realizations			10,653				6,208		(42)%			49,051				70,166		43%
Segment Distributable Earnings		$	82,501			$	66,146		(20)%		$	261,484			$	254,183		(3)%
Segment Revenues		$	153,232			$	142,236		(7)%		$	497,646			$	509,720		2%
Total AUM		$	79,273,632			$	79,996,870		1%		$	79,273,632			$	79,996,870		1%
Fee-Earning AUM		$	71,438,236			$	71,125,412		(0)%		$	71,438,236			$	71,125,412		(0)%

     Blackstone |  13

Supplemental Details

     Blackstone |  14

TOTAL SEGMENTS

($ in thousands)	3Q’22			4Q’22			1Q’23			2Q’23			3Q’23			3Q’22 YTD			3Q’23 YTD
Base Management Fees	$	1,528,561		$	1,580,452		$	1,619,547		$	1,620,609		$	1,619,743		$	4,464,586		$	4,859,899
Transaction, Advisory and Other Fees, Net		89,865			71,151			45,710			92,735			44,611			238,966			183,056
Management Fee Offsets		(6,856	)		(10,512	)		(12,870	)		(10,158	)		(10,514	)		(61,697	)		(33,542	)
Total Management and Advisory Fees, Net		1,611,570			1,641,091			1,652,387			1,703,186			1,653,840			4,641,855			5,009,413
Fee Related Performance Revenues		372,131			172,708			148,244			266,738			274,551			1,276,789			689,533
Fee Related Compensation		(558,268	)		(480,623	)		(508,971	)		(568,808	)		(539,923	)		(1,850,152	)		(1,617,702	)
Other Operating Expenses		(246,134	)		(267,281	)		(251,648	)		(257,366	)		(264,445	)		(721,742	)		(773,459	)
Fee Related Earnings	$	1,179,299		$	1,065,895		$	1,040,012		$	1,143,750		$	1,124,023		$	3,346,750		$	3,307,785
Realized Performance Revenues		469,009			472,745			641,526			388,423			337,940			3,988,593			1,367,889
Realized Performance Compensation		(206,224	)		(161,779	)		(296,024	)		(178,370	)		(133,995	)		(1,652,318	)		(608,389	)
Realized Principal Investment Income (Loss)		139,765			55,887			43,691			(7,461	)		55,500			340,369			91,730
Total Net Realizations	$	402,550		$	366,853		$	389,193		$	202,592		$	259,445		$	2,676,644		$	851,230
Total Segment Distributable Earnings	$	1,581,849		$	1,432,748		$	1,429,205		$	1,346,342		$	1,383,468		$	6,023,394		$	4,159,015
Distributable Earnings	$	1,374,869		$	1,334,206		$	1,249,092		$	1,212,072		$	1,211,611		$	5,298,574		$	3,672,775
Additional Metrics:
Total Segment Revenues	$	2,592,475		$	2,342,431		$	2,485,848		$	2,350,886		$	2,321,831		$	10,247,606		$	7,158,565
Total Assets Under Management	$	950,946,514		$	974,673,077		$	991,293,596		$	1,001,355,959		$	1,007,353,458		$	950,946,514		$	1,007,353,458
Fee-Earning Assets Under Management	$	705,865,351		$	718,386,888		$	731,973,409		$	731,145,065		$	734,541,603		$	705,865,351		$	734,541,603

     Blackstone |  15

ASSETS UNDER MANAGEMENT – ROLLFORWARD

Total AUM Rollforward

($ in millions)

	Three Months Ended September 30, 2023																Twelve Months Ended September 30, 2023
	Real  Estate			Private  Equity			Credit &  Insurance			Hedge Fund  Solutions			Total				Real  Estate			Private  Equity			Credit &  Insurance			Hedge Fund   Solutions			Total
Beginning Balance	$	333,242		$	295,293		$	294,580		$	78,241		$	1,001,356			$	319,346		$	283,268		$	269,059		$	79,274		$	950,947
Inflows		9,081			3,552			10,448			2,263			25,343				48,189			25,389			55,570			9,731			138,880
Outflows		(3,667	)		(790	)		(3,018	)		(1,678	)		(9,153	)			(15,201	)		(3,069	)		(19,741	)		(9,916	)		(47,926	)
Net Flows		5,414			2,761			7,429			585			16,190				32,989			22,321			35,829			(185	)		90,953
Realizations		(4,211	)		(5,145	)		(5,034	)		(386	)		(14,776	)			(17,777	)		(23,465	)		(18,711	)		(3,429	)		(63,382	)
Market Activity		(2,944	)		5,734			237			1,557			4,583				(3,058	)		16,521			11,036			4,337			28,836
Ending Balance	$	331,501		$	298,643		$	297,212		$	79,997		$	1,007,353			$	331,501		$	298,643		$	297,212		$	79,997		$	1,007,353
% Change		(1)%			1%			1%			2%			1%				4%			5%			10%			1%			6%

Fee-Earning AUM Rollforward

($ in millions)

	Three Months Ended September 30, 2023																Twelve Months Ended September 30, 2023
	Real  Estate			Private  Equity			Credit &  Insurance			Hedge Fund  Solutions			Total				Real  Estate			Private  Equity			Credit &  Insurance			Hedge Fund  Solutions			Total
Beginning Balance	$	287,556		$	165,642		$	208,367		$	69,579		$	731,145			$	273,448		$	167,273		$	193,706		$	71,438		$	705,865
Inflows		10,869			2,283			9,607			2,005			24,764				49,196			8,657			39,233			8,633			105,718
Outflows		(7,228	)		(91	)		(2,802	)		(1,525	)		(11,647	)			(18,311	)		(2,797	)		(17,208	)		(10,017	)		(48,333	)
Net Flows		3,641			2,192			6,805			480			13,117				30,885			5,860			22,025			(1,385	)		57,385
Realizations		(4,631	)		(2,147	)		(3,568	)		(379	)		(10,726	)			(18,802	)		(8,211	)		(12,223	)		(3,255	)		(42,490	)
Market Activity		(1,629	)		2,103			(914	)		1,445			1,005				(594	)		2,867			7,182			4,326			13,781
Ending Balance	$	284,937		$	167,790		$	210,689		$	71,125		$	734,542			$	284,937		$	167,790		$	210,689		$	71,125		$	734,542
% Change		(1)%			1%			1%			2%			0%				4%			0%			9%			(0)%			4%

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 September 30, 2023, Blackstone had $8.4 billion in total cash, cash equivalents, corporate treasury, and other investments and $17.2 billion of cash and net investments, or $14.14 per share.

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

($ in millions)	3Q’23
Cash and Cash Equivalents	$	2,972
Corporate Treasury and Other Investments		5,472
GP/Fund Investments		2,337
Net Accrued Performance Revenues		6,435
Cash and Net Investments	$	17,215
Outstanding Debt (at par)		10,655

Cash and Net Investments

(per share)

A+ / A+

rated by S&P and Fitch

$4.1B

credit revolver with

June 2027 maturity

$8.4B

total cash, corporate

treasury and other

Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $4.1 billion as of September 30, 2023, which was comprised of $3.7 billion of liquid investments and $389 million of illiquid investments. See notes on pages 31 and 34 for additional details on non-GAAP balance sheet measures. Blackstone |  17

NET ACCRUED PERFORMANCE REVENUES – ADDITIONAL DETAIL

($ in millions, except per share data)	3Q’22		2Q’23		3Q’23		3Q’23
							Per Share
Real Estate
BREP IV	$	7	$	6	$	6	$	0.01
BREP V		3		4		4		0.00
BREP VI		24		17		20		0.02
BREP VII		145		60		22		0.02
BREP VIII		830		707		657		0.54
BREP IX		1,002		987		916		0.75
BREP Europe IV		68		36		23		0.02
BREP Europe V		96		19		-		-
BREP Europe VI		74		90		109		0.09
BREP Asia I		105		89		93		0.08
BREP Asia II		119		-		-		-
BPP		735		512		387		0.32
BREDS		14		12		30		0.02
BTAS		37		17		18		0.01
Real Estate	$	3,258	$	2,556	$	2,285	$	1.88
Private Equity
BCP IV		7		6		6		0.00
BCP V		8		41		17		0.01
BCP VI		463		411		365		0.30
BCP VII		870		900		810		0.67
BCP VIII		227		297		345		0.28
BCP Asia I		137		94		113		0.09
BEP I		33		29		29		0.02
BEP II		-		73		143		0.12
BEP III		86		202		215		0.18
BCEP		219		205		220		0.18
Tactical Opportunities		233		236		235		0.19
Secondaries		548		527		512		0.42
Infrastructure		126		189		324		0.27
Life Sciences		26		24		62		0.05
BTAS/Other		202		169		176		0.14
Private Equity	$	3,186	$	3,402	$	3,569	$	2.93
Credit & Insurance	$	297	$	247	$	292	$	0.24
Hedge Fund Solutions	$	320	$	265	$	289	$	0.24
Net Accrued Performance Revenues	$	7,060	$	6,469	$	6,435	$	5.29

 3Q’23 QoQ Rollforward

  ($ in millions)

				Net				Net
				Performance				Realized
	2Q’23			Revenues				Distributions				3Q’23
Real Estate		$	2,556		$	(167	)		$	(103	)		$	2,285
Private Equity			3,402			349				(181	)			3,569
Credit & Insurance			247			142				(96	)			292
HFS			265			28				(4	)			289
Total		$	6,469		$	351			$	(385	)		$	6,435
QoQ Change														(1)%

 3Q’23 LTM Rollforward

  ($ in millions)

				Net			Net
				Performance			Realized
	3Q’22			Revenues			Distributions				3Q’23
Real Estate		$	3,258		$	(624)		$	(349	)		$	2,285
Private Equity			3,186			1,109			(725	)			3,569
Credit & Insurance			297			427			(431	)			292
HFS			320			99			(130	)			289
Total		$	7,060		$	1,011		$	(1,636	)		$	6,435
YoY Change													(9)%

Net Accrued Performance Revenues (“NAPR”) are presented net of performance compensation and excludes Performance Revenues realized but not yet distributed
as of the reporting date and clawback amounts, if any, which are disclosed in the 10-K/Q. Real Estate and Private Equity include co-investments, as applicable. Per Share calculations are based on end of period DE Shares Outstanding (see page 24, Share Summary).   Blackstone |  18

INVESTMENT RECORDS AS OF SEPTEMBER 30, 2023^(a)

($/€ in thousands, except where noted)  Fund (Investment Period Beginning Date / Ending Date)	Committed Capital		Available Capital (b)		Unrealized Investments			Realized Investments			Total Investments			Net IRRs (d)
					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		-		19,990	n/a		4,641,310	1.7x		4,661,300	1.7x	12%	12%
BREP V (Dec 2005 / Feb 2007)		5,539,418		-		6,226	n/a		13,463,448	2.3x		13,469,674	2.3x	11%	11%
BREP VI (Feb 2007 / Aug 2011)		11,060,122		550,788		177,175	2.1x		27,555,714	2.5x		27,732,889	2.5x	13%	13%
BREP VII (Aug 2011 / Apr 2015)		13,501,324		1,440,070		2,251,607	0.6x		28,259,297	2.4x		30,510,904	2.0x	21%	14%
BREP VIII (Apr 2015 / Jun 2019)		16,597,812		2,172,541		13,402,672	1.5x		21,694,783	2.5x		35,097,455	2.0x	28%	15%
BREP IX (Jun 2019 / Aug 2022)		21,340,670		3,404,572		26,429,803	1.5x		8,490,679	2.2x		34,920,482	1.6x	61%	21%
*BREP X (Aug 2022 / Feb 2028)		30,498,731		28,585,335		2,023,421	1.1x		-	n/a		2,023,421	1.1x	n/a	n/m
Total Global BREP	$	103,979,240	$	36,153,306	$	44,310,894	1.4x	$	111,640,149	2.4x	$	155,951,043	2.0x	18%	16%
BREP Int’l (Jan 2001 / Sep 2005)	€	824,172	€	-	€	-	n/a	€	1,373,170	2.1x	€	1,373,170	2.1x	23%	23%
BREP Int’l II (Sep 2005 / Jun 2008) (e)		1,629,748		-		-	n/a		2,583,032	1.8x		2,583,032	1.8x	8%	8%
BREP Europe III (Jun 2008 / Sep 2013)		3,205,420		398,122		196,294	0.4x		5,854,592	2.4x		6,050,886	2.0x	18%	13%
BREP Europe IV (Sep 2013 / Dec 2016)		6,674,949		1,310,820		1,234,020	0.9x		9,972,153	1.9x		11,206,173	1.7x	19%	12%
BREP Europe V (Dec 2016 / Oct 2019)		7,979,853		1,146,014		4,967,635	0.9x		6,694,372	3.9x		11,662,007	1.7x	41%	10%
BREP Europe VI (Oct 2019 / Sep 2023)		10,033,576		3,578,573		7,906,179	1.2x		3,424,218	2.6x		11,330,397	1.4x	72%	18%
*BREP Europe VII (Sep 2023 / Mar 2029)		4,055,206		4,055,206		-	n/a		-	n/a		-	n/a	n/a	n/a
Total BREP Europe	€	34,402,924	€	10,488,735	€	14,304,128	1.0x	€	29,901,537	2.3x	€	44,205,665	1.7x	17%	12%
BREP Asia I (Jun 2013 / Dec 2017)	$	4,262,075	$	898,383	$	1,666,676	1.6x	$	6,927,744	1.9x	$	8,594,420	1.9x	16%	12%
BREP Asia II (Dec 2017 / Mar 2022)		7,353,190		1,345,680		6,659,758	1.2x		1,617,659	1.9x		8,277,417	1.3x	32%	6%
*BREP Asia III (Mar 2022 / Sep 2027)		8,225,044		7,104,528		996,803	0.9x		-	n/a		996,803	0.9x	n/a	(26)%
Total BREP Asia	$	19,840,309	$	9,348,591	$	9,323,237	1.2x	$	8,545,403	1.9x	$	17,868,640	1.5x	17%	9%
BREP Co-Investment (f)		7,298,717		31,955		1,009,091	2.2x		15,150,534	2.2x		16,159,625	2.2x	16%	16%
Total BREP	$	171,601,150	$	56,688,317	$	70,819,791	1.3x	$	171,890,997	2.3x	$	242,710,788	1.9x	17%	15%
*BREDS High-Yield (Various) (g)		23,826,197		7,740,038		6,078,085	1.0x		18,306,169	1.3x		24,384,254	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		15,819	n/a		2,981,999	1.4x		2,997,818	1.4x	6%	6%
BCP IV (Nov 2002 / Dec 2005)		6,773,182		195,824		27,813	n/a		21,694,051	2.9x		21,721,864	2.9x	36%	36%
BCP V (Dec 2005 / Jan 2011)		21,009,112		1,035,259		69,929	4.7x		38,790,444	1.9x		38,860,373	1.9x	8%	8%
BCP VI (Jan 2011 / May 2016)		15,195,536		1,341,319		5,225,663	2.0x		27,574,219	2.2x		32,799,882	2.2x	14%	13%
BCP VII (May 2016 / Feb 2020)		18,856,748		1,693,546		18,896,671	1.6x		15,254,119	2.5x		34,150,790	1.9x	30%	13%
*BCP VIII (Feb 2020 / Feb 2026)		25,651,696		11,181,728		19,590,887	1.3x		1,179,647	2.4x		20,770,534	1.4x	n/m	12%
BCP IX (TBD)		17,097,378		17,097,378		-	n/a		-	n/a		-	n/a	n/a	n/a
Energy I (Aug 2011 / Feb 2015)		2,441,558		174,492		513,784	1.6x		4,169,241	2.0x		4,683,025	2.0x	14%	11%
Energy II (Feb 2015 / Feb 2020)		4,628,418		866,986		4,356,903	1.8x		3,463,693	1.6x		7,820,596	1.7x	13%	8%
*Energy III (Feb 2020 / Feb 2026)		4,364,432		1,951,764		4,555,423	2.0x		1,139,860	2.3x		5,695,283	2.0x	61%	39%
Energy Transition IV (TBD)		2,317,245		2,317,245		-	n/a		-	n/a		-	n/a	n/a	n/a
BCP Asia I (Dec 2017 / Sep 2021)		2,438,028		418,459		2,969,214	1.6x		1,787,587	4.9x		4,756,801	2.2x	96%	27%
*BCP Asia II (Sep 2021 / Sep 2027)		6,656,786		4,945,392		1,878,551	1.2x		25	n/a		1,878,576	1.2x	n/a	n/m
Core Private Equity I (Jan 2017 / Mar 2021) (h)		4,761,601		1,164,732		7,320,559	1.9x		2,440,551	4.4x		9,761,110	2.2x	56%	18%
*Core Private Equity II (Mar 2021 / Mar 2026) (h)		8,205,237		5,721,426		3,182,425	1.3x		68,770	n/a		3,251,195	1.4x	n/a	13%
Total Corporate Private Equity	$	148,721,890	$	50,130,125	$	68,603,641	1.6x	$	134,783,278	2.2x	$	203,386,919	1.9x	16%	15%

The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not meaningful” generally due to the limited time since initial investment. n/a represents “not applicable”. Notes on pages 21-22. BREP – Blackstone Real Estate Partners, BREDS – Blackstone Real Estate Debt Strategies, BCP – Blackstone Capital Partners, BCOM – Blackstone Communications. * Represents funds that are currently in their investment period.   Blackstone |  19

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

($/€ in thousands, except where noted) Fund (Investment Period Beginning Date / Ending Date)	Committed Capital		Available Capital (b)		Unrealized Investments			Realized Investments			Total Investments			Net IRRs (d)
					Value		MOIC (c)	Value		MOIC (c)	Value		MOIC (c)	Realized	Total
Private Equity (continued)
Tactical Opportunities
*Tactical Opportunities (Various)	$	30,364,340	$	15,896,639	$	11,532,042	1.2x	$	22,701,599	1.8x	$	34,233,641	1.6x	16%	11%
*Tactical Opportunities Co-Investment and Other (Various)		10,029,256		1,411,126		4,675,833	1.7x		8,853,429	1.6x		13,529,262	1.6x	18%	16%
Total Tactical Opportunities	$	40,393,596	$	17,307,765	$	16,207,875	1.3x	$	31,555,028	1.8x	$	47,762,903	1.6x	17%	12%
Growth
*BXG I (Jul 2020 / Jul 2025)		5,056,267		1,256,237		3,447,373	1.0x		484,034	2.7x		3,931,407	1.0x	n/m	(3)%
BXG II (TBD)		4,093,732		4,093,732		-	n/a		-	n/a		-	n/a	n/a	n/a
Total Growth	$	9,149,999	$	5,349,969	$	3,447,373	1.0x	$	484,034	2.7x	$	3,931,407	1.0x	n/m	(3)%
Strategic Partners (Secondaries)
Strategic Partners I-V (Various) (i)		11,035,527		616,300		330,662	n/a		16,562,619	n/a		16,893,281	1.7x	n/a	13%
Strategic Partners VI (Apr 2014 / Apr 2016) (i)		4,362,772		617,474		901,474	n/a		4,160,215	n/a		5,061,689	1.7x	n/a	14%
Strategic Partners VII (May 2016 / Mar 2019) (i)		7,489,970		1,635,172		4,273,087	n/a		6,418,775	n/a		10,691,862	2.0x	n/a	18%
Strategic Partners Real Assets II (May 2017 / Jun 2020) (i)		1,749,807		487,992		1,207,710	n/a		1,113,866	n/a		2,321,576	1.7x	n/a	17%
Strategic Partners VIII (Mar 2019 / Oct 2021) (i)		10,763,600		4,540,254		8,336,051	n/a		5,946,803	n/a		14,282,854	1.8x	n/a	32%
*Strategic Partners Real Estate, SMA and Other (Various) (i)		6,530,642		2,256,022		2,007,881	n/a		2,003,485	n/a		4,011,366	1.6x	n/a	15%
*Strategic Partners Infrastructure III (Jun 2020 / Jul 2024) (i)		3,250,100		891,683		1,429,920	n/a		239,153	n/a		1,669,073	1.5x	n/a	32%
*Strategic Partners IX (Oct 2021 / Jan 2027) (i)		19,492,126		12,116,523		4,890,255	n/a		538,872	n/a		5,429,127	1.4x	n/a	24%
*Strategic Partners GP Solutions (Jun 2021 / Dec 2026) (i)		2,045,211		966,522		722,901	n/a		-	n/a		722,901	1.1x	n/a	4%
Total Strategic Partners (Secondaries)	$	66,719,755	$	24,127,942	$	24,099,941	n/a	$	36,983,788	n/a	$	61,083,729	1.7x	n/a	15%
Life Sciences
Clarus IV (Jan 2018 / Jan 2020)		910,000		92,300		825,214	1.5x		337,376	1.9x		1,162,590	1.6x	23%	10%
*BXLS V (Jan 2020 / Jan 2025)		4,915,804		3,118,269		2,251,754	1.6x		139,281	1.1x		2,391,035	1.5x	n/m	10%
Credit
Mezzanine / Opportunistic I (Jul 2007 / Oct 2011)	$	2,000,000	$	97,114	$	-	n/a	$	4,809,097	1.6x	$	4,809,097	1.6x	n/a	17%
Mezzanine / Opportunistic II (Nov 2011 / Nov 2016)		4,120,000		993,248		165,527	0.4x		6,589,943	1.4x		6,755,470	1.4x	n/a	10%
Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)		6,639,133		1,036,502		2,556,242	1.0x		7,323,798	1.6x		9,880,040	1.4x	n/a	11%
*Mezzanine / Opportunistic IV (Jan 2021 / Jan 2026)		5,016,771		2,779,863		3,082,289	1.1x		568,391	1.9x		3,650,680	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		273,036	0.4x		5,312,944	1.2x		5,585,980	1.1x	n/a	1%
Stressed / Distressed III (Dec 2017 / Dec 2022)		7,356,380		1,946,417		2,843,752	1.0x		3,278,224	1.4x		6,121,976	1.2x	n/a	8%
Energy I (Nov 2015 / Nov 2018)		2,856,867		1,134,875		492,250	0.7x		3,022,524	1.8x		3,514,774	1.5x	n/a	10%
Energy II (Feb 2019 / Jun 2023)		3,616,081		1,566,007		1,811,154	1.0x		1,713,153	1.6x		3,524,307	1.3x	n/a	17%
*Green Energy III (May 2023 / May 2028)		6,477,000		6,294,372		183,395	1.0x		4,910	n/a		188,305	1.0x	n/a	n/m
European Senior Debt I (Feb 2015 / Feb 2019)	€	1,964,689	€	287,688	€	525,783	0.7x	€	2,668,448	1.3x	€	3,194,231	1.2x	n/a	2%
European Senior Debt II (Jun 2019 / Jun 2023) (j)	€	4,088,344	€	983,930	€	4,399,254	1.0x	€	1,882,079	2.0x	€	6,281,333	1.2x	n/a	10%
Total Credit Drawdown Funds (k)	$	53,366,033	$	17,742,168	$	16,622,026	0.9x	$	43,657,741	1.5x	$	60,279,767	1.3x	n/a	10%

The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not meaningful” generally due to the limited time since initial investment. n/a represents “not applicable”. Notes on pages 21-22. BXG – Blackstone Growth, BXLS – Blackstone Life Sciences. * Represents funds that are currently in their investment period.   Blackstone |  20

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

 Selected Perpetual Capital Strategies^(l)

($ in thousands, except where noted)	Investment			Total			Total Net
Strategy (Inception Year)	Strategy			AUM			Return (m)
Real Estate
BPP - Blackstone Property Partners Platform (2013) (n)		Core+ Real Estate		$	68,708,288			8	%
BREIT - Blackstone Real Estate Income Trust (2017) (o)		Core+ Real Estate			66,009,910			11	%
BREIT - Class I (p)		Core+ Real Estate						12	%
BXMT - Blackstone Mortgage Trust (2013) (q)		Real Estate Debt			6,419,843			7	%
Private Equity
BIP - Blackstone Infrastructure Partners (2019) (r)		Infrastructure			31,418,214			17	%
Credit
BXSL - Blackstone Secured Lending Fund (2018) (s)		U.S. Direct Lending			11,065,490			11	%
BCRED - Blackstone Private Credit Fund (2021) (t)		U.S. Direct Lending			61,283,160			10	%
BCRED - Class I (u)		U.S. Direct Lending						10	%
Hedge Fund Solutions
BSCH - Blackstone Strategic Capital Holdings (2014) (v)		GP Stakes			9,038,198			10	%

Investment Records as of September 30, 2023 - Notes

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

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

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

(d) Unless otherwise indicated, Net Internal Rate of Return (“IRR”) represents the annualized inception to September 30, 2023 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of limited partner cash flows. Initial inception date of cash flows may differ from the Investment Period Beginning Date.

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

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

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

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

(i) Strategic Partners’ Unrealized Investment Value, Realized Investment Value, Total Investment Value, Total MOIC and Total Net IRRs are reported on a three-month lag and therefore do not include the impact of economic and market activities in the current quarter. Prior to June 30, 2023, the calculation of such metrics also incorporated investor cash flow information from the current quarter to the extent available. Effective June 30, 2023, such current quarter cash flow information is no longer incorporated. Committed Capital and Available Capital continue to be presented as of the current quarter. We believe the updated presentation is more reflective of the Strategic Partners’ investor experience. Realizations are treated as returns of capital until fully recovered and therefore Unrealized and Realized MOICs and Realized Net IRRs are not applicable. Effective June 30, 2023, Strategic Partners I-V and Strategic Partners Real Estate, SMA and Other exclude investment vehicles where Blackstone does not earn fees, which were previously included.

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

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

The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not meaningful” generally due to the limited time since initial investment. n/a represents “not applicable”. Notes continue on page 22.   Blackstone |  21

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

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

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

(n) BPP represents the aggregate Total AUM and Total Net Return of the BPP Platform, which comprises over 30 funds, co-investment and separately managed account vehicles. It includes certain vehicles managed as part of the BPP Platform but not classified as Perpetual Capital. As of September 30, 2023, these vehicles represented $2.8 billion of Total AUM.

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

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

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

(r) Including co-investment vehicles, BIP Total AUM is $39.8 billion.

(s) The BXSL Total AUM and Total Net Return are presented as of June 30, 2023. BXSL Total Net Return reflects the change in NAV per share, plus distributions per share (assuming dividends and distributions are reinvested in accordance with BXSL’s dividend reinvestment plan) divided by the beginning NAV per share. Total Net Returns are presented on an annualized basis and are from November 20, 2018.

(t) 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 September 30, 2023 was $26.2 billion.

(u) 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.

(v) 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 $9.9 billion.

     Blackstone |  22

SHAREHOLDER DIVIDENDS

§ Generated $0.94 of Distributable Earnings per common share during the quarter, bringing the YTD amount to $2.84 per common share.

§ Blackstone declared a quarterly dividend of $0.80 per common share to record holders as of October 30, 2023; payable on November 6, 2023.

																					% Change										% Change
($ in thousands, except per share data)	3Q’22				4Q’22				1Q’23				2Q’23				3Q’23				vs. 3Q’22		3Q’22 YTD				3Q’23 YTD				vs. 3Q’22 YTD
Distributable Earnings		$	1,374,869			$	1,334,206			$	1,249,092			$	1,212,072			$	1,211,611			(12)%		$	5,298,574			$	3,672,775			(31	)%
Add: Other Payables Attributable to Common Shareholders			145,137				67,528				131,300				129,187				119,783			(17)%			558,873				380,270			(32	)%
DE Before Certain Payables			1,520,006				1,401,734				1,380,392				1,341,259				1,331,394			(12)%			5,857,447				4,053,045			(31	)%
Percent to Common Shareholders			61%				62%				62%				62%				62%						61%				62%
DE Before Certain Payables Attributable to Common Shareholders			934,240				862,892				852,166				833,992				828,716			(11)%			3,591,583				2,514,874			(30	)%
Less: Other Payables Attributable to Common Shareholders			(145,137	)			(67,528	)			(131,300	)			(129,187	)			(119,783	)		(17)%			(558,873	)			(380,270	)		(32	)%
DE Attributable to Common Shareholders			789,103				795,364				720,866				704,805				708,933			(10)%			3,032,710				2,134,604			(30	)%
DE per Common Share		$	1.06			$	1.07			$	0.97			$	0.93			$	0.94			(11)%		$	4.10			$	2.84			(31	)%
Less: Retained Capital per Common Share		$	(0.16	)		$	(0.16	)		$	(0.15	)		$	(0.14	)		$	(0.14	)		(13)%		$	(0.61	)		$	(0.43	)		(30	)%
Actual Dividend per Common Share		$	0.90			$	0.91			$	0.82			$	0.79			$	0.80			(11)%		$	3.49			$	2.41			(31	)%
Record Date																			Oct 30, 2023
Payable Date																			Nov 6, 2023

A detailed description of Blackstone’s dividend policy and the definition of Distributable Earnings can be found on pages 36-38, Definitions and Dividend Policy. See additional notes on page 35.   Blackstone |  23

SHARE SUMMARY

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

– Repurchased 1.3 million common shares in the quarter and 3.3 million common shares over the LTM.

– Available authorization remaining was $798 million at September 30, 2023.

	3Q’22		4Q’22		1Q’23		2Q’23		3Q’23
Participating Common Shares		741,552,385		742,653,758		745,916,828		758,148,528		757,781,111
Participating Partnership Units		464,951,386		463,758,383		462,366,799		461,135,682		459,651,045
Distributable Earnings Shares Outstanding		1,206,503,771		1,206,412,141		1,208,283,627		1,219,284,210		1,217,432,156

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

Reconciliations and

Disclosures

     Blackstone |  25

BLACKSTONE’S THIRD QUARTER 2023 GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

($ in thousands, except per share data) (unaudited)	3Q’22			3Q’23				3Q’22 YTD			3Q’23 YTD				3Q’22 LTM			3Q’23 LTM
Revenues
Management and Advisory Fees, Net	$	1,617,754		$	1,655,443			$	4,654,877		$	5,023,128			$	6,114,425		$	6,671,566
Incentive Fees		110,776			158,801				314,863			454,754				451,317			665,018
Investment Income (Loss)
Performance Allocations
Realized		725,888			453,690				4,946,043			1,602,668				7,734,013			2,038,265
Unrealized		(771,637	)		(63,204	)			(2,946,255	)		(708,021	)			(2,157,042	)		(1,196,822	)
Principal Investments
Realized		193,228			94,313				743,493			257,206				914,803			364,040
Unrealized		(1,069,697	)		69,340				(1,496,226	)		(257,988	)			(1,191,929	)		(325,611	)
Total Investment Income (Loss)		(922,218	)		554,139				1,247,055			893,865				5,299,845			879,872
Interest and Dividend Revenue		52,420			109,133				168,980			348,123				232,146			450,755
Other		199,382			63,769				427,839			17,951				478,538			(225,331	)
Total Revenues	$	1,058,114		$	2,541,285			$	6,813,614		$	6,737,821			$	12,576,271		$	8,441,880
Expenses
Compensation and Benefits
Compensation		600,273			700,268				1,942,790			2,153,570				2,518,822			2,780,560
Incentive Fee Compensation		50,355			65,432				136,737			192,940				186,086			264,201
Performance Allocations Compensation
Realized		313,930			168,620				2,067,447			670,610				3,187,358			828,427
Unrealized		(359,590	)		11,866				(1,273,849	)		(247,228	)			(889,842	)		(443,967	)
Total Compensation and Benefits		604,968			946,186				2,873,125			2,769,892				5,002,424			3,429,221
General, Administrative and Other		270,369			279,186				800,331			827,614				1,110,004			1,119,954
Interest Expense		80,507			110,599				216,896			323,136				273,446			423,465
Fund Expenses		5,517			38,934				12,144			118,918				15,103			137,449
Total Expenses	$	961,361		$	1,374,905			$	3,902,496		$	4,039,560			$	6,400,977		$	5,110,089
Other Income (Loss)
Change in Tax Receivable Agreement Liability		-			-				748			1,887				32,792			23,422
Net Gains (Losses) from Fund Investment Activities		1,178			(49,078	)			(52,272	)		102,486				29,571			49,616
Income Before Provision for Taxes	$	97,931		$	1,117,302			$	2,859,594		$	2,802,634			$	6,237,657		$	3,404,829
Provision for Taxes		94,231			196,560				614,026			467,504				1,051,720			326,358
Net Income	$	3,700		$	920,742			$	2,245,568		$	2,335,130			$	5,185,937		$	3,078,471
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		25,773			(92,577	)			56,700			(81,589	)			59,624			(281,179	)
Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities		(62,093	)		20,716				(62,425	)		185,021				257,608			355,212
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings		37,724			440,609				1,061,516			992,618				2,280,450			1,207,504
Net Income Attributable to Blackstone Inc. (‘‘BX’’)	$	2,296		$	551,994			$	1,189,777		$	1,239,080			$	2,588,255		$	1,796,934
Net Income Per Share of Common Stock, Basic	$	0.00		$	0.73			$	1.61		$	1.64			$	3.51		$	2.39
Net Income Per Share of Common Stock, Diluted	$	0.00		$	0.73			$	1.61		$	1.64			$	3.51		$	2.39

     Blackstone |  26

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

	QTD																					YTD									LTM
($ in thousands)	3Q’22				4Q’22				1Q’23				2Q’23				3Q’23					3Q’22				3Q’23					3Q’22				3Q’23
Net Income (Loss) Attributable to Blackstone Inc.		$	2,296			$	557,854			$	85,812			$	601,274			$	551,994				$	1,189,777			$	1,239,080				$	2,588,255			$	1,796,934
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings			37,724				214,886				56,700				495,309				440,609					1,061,516				992,618					2,280,450				1,207,504
Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities			(62,093	)			170,191				74,869				89,436				20,716					(62,425	)			185,021					257,608				355,212
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities			25,773				(199,590	)			(6,700	)			17,688				(92,577	)				56,700				(81,589	)				59,624				(281,179	)
Net Income (Loss)		$	3,700			$	743,341			$	210,681			$	1,203,707			$	920,742				$	2,245,568			$	2,335,130				$	5,185,937			$	3,078,471
Provision (Benefit) for Taxes			94,231				(141,146	)			47,675				223,269				196,560					614,026				467,504					1,051,720				326,358
Income (Loss) Before Provision (Benefit) for Taxes		$	97,931			$	602,195			$	258,356			$	1,426,976			$	1,117,302				$	2,859,594			$	2,802,634				$	6,237,657			$	3,404,829
Transaction-Related and Non-Recurring Items (a)			9,247				(2,588	)			8,621				2,228				6,250					59,721				17,099					81,145				14,511
Amortization of Intangibles (b)			13,238				13,155				11,341				7,412				7,357					47,326				26,110					64,370				39,265
Impact of Consolidation (c)			36,320				29,399				(68,169	)			(107,124	)			71,861					5,725				(103,432	)				(317,232	)			(74,033	)
Unrealized Performance Revenues (d)			771,637				490,723				759,316				(114,379	)			63,209					2,946,255				708,146					2,157,042				1,198,869
Unrealized Performance Allocations Compensation (e)			(359,590	)			(196,739	)			(313,249	)			54,155				11,866					(1,273,849	)			(247,228	)				(889,842	)			(443,967	)
Unrealized Principal Investment (Income) Loss (f)			996,105				62,894				479,120				(160,702	)			(84,780	)				1,172,635				233,638					1,019,117				296,532
Other Revenues (g)			(198,546	)			243,315				14,180				31,718				(63,748	)				(427,069	)			(17,850	)				(477,702	)			225,465
Equity-Based Compensation (h)			190,197				194,704				268,134				249,755				255,616					587,386				773,505					751,975				968,209
Administrative Fee Adjustment (i)			2,460				2,445				2,447				2,413				2,425					7,421				7,285					9,862				9,730
Taxes and Related Payables (j)			(184,130	)			(105,297	)			(171,005	)			(180,380	)			(175,747	)				(686,571	)			(527,132	)				(1,064,491	)			(632,429	)
Distributable Earnings		$	1,374,869			$	1,334,206			$	1,249,092			$	1,212,072			$	1,211,611				$	5,298,574			$	3,672,775				$	7,571,901			$	5,006,981
Taxes and Related Payables (j)			184,130				105,297				171,005				180,380				175,747					686,571				527,132					1,064,491				632,429
Net Interest and Dividend (Income) Loss (k)			22,850				(6,755	)			9,108				(46,110	)			(3,890	)				38,249				(40,892	)				31,470				(47,647	)
Total Segment Distributable Earnings		$	1,581,849			$	1,432,748			$	1,429,205			$	1,346,342			$	1,383,468				$	6,023,394			$	4,159,015				$	8,667,862			$	5,591,763
Realized Performance Revenues (l)			(469,009	)			(472,745	)			(641,526	)			(388,423	)			(337,940	)				(3,988,593	)			(1,367,889	)				(5,179,967	)			(1,840,634	)
Realized Performance Compensation (m)			206,224				161,779				296,024				178,370				133,995					1,652,318				608,389					2,101,619				770,168
Realized Principal Investment (Income) Loss (n)			(139,765	)			(55,887	)			(43,691	)			7,461				(55,500	)				(340,369	)			(91,730	)				(415,837	)			(147,617	)
Fee Related Earnings		$	1,179,299			$	1,065,895			$	1,040,012			$	1,143,750			$	1,124,023				$	3,346,750			$	3,307,785				$	5,173,677			$	4,373,680
Adjusted EBITDA Reconciliation
Distributable Earnings		$	1,374,869			$	1,334,206			$	1,249,092			$	1,212,072			$	1,211,611				$	5,298,574			$	3,672,775				$	7,571,901			$	5,006,981
Interest Expense (o)			80,312				100,230				104,209				107,130				110,014					216,339				321,353					272,726				421,583
Taxes and Related Payables (j)			184,130				105,297				171,005				180,380				175,747					686,571				527,132					1,064,491				632,429
Depreciation and Amortization (p)			14,958				24,301				23,175				24,100				21,598					44,918				68,873					59,460				93,174
Adjusted EBITDA		$	1,654,269			$	1,564,034			$	1,547,481			$	1,523,682			$	1,518,970				$	6,246,402			$	4,590,133				$	8,968,578			$	6,154,167

Notes on pages 28-29.   Blackstone |  27

RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES

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

(a) This adjustment removes Transaction-Related and Non-Recurring Items, which are excluded from Blackstone’s segment presentation. Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering, and non-recurring gains, losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs, gains or losses associated with these corporate actions, and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of Blackstone’s operational performance.

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

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

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

	QTD																YTD							LTM
($ in thousands)	3Q’22			4Q’22			1Q’23			2Q’23			3Q’23				3Q’22			3Q’23				3Q’22			3Q’23
GAAP Unrealized Performance Allocations	$	(771,637	)	$	(488,801	)	$	(759,212	)	$	114,395		$	(63,204	)		$	(2,946,255	)	$	(708,021	)		$	(2,157,042	)	$	(1,196,822	)
Segment Adjustment		-			(1,922	)		(104	)		(16	)		(5	)			-			(125	)			-			(2,047	)
Unrealized Performance Revenues	$	(771,637	)	$	(490,723	)	$	(759,316	)	$	114,379		$	(63,209	)		$	(2,946,255	)	$	(708,146	)		$	(2,157,042	)	$	(1,198,869	)
(e)   This adjustment removes Unrealized Performance Allocations Compensation. (f)  This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis. The Segment Adjustment represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.
	QTD																YTD							LTM
($ in thousands)	3Q’22			4Q’22			1Q’23			2Q’23			3Q’23				3Q’22			3Q’23				3Q’22			3Q’23
GAAP Unrealized Principal Investment Income (Loss)	$	(1,069,697	)	$	(67,623	)	$	(491,417	)	$	164,089		$	69,340			$	(1,496,226	)	$	(257,988	)		$	(1,191,929	)	$	(325,611	)
Segment Adjustment		73,592			4,729			12,297			(3,387	)		15,440				323,591			24,350				172,812			29,079
Unrealized Principal Investment Income (Loss)	$	(996,105	)	$	(62,894	)	$	(479,120	)	$	160,702		$	84,780			$	(1,172,635	)	$	(233,638	)		$	(1,019,117	)	$	(296,532	)
(g)   This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents the removal of certain Transaction-Related and Non-Recurring Items.
	QTD																YTD							LTM
($ in thousands)	3Q’22			4Q’22			1Q’23			2Q’23			3Q’23				3Q’22			3Q’23				3Q’22			3Q’23
GAAP Other Revenue	$	199,382		$	(243,282	)	$	(14,154	)	$	(31,664	)	$	63,769			$	427,839		$	17,951			$	478,538		$	(225,331	)
Segment Adjustment		(836	)		(33	)		(26	)		(54	)		(21	)			(770	)		(101	)			(836	)		(134	)
Other Revenues	$	198,546		$	(243,315	)	$	(14,180	)	$	(31,718	)	$	63,748			$	427,069		$	17,850			$	477,702		$	(225,465	)

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

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

     Blackstone |  28

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

(j) Taxes represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and adjusted to exclude the tax impact of any divestitures. For interim periods, taxes are calculated using the preferred annualized effective tax rate approach. Related Payables represent tax-related payables including the amount payable under the Tax Receivable Agreement. Please refer to page 36 for the full definition of Taxes and Related Payables.

	QTD																YTD					LTM
($ in thousands)	3Q’22			4Q’22			1Q’23			2Q’23			3Q’23				3Q’22			3Q’23		3Q’22			3Q’23
Taxes	$	163,602		$	80,242		$	151,002		$	156,956		$	151,812			$	613,201		$   459,770		$	978,310		$	540,012
Related Payables		20,528			25,055			20,003			23,424			23,935				73,370		67,362			86,181			92,417
Taxes and Related Payables	$	184,130		$	105,297		$	171,005		$	180,380		$	175,747			$	686,571		$   527,132		$	1,064,491		$	632,429
(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																YTD					LTM
($ in thousands)	3Q’22			4Q’22			1Q’23			2Q’23			3Q’23				3Q’22			3Q’23		3Q’22			3Q’23
GAAP Interest and Dividend Revenue	$	52,420		$	102,632		$	90,485		$	148,505		$	109,133			$	168,980		$   348,123		$	232,146		$	450,755
Segment Adjustment		5,042			4,353			4,616			4,735			4,771				9,110		14,122			9,110			18,475
Interest and Dividend Revenue	$	57,462		$	106,985		$	95,101		$	153,240		$	113,904			$	178,090		$   362,245		$	241,256		$	469,230
GAAP Interest Expense	$	80,507		$	100,329		$	104,441		$	108,096		$	110,599			$	216,896		$   323,136		$	273,446		$	423,465
Segment Adjustment		(195	)		(99	)		(232	)		(966	)		(585	)			(557	)	(1,783)			(720	)		(1,882	)
Interest Expense	$	80,312		$	100,230		$	104,209		$	107,130		$	110,014			$	216,339		$   321,353		$	272,726		$	421,583
Net Interest and Dividend Income (Loss)	$	(22,850	)	$	6,755		$	(9,108	)	$	46,110		$	3,890			$	(38,249	)	$    40,892		$	(31,470	)	$	47,647
(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
	3Q’22			4Q’22			1Q’23			2Q’23			3Q’23
GAAP Shares of Common Stock Outstanding		708,995,155			710,276,923			712,794,968			713,551,859			718,442,863
Unvested Participating Common Shares		32,557,230			32,376,835			33,121,860			44,596,669			39,338,248
Total Participating Common Shares		741,552,385			742,653,758			745,916,828			758,148,528			757,781,111
Participating Partnership Units		464,951,386			463,758,383			462,366,799			461,135,682			459,651,045
Distributable Earnings Shares Outstanding		1,206,503,771			1,206,412,141			1,208,283,627			1,219,284,210			1,217,432,156
Disclosure of Weighted-Average Shares Common Stock Outstanding
	QTD																YTD					LTM
	3Q’22			4Q’22			1Q’23			2Q’23			3Q’23				3Q’22			3Q’23		3Q’22			3Q’23
Total GAAP Weighted-Average Shares of Common Stock Outstanding - Basic		742,345,646			742,742,919			746,064,922			758,479,943			757,958,602				739,963,370		754,211,390			736,556,059			751,320,701
Weighted-Average Shares of Unvested Deferred Restricted Common Stock		149,886			186,808			579,007			68,305			87,494				308,877		244,936			323,171			230,404
Total GAAP Weighted-Average Shares of Common Stock Outstanding - Diluted		742,495,532			742,929,727			746,643,929			758,548,248			758,046,096				740,272,247		754,456,326			736,879,230			751,551,105

GAAP Shares of Common Stock Outstanding and Total GAAP Weighted-Average Shares of Common Stock Outstanding – Basic for 3Q’22 include the effect of share repurchases that were initiated before quarter end but where the shares were not retired until after quarter end.   Blackstone |  29

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

($ in thousands) (unaudited)	3Q’22			4Q’22			1Q’23			2Q’23			3Q’23
Assets
Cash and Cash Equivalents	$	3,480,003		$	4,252,003		$	2,830,971		$	3,280,204		$	2,971,614
Cash Held by Blackstone Funds and Other		94,358			241,712			190,322			215,444			138,181
Investments		26,256,148			27,553,251			26,985,951			27,048,621			27,339,857
Accounts Receivable		835,529			462,904			924,934			664,028			693,786
Due from Affiliates		4,029,490			4,146,707			4,099,765			4,294,437			4,398,333
Intangible Assets, Net		232,096			217,287			230,295			219,221			210,210
Goodwill		1,890,202			1,890,202			1,890,202			1,890,202			1,890,202
Other Assets		785,794			800,458			833,232			905,454			972,069
Right-of-Use Assets		887,832			896,981			894,067			888,190			864,691
Deferred Tax Assets		1,767,869			2,062,722			2,206,700			2,176,983			2,184,880
Total Assets	$	40,259,321		$	42,524,227		$	41,086,439		$	41,582,784		$	41,663,823
Liabilities and Equity
Loans Payable	$	9,263,080		$	12,349,584		$	12,311,469		$	12,299,855		$	12,111,377
Due to Affiliates		2,060,891			2,118,481			1,974,182			2,092,837			2,188,224
Accrued Compensation and Benefits		6,732,507			6,101,801			5,470,773			5,685,879			5,983,137
Operating Lease Liabilities		985,632			1,021,454			1,016,808			1,013,813			981,616
Accounts Payable, Accrued Expenses and Other Liabilities		1,481,826			1,251,840			1,599,382			1,399,921			1,588,748
Total Liabilities		20,523,936			22,843,160			22,372,614			22,492,305			22,853,102
Redeemable Non-Controlling Interests in Consolidated Entities		1,344,188			1,715,006			1,644,697			1,626,349			1,349,060
Equity
Common Stock, $0.00001 par value (718,442,863 shares issued and outstanding as of September 30, 2023)		7			7			7			7			7
Series I Preferred Stock, $0.00001 par value (1 share issued and outstanding as of September 30, 2023)		-			-			-			-			-
Series II Preferred Stock, $0.00001 par value (1 share issued and outstanding as of September 30, 2023)		-			-			-			-			-
Additional Paid-in-Capital		5,791,006			5,935,273			5,957,054			6,076,367			6,057,065
Retained Earnings		1,869,463			1,748,106			1,156,109			1,160,278			1,114,009
Accumulated Other Comprehensive Loss		(74,800	)		(27,475	)		(22,333	)		(17,205	)		(38,258	)
Non-Controlling Interests in Consolidated Entities		5,357,148			5,056,480			5,058,090			5,174,961			5,174,473
Non-Controlling Interests in Blackstone Holdings		5,448,373			5,253,670			4,920,201			5,069,722			5,154,365
Total Equity		18,391,197			17,966,061			17,069,128			17,464,130			17,461,661
Total Liabilities and Equity	$	40,259,321		$	42,524,227		$	41,086,439		$	41,582,784		$	41,663,823

See page 31, Reconciliation of GAAP to Non-GAAP Balance Sheet Measures.   Blackstone |  30

RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES

($ in thousands)	3Q’22			4Q’22			1Q’23			2Q’23			3Q’23
Investments of Consolidated Blackstone Funds	$	3,828,497		$	5,136,967		$	5,443,867		$	5,490,773		$	5,224,104
Equity Method Investments
Partnership Investments		5,566,645			5,530,420			5,598,552			5,585,603			5,588,222
Accrued Performance Allocations		12,938,888			12,360,682			11,517,750			11,496,244			11,606,901
Corporate Treasury Investments		799,016			1,053,540			958,632			707,079			763,515
Other Investments		3,123,102			3,471,642			3,467,150			3,768,922			4,157,115
Total GAAP Investments		26,256,148			27,553,251			26,985,951			27,048,621			27,339,857
Accrued Performance Allocations - GAAP	$	12,938,888		$	12,360,682		$	11,517,750		$	11,496,244		$	11,606,901
Impact of Consolidation (a)		2,412			-			-			-			-
Due from Affiliates - GAAP (b)		154,587			269,987			190,337			197,998			196,510
Less: Net Realized Performance Revenues (c)		(342,922	)		(282,730	)		(379,453	)		(283,131	)		(367,944	)
Less: Accrued Performance Compensation - GAAP (d)		(5,693,325	)		(5,512,796	)		(4,956,515	)		(4,941,915	)		(5,000,253	)
Net Accrued Performance Revenues	$	7,059,640		$	6,835,143		$	6,372,119		$	6,469,196		$	6,435,214
Corporate Treasury and Other Investments - GAAP	$	3,922,118		$	4,525,181		$	4,425,781		$	4,476,001		$	4,920,630
Impact of Consolidation (a)		697,317			588,355			488,785			429,718			433,466
Other Assets (e)		617,346			360,219			347,995			135,637			126,676
Other Liabilities (f)		(37,974	)		(22,718	)		(33,505	)		(53,226	)		(9,262	)
Corporate Treasury and Other Investments - Deconsolidated (g)	$	5,198,807		$	5,451,037		$	5,229,056		$	4,988,130		$	5,471,510
Partnership Investments - GAAP	$	5,566,645		$	5,530,420		$	5,598,552		$	5,585,603		$	5,588,222
Impact of Consolidation (h)		(3,221,867	)		(3,221,619	)		(3,273,357	)		(3,224,559	)		(3,251,310	)
GP/Fund Investments - Deconsolidated	$	2,344,778		$	2,308,801		$	2,325,195		$	2,361,044		$	2,336,912
Loans Payable - GAAP	$	9,263,080		$	12,349,584		$	12,311,469		$	12,299,855		$	12,111,377
Impact of Consolidation (i)		(30,627	)		(1,450,000	)		(1,742,452	)		(1,714,235	)		(1,589,649	)
Outstanding Debt - Carrying Value		9,232,453			10,899,584			10,569,017			10,585,620			10,521,728
Unamortized Discount		127,947			141,416			98,783			136,163			132,838
Outstanding Debt (at par) - Deconsolidated	$	9,360,400		$	11,041,000		$	10,667,800		$	10,721,783		$	10,654,566

(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 $4.1 billion as of September 30, 2023, which was comprised of $3.7 billion of liquid investments and $389 million of illiquid investments. The liquid portion of Other Investments relates to public equity securities and other investments held by Blackstone that can be easily converted to cash and may include securities and investments subject to lock-up periods.

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

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

     Blackstone |  31

RECONCILIATION OF GAAP TO TOTAL SEGMENTS

	QTD															YTD						LTM
($ in thousands)	3Q’22			4Q’22			1Q’23			2Q’23			3Q’23			3Q’22			3Q’23			3Q’22			3Q’23
Management and Advisory Fees, Net
GAAP	$	1,617,754		$	1,648,438		$	1,658,315		$	1,709,370		$	1,655,443		$	4,654,877		$	5,023,128		$	6,114,425		$	6,671,566
Segment Adjustment (a)		(6,184	)		(7,347	)		(5,928	)		(6,184	)		(1,603	)		(13,022	)		(13,715	)		(16,350	)		(21,062	)
Total Segment	$	1,611,570		$	1,641,091		$	1,652,387		$	1,703,186		$	1,653,840		$	4,641,855		$	5,009,413		$	6,098,075		$	6,650,504
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues
GAAP
Incentive Fees		110,776			210,264			142,876			153,077			158,801			314,863			454,754			451,317			665,018
Investment Income - Realized Performance Allocations		725,888			435,597			646,894			502,084			453,690			4,946,043			1,602,668			7,734,013			2,038,265
GAAP	$	836,664		$	645,861		$	789,770		$	655,161		$	612,491		$	5,260,906		$	2,057,422		$	8,185,330		$	2,703,283
Total Segment
Less: Realized Performance Revenues		(469,009	)		(472,745	)		(641,526	)		(388,423	)		(337,940	)		(3,988,593	)		(1,367,889	)		(5,179,967	)		(1,840,634	)
Segment Adjustment (b)		4,476			(408	)		-			-			-			4,476			-			5,300			(408	)
Total Segment	$	372,131		$	172,708		$	148,244		$	266,738		$	274,551		$	1,276,789		$	689,533		$	3,010,663		$	862,241
GAAP Compensation to Total Segment Fee Related Compensation
GAAP
Compensation		600,273			626,990			716,285			737,017			700,268			1,942,790			2,153,570			2,518,822			2,780,560
Incentive Fees Compensation		50,355			71,261			63,281			64,227			65,432			136,737			192,940			186,086			264,201
Realized Performance Allocations Compensation		313,930			157,817			296,794			205,196			168,620			2,067,447			670,610			3,187,358			828,427
GAAP	$	964,558		$	856,068		$	1,076,360		$	1,006,440		$	934,320		$	4,146,974		$	3,017,120		$	5,892,266		$	3,873,188
Total Segment
Less: Realized Performance Compensation		(206,224	)		(161,779	)		(296,024	)		(178,370	)		(133,995	)		(1,652,318	)		(608,389	)		(2,101,619	)		(770,168	)
Less: Equity-Based Compensation - Fee Related Compensation		(187,873	)		(192,141	)		(265,154	)		(246,445	)		(252,928	)		(580,029	)		(764,527	)		(742,685	)		(956,668	)
Less: Equity-Based Compensation - Performance Compensation		(2,324	)		(2,563	)		(2,980	)		(3,310	)		(2,688	)		(7,357	)		(8,978	)		(9,290	)		(11,541	)
Segment Adjustment (c)		(9,869	)		(18,962	)		(3,231	)		(9,507	)		(4,786	)		(57,118	)		(17,524	)		(80,486	)		(36,486	)
Total Segment	$	558,268		$	480,623		$	508,971		$	568,808		$	539,923		$	1,850,152		$	1,617,702		$	2,958,186		$	2,098,325
GAAP General, Administrative and Other to Total Segment Other Operating Expenses
GAAP	$	270,369		$	292,340		$	273,394		$	275,034		$	279,186		$	800,331		$	827,614		$	1,110,004		$	1,119,954
Segment Adjustment (d)		(24,235	)		(25,059	)		(21,746	)		(17,668	)		(14,741	)		(78,589	)		(54,155	)		(133,129	)		(79,214	)
Total Segment	$	246,134		$	267,281		$	251,648		$	257,366		$	264,445		$	721,742		$	773,459		$	976,875		$	1,040,740
Realized Performance Revenues
GAAP
Incentive Fees		110,776			210,264			142,876			153,077			158,801			314,863			454,754			451,317			665,018
Investment Income - Realized Performance Allocations		725,888			435,597			646,894			502,084			453,690			4,946,043			1,602,668			7,734,013			2,038,265
GAAP	$	836,664		$	645,861		$	789,770		$	655,161		$	612,491		$	5,260,906		$	2,057,422		$	8,185,330		$	2,703,283
Total Segment
Less: Fee Related Performance Revenues		(372,131	)		(172,708	)		(148,244	)		(266,738	)		(274,551	)		(1,276,789	)		(689,533	)		(3,010,663	)		(862,241	)
Segment Adjustment (b)		4,476			(408	)		-			-			-			4,476			-			5,300			(408	)
Total Segment	$	469,009		$	472,745		$	641,526		$	388,423		$	337,940		$	3,988,593		$	1,367,889		$	5,179,967		$	1,840,634

     Blackstone |  32

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

	QTD															YTD						LTM
($ in thousands)	3Q’22			4Q’22			1Q’23			2Q’23			3Q’23			3Q’22			3Q’23			3Q’22			3Q’23
Realized Performance Compensation
GAAP
Incentive Fee Compensation	$	50,355		$	71,261		$	63,281		$	64,227		$	65,432		$	136,737		$	192,940		$	186,086		$	264,201
Realized Performance Allocations Compensation		313,930			157,817			296,794			205,196			168,620			2,067,447			670,610			3,187,358			828,427
GAAP	$	364,285		$	229,078		$	360,075		$	269,423		$	234,052		$	2,204,184		$	863,550		$	3,373,444		$	1,092,628
Total Segment
Less: Fee Related Performance Compensation (e)		(155,737	)		(64,736	)		(61,071	)		(87,743	)		(97,369	)		(544,509	)		(246,183	)		(1,262,535	)		(310,919	)
Less: Equity-Based Compensation - Performance Compensation		(2,324	)		(2,563	)		(2,980	)		(3,310	)		(2,688	)		(7,357	)		(8,978	)		(9,290	)		(11,541	)
Total Segment	$	206,224		$	161,779		$	296,024		$	178,370		$	133,995		$	1,652,318		$	608,389		$	2,101,619		$	770,168
Realized Principal Investment Income (Loss)
GAAP	$	193,228		$	106,834		$	108,058		$	54,835		$	94,313		$	743,493		$	257,206		$	914,803		$	364,040
Segment Adjustment (f)		(53,463	)		(50,947	)		(64,367	)		(62,296	)		(38,813	)		(403,124	)		(165,476	)		(498,966	)		(216,423	)
Total Segment	$	139,765		$	55,887		$	43,691		$	(7,461	)	$	55,500		$	340,369		$	91,730		$	415,837		$	147,617
GAAP Interest and Dividend Revenue net of Interest Expense to Total Segment Net Interest and Dividend Income (Loss)
GAAP
Interest and Dividend Revenue		52,420			102,632			90,485			148,505			109,133			168,980			348,123			232,146			450,755
Interest Expense		(80,507	)		(100,329	)		(104,441	)		(108,096	)		(110,599	)		(216,896	)		(323,136	)		(273,446	)		(423,465	)
GAAP	$	(28,087	)	$	2,303		$	(13,956	)	$	40,409		$	(1,466	)	$	(47,916	)	$	24,987		$	(41,300	)	$	27,290
Segment Adjustment (g)		5,237			4,452			4,848			5,701			5,356			9,667			15,905			9,830			20,357
Total Segment	$	(22,850	)	$	6,755		$	(9,108	)	$	46,110		$	3,890		$	(38,249	)	$	40,892		$	(31,470	)	$	47,647

This analysis reconciles the components of Total Segment Distributable Earnings (page 3) to their equivalent GAAP measures, reported on the Consolidated Statement of Operations (page 26). Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles, the expense of equity-based awards and Transaction-Related and Non-Recurring Items.

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

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

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

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

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

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

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

     Blackstone |  33

NOTES

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

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

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

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

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

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

 Notes to page 17 – Deconsolidated Balance Sheet Highlights

§ GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Credit & Insurance, and Hedge Fund Solutions, which were
$761 million, $988 million, $369 million, and $219 million, respectively, as of September 30, 2023. Cash and Net Investments per share amounts
are calculated using period end DE Shares Outstanding (see page 24, Share Summary).

     Blackstone |  34

NOTES – (CONT’D)

 Notes to page 23 – Shareholder Dividends

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

§ Per Share calculations are based on end of period Participating Common Shares (page 24, Share Summary); actual dividends are paid to
shareholders as of the applicable record date.

§ Retained capital is withheld pro rata from common shareholders and Blackstone Holdings Partnership unitholders. Common shareholders’ share
was $106 million for 3Q’23 and $324 million for 3Q’23 YTD.

     Blackstone |  35

DEFINITIONS AND DIVIDEND POLICY

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

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

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

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

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

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

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

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

     Blackstone |  36

DEFINITIONS AND DIVIDEND POLICY – (CONT’D)

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

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

– Other Operating Expenses is presented on a segment basis and is equal to General, Administrative and Other Expenses, adjusted to
(a) remove the 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. In 3Q’23 the increase to Realized
Performance Compensation was less than the decrease to Fee Related Compensation, which favorably impacted Distributable Earnings for
the quarter. On a year-to-date basis, the increase to Realized Performance Compensation was greater than the decrease to Fee Related
Compensation, which negatively impacted Distributable Earnings. These changes to Performance Compensation and Fee Related
Compensation are not expected to impact Distributable Earnings for the full year. These changes had an impact on individual quarters in
2022 but did not impact Income Before Provision (Benefit) for Taxes and Distributable Earnings for the year ended December 31, 2022.

§ Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public
offering, and non-recurring gains, losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses
on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar
event, transaction costs, gains or losses associated with these corporate actions, and non-recurring gains, losses or other charges that affect
period-to-period comparability and are not reflective of Blackstone’s operational performance.

     Blackstone |  37

DEFINITIONS AND DIVIDEND POLICY – (CONT’D)

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

     Blackstone |  38

FORWARD-LOOKING STATEMENTS

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

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

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