Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 18, 2024

Blackstone Inc.

(Exact name of Registrant as specified in its charter)


Delaware	001-33551	20-8875684
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

345 Park Avenue

New York, New York

10154

(Address of principal executive offices)

(Zip Code)

(212) 583-5000

(Registrant’s telephone number, including area code)

NOT APPLICABLE

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	BX	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On July 18, 2024, Blackstone Inc. issued a press release and detailed presentation announcing financial results for its second quarter ended June 30, 2024.

The press release is attached hereto as Exhibit 99.1. All information in the press release is furnished but not filed.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.


Exhibit No.		Description

99.1		Press release of Blackstone Inc. dated July 18, 2024.

104		The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 18, 2024


Blackstone Inc.

By:		/s/ Michael S. Chae


Name:		Michael S. Chae
Title:		Chief Financial Officer

Exhibit 99.1

LOGO

Blackstone Reports Second Quarter 2024 Results

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

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “We reported another quarter of strong

results, underpinned by nearly $40 billion of inflows and $34 billion of deployment — reflecting the highest level of

investment activity in two years. We are planting the seeds of future value creation. Blackstone is also in the early

days of penetrating markets of enormous potential as a key solutions provider to clients and partners globally —

particularly through large-scale investments in critical digital and energy infrastructure supporting the artificial

intelligence revolution.”

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

www.blackstone.com.

Dividend

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

business on July 29, 2024. This dividend will be paid on August 5, 2024.

Quarterly Investor Call Details

Blackstone will host its second quarter 2024 investor conference via public webcast on July 18, 2024 at

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

https://event.webcasts.com/starthere.jsp?ei=1678009&tp_key=de52be7dc0. 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 deliver compelling returns for institutional

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

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

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

www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Forward-Looking Statements

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

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

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

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

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

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

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

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

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

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

Form 10-K for the year ended December 31, 2023, as such factors may be updated from time to time in our periodic

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

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

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

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

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

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

Investor and Media Relations Contacts

Weston Tucker

Blackstone

Tel: +1 (212) 583-5231

tucker@blackstone.com

Christine Anderson

Blackstone

Tel: +1 (212) 583-5182

christine.anderson@blackstone.com

LOGO

Blackstone’s Second

Quarter 2024 Earnings

July 18, 2024

BLACKSTONE’S SECOND QUARTER 2024 GAAP RESULTS

GAAP Net Income was $948 million for the quarter and $2.5 billion year-to-date (“YTD”). GAAP Net Income
Attributable to Blackstone Inc. was $444 million for the quarter and $1.3 billion YTD.



($ in thousands, except per share data) (unaudited)	2Q’23				2Q’24			2Q’23 YTD				2Q’24 YTD				2Q’23 LTM				2Q’24 LTM

Revenues

Management and Advisory Fees, Net		$	1,709,370			$	1,787,313		$	3,367,685			$	3,514,461			$	6,633,877			$	6,818,036

Incentive Fees			153,077				188,299			295,953				367,640				616,993				766,858

Performance Allocations			616,479				653,870			504,161				1,752,330				405,208				1,780,342

Principal Investments			218,924				42,269			(164,435	)			582,489				(1,001,693	)			447,593

Interest and Dividend Revenue			148,505				104,999			238,990				202,838				394,042				480,345

Other			(31,664	)			19,631			(45,818	)			64,451				(89,718	)			17,340

Total Revenues		$	2,814,691			$	2,796,381		$	4,196,536			$	6,484,209			$	6,958,709			$	10,310,514

Expenses

Compensation and Benefits			1,060,595				1,206,202			1,823,706				2,514,506				3,088,003				4,003,770

General, Administrative and Other			275,034				311,928			548,428				681,878				1,111,137				1,250,755

Interest Expense			108,096				108,616			212,537				216,819				393,373				436,150

Fund Expenses			31,585				5,960			79,984				9,910				104,032				48,913

Total Expenses		$	1,475,310			$	1,632,706		$	2,664,655			$	3,423,113			$	4,696,545			$	5,739,588

Other Income (Loss)		$	87,595			$	44,934		$	153,451			$	27,167			$	123,294			$	(210,281	)

Income Before Provision for Taxes		$	1,426,976			$	1,208,609		$	1,685,332			$	3,088,263			$	2,385,458			$	4,360,645

Provision for Taxes			223,269				260,246			270,944				543,917				224,029				786,434

Net Income		$	1,203,707			$	948,363		$	1,414,388			$	2,544,346			$	2,161,429			$	3,574,211

Redeemable NCI in Consolidated Entities			17,688				258			10,988				(39,411	)			(162,829	)			(295,917	)

Non-Redeemable NCI in Consolidated Entities			584,745				503,691			716,314				1,291,957				1,077,022				1,874,534

Net Income Attributable to Blackstone Inc. (‘‘BX’’)		$	601,274			$	444,414		$	687,086			$	1,291,800			$	1,247,236			$	1,995,594

Net Income Per Share of Common Stock, Basic		$	0.79			$	0.58		$	0.91			$	1.69			$	1.67			$	2.62

Net Income Per Share of Common Stock, Diluted		$	0.79			$	0.58		$	0.91			$	1.69			$	1.67			$	2.62

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

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

Blackstone | 1

BLACKSTONE’S SECOND QUARTER 2024 HIGHLIGHTS


Financial Measures		§ Fee Related Earnings (“FRE”) of $1.1 billion ($0.91/share) in the quarter – FRE was $4.4 billion over the last twelve months (“LTM”) ($3.64/share) § Distributable Earnings (“DE”) of $1.3 billion ($0.96/share) in the quarter – DE was $5.1 billion over the LTM ($3.99/share) § Net Accrued Performance Revenues of $6.2 billion ($5.08/share)

Capital Metrics		§ Total Assets Under Management (“AUM”) of $1,076.4 billion – Fee-Earning AUM of $808.7 billion – Perpetual Capital AUM of $418.6 billion § Inflows of $39.4 billion in the quarter and $151.5 billion over the LTM § Deployment of $33.7 billion in the quarter and $101.8 billion over the LTM § Realizations of $23.5 billion in the quarter and $69.1 billion over the LTM

Capital Returned to Shareholders		§ Dividend of $0.82 per common share payable on August 5, 2024 – Dividends of $3.39 per common share over the LTM § Repurchased 2.0 million common shares in the quarter and 4.4 million common shares over the LTM – Increased share repurchase authorization to $2.0 billion § $1.3 billion to be distributed to shareholders with respect to the second quarter and $4.9 billion over the LTM through dividends and share repurchases

Blackstone | 2

BLACKSTONE’S SECOND QUARTER 2024 SEGMENT EARNINGS



								% Change										% Change

($ in thousands, except per share data)	2Q’23			2Q’24				vs. 2Q’23		2Q’23 YTD				2Q’24 YTD				vs. 2Q’23 YTD

Management and Advisory Fees, Net		$	1,703,186		$	1,779,938			5%		$	3,355,573			$	3,487,509		4%

Fee Related Performance Revenues			266,738			177,067			(34)%			414,982				472,568		14%

Fee Related Compensation			(568,808)			(552,913	)		(3)%			(1,077,779	)			(1,106,990	)	3%

Other Operating Expenses			(257,366)			(293,122	)		14%			(509,014	)			(582,100	)	14%

Fee Related Earnings		$	1,143,750		$	1,110,970			(3)%		$	2,183,762			$	2,270,987		4%



Realized Performance Revenues			388,423			542,889			40%			1,029,949				1,079,282		5%

Realized Performance Compensation			(178,370)			(251,057	)		41%			(474,394	)			(504,081	)	6%

Realized Principal Investment Income (Loss)			(7,461)			16,572			n/m			36,230				26,510		(27)%

Net Realizations			202,592			308,404			52%			591,785				601,711		2%

Total Segment Distributable Earnings		$	1,346,342		$	1,419,374			5%		$	2,775,547			$	2,872,698		4%



Distributable Earnings		$	1,212,072		$	1,252,221			3%		$	2,461,164			$	2,518,599		2%



Additional Metrics:

Net Income Per Share of Common Stock, Basic		$	0.79		$	0.58			(27)%		$	0.91			$	1.69		86%

FRE per Share		$	0.94		$	0.91			(3)%		$	1.80			$	1.86		3%

DE per Common Share		$	0.93		$	0.96			3%		$	1.90			$	1.94		2%

Total Segment Revenues		$	2,350,886		$	2,516,466			7%		$	4,836,734			$	5,065,869		5%

Total Assets Under Management		$	1,001,355,959		$	1,076,371,811			7%		$	1,001,355,959			$	1,076,371,811		7%

Fee-Earning Assets Under Management		$	731,145,065		$	808,656,801			11%		$	731,145,065			$	808,656,801		11%

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

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

Common Share amounts represent the sum of the last two quarters. See pages 32-33 for the Reconciliation of GAAP to Total Segment Measures. Effective April 1,

2024, GP Stakes is included in the Private Equity segment as part of the Secondaries business and Harvest is included in the Multi-Asset Investing segment. See

note on page 34 for additional details on segment organizational updates.

Blackstone | 3

INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES

Appreciation across strategies led to higher Net Accrued Performance Revenues quarter-over-quarter of $6.2 billion ($5.08/share).

Investment Performance

(appreciation / gross returns)



	2Q’24		2Q’24 LTM

Real Estate

Opportunistic		0.3%		(5.3)%

Core+		0.1%		(3.1)%


Private Equity

Corporate Private Equity		2.0%		11.3%

Tactical Opportunities		1.7%		6.3%

Secondaries		2.0%		3.1%

Infrastructure		6.3%		21.6%


Credit & Insurance

Private Credit		4.2%		18.1%

Liquid Credit		1.9%		11.4%


Multi-Asset Investing

Absolute Return Composite		2.1%		11.9%

Net Accrued Performance Revenues

($ in millions)

LOGO

Investment Performance represents fund appreciation for Real Estate and Private Equity and gross returns for Credit & Insurance and Multi-Asset Investing.

Secondaries appreciation excludes GP Stakes. Private Credit net returns were 3.2% and 13.3% for 2Q’24 and 2Q’24 LTM, respectively. Liquid Credit net returns

were 1.8% and 10.9% for 2Q’24 and 2Q’24 LTM, respectively. Absolute Return Composite net returns were 1.9% and 10.9% for 2Q’24 and 2Q’24 LTM, respectively.

See notes on page 34 for additional details on investment performance.

Blackstone | 4

CAPITAL METRICS – ADDITIONAL DETAIL

Inflows were $39.4 billion in the quarter, bringing LTM inflows to $151.5 billion.

Deployed $33.7 billion in the quarter and $101.8 billion over the LTM.

–

Committed an additional $19.1 billion that was not yet deployed in the quarter.

Realizations were $23.5 billion in the quarter and $69.1 billion over the LTM.



	Inflows				Capital Deployed				Realizations

($ in millions)	2Q’24		2Q’24 LTM		2Q’24		2Q’24 LTM		2Q’24		2Q’24 LTM

Real Estate	$	5,923	$	42,998	$	9,814	$	23,482	$	5,454	$	18,079

Opportunistic		663		8,103		6,670		10,701		556		2,235

Core+		2,683		10,895		854		3,620		2,468		10,353

Debt Strategies		2,577		23,999		2,290		9,161		2,430		5,492

Private Equity		12,102		30,239		11,314		28,582		7,823		23,734

Corporate Private Equity		5,576		12,062		6,394		11,545		4,461		13,285

Tactical Opportunities		1,384		4,576		912		3,949		737		3,436

Secondaries		2,283		8,029		2,788		8,325		2,520		6,556

Infrastructure		2,860		5,573		1,221		4,762		106		457

Credit & Insurance		18,648		69,153		11,778		46,154		9,518		25,031


Multi-Asset Investing		2,704		9,072		819		3,539		664		2,222


Total Blackstone	$	39,377	$	151,462	$	33,725	$	101,757	$	23,460	$	69,066

Corporate Private Equity also includes Life Sciences, Growth, BTAS, and BXPE. AUM and related capital metrics are reported in the segment where the assets are

managed.

Blackstone | 5

ASSETS UNDER MANAGEMENT

Total AUM increased to $1,076.4 billion, up 7% year-over-year, with $39.4 billion of inflows in the quarter and $151.5 billion over the LTM.

Fee-Earning AUM of $808.7 billion was up 11% year-over-year, with $53.0 billion of inflows in the quarter and $151.5 billion over the LTM.

Perpetual Capital AUM reached $418.6 billion, up 9% year-over-year.

–

Fee-Earning Perpetual Capital AUM increased to $361.9 billion, representing 45% of Fee-Earning AUM.

LOGO

Multi-Asset Investing had zero and $200 million of Perpetual Capital AUM as of 2Q’23 and 2Q’24, respectively.

Blackstone | 6

ADDITIONAL CAPITAL DETAIL

Invested Performance Eligible AUM reached $531.3 billion at quarter end.

Undrawn capital (“Total Dry Powder”) available for investment of $181.0 billion.

LOGO

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

Blackstone | 7

Segment Highlights

Blackstone | 8

SEGMENT DISTRIBUTABLE EARNINGS COMPOSITION

2Q’24 Total Segment Distributable Earnings were $1.4 billion.

LTM Total Segment Distributable Earnings were $5.7 billion.

Segment Distributable Earnings

($ in millions)

LOGO

Blackstone | 9

REAL ESTATE

Total AUM: Increased 1% to $336.1 billion with inflows of $5.9 billion in the quarter and $43.0 billion over the LTM.

–

Inflows in the quarter included $1.9 billion in BREDS Insurance SMAs, $903 million of capital raised in BREIT, $633 million in the seventh European opportunistic fund, and $347 million in the fifth real estate debt strategies
fund.

Capital Deployed: $9.8 billion in the quarter and $23.5 billion over the LTM.

–

Deployment in the quarter included the privatization of Apartment Income REIT Corp. by BREP and the
privatization of Tricon Residential by BREP and BREIT.

Realizations: $5.5 billion in the quarter and $18.1 billion over the LTM.

Appreciation: Opportunistic funds appreciated 0.3% in the quarter and declined (5.3)% over the LTM; Core+ funds appreciated 0.1% in the quarter and declined (3.1)% over the LTM.



							% Change							% Change

($ in thousands)	2Q’23			2Q’24			vs. 2Q’23	2Q’23 YTD			2Q’24 YTD			vs. 2Q’23 YTD

Management Fees, Net	$	728,736		$	757,457		4%	$	1,444,227		$	1,477,896		2%

Fee Related Performance Revenues		131,299			606		(100)%		152,047			130,564		(14)%

Fee Related Compensation		(199,006	)		(184,404	)	(7)%		(336,616	)		(358,973	)	7%

Other Operating Expenses		(71,949	)		(92,378	)	28%		(146,130	)		(182,140	)	25%

Fee Related Earnings	$	589,080		$	481,281		(18)%	$	1,113,528		$	1,067,347		(4)%


Realized Performance Revenues		119,721			53,472		(55)%		130,817			103,439		(21)%

Realized Performance Compensation		(69,593	)		(25,295	)	(64)%		(72,758	)		(47,158	)	(35)%

Realized Principal Investment Income (Loss)		(70	)		7,053		n/m		2,154			9,246		329%

Net Realizations		50,058			35,230		(30)%		60,213			65,527		9%

Segment Distributable Earnings	$	639,138		$	516,511		(19)%	$	1,173,741		$	1,132,874		(3)%


Segment Revenues	$	979,686		$	818,588		(16)%	$	1,729,245		$	1,721,145		(0)%

Total AUM	$	333,241,514		$	336,100,271		1%	$	333,241,514		$	336,100,271		1%

Fee-Earning AUM	$	287,556,241		$	299,066,252		4%	$	287,556,241		$	299,066,252		4%

Blackstone | 10

PRIVATE EQUITY

Total AUM: Increased 8% to $330.6 billion with inflows of $12.1 billion in the quarter and $30.2 billion over the LTM.

–

Inflows in the quarter included $2.9 billion in Infrastructure and $833 million for the ninth flagship private equity fund.

–

$1.6 billion of capital raised in BXPE, including amounts allocated to other segments.

Capital Deployed: $11.3 billion in the quarter, including Adevinta, Civica, and Tropical Smoothie Cafe, and
$28.6 billion over the LTM.

–

Committed an additional $9.2 billion in the quarter, including Hipgnosis, Copeland, and CoreWeave.

Realizations: $7.8 billion in the quarter, including from Refinitiv, Mphasis, and Geo-Young, and $23.7 billion over the
LTM.

Appreciation: Corporate Private Equity appreciated 2.0% in the quarter and 11.3% over the LTM.

–

Tactical Opportunities appreciated 1.7% in the quarter and 6.3% over the LTM; Secondaries appreciated 2.0% in
the quarter and 3.1% over the LTM; Infrastructure appreciated 6.3% in the quarter and 21.6% over the LTM.



							% Change							% Change

($ in thousands)	2Q’23			2Q’24			vs. 2Q’23	2Q’23 YTD			2Q’24 YTD			vs. 2Q’23 YTD

Management and Advisory Fees, Net	$	515,689		$	514,851		(0)%	$	1,005,461		$	1,016,058		1%

Fee Related Performance Revenues		—			8,703		n/m		—			8,703		n/m

Fee Related Compensation		(162,379	)		(158,068	)	(3)%		(330,105	)		(320,627	)	(3)%

Other Operating Expenses		(77,423	)		(87,436	)	13%		(157,174	)		(177,471	)	13%

Fee Related Earnings	$	275,887		$	278,050		1%	$	518,182		$	526,663		2%


Realized Performance Revenues		220,886			381,797		73%		721,893			831,671		15%

Realized Performance Compensation		(90,162	)		(179,761	)	99%		(323,759	)		(400,242	)	24%

Realized Principal Investment Income		11,708			5,725		(51)%		45,876			28,154		(39)%

Net Realizations		142,432			207,761		46%		444,010			459,583		4%

Segment Distributable Earnings	$	418,319		$	485,811		16%	$	962,192		$	986,246		2%


Segment Revenues	$	748,283		$	911,076		22%	$	1,773,230		$	1,884,586		6%

Total AUM	$	305,277,730		$	330,589,586		8%	$	305,277,730		$	330,589,586		8%

Fee-Earning AUM	$	173,736,641		$	200,486,740		15%	$	173,736,641		$	200,486,740		15%

BXPE represents the aggregate BXPE fund platform, which comprises both U.S. and non-U.S. vehicles. Secondaries appreciation excludes GP Stakes.

Blackstone | 11

CREDIT & INSURANCE

Total AUM: Increased 14% to $330.1 billion with inflows of $18.6 billion in the quarter and $69.2 billion over the
LTM.

–

Inflows in the quarter included $8.3 billion for the global direct lending strategy, inclusive of $3.4 billion of
equity raised for BCRED, and $2.5 billion for the infrastructure and asset based credit strategies.

–

Closed 4 new CLOs (2 U.S. and 2 European) for $2.3 billion and closed 3 U.S. CLO refinancings and resets for $1.5 billion.

Capital Deployed: $11.8 billion in the quarter and $46.2 billion over the LTM driven by U.S. direct lending as well as infrastructure and asset based credit strategies.

–

Committed an additional $8.9 billion that was not yet deployed in the quarter.

Realizations: $9.5 billion in the quarter and $25.0 billion over the LTM.

Returns: Private Credit gross return of 4.2% (3.2% net) and Liquid Credit gross return of 1.9% (1.8% net) in the
quarter.

–

Private Credit gross return of 18.1% (13.3% net) and Liquid Credit gross return of 11.4% (10.9% net) over the LTM.



									% Change									% Change

($ in thousands)	2Q’23				2Q’24				vs. 2Q’23	2Q’23 YTD				2Q’24 YTD				vs. 2Q’23 YTD

Management Fees, Net		$	340,005			$	390,200		15%		$	664,605			$	760,015		14%

Fee Related Performance Revenues			135,439				167,758		24%			262,935				333,301		27%

Fee Related Compensation			(165,147	)			(172,551	)	4%			(326,234	)			(351,072	)	8%

Other Operating Expenses			(80,443	)			(88,348	)	10%			(154,008	)			(172,924	)	12%

Fee Related Earnings		$	229,854			$	297,059		29%		$	447,298			$	569,320		27%


Realized Performance Revenues			42,344				91,247		115%			167,525				106,367		(37)%

Realized Performance Compensation			(17,572	)			(37,738	)	115%			(74,063	)			(43,059	)	(42)%

Realized Principal Investment Income (Loss)			(19,394	)			3,511		n/m			(13,428	)			7,072		n/m

Net Realizations			5,378				57,020		n/m			80,034				70,380		(12)%

Segment Distributable Earnings		$	235,232			$	354,079		51%		$	527,332			$	639,700		21%


Segment Revenues		$	498,394			$	652,716		31%		$	1,081,637			$	1,206,755		12%

Total AUM		$	288,410,617			$	330,117,204		14%		$	288,410,617			$	330,117,204		14%

Fee-Earning AUM		$	202,794,690			$	237,285,546		17%		$	202,794,690			$	237,285,546		17%

Blackstone | 12

MULTI-ASSET INVESTING

Total AUM: Increased 7% to $79.6 billion with inflows of $2.7 billion in the quarter and $9.1 billion over the LTM.

Returns: Absolute Return Composite gross return of 2.1% in the quarter (1.9% net), outperforming the HFRX Global
Hedge Fund Index, which was 0.4%.

–

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

–

Gross returns of 11.9% over the LTM (10.9% net), with significantly less volatility than the broader markets,
compared to 5.4% return for the HFRX Global Hedge Fund Index.



									% Change									% Change

($ in thousands)	2Q’23				2Q’24				vs. 2Q’23	2Q’23 YTD				2Q’24 YTD				vs. 2Q’23 YTD

Management Fees, Net		$	118,756			$	117,430		(1)%		$	241,280			$	233,540		(3)%

Fee Related Compensation			(42,276	)			(37,890	)	(10)%			(84,824	)			(76,318	)	(10)%

Other Operating Expenses			(27,551	)			(24,960	)	(9)%			(51,702	)			(49,565	)	(4)%

Fee Related Earnings		$	48,929			$	54,580		12%		$	104,754			$	107,657		3%


Realized Performance Revenues			5,472				16,373		199%			9,714				37,805		289%

Realized Performance Compensation			(1,043	)			(8,263	)	692%			(3,814	)			(13,622	)	257%

Realized Principal Investment Income (Loss)			295				283		(4)%			1,628				(17,962	)	n/m

Net Realizations			4,724				8,393		78%			7,528				6,221		(17)%

Segment Distributable Earnings		$	53,653			$	62,973		17%		$	112,282			$	113,878		1%


Segment Revenues		$	124,523			$	134,086		8%		$	252,622			$	253,383		0%

Total AUM		$	74,426,098			$	79,564,750		7%		$	74,426,098			$	79,564,750		7%

Fee-Earning AUM		$	67,057,493			$	71,818,263		7%		$	67,057,493			$	71,818,263		7%

Blackstone | 13

Supplemental Details

Blackstone | 14

TOTAL SEGMENTS



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

Base Management Fees		$	1,620,609			$	1,619,743			$	1,605,948			$	1,644,730			$	1,651,566			$	3,240,156			$	3,296,296

Transaction, Advisory and Other Fees, Net			92,735				44,611				52,836				66,938				132,536				138,445				199,474

Management Fee Offsets			(10,158	)			(10,514	)			(4,953	)			(4,097	)			(4,164	)			(23,028	)			(8,261	)

Total Management and Advisory Fees, Net			1,703,186				1,653,840				1,653,831				1,707,571				1,779,938				3,355,573				3,487,509

Fee Related Performance Revenues			266,738				274,551				168,994				295,501				177,067				414,982				472,568

Fee Related Compensation			(568,808	)			(539,923	)			(470,408	)			(554,077	)			(552,913	)			(1,077,779	)			(1,106,990	)

Other Operating Expenses			(257,366	)			(264,445	)			(310,874	)			(288,978	)			(293,122	)			(509,014	)			(582,100	)

Fee Related Earnings		$	1,143,750			$	1,124,023			$	1,041,543			$	1,160,017			$	1,110,970			$	2,183,762			$	2,270,987



Realized Performance Revenues			388,423				337,940				693,213				536,393				542,889				1,029,949				1,079,282

Realized Performance Compensation			(178,370	)			(133,995	)			(287,628	)			(253,024	)			(251,057	)			(474,394	)			(504,081	)

Realized Principal Investment Income (Loss)			(7,461	)			55,500				19,202				9,938				16,572				36,230				26,510

Total Net Realizations		$	202,592			$	259,445			$	424,787			$	293,307			$	308,404			$	591,785			$	601,711

Total Segment Distributable Earnings		$	1,346,342			$	1,383,468			$	1,466,330			$	1,453,324			$	1,419,374			$	2,775,547			$	2,872,698



Distributable Earnings		$	1,212,072			$	1,211,611			$	1,388,180			$	1,266,378			$	1,252,221			$	2,461,164			$	2,518,599



Additional Metrics:

Total Segment Revenues		$	2,350,886			$	2,321,831			$	2,535,240			$	2,549,403			$	2,516,466			$	4,836,734			$	5,065,869

Total Assets Under Management		$	1,001,355,959			$	1,007,353,458			$	1,040,192,447			$	1,061,262,748			$	1,076,371,811			$	1,001,355,959			$	1,076,371,811

Fee-Earning Assets Under Management		$	731,145,065			$	734,541,603			$	762,607,902			$	781,397,555			$	808,656,801			$	731,145,065			$	808,656,801

Blackstone | 15

ASSETS UNDER MANAGEMENT – ROLLFORWARD

Total AUM Rollforward

($ in millions)



	Three Months Ended June 30, 2024																				Twelve Months Ended June 30, 2024


	Real				Private				Credit &				Multi-Asset				Total				Real				Private				Credit &				Multi-Asset				Total
	Estate				Equity				Insurance				Investing				Total				Estate				Equity				Insurance				Investing				Total
Beginning Balance		$	339,332			$	320,810			$	322,526			$	78,595			$	1,061,263			$	333,242			$	305,278			$	288,411			$	74,426			$	1,001,356
Inflows			5,923				12,102				18,648				2,704				39,377				42,998				30,239				69,153				9,072				151,462
Outflows			(3,637	)			(889	)			(4,725	)			(2,607	)			(11,858	)			(14,586	)			(4,623	)			(15,208	)			(10,532	)			(44,948	)
Net Flows			2,286				11,213				13,923				97				27,519				28,412				25,616				53,945				(1,459	)			106,514
Realizations			(5,454	)			(7,823	)			(9,518	)			(664	)			(23,460	)			(18,079	)			(23,734	)			(25,031	)			(2,222	)			(69,066	)
Market Activity			(63	)			6,390				3,187				1,537				11,051				(7,474	)			23,430				12,792				8,820				37,568
Ending Balance		$	336,100			$	330,590			$	330,117			$	79,565			$	1,076,372			$	336,100			$	330,590			$	330,117			$	79,565			$	1,076,372
% Change			(1)%				3%				2%				1%				1%				1%				8%				14%				7%				7%

Fee-Earning AUM Rollforward

($ in millions)



	Three Months Ended June 30, 2024																				Twelve Months Ended June 30, 2024


	Real				Private				Credit &				Multi-Asset				Total				Real				Private				Credit &				Multi-Asset				Total
	Estate				Equity				Insurance				Investing				Total				Estate				Equity				Insurance				Investing				Total
Beginning Balance		$	301,584			$	179,354			$	229,351			$	71,109			$	781,398			$	287,556			$	173,737			$	202,795			$	67,057			$	731,145
Inflows			6,744				26,998				16,889				2,412				53,043				53,344				34,606				55,309				8,225				151,484
Outflows			(3,636	)			(4,112	)			(2,432	)			(2,500	)			(12,680	)			(17,414	)			(4,801	)			(9,322	)			(9,674	)			(41,211	)
Net Flows			3,108				22,886				14,457				(88	)			40,363				35,930				29,805				45,987				(1,449	)			110,273
Realizations			(5,501	)			(2,620	)			(7,725	)			(630	)			(16,475	)			(19,918	)			(8,382	)			(18,323	)			(2,075	)			(48,699	)
Market Activity			(124	)			867				1,203				1,426				3,371				(4,502	)			5,327				6,827				8,285				15,938
Ending Balance		$	299,066			$	200,487			$	237,286			$	71,818			$	808,657			$	299,066			$	200,487			$	237,286			$	71,818			$	808,657
% Change			(1)%				12%				3%				1%				3%				4%				15%				17%				7%				11%

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

Blackstone | 16

DECONSOLIDATED BALANCE SHEET HIGHLIGHTS

At June 30, 2024, Blackstone had $8.7 billion in total cash, cash equivalents, corporate treasury, and other
investments and $17.7 billion of cash and net investments, or $14.44 per share.

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



($ in millions)	2Q’24

Cash and Cash Equivalents	$	2,381

Corporate Treasury and Other Investments		6,367

GP/Fund Investments		2,706

Net Accrued Performance Revenues		6,214

Cash and Net Investments	$	17,668

Outstanding Debt (at par)		10,683

Cash and Net Investments

(per share)

LOGO

A+ / A+

rated by S&P and Fitch

$4.3B

credit revolver with

December 2028 maturity

$8.7B

total cash, corporate

treasury and other

Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $5.4 billion as of June 30, 2024, which was comprised of $4.9 billion of liquid investments and $491 million of illiquid investments. See notes on pages 31 and 34 for additional details on non-GAAP balance sheet measures.

Blackstone | 17

NET ACCRUED PERFORMANCE REVENUES – ADDITIONAL DETAIL



($ in millions, except per share data)	2Q’23		1Q’24		2Q’24		2Q’24
($ in millions, except per share data)	2Q’23		1Q’24		2Q’24		Per Share
Real Estate
BREP IV	$	6	$	4	$	4	$	0.00
BREP V		4		4		4		0.00
BREP VI		17		2		2		0.00
BREP VII		60		-		-		-
BREP VIII		707		585		575		0.47
BREP IX		987		730		708		0.58
BREP Europe IV		36		3		-		-
BREP Europe V		19		-		-		-
BREP Europe VI		90		113		107		0.09
BREP Europe VII		-		-		9		0.01
BREP Asia I		89		89		97		0.08
BPP		512		73		73		0.06
BREDS		12		30		16		0.01
BTAS		17		-		-		-
Real Estate	$	2,556	$	1,632	$	1,595	$	1.30
Private Equity
BCP IV		6		-		-		-
BCP V		41		14		16		0.01
BCP VI		411		335		305		0.25
BCP VII		900		845		813		0.66
BCP VIII		297		398		374		0.31
BCP Asia I		94		140		127		0.10
BCP Asia II		-		40		63		0.05
BEP I		29		29		25		0.02
BEP II		73		138		152		0.12
BEP III		202		227		240		0.20
BCEP		205		230		243		0.20
Tactical Opportunities		236		158		159		0.13
Secondaries		752		804		813		0.66
Infrastructure		189		389		478		0.39
Life Sciences		24		85		125		0.10
BTAS/BXPE/Other		181		201		217		0.18
Private Equity	$	3,639	$	4,034	$	4,150	$	3.39

Credit & Insurance	$	247	$	355	$	391	$	0.32

Multi-Asset Investing	$	27	$	63	$	78	$	0.06

Net Accrued Performance Revenues	$	6,469	$	6,084	$	6,214	$	5.08

2Q’24 QoQ Rollforward

($ in millions)


				Net				Net
				Performance				Realized
	1Q’24			Revenues				Distributions			2Q’24

Real Estate		$	1,632		$	(15	)		$	(22)		$	1,595

Private Equity			4,034			322				(207)			4,150
Credit & Insurance			355			188				(152)			391
Multi-Asset Investing			63			23				(8)			78

Total		$	6,084		$	519			$	(389)		$	6,214

QoQ Change													2%

2Q’24 LTM Rollforward

($ in millions)


				Net				Net
				Performance				Realized
	2Q’23			Revenues				Distributions			2Q’24

Real Estate		$	2,556		$	(571	)		$	(390)		$	1,595

Private Equity			3,639			1,309				(799)			4,150
Credit & Insurance			247			666				(522)			391
Multi-Asset Investing			27			176				(125)			78

Total		$	6,469		$	1,580			$	(1,835)		$	6,214

YoY Change													(4)%

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

Blackstone | 18

INVESTMENT RECORDS AS OF JUNE 30, 2024^(a)



($/€ in thousands, except where noted) Fund (Investment Period Beginning Date / Ending Date)	Committed Capital		Available Capital (b)		Unrealized Investments			Realized Investments			Total Investments			Net IRRs (d)
	Committed Capital		Available Capital (b)		Value		MOIC (c)	Value		MOIC (c)	Value		MOIC (c)	Realized	Total
Real Estate
Pre-BREP	$	140,714	$	-	$	-	n/a	$	345,190	2.5x	$	345,190	2.5x	33%	33%
BREP I (Sep 1994 / Oct 1996)		380,708		-		-	n/a		1,327,708	2.8x		1,327,708	2.8x	40%	40%
BREP II (Oct 1996 / Mar 1999)		1,198,339		-		-	n/a		2,531,614	2.1x		2,531,614	2.1x	19%	19%
BREP III (Apr 1999 / Apr 2003)		1,522,708		-		-	n/a		3,330,406	2.4x		3,330,406	2.4x	21%	21%
BREP IV (Apr 2003 / Dec 2005)		2,198,694		-		3,825	n/a		4,666,129	1.7x		4,669,954	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		-		7,392	n/a		27,758,817	2.5x		27,766,209	2.5x	13%	13%
BREP VII (Aug 2011 / Apr 2015)		13,505,655		1,017,292		2,078,698	0.6x		28,429,380	2.3x		30,508,078	1.9x	20%	14%
BREP VIII (Apr 2015 / Jun 2019)		16,607,865		2,009,039		12,355,770	1.5x		22,291,311	2.3x		34,647,081	1.9x	24%	14%
BREP IX (Jun 2019 / Aug 2022)		21,346,428		3,385,159		24,730,496	1.4x		8,688,793	2.2x		33,419,289	1.5x	58%	14%
*BREP X (Aug 2022 / Feb 2028)		30,639,330		22,661,720		8,511,549	1.1x		-	n/a		8,511,549	1.1x	n/a	n/m
Total Global BREP	$	104,139,981	$	29,073,210	$	47,693,956	1.3x	$	112,832,796	2.3x	$	160,526,752	1.9x	17%	15%
BREP Int’l (Jan 2001 / Sep 2005)	€	824,172	€	-	€	-	n/a	€	1,373,170	2.1x	€	1,373,170	2.1x	23%	23%
BREP Int’l II (Sep 2005 / Jun 2008) (e)		1,629,748		-		-	n/a		2,583,032	1.8x		2,583,032	1.8x	8%	8%
BREP Europe III (Jun 2008 / Sep 2013)		3,205,420		396,691		156,196	0.3x		5,856,192	2.4x		6,012,388	2.0x	18%	13%
BREP Europe IV (Sep 2013 / Dec 2016)		6,676,577		1,104,861		1,073,412	0.8x		10,133,370	1.9x		11,206,782	1.7x	18%	12%
BREP Europe V (Dec 2016 / Oct 2019)		7,992,703		904,320		4,630,379	0.8x		6,758,899	3.8x		11,389,278	1.6x	41%	8%
BREP Europe VI (Oct 2019 / Sep 2023)		9,923,250		3,326,999		8,095,867	1.2x		3,439,595	2.6x		11,535,462	1.4x	72%	13%
*BREP Europe VII (Sep 2023 / Mar 2029)		7,681,989		6,508,115		1,332,487	1.1x		-	n/a		1,332,487	1.1x	n/a	n/m
Total BREP Europe	€	37,933,859	€	12,240,986	€	15,288,341	1.0x	€	30,144,258	2.3x	€	45,432,599	1.6x	17%	11%
BREP Asia I (Jun 2013 / Dec 2017)	$	4,262,075	$	898,228	$	1,672,278	1.7x	$	7,032,407	1.9x	$	8,704,685	1.9x	16%	12%
BREP Asia II (Dec 2017 / Mar 2022)		7,354,811		1,310,706		6,641,542	1.2x		1,801,330	1.9x		8,442,872	1.3x	30%	5%
*BREP Asia III (Mar 2022 / Sep 2027)		8,210,352		6,834,894		1,294,586	1.0x		-	n/a		1,294,586	1.0x	n/a	(17)%
Total BREP Asia	$	19,827,238	$	9,043,828	$	9,608,406	1.2x	$	8,833,737	1.9x	$	18,442,143	1.5x	17%	8%
BREP Co-Investment (f)		7,396,015		100,106		959,827	2.0x		15,227,390	2.2x		16,187,217	2.2x	16%	16%
Total BREP	$	175,761,986	$	51,455,343	$	75,415,550	1.2x	$	173,745,405	2.3x	$	249,160,955	1.8x	17%	14%
*BREDS High-Yield (Various) (g)		25,008,694		8,738,933		5,522,621	1.0x		20,244,034	1.4x		25,766,655	1.3x	10%	9%
Private Equity
Corporate Private Equity
BCP I (Oct 1987 / Oct 1993)	$	859,081	$	-	$	-	n/a	$	1,741,738	2.6x	$	1,741,738	2.6x	19%	19%
BCP II (Oct 1993 / Aug 1997)		1,361,100		-		-	n/a		3,268,627	2.5x		3,268,627	2.5x	32%	32%
BCP III (Aug 1997 / Nov 2002)		3,967,422		-		-	n/a		9,228,707	2.3x		9,228,707	2.3x	14%	14%
BCOM (Jun 2000 / Jun 2006)		2,137,330		24,575		200	n/a		2,995,106	1.4x		2,995,306	1.4x	6%	6%
BCP IV (Nov 2002 / Dec 2005)		6,773,182		195,824		382	n/a		21,720,334	2.9x		21,720,716	2.9x	36%	36%
BCP V (Dec 2005 / Jan 2011)		21,009,112		1,035,259		66,016	n/a		38,806,330	1.9x		38,872,346	1.9x	8%	8%
BCP VI (Jan 2011 / May 2016)		15,195,243		1,341,026		4,196,056	2.0x		28,611,427	2.2x		32,807,483	2.2x	14%	12%
BCP VII (May 2016 / Feb 2020)		18,858,738		1,695,536		17,800,433	1.6x		18,003,374	2.5x		35,803,807	2.0x	25%	13%
BCP VIII (Feb 2020 / Apr 2024)		25,919,222		8,631,985		23,282,787	1.3x		2,295,428	2.4x		25,578,215	1.4x	n/m	10%
*BCP IX (Apr 2024 / Apr 2029)		20,063,265		20,063,265		-	n/a		-	n/a		-	n/a	n/a	n/a
Energy I (Aug 2011 / Feb 2015)		2,441,558		174,492		496,646	1.5x		4,189,846	2.0x		4,686,492	2.0x	14%	11%
Energy II (Feb 2015 / Feb 2020)		4,918,278		864,914		3,974,634	1.8x		4,290,605	1.8x		8,265,239	1.8x	11%	8%
Energy III (Feb 2020 / Jun 2024)		4,373,418		1,563,746		5,220,402	1.9x		1,348,610	2.4x		6,569,012	2.0x	55%	30%
*Energy Transition IV (Jun 2024 / Jun 2029)		3,623,326		3,593,259		-	n/a		-	n/a		-	n/a	n/a	n/a
BCP Asia I (Dec 2017 / Sep 2021)		2,437,080		417,510		2,708,957	1.9x		2,611,544	3.5x		5,320,501	2.4x	51%	26%
*BCP Asia II (Sep 2021 / Sep 2027)		6,778,892		4,712,552		2,550,881	1.7x		91,510	2.2x		2,642,391	1.7x	n/m	26%
Core Private Equity I (Jan 2017 / Mar 2021) (h)		4,760,284		1,171,242		7,339,096	1.9x		2,836,291	5.1x		10,175,387	2.3x	58%	17%
*Core Private Equity II (Mar 2021 / Mar 2026) (h)		8,450,958		5,871,750		3,697,866	1.5x		126,586	n/a		3,824,452	1.6x	n/a	15%
Total Corporate Private Equity	$	153,927,489	$	51,356,935	$	71,334,356	1.6x	$	142,166,063	2.2x	$	213,500,419	2.0x	16%	15%

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

since initial investment. n/a represents “not applicable”. Notes on pages 21-22. BREP – Blackstone Real Estate Partners, BREDS – Blackstone Real Estate Debt Strategies, BCP –

Blackstone Capital Partners, BCOM – Blackstone Communications.

* Represents funds that are currently in their investment period.

Blackstone | 19

INVESTMENT RECORDS AS OF JUNE 30, 2024^(a) – (CONT’D)



($/€ in thousands, except where noted) Fund (Investment Period Beginning Date / Ending Date)	Committed Capital		Available Capital (b)		Unrealized Investments			Realized Investments			Total Investments			Net IRRs (d)
	Committed Capital		Available Capital (b)		Value		MOIC (c)	Value		MOIC (c)	Value		MOIC (c)	Realized	Total

Private Equity (continued)

Tactical Opportunities

*Tactical Opportunities (Various)	$	30,825,007	$	13,863,428	$	13,966,075	1.2x	$	23,918,093	1.8x	$	37,884,168	1.5x	16%	10%

*Tactical Opportunities Co-Investment and Other (Various)		11,515,985		2,399,371		4,013,024	1.3x		10,513,622	1.8x		14,526,646	1.6x	21%	16%
Total Tactical Opportunities	$	42,340,992	$	16,262,799	$	17,979,099	1.2x	$	34,431,715	1.8x	$	52,410,814	1.6x	17%	12%

Growth

*BXG I (Jul 2020 / Jul 2025)		5,027,239		1,258,902		3,539,488	1.0x		513,533	2.6x		4,053,021	1.1x	n/m	(2)%

BXG II (TBD)		4,190,970		4,190,970		-	n/a		-	n/a		—	n/a	n/a	n/a

Total Growth	$	9,218,209	$	5,449,872	$	3,539,488	1.0x	$	513,533	2.6x	$	4,053,021	1.1x	n/m	(2)%

Strategic Partners (Secondaries)

Strategic Partners I-V (Various) (i)		11,035,527		139,208		7,855	n/a		16,782,783	n/a		16,790,638	1.7x	n/a	13%

Strategic Partners VI (Apr 2014 / Apr 2016) (i)		4,362,772		609,297		688,507	n/a		4,372,764	n/a		5,061,271	1.7x	n/a	15%

Strategic Partners VII (May 2016 / Mar 2019) (i)		7,489,970		1,695,032		3,825,070	n/a		6,868,023	n/a		10,693,093	1.9x	n/a	16%

Strategic Partners Real Assets II (May 2017 / Jun 2020) (i)		1,749,807		470,410		1,303,340	n/a		1,142,630	n/a		2,445,970	1.7x	n/a	16%

Strategic Partners VIII (Mar 2019 / Oct 2021) (i)		10,763,600		3,980,391		7,879,843	n/a		6,658,138	n/a		14,537,981	1.8x	n/a	26%

*Strategic Partners Real Estate, SMA and Other (Various) (i)		7,380,591		2,630,643		2,167,287	n/a		2,382,277	n/a		4,549,564	1.5x	n/a	13%

*Strategic Partners Infrastructure III (Jun 2020 / Jul 2024) (i)		3,250,100		536,477		2,199,124	n/a		274,616	n/a		2,473,740	1.4x	n/a	24%

*Strategic Partners IX (Oct 2021 / Jan 2027) (i)		19,542,126		9,141,715		7,920,318	n/a		782,344	n/a		8,702,662	1.4x	n/a	21%

*Strategic Partners GP Solutions (Jun 2021 / Dec 2026) (i)		2,095,211		776,665		850,642	n/a		3,947	n/a		854,589	1.0x	n/a	(3)%

Total Strategic Partners (Secondaries)	$	67,669,704	$	19,979,838	$	26,841,986	n/a	$	39,267,522	n/a	$	66,109,508	1.6x	n/a	14%

Life Sciences

Clarus IV (Jan 2018 / Jan 2020)		910,000		66,094		691,265	2.0x		559,294	1.4x		1,250,559	1.7x	6%	10%

*BXLS V (Jan 2020 / Jan 2025)		5,005,924		2,846,428		3,230,911	1.8x		386,905	1.1x		3,617,816	1.7x	n/m	15%

Credit

Mezzanine / Opportunistic I (Jul 2007 / Oct 2011)	$	2,000,000	$	97,114	$	-	n/a	$	4,809,113	1.6x	$	4,809,113	1.6x	n/a	17%

Mezzanine / Opportunistic II (Nov 2011 / Nov 2016)		4,120,000		993,260		114,707	0.2x		6,660,546	1.6x		6,775,253	1.4x	n/a	10%

Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)		6,639,133		1,121,775		1,951,404	1.2x		8,406,785	1.5x		10,358,189	1.4x	n/a	11%

*Mezzanine / Opportunistic IV (Jan 2021 / Jan 2026)		5,016,771		1,624,659		4,245,889	1.1x		1,051,679	1.9x		5,297,568	1.2x	n/a	14%

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

Stressed / Distressed II (Jun 2013 / Jun 2018)		5,125,000		547,430		138,149	0.2x		5,469,163	1.2x		5,607,312	1.1x	n/a	1%

Stressed / Distressed III (Dec 2017 / Dec 2022)		7,356,380		1,103,825		2,543,762	1.0x		4,094,164	1.4x		6,637,926	1.3x	n/a	10%

Energy I (Nov 2015 / Nov 2018)		2,856,867		1,154,826		280,195	0.8x		3,284,780	1.6x		3,564,975	1.5x	n/a	10%

Energy II (Feb 2019 / Jun 2023)		3,616,081		1,497,763		1,449,978	1.1x		2,246,376	1.5x		3,696,354	1.3x	n/a	16%

*Green Energy III (May 2023 / May 2028)		6,477,000		4,802,346		1,706,793	1.0x		42,108	n/a		1,748,901	1.0x	n/a	n/m

European Senior Debt I (Feb 2015 / Feb 2019)	€	1,964,689	€	143,679	€	219,575	0.4x	€	2,978,763	1.3x	€	3,198,338	1.2x	n/a	2%

European Senior Debt II (Jun 2019 / Jun 2023) (j)	€	4,088,344	€	937,955	€	4,210,101	1.0x	€	2,486,964	2.3x	€	6,697,065	1.2x	n/a	10%

Total Credit Drawdown Funds (k)	$	53,366,033	$	14,102,240	$	17,178,381	1.0x	$	48,097,318	1.5x	$	65,275,699	1.3x	n/a	10%

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

since initial investment. n/a represents “not applicable”. Notes on pages 21-22. BXG – Blackstone Growth, BXLS – Blackstone Life Sciences.

* Represents funds that are currently in their investment period.

Blackstone | 20

INVESTMENT RECORDS AS OF JUNE 30, 2024^(a) – (CONT’D)

Selected Perpetual Capital Strategies^(l)

($ in thousands, except where noted)

Investment

Total

Total Net

Strategy (Inception Year)

Strategy

AUM

Return (m)

Real Estate

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

Core+ Real Estate

63,975,258

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

Core+ Real Estate

56,656,343

10%

BREIT - Class I (p)

Core+ Real Estate

10%

BXMT - Blackstone Mortgage Trust (2013) (q)

Real Estate Debt

5,659,353

Private Equity

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

Secondaries - GP Stakes

9,880,187

12%

BIP - Blackstone Infrastructure Partners (2019) (s)

Infrastructure

38,182,874

16%

BXPE - Blackstone Private Equity Strategies Fund Program (2024) (t)

Private Equity

4,428,646

n/m

Credit

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

U.S. Direct Lending

12,031,034

11%

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

U.S. Direct Lending

67,895,865

10%

BCRED - Class I (w)

U.S. Direct Lending

10%

Investment Records as of June 30, 2024 - Notes

(a)

Excludes investment vehicles where Blackstone does not earn fees.

(b)

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

(c)

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

(d)

Unless otherwise indicated, Net Internal Rate of Return (“IRR”) represents the annualized inception to June 30, 2024 IRR on total invested capital based on realized
proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of limited partner
cash flows. Initial inception date of cash flows may differ from the Investment Period Beginning Date.

(e)

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

(f)

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

(g)

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

(h)

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

(i)

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

(j)

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

(k)

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

(l)

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

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

Blackstone | 21

INVESTMENT RECORDS AS OF JUNE 30, 2024^(a) – (CONT’D)

(m)

Unless otherwise indicated, Total Net Return represents the annualized inception to June 30, 2024 IRR on total invested capital based on realized proceeds and
unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of investor cash flows. Initial
inception date of cash flows occurred during the Inception Year.

(n)

BPP represents the aggregate Total AUM and Total Net Return of the BPP Platform, which comprises over 30 funds, co-investment and separately managed account
vehicles. It includes certain vehicles managed as part of the BPP Platform but not classified as Perpetual Capital. As of June 30, 2024, these vehicles represented
$2.2 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)

BSCH represents the aggregate Total AUM and Total Net Return of BSCH I and BSCH II funds that invest as part of the Secondaries—GP Stakes strategy, which targets
minority investments in the general partners of private equity and other private-market alternative asset management firms globally. Including co-investment vehicles
that do not pay fees, BSCH Total AUM is $10.9 billion.

(s)

Including co-investment vehicles, BIP Total AUM is $48.6 billion.

(t)

BXPE Total AUM reflects net asset value as of May 31, 2024 plus net subscriptions as of June 1, 2024. For purposes of segment AUM reporting, BXPE AUM is reported by the
business managing the assets.

(u)

The BXSL Total AUM and Total Net Return are presented as of March 31, 2024. 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.

(v)

The BCRED Total Net Return reflects a per share blended return, assuming BCRED had a single share class, reinvestment of all dividends received during the period, and
no upfront selling commission, net of all fees and expenses incurred by BCRED. This return is not representative of the return experienced by any particular investor or
share class. Total Net Return is presented on an annualized basis and is from January 7, 2021. Total AUM reflects gross asset value plus amounts borrowed or available to
be borrowed under certain credit facilities. BCRED net asset value as of June 30, 2024 was $34.1 billion.

(w)

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.

Blackstone | 22

SHAREHOLDER DIVIDENDS

Generated $0.96 of Distributable Earnings per common share during the quarter, bringing the YTD amount to
$1.94 per common share.

Blackstone declared a quarterly dividend of $0.82 per common share to record holders as of July 29, 2024; payable on
August 5, 2024.



																% Change								% Change

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

Distributable Earnings	$	1,212,072		$	1,211,611		$	1,388,180		$	1,266,378		$	1,252,221			3%	$	2,461,164		$	2,518,599			2	%

Add: Other Payables Attributable to Common Shareholders		129,187			119,783			57,810			130,920			124,280			(4)%		260,487			255,200			(2	)%

DE Before Certain Payables		1,341,259			1,331,394			1,445,990			1,397,298			1,376,501			3%		2,721,651			2,773,799			2	%

Percent to Common Shareholders		62%			62%			62%			62%			63%					62%			63%

DE Before Certain Payables Attributable to Common Shareholders		833,992			828,716			900,980			871,887			864,033			4%		1,686,158			1,735,920			3	%

Less: Other Payables Attributable to Common Shareholders		(129,187	)		(119,783	)		(57,810	)		(130,920	)		(124,280	)		(4)%		(260,487	)		(255,200	)		(2	)%

DE Attributable to Common Shareholders		704,805			708,933			843,170			740,967			739,753			5%		1,425,671			1,480,720			4	%

DE per Common Share	$	0.93		$	0.94		$	1.11		$	0.98		$	0.96			3%	$	1.90		$	1.94			2	%

Less: Retained Capital per Common Share	$	(0.14	)	$	(0.14	)	$	(0.17	)	$	(0.15	)	$	(0.14	)		-	$	(0.29	)	$	(0.29	)		-

Actual Dividend per Common Share	$	0.79		$	0.80		$	0.94		$	0.83		$	0.82			4%	$	1.61		$	1.65			2	%

Record Date														Jul 29, 2024

Payable Date														Aug 5, 2024

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

See additional notes on page 35.

Blackstone | 23

SHARE SUMMARY

Distributable Earnings Shares Outstanding as of quarter end of 1,224 million shares.

–

Repurchased 2.0 million common shares in the quarter and 4.4 million common shares over the LTM.

–

Increased share repurchase authorization to $2.0 billion.



	2Q’23		3Q’23		4Q’23		1Q’24		2Q’24

Participating Common Shares		758,148,528		757,781,111		758,039,099		759,176,426		768,224,405

Participating Partnership Units		461,135,682		459,651,045		458,544,363		457,490,143		455,642,926

Distributable Earnings Shares Outstanding		1,219,284,210		1,217,432,156		1,216,583,462		1,216,666,569		1,223,867,331

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

Blackstone | 24

Reconciliations and

Disclosures

Blackstone | 25

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



($ in thousands, except per share data) (unaudited)	2Q’23				2Q’24				2Q’23 YTD				2Q’24 YTD				2Q’23 LTM				2Q’24 LTM

Revenues

Management and Advisory Fees, Net		$	1,709,370			$	1,787,313			$	3,367,685			$	3,514,461			$	6,633,877			$	6,818,036

Incentive Fees			153,077				188,299				295,953				367,640				616,993				766,858

Investment Income (Loss)

Performance Allocations

Realized			502,084				531,641				1,148,978				1,184,158				2,310,463				2,259,021

Unrealized			114,395				122,229				(644,817	)			568,172				(1,905,255	)			(478,679	)

Principal Investments

Realized			54,835				74,045				162,893				152,642				462,955				293,572

Unrealized			164,089				(31,776	)			(327,328	)			429,847				(1,464,648	)			154,021

Total Investment Income (Loss)			835,403				696,139				339,726				2,334,819				(596,485	)			2,227,935

Interest and Dividend Revenue			148,505				104,999				238,990				202,838				394,042				480,345

Other			(31,664	)			19,631				(45,818	)			64,451				(89,718	)			17,340

Total Revenues		$	2,814,691			$	2,796,381			$	4,196,536			$	6,484,209			$	6,958,709			$	10,310,514

Expenses

Compensation and Benefits

Compensation			737,017				766,647				1,453,302				1,561,450				2,680,565				2,893,595

Incentive Fee Compensation			64,227				77,139				127,508				150,846				249,124				304,405

Performance Allocations Compensation

Realized			205,196				260,736				501,990				519,630				973,737				918,499

Unrealized			54,155				101,680				(259,094	)			282,580				(815,423	)			(112,729	)

Total Compensation and Benefits			1,060,595				1,206,202				1,823,706				2,514,506				3,088,003				4,003,770

General, Administrative and Other			275,034				311,928				548,428				681,878				1,111,137				1,250,755

Interest Expense			108,096				108,616				212,537				216,819				393,373				436,150

Fund Expenses			31,585				5,960				79,984				9,910				104,032				48,913

Total Expenses		$	1,475,310			$	1,632,706			$	2,664,655			$	3,423,113			$	4,696,545			$	5,739,588

Other Income (Loss)

Change in Tax Receivable Agreement Liability			7,095				-				1,887				-				23,422				(29,083	)

Net Gains (Losses) from Fund Investment Activities			80,500				44,934				151,564				27,167				99,872				(181,198	)

Total Other Income (Loss)		$	87,595			$	44,934			$	153,451			$	27,167			$	123,294			$	(210,281	)

Income Before Provision for Taxes		$	1,426,976			$	1,208,609			$	1,685,332			$	3,088,263			$	2,385,458			$	4,360,645

Provision for Taxes			223,269				260,246				270,944				543,917				224,029				786,434

Net Income		$	1,203,707			$	948,363			$	1,414,388			$	2,544,346			$	2,161,429			$	3,574,211

Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities			17,688				258				10,988				(39,411	)			(162,829	)			(295,917	)

Net Income Attributable to Non-Controlling Interests in Consolidated Entities			89,436				100,583				164,305				203,410				272,403				263,260

Net Income Attributable to Non-Controlling Interests in Blackstone Holdings			495,309				403,108				552,009				1,088,547				804,619				1,611,274

Net Income Attributable to Blackstone Inc. (‘‘BX’’)		$	601,274			$	444,414			$	687,086			$	1,291,800			$	1,247,236			$	1,995,594

Net Income Per Share of Common Stock, Basic		$	0.79			$	0.58			$	0.91			$	1.69			$	1.67			$	2.62

Net Income Per Share of Common Stock, Diluted		$	0.79			$	0.58			$	0.91			$	1.69			$	1.67			$	2.62

Blackstone | 26

RECONCILIATION OF GAAP TO NON-GAAP MEASURES



	QTD																				YTD								LTM



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

Net Income Attributable to Blackstone Inc.		$	601,274			$	551,994			$	151,800			$	847,386			$	444,414			$	687,086			$	1,291,800			$	1,247,236			$	1,995,594

Net Income Attributable to Non-Controlling Interests in Blackstone Holdings			495,309				440,609				82,118				685,439				403,108				552,009				1,088,547				804,619				1,611,274

Net Income Attributable to Non-Controlling Interests in Consolidated Entities			89,436				20,716				39,134				102,827				100,583				164,305				203,410				272,403				263,260

Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities			17,688				(92,577	)			(163,929	)			(39,669	)			258				10,988				(39,411	)			(162,829	)			(295,917	)

Net Income		$	1,203,707			$	920,742			$	109,123			$	1,595,983			$	948,363			$	1,414,388			$	2,544,346			$	2,161,429			$	3,574,211

Provision for Taxes			223,269				196,560				45,957				283,671				260,246				270,944				543,917				224,029				786,434

Income Before Provision for Taxes		$	1,426,976			$	1,117,302			$	155,080			$	1,879,654			$	1,208,609			$	1,685,332			$	3,088,263			$	2,385,458			$	4,360,645

Transaction-Related and Non-Recurring Items (a)			2,228				6,250				8,882				52,197				4,962				10,849				57,159				17,508				72,291

Amortization of Intangibles (b)			7,412				7,357				7,347				7,333				7,333				18,753				14,666				45,146				29,370

Impact of Consolidation (c)			(107,124	)			71,861				124,795				(63,158	)			(100,841	)			(175,293	)			(163,999	)			(109,574	)			32,657

Unrealized Performance Revenues (d)			(114,379	)			63,209				983,642				(445,936	)			(122,239	)			644,937				(568,175	)			1,907,297				478,676

Unrealized Performance Allocations Compensation (e)			54,155				11,866				(407,175	)			180,900				101,680				(259,094	)			282,580				(815,423	)			(112,729	)

Unrealized Principal Investment (Income) Loss (f)			(160,702	)			(84,780	)			359,663				(442,976	)			38,125				318,418				(404,851	)			1,377,417				(129,968	)

Other Revenues (g)			31,718				(63,748	)			110,933				(44,747	)			(19,541	)			45,898				(64,288	)			90,667				(17,103	)

Equity-Based Compensation (h)			249,755				255,616				185,969				317,779				295,396				517,889				613,175				902,790				1,054,760

Administrative Fee Adjustment (i)			2,413				2,425				2,422				2,477				2,465				4,860				4,942				9,765				9,789

Taxes and Related Payables (j)			(180,380	)			(175,747	)			(143,378	)			(177,145	)			(163,728	)			(351,385	)			(340,873	)			(640,812	)			(659,998	)

Distributable Earnings		$	1,212,072			$	1,211,611			$	1,388,180			$	1,266,378			$	1,252,221			$	2,461,164			$	2,518,599			$	5,170,239			$	5,118,390

Taxes and Related Payables (j)			180,380				175,747				143,378				177,145				163,728				351,385				340,873				640,812				659,998

Net Interest and Dividend (Income) Loss (k)			(46,110	)			(3,890	)			(65,228	)			9,801				3,425				(37,002	)			13,226				(20,907	)			(55,892	)

Total Segment Distributable Earnings		$	1,346,342			$	1,383,468			$	1,466,330			$	1,453,324			$	1,419,374			$	2,775,547			$	2,872,698			$	5,790,144			$	5,722,496

Realized Performance Revenues (l)			(388,423	)			(337,940	)			(693,213	)			(536,393	)			(542,889	)			(1,029,949	)			(1,079,282	)			(1,971,703	)			(2,110,435	)

Realized Performance Compensation (m)			178,370				133,995				287,628				253,024				251,057				474,394				504,081				842,397				925,704

Realized Principal Investment (Income) Loss (n)			7,461				(55,500	)			(19,202	)			(9,938	)			(16,572	)			(36,230	)			(26,510	)			(231,882	)			(101,212	)

Fee Related Earnings		$	1,143,750			$	1,124,023			$	1,041,543			$	1,160,017			$	1,110,970			$	2,183,762			$	2,270,987			$	4,428,956			$	4,436,553

Adjusted EBITDA Reconciliation

Distributable Earnings		$	1,212,072			$	1,211,611			$	1,388,180			$	1,266,378			$	1,252,221			$	2,461,164			$	2,518,599			$	5,170,239			$	5,118,390

Interest Expense (o)			107,130				110,014				108,168				107,640				108,424				211,339				216,064				391,881				434,246

Taxes and Related Payables (j)			180,380				175,747				143,378				177,145				163,728				351,385				340,873				640,812				659,998

Depreciation and Amortization (p)			24,100				21,598				25,251				26,053				25,336				47,275				51,389				86,534				98,238

Adjusted EBITDA		$	1,523,682			$	1,518,970			$	1,664,977			$	1,577,216			$	1,549,709			$	3,071,163			$	3,126,925			$	6,289,466			$	6,310,872

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

GAAP Unrealized Performance Allocations	$	114,395		$	(63,204	)	$	(983,647	)	$	445,943		$	122,229		$	(644,817	)	$	568,172		$	(1,905,255	)	$ (478,679)

Segment Adjustment		(16	)		(5	)		5			(7	)		10			(120	)		3			(2,042	)	3

Unrealized Performance Revenues	$	114,379		$	(63,209	)	$	(983,642	)	$	445,936		$	122,239		$	(644,937	)	$	568,175		$	(1,907,297	)	$ (478,676)

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

	QTD															YTD						LTM

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

GAAP Unrealized Principal Investment Income (Loss)	$	164,089		$	69,340		$	(345,166	)	$	461,623		$	(31,776	)	$	(327,328	)	$	429,847		$	(1,464,648	)	$ 154,021

Segment Adjustment		(3,387	)		15,440			(14,497	)		(18,647	)		(6,349	)		8,910			(24,996	)		87,231		(24,053)

Unrealized Principal Investment Income (Loss)	$	160,702		$	84,780		$	(359,663	)	$	442,976		$	(38,125	)	$	(318,418	)	$	404,851		$	(1,377,417	)	$ 129,968

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

GAAP Other Revenue	$	(31,664	)	$	63,769		$	(110,880	)	$	44,820		$	19,631		$	(45,818	)	$	64,451		$	(89,718	)	$ 17,340

Segment Adjustment		(54	)		(21	)		(53	)		(73	)		(90	)		(80	)		(163	)		(949	)	(237)

Other Revenues	$	(31,718	)	$	63,748		$	(110,933	)	$	44,747		$	19,541		$	(45,898	)	$	64,288		$	(90,667	)	$ 17,103

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

Taxes	$	156,956		$	151,812		$	121,155		$	155,873		$	141,656		$	307,958		$	297,529		$	551,802		$	570,496

Related Payables		23,424			23,935			22,223			21,272			22,072			43,427			43,344			89,010			89,502

Taxes and Related Payables	$	180,380		$	175,747		$	143,378		$	177,145		$	163,728		$	351,385		$	340,873		$	640,812		$	659,998
(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)	2Q’23			3Q’23			4Q’23			1Q’24			2Q’24			2Q’23			2Q’24			2Q’23			2Q’24

GAAP Interest and Dividend Revenue	$	148,505		$	109,133		$	168,374		$	97,839		$	104,999		$	238,990		$	202,838		$	394,042		$	480,345

Segment Adjustment		4,735			4,771			5,022			-			-			9,351			-			18,746			9,793

Interest and Dividend Revenue	$	153,240		$	113,904		$	173,396		$	97,839		$	104,999		$	248,341		$	202,838		$	412,788		$	490,138

GAAP Interest Expense	$	108,096		$	110,599		$	108,732		$	108,203		$	108,616		$	212,537		$	216,819		$	393,373		$	436,150

Segment Adjustment		(966	)		(585	)		(564	)		(563	)		(192	)		(1,198	)		(755	)		(1,492	)		(1,904	)

Interest Expense	$	107,130		$	110,014		$	108,168		$	107,640		$	108,424		$	211,339		$	216,064		$	391,881		$	434,246

Net Interest and Dividend Income (Loss)	$	46,110		$	3,890		$	65,228		$	(9,801	)	$	(3,425	)	$	37,002		$	(13,226	)	$	20,907		$	55,892

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

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

GAAP Shares of Common Stock Outstanding		713,551,859			718,442,863			719,358,114			722,263,433			722,540,712

Unvested Participating Common Shares		44,596,669			39,338,248			38,680,985			36,912,993			45,683,693

Total Participating Common Shares		758,148,528			757,781,111			758,039,099			759,176,426			768,224,405

Participating Partnership Units		461,135,682			459,651,045			458,544,363			457,490,143			455,642,926

Distributable Earnings Shares Outstanding		1,219,284,210			1,217,432,156			1,216,583,462			1,216,666,569			1,223,867,331
Disclosure of Weighted-Average Shares Common Stock Outstanding
	QTD															YTD						LTM

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

Total GAAP Weighted-Average Shares of Common Stock Outstanding - Basic		758,479,943			757,958,602			758,151,673			759,798,537			769,187,351			752,306,729			764,492,944			747,385,306			761,256,453

Weighted-Average Shares of Unvested Deferred Restricted Common Stock		68,305			87,494			126,712			459,107			47,326			323,656			253,218			246,001			188,840

Total GAAP Weighted-Average Shares of Common Stock Outstanding - Diluted		758,548,248			758,046,096			758,278,385			760,257,644			769,234,677			752,630,385			764,746,162			747,631,307			761,445,293

Blackstone | 29

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



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

Assets

Cash and Cash Equivalents	$	3,280,204		$	2,971,614		$	2,955,866		$	2,504,471		$	2,381,436

Cash Held by Blackstone Funds and Other		215,444			138,181			316,197			167,711			219,393

Investments		27,048,621			27,339,857			26,146,622			25,922,290			26,426,289

Accounts Receivable		664,028			693,786			193,365			199,302			247,538

Due from Affiliates		4,294,437			4,398,333			4,466,521			4,695,224			4,868,069

Intangible Assets, Net		219,221			210,210			201,208			192,227			183,246

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

Other Assets		905,454			972,069			944,848			1,072,627			1,083,400

Right-of-Use Assets		888,190			864,691			841,307			805,454			995,524

Deferred Tax Assets		2,176,983			2,184,880			2,331,394			2,256,794			2,289,932

Total Assets	$	41,582,784		$	41,663,823		$	40,287,530		$	39,706,302		$	40,585,029

Liabilities and Equity

Loans Payable	$	12,299,855		$	12,111,377		$	11,304,059		$	10,740,171		$	10,688,193

Due to Affiliates		2,092,837			2,188,224			2,393,410			2,135,478			2,364,099

Accrued Compensation and Benefits		5,685,879			5,983,137			5,247,766			5,378,212			5,703,156

Operating Lease Liabilities		1,013,813			981,616			989,823			951,648			1,142,317

Accounts Payable, Accrued Expenses and Other Liabilities		1,399,921			1,588,748			2,277,258			2,023,359			2,012,969

Total Liabilities		22,492,305			22,853,102			22,212,316			21,228,868			21,910,734

Redeemable Non-Controlling Interests in Consolidated Entities		1,626,349			1,349,060			1,179,073			935,005			888,868

Equity

Common Stock, $0.00001 par value (722,540,712 shares issued and outstanding as of June 30, 2024)		7			7			7			7			7

Series I Preferred Stock, $0.00001 par value (1 share issued and outstanding as of June 30, 2024)		—			—			—			—			—

Series II Preferred Stock, $0.00001 par value (1 share issued and outstanding as of June 30, 2024)		—			—			—			—			—

Additional Paid-in-Capital		6,076,367			6,057,065			6,175,190			6,190,142			6,260,619

Retained Earnings		1,160,278			1,114,009			660,734			796,201			607,564

Accumulated Other Comprehensive Loss		(17,205	)		(38,258	)		(19,133	)		(31,282	)		(34,617	)

Non-Controlling Interests in Consolidated Entities		5,174,961			5,174,473			5,177,255			5,381,678			5,682,606

Non-Controlling Interests in Blackstone Holdings		5,069,722			5,154,365			4,902,088			5,205,683			5,269,248

Total Equity		17,464,130			17,461,661			16,896,141			17,542,429			17,785,427

Total Liabilities and Equity	$	41,582,784		$	41,663,823		$	40,287,530		$	39,706,302		$	40,585,029

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

Blackstone | 30

RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES



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

Investments of Consolidated Blackstone Funds	$	5,490,773		$	5,224,104		$	4,319,483		$	3,458,911		$	3,621,676

Equity Method Investments

Partnership Investments		5,585,603			5,588,222			5,924,275			6,100,640			6,107,429

Accrued Performance Allocations		11,496,244			11,606,901			10,775,355			11,163,116			11,132,801

Corporate Treasury Investments		707,079			763,515			803,870			197,976			176,330

Other Investments		3,768,922			4,157,115			4,323,639			5,001,647			5,388,053

Total GAAP Investments		27,048,621			27,339,857			26,146,622			25,922,290			26,426,289



Accrued Performance Allocations - GAAP	$	11,496,244		$	11,606,901		$	10,775,355		$	11,163,116		$	11,132,801

Impact of Consolidation (a)		—			—			—			—			—

Due from Affiliates - GAAP (b)		197,998			196,510			313,838			249,968			235,767

Less: Net Realized Performance Revenues (c)		(283,131	)		(367,944	)		(552,249	)		(448,811	)		(146,832	)

Less: Accrued Performance Compensation - GAAP (d)		(4,941,915	)		(5,000,253	)		(4,702,363	)		(4,880,191	)		(5,007,547	)

Net Accrued Performance Revenues	$	6,469,196		$	6,435,214		$	5,834,581		$	6,084,082		$	6,214,189

Corporate Treasury and Other Investments - GAAP	$	4,476,001		$	4,920,630		$	5,127,509		$	5,199,623		$	5,564,383

Impact of Consolidation (a)		429,718			433,466			500,046			484,521			590,551

Other Assets (e)		135,637			126,676			127,167			228,702			218,728

Other Liabilities (f)		(53,226	)		(9,262	)		(299,368	)		(6,651	)		(6,874	)

Corporate Treasury and Other Investments - Deconsolidated (g)	$	4,988,130		$	5,471,510		$	5,455,354		$	5,906,195		$	6,366,788

Partnership Investments - GAAP	$	5,585,603		$	5,588,222		$	5,924,275		$	6,100,640		$	6,107,429

Impact of Consolidation (h)		(3,224,559	)		(3,251,310	)		(3,223,580	)		(3,308,117	)		(3,401,589	)

GP/Fund Investments - Deconsolidated	$	2,361,044		$	2,336,912		$	2,700,695		$	2,792,523		$	2,705,840

Loans Payable - GAAP	$	12,299,855		$	12,111,377		$	11,304,059		$	10,740,171		$	10,688,193

Impact of Consolidation (i)		(1,714,235	)		(1,589,649	)		(687,121	)		(169,836	)		(130,321	)

Outstanding Debt - Carrying Value		10,585,620			10,521,728			10,616,938			10,570,335			10,557,872

Unamortized Discount		136,163			132,838			130,811			127,614			124,677

Outstanding Debt (at par) - Deconsolidated	$	10,721,783		$	10,654,566		$	10,747,749		$	10,697,949		$	10,682,549

(a)

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

(b)

Represents GAAP accrued performance revenue recorded within Due from Affiliates.

(c)

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

(d)

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

(e)

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

(f)

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

(g)

Deconsolidated Other Investments was $5.4 billion as of June 30, 2024, which was comprised of $4.9 billion of liquid investments and $491 million of illiquid investments. The liquid portion of Other Investments relates to public equity securities and other investments held by Blackstone that can be easily converted to cash and may include securities and investments subject to lock-up periods.

(h)

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

(i)

This adjustment removes amounts related to consolidated Blackstone Funds.

Blackstone | 31

RECONCILIATION OF GAAP TO TOTAL SEGMENTS



	QTD															YTD						LTM



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

Management and Advisory Fees, Net

GAAP	$	1,709,370		$	1,655,443		$	1,648,132		$	1,727,148		$	1,787,313		$	3,367,685		$	3,514,461		$	6,633,877		$	6,818,036

Segment Adjustment (a)		(6,184	)		(1,603	)		5,699			(19,577	)		(7,375	)		(12,112	)		(26,952	)		(25,643	)		(22,856	)

Total Segment	$	1,703,186		$	1,653,840		$	1,653,831		$	1,707,571		$	1,779,938		$	3,355,573		$	3,487,509		$	6,608,234		$	6,795,180

GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues

GAAP

Incentive Fees		153,077			158,801			240,417			179,341			188,299			295,953			367,640			616,993			766,858

Investment Income - Realized Performance Allocations		502,084			453,690			621,173			652,517			531,641			1,148,978			1,184,158			2,310,463			2,259,021

GAAP	$	655,161		$	612,491		$	861,590		$	831,858		$	719,940		$	1,444,931		$	1,551,798		$	2,927,456		$	3,025,879

Total Segment

Less: Realized Performance Revenues		(388,423	)		(337,940	)		(693,213	)		(536,393	)		(542,889	)		(1,029,949	)		(1,079,282	)		(1,971,703	)		(2,110,435	)

Segment Adjustment (b)		-			-			617			36			16			-			52			4,068			669

Total Segment	$	266,738		$	274,551		$	168,994		$	295,501		$	177,067		$	414,982		$	472,568		$	959,821		$	916,113

GAAP Compensation to Total Segment Fee Related Compensation

GAAP

Compensation		737,017			700,268			631,877			794,803			766,647			1,453,302			1,561,450			2,680,565			2,893,595

Incentive Fees Compensation		64,227			65,432			88,127			73,707			77,139			127,508			150,846			249,124			304,405

Realized Performance Allocations Compensation		205,196			168,620			230,249			258,894			260,736			501,990			519,630			973,737			918,499

GAAP	$	1,006,440		$	934,320		$	950,253		$	1,127,404		$	1,104,522		$	2,082,800		$	2,231,926		$	3,903,426		$	4,116,499

Total Segment

Less: Realized Performance Compensation		(178,370	)		(133,995	)		(287,628	)		(253,024	)		(251,057	)		(474,394	)		(504,081	)		(842,397	)		(925,704	)

Less: Equity-Based Compensation - Fee Related Compensation		(246,445	)		(252,928	)		(182,048	)		(313,400	)		(291,540	)		(511,599	)		(604,940	)		(891,613	)		(1,039,916	)

Less: Equity-Based Compensation - Performance Compensation		(3,310	)		(2,688	)		(3,921	)		(4,379	)		(3,856	)		(6,290	)		(8,235	)		(11,177	)		(14,844	)

Segment Adjustment (c)		(9,507	)		(4,786	)		(6,248	)		(2,524	)		(5,156	)		(12,738	)		(7,680	)		(41,569	)		(18,714	)

Total Segment	$	568,808		$	539,923		$	470,408		$	554,077		$	552,913		$	1,077,779		$	1,106,990		$	2,116,670		$	2,117,321

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

GAAP	$	275,034		$	279,186		$	289,691		$	369,950		$	311,928		$	548,428		$	681,878		$	1,111,137		$	1,250,755

Segment Adjustment (d)		(17,668	)		(14,741	)		21,183			(80,972	)		(18,806	)		(39,414	)		(99,778	)		(88,708	)		(93,336	)

Total Segment	$	257,366		$	264,445		$	310,874		$	288,978		$	293,122		$	509,014		$	582,100		$	1,022,429		$	1,157,419

Realized Performance Revenues

GAAP

Incentive Fees		153,077			158,801			240,417			179,341			188,299			295,953			367,640			616,993			766,858

Investment Income - Realized Performance Allocations		502,084			453,690			621,173			652,517			531,641			1,148,978			1,184,158			2,310,463			2,259,021

GAAP	$	655,161		$	612,491		$	861,590		$	831,858		$	719,940		$	1,444,931		$	1,551,798		$	2,927,456		$	3,025,879

Total Segment

Less: Fee Related Performance Revenues		(266,738	)		(274,551	)		(168,994	)		(295,501	)		(177,067	)		(414,982	)		(472,568	)		(959,821	)		(916,113	)

Segment Adjustment (b)		-			-			617			36			16			-			52			4,068			669

Total Segment	$	388,423		$	337,940		$	693,213		$	536,393		$	542,889		$	1,029,949		$	1,079,282		$	1,971,703		$	2,110,435

Blackstone | 32

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



	QTD															YTD						LTM



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

Realized Performance Compensation

GAAP

Incentive Fee Compensation	$	64,227		$	65,432		$	88,127		$	73,707		$	77,139		$	127,508		$	150,846		$	249,124		$	304,405

Realized Performance Allocations Compensation		205,196			168,620			230,249			258,894			260,736			501,990			519,630			973,737			918,499

GAAP	$	269,423		$	234,052		$	318,376		$	332,601		$	337,875		$	629,498		$	670,476		$	1,222,861		$	1,222,904

Total Segment

Less: Fee Related Performance Compensation (e)		(87,743	)		(97,369	)		(26,827	)		(75,198	)		(82,962	)		(148,814	)		(158,160	)		(369,287	)		(282,356	)

Less: Equity-Based Compensation - Performance Compensation		(3,310	)		(2,688	)		(3,921	)		(4,379	)		(3,856	)		(6,290	)		(8,235	)		(11,177	)		(14,844	)

Total Segment	$	178,370		$	133,995		$	287,628		$	253,024		$	251,057		$	474,394		$	504,081		$	842,397		$	925,704

Realized Principal Investment Income (Loss)

GAAP	$	54,835		$	94,313		$	46,617		$	78,597		$	74,045		$	162,893		$	152,642		$	462,955		$	293,572

Segment Adjustment (f)		(62,296	)		(38,813	)		(27,415	)		(68,659	)		(57,473	)		(126,663	)		(126,132	)		(231,073	)		(192,360	)

Total Segment	$	(7,461	)	$	55,500		$	19,202		$	9,938		$	16,572		$	36,230		$	26,510		$	231,882		$	101,212

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

GAAP

Interest and Dividend Revenue		148,505			109,133			168,374			97,839			104,999			238,990			202,838			394,042			480,345

Interest Expense		(108,096	)		(110,599	)		(108,732	)		(108,203	)		(108,616	)		(212,537	)		(216,819	)		(393,373	)		(436,150	)

GAAP	$	40,409		$	(1,466	)	$	59,642		$	(10,364	)	$	(3,617	)	$	26,453		$	(13,981	)	$	669		$	44,195

Segment Adjustment (g)		5,701			5,356			5,586			563			192			10,549			755			20,238			11,697

Total Segment	$	46,110		$	3,890		$	65,228		$	(9,801	)	$	(3,425	)	$	37,002		$	(13,226	)	$	20,907		$	55,892

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

(a)

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

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

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

(d)

Represents the (1) removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment Measures, (2) removal of certain expenses reimbursed by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.

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

(f)

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

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

Blackstone | 33

NOTES

Notes to page 3 - Blackstone’s Second Quarter 2024 Segment Earnings

All prior periods have been recast to reflect the segment organizational updates. Throughout this presentation, Secondaries reflects Strategic Partners and GP Stakes unless otherwise indicated.

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 refer to the appreciation of the Strategic Partners funds and do not include results for GP Stakes. Strategic Partners results are reported on a three-month lag from fund financial statements, which generally report underlying investments on a same-quarter basis, if available. As a result, the appreciation presented herein does not include the impact of economic and market activity in the current quarter. Current market activity is expected to affect reported results in upcoming quarters.

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

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

Notes to page 17 – Deconsolidated Balance Sheet Highlights

GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing, which were $602 million, $1.1 billion, $833 million, and $124 million, respectively, as of June 30, 2024. 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 $108 million for 2Q’24 and $221 million for 2Q’24 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 Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment Measures, (b) remove certain
expenses reimbursed by the Blackstone Funds which are netted against Management and Advisory Fees, Net in Blackstone’s segment
presentation, and (c) give effect to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings
Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other
Operating Expenses in Blackstone’s segment presentation.

–

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

–

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

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

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

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

–

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

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, 2023, as such
factors may be updated from time to time in our periodic filings with the United States Securities and Exchange Commission (“SEC”), which are
accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the
other cautionary statements that are included in this report and in our other periodic filings. The forward-looking statements speak only as of the
date of this report, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new
information, future developments or otherwise.

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

Blackstone | 39

Document and Entity Information	Jul. 18, 2024
Cover [Abstract]
Amendment Flag	false
Entity Central Index Key	0001393818
Document Type	8-K
Document Period End Date	Jul. 18, 2024
Entity Registrant Name	Blackstone Inc.
Entity Incorporation State Country Code	DE
Entity File Number	001-33551
Entity Tax Identification Number	20-8875684
Entity Address, Address Line One	345 Park Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10154
City Area Code	(212)
Local Phone Number	583-5000
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock
Trading Symbol	BX
Security Exchange Name	NYSE
Entity Emerging Growth Company	false

Blackstone (NYSE:BX)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024

Haga Click aquí para más Gráficas Blackstone.

Blackstone (NYSE:BX)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024

Datos

Noticias

Herramientas

Mercados

Descubrir

Hot Features

Follow Feed

Flujo de Opciones

Monitor

BX Blackstone Inc

Noticias sobre Blackstone Inc BX

Su Consulta Reciente

Empresa

Negocios

Popular

Obtener la aplicación

Tendencias Ahora

Listas Principales

Datos

Noticias

Herramientas

Mercados

Descubrir

Hot Features

Follow Feed

Flujo de Opciones

Monitor

BX Blackstone Inc

Noticias sobre Blackstone Inc BX

Su Consulta Reciente

Empresa

Negocios

Popular

Obtener la aplicación