#1Blackstone Blackstone Reports Second Quarter 2022 Results New York, July 21, 2022: Blackstone (NYSE:BX) today reported its second quarter 2022 results. Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, "We delivered exceptional financial results for our shareholders in the second quarter despite a challenging market backdrop. Blackstone's flagship strategies again outperformed public markets and our investors entrusted us with $88 billion of inflows, which represented the second highest quarter of inflows in our 36-year history. This is a testament to our long-term performance, deep client relationships, and the unmatched scale and breadth of our global investment platform." Blackstone issued a full detailed presentation of its second quarter 2022 results, which can be viewed at www.blackstone.com. Dividend Blackstone has declared a quarterly dividend of $1.27 per share to record holders of common stock at the close of business on August 1, 2022. This dividend will be paid on August 8, 2022. Quarterly Investor Call Details Blackstone will host its second quarter 2022 investor conference via public webcast on July 21, 2022 at 9:00 a.m. ET. To register, please use the following link: https://event.webcasts.com/starthere.jsp?ei= 1557675&tp_key=dbd411b3d9. For those unable to listen to the live broadcast, there will be a webcast replay on the Shareholders section of Blackstone's website at https://ir.blackstone.com/. Blackstone 345 Park Avenue, New York, NY 10154 T 212 583 5000 www.blackstone.com#2About Blackstone Blackstone is the world's largest alternative asset manager. We seek to create positive economic impact and long- term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $941 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, Twitter, and Instagram. Forward-Looking Statements This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our current views with respect to, among other things, our operations, taxes, earnings and financial performance, share repurchases and dividends. You can identify these forward-looking statements by the use of words such as "outlook," "indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks," "approximately,” “predicts," "intends,” “plans,” “scheduled,” “estimates," "anticipates," "opportunity," "leads," "forecast" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include but are not limited to those described under the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2021, as such factors may be updated from time to time in our periodic filings with the United States Securities and Exchange Commission ("SEC"), which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other periodic filings. The forward- looking statements speak only as of the date of this report, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. 2#3This presentation does not constitute an offer of any Blackstone Fund. Investor and Media Relations Contacts Weston Tucker Blackstone Tel: +1 (212) 583-5231 [email protected] Christine Anderson Blackstone Tel: +1 (212) 583-5182 [email protected] 3#4Blackstone Blackstone's Second Quarter 2022 Earnings JULY 21, 2022#5BLACKSTONE'S SECOND QUARTER 2022 GAAP RESULTS GAAP Net Income (Loss) was $(256) million for the quarter and $2.2 billion year-to-date ("YTD"). GAAP Net Income (Loss) Attributable to Blackstone Inc. was $(29) million for the quarter and $1.2 billion YTD. ($ in thousands, except per share data) (unaudited) Revenues Management and Advisory Fees, Net 2Q'21 2Q'22 2Q'21 YTD 2Q'22 YTD 2Q'21 LTM 2Q'22 LTM S 1,212,549 $ 33,207 1,561,187 99,598 $ 2,390,364 $ 69,331 3,037,123 204,087 $ 4,578,353 180,531 $ 5,817,466 388,747 Incentive Fees Investment Income (Loss) Performance Allocations Realized Unrealized Principal Investments Realized Unrealized Total Investment Income (Loss) Interest and Dividend Revenue Other Total Revenues Expenses Compensation and Benefits Compensation Incentive Fee Compensation Performance Allocations Compensation Realized Unrealized Total Compensation and Benefits General, Administrative and Other Interest Expense Fund Expenses Total Expenses Other Income (Loss) 808,620 2,697,170 2,453,769 (3,467,668) 1,342,987 4,220,155 3,179,547 8,530,620 5,161,667 (2,174,618) 7,162,432 1,338,961 152,060 328,835 265,161 507,098 550,265 (500,490) 968,150 (426,529) 788,929 1,481,146 1,046,989 61,522 3,986,685 (1,249,228) 7,979,902 2,169,273 12,612,054 10,978,092 31,017 62,075 62,429 116,560 128,652 214,774 27,896 $ 5,291,354 $ 155,588 629,220 88,200 228,457 (247,542) 343,343 $ 10,590,226 $ 5,755,500 $ 17,252,048 $ 17,742,422 507,104 14,431 686,012 45,363 1,049,742 27,756 1,342,517 86,382 1,970,361 57,227 2,454,748 156,738 347,423 1,150,219 1,035,916 (1,386,543) 560,450 2,200,188 1,753,517 1,292,688 3,505,060 (914,259) 2,988,237 663,601 2,019,177 380,748 3,838,136 2,268,157 6,308,513 6,780,147 205,057 289,288 390,179 529,962 775,344 1,057,630 44,322 69,642 89,305 136,389 174,547 245,352 3,774 4,435 $ 2,272,330 $ 744,113 $ 6,157 4,323,777 $ 6,627 10,333 10,846 2,941,135 $ 7,268,737 $ 8,093,975 Change in Tax Receivable Agreement Liability Net Gains (Losses) from Fund Investment Activities Income (Loss) Before Provision for Taxes Provision for Taxes (392) (13) 2,518 748 (32,346) (4,529) 127,116 (104,326) 247,469 $ 3,145,748 $ (219,232) $ Net Income (Loss) Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities $ 288,250 2,857,498 $ 36,514 (255,746) $ 6,516,436 $ 287,803 6,228,633 $ 637 25,875 1,266 (53,450) 2,761,663 519,795 2,241,868 30,927 447,088 160,705 $ $ 10,398,053 $ 655,105 9,742,948 $ 9,804,623 1,416,393 8,388,230 6,263 35,401 Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities 431,516 (216,707) 818,366 (332) 1,386,182 806,608 Net Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings 1,116,193 (35,521) Net Income (Loss) Attributable to Blackstone Inc. ("BX") $ Net Income (Loss) Per Share of Common Stock, Basic Net Income (Loss) Per Share of Common Stock, Diluted Income (Loss) Before Provision for Taxes Margin $ $ 1,309,152 $ 1.82 $ 1.82 $ 59.5% (29,393) (0.04) $ (0.04) (34.8)% $ $ 2,351,977 3,057,024 $ 4.27 $ 4.27 $ 61.5% 1,023,792 1,187,481 3,749,890 3,558,367 1.61 1.61 SSS $ $ 4,600,613 $ 6.51 $ 3,987,854 5.45 $ 6.51 $ 5.45 48.0% 60.3% 55.3% Throughout this presentation, all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See pages 34-36, Definitions and Dividend Policy, for definitions of terms used throughout this presentation. See additional notes on page 32. Blackstone | 1#6BLACKSTONE'S SECOND QUARTER 2022 HIGHLIGHTS Financial Measures Capital Metrics Capital Returned to Shareholders Fee Related Earnings ("FRE”) of $1.0 billion ($0.84/share) in the quarter, up 45% year- over-year FRE was $4.8 billion over the last twelve months ("LTM") ($3.96/share) Distributable Earnings ("DE") of $2.0 billion ($1.49/share) in the quarter, up 86% year- over-year DE was $7.8 billion over the LTM ($6.03/share) Net Accrued Performance Revenues of $7.5 billion ($6.18/share), up 11% year-over- year Total Assets Under Management ("AUM") of $940.8 billion, up 38% year-over-year Fee-Earning AUM of $683.8 billion, up 37% year-over-year Perpetual Capital AUM of $355.9 billion, up 110% year-over-year Inflows of $88.3 billion in the quarter and $339.7 billion over the LTM Realizations of $29.3 billion in the quarter and $95.3 billion over the LTM Deployment of $47.8 billion in the quarter and $173.4 billion over the LTM Dividend of $1.27 per common share payable on August 8, 2022 Dividends of $5.13 per common share over the LTM Repurchased 1.9 million common shares in the quarter and 8.9 million common shares over the LTM $1.9 billion to be distributed to shareholders with respect to the second quarter through dividends and share repurchases, and $7.9 billion over the LTM Blackstone | 2#7BLACKSTONE'S SECOND QUARTER 2022 SEGMENT EARNINGS ($ in thousands, except per share data) 2Q'21 2Q'22 % Change vs. 2Q'21 % Change 2Q'21 YTD 2Q'22 YTD vs. 2Q'21 YTD Management and Advisory Fees, Net $ 1,212,742 $ 1,556,917 28% $ 2,390,947 $ 3,030,285 27% Fee Related Performance Revenues 48,889 346,593 609% 218,057 904,658 315% Fee Related Compensation (375,385) (621,413) 66% (820,495) (1,291,884) 57% Other Operating Expenses (182,178) (261,510) 44% Fee Related Earnings $ 704,068 $ 1,020,587 45% (343,602) $ 1,444,907 $ 2,167,451 (475,608) 38% 50% Realized Performance Revenues 792,938 2,206,774 178% 1,194,261 3,519,584 195% Realized Performance Compensation (338,271) (926,974) 174% (489,195) (1,446,094) 196% Realized Principal Investment Income 63,132 43,509 (31)% 361,288 200,604 (44)% Net Realizations 517,799 1,323,309 156% 1,066,354 2,274,094 113% Total Segment Distributable Earnings $ 1,221,867 $ 2,343,896 92% $ 2,511,261 $ 4,441,545 77% Net Interest and Dividend Income (Loss) Taxes and Related Payables (11,201) (140,673) (3,282) (71)% (24,129) (15,399) (36)% (354,789) 152% (224,895) (502,441) 123% Distributable Earnings $ 1,069,993 $ 1,985,825 86% $ 2,262,237 $ 3,923,705 73% Additional Metrics: FRE per Share $ 0.58 $ 0.84 45% 1.20 $ 1.79 49% DE per Common Share $ 0.82 $ 1.49 82% $ 1.78 $ 3.04 71% Total Segment Revenues $ 2,117,701 $ 4,153,793 96% $ 684,028,712 $ 940,805,741 $ 498,932,526 $ 683,825,961 Total Assets Under Management Fee-Earning Assets Under Management Fee Related Earnings per Share is based on end of period DE Shares Outstanding (see page 23, Share Summary). DE per Common Share is based on DE Attributable to Common Shareholders (see page 22, Shareholder Dividends) and end of period Participating Common Shares outstanding. YTD per Share amounts represent the sum of the last two quarters. See pages 30-31 for the Reconciliation of GAAP to Total Segment Measures. 38% 37% $ 4,164,553 $ 7,655,131 $ 684,028,712 $ 940,805,741 $ 498,932,526 $ 683,825,961 84% 38% 37% Blackstone | 3#8SUMMARY OF FINANCIALS LTM Fee Related Earnings of $3.96 per share, an increase of 70% year-over-year. LTM Total Segment Distributable Earnings were $8.9 billion, an increase of 78% year-over-year. Fee Related Earnings per Share Segment Distributable Earnings ($ in millions) $3.96 2Q'22 LTM total: $8,894 Credit & Insurance 56.0% Hedge Fund Solutions $2.33 $797 $580 54.4% 2Q'21 LTM 2Q'22 LTM $2,382 $5,135 Private Equity Real Estate FRE/Share FRE Margin 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). If quarterly crystallization of BREIT's fee related performance revenues had been in effect for all quarters included in the current and prior year LTM periods, LTM FRE would have been up 48% year-over-year and LTM Segment DE would have been up 65% year-over-year. See notes on page 32 for additional details. Blackstone | 4#9INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES Significant realized distributions and unrealized negative appreciation across strategies led to lower Net Accrued Performance Revenues quarter-over-quarter of $7.5 billion ($6.18/share). Investment Performance (appreciation / gross returns) Real Estate 2Q'22 2Q'22 LTM Opportunistic Core+ (1.0)% 35.0% 2.3% 25.5% Private Equity Corporate Private Equity (6.7)% 10.1% Tactical Opportunities (2.4)% 11.2% Secondaries 5.7% 37.8% Hedge Fund Solutions BPS Composite 0.6% 3.9% Credit & Insurance Private Credit (0.1)% 10.4% Liquid Credit (5.5)% (4.2)% Net Accrued Performance Revenues ($ in millions) $9,546 $596 $7,476 $1,474 10'22 Net Performance Revenues Net Realized Distributions 2Q'22 Investment Performance represents fund appreciation for Real Estate and Private Equity and gross returns for Hedge Fund Solutions and Credit & Insurance. Secondaries appreciation is reported on a three-month lag from the fund financial reporting. Effective 3Q'21, the Secondaries fund financial reporting process was updated to generally report underlying fund investments on a same-quarter basis, if available. Previously such fund financial reporting was generally on a three-month lag. This update has permitted Secondaries appreciation to be reported on a more current basis. Secondaries appreciation is presented above as if the updated reporting process was in place for prior periods. Secondaries appreciation for 2Q'22 is not impacted by the reporting process change. Including the "catch up" from the reporting process change to reflect the economic and market activity of five quarters in 2Q'22 LTM, Secondaries appreciation was 43.7% for 2Q'22 LTM. BPS Composite net returns were 0.4% and 3.0% for 2Q'22 and 2Q'22 LTM, respectively. BPS Composite gross and net returns were 1.8% and 1.3% for 2Q'22 YTD, respectively. Private Credit net returns were (0.6) % and 6.0% for 2Q'22 and 2Q'22 LTM, respectively. Liquid Credit net returns were (5.8) % and (4.8) % for 2Q'22 and 2Q'22 LTM, respectively. See notes on pages 32-33 for additional details on investment performance. Blackstone | 5#10CAPITAL METRICS - ADDITIONAL DETAIL ■ Inflows were $88.3 billion in the quarter, bringing LTM inflows to $339.7 billion. Realizations were $29.3 billion in the quarter and $95.3 billion over the LTM. ☐ Deployed $47.8 billion in the quarter and $173.4 billion over the LTM. Committed an additional $27.5 billion that was not yet deployed in the quarter. Inflows Realizations Capital Deployed ($ in millions) 2Q'22 2Q'22 LTM 2Q'22 2Q'22 LTM 2Q'22 2Q'22 LTM Real Estate $ 48,879 $ 123,719 $ 19,847 $ 41,615 $ 25,593 $ 67,980 Opportunistic 26,487 36,893 14,469 27,807 3,997 11,842 Core+ 19,187 54,293 4,344 10,228 20,732 52,825 BREDS 3,205 32,533 1,034 3,580 864 3,313 Private Equity 20,240 68,165 5,579 33,194 7,460 47,924 Corporate Private Equity 10,222 20,238 1,353 15,418 3,204 20,715 Tactical Opportunities 3,929 11,924 2,231 7,305 715 5,523 Secondaries 3,011 23,735 1,817 9,508 1,793 11,285 Infrastructure 3,078 12,267 177 963 1,747 10,402 Hedge Fund Solutions 2,007 13,680 478 2,046 372 3,966 Credit & Insurance 17,133 134,156 3,406 18,398 14,338 53,564 Total Blackstone $ 88,259 $ 339,720 $ 29,309 $ 95,254 $ 47,763 $ 173,433 Corporate Private Equity also includes Life Sciences and BTAS. Tactical Opportunities also includes Blackstone Growth. Blackstone | 6#11ASSETS UNDER MANAGEMENT Total AUM increased to $940.8 billion, up 38% year-over-year, with $88.3 billion of inflows in the quarter and $339.7 billion over the LTM. ■ Fee-Earning AUM of $683.8 billion was up 37% year-over-year, with $44.4 billion of inflows in the quarter and $262.4 billion over the LTM. ◉ - Perpetual Capital AUM reached $355.9 billion, up 110% year-over-year. Fee-Earning Perpetual Capital AUM reached $306.3 billion, representing 45% of Fee-Earning AUM. Total AUM ($ in billions) Fee-Earning AUM ($ in billions) $940.8 Perpetual Capital AUM ($ in billions) $683.8 $320.0 $684.0 $252.1 $498.9 $355.9 $207.5 $180.1 $166.3 $275.9 $163.5 $169.5 $223.6 $132.5 $31.7 $80.1 $72.6 $11.1 $95.4 $79.1 $72.2 $264.8 $195.5 $16.7 $133.0 $9.5 $173.7 $128.0 $47.9 2Q'21 2Q'22 2Q'21 2Q'22 2Q'21 2Q'22 Real Estate Private Equity Hedge Fund Solutions Credit & Insurance Blackstone | 7#12ADDITIONAL CAPITAL DETAIL ■ Invested Performance Eligible AUM reached $487.4 billion at quarter end, up 39% year-over-year. Undrawn capital ("Total Dry Powder") available for investment reached a record $170.1 billion. Invested Performance Eligible AUM ($ in billions) Total Dry Powder ($ in billions) 2Q'22 total: $170.1 $487.4 Credit & Insurance $213.4 $351.1 Hedge Fund Solutions $26.6 Real Estate $6.0 $59.0 $147.9 $144.1 $116.4 $48.9 $44.7 $81.0 $42.2 2Q'21 2Q'22 Private Equity $78.4 Real Estate Hedge Fund Solutions Private Equity Credit & Insurance Invested Performance Eligible AUM represents the fair value of invested assets that are eligible to earn performance revenues. Blackstone | 8#13Segment Highlights Blackstone | 9#14REAL ESTATE ◉ Total AUM: Increased 54% to $320.0 billion with inflows of $48.9 billion in the quarter and $123.7 billion over the LTM. - - Inflows during the quarter included $24.4 billion in the tenth global opportunistic fund, $9.6 billion in BPP including $7.9 billion in BPP Mileway, $6.6 billion of capital raised in BREIT, and $3.2 billion across BREDS. July 1 subscriptions of $1.4 billion in BREIT not yet included in Total AUM. Realizations: $19.8 billion in the quarter and $41.6 billion over the LTM. Completed the sale of The Cosmopolitan of Las Vegas, Real Estate's most profitable single asset sale ever, as well as the recapitalization of Mileway, the largest-ever private real estate transaction globally. Capital Deployed: $25.6 billion in the quarter and $68.0 billion over the LTM. Committed an additional $9.9 billion that was not yet deployed in the quarter; commitments included the privatizations of an industrial-focused REIT and a student housing REIT. Appreciation: Opportunistic funds declined (1.0)% in the quarter and appreciated 35.0% over the LTM; Core+ funds appreciated 2.3% in the quarter and 25.5% over the LTM. % Change % Change ($ in thousands) 2Q'21 2Q'22 vs. 2Q'21 2Q'21 YTD 2Q'22 YTD vs. 2Q'21 YTD Management Fees, Net $ 491,251 $ 658,036 34% $ 942,833 $ 1,277,747 36% Fee Related Performance Revenues 33,776 265,507 686% 189,168 757,024 300% Fee Related Compensation (121,957) (273,893) 125% (310,449) (618,735) 99% Other Operating Expenses (54,760) (88,329) 61% (99,122) (154,332) 56% Fee Related Earnings $ 348,310 $ 561,321 61% $ 722,430 $1,261,704 75% Realized Performance Revenues 351,053 1,997,720 469% 439,691 2,800,636 537% Realized Performance Compensation (154,928) (831,402) 437% (177,690) (1,121,433) 531% Realized Principal Investment Income 28,129 29,116 4% 128,949 83,091 (36)% Net Realizations 224,254 1,195,434 433% 390,950 1,762,294 351% Segment Distributable Earnings $ 572,564 $ 1,756,755 207% $ 1,113,380 $ 3,023,998 172% Segment Revenues $ 904,209 $ 2,950,379 226% Total AUM $ 207,548,236 $ 320,038,428 54% Fee-Earning AUM $ 166,263,493 $ 252,125,870 52% $ 1,700,641 $ 4,918,498 $ 207,548,236 $ 320,038,428 $166,263,493 $252,125,870 189% 54% 52% Blackstone 10#15PRIVATE EQUITY ■ ◉ Total AUM: Increased 23% to $275.9 billion with inflows of $20.2 billion in the quarter and $68.2 billion over the LTM. - Inflows in the quarter included $8.8 billion for the ninth Corporate Private Equity fund, $3.1 billion in Blackstone Infrastructure Partners, and $2.7 billion in the second Blackstone Growth fund. Realizations: $5.6 billion in the quarter and $33.2 billion over the LTM; realizations in the quarter included proceeds from Phoenix Tower International, La Trobe Financial, and Vine/Chesapeake Energy. Capital Deployed: $7.5 billion in the quarter and $47.9 billion over the LTM, including Crown Resorts, VFS Global, and Geosyntec during the quarter. Committed an additional $4.4 billion that was not yet deployed in the quarter. Appreciation: Corporate Private Equity declined (6.7)% in the quarter and appreciated 10.1% over the LTM. Tactical Opportunities declined (2.4)% in the quarter and appreciated 11.2% over the LTM; Secondaries appreciated 5.7% in the quarter and 37.8% over the LTM. - % Change % Change ($ in thousands) 2Q'21 2Q'22 vs. 2Q'21 2Q'21 YTD Management and Advisory Fees, Net $ 393,277 $ 437,853 11% $ 2Q'22 YTD 799,725 $ 844,841 vs. 2Q'21 YTD 6% Fee Related Performance Revenues Fee Related Compensation Other Operating Expenses n/a (648) n/m (136,767) (152,622) 12% (277,364) (303,672) 9% (61,041) (83,233) 36% (112,096) (150,977) 35% Fee Related Earnings Realized Performance Revenues 195,469 $ 201,998 3% $ 410,265 $ 389,544 (5)% 383,010 122,884 (68)% 638,855 573,122 (10)% Realized Performance Compensation (159,375) (57,380) (64)% (270,584) (264,083) (2)% Realized Principal Investment Income 27,796 8,904 (68)% 143,199 74,342 (48)% Net Realizations 251,431 74,408 (70)% 511,470 383,381 (25)% Segment Distributable Earnings $ 446,900 $ 276,406 (38)% $ 921,735 $ 772,925 (16)% Segment Revenues $ 804,083 $ 569,641 (29)% $ 1,581,779 $ 1,491,657 (6)% Total AUM $ 223,621,359 $275,886,414 23% $223,621,359 $ 275,886,414 23% Fee-Earning AUM $ 132,475,486 $ 163,521,507 23% $ 132,475,486 $163,521,507 23% See note on page 5 for additional details on Secondaries appreciation. Blackstone |11#16HEDGE FUND SOLUTIONS Total AUM: $80.1 billion with inflows of $2.0 billion in the quarter and $13.7 billion over the LTM. - Inflows in the quarter included $322 million for the initial close of the second Dislocation fund. July 1 subscriptions of $140 million are not yet included in Total AUM. Returns: BPS Composite gross return of 0.6% in the quarter (0.4% net), demonstrating the ability to provide downside protection in difficult global markets. - BPS capitalized on the heightened level of volatility across asset classes through macro and quantitative strategies and benefited from floating-rate, non-corporate credit exposure throughout the quarter. Gross returns of 3.9% over the LTM (3.0% net), with significantly less volatility than the broader markets, compared to (5.1)% return over the LTM for the HFRX Global Hedge Fund Index. % Change % Change ($ in thousands) 2Q'21 2Q'22 vs. 2Q'21 Management Fees, Net $ 156,599 $ 148,487 (5)% $ 2Q'21 YTD 311,420 $ 2Q'22 YTD 294,933 vs. 2Q'21 YTD (5)% Fee Related Compensation (38,638) (57,863) 50% (77,488) (105,098) 36% Other Operating Expenses (21,873) (26,066) 19% (41,045) (49,250) 20% Fee Related Earnings $ 96,088 $ 64,558 (33)% $ 192,887 $ 140,585 (27)% Realized Performance Revenues 17,056 7,197 (58)% 48,629 36,110 (26)% Realized Performance Compensation (5,626) (2,083) (63)% (12,534) (11,083) (12)% Realized Principal Investment Income 2,125 (1,530) n/m 37,675 13,371 (65)% Net Realizations 13,555 3,584 (74)% 73,770 38,398 (48)% Segment Distributable Earnings $ 109,643 $ 68,142 (38)% $ 266,657 $ 178,983 (33)% Segment Revenues $ 175,780 $ 154,154 (12)% $ 397,724 $ 344,414 (13)% Total AUM $ 79,145,263 $ 80,051,408 1% $ 79,145,263 $ 80,051,408 1% Fee-Earning AUM $ 72,240,152 $ 72,629,621 1% $ 72,240,152 $ 72,629,621 1% Blackstone 12#17CREDIT & INSURANCE Total AUM: Increased 52% to $264.8 billion with inflows of $17.1 billion in the quarter and $134.2 billion over the LTM. Inflows during the quarter included $4.2 billion of equity raised for BCRED, $3.1 billion for liquid credit strategies, and $2.1 billion for the asset-based finance platform. July 1 subscriptions of $906 million for BCRED not yet included in Total AUM. - Closed 5 new U.S. CLOS for $2.8 billion and priced 1 additional U.S. CLO for $394 million. ◉ Realizations: $3.4 billion in the quarter and $18.4 billion over the LTM. Capital Deployed: $14.3 billion in the quarter and $53.6 billion over the LTM driven by U.S. Direct Lending. Committed an additional $13.1 billion that was not yet deployed in the quarter. Returns: Private Credit gross return of (0.1)% ((0.6)% net) and Liquid Credit gross return of (5.5) % ((5.8) % net) for the quarter, driven by unrealized depreciation in publicly priced securities. ($ in thousands) Management Fees, Net $ 2Q'21 171,615 $ 2Q'22 % Change vs. 2Q'21 % Change 312,541 82% 2Q'21 YTD $ 336,969 $ 2Q'22 YTD vs. 2Q'21 YTD 612,764 82% Fee Related Performance Revenues 15,113 81,086 437% 28,889 148,282 413% Fee Related Compensation (78,023) (137,035) 76% (155,194) (264,379) 70% Other Operating Expenses (44,504) (63,882) 44% (91,339) (121,049) 33% Fee Related Earnings $ 64,201 $ 192,710 200% $ 119,325 $ 375,618 215% Realized Performance Revenues 41,819 78,973 89% 67,086 109,716 64% Realized Performance Compensation (18,342) (36,109) 97% (28,387) (49,495) 74% Realized Principal Investment Income 5,082 7,019 38% 51,465 29,800 (42)% Net Realizations 28,559 49,883 75% 90,164 90,021 (0)% Segment Distributable Earnings $ 92,760 $ 242,593 162% $ 209,489 $ 465,639 122% Segment Revenues $ 233,629 $ 479,619 105% $ 484,409 $ 900,562 86% Total AUM $ 173,713,854 $264,829,491 52% $ 173,713,854 $264,829,491 52% Fee-Earning AUM $ 127,953,395 $195,548,963 53% $ 127,953,395 $ 195,548,963 53% See note on page 33 for additional details on Private Credit return calculations. Blackstone |13#18Supplemental Details Blackstone | 14#19TOTAL SEGMENTS ($ in thousands) 2Q'21 3Q'21 4Q'21 1Q'22 2Q'22 2Q'21 YTD 2Q'22 YTD Base Management Fees $ 1,140,051 $ 1,207,866 $ 1,354,068 $ 1,439,149 $ 1,496,876 $ 2,257,341 2,936,025 Transaction, Advisory and Other Fees, Net 78,125 114,784 120,389 64,009 85,092 156,765 149,101 Management Fee Offsets (5,434) (2,575) (18,237) (29,790) (25,051) (23,159) (54,841) Total Management and Advisory Fees, Net 1,212,742 1,320,075 1,456,220 1,473,368 1,556,917 2,390,947 3,030,285 Fee Related Performance Revenues 48,889 Fee Related Compensation Other Operating Expenses Fee Related Earnings (375,385) (182,178) 73,313 (419,481) (194,942) 1,733,874 558,065 346,593 218,057 904,658 (1,108,034) (670,471) (621,413) (820,495) (1,291,884) (255,133) (214,098) (261,510) (343,602) (475,608) 704,068 $ 778,965 $ 1,826,927 $ 1,146,864 $ 1,020,587 $ 1,444,907 $ 2,167,451 Realized Performance Revenues 792,938 1,497,477 1,191,374 1,312,810 2,206,774 1,194,261 3,519,584 Realized Performance Compensation (338,271) (619,074) (449,301) (519,120) (926,974) (489,195) (1,446,094) Realized Principal Investment Income 63,132 151,010 75,468 157,095 43,509 361,288 200,604 Total Net Realizations 517,799 1,029,413 817,541 950,785 1,323,309 1,066,354 2,274,094 Total Segment Distributable Earnings $ 1,221,867 $ 1,808,378 $ 2,644,468 $ 2,097,649 $ 2,343,896 $ 2,511,261 $ 4,441,545 Net Interest and Dividend Income (Loss) Taxes and Related Payables Distributable Earnings (11,201) (140,673) (16,238) (156,867) 6,779 (377,920) (12,117) (147,652) (3,282) (354,789) (24,129) (224,895) (15,399) (502,441) 1,069,993 $ 1,635,273 $ 2,273,327 $ 1,937,880 $ 1,985,825 $ 2,262,237 $ 3,923,705 Additional Metrics: Total Segment Revenues Total Assets Under Management Fee-Earning Assets Under Management $ 2,117,701 $ 3,041,875 $ 4,456,936 $ 3,501,338 $ 4,153,793 $ 4,164,553 $ 7,655,131 $ 684,028,712 $ 730,662,712 $ 880,901,720 $ 915,491,742 $ 940,805,741 $ 684,028,712 $ 940,805,741 $ 498,932,526 $ 528,412,550 $649,969,058 $ 677,943,302 $ 683,825,961 $ 498,932,526 $ 683,825,961 Blackstone | 15#20ASSETS UNDER MANAGEMENT - ROLLFORWARD Total AUM Rollforward ($ in millions) Three Months Ended June 30, 2022 Twelve Months Ended June 30, 2022 Real Estate Private Equity Hedge Fund Solutions Credit & Insurance Total Real Estate Private Equity Hedge Fund Solutions Credit & Insurance Total Beginning Balance $ 298,197 $ 267,956 $ 82,897 $ 266,442 $ 915,492 $ 207,548 $ 223,621 $ 79,145 $ 173,714 $ 684,029 Inflows 48,879 20,240 2,007 17,133 88,259 123,719 68,165 13,680 134,156 339,720 Outflows (3,841) (557) (3,261) (6,696) (14,356) (8,895) (3,118) (11,670) (15,120) (38,802) Net Flows 45,037 19,683 (1,254) 10,437 73,903 114,824 65,048 2,010 119,036 300,917 Realizations (19,847) (5,579) (478) (3,406) (29,309) (41,615) (33,194) (2,046) (18,398) (95,254) Market Activity (3,349) (6,174) (1,113) (8,643) (19,279) 39,281 20,412 942 (9,522) 51,113 Ending Balance $ 320,038 $ 275,886 $ 80,051 $ 264,829 $ 940,806 $ 320,038 $ 275,886 $ 80,051 $ 264,829 $ 940,806 % Change 7% 3% (3)% (1)% 3% 54% 23% 1% 52% 38% Fee-Earning AUM Rollforward ($ in millions) Three Months Ended June 30, 2022 Twelve Months Ended June 30, 2022 Real Estate Beginning Balance $ 240,621 Private Equity $ 160,946 Hedge Fund Solutions Credit & Insurance Total Real Estate $ 75,686 $ 200,690 $ 677,943 $ 166,263 Private Equity $ 132,475 Hedge Fund Solutions Credit & Insurance Total $ 72,240 $ 127,953 $ 498,933 Inflows 24,716 6,031 1,610 12,077 44,433 102,163 42,219 12,635 105,417 262,434 Outflows Net Flows Realizations Market Activity (3,525) (44) (3,205) (6,719) (13,492) (9,482) (3,545) (10,868) (14,121) (38,016) 21,191 5,987 (1,595) 5,358 30,941 92,681 38,674 1,767 91,296 224,418 (8,913) Ending Balance % Change (774) 252,126 (2,964) (447) (461) (1,000) (1,764) (8,734) (14,102) (10,955) (23,490) 16,671 (12,465) 4,837 (1,910) (10,759) (48,624) 532 $ 163,522 5% 2% (4)% $ 72,630 $ 195,549 (3)% $ 683,826 $ 252,126 $ 163,522 72,630 (12,941) $ 195,549 9,099 $ 683,826 1% 52% 23% 1% 53% 37% 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#21DECONSOLIDATED BALANCE SHEET HIGHLIGHTS At June 30, 2022, Blackstone had $10.0 billion in total cash, cash equivalents, corporate treasury, and other investments and $19.8 billion of cash and net investments, or $16.38 per share. Blackstone has a $4.1 billion undrawn credit revolver and maintains A+/A+ ratings. On June 1, 2022, Blackstone issued €500 million of 12-year notes at a 3.5% coupon. Cash and Net Investments (per share) 2Q'22 ($ in millions) Cash and Cash Equivalents $ 4,183 Corporate Treasury and Other Investments GP/Fund Investments Net Accrued Performance Revenues 5,864 $12.00 2,277 7,476 Cash and Net Investments $ 19,801 Outstanding Debt (at par) A+ / A+ rated by S&P and Fitch $16.38 9,497 2Q'21 2Q'22 $4.1B credit revolver with June 2027 maturity $10.0B total cash, corporate treasury and other Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $3.7 billion as of June 30, 2022, which was comprised of $1.3 billion of liquid investments and $2.4 billion of illiquid investments. See notes on pages 29 and 33 for additional details on non-GAAP balance sheet measures. Blackstone | 17#22NET ACCRUED PERFORMANCE REVENUES - ADDITIONAL DETAIL ($ in millions, except per share data) Real Estate BREP IV BREP V BREP VI BREP VII 2Q'21 1Q'22 2Q'22 2Q'22 Per Share 2Q'22 QoQ Rollforward $ 19 $ 26 42 38 300 527 6 - 07 $ 7 $ 0.01 ($ in millions) 3 0.00 Net Net 32 0.03 Performance Realized 164 0.14 1Q'22 Revenues Distributions 2Q'22 BREP VIII 626 990 841 0.70 BREP IX 359 1,139 1,015 0.84 Real Estate $ 4,817 $ (6) $ (1,320) $3,491 BREP Europe IV 89 93 83 0.07 BREP Europe V 312 548 120 0.10 Private Equity 4,070 (595) (66) 3,408 BREP Europe VI 60 301 80 0.07 BREP Asia I 107 126 114 0.09 HFS 342 (37) 1 305 BREP Asia II BPP 98 189 153 0.13 Credit & 265 734 755 0.62 318 43 (89) 271 Insurance BREIT BEPIF BREDS 247 6 Total $ 9,546 $ (596) $ (1,474) $7,476 32 37 15 0.01 BTAS Real Estate Private Equity 6 83 111 0.09 QoQ Change (22)% $ 2,591 $ 4,817 $ 3,491 $ 2.89 BCP IV 9 8 8 $ 0.01 2Q'22 LTM Rollforward BCP V 39 3 0.00 BCP VI 740 475 407 0.34 ($ in millions) BCP VII 1,351 1,257 975 0.81 BCP VIII 89 315 235 0.19 BCP Asia I 213 330 195 0.16 2Q'21 Net Performance Realized Revenues Distributions Net 2Q'22 BEP I 28 27 27 0.02 BEP III 47 93 76 0.06 Real Estate $ 2,591 $ 4,325 $ (3,425) $ 3,491 BCEP 170 222 224 0.19 Tactical Opportunities 374 378 311 0.26 Private Equity 3,637 1,150 (1,379) 3,408 Growth 59 12 Secondaries 262 570 629 0.52 HFS 300 217 (212) 305 Infrastructure 81 106 67 0.06 Credit & Life Sciences BTAS/Other Private Equity 23 22 24 0.02 233 310 Insurance 151 255 228 0.19 $ 3,637 $ Hedge Fund Solutions Credit & Insurance Net Accrued Performance Revenues $ $ $ 300 $ $ 233 6,761 $ 4,070 $ 342 $ 318 $ 9,546 $ 3,408 $ 2.82 Total $ 6,761 $ 6,003 $ (272) (5,288) $7,476 271 305 $ 271 $ 7,476 $ 0.25 0.22 6.18 YoY Change 11% Net Accrued Performance Revenues ("NAPR") are presented net of performance compensation and excludes Performance Revenues realized but not yet distributed as of the reporting date and clawback amounts, if any, which are disclosed in the 10-K/Q. Real Estate and Private Equity include co-investments, as applicable. Per Share calculations are based on end of period DE Shares Outstanding (see page 23, Share Summary). Blackstone | 18#23INVESTMENT RECORDS AS OF JUNE 30, 2022 (a) ($/€ in thousands, except where noted) Fund (Investment Period Beginning Date / Ending Date) Real Estate Pre-BREP Committed Capital Available Capital (b) Unrealized Investments Realized Investments Total Investments Net IRRS (d) Value MOIC (c) Value MOIC (c) Value MOIC (c) Realized Total $ 140,714 $ S n/a $ BREPI (Sep 1994 / Oct 1996) BREP II (Oct 1996 / Mar 1999) BREP III (Apr 1999 / Apr 2003) BREP IV (Apr 2003 / Dec 2005) BREP V (Dec 2005 / Feb 2007) BREP VI (Feb 2007 / Aug 2011) BREP VII (Aug 2011 BREP VIII (Apr 2015 *BREP IX (Jun 2019 BREP X (TBD) Total Global BREP BREP Int'l (Jan 2001 BREP Int'l II (Sep 2005 BREP Europe III (Jun 2008 BREP Europe IV (Sep 2013 BREP Europe V (Dec 2016 *BREP Europe VI (Oct 2019 Total BREP Europe BREP Asia I (Jun 2013 BREP Asia II (Dec 2017 380,708 n/a 345,190 1,327,708 2.5x 2.8x $ 345,190 2.5x 33% 33% 1,327,708 2.8x 40% 40% 1,198,339 n/a 2,531,614 2.1x 2,531,614 2.1x 19% 19% 1,522,708 n/a 3,330,406 2.4x 3,330,406 2.4x 21% 21% 2,198,694 23,471 n/a 4,640,501 1.7x 4,663,972 1.7x 12% 12% 5,539,418 7,046 n/a 13,450,289 2.3x 13,457,335 2.3x 11% 11% 11,060,444 550,447 347,417 2.0x 27,454,501 Apr 2015) 13,501,376 1,513,399 3,574,239 0.9x 27,931,757 2.5x 2.4x 27,801,918 2.5x 13% 13% 31,505,996 2.0x 22% 15% Jun 2019) 16,592,792 2,302,626 15,233,276 1.7x Dec 2024) 21,492,844 7,400,820 23,129,782 1.7x 21,102,039 7,308,322 2.6x 36,335,315 2.1x 28% 18% 2.2x 30,438,104 1.8x 66% 40% 24,416,257 $ 98,044,294 $ Sep 2005) € 824,172 € 24,416,257 36,183,549 $ € n/a n/a n/a n/a n/a 42,315,231 1.6x $ 109,422,327 2.4x $ 151,737,558 2.1x 18% 17% n/a € 1,373,170 2.1x € 1,373,170 2.1x 23% 23% Jun 2008) (e) Sep 2013) Dec 2016) Oct 2019) 1,629,748 n/a 2,583,032 1.8x 2,583,032 1.8x 8% 8% 3,205,318 428,342 261,685 0.5x 5,792,216 2.4x 6,053,901 2.0x 19% 14% 6,673,049 1,419,267 1,824,144 1.3x 9,725,105 2.0x 11,549,249 1.8x 20% 13% 7,965,079 1,381,611 5,884,481 1.1x 6,462,442 4.1x 12,346,923 1.8x 43% 14% Apr 2025) 9,907,845 6,534,038 4,463,598 1.3x 3,264,144 2.6x 7,727,742 1.6x 75% 28% € 30,205,211 € 9,763,258 € 12,433,908 1.2x € Dec 2017) $ 4,261,983 $ 917,133 $ 2,326,971 1.5x $ Mar 2022) 7,360,069 1,643,769 7,394,631 1.3x 29,200,109 6,243,752 735,246 2.4x € 41,634,017 1.8x 17% 13% 2.1x $ 8,570,723 1.9x 20% 13% 1.8x 8,129,877 1.3x 48% 10% *BREP Asia III (Mar 2022 Sep 2027) 7,939,534 7,171,611 764,873 1.0x n/a 764,873 1.0x n/a n/m BREP Co-Investment (f) Total BREP *BREDS High-Yield (Various) (g) Private Equity Corporate Private Equity BCPI (Oct 1987 / Oct 1993) 7,208,976 160,791,446 $ 20,003,798 38,835 56,190,696 5,631,946 956,619 2.3x $ 68,077,191 1.4x $ 5,272,920 1.0x 15,039,293 167,160,041 16,158,336 2.2x 15,995,912 2.2x 16% 16% 2.4x 1.3x $ 235,237,232 2.0x 17% 16% 21,431,256 1.2x 10% 10% BCP II (Oct 1993 / Aug 1997) BCP III (Aug 1997 / Nov 2002) BCOM (Jun 2000 Jun 2006) BCP IV (Nov 2002 Dec 2005) BCP V (Dec 2005 / Jan 2011) BCP VI (Jan 2011 May 2016) BCP VII (May 2016 / Feb 2020) *BCP VIII (Feb 2020 Feb 2026) BCP IX (TBD) Energy (Aug 2011 Feb 2015) Energy II (Feb 2015 Feb 2020) *Energy III (Feb 2020 / Feb 2026) BCP Asia (Dec 2017 Sep 2021) *BCP Asia II (Sep 2021 Sep 2027) Core Private Equity I (Jan 2017 Mar 2021) (h) *Core Private Equity II (Mar 2021 Mar 2026) (h) Total Corporate Private Equity $ 859,081 $ $ n/a $ 1,361,100 n/a 1,741,738 3,256,819 3,967,422 n/a 9,184,688 2.6x $ 2.5x 2.3x 1,741,738 2.6x 19% 19% 3,256,819 2.5x 32% 32% 9,184,688 2.3x 14% 14% 2,137,330 24,575 15,234 n/a 2,953,649 1.4x 2,968,883 1.4x 6% 6% 6,773,182 167,384 128,418 1.3x 21,479,599 2.9x 21,608,017 2.8x 36% 36% 21,009,112 1,035,259 112,877 7.6x 38,427,169 1.9x 38,540,046 1.9x 8% 8% 15,195,678 1,371,459 6,778,103 1.7x 24,354,324 2.2x 31,132,427 2.1x 17% 12% 18,856,429 1,934,706 22,565,824 1.7x 10,172,064 2.4x 32,737,888 1.8x 36% 16% 25,425,302 16,245,056 12,531,080 1.4x 517,592 2.9x 13,048,672 1.4x 123% 25% 8,774,458 8,774,458 n/a n/a n/a n/a n/a 2,441,558 174,492 616,487 1.6x 3,988,731 2.0x 4,605,218 1.9x 13% 12% 4,935,906 1,033,151 4,836,068 1.7x 2,015,804 1.2x 6,851,872 1.5x 2% 8% 4,322,015 2,664,851 2,369,680 1.6x 342,423 2.9x 2,712,103 1.7x 113% 41% 2,452,948 869,236 3,387,455 2.2x 1,024,467 4.9x 4,411,922 2.5x 109% 41% 6,554,765 6,499,684 (37,515) n/a n/a (37,515) n/a n/a n/a 4,764,447 1,149,384 $ 8,190,362 138,021,095 $ 6,738,547 48,682,242 $ 8,047,555 1,530,541 62,881,807 2.1x 2,031,090 3.7x 10,078,645 2.3x 52% 25% 1.1x 1.6x $ n/a 1,530,541 1.1x n/a n/m 121,490,157 2.2x $ 184,371,964 2.0x 16% 15% Notes on page 21. 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#24INVESTMENT RECORDS AS OF JUNE 30, 2022 (a) - (CONT'D) ($/€ in thousands, except where noted) Fund (Investment Period Beginning Date / Ending Date) Private Equity (continued) Tactical Opportunities Committed Capital Available Capital (b) Unrealized Investments Value MOIC (c) Realized Investments Value MOIC (c) Total Investments Value MOIC (c) Net IRRs (d) Realized Total *Tactical Opportunities (Various) $ *Tactical Opportunities Co-Investment and Other (Various) Total Tactical Opportunities $ 22,502,048 $ 15,074,572 37,576,620 $ 6,729,103 6,426,962 13,156,065 $ $ 13,244,038 4,901,464 18,145,502 1.3x $ 1.9x 1.4x $ 19,204,237 7,985,975 27,190,212 1.9x $ 1.6x 1.8x $ 32,448,275 1.6x 17% 12% 12,887,439 1.7x 18% 19% 45,335,714 1.6x 18% 14% Growth *BXGI (Jul 2020 / Jul 2025) 5,046,626 1,560,759 3,404,666 BXG II (TBD) 2,724,745 2,724,745 Total Growth $ 7,771,371 $ 4,285,504 $ 3,404,666 1.0x n/a 1.0x $ 349,310 3.2x 3,753,976 1.1x n/m 2% 349,310 n/a 3.2x n/a n/a n/a $ 3,753,976 1.1x n/m 2% Strategic Partners (Secondaries) Strategic Partners I-V (Various) (i) Strategic Partners VI (Apr 2014 / Apr 2016) (i) Strategic Partners VII (May 2016 / Mar 2019) (i) Strategic Partners Real Assets II (May 2017 Jun 2020) (i) Strategic Partners VIII (Mar 2019 / Oct 2021) (i) *Strategic Partners Real Estate, SMA and Other (Various) (i) *Strategic Partners Infra III (Jun 2020 / Jul 2024) (i) 11,447,898 841,025 462,891 n/a 4,362,750 1,481,621 1,187,348 n/a 16,884,082 3,983,862 n/a 17,346,973 1.7x n/a 13% n/a 5,171,210 1.7x n/a 15% 7,489,970 1,864,053 5,287,041 n/a 5,467,940 n/a 10,754,981 2.1x n/a 22% 1,749,807 521,624 1,114,775 n/a 968,153 n/a 2,082,928 1.5x n/a 17% 10,763,600 5,136,286 9,537,790 n/a 4,601,030 n/a 14,138,820 1.9x n/a 50% 8,651,148 2,985,524 3,414,860 n/a 3,000,632 n/a 6,415,492 1.6x n/a 19% *Strategic Partners IX (Oct 2021 / Jul 2026) (i) Total Strategic Partners (Secondaries) Life Sciences Clarus IV (Jan 2018 Jan 2020) *BXLS V (Jan 2020 / Jan 2025) Credit Mezzanine / Opportunistic I (Jul 2007 / Oct 2011) Mezzanine / Opportunistic II (Nov 2011 Nov 2016) Mezzanine / Opportunistic III (Sep 2016 / Jan 2021) *Mezzanine / Opportunistic IV (Jan 2021 Jan 2026) Stressed Distressed I (Sep 2009 May 2013) $ 3,250,100 14,865,033 62,580,306 2,053,491 715,816 n/a 124,956 n/a 840,772 1.7x n/a 80% $ 10,241,936 25,125,560 3,075,626 n/a 44,826 n/a 3,120,452 1.5x n/a n/m $ 24,796,147 n/a $ 35,075,481 n/a $ 59,871,628 1.8x n/a 16% 910,000 4,839,395 18,801 2,112,416 841,386 1,130,149 1.6x 1.3x 239,712 71,549 1.9x 1,081,098 1.6x 23% 15% 1.3x 1,201,698 1.3x n/a 1% Stressed / Distressed II (Jun 2013 / Jun 2018) *Stressed / Distressed III (Dec 2017 Dec 2022) Energy I (Nov 2015 / Nov 2018) *Energy II (Feb 2019 Feb 2024) European Senior Debt I (Feb 2015 / Feb 2019) *European Senior Debt II (Jun 2019 / Jun 2024) $ 2,000,000 $ 97,114 $ 19,012 1.5x $ 4,120,000 998,263 283,280 0.3x 4,786,397 6,493,270 1.6x $ 4,805,409 1.6x n/a 17% 1.6x 6,776,550 1.4x n/a 10% 6,639,133 913,019 4,109,350 1.1x 5,170,802 1.6x 9,280,152 1.3x n/a 10% 5,016,771 3,617,845 1,470,872 1.0x 43,818 n/m 1,514,690 1.1x n/a 11% 3,253,143 5,125,000 76,000 547,430 n/a 5,777,098 1.3x 5,777,098 1.3x n/a 9% 316,235 0.4x 5,238,819 1.2x 5,555,054 1.1x n/a 0% 7,356,380 2,882,714 2,508,295 1.0x 2,856,867 1,057,173 749,525 0.9x 2,457,462 2,576,126 1.4x 4,965,757 1.1x n/a 8% 1.7x 3,325,651 1.4x n/a 9% 3,616,081 2,191,422 1,615,733 1.1x 983,485 1.4x 2,599,218 1.2x n/a 23% € 1,964,689 € 331,263 € € 4,088,344 € $ 46,889,033 $ 1,682,646 € 14,486,437 $ 1,011,622 3,801,389 16,104,065 0.9x € 1.0x € 0.9x $ 2,271,934 1,253,154 37,558,519 1.4x € 3,283,556 1.2x n/a 5% 1.5x € 1.5x $ 5,054,543 1.1x n/a 15% 53,662,584 1.3x n/a 10% Total Credit Drawdown Funds (j) Selected Perpetual Capital Strategies (k) ($ in thousands, except where noted) Strategy (Inception Year) Real Estate BPP - Blackstone Property Partners (2013) (m) BREIT Blackstone Real Estate Income Trust (2017) (n) BXMT Blackstone Mortgage Trust (2013) (0) Private Equity BIP Blackstone Infrastructure Partners (2019) (p) Hedge Fund Solutions BSCH Blackstone Strategic Capital Holdings (2014) (q) Credit BXSL Blackstone Secured Lending Fund (2018) (r) BCRED Blackstone Private Credit Fund (2021) (s) Notes on page 21. BXLS - Blackstone Life Sciences. * Represents funds that are currently in their investment period. Investment Strategy Total AUM Total Net Return (1) Core+ Real Estate Core+ Real Estate Real Estate Debt S 73,817,041 12% 68,281,628 13% 7,277,274 9% Infrastructure 24,538,314 17% GP Stakes 10,245,103 16% U.S. Direct Lending 10,691,421 10% U.S. Direct Lending 53,085,115 8% Blackstone | 20#25INVESTMENT RECORDS AS OF JUNE 30, 2022 - NOTES The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m Not meaningful generally due to the limited time since initial investment. n/a Not applicable. (a) Excludes investment vehicles where Blackstone does not earn fees. (b) Available Capital represents total investable capital commitments, including side-by-side, adjusted for certain expenses and expired or recallable capital and may include leverage, less invested capital. This amount is not reduced by outstanding commitments to investments. (c) Multiple of Invested Capital ("MOIC") represents carrying value, before management fees, expenses and Performance Revenues, divided by invested capital. 96 (d) Unless otherwise indicated, Net Internal Rate of Return ("IRR") represents the annualized inception to June 30, 2022 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) (f) 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. 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) 2350 (i) 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. Realizations are treated as return of capital until fully recovered and therefore unrealized and realized MOICs are not applicable. Returns are calculated from results that are reported on a three-month lag from Strategic Partners' fund financial statements and therefore do not include the impact of economic and market activities in the current quarter. (j) Funds presented represent the flagship credit drawdown funds only. The Total Credit Net IRR is the combined IRR of the credit drawdown funds presented. 32 (k) (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) most perpetual capital assets managed for insurance clients, and (3) investment vehicles where Blackstone does not earn fees. Unless otherwise indicated, Total Net Return represents the annualized inception to June 30, 2022 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRS are calculated using actual timing of investor cash flows. Initial inception date of cash flows occurred during the Inception Year. (m) BPP includes certain vehicles managed as part of the BPP Platform but not classified as Perpetual Capital. As of June 30, 2022, these vehicles represented $3.2 billion of Total AUM. (n) (0) (p) (q) (r) (s) 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. These returns are not representative of the returns experienced by any particular investor or share class. Total Net Returns are presented on an annualized basis and are from January 1, 2017. The BXMT return reflects annualized market return of a shareholder invested in BXMT since inception through June 30, 2022, assuming reinvestment of all dividends received during the period. Return incorporates the closing NYSE stock price as of June 30, 2022. Total Net Return is from May 22, 2013. Including co-investment vehicles that do not pay fees, BIP Total AUM is $29.7 billion. BSCH represents the aggregate Total AUM and Total Net Return of BSCH I and BSCH II funds that invest as part of the GP Stakes strategy, which targets minority investments in the general partners of private equity and other private-market alternative asset management firms globally. Including co-investment vehicles that do not pay fees, BSCH Total AUM is $11.1 billion. The BXSL Total AUM and Total Net Return are presented as of March 31, 2022. BXSL Total Net Return reflects the change in NAV per share, plus distributions per share (assuming dividends and distributions are reinvested in accordance with BXSL's dividend reinvestment plan) divided by the beginning NAV per share. Total Net Returns are presented on an annualized basis and are from November 20, 2018. 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. These returns are not representative of the returns experienced by any particular investor or share class. Total Net Returns are presented on an annualized basis and are 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, 2022 was $21.0 billion. Blackstone | 21#26SHAREHOLDER DIVIDENDS Generated $1.49 of Distributable Earnings per common share during the quarter, bringing the YTD amount to $3.04 per common share. Blackstone declared a quarterly dividend of $1.27 per common share to record holders as of August 1, 2022; payable on August 8, 2022. 2Q'21 120,336 1,190,329 ($ in thousands, except per share data) Distributable Earnings Add: Other Payables Attributable to Common Shareholders DE before Certain Payables $ 1,069,993 $ 1,635,273 $ 2,273,327 $ 1,937,880 $1,985,825 3Q'21 4Q'21 1Q'22 2Q'22 % Change vs. 2Q'21 % Change 2Q'21 YTD 86% 2Q'22 YTD $ 2,262,237 $ 3,923,705 vs. 2Q'21 YTD 73% 133,841 352,514 115,166 298,570 148% 181,585 413,736 128% 1,769,114 2,625,841 2,053,046 2,284,395 92% 2,443,822 4,337,441 77% Percent to Common Shareholders 60% 60% 61% 61% 61% 59% 61% DE before Certain Payables Attributable to Common Shareholders 710,081 1,059,142 1,601,199 1,254,703 1,402,640 98% 1,451,743 2,657,343 83% Less: Other Payables Attributable to (120,336) (133,841) (352,514) (115,166) (298,570) 148% (181,585) (413,736) 128% Common Shareholders DE Attributable to Common Shareholders 589,745 925,301 1,248,685 1,139,537 1,104,070 87% 1,270,158 2,243,607 77% DE per Common Share 0.82 $ 1.28 $ 1.71 $ 1.55 $ 1.49 82% $ 1.78 $ 3.04 71% Less: Retained Capital per Common Share $ (0.12) $ (0.19) $ (0.26) $ (0.23) $ (0.22) 83% $ (0.26) $ (0.45) 73% Actual Dividend per Common Share $ 0.70 $ 1.09 $ 1.45 $ 1.32 $ 1.27 81% $ 1.52 $ 2.59 70% Record Date Aug 1, 2022 Payable Date Aug 8, 2022 A detailed description of Blackstone's dividend policy and the definition of Distributable Earnings can be found on pages 34-36, Definitions and Dividend Policy. See additional notes on page 33. Blackstone | 22#27SHARE SUMMARY - Distributable Earnings Shares Outstanding as of quarter end of 1.209 billion shares. Repurchased 1.9 million common shares in the quarter and 8.9 million common shares over the LTM. Available authorization remaining was $1.3 billion at June 30, 2022. 2Q'21 3Q'21 4Q'21 1Q'22 2Q'22 Participating Common Shares 720,474,539 Participating Partnership Units 487,276,882 721,369,398 483,553,949 732,037,197 734,543,862 742,187,838 468,446,388 467,375,889 466,568,377 Distributable Earnings Shares Outstanding 1,207,751,421 1,204,923,347 1,200,483,585 1,201,919,751 1,208,756,215 Participating Common Shares and Participating Partnership Units include both issued and outstanding shares and unvested shares that participate in dividends. Blackstone | 23#28Reconciliations and Disclosures Blackstone | 24#29RECONCILIATION OF GAAP TO NON-GAAP MEASURES QTD YTD LTM ($ in thousands) 2Q'21 Net Income (Loss) Attributable to Blackstone Inc. Net Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities 1,116,193 1,315,641 3Q'21 4Q'21 1Q'22 2Q'22 2Q'21 $1,309,152 $1,401,895 $1,398,478 $1,216,874 $ (29,393) $3,057,024 $1,187,481 1,218,934 1,059,313 (35,521) 2,351,977 1,023,792 20'22 2Q'21 2Q'22 $ 4,600,613 $ 3,987,854 3,749,890 3,558,367 431,516 486,907 320,033 216,375 (216,707) 818,366 (332) 1,386,182 806,608 637 1,550 2,924 5,052 25,875 1,266 30,927 6,263 35,401 Net Income (Loss) $2,857,498 Provision for Taxes 288,250 $3,205,993 458,904 $2,940,369 437,694 Income (Loss) Before Provision for Taxes $2,497,614 $ (255,746) 483,281 36,514 $3,145,748 $3,664,897 $3,378,063 $2,980,895 $ (219,232) $6,228,633 287,803 $6,516,436 $2,241,868 519,795 $2,761,663 655,105 $ 9,742,948 $ 8,388,230 $10,398,053 $ 9,804,623 1,416,393 Transaction-Related Charges (a) 35,533 59,193 21,424 25,333 25,141 63,421 Amortization of Intangibles (b) 17,044 Impact of Consolidation (c) (432,153) Unrealized Performance Revenues (d) (2,697,170) 17,044 (488,457) (2,724,366) 17,044 (322,957) (221,427) (789,213) (1,293,050) 17,044 17,044 34,168 50,474 34,088 180,996 67,186 131,091 68,176 190,832 (819,632) (30,595) (1,392,445) 3,467,668 (5,161,667) 2,174,618 (7,162,432) (842,009) (1,338,961) Unrealized Performance Allocations Compensation (e) 1,150,219 1,193,853 384,007 472,284 (1,386,543) 2,200,188 (914,259) 2,988,237 663,601 Unrealized Principal Investment (Income) Loss (f) (104,658) 2,343 (153,518) (26,758) 203,288 (528,592) 176,530 (820,144) 25,355 $1,221,867 Other Revenues (g) Equity-Based Compensation (h) Administrative Fee Adjustment (i) Taxes and Related Payables (j) Distributable Earnings Taxes and Related Payables (j) Net Interest and Dividend (Income) Loss (k) Total Segment Distributable Earnings Realized Performance Revenues (l) Realized Performance Compensation (m) Realized Principal Investment Income (n) Fee Related Earnings Adjusted EBITDA Reconciliation Distributable Earnings 2,488 2,441 (156,867) (377,920) (147,652) $1,069,993 $1,635,273 $2,273,327 $1,937,880 $ 704,068 $ 778,965 $1,826,927 $1,146,864 $1,020,587 (27,870) (64,109) (50,633) (72,819) (155,704) (88,143) (228,523) 248,095 (343,265) 121,422 129,254 164,589 201,545 195,644 265,694 397,189 422,648 691,032 2,551 (140,673) 140,673 11,201 156,867 377,920 (792,938) 338,271 619,074 (63,132) (151,010) 2,476 (354,789) $1,985,825 147,652 354,789 16,238 (6,779) 12,117 3,282 $1,808,378 $2,644,468 $2,097,649 $2,343,896 (1,497,477) (1,191,374) (1,312,810) (2,206,774) 449,301 519,120 (75,468) (157,095) 2,485 5,259 (224,895) (502,441) $2,262,237 $3,923,705 224,895 502,441 24,129 15,399 $2,511,261 $4,441,545 (1,194,261) (3,519,584) 4,961 10,524 9,890 (441,979) (1,037,228) $ 4,498,739 $ 7,832,305 441,979 42,464 1,037,228 24,858 926,974 (43,509) 489,195 1,446,094 (361,288) (200,604) $1,444,907 $2,167,451 $ 4,983,182 $ 8,894,391 (2,790,844) (6,208,435) 1,094,453 (480,993) 2,514,469 $ 2,805,798 $ 4,773,343 (427,082) Interest Expense (o) Taxes and Related Payables (j) Depreciation and Amortization (p) Adjusted EBITDA Notes on pages 26-27. $1,069,993 $1,635,273 $2,273,327 $1,937,880 $1,985,825 44,132 51,773 56,387 66,602 69,425 88,472 $2,262,237 $3,923,705 136,027 140,673 156,867 377,920 147,652 354,789 224,895 502,441 12,581 12,771 14,542 14,316 15,644 24,874 29,960 $1,267,379 $1,856,684 $2,722,176 $2,166,450 $2,425,683 $2,600,478 $4,592,133 $ 4,498,739 $ 7,832,305 173,030 441,979 44,388 244,187 1,037,228 57,273 $ 5,158,136 $ 9,170,993 Blackstone | 25#30RECONCILIATION OF GAAP TO NON-GAAP MEASURES - NOTES Note: See pages 34-36, Definitions and Dividend Policy. (a) This adjustment removes Transaction-Related Charges, which are excluded from Blackstone's segment presentation. Transaction-Related Charges arise from corporate actions including acquisitions, divestitures, and Blackstone's initial public offering. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs and any gains or losses associated with these corporate actions. (b) This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone's segment presentation. This amount includes amortization of intangibles associated with Blackstone's investment in Pátria, which was historically accounted for under the equity method. As a result of Pátria's IPO in January 2021, equity method has been discontinued and there will no longer be amortization of intangibles associated with the investment. (c) This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone's segment presentation. This adjustment includes the elimination of Blackstone's interest in these funds and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests. (d) This adjustment removes Unrealized Performance Allocations. (e) This adjustment removes Unrealized Performance Allocations Compensation. (f) This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis. The Segment Adjustment represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests. QTD 4Q'21 YTD LTM ($ in thousands) 2Q'21 3Q'21 1Q'22 2Q'22 2Q'21 GAAP Unrealized Principal Investment Income (Loss) S Segment Adjustment Unrealized Principal Investment Income (Loss) $ 328,835 $ (224,177) 104,658 $ 183,754 $ (186,097) (2,343) $ 304,297 $ (150,779) 73,961 $ (47,203) 153,518 $ 26,758 $ (500,490) $ 297,202 (203,288) $ 2Q'22 2Q'21 968,150 $ (426,529) $ 1,481,146 $ (439,558) 249,999 (661,002) 528,592 $ (176,530) $ 820,144 $ 2Q'22 61,522 (86,877) (25,355) (g) This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents (1) the add back of Other Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of certain Transaction-Related Charges. ($ in thousands) GAAP Other Revenue Segment Adjustment Other Revenues 2Q'21 3Q'21 QTD 4Q'21 27,896 $ (26) $ 27,870 $ 1Q'22 64,187 $ 50,699 $ 72,869 $ (78) (66) (50) 64,109 $ 50,633 $ 72,819 $ 155,704 2Q'22 155,588 116 YTD 2Q'21 2Q'22 88,200 $ 228,457 (57) 66 LTM 2Q'21 (247,542) $ (553) 2Q'22 343,343 (78) 343,265 $ 88,143 $ 228,523 $ (248,095) $ (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. (j) Taxes represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and adjusted to exclude the tax impact of any divestitures. Related Payables represent tax-related payables including the amount payable under the Tax Receivable Agreement. Please refer to page 34 for the full definition of Taxes and Related Payables. LTM ($ in thousands) Taxes Related Payables Taxes and Related Payables $ 2Q'21 127,809 $ 12,864 3Q'21 140,548 $ $ 140,673 $ 16,319 156,867 $ QTD 4Q'21 365,109 $ 12,811 377,920 $ YTD 1Q'22 124,645 $ 23,007 147,652 $ 2Q'22 2Q'21 2Q'22 2Q'21 2Q'22 324,954 29,835 354,789 $ 197,418 $ 27,477 224,895 $ 449,599 393,251 $ 955,256 52,842 502,441 $ 48,728 81,972 441,979 $ 1,037,228 Blackstone | 26#31RECONCILIATION OF GAAP TO NON-GAAP MEASURES - NOTES (CONT'D) (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. ($ in thousands) GAAP Interest and Dividend Revenue Segment Adjustment Interest and Dividend Revenue GAAP Interest Expense Segment Adjustment Interest Expense Net Interest and Dividend Income (Loss) 2Q'21 3Q'21 QTD 4Q'21 YTD LTM 1Q'22 $ 31,017 $ 35,048 $ 63,166 $ 1,914 $ 32,931 $ 487 35,535 $ 63,166 $ 54,485 $ 2Q'22 54,485 $ 62,075 $ 4,068 66,143 $ 2Q'21 2Q'22 62,429 $ 116,560 $ 1,914 64,343 $ 4,068 120,628 $ 2Q'21 128,652 $ 1,914 130,566 $ 2Q'22 214,774 4,555 219,329 $ 44,322 $ 52,413 $ 56,550 $ 66,747 $ 69,642 $ 89,305 $ 136,389 $ 174,547 $ 245,352 (190) (640) (163) 44,132 $ 51,773 $ 56,387 $ (145) 66,602 $ (217) 69,425 (833) 88,472 $ (362) 136,027 (1,517) (1,165) 173,030 $ 244,187 $ (11,201) $ (16,238) $ 6,779 $ (12,117) $ (3,282) $ (24,129) $ (15,399) $ (42,464) $ (24,858) (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 GAAP Shares of Common Stock Outstanding Unvested Participating Common Shares Total Participating Common Shares Participating Partnership Units Distributable Earnings Shares Outstanding 2Q'22 706,476,877 2Q'21 691,093,463 3Q'21 693,612,698 29,381,076 720,474,539 27,756,700 721,369,398 487,276,882 483,553,949 QTD 4Q'21 704,339,774 27,697,423 732,037,197 468,446,388 1,207,751,421 1,204,923,347 1,200,483,585 1Q'22 707,180,830 27,363,032 734,543,862 467,375,889 1,201,919,751 35,710,961 742,187,838 466,568,377 1,208,756,215 Disclosure of Weighted-Average Shares Common Stock Outstanding 2Q'21 3Q'21 QTD 4Q'21 YTD LTM Total GAAP Weighted-Average Shares of Common Stock Outstanding Basic 721,141,954 722,229,117 726,445,206 1Q'22 734,327,015 2Q'22 707,382,293 2Q'21 2Q'22 2Q'21 2Q'22 715,121,029 738,752,489 706,212,361 731,485,547 Weighted-Average Shares of Unvested Deferred Restricted Common Stock 123,226 203,982 226,315 639,900 501,179 388,373 445,500 376,701 Total GAAP Weighted-Average Shares of Common Stock Outstanding Diluted 721,265,180 722,433,099 726,671,521 734,966,915 707,382,293 715,622,208 739,140,862 706,657,861 731,862,248 Blackstone | 27#32BLACKSTONE'S SECOND QUARTER 2022 GAAP BALANCE SHEET RESULTS ($ in thousands) (unaudited) Assets Cash and Cash Equivalents Cash Held by Blackstone Funds and Other Investments Accounts Receivable Due from Affiliates Intangible Assets, Net Goodwill Other Assets Right-of-Use Assets Deferred Tax Assets Total Assets Liabilities and Equity Loans Payable Due to Affiliates Accrued Compensation and Benefits Securities Sold, Not Yet Purchased Repurchase Agreements Operating Lease Liabilities Accounts Payable, Accrued Expenses and Other Liabilities Total Liabilities Redeemable Non-Controlling Interests in Consolidated Entities Equity Common Stock, $0.00001 par value (706,476,877 shares issued and outstanding as of June 30, 2022) Series | Preferred Stock, $0.00001 par value (1 share issued and outstanding as of June 30, 2022) Series II Preferred Stock, $0.00001 par value (1 share issued and outstanding as of June 30, 2022) Additional Paid-in-Capital Retained Earnings Accumulated Other Comprehensive Loss Non-Controlling Interests in Consolidated Entities Non-Controlling Interests in Blackstone Holdings Total Equity Total Liabilities and Equity 2Q'21 3Q'21 4Q'21 1Q'22 2Q'22 2,467,444 109,676 $ 22,163,322 5,011,433 113,731 25,104,195 $ 2,119,738 79,994 28,665,043 $ 3,868,567 $ 4,183,380 110,648 129,276 30,068,474 27,323,758 582,542 496,265 636,616 517,465 774,137 3,159,829 3,718,119 4,656,867 4,004,359 3,891,958 321,780 303,082 284,384 265,686 246,988 1,890,202 1,890,202 1,890,202 1,890,202 1,890,202 556,714 538,567 492,936 422,786 658,298 723,539 745,886 788,991 868,437 1,322,144 $ 33,297,192 1,116,612 1,581,637 1,327,454 886,911 1,646,400 $ 39,038,092 $ 41,196,408 $ 43,344,078 $ 41,631,308 5,594,648 1,226,504 $ 7,527,576 $ 7,748,163 $ 8,937,456 $ 9,365,274 1,426,209 1,906,098 1,881,054 2,001,391 5,789,662 7,399,559 7,905,070 8,140,773 6,765,492 35,783 35,657 27,849 27,278 27,029 57,247 36,545 57,980 77,289 152,529 841,152 863,020 908,033 986,073 993,875 1,205,182 871,661 937,169 14,750,178 18,160,227 19,490,362 1,053,128 21,103,051 991,620 20,297,210 65,568 66,824 68,028 41,430 1,275,491 7 7 7 7 7 6,282,600 2,133,794 6,037,628 3,031,765 5,794,727 3,647,785 5,879,796 3,805,918 5,870,285 2,803,100 (10,245) (15,357) (19,626) (25,754) (42,225) 4,860,442 5,638,612 5,600,653 5,747,698 5,281,244 5,214,848 6,118,386 20,811,041 6,614,472 6,791,932 6,146,196 21,638,018 22,199,597 20,058,607 18,481,446 $ 39,038,092 $ 41,196,408 $ 43,344,078 $ 41,631,308 $ 33,297,192 See page 29, Reconciliation of GAAP to Non-GAAP Balance Sheet Measures. Blackstone | 28#33RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES ($ in thousands) Investments of Consolidated Blackstone Funds 2Q'21 3Q'21 4Q'21 1Q'22 2Q'22 $ 1,871,269 $ 2,104,705 $ 2,018,829 $ 2,045,156 $ 3,764,850 Equity Method Investments Partnership Investments Accrued Performance Allocations Corporate Treasury Investments Other Investments Total GAAP Investments Accrued Performance Allocations GAAP Impact of Consolidation (a) 4,916,675 5,303,334 5,635,212 5,858,926 5,446,688 12,101,142 15,063,648 17,096,873 17,661,244 13,544,855 2,440,325 1,520,426 658,066 916,510 810,672 833,911 1,112,082 3,256,063 22,163,322 25,104,195 28,665,043 3,586,638 30,068,474 3,756,693 27,323,758 $ 12,101,142 $ 15,063,648 $ 17,096,873 $ 17,661,244 13,544,855 1 1 1 1 12,475 Due from Affiliates GAAP (b) 59,304 59,669 260,993 Less: Net Realized Performance Revenues (c) (261,760) (416,336) (1,294,884) 112,194 (743,772) 136,631 (262,083) Less: Accrued Performance Compensation - GAAP (d) (5,137,933) (6,395,903) Net Accrued Performance Revenues $ 6,760,754 $ 8,311,079 $ Corporate Treasury and Other Investments - GAAP (e) $ 3,274,236 $ 2,632,508 $ (7,324,906) 8,738,077 3,914,129 $ $ Impact of Consolidation (a) 176,320 178,407 144,354 (7,483,337) 9,546,330 $ 4,503,148 $ 140,905 (5,955,982) 7,475,896 4,567,365 708,469 Other Assets (f) 479,591 580,641 797,843 379,768 642,875 Other Liabilities (g) (494,119) (169,863) (94,314) (66,065) (54,321) Corporate Treasury and Other Investments - Deconsolidated (h) $ 3,436,028 $ 3,221,693 $ 4,762,012 $ 4,957,756 $ 5,864,388 Partnership Investments GAAP $ 4,916,675 $ Impact of Consolidation (i) (3,091,175) GP/Fund Investments - Deconsolidated Loans Payable - GAAP Impact of Consolidation (j) $ 1,825,500 $ 5,303,334 $ (3,459,004) 1,844,330 $ 5,635,212 $ (3,552,599) 2,082,613 $ 5,858,926 $ 5,446,688 (3,623,881) (3,169,740) 2,235,045 $ 2,276,948 $ 5,594,648 (99) $ 7,527,576 $ 7,748,163 $ 8,937,456 $ 9,365,274 (100) (101) Outstanding Debt - Carrying Value 5,594,549 Unamortized Discount Outstanding Debt (at par) - Deconsolidated $ 84,151 5,678,700 7,527,476 109,524 7,748,062 107,438 8,937,456 9,365,274 122,594 131,526 $ 7,637,000 $ 7,855,500 $ 9,060,050 $ 9,496,800 (b) (a) This adjustment adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation. Represents GAAP accrued performance revenue recorded within Due from Affiliates. (c) Represents Performance Revenues realized but not yet distributed as of the reporting date and are included in Distributable Earnings in the period they are realized. (d) Represents GAAP accrued performance compensation associated with Accrued Performance Allocations and is recorded within Accrued Compensation and Benefits and Due to Affiliates. (e) Effective 3Q'21, Corporate Treasury includes Other Investments and has been renamed to Corporate Treasury and Other Investments. Prior periods have been recast to reflect the revised classification. (f) This adjustment adds other assets related to Treasury Operations that are recorded within Accounts Receivable, reverse repurchase agreements and Due from Affiliates. (g) This adjustment adds other liabilities related to Treasury Operations that are recorded within Accounts Payable, Accrued Expenses and Other Liabilities, Repurchase Agreements and securities sold short, not yet purchased. (h) Deconsolidated Other Investments was $3.7 billion as of June 30, 2022, which was comprised of $1.3 billion of liquid investments and $2.4 billion of illiquid investments. The liquid portion of Other Investments relates to public equity securities, which may include equity securities subject to lockup periods, and other investments held by Blackstone that can be easily converted to cash. (i) (j) This adjustment removes amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests and adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation. This adjustment removes amounts related to consolidated Blackstone Funds. Blackstone | 29#34RECONCILIATION OF GAAP TO TOTAL SEGMENTS ($ in thousands) Management and Advisory Fees, Net GAAP Segment Adjustment (a) Total Segment QTD 2Q'21 3Q'21 4Q'21 1Q'22 2Q'22 $ 1,212,549 $ 1,320,795 $1,459,548 $ 1,475,936 $ 1,561,187 2Q'21 YTD 2Q'22 LTM 2Q'21 2Q'22 193 (720) $ 1,212,742 $ 1,320,075 (3,328) $1,456,220 (2,568) $1,473,368 (4,270) $1,556,917 583 $ 2,390,947 $ 3,030,285 $ 2,390,364 $ 3,037,123 (6,838) $ 4,578,353 $ 5,817,466 6,459 (10,886) $ 4,584,812 $ 5,806,580 GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues GAAP Incentive Fees Investment Income Realized Performance Allocations 33,207 808,620 48,206 1,522,495 136,454 2,787,970 104,489 1,766,386 99,598 2,453,769 Segment Adjustment (b) GAAP Total Segment Less: Realized Performance Revenues Total Segment $ 841,827 $1,570,701 $2,924,424 $ 1,870,875 $ 2,553,367 69,331 1,342,987 $1,412,318 204,087 4,220,155 $ 4,424,242 180,531 3,179,547 $3,360,078 388,747 8,530,620 $ 8,919,367 (792,938) (1,497,477) (1,191,374) (1,312,810) (2,206,774) (1,194,261) (3,519,584) (2,790,844) 89 824 (6,208,435) 913 $ 48,889 $ 73,313 $1,733,874 $ 558,065 $ 346,593 $ 218,057 $ 904,658 $ 569,234 $2,711,845 GAAP Compensation to Total Segment Fee Related Compensation GAAP Compensation 507,104 14,431 347,423 536,199 21,007 631,632 576,032 49,349 1,119,911 656,505 41,019 717,601 $ 868,958 $ 1,188,838 $ 1,745,292 $1,415,125 686,012 45,363 1,035,916 $1,767,291 1,049,742 1,342,517 27,756 86,382 560,450 1,753,517 $1,637,948 $ 3,182,416 1,970,361 57,227 1,292,688 2,454,748 156,738 3,505,060 $ 3,320,276 $ 6,116,546 (338,271) (619,074) (119,491) (127,442) (449,301) (162,656) (1,931) (33,880) (1,812) (21,029) (1,933) (519,120) (200,387) (1,158) (926,974) (191,769) (3,875) (23,368) (23,989) (23,260) $ 375,385 $ 419,481 $ 1,108,034 $ 670,471 $ 621,413 (489,195) (1,446,094) (261,165) (4,529) (62,564) $ 820,495 $1,291,884 (1,094,453) (2,514,469) (392,156) (5,033) (47,249) (414,742) (7,906) (682,254) (8,778) (139,278) (91,646) $ 1,663,897 $ 2,819,399 Incentive Fees Compensation Realized Performance Allocations Compensation GAAP Total Segment Less: Realized Performance Compensation Less: Equity-Based Compensation Fee Related Compensation Less: Equity-Based Compensation - Performance Compensation Segment Adjustment (c) Total Segment GAAP General, Administrative and Other to Total Segment Other Operating Expenses GAAP Segment Adjustment (d) Total Segment Realized Performance Revenues GAAP Incentive Fees Investment Income Realized Performance Allocations GAAP Total Segment Less: Fee Related Performance Revenues Segment Adjustment (b) Total Segment $ $ 182,178 $ 205,057 $ 217,995 $ 309,673 $ 240,674 $ 289,288 (22,879) (23,053) (54,540) (26,576) (27,778) 194,942 $ 255,133 $ 214,098 $ 261,510 $ 390,179 $529,962 (46,577) (54,354) $ 343,602 $ 475,608 33,207 808,620 48,206 1,522,495 136,454 2,787,970 104,489 1,766,386 $ 841,827 $ 1,570,701 $2,924,424 $ 1,870,875 $ 2,553,367 (48,889) (73,313) 89 (1,733,874) 824 (558,065) $ 775,344 $1,057,630 (90,993) (131,947) $ 684,351 $ 925,683 99,598 2,453,769 69,331 1,342,987 204,087 4,220,155 180,531 3,179,547 388,747 8,530,620 $ 1,412,318 $ 4,424,242 $ 3,360,078 $ 8,919,367 (346,593) (218,057) (904,658) (569,234) (2,711,845) 913 $ 1,194,261 $3,519,584 $2,790,844 $ 6,208,435 Blackstone |30 $ 792,938 $1,497,477 $ 1,191,374 $ 1,312,810 $ 2,206,774#35RECONCILIATION OF GAAP TO TOTAL SEGMENTS - (CONT'D) ($ in thousands) Realized Performance Compensation GAAP Incentive Fee Compensation Realized Performance Allocations Compensation GAAP Total Segment Less: Fee Related Performance Compensation (e) QTD YTD LTM 2Q'21 3Q'21 4Q'21 1Q'22 2Q'22 2Q'21 2Q'22 2Q'21 2Q'22 $ 14,431 $ 347,423 21,007 $ 49,349 $ 631,632 1,119,911 $ 41,019 $ 45,363 717,601 1,035,916 361,854 $ 652,639 $ 1,169,260 $ 758,620 $ 1,081,279 $ 27,756 $ 86,382 560,450 1,753,517 $ 588,206 $1,839,899 $ 57,227 $ 156,738 1,292,688 3,505,060 $ 1,349,915 $ 3,661,798 Less: Equity-Based Compensation - Performance Compensation Total Segment (21,652) (1,931) $ 338,271 $ (31,753) (1,812) 619,074 $ (718,026) (1,933) 449,301 $ (238,342) (1,158) 519,120 $ 926,974 (150,430) (3,875) $ (94,482) (388,772) (4,529) (5,033) 489,195 $1,446,094 (247,556) (7,906) (1,138,551) (8,778) $ 1,094,453 $ 2,514,469 Realized Principal Investment Income GAAP Segment Adjustment (f) Total Segment $ 152,060 $ (88,928) $ 63,132 $ 325,414 $ 171,310 $ 285,104 $ 265,161 (174,404) (95,842) (128,009) (221,652) 151,010 $ 75,468 $ 157,095 $ $ 507,098 $ 550,265 $ 788,929 $ 1,046,989 (145,810) (349,661) (307,936) (619,907) 43,509 $ 361,288 $ 200,604 $ 480,993 $427,082 GAAP Interest and Dividend Revenue net of Interest Expense to Total Segment Net Interest and Dividend Income (Loss) GAAP Interest and Dividend Revenue Interest Expense GAAP Segment Adjustment (g) Total Segment $ $ 31,017 (44,322) (13,305) $ 2,104 (11,201) $ 35,048 (52,413) (17,365) $ 1,127 (16,238) $ 63,166 (56,550) 6,616 $ 163 6,779 $ 54,485 (66,747) (12,262) $ 62,075 (69,642) 62,429 (89,305) 116,560 (136,389) 128,652 214,774 (174,547) (245,352) 145 (12,117) $ (7,567) $ 4,285 (3,282) $ (26,876) $ 2,747 (24,129) $ (19,829) 4,430 (15,399) $ $ (45,895) $ (30,578) 3,431 5,720 (42,464) $ (24,858) This analysis reconciles the components of Total Segment Distributable Earnings (page 3) to their equivalent GAAP measures, reported on the Consolidated Statement of Operations (page 1). Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles, the expense of equity-based awards and Transaction-Related Charges. (a) Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures. (b) Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation. (c) Represents the removal of Transaction-Related Charges that are not recorded in the Total Segment measures. (d) Represents the (1) removal of amortization of transaction-related intangibles, (2) removal of certain expenses reimbursed by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone's segment presentation. (e) Fee related performance compensation may include equity based compensation based on fee related performance revenues. (f) Represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests. (g) Represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest expense associated with the Tax Receivable Agreement. Blackstone | 31#36NOTES Notes to page 1 - Blackstone's Second Quarter 2022 GAAP Results Income (Loss) Before Provision (Benefit) for Taxes Margin is calculated by dividing Income (Loss) Before Provision (Benefit) for Taxes by Total Revenues. Notes to page 4 - Summary of Financials Effective 1Q'22, the BREIT performance revenues crystallize quarterly instead of annually. If quarterly crystallization of BREIT's fee related performance revenues had been in effect for all quarters included in the current and prior year LTM periods, FRE would have been $4,526 million, $3,053 million, and $869 million for 2Q'22 LTM, 2Q'21 LTM, and 2Q'21 respectively and Segment DE would have been $8,647 million, $5,230 million, and $1,387 million for 2Q'22 LTM, 2Q'21 LTM, and 2Q'21 respectively and there would have been no impact to Income (Loss) before Taxes for 2Q'22 LTM, 2Q'21 LTM, and 2Q'21. This change only affects the timing of realization and not the total amount of net performance revenues recognized; the impact decreases unrealized performance allocations and unrealized performance allocations compensation for the periods, offset by increases to realized fee related performance revenues and realized fee related performance compensation. Notes to page 5 - Investment Performance and Net Accrued Performance Revenues ☐ ☐ The changes in carrying value, fund returns and composite returns presented throughout this presentation represent those of the applicable Blackstone Funds and not those of Blackstone. Core+ appreciation represents a weighted average of BREIT's per share appreciation, BEPIF's per share appreciation, and BPP's appreciation for the period. The returns are weighted based on the average of BREIT's monthly net asset values, BEPIF's monthly net asset values, and the average of BPP's quarterly adjusted beginning period market values for the period. Results for the Secondaries business (also referred to as Strategic Partners) are reported on a three-month lag from the Secondaries' fund financial statements, which generally report underlying investments on a same-quarter basis, if available. As a result, the appreciation presented herein does not include the impact of economic and market activity in the current quarter. Current market activity is expected to affect reported results in upcoming quarters. The BPS Composite gross and net returns are based on the BAAM Principal Solutions ("BPS") Composite, which includes only BAAM-managed commingled and customized multi-manager funds and accounts and does not include BAAM's individual investor solutions (liquid alternatives), strategic capital (seeding and GP minority stakes), strategic opportunities (co-invests), and advisory (non-discretionary) platforms, except for investments by BPS funds directly into those platforms. BAAM-managed funds in liquidation and, in the case of net returns, non fee-paying assets are also excluded. The funds/accounts that comprise the BPS Composite are not managed within a single fund or account and are managed with different mandates. There is no guarantee that BAAM would have made the same mix of investments in a stand-alone fund/account. The BPS Composite is not an investible product and, as such, the performance of the BPS Composite does not represent the performance of an actual fund or account. Blackstone | 32#37NOTES (CONT'D) Notes to page 5 - Investment Performance and Net Accrued Performance Revenues (Cont'd) Private Credit returns include mezzanine lending funds and middle market direct lending funds (including BXSL and BCRED), stressed/distressed strategies (including stressed/distressed funds and credit alpha strategies) and energy strategies. Liquid Credit returns include CLOS, closed- ended funds, open-ended funds and separately managed accounts. Only fee-earning funds exceeding $100 million of fair value at the beginning of each respective quarter-end are included. Funds in liquidation, funds investing primarily in investment grade corporate credit and asset-based finance are excluded. Blackstone Funds that were contributed to Blackstone Credit as part of Blackstone's acquisition of Blackstone Credit, formerly known as GSO, in March 2008 and the pre-acquisition date performance for funds and vehicles acquired by Blackstone Credit subsequent to March 2008, are also excluded. Effective 2Q'22, for EUR-denominated funds included in the overall Private Credit return, cash flows are translated using a historical rate instead of the daily spot rate to more closely reflect the actual performance of foreign-denominated funds in composite returns. Under the prior methodology, 2Q'22 gross and net returns and 2Q'22 LTM gross and net returns would have been (0.6)%, (0.9)%, 9.3%, and 5.3%, respectively. Notes to page 17 - Deconsolidated Balance Sheet Highlights GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Hedge Fund Solutions, and Credit & Insurance, which were $777 million, $889 million, $204 million, and $407 million, respectively, as of June 30, 2022. Cash and Net Investments per share amounts are calculated using period end DE Shares Outstanding (see page 23, Share Summary). Notes to page 22 - Shareholder Dividends DE before Certain Payables represents Distributable Earnings before the deduction for the Payable Under Tax Receivable Agreement and tax expense (benefit) of wholly owned subsidiaries. Common shareholders receive tax benefits from deductions taken by Blackstone's corporate tax paying subsidiaries and bear responsibility for the deduction from Distributable Earnings of the Payable Under Tax Receivable Agreement and certain other tax-related payables. Per Share calculations are based on end of period Participating Common Shares (page 23, Share Summary); actual dividends are paid to shareholders as of the applicable record date. Retained capital is withheld pro rata from common shareholders and Blackstone Holdings Partnership unitholders. Common shareholders' share was $163 million for 2Q'22 and $332 million for 2Q'22 YTD. Blackstone | 33#38DEFINITIONS AND DIVIDEND POLICY Blackstone discloses the following operating metrics and financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America ("non-GAAP") in this presentation: ☐ ☐ Segment Distributable Earnings, or "Segment DE", is Blackstone's segment profitability measure used to make operating decisions and assess performance across Blackstone's four segments. Segment DE represents the net realized earnings of Blackstone's segments and is the sum of Fee Related Earnings and Net Realizations for each segment. Blackstone's segments are presented on a basis that deconsolidates Blackstone Funds, eliminates non-controlling ownership interests in Blackstone's consolidated operating partnerships, removes the amortization of intangible assets and removes Transaction-Related Charges. Segment DE excludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes. Net Realizations is presented on a segment basis and is the sum of Realized Principal Investment Income and Realized Performance Revenues (which refers to Realized Performance Revenues excluding Fee Related Performance Revenues), less Realized Performance Compensation (which refers to Realized Performance Compensation excluding Fee Related Performance Compensation and Equity-Based Performance Compensation). Total Segment Revenues and Segment Revenues represent Net Management and Advisory Fees, Fee Related Performance Revenues, Realized Performance Revenues and Realized Principal Investment Income. Distributable Earnings, or "DE", is derived from Blackstone's segment reported results. DE is used to assess performance and amounts available for dividends to Blackstone shareholders, including Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. DE is the sum of Segment DE plus Net Interest and Dividend Income (Loss) less Taxes and Related Payables. DE excludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes. Net Interest and Dividend Income (Loss) is presented on a segment basis and is equal to Interest and Dividend Revenue less Interest Expense, adjusted for the impact of consolidation of Blackstone Funds, and interest expense associated with the Tax Receivable Agreement. Taxes and Related Payables represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and including the Payable under the Tax Receivable Agreement. Further, the current tax provision utilized when calculating Taxes and Related Payables and DE reflects the benefit of deductions available to the company on certain expense items that are excluded from the underlying calculation of Segment DE and Total Segment Distributable Earnings, such as equity- based compensation charges and certain Transaction-Related Charges where there is a current tax provision or benefit. The economic assumptions and methodologies that impact the implied income tax provision are the same as those methodologies and assumptions used in calculating the current income tax provision for Blackstone's consolidated statements of operations under U.S. GAAP, excluding the impact of divestitures and accrued tax contingencies and refunds which are reflected when paid or received. Management believes that including the amount payable under the tax receivable agreement and utilizing the current income tax provision adjusted as described above when calculating DE is meaningful as it increases comparability between periods and more accurately reflects earnings that are available for distribution to shareholders. Fee Related Earnings, or "FRE", is a performance measure used to assess Blackstone's ability to generate profits from revenues that are measured and received on a recurring basis and not subject to future realization events. FRE equals management and advisory fees (net of management fee reductions and offsets) plus Fee Related Performance Revenues, less (a) Fee Related Compensation on a segment basis, and (b) Other Operating Expenses. FRE is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes. Blackstone |34#39DEFINITIONS AND DIVIDEND POLICY - (CONT'D) Fee Related Compensation is presented on a segment basis and refers to the compensation expense, excluding Equity-Based Compensation, directly related to (a) Management and Advisory Fees, Net and (b) Fee Related Performance Revenues, referred to as Fee Related Performance Compensation. Fee Related Performance Revenues refers to the realized portion of Performance Revenues from Perpetual Capital that are (a) measured and received on a recurring basis, and (b) not dependent on realization events from the underlying investments. Other Operating Expenses is presented on a segment basis and is equal to General, Administrative and Other Expenses, adjusted to (a) remove the amortization of transaction-related intangibles, (b) remove certain expenses reimbursed by the Blackstone Funds which are netted against Management and Advisory Fees, Net in Blackstone's segment presentation, and (c) give effect to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone's segment presentation. Perpetual Capital refers to the component of assets under management with an indefinite term, that is not in liquidation, and for which there is no requirement to return capital to investors through redemption requests in the ordinary course of business, except where funded by new capital inflows. Includes co-investment capital with an investor right to convert into Perpetual Capital. Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization, or "Adjusted EBITDA", is a supplemental measure used to assess performance derived from Blackstone's segment results and may be used to assess its ability to service its borrowings. Adjusted EBITDA represents Distributable Earnings plus the addition of (a) Interest Expense on a segment basis, (b) Taxes and Related Payables, and (c) Depreciation and Amortization. Adjusted EBITDA is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes. Performance Revenues collectively refers to: (a) Incentive Fees, and (b) Performance Allocations. Performance Compensation collectively refers to: (a) Incentive Fee Compensation, and (b) Performance Allocations Compensation. Performance Compensation reflects an increase in the aggregate Realized Performance Compensation paid to certain of our professionals above the amounts allocable to them based upon the percentage participation in the relevant performance plans previously awarded to them as a result of a compensation program that commenced in 2Q'21. The expectation is that for the full year 2022, Fee Related Compensation will be decreased by the total amount of additional Performance Compensation awarded for the year. In 2Q'22 the increase to Realized Performance Compensation was greater than the decrease to Fee Related Compensation, which negatively impacted Distributable Earnings on both a quarter-to-date and year-to-date basis. These changes to Performance Compensation and Fee Related Compensation are not expected to impact Distributable Earnings for the full year. Transaction-Related Charges arise from corporate actions including acquisitions, divestitures, and Blackstone's initial public offering. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs and any gains or losses associated with these corporate actions. Blackstone | 35#40DEFINITIONS AND DIVIDEND POLICY - (CONT'D) Dividend Policy. Blackstone's intention is to pay to holders of common stock a quarterly dividend representing approximately 85% of Blackstone Inc.'s share of Distributable Earnings, subject to adjustment by amounts determined by Blackstone's board of directors to be necessary or appropriate to provide for the conduct of its business, to make appropriate investments in its business and funds, to comply with applicable law, any of its debt instruments or other agreements, or to provide for future cash requirements such as tax-related payments, clawback obligations and dividends to shareholders for any ensuing quarter. The dividend amount could also be adjusted upward in any one quarter. All of the foregoing is subject to the qualification that the declaration and payment of any dividends are at the sole discretion of Blackstone's board of directors and our board of directors may change our dividend policy at any time, including, without limitation, to reduce such quarterly dividends or even to eliminate such dividends entirely. Blackstone | 36#41FORWARD-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, 2021, as such factors may be updated from time to time in our periodic filings with the United States Securities and Exchange Commission ("SEC"), which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other periodic filings. The forward-looking statements speak only as of the date of this report, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. This presentation does not constitute an offer of any Blackstone Fund. Blackstone | 37