#1Blackstone Blackstone Reports Third Quarter 2022 Results New York, October 20, 2022: Blackstone (NYSE:BX) today reported its third quarter 2022 results. Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, "We delivered excellent results again in the third quarter. We protected client capital during a period of extreme market turbulence as we have through many challenging cycles in our history. Our clients entrusted us with $45 billion of inflows in the third quarter and $183 billion year to date, and we grew total assets under management 30% year over year to a record $951 billion. The Blackstone brand has never been stronger." Blackstone issued a full detailed presentation of its third quarter 2022 results, which can be viewed at www.blackstone.com. Dividend Blackstone has declared a quarterly dividend of $0.90 per share to record holders of common stock at the close of business on October 31, 2022. This dividend will be paid on November 7, 2022. Quarterly Investor Call Details Blackstone will host its third quarter 2022 investor conference via public webcast on October 20, 2022 at 9:00 a.m. ET. To register, please use the following link: https://event.webcasts.com/starthere.jsp?ei=1573112&tp_key=f88b58621b. For those unable to listen to the live Blackstone 345 Park Avenue, New York, NY 10154 T 212 583 5000 www.blackstone.com#2broadcast, there will be a webcast replay on the Shareholders section of Blackstone's website at https://ir.blackstone.com/. About Blackstone Blackstone is the world's largest alternative asset manager. We seek to create positive economic impact and long- term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $951 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 Third Quarter 2022 Earnings OCTOBER 20, 2022#5BLACKSTONE'S THIRD QUARTER 2022 GAAP RESULTS GAAP Net Income was $4 million for the quarter and $2.2 billion year-to-date ("YTD"). GAAP Net Income Attributable to Blackstone Inc. was $2 million for the quarter and $1.2 billion YTD. ($ in thousands, except per share data) (unaudited) Revenues Management and Advisory Fees, Net 3Q'21 3Q'22 3Q'21 YTD 3Q'22 YTD 3Q'21 LTM 3Q'22 LTM S 1,320,795 $ 48,206 1,617,754 110,776 $ 3,711,159 $ 117,537 4,654,877 314,863 $ 4,845,297 215,239 $ 6,114,425 451,317 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) 1,522,495 2,724,366 725,888 (771,637) 2,865,482 7,886,033 4,946,043 (2,946,255) 4,330,636 8,483,318 7,734,013 (2,157,042) 325,414 183,754 193,228 (1,069,697) 832,512 1,151,904 743,493 (1,496,226) 1,053,326 1,369,592 914,803 (1,191,929) 4,756,029 (922,218) 12,735,931 1,247,055 15,236,872 5,299,845 35,048 52,420 64,187 $ 6,224,265 $ 199,382 1,058,114 $ 97,477 152,387 16,814,491 $ 168,980 137,203 232,146 427,839 6,813,614 $ 8,804 20,443,415 $ 478,538 12,576,271 536,199 21,007 600,273 50,355 1,585,941 48,763 1,942,790 136,737 2,045,577 70,849 2,518,822 186,086 631,632 313,930 1,193,853 (359,590) 1,192,082 3,394,041 2,067,447 1,782,171 3,187,358 (1,273,849) 3,672,616 (889,842) 2,382,691 604,968 6,220,827 2,873,125 7,571,213 5,002,424 217,995 270,369 608,174 800,331 822,298 1,110,004 52,413 80,507 141,718 216,896 187,420 273,446 1,260 5,517 7,417 12,144 9,319 15,103 $ 2,654,359 $ 961,361 $ 6,978,136 $ 3,902,496 $ 8,590,250 $ 6,400,977 Change in Tax Receivable Agreement Liability (37,321) (34,803) 748 (61,974) 32,792 Net Gains (Losses) from Fund Investment Activities 132,312 1,178 379,781 Income Before Provision for Taxes $ 3,664,897 $ 97,931 $ 10,181,333 $ Provision for Taxes 458,904 94,231 Net Income $ 3,205,993 $ 3,700 $ 746,707 9,434,626 $ (52,272) 2,859,594 614,026 2,245,568 470,648 29,571 $ $ 12,261,839 $ 1,013,049 11,248,790 $ 6,237,657 1,051,720 5,185,937 Net Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities 1,550 25,773 2,816 56,700 945 59,624 Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities 486,907 (62,093) 1,305,273 (62,425) 1,613,328 257,608 Net Income Attributable to Non-Controlling Interests in Blackstone Holdings 1,315,641 37,724 3,667,618 1,061,516 4,426,728 2,280,450 Net Income Attributable to Blackstone Inc. ("BX") $ Net Income Per Share of Common Stock, Basic Net Income Per Share of Common Stock, Diluted Income Before Provision for Taxes Margin $ $ 1,401,895 $ 1.94 $ 1.94 $ 58.9% 0.00 9.3% 2,296 $ 0.00 $ $ 4,458,919 $ 6.21 $ 6.21 $ 60.6% 1,189,777 $ 5,207,789 $ 2,588,255 1.61 $ 7.30 $ 3.51 1.61 $ 7.29 $ 3.51 42.0% 60.0% 49.6% 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 THIRD QUARTER 2022 HIGHLIGHTS Financial Measures Capital Metrics Capital Returned to Shareholders Fee Related Earnings ("FRE”) of $1.2 billion ($0.98/share) in the quarter, up 51% year- over-year - FRE was $5.2 billion over the last twelve months ("LTM") ($4.29/share) Distributable Earnings (“DE”) of $1.4 billion ($1.06/share) in the quarter DE was $7.6 billion over the LTM ($5.81/share) Net Accrued Performance Revenues of $7.1 billion ($5.85/share) Total Assets Under Management ("AUM") of $950.9 billion, up 30% year-over-year Fee-Earning AUM of $705.9 billion, up 34% year-over-year Perpetual Capital AUM of $359.6 billion, up 83% year-over-year Inflows of $44.8 billion in the quarter and $337.8 billion over the LTM Realizations of $15.7 billion in the quarter and $89.2 billion over the LTM Deployment of $31.3 billion in the quarter and $167.6 billion over the LTM Dividend of $0.90 per common share payable on November 7, 2022 Dividends of $4.94 per common share over the LTM Repurchased 2.0 million common shares in the quarter and 8.1 million common shares over the LTM $1.4 billion to be distributed to shareholders with respect to the third quarter through dividends and share repurchases, and $7.5 billion over the LTM Blackstone | 2#7BLACKSTONE'S THIRD QUARTER 2022 SEGMENT EARNINGS % Change % Change ($ in thousands, except per share data) 3Q'21 3Q'22 vs. 3Q'21 3Q'21 YTD 3Q'22 YTD vs. 3Q'21 YTD Management and Advisory Fees, Net $ 1,320,075 $ 1,611,570 22% $ 3,711,022 $ 4,641,855 25% Fee Related Performance Revenues 73,313 372,131 408% 291,370 1,276,789 338% Fee Related Compensation (419,481) (558,268) 33% (1,239,976) (1,850,152) 49% Other Operating Expenses (194,942) (246,134) 26% (538,544) (721,742) 34% Fee Related Earnings $ 778,965 $ 1,179,299 51% $ 2,223,872 $ 3,346,750 50% Realized Performance Revenues 1,497,477 469,009 (69)% 2,691,738 3,988,593 48% Realized Performance Compensation (619,074) (206,224) (67)% (1,108,269) (1,652,318) 49% Realized Principal Investment Income 151,010 139,765 (7)% 512,298 340,369 (34)% Net Realizations 1,029,413 402,550 (61)% 2,095,767 2,676,644 28% Total Segment Distributable Earnings $ 1,808,378 $ 1,581,849 (13)% $ 4,319,639 $ 6,023,394 39% Net Interest and Dividend Income (Loss) Taxes and Related Payables (16,238) (156,867) (22,850) 41% (40,367) (38,249) (5)% (184,130) 17% (381,762) (686,571) 80% Distributable Earnings $ 1,635,273 $ 1,374,869 (16)% $ 3,897,510 $ 5,298,574 36% Additional Metrics: FRE per Share $ 0.65 $ 0.98 51% 1.85 $ 2.77 50% DE per Common Share $ 1.28 $ 1.06 (17)% $ 3.06 $ 4.10 34% Total Segment Revenues $ 3,041,875 $ 2,592,475 (15)% $ 7,206,428 $ 10,247,606 42% $ 730,662,712 $ 950,946,514 $ 528,412,550 $ 705,865,351 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 three quarters. See pages 30-31 for the Reconciliation of GAAP to Total Segment Measures. Blackstone | 3 30% $ 730,662,712 $ 950,946,514 30% 34% $ 528,412,550 $ 705,865,351 34%#8SUMMARY OF FINANCIALS LTM Fee Related Earnings of $4.29 per share, an increase of 74% year-over-year. LTM Total Segment Distributable Earnings were $8.7 billion, an increase of 45% year-over-year. Fee Related Earnings per Share $2.47 54.8% 3Q'21 LTM Segment Distributable Earnings ($ in millions) $4.29 3Q'22 LTM total: $8,668 56.8% Hedge Fund Solutions 3Q'22 LTM Credit & Insurance $978 $545 $1,961 $5,184 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 34% year-over-year and LTM Segment DE would have been up 26% year-over-year. See notes on page 32 for additional details. Blackstone | 4#9INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES Realized distributions across strategies led to lower Net Accrued Performance Revenues quarter-over-quarter of $7.1 billion ($5.85/share). Investment Performance (appreciation gross returns) Real Estate 3Q'22 3Q'22 LTM Net Accrued Performance Revenues ($ in millions) $7,476 $66 $7,060 $482 Opportunistic Core+ (0.6)% 20.1% 2.3% 19.3% Private Equity Corporate Private Equity (0.3)% 0.4% Tactical Opportunities (1.7)% 8.5% Secondaries (3.5)% 18.6% Hedge Fund Solutions BPS Composite 1.2% 3.8% Credit & Insurance Private Credit 3.0% 9.3% 2Q'22 Liquid Credit 0.7% (4.6)% Net Performance Revenues Net Realized Distributions 3Q'22 Investment Performance represents fund appreciation for Real Estate and Private Equity and gross returns for Hedge Fund Solutions and Credit & Insurance. BPS Composite net returns were 1.0% and 3.0% for 3Q'22 and 3Q'22 LTM, respectively. Private Credit net returns were 2.1% and 5.4% for 3Q'22 and 3Q'22 LTM, respectively. Liquid Credit net returns were 0.5% and (5.3)% for 3Q'22 and 3Q'22 LTM, respectively. See notes on pages 32-33 for additional details on investment performance. Blackstone | 5#10CAPITAL METRICS - ADDITIONAL DETAIL Inflows were $44.8 billion in the quarter, bringing LTM inflows to $337.8 billion. Realizations were $15.7 billion in the quarter and $89.2 billion over the LTM. Deployed $31.3 billion in the quarter and $167.6 billion over the LTM. Inflows Realizations Capital Deployed ($ in millions) 3Q'22 3Q'22 LTM 3Q'22 3Q'22 LTM 3Q'22 3Q'22 LTM Real Estate $ 10,106 $ 117,779 $ 4,077 $ 38,644 $ 11,171 $ 64,816 Opportunistic 2,483 34,797 1,006 23,588 2,710 11,367 Core+ 6,570 50,552 2,383 11,390 8,050 50,463 BREDS 1,053 32,429 688 3,666 410 2,985 Private Equity 14,491 75,300 5,306 27,685 7,567 45,298 Corporate Private Equity 6,221 24,070 1,615 11,133 2,774 18,442 Tactical Opportunities 2,391 10,537 1,575 6,516 339 5,061 Secondaries 4,945 27,505 1,772 8,782 1,657 10,620 Infrastructure 934 13,188 346 1,255 2,798 11,175 Hedge Fund Solutions 1,155 11,494 449 2,072 244 2,807 Credit & Insurance 19,093 133,251 5,913 20,845 12,314 54,705 Total Blackstone $ 44,844 $ 337,824 $ 15,746 $ 89,247 $ 31,295 $ 167,625 Corporate Private Equity also includes Life Sciences and BTAS. Tactical Opportunities also includes Blackstone Growth. Blackstone | 6#11ASSETS UNDER MANAGEMENT ◉ Total AUM increased to $950.9 billion, up 30% year-over-year, with $44.8 billion of inflows in the quarter and $337.8 billion over the LTM. Fee-Earning AUM of $705.9 billion was up 34% year-over-year, with $51.5 billion of inflows in the quarter and $276.9 billion over the LTM. - Perpetual Capital AUM reached $359.6 billion, up 83% year-over-year. Fee-Earning Perpetual Capital AUM reached $308.4 billion, representing 44% of Fee-Earning AUM. Total AUM ($ in billions) Fee-Earning AUM ($ in billions) $950.9 Perpetual Capital AUM ($ in billions) $705.9 $730.7 $319.3 $528.4 $273.4 $359.6 $230.2 $180.3 $180.2 $283.3 $197.0 $167.3 $231.5 $139.1 $33.1 $79.3 $110.1 $11.2 $71.4 $80.6 $73.3 $16.7 $269.1 $10.2 $135.1 $193.7 $188.4 $135.9 $59.9 3Q'21 3Q'22 3Q'21 3Q'22 3Q'21 3Q'22 Real Estate ■Private Equity Hedge Fund Solutions Credit & Insurance Blackstone | 7#12ADDITIONAL CAPITAL DETAIL ■ Invested Performance Eligible AUM reached $494.4 billion at quarter end, up 26% year-over-year. Undrawn capital ("Total Dry Powder") available for investment reached $182.0 billion. Invested Performance Eligible AUM Total Dry Powder ($ in billions) ($ in billions) 3Q'22 total: $182.0 $494.4 Credit & Insurance $392.7 $215.6 Hedge Fund Solutions $29.7 Real Estate $169.0 $6.5 $60.5 $144.8 $128.2 $48.8 $45.6 $85.2 $49.9 3Q'21 3Q'22 Private Equity $85.2 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 39% to $319.3 billion with inflows of $10.1 billion in the quarter and $117.8 billion over the LTM. - - Inflows during the quarter included $4.2 billion of capital raised in BREIT, $2.1 billion in the tenth global opportunistic fund, which commenced its investment period in August, $1.1 billion in BPP, and $1.1 billion across BREDS. October 1 subscriptions of $910 million in BREIT not yet included in Total AUM. Realizations: $4.1 billion in the quarter and $38.6 billion over the LTM. Completed the third secondary offering of Embassy Office Park REIT units during the quarter. Capital Deployed: $11.2 billion in the quarter and $64.8 billion over the LTM, including the privatizations of American Campus Communities and PS Business Parks. Appreciation: Opportunistic funds declined (0.6)% in the quarter and appreciated 20.1% over the LTM; Core+ funds appreciated 2.3% in the quarter and 19.3% over the LTM. % Change % Change ($ in thousands) 3Q'21 3Q'22 vs. 3Q'21 3Q'21 YTD 3Q'22 YTD vs. 3Q'21 YTD Management Fees, Net $ 538,738 $ 663,106 23% $ 1,481,571 $ 1,940,853 31% Fee Related Performance Revenues 35,625 260,003 630% 224,793 1,017,027 352% Fee Related Compensation (137,313) (239,572) 74% (447,762) (858,307) 92% Other Operating Expenses (61,398) (74,701) 22% (160,520) (229,033) 43% Fee Related Earnings $ 375,652 $ 608,836 62% $ 1,098,082 $ 1,870,540 70% Realized Performance Revenues 495,727 142,794 (71)% 935,418 2,943,430 215% Realized Performance Compensation (199,100) (33,464) (83)% (376,790) (1,154,897) 207% Realized Principal Investment Income 42,677 45,297 6% 171,626 128,388 (25)% Net Realizations 339,304 154,627 (54)% 730,254 1,916,921 163% Segment Distributable Earnings $ 714,956 $ 763,463 7% $ 1,828,336 $ 3,787,461 107% Segment Revenues $ 1,112,767 $ 1,111,200 (0)% Total AUM $ 230,183,235 $ 319,346,406 39% $ 2,813,408 $ 6,029,698 $ 230,183,235 $ 319,346,406 114% 39% Fee-Earning AUM $ 180,168,093 $ 273,447,850 52% $ 180,168,093 $ 273,447,850 52% Blackstone 10#15PRIVATE EQUITY ◉ Total AUM: Increased 22% to $283.3 billion with inflows of $14.5 billion in the quarter and $75.3 billion over the LTM. - Inflows in the quarter included $5.6 billion for the ninth Corporate Private Equity fund and $2.3 billion for the ninth Secondaries fund. Realizations: $5.3 billion in the quarter and $27.7 billion over the LTM; realizations in the quarter included proceeds from Aqua Finance, Sona Comstar, and FireEye. Capital Deployed: $7.6 billion in the quarter and $45.3 billion over the LTM, including Invenergy, Advarra, Inc., and Xpansiv during the quarter. ■ - Appreciation: Corporate Private Equity declined (0.3)% in the quarter and appreciated 0.4% over the LTM. Tactical Opportunities declined (1.7)% in the quarter and appreciated 8.5% over the LTM; Secondaries declined (3.5)% in the quarter and appreciated 18.6% over the LTM. % Change % Change ($ in thousands) 3Q'21 3Q'22 vs. 3Q'21 3Q'21 YTD 3Q'22 YTD vs. 3Q'21 YTD Management and Advisory Fees, Net $ Fee Related Performance Revenues Fee Related Compensation 420,334 $ 487,153 16% $ 1,220,059 $ 1,331,994 9% n/a (648) n/m (139,211) (142,381) 2% (416,575) (446,053) 7% Other Operating Expenses (56,792) (76,138) 34% (168,888) (227,115) 34% Fee Related Earnings $ 224,331 $ 268,634 20% $ 634,596 $ 658,178 4% Realized Performance Revenues 988,331 309,326 (69)% 1,627,186 882,448 (46)% Realized Performance Compensation Realized Principal Investment Income Net Realizations (417,386) (164,531) (61)% (687,970) (428,614) (38)% 77,570 38,015 (51)% 220,769 112,357 (49)% 648,515 182,810 (72)% 1,159,985 566,191 (51)% Segment Distributable Earnings $ 872,846 $ 451,444 (48)% $ 1,794,581 $ 1,224,369 (32)% Segment Revenues $ 1,486,235 $ 834,494 (44)% $ 3,068,014 $ 2,326,151 (24)% Total AUM $ 231,520,802 $283,267,698 22% $ 231,520,802 $283,267,698 22% Fee-Earning AUM $ 139,080,258 $167,273,324 20% $ 139,080,258 $167,273,324 20% Blackstone | 11#16HEDGE FUND SOLUTIONS Total AUM: $79.3 billion with inflows of $1.2 billion in the quarter and $11.5 billion over the LTM. - October 1 subscriptions of $220 million are not yet included in Total AUM. Returns: BPS Composite gross return of 1.2% in the quarter (1.0% net), outperforming the HFRX Global Hedge Fund Index, which was up 0.5%. Gross returns of 3.8% over the LTM (3.0% net), with significantly less volatility than the broader markets, compared to (4.5)% return over the LTM for the HFRX Global Hedge Fund Index. % Change % Change ($ in thousands) 3Q'21 3Q'22 vs. 3Q'21 Management Fees, Net $ 157,164 $ 139,342 (11)% $ 3Q'21 YTD 468,584 $ 3Q'22 YTD 434,275 vs. 3Q'21 YTD (7)% Fee Related Compensation (35,092) (40,895) 17% (112,580) (145,993) 30% Other Operating Expenses (25,476) (26,599) 4% (66,521) (75,849) 14% Fee Related Earnings $ 96,596 $ 71,848 (26)% $ 289,483 $ 212,433 (27)% Realized Performance Revenues 7,271 4,430 (39)% 55,900 40,540 (27)% Realized Performance Compensation (1,443) (3,237) 124% (13,977) (14,320) 2% Realized Principal Investment Income 14,943 9,460 (37)% 52,618 22,831 (57)% Net Realizations 20,771 10,653 (49)% 94,541 49,051 (48)% Segment Distributable Earnings $ 117,367 $ 82,501 (30)% $ 384,024 $ 261,484 (32)% Segment Revenues $ 179,378 $ 153,232 (15)% $ 577,102 $ 497,646 (14)% Total AUM $ 80,602,257 $ 79,273,632 (2)% $ 80,602,257 $ 79,273,632 (2)% Fee-Earning AUM $ 73,266,849 $ 71,438,236 (2)% $ 73,266,849 $ 71,438,236 (2)% Blackstone | 12#17CREDIT & INSURANCE ◉ Total AUM: Increased 43% to $269.1 billion with inflows of $19.1 billion in the quarter and $133.3 billion over the LTM. - - Inflows in the quarter included $3.2 billion for U.S. Direct Lending SMAs and $2.3 billion equity raised for BCRED. Held first close for the private credit green energy strategy with $3.6 billion raised in the quarter, and $4.0 billion total, including funds raised subsequent to quarter end. October 1 subscriptions of $651 million for BCRED not yet included in Total AUM. Closed 6 new CLOS (5 U.S. and 1 European) for $2.6 billion. On October 12, 2022, Blackstone announced a strategic partnership with Resolution Life, with Blackstone to be Resolution Life's investment manager for certain key areas, managing up to $25.0 billion in the first year, growing to an expected over $60.0 billion over the next six years. Realizations: $5.9 billion in the quarter and $20.8 billion over the LTM. Capital Deployed: $12.3 billion in the quarter and $54.7 billion over the LTM. Returns: Private Credit gross return of 3.0% (2.1% net); Liquid Credit gross return of 0.7% (0.5% net) for the quarter. % Change % Change ($ in thousands) Management Fees, Net $ 3Q'21 203,839 $ 3Q'22 vs. 3Q'21 321,969 58% $ 3Q'21 YTD 540,808 $ 3Q'22 YTD 934,733 vs. 3Q'21 YTD 73% Fee Related Performance Revenues 37,688 112,128 198% 66,577 260,410 291% Fee Related Compensation (107,865) (135,420) 26% (263,059) (399,799) 52% Other Operating Expenses (51,276) (68,696) 34% (142,615) (189,745) 33% Fee Related Earnings $ 82,386 $ 229,981 179% $ 201,711 $ 605,599 200% Realized Performance Revenues 6,148 12,459 103% 73,234 122,175 67% Realized Performance Compensation (1,145) (4,992) 336% (29,532) (54,487) 85% Realized Principal Investment Income 15,820 46,993 197% 67,285 76,793 14% Net Realizations 20,823 54,460 162% 110,987 144,481 30% Segment Distributable Earnings $ 103,209 $ 284,441 176% 312,698 $ 750,080 140% Segment Revenues $ 263,495 $ 493,549 87% $ 747,904 $ 1,394,111 86% Total AUM $ 188,356,418 $269,058,778 43% $ 188,356,418 $ 269,058,778 43% Fee-Earning AUM $ 135,897,350 $193,705,941 43% $ 135,897,350 $193,705,941 43% Blackstone | 13#18Supplemental Details Blackstone | 14#19TOTAL SEGMENTS ($ in thousands) 3Q'21 4Q'21 1Q'22 Base Management Fees $ 3Q'22 1,207,866 $ 1,354,068 $ 1,439,149 $ 1,496,876 $ 1,528,561 2Q'22 3Q'21 YTD 3Q'22 YTD $ 3,465,207 $ 4,464,586 Transaction, Advisory and Other Fees, Net 114,784 120,389 64,009 85,092 89,865 271,549 238,966 Management Fee Offsets (2,575) (18,237) (29,790) (25,051) (6,856) (25,734) (61,697) Total Management and Advisory Fees, Net 1,320,075 1,456,220 1,473,368 1,556,917 1,611,570 3,711,022 4,641,855 Fee Related Performance Revenues 73,313 1,733,874 558,065 346,593 Fee Related Compensation (419,481) (1,108,034) (670,471) (621,413) 372,131 (558,268) 291,370 1,276,789 (1,239,976) (1,850,152) Other Operating Expenses Fee Related Earnings (194,942) (255,133) (214,098) (261,510) (246,134) (538,544) (721,742) 778,965 $ 1,826,927 $ 1,146,864 $ 1,020,587 $ 1,179,299 $ 2,223,872 $ 3,346,750 Realized Performance Revenues Realized Performance Compensation 1,497,477 1,191,374 1,312,810 2,206,774 469,009 2,691,738 3,988,593 (619,074) (449,301) (519,120) (926,974) Realized Principal Investment Income 151,010 75,468 157,095 43,509 Total Net Realizations 1,029,413 817,541 950,785 1,323,309 (206,224) 139,765 402,550 (1,108,269) (1,652,318) 512,298 340,369 2,095,767 2,676,644 Total Segment Distributable Earnings $ 1,808,378 $ 2,644,468 $ 2,097,649 $ 2,343,896 $ 1,581,849 $ 4,319,639 $ 6,023,394 Net Interest and Dividend Income (Loss) Taxes and Related Payables Distributable Earnings Additional Metrics: (16,238) (156,867) 6,779 (377,920) (12,117) (147,652) (3,282) (354,789) (22,850) (184,130) (40,367) (381,762) (38,249) (686,571) 1,635,273 $ 2,273,327 $ 1,937,880 $ 1,985,825 $ 1,374,869 $ 3,897,510 $ 5,298,574 Total Segment Revenues Total Assets Under Management Fee-Earning Assets Under Management $ 3,041,875 $ 4,456,936 $ 3,501,338 $ 4,153,793 $ 2,592,475 $ 7,206,428 $ 10,247,606 $ 730,662,712 $ 880,901,720 $ 915,491,742 $ 940,805,741 $ 950,946,514 $ 730,662,712 $ 950,946,514 $ 528,412,550 $ 649,969,058 $ 677,943,302 $ 683,825,961 $ 705,865,351 $ 528,412,550 $705,865,351 Blackstone | 15#20ASSETS UNDER MANAGEMENT - ROLLFORWARD Total AUM Rollforward ($ in millions) Three Months Ended September 30, 2022 Twelve Months Ended September 30, 2022 Real Estate Private Equity Hedge Fund Solutions Credit & Insurance Total Real Estate Private Equity Hedge Fund Solutions Credit & Insurance Total Beginning Balance $ 320,038 $ 275,886 $ 80,051 $ 264,829 $ 940,806 $ 230,183 $ 231,521 $ 80,602 $ 188,356 $ 730,663 Inflows 10,106 14,491 1,155 19,093 44,844 117,779 75,300 11,494 133,251 337,824 Outflows Net Flows (3,832) (892) (1,495) (6,420) (12,638) (11,610) (3,560) (10,806) (18,896) (44,872) 6,274 13,599 (340) 12,673 32,206 106,169 71,740 687 114,356 292,952 Realizations (4,077) (5,306) (449) (5,913) (15,746) (38,644) (27,685) (2,072) (20,845) (89,247) Market Activity (2,888) (911) 11 (2,530) (6,319) 21,639 7,692 56 (12,808) 16,579 Ending Balance $ 319,346 $ 283,268 $ 79,274 $ 269,059 $ 950,947 $ 319,346 $ 283,268 $ 79,274 $ 269,059 $ 950,947 % Change (0)% 3% (1)% 2% 1% 39% 22% (2)% 43% 30% Fee-Earning AUM Rollforward ($ in millions) Three Months Ended September 30, 2022 Twelve Months Ended September 30, 2022 Real Estate Private Equity Hedge Fund Solutions Credit & Insurance Total Real Estate Private Equity Hedge Fund Solutions Credit & Insurance Total Beginning Balance $ 252,126 $ 163,522 $ 72,630 $ 195,549 $ 683,826 $ 180,168 $ 139,080 $ 73,267 $ 135,897 $ 528,413 Inflows Outflows Net Flows Realizations Market Activity 35,566 5,721 957 9,237 51,480 124,160 39,567 10,581 102,631 276,939 (8,845) (444) (1,615) (6,325) (17,229) (17,506) (3,166) (10,201) (18,532) (49,405) 26,720 5,277 (658) 2,912 34,251 106,654 36,401 380 84,099 227,534 (4,239) (1,933) (431) (1,457) (8,060) (23,500) (1,160) 408 (102) (3,297) (4,151) 10,126 (11,749) 3,541 (1,928) (10,435) (47,612) (281) (15,855) (2,470) Ending Balance % Change 273,448 167,273 $ 71,438 $193,706 $ 705,865 $ 273,448 $ 167,273 $ 71,438 $ 193,706 $ 705,865 8% 2% (2)% (1)% 3% 52% 20% (2)% 43% 34% 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 September 30, 2022, Blackstone had $8.7 billion in total cash, cash equivalents, corporate treasury, and other investments and $18.1 billion of cash and net investments, or $14.99 per share. Blackstone has a $4.1 billion undrawn credit revolver and maintains A+/A+ ratings. Cash and Net Investments (per share) A+ / A+ ($ in millions) 3Q'22 rated by S&P and Fitch Cash and Cash Equivalents $ 3,480 $15.26 $14.99 Corporate Treasury and Other Investments GP/Fund Investments Net Accrued Performance Revenues 5,199 2,345 7,060 Cash and Net Investments $ 18,083 Outstanding Debt (at par) 9,360 3Q'21 3Q'22 $4.1B credit revolver with June 2027 maturity $8.7B total cash, corporate treasury and other Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $3.1 billion as of September 30, 2022, which was comprised of $2.8 billion of liquid investments and $318 million of illiquid investments. See notes on pages 29 and 33 for additional details on non-GAAP balance sheet measures. Blackstone | 17#22NET ACCRUED PERFORMANCE REVENUES - ADDITIONAL DETAIL ($ in millions, except per share data) 3Q'21 2Q'22 3Q'22 3Q'22 Per Share 3Q'22 QoQ Rollforward Real Estate BREP IV $ 22 $ 7 $ 7 $ 0.01 ($ in millions) BREP V 44 3 3 0.00 Net Net BREP VI 34 32 24 0.02 BREP VII 476 164 145 0.12 2Q'22 Performance Realized Revenues Distributions 3Q'22 BREP VIII 713 841 830 0.69 BREP IX 551 1,015 1,002 0.83 Real Estate $ 3,491 $ 31 $ (264) $3,258 BREP Europe IV 90 83 68 0.06 BREP Europe V 476 120 96 0.08 Private Equity 3,408 (78) (145) 3,186 BREP Europe VI 176 80 74 0.06 BREP Asia I 112 114 105 0.09 HFS 305 16 (1) 320 BREP Asia II 116 153 119 0.10 Credit & 271 97 BPP 362 755 735 (71) 297 0.61 Insurance BREIT 513 Total $ 7,476 $ 66 $ (482) $ 7,060 BREDS 40 15 14 0.01 BTAS Real Estate Private Equity 23 111 37 0.03 QoQ Change (6)% $ 3,747 $ 3,491 $ 3,258 $ 2.70 BCP IV 8 8 7 $ 0.01 3Q'22 LTM Rollforward BCP V 57 3 8 0.01 BCP VI 561 407 463 0.38 ($ in millions) BCP VII 1,278 975 870 0.72 Net Net BCP VIII 216 235 227 0.19 BCP Asia I 407 195 137 0.11 3Q'21 Performance Realized Revenues Distributions 3Q'22 BEP I 33 27 33 0.03 BEP III 64 76 86 0.07 Real Estate $ 3,747 $ 2,883 $ (3,372) $3,258 BCEP 198 224 219 0.18 Tactical Opportunities 296 311 233 0.19 Private Equity 3,899 238 (952) 3,186 Growth 45 Secondaries 430 629 548 0.45 HFS 362 166 (208) 320 Infrastructure 79 67 126 0.10 Credit & Life Sciences BTAS/Other Private Equity 33 24 26 0.02 302 311 (317) 297 Insurance 195 228 202 0.17 Total $ 3,899 $ 3,408 $ 3,186 $ 2.64 $ 8,311 $ 3,598 $ (4,849) $7,060 Hedge Fund Solutions Credit & Insurance Net Accrued Performance Revenues $ 362 $ $ $ 302 $ 8,311 $ 305 $ 271 $ 7,476 $ 320 $ 0.26 YoY Change (15)% 297 $ 7,060 $ 0.25 5.85 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 SEPTEMBER 30, 2022 (a) ($/€ in thousands, except where noted) BREP Int'l (Jan 2001 BREP Int'l II (Sep 2005 BREP Europe III (Jun 2008 BREP Europe IV (Sep 2013 Fund (Investment Period Beginning Date / Ending Date) Real Estate Pre-BREP 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 Apr 2015) BREP VIII (Apr 2015 / Jun 2019) BREP IX (Jun 2019 / Aug 2022) *BREP X (Aug 2022 / Feb 2028) Total Global BREP Sep 2005) 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 $ 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 11,060,444 550,439 253,813 1.7x 13,501,376 1,513,376 3,386,357 0.8x 13,450,289 27,511,017 27,989,427 16,592,910 2,298,180 14,936,814 1.6x 21,601,305 5,428,469 24,944,045 1.6x 21,372,021 7,643,491 2.3x 2.5x 2.4x 2.5x 13,457,335 2.3x 11% 11% 27,764,830 2.5x 13% 13% 31,375,784 2.0x 22% 15% 36,308,835 2.1x 28% 18% 2.2x 32,587,536 1.7x 67% 34% 26,542,960 26,320,364 209,582 0.9x n/a 209,582 0.9x n/a n/m $ 100,279,576 $ € 824,172 € 36,110,828 $ € 43,761,128 1.5x $ n/a € 110,141,664 1,373,170 2.4x $ 153,902,792 2.0x 18% 16% 2.1x € 1,373,170 2.1x 23% 23% Jun 2008) (e) Sep 2013) 1,629,748 n/a 2,583,032 1.8x 2,583,032 1.8x 8% 8% 3,205,318 437,071 251,497 0.5x 5,811,684 2.4x 6,063,181 2.0x 19% 14% Dec 2016) 6,673,049 1,473,527 1,728,575 1.2x 9,747,521 2.0x 11,476,096 1.8x 20% 13% BREP Europe V (Dec 2016 Oct 2019) 7,965,078 1,430,203 5,708,266 1.1x 6,537,218 4.0x 12,245,484 1.8x 43% 13% *BREP Europe VI (Oct 2019 Apr 2025) 9,925,135 6,426,505 4,626,528 1.2x 3,273,739 2.6x 7,900,267 1.6x 75% 24% Total BREP Europe BREP Asia I (Jun 2013 Dec 2017) BREP Asia II (Dec 2017 Mar 2022) *BREP Asia III (Mar 2022 Sep 2027) € 30,222,500 € 9,767,306 € 12,314,866 1.1x € 29,326,364 2.4x € 41,641,230 1.8x 17% 13% $ 4,263,411 $ 897,775 $ 2,212,848 7,369,945 1,627,900 7,256,313 1.4x $ 1.3x 6,316,167 818,696 2.1x $ 8,529,015 1.8x 20% 13% 1.8x 8,075,009 1.3x 43% 8% 8,068,957 7,285,192 694,806 0.9x n/a 694,806 0.9x 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) 7,208,136 163,184,517 $ 19,981,503 37,995 55,533,602 5,176,958 951,100 2.3x $ 69,004,146 5,398,871 1.4x $ 1.0x 15,043,270 168,186,629 16,644,956 2.2x 2.4x $ 1.3x 15,994,370 2.2x 16% 16% 237,190,775 22,043,826 1.9x 17% 16% 1.2x 10% 9% 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 14,208 n/a 2,953,649 1.4x 2,967,857 1.4x 6% 6% 6,773,182 157,644 136,355 1.2x 21,479,599 2.9x 21,615,954 2.8x 36% 36% 21,009,112 1,035,259 115,599 7.8x 38,427,169 1.9x 38,542,768 1.9x 8% 8% 15,195,537 1,158,107 7,117,830 1.9x 24,467,594 2.2x 31,585,424 2.1x 16% 12% 18,860,928 1,612,486 21,198,399 1.6x 10,590,931 2.4x 31,789,330 1.8x 34% 14% 25,432,016 14,722,928 13,633,546 1.3x 573,328 3.0x 14,206,874 1.3x n/m 18% 14,411,850 14,411,850 n/a n/a n/a n/a n/a 2,441,558 142,138 661,369 1.7x 3,999,633 2.0x 4,661,002 1.9x 17% 12% 4,938,719 847,680 4,865,944 1.7x 2,104,834 1.2x 6,970,778 1.5x 1% 8% 4,338,099 2,114,159 2,918,920 1.5x 533,929 2.8x 3,452,849 1.6x 66% 38% 2,452,208 663,800 2,882,092 1.8x 1,404,049 4.8x 4,286,141 2.2x 97% 34% 6,554,832 6,462,967 (3,277) n/a n/a (3,277) n/a n/a n/a 4,764,469 1,093,991 $ 8,189,963 143,687,406 $ 5,720,136 50,167,720 $ 7,927,971 2,516,238 63,985,194 2.1x 1.0x 1.6x $ 2,260,394 9,592 122,987,946 4.1x 10,188,365 2.3x 55% 24% n/a 2,525,830 1.0x n/a 2% 2.2x $ 186,973,140 1.9x 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 SEPTEMBER 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 Realized Investments Total Investments MOIC (c) Value MOIC (c) Value MOIC (c) Net IRRs (d) Realized Total *Tactical Opportunities (Various) $ *Tactical Opportunities Co-Investment and Other (Various) Total Tactical Opportunities $ 22,515,577 $ 16,282,765 38,798,342 $ 6,939,956 $ 7,371,547 14,311,503 $ 11,653,479 5,015,093 16,668,572 1.2x $ 1.8x 1.3x $ 20,504,793 8,265,944 28,770,737 1.9x 1.6x 1.8x $ $ 32,158,272 13,281,037 45,439,309 1.6x 18% 11% 1.6x 18% 18% 1.6x 18% 13% Growth *BXGI (Jul 2020 / Jul 2025) 5,046,626 BXG II (TBD) Total Growth 3,428,640 $ 8,475,266 $ 1,259,722 3,428,640 4,688,362 $ 3,642,869 1.0x 354,582 n/a 3,642,869 1.0x $ 354,582 3.3x n/a 3.3x $ 3,997,451 1.1x n/m (0)% n/a n/a n/a 3,997,451 1.1x n/m (0)% Strategic Partners (Secondaries) Strategic Partners I-V (Various) (i) 11,447,898 645,878 420,496 n/a 16,913,196 n/a 17,333,692 1.7x n/a 13% 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) 4,362,750 1,491,955 1,088,452 n/a 4,012,194 n/a 5,100,646 1.7x n/a 15% 7,489,970 1,794,752 4,702,171 n/a 5,792,772 n/a 10,494,943 2.0x n/a 20% 1,749,807 533,829 1,099,578 n/a 975,172 n/a 2,074,750 1.5x n/a 16% 10,763,600 4,866,535 9,062,102 n/a 5,186,528 n/a 14,248,630 1.9x n/a 43% 8,771,763 3,003,592 3,462,601 n/a 3,147,301 n/a 6,609,902 1.7x n/a 19% 3,250,100 1,708,501 1,113,984 n/a 124,956 n/a 1,238,940 1.4x n/a 58% *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) 17,196,913 $ 65,032,801 $ 12,285,298 26,330,340 3,309,826 n/a 113,017 n/a 3,422,843 1.4x n/a n/m $ 24,259,210 n/a $ 36,265,136 n/a $ 60,524,346 1.7x n/a 16% 910,000 4,839,511 140,770 3,742,428 904,799 1,178,568 1.6x 1.3x 239,846 71,549 1.9x 1.3x 1,144,645 1.7x 23% 15% 1,250,117 1.3x 9% 2% 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 $ 4,120,000 998,027 22,509 249,574 6,639,133 953,406 3,796,336 5,016,771 3,476,787 1,622,867 1.8x $ 0.3x 1.0x 1.0x 4,786,397 6,496,230 1.6x $ 1.6x 4,808,906 1.6x n/a 17% 6,745,804 1.4x n/a 10% 5,573,791 1.6x 9,370,127 1.3x n/a 10% 65,480 n/m 1,688,347 1.0x n/a 10% 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% 7,356,380 2,646,972 364,069 2,576,770 0.5x 5,242,349 1.2x 5,606,418 1.1x n/a 1% 0.9x 2,796,308 1.4x 5,373,078 1.1x n/a 7% 2,856,867 1,045,894 842,545 1.0x 2,580,579 1.7x 3,423,124 1.4x n/a 10% 3,616,081 1,957,123 1,951,379 1.2x 1,048,553 1.5x 2,999,932 1.3x n/a 26% € 1,964,689 € 352,855 € € 4,088,344 € $ 46,889,033 $ 1,185,458 € 13,305,779 $ 918,765 4,214,580 16,454,930 0.8x € 1.0x € 0.9x $ 2,278,324 1,372,464 38,548,150 1.4x € 3,197,089 1.2x n/a 3% 1.6x € 1.5x $ 5,587,044 1.1x n/a 13% 55,003,080 1.2x 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 72,685,947 12% 70,314,335 13% 6,541,046 7% Infrastructure 25,778,540 18% GP Stakes 10,325,973 15% U.S. Direct Lending 11,113,320 10% U.S. Direct Lending 57,469,317 8% Blackstone | 20#25INVESTMENT RECORDS AS OF SEPTEMBER 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 September 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 September 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 September 30, 2022, these vehicles represented $2.9 billion of Total AUM. 트트 (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 September 30, 2022, assuming reinvestment of all dividends received during the period. Return incorporates the closing NYSE stock price as of September 30, 2022. Total Net Return is from May 22, 2013. Including co-investment vehicles that do not pay fees, BIP Total AUM is $31.1 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 $11.2 billion. The BXSL Total AUM and Total Net Return are presented as of June 30, 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 September 30, 2022 was $22.4 billion. Blackstone | 21#26SHAREHOLDER DIVIDENDS Generated $1.06 of Distributable Earnings per common share during the quarter, bringing the YTD amount to $4.10 per common share. Blackstone declared a quarterly dividend of $0.90 per common share to record holders as of October 31, 2022; payable on November 7, 2022. 3Q'21 133,841 1,769,114 ($ in thousands, except per share data) Distributable Earnings Add: Other Payables Attributable to Common Shareholders DE before Certain Payables $ 1,635,273 $ 2,273,327 $ 1,937,880 $1,985,825 $1,374,869 4Q'21 1Q'22 2Q'22 3Q'22 % Change vs. 3Q'21 (16)% 3Q'21 YTD 3Q'22 YTD $ 3,897,510 $ 5,298,574 % Change vs. 3Q'21 YTD 36% 352,514 115,166 298,570 145,137 8% 315,425 558,873 77% 2,625,841 2,053,046 2,284,395 1,520,006 (14)% 4,212,935 5,857,447 39% Percent to Common Shareholders 60% 61% 61% 61% 61% 60% 61% DE before Certain Payables Attributable to Common Shareholders 1,059,142 1,601,199 1,254,703 1,402,640 934,240 (12)% 2,510,885 3,591,583 43% Less: Other Payables Attributable to (133,841) (352,514) (115,166) (298,570) (145,137) 8% (315,425) (558,873) 77% Common Shareholders DE Attributable to Common Shareholders 925,301 1,248,685 1,139,537 1,104,070 789,103 (15)% 2,195,460 3,032,710 38% DE per Common Share $ 1.28 $ 1.71 $ 1.55 $ 1.49 $ 1.06 (17)% $ 3.06 $ 4.10 34% Less: Retained Capital per Common Share $ (0.19) $ (0.26) $ (0.23) $ (0.22) $ (0.16) (16)% $ (0.45) $ (0.61) 36% Actual Dividend per Common Share $ 1.09 $ 1.45 $ 1.32 $ 1.27 $ 0.90 (17)% $ 2.61 $ 3.49 34% Record Date Oct 31, 2022 Payable Date Nov 7, 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 1.207 billion shares. Repurchased 2.0 million common shares in the quarter and 8.1 million common shares over the LTM. Available authorization remaining was $1.1 billion at September 30, 2022. Participating Common Shares Participating Partnership Units Distributable Earnings Shares Outstanding 3Q'21 4Q'21 1Q'22 2Q'22 3Q'22 721,369,398 732,037,197 734,543,862 742,187,838 741,552,385 483,553,949 468,446,388 467,375,889 466,568,377 464,951,386 1,204,923,347 1,200,483,585 1,201,919,751 1,208,756,215 1,206,503,771 Participating Common Shares and Participating Partnership Units include both issued and outstanding shares and unvested shares that participate in dividends. Participating Common Shares and shares repurchased in the quarter include the effect of share repurchases that were initiated before quarter end but where the shares were not retired until after quarter end. Blackstone | 23#28Reconciliations and Disclosures Blackstone | 24#29RECONCILIATION OF GAAP TO NON-GAAP MEASURES ($ in thousands) 3Q'21 4Q'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 Attributable to Redeemable Non-Controlling Interests in Consolidated Entities Net Income (Loss) 1,315,641 1,218,934 QTD 1Q'22 $1,401,895 $1,398,478 $1,216,874 $ 1,059,313 YTD LTM 2Q'22 3Q'22 3Q'21 3Q'22 3Q'21 3Q'22 (29,393) $ 2,296 (35,521) 37,724 $ 4,458,919 $1,189,777 3,667,618 1,061,516 4,426,728 $ 5,207,789 $ 2,588,255 2,280,450 486,907 320,033 216,375 (216,707) (62,093) 1,305,273 (62,425) 1,613,328 257,608 1,550 2,924 5,052 25,875 25,773 2,816 56,700 945 $3,205,993 $2,940,369 $2,497,614 $ (255,746) $ 3,700 Provision for Taxes Income (Loss) Before Provision for Taxes 458,904 $3,664,897 Transaction-Related Charges (a) 59,193 Amortization of Intangibles (b) 17,044 437,694 $3,378,063 21,424 17,044 483,281 36,514 94,231 $2,980,895 $ (219,232) $ 97,931 25,333 25,141 9,247 17,044 17,044 13,238 $ 9,434,626 $2,245,568 746,707 614,026 $10,181,333 $2,859,594 59,721 47,326 59,624 $11,248,790 $ 5,185,937 1,013,049 1,051,720 $12,261,839 $ 6,237,657 Impact of Consolidation (c) (488,457) (322,957) (221,427) 190,832 Unrealized Performance Revenues (d) (2,724,366) Unrealized Performance Allocations Compensation (e) 1,193,853 (789,213) (1,293,050) 3,467,668 384,007 36,320 771,637 472,284 (1,386,543) (359,590) Unrealized Principal Investment (Income) Loss (f) 2,343 (153,518) (26,758) 203,288 (64,109) 129,254 2,488 (156,867) 156,867 16,238 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 Interest Expense (o) Taxes and Related Payables (j) Depreciation and Amortization (p) Adjusted EBITDA (377,920) (147,652) $1,635,273 $2,273,327 $1,937,880 $1,808,378 $2,644,468 $2,097,649 $2,343,896 (1,497,477) (1,191,374) (1,312,810) (2,206,774) (469,009) 619,074 (151,010) $ 778,965 $1,826,927 $1,146,864 $1,020,587 $1,179,299 $1,635,273 $2,273,327 $1,937,880 $1,985,825 $1,374,869 $ 3,897,510 $5,298,574 51,773 56,387 66,602 69,425 156,867 377,920 147,652 354,789 80,312 184,130 140,245 381,762 216,339 686,571 12,771 14,542 $1,856,684 $2,722,176 14,316 $2,166,450 15,644 $2,425,683 14,958 $1,654,269 37,645 $ 4,457,162 44,918 $6,246,402 (50,633) (72,819) (155,704) 996,105 (198,546) 122,614 51,212 (1,308,089) (7,886,033) 2,946,255 3,394,041 (1,273,849) (526,249) 1,172,635 192,906 67,747 81,145 64,370 5,725 (1,614,273) (8,483,318) (317,232) 2,157,042 3,672,616 (889,842) (640,676) 1,019,117 (152,252) (427,069) (8,637) (477,702) 164,589 201,545 195,644 2,441 2,485 377,920 (6,779) 147,652 12,117 2,476 (354,789) $1,985,825 354,789 3,282 190,197 2,460 (184,130) $1,374,869 184,130 22,850 $1,581,849 394,948 587,386 462,040 751,975 7,747 (381,762) 7,421 10,293 9,862 (686,571) (558,621) (1,064,491) $ 3,897,510 381,762 40,367 $5,298,574 686,571 38,249 $ 5,361,916 $ 7,571,901 558,621 45,971 1,064,491 31,470 449,301 519,120 (75,468) (157,095) 926,974 (43,509) 206,224 (139,765) $ 4,319,639 (2,691,738) 1,108,269 (512,298) $6,023,394 $ 5,966,508 $ 8,667,862 (3,988,593) 1,652,318 (3,968,367) 1,591,797 (5,179,967) 2,101,619 $ 2,223,872 (340,369) $3,346,750 (616,119) (415,837) $ 2,973,819 $ 5,173,677 $ 5,361,916 $ 7,571,901 185,575 558,621 272,726 1,064,491 47,591 59,460 $ 6,153,703 $ 8,968,578 Notes on pages 26-27. 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. (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. ($ in thousands) GAAP Unrealized Principal Investment Income (Loss) $ Segment Adjustment Unrealized Principal Investment Income (Loss) $ 3Q'21 183,754 $ (186,097) (2,343) $ 4Q'21 304,297 $ (150,779) 153,518 $ QTD 1Q'22 YTD LTM 2Q'22 3Q'21 73,961 $ (47,203) 26,758 $ 3Q'22 3Q'22 3Q'22 (500,490) $ (1,069,697) $ 1,151,904 $ (1,496,226) $ 1,369,592 $ (1,191,929) 297,202 73,592 (625,655) 323,591 (728,916) 172,812 (203,288) $ (996,105) $ 526,249 $ (1,172,635) $ 640,676 $ (1,019,117) 3Q'21 (g) This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents the removal of certain Transaction-Related Charges. ($ in thousands) GAAP Other Revenue Segment Adjustment Other Revenues 3Q'21 4Q'21 QTD 1Q'22 YTD LTM 2Q'22 3Q'22 3Q'21 $ 64,187 $ (78) 64,109 $ 50,699 $ (66) 50,633 $ 72,869 $ (50) 72,819 $ 155,588 $ 116 199,382 (836) 155,704 $ 198,546 $ 152,387 $ (135) 152,252 $ 3Q'22 427,839 $ 3Q'21 3Q'22 (770) 427,069 8,804 $ (167) 8,637 $ 478,538 (836) 477,702 (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. For interim periods, taxes are calculated using the preferred annualized effective tax rate approach. Related Payables represent tax-related payables including the amount payable under the Tax Receivable Agreement. Please refer to page 34 for the full definition of Taxes and Related Payables. ($ in thousands) Taxes Related Payables Taxes and Related Payables $ 3Q'21 140,548 $ $ 16,319 156,867 $ 4Q'21 365,109 $ 12,811 377,920 $ QTD 1Q'22 YTD LTM 124,645 $ 23,007 147,652 $ 2Q'22 324,954 $ 29,835 354,789 $ 3Q'22 163,602 $ 20,528 184,130 $ 3Q'21 337,966 $ 613,201 43,796 73,370 381,762 $ 686,571 $ 3Q'22 3Q'21 3Q'22 501,281 $ 978,310 57,340 86,181 558,621 $ 1,064,491 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) S 3Q'21 35,048 $ 4Q'21 QTD 1Q'22 YTD LTM 2Q'22 3Q'22 3Q'21 63,166 $ 54,485 $ 487 $ 35,535 $ 63,166 $ 54,485 $ 62,075 S 52,420 $ 4,068 66,143 $ 5,042 57,462 $ 3Q'22 97,477 $ 168,980 2,401 9,110 99,878 $ 178,090 3Q'21 3Q'22 $ 137,203 $ 232,146 $ 2,401 139,604 $ 9,110 241,256 $ 52,413 $ 56,550 $ 66,747 $ 69,642 $ 80,507 $ 141,718 $ (640) (163) (145) 51,773 $ 56,387 $ 66,602 $ (217) 69,425 $ (195) 80,312 (1,473) 140,245 $ 216,896 (557) 216,339 $ 187,420 $ 273,446 (1,845) (720) 185,575 $ 272,726 $ (16,238) $ 6,779 $ (12,117) $ (3,282) $ (22,850) $ (40,367) $ (38,249) $ (45,971) $ (31,470) (l) This adjustment removes the total segment amount of Realized Performance Revenues. (m) This adjustment removes the total segment amount of Realized Performance Compensation. (n) This adjustment removes the total segment amount of Realized Principal Investment Income. (o) This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement. (p) This adjustment adds back Depreciation and Amortization on a segment basis. Reconciliation of GAAP Shares of Common Stock Outstanding to Distributable Earnings Shares Outstanding QTD GAAP Shares of Common Stock Outstanding Unvested Participating Common Shares Total Participating Common Shares Participating Partnership Units Distributable Earnings Shares Outstanding 3Q'21 693,612,698 4Q'21 704,339,774 27,756,700 27,697,423 721,369,398 732,037,197 483,553,949 468,446,388 1Q'22 707,180,830 27,363,032 734,543,862 467,375,889 1,204,923,347 1,200,483,585 1,201,919,751 2Q'22 706,476,877 35,710,961 742,187,838 466,568,377 1,208,756,215 3Q'22 708,995,155 32,557,230 741,552,385 464,951,386 1,206,503,771 Disclosure of Weighted-Average Shares Common Stock Outstanding Total GAAP Weighted-Average Shares of Common Stock Outstanding Basic Weighted-Average Shares of Unvested Deferred Restricted Common Stock Total GAAP Weighted-Average Shares of Common Stock Outstanding Diluted 3Q'21 4Q'21 QTD 1Q'22 YTD LTM 722,229,117 726,445,206 734,327,015 2Q'22 707,382,293 3Q'22 3Q'21 742,345,646 717,516,302 3Q'22 739,963,370 3Q'21 3Q'22 713,742,286 736,556,059 203,982 226,315 639,900 149,886 402,113 308,877 410,649 323,171 722,433,099 726,671,521 734,966,915 707,382,293 742,495,532 717,918,415 740,272,247 714,152,935 736,879,230 GAAP Shares of Common Stock Outstanding and Total GAAP Weighted-Average Shares of Common Stock Outstanding - Basic for 3Q'22 include the effect of share Blackstone | 27 repurchases that were initiated before quarter end but where the shares were not retired until after quarter end.#32BLACKSTONE'S THIRD 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 3Q'21 4Q'21 1Q'22 2Q'22 3Q'22 5,011,433 $ 113,731 25,104,195 2,119,738 79,994 28,665,043 $ 3,868,567 $ 110,648 30,068,474 4,183,380 $ 3,480,003 129,276 27,323,758 94,358 26,256,148 496,265 636,616 517,465 774,137 835,529 3,718,119 4,656,867 4,004,359 3,891,958 4,029,490 303,082 284,384 265,686 246,988 232,096 1,890,202 1,890,202 1,890,202 1,890,202 1,890,202 538,567 492,936 422,786 658,298 785,794 745,886 788,991 868,437 886,911 1,116,612 1,581,637 1,327,454 1,646,400 887,832 1,767,869 $ 39,038,092 $ 41,196,408 $ 43,344,078 $ 41,631,308 $ 40,259,321 $ 7,527,576 1,426,209 $ 7,748,163 1,906,098 $ 8,937,456 $ 9,365,274 $ 9,263,080 1,881,054 2,001,391 2,060,891 7,399,559 7,905,070 8,140,773 6,765,492 6,732,507 35,657 27,849 27,278 27,029 26,783 36,545 57,980 77,289 152,529 313,138 863,020 908,033 986,073 993,875 985,632 871,661 937,169 18,160,227 19,490,362 1,053,128 21,103,051 991,620 1,141,905 66,824 68,028 41,430 20,297,210 1,275,491 20,523,936 1,344,188 Redeemable Non-Controlling Interests in Consolidated Entities Equity Common Stock, $0.00001 par value (709,040,610 shares issued and outstanding as of September 30, 2022) Series | Preferred Stock, $0.00001 par value (1 share issued and outstanding as of September 30, 2022) Series II Preferred Stock, $0.00001 par value (1 share issued and outstanding as of September 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 See page 29, Reconciliation of GAAP to Non-GAAP Balance Sheet Measures. 7 7 7 7 7 6,037,628 3,031,765 5,794,727 3,647,785 5,879,796 3,805,918 5,870,285 2,803,100 5,791,006 1,869,463 (15,357) (19,626) (25,754) (42,225) (74,800) 5,638,612 5,600,653 5,747,698 6,118,386 6,614,472 6,791,932 5,281,244 6,146,196 20,811,041 21,638,018 22,199,597 $ 39,038,092 $ 41,196,408 $ 43,344,078 20,058,607 $ 41,631,308 5,357,148 5,448,373 18,391,197 $ 40,259,321 Blackstone | 28#33RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES ($ in thousands) Investments of Consolidated Blackstone Funds 3Q'21 4Q'21 1Q'22 2Q'22 3Q'22 $ 2,104,705 $ 2,018,829 $ 2,045,156 $ 3,764,850 $ 3,828,497 Equity Method Investments Partnership Investments Accrued Performance Allocations Corporate Treasury Investments Other Investments Total GAAP Investments Accrued Performance Allocations GAAP Impact of Consolidation (a) 5,303,334 15,063,648 5,635,212 17,096,873 5,858,926 5,446,688 5,566,645 17,661,244 13,544,855 12,938,888 1,520,426 658,066 916,510 810,672 799,016 1,112,082 25,104,195 3,256,063 28,665,043 3,586,638 30,068,474 3,756,693 27,323,758 3,123,102 26,256,148 $ 15,063,648 $ 17,096,873 $ 17,661,244 $ 13,544,855 $ 12,938,888 1 1 1 12,475 2,412 Due from Affiliates GAAP (b) 59,669 260,993 112,194 136,631 Less: Net Realized Performance Revenues (c) (416,336) (1,294,884) Less: Accrued Performance Compensation - GAAP (d) (6,395,903) (7,324,906) (743,772) (7,483,337) (262,083) 154,587 (342,922) (5,955,982) (5,693,325) Net Accrued Performance Revenues $ 8,311,079 $ 8,738,077 $ 9,546,330 $ 7,475,896 $ 7,059,640 Corporate Treasury and Other Investments - GAAP $ 2,632,508 $ 3,914,129 $ 4,503,148 $ 4,567,365 $ 3,922,118 Impact of Consolidation (a) 178,407 144,354 140,905 708,469 697,317 Other Assets (e) 580,641 797,843 379,768 642,875 617,346 Other Liabilities (f) (169,863) (94,314) (66,065) (54,321) (37,974) Corporate Treasury and Other Investments - Deconsolidated (g) $ 3,221,693 $ 4,762,012 $ 4,957,756 $ 5,864,388 $ 5,198,807 Partnership Investments - GAAP $ 5,303,334 $ 5,635,212 $ 5,858,926 $ 5,446,688 $ 5,566,645 Impact of Consolidation (h) (3,459,004) GP/Fund Investments - Deconsolidated Loans Payable - GAAP Impact of Consolidation (i) Outstanding Debt - Carrying Value Unamortized Discount $ 1,844,330 $ (3,552,599) 2,082,613 $ (3,623,881) 2,235,045 $ (3,169,740) (3,221,867) 2,276,948 $ 2,344,778 $ 7,527,576 $ (100) 7,748,163 (101) $ 8,937,456 $ 9,365,274 $ 9,263,080 (30,627) 7,527,476 Outstanding Debt (at par) - Deconsolidated $ 109,524 7,637,000 7,748,062 107,438 8,937,456 122,594 9,365,274 9,232,453 131,526 127,947 $ 7,855,500 $ 9,060,050 $ 9,496,800 $ 9,360,400 (a) This adjustment adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation. (b) Represents GAAP accrued performance revenue recorded within Due from Affiliates. (c) Represents Performance Revenues realized but not yet distributed as of the reporting date and are included in Distributable Earnings in the period they are realized. (d) Represents GAAP accrued performance compensation associated with Accrued Performance Allocations and is recorded within Accrued Compensation and Benefits and Due to Affiliates. (e) This adjustment adds other assets related to Treasury Operations that are recorded within Accounts Receivable, reverse repurchase agreements and Due from Affiliates. (f) This adjustment adds other liabilities related to Treasury Operations that are recorded within Accounts Payable, Accrued Expenses and Other Liabilities, Repurchase Agreements and securities sold short, not yet purchased. (g) Deconsolidated Other Investments was $3.1 billion as of September 30, 2022, which was comprised of $2.8 billion of liquid investments and $318 million of illiquid investments. The liquid portion of Other Investments relates to public equity securities, which may include equity securities subject to lockup periods, and other investments held by Blackstone that can be easily converted to cash. (h) This adjustment removes amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests and adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation. (i) This adjustment removes amounts related to consolidated Blackstone Funds. Blackstone |29#34RECONCILIATION OF GAAP TO TOTAL SEGMENTS ($ in thousands) Management and Advisory Fees, Net QTD 3Q'21 4Q'21 1Q'22 2Q'22 3Q'22 YTD 3Q'21 3Q'22 3Q'21 LTM 3Q'22 $ 3,711,159 $ 4,654,877 (137) (13,022) (6,184) $ 3,711,022 $ 4,641,855 $ 4,845,297 $ 6,114,425 1,750 (16,350) $ 4,847,047 $ 6,098,075 GAAP Segment Adjustment (a) Total Segment $ 1,320,795 $1,459,548 $1,475,936 $1,561,187 $ 1,617,754 (4,270) (720) (3,328) (2,568) $ 1,320,075 $1,456,220 $1,473,368 $ 1,556,917 $ 1,611,570 GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues GAAP Incentive Fees Investment Income - Realized Performance Allocations 48,206 1,522,495 136,454 2,787,970 104,489 99,598 1,766,386 2,453,769 110,776 725,888 117,537 2,865,482 314,863 4,946,043 215,239 4,330,636 451,317 7,734,013 GAAP Total Segment Less: Realized Performance Revenues Segment Adjustment (b) Total Segment GAAP Compensation to Total Segment Fee Related Compensation GAAP Compensation Incentive Fees Compensation Realized Performance Allocations Compensation GAAP Total Segment $ 1,570,701 $2,924,424 $ 1,870,875 $2,553,367 $ 836,664 $ 2,983,019 $ 5,260,906 $ 4,545,875 $ 8,185,330 (1,497,477) $ (1,191,374) (1,312,810) (2,206,774) (469,009) 89 824 4,476 73,313 $1,733,874 $ 558,065 $ 346,593 $372,131 (2,691,738) 89 (3,988,593) 4,476 (3,968,367) 89 (5,179,967) 5,300 $ 291,370 $1,276,789 $ 577,597 $ 3,010,663 536,199 21,007 631,632 576,032 49,349 1,119,911 656,505 41,019 717,601 686,012 45,363 1,035,916 600,273 50,355 313,930 1,585,941 48,763 1,192,082 $ 1,188,838 $1,745,292 $ 1,415,125 $1,767,291 $ 964,558 1,942,790 136,737 2,067,447 $ 2,826,786 $ 4,146,974 2,045,577 70,849 1,782,171 2,518,822 186,086 3,187,358 $ 3,898,597 $ 5,892,266 Less: Realized Performance Compensation (619,074) (449,301) (519,120) (926,974) (206,224) Less: Equity-Based Compensation Fee Related Compensation (127,442) (162,656) (200,387) (191,769) (187,873) (1,108,269) (1,652,318) (388,607) (1,591,797) (580,029) Less: Equity-Based Compensation - Performance Compensation Segment Adjustment (c) (1,812) (21,029) (1,933) (23,368) (1,158) (3,875) (2,324) (6,341) (7,357) (23,989) (23,260) (9,869) $ 419,481 $ 1,108,034 $ 670,471 $ 621,413 $ 558,268 (83,593) (57,118) $1,239,976 $ 1,850,152 (122,015) (454,004) (8,036) $ 1,722,745 $2,958,186 (2,101,619) (742,685) (9,290) (80,486) 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 $ $ 217,995 $ 309,673 $ 240,674 $ 289,288 $270,369 $ 608,174 $ 800,331 (23,053) (54,540) (26,576) (27,778) (24,235) (69,630) (78,589) 194,942 $ 255,133 $ 214,098 $ 261,510 $ 246,134 $ 538,544 $ 721,742 $ 822,298 $1,110,004 (94,218) (133,129) $ 728,080 $ 976,875 Investment Income Realized Performance Allocations 48,206 1,522,495 136,454 2,787,970 104,489 1,766,386 99,598 2,453,769 110,776 725,888 117,537 2,865,482 GAAP $ 1,570,701 $2,924,424 $ 1,870,875 $2,553,367 $ 836,664 314,863 4,946,043 $ 2,983,019 $ 5,260,906 215,239 4,330,636 451,317 7,734,013 $ 4,545,875 $ 8,185,330 Total Segment Less: Fee Related Performance Revenues Segment Adjustment (b) Total Segment (73,313) 89 (1,733,874) 824 (558,065) (346,593) (372,131) 4,476 (291,370) 89 (1,276,789) 4,476 (577,597) 89 (3,010,663) 5,300 $ 1,497,477 $1,191,374 $ 1,312,810 $ 2,206,774 $ 469,009 $ 2,691,738 $ 3,988,593 $ 3,968,367 $ 5,179,967 Blackstone | 30#35RECONCILIATION OF GAAP TO TOTAL SEGMENTS - (CONT'D) ($ in thousands) Realized Performance Compensation GAAP Incentive Fee Compensation 3Q'21 4Q'21 QTD 1Q'22 YTD LTM 2Q'22 3Q'22 3Q'21 3Q'22 3Q'21 3Q'22 $ Realized Performance Allocations Compensation 21,007 $ 49,349 $ 631,632 1,119,911 41,019 $ 45,363 $ 717,601 1,035,916 50,355 313,930 GAAP Total Segment Less: Fee Related Performance Compensation (e) Less: Equity-Based Compensation - Performance Compensation Total Segment (31,753) (1,812) $ 619,074 $ (718,026) (1,933) 449,301 $ $ 652,639 $ 1,169,260 $ 758,620 $1,081,279 $ 364,285 (238,342) (150,430) $ 48,763 $ 136,737 1,192,082 2,067,447 $ 1,240,845 $ 2,204,184 $ 70,849 $ 186,086 1,782,171 3,187,358 $ 1,853,020 $ 3,373,444 (1,158) 519,120 $ (155,737) (3,875) (2,324) 926,974 $ 206,224 (126,235) (6,341) (544,509) (7,357) (253,187) (8,036) (1,262,535) (9,290) $ 1,108,269 $ 1,652,318 $ 1,591,797 $ 2,101,619 Realized Principal Investment Income GAAP Segment Adjustment (f) Total Segment $ 325,414 $ (174,404) $ 151,010 $ 171,310 $ 285,104 $ 265,161 $193,228 (95,842) (128,009) (221,652) (53,463) 75,468 $ 157,095 $ 43,509 $ 139,765 $ $ 832,512 $ 743,493 (320,214) (403,124) 512,298 $340,369 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 $ 1,053,326 $ 914,803 (437,207) (498,966) $ 616,119 $ 415,837 $ $ 35,048 (52,413) (17,365) $ 1,127 (16,238) $ 63,166 (56,550) 6,616 $ 163 54,485 (66,747) (12,262) $ 145 6,779 $ (12,117) $ 62,075 (69,642) (7,567) $ 4,285 (3,282) $ 52,420 (80,507) (28,087) $ 5,237 (22,850) $ 97,477 168,980 (141,718) (216,896) (44,241) $ (47,916) 3,874 9,667 (40,367) $ (38,249) $ 137,203 232,146 (187,420) (273,446) $ (50,217) $ (41,300) 4,246 9,830 (45,971) $ (31,470) 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 Third Quarter 2022 GAAP Results Income Before Provision for Taxes Margin is calculated by dividing Income Before Provision 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 $4,661 million, $3,486 million, and $1,045 million for 3Q'22 LTM, 3Q'21 LTM, and 3Q'21 respectively and Segment DE would have been $8,155 million, $6,479 million, and $2,074 million for 3Q'22 LTM, 3Q'21 LTM, and 3Q'21 respectively and there would have been no impact to Income (Loss) before Taxes for 3Q'22 LTM, 3Q'21 LTM, and 3Q'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 euro-denominated funds included in the overall Private Credit return, cash flows are translated using a historical rate instead of the daily spot rate to more closely reflect the actual performance of foreign-denominated funds in composite returns. 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 $779 million, $932 million, $204 million, and $430 million, respectively, as of September 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 $119 million for 3Q'22 and $451 million for 3Q'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). 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 3Q'22 the increase to Realized Performance Compensation was less than the decrease to Fee Related Compensation, which favorably impacted Distributable Earnings for the quarter. On a year-to-date basis, the increase to Realized Performance Compensation was greater than the decrease to Fee Related Compensation, which negatively impacted Distributable Earnings. These changes to Performance Compensation and Fee Related Compensation are not expected to impact Distributable Earnings for the full year. 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