Investor Presentaiton
NOTES (CONT'D)
Notes to page 5 - Investment Performance and Net Accrued Performance Revenues (Cont'd)
Private Credit returns include mezzanine lending funds and middle market direct lending funds (including BXSL and BCRED), stressed/distressed
strategies (including stressed/distressed funds and credit alpha strategies) and energy strategies. Liquid Credit returns include CLOS, closed-
ended funds, open-ended funds and separately managed accounts. Only fee-earning funds exceeding $100 million of fair value at the beginning
of each respective quarter-end are included. Funds in liquidation, funds investing primarily in investment grade corporate credit and asset-based
finance are excluded. Blackstone Funds that were contributed to Blackstone Credit as part of Blackstone's acquisition of Blackstone Credit,
formerly known as GSO, in March 2008 and the pre-acquisition date performance for funds and vehicles acquired by Blackstone Credit subsequent
to March 2008, are also excluded.
Effective 2Q'22, for EUR-denominated funds included in the overall Private Credit return, cash flows are translated using a historical rate instead
of the daily spot rate to more closely reflect the actual performance of foreign-denominated funds in composite returns. Under the prior
methodology, 2Q'22 gross and net returns and 2Q'22 LTM gross and net returns would have been (0.6)%, (0.9)%, 9.3%, and 5.3%, respectively.
Notes to page 17 - Deconsolidated Balance Sheet Highlights
GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Hedge Fund Solutions, and Credit & Insurance, which were
$777 million, $889 million, $204 million, and $407 million, respectively, as of June 30, 2022. Cash and Net Investments per share amounts are
calculated using period end DE Shares Outstanding (see page 23, Share Summary).
Notes to page 22 - Shareholder Dividends
DE before Certain Payables represents Distributable Earnings before the deduction for the Payable Under Tax Receivable Agreement and tax
expense (benefit) of wholly owned subsidiaries. Common shareholders receive tax benefits from deductions taken by Blackstone's corporate tax
paying subsidiaries and bear responsibility for the deduction from Distributable Earnings of the Payable Under Tax Receivable Agreement and
certain other tax-related payables.
Per Share calculations are based on end of period Participating Common Shares (page 23, Share Summary); actual dividends are paid to
shareholders as of the applicable record date.
Retained capital is withheld pro rata from common shareholders and Blackstone Holdings Partnership unitholders. Common shareholders' share
was $163 million for 2Q'22 and $332 million for 2Q'22 YTD.
Blackstone | 33View entire presentation