Investor Presentaiton
INVESTMENT 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.
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(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.
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(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.
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