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Investor Presentaiton

RECONCILIATION 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
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