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Investor Presentaiton

RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES ($ in thousands) Investments of Consolidated Blackstone Funds 2Q'21 3Q'21 4Q'21 1Q'22 2Q'22 $ 1,871,269 $ 2,104,705 $ 2,018,829 $ 2,045,156 $ 3,764,850 Equity Method Investments Partnership Investments Accrued Performance Allocations Corporate Treasury Investments Other Investments Total GAAP Investments Accrued Performance Allocations GAAP Impact of Consolidation (a) 4,916,675 5,303,334 5,635,212 5,858,926 5,446,688 12,101,142 15,063,648 17,096,873 17,661,244 13,544,855 2,440,325 1,520,426 658,066 916,510 810,672 833,911 1,112,082 3,256,063 22,163,322 25,104,195 28,665,043 3,586,638 30,068,474 3,756,693 27,323,758 $ 12,101,142 $ 15,063,648 $ 17,096,873 $ 17,661,244 13,544,855 1 1 1 1 12,475 Due from Affiliates GAAP (b) 59,304 59,669 260,993 Less: Net Realized Performance Revenues (c) (261,760) (416,336) (1,294,884) 112,194 (743,772) 136,631 (262,083) Less: Accrued Performance Compensation - GAAP (d) (5,137,933) (6,395,903) Net Accrued Performance Revenues $ 6,760,754 $ 8,311,079 $ Corporate Treasury and Other Investments - GAAP (e) $ 3,274,236 $ 2,632,508 $ (7,324,906) 8,738,077 3,914,129 $ $ Impact of Consolidation (a) 176,320 178,407 144,354 (7,483,337) 9,546,330 $ 4,503,148 $ 140,905 (5,955,982) 7,475,896 4,567,365 708,469 Other Assets (f) 479,591 580,641 797,843 379,768 642,875 Other Liabilities (g) (494,119) (169,863) (94,314) (66,065) (54,321) Corporate Treasury and Other Investments - Deconsolidated (h) $ 3,436,028 $ 3,221,693 $ 4,762,012 $ 4,957,756 $ 5,864,388 Partnership Investments GAAP $ 4,916,675 $ Impact of Consolidation (i) (3,091,175) GP/Fund Investments - Deconsolidated Loans Payable - GAAP Impact of Consolidation (j) $ 1,825,500 $ 5,303,334 $ (3,459,004) 1,844,330 $ 5,635,212 $ (3,552,599) 2,082,613 $ 5,858,926 $ 5,446,688 (3,623,881) (3,169,740) 2,235,045 $ 2,276,948 $ 5,594,648 (99) $ 7,527,576 $ 7,748,163 $ 8,937,456 $ 9,365,274 (100) (101) Outstanding Debt - Carrying Value 5,594,549 Unamortized Discount Outstanding Debt (at par) - Deconsolidated $ 84,151 5,678,700 7,527,476 109,524 7,748,062 107,438 8,937,456 9,365,274 122,594 131,526 $ 7,637,000 $ 7,855,500 $ 9,060,050 $ 9,496,800 (b) (a) This adjustment adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation. Represents GAAP accrued performance revenue recorded within Due from Affiliates. (c) Represents Performance Revenues realized but not yet distributed as of the reporting date and are included in Distributable Earnings in the period they are realized. (d) Represents GAAP accrued performance compensation associated with Accrued Performance Allocations and is recorded within Accrued Compensation and Benefits and Due to Affiliates. (e) Effective 3Q'21, Corporate Treasury includes Other Investments and has been renamed to Corporate Treasury and Other Investments. Prior periods have been recast to reflect the revised classification. (f) This adjustment adds other assets related to Treasury Operations that are recorded within Accounts Receivable, reverse repurchase agreements and Due from Affiliates. (g) This adjustment adds other liabilities related to Treasury Operations that are recorded within Accounts Payable, Accrued Expenses and Other Liabilities, Repurchase Agreements and securities sold short, not yet purchased. (h) Deconsolidated Other Investments was $3.7 billion as of June 30, 2022, which was comprised of $1.3 billion of liquid investments and $2.4 billion of illiquid investments. The liquid portion of Other Investments relates to public equity securities, which may include equity securities subject to lockup periods, and other investments held by Blackstone that can be easily converted to cash. (i) (j) This adjustment removes amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests and adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation. This adjustment removes amounts related to consolidated Blackstone Funds. Blackstone | 29
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