Investor Presentaiton

REAL ESTATE ◉ Total AUM: Increased 54% to $320.0 billion with inflows of $48.9 billion in the quarter and $123.7 billion over the LTM. - - Inflows during the quarter included $24.4 billion in the tenth global opportunistic fund, $9.6 billion in BPP including $7.9 billion in BPP Mileway, $6.6 billion of capital raised in BREIT, and $3.2 billion across BREDS. July 1 subscriptions of $1.4 billion in BREIT not yet included in Total AUM. Realizations: $19.8 billion in the quarter and $41.6 billion over the LTM. Completed the sale of The Cosmopolitan of Las Vegas, Real Estate's most profitable single asset sale ever, as well as the recapitalization of Mileway, the largest-ever private real estate transaction globally. Capital Deployed: $25.6 billion in the quarter and $68.0 billion over the LTM. Committed an additional $9.9 billion that was not yet deployed in the quarter; commitments included the privatizations of an industrial-focused REIT and a student housing REIT. Appreciation: Opportunistic funds declined (1.0)% in the quarter and appreciated 35.0% over the LTM; Core+ funds appreciated 2.3% in the quarter and 25.5% over the LTM. % Change % Change ($ in thousands) 2Q'21 2Q'22 vs. 2Q'21 2Q'21 YTD 2Q'22 YTD vs. 2Q'21 YTD Management Fees, Net $ 491,251 $ 658,036 34% $ 942,833 $ 1,277,747 36% Fee Related Performance Revenues 33,776 265,507 686% 189,168 757,024 300% Fee Related Compensation (121,957) (273,893) 125% (310,449) (618,735) 99% Other Operating Expenses (54,760) (88,329) 61% (99,122) (154,332) 56% Fee Related Earnings $ 348,310 $ 561,321 61% $ 722,430 $1,261,704 75% Realized Performance Revenues 351,053 1,997,720 469% 439,691 2,800,636 537% Realized Performance Compensation (154,928) (831,402) 437% (177,690) (1,121,433) 531% Realized Principal Investment Income 28,129 29,116 4% 128,949 83,091 (36)% Net Realizations 224,254 1,195,434 433% 390,950 1,762,294 351% Segment Distributable Earnings $ 572,564 $ 1,756,755 207% $ 1,113,380 $ 3,023,998 172% Segment Revenues $ 904,209 $ 2,950,379 226% Total AUM $ 207,548,236 $ 320,038,428 54% Fee-Earning AUM $ 166,263,493 $ 252,125,870 52% $ 1,700,641 $ 4,918,498 $ 207,548,236 $ 320,038,428 $166,263,493 $252,125,870 189% 54% 52% Blackstone 10

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