Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 25, 2024

Blackstone Inc.

(Exact name of Registrant as specified in its charter)

Delaware

001-33551

20-8875684

(State or other jurisdiction

of incorporation)

(Commission File Number)

(I.R.S. Employer

Identification No.)

345 Park Avenue

New York, New York

10154

(Zip Code)

(Address of principal executive offices)

(212) 583-5000

(Registrant’s telephone number, including area code)

NOT APPLICABLE

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On January 25, 2024, Blackstone Inc. issued a press release and detailed presentation announcing financial results for its fourth quarter and full year ended December 31, 2023.

The press release is attached hereto as Exhibit 99.1. All information in the press release is furnished but not filed.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.


Exhibit No.		Description

99.1		Press release of Blackstone Inc. dated January 25, 2024.

104		The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: January 25, 2024


Blackstone Inc.



By:		/s/ Michael S. Chae


Name:		Michael S. Chae
Title:		Chief Financial Officer

Exhibit 99.1

LOGO

Blackstone Reports Fourth Quarter and

Full Year 2023 Results

New York, January 25, 2024: Blackstone (NYSE:BX) today reported its fourth quarter and full year 2023 results.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone reported strong fourth-quarter

results, as we exited a volatile year for global markets. The quarter reflected strong momentum across the

business, including a meaningful acceleration in fund-raising and investment activity. We are exceptionally well

positioned for the road ahead with nearly $200 billion of dry powder capital to invest.”

Blackstone issued a full detailed presentation of its fourth quarter and full year 2023 results, which can be viewed

at www.blackstone.com.

Dividend

Blackstone has declared a quarterly dividend of $0.94 per share to record holders of common stock at the close of

business on February 5, 2024. This dividend will be paid on February 12, 2024.

Quarterly Investor Call Details

Blackstone will host its fourth quarter and full year 2023 investor conference via public webcast on January 25,

2024 at 9:00 a.m. ET. To register, please use the following link:

https://event.webcasts.com/starthere.jsp?ei=1649868&tp_key=e37365a1ec. For those unable to listen to the live

Blackstone

345 Park Avenue, New York, NY 10154

T 212 583 5000

www.blackstone.com

broadcast, there will be a webcast replay on the Shareholders section of Blackstone’s website at

https://ir.blackstone.com/.

About Blackstone

Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-

term value for our investors. We do this by relying on extraordinary people and flexible capital to help strengthen

the companies we invest in. Our over $1 trillion in assets under management include investment vehicles focused

on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic,

non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available

at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Forward-Looking Statements

This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act

of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our

current views with respect to, among other things, our operations, taxes, earnings and financial performance, share

repurchases and dividends. You can identify these forward-looking statements by the use of words such as

“outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,”

“approximately,” “predicts,” “intends,” “plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,”

“forecast” or the negative version of these words or other comparable words. Such forward-looking statements are

subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause

actual outcomes or results to differ materially from those indicated in these statements. We believe these factors

include but are not limited to those described under the section entitled “Risk Factors” in our Annual Report on

Form 10-K for the year ended December 31, 2022, as such factors may be updated from time to time in our periodic

filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s

website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction

with the other cautionary statements that are included in this report and in our other periodic filings. The forward-

looking statements speak only as of the date of this report, and we undertake no obligation to publicly update or

review any forward-looking statement, whether as a result of new information, future developments or otherwise.

This presentation does not constitute an offer of any Blackstone Fund.

Investor and Media Relations Contacts

Weston Tucker

Blackstone

Tel: +1 (212) 583-5231

tucker@blackstone.com

Christine Anderson

Blackstone

Tel: +1 (212) 583-5182

christine.anderson@blackstone.com

LOGO

Blackstone’s Fourth

Quarter and Full Year

2023 Earnings

JANUARY 25, 2024

BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2023 GAAP RESULTS

GAAP Net Income was $109 million for the quarter and $2.4 billion for the year. GAAP Net Income Attributable to Blackstone Inc. was $152 million for the quarter and $1.4 billion for the year.



($ in thousands, except per share data) (unaudited)	4Q’22				4Q’23				FY’22				FY’23

Revenues

Management and Advisory Fees, Net		$	1,648,438			$	1,648,132			$	6,303,315			$	6,671,260

Incentive Fees			210,264				240,417				525,127				695,171

Performance Allocations			(53,204	)			(362,474	)			1,946,584				532,173

Principal Investments			39,211				(298,549	)			(713,522	)			(299,331	)

Interest and Dividend Revenue			102,632				168,374				271,612				516,497

Other			(243,282	)			(110,880	)			184,557				(92,929	)

Total Revenues		$	1,704,059			$	1,285,020			$	8,517,673			$	8,022,841

Expenses

Compensation and Benefits			659,329				543,078				3,532,454				3,312,970

General, Administrative and Other			292,340				289,691				1,092,671				1,117,305

Interest Expense			100,329				108,732				317,225				431,868

Fund Expenses			18,531				69				30,675				118,987

Total Expenses		$	1,070,529			$	941,570			$	4,973,025			$	4,981,130

Other Income (Loss)		$	(31,335	)		$	(188,370	)		$	(82,859	)		$	(83,997	)

Income Before Provision for Taxes		$	602,195			$	155,080			$	3,461,789			$	2,957,714

Provision (Benefit) for Taxes			(141,146	)			45,957				472,880				513,461

Net Income		$	743,341			$	109,123			$	2,988,909			$	2,444,253

Redeemable NCI in Consolidated Entities			(199,590	)			(163,929	)			(142,890	)			(245,518	)

Non-Redeemable NCI in Consolidated Entities			385,077				121,252				1,384,168				1,298,891

Net Income Attributable to Blackstone Inc. (‘‘BX’’)		$	557,854			$	151,800			$	1,747,631			$	1,390,880

Net Income Per Share of Common Stock, Basic		$	0.75			$	0.20			$	2.36			$	1.84

Net Income Per Share of Common Stock, Diluted		$	0.75			$	0.20			$	2.36			$	1.84

Throughout this presentation, all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See pages 36-38, Definitions and

Dividend Policy, for definitions of terms used throughout this presentation. NCI means non-controlling interests.

Blackstone | 1

BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2023 HIGHLIGHTS


Financial Measures		§ Fee Related Earnings (“FRE”) of $1.0 billion ($0.86/share) in the quarter – FRE was $4.3 billion for the year ($3.58/share) § Distributable Earnings (“DE”) of $1.4 billion ($1.11/share) in the quarter – DE was $5.1 billion for the year ($3.95/share) § Net Accrued Performance Revenues of $5.8 billion ($4.80/share)


Capital Metrics		§ Total Assets Under Management (“AUM”) of $1,040.2 billion – Fee-Earning AUM of $762.6 billion – Perpetual Capital AUM of $396.3 billion § Inflows of $52.7 billion in the quarter and $148.5 billion for the year § Deployment of $31.1 billion in the quarter and $73.8 billion for the year § Realizations of $15.8 billion in the quarter and $65.7 billion for the year

Capital Returned to Shareholders		§ Dividend of $0.94 per common share payable on February 12, 2024 – Dividends of $3.35 per common share for the year § Repurchased 0.4 million common shares in the quarter and 3.7 million common shares for the year § $1.2 billion to be distributed to shareholders with respect to the fourth quarter and $4.7 billion for the year through dividends and share repurchases

Blackstone | 2

BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2023 SEGMENT EARNINGS



									% Change										% Change

($ in thousands, except per share data)	4Q’22				4Q’23				vs. 4Q’22		FY’22				FY’23				vs. FY’22

Management and Advisory Fees, Net		$	1,641,091			$	1,653,831			1%		$	6,282,946			$	6,663,244		6%

Fee Related Performance Revenues			172,708				168,994			(2)%			1,449,497				858,527		(41)%

Fee Related Compensation			(480,623	)			(470,408	)		(2)%			(2,330,775	)			(2,088,110	)	(10)%

Other Operating Expenses			(267,281	)			(310,874	)		16%			(989,023	)			(1,084,333	)	10%

Fee Related Earnings		$	1,065,895			$	1,041,543			(2)%		$	4,412,645			$	4,349,328		(1)%


Realized Performance Revenues			472,745				693,213			47%			4,461,338				2,061,102		(54)%

Realized Performance Compensation			(161,779	)			(287,628	)		78%			(1,814,097	)			(896,017	)	(51)%

Realized Principal Investment Income			55,887				19,202			(66)%			396,256				110,932		(72)%

Net Realizations			366,853				424,787			16%			3,043,497				1,276,017		(58)%

Total Segment Distributable Earnings		$	1,432,748			$	1,466,330			2%		$	7,456,142			$	5,625,345		(25)%


Distributable Earnings		$	1,334,206			$	1,388,180			4%		$	6,632,780			$	5,060,955		(24)%


Additional Metrics:

Net Income Per Share of Common Stock, Basic		$	0.75			$	0.20			(73)%		$	2.36			$	1.84		(22)%

FRE per Share		$	0.88			$	0.86			(2)%		$	3.65			$	3.58		(2)%

DE per Common Share		$	1.07			$	1.11			4%		$	5.17			$	3.95		(24)%

Total Segment Revenues		$	2,342,431			$	2,535,240			8%		$	12,590,037			$	9,693,805		(23)%

Total Assets Under Management		$	974,673,077			$	1,040,192,447			7%		$	974,673,077			$	1,040,192,447		7%

Fee-Earning Assets Under Management		$	718,386,888			$	762,607,902			6%		$	718,386,888			$	762,607,902		6%

Fee Related Earnings per Share is based on end of period DE Shares Outstanding (see page 24, Share Summary). DE per Common Share is based on DE Attributable to

Common Shareholders (see page 23, Shareholder Dividends) and end of period Participating Common Shares outstanding. Full year FRE per Share and DE per Common Share

amounts represent the sum of the last four quarters. See pages 32-33 for the Reconciliation of GAAP to Total Segment Measures.

Blackstone | 3

INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES

Net Accrued Performance Revenues declined quarter-over-quarter to $5.8 billion ($4.80/share) due to realized distributions across strategies.

Investment Performance

(appreciation / gross returns)



	4Q’23			FY’23

Real Estate

Opportunistic		(3.8	)%		(6.3	)%

Core+		(4.6	)%		(4.3	)%


Private Equity

Corporate Private Equity		3.5	%		12.1	%

Tactical Opportunities		3.5	%		6.6	%

Secondaries		(1.3	)%		2.3	%

Infrastructure		1.0	%		12.1	%

Credit & Insurance

Private Credit		3.9	%		16.4	%

Liquid Credit		3.3	%		13.0	%

Hedge Fund Solutions

BPS Composite		2.3	%		7.8	%

Net Accrued Performance Revenues

($ in millions)

LOGO

Investment Performance represents fund appreciation for Real Estate and Private Equity and gross returns for Credit & Insurance and Hedge Fund Solutions. Private Credit net returns were 2.9% and 12.1% for 4Q’23 and FY’23, respectively. Private Credit net returns for the two years ended 4Q’23 were 25.2% gross (17.1% net). Liquid Credit net returns were 3.1% and 12.4% for 4Q’23 and FY’23, respectively. BPS Composite net returns were 2.1% and 6.9% for 4Q’23 and FY’23, respectively. BPS Composite returns for the two years ended 4Q’23 were 13.2% gross (11.3% net). See notes on page 34 for additional details on investment performance.

Blackstone | 4

CAPITAL METRICS – ADDITIONAL DETAIL

Inflows were $52.7 billion in the quarter, bringing full year inflows to $148.5 billion.

Deployed $31.1 billion in the quarter and $73.8 billion for the year.

–

Committed an additional $15.3 billion that was not yet deployed in the quarter.

Realizations were $15.8 billion in the quarter and $65.7 billion for the year.



	Inflows						Capital Deployed						Realizations

($ in millions)	4Q’23			FY’23			4Q’23			FY’23			4Q’23			FY’23

Real Estate		$	19,905		$	53,923		$	6,262		$	15,025		$	4,567		$	18,744

Opportunistic			1,878			8,534			1,278			7,228			796			3,326

Core+			3,061			17,094			992			2,435			2,837			12,017

BREDS			14,967			28,294			3,992			5,363			934			3,401

Private Equity			7,151			23,797			6,551			24,477			5,388			23,229

Corporate Private Equity			1,801			9,718			1,273			9,598			3,055			13,321

Tactical Opportunities			1,219			4,867			1,025			2,941			682			3,658

Secondaries			3,445			5,839			1,937			6,664			1,494			5,336

Infrastructure			686			3,374			2,316			5,274			157			914

Credit & Insurance			23,158			62,498			16,604			31,005			5,157			20,369


Hedge Fund Solutions			2,487			8,300			1,659			3,303			673			3,350


Total Blackstone		$	52,700		$	148,518		$	31,076		$	73,810		$	15,785		$	65,691

Corporate Private Equity also includes Life Sciences and BTAS. Tactical Opportunities also includes Blackstone Growth.

Blackstone | 5

ASSETS UNDER MANAGEMENT

Total AUM increased to $1,040.2 billion, up 7% year-over-year, with $52.7 billion of inflows in the quarter and $148.5 billion for the year.

Fee-Earning AUM of $762.6 billion was up 6% year-over-year, with $44.6 billion of inflows in the quarter and $119.4 billion for the year.

Perpetual Capital AUM reached $396.3 billion, up 7% year-over-year.

–

Fee-Earning Perpetual Capital AUM increased to $338.0 billion, representing 44% of Fee-Earning AUM.

LOGO

Blackstone | 6

ADDITIONAL CAPITAL DETAIL

Invested Performance Eligible AUM reached $504.7 billion at quarter end.

Undrawn capital (“Total Dry Powder”) available for investment of $197.3 billion.

LOGO

Invested Performance Eligible AUM represents the fair value of invested assets that are eligible to earn performance revenues.

Blackstone | 7

Segment Highlights

Blackstone | 8

SEGMENT DISTRIBUTABLE EARNINGS COMPOSITION

4Q’23 Total Segment Distributable Earnings were $1.5 billion.

Full year Total Segment Distributable Earnings were $5.6 billion.

Segment Distributable Earnings

($ in millions)

LOGO

Blackstone | 9

REAL ESTATE

Total AUM: Increased 3% to $336.9 billion with inflows of $19.9 billion in the quarter and $53.9 billion for the year.

–

Entered into a fee-paying joint venture with the FDIC to acquire the Signature Bank commercial senior mortgage loan portfolio, resulting in $10.5 billion of inflows in the quarter.

–

Inflows in the quarter also included $3.8 billion in BREDS insurance SMAs, $1.0 billion in the seventh European opportunistic fund, $813 million of capital raised in BREIT, and $230 million in the fifth real estate debt strategies fund, which commenced its investment period in December.

Capital Deployed: $6.3 billion in the quarter and $15.0 billion for the year.

Realizations: $4.6 billion in the quarter and $18.7 billion for the year.

–

Realizations in the quarter included the BREIT partial sale of The Bellagio Las Vegas for $933 million and the BREP final share sale of Embassy REIT for $848 million.

Appreciation: Opportunistic funds declined (3.8)% in the quarter and (6.3)% for the year; Core+ funds declined (4.6)% in the quarter and (4.3)% for the year.



							% Change							% Change

($ in thousands)	4Q’22			4Q’23			vs. 4Q’22	FY’22			FY’23			vs. FY’22

Management Fees, Net	$	682,212		$	698,500		2%	$	2,623,065		$	2,843,358		8%

Fee Related Performance Revenues		58,397			14,352		(75)%		1,075,424			294,240		(73)%

Fee Related Compensation		(180,818	)		(139,880	)	(23)%		(1,039,125	)		(675,880	)	(35)%

Other Operating Expenses		(86,298	)		(95,846	)	11%		(315,331	)		(325,050	)	3%

Fee Related Earnings	$	473,493		$	477,126		1%	$	2,344,033		$	2,136,668		(9)%


Realized Performance Revenues		42,283			96,122		127%		2,985,713			244,358		(92)%

Realized Performance Compensation		(13,148	)		(42,728	)	225%		(1,168,045	)		(123,299	)	(89)%

Realized Principal Investment Income		22,402			3,909		(83)%		150,790			7,628		(95)%

Net Realizations		51,537			57,303		11%		1,968,458			128,687		(93)%

Segment Distributable Earnings	$	525,030		$	534,429		2%	$	4,312,491		$	2,265,355		(47)%


Segment Revenues	$	805,294		$	812,883		1%	$	6,834,992		$	3,389,584		(50)%

Total AUM	$	326,146,904		$	336,940,096		3%	$	326,146,904		$	336,940,096		3%

Fee-Earning AUM	$	281,967,153		$	298,889,475		6%	$	281,967,153		$	298,889,475		6%

Blackstone | 10

PRIVATE EQUITY

Total AUM: Increased 5% to $304.0 billion with inflows of $7.2 billion in the quarter and $23.8 billion for the year.

–

Inflows in the quarter included $885 million for Tactical Opportunities vehicles and $755 million for the ninth flagship private equity fund.

–

Raised an initial $1.8 billion for the fourth infrastructure Secondaries vintage and held the final close on $2.6 billion for the eighth real estate Secondaries vintage, including $725 million of capital raised in the quarter.

–

On January 2, launched Blackstone Private Equity Strategies Fund (“BXPE”), a continuously offered private equity strategy with an initial $1.3 billion raised not yet included in Total AUM.

Capital Deployed: $6.6 billion in the quarter, including in Northern Indiana Public Service Company (“NIPSCO”), Groupe Premium, and Power Grid Components, and $24.5 billion for the year.

–

Committed an additional $8.4 billion in the quarter, including to Adevinta, Rover, Civica, and Digital Realty.

Realizations: $5.4 billion in the quarter, including in Guidon Energy and IntraFi, and $23.2 billion for the year.

Appreciation: Corporate Private Equity appreciated 3.5% in the quarter and 12.1% for the year.

–

Tactical Opportunities appreciated 3.5% in the quarter and 6.6% for the year; Secondaries declined (1.3)% in the quarter and appreciated 2.3% for the year; Infrastructure appreciated 1.0% in the quarter and 12.1% for the year.



							% Change							% Change

($ in thousands)	4Q’22			4Q’23			vs. 4Q’22	FY’22			FY’23			vs. FY’22

Management and Advisory Fees, Net	$	496,743		$	475,403		(4)%	$	1,828,737		$	1,908,364		4%

Fee Related Performance Revenues		-			-		n/a		(648	)		-		(100)%

Fee Related Compensation		(129,141	)		(132,376	)	3%		(575,194	)		(595,669	)	4%

Other Operating Expenses		(77,062	)		(87,028	)	13%		(304,177	)		(316,741	)	4%

Fee Related Earnings	$	290,540		$	255,999		(12)%	$	948,718		$	995,954		5%


Realized Performance Revenues		308,580			322,713		5%		1,191,028			1,268,483		7%

Realized Performance Compensation		(115,615	)		(145,256	)	26%		(544,229	)		(558,645	)	3%

Realized Principal Investment Income		27,410			7,780		(72)%		139,767			67,133		(52)%

Net Realizations		220,375			185,237		(16)%		786,566			776,971		(1)%

Segment Distributable Earnings	$	510,915		$	441,236		(14)%	$	1,735,284		$	1,772,925		2%


Segment Revenues	$	832,733		$	805,896		(3)%	$	3,158,884		$	3,243,980		3%

Total AUM	$	288,902,142		$	304,038,221		5%	$	288,902,142		$	304,038,221		5%

Fee-Earning AUM	$	167,082,852		$	168,620,545		1%	$	167,082,852		$	168,620,545		1%

Blackstone | 11

CREDIT & INSURANCE

Total AUM: Increased 14% to $318.9 billion with inflows of $23.2 billion in the quarter and $62.5 billion for the year.

–

Inflows in the quarter included $7.6 billion for the global direct lending strategy, inclusive of $2.7 billion of equity raised for BCRED, bringing direct lending Total AUM to $110.0 billion.

–

$14.3 billion of inflows from our insurance strategic partnerships, including assets allocated to other segments.

–

Closed 5 new CLOs (3 U.S. and 2 European) for $2.1 billion.

Capital Deployed: $16.6 billion in the quarter and $31.0 billion for the year driven by U.S. direct lending.

–

Committed an additional $6.1 billion that was not yet deployed in the quarter.

Realizations: $5.2 billion in the quarter and $20.4 billion for the year.

Returns: Private Credit gross return of 3.9% (2.9% net) and Liquid Credit gross return of 3.3% (3.1% net) in the quarter.

–

Private Credit gross return of 16.4% (12.1% net) and Liquid Credit gross return of 13.0% (12.4% net) for the year.



							% Change							% Change

($ in thousands)	4Q’22			4Q’23			vs. 4Q’22	FY’22			FY’23			vs. FY’22

Management Fees, Net	$	325,169		$	349,386		7%	$	1,259,902		$	1,376,061		9%

Fee Related Performance Revenues		114,311			154,642		35%		374,721			564,287		51%

Fee Related Compensation		(129,985	)		(159,901	)	23%		(529,784	)		(640,190	)	21%

Other Operating Expenses		(74,436	)		(95,974	)	29%		(264,181	)		(327,734	)	24%

Fee Related Earnings	$	235,059		$	248,153		6%	$	840,658		$	972,424		16%


Realized Performance Revenues		25,238			135,886		438%		147,413			317,760		116%

Realized Performance Compensation		(9,359	)		(60,696	)	549%		(63,846	)		(140,490	)	120%

Realized Principal Investment Income		4,200			6,031		44%		80,993			21,897		(73)%

Net Realizations		20,079			81,221		305%		164,560			199,167		21%

Segment Distributable Earnings	$	255,138		$	329,374		29%	$	1,005,218		$	1,171,591		17%


Segment Revenues	$	468,918		$	645,945		38%	$	1,863,029		$	2,280,005		22%

Total AUM	$	279,908,030		$	318,915,676		14%	$	279,908,030		$	318,915,676		14%

Fee-Earning AUM	$	198,162,931		$	223,844,084		13%	$	198,162,931		$	223,844,084		13%

Blackstone | 12

HEDGE FUND SOLUTIONS

Total AUM: $80.3 billion with inflows of $2.5 billion in the quarter and $8.3 billion for the year.

Returns: BPS Composite gross return of 2.3% in the quarter (2.1% net), outperforming the HFRX Global Hedge Fund Index, which was 1.7%.

–

BPS benefited from performance of credit, equities, and global macro strategies during the quarter.

–

Gross returns of 7.8% for the year (6.9% net), with significantly less volatility than the broader markets, compared to 3.1% return for the HFRX Global Hedge Fund Index.



							% Change							% Change

($ in thousands)	4Q’22			4Q’23			vs. 4Q’22	FY’22			FY’23			vs. FY’22

Management Fees, Net	$	136,967		$	130,542		(5)%	$	571,242		$	535,461		(6)%

Fee Related Compensation		(40,679	)		(38,251	)	(6)%		(186,672	)		(176,371	)	(6)%

Other Operating Expenses		(29,485	)		(32,026	)	9%		(105,334	)		(114,808	)	9%

Fee Related Earnings	$	66,803		$	60,265		(10)%	$	279,236		$	244,282		(13)%


Realized Performance Revenues		96,644			138,492		43%		137,184			230,501		68%

Realized Performance Compensation		(23,657	)		(38,948	)	65%		(37,977	)		(73,583	)	94%

Realized Principal Investment Income		1,875			1,482		(21)%		24,706			14,274		(42)%

Net Realizations		74,862			101,026		35%		123,913			171,192		38%

Segment Distributable Earnings	$	141,665		$	161,291		14%	$	403,149		$	415,474		3%


Segment Revenues	$	235,486		$	270,516		15%	$	733,132		$	780,236		6%

Total AUM	$	79,716,001		$	80,298,454		1%	$	79,716,001		$	80,298,454		1%

Fee-Earning AUM	$	71,173,952		$	71,253,798		0%	$	71,173,952		$	71,253,798		0%

Blackstone | 13

Supplemental Details

Blackstone | 14

TOTAL SEGMENTS



($ in thousands)	4Q’22			1Q’23			2Q’23			3Q’23			4Q’23			FY’22			FY’23

Base Management Fees	$	1,580,452		$	1,619,547		$	1,620,609		$	1,619,743		$	1,605,948		$	6,045,038		$	6,465,847

Transaction, Advisory and Other Fees, Net		71,151			45,710			92,735			44,611			52,836			310,117			235,892

Management Fee Offsets		(10,512	)		(12,870	)		(10,158	)		(10,514	)		(4,953	)		(72,209	)		(38,495	)

Total Management and Advisory Fees, Net		1,641,091			1,652,387			1,703,186			1,653,840			1,653,831			6,282,946			6,663,244

Fee Related Performance Revenues		172,708			148,244			266,738			274,551			168,994			1,449,497			858,527

Fee Related Compensation		(480,623	)		(508,971	)		(568,808	)		(539,923	)		(470,408	)		(2,330,775	)		(2,088,110	)

Other Operating Expenses		(267,281	)		(251,648	)		(257,366	)		(264,445	)		(310,874	)		(989,023	)		(1,084,333	)

Fee Related Earnings	$	1,065,895		$	1,040,012		$	1,143,750		$	1,124,023		$	1,041,543		$	4,412,645		$	4,349,328



Realized Performance Revenues		472,745			641,526			388,423			337,940			693,213			4,461,338			2,061,102

Realized Performance Compensation		(161,779	)		(296,024	)		(178,370	)		(133,995	)		(287,628	)		(1,814,097	)		(896,017	)

Realized Principal Investment Income (Loss)		55,887			43,691			(7,461	)		55,500			19,202			396,256			110,932

Total Net Realizations	$	366,853		$	389,193		$	202,592		$	259,445		$	424,787		$	3,043,497		$	1,276,017

Total Segment Distributable Earnings	$	1,432,748		$	1,429,205		$	1,346,342		$	1,383,468		$	1,466,330		$	7,456,142		$	5,625,345



Distributable Earnings	$	1,334,206		$	1,249,092		$	1,212,072		$	1,211,611		$	1,388,180		$	6,632,780		$	5,060,955



Additional Metrics:

Total Segment Revenues	$	2,342,431		$	2,485,848		$	2,350,886		$	2,321,831		$	2,535,240		$	12,590,037		$	9,693,805

Total Assets Under Management	$	974,673,077		$	991,293,596		$	1,001,355,959		$	1,007,353,458		$	1,040,192,447		$	974,673,077		$	1,040,192,447

Fee-Earning Assets Under Management	$	718,386,888		$	731,973,409		$	731,145,065		$	734,541,603		$	762,607,902		$	718,386,888		$	762,607,902

Blackstone | 15

ASSETS UNDER MANAGEMENT – ROLLFORWARD

Total AUM Rollforward

($ in millions)



	Three Months Ended December 31, 2023															Twelve Months Ended December 31, 2023


	Real Estate			Private Equity			Credit & Insurance			Hedge Fund Solutions			Total			Real Estate			Private Equity			Credit & Insurance			Hedge Fund Solutions			Total
Beginning Balance	$	331,501		$	298,643		$	297,212		$	79,997		$	1,007,353		$	326,147		$	288,902		$	279,908		$	79,716		$	974,673
Inflows		19,905			7,151			23,158			2,487			52,700			53,923			23,797			62,498			8,300			148,518
Outflows		(4,049	)		(1,137	)		(3,832	)		(3,836	)		(12,855	)		(15,642	)		(3,085	)		(17,214	)		(9,777	)		(45,718	)
Net Flows		15,856			6,013			19,326			(1,350	)		39,845			38,280			20,712			45,284			(1,476	)		102,800
Realizations		(4,567	)		(5,388	)		(5,157	)		(673	)		(15,785	)		(18,744	)		(23,229	)		(20,369	)		(3,350	)		(65,691	)
Market Activity		(5,849	)		4,769			7,534			2,325			8,778			(8,743	)		17,653			14,092			5,408			28,410
Ending Balance	$	336,940		$	304,038		$	318,916		$	80,298		$	1,040,192		$	336,940		$	304,038		$	318,916		$	80,298		$	1,040,192
% Change		2%			2%			7%			0%			3%			3%			5%			14%			1%			7%

Fee-Earning AUM Rollforward

($ in millions)



	Three Months Ended December 31, 2023															Twelve Months Ended December 31, 2023


	Real Estate			Private Equity			Credit & Insurance			Hedge Fund Solutions			Total			Real Estate			Private Equity			Credit & Insurance			Hedge Fund Solutions			Total
Beginning Balance	$	284,937		$	167,790		$	210,689		$	71,125		$	734,542		$	281,967		$	167,083		$	198,163		$	71,174		$	718,387
Inflows		26,706			2,905			12,670			2,350			44,631			60,404			8,355			43,050			7,543			119,352
Outflows		(3,375	)		(381	)		(2,627	)		(3,702	)		(10,084	)		(18,177	)		(738	)		(13,525	)		(9,423	)		(41,862	)
Net Flows		23,331			2,525			10,043			(1,352	)		34,546			42,227			7,617			29,524			(1,879	)		77,490
Realizations		(5,683	)		(2,009	)		(3,159	)		(664	)		(11,515	)		(20,266	)		(8,694	)		(13,455	)		(3,186	)		(45,601	)
Market Activity		(3,695	)		315			6,270			2,145			5,035			(5,039	)		2,615			9,611			5,145			12,332
Ending Balance	$	298,889		$	168,621		$	223,844		$	71,254		$	762,608		$	298,889		$	168,621		$	223,844		$	71,254		$	762,608
% Change		5%			0%			6%			0%			4%			6%			1%			13%			0%			6%

Inflows include contributions, capital raised, other increases in available capital (recallable capital and increased side-by-side commitments), purchases, inter-segment allocations and acquisitions. Outflows represent redemptions, client withdrawals and decreases in available capital (expired capital, expense drawdowns and decreased side-by-side commitments). Realizations represent realization proceeds from the disposition or other monetization of assets, current income or capital returned to investors from CLOs. Market Activity includes realized and unrealized gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations. AUM is reported in the segment where the assets are managed.

Blackstone | 16

DECONSOLIDATED BALANCE SHEET HIGHLIGHTS

At December 31, 2023, Blackstone had $8.4 billion in total cash, cash equivalents, corporate treasury, and other investments and $16.9 billion of cash and net investments, or $13.93 per share.

Blackstone has a $4.3 billion undrawn credit revolver and maintains A+/A+ ratings.



($ in millions)	4Q’23

Cash and Cash Equivalents	$	2,956

Corporate Treasury and Other Investments		5,455

GP/Fund Investments		2,701

Net Accrued Performance Revenues		5,835

Cash and Net Investments	$	16,946

Outstanding Debt (at par)		10,748

Cash and Net Investments

(per share)

LOGO

A+ / A+

rated by S&P and Fitch

$4.3B

credit revolver with

December 2028 maturity

$8.4B

total cash, corporate

treasury and other

Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $4.3 billion as of December 31, 2023, which was comprised of $4.0 billion of liquid investments and $352 million of illiquid investments. See notes on pages 31 and 34 for additional details on non-GAAP balance sheet measures.

Blackstone | 17

NET ACCRUED PERFORMANCE REVENUES – ADDITIONAL DETAIL



($ in millions, except per share data)	4Q’22		3Q’23		4Q’23		4Q’23
($ in millions, except per share data)	4Q’22		3Q’23		4Q’23		Per Share
Real Estate
BREP IV	$	6	$	6	$	2	$	0.00
BREP V		4		4		4		0.00
BREP VI		21		20		1		0.00
BREP VII		115		22		-		-
BREP VIII		749		657		572		0.47
BREP IX		1,011		916		744		0.61
BREP Europe IV		48		23		5		0.00
BREP Europe V		44		-		-		-
BREP Europe VI		49		109		104		0.09
BREP Asia I		108		93		92		0.08
BREP Asia II		119		-		-		-
BPP		633		387		129		0.11
BREDS		11		30		32		0.03
BTAS		25		18		2		0.00
Real Estate	$	2,944	$	2,285	$	1,687	$	1.39
Private Equity
BCP IV		6		6		-		-
BCP V		20		17		17		0.01
BCP VI		459		365		340		0.28
BCP VII		870		810		839		0.69
BCP VIII		256		345		366		0.30
BCP Asia I		144		113		149		0.12
BCP Asia II		-		-		32		0.03
BEP I		37		29		25		0.02
BEP II		27		143		78		0.06
BEP III		136		215		203		0.17
BCEP		205		220		234		0.19
Tactical Opportunities		234		235		229		0.19
Secondaries		512		512		478		0.39
Infrastructure		193		324		333		0.27
Life Sciences		25		62		82		0.07
BTAS/Other		174		176		173		0.14
Private Equity	$	3,298	$	3,569	$	3,581	$	2.94

Credit & Insurance	$	312	$	292	$	286	$	0.24

Hedge Fund Solutions	$	282	$	289	$	281	$	0.23

Net Accrued Performance Revenues	$	6,835	$	6,435	$	5,835	$	4.80

4Q’23 QoQ Rollforward

($ in millions)


	3Q’23		Net Performance Revenues			Net Realized Distributions			4Q’23

Real Estate	$	2,285	$	(491	)	$	(108	)	$	1,687

Private Equity		3,569		189			(177	)		3,581

Credit & Insurance		292		161			(167	)		286

HFS		289		92			(100	)		281

Total	$	6,435	$	(49	)	$	(552	)	$	5,835

QoQ Change										(9)%

FY’23 Rollforward

($ in millions)


	4Q’22		Net Performance Revenues			Net Realized Distributions			4Q’23

Real Estate	$	2,944	$	(866	)	$	(391	)	$	1,687

Private Equity		3,298		993			(710	)		3,581

Credit & Insurance		312		483			(509	)		286

HFS		282		156			(157	)		281

Total	$	6,835	$	766		$	(1,766	)	$	5,835

YoY Change										(15)%

Net Accrued Performance Revenues (“NAPR”) are presented net of performance compensation and excludes Performance Revenues realized but not yet distributed as of the reporting date and clawback amounts, if any, which are disclosed in the 10-K/Q. Real Estate and Private Equity include co-investments, as applicable. Per Share calculations are based on end of period DE Shares Outstanding (see page 24, Share Summary).

Blackstone | 18

INVESTMENT RECORDS AS OF DECEMBER 31, 2023^(a)



($/€ in thousands, except where noted)	Committed		Available		Unrealized Investments			Realized Investments			Total Investments			Net IRRs (d)

Fund (Investment Period Beginning Date / Ending Date)	Capital		Capital (b)		Value		MOIC (c)	Value		MOIC (c)	Value		MOIC (c)	Realized	Total

Real Estate

Pre-BREP	$	140,714	$	-	$	-	n/a	$	345,190	2.5x	$	345,190	2.5x	33%	33%

BREP I (Sep 1994 / Oct 1996)		380,708		-		-	n/a		1,327,708	2.8x		1,327,708	2.8x	40%	40%

BREP II (Oct 1996 / Mar 1999)		1,198,339		-		-	n/a		2,531,614	2.1x		2,531,614	2.1x	19%	19%

BREP III (Apr 1999 / Apr 2003)		1,522,708		-		-	n/a		3,330,406	2.4x		3,330,406	2.4x	21%	21%

BREP IV (Apr 2003 / Dec 2005)		2,198,694		-		1,983	n/a		4,666,129	1.7x		4,668,112	1.7x	12%	12%

BREP V (Dec 2005 / Feb 2007)		5,539,418		-		6,226	n/a		13,463,448	2.3x		13,469,674	2.3x	11%	11%

BREP VI (Feb 2007 / Aug 2011)		11,060,122		-		5,797	n/a		27,758,980	2.5x		27,764,777	2.5x	13%	13%

BREP VII (Aug 2011 / Apr 2015)		13,502,690		1,284,421		2,000,250	0.6x		28,399,471	2.3x		30,399,721	1.9x	20%	14%

BREP VIII (Apr 2015 / Jun 2019)		16,601,896		2,126,652		12,577,721	1.5x		21,833,202	2.4x		34,410,923	1.9x	25%	14%

BREP IX (Jun 2019 / Aug 2022)		21,346,598		3,379,621		24,992,884	1.4x		8,549,345	2.2x		33,542,229	1.5x	59%	17%

*BREP X (Aug 2022 / Feb 2028)		30,498,731		28,234,499		2,477,931	1.1x		-	n/a		2,477,931	1.1x	n/m	n/m

Total Global BREP	$	103,990,618	$	35,025,193	$	42,062,792	1.3x	$	112,205,493	2.3x	$	154,268,285	1.9x	17%	15%

BREP Int’l (Jan 2001 / Sep 2005)	€	824,172	€	-	€	-	n/a	€	1,373,170	2.1x	€	1,373,170	2.1x	23%	23%

BREP Int’l II (Sep 2005 / Jun 2008) (e)		1,629,748		-		-	n/a		2,583,032	1.8x		2,583,032	1.8x	8%	8%

BREP Europe III (Jun 2008 / Sep 2013)		3,205,420		393,185		159,016	0.3x		5,856,192	2.4x		6,015,208	2.0x	18%	13%

BREP Europe IV (Sep 2013 / Dec 2016)		6,674,949		1,280,424		1,084,235	0.8x		9,982,474	1.9x		11,066,709	1.7x	19%	12%

BREP Europe V (Dec 2016 / Oct 2019)		7,979,853		1,121,512		4,589,558	0.9x		6,696,771	3.9x		11,286,329	1.6x	41%	9%

BREP Europe VI (Oct 2019 / Sep 2023)		10,033,576		3,387,193		7,974,065	1.2x		3,427,886	2.6x		11,401,951	1.4x	72%	16%

*BREP Europe VII (Sep 2023 / Mar 2029)		5,097,875		4,730,274		367,601	1.0x		-	n/a		367,601	1.0x	n/a	n/a

Total BREP Europe	€	35,445,593	€	10,912,588	€	14,174,475	1.0x	€	29,919,525	2.3x	€	44,094,000	1.6x	17%	11%

BREP Asia I (Jun 2013 / Dec 2017)	$	4,262,075	$	898,228	$	1,640,959	1.6x	$	7,018,318	1.9x	$	8,659,277	1.9x	16%	12%

BREP Asia II (Dec 2017 / Mar 2022)		7,354,782		1,310,674		6,783,639	1.2x		1,670,209	1.9x		8,453,848	1.3x	32%	6%

*BREP Asia III (Mar 2022 / Sep 2027)		8,225,044		6,877,915		1,241,164	1.0x		-	n/a		1,241,164	1.0x	n/a	(21)%

Total BREP Asia	$	19,841,901	$	9,086,817	$	9,665,762	1.2x	$	8,688,527	1.9x	$	18,354,289	1.5x	17%	9%

BREP Co-Investment (f)		7,308,836		40,457		918,951	2.0x		15,219,149	2.2x		16,138,100	2.2x	16%	16%
Total BREP	$	172,853,680	$	56,150,637	$	68,646,642	1.2x	$	172,689,772	2.3x	$	241,336,414	1.8x	17%	14%

*BREDS High-Yield (Various) (g)		24,060,116		8,065,536		5,916,743	1.0x		18,862,743	1.4x		24,779,486	1.2x	10%	9%

Private Equity

Corporate Private Equity

BCP I (Oct 1987 / Oct 1993)	$	859,081	$	-	$	-	n/a	$	1,741,738	2.6x	$	1,741,738	2.6x	19%	19%

BCP II (Oct 1993 / Aug 1997)		1,361,100		-		-	n/a		3,268,627	2.5x		3,268,627	2.5x	32%	32%

BCP III (Aug 1997 / Nov 2002)		3,967,422		-		-	n/a		9,228,707	2.3x		9,228,707	2.3x	14%	14%

BCOM (Jun 2000 / Jun 2006)		2,137,330		24,575		113	n/a		2,995,106	1.4x		2,995,219	1.4x	6%	6%

BCP IV (Nov 2002 / Dec 2005)		6,773,182		195,824		231	n/a		21,720,334	2.9x		21,720,565	2.9x	36%	36%

BCP V (Dec 2005 / Jan 2011)		21,009,112		1,035,259		69,929	n/a		38,790,444	1.9x		38,860,373	1.9x	8%	8%

BCP VI (Jan 2011 / May 2016)		15,195,265		1,341,048		4,731,061	2.1x		28,090,440	2.2x		32,821,501	2.2x	14%	12%

BCP VII (May 2016 / Feb 2020)		18,857,164		1,693,962		18,921,082	1.6x		15,928,343	2.5x		34,849,425	1.9x	29%	13%

*BCP VIII (Feb 2020 / Feb 2026)		25,658,729		11,117,449		19,868,056	1.4x		1,506,944	2.5x		21,375,000	1.4x	n/m	11%

BCP IX (TBD)		17,852,339		17,852,339		-	n/a		-	n/a		-	n/a	n/a	n/a

Energy I (Aug 2011 / Feb 2015)		2,441,558		174,492		479,698	1.5x		4,174,235	2.0x		4,653,933	1.9x	14%	11%

Energy II (Feb 2015 / Feb 2020)		4,917,864		864,501		3,829,333	1.7x		3,937,288	1.7x		7,766,621	1.7x	11%	8%

*Energy III (Feb 2020 / Feb 2026)		4,371,917		1,579,382		4,867,811	1.8x		1,307,128	2.4x		6,174,939	1.9x	55%	34%

Energy Transition IV (TBD)		2,642,347		2,642,347		-	n/a		-	n/a		-	n/a	n/a	n/a

BCP Asia I (Dec 2017 / Sep 2021)		2,438,028		418,459		3,317,476	1.8x		1,787,587	4.9x		5,105,063	2.3x	96%	28%

*BCP Asia II (Sep 2021 / Sep 2027)		6,656,718		4,910,184		2,208,855	1.5x		25	n/a		2,208,880	1.5x	n/a	22%

Core Private Equity I (Jan 2017 / Mar 2021) (h)		4,761,597		1,167,697		7,426,538	2.0x		2,482,074	4.5x		9,908,612	2.3x	57%	18%

*Core Private Equity II (Mar 2021 / Mar 2026) (h)		8,205,237		5,690,657		3,469,156	1.4x		68,770	n/a		3,537,926	1.5x	n/a	16%
Total Corporate Private Equity	$	150,105,990	$	50,708,175	$	69,189,339	1.6x	$	137,027,790	2.2x	$	206,217,129	2.0x	16%	15%

The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not meaningful” generally due to the limited time since initial investment. n/a represents “not applicable”. Notes on pages 21-22. BREP – Blackstone Real Estate Partners, BREDS – Blackstone Real Estate Debt Strategies, BCP –Blackstone Capital Partners, BCOM – Blackstone Communications.

* Represents funds that are currently in their investment period.

Blackstone | 19

INVESTMENT RECORDS AS OF DECEMBER 31, 2023^(a) – (CONT’D)



($/€ in thousands, except where noted)	Committed		Available		Unrealized Investments				Realized Investments				Total Investments				Net IRRs (d)

Fund (Investment Period Beginning Date / Ending Date)	Capital		Capital (b)		Value		MOIC (c)		Value		MOIC (c)		Value		MOIC (c)		Realized			Total

Private Equity (continued)

Tactical Opportunities

*Tactical Opportunities (Various)	$	30,971,115	$	15,765,172	$	12,385,194		1.2x	$	23,023,393		1.8x	$	35,408,587		1.6x		15	%		11	%

*Tactical Opportunities Co-Investment and Other (Various)		10,043,477		1,427,711		4,690,499		1.6x		9,205,600		1.6x		13,896,099		1.6x		19	%		16	%

Total Tactical Opportunities	$	41,014,592	$	17,192,883	$	17,075,693		1.3x	$	32,228,993		1.8x	$	49,304,686		1.6x		16	%		12	%

Growth

*BXG I (Jul 2020 / Jul 2025)		5,056,267		1,222,437		3,503,415		1.0x		497,131		2.7x		4,000,546		1.0x		n/m			(2	)%

BXG II (TBD)		4,093,732		4,093,732		-		n/a		-		n/a		-		n/a		n/a			n/a

Total Growth	$	9,149,999	$	5,316,169	$	3,503,415		1.0x	$	497,131		2.7x	$	4,000,546		1.0x		n/m			(2	)%

Strategic Partners (Secondaries)

Strategic Partners I-V (Various) (i)		11,035,527		139,647		15,736		n/a		16,776,139		n/a		16,791,875		1.7x		n/a			13	%

Strategic Partners VI (Apr 2014 / Apr 2016) (i)		4,362,772		611,267		816,248		n/a		4,237,948		n/a		5,054,196		1.7x		n/a			14	%

Strategic Partners VII (May 2016 / Mar 2019) (i)		7,489,970		1,570,496		4,164,820		n/a		6,551,800		n/a		10,716,620		1.9x		n/a			17	%

Strategic Partners Real Assets II (May 2017 / Jun 2020) (i)		1,749,807		471,876		1,204,611		n/a		1,113,866		n/a		2,318,477		1.7x		n/a			16	%

Strategic Partners VIII (Mar 2019 / Oct 2021) (i)		10,763,600		4,348,349		8,023,258		n/a		6,060,532		n/a		14,083,790		1.8x		n/a			29	%

*Strategic Partners Real Estate, SMA and Other (Various) (i)		7,055,590		2,436,365		1,994,397		n/a		2,001,796		n/a		3,996,193		1.6x		n/a			14	%

*Strategic Partners Infrastructure III (Jun 2020 / Jul 2024) (i)		3,250,100		870,479		1,961,697		n/a		249,542		n/a		2,211,239		1.4x		n/a			32	%

*Strategic Partners IX (Oct 2021 / Jan 2027) (i)		19,492,126		11,482,287		5,386,344		n/a		662,344		n/a		6,048,688		1.3x		n/a			18	%

*Strategic Partners GP Solutions (Jun 2021 / Dec 2026) (i)		2,045,211		850,868		714,059		n/a		-		n/a		714,059		1.0x		n/a			(3	)%

Total Strategic Partners (Secondaries)	$	67,244,703	$	22,781,634	$	24,281,170		n/a	$	37,653,967		n/a	$	61,935,137		1.7x		n/a			15	%

Life Sciences

Clarus IV (Jan 2018 / Jan 2020)		910,000		81,728		773,667		1.9x		369,363		1.1x		1,143,030		1.5x		(4	)%		9	%

*BXLS V (Jan 2020 / Jan 2025)		4,948,559		2,989,827		2,654,776		1.6x		361,841		1.1x		3,016,617		1.5x		n/m			13	%

Credit

Mezzanine / Opportunistic I (Jul 2007 / Oct 2011)	$	2,000,000	$	97,114	$	-		n/a	$	4,809,113		1.6x	$	4,809,113		1.6x		n/a			17	%

Mezzanine / Opportunistic II (Nov 2011 / Nov 2016)		4,120,000		993,179		179,941		0.2x		6,591,362		1.6x		6,771,303		1.4x		n/a			10	%

Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)		6,639,133		1,106,840		2,309,594		1.0x		7,572,576		1.6x		9,882,170		1.4x		n/a			10	%

*Mezzanine / Opportunistic IV (Jan 2021 / Jan 2026)		5,016,771		2,381,115		3,613,613		1.1x		792,732		1.8x		4,406,345		1.2x		n/a			13	%

Stressed / Distressed I (Sep 2009 / May 2013)		3,253,143		-		-		n/a		5,777,098		1.3x		5,777,098		1.3x		n/a			9	%

Stressed / Distressed II (Jun 2013 / Jun 2018)		5,125,000		547,430		196,970		0.3x		5,387,034		1.2x		5,584,004		1.1x		n/a			1	%

Stressed / Distressed III (Dec 2017 / Dec 2022)		7,356,380		1,279,457		3,052,396		1.2x		3,243,803		1.2x		6,296,199		1.2x		n/a			9	%

Energy I (Nov 2015 / Nov 2018)		2,856,867		1,154,846		331,416		0.8x		3,206,611		1.6x		3,538,027		1.5x		n/a			10	%

Energy II (Feb 2019 / Jun 2023)		3,616,081		1,547,033		1,815,358		1.1x		1,792,881		1.6x		3,608,239		1.3x		n/a			17	%

*Green Energy III (May 2023 / May 2028)		6,477,000		5,813,477		670,209		1.0x		14,159		n/a		684,368		1.0x		n/a			n/m

European Senior Debt I (Feb 2015 / Feb 2019)	€	1,964,689	€	140,688	€	511,139		0.7x	€	2,673,875		1.3x	€	3,185,014		1.2x		n/a			2	%

European Senior Debt II (Jun 2019 / Jun 2023) (j)	€	4,088,344	€	969,353	€	4,391,907		1.0x	€	1,992,593		2.2x	€	6,384,500		1.2x		n/a			10	%

Total Credit Drawdown Funds (k)	$	53,366,033	$	16,146,706	$	17,573,818		1.0x	$	44,574,003		1.5x	$	62,147,821		1.3x		n/a			10	%

The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not meaningful” generally due to the limited time since initial investment. n/a represents “not applicable”. Notes on pages 21-22. BXG – Blackstone Growth, BXLS – Blackstone Life Sciences.

* Represents funds that are currently in their investment period.

Blackstone | 20

INVESTMENT RECORDS AS OF DECEMBER 31, 2023^(a) – (CONT’D)

Selected Perpetual Capital Strategies^(l)



($ in thousands, except where noted)	Investment	Total		Total Net

Strategy (Inception Year)	Strategy	AUM		Return (m)
Real Estate
BPP - Blackstone Property Partners Platform (2013) (n)	Core+ Real Estate	$	65,917,602		7	%
BREIT - Blackstone Real Estate Income Trust (2017) (o)	Core+ Real Estate		60,728,619		10	%
BREIT - Class I (p)	Core+ Real Estate				11	%
BXMT - Blackstone Mortgage Trust (2013) (q)	Real Estate Debt		6,385,586		7	%
Private Equity
BIP - Blackstone Infrastructure Partners (2019) (r)	Infrastructure		31,835,343		15	%
Credit
BXSL - Blackstone Secured Lending Fund (2018) (s)	U.S. Direct Lending		11,250,141		11	%
BCRED - Blackstone Private Credit Fund (2021) (t)	U.S. Direct Lending		64,469,210		10	%
BCRED - Class I (u)	U.S. Direct Lending				10	%
Hedge Fund Solutions
BSCH - Blackstone Strategic Capital Holdings (2014) (v)	GP Stakes		9,396,234		11	%

Investment Records as of December 31, 2023 - Notes

(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.

(d)

Unless otherwise indicated, Net Internal Rate of Return (“IRR”) represents the annualized inception to December 31, 2023 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)

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.

(f)

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)

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.

(i)

Strategic Partners’ Unrealized Investment Value, Realized Investment Value, Total Investment Value, Total MOIC and Total Net IRRs are reported on a three-month lag and therefore do not include the impact of economic and market activities in the current quarter. Prior to June 30, 2023, the calculation of such metrics also incorporated investor cash flow information from the current quarter to the extent available. Effective June 30, 2023, such current quarter cash flow information is no longer incorporated. Committed Capital and Available Capital continue to be presented as of the current quarter. We believe the updated presentation is more reflective of the Strategic Partners’ investor experience. Realizations are treated as returns of capital until fully recovered and therefore Unrealized and Realized MOICs and Realized Net IRRs are not applicable. Effective June 30, 2023, Strategic Partners I-V and Strategic Partners Real Estate, SMA and Other exclude investment vehicles where Blackstone does not earn fees, which were previously included.

(j)

European Senior Debt II Levered has a net return of 16%, European Senior Debt II Unlevered has a net return of 8%.

(k)

Funds presented represent the flagship credit drawdown funds only. The Total Credit Net IRR is the combined IRR of the credit drawdown funds presented.

Blackstone | 21

INVESTMENT RECORDS AS OF DECEMBER 31, 2023^(a) – (CONT’D)

(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) perpetual capital assets managed for certain insurance clients, and (3) investment vehicles where Blackstone does not earn fees.

(m)

Unless otherwise indicated, Total Net Return represents the annualized inception to December 31, 2023 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.

(n)

BPP represents the aggregate Total AUM and Total Net Return of the BPP Platform, which comprises over 30 funds, co-investment and separately managed account vehicles. It includes certain vehicles managed as part of the BPP Platform but not classified as Perpetual Capital. As of December 31, 2023, these vehicles represented $2.7 billion of Total AUM.

(o)

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. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from January 1, 2017.

(p)

Represents the Total Net Return for BREIT’s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. Class I Total Net Return is presented on an annualized basis and is from January 1, 2017.

(q)

The BXMT Total Net Return reflects annualized market return of a shareholder invested in BXMT since inception, May 22, 2013, assuming reinvestment of all dividends received during the period.

(r)

Including co-investment vehicles, BIP Total AUM is $40.8 billion.

(s)

The BXSL Total AUM and Total Net Return are presented as of September 30, 2023. 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.

(t)

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. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is 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 December 31, 2023 was $28.5 billion.

(u)

Represents the Total Net Return for BCRED’s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. Class I Total Net Return is presented on an annualized basis and is from January 7, 2021.

(v)

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 $10.4 billion.

Blackstone | 22

SHAREHOLDER DIVIDENDS

Generated $1.11 of Distributable Earnings per common share during the quarter, bringing the full year amount to $3.95 per common share.

Blackstone declared a quarterly dividend of $0.94 per common share to record holders as of February 5, 2024; payable on February 12, 2024.



																% Change								% Change

($ in thousands, except per share data)	4Q’22			1Q’23			2Q’23			3Q’23			4Q’23			vs. 4Q’22		FY’22			FY’23			vs. FY’22

Distributable Earnings	$	1,334,206		$	1,249,092		$	1,212,072		$	1,211,611		$	1,388,180			4%	$	6,632,780		$	5,060,955			(24	)%

Add: Other Payables Attributable to Common Shareholders		67,528			131,300			129,187			119,783			57,810			(14)%		626,401			438,080			(30	)%

DE Before Certain Payables		1,401,734			1,380,392			1,341,259			1,331,394			1,445,990			3%		7,259,181			5,499,035			(24	)%

Percent to Common Shareholders		62%			62%			62%			62%			62%					61%			62%

DE Before Certain Payables Attributable to Common Shareholders		862,892			852,166			833,992			828,716			900,980			4%		4,454,475			3,415,854			(23	)%

Less: Other Payables Attributable to Common Shareholders		(67,528	)		(131,300	)		(129,187	)		(119,783	)		(57,810	)		(14)%		(626,401	)		(438,080	)		(30	)%

DE Attributable to Common Shareholders		795,364			720,866			704,805			708,933			843,170			6%		3,828,074			2,977,774			(22	)%

DE per Common Share	$	1.07		$	0.97		$	0.93		$	0.94		$	1.11			4%	$	5.17		$	3.95			(24	)%

Less: Retained Capital per Common Share	$	(0.16	)	$	(0.15	)	$	(0.14	)	$	(0.14	)	$	(0.17	)		6%	$	(0.77	)	$	(0.60	)		(22	)%

Actual Dividend per Common Share	$	0.91		$	0.82		$	0.79		$	0.80		$	0.94			3%	$	4.40		$	3.35			(24	)%

Record Date														Feb 5, 2024

Payable Date														Feb 12, 2024

A detailed description of Blackstone’s dividend policy and the definition of Distributable Earnings can be found on pages 36-38, Definitions and Dividend Policy. See additional notes on page 35.

Blackstone | 23

SHARE SUMMARY

Distributable Earnings Shares Outstanding as of quarter end of 1,217 million shares.

–

Repurchased 0.4 million common shares in the quarter and 3.7 million common shares for the year.

–

Available authorization remaining was $757 million at December 31, 2023.



	4Q’22		1Q’23		2Q’23		3Q’23		4Q’23

Participating Common Shares		742,653,758		745,916,828		758,148,528		757,781,111		758,039,099

Participating Partnership Units		463,758,383		462,366,799		461,135,682		459,651,045		458,544,363

Distributable Earnings Shares Outstanding		1,206,412,141		1,208,283,627		1,219,284,210		1,217,432,156		1,216,583,462

Participating Common Shares and Participating Partnership Units include both issued and outstanding shares and unvested shares that participate in dividends.

Blackstone | 24

Reconciliations and Disclosures

Blackstone | 25

BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2023 GAAP CONSOLIDATED STATEMENTS OF OPERATIONS



($ in thousands, except per share data) (unaudited)	4Q’22			4Q’23			FY’22			FY’23

Revenues

Management and Advisory Fees, Net	$	1,648,438		$	1,648,132		$	6,303,315		$	6,671,260

Incentive Fees		210,264			240,417			525,127			695,171

Investment Income (Loss)

Performance Allocations

Realized		435,597			621,173			5,381,640			2,223,841

Unrealized		(488,801	)		(983,647	)		(3,435,056	)		(1,691,668	)

Principal Investments

Realized		106,834			46,617			850,327			303,823

Unrealized		(67,623	)		(345,166	)		(1,563,849	)		(603,154	)

Total Investment Income (Loss)		(13,993	)		(661,023	)		1,233,062			232,842

Interest and Dividend Revenue		102,632			168,374			271,612			516,497

Other		(243,282	)		(110,880	)		184,557			(92,929	)

Total Revenues	$	1,704,059		$	1,285,020		$	8,517,673		$	8,022,841

Expenses

Compensation and Benefits

Compensation		626,990			631,877			2,569,780			2,785,447

Incentive Fee Compensation		71,261			88,127			207,998			281,067

Performance Allocations Compensation

Realized		157,817			230,249			2,225,264			900,859

Unrealized		(196,739	)		(407,175	)		(1,470,588	)		(654,403	)

Total Compensation and Benefits		659,329			543,078			3,532,454			3,312,970

General, Administrative and Other		292,340			289,691			1,092,671			1,117,305

Interest Expense		100,329			108,732			317,225			431,868

Fund Expenses		18,531			69			30,675			118,987

Total Expenses	$	1,070,529		$	941,570		$	4,973,025		$	4,981,130

Other Income (Loss)

Change in Tax Receivable Agreement Liability		21,535			(29,083	)		22,283			(27,196	)

Net Losses from Fund Investment Activities		(52,870	)		(159,287	)		(105,142	)		(56,801	)

Total Other Income (Loss)	$	(31,335	)	$	(188,370	)	$	(82,859	)	$	(83,997	)

Income Before Provision for Taxes	$	602,195		$	155,080		$	3,461,789		$	2,957,714

Provision (Benefit) for Taxes		(141,146	)		45,957			472,880			513,461

Net Income	$	743,341		$	109,123		$	2,988,909		$	2,444,253

Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		(199,590	)		(163,929	)		(142,890	)		(245,518	)

Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities		170,191			39,134			107,766			224,155

Net Income Attributable to Non-Controlling Interests in Blackstone Holdings		214,886			82,118			1,276,402			1,074,736

Net Income Attributable to Blackstone Inc. (‘‘BX’’)	$	557,854		$	151,800		$	1,747,631		$	1,390,880

Net Income Per Share of Common Stock, Basic	$	0.75		$	0.20		$	2.36		$	1.84

Net Income Per Share of Common Stock, Diluted	$	0.75		$	0.20		$	2.36		$	1.84

Blackstone | 26

RECONCILIATION OF GAAP TO NON-GAAP MEASURES



	QTD															FY



($ in thousands)	4Q’22			1Q’23			2Q’23			3Q’23			4Q’23			FY’22			FY’23

Net Income (Loss) Attributable to Blackstone Inc.	$	557,854		$	85,812		$	601,274		$	551,994		$	151,800		$	1,747,631		$	1,390,880

Net Income Attributable to Non-Controlling Interests in Blackstone Holdings		214,886			56,700			495,309			440,609			82,118			1,276,402			1,074,736

Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities		170,191			74,869			89,436			20,716			39,134			107,766			224,155

Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		(199,590	)		(6,700	)		17,688			(92,577	)		(163,929	)		(142,890	)		(245,518	)

Net Income (Loss)	$	743,341		$	210,681		$	1,203,707		$	920,742		$	109,123		$	2,988,909		$	2,444,253

Provision (Benefit) for Taxes		(141,146	)		47,675			223,269			196,560			45,957			472,880			513,461

Income (Loss) Before Provision (Benefit) for Taxes	$	602,195		$	258,356		$	1,426,976		$	1,117,302		$	155,080		$	3,461,789		$	2,957,714

Transaction-Related and Non-Recurring Items (a)		(2,588	)		8,621			2,228			6,250			8,882			57,133			25,981

Amortization of Intangibles (b)		13,155			11,341			7,412			7,357			7,347			60,481			33,457

Impact of Consolidation (c)		29,399			(68,169	)		(107,124	)		71,861			124,795			35,124			21,363

Unrealized Performance Revenues (d)		490,723			759,316			(114,379	)		63,209			983,642			3,436,978			1,691,788

Unrealized Performance Allocations Compensation (e)		(196,739	)		(313,249	)		54,155			11,866			(407,175	)		(1,470,588	)		(654,403	)

Unrealized Principal Investment (Income) Loss (f)		62,894			479,120			(160,702	)		(84,780	)		359,663			1,235,529			593,301

Other Revenues (g)		243,315			14,180			31,718			(63,748	)		110,933			(183,754	)		93,083

Equity-Based Compensation (h)		194,704			268,134			249,755			255,616			185,969			782,090			959,474

Administrative Fee Adjustment (i)		2,445			2,447			2,413			2,425			2,422			9,866			9,707

Taxes and Related Payables (j)		(105,297	)		(171,005	)		(180,380	)		(175,747	)		(143,378	)		(791,868	)		(670,510	)

Distributable Earnings	$	1,334,206		$	1,249,092		$	1,212,072		$	1,211,611		$	1,388,180		$	6,632,780		$	5,060,955

Taxes and Related Payables (j)		105,297			171,005			180,380			175,747			143,378			791,868			670,510

Net Interest and Dividend (Income) Loss (k)		(6,755	)		9,108			(46,110	)		(3,890	)		(65,228	)		31,494			(106,120	)

Total Segment Distributable Earnings	$	1,432,748		$	1,429,205		$	1,346,342		$	1,383,468		$	1,466,330		$	7,456,142		$	5,625,345

Realized Performance Revenues (l)		(472,745	)		(641,526	)		(388,423	)		(337,940	)		(693,213	)		(4,461,338	)		(2,061,102	)

Realized Performance Compensation (m)		161,779			296,024			178,370			133,995			287,628			1,814,097			896,017

Realized Principal Investment (Income) Loss (n)		(55,887	)		(43,691	)		7,461			(55,500	)		(19,202	)		(396,256	)		(110,932	)

Fee Related Earnings	$	1,065,895		$	1,040,012		$	1,143,750		$	1,124,023		$	1,041,543		$	4,412,645		$	4,349,328

Adjusted EBITDA Reconciliation

Distributable Earnings	$	1,334,206		$	1,249,092		$	1,212,072		$	1,211,611		$	1,388,180		$	6,632,780		$	5,060,955

Interest Expense (o)		100,230			104,209			107,130			110,014			108,168			316,569			429,521

Taxes and Related Payables (j)		105,297			171,005			180,380			175,747			143,378			791,868			670,510

Depreciation and Amortization (p)		24,301			23,175			24,100			21,598			25,251			69,219			94,124

Adjusted EBITDA	$	1,564,034		$	1,547,481		$	1,523,682		$	1,518,970		$	1,664,977		$	7,810,436		$	6,255,110

Notes on pages 28-29.

Blackstone | 27

RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES

Note: See pages 36-38, Definitions and Dividend Policy.

(a)

This adjustment removes Transaction-Related and Non-Recurring Items, which are excluded from Blackstone’s segment presentation. Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering, and non-recurring gains, losses, or other charges, if any. 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, gains or losses associated with these corporate actions, and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of Blackstone’s operational performance.

(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 Revenues on a segment basis. The Segment Adjustment represents the add back of performance revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.



	QTD															FY

($ in thousands)	4Q’22			1Q’23			2Q’23			3Q’23			4Q’23			FY’22			FY’23

GAAP Unrealized Performance Allocations	$	(488,801	)	$	(759,212	)	$	114,395		$	(63,204	)	$	(983,647	)	$	(3,435,056	)	$	(1,691,668	)

Segment Adjustment		(1,922	)		(104	)		(16	)		(5	)		5			(1,922	)		(120	)

Unrealized Performance Revenues	$	(490,723	)	$	(759,316	)	$	114,379		$	(63,209	)	$	(983,642	)	$	(3,436,978	)	$	(1,691,788	)

(e) This adjustment removes Unrealized Performance Allocations Compensation. (f) This adjustment removes Unrealized Principal Investment Income 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.

	QTD															FY

($ in thousands)	4Q’22			1Q’23			2Q’23			3Q’23			4Q’23			FY’22			FY’23

GAAP Unrealized Principal Investment Income (Loss)	$	(67,623	)	$	(491,417	)	$	164,089		$	69,340		$	(345,166	)	$	(1,563,849	)	$	(603,154	)

Segment Adjustment		4,729			12,297			(3,387	)		15,440			(14,497	)		328,320			9,853

Unrealized Principal Investment Income (Loss)	$	(62,894	)	$	(479,120	)	$	160,702		$	84,780		$	(359,663	)	$	(1,235,529	)	$	(593,301	)

(g) This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents the removal of certain Transaction-Related and Non-Recurring Items.

	QTD															FY

($in thousands)	4Q’22			1Q’23			2Q’23			3Q’23			4Q’23			FY’22			FY’23

GAAP Other Revenue	$	(243,282	)	$	(14,154	)	$	(31,664	)	$	63,769		$	(110,880	)	$	184,557		$	(92,929	)

Segment Adjustment		(33	)		(26	)		(54	)		(21	)		(53	)		(803	)		(154	)

Other Revenues	$	(243,315	)	$	(14,180	)	$	(31,718	)	$	63,748		$	(110,933	)	$	183,754		$	(93,083	)
(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.

Blackstone | 28

RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES (CONT’D)

(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 36 for the full definition of Taxes and Related Payables.



	QTD															FY

($ in thousands)	4Q’22			1Q’23			2Q’23			3Q’23			4Q’23			FY’22			FY’23

Taxes	$	80,242		$	151,002		$	156,956		$	151,812		$	121,155		$	693,443		$	580,925

Related Payables		25,055			20,003			23,424			23,935			22,223			98,425			89,585

Taxes and Related Payables	$	105,297		$	171,005		$	180,380		$	175,747		$	143,378		$	791,868		$	670,510
(k) This adjustment removes Interest and Dividend Revenue less Interest Expense on a segment basis. The Segment Adjustment represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest expense associated with the Tax Receivable Agreement.

	QTD															FY

($ in thousands)	4Q’22			1Q’23			2Q’23			3Q’23			4Q’23			FY’22			FY’23

GAAP Interest and Dividend Revenue	$	102,632		$	90,485		$	148,505		$	109,133		$	168,374		$	271,612		$	516,497

Segment Adjustment		4,353			4,616			4,735			4,771			5,022			13,463			19,144

Interest and Dividend Revenue	$	106,985		$	95,101		$	153,240		$	113,904		$	173,396		$	285,075		$	535,641

GAAP Interest Expense	$	100,329		$	104,441		$	108,096		$	110,599		$	108,732		$	317,225		$	431,868

Segment Adjustment		(99	)		(232	)		(966	)		(585	)		(564	)		(656	)		(2,347	)

Interest Expense	$	100,230		$	104,209		$	107,130		$	110,014		$	108,168		$	316,569		$	429,521

Net Interest and Dividend Income (Loss)	$	6,755		$	(9,108	)	$	46,110		$	3,890		$	65,228		$	(31,494	)	$	106,120

(l) This adjustment removes the total segment amount of Realized Performance Revenues. (m) This adjustment removes the total segment amount of Realized Performance Compensation. (n) This adjustment removes the total segment amount of Realized Principal Investment Income. (o) This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement. (p) This adjustment adds back Depreciation and Amortization on a segment basis. Reconciliation of GAAP Shares of Common Stock Outstanding to Distributable Earnings Shares Outstanding

	QTD

	4Q’22			1Q’23			2Q’23			3Q’23			4Q’23

GAAP Shares of Common Stock Outstanding		710,276,923			712,794,968			713,551,859			718,442,863			719,358,114

Unvested Participating Common Shares		32,376,835			33,121,860			44,596,669			39,338,248			38,680,985

Total Participating Common Shares		742,653,758			745,916,828			758,148,528			757,781,111			758,039,099

Participating Partnership Units		463,758,383			462,366,799			461,135,682			459,651,045			458,544,363

Distributable Earnings Shares Outstanding		1,206,412,141			1,208,283,627			1,219,284,210			1,217,432,156			1,216,583,462
Disclosure of Weighted-Average Shares Common Stock Outstanding

	QTD															FY

	4Q’22			1Q’23			2Q’23			3Q’23			4Q’23			FY’22			FY’23

Total GAAP Weighted-Average Shares of Common Stock Outstanding - Basic		742,742,919			746,064,922			758,479,943			757,958,602			758,151,673			740,664,038			755,204,556

Weighted-Average Shares of Unvested Deferred Restricted Common Stock		186,808			579,007			68,305			87,494			126,712			278,361			215,380

Total GAAP Weighted-Average Shares of Common Stock Outstanding - Diluted		742,929,727			746,643,929			758,548,248			758,046,096			758,278,385			740,942,399			755,419,936

Blackstone | 29

BLACKSTONE’S FOURTH QUARTER 2023 GAAP CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION



($ in thousands) (unaudited)	4Q’22			1Q’23			2Q’23			3Q’23			4Q’23

Assets

Cash and Cash Equivalents	$	4,252,003		$	2,830,971		$	3,280,204		$	2,971,614		$	2,955,866

Cash Held by Blackstone Funds and Other		241,712			190,322			215,444			138,181			316,197

Investments		27,553,251			26,985,951			27,048,621			27,339,857			26,146,622

Accounts Receivable		462,904			924,934			664,028			693,786			193,365

Due from Affiliates		4,146,707			4,099,765			4,294,437			4,398,333			4,466,521

Intangible Assets, Net		217,287			230,295			219,221			210,210			201,208

Goodwill		1,890,202			1,890,202			1,890,202			1,890,202			1,890,202

Other Assets		800,458			833,232			905,454			972,069			944,848

Right-of-Use Assets		896,981			894,067			888,190			864,691			841,307

Deferred Tax Assets		2,062,722			2,206,700			2,176,983			2,184,880			2,331,394

Total Assets	$	42,524,227		$	41,086,439		$	41,582,784		$	41,663,823		$	40,287,530

Liabilities and Equity

Loans Payable	$	12,349,584		$	12,311,469		$	12,299,855		$	12,111,377		$	11,304,059

Due to Affiliates		2,118,481			1,974,182			2,092,837			2,188,224			2,393,410

Accrued Compensation and Benefits		6,101,801			5,470,773			5,685,879			5,983,137			5,247,766

Operating Lease Liabilities		1,021,454			1,016,808			1,013,813			981,616			989,823

Accounts Payable, Accrued Expenses and Other Liabilities		1,251,840			1,599,382			1,399,921			1,588,748			2,277,258

Total Liabilities		22,843,160			22,372,614			22,492,305			22,853,102			22,212,316

Redeemable Non-Controlling Interests in Consolidated Entities		1,715,006			1,644,697			1,626,349			1,349,060			1,179,073

Equity

Common Stock, $0.00001 par value (719,358,114 shares issued and outstanding as of December 31, 2023)		7			7			7			7			7

Series I Preferred Stock, $0.00001 par value (1 share issued and outstanding as of December 31, 2023)		-			-			-			-			-

Series II Preferred Stock, $0.00001 par value (1 share issued and outstanding as of December 31, 2023)		-			-			-			-			-

Additional Paid-in-Capital		5,935,273			5,957,054			6,076,367			6,057,065			6,175,190

Retained Earnings		1,748,106			1,156,109			1,160,278			1,114,009			660,734

Accumulated Other Comprehensive Loss		(27,475	)		(22,333	)		(17,205	)		(38,258	)		(19,133	)

Non-Controlling Interests in Consolidated Entities		5,056,480			5,058,090			5,174,961			5,174,473			5,177,255

Non-Controlling Interests in Blackstone Holdings		5,253,670			4,920,201			5,069,722			5,154,365			4,902,088

Total Equity		17,966,061			17,069,128			17,464,130			17,461,661			16,896,141

Total Liabilities and Equity	$	42,524,227		$	41,086,439		$	41,582,784		$	41,663,823		$	40,287,530

See page 31, Reconciliation of GAAP to Non-GAAP Balance Sheet Measures.

Blackstone | 30

RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES



($ in thousands)	4Q’22			1Q’23			2Q’23			3Q’23			4Q’23

Investments of Consolidated Blackstone Funds	$	5,136,967		$	5,443,867		$	5,490,773		$	5,224,104		$	4,319,483

Equity Method Investments

Partnership Investments		5,530,420			5,598,552			5,585,603			5,588,222			5,924,275

Accrued Performance Allocations		12,360,682			11,517,750			11,496,244			11,606,901			10,775,355

Corporate Treasury Investments		1,053,540			958,632			707,079			763,515			803,870

Other Investments		3,471,642			3,467,150			3,768,922			4,157,115			4,323,639

Total GAAP Investments		27,553,251			26,985,951			27,048,621			27,339,857			26,146,622



Accrued Performance Allocations - GAAP	$	12,360,682		$	11,517,750		$	11,496,244		$	11,606,901		$	10,775,355

Impact of Consolidation (a)		-			-			-			-			-

Due from Affiliates - GAAP (b)		269,987			190,337			197,998			196,510			313,838

Less: Net Realized Performance Revenues (c)		(282,730	)		(379,453	)		(283,131	)		(367,944	)		(552,249	)

Less: Accrued Performance Compensation - GAAP (d)		(5,512,796	)		(4,956,515	)		(4,941,915	)		(5,000,253	)		(4,702,363	)

Net Accrued Performance Revenues	$	6,835,143		$	6,372,119		$	6,469,196		$	6,435,214		$	5,834,581

Corporate Treasury and Other Investments - GAAP	$	4,525,181		$	4,425,781		$	4,476,001		$	4,920,630		$	5,127,509

Impact of Consolidation (a)		588,355			488,785			429,718			433,466			500,046

Other Assets (e)		360,219			347,995			135,637			126,676			127,167

Other Liabilities (f)		(22,718	)		(33,505	)		(53,226	)		(9,262	)		(299,368	)

Corporate Treasury and Other Investments - Deconsolidated (g)	$	5,451,037		$	5,229,056		$	4,988,130		$	5,471,510		$	5,455,354

Partnership Investments - GAAP	$	5,530,420		$	5,598,552		$	5,585,603		$	5,588,222		$	5,924,275

Impact of Consolidation (h)		(3,221,619	)		(3,273,357	)		(3,224,559	)		(3,251,310	)		(3,223,580	)

GP/Fund Investments - Deconsolidated	$	2,308,801		$	2,325,195		$	2,361,044		$	2,336,912		$	2,700,695

Loans Payable - GAAP	$	12,349,584		$	12,311,469		$	12,299,855		$	12,111,377		$	11,304,059

Impact of Consolidation (i)		(1,450,000	)		(1,742,452	)		(1,714,235	)		(1,589,649	)		(687,121	)

Outstanding Debt - Carrying Value		10,899,584			10,569,017			10,585,620			10,521,728			10,616,938

Unamortized Discount		141,416			98,783			136,163			132,838			130,811

Outstanding Debt (at par) - Deconsolidated	$	11,041,000		$	10,667,800		$	10,721,783		$	10,654,566		$	10,747,749

(a)

This adjustment adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation.

(b)

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)

This adjustment adds other assets related to Treasury Operations that are recorded within Accounts Receivable, reverse repurchase agreements and Due from Affiliates.

(f)

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.

(g)

Deconsolidated Other Investments was $4.3 billion as of December 31, 2023, which was comprised of $4.0 billion of liquid investments and $352 million of illiquid investments. The liquid portion of Other Investments relates to public equity securities and other investments held by Blackstone that can be easily converted to cash and may include securities and investments subject to lock-up periods.

(h)

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.

(i)

This adjustment removes amounts related to consolidated Blackstone Funds.

Blackstone | 31

RECONCILIATION OF GAAP TO TOTAL SEGMENTS



	QTD															FY



($ in thousands)	4Q’22			1Q’23			2Q’23			3Q’23			4Q’23			4Q’22			4Q’23

Management and Advisory Fees, Net

GAAP	$	1,648,438		$	1,658,315		$	1,709,370		$	1,655,443		$	1,648,132		$	6,303,315		$	6,671,260

Segment Adjustment (a)		(7,347	)		(5,928	)		(6,184	)		(1,603	)		5,699			(20,369	)		(8,016	)

Total Segment	$	1,641,091		$	1,652,387		$	1,703,186		$	1,653,840		$	1,653,831		$	6,282,946		$	6,663,244

GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues

GAAP

Incentive Fees		210,264			142,876			153,077			158,801			240,417			525,127			695,171

Investment Income - Realized Performance Allocations		435,597			646,894			502,084			453,690			621,173			5,381,640			2,223,841

GAAP	$	645,861		$	789,770		$	655,161		$	612,491		$	861,590		$	5,906,767		$	2,919,012

Total Segment

Less: Realized Performance Revenues		(472,745	)		(641,526	)		(388,423	)		(337,940	)		(693,213	)		(4,461,338	)		(2,061,102	)

Segment Adjustment (b)		(408	)		-			-			-			617			4,068			617

Total Segment	$	172,708		$	148,244		$	266,738		$	274,551		$	168,994		$	1,449,497		$	858,527

GAAP Compensation to Total Segment Fee Related Compensation

GAAP

Compensation		626,990			716,285			737,017			700,268			631,877			2,569,780			2,785,447

Incentive Fees Compensation		71,261			63,281			64,227			65,432			88,127			207,998			281,067

Realized Performance Allocations Compensation		157,817			296,794			205,196			168,620			230,249			2,225,264			900,859

GAAP	$	856,068		$	1,076,360		$	1,006,440		$	934,320		$	950,253		$	5,003,042		$	3,967,373

Total Segment

Less: Realized Performance Compensation		(161,779	)		(296,024	)		(178,370	)		(133,995	)		(287,628	)		(1,814,097	)		(896,017	)

Less: Equity-Based Compensation - Fee Related Compensation		(192,141	)		(265,154	)		(246,445	)		(252,928	)		(182,048	)		(772,170	)		(946,575	)

Less: Equity-Based Compensation - Performance Compensation		(2,563	)		(2,980	)		(3,310	)		(2,688	)		(3,921	)		(9,920	)		(12,899	)

Segment Adjustment (c)		(18,962	)		(3,231	)		(9,507	)		(4,786	)		(6,248	)		(76,080	)		(23,772	)

Total Segment	$	480,623		$	508,971		$	568,808		$	539,923		$	470,408		$	2,330,775		$	2,088,110

GAAP General, Administrative and Other to Total Segment Other Operating Expenses

GAAP	$	292,340		$	273,394		$	275,034		$	279,186		$	289,691		$	1,092,671		$	1,117,305

Segment Adjustment (d)		(25,059	)		(21,746	)		(17,668	)		(14,741	)		21,183			(103,648	)		(32,972	)

Total Segment	$	267,281		$	251,648		$	257,366		$	264,445		$	310,874		$	989,023		$	1,084,333

Realized Performance Revenues

GAAP

Incentive Fees		210,264			142,876			153,077			158,801			240,417			525,127			695,171

Investment Income - Realized Performance Allocations		435,597			646,894			502,084			453,690			621,173			5,381,640			2,223,841

GAAP	$	645,861		$	789,770		$	655,161		$	612,491		$	861,590		$	5,906,767		$	2,919,012

Total Segment

Less: Fee Related Performance Revenues		(172,708	)		(148,244	)		(266,738	)		(274,551	)		(168,994	)		(1,449,497	)		(858,527	)

Segment Adjustment (b)		(408	)		-			-			-			617			4,068			617

Total Segment	$	472,745		$	641,526		$	388,423		$	337,940		$	693,213		$	4,461,338		$	2,061,102

Blackstone | 32

RECONCILIATION OF GAAP TO TOTAL SEGMENTS – (CONT’D)



	QTD															FY



($ in thousands)	4Q’22			1Q’23			2Q’23			3Q’23			4Q’23			4Q’22			4Q’23

Realized Performance Compensation

GAAP

Incentive Fee Compensation	$	71,261		$	63,281		$	64,227		$	65,432		$	88,127		$	207,998		$	281,067

Realized Performance Allocations Compensation		157,817			296,794			205,196			168,620			230,249			2,225,264			900,859

GAAP	$	229,078		$	360,075		$	269,423		$	234,052		$	318,376		$	2,433,262		$	1,181,926

Total Segment

Less: Fee Related Performance Compensation (e)		(64,736	)		(61,071	)		(87,743	)		(97,369	)		(26,827	)		(609,245	)		(273,010	)

Less: Equity-Based Compensation - Performance Compensation		(2,563	)		(2,980	)		(3,310	)		(2,688	)		(3,921	)		(9,920	)		(12,899	)

Total Segment	$	161,779		$	296,024		$	178,370		$	133,995		$	287,628		$	1,814,097		$	896,017

Realized Principal Investment Income (Loss)

GAAP	$	106,834		$	108,058		$	54,835		$	94,313		$	46,617		$	850,327		$	303,823

Segment Adjustment (f)		(50,947	)		(64,367	)		(62,296	)		(38,813	)		(27,415	)		(454,071	)		(192,891	)

Total Segment	$	55,887		$	43,691		$	(7,461	)	$	55,500		$	19,202		$	396,256		$	110,932

GAAP Interest and Dividend Revenue net of Interest Expense to Total Segment Net Interest and Dividend Income (Loss)

GAAP

Interest and Dividend Revenue		102,632			90,485			148,505			109,133			168,374			271,612			516,497

Interest Expense		(100,329	)		(104,441	)		(108,096	)		(110,599	)		(108,732	)		(317,225	)		(431,868	)

GAAP	$	2,303		$	(13,956	)	$	40,409		$	(1,466	)	$	59,642		$	(45,613	)	$	84,629

Segment Adjustment (g)		4,452			4,848			5,701			5,356			5,586			14,119			21,491

Total Segment	$	6,755		$	(9,108	)	$	46,110		$	3,890		$	65,228		$	(31,494	)	$	106,120

This analysis reconciles the components of Total Segment Distributable Earnings (page 3) to their equivalent GAAP measures, reported on the Consolidated Statement of Operations (page 26). Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles, the expense of equity-based awards and Transaction-Related and Non-Recurring Items.

(a)

Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures.

(b)	Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.

(c)	Represents the removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures.

(d)

Represents the (1) removal of amortization of transaction-related intangibles, (2) removal of certain expenses reimbursed by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.

(e)	Fee related performance compensation may include equity based compensation based on fee related performance revenues.

(f)

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.

(g)	Represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest expense associated with the Tax Receivable Agreement.

Blackstone | 33

NOTES

Notes to page 4 - Investment Performance and Net Accrued Performance Revenues

The changes in carrying value, fund returns and composite returns presented throughout this presentation represent those of the applicable Blackstone Funds and not those of Blackstone.

Core+ appreciation represents a weighted average of BREIT’s per share appreciation, BEPIF’s per share appreciation, and BPP’s appreciation for the period. The returns are weighted based on the average of BREIT’s monthly net asset values, BEPIF’s monthly net asset values, and the average of BPP’s quarterly adjusted beginning period market values for the period.

Results for the Secondaries business (also referred to as Strategic Partners) are reported on a three-month lag from the Secondaries’ fund financial statements, which generally report underlying investments on a same-quarter basis, if available. As a result, the appreciation presented herein does not include the impact of economic and market activity in the current quarter. Current market activity is expected to affect reported results in upcoming quarters.

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.

The BPS Composite gross and net returns are based on the BAAM Principal Solutions (“BPS”) Composite, which includes only BAAM-managed commingled and customized multi-manager funds and accounts and does not include BAAM’s liquid solutions group, seeding, GP stakes, special situations, and advisory (non-discretionary) platforms, except for investments by BPS funds directly into those platforms. BAAM-managed funds in liquidation and, in the case of net returns, non fee-paying assets are also excluded. The funds/accounts that comprise the BPS Composite are not managed within a single fund or account and are managed with different mandates. There is no guarantee that BAAM would have made the same mix of investments in a stand-alone fund/account. The BPS Composite is not an investible product and, as such, the performance of the BPS Composite does not represent the performance of an actual fund or account.

Notes to page 17 – Deconsolidated Balance Sheet Highlights

GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Credit & Insurance, and Hedge Fund Solutions, which were $741 million, $1.0 billion, $740 million, and $217 million, respectively, as of December 31, 2023. Cash and Net Investments per share amounts are calculated using period end DE Shares Outstanding (see page 24, Share Summary).

Blackstone | 34

NOTES – (CONT’D)

Notes to page 23 – 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 24, 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 $129 million for 4Q’23 and $453 million for FY’23.

Blackstone | 35

DEFINITIONS AND DIVIDEND POLICY

Blackstone discloses the following operating metrics and financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America (“non-GAAP”) in this presentation:

Segment Distributable Earnings, or “Segment DE”, is Blackstone’s segment profitability measure used to make operating decisions and assess performance across Blackstone’s four segments. Segment DE represents the net realized earnings of Blackstone’s segments and is the sum of Fee Related Earnings and Net Realizations for each segment. Blackstone’s segments are presented on a basis that deconsolidates Blackstone Funds, eliminates non-controlling ownership interests in Blackstone’s consolidated operating partnerships, removes the amortization of intangible assets and removes Transaction-Related and Non-Recurring Items. Segment DE excludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.

–

Net Realizations is presented on a segment basis and is the sum of Realized Principal Investment Income and Realized Performance Revenues (which refers to Realized Performance Revenues excluding Fee Related Performance Revenues), less Realized Performance Compensation (which refers to Realized Performance Compensation excluding Fee Related Performance Compensation and Equity-Based Performance Compensation).

–

Segment Revenues represent Net Management and Advisory Fees, Fee Related Performance Revenues, Realized Performance Revenues and Realized Principal Investment Income.

Distributable Earnings, or “DE”, is derived from Blackstone’s segment reported results. DE is used to assess performance and amounts available for dividends to Blackstone shareholders, including Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. DE is the sum of Segment DE plus Net Interest and Dividend Income (Loss) less Taxes and Related Payables. DE excludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.

–

Net Interest and Dividend Income (Loss) is presented on a segment basis and is equal to Interest and Dividend Revenue less Interest Expense, adjusted for the impact of consolidation of Blackstone Funds, and interest expense associated with the Tax Receivable Agreement.

–

Taxes and Related Payables 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 including the Payable under the Tax Receivable Agreement. Further, the current tax provision utilized when calculating Taxes and Related Payables and DE reflects the benefit of deductions available to the company on certain expense items that are excluded from the underlying calculation of Segment DE and Total Segment Distributable Earnings, such as equity-based compensation charges and certain Transaction-Related and Non-Recurring Items where there is a current tax provision or benefit. The economic assumptions and methodologies that impact the implied income tax provision are the same as those methodologies and assumptions used in calculating the current income tax provision for Blackstone’s consolidated statements of operations under U.S. GAAP, excluding the impact of divestitures and accrued tax contingencies and refunds which are reflected when paid or received. Management believes that including the amount payable under the tax receivable agreement and utilizing the current income tax provision adjusted as described above when calculating DE is meaningful as it increases comparability between periods and more accurately reflects earnings that are available for distribution to shareholders.

Fee Related Earnings, or “FRE”, is a performance measure used to assess Blackstone’s ability to generate profits from revenues that are measured and received on a recurring basis and not subject to future realization events. FRE equals management and advisory fees (net of management fee reductions and offsets) plus Fee Related Performance Revenues, less (a) Fee Related Compensation on a segment basis, and (b) Other Operating Expenses. FRE is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.

Blackstone | 36

DEFINITIONS AND DIVIDEND POLICY – (CONT’D)

–

Fee Related Compensation is presented on a segment basis and refers to the compensation expense, excluding Equity-Based Compensation, directly related to (a) Management and Advisory Fees, Net and (b) Fee Related Performance Revenues, referred to as Fee Related Performance Compensation.

–

Fee Related Performance Revenues refers to the realized portion of Performance Revenues from Perpetual Capital that are (a) measured and received on a recurring basis, and (b) not dependent on realization events from the underlying investments.

–

Other Operating Expenses is presented on a segment basis and is equal to General, Administrative and Other Expenses, adjusted to (a) remove the amortization of transaction-related intangibles, (b) remove certain expenses reimbursed by the Blackstone Funds which are netted against Management and Advisory Fees, Net in Blackstone’s segment presentation, and (c) give effect 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.

–

Perpetual Capital refers to the component of assets under management with an indefinite term, that is not in liquidation, and for which there is no requirement to return capital to investors through redemption requests in the ordinary course of business, except where funded by new capital inflows. Includes co-investment capital with an investor right to convert into Perpetual Capital.

–

FRE Margin is calculated by dividing Fee Related Earnings by Fee Related Revenues (defined as the sum of Total Segment Management and Advisory Fees, Net and Fee Related Performance Revenues).

Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization, or “Adjusted EBITDA”, is a supplemental measure used to assess performance derived from Blackstone’s segment results and may be used to assess its ability to service its borrowings. Adjusted EBITDA represents Distributable Earnings plus the addition of (a) Interest Expense on a segment basis, (b) Taxes and Related Payables, and (c) Depreciation and Amortization. Adjusted EBITDA is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.

Performance Revenues collectively refers to: (a) Incentive Fees, and (b) Performance Allocations.

Performance Compensation collectively refers to: (a) Incentive Fee Compensation, and (b) Performance Allocations Compensation.

–

Performance Compensation reflects an increase in the aggregate Realized Performance Compensation paid to certain of our professionals above the amounts allocable to them based upon the percentage participation in the relevant performance plans previously awarded to them as a result of a compensation program that commenced in 2Q’21. For the full year 2023, Fee Related Compensation was decreased by the total amount of additional Performance Compensation awarded for the year resulting in no impact to Distributable Earnings for the full year. In 4Q’23 the increase to Realized Performance Compensation was less than the decrease to Fee Related Compensation, which favorably impacted Distributable Earnings for the quarter. These changes typically have an impact on individual quarters but do not impact Income Before Provision (Benefit) for Taxes and Distributable Earnings for the full year.

Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering, and non-recurring gains, losses, or other charges, if any. 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, gains or losses associated with these corporate actions, and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of Blackstone’s operational performance.

Blackstone | 37

DEFINITIONS AND DIVIDEND POLICY – (CONT’D)

Dividend Policy. Blackstone’s intention is to pay to holders of common stock a quarterly dividend representing approximately 85% of Blackstone Inc.’s share of Distributable Earnings, subject to adjustment by amounts determined by Blackstone’s board of directors to be necessary or appropriate to provide for the conduct of its business, to make appropriate investments in its business and funds, to comply with applicable law, any of its debt instruments or other agreements, or to provide for future cash requirements such as tax-related payments, clawback obligations and dividends to shareholders for any ensuing quarter. The dividend amount could also be adjusted upward in any one quarter. All of the foregoing is subject to the qualification that the declaration and payment of any dividends are at the sole discretion of Blackstone’s board of directors and our board of directors may change our dividend policy at any time, including, without limitation, to reduce such quarterly dividends or even to eliminate such dividends entirely.

Blackstone | 38

FORWARD-LOOKING STATEMENTS

This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our current views with respect to, among other things, our operations, taxes, earnings and financial performance, share repurchases and dividends. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,” “forecast” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022, as such factors may be updated from time to time in our periodic filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other periodic filings. The forward-looking statements speak only as of the date of this report, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

This presentation does not constitute an offer of any Blackstone Fund.

Blackstone | 39

Document and Entity Information	Jan. 25, 2024
Cover [Abstract]
Amendment Flag	false
Entity Central Index Key	0001393818
Document Type	8-K
Document Period End Date	Jan. 25, 2024
Entity Registrant Name	Blackstone Inc.
Entity Incorporation State Country Code	DE
Entity File Number	001-33551
Entity Tax Identification Number	20-8875684
Entity Address, Address Line One	345 Park Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10154
City Area Code	(212)
Local Phone Number	583-5000
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock
Trading Symbol	BX
Security Exchange Name	NYSE
Entity Emerging Growth Company	false

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