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): October 17, 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

(Address of principal executive offices)

(Zip Code)

(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	BX	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 October 17, 2024, Blackstone Inc. issued a press release and detailed presentation announcing financial results for its third quarter ended September 30, 2024.

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 October 17, 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: October 17, 2024


Blackstone Inc.

By:		/s/ Michael S. Chae


Name:		Michael S. Chae
Title:		Chief Financial Officer

Exhibit 99.1

LOGO

Blackstone Reports Third Quarter 2024 Results

New York, October 17, 2024: Blackstone (NYSE:BX) today reported its third quarter 2024 results.

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

results, highlighted by broad-based acceleration across our business. We invested or committed $54 billion in the

quarter — the highest in over two years — and deployed $123 billion in the last twelve months since the cost of

capital peaked. The third quarter also represented the highest amount of overall fund appreciation in three years,

and our limited partners entrusted us with over $40 billion of inflows. Blackstone is exceptionally well positioned as

the reference firm in the alternatives industry, with leading platforms in compelling, high-growth areas.”

Blackstone issued a full detailed presentation of its third quarter 2024 results, which can be viewed at

www.blackstone.com.

Dividend

Blackstone has declared a quarterly dividend of $0.86 per share to record holders of common stock at the close of

business on October 28, 2024. This dividend will be paid on November 4, 2024.

Quarterly Investor Call Details

Blackstone will host its third quarter 2024 investor conference via public webcast on October 17, 2024 at

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

https://event.webcasts.com/starthere.jsp?ei=1690507&tp_key=3b0cbcd4f1. 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 deliver compelling returns for institutional

and individual investors by strengthening the companies in which we invest. Our more than $1.1 trillion in assets

under management include global investment strategies focused on real estate, private equity, infrastructure, life

sciences, growth equity, credit, real assets, secondaries and hedge funds. 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, 2023, 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 Third

Quarter 2024 Earnings

OCTOBER 17, 2024

BLACKSTONE’S THIRD QUARTER 2024 GAAP RESULTS

GAAP Net Income was $1.6 billion for the quarter and $4.1 billion year-to-date (“YTD”). GAAP Net Income
Attributable to Blackstone Inc. was $781 million for the quarter and $2.1 billion YTD.



($ in thousands, except per share data) (unaudited)	3Q’23			3Q’24			3Q’23 YTD			3Q’24 YTD			3Q’23 LTM			3Q’24 LTM

Revenues

Management and Advisory Fees, Net	$	1,655,443		$	1,794,894		$	5,023,128		$	5,309,355		$	6,671,566		$	6,957,487

Incentive Fees		158,801			191,794			454,754			559,434			665,018			799,851

Performance Allocations		390,486			1,569,673			894,647			3,322,003			841,443			2,959,529

Principal Investments		163,653			93,371			(782	)		675,860			38,429			377,311

Interest and Dividend Revenue		109,133			109,774			348,123			312,612			450,755			480,986

Other		63,769			(96,312	)		17,951			(31,861	)		(225,331	)		(142,741	)

Total Revenues	$	2,541,285		$	3,663,194		$	6,737,821		$	10,147,403		$	8,441,880		$	11,432,423

Expenses

Compensation and Benefits		946,186			1,440,344			2,769,892			3,954,850			3,429,221			4,497,928

General, Administrative and Other		279,186			340,945			827,614			1,022,823			1,119,954			1,312,514

Interest Expense		110,599			111,337			323,136			328,156			423,465			436,888

Fund Expenses		38,934			3,470			118,918			13,380			137,449			13,449

Total Expenses	$	1,374,905		$	1,896,096		$	4,039,560		$	5,319,209		$	5,110,089		$	6,260,779

Other Income (Loss)	$	(49,078)		$	42,842		$	104,373		$	70,009		$	73,038		$	(118,361	)

Income Before Provision for Taxes	$	1,117,302		$	1,809,940		$	2,802,634		$	4,898,203		$	3,404,829		$	5,053,283

Provision for Taxes		196,560			245,303			467,504			789,220			326,358			835,177

Net Income	$	920,742		$	1,564,637		$	2,335,130		$	4,108,983		$	3,078,471		$	4,218,106

Redeemable NCI in Consolidated Entities		(92,577	)		(22,184	)		(81,589	)		(61,595	)		(281,179	)		(225,524	)

Non-Redeemable NCI in Consolidated Entities		461,325			805,986			1,177,639			2,097,943			1,562,716			2,219,195

Net Income Attributable to Blackstone Inc. (‘‘BX’’)	$	551,994		$	780,835		$	1,239,080		$	2,072,635		$	1,796,934		$	2,224,435

Net Income Per Share of Common Stock, Basic	$	0.73		$	1.02		$	1.64		$	2.71		$	2.39		$	2.91

Net Income Per Share of Common Stock, Diluted	$	0.73		$	1.02		$	1.64		$	2.71		$	2.39		$	2.91

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 THIRD QUARTER 2024 HIGHLIGHTS


Financial Measures		§ Fee Related Earnings (“FRE”) of $1.2 billion ($0.96/share) in the quarter – FRE was $4.5 billion over the last twelve months (“LTM”) ($3.68/share) § Distributable Earnings (“DE”) of $1.3 billion ($1.01/share) in the quarter – DE was $5.2 billion over the LTM ($4.06/share) § Net Accrued Performance Revenues of $7.0 billion ($5.72/share)

Capital Metrics		§ Total Assets Under Management (“AUM”) of $1,107.6 billion – Fee-Earning AUM of $820.5 billion – Perpetual Capital AUM of $434.7 billion § Inflows of $40.5 billion in the quarter and $166.7 billion over the LTM § Deployment of $34.0 billion in the quarter and $123.4 billion over the LTM § Realizations of $22.7 billion in the quarter and $77.0 billion over the LTM

Capital Returned to Shareholders		§ Dividend of $0.86 per common share payable on November 4, 2024 – Dividends of $3.45 per common share over the LTM § Repurchased 1.0 million common shares in the quarter and 4.1 million common shares over the LTM § $1.2 billion to be distributed to shareholders with respect to the third quarter and $5.0 billion over the LTM through dividends and share repurchases

Blackstone | 2

BLACKSTONE’S THIRD QUARTER 2024 SEGMENT EARNINGS



							% Change								% Change

($ in thousands, except per share data)	3Q’23			3Q’24			vs. 3Q’23		3Q’23 YTD			3Q’24 YTD			vs. 3Q’23 YTD

Management and Advisory Fees, Net	$	1,653,840		$	1,786,734			8%	$	5,009,413		$	5,274,243		5%

Fee Related Performance Revenues		274,551			264,101			(4)%		689,533			736,669		7%

Fee Related Compensation		(539,923	)		(554,855	)		3%		(1,617,702	)		(1,661,845	)	3%

Other Operating Expenses		(264,445	)		(320,823	)		21%		(773,459	)		(902,923	)	17%

Fee Related Earnings	$	1,124,023		$	1,175,157			5%	$	3,307,785		$	3,446,144		4%


Realized Performance Revenues		337,940			342,669			1%		1,367,889			1,421,951		4%

Realized Performance Compensation		(133,995	)		(157,570	)		18%		(608,389	)		(661,651	)	9%

Realized Principal Investment Income		55,500			40,403			(27)%		91,730			66,913		(27)%

Net Realizations		259,445			225,502			(13)%		851,230			827,213		(3)%

Total Segment Distributable Earnings	$	1,383,468		$	1,400,659			1%	$	4,159,015		$	4,273,357		3%


Distributable Earnings	$	1,211,611		$	1,278,650			6%	$	3,672,775		$	3,797,249		3%


Additional Metrics:

Net Income Per Share of Common Stock, Basic	$	0.73		$	1.02			40%	$	1.64		$	2.71		65%

FRE per Share	$	0.92		$	0.96			4%	$	2.72		$	2.82		4%

DE per Common Share	$	0.94		$	1.01			7%	$	2.84		$	2.95		4%

Total Segment Revenues	$	2,321,831		$	2,433,907			5%	$	7,158,565		$	7,499,776		5%

Total Assets Under Management	$	1,007,353,458		$	1,107,628,362			10%	$	1,007,353,458		$	1,107,628,362		10%

Fee-Earning Assets Under Management	$	734,541,603		$	820,457,203			12%	$	734,541,603		$	820,457,203		12%

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. YTD FRE per Share and DE per

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

Blackstone | 3

INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES

Appreciation across strategies led to higher Net Accrued Performance Revenues quarter-over-quarter of $7.0 billion ($5.72/share).

Investment Performance

(appreciation / gross returns)



	3Q’24		3Q’24 LTM

Real Estate

Opportunistic		1.1%		(2.1)%

Core+		(0.5)%		(3.8)%


Private Equity

Corporate Private Equity		6.2%		15.2%

Tactical Opportunities		4.3%		9.8%

Secondaries		0.7%		3.6%

Infrastructure		5.5%		18.0%


Credit & Insurance

Private Credit		3.6%		16.7%

Liquid Credit		2.4%		10.4%


Multi-Asset Investing

Absolute Return Composite		2.2%		11.7%

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 Multi-Asset Investing.

Secondaries appreciation excludes GP Stakes. Private Credit net returns were 2.7% and 12.4% for 3Q’24 and 3Q’24 LTM, respectively. Liquid Credit net returns

were 2.2% and 9.9% for 3Q’24 and 3Q’24 LTM, respectively. Absolute Return Composite net returns were 2.0% and 10.6% for 3Q’24 and 3Q’24 LTM, respectively.

See notes on page 34 for additional details on investment performance.

Blackstone | 4

CAPITAL METRICS – ADDITIONAL DETAIL

Inflows were $40.5 billion in the quarter, bringing LTM inflows to $166.7 billion.

Deployed $34.0 billion in the quarter and $123.4 billion over the LTM.

–

Committed an additional $20.1 billion that was not yet deployed in the quarter.

Realizations were $22.7 billion in the quarter and $77.0 billion over the LTM.



	Inflows				Capital Deployed				Realizations

($ in millions)	3Q’24		3Q’24 LTM		3Q’24		3Q’24 LTM		3Q’24		3Q’24 LTM

Real Estate	$	5,835	$	39,752	$	3,655	$	24,527	$	7,405	$	21,274

Opportunistic		555		5,417		1,634		10,401		1,783		3,606

Core+		3,703		11,654		744		4,010		3,263		10,734

Debt Strategies		1,577		22,681		1,277		10,116		2,359		6,934

Private Equity		10,201		36,865		11,395		36,632		5,256		23,800

Corporate Private Equity		4,650		15,754		5,857		17,208		2,220		12,264

Tactical Opportunities		1,190		4,589		2,484		5,678		421		3,304

Secondaries		1,524		8,411		2,176		9,011		1,643		6,895

Infrastructure		2,838		8,111		879		4,735		971		1,338

Credit & Insurance		21,390		80,154		18,417		58,754		9,632		29,705


Multi-Asset Investing		3,115		9,889		572		3,452		445		2,248


Total Blackstone	$	40,541	$	166,659	$	34,039	$	123,365	$	22,737	$	77,027

Corporate Private Equity also includes Life Sciences, Growth, BTAS, and BXPE. AUM and related capital metrics are reported in the segment where the assets are

managed.

Blackstone | 5

ASSETS UNDER MANAGEMENT

Total AUM increased to $1,107.6 billion, up 10% year-over-year, with $40.5 billion of inflows in the quarter
and $166.7 billion over the LTM.

Fee-Earning AUM of $820.5 billion was up 12% year-over-year, with $34.1 billion of inflows in the quarter
and $160.9 billion over the LTM.

Perpetual Capital AUM reached $434.7 billion, up 12% year-over-year.

–

Fee-Earning Perpetual Capital AUM increased to $376.0 billion, representing 46% of Fee-Earning AUM

LOGO

Multi-Asset Investing had zero and $206 million of Perpetual Capital AUM as of 3Q’23 and 3Q’24, respectively.

Blackstone | 6

ADDITIONAL CAPITAL DETAIL

Invested Performance Eligible AUM reached $553.0 billion at quarter end.

Undrawn capital (“Total Dry Powder”) available for investment of $171.6 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

3Q’24 Total Segment Distributable Earnings were $1.4 billion.

LTM Total Segment Distributable Earnings were $5.7 billion.

Segment Distributable Earnings

($ in millions)

LOGO

Blackstone | 9

REAL ESTATE

Total AUM: $325.1 billion with inflows of $5.8 billion in the quarter and $39.8 billion over the LTM.

–

Inflows in the quarter included $956 million in BREDS Insurance SMAs and $743 million of capital raised in BREIT.

–

Outflows in the quarter included the transfer of $12.5 billion of residential debt AUM to Credit & Insurance.

Capital Deployed: $3.7 billion in the quarter and $24.5 billion over the LTM.

–

Committed an additional $4.2 billion in the quarter, including the announced acquisition of AirTrunk in BREP.

Realizations: $7.4 billion in the quarter and $21.3 billion over the LTM.

–

Realizations in the quarter included the sale of EdR Student Housing Portfolio in BREIT, the sale of Monte
Napoleone 8 in BPP, and the refinancing of a BREP U.S. logistics portfolio.

Appreciation: Opportunistic funds appreciated 1.1% in the quarter and declined (2.1)% over the LTM; Core+ funds declined (0.5)% in the quarter and (3.8)% over the LTM.



							% Change							% Change

($ in thousands)	3Q’23			3Q’24			vs. 3Q’23	3Q’23 YTD			3Q’24 YTD			vs. 3Q’23 YTD

Management Fees, Net	$	700,631		$	695,546		(1)%	$	2,144,858		$	2,173,442		1%

Fee Related Performance Revenues		127,841			72,428		(43)%		279,888			202,992		(27)%

Fee Related Compensation		(199,384	)		(166,567	)	(16)%		(536,000	)		(525,540	)	(2)%

Other Operating Expenses		(83,074	)		(100,739	)	21%		(229,204	)		(282,879	)	23%

Fee Related Earnings	$	546,014		$	500,668		(8)%	$	1,659,542		$	1,568,015		(6)%


Realized Performance Revenues		17,419			78,022		348%		148,236			181,461		22%

Realized Performance Compensation		(7,813	)		(44,761	)	473%		(80,571	)		(91,919	)	14%

Realized Principal Investment Income		1,565			6,421		310%		3,719			15,667		321%

Net Realizations		11,171			39,682		255%		71,384			105,209		47%

Segment Distributable Earnings	$	557,185		$	540,350		(3)%	$	1,730,926		$	1,673,224		(3)%


Segment Revenues	$	847,456		$	852,417		1%	$	2,576,701		$	2,573,562		(0)%

Total AUM	$	331,500,697		$	325,075,713		(2)%	$	331,500,697		$	325,075,713		(2)%

Fee-Earning AUM	$	284,936,903		$	285,488,072		0%	$	284,936,903		$	285,488,072		0%

Blackstone | 10

PRIVATE EQUITY

Total AUM: Increased 12% to $344.7 billion with inflows of $10.2 billion in the quarter and $36.9 billion over the
LTM.

–

Inflows in the quarter included $2.8 billion in Infrastructure, including the launch of BIP Europe, $1.5 billion in Secondaries, $1.2 billion in Tactical Opportunities, $716 million for the ninth flagship private equity fund, and $679 million for our energy transition fund.

–

$1.1 billion of capital raised in BXPE, including amounts allocated to other strategies.

Capital Deployed: $11.4 billion in the quarter, including Copeland, Hipgnosis, and Infocom, and $36.6 billion over
the LTM.

–

Committed an additional $7.2 billion in the quarter, including AirTrunk and Smartsheet.

Realizations: $5.3 billion in the quarter, including from PG&E and Refinitiv, and $23.8 billion over the LTM.

Appreciation: Corporate Private Equity appreciated 6.2% in the quarter and 15.2% over the LTM.

–

Tactical Opportunities appreciated 4.3% in the quarter and 9.8% over the LTM; Secondaries appreciated 0.7% in
the quarter and 3.6% over the LTM; Infrastructure appreciated 5.5% in the quarter and 18.0% over the LTM.



							% Change							% Change

($ in thousands)	3Q’23			3Q’24			vs. 3Q’23	3Q’23 YTD			3Q’24 YTD			vs. 3Q’23 YTD

Management and Advisory Fees, Net	$	501,828		$	552,820		10%	$	1,507,289		$	1,568,878		4%

Fee Related Performance Revenues		-			5,868		n/m		-			14,571		n/m

Fee Related Compensation		(152,491	)		(169,059	)	11%		(482,596	)		(489,686	)	1%

Other Operating Expenses		(81,738	)		(96,660	)	18%		(238,912	)		(274,131	)	15%

Fee Related Earnings	$	267,599		$	292,969		9%	$	785,781		$	819,632		4%


Realized Performance Revenues		299,271			216,643		(28)%		1,021,164			1,048,314		3%

Realized Performance Compensation		(114,211	)		(94,800	)	(17)%		(437,970	)		(495,042	)	13%

Realized Principal Investment Income		22,682			9,028		(60)%		68,558			37,182		(46)%

Net Realizations		207,742			130,871		(37)%		651,752			590,454		(9)%

Segment Distributable Earnings	$	475,341		$	423,840		(11)%	$	1,437,533		$	1,410,086		(2)%


Segment Revenues	$	823,781		$	784,359		(5)%	$	2,597,011		$	2,668,945		3%

Total AUM	$	308,569,957		$	344,710,201		12%	$	308,569,957		$	344,710,201		12%

Fee-Earning AUM	$	175,877,372		$	208,681,656		19%	$	175,877,372		$	208,681,656		19%

BXPE represents the aggregate BXPE fund platform, which comprises both U.S. and non-U.S. vehicles. Secondaries appreciation excludes GP Stakes.

Blackstone | 11

CREDIT & INSURANCE

Total AUM: Increased 22% to $354.7 billion with inflows of $21.4 billion in the quarter and $80.2 billion over the
LTM.

–

Inflows in the quarter included $8.9 billion for the global direct lending strategy, inclusive of $3.0 billion of
equity raised for BCRED, and $4.3 billion for infrastructure and asset based credit strategies.

–

The fifth opportunistic private credit strategy had $2.2 billion of inflows in the quarter, bringing total capital commitments to $2.4 billion.

–

Closed 6 new CLOs (5 U.S. and 1 European) for $3.2 billion.

Capital Deployed: $18.4 billion in the quarter and $58.8 billion over the LTM driven by U.S. direct lending as well as infrastructure and asset based credit strategies.

–

Committed an additional $8.1 billion that was not yet deployed in the quarter.

Realizations: $9.6 billion in the quarter and $29.7 billion over the LTM.

Returns: Private Credit gross return of 3.6% (2.7% net) and Liquid Credit gross return of 2.4% (2.2% net) in the
quarter.

–

Private Credit gross return of 16.7% (12.4% net) and Liquid Credit gross return of 10.4% (9.9% net) over the LTM.



							% Change							% Change

($ in thousands)	3Q’23			3Q’24			vs. 3Q’23	3Q’23 YTD			3Q’24 YTD			vs. 3Q’23 YTD

Management Fees, Net	$	333,607		$	418,049		25%	$	998,212		$	1,178,064		18%

Fee Related Performance Revenues		146,710			185,805		27%		409,645			519,106		27%

Fee Related Compensation		(145,011	)		(181,586	)	25%		(471,245	)		(532,658	)	13%

Other Operating Expenses		(75,227	)		(97,756	)	30%		(229,235	)		(270,680	)	18%

Fee Related Earnings	$	260,079		$	324,512		25%	$	707,377		$	893,832		26%


Realized Performance Revenues		14,349			42,926		199%		181,874			149,293		(18)%

Realized Performance Compensation		(5,453	)		(16,489	)	202%		(79,516	)		(59,548	)	(25)%

Realized Principal Investment Income		29,181			24,239		(17)%		15,753			31,311		99%

Net Realizations		38,077			50,676		33%		118,111			121,056		2%

Segment Distributable Earnings	$	298,156		$	375,188		26%	$	825,488		$	1,014,888		23%


Segment Revenues	$	523,847		$	671,019		28%	$	1,605,484		$	1,877,774		17%

Total AUM	$	290,908,112		$	354,741,520		22%	$	290,908,112		$	354,741,520		22%

Fee-Earning AUM	$	204,974,045		$	251,567,431		23%	$	204,974,045		$	251,567,431		23%

Blackstone | 12

MULTI-ASSET INVESTING

Total AUM: Increased 9% to $83.1 billion with inflows of $3.1 billion in the quarter and $9.9 billion over the LTM.

Returns: Absolute Return Composite gross return of 2.2% in the quarter (2.0% net), compared to the HFRX Global
Hedge Fund Index, which was 2.1%.

–

Absolute Return benefited from performance across strategies, including equities, quantitative, and credit during
the quarter.

–

Gross returns of 11.7% over the LTM (10.6% net), with significantly less volatility than the broader markets,
compared to 6.9% return for the HFRX Global Hedge Fund Index.



							% Change							% Change

($ in thousands)	3Q’23			3Q’24			vs. 3Q’23	3Q’23 YTD			3Q’24 YTD			vs. 3Q’23 YTD

Management Fees, Net	$	117,774		$	120,319		2%	$	359,054		$	353,859		(1)%

Fee Related Compensation		(43,037	)		(37,643	)	(13)%		(127,861	)		(113,961	)	(11)%

Other Operating Expenses		(24,406	)		(25,668	)	5%		(76,108	)		(75,233	)	(1)%

Fee Related Earnings	$	50,331		$	57,008		13%	$	155,085		$	164,665		6%


Realized Performance Revenues		6,901			5,078		(26)%		16,615			42,883		158%

Realized Performance Compensation		(6,518	)		(1,520	)	(77)%		(10,332	)		(15,142	)	47%

Realized Principal Investment Income (Loss)		2,072			715		(65)%		3,700			(17,247	)	n/m

Net Realizations		2,455			4,273		74%		9,983			10,494		5%

Segment Distributable Earnings	$	52,786		$	61,281		16%	$	165,068		$	175,159		6%


Segment Revenues	$	126,747		$	126,112		(1)%	$	379,369		$	379,495		0%

Total AUM	$	76,374,692		$	83,100,928		9%	$	76,374,692		$	83,100,928		9%

Fee-Earning AUM	$	68,753,283		$	74,720,044		9%	$	68,753,283		$	74,720,044		9%

Blackstone | 13

Supplemental Details

Blackstone | 14

TOTAL SEGMENTS



($ in thousands)	3Q’23				4Q’23				1Q’24				2Q’24				3Q’24				3Q’23 YTD				3Q’24 YTD

Base Management Fees		$	1,619,743			$	1,605,948			$	1,644,730			$	1,651,566			$	1,710,941			$	4,859,899			$	5,007,237

Transaction, Advisory and Other Fees, Net			44,611				52,836				66,938				132,536				82,506				183,056				281,980

Management Fee Offsets			(10,514	)			(4,953	)			(4,097	)			(4,164	)			(6,713	)			(33,542	)			(14,974	)

Total Management and Advisory Fees, Net			1,653,840				1,653,831				1,707,571				1,779,938				1,786,734				5,009,413				5,274,243

Fee Related Performance Revenues			274,551				168,994				295,501				177,067				264,101				689,533				736,669

Fee Related Compensation			(539,923	)			(470,408	)			(554,077	)			(552,913	)			(554,855	)			(1,617,702	)			(1,661,845	)

Other Operating Expenses			(264,445	)			(310,874	)			(288,978	)			(293,122	)			(320,823	)			(773,459	)			(902,923	)

Fee Related Earnings		$	1,124,023			$	1,041,543			$	1,160,017			$	1,110,970			$	1,175,157			$	3,307,785			$	3,446,144



Realized Performance Revenues			337,940				693,213				536,393				542,889				342,669				1,367,889				1,421,951

Realized Performance Compensation			(133,995	)			(287,628	)			(253,024	)			(251,057	)			(157,570	)			(608,389	)			(661,651	)

Realized Principal Investment Income			55,500				19,202				9,938				16,572				40,403				91,730				66,913

Total Net Realizations		$	259,445			$	424,787			$	293,307			$	308,404			$	225,502			$	851,230			$	827,213

Total Segment Distributable Earnings		$	1,383,468			$	1,466,330			$	1,453,324			$	1,419,374			$	1,400,659			$	4,159,015			$	4,273,357



Distributable Earnings		$	1,211,611			$	1,388,180			$	1,266,378			$	1,252,221			$	1,278,650			$	3,672,775			$	3,797,249



Additional Metrics:

Total Segment Revenues		$	2,321,831			$	2,535,240			$	2,549,403			$	2,516,466			$	2,433,907			$	7,158,565			$	7,499,776

Total Assets Under Management		$	1,007,353,458			$	1,040,192,447			$	1,061,262,748			$	1,076,371,811			$	1,107,628,362			$	1,007,353,458			$	1,107,628,362

Fee-Earning Assets Under Management		$	734,541,603			$	762,607,902			$	781,397,555			$	808,656,801			$	820,457,203			$	734,541,603			$	820,457,203

Blackstone | 15

ASSETS UNDER MANAGEMENT – ROLLFORWARD

Total AUM Rollforward

($ in millions)



	Three Months Ended September 30, 2024															Twelve Months Ended September 30, 2024


	Real Estate			Private Equity			Credit & Insurance			Multi-Asset Investing			Total			Real Estate			Private Equity			Credit & Insurance			Multi-Asset Investing			Total

Beginning Balance	$	336,100		$	330,590		$	330,117		$	79,565		$	1,076,372		$	331,501		$	308,570		$	290,908		$	76,375		$	1,007,353

Inflows		5,835			10,201			21,390			3,115			40,541			39,752			36,865			80,154			9,889			166,659

Outflows		(14,626	)		(1,796	)		6,487			(1,385	)		(11,320	)		(25,545	)		(5,628	)		(6,019	)		(9,923	)		(47,115	)

Net Flows		(8,791	)		8,405			27,877			1,729			29,221			14,207			31,237			74,136			(34	)		119,545

Realizations		(7,405	)		(5,256	)		(9,632	)		(445	)		(22,737	)		(21,274	)		(23,800	)		(29,705	)		(2,248	)		(77,027	)

Market Activity		5,171			10,971			6,379			2,252			24,772			642			28,704			19,403			9,008			57,757

Ending Balance	$	325,076		$	344,710		$	354,742		$	83,101		$	1,107,628		$	325,076		$	344,710		$	354,742		$	83,101		$	1,107,628

% Change		(3)%			4%			7%			4%			3%			(2)%			12%			22%			9%			10%

Fee-Earning AUM Rollforward

($ in millions)



	Three Months Ended September 30, 2024															Twelve Months Ended September 30, 2024


	Real Estate			Private Equity			Credit & Insurance			Multi-Asset Investing			Total			Real Estate			Private Equity			Credit & Insurance			Multi-Asset Investing			Total

Beginning Balance	$	299,066		$	200,487		$	237,286		$	71,818		$	808,657		$	284,937		$	175,877		$	204,974		$	68,753		$	734,542

Inflows		6,339			9,837			15,544			2,415			34,135			48,815			42,089			61,305			8,645			160,854

Outflows		(14,705	)		(1,940	)		1,179			(1,236	)		(16,701	)		(24,891	)		(6,650	)		(5,626	)		(9,098	)		(46,265	)

Net Flows		(8,366	)		7,897			16,723			1,179			17,434			23,924			35,440			55,679			(453	)		114,589

Realizations		(7,767	)		(1,482	)		(7,185	)		(394	)		(16,827	)		(23,054	)		(7,674	)		(21,998	)		(2,074	)		(54,800	)

Market Activity		2,554			1,779			4,744			2,116			11,194			(319	)		5,039			12,913			8,494			26,126

Ending Balance	$	285,488		$	208,682		$	251,567		$	74,720		$	820,457		$	285,488		$	208,682		$	251,567		$	74,720		$	820,457

% Change		(5)%			4%			6%			4%			1%			0%			19%			23%			9%			12%

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. See

additional notes on page 34 for certain one-time adjustments included in Total AUM and Fee-Earning AUM outflows for the period.

Blackstone | 16

DECONSOLIDATED BALANCE SHEET HIGHLIGHTS

At September 30, 2024, Blackstone had $8.9 billion in total cash, cash equivalents, corporate treasury, and other investments and $18.7 billion of cash and net investments, or $15.33 per share.

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



($in millions)	3Q’24

Cash and Cash Equivalents	$	2,353

Corporate Treasury and Other Investments		6,567

GP/Fund Investments		2,813

Net Accrued Performance Revenues		6,992

Cash and Net Investments	$	18,725

Outstanding Debt (at par)		10,767

Cash and Net Investments

(per share)

LOGO

A+ / A+

rated by S&P and Fitch

$4.3B

credit revolver with

December 2028 maturity

$8.9B

total cash, corporate

treasury and other

Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $5.6 billion as of September 30, 2024, which was comprised of

$5.1 billion of liquid investments and $498 million of illiquid investments. See notes on pages 31 and 35 for additional details on non-GAAP balance sheet

measures.

Blackstone | 17

NET ACCRUED PERFORMANCE REVENUES – ADDITIONAL DETAIL

($ in millions, except per share data)



	3Q’23		2Q’24		3Q’24		3Q’24
	3Q’23		2Q’24		3Q’24		Per Share

Real Estate

BREP Global	$	1,625	$	1,294	$	1,313	$	1.08

BREP Europe		132		117		130		0.11

BREP Asia		93		97		97		0.08

BPP		387		73		32		0.03

BREDS		30		16		18		0.01

BTAS		18		-		18		0.01

Real Estate	$	2,285	$	1,595	$	1,608	$	1.32

Private Equity

BCP Global		1,542		1,508		1,708		1.40

BCP Asia		113		190		260		0.21

Energy/Energy Transition		387		417		533		0.44

Core Private Equity		220		243		244		0.20

Tactical Opportunities		235		159		181		0.15

Secondaries		737		813		951		0.78

Infrastructure		324		478		568		0.46

Life Sciences		62		125		145		0.12

BTAS/BXPE/Other		186		217		240		0.20

Private Equity	$	3,804	$	4,150	$	4,829	$	3.95


Credit & Insurance	$	292	$	391	$	450	$	0.37


Multi-Asset Investing	$	53	$	78	$	105	$	0.09


Net Accrued Performance Revenues	$	6,435	$	6,214	$	6,992	$	5.72

3Q’24 QoQ Rollforward

($ in millions)


			Net		Net
			Performance		Realized
	2Q’24		Revenues		Distributions			3Q’24

Real Estate	$	1,595	$	114	$	(101	)	$	1,608

Private Equity		4,150		805		(126	)		4,829

Credit & Insurance		391		200		(141	)		450

Multi-Asset Investing		78		31		(4	)		105

Total	$	6,214	$	1,149	$	(372	)	$	6,992

QoQ Change									13%

3Q’24 LTM Rollforward

($ in millions)


			Net			Net
			Performance			Realized
	3Q’23		Revenues			Distributions			3Q’24

Real Estate	$	2,285	$	(290	)	$	(387	)	$	1,608

Private Equity		3,804		1,763			(739	)		4,829

Credit & Insurance		292		725			(566	)		450

Multi-Asset Investing		53		180			(128	)		105

Total	$	6,435	$	2,377		$	(1,821	)	$	6,992

YoY Change										9%

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 SEPTEMBER 30, 2024^(a)



($/€ in thousands, except where noted) Fund (Investment Period Beginning Date / Ending Date)	Committed Capital		Available Capital (b)		Unrealized Investments			Realized Investments			Total Investments			Net IRRs (d)
	Committed Capital		Available 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		-		-	n/a		4,684,232	1.7x		4,684,232	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		-		7,531	n/a		27,758,817	2.5x		27,766,348	2.5x	13%	13%
BREP VII (Aug 2011 / Apr 2015)		13,505,657		1,017,051		1,883,905	0.6x		28,472,664	2.2x		30,356,569	1.9x	20%	14%
BREP VIII (Apr 2015 / Jun 2019)		16,607,961		2,006,806		11,937,632	1.5x		22,801,799	2.3x		34,739,431	2.0x	23%	14%
BREP IX (Jun 2019 / Aug 2022)		21,349,913		3,314,887		24,434,954	1.4x		9,029,887	2.2x		33,464,841	1.5x	55%	13%
*BREP X (Aug 2022 / Feb 2028)		30,640,856		22,293,304		9,524,677	1.2x		302,375	1.1x		9,827,052	1.2x	n/a	10%
Total Global BREP	$	104,145,090	$	28,632,048	$	47,794,925	1.3x	$	114,048,140	2.3x	$	161,843,065	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		391,802		152,188	0.3x		5,856,192	2.4x		6,008,380	2.0x	18%	13%
BREP Europe IV (Sep 2013 / Dec 2016)		6,676,577		1,079,282		1,075,017	0.8x		10,146,604	1.9x		11,221,621	1.7x	18%	12%
BREP Europe V (Dec 2016 / Oct 2019)		7,992,703		884,823		4,407,440	0.8x		6,762,819	3.8x		11,170,259	1.5x	41%	7%
BREP Europe VI (Oct 2019 / Sep 2023)		9,933,550		2,975,177		8,442,676	1.2x		3,442,555	2.6x		11,885,231	1.4x	72%	12%
*BREP Europe VII (Sep 2023 / Mar 2029)		7,704,643		6,190,274		1,768,948	1.2x		-	n/a		1,768,948	1.2x	n/a	n/m
Total BREP Europe	€	37,966,813	€	11,521,358	€	15,846,269	1.0x	€	30,164,372	2.3x	€	46,010,641	1.6x	17%	11%
BREP Asia I (Jun 2013 / Dec 2017)	$	4,262,075	$	898,533	$	1,560,757	1.7x	$	7,229,127	2.0x	$	8,789,884	1.9x	16%	12%
BREP Asia II (Dec 2017 / Mar 2022)		7,354,811		1,310,778		6,411,213	1.2x		2,112,419	1.8x		8,523,632	1.3x	24%	5%
*BREP Asia III (Mar 2022 / Sep 2027)		8,210,352		6,801,968		1,403,568	1.0x		-	n/a		1,403,568	1.0x	n/a	(13)%
Total BREP Asia	$	19,827,238	$	9,011,279	$	9,375,538	1.2x	$	9,341,546	1.9x	$	18,717,084	1.5x	17%	8%
BREP Co-Investment (f)		7,587,426		117,353		1,103,907	1.7x		15,264,782	2.2x		16,368,689	2.2x	16%	16%
Total BREP	$	176,001,124	$	50,446,797	$	76,080,082	1.2x	$	175,528,787	2.3x	$	251,608,869	1.8x	17%	14%
*BREDS High-Yield (Various) (g)		25,164,762		8,052,575		5,428,734	1.0x		21,395,281	1.3x		26,824,015	1.3x	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		184	n/a		2,995,106	1.4x		2,995,290	1.4x	6%	6%
BCP IV (Nov 2002 / Dec 2005)		6,773,182		195,824		357	n/a		21,720,334	2.9x		21,720,691	2.9x	36%	36%
BCP V (Dec 2005 / Jan 2011)		21,009,112		1,035,259		66,016	n/a		38,806,330	1.9x		38,872,346	1.9x	8%	8%
BCP VI (Jan 2011 / May 2016)		15,195,243		1,341,026		4,120,776	2.0x		28,788,181	2.2x		32,908,957	2.2x	14%	12%
BCP VII (May 2016 / Feb 2020)		18,867,443		1,704,240		17,880,529	1.7x		18,540,348	2.6x		36,420,877	2.0x	25%	13%
BCP VIII (Feb 2020 / Apr 2024)		25,912,375		8,372,340		25,407,341	1.4x		2,518,107	2.3x		27,925,448	1.5x	n/m	11%
*BCP IX (Apr 2024 / Apr 2029)		20,777,398		20,690,042		46,367	n/a		-	n/a		46,367	n/a	n/a	n/a
Energy I (Aug 2011 / Feb 2015)		2,441,558		174,492		487,445	1.5x		4,191,619	2.0x		4,679,064	2.0x	14%	11%
Energy II (Feb 2015 / Feb 2020)		4,920,933		867,570		4,136,017	1.9x		4,377,051	1.8x		8,513,068	1.9x	12%	8%
Energy III (Feb 2020 / Jun 2024)		4,355,021		1,583,228		5,370,434	2.1x		1,631,879	2.4x		7,002,313	2.2x	47%	30%
*Energy Transition IV (Jun 2024 / Jun 2029)		4,303,332		4,270,434		-	n/a		-	n/a		-	n/a	n/a	n/a
BCP Asia I (Dec 2017 / Sep 2021)		2,437,080		417,510		2,947,127	2.1x		2,623,597	3.5x		5,570,724	2.6x	51%	26%
*BCP Asia II (Sep 2021 / Sep 2027)		6,788,466		4,361,442		3,431,480	1.9x		91,510	2.2x		3,522,990	1.9x	n/m	35%
Core Private Equity I (Jan 2017 / Mar 2021) (h)		4,760,279		1,171,237		7,485,845	2.0x		2,871,414	5.2x		10,357,259	2.4x	58%	17%
*Core Private Equity II (Mar 2021 / Mar 2026) (h)		8,450,958		5,123,153		4,683,299	1.3x		346,751	n/a		5,030,050	1.4x	n/a	15%
Total Corporate Private Equity	$	155,317,313	$	51,332,372	$	76,063,217	1.6x	$	143,741,299	2.3x	$	219,804,516	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 SEPTEMBER 30, 2024^(a) – (CONT’D)



($/€ in thousands, except where noted) Fund (Investment Period Beginning Date / Ending Date)	Committed Capital		Available Capital (b)		Unrealized Investments			Realized Investments			Total Investments			Net IRRs (d)
	Committed Capital		Available Capital (b)		Value		MOIC (c)	Value		MOIC (c)	Value		MOIC (c)	Realized	Total

Private Equity (continued)

Tactical Opportunities

*Tactical Opportunities (Various)	$	30,813,178	$	12,260,704	$	15,581,042	1.2x	$	24,261,935	1.8x	$	39,842,977	1.5x	16%	10%

*Tactical Opportunities Co-Investment and Other (Various)		12,541,264		2,391,711		5,259,063	1.2x		10,576,414	1.8x		15,835,477	1.6x	21%	16%
Total Tactical Opportunities	$	43,354,442	$	14,652,415	$	20,840,105	1.2x	$	34,838,349	1.8x	$	55,678,454	1.5x	17%	12%

Growth

*BXG I (Jul 2020 / Jul 2025)		5,006,755		1,204,350		3,520,462	1.0x		517,135	2.6x		4,037,597	1.1x	n/m	(2)%

BXG II (TBD)		4,190,970		4,190,970		-	n/a		-	n/a		-	n/a	n/a	n/a

Total Growth	$	9,197,725	$	5,395,320	$	3,520,462	1.0x	$	517,135	2.6x	$	4,037,597	1.1x	n/m	(2)%

Strategic Partners (Secondaries)

Strategic Partners I-V (Various) (i)		11,035,527		23,013		7,796	n/a		16,782,783	n/a		16,790,579	1.7x	n/a	13%

Strategic Partners VI (Apr 2014 / Apr 2016) (i)		4,362,772		604,672		662,063	n/a		4,399,074	n/a		5,061,137	1.7x	n/a	13%

Strategic Partners VII (May 2016 / Mar 2019) (i)		7,489,970		1,672,312		3,060,725	n/a		7,577,917	n/a		10,638,642	1.9x	n/a	16%

Strategic Partners Real Assets II (May 2017 / Jun 2020) (i)		1,749,807		502,307		1,279,240	n/a		1,173,420	n/a		2,452,660	1.7x	n/a	16%

Strategic Partners VIII (Mar 2019 / Oct 2021) (i)		10,763,600		3,974,342		7,787,015	n/a		6,876,095	n/a		14,663,110	1.8x	n/a	24%

*Strategic Partners Real Estate, SMA and Other (Various) (i)		7,455,591		2,382,516		2,516,169	n/a		2,525,494	n/a		5,041,663	1.5x	n/a	13%

Strategic Partners Infrastructure III (Jun 2020 / Jun 2024) (i)		3,250,100		534,128		2,626,027	n/a		274,616	n/a		2,900,643	1.4x	n/a	22%

*Strategic Partners IX (Oct 2021 / Jan 2027) (i)		19,692,626		7,648,783		8,568,139	n/a		782,344	n/a		9,350,483	1.4x	n/a	18%

*Strategic Partners GP Solutions (Jun 2021 / Dec 2026) (i)		2,095,211		739,359		900,770	n/a		3,947	n/a		904,717	1.0x	n/a	(3)%

Total Strategic Partners (Secondaries)	$	67,895,204	$	18,081,432	$	27,407,944	n/a	$	40,395,690	n/a	$	67,803,634	1.6x	n/a	14%

Life Sciences

Clarus IV (Jan 2018 / Jan 2020)		910,000		61,316		716,439	2.1x		559,642	1.4x		1,276,081	1.7x	6%	10%

*BXLS V (Jan 2020 / Jan 2025)		5,004,386		2,657,312		3,536,842	1.9x		469,474	1.2x		4,006,316	1.8x	n/m	16%

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		993,260		92,124	0.2x		6,678,087	1.5x		6,770,211	1.4x	n/a	10%

Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)		6,639,133		1,091,782		2,165,828	1.2x		8,454,627	1.6x		10,620,455	1.5x	n/a	12%

*Mezzanine / Opportunistic IV (Jan 2021 / Jan 2026)		5,016,771		1,389,288		4,679,493	1.1x		1,239,671	1.8x		5,919,164	1.2x	n/a	14%

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		142,782	0.2x		5,470,492	1.2x		5,613,274	1.1x	n/a	1%

Stressed / Distressed III (Dec 2017 / Dec 2022)		7,356,380		1,100,454		2,552,558	1.1x		4,209,841	1.5x		6,762,399	1.3x	n/a	10%

Energy I (Nov 2015 / Nov 2018)		2,856,867		1,154,819		279,453	0.8x		3,293,013	1.6x		3,572,466	1.5x	n/a	10%

Energy II (Feb 2019 / Jun 2023)		3,616,081		1,474,627		1,028,263	1.1x		2,738,563	1.4x		3,766,826	1.3x	n/a	16%

*Green Energy III (May 2023 / May 2028)		6,477,000		4,649,454		1,958,000	1.0x		161,207	n/a		2,119,207	1.1x	n/a	n/m

European Senior Debt I (Feb 2015 / Feb 2019)	€	1,964,689	€	139,954	€	204,893	0.4x	€	2,978,763	1.3x	€	3,183,656	1.2x	n/a	2%

European Senior Debt II (Jun 2019 / Jun 2023) (j)	€	4,088,344	€	719,250	€	3,958,457	0.9x	€	2,871,992	2.4x	€	6,830,449	1.3x	n/a	10%

Total Credit Drawdown Funds (k)	$	53,366,033	$	13,457,145	$	17,545,006	1.0x	$	49,509,019	1.5x	$	67,054,025	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 SEPTEMBER 30, 2024^(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

64,308,476

BREIT - Blackstone Real Estate Income Trust (2017) (o)

Core+ Real Estate

55,295,802

BREIT - Class I (p)

Core+ Real Estate

10%

BXMT - Blackstone Mortgage Trust (2013) (q)

Real Estate Debt

5,933,731

Private Equity

BSCH - Blackstone Strategic Capital Holdings (2014) (r)

Secondaries - GP Stakes

10,739,337

13%

BIP - Blackstone Infrastructure Partners (2019) (s)

Infrastructure

40,470,269

16%

BXPE - Blackstone Private Equity Strategies Fund Program (2024) (t)

Private Equity

5,747,358

(t)

Credit

BXSL - Blackstone Secured Lending Fund (2018) (u)

U.S. Direct Lending

12,661,739

11%

BCRED - Blackstone Private Credit Fund (2021) (v)

U.S. Direct Lending

71,173,137

10%

BCRED - Class I (w)

U.S. Direct Lending

10%

Investment Records as of September 30, 2024 - 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 September 30, 2024 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. Realizations are treated as returns of capital until fully recovered and therefore Unrealized and Realized MOICs and Realized Net IRRs are not applicable. Committed Capital and Available Capital are presented as of the current quarter.

(j)

European Senior Debt II Levered has a net return of 15%, 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.

(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.

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 continue on page 22.

Blackstone | 21

INVESTMENT RECORDS AS OF SEPTEMBER 30, 2024^(a) – (CONT’D)

(m)

Unless otherwise indicated, Total Net Return represents the annualized inception to September 30, 2024 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 September 30, 2024, these vehicles represented
$2.5 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)

BSCH represents the aggregate Total AUM and Total Net Return of BSCH I and BSCH II funds that invest as part of the Secondaries - 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 $12.0 billion.

(s)

BIP represents the aggregate Total AUM and Total Net Return of the infrastructure-focused funds with a primary focus on the U.S. Including co-investment vehicles and
BIP Europe, BIP Total AUM is $52.6 billion.

(t)

BXPE Total AUM reflects net asset value as of August 31, 2024 plus net subscriptions as of September 1, 2024. For purposes of segment AUM reporting, BXPE AUM is
reported by the business managing the assets. Total net return not presented because the reporting date is less than one year from BXPE’s inception date (January 2,
2024).

(u)

The BXSL Total AUM and Total Net Return are presented as of June 30, 2024. 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.

(v)

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 September 30, 2024 was $36.4 billion.

(w)

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.



		Blackstone \| 22

SHAREHOLDER DIVIDENDS

Generated $1.01 of Distributable Earnings per common share during the quarter, bringing the YTD amount to $2.95 per common share.

Blackstone declared a quarterly dividend of $0.86 per common share to record holders as of October 28, 2024; payable on November 4, 2024.



																% Change								% Change

($ in thousands, except per share data)	3Q’23			4Q’23			1Q’24			2Q’24			3Q’24			vs. 3Q’23		3Q’23 YTD			3Q’24 YTD			vs. 3Q’23 YTD

Distributable Earnings	$	1,211,611		$	1,388,180		$	1,266,378		$	1,252,221		$	1,278,650			6%	$	3,672,775		$	3,797,249			3	%

Add: Other Payables Attributable to Common Shareholders		119,783			57,810			130,920			124,280			73,491			(39)%		380,270			328,691			(14	)%

DE Before Certain Payables		1,331,394			1,445,990			1,397,298			1,376,501			1,352,141			2%		4,053,045			4,125,940			2	%

Percent to Common Shareholders		62%			62%			62%			63%			63%					62%			63%

DE Before Certain Payables Attributable to Common Shareholders		828,716			900,980			871,887			864,033			849,966			3%		2,514,874			2,585,886			3	%

Less: Other Payables Attributable to Common Shareholders		(119,783	)		(57,810	)		(130,920	)		(124,280	)		(73,491	)		(39)%		(380,270	)		(328,691	)		(14	)%

DE Attributable to Common Shareholders		708,933			843,170			740,967			739,753			776,475			10%		2,134,604			2,257,195			6	%

DE per Common Share	$	0.94		$	1.11		$	0.98		$	0.96		$	1.01			7%	$	2.84		$	2.95			4	%

Less: Retained Capital per Common Share	$	(0.14	)	$	(0.17	)	$	(0.15	)	$	(0.14	)	$	(0.15	)		7%	$	(0.43	)	$	(0.44	)		2	%

Actual Dividend per Common Share	$	0.80		$	0.94		$	0.83		$	0.82		$	0.86			8%	$	2.41		$	2.51			4	%

Record Date														Oct 28, 2024

Payable Date														Nov 4, 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 1,222 million shares.

–

Repurchased 1.0 million common shares in the quarter and 4.1 million common shares over the LTM.

–

Available authorization remaining was $1.9 billion at September 30, 2024.



	3Q’23		4Q’23		1Q’24		2Q’24		3Q’24

Participating Common Shares		757,781,111		758,039,099		759,176,426		768,224,405		767,895,244

Participating Partnership Units		459,651,045		458,544,363		457,490,143		455,642,926		453,685,697

Distributable Earnings Shares Outstanding		1,217,432,156		1,216,583,462		1,216,666,569		1,223,867,331		1,221,580,941

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 THIRD QUARTER 2024 GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS



($in thousands, except per share data) (unaudited)	3Q’23				3Q’24				3Q’23 YTD				3Q’24 YTD				3Q’23 LTM				3Q’24 LTM

Revenues

Management and Advisory Fees, Net		$	1,655,443			$	1,794,894			$	5,023,128			$	5,309,355			$	6,671,566			$	6,957,487

Incentive Fees			158,801				191,794				454,754				559,434				665,018				799,851

Investment Income

Performance Allocations

Realized			453,690				414,755				1,602,668				1,598,913				2,038,265				2,220,086

Unrealized			(63,204	)			1,154,918				(708,021	)			1,723,090				(1,196,822	)			739,443

Principal Investments

Realized			94,313				95,235				257,206				247,877				364,040				294,494

Unrealized			69,340				(1,864	)			(257,988	)			427,983				(325,611	)			82,817

Total Investment Income			554,139				1,663,044				893,865				3,997,863				879,872				3,336,840

Interest and Dividend Revenue			109,133				109,774				348,123				312,612				450,755				480,986

Other			63,769				(96,312	)			17,951				(31,861	)			(225,331	)			(142,741	)

Total Revenues		$	2,541,285			$	3,663,194			$	6,737,821			$	10,147,403			$	8,441,880			$	11,432,423

Expenses

Compensation and Benefits

Compensation			700,268				732,041				2,153,570				2,293,491				2,780,560				2,925,368

Incentive Fee Compensation			65,432				73,464				192,940				224,310				264,201				312,437

Performance Allocations Compensation

Realized			168,620				169,740				670,610				689,370				828,427				919,619

Unrealized			11,866				465,099				(247,228	)			747,679				(443,967	)			340,504

Total Compensation and Benefits			946,186				1,440,344				2,769,892				3,954,850				3,429,221				4,497,928

General, Administrative and Other			279,186				340,945				827,614				1,022,823				1,119,954				1,312,514

Interest Expense			110,599				111,337				323,136				328,156				423,465				436,888

Fund Expenses			38,934				3,470				118,918				13,380				137,449				13,449

Total Expenses		$	1,374,905			$	1,896,096			$	4,039,560			$	5,319,209			$	5,110,089			$	6,260,779

Other Income (Loss)

Change in Tax Receivable Agreement Liability			-				-				1,887				-				23,422				(29,083	)

Net Gains (Losses) from Fund Investment Activities			(49,078	)			42,842				102,486				70,009				49,616				(89,278	)

Total Other Income (Loss)		$	(49,078	)		$	42,842			$	104,373			$	70,009			$	73,038			$	(118,361	)

Income Before Provision for Taxes		$	1,117,302			$	1,809,940			$	2,802,634			$	4,898,203			$	3,404,829			$	5,053,283

Provision for Taxes			196,560				245,303				467,504				789,220				326,358				835,177

Net Income		$	920,742			$	1,564,637			$	2,335,130			$	4,108,983			$	3,078,471			$	4,218,106

Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities			(92,577	)			(22,184	)			(81,589	)			(61,595	)			(281,179	)			(225,524	)

Net Income Attributable to Non-Controlling Interests in Consolidated Entities			20,716				202,929				185,021				406,339				355,212				445,473

Net Income Attributable to Non-Controlling Interests in Blackstone Holdings			440,609				603,057				992,618				1,691,604				1,207,504				1,773,722

Net Income Attributable to Blackstone Inc. (‘‘BX’’)		$	551,994			$	780,835			$	1,239,080			$	2,072,635			$	1,796,934			$	2,224,435

Net Income Per Share of Common Stock, Basic		$	0.73			$	1.02			$	1.64			$	2.71			$	2.39			$	2.91

Net Income Per Share of Common Stock, Diluted		$	0.73			$	1.02			$	1.64			$	2.71			$	2.39			$	2.91

Blackstone | 26

RECONCILIATION OF GAAP TO NON-GAAP MEASURES



	QTD															YTD						LTM



($ in thousands)	3Q’23			4Q’23			1Q’24			2Q’24			3Q’24			3Q’23			3Q’24			3Q’23			3Q’24

Net Income Attributable to Blackstone Inc.	$	551,994		$	151,800		$	847,386		$	444,414		$	780,835		$	1,239,080		$	2,072,635		$	1,796,934		$	2,224,435

Net Income Attributable to Non-Controlling Interests in Blackstone Holdings		440,609			82,118			685,439			403,108			603,057			992,618			1,691,604			1,207,504			1,773,722

Net Income Attributable to Non-Controlling Interests in Consolidated Entities		20,716			39,134			102,827			100,583			202,929			185,021			406,339			355,212			445,473

Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		(92,577	)		(163,929	)		(39,669	)		258			(22,184	)		(81,589	)		(61,595	)		(281,179	)		(225,524	)

Net Income	$	920,742		$	109,123		$	1,595,983		$	948,363		$	1,564,637		$	2,335,130		$	4,108,983		$	3,078,471		$	4,218,106

Provision for Taxes		196,560			45,957			283,671			260,246			245,303			467,504			789,220			326,358			835,177

Income Before Provision for Taxes	$	1,117,302		$	155,080		$	1,879,654		$	1,208,609		$	1,809,940		$	2,802,634		$	4,898,203		$	3,404,829		$	5,053,283

Transaction-Related and Non-Recurring Items (a)		6,250			8,882			52,197			4,962			(394	)		17,099			56,765			14,511			65,647

Amortization of Intangibles (b)		7,357			7,347			7,333			7,333			7,333			26,110			21,999			39,265			29,346

Impact of Consolidation (c)		71,861			124,795			(63,158	)		(100,841	)		(180,745	)		(103,432	)		(344,744	)		(74,033	)		(219,949	)

Unrealized Performance Revenues (d)		63,209			983,642			(445,936	)		(122,239	)		(1,154,905	)		708,146			(1,723,080	)		1,198,869			(739,438	)

Unrealized Performance Allocations Compensation (e)		11,866			(407,175	)		180,900			101,680			465,099			(247,228	)		747,679			(443,967	)		340,504

Unrealized Principal Investment (Income) Loss (f)		(84,780	)		359,663			(442,976	)		38,125			90,254			233,638			(314,597	)		296,532			45,066

Other Revenues (g)		(63,748	)		110,933			(44,747	)		(19,541	)		96,329			(17,850	)		32,041			225,465			142,974

Equity-Based Compensation (h)		255,616			185,969			317,779			295,396			262,798			773,505			875,973			968,209			1,061,942

Administrative Fee Adjustment (i)		2,425			2,422			2,477			2,465			3,219			7,285			8,161			9,730			10,583

Taxes and Related Payables (j)		(175,747	)		(143,378	)		(177,145	)		(163,728	)		(120,278	)		(527,132	)		(461,151	)		(632,429	)		(604,529	)

Distributable Earnings	$	1,211,611		$	1,388,180		$	1,266,378		$	1,252,221		$	1,278,650		$	3,672,775		$	3,797,249		$	5,006,981		$	5,185,429

Taxes and Related Payables (j)		175,747			143,378			177,145			163,728			120,278			527,132			461,151			632,429			604,529

Net Interest and Dividend (Income) Loss (k)		(3,890	)		(65,228	)		9,801			3,425			1,731			(40,892	)		14,957			(47,647	)		(50,271	)

Total Segment Distributable Earnings	$	1,383,468		$	1,466,330		$	1,453,324		$	1,419,374		$	1,400,659		$	4,159,015		$	4,273,357		$	5,591,763		$	5,739,687

Realized Performance Revenues (l)		(337,940	)		(693,213	)		(536,393	)		(542,889	)		(342,669	)		(1,367,889	)		(1,421,951	)		(1,840,634	)		(2,115,164	)

Realized Performance Compensation (m)		133,995			287,628			253,024			251,057			157,570			608,389			661,651			770,168			949,279

Realized Principal Investment (Income) Loss (n)		(55,500	)		(19,202	)		(9,938	)		(16,572	)		(40,403	)		(91,730	)		(66,913	)		(147,617	)		(86,115	)

Fee Related Earnings	$	1,124,023		$	1,041,543		$	1,160,017		$	1,110,970		$	1,175,157		$	3,307,785		$	3,446,144		$	4,373,680		$	4,487,687

Adjusted EBITDA Reconciliation

Distributable Earnings	$	1,211,611		$	1,388,180		$	1,266,378		$	1,252,221		$	1,278,650		$	3,672,775		$	3,797,249		$	5,006,981		$	5,185,429

Interest Expense (o)		110,014			108,168			107,640			108,424			111,326			321,353			327,390			421,583			435,558

Taxes and Related Payables (j)		175,747			143,378			177,145			163,728			120,278			527,132			461,151			632,429			604,529

Depreciation and Amortization (p)		21,598			25,251			26,053			25,336			24,685			68,873			76,074			93,174			101,325

Adjusted EBITDA	$	1,518,970		$	1,664,977		$	1,577,216		$	1,549,709		$	1,534,939		$	4,590,133		$	4,661,864		$	6,154,167		$	6,326,841

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															YTD						LTM

($ in thousands)	3Q’23			4Q’23			1Q’24			2Q’24			3Q’24			3Q’23			3Q’24			3Q’23			3Q’24

GAAP Unrealized Performance Allocations	$	(63,204	)	$	(983,647	)	$	445,943		$	122,229		$	1,154,918		$	(708,021	)	$	1,723,090		$	(1,196,822	)	$ 739,443

Segment Adjustment		(5	)		5			(7	)		10			(13	)		(125	)		(10	)		(2,047	)	(5)

Unrealized Performance Revenues	$	(63,209	)	$	(983,642	)	$	445,936		$	122,239		$	1,154,905		$	(708,146	)	$	1,723,080		$	(1,198,869	)	$ 739,438

(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															YTD						LTM

($ in thousands)	3Q’23			4Q’23			1Q’24			2Q’24			3Q’24			3Q’23			3Q’24			3Q’23			3Q’24

GAAP Unrealized Principal Investment Income (Loss)	$	69,340		$	(345,166	)	$	461,623		$	(31,776	)	$	(1,864	)	$	(257,988	)	$	427,983		$	(325,611	)	$ 82,817

Segment Adjustment		15,440			(14,497	)		(18,647	)		(6,349	)		(88,390	)		24,350			(113,386	)		29,079		(127,883)

Unrealized Principal Investment Income (Loss)	$	84,780		$	(359,663	)	$	442,976		$	(38,125	)	$	(90,254	)	$	(233,638	)	$	314,597		$	(296,532	)	$ (45,066)

(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															YTD						LTM

($ in thousands)	3Q’23			4Q’23			1Q’24			2Q’24			3Q’24			3Q’23			3Q’24			3Q’23			3Q’24

GAAP Other Revenue	$	63,769		$	(110,880	)	$	44,820		$	19,631		$	(96,312)		$	17,951		$	(31,861	)	$	(225,331	)	$ (142,741)

Segment Adjustment		(21	)		(53	)		(73	)		(90	)		(17	)		(101	)		(180	)		(134	)	(233)

Other Revenues	$	63,748		$	(110,933	)	$	44,747		$	19,541		$	(96,329	)	$	17,850		$	(32,041	)	$	(225,465	)	$ (142,974)

(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															YTD						LTM

($ in thousands)	3Q’23			4Q’23			1Q’24			2Q’24			3Q’24			3Q’23			3Q’24			3Q’23			3Q’24

Taxes	$	151,812		$	121,155		$	155,873		$	141,656		$	95,483		$	459,770		$	393,012		$	540,012		$	514,167

Related Payables		23,935			22,223			21,272			22,072			24,795			67,362			68,139			92,417			90,362

Taxes and Related Payables	$	175,747		$	143,378		$	177,145		$	163,728		$	120,278		$	527,132		$	461,151		$	632,429		$	604,529

(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															YTD						LTM

($ in thousands)	3Q’23			4Q’23			1Q’24			2Q’24			3Q’24			3Q’23			3Q’24			3Q’23			3Q’24

GAAP Interest and Dividend Revenue	$	109,133		$	168,374		$	97,839		$	104,999		$	109,774		$	348,123		$	312,612		$	450,755		$	480,986

Segment Adjustment		4,771			5,022			—			—			(179	)		14,122			(179	)		18,475			4,843

Interest and Dividend Revenue	$	113,904		$	173,396		$	97,839		$	104,999		$	109,595		$	362,245		$	312,433		$	469,230		$	485,829

GAAP Interest Expense	$	110,599		$	108,732		$	108,203		$	108,616		$	111,337		$	323,136		$	328,156		$	423,465		$	436,888

Segment Adjustment		(585	)		(564	)		(563	)		(192	)		(11	)		(1,783	)		(766	)		(1,882	)		(1,330	)

Interest Expense	$	110,014		$	108,168		$	107,640		$	108,424		$	111,326		$	321,353		$	327,390		$	421,583		$	435,558

Net Interest and Dividend Income (Loss)	$	3,890		$	65,228		$	(9,801	)	$	(3,425	)	$	(1,731	)	$	40,892		$	(14,957	)	$	47,647		$	50,271

(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

	3Q’23			4Q’23			1Q’24			2Q’24			3Q’24

GAAP Shares of Common Stock Outstanding		718,442,863			719,358,114			722,263,433			722,540,712			730,699,964

Unvested Participating Common Shares		39,338,248			38,680,985			36,912,993			45,683,693			37,195,280

Total Participating Common Shares		757,781,111			758,039,099			759,176,426			768,224,405			767,895,244

Participating Partnership Units		459,651,045			458,544,363			457,490,143			455,642,926			453,685,697

Distributable Earnings Shares Outstanding		1,217,432,156			1,216,583,462			1,216,666,569			1,223,867,331			1,221,580,941
Disclosure of Weighted-Average Shares Common Stock Outstanding
	QTD															YTD						LTM

	3Q’23			4Q’23			1Q’24			2Q’24			3Q’24			3Q’23			3Q’24			3Q’23			3Q’24

Total GAAP Weighted-Average Shares of Common Stock Outstanding - Basic		757,958,602			758,151,673			759,798,537			769,187,351			768,230,595			754,211,390			765,747,924			751,320,701			763,838,483

Weighted-Average Shares of Unvested Deferred Restricted Common Stock		87,494			126,712			459,107			47,326			49,771			244,936			185,402			230,404			170,729

Total GAAP Weighted-Average Shares of Common Stock Outstanding - Diluted		758,046,096			758,278,385			760,257,644			769,234,677			768,280,366			754,456,326			765,933,326			751,551,105			764,009,212

Blackstone | 29

BLACKSTONE’S THIRD QUARTER 2024 GAAP CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION



($ in thousands) (unaudited)	3Q’23			4Q’23			1Q’24			2Q’24			3Q’24

Assets

Cash and Cash Equivalents	$	2,971,614		$	2,955,866		$	2,504,471		$	2,381,436		$	2,353,332

Cash Held by Blackstone Funds and Other		138,181			316,197			167,711			219,393			180,545

Investments		27,339,857			26,146,622			25,922,290			26,426,289			28,322,715

Accounts Receivable		693,786			193,365			199,302			247,538			300,004

Due from Affiliates		4,398,333			4,466,521			4,695,224			4,868,069			5,163,883

Intangible Assets, Net		210,210			201,208			192,227			183,246			174,265

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

Other Assets		972,069			944,848			1,072,627			1,083,400			933,990

Right-of-Use Assets		864,691			841,307			805,454			995,524			978,699

Deferred Tax Assets		2,184,880			2,331,394			2,256,794			2,289,932			2,277,807

Total Assets	$	41,663,823		$	40,287,530		$	39,706,302		$	40,585,029		$	42,575,442

Liabilities and Equity

Loans Payable	$	12,111,377		$	11,304,059		$	10,740,171		$	10,688,193		$	10,752,246

Due to Affiliates		2,188,224			2,393,410			2,135,478			2,364,099			2,620,530

Accrued Compensation and Benefits		5,983,137			5,247,766			5,378,212			5,703,156			6,398,365

Operating Lease Liabilities		981,616			989,823			951,648			1,142,317			1,136,671

Accounts Payable, Accrued Expenses and Other Liabilities		1,588,748			2,277,258			2,023,359			2,012,969			2,202,689

Total Liabilities		22,853,102			22,212,316			21,228,868			21,910,734			23,110,501

Redeemable Non-Controlling Interests in Consolidated Entities		1,349,060			1,179,073			935,005			888,868			892,846

Equity

Common Stock, $0.00001 par value (730,699,964 shares issued and outstanding as of September 30, 2024)		7			7			7			7			7

Series I Preferred Stock, $0.00001 par value (1 share issued and outstanding as of September 30, 2024)		-			-			-			-			-

Series II Preferred Stock, $0.00001 par value (1 share issued and outstanding as of September 30, 2024)		-			-			-			-			-

Additional Paid-in-Capital		6,057,065			6,175,190			6,190,142			6,260,619			6,257,788

Retained Earnings		1,114,009			660,734			796,201			607,564			760,471

Accumulated Other Comprehensive Loss		(38,258	)		(19,133	)		(31,282	)		(34,617	)		(10,609	)

Non-Controlling Interests in Consolidated Entities		5,174,473			5,177,255			5,381,678			5,682,606			6,015,967

Non-Controlling Interests in Blackstone Holdings		5,154,365			4,902,088			5,205,683			5,269,248			5,548,471

Total Equity		17,461,661			16,896,141			17,542,429			17,785,427			18,572,095

Total Liabilities and Equity	$	41,663,823		$	40,287,530		$	39,706,302		$	40,585,029		$	42,575,442

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)	3Q’23			4Q’23			1Q’24			2Q’24			3Q’24

Investments of Consolidated Blackstone Funds	$	5,224,104		$	4,319,483		$	3,458,911		$	3,621,676		$	3,873,027

Equity Method Investments

Partnership Investments		5,588,222			5,924,275			6,100,640			6,107,429			6,295,704

Accrued Performance Allocations		11,606,901			10,775,355			11,163,116			11,132,801			12,411,485

Corporate Treasury Investments		763,515			803,870			197,976			176,330			147,642

Other Investments		4,157,115			4,323,639			5,001,647			5,388,053			5,594,857

Total GAAP Investments		27,339,857			26,146,622			25,922,290			26,426,289			28,322,715



Accrued Performance Allocations - GAAP	$	11,606,901		$	10,775,355		$	11,163,116		$	11,132,801		$	12,411,485

Impact of Consolidation (a)		-			-			-			-			-

Due from Affiliates - GAAP (b)		196,510			313,838			249,968			235,767			253,490

Less: Net Realized Performance Revenues (c)		(367,944	)		(552,249	)		(448,811	)		(146,832	)		(141,896	)

Less: Accrued Performance Compensation - GAAP (d)		(5,000,253	)		(4,702,363	)		(4,880,191	)		(5,007,547	)		(5,531,520	)

Net Accrued Performance Revenues	$	6,435,214		$	5,834,581		$	6,084,082		$	6,214,189		$	6,991,559

Corporate Treasury and Other Investments - GAAP	$	4,920,630		$	5,127,509		$	5,199,623		$	5,564,383		$	5,742,499

Impact of Consolidation (a)		433,466			500,046			484,521			590,551			580,076

Other Assets (e)		126,676			127,167			228,702			218,728			250,996

Other Liabilities (f)		(9,262	)		(299,368	)		(6,651	)		(6,874	)		(6,584	)

Corporate Treasury and Other Investments - Deconsolidated (g)	$	5,471,510		$	5,455,354		$	5,906,195		$	6,366,788		$	6,566,987

Partnership Investments - GAAP	$	5,588,222		$	5,924,275		$	6,100,640		$	6,107,429		$	6,295,704

Impact of Consolidation (h)		(3,251,310	)		(3,223,580	)		(3,308,117	)		(3,401,589	)		(3,482,920	)

GP/Fund Investments - Deconsolidated	$	2,336,912		$	2,700,695		$	2,792,523		$	2,705,840		$	2,812,784

Loans Payable - GAAP	$	12,111,377		$	11,304,059		$	10,740,171		$	10,688,193		$	10,752,246

Impact of Consolidation (i)		(1,589,649	)		(687,121	)		(169,836	)		(130,321	)		(107,715	)

Outstanding Debt - Carrying Value		10,521,728			10,616,938			10,570,335			10,557,872			10,644,531

Unamortized Discount		132,838			130,811			127,614			124,677			122,418

Outstanding Debt (at par) - Deconsolidated	$	10,654,566		$	10,747,749		$	10,697,949		$	10,682,549		$	10,766,949

(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 $5.6 billion as of September 30, 2024, which was comprised of $5.1 billion of liquid investments and $498 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															YTD						LTM



($ in thousands)	3Q’23			4Q’23			1Q’24			2Q’24			3Q’24			3Q’23			3Q’24			3Q’23			3Q’24

Management and Advisory Fees, Net

GAAP	$	1,655,443		$	1,648,132		$	1,727,148		$	1,787,313		$	1,794,894		$	5,023,128		$	5,309,355		$	6,671,566		$	6,957,487

Segment Adjustment (a)		(1,603	)		5,699			(19,577	)		(7,375	)		(8,160	)		(13,715	)		(35,112	)		(21,062	)		(29,413	)

Total Segment	$	1,653,840		$	1,653,831		$	1,707,571		$	1,779,938		$	1,786,734		$	5,009,413		$	5,274,243		$	6,650,504		$	6,928,074

GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues

GAAP

Incentive Fees		158,801			240,417			179,341			188,299			191,794			454,754			559,434			665,018			799,851

Investment Income - Realized Performance Allocations		453,690			621,173			652,517			531,641			414,755			1,602,668			1,598,913			2,038,265			2,220,086

GAAP	$	612,491		$	861,590		$	831,858		$	719,940		$	606,549		$	2,057,422		$	2,158,347		$	2,703,283		$	3,019,937

Total Segment

Less: Realized Performance Revenues		(337,940	)		(693,213	)		(536,393	)		(542,889	)		(342,669	)		(1,367,889	)		(1,421,951	)		(1,840,634	)		(2,115,164	)

Segment Adjustment (b)		-			617			36			16			221			-			273			(408	)		890

Total Segment	$	274,551		$	168,994		$	295,501		$	177,067		$	264,101		$	689,533		$	736,669		$	862,241		$	905,663

GAAP Compensation to Total Segment Fee Related Compensation

GAAP

Compensation		700,268			631,877			794,803			766,647			732,041			2,153,570			2,293,491			2,780,560			2,925,368

Incentive Fees Compensation		65,432			88,127			73,707			77,139			73,464			192,940			224,310			264,201			312,437

Realized Performance Allocations Compensation		168,620			230,249			258,894			260,736			169,740			670,610			689,370			828,427			919,619

GAAP	$	934,320		$	950,253		$	1,127,404		$	1,104,522		$	975,245		$	3,017,120		$	3,207,171		$	3,873,188		$	4,157,424

Total Segment

Less: Realized Performance Compensation		(133,995	)		(287,628	)		(253,024	)		(251,057	)		(157,570	)		(608,389	)		(661,651	)		(770,168	)		(949,279	)

Less: Equity-Based Compensation - Fee Related Compensation		(252,928	)		(182,048	)		(313,400	)		(291,540	)		(259,265	)		(764,527	)		(864,205	)		(956,668	)		(1,046,253	)

Less: Equity-Based Compensation - Performance Compensation		(2,688	)		(3,921	)		(4,379	)		(3,856	)		(3,533	)		(8,978	)		(11,768	)		(11,541	)		(15,689	)

Segment Adjustment (c)		(4,786	)		(6,248	)		(2,524	)		(5,156	)		(22	)		(17,524	)		(7,702	)		(36,486	)		(13,950	)

Total Segment	$	539,923		$	470,408		$	554,077		$	552,913		$	554,855		$	1,617,702		$	1,661,845		$	2,098,325		$	2,132,253

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

GAAP	$	279,186		$	289,691		$	369,950		$	311,928		$	340,945		$	827,614		$	1,022,823		$	1,119,954		$	1,312,514

Segment Adjustment (d)		(14,741	)		21,183			(80,972	)		(18,806	)		(20,122	)		(54,155	)		(119,900	)		(79,214	)		(98,717	)

Total Segment	$	264,445		$	310,874		$	288,978		$	293,122		$	320,823		$	773,459		$	902,923		$	1,040,740		$	1,213,797

Realized Performance Revenues

GAAP

Incentive Fees		158,801			240,417			179,341			188,299			191,794			454,754			559,434			665,018			799,851

Investment Income - Realized Performance Allocations		453,690			621,173			652,517			531,641			414,755			1,602,668			1,598,913			2,038,265			2,220,086

GAAP	$	612,491		$	861,590		$	831,858		$	719,940		$	606,549		$	2,057,422		$	2,158,347		$	2,703,283		$	3,019,937

Total Segment

Less: Fee Related Performance Revenues		(274,551	)		(168,994	)		(295,501	)		(177,067	)		(264,101	)		(689,533	)		(736,669	)		(862,241	)		(905,663	)

Segment Adjustment (b)		-			617			36			16			221			-			273			(408	)		890

Total Segment	$	337,940		$	693,213		$	536,393		$	542,889		$	342,669		$	1,367,889		$	1,421,951		$	1,840,634		$	2,115,164

Blackstone | 32

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



	QTD															YTD						LTM



($ in thousands)	3Q’23			4Q’23			1Q’24			2Q’24			3Q’24			3Q’23			3Q’24			3Q’23			3Q’24

Realized Performance Compensation

GAAP

Incentive Fee Compensation	$	65,432		$	88,127		$	73,707		$	77,139		$	73,464		$	192,940		$	224,310		$	264,201		$	312,437

Realized Performance Allocations Compensation		168,620			230,249			258,894			260,736			169,740			670,610			689,370			828,427			919,619

GAAP	$	234,052		$	318,376		$	332,601		$	337,875		$	243,204		$	863,550		$	913,680		$	1,092,628		$	1,232,056

Total Segment

Less: Fee Related Performance Compensation (e)		(97,369	)		(26,827	)		(75,198	)		(82,962	)		(82,101	)		(246,183	)		(240,261	)		(310,919	)		(267,088	)

Less: Equity-Based Compensation - Performance Compensation		(2,688	)		(3,921	)		(4,379	)		(3,856	)		(3,533	)		(8,978	)		(11,768	)		(11,541	)		(15,689	)

Total Segment	$	133,995		$	287,628		$	253,024		$	251,057		$	157,570		$	608,389		$	661,651		$	770,168		$	949,279

Realized Principal Investment Income (Loss)

GAAP	$	94,313		$	46,617		$	78,597		$	74,045		$	95,235		$	257,206		$	247,877		$	364,040		$	294,494

Segment Adjustment (f)		(38,813	)		(27,415	)		(68,659	)		(57,473	)		(54,832	)		(165,476	)		(180,964	)		(216,423	)		(208,379	)

Total Segment	$	55,500		$	19,202		$	9,938		$	16,572		$	40,403		$	91,730		$	66,913		$	147,617		$	86,115

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

GAAP

Interest and Dividend Revenue		109,133			168,374			97,839			104,999			109,774			348,123			312,612			450,755			480,986

Interest Expense		(110,599	)		(108,732	)		(108,203	)		(108,616	)		(111,337	)		(323,136	)		(328,156	)		(423,465	)		(436,888	)

GAAP	$	(1,466	)	$	59,642		$	(10,364	)	$	(3,617	)	$	(1,563	)	$	24,987		$	(15,544	)	$	27,290		$	44,098

Segment Adjustment (g)		5,356			5,586			563			192			(168	)		15,905			587			20,357			6,173

Total Segment	$	3,890		$	65,228		$	(9,801	)	$	(3,425	)	$	(1,731	)	$	40,892		$	(14,957	)	$	47,647		$	50,271

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 Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment Measures, (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.

Throughout this presentation, Secondaries reflects Strategic Partners and GP Stakes unless otherwise indicated. Results for the Secondaries business refer to the appreciation of the Strategic Partners funds and do not include results for GP Stakes. Strategic Partners results are reported on a three-month lag from 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 Absolute Return Composite gross and net returns are based on the Multi-Asset Investing (“BXMA”) Absolute Return Composite, which includes only BXMA-managed commingled and customized multi-manager funds and accounts and does not include BXMA’s liquid solutions group, seeding, multi-strategy, and advisory (non-discretionary) platforms, except for investments by Absolute Return funds directly into those platforms. BXMA-managed funds in liquidation and, in the case of net returns, non fee-paying assets are also excluded. The funds/accounts that comprise the Absolute Return Composite are not managed within a single fund or account and are managed with different mandates. There is no guarantee that BXMA would have made the same mix of investments in a stand-alone fund/account. The Absolute Return Composite is not an investible product and, as such, the performance of the Absolute Return Composite does not represent the performance of an actual fund or account.

Notes to page 16 – Assets Under Management – Rollforward

Effective 3Q’24, the residential debt business was transferred from Real Estate to Credit & Insurance to align with a change in Blackstone’s management of those businesses. This organizational change resulted in a decrease (reflected as an outflow) for September 30, 2024 to Real Estate AUM and Fee-Earning AUM of $12.5 billion and $12.1 billion, respectively and an increase (reflected as a contra-outflow) to Credit & Insurance AUM and Fee-Earning AUM of $12.5 billion and $12.1 billion, respectively. These changes do not impact Blackstone’s Total AUM or Fee-Earning AUM or Outflows in total.

Effective 3Q’24, the methodology for Fee-Earning AUM was updated with respect to certain credit funds to exclude leverage that contributes to performance revenues but does not earn management fees, resulting in an adjustment to Fee-Earning AUM for September 30, 2024 of $(4.0) billion which is reflected in Outflows.

Blackstone | 34

NOTES – (CONT’D)

Notes to page 17 – Deconsolidated Balance Sheet Highlights

GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing, which were $623 million, $1.2 billion, $829 million, and $123 million, respectively, as of September 30, 2024. Cash and Net Investments per share amounts are calculated using period end DE Shares Outstanding (see page 24, Share Summary).

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 $115 million for 3Q’24 and $337 million for 3Q’24 YTD.

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 Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment Measures, (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. The expectation is that for the full year 2024, Fee Related Compensation
will be decreased by the total amount of additional Performance Compensation awarded for the year. For 3Q’24 QTD and 3Q’24 YTD, the
increase to Realized Performance Compensation was greater than the decrease to Fee Related Compensation, which negatively impacted
Distributable Earnings for the current year quarter and YTD periods. For 3Q’23 QTD, the increase to Realized Performance Compensation was
less than the decrease to Fee Related Compensation, which favorably impacted Distributable Earnings for the prior year quarter. For
3Q’23 YTD, the increase to Realized Performance Compensation was greater than the decrease to Fee Related Compensation, which
negatively impacted Distributable Earnings for the prior year YTD period. These changes to Performance Compensation and Fee Related
Compensation are not expected to impact 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, 2023, 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	Oct. 17, 2024
Cover [Abstract]
Amendment Flag	false
Entity Central Index Key	0001393818
Document Type	8-K
Document Period End Date	Oct. 17, 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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