Blackstone : Reports Third Quarter 2020 Results

Blackstone Reports Third Quarter 2020 Results

New York, October 28, 2020: Blackstone (NYSE:BX) today reported its third quarter 2020 results.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, "Blackstone reported excellent results in the third quarter, characterized by strong investment performance and earnings growth. We are also seeing positive forward momentum in both realizations and deployment. We remain the partner of choice for limited partners globally, who face a challenging investment environment of historically low interest rates. As the pandemic continues to disrupt the global economy and society at large, our people remain unwavering in their dedication to serving our clients."

Blackstone issued a full detailed presentation of its third quarter 2020 results, which can be viewed at www.blackstone.com.

Dividend

Blackstone has declared a quarterly dividend of $0.54 per share to record holders of Class A common stock at the close of business on November 9, 2020. This dividend will be paid on November 16, 2020.

Quarterly Investor Call Details

Blackstone will host its third quarter 2020 investor conference via public webcast on October 28, 2020 at 9:00 a.m. ET. To register, please use the following link: https://event.webcasts.com/viewer/event.jsp?ei=1376908&tp_key=43b6f4dc8d. For those unable to listen to the

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Blackstone

345 Park Avenue New York NY 10154 T 212 583 5000 www.blackstone.com

live broadcast, there will be a webcast replay on the Shareholders section of Blackstone's website at https://ir.blackstone.com/.

About Blackstone

Blackstone is one of the world's leading investment firms. We seek to create positive economic impact and long- term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $584 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

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," "estimates," "anticipates" 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 the impact of the novel coronavirus ("COVID-19"), as well as those described under the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2019 and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, 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.

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

Investor and Media Relations Contacts

Weston Tucker	Christine Anderson
Blackstone	Blackstone
Tel: [phone]	Tel: [phone]
[e-mail]	[e-mail]

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Blackstone's Third

Quarter 2020 Earnings

OCTOBER 28, 2020

BLACKSTONE'S THIRD QUARTER 2020 GAAP RESULTS

• GAAP Net Income was $1.7 billion for the quarter and $447 million year-to-date ("YTD"). GAAP Net Income Attributable to The Blackstone Group Inc. was $795 million for the quarter and $296 million year-to-date.

($ in thousands, except per share data) (unaudited)		3Q'19		3Q'20			3Q'19 YTD		3Q'20 YTD			3Q'19 LTM		3Q'20 LTM
Revenues
Management and Advisory Fees, Net	$	878,151	$	1,053,851		$	2,528,255	$	2,958,411		$	3,325,809	$	3,902,311
Incentive Fees		8,254		13,498			42,301		40,959			58,098		128,569
Investment Income (Loss)
Performance Allocations
Realized		446,550		371,406			1,021,445		640,846			1,532,833		1,358,401
Unrealized		176,370		1,403,480			998,101		(981,678)			191,796		(853,447)
Principal Investments
Realized		74,642		61,017			292,943		170,814			402,844		271,349
Unrealized		15,391		295,308			147,090		(332,295)			(71,075)		(264,382)
Total Investment Income (Loss)		712,953		2,131,211			2,459,579		(502,313)			2,056,398		511,921
Interest and Dividend Revenue		42,482		26,497			130,252		85,505			178,137		137,651
Other		93,273		(192,159)			86,403		(109,559)			133,326		(115,969)
Total Revenues	$	1,735,113	$	3,032,898	$	5,246,790	$	2,473,003	$	5,751,768	$	4,564,483
Expenses
Compensation and Benefits
Compensation		462,766		460,983			1,372,684		1,395,983			1,746,474		1,843,629
Incentive Fee Compensation		5,419		7,385			19,711		22,339			29,971		46,928
Performance Allocations Compensation
Realized		155,663		142,149			367,883		253,141			580,057		548,200
Unrealized		94,907		509,474			446,440		(433,091)			143,572		(339,246)
Total Compensation and Benefits		718,755		1,119,991			2,206,718		1,238,372			2,500,074		2,099,511
General, Administrative and Other		171,067		171,041			492,437		497,658			645,956		684,629
Interest Expense		53,362		39,540			138,960		120,460			183,604		181,148
Fund Expenses		4,036		2,274			12,509		10,962			16,086		16,191
Total Expenses	$	947,220	$	1,332,846	$	2,850,624	$	1,867,452	$	3,345,720	$	2,981,479
Other Income
Change in Tax Receivable Agreement Liability		174,606		(7,693)			174,606		(8,212)			174,606		(21,251)
Net Gains (Losses) from Fund Investment Activities		48,450		108,752			239,906		(60,325)			180,672		(17,402)
Income Before Provision (Benefit) for Taxes	$	1,010,949	$	1,801,111		$	2,810,678	$	537,014		$	2,761,326	$	1,544,351
Provision (Benefit) for Taxes		(156,786)		100,960			(76,895)		89,672			(47,529)		118,615
Net Income	$	1,167,735	$	1,700,151		$	2,887,573	$	447,342		$	2,808,855	$	1,425,736
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in		(8)		6,868			3,567		(12,027)			(736)		(15,715)
Consolidated Entities
Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities		88,406		259,761			355,983		(90,938)			287,183		29,858
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings		299,900		638,803			961,490		253,814			966,743		631,951
Net Income Attributable to The Blackstone Group Inc. ("BX")	$	779,437	$	794,719		$	1,566,533	$	296,493		$	1,555,665	$	779,642
Net Income Per Share of Class A Common Stock, Basic	$	1.15	$	1.14		$	2.32	$	0.43		$	2.30	$	1.13
Net Income Per Share of Class A Common Stock, Diluted	$	1.15	$	1.13		$	2.32	$	0.43		$	2.30	$	1.13
Income Before Provision (Benefit) for Taxes Margin		58.3%		59.4%			53.6%		21.7%			48.0%		33.8%

Throughout this presentation, all current period amounts are preliminary. Totals may not add due to rounding. See pages 34-35, Definitions and Dividend Policy,	Blackstone |	1
for definitions of terms used throughout this presentation. See additional notes on page 32.

BLACKSTONE'S THIRD QUARTER 2020 HIGHLIGHTS

Financial Measures

Capital Metrics

• Fee Related Earnings ("FRE") of $611 million ($0.51/share) in the quarter, up 39% year- over-year
• • FRE was $2.2 billion for the last twelve months ("LTM") ($1.81/share), up 30% year- over-year
• Distributable Earnings ("DE") of $772 million ($0.63/share) in the quarter, up 9% year- over-year
• • DE was $2.8 billion for the LTM ($2.24/share), up 4% year-over-year
• Net Accrued Performance Revenues of $3.6 billion ($2.96/share)
• Total Assets Under Management ("AUM") of $584.4 billion, up 5% year-over-year
• • Fee-EarningAUM of $444.5 billion, up 13% year-over-year
• Inflows of $15.1 billion in the quarter and $88.7 billion for the LTM
• Realizations of $7.9 billion in the quarter and $33.3 billion for the LTM
• Deployment of $8.6 billion in the quarter and $53.6 billion for the LTM

Capital Returned to Shareholders

• Dividend of $0.54 per common share payable on November 16, 2020
  - Dividends of $1.91 per common share for the LTM
• Repurchased 2.0 million common shares in the quarter and 10.5 million common shares for the LTM
• $769 million to be distributed to shareholders with respect to the third quarter through dividends and share repurchases, and $2.9 billion for the LTM

Notes on page 32.

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BLACKSTONE'S THIRD QUARTER 2020 SEGMENT EARNINGS

					% Change					% Change
($ in thousands, except per share data)		3Q'19		3Q'20	vs. 3Q'19		3Q'19 YTD		3Q'20 YTD	vs. 3Q'19 YTD
Management and Advisory Fees, Net	$	880,345	$	1,057,840	20%	$	2,538,563	$	2,975,140	17%
Fee Related Performance Revenues		34,225		64,950	90%		55,628		92,449	66%
Fee Related Compensation		(329,834)		(360,633)	9%		(947,699)		(1,013,801)	7%
Other Operating Expenses		(144,351)		(151,213)	5%		(409,783)		(433,681)	6%
Fee Related Earnings	$	440,385	$	610,944	39%	$	1,236,709	$	1,620,107	31%
Realized Performance Revenues		420,840		319,954	(24)%		1,008,995		589,364	(42)%
Realized Performance Compensation		(143,870)		(121,730)	(15)%		(354,576)		(230,819)	(35)%
Realized Principal Investment Income		36,148		15,884	(56)%		185,613		55,112	(70)%
Net Realizations		313,118		214,108	(32)%		840,032		413,657	(51)%
Total Segment Distributable Earnings	$	753,503	$	825,052	9%	$	2,076,741	$	2,033,764	(2)%
Net Interest Income (Loss)		(7,767)		(12,731)	64%		55		(29,306)	n/m
Taxes and Related Payables		(35,815)		(40,225)	12%		(120,055)		(127,268)	6%
Distributable Earnings	$	709,921	$	772,096	9%	$	1,956,741	$	1,877,190	(4)%
Additional Metrics:
FRE per Share	$	0.37	$	0.51	38%	$	1.03	$	1.35	31%
DE per Common Share	$	0.58	$	0.63	9%	$	1.59	$	1.52	(4)%
Total Segment Revenues	$	1,371,558	$	1,458,628	6%	$	3,788,799	$	3,712,065	(2)%
Total Assets Under Management	$	554,022,343	$	584,376,213	5%	$	554,022,343	$	584,376,213	5%
Fee-Earning Assets Under Management	$	394,138,443	$	444,511,078	13%	$	394,138,443	$	444,511,078	13%

Fee Related Earnings per Share is based on end of period DE Shares Outstanding (see page 23, Share Summary). DE per Common Share is based on DE Attributable	Blackstone |	3
to Common Shareholders (see page 22, Shareholder Dividends) and end of period Participating Common Shares outstanding. YTD per Share amounts represent the

sum of the last three quarters. See pages 30-31 for the Reconciliation of GAAP to Total Segment Measures.

SUMMARY OF FINANCIALS

• LTM Fee Related Earnings of $1.81 per share, an increase of 30% year-over-year.
• LTM Total Segment Distributable Earnings were $3.0 billion, an increase of 7% year-over-year.

Fee Related Earnings per Share

$1.81

52.1%

$1.39

48.6%

3Q'19 LTM

3Q'20 LTM

Segment Distributable Earnings

($ in millions)

3Q'20 LTM total: $3,026

Credit &

Insurance

$238

Hedge Fund

Solutions

$440

Real

Estate

$1,437

$911

Private

Equity

FRE/Share		FRE Margin

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	Blackstone |	4
Fee Related Performance Revenues).

INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES

• Strong unrealized appreciation across strategies led to a 31% increase in Net Accrued Performance Revenues to $3.6 billion ($2.96/share) quarter-over-quarter.

Investment Performance

(appreciation / gross returns)

	3Q'20	3Q'20 LTM
Real Estate
Opportunistic	6.4%	3.5%
Core+	3.5%	4.9%
Private Equity
Corporate Private Equity	12.2%	2.3%
Tactical Opportunities	10.7%	10.7%
Secondaries	(13.2)%	(3.2)%
Hedge Fund Solutions
BPS Composite	3.0%	2.1%
Credit & Insurance
Credit Composite	4.4%	1.1%

Net Accrued Performance Revenues

($ in millions)

$1,081

$3,550

$239

$2,708

2Q'20	Net	Net	3Q'20
	Performance	Realized
	Revenues	Distributions

Investment Performance represents fund appreciation for Real Estate and Private Equity and gross returns for Hedge Fund Solutions and Credit & Insurance. BPS

Composite net returns were 2.8% and 1.3% for 3Q'20 and 3Q'20 LTM, respectively. BPS Composite returns were 9.2% gross and 8.7% net for the six months ended Blackstone | 5 3Q'20. Credit Composite net returns were 4.0% and 0.6% for 3Q'20 and 3Q'20 LTM, respectively. Credit Composite returns were 15.0% gross and 14.0% net for the

six months ended 3Q'20. See notes on pages 32-33 for additional details on investment performance.

CAPITAL METRICS - ADDITIONAL DETAIL

• Inflows were $15.1 billion in the quarter, bringing LTM inflows to $88.7 billion.
• Realizations were $7.9 billion in the quarter and $33.3 billion for the LTM.
• Deployed $8.6 billion in the quarter and $53.6 billion for the LTM.
  - Committed an additional $7.7 billion that was not yet deployed in the quarter.

		Inflows				Realizations			Capital Deployed
($ in millions)		3Q'20	3Q'20 LTM			3Q'20	3Q'20 LTM			3Q'20	3Q'20 LTM
Real Estate	$	3,873	$	29,456		$	1,854	$ 13,111		$	2,126	$	20,580
Opportunistic		259		3,040			579	7,829			679		11,280
Core+		2,299		14,769			517	3,114			830		7,779
BREDS		1,314		11,647			758	2,168			617		1,521

Private Equity	3,942		26,317			4,665		11,994			4,134		20,482
Corporate Private Equity	1,071		14,788			3,225		6,670			593		9,639
Tactical Opportunities	2,721		5,174			745		2,643			1,345		4,333
Secondaries	150		5,468			696		2,681			691		3,659
Infrastructure	-		888			-		-			1,505		2,851
Hedge Fund Solutions	1,718		10,986			193		1,332			558		2,753
Credit & Insurance	5,605		21,928			1,225		6,839			1,783		9,776
Total Blackstone	$ 15,138	$	88,687		$	7,938	$	33,276		$	8,601	$	53,591

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

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ASSETS UNDER MANAGEMENT

• Total AUM increased to $584.4 billion, up 5% year-over-year, with $15.1 billion of inflows in the quarter and $88.7 billion for the LTM.
• Fee-EarningAUM of $444.5 billion was up 13% year-over-year, with $11.8 billion of inflows in the quarter and $105.5 billion for the LTM.
• Perpetual Capital AUM reached $115.2 billion, up 19% year-over-year.

Total AUM

($ in billions)

	$584.4
$554.0
$157.1	$173.8
$173.9	$189.2
$81.2	$77.8
$141.9	$143.6
3Q'19	3Q'20

Real Estate

Fee-Earning AUM

($ in billions)

$444.5

$394.1

$137.9

$116.7

$97.9$129.7

$74.9$71.7

$104.6$105.2

3Q'193Q'20

Private Equity		Hedge Fund Solutions

Perpetual Capital AUM

($ in billions)

$115.2

$97.0

$60.4

$47.7

$14.4	$15.1
$7.4
$5.7
$29.2	$32.4
3Q'19	3Q'20

Credit & Insurance

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ADDITIONAL CAPITAL DETAIL

• Invested Performance Eligible AUM reached $266.8 billion at quarter end, up 13% year-over-year.
• Undrawn capital ("Total Dry Powder") available for investment of $152.4 billion.

Invested Performance Eligible AUM

($ in billions)

$266.8

$235.6

$115.9

$98.7

	$67.8	$78.5
	$43.9	$45.7
	$25.2	$26.8
		3Q'19		3Q'20
		Real Estate		Private Equity
		Hedge Fund Solutions		Credit & Insurance

Total Dry Powder

($ in billions)

	3Q'20 total: $152.4
	Credit &
	Insurance
		$29.3
Hedge Fund	$45.9
Solutions	$3.8

$73.4

Private

Equity

Real

Estate

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

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Segment Highlights

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REAL ESTATE

• Total AUM: Increased 11% to $173.8 billion with inflows of $3.9 billion in the quarter and $29.5 billion for the LTM.
• • Inflows during the quarter included $2.3 billion in Core+ and $1.3 billion in BREDS.
  • Perpetual Capital increased 27% to $60.4 billion, representing nearly 35% of Total AUM.
• Realizations: $1.9 billion in the quarter and $13.1 billion for the LTM; realizations in the quarter included the IPO of
  India's second REIT, Mindspace Business Parks.
• • Signed definitive agreement on October 15th for the recapitalization of BioMed Realty Trust for $14.6 billion, generating $6.5 billion of cumulative profits for BREP VIII and co-investors; expected close in the fourth quarter.
• Capital Deployed: $2.1 billion in the quarter and $20.6 billion for the LTM; deployments included BPP's interest in a studio and Class A office portfolio in Hollywood, CA.
• • Committed an additional $905 million that was not yet deployed in the quarter.
• Appreciation: Opportunistic funds and Core+ funds appreciated 6.4% and 3.5% in the quarter, respectively, reflecting continued strong performance from investments in sectors including global logistics properties and life science office.

						% Change						% Change
($ in thousands)		3Q'19		3Q'20		vs. 3Q'19		3Q'19 YTD		3Q'20 YTD		vs. 3Q'19 YTD
Management Fees, Net	$	332,529	$	409,210	23%	$	894,345	$	1,207,638	35%
Fee Related Performance Revenues		30,600		55,327	81%		48,348		66,383	37%
Fee Related Compensation		(132,183)		(138,342)	5%		(344,794)		(375,278)	9%
Other Operating Expenses		(43,897)		(42,566)	(3)%		(122,997)		(127,567)	4%
Fee Related Earnings	$	187,049	$	283,629	52%	$	474,902	$	771,176	62%
Realized Performance Revenues		282,379		18,872	(93)%		558,134		96,801	(83)%
Realized Performance Compensation		(85,544)		(7,343)	(91)%		(183,186)		(33,282)	(82)%
Realized Principal Investment Income		17,968		4,946	(72)%		63,257		13,819	(78)%
Net Realizations		214,803		16,475	(92)%		438,205		77,338	(82)%
Segment Distributable Earnings	$	401,852	$	300,104	(25)%	$	913,107	$	848,514	(7)%
Segment Revenues	$	663,476	$	488,355	(26)%	$	1,564,084	$	1,384,641	(11)%
Total AUM	$	157,076,273	$	173,796,594	11%	$	157,076,273	$	173,796,594	11%
Fee-Earning AUM	$	116,749,305	$	137,877,640	18%	$	116,749,305	$	137,877,640	18%

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PRIVATE EQUITY

• Total AUM: Increased 9% to $189.2 billion with inflows of $3.9 billion in the quarter and $26.3 billion for the LTM.
• • Inflows included $2.3 billion for Blackstone Growth which officially launched in the quarter.
  • Fee-EarningAUM increased 32% to $129.7 billion, driven by commencement of investment periods for BCP VIII, BEP III, and BXLS V in the first quarter.
• Realizations: $4.7 billion in the quarter and $12.0 billion for the LTM; realizations in the quarter included sale of Cheniere Energy Partners.
• Capital Deployed: $4.1 billion in the quarter and $20.5 billion for the LTM.
• • Committed an additional $4.1 billion that was not yet deployed in the quarter, including the acquisition of Ancestry.com and Takeda Consumer Healthcare.
• Appreciation: Corporate Private Equity increased 12.2% in the quarter, driven by strong performance in both private and public holdings.
• • Tactical Opportunities increased 10.7% in the quarter; Secondaries declined (13.2)% in the quarter, which reflects a reporting lag of its underlying funds.

						% Change						% Change
($ in thousands)		3Q'19		3Q'20		vs. 3Q'19		3Q'19 YTD		3Q'20 YTD		vs. 3Q'19 YTD
Management and Advisory Fees, Net	$	255,278	$	348,173	36%	$	785,977	$	883,905	12%
Fee Related Compensation		(105,773)		(119,301)	13%		(318,467)		(322,494)	1%
Other Operating Expenses		(38,235)		(45,702)	20%		(112,865)		(131,530)	17%
Fee Related Earnings	$	111,270	$	183,170	65%	$	354,645	$	429,881	21%
Realized Performance Revenues		124,231		295,239	138%		403,737		471,828	17%
Realized Performance Compensation		(52,034)		(112,713)	117%		(154,671)		(192,372)	24%
Realized Principal Investment Income		11,977		10,248	(14)%		80,022		38,011	(52)%
Net Realizations		84,174		192,774	129%		329,088		317,467	(4)%
Segment Distributable Earnings	$	195,444	$	375,944	92%	$	683,733	$	747,348	9%
Segment Revenues	$	391,486	$	653,660	67%	$	1,269,736	$	1,393,744	10%
Total AUM	$	173,858,400	$	189,153,816	9%	$	173,858,400	$	189,153,816	9%
Fee-Earning AUM	$	97,936,871	$	129,701,748	32%	$	97,936,871	$	129,701,748	32%

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HEDGE FUND SOLUTIONS

• Total AUM: $77.8 billion with inflows of $1.7 billion in the quarter and $11.0 billion for the LTM.
• • Strong market appreciation of $2.3 billion in the quarter.
  • Continued fundraising strength in new products with higher effective management fees.
  • October 1 subscriptions of $486 million are not yet included in Total AUM.
• Returns: BPS Composite gross return of 3.0% in the quarter (2.8% net), bringing year-to-date gross return to (0.1)% ((0.7)% net).
• • Gross returns of 2.1% over the last twelve months (1.3% net), with less than one half of the volatility of broader markets.

						% Change						% Change
($ in thousands)		3Q'19		3Q'20		vs. 3Q'19		3Q'19 YTD		3Q'20 YTD		vs. 3Q'19 YTD
Management Fees, Net	$	141,367	$	147,315	4%	$	416,726	$	434,005	4%
Fee Related Compensation		(38,898)		(41,405)	6%		(118,474)		(127,949)	8%
Other Operating Expenses		(20,495)		(19,652)	(4)%		(59,492)		(56,126)	(6)%
Fee Related Earnings	$	81,974	$	86,258	5%	$	238,760	$	249,930	5%
Realized Performance Revenues		1,848		5,618	204%		17,899		8,867	(50)%
Realized Performance Compensation		(1,000)		(1,257)	26%		(4,588)		(2,202)	(52)%
Realized Principal Investment Income		1,480		(150)		n/m		13,503		(1,090)		n/m
Net Realizations		2,328		4,211	81%		26,814		5,575	(79)%
Segment Distributable Earnings	$	84,302	$	90,469	7%	$	265,574	$	255,505	(4)%
Segment Revenues	$	144,695	$	152,783	6%	$	448,128	$	441,782	(1)%
Total AUM	$	81,154,390	$	77,788,713	(4)%	$	81,154,390	$	77,788,713	(4)%
Fee-Earning AUM	$	74,877,976	$	71,699,793	(4)%	$	74,877,976	$	71,699,793	(4)%

Blackstone | 12

CREDIT & INSURANCE

• Total AUM: $143.6 billion with inflows of $5.6 billion in the quarter and $21.9 billion for the LTM.
• • Inflows of $1.7 billion for the fourth mezzanine / opportunistic fund in the quarter, bringing total raised to $2.8 billion, including a close subsequent to quarter end.
  • Closed 3 CLOs (2 U.S. and 1 European) in the quarter for $1.1 billion and 10 CLOs in the LTM for $4.5 billion.
  • Global Direct Lending had inflows of $585 million in the quarter, bringing Total AUM to $21.3 billion and, subsequent to quarter end, began fundraising for the new continuously offered non-traded BDC, BCRED.
• Realizations: $1.2 billion in the quarter and $6.8 billion for the LTM.
• Capital Deployed: $1.8 billion in the quarter and $9.8 billion for the LTM; committed an additional $2.6 billion that was not yet deployed in the quarter.
• • Deployment activity was driven primarily by the Global Direct Lending platform, which had one of its most active quarters since the launch of BGSL in 2018.
• Returns: Gross Credit Composite return of 4.4% for the quarter (4.0% net), driven by strong portfolio performance as well as continued recovery in both public and private credit markets.

						% Change						% Change
($ in thousands)		3Q'19		3Q'20		vs. 3Q'19		3Q'19 YTD		3Q'20 YTD		vs. 3Q'19 YTD
Management Fees, Net	$	151,171	$	153,142	1%	$	441,515	$	449,592	2%
Fee Related Performance Revenues		3,625		9,623	165%		7,280		26,066	258%
Fee Related Compensation		(52,980)		(61,585)	16%		(165,964)		(188,080)	13%
Other Operating Expenses		(41,724)		(43,293)	4%		(114,429)		(118,458)	4%
Fee Related Earnings	$	60,092	$	57,887	(4)%	$	168,402	$	169,120	0%
Realized Performance Revenues		12,382		225	(98)%		29,225		11,868	(59)%
Realized Performance Compensation		(5,292)		(417)	(92)%		(12,131)		(2,963)	(76)%
Realized Principal Investment Income		4,723		840	(82)%		28,831		4,372	(85)%
Net Realizations		11,813		648	(95)%		45,925		13,277	(71)%
Segment Distributable Earnings	$	71,905	$	58,535	(19)%	$	214,327	$	182,397	(15)%
Segment Revenues	$	171,901	$	163,830	(5)%	$	506,851	$	491,898	(3)%
Total AUM	$	141,933,280	$	143,637,090	1%	$	141,933,280	$	143,637,090	1%
Fee-Earning AUM	$	104,574,291	$	105,231,897	1%	$	104,574,291	$	105,231,897	1%

BCRED - Blackstone Private Credit Fund, BGSL - Blackstone / GSO Secured Lending.	Blackstone |	13

Supplemental Details

Blackstone | 14

TOTAL SEGMENTS

($ in thousands)		3Q'19		4Q'19		1Q'20		2Q'20		3Q'20		3Q'19 YTD		3Q'20 YTD
Base Management Fees	$	809,729	$	873,368	$	910,396	$	941,794	$	1,043,770	$	2,372,562	$	2,895,960
Transaction, Advisory and Other Fees, Net		92,702		95,073		50,665		48,292		33,628		219,347		132,585
Management Fee Offsets		(22,086)		(22,768)		(20,494)		(13,353)		(19,558)		(53,346)		(53,405)
Total Management and Advisory Fees, Net		880,345		945,673		940,567		976,733		1,057,840		2,538,563		2,975,140
Fee Related Performance Revenues		34,225		156,373		12,466		15,033		64,950		55,628		92,449
Fee Related Compensation		(329,834)		(388,879)		(346,264)		(306,904)		(360,633)		(947,699)		(1,013,801)
Other Operating Expenses		(144,351)		(161,359)		(138,885)		(143,583)		(151,213)		(409,783)		(433,681)
Fee Related Earnings	$	440,385	$	551,808	$	467,884	$	541,279	$	610,944	$	1,236,709	$	1,620,107
Realized Performance Revenues		420,840		651,647		167,233		102,177		319,954		1,008,995		589,364
Realized Performance Compensation		(143,870)		(249,359)		(71,302)		(37,787)		(121,730)		(354,576)		(230,819)
Realized Principal Investment Income		36,148		38,542		20,290		18,938		15,884		185,613		55,112
Total Net Realizations		313,118		440,830		116,221		83,328		214,108		840,032		413,657
Total Segment Distributable Earnings	$	753,503	$	992,638	$	584,105	$	624,607	$	825,052	$	2,076,741	$	2,033,764
Net Interest Income (Loss)		(7,767)		(2,496)		(3,941)		(12,634)		(12,731)		55		(29,306)
Taxes and Related Payables		(35,815)		(76,104)		(23,053)		(63,990)		(40,225)		(120,055)		(127,268)
Distributable Earnings	$	709,921	$	914,038	$	557,111	$	547,983	$	772,096	$	1,956,741	$	1,877,190
Additional Metrics:
Total Segment Revenues	$	1,371,558	$	1,792,235	$	1,140,556	$	1,112,881	$	1,458,628	$	3,788,799	$	3,712,065
Total Assets Under Management	$	554,022,343	$	571,122,463	$	538,007,285	$	564,330,088	$	584,376,213	$	554,022,343	$	584,376,213
Fee-Earning Assets Under Management	$	394,138,443	$	408,074,852	$	423,055,037	$	435,825,935	$	444,511,078	$	394,138,443	$	444,511,078

Blackstone | 15

ASSETS UNDER MANAGEMENT - ROLLFORWARD

Total AUM Rollforward

($ in millions)

			Three Months Ended September 30, 2020						Twelve Months Ended September 30, 2020
		Real		Private	Hedge Fund		Credit &		Total			Real		Private	Hedge Fund		Credit &		Total
		Estate		Equity	Solutions	Insurance				Estate		Equity	Solutions	Insurance
Beginning Balance	$	166,724	$	184,118	$	75,668	$	137,820	$	564,330		$	157,076	$	173,858	$	81,154	$	141,933	$	554,022
Inflows		3,873		3,942		1,718		5,605		15,138			29,456		26,317		10,986		21,928		88,687
Outflows		(1,655)		(546)		(1,665)		(1,679)		(5,545)			(3,512)		(1,907)		(13,306)		(9,576)		(28,302)
Net Flows		2,217		3,396		53		3,926		9,593			25,945		24,410		(2,321)		12,351		60,386
Realizations		(1,854)		(4,665)		(193)		(1,225)		(7,938)			(13,111)		(11,994)		(1,332)		(6,839)		(33,276)
Market Activity		6,710		6,305		2,260		3,116		18,390			3,887		2,879		287		(3,809)		3,244
Ending Balance	$	173,797	$	189,154	$	77,789	$	143,637	$	584,376		$	173,797	$	189,154	$	77,789	$	143,637	$	584,376
% Change		4%		3%		3%		4%		4%			11%		9%		(4)%		1%		5%

Fee-Earning AUM Rollforward

($ in millions)

			Three Months Ended September 30, 2020						Twelve Months Ended September 30, 2020
		Real		Private	Hedge Fund		Credit &		Total			Real		Private	Hedge Fund		Credit &		Total
		Estate		Equity	Solutions	Insurance				Estate		Equity	Solutions	Insurance
Beginning Balance	$	134,260	$	129,284	$	70,200	$	102,081	$	435,826		$	116,749	$	97,937	$	74,878	$	104,574	$	394,138
Inflows		2,699		3,485		1,212		4,395		11,792			32,809		44,473		10,401		17,844		105,528
Outflows		(598)		(348)		(1,597)		(2,226)		(4,770)			(5,641)		(6,978)		(12,304)		(8,795)		(33,719)
Net Flows		2,101		3,136		(385)		2,169		7,022			27,168		37,495		(1,902)		9,049		71,809
Realizations		(1,435)		(1,599)		(191)		(868)		(4,093)			(8,998)		(4,456)		(1,287)		(5,189)		(19,930)
Market Activity		2,951		(1,119)		2,076		1,849		5,757			2,958		(1,274)		11		(3,202)		(1,507)
Ending Balance	$	137,878	$	129,702	$	71,700	$	105,232	$	444,511		$	137,878	$	129,702	$	71,700	$	105,232	$	444,511
% Change		3%		0%		2%		3%		2%			18%		32%		(4)%		1%		13%

Inflows include contributions, capital raised, other increases in available capital, purchases, inter-segment allocations and acquisitions. Outflows represent

Blackstone |

16

redemptions, client withdrawals and other decreases in available capital. Realizations represent realizations from the disposition of assets. Market Activity represents gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations. AUM is reported in the segment where the assets are managed.

DECONSOLIDATED BALANCE SHEET HIGHLIGHTS

• At September 30, 2020, Blackstone had $5.6 billion in total cash, cash equivalents, and corporate treasury investments and $11.1 billion of cash and net investments, or $9.21 per share.
• Blackstone has a $1.6 billion undrawn credit revolver and maintains A+/A+ ratings.
• • On September 29, 2020, Blackstone issued $500 million of 10.5-year notes at 1.6% coupon and $400 million of 30- year notes at 2.8% coupon.

($ in millions)

Cash and Cash Equivalents

Cash and Net Investments

		(per share)
	3Q'20
		$9.56	$9.21
$	2,629

A+ / A+

rated by S&P and Fitch

Corporate Treasury

Investments

GP/Fund Investments

Net Accrued Performance Revenues

Cash and Net Investments

Outstanding Bonds (at par)

2,935		$1.6B
1,948		undrawn credit revolver
	with September 2023 maturity
3,550
$ 11,062		$5.6B
		total cash
		and corporate treasury
5,658
	3Q'19	3Q'20

Balance Sheet Highlights exclude the consolidated Blackstone Funds. GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Hedge	Blackstone |	17
Fund Solutions, and Credit & Insurance, which were $807 million, $772 million, $113 million, and $256 million, respectively, as of September 30, 2020. Cash and

Net Investments per share amounts are calculated using period end DE Shares Outstanding (see page 23, Share Summary).

NET ACCRUED PERFORMANCE REVENUES - ADDITIONAL DETAIL

	($ in millions, except per share data)		3Q'19		2Q'20		3Q'20		3Q'20		3Q'20 QoQ Rollforward
				Per Share
	Real Estate
											($ in millions)
	BREP IV	$	11	$	7	$	8	$	0.01
	BREP V		16		1		7		0.01						Net		Net
									Performance		Realized
	BREP VI		75		45		46		0.04
							2Q'20		Revenues	Distributions	3Q'20
	BREP VII		501		238		238		0.20
						Real Estate	$	1,441	$	435	$	(45)	$	1,831
	BREP VIII		597		604		782		0.65
	BREP IX		-		6		90		0.07
						Private Equity		1,199		529		(184)		1,544
	BREP Europe IV		221		105		104		0.09
	BREP Europe V		171		99		179		0.15		HFS		26		33		(5)		54
	BREP Asia I		162		85		102		0.08
						Credit &		42		84		(5)		121
	BPP		257		225		227		0.19
						Insurance
	BREIT		59		-		-		-		Total	$	2,708	$	1,081	$	(239)	$	3,550
	BREDS		28		3		6		0.00
	BTAS		45		22		42		0.04		QoQ Change								31%
	Real Estate	$	2,142	$	1,441	$	1,831	$	1.52
	Private Equity										3Q'20 LTM Rollforward
	BCP IV		24		19		19		0.02
	BCP VI		723		521		668		0.56		($ in millions)
	BCP VII		382		307		458		0.38
															Net		Net
	BCP Asia		7		18		40		0.03
									Performance		Realized
	BEP I		133		63		23		0.02
							3Q'19		Revenues	Distributions	3Q'20
	BEP II		8		-		-		-		Real Estate	$	2,142	$	164	$	(475)	$	1,831
	BEP III		-		3		-		-
	BCEP		36		43		85		0.07		Private Equity		1,607		250		(313)		1,544
	Tactical Opportunities		106		55		148		0.12
	Secondaries		133		155		76		0.06		HFS		57		90		(93)		54
	Life Sciences		4		8		7		0.01
						Credit &		235		(64)		(51)		121
	BTAS/Other		53		7		20		0.02		Insurance
	Private Equity	$	1,607	$	1,199	$	1,544	$	1.29		Total	$	4,042	$	440	$	(932)	$	3,550
	Hedge Fund Solutions	$	57	$	26	$	54	$	0.04
		YoY Change								(12)%
	Credit & Insurance	$	235	$	42	$	121	$	0.10
	Net Accrued Performance Revenues	$	4,042	$	2,708	$	3,550	$	2.96

Net Accrued Performance Revenues ("NAPR") are presented net of performance compensation and do not include clawback amounts, if any, which are disclosed	Blackstone | 18
in the 10-K/Q. Tactical Opportunities includes Blackstone Growth. See additional notes on page 33.

INVESTMENT RECORDS AS OF SEPTEMBER 30, 2020(a)

($/€ in thousands, except where noted)		Committed		Available		Unrealized Investments		Realized Investments		Total Investments	Net IRRs (d)
Fund (Investment Period Beginning Date / Ending Date)		Capital		Capital (b)		Value	MOIC (c)		Value	MOIC (c)		Value	MOIC (c)	Realized	Total
Real Estate
Pre-BREP	$	140,714	$	-	$	-	n/a	$	345,190	2.5x	$	345,190	2.5x	33%	33%
BREP I (Sep 1994 / Oct 1996)		380,708		-		-	n/a		1,327,708	2.8x		1,327,708	2.8x	40%	40%
BREP II (Oct 1996 / Mar 1999)		1,198,339		-		-	n/a		2,531,614	2.1x		2,531,614	2.1x	19%	19%
BREP III (Apr 1999 / Apr 2003)		1,522,708		-		-	n/a		3,330,406	2.4x		3,330,406	2.4x	21%	21%
BREP IV (Apr 2003 / Dec 2005)		2,198,694		-		33,534	0.1x		4,544,926	2.2x		4,578,460	1.7x	28%	12%
BREP V (Dec 2005 / Feb 2007)		5,539,418		-		170,327	0.7x		13,070,382	2.4x		13,240,709	2.3x	12%	11%
BREP VI (Feb 2007 / Aug 2011)		11,060,444		-		566,600	2.3x		27,181,375	2.5x		27,747,975	2.5x	13%	13%
BREP VII (Aug 2011 / Apr 2015)		13,496,823		1,711,538		5,559,666	1.2x		22,853,427	2.1x		28,413,093	1.9x	22%	14%
BREP VIII (Apr 2015 / Jun 2019)		16,567,256		2,737,862		18,983,652	1.5x		7,274,206	1.7x		26,257,858	1.5x	26%	14%
*BREP IX (Jun 2019 / Dec 2024)		20,891,658		14,629,333		7,094,976	1.1x		1,001,040	1.4x		8,096,016	1.2x	n/m	16%
Total Global BREP	$	72,996,762	$	19,078,733	$	32,408,755	1.3x	$	83,460,274	2.2x	$	115,869,029	1.9x	18%	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		2,576,670	1.8x		2,576,670	1.8x	8%	8%
BREP Europe III (Jun 2008 / Sep 2013)		3,205,167		-		380,890	0.6x		5,738,120	2.5x		6,119,010	2.1x	20%	14%
BREP Europe IV (Sep 2013 / Dec 2016)		6,710,146		1,337,217		2,555,556	1.3x		8,999,310	2.0x		11,554,866	1.8x	22%	15%
BREP Europe V (Dec 2016 / Oct 2019)		7,949,959		1,602,716		7,876,826	1.3x		778,365	2.6x		8,655,191	1.3x	50%	10%
*BREP Europe VI (Oct 2019 / Apr 2025)		9,786,439		7,287,480		2,380,731	1.0x		-	n/a		2,380,731	1.0x	n/a	(12)%
Total BREP Europe	€	30,105,631	€	10,227,413	€	13,194,003	1.2x	€	19,465,635	2.1x	€	32,659,638	1.6x	16%	12%
BREP Asia I (Jun 2013 / Dec 2017)	$	4,598,089	$	1,281,985	$	3,132,457	1.4x	$	4,295,614	1.9x	$	7,428,071	1.6x	20%	12%
*BREP Asia II (Dec 2017 / Jun 2023)		7,302,307		4,160,393		3,402,501	1.1x		228,667	1.6x		3,631,168	1.1x	44%	2%
BREP Co-Investment (f)		7,055,974		154,831		1,977,271	2.7x		13,309,647	2.1x		15,286,918	2.2x	15%	16%
Total BREP	$	127,797,844	$	36,663,494	$	56,042,120	1.3x	$	125,828,531	2.2x	$	181,870,651	1.8x	17%	15%
*Core+ BPP (Various) (g)		n/a		n/a		34,168,173	n/a		7,275,374	n/a		41,443,547	n/a	n/m	8%
*Core+ BREIT (Various) (h)		n/a		n/a		18,967,371	n/a		581,771	n/a		19,549,142	n/a	n/a	8%
*BREDS High-Yield (Various) (i)		19,993,148		10,225,525		2,641,559	1.0x		13,095,502	1.3x		15,737,061	1.2x	11%	10%
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		3,256,819	2.5x		3,256,819	2.5x	32%	32%
BCP III (Aug 1997 / Nov 2002)		3,967,422		-		-	n/a		9,184,688	2.3x		9,184,688	2.3x	14%	14%
BCOM (Jun 2000 / Jun 2006)		2,137,330		24,575		12,368	n/a		2,953,649	1.4x		2,966,017	1.4x	6%	6%
BCP IV (Nov 2002 / Dec 2005)		6,773,182		189,764		164,991	2.1x		21,417,821	2.9x		21,582,812	2.9x	36%	36%
BCP V (Dec 2005 / Jan 2011)		21,009,112		1,035,259		739,282	1.5x		37,212,862	1.9x		37,952,144	1.9x	8%	8%
BCP VI (Jan 2011 / May 2016)		15,202,400		1,164,970		10,954,940	1.7x		17,663,965	2.1x		28,618,905	1.9x	18%	12%
BCP VII (May 2016 / Feb 2020)		18,808,535		2,514,185		21,067,624	1.3x		1,763,411	1.8x		22,831,035	1.4x	48%	12%
*BCP VIII (Feb 2020 / Feb 2026)		24,839,835		24,799,808		(739)	n/a		-	n/a		(739)	n/a	n/a	n/a
Energy I (Aug 2011 / Feb 2015)		2,441,558		142,138		646,099	0.9x		3,328,596	1.9x		3,974,695	1.7x	15%	10%
Energy II (Feb 2015 / Feb 2020)		4,913,595		280,193		3,595,443	0.8x		350,161	2.1x		3,945,604	0.9x	58%	(12)%
*Energy III (Feb 2020 / Feb 2026)		4,213,068		3,653,144		494,356	1.0x		-	n/a		494,356	1.0x	n/a	n/m
*BCP Asia (Dec 2017 / Dec 2023)		2,417,554		1,319,702		1,575,821	1.5x		160,023	2.2x		1,735,844	1.5x	159%	28%
*Core Private Equity (Jan 2017 / Jan 2021) (j)		4,756,127		1,429,242		5,022,859	1.5x		468,926	1.8x		5,491,785	1.5x	36%	17%
Total Corporate Private Equity	$	113,699,899	$	36,552,980	$	44,273,044	1.3x	$	99,502,659	2.1x	$	143,775,703	1.8x	16%	15%

Notes on page 21. BREP - Blackstone Real Estate Partners, BREIT - Blackstone Real Estate Income Trust, BPP - Blackstone Property Partners, BREDS - Blackstone	Blackstone |	19
Real Estate Debt Strategies, BCP - Blackstone Capital Partners, BCOM - Blackstone Communications.

* Represents funds that are currently in their investment period and open ended funds.

INVESTMENT RECORDS AS OF SEPTEMBER 30, 2020(a) - (CONT'D)

($/€ in thousands, except where noted)		Committed		Available		Unrealized Investments		Realized Investments		Total Investments	Net IRRs (d)
Fund (Investment Period Beginning Date / Ending Date)		Capital		Capital (b)		Value	MOIC (c)		Value	MOIC (c)		Value	MOIC (c)	Realized	Total
Private Equity (continued)
Tactical Opportunities
*Tactical Opportunities (Various)	$	22,722,239	$	8,056,105	$	11,386,499	1.1x	$	10,532,523	1.7x	$	21,919,022	1.4x	17%	9%
*Tactical Opportunities Co-Investment and Other (Various)		8,868,691		1,894,773		5,592,365	1.4x		2,575,630	1.5x		8,167,995	1.4x	19%	15%
Total Tactical Opportunities	$	31,590,930	$	9,950,878	$	16,978,864	1.2x	$	13,108,153	1.7x	$	30,087,017	1.4x	18%	10%
*Blackstone Growth (Jul 2020 / Jul 2025)		2,458,155		2,162,576		241,414	n/m		-	n/a		241,414	n/m	n/a	n/m
Strategic Partners (Secondaries)
Strategic Partners I-V (Various) (k)		11,865,053		1,673,692		770,700	n/m		16,943,163	n/m		17,713,863	1.5x	n/a	13%
Strategic Partners VI (Apr 2014 / Apr 2016) (k)		4,362,750		1,188,738		1,130,603	n/m		3,353,270	n/m		4,483,873	1.4x	n/a	13%
Strategic Partners VII (May 2016 / Mar 2019) (k)		7,489,970		2,410,875		4,415,089	n/m		2,083,051	n/m		6,498,140	1.3x	n/a	12%
Strategic Partners Real Assets II (May 2017 / Jun 2020) (k)		1,749,807		325,923		1,114,593	n/m		426,661	n/m		1,541,254	1.2x	n/a	13%
*Strategic Partners VIII (Mar 2019 / Jul 2023) (k)		10,763,600		5,241,049		2,719,357	n/m		295,999	n/m		3,015,356	1.2x	n/a	17%
*Strategic Partners Real Estate, SMA and Other (Various) (k)		7,678,402		2,828,096		2,436,489	n/m		1,438,476	n/m		3,874,965	1.2x	n/a	11%
*Strategic Partners Infra III (Jun 2020 / Jul 2024) (k)		3,250,100		2,942,929		96,155	n/m		-	n/a		96,155	2.0x	n/a	n/m
Total Strategic Partners (Secondaries)	$	47,159,682	$	16,611,302	$	12,682,986	n/m	$	24,540,620	n/m	$	37,223,606	1.4x	n/a	13%
*Infrastructure (Various)		13,658,063		10,643,283		2,878,931	1.0x		-	n/a		2,878,931	1.0x	n/a	(10)%
Life Sciences
Clarus IV (Jan 2018 / Jan 2020)		910,000		406,941		596,134	1.4x		22,327	1.3x		618,461	1.4x	13%	14%
*BXLS V (Jan 2020 / Jan 2025)		4,679,227		4,477,028		242,132	1.2x		-	n/a		242,132	1.2x	n/a	n/m
Credit
Mezzanine / Opportunistic I (Jul 2007 / Oct 2011)	$	2,000,000	$	97,114	$	17,566	0.9x	$	4,774,711	1.6x	$	4,792,277	1.6x	n/a	17%
Mezzanine / Opportunistic II (Nov 2011 / Nov 2016)		4,120,000		1,033,255		933,246	0.7x		5,519,086	1.6x		6,452,332	1.3x	n/a	9%
*Mezzanine / Opportunistic III (Sep 2016 / Sep 2021)		6,639,133		2,248,377		4,648,184	1.1x		2,249,490	1.6x		6,897,674	1.2x	n/a	9%
Stressed / Distressed I (Sep 2009 / May 2013)		3,253,143		76,000		1,305	0.0x		5,774,236	1.6x		5,775,541	1.3x	n/a	9%
Stressed / Distressed II (Jun 2013 / Jun 2018)		5,125,000		551,437		951,873	0.7x		4,395,666	1.2x		5,347,539	1.0x	n/a	(2)%
*Stressed / Distressed III (Dec 2017 / Dec 2022)		7,356,380		4,313,296		1,704,234	0.9x		1,466,071	1.3x		3,170,305	1.0x	n/a	(2)%
Energy I (Nov 2015 / Nov 2018)		2,856,867		1,063,343		1,451,567	0.9x		1,080,273	1.8x		2,531,840	1.1x	n/a	3%
*Energy II (Feb 2019 / Feb 2024)		3,616,081		2,980,268		680,742	1.1x		192,782	1.5x		873,524	1.1x	n/a	18%
European Senior Debt I (Feb 2015 / Feb 2019)	€	1,964,689	€	285,535	€	1,676,028	1.0x	€	1,399,136	1.5x	€	3,075,164	1.1x	n/a	4%
*European Senior Debt II (Jun 2019 / Jun 2024)	€	4,088,344	€	3,416,289	€	662,325	1.0x	€	123,072	1.8x	€	785,397	1.1x	n/a	n/m
Total Credit Drawdown Funds (l)	$	41,872,262	$	16,704,048	$	13,130,787	0.9x	$	27,165,985	1.5x	$	40,296,772	1.2x	n/a	9%
*Direct Lending BDC BGSL (Various) (m)		3,770,397		1,243,928		2,540,903	n/a		186,679	n/a		2,727,582	n/a	n/a	8%

Notes on page 21. BXLS - Blackstone Life Sciences, BGSL - Blackstone / GSO Secured Lending.	Blackstone |	20
* Represents funds that are currently in their investment period and open ended funds.

INVESTMENT RECORDS AS OF SEPTEMBER 30, 2020 - NOTES

The returns presented herein represent those of the applicable Blackstone Funds and not those of The Blackstone Group Inc.

n/m	Not meaningful generally due to the limited time since initial investment.
n/a	Not applicable.

1. Excludes investment vehicles where Blackstone does not earn fees.
2. 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.
3. Multiple of Invested Capital ("MOIC") represents carrying value, before management fees, expenses and Performance Revenues, divided by invested capital.
4. Unless otherwise indicated, Net Internal Rate of Return ("IRR") represents the annualized inception to September 30, 2020 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.
5. 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.
6. 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.
7. BPP represents the Core+ real estate funds which invest with a more modest risk profile and lower leverage. Committed Capital and Available Capital are not regularly reported to investors in our Core+ strategy and are not applicable in the context of these funds.
8. Unrealized Investment Value reflects BREIT's net asset value as of September 30, 2020. Realized Investment Value represents BREIT's cash distributions, net of servicing fees. The BREIT 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. These returns are not representative of the returns experienced by any particular investor or share class. Inception to date net returns are presented on an annualized basis and are from January 1, 2017. Committed Capital and Available Capital are not regularly reported to investors in our Core+ strategy and are not applicable in the context of this vehicle.
9. BREDS High-Yield represents the flagship real estate debt drawdown funds only and excludes BREDS High-Grade.
10. Blackstone Core Equity Partners is a core private equity fund which invests with a more modest risk profile and longer hold period than traditional private equity.
11. Realizations are treated as return of capital until fully recovered and therefore unrealized and realized MOICs are not meaningful. If information is not available on a timely basis, returns are calculated from results that are reported on a three month lag and therefore do not include the impact of economic and market activities in the quarter in which such events occur.
12. Funds presented represent the flagship credit drawdown funds only. The Total Credit Net IRR is the combined IRR of the credit drawdown funds presented.
13. Unrealized Investment Value reflects BGSL's net asset value as of September 30, 2020. Realized Investment Value represents BGSL's cash distributions. BGSL's net return is annualized and calculated since inception starting on November 20, 2018, as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the Company's dividend reinvestment plan) divided by the beginning NAV per share.

Blackstone | 21

SHAREHOLDER DIVIDENDS

• Generated $0.63 of Distributable Earnings per common share during the quarter, bringing the year-to-date amount to $1.52 per common share.
• Blackstone declared a quarterly dividend of $0.54 per common share to record holders as of November 9, 2020; payable on November 16, 2020.

											% Change					% Change
($ in thousands, except per share data)		3Q'19		4Q'19		1Q'20		2Q'20		3Q'20	vs. 3Q'19		3Q'19 YTD		3Q'20 YTD	vs. 3Q'19 YTD
Distributable Earnings	$	709,921	$	914,038	$	557,111	$	547,983	$	772,096	9%	$	1,956,741	$	1,877,190	(4)%
Add: Other Payables Attributable		24,578		63,796		9,200		45,673		23,461	(5)%		78,849		78,334	(1)%
to Common Shareholders
DE before Certain Payables		734,499		977,834		566,311		593,656		795,557	8%		2,035,590		1,955,524	(4)%
Percent to Common Shareholders		56%		57%		58%		58%		58%			56%		58%
DE before Certain Payables Attributable to		413,900		556,133		325,990		344,390		464,233	12%		1,144,234		1,134,613	(1)%
Common Shareholders
Less: Other Payables Attributable to Common		(24,578)		(63,796)		(9,200)		(45,673)		(23,461)	(5)%		(78,849)		(78,334)	(1)%
Shareholders
DE Attributable to Common Shareholders		389,322		492,337		316,790		298,717		440,772	13%		1,065,385		1,056,279	(1)%
DE per Common Share	$	0.58	$	0.72	$	0.46	$	0.43	$	0.63	9%		$1.59		$1.52	(4)%
Less: Retained Capital per Common Share	$	(0.09)	$	(0.11)	$	(0.07)	$	(0.06)	$	(0.09)	-	$	(0.25)	$	(0.22)	(12)%
Actual Dividend per Common Share	$	0.49	$	0.61	$	0.39	$	0.37	$	0.54	10%	$	1.34	$	1.30	(3)%
Record Date										Nov 9, 2020
Payable Date										Nov 16, 2020

A detailed description of Blackstone's dividend policy and the definition of Distributable Earnings can be found on pages 34-35, Definitions and Dividend Policy.	Blackstone | 22
See additional notes on page 33.

SHARE SUMMARY

• Distributable Earnings Shares Outstanding as of quarter end of 1,201 million shares.
• • Repurchased 2.0 million common shares in the quarter and 10.5 million common shares for the LTM.
  • Available authorization remaining was $307 million at September 30, 2020.

	3Q'19	4Q'19	1Q'20	2Q'20	3Q'20
Participating Common Shares	675,640,119	680,457,424	687,869,905	697,597,036	700,649,135
Participating Partnership Units	523,338,040	515,973,657	507,101,000	504,912,855	500,054,874
Distributable Earnings Shares Outstanding	1,198,978,159	1,196,431,081	1,194,970,905	1,202,509,891	1,200,704,009

Notes on page 33.

Blackstone | 23

Reconciliations and Disclosures

Blackstone | 24

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

						QTD						YTD			LTM
($ in thousands)		3Q'19		4Q'19		1Q'20		2Q'20		3Q'20		3Q'19		3Q'20		3Q'19		3Q'20
Net Income (Loss) Attributable to	$	779,437	$	483,149	$	(1,066,492)	$	568,266	$	794,719	$ 1,566,533	$	296,493	$ 1,555,665	$	779,642
The Blackstone Group Inc.
Net Income (Loss) Attributable to Non-		299,900		378,137		(880,117)		495,128		638,803		961,490		253,814		966,743		631,951
Controlling Interests in Blackstone Holdings
Net Income (Loss) Attributable to Non-		88,406		120,796		(645,077)		294,378		259,761	355,983		(90,938)	287,183		29,858
Controlling Interests in Consolidated Entities
Net Income (Loss) Attributable to Redeemable
Non-Controlling Interests in Consolidated		(8)		(3,688)		(15,469)		(3,426)		6,868		3,567		(12,027)		(736)		(15,715)
Entities
Net Income (Loss)	$	1,167,735	$	978,394	$	(2,607,155)	$	1,354,346	$	1,700,151	$ 2,887,573	$	447,342	$ 2,808,855	$	1,425,736
Provision (Benefit) for Taxes		(156,786)		28,943		(158,703)		147,415		100,960		(76,895)		89,672		(47,529)		118,615
Income (Loss) Before Provision (Benefit)	$	1,010,949	$	1,007,337	$	(2,765,858)	$	1,501,761	$	1,801,111	$ 2,810,678	$	537,014	$ 2,761,326	$	1,544,351
for Taxes
Transaction-Related Charges (a)		(82,547)		94,715		46,994		76,160		47,283		113,898		170,437		190,329		265,152
Amortization of Intangibles (b)		16,483		16,482		16,483		16,483		16,483	49,449		49,449	64,841		65,931
Impact of Consolidation (c)		(88,398)		(117,108)		660,546		(290,952)		(266,629)		(359,550)		102,965		(286,447)		(14,143)
Unrealized Performance Revenues (d)		(176,604)		(128,333)		3,453,446		(1,067,923)		(1,403,480)	(998,335)		982,043	(191,804)		853,710
Unrealized Performance Allocations		94,907		93,845		(1,397,378)		454,813		509,474		446,440		(433,091)		143,572		(339,246)
Compensation (e)
Unrealized Principal Investment (Income)		5,219		(34,974)		616,610		(223,316)		(177,125)	(78,353)		216,169	82,306		181,195
Loss (f)
Other Revenues (g)		(92,843)		6,435		(138,151)		55,606		192,623		(85,882)		110,078		(132,736)		116,513
Equity-Based Compensation (h)		58,570		51,743		87,472		89,341		89,862	178,451		266,675	221,553		318,418
Administrative Fee Adjustment (i)		-		-		-		-		2,719		-		2,719		-		2,719
Taxes and Related Payables (j)		(35,815)		(76,104)		(23,053)		(63,990)		(40,225)	(120,055)		(127,268)	(174,118)		(203,372)
Distributable Earnings	$	709,921	$	914,038	$	557,111	$	547,983	$	772,096		$ 1,956,741	$	1,877,190		$ 2,678,822	$	2,791,228
Taxes and Related Payables (j)		35,815		76,104		23,053		63,990		40,225	120,055		127,268	174,118		203,372
Net Interest (Income) Loss (k)		7,767		2,496		3,941		12,634		12,731		(55)		29,306		(11,978)		31,802
Total Segment Distributable Earnings	$	753,503	$	992,638	$	584,105	$	624,607	$	825,052		$ 2,076,741	$	2,033,764		$ 2,840,962	$	3,026,402
Realized Performance Revenues (l)		(420,840)		(651,647)		(167,233)		(102,177)		(319,954)		(1,008,995)		(589,364)		(1,492,692)		(1,241,011)
Realized Performance Compensation (m)		143,870		249,359		71,302		37,787		121,730	354,576		230,819	554,221		480,178
Realized Principal Investment Income (n)		(36,148)		(38,542)		(20,290)		(18,938)		(15,884)		(185,613)		(55,112)		(232,711)		(93,654)
Fee Related Earnings	$	440,385	$	551,808	$	467,884	$	541,279	$	610,944		$ 1,236,709	$	1,620,107		$ 1,669,780	$	2,171,915
Adjusted EBITDA Reconciliation
Distributable Earnings	$	709,921	$	914,038	$	557,111	$	547,983	$	772,096		$ 1,956,741	$	1,877,190		$ 2,678,822	$	2,791,228
Interest Expense (o)		52,815		57,351		41,540		38,924		39,228		137,683		119,692		179,475		177,043
Taxes and Related Payables (j)		35,815		76,104		23,053		63,990		40,225	120,055		127,268	174,118		203,372
Depreciation and Amortization		6,895		7,666		7,512		8,110		9,568		18,684		25,190		24,648		32,856
Adjusted EBITDA	$	805,446	$	1,055,159	$	629,216	$	659,007	$	861,117		$ 2,233,163	$	2,149,340		$ 3,057,063	$	3,204,499

Notes on page 26-27.	Blackstone |	25

RECONCILIATION OF GAAP TO NON-GAAP MEASURES - NOTES

Note: See pages 34-35, Definitions and Dividend Policy.

1. This adjustment removes Transaction-Related Charges, which are excluded from Blackstone's segment presentation. Transaction-Related Charges arise from corporate actions including acquisitions, divestitures, and Blackstone's initial public offering. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs and any gains or losses associated with these corporate actions.
2. This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone's segment presentation. This amount includes amortization of intangibles associated with Blackstone's investment in Pátria, which is accounted for under the equity method.
3. 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.
4. 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
		3Q'19		4Q'19		1Q'20		2Q'20		3Q'20			3Q'19		3Q'20			3Q'19		3Q'20
GAAP Unrealized Performance Allocations	$	176,370	$	128,231	$	(3,453,081)	$	1,067,923	$	1,403,480		$	998,101	$	(981,678)		$	191,796	$	(853,447)
Segment Adjustment		234		102		(365)		-		-			234		(365)			8		(263)
Unrealized Performance Revenues	$	176,604	$	128,333	$	(3,453,446)	$	1,067,923	$	1,403,480		$	998,335	$	(982,043)		$	191,804	$	(853,710)

1. This adjustment removes Unrealized Performance Allocations Compensation.
2. This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis. The Segment Adjustment represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.

						QTD							YTD				LTM
		3Q'19		4Q'19		1Q'20		2Q'20		3Q'20			3Q'19		3Q'20			3Q'19		3Q'20
GAAP Unrealized Principal Investment Income (Loss)	$	15,391	$	67,913	$	(959,365)	$	331,762	$	295,308		$	147,090	$	(332,295)		$	(71,075)	$	(264,382)
Segment Adjustment		(20,610)		(32,939)		342,755		(108,446)		(118,183)			(68,737)		116,126			(11,231)		83,187
Unrealized Principal Investment Income (Loss)	$	(5,219)	$	34,974	$	(616,610)	$	223,316	$	177,125		$	78,353	$	(216,169)		$	(82,306)	$	(181,195)

1. This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents (1) the add back of Other Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of certain Transaction-Related Charges.

						QTD							YTD				LTM
		3Q'19		4Q'19		1Q'20		2Q'20		3Q'20			3Q'19		3Q'20			3Q'19		3Q'20
GAAP Other Revenue	$	93,273	$	(6,410)	$	138,180	$	(55,580)	$	(192,159)		$	86,403	$	(109,559)		$	133,326	$	(115,969)
Segment Adjustment		(430)		(25)		(29)		(26)		(464)			(521)		(519)			(590)		(544)
Other Revenues	$	92,843	$	(6,435)	$	138,151	$	(55,606)	$	(192,623)		$	85,882	$	(110,078)		$	132,736	$	(116,513)

1. This adjustment removes Equity-Based Compensation on a segment basis.
2. 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 | 26

RECONCILIATION OF GAAP TO NON-GAAP MEASURES - NOTES

1. 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. Related Payables represent tax-related payables including the amount

payable under the Tax Receivable Agreement. Please refer to page 34 for the full definition of Taxes and Related Payables.

						QTD							YTD				LTM
		3Q'19		4Q'19		1Q'20		2Q'20		3Q'20			3Q'19		3Q'20			3Q'19		3Q'20
Taxes	$	26,933	$	63,930	$	16,274	$	48,462	$	32,518		$	76,486	$	97,254		$	115,461	$	161,184
Related Payables		8,882		12,174		6,779		15,528		7,707			43,569		30,014			58,657		42,188
Taxes and Related Payables	$	35,815	$	76,104	$	23,053	$	63,990	$	40,225		$	120,055	$	127,268		$	174,118	$	203,372

1. 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
		3Q'19		4Q'19		1Q'20		2Q'20		3Q'20			3Q'19		3Q'20			3Q'19		3Q'20
GAAP Interest and Dividend Revenue	$	42,482	$	52,146	$	35,084	$	23,924	$	26,497		$	130,252	$	85,505		$	178,137	$	137,651
Segment Adjustment		2,566		2,709		2,515		2,366		-			7,486		4,881			13,316		7,590
Interest and Dividend Revenue	$	45,048	$	54,855	$	37,599	$	26,290	$	26,497		$	137,738	$	90,386		$	191,453	$	145,241
GAAP Interest Expense	$	53,362	$	60,688	$	41,644	$	39,276	$	39,540	$	138,960	$	120,460	$	183,604	$	181,148
Segment Adjustment		(547)		(3,337)		(104)		(352)		(312)			(1,277)		(768)			(4,129)		(4,105)
Interest Expense	$	52,815	$	57,351	$	41,540	$	38,924	$	39,228		$	137,683	$	119,692		$	179,475	$	177,043
Net Interest Income (Loss)	$	(7,767)	$	(2,496)	$	(3,941)	$	(12,634)	$	(12,731)		$	55	$	(29,306)		$	11,978	$	(31,802)

1. This adjustment removes the total segment amount of Realized Performance Revenues.
2. This adjustment removes the total segment amount of Realized Performance Compensation.
3. This adjustment removes the total segment amount of Realized Principal Investment Income.
4. This adjustment adds back Interest Expense on a segment basis.

Reconciliation of GAAP Shares of Class A Common Stock Outstanding to Distributable Earnings Shares Outstanding

			QTD
	3Q'19	4Q'19	1Q'20	2Q'20	3Q'20
GAAP Shares of Class A Common Stock Outstanding	666,257,305	671,157,692	676,630,489	676,874,583	680,680,748
Unvested Participating Common Shares	9,382,814	9,299,732	11,239,416	20,722,453	19,968,387
Total Participating Common Shares	675,640,119	680,457,424	687,869,905	697,597,036	700,649,135
Participating Partnership Units	523,338,040	515,973,657	507,101,000	504,912,855	500,054,874
Distributable Earnings Shares Outstanding	1,198,978,159	1,196,431,081	1,194,970,905	1,202,509,891	1,200,704,009
Disclosure of Weighted-Average Shares of Class A Common Stock Outstanding
			QTD				YTD			LTM
	3Q'19	4Q'19	1Q'20	2Q'20	3Q'20		3Q'19	3Q'20		3Q'19	3Q'20
Total GAAP Weighted-Average Shares of Class A Common Stock	675,963,129	679,420,988	676,305,359	698,534,168	700,184,580	674,714,040	695,049,997	675,196,841	691,121,413
Outstanding - Basic
Weighted-Average Shares of Unvested Deferred Restricted	256,629	274,520	-	123,340	343,386		265,007	287,578		263,789	284,314
Class A Common Stock
Weighted-Average Blackstone Holdings Partnership Units	-	-	-	505,754,449	-		-	-		-	-
Total GAAP Weighted-Average Shares of Class A Common	676,219,758	679,695,508	676,305,359	1,204,411,957	700,527,966		674,979,047	695,337,575		675,460,630	691,405,727
Stock Outstanding - Diluted

Blackstone | 27

BLACKSTONE'S THIRD QUARTER 2020 GAAP BALANCE SHEET RESULTS

($ in thousands) (unaudited)		3Q'19		4Q'19		1Q'20		2Q'20		3Q'20
Assets
Cash and Cash Equivalents	$	2,468,563	$	2,172,441	$	2,068,326	$	1,976,512	$	2,628,895
Cash Held by Blackstone Funds and Other		375,981		351,210		318,003		343,201		85,218
Investments		22,204,460		22,281,682		16,430,701		18,973,373		14,423,456
Accounts Receivable		755,777		975,075		696,729		498,600		477,601
Due from Affiliates		2,464,163		2,594,873		2,706,112		2,431,512		2,817,304
Intangible Assets, Net		415,257		397,508		379,758		362,008		344,258
Goodwill		1,869,860		1,869,860		1,869,860		1,869,860		1,869,860
Other Assets		402,670		382,493		541,896		501,351		544,905
Right-of-Use Assets		490,882		471,059		542,757		568,663		544,361
Deferred Tax Assets		938,158		1,089,305		1,392,352		1,319,301		1,305,707
Total Assets	$	32,385,771	$	32,585,506	$	26,946,494	$	28,844,381	$	25,041,565
Liabilities and Equity
Loans Payable	$	11,270,245	$	11,080,723	$	10,392,903	$	10,839,568	$	5,570,888
Due to Affiliates		984,969		1,026,871		1,247,098		1,268,571		1,064,336
Accrued Compensation and Benefits		3,623,258		3,796,044		1,965,237		2,551,056		3,349,418
Securities Sold, Not Yet Purchased		87,051		75,545		51,498		51,395		51,231
Repurchase Agreements		163,059		154,118		105,133		80,620		80,597
Operating Lease Liabilities		558,253		542,994		605,809		637,946		621,408
Accounts Payable, Accrued Expenses and Other Liabilities		1,069,475		806,159		1,000,708		919,195		804,009
Total Liabilities		17,756,310		17,482,454		15,368,386		16,348,351		11,541,887
Redeemable Non-Controlling Interests in Consolidated Entities		93,667		87,651		72,066		68,564		63,384
Equity
Class A Common Stock, $0.00001 par value (680,680,748 shares		7		7		7		7		7
issued and outstanding as of September 30, 2020)
Class B Common Stock, $0.00001 par value (1 share issued and		-		-		-		-		-
outstanding as of September 30, 2020)
Class C Common Stock, $0.00001 par value (1 share issued and		-		-		-		-		-
outstanding as of September 30, 2020)
Additional Paid-in-Capital		6,292,765		6,428,647		6,298,093		6,272,040		6,243,722
Retained Earnings		456,814		609,625		(871,948)		(574,295)		(36,432)
Accumulated Other Comprehensive Loss		(35,173)		(28,495)		(41,533)		(36,758)		(27,407)
Non-Controlling Interests in Consolidated Entities		4,035,513		4,186,069		3,591,160		3,900,429		3,946,190
Non-Controlling Interests in Blackstone Holdings		3,785,868		3,819,548		2,530,263		2,866,043		3,310,214
Total Equity		14,535,794		15,015,401		11,506,042		12,427,466		13,436,294
Total Liabilities and Equity	$	32,385,771	$	32,585,506	$	26,946,494	$	28,844,381	$	25,041,565

During 3Q'20, Blackstone deconsolidated CLO vehicles as a result of ownership restructuring. The deconsolidation of CLO vehicles reduced Blackstone's GAAP	Blackstone |	28
consolidated Total Assets, Total Liabilities and Non-Controlling Interests in Consolidated Entities by $6.8 billion, $6.6 billion, and $216 million, respectively. See

page 29, Reconciliation of GAAP to Non-GAAP Balance Sheet Measures.

RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES

($ in thousands)		3Q'19		4Q'19		1Q'20		2Q'20		3Q'20
Investments of Consolidated Blackstone Funds	$	8,481,233	$	8,380,698	$	7,275,752	$	7,943,531	$	1,500,398
Equity Method Investments
Partnership Investments		3,864,453		4,035,675		3,553,538		3,873,346		4,144,249
Accrued Performance Allocations		7,003,889		7,180,449		3,761,585		4,715,510		6,112,904
Corporate Treasury Investments		2,588,529		2,419,587		1,653,950		2,205,843		2,390,982
Other Investments		266,356		265,273		185,876		235,143		274,923
Total GAAP Investments	$	22,204,460	$	22,281,682	$	16,430,701	$	18,973,373	$	14,423,456
Accrued Performance Allocations - GAAP	$	7,003,889	$	7,180,449	$	3,761,585	$	4,715,510	$	6,112,904
Impact of Consolidation (a)		237		384		19		19		1
Due from Affiliates - GAAP (b)		18,955		154,980		20,910		20,642		21,499
Less: Net Realized Performance Revenues (c)		(129,129)		(214,662)		(31,719)		(38,592)		(75,328)
Less: Accrued Performance Compensation - GAAP (d)		(2,851,817)		(3,021,899)		(1,563,672)		(1,989,219)		(2,509,357)
Net Accrued Performance Revenues	$	4,042,135	$	4,099,252	$	2,187,123	$	2,708,360	$	3,549,719
Corporate Treasury Investments - GAAP	$	2,588,529	$	2,419,587	$	1,653,950	$	2,205,843	$	2,390,982
Impact of Consolidation (a)		163,183		164,243		131,248		141,371		143,131
Other Assets (e)		440,982		602,707		374,064		271,615		525,864
Other Liabilities (f)		(80,086)		(74,898)		(46,635)		(69,326)		(124,734)
Corporate Treasury Investments - Deconsolidated	$	3,112,608	$	3,111,639	$	2,112,627	$	2,549,503	$	2,935,243
Partnership and Other Investments - GAAP	$	4,130,809	$	4,300,948	$	3,739,414	$	4,108,489	$	4,419,172
Impact of Consolidation (g)		(2,289,139)		(2,409,218)		(2,111,945)		(2,316,855)		(2,470,797)
GP/Fund Investments - Deconsolidated	$	1,841,670	$	1,891,730	$	1,627,469	$	1,791,634	$	1,948,375
Loans Payable - GAAP	$	11,270,245	$	11,080,723	$	10,392,903	$	10,839,568	$	5,570,888
Impact of Consolidation (h)		(6,492,686)		(6,479,867)		(5,817,702)		(6,232,787)		(99)
Outstanding Bonds - Carrying Value		4,777,559		4,600,856		4,575,201		4,606,781		5,570,789
Unamortized Discount		82,336		81,094		79,449		78,319		87,361
Outstanding Bonds (at par) - Deconsolidated	$	4,859,895	$	4,681,950	$	4,654,650	$	4,685,100	$	5,658,150

1. This adjustment adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation.
2. Represents GAAP accrued performance revenue recorded within Due from Affiliates.
3. 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.
4. Represents GAAP accrued performance compensation associated with Accrued Performance Allocations and is recorded within Accrued Compensation and Benefits and Due to Affiliates.
5. This adjustment adds other assets related to Treasury Operations that are recorded within Accounts Receivable, reverse repurchase agreements and Due from Affiliates.
6. 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.
7. 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.
8. This adjustment removes amounts related to consolidated Blackstone Funds.

Blackstone | 29

RECONCILIATION OF GAAP TO TOTAL SEGMENTS

						QTD							YTD				LTM
		3Q'19		4Q'19		1Q'20		2Q'20					3Q'19					3Q'19
($ in thousands)						3Q'20				3Q'20				3Q'20
Management and Advisory Fees, Net
GAAP	$	878,151	$	943,900	$	934,832	$	969,728	$	1,053,851		$	2,528,255	$	2,958,411		$	3,325,809	$	3,902,311
Segment Adjustment (a)		2,194		1,773		5,735		7,005		3,989			10,308		16,729			10,949		18,502
Total Segment	$	880,345	$	945,673	$	940,567	$	976,733	$	1,057,840		$	2,538,563	$	2,975,140		$	3,336,758	$	3,920,813
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues
GAAP
Incentive Fees		8,254		87,610		12,161		15,300		13,498			42,301		40,959			58,098		128,569
Investment Income - Realized Performance Allocations		446,550		717,555		167,530		101,910		371,406			1,021,445		640,846			1,532,833		1,358,401
GAAP	$	454,804	$	805,165	$	179,691	$	117,210	$	384,904		$	1,063,746	$	681,805		$	1,590,931	$	1,486,970
Total Segment
Less: Realized Performance Revenues		(420,840)		(651,647)		(167,233)		(102,177)		(319,954)			(1,008,995)		(589,364)			(1,492,692)		(1,241,011)
Segment Adjustment (b)		261		2,855		8		-		-			877		8			1,574		2,863
Total Segment	$	34,225	$	156,373	$	12,466	$	15,033	$	64,950		$	55,628	$	92,449		$	99,813	$	248,822
GAAP Compensation to Total Segment Fee Related Compensation
GAAP
Compensation		462,766		447,646		476,543		458,457		460,983			1,372,684		1,395,983			1,746,474		1,843,629
Incentive Fees Compensation		5,419		24,589		6,522		8,432		7,385			19,711		22,339			29,971		46,928
Realized Performance Allocations Compensation		155,663		295,059		72,423		38,569		142,149			367,883		253,141			580,057		548,200
GAAP	$	623,848	$	767,294	$	555,488	$	505,458	$	610,517		$	1,760,278	$	1,671,463		$	2,356,502	$	2,438,757
Total Segment
Less: Realized Performance Compensation		(143,870)		(249,359)		(71,302)		(37,787)		(121,730)			(354,576)		(230,819)			(554,221)		(480,178)
Less: Equity-Based Compensation - Operating		(56,139)		(51,612)		(85,334)		(87,205)		(88,180)			(170,072)		(260,719)			(210,040)		(312,331)
Compensation
Less: Equity-Based Compensation - Performance		(2,431)		(131)		(2,138)		(2,136)		(1,682)			(8,379)		(5,956)			(11,513)		(6,087)
Compensation
Segment Adjustment (c)		(91,574)		(77,313)		(50,450)		(71,426)		(38,292)			(279,552)		(160,168)			(353,745)		(237,481)
Total Segment	$	329,834	$	388,879	$	346,264	$	306,904	$	360,633		$	947,699	$	1,013,801		$	1,226,983	$	1,402,680
GAAP General, Administrative and Other to Total Segment Other Operating Expenses
GAAP	$	171,067	$	186,971	$	157,566	$	169,051	$	171,041		$	492,437	$	497,658		$	645,956	$	684,629
Segment Adjustment (d)		(26,716)		(25,612)		(18,681)		(25,468)		(19,828)			(82,654)		(63,977)			(106,148)		(89,589)
Total Segment	$	144,351	$	161,359	$	138,885	$	143,583	$	151,213		$	409,783	$	433,681		$	539,808	$	595,040
Realized Performance Revenues
GAAP
Incentive Fees		8,254		87,610		12,161		15,300		13,498			42,301		40,959			58,098		128,569
Investment Income - Realized Performance Allocations		446,550		717,555		167,530		101,910		371,406			1,021,445		640,846			1,532,833		1,358,401
GAAP	$	454,804	$	805,165	$	179,691	$	117,210	$	384,904		$	1,063,746	$	681,805		$	1,590,931	$	1,486,970
Total Segment
Less: Fee Related Performance Revenues		(34,225)		(156,373)		(12,466)		(15,033)		(64,950)			(55,628)		(92,449)			(99,813)		(248,822)
Segment Adjustment (b)		261		2,855		8		-		-			877		8			1,574		2,863
Total Segment	$	420,840	$	651,647	$	167,233	$	102,177	$	319,954		$	1,008,995	$	589,364		$	1,492,692	$	1,241,011

Blackstone | 30

RECONCILIATION OF GAAP TO TOTAL SEGMENTS - (CONT'D)

						QTD							YTD				LTM
		3Q'19		4Q'19		1Q'20		2Q'20					3Q'19					3Q'19
($ in thousands)						3Q'20				3Q'20				3Q'20
Realized Performance Compensation
GAAP
Incentive Fee Compensation	$	5,419	$	24,589	$	6,522	$	8,432	$	7,385	$	19,711	$	22,339	$	29,971	$	46,928
Realized Performance Allocations Compensation		155,663		295,059		72,423		38,569		142,149			367,883		253,141			580,057		548,200
GAAP	$	161,082	$	319,648	$	78,945	$	47,001	$	149,534		$	387,594	$	275,480		$	610,028	$	595,128
Total Segment
Less: Fee Related Performance Compensation		(14,781)		(70,158)		(5,505)		(7,078)		(26,122)			(24,639)		(38,705)			(44,294)		(108,863)
Less: Equity-Based Compensation - Performance		(2,431)		(131)		(2,138)		(2,136)		(1,682)			(8,379)		(5,956)			(11,513)		(6,087)
Compensation
Total Segment	$	143,870	$	249,359	$	71,302	$	37,787	$	121,730		$	354,576	$	230,819		$	554,221	$	480,178
Realized Principal Investment Income
GAAP	$	74,642	$	100,535	$	48,695	$	61,102	$	61,017		$	292,943	$	170,814		$	402,844	$	271,349
Segment Adjustment (e)		(38,494)		(61,993)		(28,405)		(42,164)		(45,133)			(107,330)		(115,702)			(170,133)		(177,695)
Total Segment	$	36,148	$	38,542	$	20,290	$	18,938	$	15,884		$	185,613	$	55,112		$	232,711	$	93,654
GAAP Interest and Dividend Revenue net of Interest Expense to Total Segment Net Interest Income (Loss)
GAAP
Interest and Dividend Revenue		42,482		52,146		35,084		23,924		26,497			130,252		85,505			178,137		137,651
Interest Expense		(53,362)		(60,688)		(41,644)		(39,276)		(39,540)			(138,960)		(120,460)			(183,604)		(181,148)
GAAP	$	(10,880)	$	(8,542)	$	(6,560)	$	(15,352)	$	(13,043)		$	(8,708)	$	(34,955)		$	(5,467)	$	(43,497)
Segment Adjustment (f)		3,113		6,046		2,619		2,718		312			8,763		5,649			17,445		11,695
Total Segment	$	(7,767)	$	(2,496)	$	(3,941)	$	(12,634)	$	(12,731)		$	55	$	(29,306)		$	11,978	$	(31,802)

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 1). 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 Charges.

1. 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.
2. Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.
3. Represents the removal of Transaction-Related Charges that are not recorded in the Total Segment measures.
4. Represents the removal of (1) the amortization of transaction-related intangibles, and (2) 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. Beginning in 3Q'20, includes 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.
5. 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.
6. 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 | 31

NOTES

Notes to page 1 - Blackstone's Third Quarter 2020 GAAP Results

• Effective July 1, 2019, The Blackstone Group L.P. converted from a Delaware limited partnership to a Delaware corporation, The Blackstone
  Group Inc. (the "Conversion"). This presentation includes results for The Blackstone Group L.P. prior to the Conversion. As of any time prior to the Conversion, references to "Blackstone," "the Company," "our" and similar terms mean The Blackstone Group L.P. and its consolidated subsidiaries and, as of any time after the Conversion, The Blackstone Group Inc. and its consolidated subsidiaries.
• All references to shares or per share amounts prior to the Conversion refer to units or per unit amounts. Unless otherwise noted, references to
  "common stock" and "common shares" refer to Class A common stock.
• Income (Loss) Before Provision (Benefit) for Taxes Margin is calculated by dividing Income (Loss) Before Provision (Benefit) for Taxes by Total Revenues.

Notes to page 2 - Blackstone's Third Quarter 2020 Highlights

• 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.
• See Notes to page 18 regarding Net Accrued Performance Revenue redefinition.

Notes to page 5 - Investment Performance and Net Accrued Performance Revenues

• Effective 1Q'20, the Credit segment was renamed Credit & Insurance; however, there was no change to the composition of the segment or historical results.
• Effective 1Q'20, Core+ appreciation was updated to include BREIT and represents a weighted average of BREIT's per share appreciation and BPP appreciation for the period. The returns are weighted based on the average of BREIT's monthly net asset values and the average of BPP's quarterly adjusted beginning period market values for the period. This presentation provides a more holistic view of Core+ by including BREIT performance.
• Effective 1Q'20, Corporate Private Equity appreciation was updated to include Core Private Equity appreciation. This presentation provides a more holistic view of Corporate Private Equity by including Core Private Equity performance.
• Results for the Secondaries business (also referred to as Strategic Partners) are reported on a three month lag from the Secondaries' fund financial statements, which generally report based on a three month lag from the underlying fund investments unless information is available on a more timely basis. 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.
• The BPS Composite gross and net returns are based on the BAAM Principal Solutions ("BPS") Composite, which does not include BAAM's individual investor solutions (liquid alternatives), strategic capital (seeding and minority interests), strategic opportunities (co-invests), and advisory (non- discretionary) platforms, except for investments by BPS funds directly into those platforms. BAAM-managed funds in liquidation and non fee- paying assets (net returns only) are also excluded. The funds/accounts that comprise the BPS Composite are not managed within a single fund or account and are managed with different mandates. There is no guarantee that BAAM would have made the same mix of investments in a stand- alone fund/account. The BPS Composite is not an investible product and, as such, the performance of the BPS Composite does not represent the performance of an actual fund or account.

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NOTES - (CONT'D)

Notes to page 5 - Investment Performance and Net Accrued Performance Revenues (Cont'd)

• Effective 1Q'20, Credit returns are presented as a composite return instead of separate returns for performing credit and distressed. The Credit Composite now also includes the long only strategy. The Credit Composite return is a weighted average of (a) the return based on the combined quarterly cash flows of performing credit and distressed fee-earning funds and (b) the weighted average quarterly return of all long only strategy fee-earning funds. Only fee-earning funds exceeding $100 million of fair value at the beginning of each respective quarter-end are included and funds in liquidation are excluded. Credit returns exclude Blackstone Funds that were contributed to GSO as part of Blackstone's acquisition of GSO in March 2008.

Notes to page 18 - Net Accrued Performance Revenues - Additional Detail

• Effective 1Q'20, NAPR has been redefined to exclude Performance Revenues realized but not yet distributed as of the reporting date. This update aligns the presentation of DE and NAPR. All prior periods have been recast to reflect this definition.
• Per Share calculations are based on end of period DE Shares Outstanding (see page 23, Share Summary).

Notes to page 22 - 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.
• Per Share calculations are based on end of period Participating Common Shares (page 23, Share Summary); actual dividends are paid to shareholders as of the applicable record date.
• Retained capital is withheld pro rata from common and Blackstone Holdings Partnership unitholders. Common shareholders' share was $63 million for 3Q'20 and $153 million for 3Q'20 YTD.
• 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.

Notes to page 23 - Share Summary

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

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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 Charges. 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 Realizationsis 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).
  • Total Segment Revenuesand Segment Revenuesrepresent 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 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 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 Payablesrepresent 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 Charges 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.

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DEFINITIONS AND DIVIDEND POLICY - (CONT'D)

• • Fee Related Compensationis 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 Revenuesrefers 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 Expensesis presented on a segment basis and is equal to General, Administrative and Other Expenses, adjusted to (a) remove the amortization of transaction-related intangibles, (b) remove certain expenses reimbursed by the Blackstone Funds which are netted against Management and Advisory Fees, Net in Blackstone's segment presentation, and (c) add 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 Capitalrefers 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.
• 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 Revenuescollectively refers to: (a) Incentive Fees, and (b) Performance Allocations.
• Performance Compensationcollectively refers to: (a) Incentive Fee Compensation, and (b) Performance Allocations Compensation.
• Transaction-RelatedChargesarise from corporate actions including acquisitions, divestitures, and Blackstone's initial public offering. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs and any gains or losses associated with these corporate actions.

Dividend Policy. Blackstone's intention is to pay to holders of Class A common stock a quarterly dividend representing approximately 85% of The

Blackstone Group 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 eliminate such dividends entirely.

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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," "estimates," "anticipates" 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 the impact of the novel coronavirus ("COVID-19"), as well as those described under the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2019 and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, 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.

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