Blackstone : Third Quarter 2021 Press Release And Presentation

Blackstone Reports Third Quarter 2021 Results

New York, October 21, 2021: Blackstone (NYSE:BX) today reported its third quarter 2021 results.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, "Today, Blackstone reported the best results in our 36-year history. Earnings increased dramatically, and all of our key financial and capital metrics reached record or near-record levels. Most importantly, we continue to deliver outstanding investment performance for our limited partners, with the third quarter capping our best twelve-month period for fund appreciation. Looking forward, we have more avenues for growth than ever before, and I believe we are in the early stages of a long-term acceleration of our business."

Blackstone issued a full detailed presentation of its third quarter 2021 results, which can be viewed at www.blackstone.com.

Dividend

Blackstone has declared a quarterly dividend of $1.09 per share to record holders of common stock at the close of business on November 1, 2021. This dividend will be paid on November 8, 2021.

Quarterly Investor Call Details

Blackstone will host its third quarter 2021 investor conference via public webcast on October 21, 2021 at 9:00 a.m. ET. To register, please use the following link: https://event.webcasts.com/starthere.jsp?ei=1502265&tp_key=e7a432763c. For those unable to listen to the live

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Blackstone

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

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

About Blackstone

Blackstone is the world's largest alternative asset manager. We seek to create positive economic impact and long- term value for our investors, 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 $731 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," "scheduled," "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, 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 2021 Earnings

OCTOBER 21, 2021

BLACKSTONE'S THIRD QUARTER 2021 GAAP RESULTS

• GAAP Net Income was $3.2 billion for the quarter and $9.4 billion year-to-date ("YTD"). GAAP Net Income Attributable to Blackstone Inc. was $1.4 billion for the quarter and $4.5 billion YTD.

($ in thousands, except per share data) (unaudited)		3Q'20			3Q'21			3Q'20 YTD			3Q'21 YTD			3Q'20 LTM			3Q'21 LTM
Revenues
Management and Advisory Fees, Net	$	1,053,851	$	1,320,795	$	2,958,411	$	3,711,159	$	3,902,311	$	4,845,297
Incentive Fees		13,498			48,206			40,959			117,537			128,569			215,239
Investment Income (Loss)
Performance Allocations
Realized		371,406			1,522,495			640,846			2,865,482			1,358,401			4,330,636
Unrealized		1,403,480			2,724,366			(981,678)			7,886,033			(853,447)			8,483,318
Principal Investments
Realized		61,017			325,414			170,814			832,512			271,349			1,053,326
Unrealized		295,308			183,754			(332,295)			1,151,904			(264,382)			1,369,592
Total Investment Income (Loss)		2,131,211			4,756,029			(502,313)			12,735,931			511,921			15,236,872
Interest and Dividend Revenue		26,497			35,048			85,505			97,477			137,651			137,203
Other		(192,159)			64,187			(109,559)			152,387			(115,969)			8,804
Total Revenues	$	3,032,898	$	6,224,265	$	2,473,003	$	16,814,491	$	4,564,483	$	20,443,415
Expenses
Compensation and Benefits
Compensation		460,983			536,199			1,395,983			1,585,941			1,843,629			2,045,577
Incentive Fee Compensation		7,385			21,007			22,339			48,763			46,928			70,849
Performance Allocations Compensation
Realized		142,149			631,632			253,141			1,192,082			548,200			1,782,171
Unrealized		509,474			1,193,853			(433,091)			3,394,041			(339,246)			3,672,616
Total Compensation and Benefits		1,119,991			2,382,691			1,238,372			6,220,827			2,099,511			7,571,213
General, Administrative and Other		171,041			217,995			497,658			608,174			684,629			822,298
Interest Expense		39,540			52,413			120,460			141,718			181,148			187,420
Fund Expenses		2,274			1,260			10,962			7,417			16,191			9,319
Total Expenses	$	1,332,846	$	2,654,359	$	1,867,452	$	6,978,136	$	2,981,479	$	8,590,250
Other Income (Loss)
Change in Tax Receivable Agreement Liability		(7,693)			(37,321)			(8,212)			(34,803)			(21,251)			(61,974)
Net Gains (Losses) from Fund Investment Activities		108,752			132,312			(60,325)			379,781			(17,402)			470,648
Income Before Provision for Taxes	$	1,801,111	$	3,664,897	$	537,014	$	10,181,333	$	1,544,351	$	12,261,839
Provision for Taxes		100,960			458,904			89,672			746,707			118,615			1,013,049
Net Income	$	1,700,151	$	3,205,993	$	447,342	$	9,434,626	$	1,425,736	$	11,248,790
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in		6,868			1,550			(12,027)			2,816			(15,715)			945
Consolidated Entities
Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated		259,761			486,907			(90,938)			1,305,273			29,858			1,613,328
Entities
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings		638,803			1,315,641			253,814			3,667,618			631,951			4,426,728
Net Income Attributable to Blackstone Inc. ("BX")	$	794,719	$	1,401,895	$	296,493	$	4,458,919	$	779,642	$	5,207,789
Net Income Per Share of Common Stock, Basic	$	1.14	$	1.94	$	0.43	$	6.21	$	1.13	$	7.30
Net Income Per Share of Common Stock, Diluted	$	1.13	$	1.94	$	0.43	$	6.21	$	1.13	$	7.29
Income Before Provision for Taxes Margin		59.4%			58.9%			21.7%			60.6%			33.8%			60.0%

Throughout this presentation, all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See pages 34-36, Definitions and	Blackstone |	1
Dividend Policy, for definitions of terms used throughout this presentation. See additional notes on page 32.