Blackstone : Supplemental Financial Data

Blackstone's Second

Quarter 2021 Supplemental

Financial Data

July 22, 2021

Throughout this presentation, all current period amounts are preliminary and unaudited.

Total Segments

																							Year-to-Date
($ in thousands)		1Q'19		2Q'19		3Q'19		4Q'19		1Q'20		2Q'20		3Q'20		4Q'20		1Q'21		2Q'21			2Q'20			2Q'21
Management and Advisory Fees, Net
Base Management Fees	$	757,518	$	805,315	$	809,729	$	873,368	$	910,396	$	941,794	$	1,043,770	$	1,076,094	$	1,117,290	$	1,140,051		$	1,852,190	$	2,257,341
Transaction, Advisory and Other Fees, Net		65,150		61,495		92,702		95,073		50,665		48,292		33,628		75,290		78,640		78,125			98,957			156,765
Management Fee Offsets		(8,606)		(22,654)		(22,086)		(22,768)	(20,494)		(13,353)		(19,558)		(15,359)		(17,725)		(5,434)		(33,847)		(23,159)
Total Management and Advisory Fees, Net		814,062		844,156		880,345		945,673		940,567		976,733		1,057,840		1,136,025		1,178,205		1,212,742		1,917,300		2,390,947
Fee Related Performance Revenues		7,779		13,624		34,225		156,373		12,466		15,033		64,950		286,227		169,168		48,889			27,499			218,057
Fee Related Compensation		(324,031)		(293,834)		(329,834)		(388,879)	(346,264)		(306,904)		(360,633)		(482,769)		(445,110)		(375,385)		(653,168)		(820,495)
Other Operating Expenses		(123,311)		(142,121)		(144,351)		(161,359)	(138,885)		(143,583)		(151,213)		(189,536)		(161,424)		(182,178)		(282,468)		(343,602)
Fee Related Earnings	$	374,499	$	421,825	$	440,385	$	551,808	$	467,884	$	541,279	$	610,944	$	749,947	$	740,839	$	704,068		$	1,009,163		$	1,444,907
Realized Performance Revenues		246,769		341,386		420,840		651,647		167,233		102,177		319,954		1,276,629		401,323		792,938		269,410		1,194,261
Realized Performance Compensation		(85,240)		(125,466)		(143,870)		(249,359)	(71,302)		(37,787)		(121,730)		(483,528)		(150,924)		(338,271)		(109,089)		(489,195)
Realized Principal Investment Income		25,908		123,557		36,148		38,542		20,290		18,938		15,884		103,821		298,156		63,132			39,228			361,288
Total Net Realizations		187,437		339,477		313,118		440,830		116,221		83,328		214,108		896,922		548,555		517,799			199,549			1,066,354
Total Segment Distributable Earnings	$	561,936	$	761,302	$	753,503	$	992,638	$	584,105	$	624,607	$	825,052	$	1,646,869	$	1,289,394	$	1,221,867		$	1,208,712		$	2,511,261
Net Interest Income (Loss)		5,061		2,761		(7,767)		(2,496)	(3,941)		(12,634)		(12,731)		(5,604)		(12,928)		(11,201)		(16,575)		(24,129)
Taxes and Related Payables		(29,039)		(55,201)		(35,815)		(76,104)	(23,053)		(63,990)		(40,225)		(176,859)		(84,222)		(140,673)		(87,043)		(224,895)
Distributable Earnings	$	537,958	$	708,862	$	709,921	$	914,038	$	557,111	$	547,983	$	772,096	$	1,464,406	$	1,192,244	$	1,069,993		$	1,105,094		$	2,262,237
Additional Metrics:
Total Segment Revenues	$	1,094,518	$	1,322,723	$	1,371,558	$	1,792,235	$	1,140,556	$	1,112,881	$	1,458,628	$	2,802,702	$	2,046,852	$	2,117,701		$	2,253,437	$	4,164,553
Total Assets Under Management	511,777,762	545,482,337	554,022,343	571,122,463	538,007,285	564,330,088	584,376,213	618,556,928	648,803,007	684,028,712	564,330,088	684,028,712
Fee-Earning Assets Under Management	352,993,394	387,864,642	394,138,443	408,074,852	423,055,037	435,825,935	444,511,078	469,433,114	481,225,407	498,932,526	435,825,935	498,932,526
Weighted-AverageFee-Earning AUM	349,589,269	368,900,952	391,977,663	398,811,159	415,564,944	429,440,486	440,168,506	456,972,096	475,329,260	490,078,967		422,318,608		483,197,016
Inflows		42,907,124		45,111,109		20,391,003		25,968,043		27,312,508		20,269,063		15,137,679		32,294,246		31,604,085		37,281,457			47,581,571		68,885,542
Capital Deployed		11,783,583		17,669,109		16,156,664		17,339,074		14,818,725		12,832,119		8,601,474		25,443,620		17,719,156		23,819,630			27,650,844		41,538,786
Realizations		8,260,193		10,594,391		9,747,968		11,599,274		6,388,694		7,350,802		7,937,504		20,947,988		14,868,027		19,633,048			13,739,496		34,501,075

Blackstone | 1

Real Estate

																							Year-to-Date
($ in thousands)		1Q'19		2Q'19		3Q'19		4Q'19		1Q'20		2Q'20		3Q'20		4Q'20		1Q'21		2Q'21			2Q'20			2Q'21
Management Fees, Net
Base Management Fees	$	260,245	$	255,636	$	266,779	$	333,523	$	371,438	$	382,704	$	392,785	$	406,556	$	427,186	$	453,664		$	754,142		$	880,850
Transaction and Other Fees, Net		23,911		23,990		73,385		54,545		23,024		32,039		17,464		25,698		26,019		38,080			55,063			64,099
Management Fee Offsets		(280)		(1,686)		(7,635)		(17,235)	(8,341)		(2,436)		(1,039)		(1,204)		(1,623)		(493)		(10,777)		(2,116)
Total Management Fees, Net		283,876		277,940		332,529		370,833	386,121		412,307		409,210		431,050		451,582		491,251			798,428		942,833
Fee Related Performance Revenues		6,676		11,072		30,600		149,889	4,551		6,505		55,327		271,778		155,392		33,776			11,056			189,168
Fee Related Compensation		(114,816)		(97,795)		(132,183)		(186,465)	(120,296)		(116,640)		(138,342)		(242,827)		(188,492)		(121,957)		(236,936)		(310,449)
Other Operating Expenses		(38,986)		(40,114)		(43,897)		(45,335)	(40,476)		(44,525)		(42,566)		(55,565)		(44,362)		(54,760)		(85,001)		(99,122)
Fee Related Earnings	$	136,750	$	151,103	$	187,049	$	288,922	$	229,900	$	257,647	$	283,629	$	404,436	$	374,120	$	348,310		$	487,547		$	722,430
Realized Performance Revenues		77,182		198,573		282,379		474,203	43,720		34,209		18,872		690,967		88,638		351,053			77,929			439,691
Realized Performance Compensation		(29,900)		(67,742)		(85,544)		(190,910)	(13,392)		(12,547)		(7,343)		(279,416)		(22,762)		(154,928)		(25,939)		(177,690)
Realized Principal Investment Income (Loss)		(2,131)		47,420		17,968		16,476		7,300		1,573		4,946		10,945		100,820		28,129			8,873			128,949
Total Net Realizations		45,151		178,251		214,803		299,769		37,628		23,235		16,475		422,496		166,696		224,254			60,863			390,950
Segment Distributable Earnings	$	181,901	$	329,354	$	401,852	$	588,691	$	267,528	$	280,882	$	300,104	$	826,932	$	540,816	$	572,564		$	548,410		$	1,113,380
Additional Metrics:
Segment Revenues	$	365,603	$	535,005	$	663,476	$	1,011,401	$	441,692	$	454,594	$	488,355	$	1,404,740	$	796,432	$	904,209		$	896,286		$	1,700,641
Total Assets Under Management	140,334,043	153,604,820	157,076,273	163,156,064	160,934,849	166,723,844	173,796,594	187,191,247	196,277,032	207,548,236	166,723,844	207,548,236
Fee-Earning Assets Under Management		94,223,034	112,287,094	116,749,305	128,214,137	130,424,462	134,260,348	137,877,640	149,121,461	155,851,794	166,263,493	134,260,348	166,263,493
Weighted-AverageFee-Earning AUM		94,392,083	101,945,422	113,636,265	120,246,037	129,319,299	132,342,405	136,068,993	143,499,550	152,486,628	161,057,644		130,966,315		157,078,917
Inflows		5,033,851		14,364,834		6,745,847		8,046,034		12,653,175		4,884,629		3,872,574		12,016,222		8,581,463		8,879,659			17,537,804			17,461,122
Capital Deployed		3,090,432		3,933,090		8,165,206		7,269,297		5,328,987		5,855,138		2,126,252		11,697,207		6,247,013		4,766,272			11,184,125			11,013,285
Realizations		3,058,141		3,989,755		4,575,981		6,474,022		2,518,796		2,264,204		1,854,440		9,619,139		1,953,532		5,306,047			4,783,000			7,259,579

Blackstone | 2

Private Equity

																						Year-to-Date
($ in thousands)		1Q'19		2Q'19		3Q'19		4Q'19		1Q'20		2Q'20		3Q'20		4Q'20		1Q'21		2Q'21		2Q'20		2Q'21
Management and Advisory Fees, Net
Base Management Fees	$	219,417	$	265,139	$	252,510	$	249,416	$	253,974	$	268,070	$	352,866	$	357,118	$	377,660	$	364,606	$	522,044	$	742,266
Transaction, Advisory and Other Fees, Net		37,291		31,526		14,657		31,700		21,413		9,521		11,571		39,935		42,707		32,272		30,934		74,979
Management Fee Offsets		(4,985)		(17,689)		(11,889)		(2,764)		(9,215)		(8,031)		(16,264)		(11,118)		(13,919)		(3,601)		(17,246)		(17,520)
Total Management and Advisory Fees, Net		251,723		278,976		255,278		278,352		266,172		269,560		348,173		385,935		406,448		393,277		535,732		799,725
Fee Related Compensation		(107,587)		(105,107)		(105,773)		(105,285)		(110,368)		(92,825)		(119,301)		(133,044)		(140,597)		(136,767)		(203,193)		(277,364)
Other Operating Expenses		(34,201)		(40,429)		(38,235)		(47,145)		(41,001)		(44,827)		(45,702)		(63,683)		(51,055)		(61,041)		(85,828)		(112,096)
Fee Related Earnings	$	109,935	$	133,440	$	111,270	$	125,922	$	114,803	$	131,908	$	183,170	$	189,208	$	214,796	$	195,469	$	246,711	$	410,265
Realized Performance Revenues		156,599		122,907		124,231		65,255		112,076		64,513		295,239		405,665		255,845		383,010		176,589		638,855
Realized Performance Compensation		(50,556)		(52,081)		(52,034)		(37,895)		(54,643)		(25,016)		(112,713)		(174,577)		(111,209)		(159,375)		(79,659)		(270,584)
Realized Principal Investment Income		25,139		42,906		11,977		10,227		10,347		17,416		10,248		34,078		115,403		27,796		27,763		143,199
Total Net Realizations		131,182		113,732		84,174		37,587		67,780		56,913		192,774		265,166		260,039		251,431		124,693		511,470
Segment Distributable Earnings	$	241,117	$	247,172	$	195,444	$	163,509	$	182,583	$	188,821	$	375,944	$	454,374	$	474,835	$	446,900	$	371,404	$	921,735
Additional Metrics:
Segment Revenues	$	433,461	$	444,789	$	391,486	$	353,834	$	388,595	$	351,489	$	653,660	$	825,678	$	777,696	$	804,083	$	740,084	$	1,581,779
Total Assets Under Management	158,988,748	171,171,687	173,858,400	182,886,109	174,695,883	184,118,135	189,153,816	197,549,222	211,801,085	223,621,359	184,118,135	223,621,359
Fee-Earning Assets Under Management		85,446,868		96,467,272		97,936,871		97,773,964	128,300,802	129,284,112	129,701,748	129,539,630	131,903,347	132,475,486	129,284,112	132,475,486
Weighted-AverageFee-Earning AUM		83,353,397		89,368,698		97,708,402		98,030,747	113,037,383	128,792,457	129,492,930	129,620,689	130,721,488	132,189,416	118,452,960	131,306,154
Inflows		28,471,460		16,806,806		3,254,530		8,303,774		8,868,851		5,202,708		3,942,139		5,016,765		7,831,642		7,335,028		14,071,559		15,166,670
Capital Deployed		7,106,190		7,914,780		5,808,814		5,771,634		5,538,755		5,037,928		4,134,163		8,176,887		5,635,608		9,456,689		10,576,683		15,092,297
Realizations		3,742,658		4,678,685		2,812,162		2,307,409		2,031,106		2,990,225		4,665,183		7,618,263		8,093,375		8,633,166		5,021,331		16,726,541

Blackstone | 3

Hedge Fund Solutions

																						Year-to-Date
($ in thousands)		1Q'19		2Q'19		3Q'19		4Q'19		1Q'20		2Q'20		3Q'20		4Q'20		1Q'21		2Q'21		2Q'20		2Q'21
Management Fees, Net
Base Management Fees	$	137,328	$	136,990	$	140,694	$	141,718	$	139,656	$	145,455	$	146,082	$	151,637	$	150,533	$	155,244	$	285,111	$	305,777
Transaction and Other Fees, Net		318		723		691		1,801		758		859		1,255		3,027		4,346		1,558		1,617		5,904
Management Fee Offsets		-		-		(18)		(120)		(42)		4		(22)		(590)		(58)		(203)		(38)		(261)
Total Management Fees, Net		137,646		137,713		141,367		143,399		140,372		146,318		147,315		154,074		154,821		156,599		286,690		311,420
Fee Related Compensation		(42,954)		(36,622)		(38,898)		(33,486)		(46,191)		(40,353)		(41,405)		(33,764)		(38,850)		(38,638)		(86,544)		(77,488)
Other Operating Expenses		(17,885)		(21,112)		(20,495)		(22,507)		(18,667)		(17,807)		(19,652)		(23,632)		(19,172)		(21,873)		(36,474)		(41,045)
Fee Related Earnings	$	76,807	$	79,979	$	81,974	$	87,406	$	75,514	$	88,158	$	86,258	$	96,678	$	96,799	$	96,088	$	163,672	$	192,887
Realized Performance Revenues		4,091		11,960		1,848		108,677		1,767		1,482		5,618		170,922		31,573		17,056		3,249		48,629
Realized Performance Compensation		(1,413)		(2,175)		(1,000)		(19,713)		(945)		0		(1,257)		(29,022)		(6,908)		(5,626)		(945)		(12,534)
Realized Principal Investment Income (Loss)		(283)		12,306		1,480		8,204		(609)		(331)		(150)		55,200		35,550		2,125		(940)		37,675
Total Net Realizations		2,395		22,091		2,328		97,168		213		1,151		4,211		197,100		60,215		13,555		1,364		73,770
Segment Distributable Earnings	$	79,202	$	102,070	$	84,302	$	184,574	$	75,727	$	89,309	$	90,469	$	293,778	$	157,014	$	109,643	$	165,036	$	266,657
Additional Metrics:
Segment Revenues	$	141,454	$	161,979	$	144,695	$	260,280	$	141,530	$	147,469	$	152,783	$	380,196	$	221,944	$	175,780	$	288,999	$	397,724
Total Assets Under Management		80,182,772		81,435,680		81,154,390		80,738,112		73,720,792		75,668,139		77,788,713		79,422,869		81,819,220		79,145,263		75,668,139		79,145,263
Fee-Earning Assets Under Management		73,647,014		74,653,420		74,877,976		75,636,004		68,214,435		70,200,141		71,699,793		74,126,610		76,614,206		72,240,152		70,200,141		72,240,152
Weighted-AverageFee-Earning AUM		73,458,940		74,793,579		76,166,677		75,377,926		71,925,219		69,207,288		70,949,967		72,913,202		75,370,408		74,427,179		71,350,193		74,326,989
Inflows		2,568,943		3,812,651		3,164,093		2,697,168		3,246,661		3,323,861		1,717,874		2,126,960		2,066,958		2,197,161		6,570,522		4,264,119
Capital Deployed		231,590		2,101,802		659,457		711,503		605,702		877,481		558,213		647,225		556,727		1,249,409		1,483,183		1,806,136
Realizations		186,558		296,126		305,905		483,379		138,987		516,843		192,729		544,335		194,347		303,557		655,830		497,904

Blackstone | 4