Blackstone : Supplemental Financial Data Excel

Cover

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

Blackstone's Second Quarter 2021 Supplemental Financial Data July 22, 2021

Total DE Qtrs

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-Average Fee-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

&"Trebuchet MS,Regular"&8Blackstone | &P

RE DE Qtrs

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-Average Fee-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

&"Trebuchet MS,Regular"&8Blackstone | &P

PE DE Qtrs

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-Average Fee-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

&"Trebuchet MS,Regular"&8Blackstone | &P

HFS DE Qtrs

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	- 0	- 0	(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-Average Fee-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

&"Trebuchet MS,Regular"&8Blackstone | &P

C&I DE Qtrs

Credit & Insurance
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	$ 140,528	$ 147,550	$ 149,746	$ 148,711	$ 145,328	$ 145,565	$ 152,037	$ 160,783	$ 161,911	$ 166,537	$ 290,893	$ 328,448
Transaction and Other Fees, Net	3,630	5,256	3,969	7,027	5,470	5,873	3,338	6,630	5,568	6,215	11,343	11,783
Management Fee Offsets	(3,341)	(3,279)	(2,544)	(2,649)	(2,896)	(2,890)	(2,233)	(2,447)	(2,125)	(1,137)	(5,786)	(3,262)
Total Management Fees, Net	140,817	149,527	151,171	153,089	147,902	148,548	153,142	164,966	165,354	171,615	296,450	336,969
Fee Related Performance Revenues	1,103	2,552	3,625	6,484	7,915	8,528	9,623	14,449	13,776	15,113	16,443	28,889
Fee Related Compensation	(58,674)	(54,310)	(52,980)	(63,643)	(69,409)	(57,086)	(61,585)	(73,134)	(77,171)	(78,023)	(126,495)	(155,194)
Other Operating Expenses	(32,239)	(40,466)	(41,724)	(46,372)	(38,741)	(36,424)	(43,293)	(46,656)	(46,835)	(44,504)	(75,165)	(91,339)
Fee Related Earnings	$ 51,007	$ 57,303	$ 60,092	$ 49,558	$ 47,667	$ 63,566	$ 57,887	$ 59,625	$ 55,124	$ 64,201	$ 111,233	$ 119,325
Realized Performance Revenues	8,897	7,946	12,382	3,512	9,670	1,973	225	9,075	25,267	41,819	11,643	67,086
Realized Performance Compensation	(3,371)	(3,468)	(5,292)	(841)	(2,322)	(224)	(417)	(513)	(10,045)	(18,342)	(2,546)	(28,387)
Realized Principal Investment Income	3,183	20,925	4,723	3,635	3,252	280	840	3,598	46,383	5,082	3,532	51,465
Total Net Realizations	8,709	25,403	11,813	6,306	10,600	2,029	648	12,160	61,605	28,559	12,629	90,164
Segment Distributable Earnings	$ 59,716	$ 82,706	$ 71,905	$ 55,864	$ 58,267	$ 65,595	$ 58,535	$ 71,785	$ 116,729	$ 92,760	$ 123,862	$ 209,489
Additional Metrics:
Segment Revenues	$ 154,000	$ 180,950	$ 171,901	$ 166,720	$ 168,739	$ 159,329	$ 163,830	$ 192,088	$ 250,780	$ 233,629	$ 328,068	$ 484,409
Total Assets Under Management	132,272,199	139,270,150	141,933,280	144,342,178	128,655,761	137,819,970	143,637,090	154,393,590	158,905,670	173,713,854	137,819,970	173,713,854
Fee-Earning Assets Under Management	99,676,478	104,456,856	104,574,291	106,450,747	96,115,338	102,081,334	105,231,897	116,645,413	116,856,060	127,953,395	102,081,334	127,953,395
Weighted-Average Fee-Earning AUM	98,384,849	102,793,253	104,466,319	105,156,449	101,283,043	99,098,336	103,656,616	110,938,655	116,750,736	122,404,728	101,549,140	120,484,956
Inflows	6,832,870	10,126,818	7,226,533	6,921,067	2,543,821	6,857,865	5,605,092	13,134,299	13,124,022	18,869,609	9,401,686	31,993,631
Capital Deployed	1,355,371	3,719,437	1,523,187	3,586,640	3,345,281	1,061,572	1,782,846	4,922,301	5,279,808	8,347,260	4,406,853	13,627,068
Realizations	1,272,836	1,629,825	2,053,920	2,334,464	1,699,805	1,579,530	1,225,152	3,166,251	4,626,773	5,390,278	3,279,335	10,017,051

&"Trebuchet MS,Regular"&8Blackstone | &P

Total DE Yrs

Total Segments
($ in thousands)	2016	2017	2018	2019	2020
Management and Advisory Fees, Net
Base Management Fees	$ 2,397,779	$ 2,680,391	$ 2,844,325	$ 3,245,930	$ 3,972,054
Transaction, Advisory and Other Fees, Net	144,858	156,816	229,498	314,420	207,875
Management Fee Offsets	(79,644)	(66,416)	(37,371)	(76,114)	(68,764)
Total Management and Advisory Fees, Net	2,462,993	2,770,791	3,036,452	3,484,236	4,111,165
Fee Related Performance Revenues	101,430	169,445	123,836	212,001	378,676
Fee Related Compensation	(1,054,438)	(1,185,639)	(1,216,146)	(1,336,578)	(1,496,570)
Other Operating Expenses	(431,836)	(424,866)	(488,328)	(571,142)	(623,217)
Fee Related Earnings	$ 1,078,149	$ 1,329,731	$ 1,455,814	$ 1,788,517	$ 2,370,054
Realized Performance Revenues	1,545,586	3,647,807	1,811,771	1,660,642	1,865,993
Realized Performance Compensation	(483,257)	(1,297,611)	(678,141)	(603,935)	(714,347)
Realized Principal Investment Income	199,869	436,194	236,058	224,155	158,933
Total Net Realizations	1,262,198	2,786,390	1,369,688	1,280,862	1,310,579
Total Segment Distributable Earnings	$ 2,340,347	$ 4,116,121	$ 2,825,502	$ 3,069,379	$ 3,680,633
Net Interest Income (Loss)	(51,623)	(49,918)	21,925	(2,441)	(34,910)
Taxes and Related Payables	(167,149)	(189,988)	(153,865)	(196,159)	(304,127)
Distributable Earnings	$ 2,121,575	$ 3,876,215	$ 2,693,562	$ 2,870,779	$ 3,341,596
Additional Metrics:
Total Segment Revenues	$ 4,309,878	$ 7,024,237	$ 5,208,117	$ 5,581,034	$ 6,514,767
Total Assets Under Management	366,553,465	434,128,243	472,242,317	571,122,463	618,556,928
Fee-Earning Assets Under Management	277,092,672	335,343,998	342,527,507	408,074,852	469,433,114
Weighted-Average Fee-Earning AUM	264,986,623	289,116,993	338,819,012	375,416,357	436,180,003
Inflows	69,660,775	107,955,723	100,975,611	134,377,279	95,013,496
Capital Deployed	23,275,410	50,678,463	44,715,499	62,948,430	61,695,938
Realizations	39,383,839	55,186,497	34,060,633	40,201,826	42,624,988

&"Trebuchet MS,Regular"&8Blackstone | &P

RE DE Yrs

Real Estate
($ in thousands)	2016	2017	2018	2019	2020
Management Fees, Net
Base Management Fees	$ 795,161	$ 872,191	$ 985,399	$ 1,116,183	$ 1,553,483
Transaction and Other Fees, Net	95,324	82,781	152,513	175,831	98,225
Management Fee Offsets	(7,322)	(15,934)	(11,442)	(26,836)	(13,020)
Total Management Fees, Net	883,163	939,038	1,126,470	1,265,178	1,638,688
Fee Related Performance Revenues	18,178	79,500	124,502	198,237	338,161
Fee Related Compensation	(379,331)	(437,311)	(459,430)	(531,259)	(618,105)
Other Operating Expenses	(137,581)	(136,042)	(146,260)	(168,332)	(183,132)
Fee Related Earnings	$ 384,429	$ 445,185	$ 645,282	$ 763,824	$ 1,175,612
Realized Performance Revenues	1,214,931	2,141,374	914,984	1,032,337	787,768
Realized Performance Compensation	(335,147)	(751,526)	(284,319)	(374,096)	(312,698)
Realized Principal Investment Income	122,712	255,903	92,525	79,733	24,764
Total Net Realizations	1,002,496	1,645,751	723,190	737,974	499,834
Segment Distributable Earnings	$ 1,386,925	$ 2,090,936	$ 1,368,472	$ 1,501,798	$ 1,675,446
Additional Metrics:
Segment Revenues	$ 2,238,984	$ 3,415,815	$ 2,258,481	$ 2,575,485	$ 2,789,381
Total Assets Under Management	101,963,652	115,340,363	136,247,229	163,156,064	187,191,247
Fee-Earning Assets Under Management	72,030,054	83,984,824	93,252,724	128,214,137	149,121,461
Weighted-Average Fee-Earning AUM	67,503,830	74,421,496	89,079,874	106,601,107	135,979,610
Inflows	19,047,473	23,844,270	31,478,431	34,190,566	33,426,600
Capital Deployed	11,176,257	19,882,215	18,726,374	22,458,025	25,007,584
Realizations	17,926,238	24,527,951	14,675,095	18,097,899	16,256,579

&"Trebuchet MS,Regular"&8Blackstone | &P

PE DE Yrs

Private Equity
($ in thousands)	2016	2017	2018	2019	2020
Management and Advisory Fees, Net
Base Management Fees	$ 555,593	$ 724,818	$ 785,223	$ 986,482	$ 1,232,028
Transaction, Advisory and Other Fees, Net	39,283	57,624	58,165	115,174	82,440
Management Fee Offsets	(34,810)	(18,007)	(13,504)	(37,327)	(44,628)
Total Management and Advisory Fees, Net	560,066	764,435	829,884	1,064,329	1,269,840
Fee Related Compensation	(298,149)	(347,562)	(375,446)	(423,752)	(455,538)
Other Operating Expenses	(130,685)	(120,997)	(133,096)	(160,010)	(195,213)
Fee Related Earnings	$ 131,232	$ 295,876	$ 321,342	$ 480,567	$ 619,089
Realized Performance Revenues	245,268	1,157,188	757,406	468,992	877,493
Realized Performance Compensation	(110,882)	(404,544)	(318,167)	(192,566)	(366,949)
Realized Principal Investment Income	73,377	154,837	109,731	90,249	72,089
Total Net Realizations	207,763	907,481	548,970	366,675	582,633
Segment Distributable Earnings	$ 338,995	$ 1,203,357	$ 870,312	$ 847,242	$ 1,201,722
Additional Metrics:
Segment Revenues	$ 878,711	$ 2,076,460	$ 1,697,021	$ 1,623,570	$ 2,219,422
Total Assets Under Management	100,189,994	105,560,576	130,665,286	182,886,109	197,549,222
Fee-Earning Assets Under Management	69,110,457	70,140,883	80,008,166	97,773,964	129,539,630
Weighted-Average Fee-Earning AUM	66,103,146	68,739,122	75,911,259	91,366,067	122,920,051
Inflows	16,845,959	12,631,106	26,639,963	56,836,570	23,030,463
Capital Deployed	7,911,511	20,179,009	16,651,366	26,601,418	22,887,733
Realizations	14,221,866	15,760,727	10,396,611	13,540,914	17,304,777

&"Trebuchet MS,Regular"&8Blackstone | &P

HFS DE Yrs

Hedge Fund Solutions
($ in thousands)	2016	2017	2018	2019	2020
Management Fees, Net
Base Management Fees	$ 521,736	$ 516,048	$ 519,782	$ 556,730	$ 582,830
Transaction and Other Fees, Net	1,061	2,980	3,180	3,533	5,899
Management Fee Offsets	- 0	(93)	(93)	(138)	(650)
Total Management Fees, Net	522,797	518,935	522,869	560,125	588,079
Fee Related Compensation	(153,645)	(146,924)	(162,172)	(151,960)	(161,713)
Other Operating Expenses	(75,870)	(68,265)	(77,772)	(81,999)	(79,758)
Fee Related Earnings	$ 293,282	$ 303,746	$ 282,925	$ 326,166	$ 346,608
Realized Performance Revenues	42,177	154,343	42,419	126,576	179,789
Realized Performance Compensation	(15,029)	(40,707)	(21,792)	(24,301)	(31,224)
Realized Principal Investment Income (Loss)	(7,224)	9,074	17,039	21,707	54,110
Total Net Realizations	19,924	122,710	37,666	123,982	202,675
Segment Distributable Earnings	$ 313,206	$ 426,456	$ 320,591	$ 450,148	$ 549,283
Additional Metrics:
Segment Revenues	$ 557,750	$ 682,352	$ 582,327	$ 708,408	$ 821,978
Total Assets Under Management	71,119,718	75,090,834	77,814,516	80,738,112	79,422,869
Fee-Earning Assets Under Management	66,987,553	69,914,061	72,280,606	75,636,004	74,126,610
Weighted-Average Fee-Earning AUM	66,585,721	69,568,964	73,993,826	75,091,879	71,975,396
Inflows	10,782,839	12,106,471	13,278,327	12,242,855	10,415,356
Capital Deployed	774,443	961,569	1,701,967	3,704,352	2,688,621
Realizations	436,973	2,409,985	471,931	1,271,968	1,392,894

&"Trebuchet MS,Regular"&8Blackstone | &P

C&I DE Yrs

Credit & Insurance
($ in thousands)	2016	2017	2018	2019	2020
Management Fees, Net
Base Management Fees	$ 525,289	$ 567,334	$ 553,921	$ 586,535	$ 603,713
Transaction and Other Fees, Net	9,190	13,431	15,640	19,882	21,311
Management Fee Offsets	(37,512)	(32,382)	(12,332)	(11,813)	(10,466)
Total Management Fees, Net	496,967	548,383	557,229	594,604	614,558
Fee Related Performance Revenues	83,252	89,945	(666)	13,764	40,515
Fee Related Compensation	(223,313)	(253,842)	(219,098)	(229,607)	(261,214)
Other Operating Expenses	(87,700)	(99,562)	(131,200)	(160,801)	(165,114)
Fee Related Earnings	$ 269,206	$ 284,924	$ 206,265	$ 217,960	$ 228,745
Realized Performance Revenues	43,210	194,902	96,962	32,737	20,943
Realized Performance Compensation	(22,199)	(100,834)	(53,863)	(12,972)	(3,476)
Realized Principal Investment Income	11,004	16,380	16,763	32,466	7,970
Total Net Realizations	32,015	110,448	59,862	52,231	25,437
Segment Distributable Earnings	$ 301,221	$ 395,372	$ 266,127	$ 270,191	$ 254,182
Additional Metrics:
Segment Revenues	$ 634,433	$ 849,610	$ 670,288	$ 673,571	$ 683,986
Total Assets Under Management	93,280,101	138,136,470	127,515,286	144,342,178	154,393,590
Fee-Earning Assets Under Management	68,964,608	111,304,230	96,986,011	106,450,747	116,645,413
Weighted-Average Fee-Earning AUM	64,793,926	76,387,411	99,834,053	102,357,304	105,304,946
Inflows	22,984,504	59,373,876	29,578,890	31,107,288	28,141,077
Capital Deployed	3,413,199	9,655,670	7,635,792	10,184,635	11,112,000
Realizations	6,798,762	12,487,834	8,516,996	7,291,045	7,670,738

&"Trebuchet MS,Regular"&8Blackstone | &P

GAAP Qtrs

GAAP - Consolidated Statements of Operations
Year-to-Date
($ in thousands) (unaudited)	1Q'19	2Q'19	3Q'19	4Q'19	1Q'20	2Q'20	3Q'20	4Q'20	1Q'21	2Q'21	2Q'20	2Q'21
Revenues
Management and Advisory Fees, Net	$ 809,726	$ 840,378	$ 878,151	$ 943,900	$ 934,832	$ 969,728	$ 1,053,851	$ 1,134,138	$ 1,177,815	$ 1,212,549	$ 1,904,560	$ 2,390,364
Incentive Fees	12,132	21,915	8,254	87,610	12,161	15,300	13,498	97,702	36,124	33,207	27,461	69,331
Investment Income (Loss)
Performance Allocations
Realized	242,375	332,520	446,550	717,555	167,530	101,910	371,406	1,465,154	534,367	808,620	269,440	1,342,987
Unrealized	663,999	157,732	176,370	128,231	(3,453,081)	1,067,923	1,403,480	597,285	2,464,497	2,697,170	(2,385,158)	5,161,667
Principal Investments
Realized	73,261	145,040	74,642	100,535	48,695	61,102	61,017	220,814	355,038	152,060	109,797	507,098
Unrealized	169,044	(37,345)	15,391	67,913	(959,365)	331,762	295,308	217,688	639,315	328,835	(627,603)	968,150
Total Investment Income (Loss)	1,148,679	597,947	712,953	1,014,234	(4,196,221)	1,562,697	2,131,211	2,500,941	3,993,217	3,986,685	(2,633,524)	7,979,902
Interest and Dividend Revenue	44,084	43,686	42,482	52,146	35,084	23,924	26,497	39,726	31,412	31,017	59,008	62,429
Other	10,250	(17,120)	93,273	(6,410)	138,180	(55,580)	(192,159)	(143,583)	60,304	27,896	82,600	88,200
Total Revenues	$ 2,024,871	$ 1,486,806	$ 1,735,113	$ 2,091,480	$ (3,075,964)	$ 2,516,069	$ 3,032,898	$ 3,628,924	$ 5,298,872	$ 5,291,354	$ (559,895)	$ 10,590,226
Expenses
Compensation and Benefits
Compensation	471,397	438,521	462,766	447,646	476,543	458,457	460,983	459,636	542,638	507,104	935,000	1,049,742
Incentive Fee Compensation	5,406	8,886	5,419	24,589	6,522	8,432	7,385	22,086	13,325	14,431	14,954	27,756
Performance Allocations Compensation
Realized	86,395	125,825	155,663	295,059	72,423	38,569	142,149	590,089	213,027	347,423	110,992	560,450
Unrealized	287,015	64,518	94,907	93,845	(1,397,378)	454,813	509,474	278,575	1,049,969	1,150,219	(942,565)	2,200,188
Total Compensation and Benefits	850,213	637,750	718,755	861,139	(841,890)	960,271	1,119,991	1,350,386	1,818,959	2,019,177	118,381	3,838,136
General, Administrative and Other	146,062	175,308	171,067	186,971	157,566	169,051	171,041	214,124	185,122	205,057	326,617	390,179
Interest Expense	42,002	43,596	53,362	60,688	41,644	39,276	39,540	45,702	44,983	44,322	80,920	89,305
Fund Expenses	2,887	5,586	4,036	5,229	4,605	4,083	2,274	1,902	2,383	3,774	8,688	6,157
Total Expenses	$ 1,041,164	$ 862,240	$ 947,220	$ 1,114,027	$ (638,075)	$ 1,172,681	$ 1,332,846	$ 1,612,114	$ 2,051,447	$ 2,272,330	$ 534,606	$ 4,323,777
Other Income
Change in Tax Receivable Agreement Liability	- 0	- 0	174,606	(13,039)	(595)	76	(7,693)	(27,171)	2,910	(392)	(519)	2,518
Net Gains (Loss) from Fund Investment Activities	130,325	61,131	48,450	42,923	(327,374)	158,297	108,752	90,867	120,353	127,116	(169,077)	247,469
Income (Loss) Before Provision (Benefit) for Taxes	$ 1,114,032	$ 685,697	$ 1,010,949	$ 1,007,337	$ (2,765,858)	$ 1,501,761	$ 1,801,111	$ 2,080,506	$ 3,370,688	$ 3,145,748	$ (1,264,097)	$ 6,516,436
Provision (Benefit) for Taxes	41,155	38,736	(156,786)	28,943	(158,703)	147,415	100,960	266,342	(447)	288,250	(11,288)	287,803
Net Income (Loss)	$ 1,072,877	$ 646,961	$ 1,167,735	$ 978,394	$ (2,607,155)	$ 1,354,346	$ 1,700,151	$ 1,814,164	$ 3,371,135	$ 2,857,498	$ (1,252,809)	$ 6,228,633
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	2,480	1,095	(8)	(3,688)	(15,469)	(3,426)	6,868	(1,871)	629	637	(18,895)	1,266
Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities	186,833	80,744	88,406	120,796	(645,077)	294,378	259,761	308,055	386,850	431,516	(350,699)	818,366
Net Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings	402,260	259,330	299,900	378,137	(880,117)	495,128	638,803	759,110	1,235,784	1,116,193	(384,989)	2,351,977
Net Income (Loss) Attributable to The Blackstone Group Inc. ("BX")	$ 481,304	$ 305,792	$ 779,437	$ 483,149	$ (1,066,492)	$ 568,266	$ 794,719	$ 748,870	$ 1,747,872	$ 1,309,152	$ (498,226)	$ 3,057,024

&"Trebuchet MS,Regular"&8Blackstone | &P

GAAP Yrs

GAAP - Consolidated Statements of Operations
($ in thousands) (unaudited)	2016	2017	2018	2019	2020
Revenues
Management and Advisory Fees, Net	$ 2,464,290	$ 2,751,322	$ 3,027,796	$ 3,472,155	$ 4,092,549
Incentive Fees	149,928	242,514	57,540	129,911	138,661
Investment Income (Loss)
Performance Allocations
Realized	1,495,439	3,571,811	1,876,507	1,739,000	2,106,000
Unrealized	530,114	(105,473)	561,373	1,126,332	(384,393)
Principal Investments
Realized	278,737	635,769	415,862	393,478	391,628
Unrealized	77,314	42,605	49,917	215,003	(114,607)
Total Investment Income	2,381,604	4,144,712	2,903,659	3,473,813	1,998,628
Interest and Dividend Revenue	95,724	139,696	171,947	182,398	125,231
Other	54,753	(133,229)	672,317	79,993	(253,142)
Total Revenues	$ 5,146,299	$ 7,145,015	$ 6,833,259	$ 7,338,270	$ 6,101,927
Expenses
Compensation and Benefits
Compensation	1,335,408	1,442,485	1,609,957	1,820,330	1,855,619
Incentive Fee Compensation	68,921	105,279	33,916	44,300	44,425
Performance Allocations Compensation
Realized	465,129	1,281,965	711,076	662,942	843,230
Unrealized	333,528	103,794	319,742	540,285	(154,516)
Total Compensation and Benefits	2,202,986	2,933,523	2,674,691	3,067,857	2,588,758
General, Administrative and Other	541,624	488,582	594,873	679,408	711,782
Interest Expense	152,654	197,486	163,990	199,648	166,162
Fund Expenses	52,181	132,787	78,486	17,738	12,864
Total Expenses	$ 2,949,445	$ 3,752,378	$ 3,512,040	$ 3,964,651	$ 3,479,566
Other Income
Change in Tax Receivable Agreement Liability	- 0	403,855	- 0	161,567	(35,383)
Net Gains from Fund Investment Activities	184,750	321,597	191,722	282,829	30,542
Income Before Provision for Taxes	$ 2,381,604	$ 4,118,089	$ 3,512,941	$ 3,818,015	$ 2,617,520
Provision (Benefit) for Taxes	132,362	743,147	249,390	(47,952)	356,014
Net Income	$ 2,249,242	$ 3,374,942	$ 3,263,551	$ 3,865,967	$ 2,261,506
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	3,977	13,806	(2,104)	(121)	(13,898)
Net Income Attributable to Non-Controlling Interests in Consolidated Entities	246,152	497,439	358,878	476,779	217,117
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings	960,099	1,392,323	1,364,989	1,339,627	1,012,924
Net Income Attributable to The Blackstone Group Inc. ("BX")	$ 1,039,014	$ 1,471,374	$ 1,541,788	$ 2,049,682	$ 1,045,363

&"Trebuchet MS,Regular"&8Blackstone | &P

Recon Qtrs

Reconciliation of GAAP to Non-GAAP Measures
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
Net Income (Loss) Attributable to The Blackstone Group Inc.	$ 481,304	$ 305,792	$ 779,437	$ 483,149	$ (1,066,492)	$ 568,266	$ 794,719	$ 748,870	$ 1,747,872	$ 1,309,152	$ (498,226)	$ 3,057,024
Net Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings	402,260	259,330	299,900	378,137	(880,117)	495,128	638,803	759,110	1,235,784	1,116,193	(384,989)	2,351,977
Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities	186,833	80,744	88,406	120,796	(645,077)	294,378	259,761	308,055	386,850	431,516	(350,699)	818,366
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	2,480	1,095	(8)	(3,688)	(15,469)	(3,426)	6,868	(1,871)	629	637	(18,895)	1,266
Net Income (Loss)	$ 1,072,877	$ 646,961	$ 1,167,735	$ 978,394	$ (2,607,155)	$ 1,354,346	$ 1,700,151	$ 1,814,164	$ 3,371,135	$ 2,857,498	$ (1,252,809)	$ 6,228,633
Provision (Benefit) for Taxes	41,155	38,736	(156,786)	28,943	(158,703)	147,415	100,960	266,342	(447)	288,250	(11,288)	287,803
Income (Loss) Before Provision (Benefit) for Taxes	$ 1,114,032	$ 685,697	$ 1,010,949	$ 1,007,337	$ (2,765,858)	$ 1,501,761	$ 1,801,111	$ 2,080,506	$ 3,370,688	$ 3,145,748	$ (1,264,097)	$ 6,516,436
Transaction-Related Charges (a)	89,451	106,994	(82,547)	94,715	46,994	76,160	47,283	70,292	27,888	35,533	123,154	63,421
Amortization of Intangibles (b)	16,483	16,483	16,483	16,482	16,483	16,483	16,483	16,535	17,124	17,044	32,966	34,168
Impact of Consolidation (c)	(189,313)	(81,839)	(88,398)	(117,108)	660,546	(290,952)	(266,629)	(306,184)	(387,479)	(432,153)	369,594	(819,632)
Unrealized Performance Revenues (d)	(664,333)	(157,398)	(176,604)	(128,333)	3,453,446	(1,067,923)	(1,403,480)	(597,285)	(2,464,497)	(2,697,170)	2,385,523	(5,161,667)
Unrealized Performance Allocations Compensation (e)	287,015	64,518	94,907	93,845	(1,397,378)	454,813	509,474	278,575	1,049,969	1,150,219	(942,565)	2,200,188
Unrealized Principal Investment (Income) Loss (f)	(139,925)	56,353	5,219	(34,974)	616,610	(223,316)	(177,125)	(114,427)	(423,934)	(104,658)	393,294	(528,592)
Other Revenues (g)	(13,189)	20,150	(92,843)	6,435	(138,151)	55,606	192,623	143,615	(60,273)	(27,870)	(82,545)	(88,143)
Equity-Based Compensation (h)	66,776	53,105	58,570	51,743	87,472	89,341	89,862	67,092	144,272	121,422	176,813	265,694
Administrative Fee Adjustment (i)	- 0	- 0	- 0	- 0	- 0	- 0	2,719	2,546	2,708	2,551	- 0	5,259
Taxes and Related Payables (j)	(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
Taxes and Related Payables (j)	29,039	55,201	35,815	76,104	23,053	63,990	40,225	176,859	84,222	140,673	87,043	224,895
Net Interest (Income) Loss (k)	(5,061)	(2,761)	7,767	2,496	3,941	12,634	12,731	5,604	12,928	11,201	16,575	24,129
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
Realized Performance Revenues (l)	(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 (m)	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 (n)	(25,908)	(123,557)	(36,148)	(38,542)	(20,290)	(18,938)	(15,884)	(103,821)	(298,156)	(63,132)	(39,228)	(361,288)
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
Adjusted EBITDA Reconciliation
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
Interest Expense (o)	41,638	43,230	52,815	57,351	41,540	38,924	39,228	45,330	44,340	44,132	80,464	88,472
Taxes and Related Payables (j)	29,039	55,201	35,815	76,104	23,053	63,990	40,225	176,859	84,222	140,673	87,043	224,895
Depreciation and Amortization (p)	5,789	6,000	6,895	7,666	7,512	8,110	9,568	9,946	12,293	12,581	15,622	24,874
Adjusted EBITDA	$ 614,424	$ 813,293	$ 805,446	$ 1,055,159	$ 629,216	$ 659,007	$ 861,117	$ 1,696,541	$ 1,333,099	$ 1,267,379	$ 1,288,223	$ 2,600,478
See Reconciliation of GAAP to Non-GAAP Measures - Notes.

&"Trebuchet MS,Regular"&8Blackstone | &P

Recon Yrs

Reconciliation of GAAP to Non-GAAP Measures
($ in thousands)	2016	2017	2018	2019	2020
Net Income Attributable to The Blackstone Group Inc.	$ 1,039,014	$ 1,471,374	$ 1,541,788	$ 2,049,682	$ 1,045,363
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings	960,099	1,392,323	1,364,989	1,339,627	1,012,924
Net Income Attributable to Non-Controlling Interests in Consolidated Entities	246,152	497,439	358,878	476,779	217,117
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	3,977	13,806	(2,104)	(121)	(13,898)
Net Income	$ 2,249,242	$ 3,374,942	$ 3,263,551	$ 3,865,967	$ 2,261,506
Provision (Benefit) for Taxes	132,362	743,147	249,390	(47,952)	356,014
Income Before Provision for Taxes	$ 2,381,604	$ 4,118,089	$ 3,512,941	$ 3,818,015	$ 2,617,520
Transaction-Related Charges (a)	264,937	(176,531)	(261,916)	208,613	240,729
Amortization of Intangibles (b)	84,466	48,297	59,994	65,931	65,984
Impact of Consolidation (c)	(250,129)	(511,245)	(356,774)	(476,658)	(203,219)
Unrealized Performance Revenues (d)	(530,120)	105,432	(561,163)	(1,126,668)	384,758
Unrealized Performance Allocations Compensation (e)	333,528	103,794	319,742	540,285	(154,516)
Unrealized Principal Investment (Income) Loss (f)	(20,421)	131,206	65,851	(113,327)	101,742
Other Revenues (g)	(54,712)	140,051	(89,468)	(79,447)	253,693
Equity-Based Compensation (h)	79,571	107,110	158,220	230,194	333,767
Administrative Fee Adjustment (i)	- 0	- 0	- 0	- 0	5,265
Taxes and Related Payables (j)	(167,149)	(189,988)	(153,865)	(196,159)	(304,127)
Distributable Earnings	$ 2,121,575	$ 3,876,215	$ 2,693,562	$ 2,870,779	$ 3,341,596
Taxes and Related Payables (j)	167,149	189,988	153,865	196,159	304,127
Net Interest (Income) Loss (k)	51,623	49,918	(21,925)	2,441	34,910
Total Segment Distributable Earnings	$ 2,340,347	$ 4,116,121	$ 2,825,502	$ 3,069,379	$ 3,680,633
Realized Performance Revenues (l)	(1,545,586)	(3,647,807)	(1,811,771)	(1,660,642)	(1,865,993)
Realized Performance Compensation (m)	483,257	1,297,611	678,141	603,935	714,347
Realized Principal Investment Income (n)	(199,869)	(436,194)	(236,058)	(224,155)	(158,933)
Fee Related Earnings	$ 1,078,149	$ 1,329,731	$ 1,455,814	$ 1,788,517	$ 2,370,054
Adjusted EBITDA Reconciliation
Distributable Earnings	$ 2,121,575	$ 3,876,215	$ 2,693,562	$ 2,870,779	$ 3,341,596
Interest Expense (o)	148,022	192,838	159,838	195,034	165,022
Taxes and Related Payables (j)	167,149	189,988	153,865	196,159	304,127
Depreciation and Amortization (p)	31,971	25,228	23,882	26,350	35,136
Adjusted EBITDA	$ 2,468,717	$ 4,284,269	$ 3,031,147	$ 3,288,322	$ 3,845,881
See Reconciliation of GAAP to Non-GAAP Measures - Notes.

&"Trebuchet MS,Regular"&8Blackstone | &P

Recon Notes

Reconciliation of GAAP to Non-GAAP Measures - Notes
Note: See Definitions.
(a)	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.
(b)	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 was historically accounted for under
the equity method. As a result of Pátria IPO in January 2021, equity method has been discontinued and there will no longer be amortization of
intangibles associated with the investment.
(c)	This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone's segment presentation. This
adjustment includes the elimination of Blackstone's interest in these funds and the removal of amounts associated with the ownership of
Blackstone consolidated operating partnerships held by non-controlling interests.
(d)	This adjustment removes Unrealized Performance Revenues on a segment basis.
(e)	This adjustment removes Unrealized Performance Allocations Compensation.
(f)	This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis.
(g)	This adjustment removes Other Revenues on a segment basis.
(h)	This adjustment removes Equity-Based Compensation on a segment basis.
(i)	This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings
Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating
Expenses in Blackstone's segment presentation.
(j)	Taxes represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before
Provision (Benefit) for Taxes and adjusted to exclude the tax impact of any divestitures. Related Payables represent tax-related payables
including the amount payable under the Tax Receivable Agreement. Please refer to Definitions for the full definition of Taxes and Related Payables.
(k)	This adjustment removes Interest and Dividend Revenue less Interest Expense on a segment basis.
(l)	This adjustment removes the total segment amount of Realized Performance Revenues.
(m)	This adjustment removes the total segment amount of Realized Performance Compensation.
(n)	This adjustment removes the total segment amount of Realized Principal Investment Income.
(o)	This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement.
(p)	This adjustment adds back Depreciation and Amortization on a segment basis.

&"Trebuchet MS,Regular"&8Blackstone | &P

AUM

Assets Under Management - Rollforward
Total AUM Rollforward
($ in millions)
Three Months Ended June 30, 2021	Twelve Months Ended June 30, 2021
0	Real	Private	Hedge Fund	Credit &	Total	Real	Private	Hedge Fund	Credit &	Total
December 31, 1899	Estate	Equity	Solutions	Insurance	Estate	Equity	Solutions	Insurance
Beginning Balance	$ 196,277	$ 211,801	$ 81,819	$ 158,906	$ 648,803	$ 166,724	$ 184,118	$ 75,668	$ 137,820	$ 564,330
Inflows	8,880	7,335	2,197	18,870	37,281	33,350	24,126	8,109	50,733	116,317
Outflows	(579)	(1,078)	(7,299)	(2,717)	(11,672)	(4,718)	(3,469)	(14,776)	(12,701)	(35,663)
Net Flows	8,301	6,257	(5,102)	16,153	25,609	28,632	20,656	(6,667)	38,032	80,654
Realizations	(5,306)	(8,633)	(304)	(5,390)	(19,633)	(18,733)	(29,010)	(1,235)	(14,408)	(63,387)
Market Activity	8,277	14,196	2,731	4,045	29,250	30,925	47,857	11,379	12,270	102,431
Ending Balance	$ 207,548	$ 223,621	$ 79,145	$ 173,714	$ 684,029	$ 207,548	$ 223,621	$ 79,145	$ 173,714	$ 684,029
% Change	6%	6%	(3)%	9%	5%	24%	21%	5%	26%	21%
Fee-Earning AUM Rollforward
($ in millions)
Three Months Ended June 30, 2021	Twelve Months Ended June 30, 2021
0	Real	Private	Hedge Fund	Credit &	Total	Real	Private	Hedge Fund	Credit &	Total
December 31, 1899	Estate	Equity	Solutions	Insurance	Estate	Equity	Solutions	Insurance
Beginning Balance	$ 155,852	$ 131,903	$ 76,614	$ 116,856	$ 481,225	$ 134,260	$ 129,284	$ 70,200	$ 102,081	$ 435,826
Inflows	9,834	2,320	1,795	14,734	28,684	33,466	12,842	7,666	40,768	94,742
Outflows	(582)	(458)	(8,277)	(2,502)	(11,819)	(3,202)	(1,464)	(14,962)	(12,214)	(31,841)
Net Flows	9,253	1,863	(6,482)	12,232	16,865	30,264	11,378	(7,296)	28,554	62,900
Realizations	(3,070)	(3,304)	(295)	(4,030)	(10,698)	(10,237)	(11,623)	(1,182)	(10,275)	(33,316)
Market Activity	4,229	2,013	2,403	2,895	11,540	11,976	3,436	10,518	7,593	33,523
Ending Balance	$ 166,263	$ 132,475	$ 72,240	$ 127,953	$ 498,933	$ 166,263	$ 132,475	$ 72,240	$ 127,953	$ 498,933
% Change	7%	0%	0%	(6)%	9%	4%	24%	2%	3%	25%	14%
Inflows include contributions, capital raised, other increases in available capital (recallable capital and increased side-by-side commitments), purchases, inter-segment allocations and
acquisitions. Outflows represent redemptions, client withdrawals and decreases in available capital (expired capital, expense drawdowns and decreased side-by-side commitments).
Realizations represent realization proceeds from the disposition or other monetization of assets, current income or capital returned to investors from CLOs. Market Activity includes
realized and unrealized gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations. AUM is reported in the segment where the assets are managed.
Totals may not add due to rounding.
In 4Q'20, the methodology for Total AUM was updated with respect to the relevant segment for certain real estate, secondaries and credit funds to include permanent fund level leverage
(as this represents additional capital the fund is managing), to include uncalled capital commitments until they are legally expired and to exclude certain uncalled capital commitments where
the investors have complete discretion over investment. In 2Q'21, the methodology for Total AUM was further updated to exclude permanent fund level leverage where the intended use is
not for investing purposes. In 2Q'21, the methodology adjustment in Real Estate was $(1.8) billion. Over the 2Q'21 LTM, the methodology adjustments in Real Estate, Private Equity, and
Credit & Insurance were $2.0 billion, $1.9 billion, and $(1.5) billion, respectively. Funds without an adjustment were either already applying that methodology in reporting Total AUM or
the updates were not applicable.
Subsequent to 4Q'20, increases/decreases in permanent fund level leverage included in Total AUM and uncalled capital commitments that have not legally expired where investors
do not have complete discretion over investment for the aforementioned funds will be reflected as inflows, outflows, realizations, and/or market activity, as the case may be.

&"Trebuchet MS,Regular"&8Blackstone | &P

Investment Record

Investment Records as of June 30, 2021(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)	% Public	Value	MOIC (c)	Value	MOIC (c)	Realized	Total
Real Estate
Pre-BREP	$ 140,714	$ - 0	$ - 0	n/a	- 0	$ 345,190	2.5x	$ 345,190	2.5x	33%	33%
BREP I (Sep 1994 / Oct 1996)	380,708	- 0	- 0	n/a	- 0	1,327,708	2.8x	1,327,708	2.8x	40%	40%
BREP II (Oct 1996 / Mar 1999)	1,198,339	- 0	- 0	n/a	- 0	2,531,614	2.1x	2,531,614	2.1x	19%	19%
BREP III (Apr 1999 / Apr 2003)	1,522,708	- 0	- 0	n/a	- 0	3,330,406	2.4x	3,330,406	2.4x	21%	21%
BREP IV (Apr 2003 / Dec 2005)	2,198,694	- 0	67,097	1.3x	56%	4,579,740	1.7x	4,646,837	1.7x	13%	12%
BREP V (Dec 2005 / Feb 2007)	5,539,418	231,857	255,300	1.1x	58%	13,090,349	2.4x	13,345,649	2.3x	12%	11%
BREP VI (Feb 2007 / Aug 2011)	11,060,444	550,596	493,096	2.3x	77%	27,272,291	2.5x	27,765,387	2.5x	13%	13%
BREP VII (Aug 2011 / Apr 2015)	13,496,823	1,525,932	5,918,553	1.3x	6%	23,280,621	2.1x	29,199,174	1.9x	22%	14%
BREP VIII (Apr 2015 / Jun 2019)	16,576,617	2,571,042	14,572,997	1.3x	0%	14,848,690	2.4x	29,421,687	1.7x	29%	15%
*BREP IX (Jun 2019 / Dec 2024)	21,007,890	11,839,168	12,675,878	1.4x	7%	1,585,131	1.7x	14,261,009	1.4x	n/m	29%
Total Global BREP	$ 73,122,355	$ 16,718,595	$ 33,982,921	1.4x	6%	$ 92,191,740	2.3x	$ 126,174,661	1.9x	18%	16%
BREP Int'l (Jan 2001 / Sep 2005)	€ 824,172	€ - 0	€ - 0	n/a	- 0	€ 1,373,170	2.1x	€ 1,373,170	2.1x	23%	23%
BREP Int'l II (Sep 2005 / Jun 2008) (e)	1,629,748	- 0	- 0	n/a	- 0	2,576,670	1.8x	2,576,670	1.8x	8%	8%
BREP Europe III (Jun 2008 / Sep 2013)	3,205,167	460,260	339,108	0.5x	- 0	5,738,120	2.5x	6,077,228	2.1x	20%	14%
BREP Europe IV (Sep 2013 / Dec 2016)	6,675,950	1,328,875	2,226,614	1.4x	- 0	9,238,374	1.9x	11,464,988	1.8x	20%	14%
BREP Europe V (Dec 2016 / Oct 2019)	7,937,730	1,579,708	8,147,321	1.4x	- 0	1,530,272	2.5x	9,677,593	1.5x	41%	11%
*BREP Europe VI (Oct 2019 / Apr 2025)	9,835,049	6,410,782	3,935,114	1.2x	2%	9,200	n/a	3,944,314	1.2x	n/m	13%
Total BREP Europe	€ 30,107,816	€ 9,779,625	€ 14,648,157	1.3x	1%	€ 20,465,806	2.1x	€ 35,113,963	1.7x	16%	12%
BREP Asia I (Jun 2013 / Dec 2017)	$ 4,261,983	$ 916,901	$ 2,505,476	1.4x	17%	$ 5,788,923	2.1x	$ 8,294,399	1.8x	21%	13%
*BREP Asia II (Dec 2017 / Jun 2023)	7,349,172	3,091,837	5,381,616	1.3x	5%	491,184	1.7x	5,872,800	1.3x	55%	11%
BREP Co-Investment (f)	7,055,974	32,158	670,425	1.6x	1%	14,812,488	2.2x	15,482,913	2.2x	16%	16%
Total BREP	$ 127,579,181	$ 32,356,170	$ 59,378,266	1.3x	5%	$ 138,957,222	2.2x	$ 198,335,488	1.9x	17%	15%
*Core+ BPP (Various) (g)	n/a	n/a	48,143,297	n/a	- 0	8,480,471	n/a	56,623,768	n/a	n/a	9%
*Core+ BREIT (Various) (h)	n/a	n/a	31,518,967	n/a	- 0	1,008,038	n/a	32,527,005	n/a	n/a	11%
*BREDS High-Yield (Various) (i)	19,991,125	7,767,589	5,179,211	1.1x	- 0	13,732,462	1.3x	18,911,673	1.2x	11%	10%
Private Equity
Corporate Private Equity
BCP I (Oct 1987 / Oct 1993)	$ 859,081	$ - 0	$ - 0	n/a	- 0	$ 1,741,738	2.6x	$ 1,741,738	2.6x	19%	19%
BCP II (Oct 1993 / Aug 1997)	1,361,100	- 0	- 0	n/a	- 0	3,256,819	2.5x	3,256,819	2.5x	32%	32%
BCP III (Aug 1997 / Nov 2002)	3,967,422	- 0	- 0	n/a	- 0	9,184,688	2.3x	9,184,688	2.3x	14%	14%
BCOM (Jun 2000 / Jun 2006)	2,137,330	24,575	16,589	n/a	- 0	2,953,649	1.4x	2,970,238	1.4x	6%	6%
BCP IV (Nov 2002 / Dec 2005)	6,773,182	179,524	118,662	1.3x	- 0	21,478,010	2.9x	21,596,672	2.8x	36%	36%
BCP V (Dec 2005 / Jan 2011)	21,009,112	1,035,259	553,720	37.5x	98%	37,876,327	1.9x	38,430,047	1.9x	8%	8%
BCP VI (Jan 2011 / May 2016)	15,202,246	1,164,816	11,003,889	2.0x	52%	20,142,109	2.1x	31,145,998	2.1x	17%	13%
BCP VII (May 2016 / Feb 2020)	18,846,349	1,622,124	27,335,958	1.8x	34%	5,130,267	1.9x	32,466,225	1.8x	29%	21%
*BCP VIII (Feb 2020 / Feb 2026)	24,884,732	21,948,631	4,226,476	1.5x	6%	- 0	n/a	4,226,476	1.5x	n/a	n/m
Energy I (Aug 2011 / Feb 2015)	2,441,558	142,138	728,983	1.4x	64%	3,618,876	1.9x	4,347,859	1.8x	14%	11%
Energy II (Feb 2015 / Feb 2020)	4,914,647	833,132	4,214,573	1.3x	20%	1,197,747	0.9x	5,412,320	1.2x	(8)%	2%
*Energy III (Feb 2020 / Feb 2026)	4,257,011	3,679,798	1,091,715	2.1x	75%	238,516	2.0x	1,330,231	2.0x	94%	95%
*BCP Asia I (Dec 2017 / Dec 2023)	2,414,503	1,370,026	3,079,369	3.1x	58%	603,472	4.8x	3,682,841	3.3x	97%	65%
BCP Asia II (TBD)	5,243,475	5,243,475	- 0	n/a	- 0	- 0	n/a	- 0	n/a	n/a	n/a
Core Private Equity I (Jan 2017 / Mar 2021) (j)	4,756,020	1,076,792	7,024,913	1.8x	- 0	1,284,639	2.3x	8,309,552	1.9x	31%	25%
*Core Private Equity II (Mar 2021 / Mar 2026) (j)	8,165,403	8,156,099	(4,266)	n/a	- 0	- 0	n/a	(4,266)	n/a	n/a	n/a
Total Corporate Private Equity	$ 127,233,171	$ 46,476,389	$ 59,390,581	1.8x	33%	$ 108,706,857	2.1x	$ 168,097,438	2.0x	16%	15%
Tactical Opportunities
*Tactical Opportunities (Various)	22,862,522	7,088,393	14,979,562	1.5x	20%	14,307,619	1.8x	29,287,181	1.6x	17%	13%
*Tactical Opportunities Co-Investment and Other (Various)	9,238,885	1,445,766	4,253,052	1.4x	6%	6,072,437	1.6x	10,325,489	1.5x	20%	16%
Total Tactical Opportunities	$ 32,101,407	$ 8,534,159	$ 19,232,614	1.5x	17%	$ 20,380,056	1.7x	$ 39,612,670	1.6x	18%	14%
*Blackstone Growth (Jul 2020 / Jul 2025)	4,761,851	3,500,609	2,101,698	1.6x	46%	220,087	3.8x	2,321,785	1.7x	n/m	n/m
Strategic Partners (Secondaries)
Strategic Partners I-V (Various) (k)	11,863,351	1,047,300	722,607	n/m	- 0	17,234,545	n/m	17,957,152	1.6x	n/a	13%
Strategic Partners VI (Apr 2014 / Apr 2016) (k)	4,362,750	1,316,363	1,278,661	n/m	- 0	3,596,948	n/m	4,875,609	1.5x	n/a	15%
Strategic Partners VII (May 2016 / Mar 2019) (k)	7,489,970	2,049,841	5,268,290	n/m	- 0	3,509,459	n/m	8,777,749	1.6x	n/a	20%
Strategic Partners Real Assets II (May 2017 / Jun 2020) (k)	1,749,807	379,942	1,047,927	n/m	- 0	535,504	n/m	1,583,431	1.2x	n/a	12%
*Strategic Partners VIII (Mar 2019 / Jul 2023) (k)	10,763,600	5,454,255	5,691,944	n/m	- 0	1,991,266	n/m	7,683,210	1.5x	n/a	44%
*Strategic Partners Real Estate, SMA and Other (Various) (k)	7,878,498	2,537,778	2,999,839	n/m	- 0	2,015,737	n/m	5,015,576	1.3x	n/a	15%
*Strategic Partners Infra III (Jun 2020 / Jul 2024) (k)	3,250,100	2,627,042	101,030	n/m	- 0	14,819	n/a	115,849	1.7x	n/a	n/m
Total Strategic Partners (Secondaries)	$ 47,358,076	$ 15,412,521	$ 17,110,298	n/m	- 0	$ 28,898,278	n/m	$ 46,008,576	1.5x	n/a	15%
*Infrastructure (Various)	13,658,063	9,103,132	6,168,496	1.4x	49%	- 0	n/a	6,168,496	1.4x	n/a	20%
Life Sciences
Clarus IV (Jan 2018 / Jan 2020)	910,000	275,501	821,098	1.5x	5%	34,970	0.8x	856,068	1.5x	(27)%	16%
*BXLS V (Jan 2020 / Jan 2025)	4,772,543	4,124,567	822,115	1.4x	15%	- 0	n/a	822,115	1.4x	n/a	n/m
Credit
Mezzanine / Opportunistic I (Jul 2007 / Oct 2011)	$ 2,000,000	$ 97,114	$ 20,784	1.1x	- 0	$ 4,775,786	1.6x	$ 4,796,570	1.6x	n/a	17%
Mezzanine / Opportunistic II (Nov 2011 / Nov 2016)	4,120,000	1,013,932	876,247	0.6x	- 0	5,787,118	1.6x	6,663,365	1.3x	n/a	10%
Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)	6,639,133	1,073,044	5,120,278	1.1x	0%	3,756,163	1.7x	8,876,441	1.3x	n/a	11%
*Mezzanine / Opportunistic IV (Jan 2021 / Jan 2026)	3,738,771	3,304,044	444,960	1.0x	- 0	5,321	n/a	450,281	1.0x	n/a	n/a
Stressed / Distressed I (Sep 2009 / May 2013)	3,253,143	76,000	- 0	n/a	- 0	5,776,922	1.3x	5,776,922	1.3x	n/a	9%
Stressed / Distressed II (Jun 2013 / Jun 2018)	5,125,000	547,430	642,546	0.7x	- 0	4,956,906	1.2x	5,599,452	1.1x	n/a	1%
*Stressed / Distressed III (Dec 2017 / Dec 2022)	7,356,380	3,665,909	2,142,557	1.0x	- 0	2,002,481	1.4x	4,145,038	1.1x	n/a	8%
Energy I (Nov 2015 / Nov 2018)	2,856,867	1,003,583	1,437,797	1.0x	- 0	1,523,775	1.6x	2,961,572	1.3x	n/a	8%
*Energy II (Feb 2019 / Feb 2024)	3,616,081	2,639,556	1,109,599	1.1x	- 0	338,649	1.7x	1,448,248	1.2x	n/a	27%
European Senior Debt I (Feb 2015 / Feb 2019)	€ 1,964,689	€ 262,076	€ 1,403,591	1.0x	- 0	€ 1,824,750	1.4x	€ 3,228,341	1.2x	n/a	6%
*European Senior Debt II (Jun 2019 / Jun 2024)	€ 4,088,344	€ 3,344,258	€ 1,777,997	1.0x	- 0	€ 581,142	1.2x	€ 2,359,139	1.1x	n/a	19%
Total Credit Drawdown Funds (l)	$ 45,611,033	$ 17,697,364	$ 15,567,813	1.0x	0%	$ 31,707,914	1.4x	$ 47,275,727	1.3x	n/a	10%
*Direct Lending BDC (Various) (m)	3,926,295	356,250	3,741,102	n/a	- 0	379,307	n/a	4,120,409	n/a	n/a	10%

&"Trebuchet MS,Regular"&14Blackstone | &P

Investment Record Notes

Investment Records as of June 30, 2021 - 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.
*	Represents funds that are currently in their investment period and open ended funds.
BREP - Blackstone Real Estate Partners, BREIT - Blackstone Real Estate Income Trust, BPP - Blackstone Property Partners, BREDS - Blackstone
Real Estate Debt Strategies, BCP - Blackstone Capital Partners, BCOM - Blackstone Communications, BXLS - Blackstone Life Sciences,
(a)	Excludes investment vehicles where Blackstone does not earn fees.
(b)	Available Capital represents total investable capital commitments, including side-by-side, adjusted for certain expenses and expired
or recallable capital and may include leverage, less invested capital. This amount is not reduced by outstanding commitments
to investments.
(c)	Multiple of Invested Capital ("MOIC") represents carrying value, before management fees, expenses and Performance Revenues, divided
by invested capital.
(d)	Unless otherwise indicated, Net Internal Rate of Return ("IRR") represents the annualized inception to June 30, 2021 IRR on
total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues.
IRRs are calculated using actual timing of limited partner cash flows. Initial inception date of cash flows may differ from the Investment Period
Beginning Date.
(e)	The 8% Realized Net IRR and 8% Total Net IRR exclude investors that opted out of the Hilton investment opportunity. Overall BREP
International II performance reflects a 7% Realized Net IRR and a 7% Total Net IRR.
(f)	BREP Co-Investment represents co-investment capital raised for various BREP investments. The Net IRR reflected is calculated by
aggregating each co-investment's realized proceeds and unrealized value, as applicable, after management fees, expenses and
Performance Revenues.
(g)	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.
(h)	Unrealized Investment Value reflects BREIT's net asset value as of June 30, 2021. 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.
(i)	BREDS High-Yield represents the flagship real estate debt drawdown funds only and excludes BREDS High-Grade.
(j)	Blackstone Core Equity Partners is a core private equity strategy which invests with a more modest risk profile and longer hold period than
traditional private equity.
(k)	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.
(l)	Funds presented represent the flagship credit drawdown funds only. The Total Credit Net IRR is the combined IRR of the
credit drawdown funds presented.
(m)	Unrealized Investment Value reflects Blackstone Secured Lending Fund's ("BXSL") net asset value as of June 30, 2021. Realized Investment Value
represents BXSL's cash distributions. BXSL'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.

&"Trebuchet MS,Regular"&8Blackstone | &P

Definitions

Definitions
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 Realizations is presented on a segment basis and is the sum of Realized Principal Investment Income and Realized Performance
Revenues (which refers to Realized Performance Revenues excluding Fee Related Performance Revenues), less Realized Performance
Compensation (which refers to Realized Performance Compensation excluding Fee Related Performance Compensation and Equity-Based
Performance Compensation).
- Total Segment Revenues and Segment Revenues represent Net Management and Advisory Fees, Fee Related Performance Revenues,
Realized Performance Revenues and Realized Principal Investment Income.
■	Distributable Earnings, or "DE", is derived from Blackstone's segment reported results. DE is used to assess performance and amounts
available for dividends to Blackstone shareholders, including Blackstone personnel and others who are limited partners of the Blackstone
Holdings Partnerships. DE is the sum of Segment DE plus Net Interest 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 Payables represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated
on Income (Loss) Before Provision (Benefit) for Taxes and including the Payable under the Tax Receivable Agreement. Further, the
current tax provision utilized when calculating Taxes and Related Payables and DE reflects the benefit of deductions available
to the company on certain expense items that are excluded from the underlying calculation of Segment DE and Total
Segment Distributable Earnings, such as equity-based compensation charges and certain Transaction-Related 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.
- Fee Related Compensation is presented on a segment basis and refers to the compensation expense, excluding Equity-Based
Compensation, directly related to (a) Management and Advisory Fees, Net and (b) Fee Related Performance Revenues, referred to as
Fee Related Performance Compensation.
- Fee Related Performance Revenues refers to the realized portion of Performance Revenues from Perpetual Capital that are
(a) measured and received on a recurring basis, and (b) not dependent on realization events from the underlying investments.
- Other Operating Expenses is presented on a segment basis and is equal to General, Administrative and Other Expenses,
adjusted to (a) remove the amortization of transaction-related intangibles, (b) remove certain expenses reimbursed by the
Blackstone Funds which are netted against Management and Advisory Fees, Net in Blackstone's segment presentation, and
(c) give effect to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units.
The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of
Other Operating Expenses in Blackstone's segment presentation.
- Perpetual Capital refers to the component of assets under management with an indefinite term, that is not in liquidation, and for which
there is no requirement to return capital to investors through redemption requests in the ordinary course of business, except where
funded by new capital inflows. Includes co-investment capital with an investor right to convert into Perpetual Capital.
■	Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization, or "Adjusted EBITDA", is a supplemental measure used to
assess performance derived from Blackstone's segment results and may be used to assess its ability to service its borrowings. Adjusted
EBITDA represents Distributable Earnings plus the addition of (a) Interest Expense on a segment basis, (b) Taxes and Related Payables, and
(c) Depreciation and Amortization. Adjusted EBITDA is derived from and reconciled to, but not equivalent to, its most directly comparable
GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.
■	Performance Revenues collectively refers to: (a) Incentive Fees, and (b) Performance Allocations.
■	Performance Compensation collectively refers to: (a) Incentive Fee Compensation, and (b) Performance Allocations Compensation.
- Performance Compensation reflects an increase in the aggregate Realized Performance Compensation paid to certain of our professionals
above the amounts allocable to them based upon the percentage participation in the relevant performance plans previously awarded to
them as a result of a new compensation program that commenced in 2Q'21. Fee Related Compensation was decreased by a corresponding
amount. These changes to Performance Compensation and Fee Related Compensation had no impact to Distributable Earnings in 2Q'21.
■	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.

&"Trebuchet MS,Regular"&8Blackstone | &P