Blackstone 8K Reports First Quarter 2021 Results | BX 22 Apr 21

Exhibit 99.1

LOGO

Blackstone Reports First Quarter 2021 Results

New York, April 22, 2021: Blackstone (NYSE:BX) today reported its first quarter 2021 results.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone reported another exceptional quarter. We continue to deliver on our core mission of generating outstanding returns for investors. Our brand is powering robust growth, increasingly in perpetual capital strategies, and driving an important shift toward more recurring earnings. We ended the quarter with record assets under management of $649 billion, up 21% year-over-year.”

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

Dividend

Blackstone has declared a quarterly dividend of $0.82 per share to record holders of common stock at the close of business on May 3, 2021. This dividend will be paid on May 10, 2021.

Quarterly Investor Call Details

Blackstone will host its first quarter 2021 investor conference via public webcast on April 22, 2021 at 9:00 a.m. ET. To register, please use the following link: https://event.webcasts.com/starthere.jsp?ei=1447766&tp_key=c8c7a9ddaf. For those unable to listen to the live

Blackstone

345 Park Avenue New York NY 10154

T 212 583 5000

www.blackstone.com

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

About Blackstone

Blackstone is 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 $649 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.

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

Investor and Media Relations Contacts


Weston Tucker Blackstone Tel: +1 (212) 583-5231 tucker@blackstone.com		Christine Anderson Blackstone Tel: +1 (212) 583-5182 christine.anderson@blackstone.com

Blackstone’s First

Quarter 2021 Earnings

APRIL 22, 2021

Blackstone |

BLACKSTONE’S FIRST QUARTER 2021 GAAP RESULTS

GAAP Net Income was $3.4 billion for the quarter and $8.2 billion over the last twelve months (“LTM”). GAAP Net

Income Attributable to The Blackstone Group Inc. was $1.7 billion for the quarter and $3.9

billion over the LTM.

Throughout this presentation, all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See pages 34-35, Definitions

and Dividend Policy, for definitions of terms used throughout this presentation. See additional notes on page 32.

($ in thousands, except per share data) (unaudited)

1Q'20

1Q'21

1Q'20 LTM

1Q'21 LTM

Revenues

Management and Advisory Fees, Net

934,832

1,177,815

3,597,261

4,335,532

Incentive Fees

12,161

36,124

129,940

162,624

Investment Income (Loss)

Performance Allocations

Realized

167,530

534,367

1,664,155

2,472,837

Unrealized

(3,453,081)

2,464,497

(2,990,748)

5,533,185

Principal Investments

Realized

48,695

355,038

368,912

697,971

Unrealized

(959,365)

639,315

(913,406)

1,484,073

Total Investment Income (Loss)

(4,196,221)

3,993,217

(1,871,087)

10,188,066

Interest and Dividend Revenue

35,084

31,412

173,398

121,559

Other

138,180

60,304

207,923

(331,018)

Total Revenues

(3,075,964)

5,298,872

2,237,435

14,476,763

Expenses

Compensation and Benefits

Compensation

476,543

542,638

1,825,476

1,921,714

Incentive Fee Compensation

6,522

13,325

45,416

51,228

Performance Allocations Compensation

Realized

72,423

213,027

648,970

983,834

Unrealized

(1,397,378)

1,049,969

(1,144,108)

2,292,831

Total Compensation and Benefits

(841,890)

1,818,959

1,375,754

5,249,607

General, Administrative and Other

157,566

185,122

690,912

739,338

Interest Expense

41,644

44,983

199,290

169,501

Fund Expenses

4,605

2,383

19,456

10,642

Total Expenses

(638,075)

2,051,447

2,285,412

6,169,088

Other Income (Loss)

Change in Tax Receivable Agreement Liability

(595)

2,910

160,972

(31,878)

Net Gains (Losses) from Fund Investment Activities

(327,374)

120,353

(174,870)

478,269

Income (Loss) Before Provision (Benefit) for Taxes

(2,765,858)

3,370,688

(61,875)

8,754,066

Provision (Benefit) for Taxes

(158,703)

(447)

(247,810)

514,270

Net Income (Loss)

(2,607,155)

3,371,135

185,935

8,239,796

Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities

(15,469)

629

(18,070)

2,200

Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities

(645,077)

386,850

(355,131)

1,249,044

Net Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings

(880,117)

1,235,784

57,250

3,128,825

Net Income (Loss)

Attributable to The Blackstone Group Inc. (“BX”)

(1,066,492)

1,747,872

501,886

3,859,727

Net Income (Loss) Per Share of Common Stock, Basic

(1.58)

2.47

0.74

5.49

Net Income (Loss) Per Share of Common Stock, Diluted

(1.58)

2.46

0.74

5.49

Income (Loss) Before Provision (Benefit) for Taxes Margin

89.9%

63.6%

(2.8)%

60.5%

Blackstone |

BLACKSTONE’S FIRST QUARTER 2021 HIGHLIGHTS

Financial Measures

Fee

Earnings

(“FRE”)

$741

million

($0.62/share)

the

quarter,

58%

year-

over-year

–

FRE was $2.6 billion over the LTM ($2.20/share), up 40% year-over-year

Distributable Earnings (“DE”) of $1.2 billion ($0.96/share) in the quarter, up 114% year-

over-year

–

DE was $4.0 billion over the LTM ($3.15/share), up 38% year-over-year

Net Accrued Performance Revenues of $5.2 billion ($4.33/share), up 138% year-over-

year

Capital Metrics

Total Assets Under Management (“AUM”) of $648.8 billion, up 21% year-over-year

–

Fee-Earning AUM of $481.2 billion, up 14% year-over-year

Inflows of $31.6 billion in the quarter and $99.3 billion over the LTM

Realizations of $14.9 billion in the quarter and $51.1 billion over the LTM

Deployment of $17.7 billion in the quarter and $64.6 billion over the LTM

Capital Returned

to Shareholders

Dividend of $0.82 per common share payable on May 10, 2021

–

Dividends of $2.69 per common share over the LTM

$1.0 billion to be distributed to shareholders with respect to the first quarter and

$3.6

billion over the LTM through dividends and share repurchases

Notes on page 32.

Blackstone |

BLACKSTONE’S FIRST QUARTER 2021 SEGMENT EARNINGS

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

to Common Shareholders (see page 22, Shareholder Dividends) and end of period Participating Common Shares outstanding. LTM per Share amounts represent the

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

% Change

($ in thousands, except per share data)

1Q'20

1Q'21

vs. 1Q'20

1Q'20 LTM

1Q'21 LTM

vs. 1Q'20 LTM

Management and Advisory Fees, Net

940,567

1,178,205

25%

3,610,741

4,348,803

20%

Fee Related Performance Revenues

12,466

169,168

n/m

216,688

535,378

147%

Fee Related Compensation

(346,264)

(445,110)

29%

(1,358,811)

(1,595,416)

17%

Other Operating Expenses

(138,885)

(161,424)

16%

(586,716)

(645,756)

10%

Fee Related Earnings

467,884

740,839

58%

1,881,902

2,643,009

40%

Realized Performance Revenues

167,233

401,323

140%

1,581,106

2,100,083

33%

Realized Performance Compensation

(71,302)

(150,924)

112%

(589,997)

(793,969)

35%

Realized Principal Investment Income

20,290

298,156

n/m

218,537

436,799

100%

Net Realizations

116,221

548,555

372%

1,209,646

1,742,913

44%

Total Segment Distributable Earnings

584,105

1,289,394

121%

3,091,548

4,385,922

42%

Net Interest Income (Loss)

(3,941)

(12,928)

228%

(11,443)

(43,897)

284%

Taxes and Related Payables

(23,053)

(84,222)

265%

(190,173)

(365,296)

92%

Distributable Earnings

557,111

1,192,244

114%

2,889,932

3,976,729

38%

Additional Metrics:

FRE per Share

0.39

0.62

59%

1.57

2.20

40%

DE per Common Share

0.46

0.96

109%

2.33

3.15

35%

Total Segment Revenues

1,140,556

2,046,852

79%

5,627,072

7,421,063

32%

Total Assets Under Management

538,007,285

648,803,007

21%

538,007,285

648,803,007

21%

Fee-Earning Assets Under Management

423,055,037

481,225,407

14%

423,055,037

481,225,407

14%

Blackstone |

SUMMARY OF FINANCIALS

LTM Fee Related Earnings of $2.20 per share, an increase of 40% year-over-year.

LTM Total Segment Distributable Earnings were $4.4 billion, an increase of 42% year-over-year.

FRE Margin is calculated by dividing Fee Related Earnings by Fee Related Revenues (defined as the sum of Total Segment Management and Advisory Fees, Net

and Fee Related Performance Revenues).

Fee Related Earnings per Share

Segment Distributable Earnings

($ in millions)

FRE/Share

FRE Margin

Private

Equity

Real

Estate

Hedge Fund

Solutions

Credit &

Insurance

1Q’21 LTM total:

$4,386

$1,949

$1,494

$631

$313

$1.57

$2.20

49.2%

54.1%

1Q'20 LTM

1Q'21 LTM

Blackstone |

INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES

Strong appreciation across strategies led to a 36% increase in Net Accrued Performance Revenues to $5.2

billion

($4.33/share) quarter-over-quarter.

Investment Performance

(appreciation / gross returns)

Net Accrued Performance Revenues

($ in millions)

$3,826

$5,202

$1,724

$348

4Q'20

Net

Performance

Revenues

Net

Realized

Distributions

1Q'21

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 2.2% and 17.1% for 1Q’21 and 1Q’21 LTM, respectively. Private Credit net returns were 6.0% and 29.7% for 1Q’21 and 1Q’21 LTM,

respectively. Liquid Credit net returns were 1.5% and 20.2% for 1Q’21 and 1Q’21 LTM, respectively. See notes on pages 32-33 for additional details on investment

performance.

1Q'21

1Q'21 LTM

Real Estate

Opportunistic

5.3%

17.7%

Core+

3.2%

15.2%

Private Equity

Corporate Private Equity

15.3%

51.1%

Tactical Opportunities

15.1%

48.3%

Secondaries

10.6%

8.4%

Hedge Fund Solutions

BPS Composite

2.5%

18.1%

Credit & Insurance

Private Credit

7.3%

37.9%

Liquid Credit

1.6%

20.7%

Blackstone |

Inflows were $31.6 billion in the quarter, bringing LTM inflows to $99.3 billion.

Realizations were $14.9 billion in the quarter and $51.1 billion over the LTM.

Deployed $17.7 billion in the quarter and $64.6 billion over the LTM.

–

Committed an additional $11.5 billion that was not yet deployed in the quarter.

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

($ in millions)

1Q'21

1Q'21 LTM

1Q'21

1Q'21 LTM

1Q'21

1Q'21 LTM

Real Estate

8,581

29,355

1,954

15,691

6,247

25,926

Opportunistic

358

1,309

924

11,026

2,550

8,480

Core+

7,863

23,183

646

2,827

3,093

14,943

BREDS

361

4,863

384

1,838

604

2,503

Private Equity

7,832

21,993

8,093

23,367

5,636

22,985

Corporate Private Equity

4,162

9,333

3,864

11,835

2,585

9,980

Tactical Opportunities

3,065

7,638

2,449

7,893

1,036

5,225

Secondaries

584

4,113

1,672

3,531

1,404

4,166

Infrastructure

909

108

610

3,613

Hedge Fund Solutions

2,067

9,236

194

1,448

557

2,640

Credit & Insurance

13,124

38,721

4,627

10,598

5,280

13,047

Total Blackstone

31,604

99,305

14,868

51,104

17,719

64,596

Inflows

Realizations

Capital Deployed

CAPITAL METRICS – ADDITIONAL DETAIL

Blackstone |

ASSETS UNDER MANAGEMENT

Total AUM increased to $648.8 billion, up 21% year-over-year, with $31.6 billion of inflows in the quarter

and $99.3 billion over the LTM.

Fee-Earning AUM of $481.2 billion was up 14% year-over-year, with $24.7 billion of inflows in the quarter

and $83.2 billion over the LTM.

Perpetual Capital AUM reached $149.1 billion, up 47% year-over-year.

Total AUM

($ in billions)

Fee-Earning AUM

($ in billions)

Perpetual Capital AUM

($ in billions)

Private Equity

Real Estate

Hedge Fund Solutions

Credit & Insurance

$128.7

$158.9

$73.7

$81.8

$174.7

$211.8

$160.9

$196.3

$538.0

$648.8

1Q'20

1Q'21

$96.1

$116.9

$68.2

$76.6

$128.3

$131.9

$130.4

$155.9

$423.1

$481.2

1Q'20

1Q'21

$26.8

$38.5

$5.8

$8.9

$14.2

$16.0

$54.3

$85.8

$101.1

$149.1

1Q'20

1Q'21

Blackstone |

ADDITIONAL CAPITAL DETAIL

Invested Performance Eligible AUM reached $321.6 billion at quarter end, up 40% year-over-year.

Undrawn capital (“Total Dry Powder”) available for investment of $148.2 billion.

Private Equity

Real Estate

Hedge Fund Solutions

Credit & Insurance

Invested Performance Eligible AUM

($ in billions)

Total Dry Powder

($ in billions)

Private

Equity

Real

Estate

Hedge Fund

Solutions

Credit &

Insurance

1Q’21 total:

$148.2

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

$23.1

$34.8

$39.4

$49.0

$64.4

$103.6

$102.6

$134.2

$229.5

$321.6

1Q'20

1Q'21

$43.2

$72.9

$4.6

$27.5

Blackstone |

Segment Highlights

Blackstone |

REAL ESTATE

Total AUM:

Increased 22% to $196.3 billion with inflows of $8.6 billion in the quarter and $29.4

billion over the LTM.

–

Inflows during the quarter largely driven by Core+, including $3.8 billion in BPP Life Sciences and $3.5 billion in

BREIT.

–

Fee-Earning AUM increased 19% to $155.9 billion; Core+ now represents 45% of Real Estate Fee-Earning AUM.

–

Strong momentum for BREIT with April 1 subscriptions of $1.7 billion not yet included in Total AUM.

Realizations:

$2.0 billion in the quarter and $15.7 billion over the LTM.

–

Had the first performance fee crystallization for Logicor, which will occur every three years.

Capital Deployed:

$6.2 billion in the quarter and $25.9 billion over the LTM; deployment in the quarter included the

acquisition of a 2.3 million square-foot life science office portfolio concentrated in Cambridge, MA.

–

Committed an additional $2.8 billion that was not yet deployed in the quarter; commitments include the

privatization of Extended Stay America.

Appreciation:

Opportunistic funds and Core+ funds appreciated 5.3% and 3.2% for the quarter, and 17.7% and 15.2%

over the LTM, respectively; appreciation reflects continued strong performance from investments in certain sectors

including global logistics and life science office.

% Change

($ in thousands)

1Q'20

1Q'21

vs. 1Q'20

1Q'20 LTM

1Q'21 LTM

vs. 1Q'20 LTM

Management Fees, Net

386,121

451,582

17%

1,367,423

1,704,149

25%

Fee Related Performance Revenues

4,551

155,392

n/m

196,112

489,002

149%

Fee Related Compensation

(120,296)

(188,492)

57%

(536,739)

(686,301)

28%

Other Operating Expenses

(40,476)

(44,362)

10%

(169,822)

(187,018)

10%

Fee Related Earnings

229,900

374,120

63%

856,974

1,319,832

54%

Realized Performance Revenues

43,720

88,638

103%

998,875

832,686

(17)%

Realized Performance Compensation

(13,392)

(22,762)

70%

(357,588)

(322,068)

(10)%

Realized Principal Investment Income

7,300

100,820

n/m

89,164

118,284

33%

Net Realizations

37,628

166,696

343%

730,451

628,902

(14)%

Segment Distributable Earnings

267,528

540,816

102%

1,587,425

1,948,734

23%

Segment Revenues

441,692

796,432

80%

2,651,574

3,144,121

19%

Total AUM

160,934,849

196,277,032

22%

160,934,849

196,277,032

22%

Fee-Earning AUM

130,424,462

155,851,794

19%

130,424,462

155,851,794

19%

Blackstone |

PRIVATE EQUITY

Total AUM:

Increased 21% to $211.8 billion with inflows of $7.8 billion in the quarter and $22.0 billion over the LTM.

–

Inflows in the quarter included $3.1 billion for the initial close of the second Corporate Private Equity Asia fund

and $1.6 billion of capital raised, including the final close, for Blackstone Growth.

Realizations:

$8.1 billion in the quarter and $23.4 billion over the LTM; realizations in the quarter included proceeds

from the initial public offering of Bumble, merger proceeds of Paysafe, and sales of Acrisure

and GridLiance.

Capital Deployed:

$5.6 billion in the quarter and $23.0 billion over the LTM, including Takeda Consumer Healthcare,

Applegreen, Piramal Glass, Liftoff and Bourne Leisure during the quarter.

–

Committed an additional $3.2 billion that was not yet deployed in the quarter, including investments in Signature

Aviation, Interior Logic Group and Desotec.

Appreciation:

Corporate Private Equity increased 15.3% in the quarter and 51.1% over the LTM, driven by strong

performance in both private and public holdings.

–

Tactical Opportunities increased 15.1% in the quarter and 48.3% over the LTM; Secondaries increased 10.6% in the

quarter and 8.4% over the LTM.

Secondaries’ appreciation reflects a reporting lag of its underlying funds.

% Change

($ in thousands)

1Q'20

1Q'21

vs. 1Q'20

1Q'20 LTM

1Q'21 LTM

vs. 1Q'20 LTM

Management and Advisory Fees, Net

266,172

406,448

53%

1,078,778

1,410,116

31%

Fee Related Compensation

(110,368)

(140,597)

27%

(426,533)

(485,767)

14%

Other Operating Expenses

(41,001)

(51,055)

25%

(166,810)

(205,267)

23%

Fee Related Earnings

114,803

214,796

87%

485,435

719,082

48%

Realized Performance Revenues

112,076

255,845

128%

424,469

1,021,262

141%

Realized Performance Compensation

(54,643)

(111,209)

104%

(196,653)

(423,515)

115%

Realized Principal Investment Income

10,347

115,403

n/m

75,457

177,145

135%

Net Realizations

67,780

260,039

284%

303,273

774,892

156%

Segment Distributable Earnings

182,583

474,835

160%

788,708

1,493,974

89%

Segment Revenues

388,595

777,696

100%

1,578,704

2,608,523

65%

Total AUM

174,695,883

211,801,085

21%

174,695,883

211,801,085

21%

Fee-Earning AUM

128,300,802

131,903,347

128,300,802

131,903,347

Blackstone |

HEDGE FUND SOLUTIONS

Total AUM:

Increased 11% to $81.8 billion with inflows of $2.1 billion in the quarter and $9.2

billion over the

LTM.

–

Record market appreciation of $12.4 billion over the LTM.

–

Inflows subsequent to quarter end of $440 million not yet included in Total AUM.

Returns:

BPS Composite gross return of 2.5% in the quarter (2.2% net), outperforming the HFRX Global Hedge Fund

Return Index, which was up 1.3%.

–

Gross returns of 18.1% over the LTM (17.1% net), with significantly less volatility than the broader markets,

compared to 16.2% return for the HFRX Global Hedge Fund Return Index.

% Change

($ in thousands)

1Q'20

1Q'21

vs. 1Q'20

1Q'20 LTM

1Q'21 LTM

vs. 1Q'20 LTM

Management Fees, Net

140,372

154,821

10%

562,851

602,528

Fee Related Compensation

(46,191)

(38,850)

(16)%

(155,197)

(154,372)

(1)%

Other Operating Expenses

(18,667)

(19,172)

(82,781)

(80,263)

(3)%

Fee Related Earnings

75,514

96,799

28%

324,873

367,893

13%

Realized Performance Revenues

1,767

31,573

n/m

124,252

209,595

69%

Realized Performance Compensation

(945)

(6,908)

631%

(23,833)

(37,187)

56%

Realized Principal Investment Income

(609)

35,550

n/m

21,381

90,269

322%

Net Realizations

213

60,215

n/m

121,800

262,677

116%

Segment Distributable Earnings

75,727

157,014

107%

446,673

630,570

41%

Segment Revenues

141,530

221,944

57%

708,484

902,392

27%

Total AUM

73,720,792

81,819,220

11%

73,720,792

81,819,220

11%

Fee-Earning AUM

68,214,435

76,614,206

12%

68,214,435

76,614,206

12%

Blackstone |

CREDIT & INSURANCE

Total AUM:

Increased 24% to $158.9 billion with inflows of $13.1 billion in the quarter and $38.7

billion over the LTM.

–

Global Direct Lending had inflows of $7.1 billion in the quarter, bringing Total AUM to $27.5 billion.

–

Continued fundraising and commenced investing for the latest Mezzanine / Opportunistic fund, with $7.0 billion

of total investable capital for the overall strategy.

–

Priced 2 new CLOs (1 U.S. and 1 European) for $993 million and 10 CLO refinancings, resets, or reissues (6 U.S. and

4 European) for $4.2 billion in the quarter.

Realizations:

$4.6 billion in the quarter and $10.6 billion over the LTM; significant realizations in the quarter included

Acrisure

for $1.3 billion.

–

Announced the sale of DoublePoint

Energy subsequent to quarter end.

Capital Deployed: $5.3 billion in the quarter driven by U.S. Direct Lending, and record $13.0 billion over the LTM;

committed an additional $5.5

billion that was not yet deployed in the quarter.

Returns:

Private Credit gross return of 7.3% (6.0% net) and Liquid Credit gross return of 1.6% (1.5% net) for the

quarter.

% Change

($ in thousands)

1Q'20

1Q'21

vs. 1Q'20

1Q'20 LTM

1Q'21 LTM

vs. 1Q'20 LTM

Management Fees, Net

147,902

165,354

12%

601,689

632,010

Fee Related Performance Revenues

7,915

13,776

74%

20,576

46,376

125%

Fee Related Compensation

(69,409)

(77,171)

11%

(240,342)

(268,976)

12%

Other Operating Expenses

(38,741)

(46,835)

21%

(167,303)

(173,208)

Fee Related Earnings

47,667

55,124

16%

214,620

236,202

10%

Realized Performance Revenues

9,670

25,267

161%

33,510

36,540

Realized Performance Compensation

(2,322)

(10,045)

333%

(11,923)

(11,199)

(6)%

Realized Principal Investment Income

3,252

46,383

n/m

32,535

51,101

57%

Net Realizations

10,600

61,605

481%

54,122

76,442

41%

Segment Distributable Earnings

58,267

116,729

100%

268,742

312,644

16%

Segment Revenues

168,739

250,780

49%

688,310

766,027

11%

Total AUM

128,655,761

158,905,670

24%

128,655,761

158,905,670

24%

Fee-Earning AUM

96,115,338

116,856,060

22%

96,115,338

116,856,060

22%

See notes on page 33.

Blackstone |

Supplemental Details

Blackstone |

TOTAL SEGMENTS

($ in thousands)

1Q'20

2Q'20

3Q'20

4Q'20

1Q'21

1Q'20 LTM

1Q'21 LTM

Base Management Fees

910,396

941,794

1,043,770

1,076,094

1,117,290

3,398,808

4,178,948

Transaction, Advisory and Other Fees, Net

50,665

48,292

33,628

75,290

78,640

299,935

235,850

Management Fee Offsets

(20,494)

(13,353)

(19,558)

(15,359)

(17,725)

(88,002)

(65,995)

Total Management and Advisory Fees, Net

940,567

976,733

1,057,840

1,136,025

1,178,205

3,610,741

4,348,803

Fee Related Performance Revenues

12,466

15,033

64,950

286,227

169,168

216,688

535,378

Fee Related Compensation

(346,264)

(306,904)

(360,633)

(482,769)

(445,110)

(1,358,811)

(1,595,416)

Other Operating Expenses

(138,885)

(143,583)

(151,213)

(189,536)

(161,424)

(586,716)

(645,756)

Fee Related Earnings

467,884

541,279

610,944

749,947

740,839

1,881,902

2,643,009

Realized Performance Revenues

167,233

102,177

319,954

1,276,629

401,323

1,581,106

2,100,083

Realized Performance Compensation

(71,302)

(37,787)

(121,730)

(483,528)

(150,924)

(589,997)

(793,969)

Realized Principal Investment Income

20,290

18,938

15,884

103,821

298,156

218,537

436,799

Total Net Realizations

116,221

83,328

214,108

896,922

548,555

1,209,646

1,742,913

Total Segment Distributable Earnings

584,105

624,607

825,052

1,646,869

1,289,394

3,091,548

4,385,922

Net Interest Income (Loss)

(3,941)

(12,634)

(12,731)

(5,604)

(12,928)

(11,443)

(43,897)

Taxes and Related Payables

(23,053)

(63,990)

(40,225)

(176,859)

(84,222)

(190,173)

(365,296)

Distributable Earnings

557,111

547,983

772,096

1,464,406

1,192,244

2,889,932

3,976,729

Additional Metrics:

Total Segment Revenues

1,140,556

1,112,881

1,458,628

2,802,702

2,046,852

5,627,072

7,421,063

Total Assets Under Management

538,007,285

564,330,088

584,376,213

618,556,928

648,803,007

538,007,285

648,803,007

Fee-Earning Assets Under Management

423,055,037

435,825,935

444,511,078

469,433,114

481,225,407

423,055,037

481,225,407

Blackstone |

Total AUM Rollforward

($ in millions)

Fee-Earning AUM Rollforward

($ in millions)

Three Months Ended March 31, 2021

Twelve Months Ended March 31, 2021

Real

Private

Hedge Fund

Credit &

Real

Private

Hedge Fund

Credit &

Estate

Equity

Solutions

Insurance

Estate

Equity

Solutions

Insurance

Beginning Balance

187,191

197,549

79,423

154,394

618,557

160,935

174,696

73,721

128,656

538,007

Inflows

8,581

7,832

2,067

13,124

31,604

29,355

21,993

9,236

38,721

99,305

Outflows

(1,809)

(751)

(1,623)

(5,792)

(9,975)

(4,852)

(3,060)

(12,095)

(12,331)

(32,339)

Net Flows

6,772

7,081

444

7,332

21,629

24,503

18,933

(2,860)

26,390

66,966

Realizations

(1,954)

(8,093)

(194)

(4,627)

(14,868)

(15,691)

(23,367)

(1,448)

(10,598)

(51,104)

Market Activity

4,267

15,265

2,147

1,807

23,485

26,531

41,539

12,407

14,457

94,934

Ending Balance

196,277

211,801

81,819

158,906

648,803

196,277

211,801

81,819

158,906

648,803

% Change

22%

21%

11%

24%

21%

Total

Three Months Ended March 31, 2021

Twelve Months Ended March 31, 2021

Real

Private

Hedge Fund

Credit &

Real

Private

Hedge Fund

Credit &

Estate

Equity

Solutions

Insurance

Estate

Equity

Solutions

Insurance

Beginning Balance

149,121

129,540

74,127

116,645

469,433

130,424

128,301

68,214

96,115

423,055

Inflows

8,561

5,974

2,006

8,187

24,728

27,204

16,008

9,352

30,586

83,150

Outflows

(844)

(608)

(1,346)

(5,116)

(7,914)

(3,351)

(2,952)

(11,233)

(11,792)

(29,328)

Net Flows

7,718

5,366

660

3,071

16,815

23,853

13,056

(1,881)

18,793

53,822

Realizations

(1,855)

(4,577)

(188)

(3,247)

(9,868)

(8,165)

(10,943)

(1,400)

(7,323)

(27,831)

Market Activity

868

1,574

2,016

387

4,846

9,739

1,489

11,681

9,271

32,179

Ending Balance

155,852

131,903

76,614

116,856

481,225

155,852

131,903

76,614

116,856

481,225

% Change

19%

12%

22%

14%

Total

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. Total AUM Market Activity for the LTM period includes a one-time adjustment for a

change in methodology, see additional notes on page 33.

ASSETS UNDER MANAGEMENT - ROLLFORWARD

Blackstone |

$6.69

$10.90

1Q'20

1Q'21

DECONSOLIDATED BALANCE SHEET HIGHLIGHTS

At March 31, 2021, Blackstone had $5.4 billion in total cash, cash equivalents, and corporate treasury investments

and $13.1

billion of cash and net investments, or $10.90 per share.

Blackstone has a $2.3 billion undrawn credit revolver and maintains A+/A+ ratings.

Balance Sheet Highlights exclude the consolidated Blackstone Funds. GP/Fund Investments include Blackstone investments in Real Estate, Private Equity,

Hedge Fund Solutions, and Credit & Insurance, which were $1.0 billion, $953 million, $164 million, and $329 million, respectively, as of March 31, 2021.

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

A+ / A+

rated by S&P and Fitch

$2.3B

undrawn credit revolver

with November 2025 maturity

$5.4B

total cash

and corporate treasury

Cash and Net Investments

(per share)

($ in millions)

1Q'21

Cash and Cash Equivalents

2,862

Corporate Treasury

Investments

2,585

GP/Fund Investments

2,455

Net Accrued Performance

Revenues

5,202

Cash and Net Investments

13,104

Outstanding Bonds (at par)

5,660

Blackstone |

1Q’21 QoQ Rollforward

($ in millions)

1Q’21 LTM Rollforward

($ in millions)

4Q'20

Net

Performance

Revenues

Net

Realized

Distributions

1Q'21

Real Estate

1,656

440

(155)

1,941

Private Equity

1,971

1,005

(145)

2,831

HFS

210

(25)

214

Credit &

Insurance

170

(23)

216

Total

3,826

1,724

(348)

5,202

QoQ Change

36%

1Q'20

Net

Performance

Revenues

Net

Realized

Distributions

1Q'21

Real Estate

1,446

1,284

(788)

1,941

Private Equity

720

2,714

(604)

2,831

HFS

372

(173)

214

Credit &

Insurance

261

(51)

216

Total

2,187

4,631

(1,616)

5,202

YoY Change

138%

($ in millions, except per share data)

1Q'20

4Q'20

1Q'21

Per Share

Real Estate

BREP IV

0.01

BREP V

0.02

BREP VI

0.03

BREP VII

309

236

253

0.21

BREP VIII

517

475

519

0.43

BREP IX

137

198

0.16

BREP Europe IV

123

0.08

BREP Europe V

110

211

244

0.20

BREP Asia I

127

179

0.15

BREP Asia II

0.07

BPP

196

264

189

0.16

BREIT

0.07

BREDS

0.03

BTAS

0.00

Real Estate

1,446

1,656

1,941

1.62

Private Equity

BCP IV

0.01

BCP V

0.03

BCP VI

283

680

746

0.62

BCP VII

115

688

987

0.82

BCP VIII

0.03

BCP Asia I

105

0.09

BEP I

0.04

BEP III

0.03

BCEP I

105

147

0.12

Tactical Opportunities

204

359

0.30

Secondaries

136

105

157

0.13

Infrastructure

0.04

Life Sciences

0.02

BTAS/Other

0.08

Private Equity

720

1,971

2,831

2.36

Hedge Fund Solutions

214

0.18

Credit & Insurance

170

216

0.18

Net Accrued Performance Revenues

2,187

3,826

5,202

4.33

NET ACCRUED PERFORMANCE REVENUES – ADDITIONAL DETAIL

Net Accrued Performance Revenues (“NAPR”) are presented net of performance compensation and excludes Performance Revenues realized but not yet

distributed as of the reporting date and clawback amounts, if any, which are disclosed in the 10-K/Q. Tactical Opportunities includes Blackstone Growth.

Per Share calculations are based on end of period DE Shares Outstanding (see page 23, Share Summary).

Blackstone |

Notes

page

21.

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.

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

($/€ 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%

BREP I (Sep 1994 / Oct 1996)

380,708

n/a

1,327,708

2.8x

1,327,708

2.8x

40%

BREP II (Oct 1996 / Mar 1999)

1,198,339

n/a

2,531,614

2.1x

2,531,614

2.1x

19%

BREP III (Apr 1999 / Apr 2003)

1,522,708

n/a

3,330,406

2.4x

3,330,406

2.4x

21%

BREP IV (Apr 2003 / Dec 2005)

2,198,694

56,464

1.1x

4,579,740

1.7x

4,636,204

1.7x

13%

12%

BREP V (Dec 2005 / Feb 2007)

5,539,418

231,873

215,826

0.9x

13,084,427

2.4x

13,300,253

2.3x

12%

11%

BREP VI (Feb 2007 / Aug 2011)

11,060,444

550,710

472,084

2.1x

27,242,899

2.5x

27,714,983

2.5x

13%

BREP VII (Aug 2011 / Apr 2015)

13,496,823

1,525,932

5,656,279

1.2x

23,127,388

2.1x

28,783,667

1.9x

22%

14%

BREP VIII (Apr 2015 / Jun 2019)

16,574,719

2,579,746

14,075,783

1.2x

13,664,356

2.3x

27,740,139

1.6x

29%

14%

*BREP IX (Jun 2019 / Dec 2024)

21,007,889

13,398,701

9,638,350

1.3x

1,371,851

1.5x

11,010,201

1.3x

n/m

21%

Total Global BREP

73,120,456

18,286,962

30,114,786

1.3x

90,605,579

2.3x

120,720,365

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%

BREP Int'l II (Sep 2005 / Jun 2008) (e)

1,629,748

n/a

2,576,670

1.8x

2,576,670

1.8x

BREP Europe III (Jun 2008 / Sep 2013)

3,205,167

461,661

360,225

0.5x

5,738,120

2.5x

6,098,345

2.1x

20%

14%

BREP Europe IV (Sep 2013 / Dec 2016)

6,710,146

1,336,401

2,333,250

1.4x

9,147,085

1.9x

11,480,335

1.8x

20%

14%

BREP Europe V (Dec 2016 / Oct 2019)

7,949,959

1,592,357

8,312,567

1.4x

867,616

2.8x

9,180,183

1.4x

52%

10%

*BREP Europe VI (Oct 2019 / Apr 2025)

9,836,400

6,583,540

3,418,851

1.1x

6,800

n/a

3,425,651

1.1x

n/m

Total BREP Europe

30,155,592

€

9,973,959

€

14,424,893

€

1.3x

19,709,461

€

2.1x

34,134,354

€

1.6x

16%

12%

BREP Asia I (Jun 2013 / Dec 2017)

4,261,983

917,283

3,554,880

1.6x

4,561,771

1.9x

8,116,651

1.8x

21%

13%

*BREP Asia II (Dec 2017 / Jun 2023)

7,349,172

3,383,780

4,955,595

1.3x

273,502

1.6x

5,229,097

1.3x

50%

11%

BREP Co-Investment (f)

7,055,974

32,096

591,579

1.4x

14,794,053

2.2x

15,385,632

2.2x

16%

Total BREP

126,272,767

34,319,574

55,789,784

1.3x

135,043,298

2.2x

190,833,082

1.8x

17%

15%

*Core+ BPP (Various) (g)

n/a

46,270,814

n/a

7,984,496

n/a

54,255,310

n/a

n/m

*Core+ BREIT (Various) (h)

n/a

24,359,495

n/a

840,788

n/a

25,200,283

n/a

*BREDS High-Yield (Various) (i)

19,990,223

8,389,472

4,528,956

1.1x

13,444,864

1.3x

17,973,820

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%

BCP II (Oct 1993 / Aug 1997)

1,361,100

n/a

3,256,819

2.5x

3,256,819

2.5x

32%

BCP III (Aug 1997 / Nov 2002)

3,967,422

n/a

9,184,688

2.3x

9,184,688

2.3x

14%

BCOM (Jun 2000 / Jun 2006)

2,137,330

24,575

18,179

n/a

2,953,649

1.4x

2,971,828

1.4x

BCP IV (Nov 2002 / Dec 2005)

6,773,182

179,524

121,454

1.4x

21,478,010

2.9x

21,599,464

2.9x

36%

BCP V (Dec 2005 / Jan 2011)

21,009,112

1,035,259

641,901

n/m

37,767,326

1.9x

38,409,227

1.9x

BCP VI (Jan 2011 / May 2016)

15,202,400

1,164,970

11,232,537

2.0x

19,429,252

2.1x

30,661,789

2.1x

17%

13%

BCP VII (May 2016 / Feb 2020)

18,853,441

1,630,722

25,129,155

1.6x

3,807,449

1.8x

28,936,604

1.6x

22%

18%

*BCP VIII (Feb 2020 / Feb 2026)

24,884,732

22,132,923

3,481,571

1.3x

n/a

3,481,571

1.3x

n/a

n/m

Energy I (Aug 2011 / Feb 2015)

2,441,558

142,138

931,989

1.4x

3,333,701

1.9x

4,265,690

1.8x

15%

11%

Energy II (Feb 2015 / Feb 2020)

4,914,647

653,279

3,979,873

1.1x

843,246

1.0x

4,823,119

1.1x

(6)%

(2)%

*Energy III (Feb 2020 / Feb 2026)

4,267,583

3,683,594

972,483

1.8x

n/a

972,483

1.8x

n/a

106%

*BCP Asia I (Dec 2017 / Dec 2023)

2,410,749

1,317,473

2,209,965

2.1x

160,023

2.2x

2,369,988

2.1x

145%

40%

BCP Asia II (TBD)

3,114,699

n/a

Core Private Equity I (Jan 2017 / Mar 2021) (j)

4,756,127

1,740,129

5,897,426

1.9x

1,077,112

1.9x

6,974,538

1.9x

28%

23%

*Core Private Equity II (Mar 2021 / Mar 2026) (j)

8,165,403

8,157,699

n/a

Total Corporate Private Equity

125,118,566

44,976,984

54,616,533

1.6x

105,033,013

2.1x

159,649,546

1.9x

16%

15%

INVESTMENT RECORDS AS OF MARCH 31, 2021

(a)

Blackstone |

Notes

page

21.

BXLS

–

Blackstone

Life

Sciences.

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

($/€ 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)

23,035,391

9,071,275

15,169,008

1.4x

12,916,194

1.8x

28,085,202

1.6x

17%

13%

*Tactical Opportunities Co-Investment and Other (Various)

9,053,110

2,303,198

3,687,558

1.3x

5,840,305

1.7x

9,527,863

1.5x

19%

16%

Total Tactical Opportunities

32,088,501

11,374,473

18,856,566

1.4x

18,756,499

1.8x

37,613,065

1.5x

18%

14%

*Blackstone Growth (Jul 2020 / Jul 2025)

4,761,851

4,509,392

549,092

1.3x

463,073

3.4x

1,012,165

1.8x

n/m

Strategic Partners (Secondaries)

Strategic Partners I-V (Various) (k)

11,863,351

1,048,166

742,256

n/m

17,133,750

n/m

17,876,006

1.5x

n/a

13%

Strategic Partners VI (Apr 2014 / Apr 2016) (k)

4,362,750

1,267,153

1,176,262

n/m

3,502,773

n/m

4,679,035

1.5x

n/a

14%

Strategic Partners VII (May 2016 / Mar 2019) (k)

7,489,970

2,154,869

4,634,275

n/m

2,977,641

n/m

7,611,916

1.4x

n/a

15%

Strategic Partners Real Assets II (May 2017 / Jun 2020) (k)

1,749,807

375,364

1,116,127

n/m

493,155

n/m

1,609,282

1.2x

n/a

12%

*Strategic Partners VIII (Mar 2019 / Jul 2023) (k)

10,763,600

5,256,997

4,474,528

n/m

376,726

n/m

4,851,254

1.4x

n/a

32%

*Strategic Partners Real Estate, SMA and Other (Various) (k)

7,678,498

2,510,678

2,826,383

n/m

1,760,069

n/m

4,586,452

1.3x

n/a

14%

*Strategic Partners Infra III (Jun 2020 / Jul 2024) (k)

3,250,100

2,775,629

90,848

n/m

n/a

90,848

1.8x

n/a

n/m

Total Strategic Partners (Secondaries)

47,158,076

15,388,856

15,060,679

n/m

26,244,114

n/m

41,304,793

1.5x

n/a

14%

*Infrastructure (Various)

13,658,063

9,103,132

5,492,303

1.2x

n/a

5,492,303

1.2x

n/a

13%

Life Sciences

Clarus IV (Jan 2018 / Jan 2020)

910,000

372,990

694,759

1.5x

29,630

1.3x

724,389

1.5x

15%

*BXLS V (Jan 2020 / Jan 2025)

4,739,681

4,132,098

731,761

1.4x

n/a

731,761

1.4x

n/a

n/m

Credit

Mezzanine / Opportunistic I (Jul 2007 / Oct 2011)

2,000,000

97,114

21,828

1.1x

4,774,747

1.6x

4,796,575

1.6x

n/a

17%

Mezzanine / Opportunistic II (Nov 2011 / Nov 2016)

4,120,000

1,013,932

858,763

0.6x

5,773,739

1.6x

6,632,502

1.3x

n/a

10%

Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)

6,639,133

1,252,742

5,102,629

1.1x

3,390,488

1.7x

8,493,117

1.3x

n/a

11%

*Mezzanine / Opportunistic IV (Jan 2021 / Jan 2026)

3,309,957

3,157,365

153,993

1.0x

1,246

n/a

155,239

1.0x

n/a

Stressed / Distressed I (Sep 2009 / May 2013)

3,253,143

76,000

n/a

5,775,571

1.3x

5,775,571

1.3x

n/a

Stressed / Distressed II (Jun 2013 / Jun 2018)

5,125,000

547,341

908,998

0.8x

4,662,278

1.2x

5,571,276

1.1x

n/a

*Stressed / Distressed III (Dec 2017 / Dec 2022)

7,356,380

3,911,199

2,142,411

1.0x

1,639,998

1.4x

3,782,409

1.1x

n/a

Energy I (Nov 2015 / Nov 2018)

2,856,867

994,239

1,584,612

1.0x

1,299,843

1.6x

2,884,455

1.2x

n/a

*Energy II (Feb 2019 / Feb 2024)

3,616,081

2,777,742

961,310

1.1x

314,985

1.6x

1,276,295

1.2x

n/a

29%

European Senior Debt I (Feb 2015 / Feb 2019)

1,964,689

€

262,220

€

1,731,478

€

1.0x

1,452,345

€

1.5x

3,183,823

€

1.2x

n/a

*European Senior Debt II (Jun 2019 / Jun 2024)

4,088,344

€

3,144,414

€

941,601

€

1.0x

575,787

€

1.2x

1,517,388

€

1.1x

n/a

21%

Total Credit Drawdown Funds (l)

45,182,219

17,831,492

14,876,214

1.0x

29,959,526

1.4x

44,835,740

1.3x

n/a

10%

*Direct Lending BDC (Various) (m)

3,926,295

713,254

3,325,418

n/a

321,007

n/a

3,646,425

n/a

INVESTMENT RECORDS AS OF MARCH 31, 2021 – (CONT’D)

(a)

Blackstone |

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

INVESTMENT RECORDS AS OF MARCH 31, 2021 – NOTES

n/m

Not meaningful generally due to the limited time since initial investment.

n/a

Not applicable.

(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 March 31, 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 March 31, 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 March 31, 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.

Blackstone |

SHAREHOLDER DIVIDENDS

Generated $0.96 of Distributable Earnings per common share during the quarter, bringing the LTM amount to $3.15

per common share.

Blackstone declared a quarterly dividend of $0.82 per common share to record holders as of May 3, 2021; payable on

May 10, 2021.

% Change

($ in thousands, except per share data)

1Q'20

2Q'20

3Q'20

4Q'20

1Q'21

vs. 1Q'20

1Q'20 LTM

1Q'21 LTM

vs. 1Q'20 LTM

Distributable Earnings

557,111

547,983

772,096

1,464,406

1,192,244

114%

2,889,932

3,976,729

38%

Add: Other Payables Attributable to

Common Shareholders

9,200

45,673

23,461

154,783

61,249

566%

137,247

285,166

108%

DE before Certain Payables

566,311

593,656

795,557

1,619,189

1,253,493

121%

3,027,179

4,261,895

41%

Percent to Common Shareholders

58%

59%

57%

59%

DE before Certain Payables Attributable to

Common Shareholders

325,990

344,390

464,233

949,854

741,662

128%

1,715,525

2,500,139

46%

Less: Other Payables Attributable to

Common Shareholders

(9,200)

(45,673)

(23,461)

(154,783)

(61,249)

566%

(137,247)

(285,166)

108%

DE Attributable to Common Shareholders

316,790

298,717

440,772

795,071

680,413

115%

1,578,278

2,214,973

40%

DE per Common Share

0.46

0.43

0.63

1.13

0.96

109%

2.33

3.15

35%

Less: Retained Capital per Common Share

(0.07)

(0.06)

(0.09)

(0.17)

(0.14)

100%

(0.36)

(0.46)

28%

Actual Dividend per Common Share

0.39

0.37

0.54

0.96

0.82

110%

1.97

2.69

37%

Record Date

May 3, 2021

Payable Date

May 10, 2021

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. See additional notes on page 33.

Blackstone |

SHARE SUMMARY

Distributable Earnings Shares Outstanding as of quarter end of 1.202 billion shares.

–

Repurchased 4.0 million common shares over the LTM.

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

1Q'20

2Q'20

3Q'20

4Q'20

1Q'21

Participating Common Shares

687,869,905

697,597,036

700,649,135

703,959,789

711,065,543

Participating Partnership Units

507,101,000

504,912,855

500,054,874

496,060,455

490,716,529

Distributable Earnings Shares Outstanding

1,194,970,905

1,202,509,891

1,200,704,009

1,200,020,244

1,201,782,072

Blackstone |

Reconciliations and

Disclosures

Blackstone |

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

Notes on page 26-27.

QTD

LTM

($ in thousands)

1Q'20

2Q'20

3Q'20

4Q'20

1Q'21

1Q'20

1Q'21

Net Income (Loss) Attributable to The Blackstone Group Inc.

(1,066,492)

568,266

794,719

748,870

1,747,872

501,886

3,859,727

Net Income (Loss) Attributable to Non-Controlling Interests

in Blackstone Holdings

(880,117)

495,128

638,803

759,110

1,235,784

57,250

3,128,825

Net Income (Loss) Attributable to Non-Controlling Interests

in Consolidated Entities

(645,077)

294,378

259,761

308,055

386,850

(355,131)

1,249,044

Net Income (Loss) Attributable to Redeemable Non-Controlling

Interests in Consolidated Entities

(15,469)

(3,426)

6,868

(1,871)

629

(18,070)

2,200

Net Income (Loss)

(2,607,155)

1,354,346

1,700,151

1,814,164

3,371,135

185,935

8,239,796

Provision (Benefit) for Taxes

(158,703)

147,415

100,960

266,342

(447)

(247,810)

514,270

Income (Loss) Before Provision (Benefit) for Taxes

(2,765,858)

1,501,761

1,801,111

2,080,506

3,370,688

(61,875)

8,754,066

Transaction-Related Charges (a)

46,994

76,160

47,283

70,292

27,888

166,156

221,623

Amortization of Intangibles (b)

16,483

16,535

17,124

65,931

66,625

Impact of Consolidation (c)

660,546

(290,952)

(266,629)

(306,184)

(387,479)

373,201

(1,251,244)

Unrealized Performance Revenues (d)

3,453,446

(1,067,923)

(1,403,480)

(597,285)

(2,464,497)

2,991,111

(5,533,185)

Unrealized Performance Allocations Compensation (e)

(1,397,378)

454,813

509,474

278,575

1,049,969

(1,144,108)

2,292,831

Unrealized Principal Investment (Income) Loss (f)

616,610

(223,316)

(177,125)

(114,427)

(423,934)

643,208

(938,802)

Other Revenues (g)

(138,151)

55,606

192,623

143,615

(60,273)

(204,409)

331,571

Equity-Based Compensation (h)

87,472

89,341

89,862

67,092

144,272

250,890

390,567

Administrative Fee Adjustment (i)

2,719

2,546

2,708

7,973

Taxes and Related Payables (j)

(23,053)

(63,990)

(40,225)

(176,859)

(84,222)

(190,173)

(365,296)

Distributable Earnings

557,111

547,983

772,096

1,464,406

1,192,244

2,889,932

3,976,729

Taxes and Related Payables (j)

23,053

63,990

40,225

176,859

84,222

190,173

365,296

Net Interest (Income) Loss (k)

3,941

12,634

12,731

5,604

12,928

11,443

43,897

Total Segment Distributable Earnings

584,105

624,607

825,052

1,646,869

1,289,394

3,091,548

4,385,922

Realized Performance Revenues (l)

(167,233)

(102,177)

(319,954)

(1,276,629)

(401,323)

(1,581,106)

(2,100,083)

Realized Performance Compensation (m)

71,302

37,787

121,730

483,528

150,924

589,997

793,969

Realized Principal Investment Income (n)

(20,290)

(18,938)

(15,884)

(103,821)

(298,156)

(218,537)

(436,799)

Fee Related Earnings

467,884

541,279

610,944

749,947

740,839

1,881,902

2,643,009

Adjusted EBITDA Reconciliation

Distributable Earnings

557,111

547,983

772,096

1,464,406

1,192,244

2,889,932

3,976,729

Interest Expense (o)

41,540

38,924

39,228

45,330

44,340

194,936

167,822

Taxes and Related Payables (j)

23,053

63,990

40,225

176,859

84,222

190,173

365,296

Depreciation and Amortization

7,512

8,110

9,568

9,946

12,293

28,073

39,917

Adjusted EBITDA

629,216

659,007

861,117

1,696,541

1,333,099

3,303,114

4,549,764

Blackstone |

Note:

See pages 34-35, Definitions and Dividend Policy.

(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

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’s

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. The Segment Adjustment represents the add back of

performance

revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.

(e)

This adjustment removes Unrealized Performance Allocations Compensation.

(f)

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.

(g)

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.

(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.

RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES

QTD

LTM

($ in thousands)

1Q'20

2Q'20

3Q'20

4Q'20

1Q'21

1Q'20

1Q'21

GAAP Unrealized Performance Allocations

(3,453,081)

1,067,923

1,403,480

597,285

2,464,497

(2,990,748)

5,533,185

Segment Adjustment

(365)

(363)

Unrealized Performance Revenues

(3,453,446)

1,067,923

1,403,480

597,285

2,464,497

(2,991,111)

5,533,185

QTD

LTM

($ in thousands)

1Q'20

2Q'20

3Q'20

4Q'20

1Q'21

1Q'20

1Q'21

GAAP Unrealized Principal Investment Income (Loss)

(959,365)

331,762

295,308

217,688

639,315

(913,406)

1,484,073

Segment Adjustment

342,755

(108,446)

(118,183)

(103,261)

(215,381)

270,198

(545,271)

Unrealized Principal Investment Income (Loss)

(616,610)

223,316

177,125

114,427

423,934

(643,208)

938,802

QTD

LTM

($ in thousands)

1Q'20

2Q'20

3Q'20

4Q'20

1Q'21

1Q'20

1Q'21

GAAP Other Revenue

138,180

(55,580)

(192,159)

(143,583)

60,304

207,923

(331,018)

Segment Adjustment

(29)

(26)

(464)

(32)

(31)

(3,514)

(553)

Other Revenues

138,151

(55,606)

(192,623)

(143,615)

60,273

204,409

(331,571)

Blackstone |

(k)

This adjustment removes Interest and Dividend Revenue less Interest Expense on a segment basis. The Segment Adjustment represents (1) the add back of

Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the

removal of interest

expense associated with the Tax Receivable Agreement.

(k)

(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.

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

Disclosure of Weighted-Average Shares Common Stock Outstanding

(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 page 34 for the full definition of Taxes and Related Payables.

QTD

1Q'20

2Q'20

3Q'20

4Q'20

1Q'21

GAAP Shares of Common Stock Outstanding

676,630,489

676,874,583

680,680,748

683,875,544

690,569,563

Unvested Participating Common Shares

11,239,416

20,722,453

19,968,387

20,084,245

20,495,980

Total Participating Common Shares

687,869,905

697,597,036

700,649,135

703,959,789

711,065,543

Participating Partnership Units

507,101,000

504,912,855

500,054,874

496,060,455

490,716,529

Distributable Earnings Shares Outstanding

1,194,970,905

1,202,509,891

1,200,704,009

1,200,020,244

1,201,782,072

QTD

LTM

1Q'20

2Q'20

3Q'20

4Q'20

1Q'21

1Q'20

1Q'21

Total GAAP Weighted-Average Shares of Common Stock

Outstanding - Basic

676,305,359

698,534,168

700,184,580

702,543,279

709,033,212

678,847,270

702,549,444

Weighted-Average Shares of Unvested Deferred Restricted

Common Stock

123,340

343,386

436,255

879,132

314,450

445,528

Weighted-Average Blackstone Holdings Partnership Units

505,754,449

Total GAAP Weighted-Average Shares of Common Stock

Outstanding - Diluted

676,305,359

1,204,411,957

700,527,966

702,979,534

709,912,344

679,161,720

702,994,972

QTD

LTM

($ in thousands)

1Q'20

2Q'20

3Q'20

4Q'20

1Q'21

1Q'20

1Q'21

Taxes

16,274

48,462

32,518

163,315

69,609

141,346

313,904

Related Payables

6,779

15,528

7,707

13,544

14,613

48,827

51,392

Taxes and Related Payables

23,053

63,990

40,225

176,859

84,222

190,173

365,296

QTD

LTM

($ in thousands)

1Q'20

2Q'20

3Q'20

4Q'20

1Q'21

1Q'20

1Q'21

GAAP Interest and Dividend Revenue

35,084

23,924

26,497

39,726

31,412

173,398

121,559

Segment Adjustment

2,515

2,366

10,095

2,366

Interest and Dividend Revenue

37,599

26,290

26,497

39,726

31,412

183,493

123,925

GAAP Interest Expense

41,644

39,276

39,540

45,702

44,983

199,290

169,501

Segment Adjustment

(104)

(352)

(312)

(372)

(643)

(4,354)

(1,679)

Interest Expense

41,540

38,924

39,228

45,330

44,340

194,936

167,822

Net Interest Income (Loss)

(3,941)

(12,634)

(12,731)

(5,604)

(12,928)

(11,443)

(43,897)

RECONCILIATION

GAAP

NON-GAAP

MEASURES

–

NOTES

(CONT’D)

Blackstone |

BLACKSTONE’S FIRST QUARTER 2021 GAAP BALANCE SHEET RESULTS

($ in thousands) (unaudited)

1Q'20

2Q'20

3Q'20

4Q'20

1Q'21

Assets

Cash and Cash Equivalents

2,068,326

1,976,512

2,628,895

1,999,484

2,862,422

Cash Held by Blackstone Funds and Other

318,003

343,201

85,218

64,972

109,285

Investments

16,430,701

18,973,373

14,423,456

15,617,142

17,943,309

Accounts Receivable

696,729

498,600

477,601

866,158

975,610

Due from Affiliates

2,706,112

2,431,512

2,817,304

3,221,515

3,015,318

Intangible Assets, Net

379,758

362,008

344,258

347,955

340,478

Goodwill

1,869,860

1,901,485

1,890,185

Other Assets

541,896

501,351

544,905

481,022

434,475

Right-of-Use Assets

542,757

568,663

544,361

526,943

736,633

Deferred Tax Assets

1,392,352

1,319,301

1,305,707

1,242,576

1,402,271

Total Assets

26,946,494

28,844,381

25,041,565

26,269,252

29,709,986

Liabilities and Equity

Loans Payable

10,392,903

10,839,568

5,570,888

5,644,653

5,573,965

Due to Affiliates

1,247,098

1,268,571

1,064,336

1,135,041

1,161,775

Accrued Compensation and Benefits

1,965,237

2,551,056

3,349,418

3,433,260

4,376,226

Securities Sold, Not Yet Purchased

51,498

51,395

51,231

51,033

33,160

Repurchase Agreements

105,133

80,620

80,597

76,808

58,050

Operating Lease Liabilities

605,809

637,946

621,408

620,844

842,692

Accounts Payable, Accrued Expenses and Other Liabilities

1,000,708

919,195

804,009

717,104

838,930

Total Liabilities

15,368,386

16,348,351

11,541,887

11,678,743

12,884,798

Redeemable Non-Controlling Interests in Consolidated Entities

72,066

68,564

63,384

65,161

65,546

Equity

Common Stock, $0.00001 par value (690,569,563 shares issued

and outstanding as of March 31, 2021)

Series I Preferred Stock, $0.00001

par value (1

share issued

and outstanding as of March 31, 2021)

Series II Preferred Stock, $0.00001 par value (1

share issued

and outstanding as of March 31, 2021)

Additional Paid-in-Capital

6,298,093

6,272,040

6,243,722

6,332,105

6,446,829

Retained Earnings

(871,948)

(574,295)

(36,432)

335,762

1,408,768

Accumulated Other Comprehensive Loss

(41,533)

(36,758)

(27,407)

(15,831)

(11,454)

Non-Controlling Interests in Consolidated Entities

3,591,160

3,900,429

3,946,190

4,042,157

4,390,594

Non-Controlling Interests in Blackstone Holdings

2,530,263

2,866,043

3,310,214

3,831,148

4,524,898

Total Equity

11,506,042

12,427,466

13,436,294

14,525,348

16,759,642

Total Liabilities and Equity

26,946,494

28,844,381

25,041,565

26,269,252

29,709,986

During 3Q’20, Blackstone deconsolidated CLO vehicles as a result of ownership restructuring. The deconsolidation of CLO vehicles reduced Blackstone’s GAAP

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.

Blackstone |

RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES

(a)

This adjustment adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation.

(b)

Represents GAAP accrued performance revenue recorded within Due from Affiliates.

(c)

Represents Performance Revenues realized but not yet distributed as of the reporting date and are included in Distributable Earnings in the period they are realized.

(d)

Represents GAAP accrued performance compensation associated with Accrued Performance Allocations and is recorded within Accrued Compensation and Benefits

and Due to Affiliates.

(e)

This adjustment adds other assets related to Treasury Operations that are recorded within Accounts Receivable, reverse repurchase agreements and Due from

Affiliates.

(f)

This adjustment adds other liabilities related to Treasury Operations that are recorded within Accounts Payable, Accrued Expenses and Other Liabilities, Repurchase

Agreements and securities sold short, not yet purchased.

(g)

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.

(h)

This adjustment removes amounts related to consolidated Blackstone Funds.

($ in thousands)

1Q'20

2Q'20

3Q'20

4Q'20

1Q'21

Investments of Consolidated Blackstone Funds

7,275,752

7,943,531

1,500,398

1,455,008

1,459,804

Equity Method Investments

Partnership Investments

3,553,538

3,873,346

4,144,249

4,353,234

4,676,341

Accrued Performance Allocations

3,761,585

4,715,510

6,112,904

6,891,262

9,367,251

Corporate Treasury Investments

1,653,950

2,205,843

2,390,982

2,579,716

1,726,285

Other Investments

185,876

235,143

274,923

337,922

713,628

Total GAAP Investments

16,430,701

18,973,373

14,423,456

15,617,142

17,943,309

Accrued

Performance

Allocations

GAAP

3,761,585

4,715,510

6,112,904

6,891,262

9,367,251

Impact of Consolidation (a)

Due

from

Affiliates

GAAP

(b)

20,910

20,642

21,499

165,678

56,274

Less: Net Realized Performance Revenues (c)

(31,719)

(38,592)

(75,328)

(313,610)

(269,426)

Less:

Accrued

Performance

Compensation

GAAP

(d)

(1,563,672)

(1,989,219)

(2,509,357)

(2,917,609)

(3,952,253)

Net Accrued Performance Revenues

2,187,123

2,708,360

3,549,719

3,825,722

5,201,847

Corporate

Treasury

Investments

GAAP

1,653,950

2,205,843

2,390,982

2,579,716

1,726,285

Impact of Consolidation (a)

131,248

141,371

143,131

148,911

154,306

Other Assets (e)

374,064

271,615

525,864

947,565

766,285

Other Liabilities (f)

(46,635)

(69,326)

(124,734)

(30,355)

(61,599)

Corporate

Treasury

Investments

Deconsolidated

2,112,627

2,549,503

2,935,243

3,645,837

2,585,277

Partnership and Other Investments -

GAAP

3,739,414

4,108,489

4,419,172

4,691,156

5,389,969

Impact of Consolidation (g)

(2,111,945)

(2,316,855)

(2,470,797)

(2,626,765)

(2,935,148)

GP/Fund

Investments

Deconsolidated

1,627,469

1,791,634

1,948,375

2,064,391

2,454,821

Loans

Payable

GAAP

10,392,903

10,839,568

5,570,888

5,644,653

5,573,965

Impact of Consolidation (h)

(5,817,702)

(6,232,787)

(99)

(100)

Outstanding

Bonds

Carrying

Value

4,575,201

4,606,781

5,570,789

5,644,554

5,573,865

Unamortized Discount

79,449

78,319

87,361

87,846

85,635

Outstanding

Bonds

(at

par)

Deconsolidated

4,654,650

4,685,100

5,658,150

5,732,400

5,659,500

Blackstone |

RECONCILIATION OF GAAP TO TOTAL SEGMENTS

QTD

LTM

($ in thousands)

1Q'20

2Q'20

3Q'20

4Q'20

1Q'21

1Q'20

1Q'21

Management and Advisory Fees, Net

GAAP

934,832

969,728

1,053,851

1,134,138

1,177,815

3,597,261

4,335,532

Segment Adjustment (a)

5,735

7,005

3,989

1,887

390

13,480

13,271

Total Segment

940,567

976,733

1,057,840

1,136,025

1,178,205

3,610,741

4,348,803

GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues

GAAP

Incentive Fees

12,161

15,300

13,498

97,702

36,124

129,940

162,624

Investment Income - Realized Performance Allocations

167,530

101,910

371,406

1,465,154

534,367

1,664,155

2,472,837

GAAP

179,691

117,210

384,904

1,562,856

570,491

1,794,095

2,635,461

Total Segment

Less: Realized Performance Revenues

(167,233)

(102,177)

(319,954)

(1,276,629)

(401,323)

(1,581,106)

(2,100,083)

Segment Adjustment (b)

3,699

Total Segment

12,466

15,033

64,950

286,227

169,168

216,688

535,378

GAAP Compensation to Total Segment Fee Related Compensation

GAAP

Compensation

476,543

458,457

460,983

459,636

542,638

1,825,476

1,921,714

Incentive Fees Compensation

6,522

8,432

7,385

22,086

13,325

45,416

51,228

Realized Performance Allocations Compensation

72,423

38,569

142,149

590,089

213,027

648,970

983,834

GAAP

555,488

505,458

610,517

1,071,811

768,990

2,519,862

2,956,776

Total Segment

Less: Realized Performance Compensation

(71,302)

(37,787)

(121,730)

(483,528)

(150,924)

(589,997)

(793,969)

Less: Equity-Based Compensation - Operating Compensation

(85,334)

(87,205)

(88,180)

(65,397)

(141,674)

(243,310)

(382,456)

Less: Equity-Based Compensation - Performance Compensation

(2,138)

(2,136)

(1,682)

(1,695)

(2,598)

(7,580)

(8,111)

Segment Adjustment (c)

(50,450)

(71,426)

(38,292)

(38,422)

(28,684)

(320,164)

(176,824)

Total Segment

346,264

306,904

360,633

482,769

445,110

1,358,811

1,595,416

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

GAAP

157,566

169,051

171,041

214,124

185,122

690,912

739,338

Segment Adjustment (d)

(18,681)

(25,468)

(19,828)

(24,588)

(23,698)

(104,196)

(93,582)

Total Segment

138,885

143,583

151,213

189,536

161,424

586,716

645,756

Realized Performance Revenues

GAAP

Incentive Fees

12,161

15,300

13,498

97,702

36,124

129,940

162,624

Investment Income - Realized Performance Allocations

167,530

101,910

371,406

1,465,154

534,367

1,664,155

2,472,837

GAAP

179,691

117,210

384,904

1,562,856

570,491

1,794,095

2,635,461

Total Segment

Less: Fee Related Performance Revenues

(12,466)

(15,033)

(64,950)

(286,227)

(169,168)

(216,688)

(535,378)

Segment Adjustment (b)

3,699

Total Segment

167,233

102,177

319,954

1,276,629

401,323

1,581,106

2,100,083

Blackstone |

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.

(a)

Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and

(2)

the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted

against Management and Advisory Fees, Net in the Total Segment measures.

(b)

Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.

(c)

Represents the removal of Transaction-Related Charges that are not recorded in the Total Segment measures.

(d)

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.

(e)

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.

(f)

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

LTM

($ in thousands)

1Q'20

2Q'20

3Q'20

4Q'20

1Q'21

1Q'20

1Q'21

Realized Performance Compensation

GAAP

Incentive Fee Compensation

6,522

8,432

7,385

22,086

13,325

45,416

51,228

Realized Performance Allocations Compensation

72,423

38,569

142,149

590,089

213,027

648,970

983,834

GAAP

78,945

47,001

149,534

612,175

226,352

694,386

1,035,062

Total Segment

Less: Fee Related Performance Compensation

(5,505)

(7,078)

(26,122)

(126,952)

(72,830)

(96,809)

(232,982)

Less: Equity-Based Compensation - Performance Compensation

(2,138)

(2,136)

(1,682)

(1,695)

(2,598)

(7,580)

(8,111)

Total Segment

71,302

37,787

121,730

483,528

150,924

589,997

793,969

Realized Principal Investment Income

GAAP

48,695

61,102

61,017

220,814

355,038

368,912

697,971

Segment Adjustment (e)

(28,405)

(42,164)

(45,133)

(116,993)

(56,882)

(150,375)

(261,172)

Total Segment

20,290

18,938

15,884

103,821

298,156

218,537

436,799

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

GAAP

Interest and Dividend Revenue

35,084

23,924

26,497

39,726

31,412

173,398

121,559

Interest Expense

(41,644)

(39,276)

(39,540)

(45,702)

(44,983)

(199,290)

(169,501)

GAAP

(6,560)

(15,352)

(13,043)

(5,976)

(13,571)

(25,892)

(47,942)

Segment Adjustment (f)

2,619

2,718

312

372

643

14,449

4,045

Total Segment

(3,941)

(12,634)

(12,731)

(5,604)

(12,928)

(11,443)

(43,897)

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

Blackstone |

NOTES

Notes

page

Blackstone’s

First

Quarter

2021

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.

Effective February 26, 2021, Blackstone effectuated changes to rename its Class A common stock as "common stock," and to reclassify its Class B

and Class C common stock into a new "Series I preferred stock" and "Series II preferred stock," respectively (the "share reclassification"). Each

new

stock

has

the

same

rights

and

powers

its

predecessor.

All

references

common

stock,

Series

preferred

stock

and

Series

preferred

stock prior to the share reclassification refer to Class A, Class B and Class C common stock, respectively.

Income

(Loss)

Before

Provision

(Benefit)

for

Taxes

Margin

calculated

dividing

Income

(Loss)

Before

Provision

(Benefit)

for

Taxes

Total

Revenues.

Notes

page

Blackstone’s

First

Quarter

2021

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.

Notes

page

Investment

Performance

and

Net

Accrued

Performance

Revenues

Core+ appreciation 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.

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 includes only BAAM-managed

commingled and customized multi-manager funds and accounts and does not include BAAM’s

individual investor solutions (liquid alternatives),

strategic capital (seeding and GP minority stakes), 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, in the case of net returns, non fee-paying assets

are

also

excluded.

The

funds/accounts

that

comprise

the

BPS

Composite

are

not

managed

within

single

fund

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.

Blackstone |

Notes

page

Investment

Performance

and

Net

Accrued

Performance

Revenues

(Cont’d)

Effective

1Q’21,

Credit

returns

are

presented

separate

returns

for

Private

Credit

and

Liquid

Credit

instead

Credit

Composite.

Private

Credit

returns

include

mezzanine

lending

funds

and

middle

market

direct

lending

funds

(including

Blackstone

Secured

Lending

Fund

(“BXSL”)),

stressed/distressed strategies (including stressed/distressed funds and credit alpha strategies) and energy strategies. Liquid Credit returns

include CLOs, closed-ended funds, open-ended funds and separately managed accounts. Only fee-earning funds exceeding $100 million of fair

value at the beginning of each respective quarter-end are included. Funds in liquidation and funds investing primarily in investment grade

corporate

credit,

and

our

structured

products

group

are

excluded.

Blackstone

Funds

that

were

contributed

Blackstone

Credit

part

Blackstone’s

acquisition

Blackstone

Credit,

formerly

known

GSO,

March

2008

and

the

pre-acquisition

date

performance

for

funds

and

vehicles

acquired

Blackstone

Credit

subsequent

March

2008,

are

also

excluded.

Credit

Composite

gross

returns

were

1.6%

and

22.2%

for

1Q’21 and 1Q’21 LTM, respectively. Credit Composite net returns were 1.3% and 20.3% for 1Q’21 and 1Q’21 LTM, respectively.

Notes

to page 13 -

Credit & Insurance

Total investable capital includes anticipated leverage and affiliated funds investing alongside the strategy.

Notes

page

–

Assets

Under

Management

Rollforward

4Q’20,

the

methodology

for

Total

AUM

was

updated

with

respect

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. As a result, included within market activity for the LTM period is a one-time methodology change of $3.8 billion, $1.9 billion, and

$(1.5)

billion

for

Real

Estate,

Private

Equity,

and

Credit

Insurance,

respectively.

Funds

without

adjustment

were

either

already

applying

that methodology in reporting Total AUM or the updates were not applicable.

Subsequent

4Q’20,

increases/decreases

permanent

fund

level

leverage

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.

Notes

page

–

Shareholder

Dividends

before

Certain

Payables

represents

Distributable

Earnings

before

the

deduction

for

the

Payable

Under

Tax

Receivable

Agreement

and

tax

expense (benefit) of wholly owned subsidiaries. Common Shareholders receive tax benefits from deductions taken by Blackstone’s corporate tax

paying

subsidiaries

and

bear

responsibility

for

the

deduction

from

Distributable

Earnings

the

Payable

Under

Tax

Receivable

Agreement

and

certain other tax-related payables.

Per

calculations

are

based

end

period

Participating

Common

(page

23,

Summary);

actual

dividends

are

paid

shareholders as of the applicable record date.

Retained

capital

withheld

pro

rata

from

common

and

Blackstone

Holdings

Partnership

unitholders.

Common

shareholders’

was

$100

million for 1Q’21 and $324 million for 1Q’21 LTM.

NOTES – (CONT’D)

Blackstone |

DEFINITIONS AND DIVIDEND POLICY

Blackstone

discloses

the

following

operating

metrics

and

financial

measures

that

are

calculated

and

presented

the

basis

methodologies

other

than in accordance with generally accepted accounting principles in the United States of America (“non-GAAP”) in this presentation:

Segment

Distributable

Earnings,

“Segment

DE”,

Blackstone’s

segment

profitability

measure

used

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

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

divestitures

and

accrued

tax

contingencies

and

refunds

which

are

reflected

when

paid

received.

Management

believes

that

including

the

amount

payable

under

the

tax

receivable

agreement

and

utilizing

the

current

income

tax

provision

adjusted

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

recurring

basis

and

not

subject

future

realization

events.

FRE

equals

management

and

advisory

fees

(net

management fee reductions and offsets) plus Fee Related Performance Revenues, less (a) Fee Related Compensation on a segment basis, and

(b)

Other Operating Expenses. FRE is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of

Income (Loss) Before Provision (Benefit) for Taxes.

Blackstone |

–

Fee

Compensation

presented

segment

basis

and

refers

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

Performance

Revenues

refers

the

realized

portion

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

transaction-related

intangibles,

(b)

remove

certain

expenses

reimbursed

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

requirement

return

capital

investors

through

redemption

requests

the

ordinary

course

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,

“Adjusted

EBITDA”,

supplemental

measure

used

assess

performance

derived

from

Blackstone’s

segment

results

and

may

used

assess

its

ability

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.

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.

Dividend

Policy.

Blackstone’s

intention

pay

holders

common

stock

quarterly

dividend

representing

approximately

85%

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

directors

may

change

our

dividend

policy

any

time,

including,

without

limitation,

reduce

such

quarterly

dividends

even

eliminate

such dividends entirely.

DEFINITIONS AND DIVIDEND POLICY – (CONT’D)

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.

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

Blackstone (BX) 8-KBlackstone Reports First Quarter 2021 Results