Blackstone (BX) 8-K Blackstone Reports Fourth Quarter and Full Year 2024 Results

Exhibit 99.1

Blackstone Reports Fourth Quarter and

Full Year 2024 Results

New York, January 30, 2025: Blackstone (NYSE:BX) today reported its fourth quarter and full year 2024 results.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone reported one of the best quarters

in our history. Earnings growth accelerated sharply, while the key drivers of our business – inflows, investment

activity and realizations – all reached their highest levels in two-and-a-half years. Blackstone’s distinctive ability to

innovate and build market-leading businesses continues to power our growth. As we move forward in 2025, the firm

is exhibiting significant momentum.”

Blackstone issued a full detailed presentation of its fourth quarter and full year 2024 results, which can be viewed

at www.blackstone.com.

Dividend

Blackstone has declared a quarterly dividend of $1.44 per share to record holders of common stock at the close of

business on February 10, 2025. This dividend will be paid on February 18, 2025.

Quarterly Investor Call Details

Blackstone will host its fourth quarter and full year 2024 investor conference via public webcast on January 30,

2025 at 9:00 a.m. ET. To register, please use the following link:

https://event.webcasts.com/starthere.jsp?ei=1703516&tp_key=a150fca554. For those unable to listen to the live

Blackstone

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broadcast, there will be a webcast replay on the Shareholders section of Blackstone’s website at

https://ir.blackstone.com/.

About Blackstone

Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional

and individual investors by strengthening the companies in which we invest. Our more than $1.1 trillion in assets

under management include global investment strategies focused on real estate, private equity, infrastructure, life

sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at

www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

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,” “opportunity,” “leads,”

“forecast” 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 those described under the section entitled “Risk Factors” in our Annual Report on

Form 10-K for the year ended December 31, 2023, as such factors may be updated from time to time in our periodic

filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s

website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction

with the other cautionary statements that are included in this report and in our other periodic filings. The forward-

looking statements speak only as of the date of this report, and we undertake no obligation to publicly update or

review any forward-looking statement, whether as a result of new information, future developments or otherwise.

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

Investor and Media Relations Contacts

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

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Blackstone’s Fourth

Quarter and Full Year

2024 Earnings

JANUARY 30, 2025

BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2024 GAAP RESULTS

§ GAAP Net Income was $1.3 billion for the quarter and $5.4 billion for the year. GAAP Net Income Attributable to Blackstone Inc. was $704 million for the quarter and $2.8 billion for the year.

($ in thousands, except per share data) (unaudited)	4Q’23			4Q’24			FY’23			FY’24
Revenues
Management and Advisory Fees, Net	$	1,648,132		$	1,879,581		$	6,671,260		$	7,188,936
Incentive Fees		240,417			404,744			695,171			964,178
Performance Allocations		(362,474	)		507,150			532,173			3,829,153
Principal Investments		(298,549	)		36,989			(299,331	)		712,849
Interest and Dividend Revenue		168,374			98,547			516,497			411,159
Other		(110,880	)		155,554			(92,929	)		123,693
Total Revenues	$	1,285,020		$	3,082,565		$	8,022,841		$	13,229,968
Expenses
Compensation and Benefits		543,078			1,039,203			3,312,970			4,994,053
General, Administrative and Other		289,691			339,086			1,117,305			1,361,909
Interest Expense		108,732			115,532			431,868			443,688
Fund Expenses		69			6,296			118,987			19,676
Total Expenses	$	941,570		$	1,500,117		$	4,981,130		$	6,819,326
Other Income (Loss)	$	(188,370	)	$	(21,171	)	$	(83,997	)	$	48,838
Income Before Provision for Taxes	$	155,080		$	1,561,277		$	2,957,714		$	6,459,480
Provision for Taxes		45,957			232,451			513,461			1,021,671
Net Income	$	109,123		$	1,328,826		$	2,444,253		$	5,437,809
Redeemable NCI in Consolidated Entities		(163,929	)		306			(245,518	)		(61,289	)
Non-Redeemable NCI in Consolidated Entities		121,252			624,647			1,298,891			2,722,590
Net Income Attributable to Blackstone Inc. (‘‘BX’’)	$	151,800		$	703,873		$	1,390,880		$	2,776,508
Net Income Per Share of Common Stock, Basic	$	0.20		$	0.92		$	1.84		$	3.62
Net Income Per Share of Common Stock, Diluted	$	0.20		$	0.92		$	1.84		$	3.62

Throughout this presentation, all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See pages 36-38, Definitions and Dividend Policy, for definitions of terms used throughout this presentation. NCI means non-controlling interests.   Blackstone |  1

BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2024 HIGHLIGHTS

Financial Measures	§   Fee Related Earnings (“FRE”) of $1.8 billion ($1.50/share) in the quarter –  FRE was $5.3 billion for the year ($4.32/share) §   Distributable Earnings (“DE”) of $2.2 billion ($1.69/share) in the quarter –  DE was $6.0 billion for the year ($4.64/share) §   Net Accrued Performance Revenues of $6.3 billion ($5.14/share)
Capital Metrics	§   Total Assets Under Management (“AUM”) of $1,127.2 billion –  Fee-Earning AUM of $830.7 billion –  Perpetual Capital AUM of $444.8 billion §   Inflows of $57.5 billion in the quarter and $171.5 billion for the year §   Deployment of $41.6 billion in the quarter and $133.9 billion for the year §   Realizations of $25.9 billion in the quarter and $87.1 billion for the year
Capital Returned to Shareholders	§   Dividend of $1.44 per common share payable on February 18, 2025 –  Dividends of $3.95 per common share for the year §   Repurchased 0.3 million common shares in the quarter and 4.0 million common shares for the year §   $1.9 billion to be distributed to shareholders with respect to the fourth quarter and $5.6 billion for the year through dividends and share repurchases

     Blackstone |  2

BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2024 SEGMENT EARNINGS

							% Change									% Change
($ in thousands, except per share data)	4Q’23			4Q’24			vs. 4Q’23			FY’23			FY’24			vs. FY’23
Management and Advisory Fees, Net	$	1,653,831		$	1,859,291			12%		$	6,663,244		$	7,133,534		7%
Fee Related Performance Revenues		168,994			1,399,276			728%			858,527			2,135,945		149%
Fee Related Compensation		(470,408	)		(1,077,477	)		129%			(2,088,110	)		(2,739,322	)	31%
Other Operating Expenses		(310,874	)		(345,169	)		11%			(1,084,333	)		(1,248,092	)	15%
Fee Related Earnings	$	1,041,543		$	1,835,921			76%		$	4,349,328		$	5,282,065		21%
Realized Performance Revenues		693,213			865,080			25%			2,061,102			2,287,031		11%
Realized Performance Compensation		(287,628	)		(289,595	)		1%			(896,017	)		(951,246	)	6%
Realized Principal Investment Income		19,202			25,613			33%			110,932			92,526		(17)%
Net Realizations		424,787			601,098			42%			1,276,017			1,428,311		12%
Total Segment Distributable Earnings	$	1,466,330		$	2,437,019			66%		$	5,625,345		$	6,710,376		19%
Distributable Earnings	$	1,388,180		$	2,169,493			56%		$	5,060,955		$	5,966,742		18%
Additional Metrics:
Net Income Per Share of Common Stock, Basic	$	0.20		$	0.92			360%		$	1.84		$	3.62		97%
FRE per Share	$	0.86		$	1.50			74%		$	3.58		$	4.32		21%
DE per Common Share	$	1.11		$	1.69			52%		$	3.95		$	4.64		17%
Total Segment Revenues	$	2,535,240		$	4,149,260			64%		$	9,693,805		$	11,649,036		20%
Total Assets Under Management	$	1,040,192,447		$	1,127,179,996			8%		$	1,040,192,447		$	1,127,179,996		8%
Fee-Earning Assets Under Management	$	762,607,902		$	830,708,603			9%		$	762,607,902		$	830,708,603		9%

Fee Related Earnings per Share is based on end of period DE Shares Outstanding (see page 24, Share Summary). DE per Common Share is based on DE Attributable to Common Shareholders (see page 23, Shareholder Dividends) and end of period Participating Common Shares outstanding. Full year FRE per Share and DE per Common Share amounts represent the sum of the last four quarters. See pages 32-33 for the Reconciliation of GAAP to Total Segment Measures.   Blackstone |  3

INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES

§ Net Accrued Performance Revenues declined quarter-over-quarter to $6.3 billion ($5.14/share) primarily due to realized distributions across strategies.

Investment Performance

(appreciation / gross returns)

	4Q’24		FY’24
Real Estate
Opportunistic		(5.1)%		(3.7)%
Core+		(0.8)%		0.1%
Private Equity
Corporate Private Equity		4.9%		16.6%
Tactical Opportunities		3.5%		10.1%
Secondaries		2.8%		7.8%
Infrastructure		4.8%		21.0%
Credit & Insurance
Private Credit		3.1%		15.7%
Liquid Credit		2.4%		9.5%
Multi-Asset Investing
Absolute Return Composite		3.7%		13.2%

Net Accrued Performance Revenues

($ in millions)

Investment Performance represents fund appreciation for Real Estate and Private Equity and gross returns for Credit & Insurance and Multi-Asset Investing. Secondaries appreciation excludes GP Stakes. Private Credit net returns were 2.2% and 11.6% for 4Q’24 and FY’24, respectively. Liquid Credit net returns were 2.3% and 9.0% for 4Q’24 and FY’24, respectively. Absolute Return Composite net returns were 3.3% and 12.0% for 4Q’24 and FY’24, respectively. See notes on page 34 for additional details on investment performance.   Blackstone |  4

CAPITAL METRICS – ADDITIONAL DETAIL

§ Inflows were $57.5 billion in the quarter, bringing full year inflows to $171.5 billion.

§ Deployed $41.6 billion in the quarter and $133.9 billion for the year.

– Committed an additional $20.5 billion that was not yet deployed in the quarter.

§ Realizations were $25.9 billion in the quarter and $87.1 billion for the year.

	Inflows						Capital Deployed						Realizations
($ in millions)	4Q’24			FY’24			4Q’24			FY’24			4Q’24			FY’24
Real Estate	$	8,094		$	27,941		$	7,015		$	25,280		$	5,457		$	22,164
Opportunistic		1,491			5,030			4,676			13,799			1,026			3,836
Core+		2,962			11,555			686			3,705			2,254			10,152
Debt Strategies		3,642			11,356			1,653			7,777			2,177			8,177
Private Equity		11,617			41,285			12,133			42,191			10,566			28,931
Corporate Private Equity		5,909			19,529			3,845			19,514			6,376			15,565
Tactical Opportunities		1,117			4,820			1,079			5,998			963			3,605
Secondaries		1,774			6,693			4,328			11,380			2,587			7,939
Infrastructure		2,818			10,243			2,880			5,299			640			1,821
Credit & Insurance		34,181			91,200			21,633			63,783			8,698			33,319
Multi-Asset Investing		3,607			11,032			793			2,609			1,179			2,729
Total Blackstone	$	57,500		$	171,459		$	41,574		$	133,863		$	25,900		$	87,142

Corporate Private Equity also includes Life Sciences, Growth, BTAS, and BXPE. AUM and related capital metrics are reported in the segment where the assets are managed.   Blackstone |  5

ASSETS UNDER MANAGEMENT

§ Total AUM increased to $1,127.2 billion, up 8% year-over-year, with $57.5 billion of inflows in the quarter and $171.5 billion for the year.

§ Fee-Earning AUM of $830.7 billion was up 9% year-over-year, with $39.2 billion of inflows in the quarter
and $155.4 billion for the year.

§ Perpetual Capital AUM reached $444.8 billion, up 12% year-over-year.

– Fee-Earning Perpetual Capital AUM increased to $380.1 billion, representing 46% of Fee-Earning AUM.

Multi-Asset Investing had zero and $247 million of Perpetual Capital AUM as of 4Q’23 and 4Q’24, respectively.   Blackstone |  6

ADDITIONAL CAPITAL DETAIL

§ Invested Performance Eligible AUM reached $560.6 billion at quarter end.

§ Undrawn capital (“Total Dry Powder”) available for investment of $168.6 billion.

Invested Performance Eligible AUM represents the fair value of invested assets that are eligible to earn performance revenues.   Blackstone |  7

Segment Highlights

     Blackstone |  8

SEGMENT DISTRIBUTABLE EARNINGS COMPOSITION

§ 4Q’24 Total Segment Distributable Earnings were $2.4 billion.

§ Full year Total Segment Distributable Earnings were $6.7 billion.

Segment Distributable Earnings ($ in millions)

     Blackstone |  9

REAL ESTATE

§ Total AUM: $315.4 billion with inflows of $8.1 billion in the quarter and $27.9 billion for the year.

– Inflows in the quarter included $1.9 billion in the fifth real estate debt strategies fund, $1.0 billion in the
seventh European opportunistic fund, $905 million of capital raised in BREIT, and $403 million in Blackstone
Americas Logistics within Core+.

§ Capital Deployed: $7.0 billion in the quarter, including the acquisition of AirTrunk in BREP, and $25.3 billion for the
year.

– Committed an additional $2.7 billion in the quarter, including both the announced take private of Retail
Opportunity Investments in BREP, and the announced Tokyo Garden Terrace Kioicho acquisition in BREP, a major
mixed-use complex in Tokyo.

§ Realizations: $5.5 billion in the quarter and $22.2 billion for the year.

§ Appreciation: Opportunistic funds declined (5.1)% in the quarter and (3.7)% for the year; Core+ funds declined
(0.8)% in the quarter and appreciated 0.1% for the year.

							% Change							% Change
($ in thousands)	4Q’23			4Q’24			vs. 4Q’23	FY’23			FY’24			vs. FY’23
Management Fees, Net	$	698,500		$	701,835		0%	$	2,843,358		$	2,875,277		1%
Fee Related Performance Revenues		14,352			433		(97)%		294,240			203,425		(31)%
Fee Related Compensation		(139,880	)		(149,425	)	7%		(675,880	)		(674,965	)	(0)%
Other Operating Expenses		(95,846	)		(97,442	)	2%		(325,050	)		(380,321	)	17%
Fee Related Earnings	$	477,126		$	455,401		(5)%	$	2,136,668		$	2,023,416		(5)%
Realized Performance Revenues		96,122			19,513		(80)%		244,358			200,974		(18)%
Realized Performance Compensation		(42,728	)		(9,092	)	(79)%		(123,299	)		(101,011	)	(18)%
Realized Principal Investment Income (Loss)		3,909			(1,145	)	n/m		7,628			14,522		90%
Net Realizations		57,303			9,276		(84)%		128,687			114,485		(11)%
Segment Distributable Earnings	$	534,429		$	464,677		(13)%	$	2,265,355		$	2,137,901		(6)%
Segment Revenues	$	812,883		$	720,636		(11)%	$	3,389,584		$	3,294,198		(3)%
Total AUM	$	336,940,096		$	315,353,132		(6)%	$	336,940,096		$	315,353,132		(6)%
Fee-Earning AUM	$	298,889,475		$	278,914,938		(7)%	$	298,889,475		$	278,914,938		(7)%

     Blackstone |  10

PRIVATE EQUITY

§ Total AUM: Increased 12% to $352.2 billion with inflows of $11.6 billion in the quarter and $41.3 billion for the year.

– Inflows in the quarter included $2.8 billion in Infrastructure, $1.9 billion in Life Sciences, $1.8 billion in
Secondaries, $1.1 billion in Tactical Opportunities, and $931 million for our energy transition fund.

– $1.3 billion of capital raised in BXPE, including amounts allocated to other strategies.

– On January 2, launched Blackstone Infrastructure Strategies (“BXINFRA”), a continuously offered infrastructure strategy which raised over $1.0 billion.

§ Capital Deployed: $12.1 billion in the quarter, including AirTrunk, Adevinta, and Sediver, and $42.2 billion for the
year; committed an additional $9.9 billion in the quarter, including Jersey Mike’s and Inhabit.

§ Realizations: $10.6 billion in the quarter, including Alinamin, Cliff Swallow, and International Gemological Institute,
and $28.9 billion for the year.

§ Fee Related Performance Revenues: $1.2 billion in the quarter driven by the three-year crystallization in
Infrastructure and the first significant crystallization in BXPE.

							% Change							% Change
($ in thousands)	4Q’23			4Q’24			vs. 4Q’23	FY’23			FY’24			vs. FY’23
Management and Advisory Fees, Net	$	500,303		$	629,402		26%	$	2,007,592		$	2,198,280		9%
Fee Related Performance Revenues		-			1,170,857		n/m		-			1,185,428		n/m
Fee Related Compensation		(137,082	)		(674,551	)	392%		(619,678	)		(1,164,237	)	88%
Other Operating Expenses		(90,309	)		(117,178	)	30%		(329,221	)		(391,309	)	19%
Fee Related Earnings	$	272,912		$	1,008,530		270%	$	1,058,693		$	1,828,162		73%
Realized Performance Revenues		322,701			344,133		7%		1,343,865			1,392,447		4%
Realized Performance Compensation		(146,184	)		(138,449	)	(5)%		(584,154	)		(633,491	)	8%
Realized Principal Investment Income		7,662			15,174		98%		76,220			52,356		(31)%
Net Realizations		184,179			220,858		20%		835,931			811,312		(3)%
Segment Distributable Earnings	$	457,091		$	1,229,388		169%	$	1,894,624		$	2,639,474		39%
Segment Revenues	$	830,666		$	2,159,566		160%	$	3,427,677		$	4,828,511		41%
Total AUM	$	314,391,397		$	352,168,635		12%	$	314,391,397		$	352,168,635		12%
Fee-Earning AUM	$	176,997,265		$	212,182,896		20%	$	176,997,265		$	212,182,896		20%

BXPE represents the aggregate BXPE fund platform, which comprises both U.S. and non-U.S. vehicles.   Blackstone |  11

CREDIT & INSURANCE

§ Total AUM: Increased 20% to $375.5 billion with inflows of $34.2 billion in the quarter and $91.2 billion for the year.

– Inflows in the quarter included $14.5 billion for the global direct lending strategy, inclusive of $3.1 billion of
equity raised for BCRED, and $9.9 billion for infrastructure and asset based credit strategies.

– The fifth opportunistic private credit strategy had $1.2 billion of inflows in the quarter, bringing total investable
capital to $4.2 billion.

– Closed 5 new U.S. CLOs for $2.5 billion.

§ Capital Deployed: $21.6 billion in the quarter and $63.8 billion for the year driven by U.S. direct lending as well as
infrastructure and asset based credit strategies.

– Committed an additional $7.2 billion that was not yet deployed in the quarter.

§ Realizations: $8.7 billion in the quarter and $33.3 billion for the year.

§ Returns: Private Credit gross return of 3.1% (2.2% net) and Liquid Credit gross return of 2.4% (2.3% net) in the
quarter.

– Private Credit gross return of 15.7% (11.6% net) and Liquid Credit gross return of 9.5% (9.0% net) for the year.

							% Change							% Change
($ in thousands)	4Q’23			4Q’24			vs. 4Q’23	FY’23			FY’24			vs. FY’23
Management Fees, Net	$	339,829		$	403,743		19%	$	1,338,041		$	1,581,807		18%
Fee Related Performance Revenues		154,642			227,986		47%		564,287			747,092		32%
Fee Related Compensation		(156,819	)		(222,962	)	42%		(628,064	)		(755,620	)	20%
Other Operating Expenses		(94,538	)		(100,674	)	6%		(323,773	)		(371,354	)	15%
Fee Related Earnings	$	243,114		$	308,093		27%	$	950,491		$	1,201,925		26%
Realized Performance Revenues		135,746			163,799		21%		317,620			313,092		(1)%
Realized Performance Compensation		(60,694	)		(70,266	)	16%		(140,210	)		(129,814	)	(7)%
Realized Principal Investment Income		5,999			8,544		42%		21,752			39,855		83%
Net Realizations		81,051			102,077		26%		199,162			223,133		12%
Segment Distributable Earnings	$	324,165		$	410,170		27%	$	1,149,653		$	1,425,058		24%
Segment Revenues	$	636,216		$	804,072		26%	$	2,241,700		$	2,681,846		20%
Total AUM	$	312,674,037		$	375,507,818		20%	$	312,674,037		$	375,507,818		20%
Fee-Earning AUM	$	218,188,936		$	264,617,560		21%	$	218,188,936		$	264,617,560		21%

     Blackstone |  12

MULTI-ASSET INVESTING

§ Total AUM: Increased 10% to $84.2 billion with inflows of $3.6 billion in the quarter and $11.0 billion for the year.

§ Returns: Absolute Return Composite gross return of 3.7% in the quarter (3.3% net), outperforming the HFRX Global
Hedge Fund Index, which was 0.2%.

– Absolute Return benefited from performance across strategies, including quantitative, macro, and equities
during the quarter.

– Gross returns of 13.2% for the year (12.0% net), with significantly less volatility than the broader markets,
compared to 5.3% return for the HFRX Global Hedge Fund Index.

							% Change							% Change
($ in thousands)	4Q’23			4Q’24			vs. 4Q’23	FY’23			FY’24			vs. FY’23
Management Fees, Net	$	115,199		$	124,311		8%	$	474,253		$	478,170		1%
Fee Related Compensation		(36,627	)		(30,539	)	(17)%		(164,488	)		(144,500	)	(12)%
Other Operating Expenses		(30,181	)		(29,875	)	(1)%		(106,289	)		(105,108	)	(1)%
Fee Related Earnings	$	48,391		$	63,897		32%	$	203,476		$	228,562		12%
Realized Performance Revenues		138,644			337,635		144%		155,259			380,518		145%
Realized Performance Compensation		(38,022	)		(71,788	)	89%		(48,354	)		(86,930	)	80%
Realized Principal Investment Income (Loss)		1,632			3,040		86%		5,332			(14,207	)	n/m
Net Realizations		102,254			268,887		163%		112,237			279,381		149%
Segment Distributable Earnings	$	150,645		$	332,784		121%	$	315,713		$	507,943		61%
Segment Revenues	$	255,475		$	464,986		82%	$	634,844		$	844,481		33%
Total AUM	$	76,186,917		$	84,150,411		10%	$	76,186,917		$	84,150,411		10%
Fee-Earning AUM	$	68,532,226		$	74,993,209		9%	$	68,532,226		$	74,993,209		9%

     Blackstone |  13

Supplemental Details

     Blackstone |  14

TOTAL SEGMENTS

($ in thousands)	4Q’23				1Q’24				2Q’24				3Q’24				4Q’24				FY’23				FY’24
Base Management Fees		$	1,605,948			$	1,644,730			$	1,651,566			$	1,710,941			$	1,773,645			$	6,465,847			$	6,780,882
Transaction, Advisory and Other Fees, Net			52,836				66,938				132,536				82,506				117,708				235,892				399,688
Management Fee Offsets			(4,953	)			(4,097	)			(4,164	)			(6,713	)			(32,062	)			(38,495	)			(47,036	)
Total Management and Advisory Fees, Net			1,653,831				1,707,571				1,779,938				1,786,734				1,859,291				6,663,244				7,133,534
Fee Related Performance Revenues			168,994				295,501				177,067				264,101				1,399,276				858,527				2,135,945
Fee Related Compensation			(470,408	)			(554,077	)			(552,913	)			(554,855	)			(1,077,477	)			(2,088,110	)			(2,739,322	)
Other Operating Expenses			(310,874	)			(288,978	)			(293,122	)			(320,823	)			(345,169	)			(1,084,333	)			(1,248,092	)
Fee Related Earnings		$	1,041,543			$	1,160,017			$	1,110,970			$	1,175,157			$	1,835,921			$	4,349,328			$	5,282,065
Realized Performance Revenues			693,213				536,393				542,889				342,669				865,080				2,061,102				2,287,031
Realized Performance Compensation			(287,628	)			(253,024	)			(251,057	)			(157,570	)			(289,595	)			(896,017	)			(951,246	)
Realized Principal Investment Income			19,202				9,938				16,572				40,403				25,613				110,932				92,526
Total Net Realizations		$	424,787			$	293,307			$	308,404			$	225,502			$	601,098			$	1,276,017			$	1,428,311
Total Segment Distributable Earnings		$	1,466,330			$	1,453,324			$	1,419,374			$	1,400,659			$	2,437,019			$	5,625,345			$	6,710,376
Distributable Earnings		$	1,388,180			$	1,266,378			$	1,252,221			$	1,278,650			$	2,169,493			$	5,060,955			$	5,966,742
Additional Metrics:
Total Segment Revenues		$	2,535,240			$	2,549,403			$	2,516,466			$	2,433,907			$	4,149,260			$	9,693,805			$	11,649,036
Total Assets Under Management		$	1,040,192,447			$	1,061,262,748			$	1,076,371,811			$	1,107,628,362			$	1,127,179,996			$	1,040,192,447			$	1,127,179,996
Fee-Earning Assets Under Management		$	762,607,902			$	781,397,555			$	808,656,801			$	820,457,203			$	830,708,603			$	762,607,902			$	830,708,603

     Blackstone |  15

ASSETS UNDER MANAGEMENT – ROLLFORWARD

Total AUM Rollforward

($ in millions)

	Three Months Ended December 31, 2024																Twelve Months Ended December 31, 2024
	Real  Estate			Private  Equity			Credit &  Insurance			Multi-Asset  Investing			Total				Real  Estate			Private  Equity			Credit &  Insurance			Multi-Asset   Investing			Total
Beginning Balance	$	325,076		$	344,710		$	354,742		$	83,101		$	1,107,628			$	336,940		$	314,391		$	312,674		$	76,187		$	1,040,192
Inflows		8,094			11,617			34,181			3,607			57,500				27,941			41,285			91,200			11,032			171,459
Outflows		(3,047	)		(2,735	)		(3,907	)		(3,856	)		(13,545	)			(24,543	)		(7,226	)		(6,348	)		(9,688	)		(47,805	)
Net Flows		5,047			8,882			30,274			(248	)		43,955				3,398			34,059			84,853			1,344			123,654
Realizations		(5,457	)		(10,566	)		(8,698	)		(1,179	)		(25,900	)			(22,164	)		(28,931	)		(33,319	)		(2,729	)		(87,142	)
Market Activity		(9,312	)		9,142			(810	)		2,477			1,497				(2,820	)		32,648			11,300			9,348			50,476
Ending Balance	$	315,353		$	352,169		$	375,508		$	84,150		$	1,127,180			$	315,353		$	352,169		$	375,508		$	84,150		$	1,127,180
% Change		(3)%			2%			6%			1%			2%				(6)%			12%			20%			10%			8%

Fee-Earning AUM Rollforward

($ in millions)

	Three Months Ended December 31, 2024																Twelve Months Ended December 31, 2024
	Real  Estate			Private  Equity			Credit &  Insurance			Multi-Asset  Investing			Total				Real  Estate			Private  Equity			Credit &  Insurance			Multi-Asset  Investing			Total
Beginning Balance	$	285,488		$	208,682		$	251,567		$	74,720		$	820,457			$	298,889		$	176,997		$	218,189		$	68,532		$	762,608
Inflows		6,565			7,086			22,872			2,685			39,208				28,674			46,270			71,530			8,958			155,432
Outflows		(1,691	)		(1,729	)		(3,150	)		(3,615	)		(10,184	)			(23,207	)		(7,998	)		(6,392	)		(8,769	)		(46,365	)
Net Flows		4,874			5,358			19,722			(930	)		29,024				5,467			38,272			65,138			189			109,067
Realizations		(6,038	)		(3,791	)		(4,947	)		(1,102	)		(15,879	)			(23,409	)		(9,409	)		(23,840	)		(2,505	)		(59,163	)
Market Activity		(5,409	)		1,935			(1,725	)		2,305			(2,894	)			(2,033	)		6,322			5,131			8,777			18,197
Ending Balance	$	278,915		$	212,183		$	264,618		$	74,993		$	830,709			$	278,915		$	212,183		$	264,618		$	74,993		$	830,709
% Change		(2)%			2%			5%			0%			1%				(7)%			20%			21%			9%			9%

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.   Blackstone |  16

DECONSOLIDATED BALANCE SHEET HIGHLIGHTS

§ At December 31, 2024, Blackstone had $9.7 billion in total cash, cash equivalents, corporate treasury, and other investments and $19.1 billion of cash and net investments, or $15.61 per share.

§ Blackstone has a $4.3 billion credit revolver and maintains A+/A+ ratings.

– On December 6, 2024, Blackstone issued $750 million of 10-year notes at a 5.00% coupon.

($in millions)	4Q’24
Cash and Cash Equivalents	$	1,972
Corporate Treasury and Other Investments		7,743
GP/Fund Investments		3,064
Net Accrued Performance Revenues		6,281
Cash and Net Investments	$	19,060
Outstanding Debt (at par)		11,361

Cash and Net Investments

(per share)

A+ / A+

rated by S&P and Fitch

$4.3B

credit revolver with

December 2028 maturity

$9.7B

total cash, corporate

treasury and other

Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $5.8 billion as of December 31, 2024, which was comprised of $5.3 billion of liquid investments and $495 million of illiquid investments. See notes on pages 31 and 34 for additional details on non-GAAP balance sheet measures.   Blackstone |  17

NET ACCRUED PERFORMANCE REVENUES – ADDITIONAL DETAIL

($ in millions, except per share data)

	4Q’23		3Q’24		4Q’24		4Q’24
							Per Share
Real Estate
BREP Global	$	1,323	$	1,313	$	873	$	0.71
BREP Europe		109		130		126		0.10
BREP Asia		92		97		98		0.08
BPP		129		32		42		0.03
BREDS		32		18		27		0.02
BTAS		2		18		19		0.02
Real Estate	$	1,687	$	1,608	$	1,186	$	0.97
Private Equity
BCP Global		1,562		1,708		1,733		1.42
BCP Asia		182		260		334		0.27
Energy/Energy Transition		306		533		568		0.47
Core Private Equity		234		244		247		0.20
Tactical Opportunities		229		181		201		0.16
Secondaries		731		951		1,072		0.88
Infrastructure		333		568		84		0.07
Life Sciences		82		145		197		0.16
BTAS/BXPE		185		240		229		0.19
Private Equity	$	3,844	$	4,829	$	4,665	$	3.82
Credit & Insurance	$	286	$	450	$	401	$	0.33
Multi-Asset Investing	$	17	$	105	$	30	$	0.02
Net Accrued Performance Revenues	$	5,835	$	6,992	$	6,281	$	5.14

4Q’24 QoQ Rollforward

($ in millions)

			Net			Net
			Performance			Realized
	3Q’24		Revenues			Distributions			4Q’24
Real Estate	$	1,608	$	(412	)	$	(10	)	$	1,186
Private Equity		4,829		727			(891	)		4,665
Credit & Insurance		450		170			(220	)		401
Multi-Asset Investing		105		191			(266	)		30
Total	$	6,992	$	675		$	(1,386	)	$	6,281
QoQ Change										(10)%

FY’24 Rollforward

($ in millions)

			Net			Net
			Performance			Realized
	4Q’23		Revenues			Distributions			4Q’24
Real Estate	$	1,687	$	(212	)	$	(289	)	$	1,186
Private Equity		3,844		2,273			(1,453	)		4,665
Credit & Insurance		286		734			(619	)		401
Multi-Asset Investing		17		306			(294	)		30
Total	$	5,835	$	3,101		$	(2,655	)	$	6,281
YoY Change										8%

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. Real Estate and Private Equity include co-investments, as applicable. Per Share calculations are based on end of period DE Shares Outstanding (see page 24, Share Summary).   Blackstone |  18

INVESTMENT RECORDS AS OF DECEMBER 31, 2024^(a)

($/€ in thousands, except where noted)  Fund (Investment Period Beginning Date / Ending  Date)	Committed Capital		Available Capital (b)		Unrealized Investments			Realized Investments			Total Investments			Net IRRs (d)
					Value		MOIC (c)	Value		MOIC (c)	Value		MOIC (c)	Realized	Total
Real Estate
Pre-BREP - BREP IV (Jan 1992 / Dec 2005)	$	5,441,163	$	-	$	-	n/a	$	12,219,526	2.0x	$	12,219,526	2.0x	24%	24%
BREP V (Dec 2005 / Feb 2007)		5,539,418		-		6,711	n/a		13,463,448	2.3x		13,470,159	2.3x	11%	11%
BREP VI (Feb 2007 / Aug 2011)		11,060,122		-		5,033	n/a		27,761,681	2.5x		27,766,714	2.5x	13%	13%
BREP VII (Aug 2011 / Apr 2015)		13,505,657		1,016,699		1,515,050	0.5x		28,733,571	2.2x		30,248,621	1.9x	18%	14%
BREP VIII (Apr 2015 / Jun 2019)		16,626,351		1,673,758		10,625,834	1.3x		22,891,220	2.3x		33,517,054	1.8x	23%	13%
BREP IX (Jun 2019 / Aug 2022)		21,349,948		3,313,697		22,447,870	1.3x		9,136,965	2.2x		31,584,835	1.4x	54%	10%
*BREP X (Aug 2022 / Feb 2028)		30,644,637		20,405,498		11,567,610	1.1x		632,157	1.2x		12,199,767	1.1x	7%	8%
Total Global BREP	$	104,167,296	$	26,409,652	$	46,168,108	1.2x	$	114,838,568	2.3x	$	161,006,676	1.8x	17%	15%
BREP Int’l I-II (Jan 2001 / Jun 2008) (e)	€	2,453,920	€	-	€	-	n/a	€	3,956,202	1.9x	€	3,956,202	1.9x	12%	12%
BREP Europe III (Jun 2008 / Sep 2013)		3,205,420		400,061		96,634	0.5x		5,896,568	2.1x		5,993,202	2.0x	15%	13%
BREP Europe IV (Sep 2013 / Dec 2016)		6,676,577		1,124,309		1,016,101	0.8x		10,170,138	1.9x		11,186,239	1.7x	17%	12%
BREP Europe V (Dec 2016 / Oct 2019)		7,997,397		814,656		4,251,304	0.8x		6,762,819	3.8x		11,014,123	1.5x	41%	7%
BREP Europe VI (Oct 2019 / Sep 2023)		9,934,901		3,037,326		8,529,750	1.2x		3,449,052	2.6x		11,978,802	1.4x	73%	11%
*BREP Europe VII (Sep 2023 / Mar 2029)		8,681,767		6,566,084		2,440,509	1.2x		-	n/a		2,440,509	1.2x	n/a	n/m
Total BREP Europe	€	38,949,982	€	11,942,436	€	16,334,298	1.0x	€	30,234,779	2.3x	€	46,569,077	1.6x	16%	11%
BREP Asia I (Jun 2013 / Dec 2017)	$	4,262,075	$	898,555	$	1,551,149	1.7x	$	7,250,832	1.9x	$	8,801,981	1.9x	16%	12%
BREP Asia II (Dec 2017 / Mar 2022)		7,356,455		1,274,879		6,161,561	1.2x		2,221,602	1.8x		8,383,163	1.3x	24%	4%
*BREP Asia III (Mar 2022 / Sep 2027)		8,226,453		5,475,691		2,721,116	1.0x		7,244	1.6x		2,728,360	1.0x	n/a	(14)%
Total BREP Asia	$	19,844,983	$	7,649,125	$	10,433,826	1.2x	$	9,479,678	1.9x	$	19,913,504	1.4x	16%	7%
BREP Co-Investment (f)		7,597,969		102,615		1,012,900	1.5x		15,268,392	2.2x		16,281,292	2.2x	16%	16%
Total BREP	$	177,144,079	$	46,965,122	$	75,840,496	1.1x	$	176,549,262	2.2x	$	252,389,758	1.7x	17%	14%
*BREDS High-Yield (Various) (g)		27,086,612		9,974,424		5,319,868	1.1x		21,728,008	1.3x		27,047,876	1.3x	10%	9%
Private Equity
Corporate Private Equity
BCP I-III (Oct 1987 / Nov 2002)	$	6,187,603	$	-	$	-	n/a	$	14,239,072	2.4x	$	14,239,072	2.4x	19%	19%
BCOM (Jun 2000 / Jun 2006)		2,137,330		24,575		195	n/a		2,995,106	1.4x		2,995,301	1.4x	6%	6%
BCP IV (Nov 2002 / Dec 2005)		6,773,182		195,824		374	n/a		21,720,334	2.9x		21,720,708	2.9x	36%	36%
BCP V (Dec 2005 / Jan 2011)		21,009,112		1,035,259		66,016	n/a		38,806,330	1.9x		38,872,346	1.9x	8%	8%
BCP VI (Jan 2011 / May 2016)		15,195,360		1,341,143		4,138,595	2.1x		28,966,019	2.3x		33,104,614	2.2x	14%	12%
BCP VII (May 2016 / Feb 2020)		18,870,216		1,462,359		17,565,769	1.6x		19,772,664	2.6x		37,338,433	2.0x	25%	13%
BCP VIII (Feb 2020 / Apr 2024)		25,909,120		8,773,377		24,105,211	1.4x		4,260,890	2.2x		28,366,101	1.5x	n/m	11%
*BCP IX (Apr 2024 / Apr 2029)		20,930,930		20,775,172		133,941	n/a		-	n/a		133,941	n/a	n/a	n/a
Energy I (Aug 2011 / Feb 2015)		2,441,558		174,492		543,965	1.7x		4,194,257	2.0x		4,738,222	2.0x	14%	11%
Energy II (Feb 2015 / Feb 2020)		4,920,591		867,138		4,549,724	2.2x		4,625,923	1.8x		9,175,647	2.0x	12%	9%
Energy III (Feb 2020 / Jun 2024)		4,356,820		1,739,292		5,001,338	2.0x		2,108,325	2.7x		7,109,663	2.2x	45%	28%
*Energy Transition IV (Jun 2024 / Jun 2029)		5,233,885		5,166,812		138,706	n/a		-	n/a		138,706	n/a	n/a	n/a
BCP Asia I (Dec 2017 / Sep 2021)		2,437,080		417,510		2,667,487	2.1x		2,847,272	3.2x		5,514,759	2.5x	46%	25%
*BCP Asia II (Sep 2021 / Sep 2027)		6,778,630		4,298,290		4,252,246	2.4x		352,291	4.0x		4,604,537	2.5x	n/m	51%
Core Private Equity I (Jan 2017 / Mar 2021) (h)		4,760,130		1,178,572		7,669,957	2.0x		2,918,512	5.2x		10,588,469	2.4x	59%	17%
*Core Private Equity II (Mar 2021 / Mar 2026) (h)		8,450,662		5,295,462		4,617,109	1.3x		502,247	n/a		5,119,356	1.5x	n/a	14%
Total Corporate Private Equity	$	156,392,209	$	52,745,277	$	75,450,633	1.7x	$	148,309,242	2.3x	$	223,759,875	2.0x	16%	15%
Tactical Opportunities
*Tactical Opportunities (Various)		31,012,258		12,380,961		15,895,619	1.3x		25,163,336	1.8x		41,058,955	1.6x	15%	10%
*Tactical Opportunities Co-Investment and Other (Various)		12,561,612		2,132,801		5,978,820	1.3x		10,746,563	1.8x		16,725,383	1.5x	19%	16%
Total Tactical Opportunities	$	43,573,870	$	14,513,762	$	21,874,439	1.3x	$	35,909,899	1.8x	$	57,784,338	1.5x	16%	12%

The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not meaningful” generally due to the limited time since initial investment. n/a represents “not applicable”. Notes on pages 21-22. BREP – Blackstone Real Estate Partners, BREDS – Blackstone Real Estate Debt Strategies, BCP – Blackstone Capital Partners, BCOM – Blackstone Communications. * Represents funds that are currently in their investment period.   Blackstone |  19

INVESTMENT RECORDS AS OF DECEMBER 31, 2024^(a) – (CONT’D)

($/€ in thousands, except where noted)  Fund (Investment Period Beginning Date / Ending  Date)	Committed Capital		Available Capital (b)		Unrealized Investments			Realized Investments			Total Investments			Net IRRs (d)
					Value		MOIC (c)	Value		MOIC (c)	Value		MOIC (c)	Realized	Total
Private Equity (continued)
Growth
*BXG I (Jul 2020 / Jul 2025)	$	5,008,477	$	922,294	$	3,801,964	1.0x	$	526,827	2.6x	$	4,328,791	1.1x	n/m	(2)%
BXG II (TBD)		4,204,439		4,204,439		-	n/a		-	n/a		-	n/a	n/a	n/a
Total Growth	$	9,212,916	$	5,126,733	$	3,801,964	1.0x	$	526,827	2.6x	$	4,328,791	1.1x	n/m	(2)%
Strategic Partners (Secondaries)
Strategic Partners I-V (Various) (i)		11,035,527		9,759		7,741	n/a		16,782,783	n/a		16,790,524	1.7x	n/a	13%
Strategic Partners VI (Apr 2014 / Apr 2016) (i)		4,362,772		597,770		625,434	n/a		4,445,551	n/a		5,070,985	1.7x	n/a	13%
Strategic Partners VII (May 2016 / Mar 2019) (i)		7,489,970		1,659,369		2,937,628	n/a		7,765,917	n/a		10,703,545	1.9x	n/a	16%
Strategic Partners Real Assets II (May 2017 / Jun 2020) (i)		1,749,807		523,693		1,312,353	n/a		1,173,420	n/a		2,485,773	1.8x	n/a	15%
Strategic Partners VIII (Mar 2019 / Oct 2021) (i)		10,763,600		3,770,674		7,841,009	n/a		6,876,095	n/a		14,717,104	1.8x	n/a	23%
*Strategic Partners Real Estate, SMA and Other (Various) (i)		7,455,591		2,136,862		2,541,983	n/a		2,525,494	n/a		5,067,477	1.5x	n/a	12%
Strategic Partners Infrastructure III (Jun 2020 / Jun 2024) (i)		3,250,100		834,943		2,724,436	n/a		274,616	n/a		2,999,052	1.5x	n/a	20%
*Strategic Partners IX (Oct 2021 / Jan 2027) (i)		19,692,625		6,648,493		10,794,906	n/a		907,344	n/a		11,702,250	1.3x	n/a	18%
*Strategic Partners GP Solutions (Jun 2021 / Dec 2026) (i)		2,095,211		690,975		936,543	n/a		3,947	n/a		940,490	1.0x	n/a	(3)%
*Strategic Partners Infrastructure IV (Jul 2024 / Jun 2029) (i)		2,432,184		1,878,879		-	n/a		-	n/a		-	n/a	n/a	n/a
Total Strategic Partners (Secondaries)	$	70,327,387	$	18,751,417	$	29,722,033	n/a	$	40,755,167	n/a	$	70,477,200	1.6x	n/a	14%
Life Sciences
Clarus IV (Jan 2018 / Jan 2020)		910,000		56,714		739,540	2.2x		566,712	1.4x		1,306,252	1.7x	6%	10%
*BXLS V (Jan 2020 / Jan 2025)		5,039,842		2,358,846		4,435,679	2.0x		491,187	1.3x		4,926,866	1.8x	n/m	19%
Credit
Mezzanine / Opportunistic I (Jul 2007 / Oct 2011)	$	2,000,000	$	97,114	$	-	n/a	$	4,809,113	1.6x	$	4,809,113	1.6x	n/a	17%
Mezzanine / Opportunistic II (Nov 2011 / Nov 2016)		4,120,000		993,260		71,353	0.2x		6,678,087	1.4x		6,749,440	1.4x	n/a	9%
Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)		6,639,133		1,105,632		2,078,013	1.2x		8,543,763	1.6x		10,621,776	1.5x	n/a	12%
*Mezzanine / Opportunistic IV (Jan 2021 / Jan 2026)		5,016,771		1,527,819		4,400,942	1.2x		1,778,323	1.6x		6,179,265	1.3x	n/a	14%
Mezzanine / Opportunistic V (TBD)		3,225,846		3,225,846		-	n/a		-	n/a		-	n/a	n/a	n/a
Stressed / Distressed I (Sep 2009 / May 2013)		3,253,143		-		-	n/a		5,777,098	1.3x		5,777,098	1.3x	n/a	9%
Stressed / Distressed II (Jun 2013 / Jun 2018)		5,125,000		547,430		115,300	0.2x		5,471,571	1.2x		5,586,871	1.1x	n/a	1%
Stressed / Distressed III (Dec 2017 / Dec 2022)		7,356,380		1,023,698		2,033,182	1.0x		4,850,806	1.5x		6,883,988	1.3x	n/a	10%
Energy I (Nov 2015 / Nov 2018)		2,856,867		1,154,819		246,914	0.8x		3,335,250	1.6x		3,582,164	1.5x	n/a	10%
Energy II (Feb 2019 / Jun 2023)		3,616,081		1,475,543		1,023,478	1.1x		2,766,095	1.4x		3,789,573	1.3x	n/a	16%
*Green Energy III (May 2023 / May 2028)		6,477,000		3,627,742		3,010,359	1.0x		202,453	n/a		3,212,812	1.1x	n/a	15%
European Senior Debt I (Feb 2015 / Feb 2019)	€	1,964,689	€	147,189	€	175,127	0.4x	€	2,981,872	1.3x	€	3,156,999	1.1x	n/a	1%
European Senior Debt II (Jun 2019 / Jun 2023) (j)	€	4,088,344	€	842,963	€	3,902,298	0.9x	€	3,017,599	2.6x	€	6,919,897	1.3x	n/a	10%
Total Credit Drawdown Funds (k)	$	56,591,880	$	15,804,206	$	17,201,715	0.9x	$	51,068,185	1.5x	$	68,269,900	1.3x	n/a	10%

The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not meaningful” generally due to the limited time since initial investment. n/a represents “not applicable”. Notes on pages 21-22. BXG – Blackstone Growth, BXLS – Blackstone Life Sciences. * Represents funds that are currently in their investment period.   Blackstone |  20

INVESTMENT RECORDS AS OF DECEMBER 31, 2024^(a) – (CONT’D)

Selected Perpetual Capital Strategies^(l)

($ in thousands, except where noted)	Investment			Total			Total Net
Strategy (Inception Year)	Strategy			AUM			Return (m)
Real Estate
BPP - Blackstone Property Partners Platform (2013) (n)		Core+ Real Estate		$	61,401,469			5%
BREIT - Blackstone Real Estate Income Trust (2017) (o)		Core+ Real Estate			53,966,819			9%
BREIT - Class I (p)		Core+ Real Estate						9%
BXMT - Blackstone Mortgage Trust (2013) (q)		Real Estate Debt			5,814,824			6%
Private Equity
BSCH - Blackstone Strategic Capital Holdings (2014) (r)		Secondaries - GP Stakes			10,999,962			13%
BIP - Blackstone Infrastructure Partners (2019) (s)		Infrastructure			43,370,836			17%
BXPE - Blackstone Private Equity Strategies Fund Program (2024) (t)		Private Equity			7,329,314			13%
BXPE - Class I (u)		Private Equity						14%
Credit
BXSL - Blackstone Secured Lending Fund (2018) (v)		U.S. Direct Lending			13,277,747			11%
BCRED - Blackstone Private Credit Fund (2021) (w)		U.S. Direct Lending			75,799,683			10%
BCRED - Class I (x)		U.S. Direct Lending						10%

 Investment Records as of December 31, 2024 - Notes

(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 December 31, 2024 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 12% Realized Net IRR and 12% Total Net IRR exclude investors that opted out of the Hilton investment opportunity. Overall BREP International I-II performance
reflects a 10% Realized Net IRR and a 10% 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) BREDS High-Yield represents the flagship real estate debt drawdown funds only.

(h) 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.

(i) Strategic Partners’ Unrealized Investment Value, Realized Investment Value, Total Investment Value, Total MOIC and Total Net IRRs are reported on a three-month lag
and therefore do not include the impact of economic and market activities in the current quarter. Realizations are treated as returns of capital until fully recovered and
therefore Unrealized and Realized MOICs and Realized Net IRRs are not applicable. Committed Capital and Available Capital are presented as of the current quarter.

(j) European Senior Debt II Levered has a net return of 15%, European Senior Debt II Unlevered has a net return of 8%.

(k) Funds presented represent the flagship credit drawdown funds only. The Total Credit Net IRR is the combined IRR of the credit drawdown funds presented.

(l) Represents the performance for select Perpetual Capital Strategies; strategies excluded consist primarily of (1) investment strategies that have been investing for less
than one year, (2) perpetual capital assets managed for certain insurance clients, and (3) investment vehicles where Blackstone does not earn fees.

The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not meaningful” generally due to the limited time since initial investment. n/a represents “not applicable”. Notes continue on page 22. Blackstone |  21

INVESTMENT RECORDS AS OF DECEMBER 31, 2024^(a) – (CONT’D)

(m) Unless otherwise indicated, Total Net Return represents the annualized inception to December 31, 2024 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 investor cash flows. Initial
inception date of cash flows occurred during the Inception Year.

(n) BPP represents the aggregate Total AUM and Total Net Return of the BPP Platform, which comprises over 30 funds, co-investment and separately managed account
vehicles. It includes certain vehicles managed as part of the BPP Platform but not classified as Perpetual Capital. As of December 31, 2024, these vehicles represented
$2.8 billion of Total AUM.

(o) The BREIT Total 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. This return is not representative of the return experienced by any particular investor or share
class. Total Net Return is presented on an annualized basis and is from January 1, 2017.

(p) Represents the Total Net Return for BREIT’s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all
dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. Class I Total Net Return is presented on an
annualized basis and is from January 1, 2017.

(q) The BXMT Total Net Return reflects annualized market return of a shareholder invested in BXMT since inception, May 22, 2013, assuming reinvestment of all dividends
received during the period.

(r) BSCH represents the aggregate Total AUM and Total Net Return of BSCH I and BSCH II funds that invest as part of the Secondaries - GP Stakes strategy, which targets
minority investments in the general partners of private equity and other private-market alternative asset management firms globally. Including co-investment vehicles
that do not pay fees, BSCH Total AUM is $12.3 billion.

(s) BIP represents the aggregate Total AUM and Total Net Return of infrastructure-focused funds for institutional investors with a primary focus on the U.S. and Europe.
Including co-investment vehicles, BIP Total AUM is $54.8 billion.

(t) The BXPE Total Net Return reflects a per share blended return, assuming the BXPE Fund Program had a single vehicle and a single share class, reinvestment of any
dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BXPE. This return is not representative of the return
experienced by any particular vehicle, investor or share class. Total Net Return is presented on an annualized basis and is from January 2, 2024. BXPE Total AUM reflects
net asset value as of December 31, 2024. For purposes of segment AUM reporting, BXPE AUM is reported by the business managing the assets.

(u) Represents the blended Total Net Return for BXPE Fund Program Class I shares, the Program’s largest share class across vehicles. Performance varies by vehicle and share
class. Class I Total Net Return assumes reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred
by the Class I shares. Class I Total Net Return is presented on an annualized basis and is from January 2, 2024.

(v) The BXSL Total AUM and Total Net Return are presented as of September 30, 2024. BXSL Total Net Return reflects the change in NAV per share, plus distributions per
share (assuming dividends and distributions are reinvested in accordance with BXSL’s dividend reinvestment plan) divided by the beginning NAV per share. Total Net
Returns are presented on an annualized basis and are from November 20, 2018.

(w) The BCRED Total Net Return reflects a per share blended return, assuming BCRED 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 BCRED. This return is not representative of the return experienced by any particular investor or
share class. Total Net Return is presented on an annualized basis and is from January 7, 2021. Total AUM reflects gross asset value plus amounts borrowed or available to
be borrowed under certain credit facilities. BCRED net asset value as of December 31, 2024 was $38.9 billion.

(x) Represents the Total Net Return for BCRED’s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all
dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. Class I Total Net Return is presented on an
annualized basis and is from January 7, 2021.

     Blackstone |  22

SHAREHOLDER DIVIDENDS

§ Generated $1.69 of Distributable Earnings per common share during the quarter, bringing the full year amount to
$4.64 per common share.

§ Blackstone declared a quarterly dividend of $1.44 per common share to record holders as of February 10, 2025;
payable on February 18, 2025.

																% Change								% Change
($ in thousands, except per share data)	4Q’23			1Q’24			2Q’24			3Q’24			4Q’24			vs. 4Q’23		FY’23			FY’24			vs. FY’23
Distributable Earnings	$	1,388,180		$	1,266,378		$	1,252,221		$	1,278,650		$	2,169,493			56%	$	5,060,955		$	5,966,742			18	%
Add: Other Payables Attributable to Common Shareholders		57,810			130,920			124,280			73,491			185,782			221%		438,080			514,473			17	%
DE Before Certain Payables		1,445,990			1,397,298			1,376,501			1,352,141			2,355,275			63%		5,499,035			6,481,215			18	%
Percent to Common Shareholders		62%			62%			63%			63%			63%					62%			63%
DE Before Certain Payables Attributable to Common Shareholders		900,980			871,887			864,033			849,966			1,482,636			65%		3,415,854			4,068,522			19	%
Less: Other Payables Attributable to Common Shareholders		(57,810	)		(130,920	)		(124,280	)		(73,491	)		(185,782	)		221%		(438,080	)		(514,473	)		17	%
DE Attributable to Common Shareholders		843,170			740,967			739,753			776,475			1,296,854			54%		2,977,774			3,554,049			19	%
DE per Common Share	$	1.11		$	0.98		$	0.96		$	1.01		$	1.69			52%	$	3.95		$	4.64			17	%
Less: Retained Capital per Common Share	$	(0.17	)	$	(0.15)		$	(0.14)		$	(0.15)		$	(0.25)			47%	$	(0.60)		$	(0.69)			15	%
Actual Dividend per Common Share	$	0.94		$	0.83		$	0.82		$	0.86		$	1.44			53%	$	3.35		$	3.95			18	%
Record Date														Feb 10, 2025
Payable Date														Feb 18, 2025

A detailed description of Blackstone’s dividend policy and the definition of Distributable Earnings can be found on pages 36-38, Definitions and Dividend Policy. See additional notes on page 35.   Blackstone |  23

SHARE SUMMARY

§ Distributable Earnings Shares Outstanding as of quarter end of 1,221 million shares.

– Repurchased 0.3 million common shares in the quarter and 4.0 million common shares for the year.

– Available authorization remaining was $1.8 billion at December 31, 2024.

	4Q’23		1Q’24		2Q’24		3Q’24		4Q’24
Participating Common Shares		758,039,099		759,176,426		768,224,405		767,895,244		768,722,241
Participating Partnership Units		458,544,363		457,490,143		455,642,926		453,685,697		452,448,896
Distributable Earnings Shares Outstanding		1,216,583,462		1,216,666,569		1,223,867,331		1,221,580,941		1,221,171,137

  Participating Common Shares and Participating Partnership Units include both issued and outstanding shares and unvested shares that participate in dividends.   Blackstone |  24

Reconciliations and

Disclosures

     Blackstone |  25

BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2024 GAAP CONSOLIDATED STATEMENTS OF OPERATIONS

($ in thousands, except per share data) (unaudited)	4Q’23			4Q’24			FY’23			FY’24
Revenues
Management and Advisory Fees, Net	$	1,648,132		$	1,879,581		$	6,671,260		$	7,188,936
Incentive Fees		240,417			404,744			695,171			964,178
Investment Income (Loss)
Performance Allocations
Realized		621,173			1,858,833			2,223,841			3,457,746
Unrealized		(983,647	)		(1,351,683	)		(1,691,668	)		371,407
Principal Investments
Realized		46,617			84,381			303,823			332,258
Unrealized		(345,166	)		(47,392	)		(603,154	)		380,591
Total Investment Income (Loss)		(661,023	)		544,139			232,842			4,542,002
Interest and Dividend Revenue		168,374			98,547			516,497			411,159
Other		(110,880	)		155,554			(92,929	)		123,693
Total Revenues	$	1,285,020		$	3,082,565		$	8,022,841		$	13,229,968
Expenses
Compensation and Benefits
Compensation		631,877			754,738			2,785,447			3,048,229
Incentive Fee Compensation		88,127			149,276			281,067			373,586
Performance Allocations Compensation
Realized		230,249			742,847			900,859			1,432,217
Unrealized		(407,175	)		(607,658	)		(654,403	)		140,021
Total Compensation and Benefits		543,078			1,039,203			3,312,970			4,994,053
General, Administrative and Other		289,691			339,086			1,117,305			1,361,909
Interest Expense		108,732			115,532			431,868			443,688
Fund Expenses		69			6,296			118,987			19,676
Total Expenses	$	941,570		$	1,500,117		$	4,981,130		$	6,819,326
Other Income (Loss)
Change in Tax Receivable Agreement Liability		(29,083	)		(41,246	)		(27,196	)		(41,246	)
Net Gains (Losses) from Fund Investment Activities		(159,287	)		20,075			(56,801	)		90,084
Total Other Income (Loss)	$	(188,370	)	$	(21,171	)	$	(83,997	)	$	48,838
Income Before Provision for Taxes	$	155,080		$	1,561,277		$	2,957,714		$	6,459,480
Provision for Taxes		45,957			232,451			513,461			1,021,671
Net Income	$	109,123		$	1,328,826		$	2,444,253		$	5,437,809
Net Income (Loss) Attributable to Redeemable Non-Controlling   Interests in Consolidated Entities		(163,929	)		306			(245,518	)		(61,289	)
Net Income Attributable to Non-Controlling   Interests in Consolidated Entities		39,134			67,487			224,155			473,826
Net Income Attributable to Non-Controlling   Interests in Blackstone Holdings		82,118			557,160			1,074,736			2,248,764
Net Income Attributable to Blackstone Inc. (“BX”)	$	151,800		$	703,873		$	1,390,880		$	2,776,508
Net Income Per Share of Common Stock, Basic	$	0.20		$	0.92		$	1.84		$	3.62
Net Income Per Share of Common Stock, Diluted	$	0.20		$	0.92		$	1.84		$	3.62

     Blackstone |  26

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

	QTD															FY
($ in thousands)	4Q’23			1Q’24			2Q’24			3Q’24			4Q’24			FY’23			FY’24
Net Income Attributable to Blackstone Inc.	$	151,800		$	847,386		$	444,414		$	780,835		$	703,873		$	1,390,880		$	2,776,508
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings		82,118			685,439			403,108			603,057			557,160			1,074,736			2,248,764
Net Income Attributable to Non-Controlling Interests in Consolidated Entities		39,134			102,827			100,583			202,929			67,487			224,155			473,826
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		(163,929	)		(39,669	)		258			(22,184	)		306			(245,518	)		(61,289	)
Net Income	$	109,123		$	1,595,983		$	948,363		$	1,564,637		$	1,328,826		$	2,444,253		$	5,437,809
Provision for Taxes		45,957			283,671			260,246			245,303			232,451			513,461			1,021,671
Income Before Provision for Taxes	$	155,080		$	1,879,654		$	1,208,609		$	1,809,940		$	1,561,277		$	2,957,714		$	6,459,480
Transaction-Related and Non-Recurring Items (a)		8,882			52,197			4,962			(394	)		(393	)		25,981			56,372
Amortization of Intangibles (b)		7,347			7,333			7,333			7,333			7,333			33,457			29,332
Impact of Consolidation (c)		124,795			(63,158	)		(100,841	)		(180,745	)		(67,793	)		21,363			(412,537	)
Unrealized Performance Revenues (d)		983,642			(445,936	)		(122,239	)		(1,154,905	)		1,351,673			1,691,788			(371,407	)
Unrealized Performance Allocations Compensation (e)		(407,175	)		180,900			101,680			465,099			(607,658	)		(654,403	)		140,021
Unrealized Principal Investment (Income) Loss (f)		359,663			(442,976	)		38,125			90,254			42,729			593,301			(271,868	)
Other Revenues (g)		110,933			(44,747	)		(19,541	)		96,329			(155,207	)		93,083			(123,166	)
Equity-Based Compensation (h)		185,969			317,779			295,396			262,798			283,149			959,474			1,159,122
Administrative Fee Adjustment (i)		2,422			2,477			2,465			3,219			3,429			9,707			11,590
Taxes and Related Payables (j)		(143,378	)		(177,145	)		(163,728	)		(120,278	)		(249,046	)		(670,510	)		(710,197	)
Distributable Earnings	$	1,388,180		$	1,266,378		$	1,252,221		$	1,278,650		$	2,169,493		$	5,060,955		$	5,966,742
Taxes and Related Payables (j)		143,378			177,145			163,728			120,278			249,046			670,510			710,197
Net Interest and Dividend (Income) Loss (k)		(65,228	)		9,801			3,425			1,731			18,480			(106,120	)		33,437
Total Segment Distributable Earnings	$	1,466,330		$	1,453,324		$	1,419,374		$	1,400,659		$	2,437,019		$	5,625,345		$	6,710,376
Realized Performance Revenues (l)		(693,213	)		(536,393	)		(542,889	)		(342,669	)		(865,080	)		(2,061,102	)		(2,287,031	)
Realized Performance Compensation (m)		287,628			253,024			251,057			157,570			289,595			896,017			951,246
Realized Principal Investment (Income) Loss (n)		(19,202	)		(9,938	)		(16,572	)		(40,403	)		(25,613	)		(110,932	)		(92,526	)
Fee Related Earnings	$	1,041,543		$	1,160,017		$	1,110,970		$	1,175,157		$	1,835,921		$	4,349,328		$	5,282,065
Adjusted EBITDA Reconciliation
Distributable Earnings	$	1,388,180		$	1,266,378		$	1,252,221		$	1,278,650		$	2,169,493		$	5,060,955		$	5,966,742
Interest Expense (o)		108,168			107,640			108,424			111,326			117,027			429,521			444,417
Taxes and Related Payables (j)		143,378			177,145			163,728			120,278			249,046			670,510			710,197
Depreciation and Amortization (p)		25,251			26,053			25,336			24,685			22,682			94,124			98,756
Adjusted EBITDA	$	1,664,977		$	1,577,216		$	1,549,709		$	1,534,939		$	2,558,248		$	6,255,110		$	7,220,112

 Notes on pages 28-29.   Blackstone |  27

RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES

Note:  See pages 36-38, Definitions and Dividend Policy.

(a) This adjustment removes Transaction-Related and Non-Recurring Items, which are excluded from Blackstone’s segment presentation. Transaction-Related
and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering, and non-recurring gains,
losses, or other charges, if any. 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, gains or losses associated
with these corporate actions, and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of
Blackstone’s operational performance.

(b) This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation.

(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.

	QTD																FY
($ in thousands)	4Q’23			1Q’24			2Q’24			3Q’24			4Q’24				FY’23			FY’24
GAAP Unrealized Performance Allocations	$	(983,647	)	$	445,943		$	122,229		$	1,154,918		$	(1,351,683	)		$	(1,691,668	)	$    371,407
Segment Adjustment		5			(7	)		10			(13	)		10				(120	)	-
Unrealized Performance Revenues	$	(983,642	)	$	445,936		$	122,239		$	1,154,905		$	(1,351,673	)		$	(1,691,788	)	$    371,407
(e)   This adjustment removes Unrealized Performance Allocations Compensation. (f)  This adjustment removes Unrealized Principal Investment Income on a segment basis. The Segment Adjustment represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.
	QTD																FY
($ in thousands)	4Q’23			1Q’24			2Q’24			3Q’24			4Q’24				FY’23			FY’24
GAAP Unrealized Principal Investment Income (Loss)	$	(345,166	)	$	461,623		$	(31,776	)	$	(1,864	)	$	(47,392	)		$	(603,154	)	$   380,591
Segment Adjustment		(14,497	)		(18,647	)		(6,349	)		(88,390	)		4,663				9,853		(108,723)
Unrealized Principal Investment Income (Loss)	$	(359,663	)	$	442,976		$	(38,125	)	$	(90,254	)	$	(42,729	)		$	(593,301	)	$   271,868
(g)   This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents the removal of certain Transaction-Related and Non- Recurring Items.
	QTD																FY
($ in thousands)	4Q’23			1Q’24			2Q’24			3Q’24			4Q’24				FY’23			FY’24
GAAP Other Revenue	$	(110,880	)	$	44,820		$	19,631		$	(96,312	)	$	155,554			$	(92,929	)	$   123,693
Segment Adjustment		(53	)		(73	)		(90	)		(17	)		(347	)			(154	)	(527)
Other Revenues	$	(110,933	)	$	44,747		$	19,541		$	(96,329	)	$	155,207			$	(93,083	)	$   123,166

(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.

     Blackstone |  28

RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES (CONT’D)

(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. For interim periods, taxes are calculated using the preferred annualized
effective tax rate approach. Related Payables represent tax-related payables including the amount payable under the Tax Receivable Agreement. Please
refer to page 36 for the full definition of Taxes and Related Payables.

	QTD																FY
($ in thousands)	4Q’23			1Q’24			2Q’24			3Q’24			4Q’24				FY’23			FY’24
Taxes	$	121,155		$	155,873		$	141,656		$	95,483		$	211,496			$	580,925		$	604,508
Related Payables		22,223			21,272			22,072			24,795			37,550				89,585			105,689
Taxes and Related Payables	$	143,378		$	177,145		$	163,728		$	120,278		$	249,046			$	670,510		$	710,197
(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.
	QTD																FY
($ in thousands)	4Q’23			1Q’24			2Q’24			3Q’24			4Q’24				FY’23			FY’24
GAAP Interest and Dividend Revenue	$	168,374		$	97,839		$	104,999		$	109,774		$	98,547			$	516,497		$	411,159
Segment Adjustment		5,022			-			-			(179	)		-				19,144			(179	)
Interest and Dividend Revenue	$	173,396		$	97,839		$	104,999		$	109,595		$	98,547			$	535,641		$	410,980
GAAP Interest Expense	$	108,732		$	108,203		$	108,616		$	111,337		$	115,532			$	431,868		$	443,688
Segment Adjustment		(564	)		(563	)		(192	)		(11	)		1,495				(2,347	)		729
Interest Expense	$	108,168		$	107,640		$	108,424		$	111,326		$	117,027			$	429,521		$	444,417
Net Interest and Dividend Income (Loss)	$	65,228		$	(9,801	)	$	(3,425	)	$	(1,731	)	$	(18,480	)		$	106,120		$	(33,437	)
(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. Reconciliation of GAAP Shares of Common Stock Outstanding to Distributable Earnings Shares Outstanding
	QTD
	4Q’23			1Q’24			2Q’24			3Q’24			4Q’24
GAAP Shares of Common Stock Outstanding		719,358,114			722,263,433			722,540,712			730,699,964			731,925,965
Unvested Participating Common Shares		38,680,985			36,912,993			45,683,693			37,195,280			36,796,276
Total Participating Common Shares		758,039,099			759,176,426			768,224,405			767,895,244			768,722,241
Participating Partnership Units		458,544,363			457,490,143			455,642,926			453,685,697			452,448,896
Distributable Earnings Shares Outstanding		1,216,583,462			1,216,666,569			1,223,867,331			1,221,580,941			1,221,171,137
Disclosure of Weighted-Average Shares Common Stock Outstanding
	QTD																FY
	4Q’23			1Q’24			2Q’24			3Q’24			4Q’24				FY’23			FY’24
Total GAAP Weighted-Average Shares of Common Stock Outstanding - Basic		758,151,673			759,798,537			769,187,351			768,230,595			768,689,957				755,204,556			766,487,450
Weighted-Average Shares of Unvested Deferred Restricted Common Stock		126,712			459,107			47,326			49,771			80,028				215,380			159,058
Total GAAP Weighted-Average Shares of Common Stock Outstanding - Diluted		758,278,385			760,257,644			769,234,677			768,280,366			768,769,985				755,419,936			766,646,508

     Blackstone |  29

BLACKSTONE’S FOURTH QUARTER 2024 GAAP CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

($ in thousands) (unaudited)	4Q’23			1Q’24			2Q’24			3Q’24			4Q’24
Assets
Cash and Cash Equivalents	$	2,955,866		$	2,504,471		$	2,381,436		$	2,353,332		$	1,972,140
Cash Held by Blackstone Funds and Other		316,197			167,711			219,393			180,545			204,052
Investments		26,146,622			25,922,290			26,426,289			28,322,715			29,800,566
Accounts Receivable		193,365			199,302			247,538			300,004			237,930
Due from Affiliates		4,466,521			4,695,224			4,868,069			5,163,883			5,409,315
Intangible Assets, Net		201,208			192,227			183,246			174,265			165,243
Goodwill		1,890,202			1,890,202			1,890,202			1,890,202			1,890,202
Other Assets		944,848			1,072,627			1,083,400			933,990			947,859
Right-of-Use Assets		841,307			805,454			995,524			978,699			838,620
Deferred Tax Assets		2,331,394			2,256,794			2,289,932			2,277,807			2,003,948
Total Assets	$	40,287,530		$	39,706,302		$	40,585,029		$	42,575,442		$	43,469,875
Liabilities and Equity
Loans Payable	$	11,304,059		$	10,740,171		$	10,688,193		$	10,752,246		$	11,320,956
Due to Affiliates		2,393,410			2,135,478			2,364,099			2,620,530			2,808,148
Accrued Compensation and Benefits		5,247,766			5,378,212			5,703,156			6,398,365			6,087,700
Operating Lease Liabilities		989,823			951,648			1,142,317			1,136,671			965,742
Accounts Payable, Accrued Expenses and Other Liabilities		2,277,258			2,023,359			2,012,969			2,202,689			2,792,314
Total Liabilities		22,212,316			21,228,868			21,910,734			23,110,501			23,974,860
Redeemable Non-Controlling Interests in Consolidated Entities		1,179,073			935,005			888,868			892,846			801,399
Equity
Common Stock, $0.00001 par value (731,925,965 shares issued and outstanding as of December 31, 2024)		7			7			7			7			7
Series I Preferred Stock, $0.00001 par value (1 share issued and outstanding as of December 31, 2024)		-			-			-			-			-
Series II Preferred Stock, $0.00001 par value (1 share issued and outstanding as of December 31, 2024)		-			-			-			-			-
Additional Paid-in-Capital		6,175,190			6,190,142			6,260,619			6,257,788			7,444,561
Retained Earnings		660,734			796,201			607,564			760,471			808,079
Accumulated Other Comprehensive Loss		(19,133	)		(31,282	)		(34,617	)		(10,609	)		(40,326	)
Non-Controlling Interests in Consolidated Entities		5,177,255			5,381,678			5,682,606			6,015,967			6,154,943
Non-Controlling Interests in Blackstone Holdings		4,902,088			5,205,683			5,269,248			5,548,471			4,326,352
Total Equity		16,896,141			17,542,429			17,785,427			18,572,095			18,693,616
Total Liabilities and Equity	$	40,287,530		$	39,706,302		$	40,585,029		$	42,575,442		$	43,469,875

See page 31, Reconciliation of GAAP to Non-GAAP Balance Sheet Measures.   Blackstone |  30

RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES

($ in thousands)	4Q’23			1Q’24			2Q’24			3Q’24			4Q’24
Investments of Consolidated Blackstone Funds	$	4,319,483		$	3,458,911		$	3,621,676		$	3,873,027		$	3,890,732
Equity Method Investments
Partnership Investments		5,924,275			6,100,640			6,107,429			6,295,704			6,546,728
Accrued Performance Allocations		10,775,355			11,163,116			11,132,801			12,411,485			12,397,366
Corporate Treasury Investments		803,870			197,976			176,330			147,642			1,147,328
Other Investments		4,323,639			5,001,647			5,388,053			5,594,857			5,818,412
Total GAAP Investments		26,146,622			25,922,290			26,426,289			28,322,715			29,800,566
Accrued Performance Allocations - GAAP	$	10,775,355		$	11,163,116		$	11,132,801		$	12,411,485		$	12,397,366
Impact of Consolidation (a)		-			-			-			-			-
Due from Affiliates - GAAP (b)		313,838			249,968			235,767			253,490			489,086
Less: Net Realized Performance Revenues (c)		(552,249	)		(448,811	)		(146,832	)		(141,896	)		(1,050,026	)
Less: Accrued Performance Compensation - GAAP (d)		(4,702,363	)		(4,880,191	)		(5,007,547	)		(5,531,520	)		(5,555,870	)
Net Accrued Performance Revenues	$	5,834,581		$	6,084,082		$	6,214,189		$	6,991,559		$	6,280,556
Corporate Treasury and Other Investments - GAAP	$	5,127,509		$	5,199,623		$	5,564,383		$	5,742,499		$	6,965,740
Impact of Consolidation (a)		500,046			484,521			590,551			580,076			622,411
Other Assets (e)		127,167			228,702			218,728			250,996			159,011
Other Liabilities (f)		(299,368	)		(6,651	)		(6,874	)		(6,584	)		(4,024	)
Corporate Treasury and Other Investments - Deconsolidated (g)	$	5,455,354		$	5,906,195		$	6,366,788		$	6,566,987		$	7,743,138
Partnership Investments - GAAP	$	5,924,275		$	6,100,640		$	6,107,429		$	6,295,704		$	6,546,728
Impact of Consolidation (h)		(3,223,580	)		(3,308,117	)		(3,401,589	)		(3,482,920	)		(3,482,497	)
GP/Fund Investments - Deconsolidated	$	2,700,695		$	2,792,523		$	2,705,840		$	2,812,784		$	3,064,231
Loans Payable - GAAP	$	11,304,059		$	10,740,171		$	10,688,193		$	10,752,246		$	11,320,956
Impact of Consolidation (i)		(687,121	)		(169,836	)		(130,321	)		(107,715	)		(87,488	)
Outstanding Debt - Carrying Value		10,616,938			10,570,335			10,557,872			10,644,531			11,233,468
Unamortized Discount		130,811			127,614			124,677			122,418			127,281
Outstanding Debt (at par) - Deconsolidated	$	10,747,749		$	10,697,949		$	10,682,549		$	10,766,949		$	11,360,749

(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) Deconsolidated Other Investments was $5.8 billion as of December 31, 2024, which was comprised of $5.3 billion of liquid investments and $495 million of illiquid investments. The liquid portion of Other Investments relates to public equity securities and other investments held by Blackstone that can be easily converted to cash and may include securities and investments subject to lock-up periods.

(h) 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.

(i) This adjustment removes amounts related to consolidated Blackstone Funds.

     Blackstone |  31

RECONCILIATION OF GAAP TO TOTAL SEGMENTS

	QTD															FY
($ in thousands)	4Q’23			1Q’24			2Q’24			3Q’24			4Q’24			FY’23			FY’24
Management and Advisory Fees, Net
GAAP	$	1,648,132		$	1,727,148		$	1,787,313		$	1,794,894		$	1,879,581		$	6,671,260		$	7,188,936
Segment Adjustment (a)		5,699			(19,577	)		(7,375	)		(8,160	)		(20,290	)		(8,016	)		(55,402	)
Total Segment	$	1,653,831		$	1,707,571		$	1,779,938		$	1,786,734		$	1,859,291		$	6,663,244		$	7,133,534
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues
GAAP
Incentive Fees		240,417			179,341			188,299			191,794			404,744			695,171			964,178
Investment Income - Realized Performance Allocations		621,173			652,517			531,641			414,755			1,858,833			2,223,841			3,457,746
GAAP	$	861,590		$	831,858		$	719,940		$	606,549		$	2,263,577		$	2,919,012		$	4,421,924
Total Segment
Less: Realized Performance Revenues		(693,213	)		(536,393	)		(542,889	)		(342,669	)		(865,080	)		(2,061,102	)		(2,287,031	)
Segment Adjustment (b)		617			36			16			221			779			617			1,052
Total Segment	$	168,994		$	295,501		$	177,067		$	264,101		$	1,399,276		$	858,527		$	2,135,945
GAAP Compensation to Total Segment Fee Related Compensation
GAAP
Compensation		631,877			794,803			766,647			732,041			754,738			2,785,447			3,048,229
Incentive Fees Compensation		88,127			73,707			77,139			73,464			149,276			281,067			373,586
Realized Performance Allocations Compensation		230,249			258,894			260,736			169,740			742,847			900,859			1,432,217
GAAP	$	950,253		$	1,127,404		$	1,104,522		$	975,245		$	1,646,861		$	3,967,373		$	4,854,032
Total Segment
Less: Realized Performance Compensation		(287,628	)		(253,024	)		(251,057	)		(157,570	)		(289,595	)		(896,017	)		(951,246	)
Less: Equity-Based Compensation - Fee Related Compensation		(182,048	)		(313,400	)		(291,540	)		(259,265	)		(278,849	)		(946,575	)		(1,143,054	)
Less: Equity-Based Compensation - Performance Compensation		(3,921	)		(4,379	)		(3,856	)		(3,533	)		(4,300	)		(12,899	)		(16,068	)
Segment Adjustment (c)		(6,248	)		(2,524	)		(5,156	)		(22	)		3,360			(23,772	)		(4,342	)
Total Segment	$	470,408		$	554,077		$	552,913		$	554,855		$	1,077,477		$	2,088,110		$	2,739,322
GAAP General, Administrative and Other to Total Segment Other Operating Expenses
GAAP	$	289,691		$	369,950		$	311,928		$	340,945		$	339,086		$	1,117,305		$	1,361,909
Segment Adjustment (d)		21,183			(80,972	)		(18,806	)		(20,122	)		6,083			(32,972	)		(113,817	)
Total Segment	$	310,874		$	288,978		$	293,122		$	320,823		$	345,169		$	1,084,333		$	1,248,092
Realized Performance Revenues
GAAP
Incentive Fees		240,417			179,341			188,299			191,794			404,744			695,171			964,178
Investment Income - Realized Performance Allocations		621,173			652,517			531,641			414,755			1,858,833			2,223,841			3,457,746
GAAP	$	861,590		$	831,858		$	719,940		$	606,549		$	2,263,577		$	2,919,012		$	4,421,924
Total Segment
Less: Fee Related Performance Revenues		(168,994	)		(295,501	)		(177,067	)		(264,101	)		(1,399,276	)		(858,527	)		(2,135,945	)
Segment Adjustment (b)		617			36			16			221			779			617			1,052
Total Segment	$	693,213		$	536,393		$	542,889		$	342,669		$	865,080		$	2,061,102		$	2,287,031

     Blackstone |  32

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

	QTD															FY
($ in thousands)	4Q’23			1Q’24			2Q’24			3Q’24			4Q’24			FY’23			FY’24
Realized Performance Compensation
GAAP
Incentive Fee Compensation	$	88,127		$	73,707		$	77,139		$	73,464		$	149,276		$	281,067		$	373,586
Realized Performance Allocations Compensation		230,249			258,894			260,736			169,740			742,847			900,859			1,432,217
GAAP	$	318,376		$	332,601		$	337,875		$	243,204		$	892,123		$	1,181,926		$	1,805,803
Total Segment
Less: Fee Related Performance Compensation (e)		(26,827	)		(75,198	)		(82,962	)		(82,101	)		(598,228	)		(273,010	)		(838,489	)
Less: Equity-Based Compensation - Performance Compensation		(3,921	)		(4,379	)		(3,856	)		(3,533	)		(4,300	)		(12,899	)		(16,068	)
Total Segment	$	287,628		$	253,024		$	251,057		$	157,570		$	289,595		$	896,017		$	951,246
Realized Principal Investment Income (Loss)
GAAP	$	46,617		$	78,597		$	74,045		$	95,235		$	84,381		$	303,823		$	332,258
Segment Adjustment (f)		(27,415	)		(68,659	)		(57,473	)		(54,832	)		(58,768	)		(192,891	)		(239,732	)
Total Segment	$	19,202		$	9,938		$	16,572		$	40,403		$	25,613		$	110,932		$	92,526
GAAP Interest and Dividend Revenue net of Interest Expense to Total Segment Net Interest and Dividend Income (Loss)
GAAP
Interest and Dividend Revenue		168,374			97,839			104,999			109,774			98,547			516,497			411,159
Interest Expense		(108,732	)		(108,203	)		(108,616	)		(111,337	)		(115,532	)		(431,868	)		(443,688	)
GAAP	$	59,642		$	(10,364	)	$	(3,617	)	$	(1,563	)	$	(16,985	)	$	84,629		$	(32,529	)
Segment Adjustment (g)		5,586			563			192			(168	)		(1,495	)		21,491			(908	)
Total Segment	$	65,228		$	(9,801	)	$	(3,425	)	$	(1,731	)	$	(18,480	)	$	106,120		$	(33,437	)

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 26). 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 and Non-Recurring Items.

(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 amounts attributable to the reimbursement of certain expenses by the Blackstone Funds and certain NAV-based fee arrangements, which are presented on a gross basis under GAAP but as a reduction of 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 and Non-Recurring Items that are not recorded in the Total Segment measures.

(d) Represents the (1) removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment Measures, (2) removal of amounts attributable to certain expenses that are reimbursed by the Blackstone Funds and certain NAV-based fee arrangements, which are presented on a gross basis under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures, and (3) 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) Fee related performance compensation may include equity based compensation based on fee related performance revenues.

(f) 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) Represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2)
the removal of interest expense associated with the Tax Receivable Agreement.

     Blackstone |  33

NOTES

 Notes to page 4 - Investment Performance and Net Accrued Performance Revenues

§ 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.

§ Core+ appreciation represents a weighted average of BREIT’s per share appreciation, BEPIF’s per share appreciation, and BPP’s appreciation for the period. The returns are weighted based on the average of BREIT’s monthly net asset values, BEPIF’s monthly net asset values, and the
average of BPP’s quarterly adjusted beginning period market values for the period.

§ Throughout this presentation, Secondaries reflects Strategic Partners and GP Stakes unless otherwise indicated. Results for the Secondaries business refer to the appreciation of the Strategic Partners funds and do not include results for GP Stakes. Strategic Partners results are reported on a three-month lag from fund financial statements, which generally report underlying investments on a same-quarter basis, if available. 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.

§ Private Credit returns include mezzanine lending funds and middle market direct lending funds (including BXSL and BCRED), 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, funds investing primarily in investment grade corporate credit and asset-based finance are excluded. Blackstone Funds that were contributed to Blackstone Credit as part of Blackstone’s acquisition of Blackstone Credit, formerly known as GSO, in March 2008 and the pre-acquisition date performance for funds and vehicles acquired by Blackstone Credit subsequent to March 2008, are also excluded.

§ The Absolute Return Composite gross and net returns are based on the Multi-Asset Investing (“BXMA”) Absolute Return Composite, which includes only BXMA-managed commingled and customized multi-manager funds and accounts and does not include BXMA’s liquid solutions group, seeding, multi-strategy, and advisory (non-discretionary) platforms, except for investments by Absolute Return funds directly into those platforms. BXMA-managed funds in liquidation and, in the case of net returns, non fee-paying assets are also excluded. The funds/accounts that comprise the Absolute Return Composite are not managed within a single fund or account and are managed with different mandates. There is no guarantee that BXMA would have made the same mix of investments in a stand-alone fund/account. The Absolute Return Composite is not an investible product and, as such, the performance of the Absolute Return Composite does not represent the performance of an actual fund or account.

 Notes to page 17 – Deconsolidated Balance Sheet Highlights

§ GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Credit & Insurance, and Multi-Asset Investing, which were $578 million, $1.4 billion, $976 million, and $112 million, respectively, as of December 31, 2024. Cash and Net Investments per share amounts
are calculated using period end DE Shares Outstanding (see page 24, Share Summary).

     Blackstone |  34

NOTES – (CONT’D)

 Notes to page 23 – Shareholder Dividends

§ DE before Certain Payables represents Distributable Earnings before the deduction for the Payable Under Tax Receivable Agreement and tax expense (benefit) of wholly owned subsidiaries. Common shareholders receive tax benefits from deductions taken by Blackstone’s corporate tax paying subsidiaries and bear responsibility for the deduction from Distributable Earnings of the Payable Under Tax Receivable Agreement and certain other tax-related payables.

§ Per Share calculations are based on end of period Participating Common Shares (page 24, Share Summary); actual dividends are paid to shareholders as of the applicable record date.

§ Retained capital is withheld pro rata from common shareholders and Blackstone Holdings Partnership unitholders. Common shareholders’ share was $192 million for 4Q’24 and $529 million for FY’24.

     Blackstone |  35

DEFINITIONS AND DIVIDEND POLICY

Blackstone discloses the following operating metrics and financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America (“non-GAAP”) in this presentation:

§ Segment Distributable Earnings, or “Segment DE”, is Blackstone’s segment profitability measure used to make operating decisions and assess performance across Blackstone’s four segments. Segment DE represents the net realized earnings of Blackstone’s segments and is the sum of Fee Related Earnings and Net Realizations for each segment. Blackstone’s segments are presented on a basis that deconsolidates Blackstone Funds, eliminates non-controlling ownership interests in Blackstone’s consolidated operating partnerships, removes the amortization of intangible assets and removes Transaction-Related and Non-Recurring Items. 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).

– 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 and Dividend 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 and Dividend 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 and Non-Recurring Items 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.

     Blackstone |  36

DEFINITIONS AND DIVIDEND POLICY – (CONT’D)

– 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 Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment Measures, (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 or where required redemption requests are limited in quantum. Includes co-investment capital with an investor right
to convert into Perpetual Capital.

– 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).

§ 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 compensation program that commenced in 2Q’21. For the full year 2024, Fee Related Compensation was decreased by
the total amount of additional Performance Compensation awarded for the year resulting in no impact to Distributable Earnings for the full
year. In 4Q’24 the increase to Realized Performance Compensation was less than the decrease to Fee Related Compensation, which
favorably impacted Distributable Earnings for the quarter. These changes typically have an impact on individual quarters but do not impact
Income Before Provision (Benefit) for Taxes and Distributable Earnings for the full year.

§ Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public
offering, and non-recurring gains, losses, or other charges, if any. 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, gains or losses associated with these corporate actions, and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of Blackstone’s operational performance.

     Blackstone |  37

DEFINITIONS AND DIVIDEND POLICY – (CONT’D)

Dividend Policy. Blackstone’s intention is to pay to holders of common stock a quarterly dividend representing approximately 85% of Blackstone Inc.’s share of Distributable Earnings, subject to adjustment by amounts determined by Blackstone’s board of directors to be necessary or appropriate to provide for the conduct of its business, to make appropriate investments in its business and funds, to comply with applicable law, any of its debt instruments or other agreements, or to provide for future cash requirements such as tax-related payments, clawback obligations and dividends to shareholders for any ensuing quarter. The dividend amount could also be adjusted upward in any one quarter. All of the foregoing is subject to the qualification that the declaration and payment of any dividends are at the sole discretion of Blackstone’s board of directors and our board of
directors may change our dividend policy at any time, including, without limitation, to reduce such quarterly dividends or even to eliminate such dividends entirely.

     Blackstone |  38

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,” “opportunity,” “leads,” “forecast” 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 those described under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, 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 |  39