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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 17, 2025

Blackstone Inc.

(Exact name of Registrant as specified in its charter)

Delaware

001-33551

20-8875684

(State or other jurisdiction

of incorporation)

(Commission File Number)

(I.R.S. Employer

Identification No.)

345 Park Avenue

New York, New York

10154

(Zip Code)

(Address of principal executive offices)

(212) 583-5000

(Registrant’s telephone number, including area code)

NOT APPLICABLE

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	BX	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 17, 2025, Blackstone Inc. issued a press release and detailed presentation announcing financial results for its first quarter ended March 31, 2025.

The press release is attached hereto as Exhibit 99.1. All information in the press release is furnished but not filed.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.


Exhibit No.		Description

99.1		Press release of Blackstone Inc. dated April 17, 2025.

104		The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: April 17, 2025


Blackstone Inc.



By:		/s/ Michael S. Chae


Name:		Michael S. Chae
Title:		Chief Financial Officer

EX-99.1 2 d894616dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LOGO

Blackstone Reports First Quarter 2025 Results

New York, April 17, 2025: Blackstone (NYSE:BX) today reported its first quarter 2025 results.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone reported another quarter of
strong results despite turbulent markets. Inflows reached $62 billion — the highest level in nearly three years —
reflecting the deep trust we’ve built with our investors over decades. We also delivered positive investment
performance across all of our major strategies. We are well positioned to navigate the current environment with
$177 billion of dry powder to deploy and a resilient, capital-light business model.”

Blackstone issued a full detailed presentation of its first quarter 2025 results, which can be viewed at
www.blackstone.com.

Dividend

Blackstone has declared a quarterly dividend of $0.93 per share to record holders of common stock at the close of
business on April 28, 2025. This dividend will be paid on May 5, 2025.

Quarterly Investor Call Details

Blackstone will host its first quarter 2025 investor conference via public webcast on April 17, 2025 at 9:00 a.m. ET.
To register, please use the following link:
https://event.webcasts.com/starthere.jsp?ei=1712875&tp_key=49e0a8fcb5. For those unable to listen to the live

Blackstone

345 Park Avenue, New York, NY 10154

T 212 583 5000

www.blackstone.com

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

About Blackstone

Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for
institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s more
than $1.1 trillion in assets under management include global investment strategies focused on real estate, private
equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is
available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Forward-Looking Statements

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, 2024, as such factors may be updated from time to time in
our periodic filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the
SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in
conjunction with the other cautionary statements that are included in this report and in our other periodic filings.
The forward-looking statements speak only as of the date of this report, and we undertake no obligation to publicly
update or review any forward-looking statement, whether as a result of new information, future developments or
otherwise.

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

Investor and Media Relations Contacts

Weston Tucker

Blackstone

Tel: +1 (212) 583-5231

tucker@blackstone.com

Christine Anderson

Blackstone

Tel: +1 (212) 583-5182

christine.anderson@blackstone.com

LOGO

Blackstone’s First
Quarter 2025 Earnings

APRIL 17, 2025

BLACKSTONE’S FIRST QUARTER 2025 GAAP RESULTS

GAAP Net Income was $1.2 billion for the quarter and $5.1 billion over the last twelve months (“LTM”). GAAP Net
Income Attributable to Blackstone Inc. was $615 million for the quarter and $2.5 billion over the LTM.



($in thousands, except per share data) (unaudited)	1Q’24			1Q’25			1Q’24 LTM			1Q’25 LTM

Revenues

Management and Advisory Fees, Net	$	1,727,148		$	1,904,317		$	6,740,093		$	7,366,105

Incentive Fees		179,341			191,825			731,636			976,662

Performance Allocations		1,098,460			825,251			1,742,951			3,555,944

Principal Investments		540,220			344,255			624,248			516,884

Interest and Dividend Revenue		97,839			97,420			523,851			410,740

Other		44,820			(73,610	)		(33,955	)		5,263

Total Revenues	$	3,687,828		$	3,289,458		$	10,328,824		$	12,831,598

Expenses

Compensation and Benefits		1,308,304			1,431,840			3,858,163			5,117,589

General, Administrative and Other		369,950			332,373			1,213,861			1,324,332

Interest Expense		108,203			118,115			435,630			453,600

Fund Expenses		3,950			12,104			74,538			27,830

Total Expenses	$	1,790,407		$	1,894,432		$	5,582,192		$	6,923,351

Other Income (Loss)	$	(17,767	)	$	57,575		$	(167,620	)	$	124,180

Income Before Provision for Taxes	$	1,879,654		$	1,452,601		$	4,579,012		$	6,032,427

Provision for Taxes		283,671			243,827			749,457			981,827

Net Income	$	1,595,983		$	1,208,774		$	3,829,555		$	5,050,600

Redeemable NCI in Consolidated Entities		(39,669	)		7,900			(278,487	)		(13,720	)

Non-Redeemable NCI in Consolidated Entities		788,266			586,022			1,955,588			2,520,346

Net Income Attributable to Blackstone Inc. (‘‘BX’’)	$	847,386		$	614,852		$	2,152,454		$	2,543,974

Net Income Per Share of Common Stock, Basic	$	1.12		$	0.80		$	2.84		$	3.31

Net Income Per Share of Common Stock, Diluted	$	1.11		$	0.80		$	2.84		$	3.31

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 FIRST QUARTER 2025 HIGHLIGHTS


Financial Measures		§ Fee Related Earnings (“FRE”) of $1.3 billion ($1.03/share) in the quarter – FRE was $5.4 billion over the LTM ($4.40/share) § Distributable Earnings (“DE”) of $1.4 billion ($1.09/share) in the quarter – DE was $6.1 billion over the LTM ($4.75/share) § Net Accrued Performance Revenues of $6.4 billion ($5.24/share)

Capital Metrics		§ Total Assets Under Management (“AUM”) of $1,167.5 billion – Fee-Earning AUM of $860.1 billion – Perpetual Capital AUM of $464.4 billion § Inflows of $61.6 billion in the quarter and $199.1 billion over the LTM § Deployment of $36.4 billion in the quarter and $145.7 billion over the LTM § Realizations of $25.5 billion in the quarter and $97.6 billion over the LTM

Capital Returned to Shareholders		§ Dividend of $0.93 per common share payable on May 5, 2025 – Dividends of $4.05 per common share over the LTM § Repurchased 0.2 million common shares in the quarter and 3.5 million common shares over the LTM § $1.2 billion to be distributed to shareholders with respect to the first quarter and $5.7 billion over the LTM through dividends and share repurchases

Blackstone | 2

BLACKSTONE’S FIRST QUARTER 2025 SEGMENT EARNINGS



							% Change								% Change

($ in thousands, except per share data)	1Q’24			1Q’25			vs. 1Q’24		1Q’24 LTM			1Q’25 LTM			vs. 1Q’24 LTM

Management and Advisory Fees, Net	$	1,707,571		$	1,891,998			11%	$	6,718,428		$	7,317,961		9%

Fee Related Performance Revenues		295,501			293,915			(1)%		1,005,784			2,134,359		112%

Fee Related Compensation		(554,077	)		(616,982	)		11%		(2,133,216	)		(2,802,227	)	31%

Other Operating Expenses		(288,978	)		(306,875	)		6%		(1,121,663	)		(1,265,989	)	13%

Fee Related Earnings	$	1,160,017		$	1,262,056			9%	$	4,469,333		$	5,384,104		20%


Realized Performance Revenues		536,393			460,023			(14)%		1,955,969			2,210,661		13%

Realized Performance Compensation		(253,024	)		(220,924	)		(13)%		(853,017	)		(919,146	)	8%

Realized Principal Investment Income		9,938			117,910			n/m		77,179			200,498		160%

Net Realizations		293,307			357,009			22%		1,180,131			1,492,013		26%

Total Segment Distributable Earnings	$	1,453,324		$	1,619,065			11%	$	5,649,464		$	6,876,117		22%


Distributable Earnings	$	1,266,378		$	1,410,805			11%	$	5,078,241		$	6,111,169		20%


Additional Metrics:

Net Income Per Share of Common Stock, Basic	$	1.12		$	0.80			(29)%	$	2.84		$	3.31		17%

FRE per Share	$	0.95		$	1.03			8%	$	3.67		$	4.40		20%

DE per Common Share	$	0.98		$	1.09			11%	$	3.96		$	4.75		20%

Total Segment Revenues	$	2,549,403		$	2,763,846			8%	$	9,757,360		$	11,863,479		22%

Total Assets Under Management	$	1,061,262,748		$	1,167,461,910			10%	$	1,061,262,748		$	1,167,461,910		10%

Fee-Earning Assets Under Management	$	781,397,555		$	860,069,950			10%	$	781,397,555		$	860,069,950		10%

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. LTM 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

Appreciation across strategies led to higher Net Accrued Performance Revenues quarter-over-quarter of $6.4 billion ($5.24/share).

Investment Performance

(appreciation / gross returns)



	1Q’25		1Q’25 LTM

Real Estate

Opportunistic		0.2%		(3.7)%

Core+		1.2%		0.1%


Private Equity

Corporate Private Equity		1.1%		14.1%

Tactical Opportunities		2.9%		11.8%

Secondaries		0.6%		6.0%

Infrastructure		7.5%		23.6%


Credit & Insurance

Private Credit		2.7%		15.0%

Liquid Credit		0.5%		7.4%


Multi-Asset Investing

Absolute Return Composite		2.6%		11.0%

Net Accrued Performance Revenues

($ in millions)

LOGO

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. Effective 1Q’25, Infrastructure appreciation includes Blackstone Infrastructure Strategies or “BXINFRA”.

Private Credit net returns were 2.0% and 10.8% for 1Q’25 and 1Q’25 LTM, respectively. Liquid Credit net returns were 0.4% and 6.9% for 1Q’25 and 1Q’25 LTM,

respectively. Absolute Return Composite net returns were 2.4% and 9.9% for 1Q’25 and 1Q’25 LTM, respectively. See notes on page 34 for additional details on

investment performance.

Blackstone | 4

CAPITAL METRICS – ADDITIONAL DETAIL

Inflows were $61.6 billion in the quarter, bringing LTM inflows to $199.1 billion.

Deployed $36.4 billion in the quarter and $145.7 billion over the LTM.

–

Committed an additional $13.4 billion that was not yet deployed in the quarter.

Realizations were $25.5 billion in the quarter and $97.6 billion over the LTM.



	Inflows				Capital Deployed				Realizations

($ in millions)	1Q’25		1Q’25 LTM		1Q’25		1Q’25 LTM		1Q’25		1Q’25 LTM

Real Estate	$	6,176	$	26,027	$	5,233	$	25,717	$	4,306	$	22,623

Opportunistic		1,707		4,417		2,647		15,627		804		4,169

Core+		3,359		12,706		1,608		3,893		1,318		9,304

Debt Strategies		1,109		8,905		978		6,198		2,184		9,150

Private Equity		21,685		55,605		16,368		51,211		6,467		30,111

Corporate Private Equity		12,904		29,039		8,660		24,756		3,000		16,056

Tactical Opportunities		634		4,324		1,000		5,475		2,025		4,146

Secondaries		6,397		11,977		5,898		15,191		1,348		8,098

Infrastructure		1,750		10,264		809		5,789		94		1,811

Credit & Insurance		30,349		104,568		13,998		65,826		13,888		41,736


Multi-Asset Investing		3,425		12,851		812		2,995		825		3,113


Total Blackstone	$	61,635	$	199,052	$	36,411	$	145,748	$	25,486	$	97,583

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 $1,167.5 billion, up 10% year-over-year, with $61.6 billion of inflows in the quarter
and $199.1 billion over the LTM.

Fee-Earning AUM of $860.1 billion was up 10% year-over-year, with $44.2 billion of inflows in the quarter
and $170.5 billion over the LTM.

Perpetual Capital AUM reached $464.4 billion, up 14% year-over-year.

–

Fee-Earning Perpetual Capital AUM increased to $399.2 billion, representing 46% of Fee-Earning AUM.

LOGO

Multi-Asset Investing had $129 million and $40 million of Perpetual Capital AUM as of 1Q’24 and 1Q’25, respectively.

Blackstone | 6

ADDITIONAL CAPITAL DETAIL

Invested Performance Eligible AUM reached $582.8 billion at quarter end.

Undrawn capital (“Total Dry Powder”) available for investment of $177.2 billion.

LOGO

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

1Q’25 Total Segment Distributable Earnings were $1.6 billion.

LTM Total Segment Distributable Earnings were $6.9 billion.

Segment Distributable Earnings

($ in millions)

LOGO

Blackstone | 9

REAL ESTATE

Total AUM: $320.0 billion with inflows of $6.2 billion in the quarter and $26.0 billion over the LTM.

–

Inflows in the quarter included $1.2 billion in the seventh European opportunistic fund, $832 million of capital raised in BREIT, $551 million in the fifth real estate debt strategies fund, and $1.2 billion of capital raised in BEPIF and related co-investment.

Capital Deployed: $5.2 billion in the quarter, including the take private of Retail Opportunity Investments and an additional investment in The Arch Company, and $25.7 billion over the LTM.

Realizations: $4.3 billion in the quarter and $22.6 billion over the LTM.

Appreciation: Opportunistic funds appreciated 0.2% in the quarter and declined (3.7)% over the LTM; Core+ funds appreciated 1.2% in the quarter and 0.1% over the LTM.



							% Change							% Change

($ in thousands)	1Q’24			1Q’25			vs. 1Q’24	1Q’24 LTM			1Q’25 LTM			vs. 1Q’24 LTM

Management Fees, Net	$	720,439		$	700,848		(3)%	$	2,848,306		$	2,855,686		0%

Fee Related Performance Revenues		129,958			37,803		(71)%		403,450			111,270		(72)%

Fee Related Compensation		(174,569	)		(170,525	)	(2)%		(712,839	)		(670,921	)	(6)%

Other Operating Expenses		(89,762	)		(83,281	)	(7)%		(340,631	)		(373,840	)	10%

Fee Related Earnings	$	586,066		$	484,845		(17)%	$	2,198,286		$	1,922,195		(13)%


Realized Performance Revenues		49,967			19,010		(62)%		283,229			170,017		(40)%

Realized Performance Compensation		(21,863	)		(8,770	)	(60)%		(141,997	)		(87,918	)	(38)%

Realized Principal Investment Income		2,193			349		(84)%		7,597			12,678		67%

Net Realizations		30,297			10,589		(65)%		148,829			94,777		(36)%

Segment Distributable Earnings	$	616,363		$	495,434		(20)%	$	2,347,115		$	2,016,972		(14)%


Segment Revenues	$	902,557		$	758,010		(16)%	$	3,542,582		$	3,149,651		(11)%

Total AUM	$	339,332,420		$	319,988,734		(6)%	$	339,332,420		$	319,988,734		(6)%

Fee-Earning AUM	$	301,583,557		$	282,060,486		(6)%	$	301,583,557		$	282,060,486		(6)%

Blackstone | 10

PRIVATE EQUITY

Total AUM: Increased 16% to $371.0 billion with inflows of $21.7 billion in the quarter and $55.6 billion over the LTM.

–

Inflows in the quarter included $6.4 billion in Secondaries, $4.4 billion for the initial close of the third Corporate Private Equity Asia fund, $1.7 billion in Infrastructure, and $634 million in Tactical Opportunities.

–

$2.5 billion of capital raised for BXPE and $1.6 billion of capital raised for BXINFRA, including amounts allocated to other strategies.

Capital Deployed: $16.4 billion in the quarter, including Jersey Mike’s, Smartsheet, and Inhabit, and $51.2 billion over the LTM; committed an additional $7.4 billion in the quarter, including to Safe Harbor Marinas and Potomac.

Realizations: $6.5 billion in the quarter, including VFS Global, Superbet, and Vine Energy, and $30.1 billion over the LTM.

Appreciation: Corporate Private Equity appreciated 1.1% in the quarter and 14.1% over the LTM.

–

Tactical Opportunities appreciated 2.9% in the quarter and 11.8% over the LTM; Secondaries appreciated 0.6% in the quarter and 6.0% over the LTM; Infrastructure appreciated 7.5% in the quarter and 23.6% over the LTM.



							% Change							% Change

($ in thousands)	1Q’24			1Q’25			vs. 1Q’24	1Q’24 LTM			1Q’25 LTM			vs. 1Q’24 LTM

Management and Advisory Fees, Net	$	501,207		$	621,792		24%	$	2,019,027		$	2,318,865		15%

Fee Related Performance Revenues		-			60,904		n/m		-			1,246,332		n/m

Fee Related Compensation		(162,559	)		(203,319	)	25%		(614,511	)		(1,204,997	)	96%

Other Operating Expenses		(90,035	)		(102,894	)	14%		(339,505	)		(404,168	)	19%

Fee Related Earnings	$	248,613		$	376,483		51%	$	1,065,011		$	1,956,032		84%


Realized Performance Revenues		449,874			350,073		(22)%		1,292,732			1,292,646		(0)%

Realized Performance Compensation		(220,481	)		(171,141	)	(22)%		(571,038	)		(584,151	)	2%

Realized Principal Investment Income		22,429			9,176		(59)%		64,481			39,103		(39)%

Net Realizations		251,822			188,108		(25)%		786,175			747,598		(5)%

Segment Distributable Earnings	$	500,435		$	564,591		13%	$	1,851,186		$	2,703,630		46%


Segment Revenues	$	973,510		$	1,041,945		7%	$	3,376,240		$	4,896,946		45%

Total AUM	$	320,809,532		$	370,989,871		16%	$	320,809,532		$	370,989,871		16%

Fee-Earning AUM	$	179,353,534		$	226,219,392		26%	$	179,353,534		$	226,219,392		26%

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

Blackstone | 11

CREDIT & INSURANCE

Total AUM: Increased 21% to $388.7 billion with inflows of $30.3 billion in the quarter and $104.6 billion over the LTM.

–

Inflows in the quarter included $17.5 billion for the global direct lending strategy, inclusive of $3.8 billion of equity raised for BCRED, and $5.8 billion for infrastructure and asset based credit strategies.

–

Closed 3 new CLOs (2 U.S. and 1 European) for $1.5 billion.

Capital Deployed: $14.0 billion in the quarter and $65.8 billion over the LTM driven by U.S. direct lending as well as infrastructure and asset based credit strategies.

Realizations: $13.9 billion in the quarter and $41.7 billion over the LTM.

Returns: Private Credit gross return of 2.7% (2.0% net) and Liquid Credit gross return of 0.5% (0.4% net) in the quarter.

–

Private Credit gross return of 15.0% (10.8% net) and Liquid Credit gross return of 7.4% (6.9% net) over the LTM.

Realized Principal Investment Income in the quarter included the sale of Bistro, a portfolio visualization software platform developed by Blackstone, to Clearwater Analytics.



							% Change							% Change

($ in thousands)	1Q’24			1Q’25			vs. 1Q’24	1Q’24 LTM			1Q’25 LTM			vs. 1Q’24 LTM

Management Fees, Net	$	369,815		$	447,044		21%	$	1,383,256		$	1,659,036		20%

Fee Related Performance Revenues		165,543			195,208		18%		602,334			776,757		29%

Fee Related Compensation		(178,521	)		(201,618	)	13%		(645,498	)		(778,717	)	21%

Other Operating Expenses		(84,576	)		(96,278	)	14%		(334,784	)		(383,056	)	14%

Fee Related Earnings	$	272,261		$	344,356		26%	$	1,005,308		$	1,274,020		27%


Realized Performance Revenues		15,120			91,597		506%		207,559			389,569		88%

Realized Performance Compensation		(5,321	)		(40,495	)	661%		(89,040	)		(164,988	)	85%

Realized Principal Investment Income		3,561			107,903		n/m		19,347			144,197		645%

Net Realizations		13,360			159,005		n/m		137,866			368,778		167%

Segment Distributable Earnings	$	285,621		$	503,361		76%	$	1,143,174		$	1,642,798		44%


Segment Revenues	$	554,039		$	841,752		52%	$	2,212,496		$	2,969,559		34%

Total AUM	$	322,525,630		$	388,720,401		21%	$	322,525,630		$	388,720,401		21%

Fee-Earning AUM	$	229,350,998		$	274,120,326		20%	$	229,350,998		$	274,120,326		20%

Blackstone | 12

MULTI-ASSET INVESTING

Total AUM: Increased 12% to $87.8 billion with inflows of $3.4 billion in the quarter and $12.9 billion over the LTM.

Returns: Absolute Return Composite gross return of 2.6% in the quarter (2.4% net), outperforming the HFRX Global Hedge Fund Index, which was 0.5%.

–

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

–

Gross returns of 11.0% over the LTM (9.9% net), compared to 3.2% return for the HFRX Global Hedge Fund Index, with significantly less volatility than the broader markets.



							% Change							% Change

($ in thousands)	1Q’24			1Q’25			vs. 1Q’24	1Q’24 LTM			1Q’25 LTM			vs. 1Q’24 LTM

Management Fees, Net	$	116,110		$	122,314		5%	$	467,839		$	484,374		4%

Fee Related Compensation		(38,428	)		(41,520	)	8%		(160,368	)		(147,592	)	(8)%

Other Operating Expenses		(24,605	)		(24,422	)	(1)%		(106,743	)		(104,925	)	(2)%

Fee Related Earnings	$	53,077		$	56,372		6%	$	200,728		$	231,857		16%


Realized Performance Revenues		21,432			(657	)	n/m		172,449			358,429		108%

Realized Performance Compensation		(5,359	)		(518	)	(90)%		(50,942	)		(82,089	)	61%

Realized Principal Investment Income (Loss)		(18,245	)		482		n/m		(14,246	)		4,520		n/m

Net Realizations		(2,172	)		(693	)	(68)%		107,261			280,860		162%

Segment Distributable Earnings	$	50,905		$	55,679		9%	$	307,989		$	512,717		66%


Segment Revenues	$	119,297		$	122,139		2%	$	626,042		$	847,323		35%

Total AUM	$	78,595,166		$	87,762,904		12%	$	78,595,166		$	87,762,904		12%

Fee-Earning AUM	$	71,109,466		$	77,669,746		9%	$	71,109,466		$	77,669,746		9%

Blackstone | 13

Supplemental Details

Blackstone | 14

TOTAL SEGMENTS



($ in thousands)	1Q’24				2Q’24				3Q’24				4Q’24				1Q’25				1Q’24 LTM				1Q’25 LTM

Base Management Fees		$	1,644,730			$	1,651,566			$	1,710,941			$	1,773,645			$	1,807,119			$	6,491,030			$	6,943,271

Transaction, Advisory and Other Fees, Net			66,938				132,536				82,506				117,708				111,309				257,120				444,059

Management Fee Offsets			(4,097	)			(4,164	)			(6,713	)			(32,062	)			(26,430	)			(29,722	)			(69,369	)

Total Management and Advisory Fees, Net			1,707,571				1,779,938				1,786,734				1,859,291				1,891,998				6,718,428				7,317,961

Fee Related Performance Revenues			295,501				177,067				264,101				1,399,276				293,915				1,005,784				2,134,359

Fee Related Compensation			(554,077	)			(552,913	)			(554,855	)			(1,077,477	)			(616,982	)			(2,133,216	)			(2,802,227	)

Other Operating Expenses			(288,978	)			(293,122	)			(320,823	)			(345,169	)			(306,875	)			(1,121,663	)			(1,265,989	)

Fee Related Earnings		$	1,160,017			$	1,110,970			$	1,175,157			$	1,835,921			$	1,262,056			$	4,469,333			$	5,384,104



Realized Performance Revenues			536,393				542,889				342,669				865,080				460,023				1,955,969				2,210,661

Realized Performance Compensation			(253,024	)			(251,057	)			(157,570	)			(289,595	)			(220,924	)			(853,017	)			(919,146	)

Realized Principal Investment Income			9,938				16,572				40,403				25,613				117,910				77,179				200,498

Total Net Realizations		$	293,307			$	308,404			$	225,502			$	601,098			$	357,009			$	1,180,131			$	1,492,013

Total Segment Distributable Earnings		$	1,453,324			$	1,419,374			$	1,400,659			$	2,437,019			$	1,619,065			$	5,649,464			$	6,876,117



Distributable Earnings		$	1,266,378			$	1,252,221			$	1,278,650			$	2,169,493			$	1,410,805			$	5,078,241			$	6,111,169



Additional Metrics:

Total Segment Revenues		$	2,549,403			$	2,516,466			$	2,433,907			$	4,149,260			$	2,763,846			$	9,757,360			$	11,863,479

Total Assets Under Management		$	1,061,262,748			$	1,076,371,811			$	1,107,628,362			$	1,127,179,996			$	1,167,461,910			$	1,061,262,748			$	1,167,461,910

Fee-Earning Assets Under Management		$	781,397,555			$	808,656,801			$	820,457,203			$	830,708,603			$	860,069,950			$	781,397,555			$	860,069,950

Blackstone | 15

ASSETS UNDER MANAGEMENT - ROLLFORWARD

Total AUM Rollforward

($ in millions)



	Three Months Ended March 31, 2025															Twelve Months Ended March 31, 2025


	Real Estate			Private Equity			Credit & Insurance			Multi-Asset Investing			Total			Real Estate			Private Equity			Credit & Insurance			Multi-Asset Investing			Total

Beginning Balance	$	315,353		$	352,169		$	375,508		$	84,150		$	1,127,180		$	339,332		$	320,810		$	322,526		$	78,595		$	1,061,263

Inflows		6,176			21,685			30,349			3,425			61,635			26,027			55,605			104,568			12,851			199,052

Outflows		(2,676	)		(3,438	)		(6,626	)		(1,124	)		(13,864	)		(23,987	)		(8,858	)		(8,770	)		(8,971	)		(50,587	)

Net Flows		3,499			18,247			23,723			2,302			47,771			2,041			46,747			95,797			3,880			148,465

Realizations		(4,306	)		(6,467	)		(13,888	)		(825	)		(25,486	)		(22,623	)		(30,111	)		(41,736	)		(3,113	)		(97,583	)

Market Activity		5,442			7,042			3,377			2,135			17,997			1,238			33,545			12,133			8,401			55,317

Ending Balance	$	319,989		$	370,990		$	388,720		$	87,763		$	1,167,462		$	319,989		$	370,990		$	388,720		$	87,763		$	1,167,462

% Change		1%			5%			4%			4%			4%			(6)%			16%			21%			12%			10%

Fee-Earning AUM Rollforward

($ in millions)



	Three Months Ended March 31, 2025															Twelve Months Ended March 31, 2025


	Real Estate			Private Equity			Credit & Insurance			Multi-Asset Investing			Total			Real Estate			Private Equity			Credit & Insurance			Multi-Asset Investing			Total

Beginning Balance	$	278,915		$	212,183		$	264,618		$	74,993		$	830,709		$	301,584		$	179,354		$	229,351		$	71,109		$	781,398

Inflows		5,973			15,352			20,404			2,431			44,159			25,621			59,273			75,708			9,943			170,544

Outflows		(2,596	)		(1,669	)		(4,930	)		(1,036	)		(10,232	)		(22,629	)		(9,449	)		(9,332	)		(8,387	)		(49,797	)

Net Flows		3,376			13,682			15,474			1,394			33,927			2,992			49,823			66,377			1,556			120,748

Realizations		(3,817	)		(2,815	)		(7,851	)		(693	)		(15,175	)		(23,122	)		(10,707	)		(27,709	)		(2,818	)		(64,357	)

Market Activity		3,586			3,169			1,880			1,975			10,610			607			7,750			6,101			7,823			22,281

Ending Balance	$	282,060		$	226,219		$	274,120		$	77,670		$	860,070		$	282,060		$	226,219		$	274,120		$	77,670		$	860,070

% Change		1%			7%			4%			4%			4%			(6)%			26%			20%			9%			10%

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 March 31, 2025, Blackstone had $9.8 billion in total cash, cash equivalents, corporate treasury, and other investments and $19.4 billion of cash and net investments, or $15.89 per share.

Blackstone has a $4.3 billion credit revolver ($3.4 billion undrawn) and maintains A+/A+ ratings.



($ in millions)	1Q’25

Cash and Cash Equivalents	$	2,387

Corporate Treasury and Other Investments		7,441

GP/Fund Investments		3,181

Net Accrued Performance Revenues		6,399

Cash and Net Investments	$	19,408

Outstanding Debt (at par)		12,313

Cash and Net Investments

(per share)

LOGO

A+/A+

rated by S&P and Fitch

$4.3B

credit revolver with

December 2028 maturity

$9.8B

total cash, corporate

treasury and other

Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $6.3 billion as of March 31, 2025, which was comprised of $5.8 billion of liquid investments and $509 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)



	1Q’24		4Q’24		1Q’25		1Q’25
	1Q’24		4Q’24		1Q’25		Per Share

Real Estate

BREP Global	$	1,324	$	873	$	904	$	0.74

BREP Europe		115		126		69		0.06

BREP Asia		89		98		98		0.08

BPP		73		42		37		0.03

BREDS		30		27		32		0.03

BTAS		-		19		-		-

Real Estate	$	1,632	$	1,186	$	1,140	$	0.93

Private Equity

BCP Global		1,593		1,733		1,739		1.42

BCP Asia		180		334		253		0.21

Energy/Energy Transition		395		568		545		0.45

Core Private Equity		230		247		257		0.21

Tactical Opportunities		158		201		200		0.16

Secondaries		804		1,072		1,144		0.94

Infrastructure		389		84		248		0.20

Life Sciences		85		197		214		0.18

BTAS/BXPE		201		229		238		0.19

Private Equity	$	4,034	$	4,665	$	4,838	$	3.96


Credit & Insurance	$	355	$	401	$	374	$	0.31


Multi-Asset Investing	$	63	$	30	$	46	$	0.04


Net Accrued Performance Revenues	$	6,084	$	6,281	$	6,399	$	5.24

1Q’25 QoQ Rollforward

($ in millions)



			Net		Net

			Performance		Realized

	4Q’24		Revenues		Distributions			1Q’25

Real Estate	$	1,186	$	4	$	(49	)	$	1,140

Private Equity		4,665		398		(224	)		4,838

Credit & Insurance		401		169		(196	)		374

Multi-Asset Investing		30		15		1			46

Total	$	6,281	$	586	$	(468	)	$	6,399

QoQ Change									2%

1Q’25 LTM Rollforward

($ in millions)


			Net			Net
			Performance			Realized
	1Q’24		Revenues			Distributions			1Q’25

Real Estate	$	1,632	$	(309	)	$	(182	)	$	1,140

Private Equity		4,034		2,252			(1,448	)		4,838

Credit & Insurance		355		728			(709	)		374

Multi-Asset Investing		63		260			(276	)		46

Total	$	6,084	$	2,930		$	(2,615	)	$	6,399

YoY Change										5%

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 MARCH 31, 2025(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)
	Committed Capital		Available Capital (b)		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)		13,506,810		897,723		1,609,759	0.5x		28,770,800	2.2x		30,380,559	1.9x	18%	14%
BREP VIII (Apr 2015 / Jun 2019)		16,634,957		1,484,708		10,680,346	1.3x		22,984,755	2.3x		33,665,101	1.8x	23%	12%
BREP IX (Jun 2019 / Aug 2022)		21,353,206		3,253,449		22,048,718	1.3x		9,239,200	2.1x		31,287,918	1.4x	53%	9%
*BREP X (Aug 2022 / Feb 2028)		30,638,788		19,618,939		13,150,807	1.2x		932,641	1.2x		14,083,448	1.2x	6%	10%
Total Global BREP	$	104,174,464	$	25,254,819	$	47,501,374	1.2x	$	115,372,051	2.3x	$	162,873,425	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		395,130		58,993	0.3x		5,926,938	2.1x		5,985,931	2.0x	14%	13%
BREP Europe IV (Sep 2013 / Dec 2016)		6,676,604		1,096,895		968,618	0.8x		10,198,388	1.9x		11,167,006	1.7x	17%	12%
BREP Europe V (Dec 2016 / Oct 2019)		7,997,397		795,468		4,276,162	0.8x		6,762,819	3.8x		11,038,981	1.5x	41%	6%
BREP Europe VI (Oct 2019 / Sep 2023)		9,935,953		2,971,696		8,039,185	1.2x		3,470,399	2.6x		11,509,584	1.4x	72%	9%
*BREP Europe VII (Sep 2023 / Mar 2029)		9,787,312		7,352,777		2,829,279	1.2x		-	n/a		2,829,279	1.2x	n/a	15%
Total BREP Europe	€	40,056,606	€	12,611,966	€	16,172,237	1.0x	€	30,314,746	2.3x	€	46,486,983	1.6x	16%	10%
BREP Asia I (Jun 2013 / Dec 2017)	$	4,262,075	$	898,633	$	1,507,879	1.7x	$	7,310,115	1.9x	$	8,817,994	1.9x	16%	12%
BREP Asia II (Dec 2017 / Mar 2022)		7,356,568		1,272,626		6,135,205	1.2x		2,349,384	1.8x		8,484,589	1.3x	23%	4%
*BREP Asia III (Mar 2022 / Sep 2027)		8,224,736		4,831,424		3,497,537	1.1x		7,244	1.6x		3,504,781	1.1x	n/a	(7)%
Total BREP Asia	$	19,843,379	$	7,002,683	$	11,140,621	1.2x	$	9,666,743	1.9x	$	20,807,364	1.4x	16%	7%
BREP Co-Investment (f)		7,682,096		106,652		1,089,328	1.5x		15,268,392	2.2x		16,357,720	2.2x	16%	16%
Total BREP	$	178,379,378	$	45,999,975	$	77,792,144	1.1x	$	177,369,937	2.2x	$	255,162,081	1.7x	17%	14%
*BREDS High-Yield (Various) (g)		27,606,643		10,470,767		4,864,095	1.1x		22,434,529	1.3x		27,298,624	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		183	n/a		2,995,106	1.4x		2,995,289	1.4x	6%	6%
BCP IV (Nov 2002 / Dec 2005)		6,773,182		195,824		356	n/a		21,720,334	2.9x		21,720,690	2.9x	36%	36%
BCP V (Dec 2005 / Jan 2011)		21,009,112		982,018		22,149	n/a		38,862,488	1.9x		38,884,637	1.9x	8%	8%
BCP VI (Jan 2011 / May 2016)		15,195,620		1,341,404		3,979,511	2.1x		29,147,077	2.3x		33,126,588	2.2x	15%	12%
BCP VII (May 2016 / Feb 2020)		18,870,938		1,463,082		17,491,839	1.6x		20,218,072	2.7x		37,709,911	2.1x	25%	13%
BCP VIII (Feb 2020 / Apr 2024)		25,744,697		8,383,978		24,918,951	1.4x		4,726,430	2.2x		29,645,381	1.5x	34%	10%
*BCP IX (Apr 2024 / Apr 2029)		21,703,780		21,428,202		290,826	n/a		-	n/a		290,826	n/a	n/a	n/a
Energy I (Aug 2011 / Feb 2015)		2,441,558		174,492		524,587	2.0x		4,291,859	2.0x		4,816,446	2.0x	13%	12%
Energy II (Feb 2015 / Feb 2020)		4,925,348		871,895		4,275,177	2.1x		4,754,766	1.8x		9,029,943	2.0x	12%	9%
Energy III (Feb 2020 / Jun 2024)		4,354,865		1,502,071		5,036,677	2.0x		2,300,669	2.4x		7,337,346	2.1x	38%	26%
*Energy Transition IV (Jun 2024 / Jun 2029)		5,847,043		5,192,459		942,507	1.7x		-	n/a		942,507	1.7x	n/a	n/a
BCP Asia I (Dec 2017 / Sep 2021)		2,437,080		417,510		2,449,459	2.0x		2,861,189	3.1x		5,310,648	2.4x	44%	23%
*BCP Asia II (Sep 2021 / Sep 2027)		6,802,798		4,316,853		3,905,817	2.0x		806,946	3.4x		4,712,763	2.1x	110%	38%
BCP Asia III (TBD)		4,440,306		4,440,306		-	n/a		-	n/a		-	n/a	n/a	n/a
Core Private Equity I (Jan 2017 / Mar 2021) (h)		4,760,130		1,181,562		7,677,225	2.0x		2,918,278	5.2x		10,595,503	2.4x	59%	16%
*Core Private Equity II (Mar 2021 / Mar 2026) (h)		8,231,093		5,052,718		4,807,640	1.4x		502,247	n/a		5,309,887	1.5x	n/a	14%
Total Corporate Private Equity	$	161,862,483	$	56,968,949	$	76,322,904	1.6x	$	150,344,533	2.3x	$	226,667,437	2.0x	16%	15%
Tactical Opportunities
*Tactical Opportunities (Various)		31,319,202		12,464,531		14,783,336	1.3x		27,026,399	1.8x		41,809,735	1.6x	14%	10%
*Tactical Opportunities Co-Investment and Other (Various)		10,611,809		1,263,096		4,552,027	2.4x		10,856,969	1.8x		15,408,996	1.9x	18%	16%
Total Tactical Opportunities	$	41,931,011	$	13,727,627	$	19,335,363	1.4x	$	37,883,368	1.8x	$	57,218,731	1.6x	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 MARCH 31, 2025(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)
	Committed Capital		Available Capital (b)		Value		MOIC (c)	Value		MOIC (c)	Value		MOIC (c)	Realized	Total

Private Equity (continued)

Growth

BXG I (Jul 2020 / Feb 2025)	$	4,959,544	$	861,159	$	3,913,729	1.0x	$	552,701	2.7x	$	4,466,430	1.1x	n/m	(1)%

*BXG II (Feb 2025 / Feb 2030)		4,345,044		4,345,044		-	n/a		-	n/a		-	n/a	n/a	n/a

Total Growth	$	9,304,588	$	5,206,203	$	3,913,729	1.0x	$	552,701	2.7x	$	4,466,430	1.1x	n/m	(1)%

Strategic Partners (Secondaries)

Strategic Partners I-V (Various) (i)		11,035,527		9,572		4,387	n/a		16,786,501	n/a		16,790,888	1.7x	n/a	13%

Strategic Partners VI (Apr 2014 / Apr 2016) (i)		4,362,772		594,367		561,660	n/a		4,503,085	n/a		5,064,745	1.7x	n/a	13%

Strategic Partners VII (May 2016 / Mar 2019) (i)		7,489,970		1,637,716		2,758,274	n/a		7,903,695	n/a		10,661,969	1.9x	n/a	16%

Strategic Partners Real Assets II (May 2017 / Jun 2020) (i)		1,749,807		518,153		1,280,692	n/a		1,240,984	n/a		2,521,676	1.8x	n/a	15%

Strategic Partners VIII (Mar 2019 / Oct 2021) (i)		10,763,600		3,655,001		7,440,200	n/a		7,384,986	n/a		14,825,186	1.7x	n/a	21%

*Strategic Partners Real Estate, SMA and Other (Various) (i)		7,055,591		1,881,034		2,525,446	n/a		2,643,945	n/a		5,169,391	1.5x	n/a	12%

Strategic Partners Infrastructure III (Jun 2020 / Jun 2024) (i)		3,250,100		795,286		2,506,133	n/a		557,124	n/a		3,063,257	1.5x	n/a	18%

*Strategic Partners IX (Oct 2021 / Jan 2027) (i)		19,692,625		5,513,211		11,637,949	n/a		1,107,668	n/a		12,745,617	1.3x	n/a	16%

*Strategic Partners GP Solutions (Jun 2021 / Dec 2026) (i)		2,095,211		658,888		972,789	n/a		9,152	n/a		981,941	1.0x	n/a	(4)%

*Strategic Partners Infrastructure IV (Jul 2024 / Jun 2029) (i)		3,132,184		2,574,522		55,799	n/a		-	n/a		55,799	n/a	n/a	n/a

Total Strategic Partners (Secondaries)	$	70,627,387	$	17,837,750	$	29,743,329	n/a	$	42,137,140	n/a	$	71,880,469	1.6x	n/a	14%

Life Sciences

Clarus IV (Jan 2018 / Jan 2020)		910,000		56,714		705,810	2.1x		585,728	1.4x		1,291,538	1.7x	6%	9%

BXLS V (Jan 2020 / Mar 2025)		4,974,393		2,189,109		4,360,497	2.0x		896,899	1.6x		5,257,396	1.9x	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		72,592	0.6x		6,678,087	1.4x		6,750,679	1.4x	n/a	9%

Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)		6,639,133		1,098,907		1,731,449	1.1x		8,870,082	1.6x		10,601,531	1.5x	n/a	11%

*Mezzanine / Opportunistic IV (Jan 2021 / Jan 2026)		5,016,771		1,499,419		4,464,151	1.2x		2,046,352	1.6x		6,510,503	1.3x	n/a	14%

Mezzanine / Opportunistic V (TBD)		3,497,320		3,497,320		-	n/a		-	n/a		-	n/a	n/a	n/a

Total Mezzanine / Opportunistic	$	21,273,224	$	7,186,020	$	6,268,192	1.1x	$	22,403,634	1.5x	$	28,671,826	1.4x	n/a	13%

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		77,220	0.2x		5,503,427	1.2x		5,580,647	1.1x	n/a	1%

Stressed / Distressed III (Dec 2017 / Dec 2022)		7,356,380		1,065,582		1,594,092	0.8x		5,345,268	1.6x		6,939,360	1.3x	n/a	10%

Total Stressed / Distressed	$	15,734,523	$	1,613,012	$	1,671,312	0.7x	$	16,625,793	1.3x	$	18,297,105	1.2x	n/a	7%

European Senior Debt I (Feb 2015 / Feb 2019)	€	1,964,689	€	69,963	€	173,117	0.3x	€	2,981,872	1.3x	€	3,154,989	1.1x	n/a	1%

European Senior Debt II (Jun 2019 / Jun 2023) (j)		4,088,344		831,881		3,383,292	1.0x		3,537,773	1.8x		6,921,065	1.3x	n/a	9%

Total European Senior Debt	€	6,053,033	€	901,844	€	3,556,409	0.9x	€	6,519,645	1.6x	€	10,076,054	1.2x	n/a	6%

Energy I (Nov 2015 / Nov 2018)	$	2,856,867	$	1,281,419	$	175,344	0.9x	$	3,418,703	1.6x	$	3,594,047	1.5x	n/a	10%

Energy II (Feb 2019 / Jun 2023)		3,616,081		1,464,279		746,613	1.0x		3,072,811	1.4x		3,819,424	1.3x	n/a	15%

*Energy III (May 2023 / May 2028)		6,477,000		3,899,856		2,756,704	1.1x		657,246	n/a		3,413,950	1.1x	n/a	14%

Total Energy	$	12,949,948	$	6,645,554	$	3,678,661	1.0x	$	7,148,760	1.5x	$	10,827,421	1.3x	n/a	12%

*Senior Direct Lending I (Dec 2023 / Dec 2025) (k)		2,057,661		1,009,339		1,830,119	1.1x		64,162	1.1x		1,894,281	1.1x	n/a	n/m

Total Credit Drawdown Funds (l)	$	58,921,015	$	17,428,097	$	17,289,918	1.0x	$	54,034,497	1.5x	$	71,324,415	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 MARCH 31, 2025(a) – (CONT’D)

Selected Perpetual Capital Strategies(m)

($ in thousands, except where noted)

Investment

Total

Total Net

Strategy (Inception Year)

Strategy

AUM

Return (n)

Real Estate

BPP - Blackstone Property Partners Platform (2013) (o)

Core+ Real Estate

62,246,146

BREIT - Blackstone Real Estate Income Trust (2017) (p)

Core+ Real Estate

53,267,424

BREIT - Class I (q)

Core+ Real Estate

BXMT - Blackstone Mortgage Trust (2013) (r)

Real Estate Debt

6,225,308

Private Equity

BXGP – Blackstone GP Stakes (2014) (s)

Minority GP Interests

11,483,530

14%

BIP - Blackstone Infrastructure Partners (2019) (t)

Infrastructure

48,495,939

17%

BXPE - Blackstone Private Equity Strategies Fund Program (2024) (u)

Private Equity

10,066,923

14%

BXPE - Class I (v)

Private Equity

15%

Credit

BXSL - Blackstone Secured Lending Fund (2018) (w)

U.S. Direct Lending

15,650,544

11%

BCRED - Blackstone Private Credit Fund (2021) (x)

U.S. Direct Lending

81,054,199

10%

BCRED - Class I (y)

U.S. Direct Lending

10%

ECRED - Blackstone European Credit Fund (2022) (z)

European Direct Lending

€

2,101,750

10%

ECRED - Class I (aa)

European Direct Lending

11%

Investment Records as of March 31, 2025 - 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 March 31, 2025 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 IRR represents the blended return across the commingled levered and unlevered funds within the strategy. The total net returns were 14% and 8%, respectively, for the levered and unlevered funds of the strategy.

(k)

Senior Direct Lending IRR represents the blended return across the commingled levered and unlevered funds within the strategy. Total Net IRR is not meaningful across each of the funds as of 1Q’25.

Blackstone | 21

INVESTMENT RECORDS AS OF MARCH 31, 2025(a) – (CONT’D)

(l)

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

(m)

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.

(n)

Unless otherwise indicated, Total Net Return represents the annualized inception to March 31, 2025 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.

(o)

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 March 31, 2025, these vehicles represented $2.8 billion of Total AUM.

(p)

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.

(q)

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.

(r)

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.

(s)

Effective 1Q’25, the Blackstone Strategic Capital Holdings (BSCH) strategy was renamed Blackstone GP Stakes (BXGP). BXGP represents the aggregate Total AUM and Total Net Return of BSCH I and 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, BXGP Total AUM is $12.9 billion.

(t)

BIP represents the aggregate Total AUM and Total Net Return of infrastructure-focused funds and co-investment vehicles for institutional investors with a primary focus on the U.S. and Europe. Including co-investment vehicles that do not pay fees, BIP Total AUM is $59.0 billion.

(u)

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. For purposes of calculating the blended return, vehicles or share classes that report in a foreign currency have been converted to U.S. dollars at the spot rate as of February 28, 2025, the latest reporting date for the BXPE Fund Program. Total net return is from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation. BXPE Total AUM reflects net asset value as of February 28, 2025 plus subscriptions as of March 1, 2025. BXPE AUM, to the extent managed by a different business, is reported in such business for the purposes of segment AUM reporting.

(v)

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. For purposes of calculating the blended Class I return, vehicles or share classes that report in a foreign currency have been converted to U.S. dollars at the spot rate as of February 28, 2025, the latest reporting date for the BXPE Fund Program. Class I Total Net Return is from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation.

(w)

The BXSL Total AUM and Total Net Return are presented as of December 31, 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.

(x)

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 March 31, 2025 was $41.8 billion.

(y)

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.

(z)

The ECRED Total Net Return reflects a per share blended return, assuming ECRED 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 ECRED. 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 October 3, 2022. Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. ECRED net asset value as of March 31, 2025 was €1.1 billion.

(aa)

Represents the Total Net Return for ECRED’s Class I shares, its largest share class. Performance varies by share class. 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 ECRED. Class I Total Net Return is presented on an annualized basis and is from October 3, 2022.

Blackstone | 22

SHAREHOLDER DIVIDENDS

Generated $1.09 of Distributable Earnings per common share during the quarter, bringing the LTM amount to $4.75 per common share.

Blackstone declared a quarterly dividend of $0.93 per common share to record holders as of April 28, 2025; payable on May 5, 2025.



																% Change								% Change

($ in thousands, except per share data)	1Q’24			2Q’24			3Q’24			4Q’24			1Q’25			vs. 1Q’24		1Q’24 LTM			1Q’25 LTM			vs. 1Q’24 LTM

Distributable Earnings	$	1,266,378		$	1,252,221		$	1,278,650		$	2,169,493		$	1,410,805			11%	$	5,078,241		$	6,111,169			20	%

Add: Other Payables Attributable to Common Shareholders		130,920			124,280			73,491			185,782			138,425			6%		437,700			521,978			19	%

DE Before Certain Payables		1,397,298			1,376,501			1,352,141			2,355,275			1,549,230			11%		5,515,941			6,633,147			20	%

Percent to Common Shareholders		62%			63%			63%			63%			63%					62%			63%

DE Before Certain Payables Attributable to Common Shareholders		871,887			864,033			849,966			1,482,636			980,440			12%		3,435,575			4,177,075			22	%

Less: Other Payables Attributable to Common Shareholders		(130,920	)		(124,280	)		(73,491	)		(185,782	)		(138,425	)		6%		(437,700	)		(521,978	)		19	%

DE Attributable to Common Shareholders		740,967			739,753			776,475			1,296,854			842,015			14%		2,997,875			3,655,097			22	%

DE per Common Share	$	0.98		$	0.96		$	1.01		$	1.69		$	1.09			11%	$	3.96		$	4.75			20	%

Less: Retained Capital per Common Share	$	(0.15)		$	(0.14)		$	(0.15)		$	(0.25)		$	(0.16)			7%	$	(0.60)		$	(0.70)			17	%

Actual Dividend per Common Share	$	0.83		$	0.82		$	0.86		$	1.44		$	0.93			12%	$	3.36		$	4.05			21	%

Record Date														Apr 28, 2025

Payable Date														May 5, 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 1,222 million shares.

–

Repurchased 0.2 million common shares in the quarter and 3.5 million common shares over the LTM.

–

Available authorization remaining was $1.8 billion at March 31, 2025.



	1Q’24		2Q’24		3Q’24		4Q’24		1Q’25

Participating Common Shares		759,176,426		768,224,405		767,895,244		768,722,241		773,038,934

Participating Partnership Units		457,490,143		455,642,926		453,685,697		452,448,896		448,468,715

Distributable Earnings Shares Outstanding		1,216,666,569		1,223,867,331		1,221,580,941		1,221,171,137		1,221,507,649

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 FIRST QUARTER 2025 GAAP CONSOLIDATED STATEMENTS OF OPERATIONS



($ in thousands, except per share data) (unaudited)	1Q’24			1Q’25			1Q’24 LTM			1Q’25 LTM

Revenues

Management and Advisory Fees, Net	$	1,727,148		$	1,904,317		$	6,740,093		$	7,366,105

Incentive Fees		179,341			191,825			731,636			976,662

Investment Income

Performance Allocations

Realized		652,517			562,050			2,229,464			3,367,279

Unrealized		445,943			263,201			(486,513	)		188,665

Principal Investments

Realized		78,597			185,542			274,362			439,203

Unrealized		461,623			158,713			349,886			77,681

Total Investment Income		1,638,680			1,169,506			2,367,199			4,072,828

Interest and Dividend Revenue		97,839			97,420			523,851			410,740

Other		44,820			(73,610	)		(33,955	)		5,263

Total Revenues	$	3,687,828		$	3,289,458		$	10,328,824		$	12,831,598

Expenses

Compensation and Benefits

Compensation		794,803			1,029,362			2,863,965			3,282,788

Incentive Fee Compensation		73,707			57,029			291,493			356,908

Performance Allocations Compensation

Realized		258,894			241,890			862,959			1,415,213

Unrealized		180,900			103,559			(160,254	)		62,680

Total Compensation and Benefits		1,308,304			1,431,840			3,858,163			5,117,589

General, Administrative and Other		369,950			332,373			1,213,861			1,324,332

Interest Expense		108,203			118,115			435,630			453,600

Fund Expenses		3,950			12,104			74,538			27,830

Total Expenses	$	1,790,407		$	1,894,432		$	5,582,192		$	6,923,351

Other Income (Loss)

Change in Tax Receivable Agreement Liability		-			-			(21,988	)		(41,246	)

Net Gains (Losses) from Fund Investment Activities		(17,767	)		57,575			(145,632	)		165,426

Total Other Income (Loss)	$	(17,767	)	$	57,575		$	(167,620	)	$	124,180

Income Before Provision for Taxes	$	1,879,654		$	1,452,601		$	4,579,012		$	6,032,427

Provision for Taxes		283,671			243,827			749,457			981,827

Net Income	$	1,595,983		$	1,208,774		$	3,829,555		$	5,050,600

Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		(39,669	)		7,900			(278,487	)		(13,720	)

Net Income Attributable to Non-Controlling Interests in Consolidated Entities		102,827			100,547			252,113			471,546

Net Income Attributable to Non-Controlling Interests in Blackstone Holdings		685,439			485,475			1,703,475			2,048,800

Net Income Attributable to Blackstone Inc. (‘‘BX’’)	$	847,386		$	614,852		$	2,152,454		$	2,543,974

Net Income Per Share of Common Stock, Basic	$	1.12		$	0.80		$	2.84		$	3.31

Net Income Per Share of Common Stock, Diluted	$	1.11		$	0.80		$	2.84		$	3.31

Blackstone | 26

RECONCILIATION OF GAAP TO NON-GAAP MEASURES



	QTD															LTM



($ in thousands)	1Q’24			2Q’24			3Q’24			4Q’24			1Q’25			1Q’24			1Q’25

Net Income Attributable to Blackstone Inc.	$	847,386		$	444,414		$	780,835		$	703,873		$	614,852		$	2,152,454		$	2,543,974

Net Income Attributable to Non-Controlling Interests in Blackstone Holdings		685,439			403,108			603,057			557,160			485,475			1,703,475			2,048,800

Net Income Attributable to Non-Controlling Interests in Consolidated Entities		102,827			100,583			202,929			67,487			100,547			252,113			471,546

Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		(39,669	)		258			(22,184	)		306			7,900			(278,487	)		(13,720	)

Net Income	$	1,595,983		$	948,363		$	1,564,637		$	1,328,826		$	1,208,774		$	3,829,555		$	5,050,600

Provision for Taxes		283,671			260,246			245,303			232,451			243,827			749,457			981,827

Income Before Provision for Taxes	$	1,879,654		$	1,208,609		$	1,809,940		$	1,561,277		$	1,452,601		$	4,579,012		$	6,032,427

Transaction-Related and Non-Recurring Items (a)		52,197			4,962			(394	)		(393	)		18,824			69,557			22,999

Amortization of Intangibles (b)		7,333			7,333			7,333			7,333			7,333			29,449			29,332

Impact of Consolidation (c)		(63,158	)		(100,841	)		(180,745	)		(67,793	)		(108,447	)		26,374			(457,826	)

Unrealized Performance Revenues (d)		(445,936	)		(122,239	)		(1,154,905	)		1,351,673			(263,201	)		486,536			(188,672	)

Unrealized Performance Allocations Compensation (e)		180,900			101,680			465,099			(607,658	)		103,559			(160,254	)		62,680

Unrealized Principal Investment (Income) Loss (f)		(442,976	)		38,125			90,254			42,729			(161,257	)		(328,795	)		9,851

Other Revenues (g)		(44,747	)		(19,541	)		96,329			(155,207	)		73,635			34,156			(4,784	)

Equity-Based Compensation (h)		317,779			295,396			262,798			283,149			471,302			1,009,119			1,312,645

Administrative Fee Adjustment (i)		2,477			2,465			3,219			3,429			4,186			9,737			13,299

Taxes and Related Payables (j)		(177,145	)		(163,728	)		(120,278	)		(249,046	)		(187,730	)		(676,650	)		(720,782	)

Distributable Earnings	$	1,266,378		$	1,252,221		$	1,278,650		$	2,169,493		$	1,410,805		$	5,078,241		$	6,111,169

Taxes and Related Payables (j)		177,145			163,728			120,278			249,046			187,730			676,650			720,782

Net Interest and Dividend (Income) Loss (k)		9,801			3,425			1,731			18,480			20,530			(105,427	)		44,166

Total Segment Distributable Earnings	$	1,453,324		$	1,419,374		$	1,400,659		$	2,437,019		$	1,619,065		$	5,649,464		$	6,876,117

Realized Performance Revenues (l)		(536,393	)		(542,889	)		(342,669	)		(865,080	)		(460,023	)		(1,955,969	)		(2,210,661	)

Realized Performance Compensation (m)		253,024			251,057			157,570			289,595			220,924			853,017			919,146

Realized Principal Investment (Income) Loss (n)		(9,938	)		(16,572	)		(40,403	)		(25,613	)		(117,910	)		(77,179	)		(200,498	)

Fee Related Earnings	$	1,160,017		$	1,110,970		$	1,175,157		$	1,835,921		$	1,262,056		$	4,469,333		$	5,384,104

Adjusted EBITDA Reconciliation

Distributable Earnings	$	1,266,378		$	1,252,221		$	1,278,650		$	2,169,493		$	1,410,805		$	5,078,241		$	6,111,169

Interest Expense (o)		107,640			108,424			111,326			117,027			117,950			432,952			454,727

Taxes and Related Payables (j)		177,145			163,728			120,278			249,046			187,730			676,650			720,782

Depreciation and Amortization (p)		26,053			25,336			24,685			22,682			22,226			97,002			94,929

Adjusted EBITDA	$	1,577,216		$	1,549,709		$	1,534,939		$	2,558,248		$	1,738,711		$	6,284,845		$	7,381,607

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															LTM

($ in thousands)	1Q’24			2Q’24			3Q’24			4Q’24			1Q’25			1Q’24			1Q’25

GAAP Unrealized Performance Allocations	$	445,943		$	122,229		$	1,154,918		$	(1,351,683	)	$	263,201		$	(486,513	)	$ 188,665

Segment Adjustment		(7	)		10			(13	)		10			-			(23	)	7

Unrealized Performance Revenues	$	445,936		$	122,239		$	1,154,905		$	(1,351,673	)	$	263,201		$	(486,536	)	$ 188,672

(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															LTM

($ in thousands)	1Q’24			2Q’24			3Q’24			4Q’24			1Q’25			1Q’24			1Q’25

GAAP Unrealized Principal Investment Income (Loss)	$	461,623		$	(31,776	)	$	(1,864	)	$	(47,392	)	$	158,713		$	349,886		$ 77,681

Segment Adjustment		(18,647	)		(6,349	)		(88,390	)		4,663			2,544			(21,091	)	(87,532)

Unrealized Principal Investment Income (Loss)	$	442,976		$	(38,125	)	$	(90,254	)	$	(42,729	)	$	161,257		$	328,795		$ (9,851)

(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															LTM

($ in thousands)	1Q’24			2Q’24			3Q’24			4Q’24			1Q’25			1Q’24			1Q’25

GAAP Other Revenue	$	44,820		$	19,631		$	(96,312	)	$	155,554		$	(73,610	)	$	(33,955	)	$ 5,263

Segment Adjustment		(73	)		(90	)		(17	)		(347	)		(25	)		(201	)	(479)

Other Revenues	$	44,747		$	19,541		$	(96,329	)	$	155,207		$	(73,635	)	$	(34,156	)	$ 4,784

(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 to holders of the Tax Receivable Agreements
based on expected tax savings generated in the current period. Please refer to page 36 for the full definition of Taxes and Related Payables.



	QTD															LTM

($ in thousands)	1Q’24			2Q’24			3Q’24			4Q’24			1Q’25			1Q’24			1Q’25

Taxes	$	155,873		$	141,656		$	95,483		$	211,496		$	162,535		$	585,796		$	611,170

Related Payables		21,272			22,072			24,795			37,550			25,195			90,854			109,612

Taxes and Related Payables	$	177,145		$	163,728		$	120,278		$	249,046		$	187,730		$	676,650		$	720,782

(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															LTM

($ in thousands)	1Q’24			2Q’24			3Q’24			4Q’24			1Q’25			1Q’24			1Q’25

GAAP Interest and Dividend Revenue	$	97,839		$	104,999		$	109,774		$	98,547		$	97,420		$	523,851		$	410,740

Segment Adjustment		-			-			(179	)		-			-			14,528			(179	)

Interest and Dividend Revenue	$	97,839		$	104,999		$	109,595		$	98,547		$	97,420		$	538,379		$	410,740

GAAP Interest Expense	$	108,203		$	108,616		$	111,337		$	115,532		$	118,115		$	435,630		$	453,600

Segment Adjustment		(563	)		(192	)		(11	)		1,495			(165	)		(2,678	)		1,127

Interest Expense	$	107,640		$	108,424		$	111,326		$	117,027		$	117,950		$	432,952		$	454,727

Net Interest and Dividend Income (Loss)	$	(9,801	)	$	(3,425	)	$	(1,731	)	$	(18,480	)	$	(20,530	)	$	105,427		$	(44,166	)

(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

	1Q’24			2Q’24			3Q’24			4Q’24			1Q’25

GAAP Shares of Common Stock Outstanding		722,263,433			722,540,712			730,699,964			731,925,965			737,929,437

Unvested Participating Common Shares		36,912,993			45,683,693			37,195,280			36,796,276			35,109,497

Total Participating Common Shares		759,176,426			768,224,405			767,895,244			768,722,241			773,038,934

Participating Partnership Units		457,490,143			455,642,926			453,685,697			452,448,896			448,468,715

Distributable Earnings Shares Outstanding		1,216,666,569			1,223,867,331			1,221,580,941			1,221,171,137			1,221,507,649

Disclosure of Weighted-Average Shares Common Stock Outstanding
	QTD															LTM

	1Q’24			2Q’24			3Q’24			4Q’24			1Q’25			1Q’24			1Q’25

Total GAAP Weighted-Average Shares of Common Stock Outstanding - Basic		759,798,537			769,187,351			768,230,595			768,689,957			771,796,385			758,594,227			769,464,144

Weighted-Average Shares of Unvested Deferred Restricted Common Stock		459,107			47,326			49,771			80,028			638,217			185,544			203,836

Total GAAP Weighted-Average Shares of Common Stock Outstanding - Diluted		760,257,644			769,234,677			768,280,366			768,769,985			772,434,602			758,779,771			769,667,980

Blackstone | 29

BLACKSTONE’S FIRST QUARTER 2025 GAAP CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION



($ in thousands) (unaudited)	1Q’24			2Q’24			3Q’24			4Q’24			1Q’25

Assets

Cash and Cash Equivalents	$	2,504,471		$	2,381,436		$	2,353,332		$	1,972,140		$	2,386,979

Cash Held by Blackstone Funds and Other		167,711			219,393			180,545			204,052			1,012,958

Investments		25,922,290			26,426,289			28,322,715			29,800,566			30,259,429

Accounts Receivable		199,302			247,538			300,004			237,930			221,200

Due from Affiliates		4,695,224			4,868,069			5,163,883			5,409,315			5,434,078

Intangible Assets, Net		192,227			183,246			174,265			165,243			156,269

Goodwill		1,890,202			1,890,202			1,890,202			1,890,202			1,890,202

Other Assets		1,072,627			1,083,400			933,990			947,859			929,107

Right-of-Use Assets		805,454			995,524			978,699			838,620			807,487

Deferred Tax Assets		2,256,794			2,289,932			2,277,807			2,003,948			2,157,920

Total Assets	$	39,706,302		$	40,585,029		$	42,575,442		$	43,469,875		$	45,255,629

Liabilities and Equity

Loans Payable	$	10,740,171		$	10,688,193		$	10,752,246		$	11,320,956		$	12,454,559

Due to Affiliates		2,135,478			2,364,099			2,620,530			2,808,148			3,361,900

Accrued Compensation and Benefits		5,378,212			5,703,156			6,398,365			6,087,700			6,164,503

Operating Lease Liabilities		951,648			1,142,317			1,136,671			965,742			937,369

Accounts Payable, Accrued Expenses and Other Liabilities		2,023,359			2,012,969			2,202,689			2,792,314			2,472,395

Total Liabilities		21,228,868			21,910,734			23,110,501			23,974,860			25,390,726

Redeemable Non-Controlling Interests in Consolidated Entities		935,005			888,868			892,846			801,399			1,382,374

Equity

Common Stock, $0.00001 par value (737,929,437 shares issued and outstanding as of March 31, 2025)		7			7			7			7			7

Series I Preferred Stock, $0.00001 par value (1 share issued and outstanding as of March 31, 2025)		-			-			-			-			-

Series II Preferred Stock, $0.00001 par value (1 share issued and outstanding as of March 31, 2025)		-			-			-			-			-

Additional Paid-in-Capital		6,190,142			6,260,619			6,257,788			7,444,561			7,686,980

Retained Earnings		796,201			607,564			760,471			808,079			320,160

Accumulated Other Comprehensive Loss		(31,282	)		(34,617	)		(10,609	)		(40,326	)		(29,027	)

Non-Controlling Interests in Consolidated Entities		5,381,678			5,682,606			6,015,967			6,154,943			6,400,585

Non-Controlling Interests in Blackstone Holdings		5,205,683			5,269,248			5,548,471			4,326,352			4,103,824

Total Equity		17,542,429			17,785,427			18,572,095			18,693,616			18,482,529

Total Liabilities and Equity	$	39,706,302		$	40,585,029		$	42,575,442		$	43,469,875		$	45,255,629

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)	1Q’24			2Q’24			3Q’24			4Q’24			1Q’25

Investments of Consolidated Blackstone Funds	$	3,458,911		$	3,621,676		$	3,873,027		$	3,890,732		$	4,589,194

Equity Method Investments

Partnership Investments		6,100,640			6,107,429			6,295,704			6,546,728			6,740,599

Accrued Performance Allocations		11,163,116			11,132,801			12,411,485			12,397,366			12,522,848

Corporate Treasury Investments		197,976			176,330			147,642			1,147,328			106,684

Other Investments		5,001,647			5,388,053			5,594,857			5,818,412			6,300,105

Total GAAP Investments		25,922,290			26,426,289			28,322,715			29,800,566			30,259,430



Accrued Performance Allocations - GAAP	$	11,163,116		$	11,132,801		$	12,411,485		$	12,397,366		$	12,522,848

Impact of Consolidation (a)		-			-			-			-			-

Due from Affiliates - GAAP (b)		249,968			235,767			253,490			489,086			249,376

Less: Net Realized Performance Revenues (c)		(448,811	)		(146,832	)		(141,896	)		(1,050,026	)		(927,240	)

Less: Accrued Performance Compensation - GAAP (d)		(4,880,191	)		(5,007,547	)		(5,531,520	)		(5,555,870	)		(5,446,352	)

Net Accrued Performance Revenues	$	6,084,082		$	6,214,189		$	6,991,559		$	6,280,556		$	6,398,632

Corporate Treasury and Other Investments - GAAP	$	5,199,623		$	5,564,383		$	5,742,499		$	6,965,740		$	6,406,789

Impact of Consolidation (a)		484,521			590,551			580,076			622,411			857,457

Other Assets (e)		228,702			218,728			250,996			159,011			180,761

Other Liabilities (f)		(6,651	)		(6,874	)		(6,584	)		(4,024	)		(3,653	)

Corporate Treasury and Other Investments - Deconsolidated (g)	$	5,906,195		$	6,366,788		$	6,566,987		$	7,743,138		$	7,441,354

Partnership Investments - GAAP	$	6,100,640		$	6,107,429		$	6,295,704		$	6,546,728		$	6,740,599

Impact of Consolidation (h)		(3,308,117	)		(3,401,589	)		(3,482,920	)		(3,482,497	)		(3,559,722	)

GP/Fund Investments - Deconsolidated	$	2,792,523		$	2,705,840		$	2,812,784		$	3,064,231		$	3,180,877

Loans Payable - GAAP	$	10,740,171		$	10,688,193		$	10,752,246		$	11,320,956		$	12,454,559

Impact of Consolidation (i)		(169,836	)		(130,321	)		(107,715	)		(87,488	)		(266,568	)

Outstanding Debt - Carrying Value		10,570,335			10,557,872			10,644,531			11,233,468			12,187,991

Unamortized Discount		127,614			124,677			122,418			127,281			125,209

Outstanding Debt (at par) - Deconsolidated	$	10,697,949		$	10,682,549		$	10,766,949		$	11,360,749		$	12,313,200

(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 $6.3 billion as of March 31, 2025, which was comprised of $5.8 billion of liquid investments and $509 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															LTM



($ in thousands)	1Q’24			2Q’24			3Q’24			4Q’24			1Q’25			1Q’24			1Q’25

Management and Advisory Fees, Net

GAAP	$	1,727,148		$	1,787,313		$	1,794,894		$	1,879,581		$	1,904,317		$	6,740,093		$	7,366,105

Segment Adjustment (a)		(19,577	)		(7,375	)		(8,160	)		(20,290	)		(12,319	)		(21,665	)		(48,144	)

Total Segment	$	1,707,571		$	1,779,938		$	1,786,734		$	1,859,291		$	1,891,998		$	6,718,428		$	7,317,961

GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues

GAAP

Incentive Fees		179,341			188,299			191,794			404,744			191,825			731,636			976,662

Investment Income - Realized Performance Allocations		652,517			531,641			414,755			1,858,833			562,050			2,229,464			3,367,279

GAAP	$	831,858		$	719,940		$	606,549		$	2,263,577		$	753,875		$	2,961,100		$	4,343,941

Total Segment

Less: Realized Performance Revenues		(536,393	)		(542,889	)		(342,669	)		(865,080	)		(460,023	)		(1,955,969	)		(2,210,661	)

Segment Adjustment (b)		36			16			221			779			63			653			1,079

Total Segment	$	295,501		$	177,067		$	264,101		$	1,399,276		$	293,915		$	1,005,784		$	2,134,359

GAAP Compensation to Total Segment Fee Related Compensation

GAAP

Compensation		794,803			766,647			732,041			754,738			1,029,362			2,863,965			3,282,788

Incentive Fees Compensation		73,707			77,139			73,464			149,276			57,029			291,493			356,908

Realized Performance Allocations Compensation		258,894			260,736			169,740			742,847			241,890			862,959			1,415,213

GAAP	$	1,127,404		$	1,104,522		$	975,245		$	1,646,861		$	1,328,281		$	4,018,417		$	5,054,909

Total Segment

Less: Realized Performance Compensation		(253,024	)		(251,057	)		(157,570	)		(289,595	)		(220,924	)		(853,017	)		(919,146	)

Less: Equity-Based Compensation - Fee Related Compensation		(313,400	)		(291,540	)		(259,265	)		(278,849	)		(464,053	)		(994,821	)		(1,293,707	)

Less: Equity-Based Compensation - Performance Compensation		(4,379	)		(3,856	)		(3,533	)		(4,300	)		(7,249	)		(14,298	)		(18,938	)

Segment Adjustment (c)		(2,524	)		(5,156	)		(22	)		3,360			(19,073	)		(23,065	)		(20,891	)

Total Segment	$	554,077		$	552,913		$	554,855		$	1,077,477		$	616,982		$	2,133,216		$	2,802,227

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

GAAP	$	369,950		$	311,928		$	340,945		$	339,086		$	332,373		$	1,213,861		$	1,324,332

Segment Adjustment (d)		(80,972	)		(18,806	)		(20,122	)		6,083			(25,498	)		(92,198	)		(58,343	)

Total Segment	$	288,978		$	293,122		$	320,823		$	345,169		$	306,875		$	1,121,663		$	1,265,989

Realized Performance Revenues

GAAP

Incentive Fees		179,341			188,299			191,794			404,744			191,825			731,636			976,662

Investment Income - Realized Performance Allocations		652,517			531,641			414,755			1,858,833			562,050			2,229,464			3,367,279

GAAP	$	831,858		$	719,940		$	606,549		$	2,263,577		$	753,875		$	2,961,100		$	4,343,941

Total Segment

Less: Fee Related Performance Revenues		(295,501	)		(177,067	)		(264,101	)		(1,399,276	)		(293,915	)		(1,005,784	)		(2,134,359	)

Segment Adjustment (b)		36			16			221			779			63			653			1,079

Total Segment	$	536,393		$	542,889		$	342,669		$	865,080		$	460,023		$	1,955,969		$	2,210,661

Blackstone | 32

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



	QTD															LTM



($ in thousands)	1Q’24			2Q’24			3Q’24			4Q’24			1Q’25			1Q’24			1Q’25

Realized Performance Compensation

GAAP

Incentive Fee Compensation	$	73,707		$	77,139		$	73,464		$	149,276		$	57,029		$	291,493		$	356,908

Realized Performance Allocations Compensation		258,894			260,736			169,740			742,847			241,890			862,959			1,415,213

GAAP	$	332,601		$	337,875		$	243,204		$	892,123		$	298,919		$	1,154,452		$	1,772,121

Total Segment

Less: Fee Related Performance Compensation (e)		(75,198	)		(82,962	)		(82,101	)		(598,228	)		(70,746	)		(287,137	)		(834,037	)

Less: Equity-Based Compensation - Performance Compensation		(4,379	)		(3,856	)		(3,533	)		(4,300	)		(7,249	)		(14,298	)		(18,938	)

Total Segment	$	253,024		$	251,057		$	157,570		$	289,595		$	220,924		$	853,017		$	919,146

Realized Principal Investment Income (Loss)

GAAP	$	78,597		$	74,045		$	95,235		$	84,381		$	185,542		$	274,362		$	439,203

Segment Adjustment (f)		(68,659	)		(57,473	)		(54,832	)		(58,768	)		(67,632	)		(197,183	)		(238,705	)

Total Segment	$	9,938		$	16,572		$	40,403		$	25,613		$	117,910		$	77,179		$	200,498

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

GAAP

Interest and Dividend Revenue		97,839			104,999			109,774			98,547			97,420			523,851			410,740

Interest Expense		(108,203	)		(108,616	)		(111,337	)		(115,532	)		(118,115	)		(435,630	)		(453,600	)

GAAP	$	(10,364	)	$	(3,617	)	$	(1,563	)	$	(16,985	)	$	(20,695	)	$	88,221		$	(42,860	)

Segment Adjustment (g)		563			192			(168	)		(1,495	)		165			17,206			(1,306	)

Total Segment	$	(9,801	)	$	(3,425	)	$	(1,731	)	$	(18,480	)	$	(20,530	)	$	105,427		$	(44,166	)

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.

Effective 1Q’25, Private Credit returns were amended to include only the Flagship commingled funds across the opportunistic lending, global
middle market direct lending funds (including BXSL, BCRED, and ECRED strategies), stressed/distressed strategies, and non-investment grade
infrastructure and asset-based credit strategies. Separately managed accounts, funds with a limited number of limited partners that are not
broadly marketed, inactive investment strategies, unlevered funds within a strategy that has designated levered and unlevered sleeves, and
Multi-Asset Credit strategies are excluded. 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
$594 million, $1.5 billion, $988 million, and $113 million, respectively, as of March 31, 2025. 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 $124 million for 1Q’25 and $539 million for 1Q’25 LTM.

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. The Payable under the Tax
Receivable Agreement reflects the expected amount of tax savings generated in the period that holders of the Tax Receivable Agreements are
entitled to receive in future periods. 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. The expectation is that for the full year 2025, Fee Related
Compensation will be decreased by the total amount of additional Performance Compensation awarded for the year. For 1Q’25 QTD, the
increase to Realized Performance Compensation was greater than the decrease to Fee Related Compensation, which negatively impacted
Distributable Earnings for the current year quarter. For 1Q’25 LTM, the increase to Realized Performance Compensation was less than the
decrease to Fee Related Compensation, which favorably impacted Distributable Earnings for the current year LTM period. For 1Q’24 QTD,
the increase to Realized Performance Compensation was greater than the decrease to Fee Related Compensation, which negatively
impacted Distributable Earnings for the prior year quarter. For 1Q’24 LTM, the increase to Realized Performance Compensation was less
than the decrease to Fee Related Compensation, which favorably impacted Distributable Earnings for the prior year LTM period. 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.

Blackstone | 37

DEFINITIONS AND DIVIDEND POLICY – (CONT’D)

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.

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,” “possible” 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, 2024, 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