Slides
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Blackstone’s First Quarter 2025 Earnings APRIL 17, 2025
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Blackstone | 1 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 $2.5 billion over the LTM. Throughout this presentation, all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See pages 36-38, Definitions and Dividend Policy, for definitions of terms used throughout this presentation. NCI means non-controlling interests. ($ 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$
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Blackstone | 2 BLACKSTONE’S FIRST QUARTER 2025 HIGHLIGHTS ▪ 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) Financial Measures ▪ 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 Metrics ▪ 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 $5.7 billion over the LTM through dividends and share repurchases Capital Returned to Shareholders
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Blackstone | 3 BLACKSTONE’S FIRST QUARTER 2025 SEGMENT EARNINGS Fee Related Earnings per Share is based on end of period DE Shares Outstanding (see page 24, Share Summary). DE per Common Share is based on DE Attributable to Common Shareholders (see page 23, Shareholder Dividends) and end of period Participating Common Shares outstanding. LTM FRE per Share and DE per Common Share amounts represent the sum of the last four quarters. See pages 32-33 for the Reconciliation of GAAP to Total Segment Measures. % Change % Change ($ 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%
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Blackstone | 4 INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES ▪ Appreciation across strategies led to higher Net Accrued Performance Revenues quarter-over-quarter of $6.4 billion ($5.24/share). Investment Performance (appreciation / gross returns) Net Accrued Performance Revenues ($ in millions) Investment Performance represents fund appreciation for Real Estate and Private Equity and gross returns for Credit & Insurance and Multi-Asset Investing. Secondaries appreciation excludes GP Stakes. 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. $6,281 $6,399 $586 $468 4Q'24 Net Performance Revenues Net Realized Distributions 1Q'25 1Q'25 1Q'25 LTM Real Estate Opportunistic 0.2% (3.7)% Core+ 1.2% 0.1% Private Equity Corporate Private Equity 1.1% 14.1% Tactical Opportunities 2.9% 11.8% Secondaries 0.6% 6.0% Infrastructure 7.5% 23.6% Credit & Insurance Private Credit 2.7% 15.0% Liquid Credit 0.5% 7.4% Multi-Asset Investing Absolute Return Composite 2.6% 11.0%
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Blackstone | 5 CAPITAL METRICS – ADDITIONAL DETAIL Corporate Private Equity also includes Life Sciences, Growth, BTAS, and BXPE. AUM and related capital metrics are reported in the segment where the assets are managed. ($ 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$ Inflows Capital Deployed Realizations ▪ 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.
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Blackstone | 6 $78.6 $87.8 $322.5 $388.7 $320.8 $371.0 $339.3 $320.0 $1,061.3 $1,167.5 1Q'24 1Q'25 $71.1 $77.7 $229.4 $274.1 $179.4 $226.2 $301.6 $282.1 $781.4 $860.1 1Q'24 1Q'25 $168.0 $213.3 $58.1 $85.3 $181.8 $165.8 $408.1 $464.4 1Q'24 1Q'25 ASSETS UNDER MANAGEMENT Total AUM ($ in billions) Fee-Earning AUM ($ in billions) Perpetual Capital AUM ($ in billions) Private EquityReal Estate Credit & Insurance Multi-Asset Investing ▪ 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. Multi-Asset Investing had $129 million and $40 million of Perpetual Capital AUM as of 1Q’24 and 1Q’25, respectively.
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Blackstone | 7 $46.7 $50.5 $92.8 $110.7 $174.2 $220.8 $201.8 $200.8 $515.4 $582.8 1Q'24 1Q'25 $55.9 $71.5 $44.6 $5.2 ADDITIONAL CAPITAL DETAIL ▪ Invested Performance Eligible AUM reached $582.8 billion at quarter end. ▪ Undrawn capital (“Total Dry Powder”) available for investment of $177.2 billion. Private EquityReal Estate Credit & Insurance Multi-Asset Investing Invested Performance Eligible AUM ($ in billions) Total Dry Powder ($ in billions) Private Equity Real Estate Multi-Asset Investing Credit & Insurance 1Q’25 total: $177.2 Invested Performance Eligible AUM represents the fair value of invested assets that are eligible to earn performance revenues.
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8Blackstone | Segment Highlights
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Blackstone | 9 SEGMENT DISTRIBUTABLE EARNINGS COMPOSITION ▪ 1Q’25 Total Segment Distributable Earnings were $1.6 billion. ▪ LTM Total Segment Distributable Earnings were $6.9 billion. $2,017 $2,704 $1,643 $513 Segment Distributable Earnings ($ in millions) 1Q’25 LTM total: $6,876 $495 $565 $503 $56 1Q’25 total: $1,619 Private Equity Real Estate Multi-Asset Investing Credit & Insurance Multi-Asset Investing Credit & Insurance Private Equity Real Estate
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Blackstone | 10 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)%
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Blackstone | 11 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 $51.2billion 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.
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Blackstone | 12 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%
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Blackstone | 13 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%
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14Blackstone | Supplemental Details
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Blackstone | 15 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$
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Blackstone | 16 ASSETS UNDER MANAGEMENT - ROLLFORWARD Total AUM Rollforward ($ in millions) Fee-Earning AUM Rollforward ($ in millions) 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 r eturned 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. Three Months Ended March 31, 2025 Twelve Months Ended March 31, 2025 Real Private Credit & Multi-Asset Real Private Credit & Multi-Asset Estate Equity Insurance Investing Estate Equity Insurance Investing 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% Total Total Three Months Ended March 31, 2025 Twelve Months Ended March 31, 2025 Real Private Credit & Multi-Asset Real Private Credit & Multi-Asset Estate Equity Insurance Investing Estate Equity Insurance Investing 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% Total Total
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Blackstone | 17 ▪ 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. $14.21 $15.89 1Q'24 1Q'25 DECONSOLIDATED BALANCE SHEET HIGHLIGHTS 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. A+ / A+ rated by S&P and Fitch $4.3B credit revolver with December 2028 maturity $9.8B total cash, corporate treasury and other Cash and Net Investments (per share) ($ 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
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Blackstone | 18 1Q’25 QoQ Rollforward ($ in millions) 1Q’25 LTM Rollforward ($ in millions) NET ACCRUED PERFORMANCE REVENUES – ADDITIONAL DETAIL Net Accrued Performance Revenues (“NAPR”) are presented net of performance compensation and excludes Performance Revenues realized but not yet distributed as of the reporting date and clawback amounts, if any, which are disclosed in the 10-K/Q. 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). 4Q'24 Net Performance Revenues Net Realized 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'24 Net Performance Revenues Net Realized 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% 1Q'24 4Q'24 1Q'25 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$ ($ in millions, except per share data)
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Blackstone | 19 INVESTMENT RECORDS AS OF MARCH 31, 2025 (a) ($/€ in thousands, except where noted) Committed Available Unrealized Investments Realized Investments Total Investments Net IRRs (d) Fund (Investment Period Beginning Date / Ending Date) Capital Capital (b) Value MOIC (c) Value MOIC (c) Value MOIC (c) Realized Total Real Estate Pre-BREP - BREP IV (Jan 1992 / Dec 2005) 5,441,163$ -$ -$ 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 represen ts “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.
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Blackstone | 20 INVESTMENT RECORDS AS OF MARCH 31, 2025 (a) – (CONT’D) ($/€ in thousands, except where noted) Committed Available Unrealized Investments Realized Investments Total Investments Net IRRs (d) Fund (Investment Period Beginning Date / Ending Date) Capital Capital (b) Value MOIC (c) Value MOIC (c) Value MOIC (c) Realized Total Private Equity (continued) Growth BXG I (Jul 2020 / Feb 2025) 4,959,544$ 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 represen ts “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.
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Blackstone | 21 ($ 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$ 5% BREIT - Blackstone Real Estate Income Trust (2017) (p) Core+ Real Estate 53,267,424 9% BREIT - Class I (q) Core+ Real Estate 9% BXMT - Blackstone Mortgage Trust (2013) (r) Real Estate Debt 6,225,308 7% 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%The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represen ts “not meaningful” generally due to the limited time since initial investment. n/a represents “not applicable”. Notes continue on page 22. INVESTMENT RECORDS AS OF MARCH 31, 2025 (a) – (CONT’D) Selected Perpetual Capital Strategies(m) (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. Investment Records as of March 31, 2025 - Notes
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Blackstone | 22 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 s trategies 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 ear n 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 cas h 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 veh icles 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 an y 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 gene ral 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 sing le 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 repre sentative 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 a nd 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 segm ent 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 con verted 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 N AV 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 experienc ed 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 o r 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 experienc ed 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 o r 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 divid ends received during the period, and no upfront selling commission, net of all fees and expenses incurred by ECRED. Class I Total Net Retur n is presented on an annualized basis and is from October 3, 2022.
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Blackstone | 23 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 $0.93 per common share to record holders as of April 28, 2025; payable on May 5, 2025. A detailed description of Blackstone’s dividend policy and the definition of Distributable Earnings can be found on pages 36-38, Definitions and Dividend Policy. See additional notes on page 35. % Change % Change ($ 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
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Blackstone | 24 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 $1.8 billion at March 31, 2025. Participating Common Shares and Participating Partnership Units include both issued and outstanding shares and unvested shares that participate in dividends. 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 Participating Common Shares 759,176,426 768,224,405 767,895,244 768,722,241 773,038,934 Participating Partnership Units 457,490,143 455,642,926 453,685,697 452,448,896 448,468,715 Distributable Earnings Shares Outstanding 1,216,666,569 1,223,867,331 1,221,580,941 1,221,171,137 1,221,507,649
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25Blackstone | Reconciliations and Disclosures
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Blackstone | 26 BLACKSTONE’S FIRST QUARTER 2025 GAAP CONSOLIDATED STATEMENTS OF OPERATIONS ($ 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$
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Blackstone | 27 RECONCILIATION OF GAAP TO NON -GAAP MEASURES Notes on pages 28-29. 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$
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Blackstone | 28 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. (g) This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents the removal of certain Transaction-Related and Non- Recurring Items. (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 Blacksto ne 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. 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)$ (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 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$ 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$
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Blackstone | 29 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 (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 usi ng 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. (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. RECONCILIATION OF GAAP TO NON -GAAP MEASURES – NOTES (CONT’D) (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 Disclosure of Weighted-Average Shares Common Stock 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 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$ 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$ 410,561$ 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)$
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Blackstone | 30 BLACKSTONE’S FIRST QUARTER 2025 GAAP CONDENSED CONSOLIDATED STAT EMENTS OF FINANCIAL CONDITION See page 31, Reconciliation of GAAP to Non-GAAP Balance Sheet Measures. ($ 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$
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Blackstone | 31 (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 $509 million of illiquid investments. The liquid portion of Other Investments relates to public equity securities and other investments held by Blackstone that can be easily converted to cash and may include securities and investments subject to lock-up periods. (h) This adjustment removes amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests and adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation. (i) This adjustment removes amounts related to consolidated Blackstone Funds. RECONCILIATION OF GAAP TO NON -GAAP BALANCE SHEET MEASURES ($ 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$
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Blackstone | 32 RECONCILIATION OF GAAP TO TOTAL SEGMENTS QTD LTM YTD Check ($ 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$
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Blackstone | 33 RECONCILIATION OF GAAP TO TOTAL SEGMENTS – (CONT’D) 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. QTD LTM YTD Check ($ 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)$
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Blackstone | 34 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 returnsare 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’sliquid 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).
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Blackstone | 35 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.
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Blackstone | 36 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 i s the sum of Fee Related Earnings and Net Realizations for each segment. Blackstone’s segments are presented on a basis that deconsolidates Bl ackstone 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 reconci led 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 Blackston e Holdings Partnerships. DE is the sum of Segment DE plus Net Interest and Dividend Income (Loss) less Taxes and Related Payables. DE ex cludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (L oss) 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 Agreeme nt. – 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 com pany 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 ben efit. The economic assumptions and methodologies that impact the implied income tax provision are the same as those methodologies and a ssumptions 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 agreeme nt and utilizing the current income tax provision adjusted as described above when calculating DE is meaningful as it increases comp arability 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 f ees (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 me asure of Income (Loss) Before Provision (Benefit) for Taxes.
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Blackstone | 37 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.
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Blackstone | 38 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.
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Blackstone | 39 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.