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8-K

Blackstone Inc. (BX)

8-K 2025-04-17 For: 2025-04-17
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

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

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

Blackstone Inc.

(Exact name of Registrant as specified in its charter)

Delaware 001-33551 20-8875684
(State or other jurisdiction<br> <br>of incorporation) (Commission File Number) (I.R.S. Employer<br> <br>Identification No.)
345 Park Avenue<br> <br>New York, New York 10154<br> <br>(Zip Code)
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(Address of principal executive offices)

(212) 583-5000

(Registrant’s telephone number, including area code)

NOT APPLICABLE

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

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

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:

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

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

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

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

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description
99.1 Press release of Blackstone Inc. dated April 17, 2025.
104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

i

SIGNATURE

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

Date: April 17, 2025

Blackstone Inc.
By: /s/ Michael S. Chae
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Name: Michael S. Chae
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Title: Chief Financial Officer

ii

EX-99.1

Exhibit 99.1

LOGO

Blackstone Reports First Quarter 2025 Results

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

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

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

Dividend

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

Quarterly Investor Call Details

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

Blackstone

345 Park Avenue, New York, NY 10154

T 212 583 5000

www.blackstone.com

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

About Blackstone

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

Forward-Looking Statements

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.

Investor and Media Relations Contacts

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

LOGO

Blackstone’s First Quarter 2025 Earnings

APRIL 17, 2025

BLACKSTONE’S FIRST QUARTER 2025 GAAP RESULTS

§ GAAP Net Income was $1.2 billion for the quarter and $5.1 billion over the last twelve months (“LTM”). GAAP Net<br> Income Attributable to Blackstone Inc. was $615 million for the quarter and<br>$2.5 billion over the LTM.
($in thousands, except per share data) (unaudited) 1Q’24 1Q’25 1Q’24 LTM 1Q’25 LTM
--- --- --- --- --- --- --- --- --- --- --- --- ---
Revenues
Management and Advisory Fees, Net $ 1,727,148 $ 1,904,317 $ 6,740,093 $ 7,366,105
Incentive Fees 179,341 191,825 731,636 976,662
Performance Allocations 1,098,460 825,251 1,742,951 3,555,944
Principal Investments 540,220 344,255 624,248 516,884
Interest and Dividend Revenue 97,839 97,420 523,851 410,740
Other 44,820 (73,610 ) (33,955 ) 5,263
Total Revenues $ 3,687,828 **** $ 3,289,458 **** $ 10,328,824 **** $ 12,831,598 ****
Expenses
Compensation and Benefits 1,308,304 1,431,840 3,858,163 5,117,589
General, Administrative and Other 369,950 332,373 1,213,861 1,324,332
Interest Expense 108,203 118,115 435,630 453,600
Fund Expenses 3,950 12,104 74,538 27,830
Total Expenses $ 1,790,407 **** $ 1,894,432 **** $ 5,582,192 **** $ 6,923,351 ****
Other Income (Loss) $ (17,767 ) $ 57,575 **** $ (167,620 ) $ 124,180 ****
Income Before Provision forTaxes $ 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<br>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 toBlackstone 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 CommonStock, Diluted $ 1.11 **** $ 0.80 **** $ 2.84 **** $ 3.31 ****
Throughout this presentation, all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See pages 36-38,<br>Definitions and<br>Dividend Policy, for definitions of terms used throughout this presentation. NCI means non-controlling interests. Blackstone 1
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BLACKSTONE’S FIRST QUARTER 2025 HIGHLIGHTS

Financial Measures §   Fee Related Earnings (“FRE”) of $1.3 billion ($1.03/share) in the quarter<br> <br><br><br><br>–  FRE was $5.4 billion over the LTM ($4.40/share)<br><br><br><br> <br>§   Distributable Earnings (“DE”) of $1.4 billion ($1.09/share) in the quarter<br><br><br><br> <br>–  DE was<br>$6.1 billion over the LTM ($4.75/share)<br> <br><br><br><br>§   Net Accrued Performance Revenues of $6.4 billion ($5.24/share)
Capital Metrics §   Total Assets Under Management (“AUM”) of $1,167.5 billion<br> <br><br><br><br>–  Fee-Earning AUM of $860.1 billion<br><br><br><br> <br>–  Perpetual<br>Capital AUM of $464.4 billion<br> <br><br><br><br>§   Inflows of $61.6 billion in the quarter and $199.1 billion over the LTM<br> <br><br><br><br>§   Deployment of $36.4 billion in the quarter and $145.7 billion over the LTM<br> <br><br><br><br>§   Realizations of $25.5 billion in the quarter and $97.6 billion over the LTM
Capital Returned<br><br><br>to Shareholders §   Dividend of $0.93 per common share payable on May 5, 2025<br> <br><br><br><br>–  Dividends of $4.05 per common share over the LTM<br><br><br><br> <br>§   Repurchased 0.2 million common shares in the quarter and 3.5 million common shares<br>over<br>the LTM<br> <br><br> <br>§   $1.2 billion to be distributed to shareholders with respect to the first quarter and<br>$5.7 billion over the LTM through dividends and share repurchases
Blackstone 2
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BLACKSTONE’S FIRST QUARTER 2025 SEGMENT EARNINGS

% Change % Change
($ in thousands, except per share data) 1Q’24 1Q’25 vs. 1Q’24 1Q’24 LTM 1Q’25 LTM vs. 1Q’24 LTM
Management and Advisory Fees, Net $ 1,707,571 $ 1,891,998 11% $ 6,718,428 $ 7,317,961 9%
Fee Related Performance<br>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<br>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<br>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 DistributableEarnings $ 1,453,324 **** $ 1,619,065 **** **** 11% $ 5,649,464 **** $ 6,876,117 **** 22%
Distributable Earnings $ 1,266,378 **** $ 1,410,805 **** **** 11% $ 5,078,241 **** $ 6,111,169 **** 20%
Additional Metrics:
Net Income Per Share of Common Stock, Basic $ 1.12 $ 0.80 (29)% $ 2.84 $ 3.31 17%
FRE per Share $ 0.95 $ 1.03 8% $ 3.67 $ 4.40 20%
DE per Common Share $ 0.98 $ 1.09 11% $ 3.96 $ 4.75 20%
Total Segment Revenues $ 2,549,403 $ 2,763,846 8% $ 9,757,360 $ 11,863,479 22%
Total Assets Under Management $ 1,061,262,748 $ 1,167,461,910 10% $ 1,061,262,748 $ 1,167,461,910 10%
Fee-Earning Assets Under Management $ 781,397,555 $ 860,069,950 10% $ 781,397,555 $ 860,069,950 10%
Fee Related Earnings per Share is based on end of period DE Shares Outstanding (see page 24, Share Summary). DE per Common Share is based on DE<br>Attributable<br> <br>to Common Shareholders (see page 23, Shareholder Dividends) and end of period Participating Common Shares outstanding. LTM FRE per Share and DE<br>per<br> <br>Common Share amounts represent the sum of the last four quarters. See pages 32-33 for the Reconciliation of GAAP to<br>Total Segment Measures. Blackstone 3
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INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES

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

Investment Performance

(appreciation / gross returns)

1Q’25 1Q’25 LTM
Real Estate
Opportunistic 0.2% (3.7)%
Core+ 1.2% 0.1%
Private Equity
Corporate Private Equity 1.1% 14.1%
Tactical Opportunities 2.9% 11.8%
Secondaries 0.6% 6.0%
Infrastructure 7.5% 23.6%
Credit & Insurance
Private Credit 2.7% 15.0%
Liquid Credit 0.5% 7.4%
Multi-Asset Investing
Absolute Return Composite 2.6% 11.0%

Net Accrued Performance Revenues

($ in millions)

LOGO

Investment Performance represents fund appreciation for Real Estate and Private Equity and gross returns for Credit & Insurance and<br>Multi-Asset Investing.<br> <br>Secondaries appreciation excludes GP Stakes. Effective 1Q’25, Infrastructure appreciation includes Blackstone Infrastructure<br>Strategies or “BXINFRA”.<br> <br>Private Credit net returns were 2.0% and 10.8% for 1Q’25 and 1Q’25 LTM, respectively. Liquid Credit net returns<br>were 0.4% and 6.9% for 1Q’25 and 1Q’25 LTM,<br> <br>respectively. Absolute Return Composite net returns were 2.4% and 9.9% for 1Q’25 and 1Q’25<br>LTM, respectively. See notes on page 34 for additional details on<br> <br>investment performance. Blackstone 4

CAPITAL METRICS – ADDITIONAL DETAIL

§ Inflows were $61.6 billion in the quarter, bringing LTM inflows to $199.1 billion.
§ Deployed $36.4 billion in the quarter and $145.7 billion over the LTM.
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– Committed an additional $13.4 billion that was not yet deployed in the quarter.
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§ Realizations were $25.5 billion in the quarter and $97.6 billion over the LTM.
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Inflows Capital Deployed Realizations
--- --- --- --- --- --- --- --- --- --- --- --- ---
($ in millions) 1Q’25 1Q’25 LTM 1Q’25 1Q’25 LTM 1Q’25 1Q’25 LTM
Real Estate $ 6,176 $ 26,027 $ 5,233 $ 25,717 $ 4,306 $ 22,623
Opportunistic 1,707 4,417 2,647 15,627 804 4,169
Core+ 3,359 12,706 1,608 3,893 1,318 9,304
Debt Strategies 1,109 8,905 978 6,198 2,184 9,150
Private Equity **** 21,685 **** 55,605 **** 16,368 **** 51,211 **** 6,467 **** 30,111
Corporate Private Equity 12,904 29,039 8,660 24,756 3,000 16,056
Tactical Opportunities 634 4,324 1,000 5,475 2,025 4,146
Secondaries 6,397 11,977 5,898 15,191 1,348 8,098
Infrastructure 1,750 10,264 809 5,789 94 1,811
Credit & Insurance **** 30,349 **** 104,568 **** 13,998 **** 65,826 **** 13,888 **** 41,736
Multi-Asset Investing **** 3,425 **** 12,851 **** 812 **** 2,995 **** 825 **** 3,113
Total Blackstone $ 61,635 $ 199,052 $ 36,411 $ 145,748 $ 25,486 $ 97,583
Corporate Private Equity also includes Life Sciences, Growth, BTAS, and BXPE. AUM and related capital metrics are reported in the segment where the assets are managed. Blackstone 5
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ASSETS UNDER MANAGEMENT

§ Total AUM increased to $1,167.5 billion, up 10% year-over-year, with $61.6 billion of inflows in the quarter <br>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 <br>and $170.5 billion over the LTM.
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§ Perpetual Capital AUM reached $464.4 billion, up 14% year-over-year.
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– Fee-Earning Perpetual Capital AUM increased to $399.2 billion, representing 46% of Fee-Earning AUM.
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LOGO

Multi-Asset Investing had $129 million and $40 million of Perpetual Capital AUM as of 1Q’24 and 1Q’25, respectively. Blackstone 6

ADDITIONAL CAPITAL DETAIL

§ Invested Performance Eligible AUM reached $582.8 billion at quarter end.
§ Undrawn capital (“Total Dry Powder”) available for investment of $177.2 billion.
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LOGO

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

Segment Highlights

Blackstone 8

SEGMENT DISTRIBUTABLE EARNINGS COMPOSITION

§ 1Q’25 Total Segment Distributable Earnings were $1.6 billion.
§ LTM Total Segment Distributable Earnings were $6.9 billion.
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Segment Distributable Earnings<br> <br><br><br><br>($ in millions)
---
Blackstone 9
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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<br>$1.2 billion of capital raised in BEPIF and related co-investment.
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§ 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.
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§ Realizations: $4.3 billion in the quarter and $22.6 billion over the LTM.
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§ Appreciation: Opportunistic funds appreciated 0.2% in the quarter and declined (3.7)% over the LTM; Core+ funds appreciated 1.2% in the quarter and 0.1% over the LTM.
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% Change % Change
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
($ 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<br>AUM $ 301,583,557 $ 282,060,486 (6)% $ 301,583,557 $ 282,060,486 (6)%
Blackstone 10
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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<br>Tactical Opportunities.
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– $2.5 billion of capital raised for BXPE and $1.6 billion of capital raised for BXINFRA, including amounts allocated to other strategies.
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§ Capital Deployed: $16.4 billion in the quarter, including Jersey Mike’s, Smartsheet, and Inhabit, and $51.2 billion over the LTM; committed an additional $7.4 billion in the quarter, including<br>to Safe Harbor Marinas and Potomac.
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§ Realizations: $6.5 billion in the quarter, including VFS Global, Superbet, and Vine Energy, and $30.1 billion over the LTM.
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§ Appreciation: Corporate Private Equity appreciated 1.1% in the quarter and 14.1% over the LTM.
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– Tactical Opportunities appreciated 2.9% in the quarter and 11.8% over the LTM; Secondaries appreciated 0.6% in the quarter and 6.0% over the LTM; Infrastructure appreciated 7.5% in the quarter and 23.6% over the LTM.
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% Change % Change
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
($ 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<br>AUM $ 179,353,534 $ 226,219,392 26% $ 179,353,534 $ 226,219,392 26%
BXPE represents the aggregate BXPE fund platform, which comprises both U.S. and non-U.S. vehicles. Blackstone 11
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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<br>strategies.
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– Closed 3 new CLOs (2 U.S. and 1 European) for $1.5 billion.
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§ 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.
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§ Realizations: $13.9 billion in the quarter and $41.7 billion over the LTM.
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§ Returns: Private Credit gross return of 2.7% (2.0% net) and Liquid Credit gross return of 0.5% (0.4% net) in the quarter.
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– Private Credit gross return of 15.0% (10.8% net) and Liquid Credit gross return of 7.4% (6.9% net) over the LTM.
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§ Realized Principal Investment Income in the quarter included the sale of Bistro, a portfolio visualization software platform developed by Blackstone, to Clearwater Analytics.
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% Change % Change
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
($ 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<br>AUM $ 229,350,998 $ 274,120,326 20% $ 229,350,998 $ 274,120,326 20%
Blackstone 12
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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<br>AUM $ 71,109,466 $ 77,669,746 9% $ 71,109,466 $ 77,669,746 9%
Blackstone 13
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Supplemental Details

Blackstone 14

TOTAL SEGMENTS

($ in thousands) 1Q’24 2Q’24 3Q’24 4Q’24 1Q’25 1Q’24 LTM 1Q’25 LTM
Base Management Fees $ 1,644,730 $ 1,651,566 $ 1,710,941 $ 1,773,645 $ 1,807,119 $ 6,491,030 $ 6,943,271
Transaction, Advisory and Other Fees, Net 66,938 132,536 82,506 117,708 111,309 257,120 444,059
Management Fee Offsets (4,097 ) (4,164 ) (6,713 ) (32,062 ) (26,430 ) (29,722 ) (69,369 )
Total Management and Advisory Fees, Net 1,707,571 1,779,938 1,786,734 1,859,291 1,891,998 6,718,428 7,317,961
Fee Related Performance Revenues 295,501 177,067 264,101 1,399,276 293,915 1,005,784 2,134,359
Fee Related Compensation (554,077 ) (552,913 ) (554,855 ) (1,077,477 ) (616,982 ) (2,133,216 ) (2,802,227 )
Other Operating Expenses (288,978 ) (293,122 ) (320,823 ) (345,169 ) (306,875 ) (1,121,663 ) (1,265,989 )
Fee Related Earnings $ 1,160,017 $ 1,110,970 $ 1,175,157 $ 1,835,921 $ 1,262,056 $ 4,469,333 $ 5,384,104
Realized Performance Revenues 536,393 542,889 342,669 865,080 460,023 1,955,969 2,210,661
Realized Performance Compensation (253,024 ) (251,057 ) (157,570 ) (289,595 ) (220,924 ) (853,017 ) (919,146 )
Realized Principal Investment Income 9,938 16,572 40,403 25,613 117,910 77,179 200,498
Total Net Realizations $ 293,307 $ 308,404 $ 225,502 $ 601,098 $ 357,009 $ 1,180,131 $ 1,492,013
Total Segment Distributable Earnings $ 1,453,324 $ 1,419,374 $ 1,400,659 $ 2,437,019 $ 1,619,065 $ 5,649,464 $ 6,876,117
Distributable Earnings $ 1,266,378 $ 1,252,221 $ 1,278,650 $ 2,169,493 $ 1,410,805 $ 5,078,241 $ 6,111,169
Additional Metrics:
Total Segment Revenues $ 2,549,403 $ 2,516,466 $ 2,433,907 $ 4,149,260 $ 2,763,846 $ 9,757,360 $ 11,863,479
Total Assets Under Management $ 1,061,262,748 $ 1,076,371,811 $ 1,107,628,362 $ 1,127,179,996 $ 1,167,461,910 $ 1,061,262,748 $ 1,167,461,910
Fee-Earning Assets Under<br>Management $ 781,397,555 $ 808,656,801 $ 820,457,203 $ 830,708,603 $ 860,069,950 $ 781,397,555 $ 860,069,950
Blackstone 15
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ASSETS UNDER MANAGEMENT - ROLLFORWARD

Total AUM Rollforward

($ in millions)

Three Months Ended March 31, 2025 Twelve Months Ended March 31, 2025
Real<br><br><br><br><br><br>Estate Private<br><br><br><br> <br>Equity Credit &<br><br><br><br><br><br>Insurance Multi-Asset<br><br><br><br> <br>Investing Total Real<br><br><br><br><br><br>Estate Private<br><br><br><br> <br>Equity Credit &<br><br><br><br><br><br>Insurance Multi-Asset<br><br><br><br><br><br>Investing Total
Beginning Balance $ 315,353 **** $ 352,169 **** $ 375,508 **** $ 84,150 **** $ 1,127,180 **** $ 339,332 **** $ 320,810 **** $ 322,526 **** $ 78,595 **** $ 1,061,263 ****
Inflows 6,176 21,685 30,349 3,425 61,635 26,027 55,605 104,568 12,851 199,052
Outflows (2,676 ) (3,438 ) (6,626 ) (1,124 ) (13,864 ) (23,987 ) (8,858 ) (8,770 ) (8,971 ) (50,587 )
Net Flows 3,499 18,247 23,723 2,302 47,771 2,041 46,747 95,797 3,880 148,465
Realizations (4,306 ) (6,467 ) (13,888 ) (825 ) (25,486 ) (22,623 ) (30,111 ) (41,736 ) (3,113 ) (97,583 )
Market Activity 5,442 7,042 3,377 2,135 17,997 1,238 33,545 12,133 8,401 55,317
Ending Balance $ 319,989 **** $ 370,990 **** $ 388,720 **** $ 87,763 **** $ 1,167,462 **** $ 319,989 **** $ 370,990 **** $ 388,720 **** $ 87,763 **** $ 1,167,462 ****
% Change 1% 5% 4% 4% 4% (6)% 16% 21% 12% 10%

Fee-Earning AUM Rollforward

($ in millions)

Three Months Ended March 31, 2025 Twelve Months Ended March 31, 2025
Real<br><br><br><br><br><br>Estate Private<br><br><br><br> <br>Equity Credit &<br><br><br><br><br><br>Insurance Multi-Asset<br><br><br><br> <br>Investing Total Real<br><br><br><br><br><br>Estate Private<br><br><br><br> <br>Equity Credit &<br><br><br><br><br><br>Insurance Multi-Asset<br><br><br><br> <br>Investing Total
Beginning Balance $ 278,915 **** $ 212,183 **** $ 264,618 **** $ 74,993 **** $ 830,709 **** $ 301,584 **** $ 179,354 **** $ 229,351 **** $ 71,109 **** $ 781,398 ****
Inflows 5,973 15,352 20,404 2,431 44,159 25,621 59,273 75,708 9,943 170,544
Outflows (2,596 ) (1,669 ) (4,930 ) (1,036 ) (10,232 ) (22,629 ) (9,449 ) (9,332 ) (8,387 ) (49,797 )
Net Flows 3,376 13,682 15,474 1,394 33,927 2,992 49,823 66,377 1,556 120,748
Realizations (3,817 ) (2,815 ) (7,851 ) (693 ) (15,175 ) (23,122 ) (10,707 ) (27,709 ) (2,818 ) (64,357 )
Market Activity 3,586 3,169 1,880 1,975 10,610 607 7,750 6,101 7,823 22,281
Ending Balance $ 282,060 **** $ 226,219 **** $ 274,120 **** $ 77,670 **** $ 860,070 **** $ 282,060 **** $ 226,219 **** $ 274,120 **** $ 77,670 **** $ 860,070 ****
% Change 1% 7% 4% 4% 4% (6)% 26% 20% 9% 10%
Inflows include contributions, capital raised, other increases in available capital (recallable capital and increased side-by-side commitments), purchases, inter-segment allocations and<br> <br>acquisitions.<br>Outflows represent redemptions, client withdrawals and decreases in available capital (expired capital, expense drawdowns and decreased side-by-side commitments).<br><br><br>Realizations represent realization proceeds from the disposition or other monetization of assets, current income or capital returned to investors from CLOs. Market<br>Activity includes<br> <br>realized and unrealized gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations. AUM is reported in the<br>segment where the assets are managed. Blackstone 16
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DECONSOLIDATED BALANCE SHEET HIGHLIGHTS

§ At March 31, 2025, Blackstone had $9.8 billion in total cash, cash equivalents, corporate treasury, and other investments and $19.4 billion of cash and net investments, or $15.89 per share.
§ Blackstone has a $4.3 billion credit revolver ($3.4 billion undrawn) and maintains A+/A+ ratings.
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($ in millions) 1Q’25
--- --- ---
Cash and Cash Equivalents $ 2,387
Corporate Treasury and<br>Other Investments 7,441
GP/Fund Investments 3,181
Net Accrued Performance Revenues 6,399
Cash and Net Investments $ 19,408
Outstanding Debt (at par) 12,313

Cash and Net Investments

(per share)

LOGO

A+/A+

rated by S&P and Fitch

$4.3B

credit revolver with

December 2028 maturity

$9.8B

total cash, corporate

treasury and other

Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $6.3 billion as of March 31, 2025, which was comprised of $5.8 billion of liquid<br>investments and $509 million of illiquid investments. See notes on pages 31 and 34 for additional details on non-GAAP balance sheet measures. Blackstone 17

NET ACCRUED PERFORMANCE REVENUES – ADDITIONAL DETAIL

($ in millions, except per share data)

1Q’24 4Q’24 1Q’25 1Q’25
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<br><br><br>Revenues $ 6,084 $ 6,281 $ 6,399 $ 5.24

1Q’25 QoQ Rollforward

($ in millions)

Net Net
Performance Realized
4Q’24 Revenues Distributions 1Q’25
Real Estate $ 1,186 $ 4 $ (49 ) $ 1,140
Private Equity 4,665 398 (224 ) 4,838
Credit &<br>Insurance 401 169 (196 ) 374
Multi-Asset<br>Investing 30 15 1 46
Total $ 6,281 $ 586 $ (468 ) $ 6,399
QoQ Change 2%

1Q’25 LTM Rollforward

($ in millions)

Net Net
Performance Realized
1Q’24 Revenues Distributions 1Q’25
Real Estate $ 1,632 $ (309 ) $ (182 ) $ 1,140
Private Equity 4,034 2,252 (1,448 ) 4,838
Credit &<br>Insurance 355 728 (709 ) 374
Multi-Asset<br>Investing 63 260 (276 ) 46
Total $ 6,084 $ 2,930 **** $ (2,615 ) $ 6,399
YoY Change 5%
Net Accrued Performance Revenues (“NAPR”) are presented net of performance compensation and excludes Performance Revenues realized but not yet distributed as of the reporting date<br>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<br>on end of period DE Shares Outstanding (see page 24, Share Summary). Blackstone 18
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INVESTMENT RECORDS AS OF MARCH 31, 2025^(a)^

($/€ in <br>thousands, except where noted)<br> <br><br> <br>Fund (Investment Period Beginning Date / Ending Date) Committed<br><br><br><br> <br>Capital Available<br><br><br><br> <br>Capital (b) Unrealized Investments Realized Investments Total Investments Net IRRs (d)
Value MOIC (c) Value MOIC (c) Value MOIC (c) Realized Total
Real Estate
Pre-BREP - BREP IV<br>(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<br>(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%
PrivateEquity
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<br>and Other (Various) 10,611,809 1,263,096 4,552,027 2.4x 10,856,969 1.8x 15,408,996 1.9x 18% 16%
Total Tactical Opportunities $ 41,931,011 $ 13,727,627 $ 19,335,363 **** 1.4x $ 37,883,368 **** 1.8x $ 57,218,731 **** 1.6x 16% 12%
The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not<br>meaningful” generally due to the limited time<br> <br>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 –<br><br><br>Blackstone Capital Partners, BCOM – Blackstone Communications.<br> <br>*<br>Represents funds that are currently in their investment period. Blackstone 19
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INVESTMENT RECORDS AS OF MARCH 31, 2025^(a)^ –(CONT’D)

($/€ in thousands, except<br>where noted)<br> <br><br><br><br>Fund (Investment Period Beginning Date / Ending <br>Date) Committed<br><br><br><br> <br>Capital Available<br><br><br><br> <br>Capital (b) Unrealized Investments Realized Investments Total Investments Net IRRs (d)
Value MOIC (c) Value MOIC (c) Value MOIC (c) Realized Total
Private Equity (continued)
Growth
BXG I (Jul 2020 / 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<br>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)<br>(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)<br>(i) 2,095,211 658,888 972,789 n/a 9,152 n/a 981,941 1.0x n/a (4)%
*Strategic Partners Infrastructure IV (Jul 2024 / Jun 2029) (i) 3,132,184 2,574,522 55,799 n/a - n/a 55,799 n/a n/a n/a
Total Strategic Partners (Secondaries) $ 70,627,387 $ 17,837,750 $ 29,743,329 **** n/a $ 42,137,140 **** n/a $ 71,880,469 **** 1.6x n/a 14%
Life Sciences
Clarus IV (Jan 2018 / Jan 2020) 910,000 56,714 705,810 2.1x 585,728 1.4x 1,291,538 1.7x 6% 9%
BXLS V (Jan 2020 / Mar 2025) 4,974,393 2,189,109 4,360,497 2.0x 896,899 1.6x 5,257,396 1.9x n/m 19%
Credit
Mezzanine / Opportunistic I (Jul 2007 / Oct 2011) $ 2,000,000 $ 97,114 $ - n/a $ 4,809,113 1.6x $ 4,809,113 1.6x n/a 17%
Mezzanine / Opportunistic II (Nov 2011 / Nov 2016) 4,120,000 993,260 72,592 0.6x 6,678,087 1.4x 6,750,679 1.4x n/a 9%
Mezzanine / Opportunistic III (Sep 2016 / Jan 2021) 6,639,133 1,098,907 1,731,449 1.1x 8,870,082 1.6x 10,601,531 1.5x n/a 11%
*Mezzanine / Opportunistic IV (Jan 2021 / Jan 2026) 5,016,771 1,499,419 4,464,151 1.2x 2,046,352 1.6x 6,510,503 1.3x n/a 14%
Mezzanine / Opportunistic V (TBD) 3,497,320 3,497,320 - n/a - n/a - n/a n/a n/a
Total Mezzanine / Opportunistic $ 21,273,224 $ 7,186,020 $ 6,268,192 1.1x $ 22,403,634 1.5x $ 28,671,826 1.4x n/a 13%
Stressed / Distressed I (Sep 2009 / May 2013) 3,253,143 - - n/a 5,777,098 1.3x 5,777,098 1.3x n/a 9%
Stressed / Distressed II (Jun 2013 / Jun 2018) 5,125,000 547,430 77,220 0.2x 5,503,427 1.2x 5,580,647 1.1x n/a 1%
Stressed / Distressed III (Dec 2017 / Dec 2022) 7,356,380 1,065,582 1,594,092 0.8x 5,345,268 1.6x 6,939,360 1.3x n/a 10%
Total Stressed / Distressed $ 15,734,523 $ 1,613,012 $ 1,671,312 0.7x $ 16,625,793 1.3x $ 18,297,105 1.2x n/a 7%
European Senior Debt I (Feb 2015 / Feb 2019) € 1,964,689 € 69,963 € 173,117 0.3x € 2,981,872 1.3x € 3,154,989 1.1x n/a 1%
European Senior Debt II (Jun 2019 / Jun 2023) (j) 4,088,344 831,881 3,383,292 1.0x 3,537,773 1.8x 6,921,065 1.3x n/a 9%
Total European Senior Debt € 6,053,033 € 901,844 € 3,556,409 0.9x € 6,519,645 1.6x € 10,076,054 1.2x n/a 6%
Energy I (Nov 2015 / Nov 2018) $ 2,856,867 $ 1,281,419 $ 175,344 0.9x $ 3,418,703 1.6x $ 3,594,047 1.5x n/a 10%
Energy II (Feb 2019 / Jun 2023) 3,616,081 1,464,279 746,613 1.0x 3,072,811 1.4x 3,819,424 1.3x n/a 15%
*Energy III (May 2023 / May 2028) 6,477,000 3,899,856 2,756,704 1.1x 657,246 n/a 3,413,950 1.1x n/a 14%
Total Energy $ 12,949,948 $ 6,645,554 $ 3,678,661 1.0x $ 7,148,760 1.5x $ 10,827,421 1.3x n/a 12%
*Senior Direct Lending I (Dec 2023 / Dec 2025) (k) 2,057,661 1,009,339 1,830,119 1.1x 64,162 1.1x 1,894,281 1.1x n/a n/m
Total Credit Drawdown Funds (l) $ 58,921,015 $ 17,428,097 $ 17,289,918 **** 1.0x $ 54,034,497 **** 1.5x $ 71,324,415 **** 1.3x n/a 10%
The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not<br>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<br>Sciences.<br> <br>* Represents funds that are currently in their investment period. Blackstone 20
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INVESTMENT RECORDS AS OF MARCH 31, 2025^(a)^ –(CONT’D)

Selected Perpetual CapitalStrategies^(m)^

($ in thousands, except where noted) Investment Total Total Net
Strategy (Inception Year) Strategy AUM Return (n)
Real Estate
BPP - Blackstone Property Partners Platform (2013) (o) Core+ Real Estate $ 62,246,146 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)<br>(u) Private Equity 10,066,923 14%
BXPE - Class I (v) Private Equity 15%
Credit
BXSL - Blackstone Secured Lending Fund (2018) (w) U.S. Direct Lending 15,650,544 11%
BCRED - Blackstone Private Credit Fund (2021) (x) U.S. Direct Lending 81,054,199 10%
BCRED - Class I (y) U.S. Direct Lending 10%
ECRED - Blackstone European Credit Fund (2022) (z) European Direct Lending € 2,101,750 10%
ECRED - Class I (aa) European Direct Lending 11%

Investment Records as of March 31, 2025 - Notes

(a) Excludes investment vehicles where Blackstone does not earn fees.
(b) Available Capital represents total investable capital commitments, including side-by-side, adjusted for certain expenses and expired or recallable capital and may include leverage, less invested capital. This amount is not reduced by outstanding commitments to investments.
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(c) Multiple of Invested Capital (“MOIC”) represents carrying value, before management fees, expenses and<br>Performance Revenues, divided by invested capital.
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(d) Unless otherwise indicated, Net Internal Rate of Return (“IRR”) represents the annualized inception to<br>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.<br>Initial inception date of cash flows may differ from the Investment Period Beginning Date.
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(e) The 12% Realized Net IRR and 12% Total Net IRR exclude investors that opted out of the Hilton investment<br>opportunity. Overall BREP International I-II performance reflects a 10% Realized Net IRR and a 10% Total Net IRR.
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(f) BREP Co-Investment represents<br>co-investment capital raised for various BREP investments. The Net IRR reflected is calculated by aggregating each co-investment’s realized proceeds and unrealized<br>value, as applicable, after management fees, expenses and Performance Revenues.
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(g) BREDS High-Yield represents the flagship real estate debt drawdown funds only.
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(h) Blackstone Core Equity Partners is a core private equity strategy which invests with a more modest risk profile and<br>longer hold period than traditional private equity.
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(i) Strategic Partners’ Unrealized Investment Value, Realized Investment Value, Total Investment Value, Total MOIC<br>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<br>Realized MOICs and Realized Net IRRs are not applicable. Committed Capital and Available Capital are presented as of the current quarter.
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(j) European Senior Debt II IRR represents the blended return across the commingled levered and unlevered funds within<br>the strategy. The total net returns were 14% and 8%, respectively, for the levered and unlevered funds of the strategy.
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(k) Senior Direct Lending IRR represents the blended return across the commingled levered and unlevered funds within<br>the strategy. Total Net IRR is not meaningful across each of the funds as of 1Q’25.
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The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m represents “not meaningful” generally due to the limited time<br>since initial investment. n/a represents “not applicable”. Notes continue on page 22. Blackstone 21
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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<br>the credit drawdown funds presented.
(m) Represents the performance for select Perpetual Capital Strategies; strategies excluded consist primarily of<br>(1) investment strategies that have been investing for less than one year, (2) perpetual capital assets managed for certain insurance clients, and (3) investment vehicles where Blackstone does not earn fees.
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(n) Unless otherwise indicated, Total Net Return represents the annualized inception to March 31, 2025 IRR on<br>total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of investor cash flows. Initial inception date of cash flows<br>occurred during the Inception Year.
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(o) BPP represents the aggregate Total AUM and Total Net Return of the BPP Platform, which comprises over 30 funds, co-investment and separately managed account vehicles. It includes certain vehicles managed as part of the BPP Platform but not classified as Perpetual Capital. As of March 31, 2025, these vehicles represented<br>$2.8 billion of Total AUM.
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(p) The BREIT Total Net Return reflects a per share blended return, assuming BREIT had a single share class,<br>reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. This return is not representative of the return experienced by any particular investor or share class. Total<br>Net Return is presented on an annualized basis and is from January 1, 2017.
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(q) Represents the Total Net Return for BREIT’s Class I shares, its largest share class. Performance varies<br>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<br>annualized basis and is from January 1, 2017.
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(r) The BXMT Total Net Return reflects annualized market return of a shareholder invested in BXMT since inception,<br>May 22, 2013, assuming reinvestment of all dividends received during the period.
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(s) Effective 1Q’25, the Blackstone Strategic Capital Holdings (BSCH) strategy was renamed Blackstone GP Stakes<br>(BXGP). BXGP represents the aggregate Total AUM and Total Net Return of BSCH I and II funds that invest as part of the Secondaries GP Stakes strategy, which targets minority investments in the general partners of private equity and other<br>private-market alternative asset management firms globally. Including co-investment vehicles that do not pay fees, BXGP Total AUM is $12.9 billion.
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(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<br>$59.0 billion.
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(u) The BXPE Total Net Return reflects a per share blended return, assuming the BXPE Fund Program had a single vehicle<br>and a single share class, reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BXPE. This return is not representative of the return experienced by any particular<br>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<br>date for the BXPE Fund Program. Total net return is from January 2, 2024 and any share class or vehicle that has an inception date of less than one year from such latest reporting date is excluded from the calculation. BXPE Total AUM reflects<br>net asset value as of February 28, 2025 plus subscriptions as of March 1, 2025. BXPE AUM, to the extent managed by a different business, is reported in such business for the purposes of segment AUM reporting.
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(v) Represents the blended Total Net Return for BXPE Fund Program Class I shares, the Program’s largest share<br>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<br>Class I shares. For purposes of calculating the blended Class I return, vehicles or share classes that report in a foreign currency have been converted to U.S. dollars at the spot rate as of February 28, 2025, the latest reporting<br>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.
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(w) The BXSL Total AUM and Total Net Return are presented as of December 31, 2024. BXSL Total Net Return reflects<br>the change in NAV per share, plus distributions per share (assuming dividends and distributions are reinvested in accordance with BXSL’s dividend reinvestment plan) divided by the beginning NAV per share. Total Net Returns are presented on an<br>annualized basis and are from November 20, 2018.
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(x) The BCRED Total Net Return reflects a per share blended return, assuming BCRED had a single share class,<br>reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. This return is not representative of the return experienced by any particular investor or share class. Total<br>Net Return is presented on an annualized basis and is from January 7, 2021. Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. BCRED net asset value as of March 31, 2025<br>was $41.8 billion.
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(y) Represents the Total Net Return for BCRED’s Class I shares, its largest share class. Performance varies<br>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<br>annualized basis and is from January 7, 2021.
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(z) The ECRED Total Net Return reflects a per share blended return, assuming ECRED had a single share class,<br>reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by ECRED. This return is not representative of the return experienced by any particular investor or share class. Total<br>Net Return is presented on an annualized basis and is from October 3, 2022. Total AUM reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. ECRED net asset value as of March 31, 2025<br>was €1.1 billion.
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(aa) Represents the Total Net Return for ECRED’s Class I shares, its largest share class. Performance varies<br>by share class. Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by ECRED. Class I Total Net Return is presented on an annualized basis<br>and is from October 3, 2022.
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Blackstone 22
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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 $0.93 per common share to record holders as of April 28, 2025; payable on May 5, 2025.
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% Change % Change
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
($ 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<br>Common<br>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<br>Common<br>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<br>Common<br>Shareholders (130,920 ) (124,280 ) (73,491 ) (185,782 ) (138,425 ) 6% (437,700 ) (521,978 ) 19 %
DE Attributable to Common Shareholders 740,967 739,753 776,475 1,296,854 842,015 14% 2,997,875 3,655,097 22 %
DE per Common Share $ 0.98 **** $ 0.96 **** $ 1.01 **** $ 1.69 **** $ 1.09 **** **** 11% $ 3.96 **** $ 4.75 **** **** 20 %
Less: Retained Capital per Common Share $ (0.15) $ (0.14) $ (0.15) $ (0.25) $ (0.16) 7% $ (0.60) $ (0.70) 17 %
Actual Dividend per Common Share $ 0.83 **** $ 0.82 **** $ 0.86 **** $ 1.44 **** $ 0.93 **** **** 12% $ 3.36 **** $ 4.05 **** **** 21 %
Record Date Apr 28, 2025
Payable Date May 5, 2025
A detailed description of Blackstone’s dividend policy and the definition of Distributable Earnings can be found on pages 36-38, Definitions and<br>Dividend Policy. See additional notes on page 35. Blackstone 23
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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.
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– Available authorization remaining was $1.8 billion at March 31, 2025.
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1Q’24 2Q’24 3Q’24 4Q’24 1Q’25
--- --- --- --- --- --- --- --- --- --- ---
Participating Common Shares 759,176,426 768,224,405 767,895,244 768,722,241 773,038,934
Participating Partnership Units 457,490,143 455,642,926 453,685,697 452,448,896 448,468,715
Distributable Earnings Shares Outstanding **** 1,216,666,569 **** 1,223,867,331 **** 1,221,580,941 **** 1,221,171,137 **** 1,221,507,649
Participating Common Shares and Participating Partnership Units include both issued and outstanding shares and unvested shares that participate in dividends. Blackstone 24
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Reconciliations and Disclosures

Blackstone 25

BLACKSTONE’S FIRST QUARTER 2025 GAAP CONSOLIDATED STATEMENTS OF OPERATIONS

($ in thousands,except per share data) (unaudited) 1Q’24 1Q’25 1Q’24 LTM 1Q’25 LTM
Revenues
Management and<br>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<br>Income
Performance Allocations
Realized 652,517 562,050 2,229,464 3,367,279
Unrealized 445,943 263,201 (486,513 ) 188,665
Principal<br>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<br>Dividend Revenue 97,839 97,420 523,851 410,740
Other 44,820 (73,610 ) (33,955 ) 5,263
TotalRevenues $ 3,687,828 **** $ 3,289,458 **** $ 10,328,824 **** $ 12,831,598 ****
Expenses
Compensation and<br>Benefits
Compensation 794,803 1,029,362 2,863,965 3,282,788
Incentive Fee<br>Compensation 73,707 57,029 291,493 356,908
Performance Allocations<br>Compensation
Realized 258,894 241,890 862,959 1,415,213
Unrealized 180,900 103,559 (160,254 ) 62,680
Total Compensation<br>and Benefits 1,308,304 1,431,840 3,858,163 5,117,589
General, Administrative and<br>Other 369,950 332,373 1,213,861 1,324,332
Interest<br>Expense 108,203 118,115 435,630 453,600
Fund Expenses 3,950 12,104 74,538 27,830
TotalExpenses $ 1,790,407 **** $ 1,894,432 **** $ 5,582,192 **** $ 6,923,351 ****
Other Income (Loss)
Change in Tax<br>Receivable Agreement Liability - - (21,988 ) (41,246 )
Net Gains (Losses) from Fund<br>Investment Activities (17,767 ) 57,575 (145,632 ) 165,426
Total OtherIncome (Loss) $ (17,767 ) $ 57,575 **** $ (167,620 ) $ 124,180 ****
Income BeforeProvision for Taxes $ 1,879,654 **** $ 1,452,601 **** $ 4,579,012 **** $ 6,032,427 ****
Provision for<br>Taxes 283,671 243,827 749,457 981,827
NetIncome $ 1,595,983 **** $ 1,208,774 **** $ 3,829,555 **** $ 5,050,600 ****
Net Income (Loss)<br>Attributable to Redeemable Non-Controlling<br>  Interests in Consolidated Entities (39,669 ) 7,900 (278,487 ) (13,720 )
Net Income Attributable to Non-Controlling<br>  Interests in Consolidated Entities 102,827 100,547 252,113 471,546
Net Income Attributable to Non-Controlling<br>  Interests in Blackstone Holdings 685,439 485,475 1,703,475 2,048,800
Net IncomeAttributable to Blackstone Inc. (‘‘BX’’) $ 847,386 **** $ 614,852 **** $ 2,152,454 **** $ 2,543,974 ****
Net Income Per Share ofCommon Stock, Basic $ 1.12 **** $ 0.80 **** $ 2.84 **** $ 3.31 ****
Net Income Per Share of Common Stock,Diluted $ 1.11 **** $ 0.80 **** $ 2.84 **** $ 3.31 ****
Blackstone 26
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RECONCILIATION OF GAAP TO NON-GAAP MEASURES

QTD LTM
($ in thousands) 1Q’24 2Q’24 3Q’24 4Q’24 1Q’25 1Q’24 1Q’25
Net Income Attributable to Blackstone Inc. $ 847,386 **** $ 444,414 **** $ 780,835 **** $ 703,873 **** $ 614,852 **** $ 2,152,454 **** $ 2,543,974 ****
Net Income Attributable to Non-Controlling<br>Interests in Blackstone Holdings 685,439 403,108 603,057 557,160 485,475 1,703,475 2,048,800
Net Income Attributable to<br>Non-Controlling<br>Interests in Consolidated Entities 102,827 100,583 202,929 67,487 100,547 252,113 471,546
Net Income (Loss) Attributable to Redeemable<br>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<br>(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<br>(k) 9,801 3,425 1,731 18,480 20,530 (105,427 ) 44,166
Total Segment DistributableEarnings $ 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<br>(n) (9,938 ) (16,572 ) (40,403 ) (25,613 ) (117,910 ) (77,179 ) (200,498 )
Fee Related Earnings $ 1,160,017 **** $ 1,110,970 **** $ 1,175,157 **** $ 1,835,921 **** $ 1,262,056 **** $ 4,469,333 **** $ 5,384,104 ****
Adjusted EBITDA Reconciliation
Distributable Earnings $ 1,266,378 **** $ 1,252,221 **** $ 1,278,650 **** $ 2,169,493 **** $ 1,410,805 **** $ 5,078,241 **** $ 6,111,169 ****
Interest Expense (o) 107,640 108,424 111,326 117,027 117,950 432,952 454,727
Taxes and Related Payables (j) 177,145 163,728 120,278 249,046 187,730 676,650 720,782
Depreciation and Amortization (p) 26,053 25,336 24,685 22,682 22,226 97,002 94,929
Adjusted EBITDA $ 1,577,216 **** $ 1,549,709 **** $ 1,534,939 **** $ 2,558,248 **** $ 1,738,711 **** $ 6,284,845 **** $ 7,381,607 ****
Notes on pages 28-29. Blackstone 27
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RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES

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

(a) This adjustment removes Transaction-Related and<br>Non-Recurring Items, which are excluded from Blackstone’s segment presentation. Transaction-Related<br> and Non-Recurring Items arise from corporate actions<br>including acquisitions, divestitures, Blackstone’s initial public offering, and non-recurring gains,<br> losses, or other charges, if any. They consist primarily of equity-based compensation charges,<br>gains and losses on contingent consideration arrangements,<br> 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<br> with these corporate<br>actions, and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective<br>of<br> Blackstone’s operational performance.
(b) This adjustment removes the amortization of transaction-related intangibles, which are excluded from<br>Blackstone’s segment presentation.
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(c) This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from<br>Blackstone’s segment presentation. This adjustment<br> includes the elimination of Blackstone’s interest in these funds and the removal of amounts associated with the ownership of Blackstone consolidated<br> operating partnerships held by non-controlling interests.
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(d) This adjustment removes Unrealized Performance Revenues on a segment basis. The Segment Adjustment<br>represents the add back of performance<br> revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.
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QTD LTM
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
($ in thousands) 1Q’24 2Q’24 3Q’24 4Q’24 1Q’25 1Q’24 1Q’25
GAAP Unrealized Performance Allocations $ 445,943 $ 122,229 $ 1,154,918 $ (1,351,683 ) $ 263,201 $ (486,513 ) $    188,665
Segment Adjustment (7 ) 10 (13 ) 10 - (23 ) 7
Unrealized Performance Revenues $ 445,936 $ 122,239 $ 1,154,905 $ (1,351,673 ) $ 263,201 $ (486,536 ) $    188,672
(e)   This adjustment removes Unrealized Performance Allocations Compensation.<br><br><br>(f)  This adjustment removes Unrealized Principal Investment Income on a segment basis. The Segment Adjustment<br>represents (1) the add back of Principal<br>Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and<br>(2) the removal of amounts associated with the<br>ownership of Blackstone consolidated operating partnerships held by non-controlling interests.
QTD LTM
($ in thousands) 1Q’24 2Q’24 3Q’24 4Q’24 1Q’25 1Q’24 1Q’25
GAAP Unrealized Principal Investment Income (Loss) $ 461,623 $ (31,776 ) $ (1,864 ) $ (47,392 ) $ 158,713 $ 349,886 $   77,681
Segment Adjustment (18,647 ) (6,349 ) (88,390 ) 4,663 2,544 (21,091 ) (87,532)
Unrealized Principal Investment Income (Loss) $ 442,976 $ (38,125 ) $ (90,254 ) $ (42,729 ) $ 161,257 $ 328,795 $   (9,851)
(g)   This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents the<br>removal of certain Transaction-Related and Non-<br>Recurring Items.
QTD LTM
($ in thousands) 1Q’24 2Q’24 3Q’24 4Q’24 1Q’25 1Q’24 1Q’25
GAAP Other Revenue $ 44,820 $ 19,631 $ (96,312 ) $ 155,554 $ (73,610 ) $ (33,955 ) $   5,263
Segment Adjustment (73 ) (90 ) (17 ) (347 ) (25 ) (201 ) (479)
Other Revenues $ 44,747 $ 19,541 $ (96,329 ) $ 155,207 $ (73,635 ) $ (34,156 ) $   4,784
(h)   This adjustment removes Equity-Based Compensation on a segment<br>basis.<br> <br>(i)  This adjustment adds an amount equal to an administrative fee collected on a quarterly basis<br>from certain holders of Blackstone Holdings Partnership<br>Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in<br>Blackstone’s segment<br>presentation.
---
Blackstone 28
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RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES (CONT’D)

(j) Taxes represent the total GAAP tax provision adjusted to include only the current tax provision<br>(benefit) calculated on Income (Loss) Before Provision<br> (Benefit) for Taxes and adjusted to exclude the tax impact of any divestitures. For interim periods, taxes are calculated using the preferred annualized<br> effective tax rate approach.<br>Related Payables represent tax-related payables including the amount payable to holders of the Tax Receivable Agreements<br> based on expected tax savings generated in the current period. Please refer to page<br>36 for the full definition of Taxes and Related Payables.
QTD LTM
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
($ in thousands) 1Q’24 2Q’24 3Q’24 4Q’24 1Q’25 1Q’24 1Q’25
Taxes $ 155,873 $ 141,656 $ 95,483 $ 211,496 $ 162,535 $ 585,796 $ 611,170
Related Payables 21,272 22,072 24,795 37,550 25,195 90,854 109,612
Taxes and Related Payables $ 177,145 $ 163,728 $ 120,278 $ 249,046 $ 187,730 $ 676,650 $ 720,782
(k)   This adjustment removes Interest and Dividend Revenue less Interest Expense on a segment basis.<br>The Segment Adjustment represents (1) the add back of<br>Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest<br>expense associated with the<br>Tax Receivable Agreement.
QTD LTM
($ in thousands) 1Q’24 2Q’24 3Q’24 4Q’24 1Q’25 1Q’24 1Q’25
GAAP Interest and Dividend Revenue $ 97,839 $ 104,999 $ 109,774 $ 98,547 $ 97,420 $ 523,851 $ 410,740
Segment Adjustment - - (179 ) - - 14,528 (179 )
Interest and Dividend Revenue $ 97,839 $ 104,999 $ 109,595 $ 98,547 $ 97,420 $ 538,379 $ 410,740
GAAP Interest Expense $ 108,203 $ 108,616 $ 111,337 $ 115,532 $ 118,115 $ 435,630 $ 453,600
Segment Adjustment (563 ) (192 ) (11 ) 1,495 (165 ) (2,678 ) 1,127
Interest Expense $ 107,640 $ 108,424 $ 111,326 $ 117,027 $ 117,950 $ 432,952 $ 454,727
Net Interest and Dividend Income<br>(Loss) $ (9,801 ) $ (3,425 ) $ (1,731 ) $ (18,480 ) $ (20,530 ) $ 105,427 $ (44,166 )
(l)  This adjustment removes the total segment amount of Realized Performance Revenues.<br><br><br>(m)  This adjustment removes the total segment amount of Realized Performance Compensation.<br><br><br>(n)   This adjustment removes the total segment amount of Realized Principal Investment Income.<br><br><br>(o)   This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable<br>Agreement.<br> <br>(p)   This adjustment adds back Depreciation and Amortization on a segment basis.<br><br><br><br> <br>Reconciliation of GAAP Shares of Common Stock Outstanding to Distributable EarningsShares 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<br>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<br>Units 457,490,143 455,642,926 453,685,697 452,448,896 448,468,715
Distributable Earnings SharesOutstanding **** 1,216,666,569 **** **** 1,223,867,331 **** **** 1,221,580,941 **** **** 1,221,171,137 **** **** 1,221,507,649 ****
Disclosure ofWeighted-Average Shares Common Stock Outstanding ****
QTD LTM
1Q’24 2Q’24 3Q’24 4Q’24 1Q’25 1Q’24 1Q’25
Total GAAP Weighted-Average Shares of Common<br>Stock<br>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<br>Unvested Deferred Restricted<br>Common Stock 459,107 47,326 49,771 80,028 638,217 185,544 203,836
Total GAAP Weighted-Average Shares of Common StockOutstanding -Diluted **** 760,257,644 **** **** 769,234,677 **** **** 768,280,366 **** **** 768,769,985 **** **** 772,434,602 **** **** 758,779,771 **** **** 769,667,980 ****
Blackstone 29
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BLACKSTONE’S FIRST QUARTER 2025 GAAP CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

( in thousands) (unaudited) 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<br>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<br>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<br>Non-Controlling Interests in Consolidated Entities 935,005 **** **** 888,868 **** **** 892,846 **** **** 801,399 **** **** 1,382,374 ****
Equity
Common Stock, 0.00001 par value<br>(737,929,437 shares issuedand outstanding as of March 31, 2025) 7 7 7 7 7
Series I Preferred Stock, 0.00001 par value<br>(1 share issuedand outstanding as of March 31, 2025) - - - - -
Series II Preferred Stock, 0.00001<br>par value (1 share issuedand 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 ****

All values are in US Dollars.

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

RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES

($ in thousands) 1Q’24 2Q’24 3Q’24 4Q’24 1Q’25
Investments of Consolidated Blackstone Funds $ 3,458,911 $ 3,621,676 $ 3,873,027 $ 3,890,732 $ 4,589,194
Equity Method Investments
Partnership Investments 6,100,640 6,107,429 6,295,704 6,546,728 6,740,599
Accrued Performance Allocations 11,163,116 11,132,801 12,411,485 12,397,366 12,522,848
Corporate Treasury Investments 197,976 176,330 147,642 1,147,328 106,684
Other Investments 5,001,647 5,388,053 5,594,857 5,818,412 6,300,105
Total GAAP Investments **** 25,922,290 **** **** 26,426,289 **** **** 28,322,715 **** **** 29,800,566 **** **** 30,259,430 ****
Accrued Performance Allocations - GAAP $ 11,163,116 **** $ 11,132,801 **** $ 12,411,485 **** $ 12,397,366 **** $ 12,522,848 ****
Impact of Consolidation (a) - - - - -
Due from Affiliates - GAAP (b) 249,968 235,767 253,490 489,086 249,376
Less: Net Realized Performance Revenues (c) (448,811 ) (146,832 ) (141,896 ) (1,050,026 ) (927,240 )
Less: Accrued Performance Compensation - GAAP (d) (4,880,191 ) (5,007,547 ) (5,531,520 ) (5,555,870 ) (5,446,352 )
Net Accrued Performance Revenues $ 6,084,082 **** $ 6,214,189 **** $ 6,991,559 **** $ 6,280,556 **** $ 6,398,632 ****
Corporate Treasury and Other Investments - GAAP $ 5,199,623 **** $ 5,564,383 **** $ 5,742,499 **** $ 6,965,740 **** $ 6,406,789 ****
Impact of Consolidation (a) 484,521 590,551 580,076 622,411 857,457
Other Assets (e) 228,702 218,728 250,996 159,011 180,761
Other Liabilities (f) (6,651 ) (6,874 ) (6,584 ) (4,024 ) (3,653 )
Corporate Treasury and Other Investments - Deconsolidated(g) $ 5,906,195 **** $ 6,366,788 **** $ 6,566,987 **** $ 7,743,138 **** $ 7,441,354 ****
Partnership Investments - GAAP $ 6,100,640 **** $ 6,107,429 **** $ 6,295,704 **** $ 6,546,728 **** $ 6,740,599 ****
Impact of Consolidation (h) (3,308,117 ) (3,401,589 ) (3,482,920 ) (3,482,497 ) (3,559,722 )
GP/Fund Investments - Deconsolidated $ 2,792,523 **** $ 2,705,840 **** $ 2,812,784 **** $ 3,064,231 **** $ 3,180,877 ****
Loans Payable - GAAP $ 10,740,171 **** $ 10,688,193 **** $ 10,752,246 **** $ 11,320,956 **** $ 12,454,559 ****
Impact of Consolidation (i) (169,836 ) (130,321 ) (107,715 ) (87,488 ) (266,568 )
Outstanding Debt - Carrying Value 10,570,335 10,557,872 10,644,531 11,233,468 12,187,991
Unamortized Discount 127,614 124,677 122,418 127,281 125,209
Outstanding Debt (at par) - Deconsolidated $ 10,697,949 **** $ 10,682,549 **** $ 10,766,949 **** $ 11,360,749 **** $ 12,313,200 ****
(a) This adjustment adds back investments in consolidated Blackstone Funds which have been eliminated<br>in consolidation.
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(b) Represents GAAP accrued performance revenue recorded within Due from Affiliates.<br>
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(c) Represents Performance Revenues realized but not yet distributed as of the reporting date and are<br>included in Distributable Earnings in the period they are realized.
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(d) Represents GAAP accrued performance compensation associated with Accrued Performance Allocations<br>and is recorded within Accrued Compensation and<br> Benefits and Due to Affiliates.
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(e) This adjustment adds other assets related to Treasury Operations that are recorded within Accounts<br>Receivable, reverse repurchase agreements and Due from Affiliates.
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(f) This adjustment adds other liabilities related to Treasury Operations that are recorded within<br>Accounts Payable, Accrued Expenses and Other Liabilities, Repurchase<br> Agreements and securities sold short, not yet purchased.
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(g) Deconsolidated Other Investments was $6.3 billion as of March 31, 2025, which was<br>comprised of $5.8 billion of liquid investments and $509 million of illiquid<br> investments. The liquid portion of Other Investments relates to public equity securities and other investments held by Blackstone that can be easily converted<br>to cash and<br> may include securities and investments subject to lock-up periods.
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(h) This adjustment removes amounts associated with the ownership of Blackstone consolidated operating<br>partnerships held by non-controlling interests and adds back<br> investments in consolidated Blackstone Funds which have been eliminated in consolidation.
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(i) This adjustment removes amounts related to consolidated Blackstone Funds.<br>
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Blackstone 31
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RECONCILIATION OF GAAP TO TOTAL SEGMENTS

QTD LTM
($ in thousands) 1Q’24 2Q’24 3Q’24 4Q’24 1Q’25 1Q’24 1Q’25
Management and Advisory Fees, Net
GAAP $ 1,727,148 **** $ 1,787,313 **** $ 1,794,894 **** $ 1,879,581 **** $ 1,904,317 **** $ 6,740,093 **** $ 7,366,105 ****
Segment Adjustment (a) (19,577 ) (7,375 ) (8,160 ) (20,290 ) (12,319 ) (21,665 ) (48,144 )
Total Segment $ 1,707,571 **** $ 1,779,938 **** $ 1,786,734 **** $ 1,859,291 **** $ 1,891,998 **** $ 6,718,428 **** $ 7,317,961 ****
GAAP Realized Performance Revenues to TotalSegment 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<br>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 RelatedCompensation
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<br>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 toTotal 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<br>Allocations 652,517 531,641 414,755 1,858,833 562,050 2,229,464 3,367,279
GAAP $ 831,858 **** $ 719,940 **** $ 606,549 **** $ 2,263,577 **** $ 753,875 **** $ 2,961,100 **** $ 4,343,941 ****
Total Segment
Less: Fee Related Performance Revenues (295,501 ) (177,067 ) (264,101 ) (1,399,276 ) (293,915 ) (1,005,784 ) (2,134,359 )
Segment Adjustment (b) 36 16 221 779 63 653 1,079
Total Segment $ 536,393 **** $ 542,889 **** $ 342,669 **** $ 865,080 **** $ 460,023 **** $ 1,955,969 **** $ 2,210,661 ****
Blackstone 32
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RECONCILIATION OF GAAP TO TOTAL SEGMENTS – (CONT’D)

QTD LTM
($ in thousands) 1Q’24 2Q’24 3Q’24 4Q’24 1Q’25 1Q’24 1Q’25
Realized Performance Compensation
GAAP
Incentive Fee Compensation $ 73,707 $ 77,139 $ 73,464 $ 149,276 $ 57,029 $ 291,493 $ 356,908
Realized Performance Allocations<br>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<br>(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 ofInterest Expense to Total Segment Net Interest and Dividend Income (Loss) ****
GAAP
Interest and Dividend Revenue 97,839 104,999 109,774 98,547 97,420 523,851 410,740
Interest Expense (108,203 ) (108,616 ) (111,337 ) (115,532 ) (118,115 ) (435,630 ) (453,600 )
GAAP $ (10,364 ) $ (3,617 ) $ (1,563 ) $ (16,985 ) $ (20,695 ) $ 88,221 **** $ (42,860 )
Segment Adjustment (g) 563 192 (168 ) (1,495 ) 165 17,206 (1,306 )
Total Segment $ (9,801 ) $ (3,425 ) $ (1,731 ) $ (18,480 ) $ (20,530 ) $ 105,427 **** $ (44,166 )

This analysis reconciles the components of Total Segment Distributable Earnings (page 3) to their equivalent GAAP measures, reported on the Consolidated Statement of Operations (page 26). Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles, the expense of equity-based awards and Transaction-Related and Non-Recurring Items.

(a) Represents (1) the add back of net management fees earned from consolidated Blackstone Funds<br>which have been eliminated in consolidation, and (2) the<br> removal of amounts attributable to the reimbursement of certain expenses by the Blackstone Funds and certain NAV-based fee arrangements, which<br>are<br> 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<br>have been eliminated in consolidation.
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(c) Represents the removal of Transaction-Related and<br>Non-Recurring Items that are not recorded in the Total Segment measures.
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(d) Represents the (1) removal of Transaction-Related and<br>Non-Recurring Items that are not recorded in the Total Segment Measures, (2) removal of amounts<br> attributable to certain expenses that are reimbursed by the Blackstone Funds and certain NAV-based fee arrangements, which are presented on a gross basis<br> under GAAP but as a reduction of Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an<br>administrative fee<br> 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<br> reflected as a reduction of Other Operating Expenses in<br>Blackstone’s segment presentation.
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(e) Fee related performance compensation may include equity based compensation based on fee related<br>performance revenues.
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(f) Represents (1) the add back of Principal Investment Income, including general partner<br>income, earned from consolidated Blackstone Funds which have been<br> eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-<br>controlling interests.
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(g) Represents (1) the add back of Interest and Dividend Revenue earned from consolidated<br>Blackstone Funds which have been eliminated in consolidation, and<br> (2) the removal of interest expense associated with the Tax Receivable Agreement.<br>
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Blackstone 33
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NOTES

Notes to page 4 - InvestmentPerformance and Net Accrued Performance Revenues

§ The changes in carrying value, fund returns and composite returns presented throughout this presentation represent those of the applicable<br> 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<br> the period. The returns are weighted based on the average<br>of BREIT’s monthly net asset values, BEPIF’s monthly net asset values, and the<br> average of BPP’s quarterly adjusted beginning period market values for the period.
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§ Throughout this presentation, Secondaries reflects Strategic Partners and GP Stakes unless otherwise indicated. Results for the Secondaries<br> business refer to the appreciation of the Strategic Partners funds and do<br>not include results for GP Stakes. Strategic Partners results are<br> reported on a three-month lag from fund financial statements, which generally report underlying investments on a same-quarter basis, if<br> available. As a result, the<br>appreciation presented herein does not include the impact of economic and market activity in the current quarter.<br> Current market activity is expected to affect reported results in upcoming quarters.
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§ Effective 1Q’25, Private Credit returns were amended to include only the Flagship commingled funds across the opportunistic lending, global<br> middle market direct lending funds (including BXSL, BCRED, and ECRED<br>strategies), stressed/distressed strategies, and non-investment grade<br> infrastructure and asset-based credit strategies. Separately managed accounts, funds with a limited number of limited partners that are<br>not<br> broadly marketed, inactive investment strategies, unlevered funds within a strategy that has designated levered and unlevered sleeves, and<br> Multi-Asset Credit strategies are excluded. Liquid Credit returns include CLOs, closed-ended<br>funds, open-ended funds and separately managed<br> accounts. Only fee-earning funds exceeding $100 million of fair value at the beginning of each respective<br>quarter-end are included. Funds in<br> liquidation, funds investing primarily in investment grade corporate credit and asset-based finance are excluded. Blackstone Funds that were<br> contributed to Blackstone<br>Credit as part of Blackstone’s acquisition of Blackstone Credit, formerly known as GSO, in March 2008 and the pre-<br>acquisition date performance for funds and vehicles acquired by Blackstone Credit<br>subsequent to March 2008, are also excluded.
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§ The Absolute Return Composite gross and net returns are based on the Multi-Asset Investing (“BXMA”) Absolute Return Composite, which<br> includes only BXMA-managed commingled and customized multi-manager funds<br>and accounts and does not include BXMA’s liquid solutions group,<br> seeding, multi-strategy, and advisory (non-discretionary) platforms, except for investments by Absolute Return funds directly into<br>those<br> platforms. BXMA-managed funds in liquidation and, in the case of net returns, non fee-paying assets are also excluded. The funds/accounts that<br> comprise the Absolute Return Composite are not<br>managed within a single fund or account and are managed with different mandates. There is<br> 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<br> investible<br>product and, as such, the performance of the Absolute Return Composite does not represent the performance of an actual fund or<br> account.
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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<br> $594 million, $1.5 billion, $988 million, and<br>$113 million, respectively, as of March 31, 2025. Cash and Net Investments per share amounts are<br> calculated using period end DE Shares Outstanding (see page 24, Share Summary).
Blackstone 34
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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<br> expense (benefit) of wholly owned subsidiaries. Common shareholders receive<br>tax benefits from deductions taken by Blackstone’s corporate tax<br> paying subsidiaries and bear responsibility for the deduction from Distributable Earnings of the Payable Under Tax Receivable Agreement and<br> 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<br> shareholders as of the applicable record date.
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§ Retained capital is withheld pro rata from common shareholders and Blackstone Holdings Partnership unitholders. Common shareholders’ share<br> was $124 million for 1Q’25 and $539 million for<br>1Q’25 LTM.
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Blackstone 35
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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<br> performance across<br>Blackstone’s four segments. Segment DE represents the net realized earnings of Blackstone’s segments and is the sum of Fee<br> Related Earnings and Net Realizations for each segment. Blackstone’s segments are presented on a basis that<br>deconsolidates Blackstone Funds,<br> eliminates non-controlling ownership interests in Blackstone’s consolidated operating partnerships, removes the amortization of intangible assets<br> and removes<br>Transaction-Related and Non-Recurring Items. Segment DE excludes unrealized activity and is derived from and reconciled to, but<br> not equivalent to, its most directly comparable GAAP measure of Income (Loss)<br>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<br> (which refers to Realized Performance Revenues excluding Fee<br>Related Performance Revenues), less Realized Performance Compensation<br> (which refers to Realized Performance Compensation excluding Fee Related Performance Compensation and Equity-Based Performance<br> Compensation).
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– Segment Revenues represent Net Management and Advisory Fees, Fee Related Performance Revenues, Realized Performance Revenues and<br> Realized Principal Investment Income.
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§ Distributable Earnings, or “DE”, is derived from Blackstone’s segment reported results. DE is used to assess performance and amounts available<br> for dividends to Blackstone<br>shareholders, including Blackstone personnel and others who are limited partners of the Blackstone Holdings<br> Partnerships. DE is the sum of Segment DE plus Net Interest and Dividend Income (Loss) less Taxes and Related Payables. DE excludes<br>unrealized<br> activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before<br> Provision (Benefit) for Taxes.
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– 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,<br>and interest expense associated with the Tax Receivable Agreement.
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– Taxes and Related Payables represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on<br> Income (Loss) Before Provision (Benefit) for Taxes and<br>including the Payable under the Tax Receivable Agreement. Further, the current tax<br> provision utilized when calculating Taxes and Related Payables and DE reflects the benefit of deductions available to the company on certain<br> expense items<br>that are excluded from the underlying calculation of Segment DE and Total Segment Distributable Earnings, such as equity-<br>based compensation charges and certain Transaction-Related and Non-Recurring Items<br>where there is a current tax provision or benefit. The<br> economic assumptions and methodologies that impact the implied income tax provision are the same as those methodologies and assumptions<br> used in calculating the current income tax<br>provision for Blackstone’s consolidated statements of operations under U.S. GAAP, excluding the<br> impact of divestitures and accrued tax contingencies and refunds which are reflected when paid or received. The Payable under the Tax<br><br>Receivable Agreement reflects the expected amount of tax savings generated in the period that holders of the Tax Receivable Agreements are<br> entitled to receive in future periods. Management believes that including the amount payable under the tax<br>receivable agreement and<br> utilizing the current income tax provision adjusted as described above when calculating DE is meaningful as it increases comparability<br> between periods and more accurately reflects earnings that are available for<br>distribution to shareholders.
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§ Fee Related Earnings, or “FRE”, is a performance measure used to assess Blackstone’s ability to generate profits from revenues that are<br><br>measured and received on a recurring basis and not subject to future realization events. FRE equals management and advisory fees (net of<br> management fee reductions and offsets) plus Fee Related Performance Revenues, less (a) Fee Related<br>Compensation on a segment basis, and<br> (b) Other Operating Expenses. FRE is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income<br> (Loss) Before Provision (Benefit) for Taxes.
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DEFINITIONS AND DIVIDEND POLICY – (CONT’D)

– Fee Related Compensation is presented on a segment basis and refers to the compensation expense, excluding Equity-Based<br> Compensation, directly related to (a) Management and Advisory Fees, Net and<br>(b) Fee Related Performance Revenues, referred to as Fee<br> Related Performance Compensation.
– Fee Related Performance Revenues refers to the realized portion of Performance Revenues from Perpetual Capital that are (a) measured<br> and received on a recurring basis, and (b) not dependent<br>on realization events from the underlying investments.
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– Other Operating Expenses is presented on a segment basis and is equal to General, Administrative and Other Expenses, adjusted to<br> (a) remove the Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment Measures, (b) remove certain<br> expenses reimbursed by the Blackstone Funds which are netted against Management and Advisory Fees, Net in<br>Blackstone’s segment<br> presentation, and (c) give effect to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings<br> Partnership Units. The administrative fee is accounted for as a capital<br>contribution under GAAP, but is reflected as a reduction of Other<br> Operating Expenses in Blackstone’s segment presentation.
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– Perpetual Capital refers to the component of assets under management with an indefinite term, that is not in liquidation, and for which<br> there is no requirement to return capital to investors through<br>redemption requests in the ordinary course of business, except where funded<br> by new capital inflows or where required redemption requests are limited in quantum. Includes co-investment capital with an<br>investor right<br> to convert into Perpetual Capital.
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– FRE Margin is calculated by dividing Fee Related Earnings by Fee Related Revenues (defined as the sum of Total Segment Management and<br> Advisory Fees, Net and Fee Related Performance Revenues).
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§ Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization, or “Adjusted EBITDA”, is a supplemental measure used to<br> assess performance derived from<br>Blackstone’s segment results and may be used to assess its ability to service its borrowings. Adjusted EBITDA<br> represents Distributable Earnings plus the addition of (a) Interest Expense on a segment basis, (b) Taxes and Related<br>Payables, and<br> (c) Depreciation and Amortization. Adjusted EBITDA is derived from and reconciled to, but not equivalent to, its most directly comparable<br> GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes.
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§ Performance Revenues collectively refers to: (a) Incentive Fees, and (b) Performance Allocations.
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§ Performance Compensation collectively refers to: (a) Incentive Fee Compensation, and (b) Performance Allocations Compensation.
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– Performance Compensation reflects an increase in the aggregate Realized Performance Compensation paid to certain of our professionals<br> above the amounts allocable to them based upon the percentage participation in<br>the relevant performance plans previously awarded to<br> them as a result of a compensation program that commenced in 2Q’21. The expectation is that for the full year 2025, Fee Related<br> Compensation will be decreased by the total amount of<br>additional Performance Compensation awarded for the year. For 1Q’25 QTD, the<br> increase to Realized Performance Compensation was greater than the decrease to Fee Related Compensation, which negatively impacted<br> Distributable Earnings for<br>the current year quarter. For 1Q’25 LTM, the increase to Realized Performance Compensation was less than the<br> decrease to Fee Related Compensation, which favorably impacted Distributable Earnings for the current year LTM period. For<br>1Q’24 QTD,<br> the increase to Realized Performance Compensation was greater than the decrease to Fee Related Compensation, which negatively<br> impacted Distributable Earnings for the prior year quarter. For 1Q’24 LTM, the increase to<br>Realized Performance Compensation was less<br> than the decrease to Fee Related Compensation, which favorably impacted Distributable Earnings for the prior year LTM period. These<br> changes typically have an impact on individual quarters but do not<br>impact Income Before Provision (Benefit) for Taxes and Distributable<br> Earnings for the full year.
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DEFINITIONS AND DIVIDEND POLICY – (CONT’D)

§ Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public<br> offering, and non-recurring gains, losses, or other charges, if any. They consist primarily of equity-based compensation charges, gains and losses<br> on contingent consideration arrangements, changes in the balance of the Tax<br>Receivable Agreement resulting from a change in tax law or<br> similar event, transaction costs, gains or losses associated with these corporate actions, and non-recurring gains, losses or other charges<br>that<br> 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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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.

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