Blackstone : Fourth Quarter 2021 Press Release And Presentation

Blackstone Reports Fourth Quarter and

Full Year 2021 Results

New York, January 27, 2022: Blackstone (NYSE:BX) today reported its fourth quarter and full year 2021 results.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, "Blackstone's fourth quarter results represented a remarkable finish to a record-breaking year. Our limited partners entrusted us with $270 billion of inflows in 2021, with assets under management rising 42% to $881 billion - our fastest growth rate in over a decade. Outstanding investment performance and the power of our brand are leading to share gains in multiple customer channels, driving exceptional earnings momentum for our shareholders."

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

Dividend

Blackstone has declared a quarterly dividend of $1.45 per share to record holders of common stock at the close of business on February 7, 2022. This dividend will be paid on February 14, 2022.

Quarterly Investor Call Details

Blackstone will host its fourth quarter and full year 2021 investor conference via public webcast on January 27,

2022 at 9:00 a.m. ET. To register, please use the following link: https://event.webcasts.com/viewer/event.jsp?ei=1520327&tp_key=7f44bccae4. For those unable to listen to the

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Blackstone

345 Park Avenue New York NY 10154 T 212 583 5000 www.blackstone.com

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

About Blackstone

Blackstone is the world's largest alternative asset manager. We seek to create positive economic impact and long- term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $881 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

Forward-Looking Statements

This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our current views with respect to, among other things, our operations, taxes, earnings and financial performance, share repurchases and dividends. You can identify these forward-looking statements by the use of words such as "outlook," "indicator," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "scheduled," "estimates," "anticipates," "opportunity," "leads" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include but are not limited to the impact of the novel coronavirus ("COVID-19"), as well as those described under the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2020, as such factors may be updated from time to time in our periodic filings with the United States Securities and Exchange Commission ("SEC"), which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other periodic filings. The forward-looking statements speak only as of the date of this report, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

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

Investor and Media Relations Contacts

Weston Tucker	Christine Anderson
Blackstone	Blackstone
Tel: [phone]	Tel: [phone]
[e-mail]	[e-mail]

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Blackstone's Fourth

Quarter and Full Year

2021 Earnings

JANUARY 27, 2022

BLACKSTONE'S FOURTH QUARTER AND FULL YEAR 2021 GAAP RESULTS

• GAAP Net Income was $2.9 billion for the quarter and $12.4 billion for the year. GAAP Net Income Attributable to Blackstone Inc. was $1.4 billion for the quarter and $5.9 billion for the year.

($ in thousands, except per share data) (unaudited)		4Q'20			4Q'21			FY'20			FY'21
Revenues
Management and Advisory Fees, Net	$	1,134,138	$	1,459,548	$	4,092,549	$	5,170,707
Incentive Fees		97,702			136,454			138,661			253,991
Investment Income
Performance Allocations
Realized		1,465,154			2,787,970			2,106,000			5,653,452
Unrealized		597,285			789,213			(384,393)			8,675,246
Principal Investments
Realized		220,814			171,310			391,628			1,003,822
Unrealized		217,688			304,297			(114,607)			1,456,201
Total Investment Income		2,500,941			4,052,790			1,998,628			16,788,721
Interest and Dividend Revenue		39,726			63,166			125,231			160,643
Other		(143,583)			50,699			(253,142)			203,086
Total Revenues	$	3,628,924	$	5,762,657	$	6,101,927	$	22,577,148
Expenses
Compensation and Benefits
Compensation		459,636			576,032			1,855,619			2,161,973
Incentive Fee Compensation		22,086			49,349			44,425			98,112
Performance Allocations Compensation
Realized		590,089			1,119,911			843,230			2,311,993
Unrealized		278,575			384,007			(154,516)			3,778,048
Total Compensation and Benefits		1,350,386			2,129,299			2,588,758			8,350,126
General, Administrative and Other		214,124			309,673			711,782			917,847
Interest Expense		45,702			56,550			166,162			198,268
Fund Expenses		1,902			2,959			12,864			10,376
Total Expenses	$	1,612,114	$	2,498,481	$	3,479,566	$	9,476,617
Other Income (Loss)
Change in Tax Receivable Agreement Liability		(27,171)			32,044			(35,383)			(2,759)
Net Gains from Fund Investment Activities		90,867			81,843			30,542			461,624
Income Before Provision for Taxes	$	2,080,506	$	3,378,063	$	2,617,520	$	13,559,396
Provision for Taxes		266,342			437,694			356,014			1,184,401
Net Income	$	1,814,164	$	2,940,369	$	2,261,506	$	12,374,995
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		(1,871)			2,924			(13,898)			5,740
Net Income Attributable to Non-Controlling Interests in Consolidated Entities		308,055			320,033			217,117			1,625,306
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings		759,110			1,218,934			1,012,924			4,886,552
Net Income Attributable to Blackstone Inc. ("BX")	$	748,870	$	1,398,478	$	1,045,363	$	5,857,397
Net Income Per Share of Common Stock, Basic	$	1.07	$	1.93	$	1.50	$	8.14
Net Income Per Share of Common Stock, Diluted	$	1.07	$	1.92	$	1.50	$	8.13
Income Before Provision for Taxes Margin		57.3%			58.6%			42.9%			60.1%

Throughout this presentation, all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See pages 34-36, Definitions and	Blackstone |	1
Dividend Policy, for definitions of terms used throughout this presentation. See additional notes on page 32.