BX 10-Q Quarter ended Sept. 30, 2022

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(a)

the fair value of the investments held by our carry funds and our side-by-side and co-investment entities managed by us plus the capital that we are entitled to call from investors in those funds and entities pursuant to the terms of their respective capital commitments, including capital commitments to funds that have yet to commence their investment periods,

(b)

the net asset value of (1) our hedge funds, real estate debt carry funds, BPP, certain co-investments managed by us, certain credit-focused funds, and our Hedge Fund Solutions drawdown funds (plus, in each case, the capital that we are entitled to call from investors in those funds, including commitments yet to commence their investment periods), and (2) our funds of hedge funds, our Hedge Fund Solutions registered investment companies, BREIT, and BEPIF,

(c)

the invested capital, fair value or net asset value of assets we manage pursuant to separately managed accounts,

(d)

the amount of debt and equity outstanding for our collateralized loan obligations (“CLO”) during the reinvestment period,

(e)

the aggregate par amount of collateral assets, including principal cash, for our CLOs after the reinvestment period,

(f)

the gross or net amount of assets (including leverage where applicable) for our credit-focused registered investment companies,

(g)

the fair value of common stock, preferred stock, convertible debt, term loans or similar instruments issued by BXMT, and

(h)

borrowings under and any amounts available to be borrowed under certain credit facilities of our funds.

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(a)

for our Private Equity segment funds and Real Estate segment carry funds, including certain BREDS and Hedge Fund Solutions funds, the amount of capital commitments, remaining invested capital, fair value, net asset value or par value of assets held, depending on the fee terms of the fund,

(b)

for our credit-focused carry funds, the amount of remaining invested capital (which may include leverage) or net asset value, depending on the fee terms of the fund,

(c)

the remaining invested capital or fair value of assets held in co-investment vehicles managed by us on which we receive fees,

(d)

the net asset value of our funds of hedge funds, hedge funds, BPP, certain co-investments managed by us, certain registered investment companies, BREIT, BEPIF, and certain of our Hedge Fund Solutions drawdown funds,

(e)

the invested capital, fair value of assets or the net asset value we manage pursuant to separately managed accounts,

(f)

the net proceeds received from equity offerings and accumulated distributable earnings of BXMT, subject to certain adjustments,

(g)

the aggregate par amount of collateral assets, including principal cash, of our CLOs, and

(h)

the gross amount of assets (including leverage) or the net assets (plus leverage where applicable) for certain of our credit-focused registered investment companies.

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6.    Derivative Financial Instruments

		September 30, 2022
		Consolidated				Consolidated
		Operating				Blackstone				Reclasses and
		Partnerships				Funds (a)				Eliminations				Consolidated
Assets
Cash and Cash Equivalents		$	3,480,003			$	—			$	—			$	3,480,003
Cash Held by Blackstone Funds and Other			—				94,358				—				94,358
Investments			23,371,059				3,828,497				(943,408	)			26,256,148
Accounts Receivable			743,030				92,499				—				835,529
Due from Affiliates			4,042,347				12,925				(25,782	)			4,029,490
Intangible Assets, Net			232,096				—				—				232,096
Goodwill			1,890,202				—				—				1,890,202
Other Assets			785,508				286				—				785,794
Right-of-Use Assets			887,832				—				—				887,832
Deferred Tax Assets			1,767,869				—				—				1,767,869
Total Assets		$	37,199,946			$	4,028,565			$	(969,190	)		$	40,259,321
Liabilities and Equity
Loans Payable		$	9,232,453			$	30,627			$	—			$	9,263,080
Due to Affiliates			1,992,504				94,169				(25,782	)			2,060,891
Accrued Compensation and Benefits			6,732,507				—				—				6,732,507
Securities Sold, Not Yet Purchased			3,812				22,971				—				26,783
Repurchase Agreements			313,138				—				—				313,138
Operating Lease Liabilities			985,632				—				—				985,632
Accounts Payable, Accrued Expenses and Other Liabilities			1,117,340				24,565				—				1,141,905
Total Liabilities			20,377,386				172,332				(25,782	)			20,523,936
Redeemable Non-Controlling Interests in Consolidated Entities			3				1,344,185				—				1,344,188
Equity
Common Stock			7				—				—				7
Series I Preferred Stock			—				—				—				—
Series II Preferred Stock			—				—				—				—
Additional Paid-in-Capital			5,791,006				922,225				(922,225	)			5,791,006
Retained Earnings			1,869,463				21,183				(21,183	)			1,869,463
Accumulated Other Comprehensive Loss			(34,582	)			(40,218	)			—				(74,800	)
Non-Controlling Interests in Consolidated Entities			3,748,290				1,608,858				—				5,357,148
Non-Controlling Interests in Blackstone Holdings			5,448,373				—				—				5,448,373
Total Equity			16,822,557				2,512,048				(943,408	)			18,391,197
Total Liabilities and Equity		$	37,199,946			$	4,028,565			$	(969,190	)		$	40,259,321

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		December 31, 2021
		Consolidated				Consolidated
		Operating				Blackstone				Reclasses and
		Partnerships				Funds (a)				Eliminations				Consolidated
Assets
Cash and Cash Equivalents		$	2,119,738			$	—			$	—			$	2,119,738
Cash Held by Blackstone Funds and Other			—				79,994				—				79,994
Investments			27,041,225				2,018,829				(395,011	)			28,665,043
Accounts Receivable			571,936				64,680				—				636,616
Due from Affiliates			4,652,295				15,031				(10,459	)			4,656,867
Intangible Assets, Net			284,384				—				—				284,384
Goodwill			1,890,202				—				—				1,890,202
Other Assets			492,685				251				—				492,936
Right-of-Use Assets			788,991				—				—				788,991
Deferred Tax Assets			1,581,637				—				—				1,581,637
Total Assets		$	39,423,093			$	2,178,785			$	(405,470	)		$	41,196,408
Liabilities and Equity
Loans Payable		$	7,748,062			$	101			$	—			$	7,748,163
Due to Affiliates			1,812,223				104,334				(10,459	)			1,906,098
Accrued Compensation and Benefits			7,905,070				—				—				7,905,070
Securities Sold, Not Yet Purchased			4,292				23,557				—				27,849
Repurchase Agreements			42,000				15,980				—				57,980
Operating Lease Liabilities			908,033				—				—				908,033
Accounts Payable, Accrued Expenses and Other Liabilities			926,749				10,420				—				937,169
Total Liabilities			19,346,429				154,392				(10,459	)			19,490,362
Redeemable Non-Controlling Interests in Consolidated Entities			22,002				46,026				—				68,028
Equity
Common Stock			7				—				—				7
Series I Preferred Stock			—				—				—				—
Series II Preferred Stock			—				—				—				—
Additional Paid-in-Capital			5,794,727				349,822				(349,822	)			5,794,727
Retained Earnings			3,647,785				45,189				(45,189	)			3,647,785
Accumulated Other Comprehensive Loss			(19,626	)			—				—				(19,626	)
Non-Controlling Interests in Consolidated Entities			4,017,297				1,583,356				—				5,600,653
Non-Controlling Interests in Blackstone Holdings			6,614,472				—				—				6,614,472
Total Equity			20,054,662				1,978,367				(395,011	)			21,638,018
Total Liabilities and Equity		$	39,423,093			$	2,178,785			$	(405,470	)		$	41,196,408

(a)	The Consolidated Blackstone Funds consisted of the following:

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(a)

the fair value of the investments held by our carry funds and our side-by-side and co-investment entities managed by us plus the capital that we are entitled to call from investors in those funds and entities pursuant to the terms of their respective capital commitments, including capital commitments to funds that have yet to commence their investment periods,

(b)

the net asset value of (1) our hedge funds, real estate debt carry funds, BPP, certain co-investments managed by us, certain credit-focused funds, and our Hedge Fund Solutions drawdown funds (plus, in each case, the capital that we are entitled to call from investors in those funds, including commitments yet to commence their investment periods), and (2) our funds of hedge funds, our Hedge Fund Solutions registered investment companies, BREIT, and BEPIF,

(c)

the invested capital, fair value or net asset value of assets we manage pursuant to separately managed accounts,

(d)

the amount of debt and equity outstanding for our CLOs during the reinvestment period,

(e)

the aggregate par amount of collateral assets, including principal cash, for our CLOs after the reinvestment period,

(f)

the gross or net amount of assets (including leverage where applicable) for our credit-focused registered investment companies,

(g)

the fair value of common stock, preferred stock, convertible debt, term loans or similar instruments issued by BXMT, and

(h)

borrowings under and any amounts available to be borrowed under certain credit facilities of our funds.

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(a)

for our Private Equity segment funds and Real Estate segment carry funds, including certain BREDS and Hedge Fund Solutions funds, the amount of capital commitments, remaining invested capital, fair value, net asset value or par value of assets held, depending on the fee terms of the fund,

(b)

for our credit-focused carry funds, the amount of remaining invested capital (which may include leverage) or net asset value, depending on the fee terms of the fund,

(c)

the remaining invested capital or fair value of assets held in co-investment vehicles managed by us on which we receive fees,

(d)

the net asset value of our funds of hedge funds, hedge funds, BPP, certain co-investments managed by us, certain registered investment companies, BREIT, BEPIF, and certain of our Hedge Fund Solutions drawdown funds,

(e)

the invested capital, fair value of assets or the net asset value we manage pursuant to separately managed accounts,

(f)

the net proceeds received from equity offerings and accumulated distributable earnings of BXMT, subject to certain adjustments,

(g)

the aggregate par amount of collateral assets, including principal cash, of our CLOs, and

(h)

the gross amount of assets (including leverage) or the net assets (plus leverage where applicable) for certain of our credit-focused registered investment companies.

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		Three Months Ended																Nine Months Ended
		September 30,								2022 vs. 2021								September 30,								2022 vs. 2021
		2022				2021				$				%				2022				2021				$				%
		(Dollars in Thousands)
Revenues
Management and Advisory Fees, Net		$	1,617,754			$	1,320,795			$	296,959				22	%		$	4,654,877			$	3,711,159			$	943,718				25	%
Incentive Fees			110,776				48,206				62,570				130	%			314,863				117,537				197,326				168	%
Investment Income (Loss)
Performance Allocations
Realized			725,888				1,522,495				(796,607	)			-52	%			4,946,043				2,865,482				2,080,561				73	%
Unrealized			(771,637	)			2,724,366				(3,496,003	)			n/m				(2,946,255	)			7,886,033				(10,832,288	)			n/m
Principal Investments
Realized			193,228				325,414				(132,186	)			-41	%			743,493				832,512				(89,019	)			-11	%
Unrealized			(1,069,697	)			183,754				(1,253,451	)			n/m				(1,496,226	)			1,151,904				(2,648,130	)			n/m
Total Investment Income (Loss)			(922,218	)			4,756,029				(5,678,247	)			n/m				1,247,055				12,735,931				(11,488,876	)			-90	%
Interest and Dividend Revenue			52,420				35,048				17,372				50	%			168,980				97,477				71,503				73	%
Other			199,382				64,187				135,195				211	%			427,839				152,387				275,452				181	%
Total Revenues			1,058,114				6,224,265				(5,166,151	)			-83	%			6,813,614				16,814,491				(10,000,877	)			-59	%
Expenses
Compensation and Benefits
Compensation			600,273				536,199				64,074				12	%			1,942,790				1,585,941				356,849				23	%
Incentive Fee Compensation			50,355				21,007				29,348				140	%			136,737				48,763				87,974				180	%
Performance Allocations Compensation
Realized			313,930				631,632				(317,702	)			-50	%			2,067,447				1,192,082				875,365				73	%
Unrealized			(359,590	)			1,193,853				(1,553,443	)			n/m				(1,273,849	)			3,394,041				(4,667,890	)			n/m
Total Compensation and Benefits			604,968				2,382,691				(1,777,723	)			-75	%			2,873,125				6,220,827				(3,347,702	)			-54	%
General, Administrative and Other			270,369				217,995				52,374				24	%			800,331				608,174				192,157				32	%
Interest Expense			80,507				52,413				28,094				54	%			216,896				141,718				75,178				53	%
Fund Expenses			5,517				1,260				4,257				338	%			12,144				7,417				4,727				64	%
Total Expenses			961,361				2,654,359				(1,692,998	)			-64	%			3,902,496				6,978,136				(3,075,640	)			-44	%
Other Income (Loss)
Change in Tax Receivable Agreement Liability			—				(37,321	)			37,321				-100	%			748				(34,803	)			35,551				n/m
Net Gains (Losses) from Fund Investment Activities			1,178				132,312				(131,134	)			-99	%			(52,272	)			379,781				(432,053	)			n/m
Total Other Income (Loss)			1,178				94,991				(93,813	)			-99	%			(51,524	)			344,978				(396,502	)			n/m
Income Before Provision for Taxes			97,931				3,664,897				(3,566,966	)			-97	%			2,859,594				10,181,333				(7,321,739	)			-72	%
Provision for Taxes			94,231				458,904				(364,673	)			-79	%			614,026				746,707				(132,681	)			-18	%
Net Income			3,700				3,205,993				(3,202,293	)			-100	%			2,245,568				9,434,626				(7,189,058	)			-76	%
Net Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities			25,773				1,550				24,223				n/m				56,700				2,816				53,884				n/m
Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities			(62,093	)			486,907				(549,000	)			n/m				(62,425	)			1,305,273				(1,367,698	)			n/m
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings			37,724				1,315,641				(1,277,917	)			-97	%			1,061,516				3,667,618				(2,606,102	)			-71	%
Net Income Attributable to Blackstone Inc.		$	2,296			$	1,401,895			$	(1,399,599	)			-100	%		$	1,189,777			$	4,458,919			$	(3,269,142	)			-73	%

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•

The decrease of $2.3 billion in our Real Estate segment was primarily attributable to net unrealized depreciation of investments in BREP and lower net unrealized appreciation of investments in Core+ real estate during the three months ended September 30, 2022. BREP and Core+ real estate’s carrying value decreased 0.6% and increased 2.3%, respectively, in the three months ended September 30, 2022 compared to increases of 16.2% and 7.6%, respectively, in the three months ended September 30, 2021.

•

The decrease of $1.1 billion in our Private Equity segment was primarily attributable to net unrealized depreciation of investments in corporate private equity and Strategic Partners in the three months ended September 30, 2022 compared to net unrealized appreciation of investments in the three months ended September 30, 2021. Corporate private equity and Strategic Partners carrying value decreased 0.3% and 3.5%, respectively, in the three months ended September 30, 2022 compared to increases of 9.9% and 24.6%, respectively, in the three months ended September 30, 2021.

•

The decrease of $972.5 million in our Credit & Insurance segment was primarily attributable to an unrealized loss on the ownership of Corebridge common stock based on the publicly traded price as of September 30, 2022.

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•

The decrease of $5.5 billion in our Private Equity segment was primarily attributable to net unrealized depreciation of investments in corporate private equity and lower net unrealized appreciation in Strategic Partners in the nine months ended September 30, 2022 compared to net unrealized appreciation of investments in the nine months ended September 30, 2021. Corporate private equity and Strategic Partners carrying value decreased 4.3% and increased 10.3%, respectively, in the nine months ended September 30, 2022 compared to increases of 38.3% and 54.6%, respectively, in the nine months ended September 30, 2021.

•

The decrease of $5.3 billion in our Real Estate segment which was primarily attributable to lower net unrealized appreciation of investments in BREP during the nine months ended September 30, 2022, compared to the net unrealized appreciation of investments in the nine months ended September 30, 2022 compared to the nine months ended September 30, 2021. BREP’s carrying value increased 8.8% in the nine months ended September 30, 2022 compared to 31.6% in the nine months ended September 30, 2021.

•

The decrease of $1.3 billion in our Credit & Insurance segment was primarily attributable to an unrealized loss on the ownership of Corebridge common stock based on the publicly traded price as of September 30, 2022 and lower net returns in our private credit strategies in the nine months ended September 30, 2022 compared to September 30, 2021.

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Note:

Totals may not add due to rounding.

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		Three Months Ended
		September 30, 2022																				September 30, 2021
						Private				Hedge Fund				Credit &												Private				Hedge Fund				Credit &
		Real Estate				Equity				Solutions				Insurance				Total				Real Estate				Equity				Solutions				Insurance				Total
		(Dollars in Thousands)
Fee-Earning Assets Under Management
Balance, Beginning of Period		$	252,125,870			$	163,521,507			$	72,629,621			$	195,548,963			$	683,825,961			$	166,263,493			$	132,475,486			$	72,240,152			$	127,953,395			$	498,932,526
Inflows (a)			35,565,611				5,720,545				956,594				9,236,906				51,479,656				13,568,086				8,372,265				3,011,092				12,022,947				36,974,390
Outflows (b)			(8,845,200	)			(443,618	)			(1,614,636	)			(6,325,326	)			(17,228,780	)			(821,127	)			(822,292	)			(2,282,247	)			(1,914,543	)			(5,840,209	)
Net Inflows (Outflows)			26,720,411				5,276,927				(658,042	)			2,911,580				34,250,876				12,746,959				7,549,973				728,845				10,108,404				31,134,181
Realizations (c)			(4,238,668	)			(1,932,887	)			(431,322	)			(1,457,210	)			(8,060,087	)			(4,228,169	)			(2,649,349	)			(413,232	)			(1,780,911	)			(9,071,661	)
Market Activity (d)(g)			(1,159,763	)			407,777				(102,021	)			(3,297,392	)			(4,151,399	)			5,385,810				1,704,148				711,084				(383,538	)			7,417,504
Balance, End of Period (e)		$	273,447,850			$	167,273,324			$	71,438,236			$	193,705,941			$	705,865,351			$	180,168,093			$	139,080,258			$	73,266,849			$	135,897,350			$	528,412,550
Increase (Decrease)		$	21,321,980			$	3,751,817			$	(1,191,385	)		$	(1,843,022	)		$	22,039,390			$	13,904,600			$	6,604,772			$	1,026,697			$	7,943,955			$	29,480,024
Increase (Decrease)			8	%			2	%			-2	%			-1	%			3	%			8	%			5	%			1	%			6	%			6	%

		Nine Months Ended
		September 30, 2022																				September 30, 2021
						Private				Hedge Fund				Credit &												Private				Hedge Fund				Credit &
		Real Estate				Equity				Solutions				Insurance				Total				Real Estate				Equity				Solutions				Insurance				Total
		(Dollars in Thousands)
Fee-Earning Assets Under Management
Balance, Beginning of Period		$	221,476,699			$	156,556,959			$	74,034,568			$	197,900,832			$	649,969,058			$	149,121,461			$	129,539,630			$	74,126,610			$	116,645,413			$	469,433,114
Inflows (a)			83,072,471				17,201,200				6,736,594				34,262,589				141,272,854				31,963,738				15,161,253				6,811,947				34,943,855				88,880,793
Outflows (b)			(16,659,446	)			(1,359,978	)			(7,402,333	)			(16,116,378	)			(41,538,135	)			(2,246,364	)			(1,887,923	)			(11,905,577	)			(9,532,557	)			(25,572,421	)
Net Inflows (Outflows)			66,413,025				15,841,222				(665,739	)			18,146,211				99,734,719				29,717,374				13,273,330				(5,093,630	)			25,411,298				63,308,372
Realizations (c)			(18,443,319	)			(7,585,363	)			(1,255,419	)			(6,717,555	)			(34,001,656	)			(9,153,366	)			(9,024,609	)			(896,526	)			(9,057,779	)			(28,132,280	)
Market Activity (d)(h)			4,001,445				2,460,506				(675,174	)			(15,623,547	)			(9,836,770	)			10,482,624				5,291,907				5,130,395				2,898,418				23,803,344
Balance, End of Period (e)		$	273,447,850			$	167,273,324			$	71,438,236			$	193,705,941			$	705,865,351			$	180,168,093			$	139,080,258			$	73,266,849			$	135,897,350			$	528,412,550
Increase (Decrease)		$	51,971,151			$	10,716,365			$	(2,596,332	)		$	(4,194,891	)		$	55,896,293			$	31,046,632			$	9,540,628			$	(859,761	)		$	19,251,937			$	58,979,436
Increase (Decrease)			23	%			7	%			-4	%			-2	%			9	%			21	%			7	%			-1	%			17	%			13	%
Annualized Base Management Fee Rate (f)			0.97	%			1.09	%			0.78	%			0.62	%			0.88	%			1.12	%			1.11	%			0.83	%			0.56	%			0.93	%

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		Three Months Ended
		September 30, 2022																				September 30, 2021
						Private				Hedge Fund				Credit &												Private				Hedge Fund				Credit &
		Real Estate				Equity				Solutions				Insurance				Total				Real Estate				Equity				Solutions				Insurance				Total
		(Dollars in Thousands)
Total Assets Under Management
Balance, Beginning of Period		$	320,038,428			$	275,886,414			$	80,051,408			$	264,829,491			$	940,805,741			$	207,548,236			$	223,621,359			$	79,145,263			$	173,713,854			$	684,028,712
Inflows (a)			10,106,034				14,490,688				1,154,963				19,092,560				44,844,245				16,045,781				7,355,730				3,341,522				19,997,259				46,740,292
Outflows (b)			(3,832,277	)			(891,533	)			(1,494,809	)			(6,419,532	)			(12,638,151	)			(1,116,933	)			(449,214	)			(2,358,568	)			(2,643,752	)			(6,568,467	)
Net Inflows (Outflows)			6,273,757				13,599,155				(339,846	)			12,673,028				32,206,094				14,928,848				6,906,516				982,954				17,353,507				40,171,825
Realizations (c)			(4,077,373	)			(5,306,409	)			(448,706	)			(5,913,377	)			(15,745,865	)			(7,048,140	)			(10,815,305	)			(422,694	)			(3,466,302	)			(21,752,441	)
Market Activity (d)(i)			(2,888,406	)			(911,462	)			10,776				(2,530,364	)			(6,319,456	)			14,754,291				11,808,232				896,734				755,359				28,214,616
Balance, End of Period (e)		$	319,346,406			$	283,267,698			$	79,273,632			$	269,058,778			$	950,946,514			$	230,183,235			$	231,520,802			$	80,602,257			$	188,356,418			$	730,662,712
Increase (Decrease)		$	(692,022	)		$	7,381,284			$	(777,776	)		$	4,229,287			$	10,140,773			$	22,634,999			$	7,899,443			$	1,456,994			$	14,642,564			$	46,634,000
Increase (Decrease)			—				3	%			-1	%			2	%			1	%			11	%			4	%			2	%			8	%			7	%

		Nine Months Ended
		September 30, 2022																				September 30, 2021
						Private				Hedge Fund				Credit &												Private				Hedge Fund				Credit &
		Real Estate				Equity				Solutions				Insurance				Total				Real Estate				Equity				Solutions				Insurance				Total
		(Dollars in Thousands)
Total Assets Under Management
Balance, Beginning of Period		$	279,474,105			$	261,471,007			$	81,334,141			$	258,622,467			$	880,901,720			$	187,191,247			$	197,549,222			$	79,422,869			$	154,393,590			$	618,556,928
Inflows (a)			76,028,056				43,964,395				7,177,191				55,808,400				182,978,042				33,506,903				22,522,400				7,605,641				51,990,890				115,625,834
Outflows (b)			(9,969,465	)			(2,869,020	)			(7,524,173	)			(16,635,968	)			(36,998,626	)			(3,505,186	)			(2,277,970	)			(11,280,914	)			(11,152,173	)			(28,216,243	)
Net Inflows (Outflows)			66,058,591				41,095,375				(346,982	)			39,172,432				145,979,416				30,001,717				20,244,430				(3,675,273	)			40,838,717				87,409,591
Realizations (c)			(33,462,061	)			(18,611,016	)			(1,364,756	)			(14,853,399	)			(68,291,232	)			(14,307,719	)			(27,541,846	)			(920,598	)			(13,483,353	)			(56,253,516	)
Market Activity (d)(j)			7,275,771				(687,668	)			(348,771	)			(13,882,722	)			(7,643,390	)			27,297,990				41,268,996				5,775,259				6,607,464				80,949,709
Balance, End of Period (e)		$	319,346,406			$	283,267,698			$	79,273,632			$	269,058,778			$	950,946,514			$	230,183,235			$	231,520,802			$	80,602,257			$	188,356,418			$	730,662,712
Increase (Decrease)		$	39,872,301			$	21,796,691			$	(2,060,509	)		$	10,436,311			$	70,044,794			$	42,991,988			$	33,971,580			$	1,179,388			$	33,962,828			$	112,105,784
Increase (Decrease)			14	%			8	%			-3	%			4	%			8	%			23	%			17	%			1	%			22	%			18	%

---

(a)	Inflows include contributions, capital raised, other increases in available capital (recallable capital and increased side-by-side commitments), purchases, inter-segment allocations and acquisitions.

(b)	Outflows represent redemptions, client withdrawals and decreases in available capital (expired capital, expense drawdowns and decreased side-by-side commitments).

(c)	Realizations represent realization proceeds from the disposition or other monetization of assets, current income or capital returned to investors from CLOs.

(d)	Market activity includes realized and unrealized gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations.

(e)	Total and Fee-Earning Assets Under Management are reported in the segment where the assets are managed.

(f)	Annualized Base Management Fee Rate represents annualized year to date Base Management Fee divided by the average of the beginning of year and each quarter end’s Fee-Earning Assets Under Management in the reporting period.

(g)

For the three months ended September 30, 2022, the impact to Fee-Earning Assets Under Management due to foreign exchange rate fluctuations was $(3.7) billion, $(135.5) million, $(556.0) million, $(1.5) billion and $(5.9) billion for the Real Estate, Private Equity, Hedge Fund Solutions, Credit & Insurance and Total segments, respectively. For the three months ended September 30, 2021, such impact was $(841.1) million, $(13.4) million, $(599.5) million and $(1.5) billion for the Real Estate, Private Equity, Credit & Insurance and Total segments, respectively.

(h)

For the nine months ended September 30, 2022, the impact to Fee-Earning Assets Under Management due to foreign exchange rate fluctuations was $(7.5) billion, $(331.4) million, $(556.0) million, $(3.4) billion and $(11.8) billion for the Real Estate, Private Equity, Hedge Fund Solutions, Credit & Insurance and Total segments, respectively. For the nine months ended September 30, 2021, such impact was $(1.6) billion, $(26.3) million, $(468.8) million and $(2.1) billion for the Real Estate, Private Equity, Credit & Insurance and Total segments, respectively.

(i)

For the three months ended September 30, 2022, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $(5.7) billion, $(1.3) billion, $(556.0) million, $(1.6) billion and $(9.1) billion for the Real Estate, Private Equity, Hedge Fund Solutions, Credit & Insurance and Total segments, respectively. For the three months ended September 30, 2021, such impact was $(1.3) billion, $(358.2) million, $(689.2) million and $(2.3) billion for the Real Estate, Private Equity, Credit & Insurance and Total segments, respectively.

(j)

For the nine months ended September 30, 2022, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $(12.4) billion, $(3.2) billion, $(556.0) million, $(3.8) billion and $(19.9) billion for the Real Estate, Private Equity, Hedge Fund Solutions, Credit & Insurance and Total segments, respectively. For the nine months ended September 30, 2021, such impact was $(2.5) billion, $(620.4) million, $(573.8) million and $(3.7) billion for the Real Estate, Private Equity, Credit & Insurance and Total segments, respectively.

•

Inflows of $51.5 billion related to:

o

$35.6 billion in our Real Estate segment driven by $26.2 billion from BREP and co-investment due to the commencement of BREP X, $5.2 billion from BREIT, $2.0 billion from BREDS and $1.9 billion from BPP and co-investment,

o

$9.2 billion in our Credit & Insurance segment driven by $3.7 billion from direct lending, $2.1 billion from CLOs, $1.6 billion from asset-based finance, $1.0 billion from private placement credit, $798.1 million from BIS, $622.9 million from stressed/distressed strategies and $362.9 million from our energy strategies, partially offset by $1.2 billion from certain liquid credit strategies,

o

$5.7 billion in our Private Equity segment driven by $3.4 billion from Strategic Partners, $980.1 million from Tactical Opportunities, $744.9 million from BIP and $531.2 million from corporate private equity, and

o

$956.6 million in our Hedge Fund Solutions segment driven by $580.0 million from liquid and specialized solutions and $345.6 million from customized solutions.

---

•

Outflows of $17.2 billion primarily attributable to:

o

$8.8 billion in our Real Estate segment driven by $5.0 billion of uninvested reserves at the end of BREP IX’s investment period, $3.1 billion from BREIT and $722.4 million from BPP and co-investment,

o

$6.3 billion in our Credit & Insurance segment driven by $2.6 billion from certain liquid credit strategies, $1.5 billion from direct lending and $898.2 million from BIS, and

o

$1.6 billion in our Hedge Fund Solutions segment driven by $1.0 billion from liquid and specialized solutions and $582.6 million from customized solutions.

•

Realizations of $8.1 billion primarily driven by:

o

$4.2 billion in our Real Estate segment driven by $1.4 billion from BREDS, $1.4 billion from BREIT, $903.5 million from BPP and co-investment and $470.6 million from BREP and co-investment,

o

$1.9 billion in our Private Equity segment driven by $889.2 million from Strategic Partners, $555.3 million from Tactical Opportunities and $278.7 million from BIP, and

o

$1.5 billion in our Credit & Insurance segment driven by $413.6 million from direct lending, $334.6 million from stressed/distressed strategies, $279.9 million from mezzanine funds and $178.1 million from certain liquid credit.

•

Market activity of $4.2 billion primarily attributable to:

o

$3.3 billion of market depreciation in our Credit & Insurance segment driven by depreciation of $2.1 billion from certain liquid credit strategies, $1.1 billion from private placement credit, $903.2 million from CLOs, $341.4 million from direct lending, all of which included $1.5 billion of foreign exchange depreciation across the segment,

o

$1.2 billion of market depreciation in our Real Estate segment driven by depreciation of $1.2 billion from BREDS and foreign exchange depreciation of $665.1 million from BREP and co-investment, partially offset by appreciation of $688.0 million from Core+ real estate (which included $2.9 billion of foreign exchange depreciation), and

o

Partially offset by $407.8 million of market appreciation in our Private Equity segment driven by appreciation of $758.0 million in BIP, partially offset by a $340.8 million depreciation in Strategic Partners.

•

Inflows of $141.3 billion related to:

o

$83.1 billion in our Real Estate segment driven by $35.0 billion from BREP and co-investment due to the commencement of BREP X, $24.5 billion from BREIT, $12.5 billion from BPP and co-investment, $10.2 billion from BREDS and $897.2 million from BEPIF,

o

$34.3 billion in our Credit & Insurance segment driven by $20.1 billion from asset-based finance, $16.5 billion from direct lending, $5.6 billion from CLOs, $1.9 billion from our energy strategies, $1.6 billion from BIS, $1.4 billion from certain liquid credit strategies, $1.3 billion from stressed/distressed strategies and $580.5 million from mezzanine funds, partially offset by net allocations to other segments of $16.1 billion,

---

o

$17.2 billion in our Private Equity segment driven by $6.5 billion from Strategic Partners, $5.2 billion from BIP, $3.0 billion from Tactical Opportunities, $1.5 billion from corporate private equity and $925.3 million from multi-asset products, and

o

$6.7 billion in our Hedge Fund Solutions segment driven by $5.0 billion from liquid and specialized solutions, $1.4 billion from customized solutions and $294.8 million from commingled products.

•

Outflows of $41.5 billion primarily attributable to:

o

$16.7 billion in our Real Estate segment driven by $7.2 billion from BREIT, $7.1 billion from BREP and co-investment from uninvested reserves at the end of BREP Asia III’s and BREP IX’s investment period and $2.1 billion from BPP and co-investment,

o

$16.1 billion in our Credit & Insurance segment driven by $8.3 billion from certain liquid credit strategies, $2.5 billion from MLP strategies, $2.2 billion from BIS, $2.0 billion from direct lending, $341.1 million from CLOs and $303.3 million from stressed/distressed strategies,

o

$7.4 billion in our Hedge Fund Solutions segment driven by $3.6 billion from customized solutions, $2.3 billion from liquid and specialized solutions and $1.5 billion from commingled products, and

o

$1.4 billion in our Private Equity segment driven by $389.3 million in multi-asset products, $329.7 million in corporate private equity, $326.9 million in Tactical Opportunities and $319.0 million from Strategic Partners.

•

Realizations of $34.0 billion primarily driven by:

o

$18.4 billion in our Real Estate segment driven by $6.4 billion from BREIT, $5.7 billion from BREDS, $3.4 billion from BREP and co-investment and $3.0 billion from BPP and co-investment,

o

$7.6 billion in our Private Equity segment driven by $2.8 billion from Strategic Partners, $2.3 billion from Tactical Opportunities and $1.7 billion from corporate private equity,

o

$6.7 billion in our Credit & Insurance segment driven by $2.2 billion from direct lending, $1.9 billion from CLOs, $691.0 million from stressed/distressed strategies, $682.8 million from mezzanine funds and $585.8 million from our energy strategies, and

o

$1.3 billion in our Hedge Fund Solution segment driven by $1.2 billion from liquid and specialized solutions.

•

Market activity of $9.8 billion primarily attributable to:

o

$15.6 billion of market depreciation in our Credit & Insurance segment driven by depreciation of $10.0 billion from certain liquid credit strategies, $3.2 billion from private placement credit and $1.8 billion from CLOs, all of which included $3.4 billion of foreign exchange depreciation across the segment,

o

Partially offset by $4.0 billion of market appreciation in our Real Estate segment driven by appreciation of $9.5 billion from Core+ real estate (which included $5.8 billion of foreign exchange depreciation), partially offset by depreciation of $4.3 billion from BREDS insurance vehicles and foreign exchange depreciation of $1.5 billion from BREP and co-investment, and

o

$2.5 billion of market appreciation in our Private Equity segment driven by appreciation of $2.1 billion from BIP and $397.1 million from Strategic Partners.

---

•

Inflows of $44.8 billion primarily related to:

o

$19.1 billion in our Credit & Insurance segment driven by $10.8 billion from direct lending, $3.7 billion from our energy strategies, $2.1 billion from CLOs $1.3 billion from asset-based finance, $1.2 billion from certain liquid credit strategies, $1.0 billion from private placement credit and $770.3 million from BIS, partially offset by net allocations to other segments of $1.5 billion across Credit & Insurance strategies,

o

$14.5 billion in our Private Equity segment driven by $6.4 billion from corporate private equity, $4.9 billion from Strategic Partners and $1.7 billion from Tactical Opportunities,

o

$10.1 billion in our Real Estate segment driven by $5.2 billion from BREIT, $2.5 billion from BREP and co-investment, $1.1 billion from BPP and co-investment and $1.1 billion from BREDS, and

o

$1.2 billion in our Hedge Fund Solutions segment driven by $771.7 million from liquid and specialized solutions and $349.0 million from customized solutions.

•

For corporate private equity, due to BCP IX subsequent closings during the three months ended September 30, 2022. Total Assets Under Management inflows are reported at each fund closing, whereas Fee-Earning Assets Under Management inflows are reported when a fund’s investment period commences and in each subsequent close.

•

For our direct lending funds, Total Assets Under Management inflows are reported at their gross value while, for certain funds, Fee-Earning Assets Under Management are reported as net assets, which is the basis on which fees are charged.

•

Realizations of $15.7 billion primarily driven by:

o

$5.9 billion in our Credit & Insurance segment driven by $3.9 billion from direct lending, $434.7 million from stressed/distressed strategies, $479.2 million from mezzanine funds, $148.4 million from CLOs and $110.0 million from our energy strategies,

o

$5.3 billion in our Private Equity segment driven by $1.8 billion from Strategic Partners, $1.6 billion from corporate private equity and $1.6 billion from Tactical Opportunities, and

o

$4.1 billion in our Real Estate segment driven by $1.4 billion from BREIT, $1.0 billion from BREP and co-investment, $945.2 million from BPP and co-investment and $687.6 million from BREDS.

•

Outflows of $12.6 billion primarily attributable to:

o

$6.4 billion in our Credit & Insurance segment driven by $2.7 billion from certain liquid credit strategies, $1.7 billion from direct lending, $899.9 million from BIS,

---

o

$3.8 billion in our Real Estate segment driven by $3.1 billion from BREIT and $723.6 million from BPP and co-investment, and

o

$1.5 billion in our Hedge Fund Solutions segment driven by $1.0 billion from liquid and specialized solutions and $432.9 million from customized solutions.

•

Market activity of $6.3 billion primarily driven by:

o

$2.9 billion of market depreciation in our Real Estate segment driven by carrying value decreases in BREDS insurance vehicles and BREP and co-investment of 4.0% and 0.6%, respectively, partially offset by carrying value increases in Core+ real estate of 2.3%, all of which included $5.7 billion of foreign exchange depreciation across the segment,

o

$2.5 billion of market depreciation in our Credit & Insurance segment driven by depreciation of $2.2 billion from certain liquid credit strategies and $1.1 billion from private placement credit all of which included $1.6 billion of foreign exchange depreciation across the segment, and

o

$911.5 million of market depreciation in our Private Equity segment driven by carrying value decreases in Strategic Partners, Tactical Opportunities, BXG and corporate private equity of 3.5%, 1.7%, 1.0% and 0.3%, respectively, partially offset by carrying value increases in BIP of 6.8%, all of which included $1.3 billion of foreign exchange depreciation across the segment.

•

Inflows of $183.0 billion primarily related to:

o

$76.0 billion in our Real Estate segment driven by $31.4 billion from BREP and co-investment, $24.5 billion from BREIT, $12.6 billion from BPP and co-investment and $6.7 billion from BREDS,

o

$55.8 billion in our Credit & Insurance segment driven by $36.0 billion from direct lending, $23.4 billion from asset-based finance, $5.7 billion from CLOs, $5.2 billion from our energy strategies, and $1.6 billion from BIS, partially offset by net allocations to other segments of $19.2 billion,

o

$44.0 billion in our Private Equity segment driven by $17.8 billion from corporate private equity, $10.8 billion from Strategic Partners, $6.5 billion from BIP, $3.9 billion from Tactical Opportunities, $3.8 billion from BXG, $881.1 million from multi-asset products and $219.0 million from BXLS, and

o

$7.2 billion in our Hedge Fund Solutions segment driven by $5.6 billion from liquid and specialized solutions, $1.3 billion from customized solutions and $285.8 million from commingled products.

•

Realizations of $68.3 billion primarily driven by:

o

$33.5 billion in our Real Estate segment driven by $21.2 billion from BREP and co-investment, $6.4 billion from BREIT, $3.0 billion from BPP and co-investment and $2.7 billion from BREDS,

---

o

$18.6 billion in our Private Equity segment driven by $6.9 billion from corporate private equity, $6.0 billion from Strategic Partners, $4.7 billion from Tactical Opportunities and $839.0 million from BIP, and

o

$14.9 billion in our Credit & Insurance segment driven by $8.1 billion from direct lending, $1.9 billion from CLOs, $1.2 billion from our energy strategies, $1.2 billion from stressed/distressed strategies and $1.2 billion from mezzanine funds.

•

Outflows of $37.0 billion primarily attributable to:

o

$16.6 billion in our Credit & Insurance segment driven by $8.6 billion from certain liquid credit strategies, $2.6 billion from MLP strategies, $2.3 billion from direct lending and $2.2 billion from BIS,

o

$10.0 billion in our Real Estate segment driven by $7.2 billion from BREIT, $2.1 billion from BPP and co-investment and $573.9 million from BREDS,

o

$7.5 billion in our Hedge Fund Solutions segment driven by $3.7 billion from customized solutions, $2.3 billion from liquid and specialized solutions and $1.5 billion from commingled products, and

o

$2.9 billion in our Private Equity segment driven by $958.4 million from Strategic Partners, $765.1 million from Tactical Opportunities and $518.0 million from corporate private equity.

•

Market activity of $7.6 billion primarily driven by:

o

$13.9 billion of market depreciation in our Credit & Insurance segment driven by depreciation of $10.1 billion from certain liquid credit strategies and $3.2 billion from private placement credit, all of which included $3.8 billion of foreign exchange depreciation across the segment, and

o

Partially offset by $7.3 billion of market appreciation in our Real Estate segment driven by carrying value increases in Core+ real estate and BREP and co-investment of 12.0% and 8.8%, respectively, partially offset by carrying value decreases in the BREDS insurance vehicles of 12.3%, all of which included $12.4 billion of foreign exchange depreciation across the segment.

---

Note:

Totals may not add due to rounding.

(a)

Represents illiquid drawdown funds, a component of Perpetual Capital and fee-paying co-investments; includes fee-paying third party capital as well as general partner and employee capital that does not earn fees. Amounts are reduced by outstanding capital commitments, for which capital has not yet been invested.

---

		September 30,
		2022				2021
		(Dollars in Millions)
Real Estate
BREP IV		$	7			$	22
BREP V			3				44
BREP VI			24				34
BREP VII			145				476
BREP VIII			830				713
BREP IX			1,002				551
BREP Europe IV			68				90
BREP Europe V			96				476
BREP Europe VI			74				176
BREP Asia I			105				112
BREP Asia II			119				116
BPP			735				362
BREIT			—				513
BREDS			14				40
BTAS			37				23
Total Real Estate (a)			3,258				3,747
Private Equity
BCP IV			7				8
BCP V			8				57
BCP VI			463				561
BCP VII			870				1,278
BCP VIII			227				216
BCP Asia I			137				407
BEP I			33				33
BEP III			86				64
BCEP I			219				198
Tactical Opportunities			233				296
BXG			—				45
Strategic Partners			548				430
BIP			126				79
BXLS			26				33
BTAS/Other			202				195
Total Private Equity (a)			3,186				3,899
Hedge Fund Solutions			320				362
Credit & Insurance			297				302
Total Blackstone Net Accrued Performance Revenues		$	7,060			$	8,311

Note:

Totals may not add due to rounding.

(a)	Real Estate and Private Equity include co-investments, as applicable.

---

Note:

Totals may not add due to rounding.

---

Note:

Totals may not add due to rounding.

•

In our Credit & Insurance segment, net Total Assets Under Management growth in direct lending resulted in an increase of $4.4 billion, partially offset by a decrease of $2.2 billion related to BIS.

•

In our Private Equity segment, net Total Assets Under Management growth in BIP resulted in an increase of $1.4 billion.

•

In our Real Estate segment, net Total Assets Under Management growth in BREIT resulted in an increase of $2.0 billion, partially offset by decreases of $793.5 million in BPP and co-invest due to foreign exchange translation of non-U.S. dollar funds and $736.2 million in BXMT.

---

•

In our Real Estate segment, net Total Assets Under Management growth in BREIT and BPP and co-investment resulted in increases of $16.2 billion and $12.0 billion, respectively.

•

In our Credit & Insurance segment, net Total Assets Under Management growth in direct lending resulted in an increase of $22.7 billion, partially offset by a decrease of $12.3 billion related to BIS.

•

In our Private Equity segment, net Total Assets Under Management growth in BIP resulted in an increase of $8.1 billion.

---

						Unrealized Investments										Realized Investments						Total Investments
Fund (Investment Period		Committed		Available								%																Net IRRs (d)
Beginning Date / Ending Date) (a)		Capital		Capital (b)		Value		MOIC (c)				Public				Value		MOIC (c)				Value		MOIC (c)				Realized				Total
		(Dollars/Euros in Thousands, Except Where Noted)
Real Estate
Pre-BREP		$           140,714		$                     —		$                     —			n/a				—			$           345,190			2.5x			$           345,190			2.5x				33	%			33	%
BREP I (Sep 1994 / Oct 1996)		380,708		—		—			n/a				—			1,327,708			2.8x			1,327,708			2.8x				40	%			40	%
BREP II (Oct 1996 / Mar 1999)		1,198,339		—		—			n/a				—			2,531,614			2.1x			2,531,614			2.1x				19	%			19	%
BREP III (Apr 1999 / Apr 2003)		1,522,708		—		—			n/a				—			3,330,406			2.4x			3,330,406			2.4x				21	%			21	%
BREP IV (Apr 2003 / Dec 2005)		2,198,694		—		23,471			n/a				—			4,640,501			1.7x			4,663,972			1.7x				12	%			12	%
BREP V (Dec 2005 / Feb 2007)		5,539,418		—		7,046			n/a				—			13,450,289			2.3x			13,457,335			2.3x				11	%			11	%
BREP VI (Feb 2007 / Aug 2011)		11,060,444		550,439		253,813			1.7x				72	%		27,511,017			2.5x			27,764,830			2.5x				13	%			13	%
BREP VII (Aug 2011 / Apr 2015)		13,501,376		1,513,376		3,386,357			0.8x				5	%		27,989,427			2.4x			31,375,784			2.0x				22	%			15	%
BREP VIII (Apr 2015 / Jun 2019)		16,592,910		2,298,180		14,936,814			1.6x				—			21,372,021			2.5x			36,308,835			2.1x				28	%			18	%
BREP IX (Jun 2019 / Aug 2022)		21,601,305		5,428,469		24,944,045			1.6x				1	%		7,643,491			2.2x			32,587,536			1.7x				67	%			34	%
*BREP X (Aug 2022 / Feb 2028)		26,542,960		26,320,364		209,582			0.9x				100	%		—			n/a			209,582			0.9x				n/a				n/m
Total Global BREP		$    100,279,576		$      36,110,828		$      43,761,128			1.5x				2	%		$    110,141,664			2.4x			$    153,902,792			2.0x				18	%			16	%
BREP Int’l (Jan 2001 / Sep 2005)		€ 824,172		€ —		€ —			n/a				—			€ 1,373,170			2.1x			€ 1,373,170			2.1x				23	%			23	%
BREP Int’l II (Sep 2005 / Jun 2008) (e)		1,629,748		—		—			n/a				—			2,583,032			1.8x			2,583,032			1.8x				8	%			8	%
BREP Europe III (Jun 2008 / Sep 2013)		3,205,318		437,071		251,497			0.5x				—			5,811,684			2.4x			6,063,181			2.0x				19	%			14	%
BREP Europe IV (Sep 2013 / Dec 2016)		6,673,049		1,473,527		1,728,575			1.2x				—			9,747,521			2.0x			11,476,096			1.8x				20	%			13	%
BREP Europe V (Dec 2016 / Oct 2019)		7,965,078		1,430,203		5,708,266			1.1x				—			6,537,218			4.0x			12,245,484			1.8x				43	%			13	%
*BREP Europe VI (Oct 2019 / Apr 2025)		9,925,135		6,426,505		4,626,528			1.2x				—			3,273,739			2.6x			7,900,267			1.6x				75	%			24	%
Total BREP Europe		€ 30,222,500		€ 9,767,306		€ 12,314,866			1.1x				—			€ 29,326,364			2.4x			€ 41,641,230			1.8x				17	%			13	%

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						Unrealized Investments										Realized Investments						Total Investments
Fund (Investment Period		Committed		Available								%																Net IRRs (d)
Beginning Date / Ending Date) (a)		Capital		Capital (b)		Value		MOIC (c)				Public				Value		MOIC (c)				Value		MOIC (c)				Realized				Total
		(Dollars/Euros in Thousands, Except Where Noted)
Real Estate (continued)
BREP Asia I (Jun 2013 / Dec 2017)		$        4,263,411		$           897,775		$        2,212,848			1.4x				8	%		$        6,316,167			2.1x			$        8,529,015			1.8x				20	%			13	%
BREP Asia II (Dec 2017 / Mar 2022)		7,369,945		1,627,900		7,256,313			1.3x				—			818,696			1.8x			8,075,009			1.3x				43	%			8	%
*BREP Asia III (Mar 2022 / Sep 2027)		8,068,957		7,285,192		694,80			0.9x				—			—			n/a			694,806			0.9x				n/a				n/m
BREP Co-Investment (f)		7,208,136		37,995		951,100			2.3x				—			15,043,270			2.2x			15,994,370			2.2x				16	%			16	%
Total BREP		$    163,184,517		$      55,533,602		$      69,004,146			1.4x				1	%		$    168,186,629			2.4x			$    237,190,775			1.9x				17	%			16	%
*BREDS High-Yield (Various) (g)		$      19,981,503		$        5,176,958		$        5,398,871			1.0x				—			$      16,644,956			1.3x			$      22,043,826			1.2x				10	%			9	%
Private Equity
Corporate Private Equity
BCP I (Oct 1987 / Oct 1993)		$           859,081		$                     —		$                     —			n/a				—			$        1,741,738			2.6x			$        1,741,738			2.6x				19	%			19	%
BCP II (Oct 1993 / Aug 1997)		1,361,100		—		—			n/a				—			3,256,819			2.5x			3,256,819			2.5x				32	%			32	%
BCP III (Aug 1997 / Nov 2002)		3,967,422		—		—			n/a				—			9,184,688			2.3x			9,184,688			2.3x				14	%			14	%
BCOM (Jun 2000 / Jun 2006)		2,137,330		24,575		14,208			n/a				—			2,953,649			1.4x			2,967,857			1.4x				6	%			6	%
BCP IV (Nov 2002 / Dec 2005)		6,773,182		157,644		136,355			1.2x				—			21,479,599			2.9x			21,615,954			2.8x				36	%			36	%
BCP V (Dec 2005 / Jan 2011)		21,009,112		1,035,259		115,599			7.8x				93	%		38,427,169			1.9x			38,542,768			1.9x				8	%			8	%
BCP VI (Jan 2011 / May 2016)		15,195,537		1,158,107		7,117,830			1.9x				40	%		24,467,594			2.2x			31,585,424			2.1x				16	%			12	%
BCP VII (May 2016 / Feb 2020)		18,860,928		1,612,486		21,198,399			1.6x				31	%		10,590,931			2.4x			31,789,330			1.8x				34	%			14	%
*BCP VIII (Feb 2020 / Feb 2026)		25,432,016		14,722,928		13,633,546			1.3x				9	%		573,328			3.0x			14,206,874			1.3x				n/m				18	%
BCP IX (TBD)		14,411,850		14,411,850		—			n/a				—			—			n/a			—			n/a				n/a				n/a
Energy I (Aug 2011 / Feb 2015)		2,441,558		142,138		661,369			1.7x				48	%		3,999,633			2.0x			4,661,002			1.9x				14	%			12	%
Energy II (Feb 2015 / Feb 2020)		4,938,719		847,680		4,865,944			1.7x				52	%		2,104,834			1.2x			6,970,778			1.5x				1	%			8	%
*Energy III (Feb 2020 / Feb 2026)		4,338,099		2,114,159		2,918,920			1.5x				42	%		533,929			2.8x			3,452,849			1.6x				66	%			38	%
BCP Asia I (Dec 2017 / Sep 2021)		2,452,208		663,800		2,882,092			1.8x				46	%		1,404,049			4.8x			4,286,141			2.2x				97	%			34	%
*BCP Asia II (Sep 2021 / Sep 2027)		6,554,832		6,462,967		(3,277)			n/a				—			—			n/a			(3,277)			n/a				n/a				n/a
Core Private Equity I (Jan 2017 / Mar 2021) (h)		4,764,469		1,093,991		7,927,971			2.1x				—			2,260,394			4.1x			10,188,365			2.3x				55	%			24	%
*Core Private Equity II (Mar 2021 / Mar 2026) (h)		8,189,963		5,720,136		2,516,238			1.0x				—			9,592			n/a			2,525,830			1.0x				n/a				2	%
Total Corporate Private Equity		$    143,687,406		$      50,167,720		$      63,985,194			1.6x				25	%		$    122,987,946			2.2x			$    186,973,140			1.9x				16	%			15	%

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						Unrealized Investments										Realized Investments						Total Investments
Fund (Investment Period		Committed		Available								%																Net IRRs (d)
Beginning Date / Ending Date) (a)		Capital		Capital (b)		Value		MOIC (c)				Public				Value		MOIC (c)				Value		MOIC (c)				Realized				Total
		(Dollars/Euros in Thousands, Except Where Noted)
Private Equity (continued)
Tactical Opportunities
*Tactical Opportunities (Various)		$      22,515,577		$        6,939,956		$      11,653,479			1.2x				7	%		$      20,504,793			1.9x			$      32,158,272			1.6x				18	%			11	%
*Tactical Opportunities Co-Investment and Other (Various)		16,282,765		7,371,547		5,015,093			1.8x				5	%		8,265,944			1.6x			13,281,037			1.6x				18	%			18	%
Total Tactical Opportunities		$      38,798,342		$      14,311,503		$      16,668,572			1.3x				7	%		$      28,770,737			1.8x			$      45,439,309			1.6x				18	%			13	%
Growth
*BXG I (Jul 2020 / Jul 2025)		$        5,046,626		$        1,259,722		$        3,642,869			1.0x				5	%		$           354,582			3.3x			$        3,997,451			1.1x				n/m				—
BXG II (TBD)		3,428,640		3,428,640		—			n/a				—			—			n/a			—			n/a				n/a				n/a
Total Growth		$        8,475,266		$        4,688,362		$        3,642,869			1.0x				5	%		$           354,582			3.3x			$        3,997,451			1.1x				n/m				—
Strategic Partners (Secondaries)
Strategic Partners I-V (Various) (i)		$      11,447,898		$           645,878		$           420,496			n/a				—			$      16,913,196			n/a			$      17,333,692			1.7x				n/a				13	%
Strategic Partners VI (Apr 2014 / Apr 2016) (i)		4,362,750		1,491,955		1,088,452			n/a				—			4,012,194			n/a			5,100,646			1.7x				n/a				15	%
Strategic Partners VII (May 2016 / Mar 2019) (i)		7,489,970		1,794,752		4,702,171			n/a				—			5,792,772			n/a			10,494,943			2.0x				n/a				20	%
Strategic Partners Real Assets II (May 2017 / Jun 2020) (i)		1,749,807		533,829		1,099,578			n/a				—			975,172			n/a			2,074,750			1.5x				n/a				16	%
Strategic Partners VIII (Mar 2019 / Oct 2021) (i)		10,763,600		4,866,535		9,062,102			n/a				—			5,186,528			n/a			14,248,630			1.9x				n/a				43	%
*Strategic Partners Real Estate, SMA and Other (Various) (i)		8,771,763		3,003,592		3,462,601			n/a				—			3,147,301			n/a			6,609,902			1.7x				n/a				19	%
*Strategic Partners Infra III (Jun 2020 / Jul 2024) (i)		3,250,100		1,708,501		1,113,984			n/a				—			124,956			n/a			1,238,940			1.4x				n/a				58	%
*Strategic Partners IX (Oct 2021 / Jul 2026) (i)		17,196,913		12,285,298		3,309,826			n/a				—			113,017			n/a			3,422,843			1.4x				n/a				n/m
Total Strategic Partners (Secondaries)		$      65,032,801		$      26,330,340		$      24,259,210			n/a				—			$      36,265,136			n/a			$      60,524,346			1.7x				n/a				16	%
Life Sciences
Clarus IV (Jan 2018 / Jan 2020)		$           910,000		$           140,770		$           904,799			1.6x				1	%		$           239,846			1.9x			$        1,144,645			1.7x				23	%			15	%
*BXLS V (Jan 2020 / Jan 2025)		4,839,511		3,742,428		1,178,568			1.3x				3	%		71,549			1.3x			1,250,117			1.3x				9	%			2	%

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						Unrealized Investments										Realized Investments						Total Investments
Fund (Investment Period		Committed		Available								%																Net IRRs (d)
Beginning Date / Ending Date) (a)		Capital		Capital (b)		Value		MOIC (c)				Public				Value		MOIC (c)				Value		MOIC (c)				Realized				Total
		(Dollars/Euros in Thousands, Except Where Noted)
Credit
Mezzanine / Opportunistic I (Jul 2007 / Oct 2011)		$        2,000,000		$             97,114		$             22,509			1.8x				—			$        4,786,397			1.6x			$        4,808,906			1.6x				n/a				17	%
Mezzanine / Opportunistic II (Nov 2011 / Nov 2016)		4,120,000		998,027		249,574			0.3x				—			6,496,230			1.6x			6,745,804			1.4x				n/a				10	%
Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)		6,639,133		953,406		3,796,336			1.0x				—			5,573,791			1.6x			9,370,127			1.3x				n/a				10	%
*Mezzanine / Opportunistic IV (Jan 2021 / Jan 2026)		5,016,771		3,476,787		1,622,867			1.0x				—			65,480			n/m			1,688,347			1.0x				n/a				10	%
Stressed / Distressed I (Sep 2009 / May 2013)		3,253,143		76,000		—			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		364,069			0.5x				—			5,242,349			1.2x			5,606,418			1.1x				n/a				1	%
*Stressed / Distressed III (Dec 2017 / Dec 2022)		7,356,380		2,646,972		2,576,770			0.9x				—			2,796,308			1.4x			5,373,078			1.1x				n/a				7	%
Energy I (Nov 2015 / Nov 2018)		2,856,867		1,045,894		842,545			1.0x				—			2,580,579			1.7x			3,423,124			1.4x				n/a				10	%
*Energy II (Feb 2019 / Feb 2024)		3,616,081		1,957,123		1,951,379			1.2x				—			1,048,553			1.5x			2,999,932			1.3x				n/a				26	%
European Senior Debt I (Feb 2015 / Feb 2019)		€ 1,964,689		€ 352,855		€ 918,765			0.8x				—			€ 2,278,324			1.4x			€ 3,197,089			1.2x				n/a				3	%
*European Senior Debt II (Jun 2019 / Jun 2024)		€ 4,088,344		€ 1,185,458		€ 4,214,580			1.0x				—			€ 1,372,464			1.6x			€ 5,587,044			1.1x				n/a				13	%
Total Credit Drawdown Funds (j)		$      46,889,033		$      13,305,779		$      16,454,930			0.9x				—			$      38,548,150			1.5x			$      55,003,080			1.2x				n/a				10	%

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Fund (Inception Year) (a)		Investment Strategy				Total AUM				Total Net Return (l)
		(Dollars in Thousands, Except Where Noted)
Real Estate
BPP - Blackstone Property Partners (2013) (m)			Core+ Real Estate			$	72,685,947				12	%
BREIT - Blackstone Real Estate Income Trust (2017) (n)			Core+ Real Estate				70,314,335				13	%
BXMT - Blackstone Mortgage Trust (2013) (o)			Real Estate Debt				6,541,046				7	%
Private Equity
BIP - Blackstone Infrastructure Partners (2019) (p)			Infrastructure				25,778,540				18	%
Hedge Fund Solutions
BSCH - Blackstone Strategic Capital Holdings (2014) (q)			GP Stakes				10,325,973				15	%
Credit
BXSL - Blackstone Secured Lending Fund (2018) (r)			U.S. Direct Lending				11,113,320				10	%
BCRED - Blackstone Private Credit Fund (2021) (s)			U.S. Direct Lending				57,469,317				8	%

n/m	Not meaningful generally due to the limited time since initial investment.

n/a	Not applicable.

SMA	Separately managed account.

*	Represents funds that are currently in their investment period.

(a)	Excludes investment vehicles where Blackstone does not earn fees.

(b)	Available Capital represents total investable capital commitments, including side-by-side, adjusted for certain expenses and expired or recallable capital and may include leverage, less invested capital. This amount is not reduced by outstanding commitments to investments.

(c)	Multiple of Invested Capital (“MOIC”) represents carrying value, before management fees, expenses and Performance Revenues, divided by invested capital.

(d)

Unless otherwise indicated, Net Internal Rate of Return (“IRR”) represents the annualized inception to September 30, 2022 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of limited partner cash flows. Initial inception date of cash flows may differ from the Investment Period Beginning Date.

(e)	The 8% Realized Net IRR and 8% Total Net IRR exclude investors that opted out of the Hilton investment opportunity. Overall BREP International II performance reflects a 7% Realized Net IRR and a 7% Total Net IRR.

(f)	BREP Co-Investment represents co-investment capital raised for various BREP investments. The Net IRR reflected is calculated by aggregating each co-investment’s realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues.

(g)	BREDS High-Yield represents the flagship real estate debt drawdown funds only.

(h)	Blackstone Core Equity Partners is a core private equity strategy which invests with a more modest risk profile and longer hold period than traditional private equity.

(i)

Realizations are treated as return of capital until fully recovered and therefore unrealized and realized MOICs are not applicable. Returns are calculated from results that are reported on a three month lag from Strategic Partners’ fund financial statements and therefore do not include the impact of economic and market activities in the current quarter.

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

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(k)

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

(l)

Unless otherwise indicated, Total Net Return represents the annualized inception to September 30, 2022 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of investor cash flows. Initial inception date of cash flows occurred during the Inception Year.

(m)	BPP includes certain vehicles managed as part of the BPP Platform but not classified as Perpetual Capital. As of September 30, 2022, these vehicles represented $2.9 billion of Total Assets Under Management.

(n)

The BREIT Total Net Return reflects a per share blended return, assuming BREIT had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. These returns are not representative of the returns experienced by any particular investor or share class. Total Net Returns are presented on an annualized basis and are from January 1, 2017.

(o)

The BXMT return reflects annualized market return of a shareholder invested in BXMT since inception through September 30, 2022, assuming reinvestment of all dividends received during the period. Return incorporates the closing NYSE stock price as of September 30, 2022. Total Net Return is from May 22, 2013.

(p)	Including co-investment vehicles that do not pay fees, BIP Total Assets Under Management is $31.1 billion.

(q)

BSCH represents the aggregate Total Assets Under Management and Total Net Return of BSCH I and BSCH II funds that invest as part of the GP Stakes strategy, which targets minority investments in the general partners of private equity and other private-market alternative asset management firms globally. Including co-investment vehicles that do not pay fees, BSCH Total Assets Under Management is $11.2 billion.

(r)

The BXSL Total Assets Under Management and Total Net Return are presented as of June 30, 2022. BXSL Total Net Return reflects the change in NAV per share, plus distributions per share (assuming dividends and distributions are reinvested in accordance with BXSL’s dividend reinvestment plan) divided by the beginning NAV per share. Total Net Returns are presented on an annualized basis and are from November 20, 2018.

(s)

The BCRED Total Net Return reflects a per share blended return, assuming BCRED had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. These returns are not representative of the returns experienced by any particular investor or share class. Total Net Returns are presented on an annualized basis and are from January 7, 2021. Total Assets Under Management reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. BCRED net asset value as of September 30, 2022 was $22.4 billion.

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		Three Months Ended																Nine Months Ended
		September 30,								2022 vs. 2021								September 30,								2022 vs. 2021
		2022				2021				$				%				2022				2021				$				%
		(Dollars in Thousands)
Management Fees, Net
Base Management Fees		$	610,606			$	485,308			$	125,298				26	%		$	1,802,543			$	1,366,158			$	436,385				32	%
Transaction and Other Fees, Net			54,342				53,876				466				1	%			141,801				117,975				23,826				20	%
Management Fee Offsets			(1,842	)			(446	)			(1,396	)			313	%			(3,491	)			(2,562	)			(929	)			36	%
Total Management Fees, Net			663,106				538,738				124,368				23	%			1,940,853				1,481,571				459,282				31	%
Fee Related Performance Revenues			260,003				35,625				224,378				630	%			1,017,027				224,793				792,234				352	%
Fee Related Compensation			(239,572	)			(137,313	)			(102,259	)			74	%			(858,307	)			(447,762	)			(410,545	)			92	%
Other Operating Expenses			(74,701	)			(61,398	)			(13,303	)			22	%			(229,033	)			(160,520	)			(68,513	)			43	%
Fee Related Earnings			608,836				375,652				233,184				62	%			1,870,540				1,098,082				772,458				70	%
Realized Performance Revenues			142,794				495,727				(352,933	)			-71	%			2,943,430				935,418				2,008,012				215	%
Realized Performance Compensation			(33,464	)			(199,100	)			165,636				-83	%			(1,154,897	)			(376,790	)			(778,107	)			207	%
Realized Principal Investment Income			45,297				42,677				2,620				6	%			128,388				171,626				(43,238	)			-25	%
Net Realizations			154,627				339,304				(184,677	)			-54	%			1,916,921				730,254				1,186,667				163	%
Segment Distributable Earnings		$	763,463			$	714,956			$	48,507				7	%		$	3,787,461			$	1,828,336			$	1,959,125				107	%

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		Three Months Ended																Nine Months Ended																September 30, 2022
		September 30,																September 30,																Inception to Date
		2022								2021								2022								2021								Realized								Total
Fund (a)		Gross				Net				Gross				Net				Gross				Net				Gross				Net				Gross				Net				Gross				Net
BREP VII			-4%				-3%				26%				22%				8%				6%				39%				32%				30%				22%				21%				15%
BREP VIII			-				-				17%				14%				13%				10%				36%				29%				36%				28%				24%				18%
BREP IX			-				-				18%				14%				17%				13%				50%				38%				97%				67%				48%				34%
BREP Europe IV (b)			-4%				-4%				1%				1%				-2%				-3%				-				-				28%				20%				19%				13%
BREP Europe V (b)			-2%				-2%				18%				15%				5%				4%				29%				23%				52%				43%				19%				13%
BREP Europe VI (b)			-3%				-3%				25%				19%				10%				6%				52%				37%				103%				75%				37%				24%
BREP Asia I			-3%				-2%				4%				3%				-3%				-3%				27%				21%				27%				20%				19%				13%
BREP Asia II			-1%				-1%				6%				4%				-1%				-1%				23%				15%				63%				43%				15%				8%
BREP Co-Investment (c)			-				-				19%				18%				22%				21%				48%				44%				18%				16%				18%				16%
BPP (d)			2%				2%				6%				5%				14%				12%				13%				11%				n/a				n/a				14%				12%
BREIT (e)			n/a				2%				n/a				8%				n/a				9%				n/a				21%				n/a				n/a				n/a				13%
BREDS High-Yield (f)			2%				2%				3%				2%				2%				-				13%				9%				15%				10%				14%				9%
BXMT (g)			n/a				-13%				n/a				-3%				n/a				-19%				n/a				17%				n/a				n/a				n/a				7%

n/m	Not meaningful generally due to the limited time since initial investment.

n/a	Not applicable.

(a)	Net returns are based on the change in carrying value (realized and unrealized) after management fees, expenses and Performance Revenues.

(b)	Euro-based internal rates of return.

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(c)	BREP Co-Investment represents co-investment capital raised for various BREP investments. The Net IRR reflected is calculated by aggregating each co-investment’s realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues.

(d)	BPP represents the Core+ real estate funds which invest with a more modest risk profile and lower leverage.

(e)

Reflects a per share blended return for each respective period, assuming BREIT had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. These returns are not representative of the returns experienced by any particular investor or share class. Inception to date returns are presented on an annualized basis and are from January 1, 2017.

(f)	BREDS High-Yield represents the flagship real estate debt drawdown funds only. Inception to date returns are from July 1, 2009.

(g)

Reflects annualized return of a shareholder invested in BXMT as of the beginning of each period presented, assuming reinvestment of all dividends received during the period, and net of all fees and expenses incurred by BXMT. Return incorporates the closing NYSE stock price as of each period end. Inception to date returns are from May 22, 2013.

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		Three Months Ended																Nine Months Ended
		September 30,								2022 vs. 2021								September 30,								2022 vs. 2021
		2022				2021				$				%				2022				2021				$				%
		(Dollars in Thousands)
Management and Advisory Fees, Net
Base Management Fees		$	466,474			$	370,083			$	96,391				26%			$	1,321,405			$	1,112,349			$	209,056				19%
Transaction, Advisory and Other Fees, Net			24,313				50,241				(25,928	)			-52%				64,522				125,220				(60,698	)			-48%
Management Fee Offsets			(3,634	)			10				(3,644	)			n/m				(53,933	)			(17,510	)			(36,423	)			208%
Total Management and Advisory Fees, Net			487,153				420,334				66,819				16%				1,331,994				1,220,059				111,935				9%
Fee Related Performance Revenues			-				-				-				n/a				(648	)			-				(648	)			n/m
Fee Related Compensation			(142,381	)			(139,211	)			(3,170	)			2%				(446,053	)			(416,575	)			(29,478	)			7%
Other Operating Expenses			(76,138	)			(56,792	)			(19,346	)			34%				(227,115	)			(168,888	)			(58,227	)			34%
Fee Related Earnings			268,634				224,331				44,303				20%				658,178				634,596				23,582				4%
Realized Performance Revenues			309,326				988,331				(679,005	)			-69%				882,448				1,627,186				(744,738	)			-46%
Realized Performance Compensation			(164,531	)			(417,386	)			252,855				-61%				(428,614	)			(687,970	)			259,356				-38%
Realized Principal Investment Income			38,015				77,570				(39,555	)			-51%				112,357				220,769				(108,412	)			-49%
Net Realizations			182,810				648,515				(465,705	)			-72%				566,191				1,159,985				(593,794	)			-51%
Segment Distributable Earnings		$	451,444			$	872,846			$	(421,402	)			-48%			$	1,224,369			$	1,794,581			$	(570,212	)			-32%

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		Three Months Ended																Nine Months Ended																September 30, 2022
		September 30,																September 30,																Inception to Date
		2022								2021								2022								2021								Realized								Total
Fund (a)		Gross				Net				Gross				Net				Gross				Net				Gross				Net				Gross				Net				Gross				Net
BCP V			2%				-1%				27%				11%				26%				15%				228%				96%				10%				8%				10%				8%
BCP VI			7%				6%				-2%				-1%				3%				3%				14%				12%				20%				16%				17%				12%
BCP VII			-4%				-4%				7%				6%				-13%				-12%				38%				31%				45%				34%				20%				14%
BCP VIII			-				-1%				n/a				n/a				-1%				-3%				n/a				n/a				n/m				n/m				34%				18%
BEP I			9%				8%				7%				5%				45%				36%				67%				52%				18%				14%				15%				12%
BEP II			2%				2%				7%				7%				28%				27%				50%				48%				6%				1%				11%				8%
BEP III			9%				6%				14%				11%				15%				10%				79%				53%				195%				66%				63%				38%
BCP Asia I			-8%				-7%				53%				47%				-39%				-36%				186%				156%				137%				97%				49%				34%
BCEP I (b)			1%				1%				7%				7%				6%				5%				38%				35%				61%				55%				27%				24%
BCEP II (b)			-				-1%				n/a				n/a				4%				1%				n/a				n/a				n/a				n/a				8%				2%
Tactical Opportunities			-3%				-3%				1%				1%				-2%				-2%				29%				22%				22%				18%				16%				11%
Tactical Opportunities Co-Investment and Other			-2%				1%				6%				6%				-1%				2%				28%				24%				19%				18%				21%				18%
BXG I			-1%				-2%				-5%				-5%				-14%				-14%				71%				65%				n/m				n/m				7%				-
Strategic Partners VI (c)			-6%				-7%				18%				17%				-2%				-3%				49%				45%				n/a				n/a				19%				15%
Strategic Partners VII (c)			-6%				-7%				24%				21%				-1%				-2%				65%				58%				n/a				n/a				25%				20%
Strategic Partners Real Assets II (c)			-1%				-1%				10%				9%				14%				12%				18%				15%				n/a				n/a				20%				16%
Strategic Partners VIII (c)			-2%				-2%				31%				27%				6%				5%				96%				80%				n/a				n/a				54%				43%
Strategic Partners Real Estate, SMA and Other (c)			4%				2%				13%				13%				20%				16%				28%				28%				n/a				n/a				22%				19%
Infra III (c)			3%				2%				n/m				n/m				41%				29%				n/m				n/m				n/a				n/a				97%				58%
BIP			8%				6%				-				-				18%				14%				35%				28%				n/a				n/a				24%				18%
Clarus IV			3%				3%				6%				4%				6%				4%				24%				18%				30%				23%				24%				15%
BXLS V			4%				2%				12%				8%				6%				-1%				30%				9%				18%				9%				17%				2%

n/m	Not meaningful generally due to the limited time since initial investment.

n/a	Not applicable.

SMA	Separately managed account.

(a)	Net returns are based on the change in carrying value (realized and unrealized) after management fees, expenses and Performance Revenues.

(b)	BCEP is a core private equity strategy which invests with a more modest risk profile and longer hold period than traditional private equity.

(c)

Realizations are treated as return of capital until fully recovered and therefore inception to date realized returns are not applicable. Returns are calculated from results that are reported on a three month lag from Strategic Partners’ fund financial statements and therefore do not include the impact of economic and market activities in the current quarter.

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		Three Months Ended																Nine Months Ended
		September 30,								2022 vs. 2021								September 30,								2022 vs. 2021
		2022				2021				$				%				2022				2021				$				%
		(Dollars in Thousands)
Management Fees, Net
Base Management Fees		$	138,818			$	154,884			$	(16,066	)			-10%			$	428,941			$	460,661			$	(31,720	)			-7%
Transaction and Other Fees, Net			581				2,535				(1,954	)			-77%				5,500				8,439				(2,939	)			-35%
Management Fee Offsets			(57	)			(255	)			198				-78%				(166	)			(516	)			350				-68%
Total Management Fees, Net			139,342				157,164				(17,822	)			-11%				434,275				468,584				(34,309	)			-7%
Fee Related Compensation			(40,895	)			(35,092	)			(5,803	)			17%				(145,993	)			(112,580	)			(33,413	)			30%
Other Operating Expenses			(26,599	)			(25,476	)			(1,123	)			4%				(75,849	)			(66,521	)			(9,328	)			14%
Fee Related Earnings			71,848				96,596				(24,748	)			-26%				212,433				289,483				(77,050	)			-27%
Realized Performance Revenues			4,430				7,271				(2,841	)			-39%				40,540				55,900				(15,360	)			-27%
Realized Performance Compensation			(3,237	)			(1,443	)			(1,794	)			124%				(14,320	)			(13,977	)			(343	)			2%
Realized Principal Investment Income			9,460				14,943				(5,483	)			-37%				22,831				52,618				(29,787	)			-57%
Net Realizations			10,653				20,771				(10,118	)			-49%				49,051				94,541				(45,490	)			-48%
Segment Distributable Earnings		$	82,501			$	117,367			$	(34,866	)			-30%			$	261,484			$	384,024			$	(122,540	)			-32%

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		Three																Nine																Average Annual Returns (a)
		Months Ended September 30,																Months Ended September 30,																Periods Ended September 30, 2022
		2022								2021								2022								2021								One Year								Three Year								Five Year								Historical
Composite		Gross				Net				Gross				Net				Gross				Net				Gross				Net				Gross				Net				Gross				Net				Gross				Net				Gross				Net
BAAM Principal Solutions Composite (b)			1	%			1	%			1	%			1	%			3	%			2	%			7	%			7	%			4	%			3	%			6	%			5	%			6	%			5	%			7	%			6	%

(a)	Composite returns present a summarized asset-weighted return measure to evaluate the overall performance of the applicable class of Blackstone Funds.

(b)

BAAM’s Principal Solutions (“BPS”) Composite covers the period from January 2000 to present, although BAAM’s inception date is September 1990. The BPS Composite includes only BAAM-managed commingled and customized multi-manager funds and accounts and does not include BAAM’s individual investor solutions (liquid alternatives), strategic capital (seeding and GP minority stakes), strategic opportunities (co-invests), and advisory (non-discretionary) platforms, except for investments by BPS funds directly into those platforms. BAAM-managed funds in liquidation and, in the case of net returns, non-fee-paying assets are also excluded. The funds/accounts that comprise the BPS Composite are not managed within a single fund or account and are managed with different mandates. There is no guarantee that BAAM would have made the same mix of investments in a stand-alone fund/account. The BPS Composite is not an investible product and, as such, the performance of the BPS Composite does not represent the performance of an actual fund or account. The historical return is from January 1, 2000.

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		Invested Performance Eligible Assets Under Management								Estimated % Above High Water Mark/ Benchmark (a)
		As of September 30,								As of September 30,
		2022				2021				2022		2021
		(Dollars in Thousands)
Hedge Fund Solutions Managed Funds (b)		$	48,764,525			$	45,560,404			77%		91%

(a)

Estimated % Above High Water Mark/Benchmark represents the percentage of Invested Performance Eligible Assets Under Management that as of the dates presented would earn performance fees when the applicable Hedge Fund Solutions managed fund has positive investment performance relative to a benchmark, where applicable. Incremental positive performance in the applicable Blackstone Funds may cause additional assets to reach their respective High Water Mark or clear a benchmark return, thereby resulting in an increase in Estimated % Above High Water Mark/Benchmark.

(b)

For the Hedge Fund Solutions managed funds, at September 30, 2022, the incremental appreciation needed for the 23% of Invested Performance Eligible Assets Under Management below their respective High Water Marks/Benchmarks to reach their respective High Water Marks/Benchmarks was $846.6 million, an increase of $504.2 million, compared to $342.4 million at September 30, 2021. Of the Invested Performance Eligible Assets Under Management below their respective High Water Marks/Benchmarks as of September 30, 2022, 61% were within 5% of reaching their respective High Water Mark.

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		Three Months Ended																Nine Months Ended
		September 30,								2022 vs. 2021								September 30,								2022 vs. 2021
		2022				2021				$				%				2022				2021				$				%
		(Dollars in Thousands)
Management Fees, Net
Base Management Fees		$	312,663			$	197,591			$	115,072				58	%		$	911,697			$	526,039			$	385,658				73	%
Transaction and Other Fees, Net			10,629				8,132				2,497				31	%			27,143				19,915				7,228				36	%
Management Fee Offsets			(1,323	)			(1,884	)			561				-30	%			(4,107	)			(5,146	)			1,039				-20	%
Total Management Fees, Net			321,969				203,839				118,130				58	%			934,733				540,808				393,925				73	%
Fee Related Performance Revenues			112,128				37,688				74,440				198	%			260,410				66,577				193,833				291	%
Fee Related Compensation			(135,420	)			(107,865	)			(27,555	)			26	%			(399,799	)			(263,059	)			(136,740	)			52	%
Other Operating Expenses			(68,696	)			(51,276	)			(17,420	)			34	%			(189,745	)			(142,615	)			(47,130	)			33	%
Fee Related Earnings			229,981				82,386				147,595				179	%			605,599				201,711				403,888				200	%
Realized Performance Revenues			12,459				6,148				6,311				103	%			122,175				73,234				48,941				67	%
Realized Performance Compensation			(4,992	)			(1,145	)			(3,847	)			336	%			(54,487	)			(29,532	)			(24,955	)			85	%
Realized Principal Investment Income			46,993				15,820				31,173				197	%			76,793				67,285				9,508				14	%
Net Realizations			54,460				20,823				33,637				162	%			144,481				110,987				33,494				30	%
Segment Distributable Earnings		$	284,441			$	103,209			$	181,232				176	%		$	750,080			$	312,698			$	437,382				140	%

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		Three Months Ended September 30,																Nine Months Ended September 30,																September 30, 2022
		2022								2021								2022								2021								Inception to Date
Composite (a)		Gross				Net				Gross				Net				Gross				Net				Gross				Net				Gross				Net
Private Credit (b)(c)			3	%			2	%			5	%			3	%			5	%			2	%			17	%			13	%			11	%			7	%
Liquid Credit (b)			1	%			1	%			1	%			1	%			-5	%			-6	%			4	%			4	%			5	%			4	%

(a)	Net returns are based on the change in carrying value (realized and unrealized) after management fees, expenses and Performance Allocations, net of tax advances.

(b)

Private Credit returns include mezzanine lending funds and middle market direct lending funds (including BXSL and BCRED), stressed/distressed strategies (including stressed/distressed funds and credit alpha strategies) and energy strategies. Liquid Credit returns include CLOs, closed-ended funds, open-ended funds and separately managed accounts. Only fee-earning funds exceeding $100 million of fair value at the beginning of each respective quarter-end are included. Funds in liquidation, funds investing primarily in investment grade corporate credit and asset-based finance are excluded. Blackstone Funds that were contributed to BXC as part of Blackstone’s acquisition of BXC in March 2008 and the pre-acquisition date performance for funds and vehicles acquired by BXC subsequent to March 2008, are also excluded. Private Credit and Liquid Credit’s inception to date returns are from December 31, 2005.

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(c)	Effective June 30, 2022, for euro-denominated funds included in the Private Credit composite return, cash flows are translated using a historical rate instead of the daily spot rate to more closely reflect the actual performance of foreign-denominated funds in the composite returns.

		Invested Performance Eligible Assets Under Management								Estimated % Above High Water Mark/ Hurdle (a)
		As of September 30,								As of September 30,
		2022				2021				2022				2021
		(Dollars in Thousands)
Credit & Insurance (b)		$	85,164,349			$	49,934,469				93	%			87	%

(a)

Estimated % Above High Water Mark/Hurdle represents the percentage of Invested Performance Eligible Assets Under Management that as of the dates presented would earn performance fees when the applicable Credit & Insurance managed fund has positive investment performance relative to a hurdle, where applicable. Incremental positive performance in the applicable Blackstone Funds may cause additional assets to reach their respective High Water Mark or clear a hurdle return, thereby resulting in an increase in Estimated % Above High Water Mark/Hurdle.

(b)

For the Credit & Insurance managed funds, at September 30, 2022, the incremental appreciation needed for the 7% of Invested Performance Eligible Assets Under Management below their respective High Water Marks/Hurdles to reach their respective High Water Marks/Hurdles was $2.1 billion, a decrease of $(224.2) million, compared to $2.4 billion at September 30, 2021. Of the Invested Performance Eligible Assets Under Management below their respective High Water Marks/Hurdles as of September 30, 2022, 40% were within 5% of reaching their respective High Water Mark.

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		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2022				2021				2022				2021
		(Dollars in Thousands)
Net Income Attributable to Blackstone Inc.		$	2,296			$	1,401,895			$	1,189,777			$	4,458,919
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings			37,724				1,315,641				1,061,516				3,667,618
Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities			(62,093	)			486,907				(62,425	)			1,305,273
Net Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities			25,773				1,550				56,700				2,816
Net Income			3,700				3,205,993				2,245,568				9,434,626
Provision for Taxes			94,231				458,904				614,026				746,707
Net Income Before Provision for Taxes			97,931				3,664,897				2,859,594				10,181,333
Transaction-Related Charges (a)			9,247				59,193				59,721				122,614
Amortization of Intangibles (b)			13,238				17,044				47,326				51,212
Impact of Consolidation (c)			36,320				(488,457	)			5,725				(1,308,089	)
Unrealized Performance Revenues (d)			771,637				(2,724,366	)			2,946,255				(7,886,033	)
Unrealized Performance Allocations Compensation (e)			(359,590	)			1,193,853				(1,273,849	)			3,394,041
Unrealized Principal Investment (Income) Loss (f)			996,105				2,343				1,172,635				(526,249	)
Other Revenues (g)			(198,546	)			(64,109	)			(427,069	)			(152,252	)
Equity-Based Compensation (h)			190,197				129,254				587,386				394,948
Administrative Fee Adjustment (i)			2,460				2,488				7,421				7,747
Taxes and Related Payables (j)			(184,130	)			(156,867	)			(686,571	)			(381,762	)
Distributable Earnings			1,374,869				1,635,273				5,298,574				3,897,510
Taxes and Related Payables (j)			184,130				156,867				686,571				381,762
Net Interest and Dividend Loss (k)			22,850				16,238				38,249				40,367
Total Segment Distributable Earnings			1,581,849				1,808,378				6,023,394				4,319,639
Realized Performance Revenues (l)			(469,009	)			(1,497,477	)			(3,988,593	)			(2,691,738	)
Realized Performance Compensation (m)			206,224				619,074				1,652,318				1,108,269
Realized Principal Investment Income (n)			(139,765	)			(151,010	)			(340,369	)			(512,298	)
Fee Related Earnings		$	1,179,299			$	778,965			$	3,346,750			$	2,223,872
Adjusted EBITDA Reconciliation
Distributable Earnings		$	1,374,869			$	1,635,273			$	5,298,574			$	3,897,510
Interest Expense (o)			80,312				51,773				216,339				140,245
Taxes and Related Payables (j)			184,130				156,867				686,571				381,762
Depreciation and Amortization (p)			14,958				12,771				44,918				37,645
Adjusted EBITDA		$	1,654,269			$	1,856,684			$	6,246,402			$	4,457,162

(a)

This adjustment removes Transaction-Related Charges, which are excluded from Blackstone’s segment presentation. Transaction-Related Charges arise from corporate actions including acquisitions, divestitures, and Blackstone’s initial public offering. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs and any gains or losses associated with these corporate actions.

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

(c)

This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.

(d)	This adjustment removes Unrealized Performance Allocations.

(e)	This adjustment removes Unrealized Performance Allocations Compensation.

(f)

This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis. The Segment Adjustment represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2022				2021				2022				2021
		(Dollars in Thousands)
GAAP Unrealized Principal Investment Income (Loss)		$	(1,069,697	)		$	183,754			$	(1,496,226	)		$	1,151,904
Segment Adjustment			73,592				(186,097	)			323,591				(625,655	)
Unrealized Principal Investment Income (Loss)		$	(996,105	)		$	(2,343	)		$	(1,172,635	)		$	526,249

(g)	This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents the removal of certain Transaction-Related Charges.

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2022				2021				2022				2021
		(Dollars in Thousands)
GAAP Other Revenue		$	199,382			$	64,187			$	427,839			$	152,387
Segment Adjustment			(836	)			(78	)			(770	)			(135	)
Other Revenues		$	198,546			$	64,109			$	427,069			$	152,252

(h)	This adjustment removes Equity-Based Compensation on a segment basis.

(i)

This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.

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(j)

Taxes represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and adjusted to exclude the tax impact of any divestitures. For interim periods, taxes are calculated using the preferred annualized effective tax rate approach. Related Payables represent tax-related payables including the amount payable under the Tax Receivable Agreement. See “— Key Financial Measures and Indicators — Distributable Earnings” for the full definition of Taxes and Related Payables.

(k)

This adjustment removes Interest and Dividend Revenue less Interest Expense on a segment basis. The Segment Adjustment represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest expense associated with the Tax Receivable Agreement.

(l)	This adjustment removes the total segment amount of Realized Performance Revenues.

(m)	This adjustment removes the total segment amount of Realized Performance Compensation.

(n)	This adjustment removes the total segment amount of Realized Principal Investment Income.

(o)	This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement.

(p)	This adjustment adds back Depreciation and Amortization on a segment basis.

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		September 30,
		2022				2021
		(Dollars in Thousands)
Investments of Consolidated Blackstone Funds		$	3,828,497			$	2,104,705
Equity Method Investments
Partnership Investments			5,566,645				5,303,334
Accrued Performance Allocations			12,938,888				15,063,648
Corporate Treasury Investments			799,016				1,520,426
Other Investments			3,123,102				1,112,082
Total GAAP Investments		$	26,256,148			$	25,104,195
Accrued Performance Allocations - GAAP		$	12,938,888			$	15,063,648
Impact of Consolidation (a)			2,412				1
Due from Affiliates - GAAP (b)			154,587				59,669
Less: Net Realized Performance Revenues (c)			(342,922	)			(416,336	)
Less: Accrued Performance Compensation - GAAP (d)			(5,693,325	)			(6,395,903	)
Net Accrued Performance Revenues		$	7,059,640			$	8,311,079

(a)	This adjustment adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation.

(b)	Represents GAAP accrued performance revenue recorded within Due from Affiliates.

(c)	Represents Performance Revenues realized but not yet distributed as of the reporting date and are included in Distributable Earnings in the period they are realized.

(d)	Represents GAAP accrued performance compensation associated with Accrued Performance Allocations and is recorded within Accrued Compensation and Benefits and Due to Affiliates.

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										Senior Managing Directors
		Blackstone and								and Certain Other
		General Partner								Professionals (a)
		Original				Remaining				Original				Remaining
Fund		Commitment				Commitment				Commitment				Commitment
		(Dollars in Thousands)
Real Estate
BREP VI		$	750,000			$	36,809			$	150,000			$	12,270
BREP VII			300,000				33,394				100,000				11,131
BREP VIII			300,000				43,060				100,000				14,353
BREP IX			300,000				74,696				100,000				24,899
BREP X			300,000				297,565				100,000				99,188
BREP Europe III			100,000				11,989				35,000				3,996
BREP Europe IV			130,000				24,074				43,333				8,025
BREP Europe V			150,000				26,592				43,333				7,682
BREP Europe VI			130,000				81,097				43,333				27,032
BREP Asia I			50,000				9,950				16,667				3,317
BREP Asia II			70,707				15,966				23,569				5,322
BREP Asia III			79,663				72,204				26,124				24,068
BREDS III			50,000				13,499				16,667				4,500
BREDS IV			50,000				23,167				—				—
BPP			312,725				40,805				—				—
Other (b)			24,090				6,528				—				—
Total Real Estate (c)			3,097,185				811,395				798,026				245,783

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										Senior Managing Directors
		Blackstone and								and Certain Other
		General Partner								Professionals (a)
		Original				Remaining				Original				Remaining
Fund		Commitment				Commitment				Commitment				Commitment
		(Dollars in Thousands)
Private Equity
BCP V		$	629,356			$	23,701			$	—			$	—
BCP VI			719,718				82,829				250,000				28,771
BCP VII			500,000				42,980				225,000				19,341
BCP VIII			500,000				297,404				225,000				133,832
BCP IX			500,000				500,000				225,000				225,000
BEP I			50,000				4,728				—				—
BEP II			80,000				14,633				26,667				4,878
BEP III			80,000				43,269				26,667				14,423
BEP IV			17,545				17,545				5,848				5,848
BCEP I			120,000				27,202				18,992				4,305
BCEP II			160,000				112,276				32,640				22,904
BCP Asia I			40,000				10,428				13,333				3,476
BCP Asia II			100,000				100,000				33,333				33,333
Tactical Opportunities			485,872				222,776				153,967				74,259
Strategic Partners			1,165,991				753,349				161,508				97,832
BIP			281,967				79,204				—				—
BXLS			142,057				102,947				37,353				31,927
BXG			135,001				76,987				44,832				25,651
Other (b)			290,208				29,646				—				—
Total Private Equity (c)			5,997,715				2,541,904				1,480,140				725,780
Hedge Fund Solutions
Strategic Alliance I			50,000				2,033				—				—
Strategic Alliance II			50,000				1,482				—				—
Strategic Alliance III			22,000				9,639				—				—
Strategic Alliance IV			15,000				15,000				—				—
Strategic Holdings I			154,610				27,634				—				—
Strategic Holdings II			50,000				27,125				—				—
Horizon			100,000				27,765				—				—
Dislocation			10,000				8,930				—				—
Other (b)			17,209				7,914				—				—
Total Hedge Fund Solutions			468,819				127,522				—				—

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										Senior Managing Directors
		Blackstone and								and Certain Other
		General Partner								Professionals (a)
		Original				Remaining				Original				Remaining
Fund		Commitment				Commitment				Commitment				Commitment
		(Dollars in Thousands)
Credit & Insurance
Mezzanine / Opportunistic II		$	120,000			$	29,197			$	110,101			$	26,788
Mezzanine / Opportunistic III			130,783				38,898				31,776				9,451
Mezzanine / Opportunistic IV			122,000				99,994				33,757				27,668
European Senior Debt I			63,000				16,508				56,882				14,905
European Senior Debt II			91,858				48,079				25,410				13,308
Stressed / Distressed I			50,000				4,869				27,666				2,694
Stressed / Distressed II			125,000				51,695				119,878				49,576
Stressed / Distressed III			151,000				110,424				32,762				23,959
Energy I			80,000				37,630				75,445				35,487
Energy II			150,000				118,111				26,615				20,956
Credit Alpha Fund			52,102				19,752				50,670				19,209
Credit Alpha Fund II			25,500				12,550				6,289				3,095
Other (b)			267,733				182,090				19,964				3,948
Total Credit & Insurance			1,428,976				769,797				617,215				251,044
Other
Treasury (d)			1,227,017				740,163				—				—
		$	12,219,712			$	4,990,781			$	2,895,381			$	1,222,607

(a)

For some of the general partner commitments shown in the table above, we require our senior managing directors and certain other professionals to fund a portion of the commitment even though the ultimate obligation to fund the aggregate commitment is ours pursuant to the governing agreements of the respective funds. The amounts of the aggregate applicable general partner original and remaining commitment are shown in the table above. In addition, certain senior managing directors and other professionals may be required to fund a de minimis amount of the commitment in certain carry funds. We expect our commitments to be drawn down over time and to be funded by available cash and cash generated from operations and realizations. Taking into account prevailing market conditions and both the liquidity and cash or liquid investment balances, we believe that the sources of liquidity described above will be more than sufficient to fund our working capital requirements.

(b)	Represents capital commitments to a number of other funds in each respective segment.

(c)	Real Estate and Private Equity include co-investments, as applicable.

(d)	Represents loan origination commitments, revolver commitments and capital market commitments.

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		Aggregate
		Principal
		Amount
		(Dollars/Euros
Senior Notes (a)		in Thousands)
4.750%, Due 2/15/2023		$	400,000
2.000%, Due 5/19/2025		€	300,000
1.000%, Due 10/5/2026		€	600,000
3.150%, Due 10/2/2027		$	300,000
1.625%, Due 8/5/2028		$	650,000
1.500%, Due 4/10/2029		€	600,000
2.500%, Due 1/10/2030		$	500,000
1.600%, Due 3/30/2031		$	500,000
2.000%, Due 1/30/2032		$	800,000
2.550%, Due 3/30/2032		$	500,000
3.500%, Due 6/1/2034		€	500,000
6.250%, Due 8/15/2042		$	250,000
5.000%, Due 6/15/2044		$	500,000
4.450%, Due 7/15/2045		$	350,000
4.000%, Due 10/2/2047		$	300,000
3.500%, Due 9/10/2049		$	400,000
2.800%, Due 9/30/2050		$	400,000
2.850%, Due 8/5/2051		$	550,000
3.200%, Due 1/30/2052		$	1,000,000
		$	9,360,400

(a)

The Notes are unsecured and unsubordinated obligations of the Issuer and are fully and unconditionally guaranteed, jointly and severally, by Blackstone Inc. and each of the Blackstone Holdings Partnerships. The Notes contain customary covenants and financial restrictions that, among other things, limit the Issuer and the guarantors’ ability, subject to certain exceptions, to incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The Notes also contain customary events of default. All or a portion of the Notes may be redeemed at our option, in whole or in part, at any time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the Notes. If a change of control repurchase event occurs, the Notes are subject to repurchase at the repurchase price as set forth in the Notes.

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		October 1, 2022 to
Contractual Obligations		December 31, 2022				2023-2024				2025-2026				Thereafter				Total
		(Dollars in Thousands)
Operating Lease Obligations (a)		$	32,589			$	289,062			$	298,188			$	771,694			$	1,391,533
Purchase Obligations			64,419				84,162				12,169				—				160,750
Blackstone Issued Notes and Revolving Credit Facility (b)			—				400,000				882,180				8,078,220				9,360,400
Interest on Blackstone Issued Notes and Revolving Credit Facility (c)			45,714				510,684				492,785				3,466,243				4,515,426
Blackstone Funds Debt Obligations Payable			—				—				30,627				—				30,627
Interest on Blackstone Funds Debt Obligations Payable			282				2,259				604				—				3,145
Blackstone Funds Capital Commitments to Investee Funds (d)			198,250				—				—				—				198,250
Due to Certain Non-Controlling Interest Holders in Connection with Tax Receivable Agreements (e)			—				156,550				218,086				1,226,522				1,601,158
Unrecognized Tax Benefits, Including Interest and Penalties (f)			—				—				—				—				—
Blackstone Operating Entities Capital Commitments to Blackstone Funds and Other (g)			4,990,781				—				—				—				4,990,781
Consolidated Contractual Obligations			5,332,035				1,442,717				1,934,639				13,542,679				22,252,070
Blackstone Funds Debt Obligations Payable			—				—				(30,627	)			—				(30,627	)
Interest on Blackstone Funds Debt Obligations Payable			(282	)			(2,259	)			(604	)			—				(3,145	)
Blackstone Funds Capital Commitments to Investee Funds (d)			(198,250	)			—				—				—				(198,250	)
Blackstone Operating Entities Contractual Obligations		$	5,133,503			$	1,440,458			$	1,903,408			$	13,542,679			$	22,020,048

(a)

We lease our primary office space and certain office equipment under agreements that expire through 2043. Occupancy lease agreements, in addition to contractual rent payments, generally include additional payments for certain costs incurred by the landlord, such as building expenses, and utilities. To the extent these are fixed or determinable they are included in the table above. The table above includes operating leases that are recognized as Operating Lease Liabilities, short-term leases that are not recorded as Operating Lease Liabilities and leases that have been signed but not yet commenced which are not recorded as Operating Lease Liabilities. The amounts in this table are presented net of contractual sublease commitments and tenant improvement allowances.

(b)	Represents the principal amount due on the senior notes we issued assuming no pre-payments are made and the notes are held until their final maturity. As of September 30, 2022, we had no outstanding borrowings under our revolver.

(c)	Represents interest to be paid over the maturity of our senior notes which has been calculated assuming no pre-payments are made and debt is held until its final maturity date. These amounts include commitment fees for unutilized borrowings under our revolver.

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(d)	These obligations represent commitments of the consolidated Blackstone Funds to make capital contributions to investee funds and portfolio companies. These amounts are generally due on demand and are therefore presented in the less than one year category.

(e)

Represents obligations by Blackstone’s corporate subsidiary to make payments under the Tax Receivable Agreements to certain non-controlling interest holders for the tax savings realized from the taxable purchases of their interests in connection with the reorganization at the time of Blackstone’s initial public offering (“IPO”) in 2007 and subsequent purchases. The obligation represents the amount of the payments currently expected to be made, which are dependent on the tax savings actually realized as determined annually without discounting for the timing of the payments. As required by GAAP, the amount of the obligation included in the Condensed Consolidated Financial Statements and shown in Note 16. “Related Party Transactions” (see “Part I. Item 1. Financial Statements”) differs to reflect the net present value of the payments due to certain non-controlling interest holders.

(f)

As of September 30, 2022, there were no Unrecognized Tax Benefits, including Interest and Penalties. In addition, Blackstone is not able to make a reasonably reliable estimate of the timing of payments in individual years in connection with gross unrecognized benefits of $104.1 million and interest of $32.8 million, therefore, such amounts are not included in the above contractual obligations table.

(g)

These obligations represent commitments by us to provide general partner capital funding to the Blackstone Funds, limited partner capital funding to other funds and Blackstone principal investment commitments. These amounts are generally due on demand and are therefore presented in the less than one year category; however, a substantial amount of the capital commitments are expected to be called over the next three years. We expect to continue to make these general partner capital commitments as we raise additional amounts for our investment funds over time.

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						Securities
		Repurchase				Sold, Not Yet
		Agreements				Purchased
		(Dollars in Millions)
Balance, September 30, 2022		$	313.1			$	26.8
Balance, December 31, 2021		$	58.0			$	27.8
Nine Months Ended September 30, 2022
Average Daily Balance		$	163.9			$	27.2
Maximum Daily Balance		$	419.5			$	27.8

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•

Determining whether our management fees, Incentive Fees or Performance Allocations represent variable interests – We make judgments as to whether the fees we earn are commensurate with the level of effort required for those fees and at market rates. In making this judgment, we consider, among other things, the extent of third party investment in the entity and the terms of any other interests we hold in the VIE.

•

Determining whether kick-out rights are substantive – We make judgments as to whether the third party investors in a partnership entity have the ability to remove the general partner, the investment manager or its equivalent, or to dissolve (liquidate) the partnership entity, through a simple majority vote. This includes an evaluation of whether barriers to exercise these rights exist.

•

Concluding whether Blackstone has an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE – As there is no explicit threshold in GAAP to define “potentially significant,” management must apply judgment and evaluate both quantitative and qualitative factors to conclude whether this threshold is met.

•

0.25% to 1.75% of committed capital or invested capital during the investment period,

•

0.25% to 1.50% of invested capital, committed capital or investment fair value subsequent to the investment period for private equity and real estate funds, and

•

1.00% to 1.50% of invested capital or net asset value subsequent to the investment period for certain of our hedge fund solutions and credit-focused funds.

•

0.50% to 1.00% of net asset value.

•

0.20% to 1.35% of net asset value or total assets.

•

0.65% to 2.00% of invested capital, net operating income or net asset value.

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•

0.25% to 1.00% of net asset value.

•

0.20% to 1.50% of net asset value.

•

0.20% to 0.50% of the aggregate par amount of collateral assets, including principal cash.

•

0.25% to 1.25% of total assets or net asset value.

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														Approximate Dollar
						Average				Total Number of Shares				Value of Shares that
		Total Number				Price Paid				Purchased as Part of				May Yet Be Purchased
		of Shares				per				Publicly Announced				Under the Program
Period		Purchased				Share				Plans or Programs (a)				(Dollars in Thousands) (a)
Jul. 1 - Jul. 31, 2022			136,362			$	99.51				136,362			$	1,291,105
Aug. 1 - Aug. 31, 2022			1,045,448			$	102.84				1,045,448			$	1,183,588
Sep. 1 - Sep. 30, 2022			818,190			$	92.35				818,190			$	1,108,032
			2,000,000								2,000,000

(a)

On December 7, 2021, Blackstone’s board of directors authorized the repurchase of up to $2.0 billion of common stock and Blackstone Holdings Partnership Units. Under the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual numbers repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or discontinued at any time and does not have a specified expiration date. See “Part I. Item 1. Financial Statements – Notes to Condensed Consolidated Financial Statements – Note 14. Earnings Per Share and Stockholders’ Equity — Share Repurchase Program” and “Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources – Share Repurchase Program” for further information regarding this repurchase program.

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Exhibit Number		Exhibit Description
4.1		Twenty-Third Supplemental Indenture dated as of November 3, 2022 among Blackstone Holdings Finance Co. L.L.C., Blackstone Inc., Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and The Bank of New York Mellon, as trustee (incorporated herein by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on November 3, 2022).
4.2		Form of 5.900% Senior Note due 2027 (included in Exhibit 4.1 hereto).
4.3		Twenty-Fourth Supplemental Indenture dated as of November 3, 2022 among Blackstone Holdings Finance Co. L.L.C., Blackstone Inc., Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and The Bank of New York Mellon, as trustee (incorporated herein by reference to Exhibit 4.4 to the Registrant’s Current Report on Form 8-K filed with the SEC on November 3, 2022).
4.4		Form of 6.200% Senior Note due 2033 (included in Exhibit 4.3 hereto).
31.1*		Certification of the Chief Executive Officer pursuant to Rule 13a-14(a).
31.2*		Certification of the Chief Financial Officer pursuant to Rule 13a-14(a).
32.1*		Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).
32.2*		Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).
101.INS*		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*		Inline XBRL Taxonomy Extension Schema Document.
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104.		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

*	Filed herewith.

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