Slide 1: Blackstone Reports Fourth Quarter and Full Year 2021 Results
Blackstone Reports Fourth Quarter and Full Year 2021 Results New York, January 27, 2022: Blackstone (NYSE:BX) today reported its fourth quarter and full year 2021 results. Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone’s fourth quarter results represented a remarkable
Slide 2: About Blackstone and Forward-Looking Statements
live broadcast, there will be a webcast replay on the Shareholders section of Blackstone’s website at https://ir.blackstone.com/. About Blackstone Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long- term value for our investors, the compa
Slide 3: Investor and Media Relations Contacts
This presentation does not constitute an offer of any Blackstone Fund. Investor and Media Relations Contacts Weston Tucker Christine Anderson Blackstone Blackstone Tel: +1 (212) 583-5231 Tel: +1 (212) 583-5182 tucker@blackstone.com christine.anderson@blackstone.com 3
Slide 4: Blackstone's Fourth Quarter and Full Year 2021 Earnings
Blackstone’s Fourth Quarter and Full Year 2021 Earnings JANUARY 27, 2022
Slide 5: Fourth Quarter and Full Year 2021 GAAP Results
BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2021 GAAP RESULTS ▪ GAAP Net Income was $2.9 billion for the quarter and $12.4 billion for the year. GAAP Net Income Attributable to Blackstone Inc. was $1.4 billion for the quarter and $5.9 billion for the year. ($ in thousands, except per share data) (unau
Slide 6: Fourth Quarter and Full Year 2021 Highlights
BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2021 HIGHLIGHTS ▪ Fee Related Earnings (“FRE”) and Distributable Earnings (“DE”) reached record levels for both the quarter and the year ▪ FRE of $1.8 billion ($1.52/share) in the quarter, up 144% year-over-year – FRE was $4.1 billion for the year ($3.37/sha
Slide 7: Fourth Quarter and Full Year 2021 Segment Earnings
BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2021 SEGMENT EARNINGS % Change % Change ($ in thousands, except per share data) 4Q'20 4Q'21 vs. 4Q'20 FY'20 FY'21 vs. FY'20 Management and Advisory Fees, Net $ 1,136,025 $ 1,456,220 28% $ 4,111,165 $ 5,167,242 26% Fee Related Performance Revenues 286,227 1,7
Slide 8: Summary of Financials
SUMMARY OF FINANCIALS ▪ Full year Fee Related Earnings of $3.37 per share, an increase of 71% year-over-year. ▪ Full year Total Segment Distributable Earnings were $7.0 billion, an increase of 89% year-over-year. Fee Related Earnings per Share Segment Distributable Earnings ($ in millions) $3.37 FY’
Slide 9: Investment Performance and Net Accrued Performance Revenues
INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES ▪ Strong appreciation across strategies led to a 5% increase in Net Accrued Performance Revenues quarter-over- quarter to $8.7 billion ($7.28/share). Investment Performance Net Accrued Performance Revenues (appreciation / gross returns) ($
Slide 10: Capital Metrics – Additional Detail
CAPITAL METRICS – ADDITIONAL DETAIL ▪ Inflows were $154.8 billion in the quarter, bringing full year inflows to $270.5 billion. – Inflows in the quarter include $77.6 billion across segments from the AIG Life & Retirement and Everlake transactions. ▪ Realizations were $21.0 billion in the quarter an
Slide 11: Assets Under Management
ASSETS UNDER MANAGEMENT ▪ Total AUM increased to $880.9 billion, up 42% year-over-year, with $154.8 billion of inflows in the quarter and $270.5 billion for the year. ▪ Fee-Earning AUM of $650.0 billion was up 38% year-over-year, with $135.7 billion of inflows in the quarter and $224.5 billion for t
Slide 12: Additional Capital Detail
ADDITIONAL CAPITAL DETAIL ▪ Invested Performance Eligible AUM reached $450.8 billion at quarter end, up 54% year-over-year. ▪ Undrawn capital (“Total Dry Powder”) available for investment of $135.8 billion. Invested Performance Eligible AUM Total Dry Powder ($ in billions) ($ in billions) 4Q’21 tota
Slide 13: Segment Highlights
Segment Highlights Blackstone | 9
Slide 14: Real Estate
REAL ESTATE ▪ Total AUM: Increased 49% to $279.5 billion with inflows of $41.8 billion in the quarter and $75.3 billion for the year. – Inflows during the quarter include $25.7 billion in BREDS driven by the AIG Life & Retirement and Everlake transactions, a record $9.9 billion in BREIT, $2.4 billio
Slide 15: Private Equity
PRIVATE EQUITY ▪ Total AUM: Increased 32% to $261.5 billion with inflows of $31.3 billion in the quarter and $53.9 billion for the year. – Inflows in the quarter included $12.8 billion for the ninth Secondaries fund and $6.7 billion in Blackstone Infrastructure Partners. ▪ Realizations: $9.1 billion
Slide 16: Hedge Fund Solutions
HEDGE FUND SOLUTIONS ▪ Total AUM: Increased 2% to $81.3 billion with inflows of $4.3 billion in the quarter and $11.9 billion for the year. – Held final close for the second GP stakes fund in the quarter, bringing total committed capital to $5.6 billion. – Market appreciation of $6.2 billion for the
Slide 17: Credit & Insurance
CREDIT & INSURANCE ▪ Total AUM: Increased 68% to $258.6 billion with inflows of $77.4 billion in the quarter and $129.4 billion for the year. – Inflows during the quarter include $52.0 billion from the AIG Life & Retirement and Everlake transactions, as well as the final close for the fourth Mezzani
Slide 18: Supplemental Details
Supplemental Details Blackstone | 14
Slide 19: Total Segments
TOTAL SEGMENTS ($ in thousands) 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 FY'20 FY'21 Base Management Fees $ 1,076,094 $ 1,117,290 $ 1,140,051 $ 1,207,866 $ 1,354,068 $ 3,972,054 $ 4,819,275 Transaction, Advisory and Other Fees, Net 75,290 78,640 78,125 114,784 120,389 207,875 391,938 Management Fee Offsets (15
Slide 20: Assets Under Management - Rollforward
ASSETS UNDER MANAGEMENT - ROLLFORWARD Total AUM Rollforward ($ in millions) Three Months Ended December 31, 2021 Twelve Months Ended December 31, 2021 Real Private Hedge Fund Credit & Real Private Hedge Fund Credit & Total Total Estate Equity Solutions Insurance Estate Equity Solutions Insurance Beg
Slide 21: Deconsolidated Balance Sheet Highlights
DECONSOLIDATED BALANCE SHEET HIGHLIGHTS ▪ At December 31, 2021, Blackstone had $6.9 billion in total cash, cash equivalents, corporate treasury, and other investments and $17.7 billion of cash and net investments, or $14.75 per share. ▪ Blackstone has a $2.3 billion credit revolver and maintains A+/
Slide 22: Net Accrued Performance Revenues – Additional Detail
NET ACCRUED PERFORMANCE REVENUES – ADDITIONAL DETAIL 4Q'21 ($ in millions, except per share data) 4Q'20 3Q'21 4Q'21 Real Estate Per Share 4Q’21 QoQ Rollforward BREP IV $ 9 $ 22 $ 22 $ 0.02 ($ in millions) BREP V 13 44 36 0.03 Net Net BREP VI 42 34 33 0.03 Performance Realized BREP VII 236 476 481 0.
Slide 23: Investment Records as of December 31, 2021
INVESTMENT RECORDS AS OF DECEMBER 31, 2021 (a) ($/€ in thousands, except where noted) Committed Available Unrealized Investments Realized Investments Total Investments Net IRRs (d) Fund (Investment Period Beginning Date / Ending Date) Capital Capital (b) Value MOIC (c) Value MOIC (c) Value MOIC (c)
Slide 24: Investment Records as of December 31, 2021 (Cont'd)
INVESTMENT RECORDS AS OF DECEMBER 31, 2021 (a) – (CONT’D) ($/€ in thousands, except where noted) Committed Available Unrealized Investments Realized Investments Total Investments Net IRRs (d) Fund (Investment Period Beginning Date / Ending Date) Capital Capital (b) Value MOIC (c) Value MOIC (c) Valu
Slide 25: Investment Records – Notes
INVESTMENT RECORDS AS OF DECEMBER 31, 2021 – NOTES The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc. n/m Not meaningful generally due to the limited time since initial investment. n/a Not applicable. (a) Excludes investment vehicles wher
Slide 26: Shareholder Dividends
SHAREHOLDER DIVIDENDS ▪ Generated $1.71 of Distributable Earnings per common share during the quarter, bringing the full year amount to $4.77 per common share. ▪ Blackstone declared a quarterly dividend of $1.45 per common share to record holders as of February 7, 2022; payable on February 14, 2022.
Slide 27: Share Summary
SHARE SUMMARY ▪ Distributable Earnings Shares Outstanding as of quarter end of 1.200 billion shares. – Repurchased 4.2 million common shares in the quarter and 10.3 million common shares for the year. – Available authorization remaining was $1.5 billion at December 31, 2021. 4Q'20 1Q'21 2Q'21 3Q'21
Slide 28: Reconciliations and Disclosures
Reconciliations and Disclosures Blackstone | 24
Slide 29: Reconciliation of GAAP to Non-GAAP Measures
RECONCILIATION OF GAAP TO NON-GAAP MEASURES QTD FY ($ in thousands) 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 FY'20 FY'21 Net Income Attributable to Blackstone Inc. $ 748,870 $ 1,747,872 $ 1,309,152 $ 1,401,895 $ 1,398,478 $ 1,045,363 $ 5,857,397 Net Income Attributable to Non-Controlling Interests in Blackston
Slide 30: Reconciliation of GAAP to Non-GAAP Measures – Notes
RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES Note: See pages 34-36, Definitions and Dividend Policy. (a) This adjustment removes Transaction-Related Charges, which are excluded from Blackstone’s segment presentation. Transaction-Related Charges arise from corporate actions including acquisiti
Slide 31: Reconciliation of GAAP to Non-GAAP Measures – Notes (Cont'd)
RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES (CONT’D) (j) Taxes represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and adjusted to exclude the tax impact of any divestitures. Rela
Slide 32: Fourth Quarter 2021 GAAP Balance Sheet Results
BLACKSTONE’S FOURTH QUARTER 2021 GAAP BALANCE SHEET RESULTS ($ in thousands) (unaudited) 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 Assets Cash and Cash Equivalents $ 1,999,484 $ 2,862,422 $ 2,467,444 $ 5,011,433 $ 2,119,738 Cash Held by Blackstone Funds and Other 64,972 109,285 109,676 113,731 79,994 Investment
Slide 33: Reconciliation of GAAP to Non-GAAP Balance Sheet Measures
RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES ($ in thousands) 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 Investments of Consolidated Blackstone Funds $ 1,455,008 $ 1,459,804 $ 1,871,269 $ 2,104,705 $ 2,018,829 Equity Method Investments Partnership Investments 4,353,234 4,676,341 4,916,675 5,303,334
Slide 34: Reconciliation of GAAP to Total Segments
RECONCILIATION OF GAAP TO TOTAL SEGMENTS QTD FY Y ($ in thousands) 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 FY'20 FY'21 Management and Advisory Fees, Net GAAP $ 1,134,138 $ 1,177,815 $ 1,212,549 $ 1,320,795 $ 1,459,548 $ 4,092,549 $ 5,170,707 Segment Adjustment (a) 1,887 390 193 (720) (3,328) 18,616 (3,465) To
Slide 35: Reconciliation of GAAP to Total Segments (Cont'd)
RECONCILIATION OF GAAP TO TOTAL SEGMENTS – (CONT’D) QTD FY Y ($ in thousands) 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 FY'20 FY'21 Realized Performance Compensation GAAP Incentive Fee Compensation $ 22,086 $ 13,325 $ 14,431 $ 21,007 $ 49,349 $ 44,425 $ 98,112 Realized Performance Allocations Compensation 590,0
Slide 36: Notes
NOTES Notes to page 1 - Blackstone’s Fourth Quarter and Full Year 2021 GAAP Results ▪ Effective February 26, 2021, Blackstone effectuated changes to rename its Class A common stock as “common stock,” and to reclassify its Class B and Class C common stock into a new “Series I preferred stock” and “Se
Slide 37: Notes (Cont'd)
NOTES – (CONT’D) Notes to page 16 – Assets Under Management - Rollforward ▪ In 2Q’21, the methodology for Total AUM was updated to exclude permanent fund level leverage where the intended use is not for investing purposes. These methodology changes resulted in a one-time adjustment to the full year
Slide 38: Definitions and Dividend Policy
DEFINITIONS AND DIVIDEND POLICY Blackstone discloses the following operating metrics and financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America (“non-GAAP”) in this pres
Slide 39: Definitions and Dividend Policy (Cont'd)
DEFINITIONS AND DIVIDEND POLICY – (CONT’D) – Fee Related Compensation is presented on a segment basis and refers to the compensation expense, excluding Equity-Based Compensation, directly related to (a) Management and Advisory Fees, Net and (b) Fee Related Performance Revenues, referred to as Fee Re
Slide 40: Definitions and Dividend Policy (Cont'd)
DEFINITIONS AND DIVIDEND POLICY – (CONT’D) Dividend Policy. Blackstone’s intention is to pay to holders of common stock a quarterly dividend representing approximately 85% of Blackstone Inc.’s share of Distributable Earnings, subject to adjustment by amounts determined by Blackstone’s board of direc
Slide 41: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our current views with respect to, among other things, ou