Slide 1: Blackstone Reports First Quarter 2022 Results
Blackstone Reports First Quarter 2022 Results New York, April 21, 2022: Blackstone (NYSE:BX) today reported its first quarter 2022 results. Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “The first quarter represented one of the best in Blackstone’s 36-year history despite an ext
Slide 2: About Blackstone and Forward-Looking Statements
About Blackstone Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long- term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help com
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 First Quarter 2022 Earnings
Blackstone’s First Quarter 2022 Earnings APRIL 21, 2022
Slide 5: Blackstone's First Quarter 2022 GAAP Results
BLACKSTONE’S FIRST QUARTER 2022 GAAP RESULTS ▪ GAAP Net Income was $2.5 billion for the quarter and $11.5 billion over the last twelve months (“LTM”). GAAP Net Income Attributable to Blackstone Inc. was $1.2 billion for the quarter and $5.3 billion over the LTM. ($ in thousands, except per share dat
Slide 6: Blackstone's First Quarter 2022 Highlights
BLACKSTONE’S FIRST QUARTER 2022 HIGHLIGHTS ▪ Fee Related Earnings (“FRE”) of $1.1 billion ($0.95/share) in the quarter, up 55% year- over-year – FRE was $4.5 billion over the LTM ($3.70/share) ▪ Distributable Earnings (“DE”) of $1.9 billion ($1.55/share) in the quarter, up 63% year- Financial Measur
Slide 7: Blackstone's First Quarter 2022 Segment Earnings
BLACKSTONE’S FIRST QUARTER 2022 SEGMENT EARNINGS % Change % Change ($ in thousands, except per share data) 1Q'21 1Q'22 vs. 1Q'21 1Q'21 LTM 1Q'22 LTM vs. 1Q'21 LTM Management and Advisory Fees, Net $ 1,178,205 $ 1,473,368 25% $ 4,348,803 $ 5,462,405 26% Fee Related Performance Revenues 169,168 558,06
Slide 8: Summary of Financials
SUMMARY OF FINANCIALS ▪ LTM Fee Related Earnings of $3.70 per share, an increase of 68% year-over-year. ▪ LTM Total Segment Distributable Earnings were $7.8 billion, an increase of 77% year-over-year. Fee Related Earnings per Share Segment Distributable Earnings ($ in millions) $3.70 1Q’22 LTM total
Slide 9: Investment Performance and Net Accrued Performance Revenues
INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES ▪ Strong appreciation across strategies led to a 9% increase in Net Accrued Performance Revenues quarter-over- quarter to $9.5 billion ($7.94/share). Investment Performance Net Accrued Performance Revenues (appreciation / gross returns) ($
Slide 10: Capital Metrics – Additional Detail
CAPITAL METRICS – ADDITIONAL DETAIL ▪ Inflows were $49.9 billion in the quarter, bringing LTM inflows to $288.7 billion. ▪ Realizations were $23.2 billion in the quarter and $85.6 billion over the LTM. ▪ Deployed $22.8 billion in the quarter and $149.5 billion over the LTM. – Committed an additional
Slide 11: Assets Under Management
ASSETS UNDER MANAGEMENT ▪ Total AUM increased to $915.5 billion, up 41% year-over-year, with $49.9 billion of inflows in the quarter and $288.7 billion over the LTM. ▪ Fee-Earning AUM of $677.9 billion was up 41% year-over-year, with $45.4 billion of inflows in the quarter and $246.7 billion over th
Slide 12: Additional Capital Detail
ADDITIONAL CAPITAL DETAIL ▪ Invested Performance Eligible AUM reached $481.3 billion at quarter end, up 50% year-over-year. ▪ Undrawn capital (“Total Dry Powder”) available for investment of $139.3 billion. Invested Performance Eligible AUM Total Dry Powder ($ in billions) ($ in billions) 1Q’22 tota
Slide 13: Segment Highlights
Segment Highlights Blackstone | 9
Slide 14: Real Estate
REAL ESTATE ▪ Total AUM: Increased 52% to $298.2 billion with inflows of $17.0 billion in the quarter and $83.7 billion over the LTM. – Inflows during the quarter included $9.8 billion in BREIT, $1.9 billion across BPP, $1.1 billion in the third Asian opportunistic fund which commenced its investmen
Slide 15: Private Equity
PRIVATE EQUITY ▪ Total AUM: Increased 27% to $268.0 billion with inflows of $9.2 billion in the quarter and $55.3 billion over the LTM. – Inflows in the quarter included $2.5 billion in Blackstone Infrastructure Partners and $749 million for the ninth Secondaries fund. ▪ Realizations: $7.7 billion i
Slide 16: Hedge Fund Solutions
HEDGE FUND SOLUTIONS ▪ Total AUM: Record $82.9 billion with inflows of $4.0 billion in the quarter and $13.9 billion over the LTM. – Increase driven by fundraising activities as well as market appreciation of $754 million in the quarter and $4.8 billion over the LTM. – April 1 subscriptions of $226
Slide 17: Credit & Insurance
CREDIT & INSURANCE ▪ Total AUM: Increased 68% to $266.4 billion with inflows of $19.6 billion in the quarter and $135.9 billion over the LTM. – Inflows during the quarter included $5.2 billion of equity raised for BCRED and $3.7 billion for Direct Lending SMAs. – April 1 subscriptions of $1.6 billio
Slide 18: Supplemental Details
Supplemental Details Blackstone | 14
Slide 19: Total Segments
TOTAL SEGMENTS ($ in thousands) 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 1Q'21 LTM 1Q'22 LTM Base Management Fees $ 1,117,290 $ 1,140,051 $ 1,207,866 $ 1,354,068 $ 1,439,149 $ 4,178,948 $ 5,141,134 Transaction, Advisory and Other Fees, Net 78,640 78,125 114,784 120,389 64,009 235,850 377,307 Management Fee Off
Slide 20: Assets Under Management - Rollforward
ASSETS UNDER MANAGEMENT - ROLLFORWARD Total AUM Rollforward ($ in millions) Three Months Ended March 31, 2022 Twelve Months Ended March 31, 2022 Real Private Hedge Fund Credit & Real Private Hedge Fund Credit & Total Total Estate Equity Solutions Insurance Estate Equity Solutions Insurance Beginning
Slide 21: Deconsolidated Balance Sheet Highlights
DECONSOLIDATED BALANCE SHEET HIGHLIGHTS ▪ At March 31, 2022, Blackstone had $8.8 billion in total cash, cash equivalents, corporate treasury, and other investments and $20.6 billion of cash and net investments, or $17.15 per share. ▪ Blackstone has a $2.3 billion undrawn credit revolver and maintain
Slide 22: Net Accrued Performance Revenues – Additional Detail
NET ACCRUED PERFORMANCE REVENUES – ADDITIONAL DETAIL 1Q'22 ($ in millions, except per share data) 1Q'21 4Q'21 1Q'22 Real Estate Per Share 1Q’22 QoQ Rollforward BREP IV $ 18 $ 22 $ 6 $ 0.01 ($ in millions) BREP V 18 36 1 0.00 Net Net BREP VI 39 33 38 0.03 Performance Realized BREP VII 253 481 527 0.4
Slide 23: Investment Records as of March 31, 2022
INVESTMENT RECORDS AS OF MARCH 31, 2022 (a) ($/€ in thousands, except where noted) Committed Available Unrealized Investments Realized Investments Total Investments Net IRRs (d) Fund (Investment Period Beginning Date / Ending Date) Capital Capital (b) Value MOIC (c) Value MOIC (c) Value MOIC (c) Rea
Slide 24: Investment Records as of March 31, 2022 (Cont'd)
INVESTMENT RECORDS AS OF MARCH 31, 2022 (a) – (CONT’D) ($/€ in thousands, except where noted) Committed Available Unrealized Investments Realized Investments Total Investments Net IRRs (d) Fund (Investment Period Beginning Date / Ending Date) Capital Capital (b) Value MOIC (c) Value MOIC (c) Value M
Slide 25: Investment Records as of March 31, 2022 – Notes
INVESTMENT RECORDS AS OF MARCH 31, 2022 – 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 where B
Slide 26: Shareholder Dividends
SHAREHOLDER DIVIDENDS ▪ Generated $1.55 of Distributable Earnings per common share during the quarter, bringing the LTM amount to $5.36 per common share. ▪ Blackstone declared a quarterly dividend of $1.32 per common share to record holders as of May 2, 2022; payable on May 9, 2022. % Change % Chang
Slide 27: Share Summary
SHARE SUMMARY ▪ Distributable Earnings Shares Outstanding as of quarter end of 1.202 billion shares. – Repurchased 10.3 million common shares over the LTM. – Available authorization remaining was $1.5 billion at March 31, 2022. 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 Participating Common Shares 711,065,543 72
Slide 28: Reconciliations and Disclosures
Reconciliations and Disclosures Blackstone | 24
Slide 29: Reconciliation of GAAP to Non-GAAP Measures
RECONCILIATION OF GAAP TO NON-GAAP MEASURES QTD LTM ($ in thousands) 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 1Q'21 1Q'22 Net Income Attributable to Blackstone Inc. $ 1,747,872 $ 1,309,152 $ 1,401,895 $ 1,398,478 $ 1,216,874 $ 3,859,727 $ 5,326,399 Net Income Attributable to Non-Controlling Interests in Blacks
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) (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 be
Slide 32: Blackstone's First Quarter 2022 GAAP Balance Sheet Results
BLACKSTONE’S FIRST QUARTER 2022 GAAP BALANCE SHEET RESULTS ($ in thousands) (unaudited) 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 Assets Cash and Cash Equivalents $ 2,862,422 $ 2,467,444 $ 5,011,433 $ 2,119,738 $ 3,868,567 Cash Held by Blackstone Funds and Other 109,285 109,676 113,731 79,994 110,648 Investment
Slide 33: Reconciliation of GAAP to Non-GAAP Balance Sheet Measures
RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES ($ in thousands) 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 Investments of Consolidated Blackstone Funds $ 1,459,804 $ 1,871,269 $ 2,104,705 $ 2,018,829 $ 2,045,156 Equity Method Investments Partnership Investments 4,676,341 4,916,675 5,303,334 5,635,212
Slide 34: Reconciliation of GAAP to Total Segments
RECONCILIATION OF GAAP TO TOTAL SEGMENTS QTD LTM Y ($ in thousands) 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 1Q'21 1Q'22 Management and Advisory Fees, Net GAAP $ 1,177,815 $ 1,212,549 $ 1,320,795 $ 1,459,548 $ 1,475,936 $ 4,335,532 $ 5,468,828 Segment Adjustment (a) 390 193 (720) (3,328) (2,568) 13,271 (6,423)
Slide 35: Reconciliation of GAAP to Total Segments – (Cont'd)
RECONCILIATION OF GAAP TO TOTAL SEGMENTS – (CONT’D) QTD LTM Y ($ in thousands) 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 1Q'21 1Q'22 Realized Performance Compensation GAAP Incentive Fee Compensation $ 13,325 $ 14,431 $ 21,007 $ 49,349 $ 41,019 $ 51,228 $ 125,806 Realized Performance Allocations Compensation 213
Slide 36: Notes
NOTES Notes to page 1 - Blackstone’s First Quarter 2022 GAAP Results ▪ Income (Loss) Before Provision (Benefit) for Taxes Margin is calculated by dividing Income (Loss) Before Provision (Benefit) for Taxes by Total Revenues. Notes to page 2 - Blackstone’s First Quarter 2022 Highlights ▪ The changes
Slide 37: Notes – (Cont'd)
NOTES – (CONT’D) Notes to page 5 – Investment Performance and Net Accrued Performance Revenues (Cont’d) ▪ 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
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