Blackstone Inc.

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Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Net Income	5,400.7	5,437.8	2,444.3	2,988.9	12,375	2,261.5	3,866	3,263.6	3,374.9	2,249.2	1,624.4
Net Income
Depreciation & Amortization	35.9	36	40.1	67.1	74.9	71.1	71	59	46.8	82.9	101.4
Amortization of Intangibles
Stock Based Compensation	1,369.3	1,168.4	987.5	846.3	637.4	438.3	417.1	366.9	338.7	323.7	629.6
Equity-Based Compensation Expense
Other Adjustments	-3,315.4	-3,534.2	-976.1	-1,620.4	-11,291.9	-1,255.7	-2,906.8	-1,839.3	-2,674.7	-1,684.9	-1,368.1
Non-Controlling Interests in Income of Consolidated Entities
Unrealized Appreciation on Investments Allocable to Non-Controlling Interests in Consolidated Entities
Unrealized Depreciation on Investments Allocable to Non-Controlling Interests in Consolidated Entities
Net Realized Gains on Investments
Changes in Unrealized Gains on Investments
Unrealized Appreciation on Hedge Activities
Non-Cash Performance Fees
Non-Cash Performance Fee Compensation
Non-Cash Performance Fees
Non-Cash Performance Fee Compensation
Non-Cash Performance Allocations
Non-Cash Performance Allocations
Non-Cash Performance Allocations and Incentive Fee Compensation
Excess Tax Benefits Related to Equity-Based Compensation
Other Non-Cash Amounts Included in Net Income
Changes in Trading Assets	1,645.7	1,912.8	2,178.9	5,139.4	4,531.4	2,062.5	2,107.4	297.7	-849.8	-602.8	2,684.1
Investments Purchased
Investments Purchased
Cash Proceeds from Sale of Investments
Investments Purchased
Proceeds from Sale of Investments
Cash Proceeds from Sale or Pay Down of Investments
Investments Purchased
Cash Proceeds from Sale or Pay Down of Investments
Changes in Trade Receivables	-275	-465	569.2	832.1	-836.4	-332.4	-689.1	-237.6	-16.5	29.2	-311.2
Due from Brokers
Due from Affiliates
Accounts Receivable
Due from Affiliates
Changes in Trading Liabilities	—	—	—	—	—	-26.8	-72.6	-10.1	-62.7	42.8	96.8
Securities Sold, Not Yet Purchased
Changes in Accounts Payable	290.1	211.5	45.5	275.2	192.9	-87.5	-329.6	-283.5	-764.9	-175.7	-577.5
Accounts Payable, Accrued Expenses and Other Liabilities
Due to Affiliates
Changes in Accrued Expenses	-1,469	-1,211.5	-1,071.6	-2,197.4	-1,692.6	-1,077.2	-382.1	-729.1	-1,177.9	-572.8	-917.4
Accrued Compensation and Benefits
Changes in Other Operating Activities	122.5	-74.1	-160.9	4.9	-4.8	-287.5	-118.1	-841.8	159.6	219.8	435
Cash Held by Blackstone Funds and Other
Cash Acquired with Consolidation of Fund Entities
Cash Relinquished with Deconsolidation of Fund Entities
Cash Relinquished with Consolidation of Partnership
Reverse Repurchase Agreements
Other Assets
Amounts Due to Non-Controlling Interest Holders
Repurchase Agreements
Cash from Operating Activities	3,756.8	3,481.7	4,056.9	6,336.3	3,986	1,935.9	1,963.1	45.7	-1,626.4	-88.6	2,397
Net Cash Provided by Operating Activities

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Capital Expenditure	-105.2	-61.4	-224.2	-235.5	-64.3	-111.7	-60.3	-18.4	-24.3	-21.8	-59.2
Purchase of Furniture, Equipment and Leasehold Improvements
Payments for Business Acquisitions	—	—	-5.4	—	—	-55.2	—	-98.2	-168.9	—	—
Net Cash Paid for Acquisitions, Net of Cash Acquired
Other Investing Activities	—	—	—	—	—	—	—	—	—	—	5.8
Elimination of Cash for Non-Contributed Entities
Changes in Restricted Cash
Cash from Investing Activities	-105.2	-61.4	-229.7	-235.5	-64.3	-166.8	-60.3	-116.6	-193.3	-21.8	-53.4
Net Cash Provided by Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Issuance of Long-Term Debt	2,480.2	741.2	495	3,521.5	2,222.5	888.6	1,549.7	3,218.4	7,600.2	3,321.1	2,423.6
Proceeds from Loans Payable
Proceeds from Loans Payable
Repayments of Long-Term Debt	-925.8	-103.2	-502.5	-280.8	—	-1.9	-403.4	-1,009.4	-1,766.1	-420.7	-517.6
Repayment and Repurchase of Loans Payable
Repayment of Loans Payable
Net Issuance / (Repayments) of Long-Term Debt	1,554.4	638	-7.5	3,240.8	2,222.5	886.7	1,146.3	2,209	5,834	2,900.4	1,906
Issuance of Common Shares	—	—	—	—	—	—	—	—	—	—	—
Issuance of Units in Initial Public Offering and to Beijing Wonderful Investments
Repurchases of Common Shares	-321.2	-661.1	-418	-466	-1,272.8	-504.9	-585.3	-567.2	-30.2	-27.6	-61
Purchase of Interests from Certain Non-Controlling Interest Holders
Net Settlement of Vested Common Stock and Repurchase of Common Stock
Net Issuance / (Repurchases) of Common Shares	-321.2	-661.1	-418	-466	-1,272.8	-504.9	-585.3	-567.2	-30.2	-27.6	-61
Common Share Dividends Paid	-5,504.2	-4,424.2	-4,268.4	-6,518.8	-4,602.6	-2,385.6	-2,396.7	-3,046.4	-2,842.6	-2,018.7	-3,497.3
Dividends/Distributions to Stockholders and Unitholders
Other Financing Activities	1,478.1	-54.3	-359.9	-50.5	-123.8	-240.3	-85.6	74.3	-189.9	-283.9	-267
Distributions to Non-Controlling Interest Holders in Consolidated Entities
Contributions from Non-Controlling Interest Holders in Consolidated Entities
Contributions from Predecessor Owners
Distributions to Predecessor Owners
Cash Relinquished in Conjunction with the Spin-Off
Payments Under Tax Receivable Agreement
Excess Tax Benefits Related to Equity-Based Compensation
Cash from Financing Activities	-3,349.1	-4,501.6	-5,053.9	-3,794.5	-3,776.6	-2,244	-1,921.4	-1,330.2	2,771.3	570.2	-1,919.4
Net Cash Provided by Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Free Cash Flow	3,651.5	3,420.3	3,832.7	6,100.8	3,921.7	1,824.3	1,902.8	27.4	-1,650.7	-110.4	2,337.8
NOPAT	1,242.7	1,566	132.7	284.4	4,516.4	172.6	511.8	753	538.1	138.4	-528.6
Levered Free Cash Flow	4,782.4	4,227.7	2,191.1	8,042.2	11,117.5	2,475	4,411.6	2,224.7	4,632.2	2,911.8	4,378.9
Unlevered Free Cash Flow	1,762.8	2,379.3	940.5	3,338.2	7,553.9	715.4	1,727.4	-773.2	-2,135.1	-889.2	1,234.5
Net Change in Cash	302.4	-1,081.3	-1,226.6	2,306.3	145.1	-474.9	-18.6	-1,401	951.7	459.8	424.2