Blackstone Inc at Morgan Stanley US Financials, Payments & CRE Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Michael Cyprys - Morgan Stanley & Co LLC. - Analyst : <_ALACRA_META_ABSTRACT>We'll get you afterwards. Let's start off with the macro setting the stage here. Blackstone has an immense portfolio around the world of companies of real estate of credit positions. Would love, just to get your perspective, Steve, on the inflation debate, the state of the economy and state of the consumer. Maybe just take us around the world, just in terms of where are you more optimistic and where should we be more concerned?

Question: Michael Cyprys - Morgan Stanley & Co LLC. - Analyst : Any particular areas of concern, as you look around the world?

Question: Michael Cyprys - Morgan Stanley & Co LLC. - Analyst : Maybe could shift and talk about real estate. Commercial real estate has faced some cyclical headwinds with higher interest rates facing commercial real estate as well as some secular challenges just around pockets of office and retail. So where are we in the real estate cycle? How do you think this plays out and where my Blackstone step in on offense?

Question: Michael Cyprys - Morgan Stanley & Co LLC. - Analyst : Shifting gears. Blackstone has in many ways led and paved the way for the private market industry over the past couple of decades. You were among the first alternative asset managers to go public back in 2007, the first to be added to the S&P 500 and the first across a trillion of assets under management. We're now seeing more private market firms for public. We're seeing broader ownership of the sector and also a greater appreciation of the asset class. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 11, 2024 / 4:00PM, BX.N - Blackstone Inc at Morgan Stanley US Financials, Payments & CRE Conference So Steve, I'd love to kind of hear your thoughts around where are we in terms of the institutionalization of the sector? And how do you think this evolves as we look forward from here?

Question: Michael Cyprys - Morgan Stanley & Co LLC. - Analyst : No.

Question: Michael Cyprys - Morgan Stanley & Co LLC. - Analyst : It's a good segue to my next question, which is just on that exact point. You crossed a trillion of assets under management. And we often hear the same question as we've heard for many years with Blackstone is, does the law of large numbers suggest Blackstone is too big to grow? So how do you sort of plot the path here to $2 trillion of assets under management? And what do you see as the building blocks to get there?

Question: Michael Cyprys - Morgan Stanley & Co LLC. - Analyst : Why don't we turn to AI. You mentioned that, why don't we dig in a little bit there? Blackstone was an early mover in implementing an in-house team of data scientists. And Steve, you personally pledged more than $0.5 billion to MIT and Oxford to direct resource to fund AI research there. Can you talk about the use cases that you see at Blackstone today? How do you see that developing? And then just zooming out more broadly, what's the potential for AI to alter industries and even humanity over time?

Question: Michael Cyprys - Morgan Stanley & Co LLC. - Analyst : Maybe final question just in the interest of time here. Why don't we turn to culture and leadership running? Surely can't have a topic a discussion with you without turning to that sort of a topic. So just as the firm has grown in size and scope over the last couple of decades. How do you ensure that culture scales alongside growth? And maybe you could tie into that a number of leadership transitions at the firm? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 11, 2024 / 4:00PM, BX.N - Blackstone Inc at Morgan Stanley US Financials, Payments & CRE Conference

Question: Michael Cyprys - Morgan Stanley & Co LLC. - Analyst : Well, Steve thank you so much for your time, insights and wisdom. Really appreciate you joining us today.