Exhibit 99.1

 

Blackstone Reports First Quarter 2020 Results

New York, April 23, 2020: Blackstone (NYSE:BX) today reported its first quarter 2020 results.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone’s first-quarter financial results reflect the unprecedented market and global economic conditions caused by the COVID-19 pandemic. Despite the extremely challenging environment, we continued to generate significant cash flow for our shareholders, distributing over $700 million through dividends and share repurchases in the quarter, and $3.2 billion over the last twelve months. Throughout our firm’s 35-year history, we have weathered many difficult periods - including the global financial crisis - only to emerge stronger than before. Our experience has shown that although asset values may be temporarily marked down, strong assets ultimately recover.”

Mr. Schwarzman continued, “We entered this crisis in a position of great strength, having recently completed a two-year fundraising cycle of nearly $250 billion. With ample capital reserves, long-term fund structures, and over $150 billion of dry powder capital – more than anyone in our industry – we are uniquely positioned to invest on behalf of our clients at a time of historic dislocation.”

Blackstone issued a full detailed presentation of its first quarter 2020 results, which can be viewed at www.blackstone.com.

Dividend

Blackstone has declared a quarterly dividend of $0.39 per share to record holders of Class A common stock at the close of business on May 4, 2020. This dividend will be paid on May 11, 2020.

 

 

Blackstone

345 Park Avenue New York NY 10154

T 212 583 5000

www.blackstone.com

Quarterly Investor Call Details

Blackstone will host its first quarter 2020 investor conference via public webcast on April 23, 2020 at 9:00 a.m. ET. To register, please use the following link: https://event.webcasts.com/starthere.jsp?ei=1296835&tp_key=a429fa7d99. For those unable to listen to the 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 one of the world’s leading investment firms. 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 companies solve problems. Our asset management businesses, with $538 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

Forward-Looking Statements

This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 which reflect our current views with respect to, among other things, our operations, taxes, earnings and financial performance, share repurchases and dividends. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include but are not limited to the impact of COVID-19 and energy market dislocation, as well as those described under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019, as such factors may be updated from time to time in our periodic filings

 

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with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other periodic filings. The forward-looking statements speak only as of the date of this report, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

This presentation does not constitute an offer of any Blackstone Fund.

Investor and Media Relations Contacts

 

Weston Tucker Blackstone Tel: +1 (212) 583-5231 tucker@blackstone.com		Christine Anderson Blackstone Tel: +1 (212) 583-5182 christine.anderson@blackstone.com

 

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Blackstone’s First Quarter 2020 Earnings APRIL 23, 2020

Blackstone | 1 BLACKSTONE’S FIRST QUARTER 2020 GAAP RESULTS GAAP Net Income (Loss) was $(2.6) billion for the quarter and $186 million over the last twelve months (“LTM”). GAAP Net Income (Loss) Attributable to The Blackstone Group Inc. was $(1.1) billion for the quarter and $502 million over the LTM. Throughout this presentation, all current period amounts are preliminary. Totals may not add due to rounding. See pages 34-35, Definitions and Dividend Policy, for definitions of terms used throughout this presentation. See additional notes on page 32. ($ in thousands, except per share data. unaudited) 1Q'19 1Q'20 1Q'19 LTM 1Q'20 LTM Revenues Management and Advisory Fees, Net 809,726 $        934,832 $        3,108,673 $     3,597,261 $     Incentive Fees 12,132 12,161 57,106 129,940 Investment Income (Loss) Performance Allocations Realized 242,375 167,530 1,849,242 1,664,155 Unrealized 663,999 (3,453,081) 597,283 (2,990,748) Principal Investments Realized 73,261 48,695 446,978 368,912 Unrealized 169,044 (959,365) 107,187 (913,406) Total Investment Income (Loss) 1,148,679 (4,196,221) 3,000,690 (1,871,087) Interest and Dividend Revenue 44,084 35,084 180,646 173,398 Other 10,250 138,180 741,884 207,923 Total Revenues 2,024,871 $   (3,075,964) $ 7,088,999 $   2,237,435 $   Expenses Compensation and Benefits Compensation 471,397 476,543 1,691,951 1,825,476 Incentive Fee Compensation 5,406 6,522 32,660 45,416 Performance Allocations Compensation Realized 86,395 72,423 685,409 648,970 Unrealized 287,015 (1,397,378) 352,322 (1,144,108) Total Compensation and Benefits 850,213 (841,890) 2,762,342 1,375,754 General, Administrative and Other 146,062 157,566 614,222 690,912 Interest Expense 42,002 41,644 167,321 199,290 Fund Expenses 2,887 4,605 26,388 19,456 Total Expenses 1,041,164 $   (638,075) $     3,570,273 $   2,285,412 $   Other Income (Loss) Change in Tax Receivable Agreement Liability - (595) - 160,972 Net Gains (Losses) from Fund Investment Activities 130,325 (327,374) 211,448 (174,870) Income (Loss) Before Provision (Benefit) for Taxes 1,114,032 $   (2,765,858) $ 3,730,174 $   (61,875) $       Provision (Benefit) for Taxes 41,155 (158,703) 236,050 (247,810) Net Income (Loss) 1,072,877 $   (2,607,155) $ 3,494,124 $   185,935 $      Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities 2,480 (15,469) 1,651 (18,070) Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities 186,833 (645,077) 390,212 (355,131) Net Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings 402,260 (880,117) 1,447,041 57,250 Net Income (Loss) Attributable to The Blackstone Group Inc. ("BX") 481,304 $      (1,066,492) $ 1,655,220 $   501,886 $      Net Income (Loss) Per Share of Class A Common Stock, Basic 0.71 $            (1.58) $           2.44 $            0.74 $            Net Income (Loss) Per Share of Class A Common Stock, Diluted 0.71 $            (1.58) $           2.44 $            0.74 $            Income (Loss) Before Provision (Benefit) for Taxes Margin 55.0% 89.9% 52.6% (2.8)%

Blackstone | 2 BLACKSTONE’S FIRST QUARTER 2020 HIGHLIGHTS Financial Measures Fee Related Earnings (“FRE”) of $468 million ($0.39/share) in the quarter, up 25% year- over-year – FRE was $1.9 billion for the LTM ($1.57/share), up 26% year-over-year Distributable Earnings (“DE”) of $557 million ($0.46/share) in the quarter, up 4% year-over-year – DE was $2.9 billion for the LTM ($2.33/share), up 6% year-over-year Net Accrued Performance Revenues receivable of $2.2 billion ($1.83/share) Capital Metrics Total Assets Under Management (“AUM”) of $538.0 billion, up 5% year-over-year – Fee-Earning AUM of $423.1 billion, up 20% year-over-year Inflows of $27.3 billion in the quarter and $118.8 billion for the LTM Realizations of $6.4 billion in the quarter and $38.3 billion for the LTM Deployment of $14.8 billion in the quarter and $66.0 billion for the LTM Capital Returned to Shareholders Dividend of $0.39 per common share payable on May 11, 2020 – Dividends of $1.97 per common share for the LTM Repurchased 5.0 million common shares in the quarter and 16.2 million common shares for the LTM, resulting in no net share count dilution Over $700 million to be distributed to shareholders with respect to the first quarter through dividends and share repurchases, and $3.2 billion for the LTM Notes on page 32.

Blackstone | 3 BLACKSTONE’S FIRST QUARTER 2020 SEGMENT EARNINGS Fee Related Earnings per Share is based on end of period DE Shares Outstanding (see page 23, Share Summary). DE per Common Share is based on DE Attributable to Common Shareholders (see page 22, Shareholder Dividends) and end of period Participating Common Shares outstanding. LTM per Share amounts represent the sum of the last four quarters. See pages 30-31 for the Reconciliation of GAAP to Total Segment Measures. % Change % Change ($ in thousands, except per share data) 1Q'19 1Q'20 vs. 1Q'19 1Q'19 LTM 1Q'20 LTM vs. 1Q'19 LTM Management and Advisory Fees, Net 814,062 $      940,567 $      16% 3,114,470 $   3,610,741 $   16% Fee Related Performance Revenues 7,779 12,466 60% 127,778 216,688 70% Fee Related Compensation (324,031) (346,264) 7% (1,244,103) (1,358,811) 9% Other Operating Expenses (123,311) (138,885) 13% (504,547) (586,716) 16% Fee Related Earnings 374,499 $    467,884 $    25% 1,493,598 $ 1,881,902 $ 26% Realized Performance Revenues 246,769 167,233 (32)% 1,780,169 1,581,106 (11)% Realized Performance Compensation (85,240) (71,302) (16)% (648,552) (589,997) (9)% Realized Principal Investment Income 25,908 20,290 (22)% 233,273 218,537 (6)% Net Realizations 187,437 116,221 (38)% 1,364,890 1,209,646 (11)% Total Segment Distributable Earnings 561,936 $    584,105 $    4% 2,858,488 $ 3,091,548 $ 8% Net Interest Income (Loss) 5,061 (3,941) n/m 28,839 (11,443) n/m Taxes and Related Payables (29,039) (23,053) (21)% (157,862) (190,173) 20% Distributable Earnings 537,958 $    557,111 $    4% 2,729,465 $ 2,889,932 $ 6% Additional Metrics: FRE per Share 0.31 $           0.39 $           26% 1.24 $           1.57 $           27% DE per Common Share 0.44 $           0.46 $           5% 2.20 $           2.33 $           6% Total Segment Revenues 1,094,518 $   1,140,556 $   4% 5,255,690 $   5,627,072 $   7% Total Assets Under Management 511,777,762 $ 538,007,285 $ 5% 511,777,762 $ 538,007,285 $ 5% Fee-Earning Assets Under Management 352,993,394 $ 423,055,037 $ 20% 352,993,394 $ 423,055,037 $ 20%

Blackstone | 4 SUMMARY OF FINANCIALS LTM Fee Related Earnings of $1.57 per share, an increase of 27% year-over-year. LTM Total Segment Distributable Earnings were $3.1 billion, an increase of 8% year-over-year. FRE Margin is calculated by dividing Fee Related Earnings by Fee Related Revenues (defined as the sum of Total Segment Management and Advisory Fees, Net and Fee Related Performance Revenues). Fee Related Earnings per Share Segment Distributable Earnings ($ in millions) FRE/Share FRE Margin Private Equity Real Estate Hedge Fund Solutions Credit & Insurance 1Q’20 LTM total: $3,092

Blackstone | 5 INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES Unrealized negative appreciation was driven by impact of COVID-19 on economic outlook and overall market environment, leading to lower Net Accrued Performance Revenues of $2.2 billion ($1.83/share). 1Q'20 1Q'20 LTM Real Estate Opportunistic (8.8)% 3.3% Core+ (3.9)% 3.3% Private Equity Corporate Private Equity (21.6)% (17.3)% Tactical Opportunities (15.9)% (7.2)% Secondaries 1.8% 14.0% Hedge Fund Solutions BPS Composite (8.6)% (4.3)% Credit & Insurance Credit Composite (13.6)% (9.5)% Investment Performance (appreciation / gross returns) Net Accrued Performance Revenues ($ in millions) Investment Performance represents fund appreciation for Real Estate and Private Equity and gross returns for Hedge Fund Solutions and Credit & Insurance. BPS Composite net returns were (8.7)% and (5.0)% for 1Q’20 and 1Q’20 LTM, respectively. Credit Composite net returns were (13.0)% and (9.5)% for 1Q’20 and 1Q’20 LTM, respectively. See notes on pages 32-33 for additional details on investment performance calculations for Core+, Corporate Private Equity, Secondaries, BPS Composite and Credit Composite. $3,837 $4,099 $2,187 $1,808 $103 1Q'19 4Q'19 Net Performance Revenues Net Realized Distributions 1Q'20

Blackstone | 6 Corporate Private Equity also includes Core Private Equity, Life Sciences, and BTAS. ($ in millions) 1Q'20 1Q'20 LTM 1Q'20 1Q'20 LTM 1Q'20 1Q'20 LTM Real Estate 12,653 $ 41,810 $   2,519 $   17,559 $ 5,329 $    24,697 $  Opportunistic 1,317       14,585       1,042       12,054     2,022        11,712      Core+ 7,026       17,281       993          3,094       2,991        11,543      BREDS 4,310       9,944         484          2,411       317           1,442        Private Equity 8,869      37,234      2,031      11,829    5,539       25,034     Corporate Private Equity 7,305       16,684       771          5,839       3,047        11,951      Tactical Opportunities 979          4,223         649          3,192       1,919        5,319        Secondaries 584          9,138         611          2,799       573           7,737        Infrastructure – 7,189         – – -                27            Hedge Fund Solutions 3,247      12,921      139         1,224      606          4,078       Credit & Insurance 2,544      26,818      1,700      7,718      3,345       12,175     Total Blackstone 27,313 $ 118,783 $ 6,389 $   38,330 $ 14,819 $  65,984 $  Inflows Realizations Capital Deployed Inflows were $27.3 billion in the quarter, bringing LTM inflows to $118.8 billion. Realizations were $6.4 billion in the quarter and $38.3 billion for the LTM. Deployed $14.8 billion in the quarter and $66.0 billion for the LTM. – Committed an additional $9.8 billion during the quarter that is not yet deployed. CAPITAL METRICS – ADDITIONAL DETAIL

Blackstone | 7 ASSETS UNDER MANAGEMENT Total AUM increased to $538.0 billion, up 5% year-over-year, with $27.3 billion of inflows in the quarter and $118.8 billion for the LTM. Fee-Earning AUM of $423.1 billion was up 20% year-over-year, with $50.8 billion of inflows in the quarter and $146.1 billion for the LTM. Perpetual Capital AUM reached $101.1 billion, up 32% year-over-year. Total AUM ($ in billions) Fee-Earning AUM ($ in billions) Perpetual Capital AUM ($ in billions) Private Equity Real Estate Hedge Fund Solutions Credit & Insurance

Blackstone | 8 ADDITIONAL CAPITAL DETAIL Invested Performance Eligible AUM reached $229.5 billion at quarter end, up 4% year-over-year. Undrawn capital (“Total Dry Powder”) available for investment of $151.5 billion, driven by fundraising activity for the latest flagship funds. Private Equity Real Estate Hedge Fund Solutions Credit & Insurance Invested Performance Eligible AUM ($ in billions) Total Dry Powder ($ in billions) Private Equity Real Estate Hedge Fund Solutions Credit & Insurance 1Q’20 total: $151.5 Invested Performance Eligible AUM represents the fair value of invested assets that are eligible to earn performance revenues.

Segment Highlights Blackstone | 9

Blackstone | 10 REAL ESTATE Total AUM: Increased 15% to $160.9 billion with inflows of $12.7 billion in the quarter and $41.8 billion for the LTM. – During the quarter raised $5.1 billion in BREIT, closed $2.7 billion in the fourth real estate debt fund, and held the final close for BREP Europe VI, which now has total capital commitments of €9.8 billion. – Fee-Earning AUM increased 38% to $130.4 billion with inflows of $9.4 billion in the quarter and $59.1 billion for the LTM. Realizations: $2.5 billion in the quarter and $17.6 billion for the LTM; realizations in the quarter were primarily driven by asset sales in BREP. Capital Deployed: $5.3 billion in the quarter and $24.7 billion for the LTM. – Committed an additional $4.9 billion in the quarter that is not yet deployed. Appreciation: Opportunistic funds and Core+ funds declined (8.8)% and (3.9)% in the quarter as a result of COVID-19 market and economic impacts; up 3.3% and 3.3% for the LTM, respectively. % Change % Change ($ in thousands) 1Q'19 1Q'20 vs. 1Q'19 1Q'19 LTM 1Q'20 LTM vs. 1Q'19 LTM Management Fees, Net 283,876 $        386,121 $        36% 1,162,400 $     1,367,423 $     18% Fee Related Performance Revenues 6,676 4,551 (32)% 126,675 196,112 55% Fee Related Compensation (114,816) (120,296) 5% (473,636) (536,739) 13% Other Operating Expenses (38,986) (40,476) 4% (155,829) (169,822) 9% Fee Related Earnings 136,750 $       229,900 $       68% 659,610 $       856,974 $       30% Realized Performance Revenues 77,182 43,720 (43)% 840,985 998,875 19% Realized Performance Compensation (29,900) (13,392) (55)% (258,104) (357,588) 39% Realized Principal Investment Income (2,131) 7,300 n/m 75,704 89,164 18% Net Realizations 45,151 37,628 (17)% 658,585 730,451 11% Segment Distributable Earnings 181,901 $       267,528 $       47% 1,318,195 $    1,587,425 $    20% Segment Revenues 365,603 $        441,692 $        21% 2,205,764 $     2,651,574 $     20% Total AUM 140,334,043 $  160,934,849 $  15% 140,334,043 $  160,934,849 $  15% Fee-Earning AUM 94,223,034 $   130,424,462 $  38% 94,223,034 $   130,424,462 $  38%

Blackstone | 11 PRIVATE EQUITY Total AUM: Increased 10% to $174.7 billion with inflows of $8.9 billion in the quarter and $37.2 billion for the LTM. – Inflows in the quarter included $4.8 billion for the initial close of the second Core Private Equity fund. – Fee-Earning AUM up 50% to $128.3 billion, driven by commencement of investment periods for BCP VIII, BEP III and BXLS V in the quarter. Realizations: $2.0 billion in the quarter and $11.8 billion for the LTM. Capital Deployed: $5.5 billion in the quarter and $25.0 billion for the LTM across regions; committed an additional $3.8 billion that was not yet deployed in the quarter. Appreciation: Corporate Private Equity declined (21.6)% in the quarter and (17.3)% for the LTM due to the market and economic impacts of COVID-19 and energy market dislocation. Excluding energy, Corporate Private Equity declined (11.1)% in the quarter. – Tactical Opportunities declined (15.9)% in the quarter and (7.2)% for the LTM due to COVID-19 impacts. – Secondaries’ appreciation of 1.8% in the quarter and 14.0% for the LTM reflects a reporting lag of its underlying funds. % Change % Change ($ in thousands) 1Q'19 1Q'20 vs. 1Q'19 1Q'19 LTM 1Q'20 LTM vs. 1Q'19 LTM Management and Advisory Fees, Net 251,723 $        266,172 $        6% 890,745 $        1,078,778 $     21% Fee Related Compensation (107,587) (110,368) 3% (393,467) (426,533) 8% Other Operating Expenses (34,201) (41,001) 20% (136,146) (166,810) 23% Fee Related Earnings 109,935 $       114,803 $       4% 361,132 $       485,435 $       34% Realized Performance Revenues 156,599 112,076 (28)% 836,882 424,469 (49)% Realized Performance Compensation (50,556) (54,643) 8% (335,678) (196,653) (41)% Realized Principal Investment Income 25,139 10,347 (59)% 128,532 75,457 (41)% Net Realizations 131,182 67,780 (48)% 629,736 303,273 (52)% Segment Distributable Earnings 241,117 $       182,583 $       (24)% 990,868 $       788,708 $       (20)% Segment Revenues 433,461 $        388,595 $        (10)% 1,856,159 $     1,578,704 $     (15)% Total AUM 158,988,748 $  174,695,883 $  10% 158,988,748 $  174,695,883 $  10% Fee-Earning AUM 85,446,868 $   128,300,802 $  50% 85,446,868 $   128,300,802 $  50%

Blackstone | 12 HEDGE FUND SOLUTIONS Total AUM: $73.7 billion with inflows of $3.2 billion in the quarter and $12.9 billion for the LTM. – Positive net flows in the quarter of $365 million driven by $1.4 billion of fundraising in Special Situations and GP Stakes strategies partially offset by net outflows in Individual Investor Solutions. – Decrease in AUM mainly driven by depreciation due to the market and economic impacts of COVID-19. – April 1 subscriptions of $1.1 billion are not yet included in Total AUM. Returns: BPS Composite gross return of (8.6)% in the quarter ((8.7)% net), compared to the S&P 500 Total Return (down (19.6)%). – Gross return of (4.3)% for the LTM ((5.0)% net), with less than one half of the volatility of broader markets. % Change % Change ($ in thousands) 1Q'19 1Q'20 vs. 1Q'19 1Q'19 LTM 1Q'20 LTM vs. 1Q'19 LTM Management Fees, Net 137,646 $        140,372 $        2% 530,942 $        562,851 $        6% Fee Related Compensation (42,954) (46,191) 8% (165,487) (155,197) (6)% Other Operating Expenses (17,885) (18,667) 4% (76,872) (82,781) 8% Fee Related Earnings 76,807 $         75,514 $         (2)% 288,583 $       324,873 $       13% Realized Performance Revenues 4,091 1,767 (57)% 36,333 124,252 242% Realized Performance Compensation (1,413) (945) (33)% (20,282) (23,833) 18% Realized Principal Investment Income (283) (609) 115% 16,116 21,381 33% Net Realizations 2,395 213 (91)% 32,167 121,800 279% Segment Distributable Earnings 79,202 $         75,727 $         (4)% 320,750 $       446,673 $       39% Segment Revenues 141,454 $        141,530 $        0% 583,391 $        708,484 $        21% Total AUM 80,182,772 $   73,720,792 $   (8)% 80,182,772 $   73,720,792 $   (8)% Fee-Earning AUM 73,647,014 $   68,214,435 $   (7)% 73,647,014 $   68,214,435 $   (7)%

Blackstone | 13 CREDIT & INSURANCE Total AUM: $128.7 billion with inflows of $2.5 billion in the quarter and $26.8 billion for the LTM. – Closed 1 U.S. CLO and priced 2 others (1 U.S. and 1 Euro) in the quarter, and subsequent to quarter end, priced and closed the first CLO in the market since March 12.            – European Direct Lending strategy held its final close for the second senior debt fund, raising $777 million in the quarter, bringing total equity raised to $4.8 billion and total investable capital to $6.2 billion, inclusive of anticipated leverage. Realizations: $1.7 billion in the quarter and $7.7 billion for the LTM. Capital Deployed: $3.3 billion in the quarter, driven by U.S. Direct Lending as well as increased public market investment activity in our drawdown funds, and $12.2 billion for the LTM; committed an additional $466 million in the quarter that is not yet deployed. Returns: Gross Credit Composite return of (13.6)% for the quarter, driven by economic and market impacts of COVID-19 and energy market dislocation. Credit Composite net return was (13.0)% for 1Q’20. % Change % Change ($ in thousands) 1Q'19 1Q'20 vs. 1Q'19 1Q'19 LTM 1Q'20 LTM vs. 1Q'19 LTM Management Fees, Net 140,817 $        147,902 $        5% 530,383 $        601,689 $        13% Fee Related Performance Revenues 1,103 7,915 618% 1,103 20,576 n/m Fee Related Compensation (58,674) (69,409) 18% (211,513) (240,342) 14% Other Operating Expenses (32,239) (38,741) 20% (135,700) (167,303) 23% Fee Related Earnings 51,007 $         47,667 $         (7)% 184,273 $       214,620 $       16% Realized Performance Revenues 8,897 9,670 9% 65,969 33,510 (49)% Realized Performance Compensation (3,371) (2,322) (31)% (34,488) (11,923) (65)% Realized Principal Investment Income 3,183 3,252 2% 12,921 32,535 152% Net Realizations 8,709 10,600 22% 44,402 54,122 22% Segment Distributable Earnings 59,716 $         58,267 $         (2)% 228,675 $       268,742 $       18% Segment Revenues 154,000 $        168,739 $        10% 610,376 $        688,310 $        13% Total AUM 132,272,199 $  128,655,761 $  (3)% 132,272,199 $  128,655,761 $  (3)% Fee-Earning AUM 99,676,478 $   96,115,338 $   (4)% 99,676,478 $   96,115,338 $   (4)%

Supplemental Details Blackstone | 14

Blackstone | 15 ($ in thousands) 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 1Q'19 LTM 1Q'20 LTM Base Management Fees 757,518 $       805,315 $       809,729 $       873,368 $       910,396 $       2,894,687 $    3,398,808 $    Transaction, Advisory and Other Fees, Net 65,150            61,495            92,702            95,073            50,665            257,582          299,935          Management Fee Offsets (8,606)            (22,654)           (22,086)           (22,768)           (20,494)           (37,799)           (88,002)           Total Management and Advisory Fees, Net 814,062          844,156          880,345          945,673          940,567          3,114,470       3,610,741       Fee Related Performance Revenues 7,779             13,624            34,225            156,373          12,466            127,778          216,688          Fee Related Compensation (324,031)         (293,834)         (329,834)         (388,879)         (346,264)         (1,244,103)      (1,358,811)      Other Operating Expenses (123,311)         (142,121)         (144,351)         (161,359)         (138,885)         (504,547)         (586,716)         Fee Related Earnings 374,499 $      421,825 $      440,385 $      551,808 $      467,884 $      1,493,598 $   1,881,902 $   Realized Performance Revenues 246,769          341,386          420,840          651,647          167,233          1,780,169       1,581,106       Realized Performance Compensation (85,240)           (125,466)         (143,870)         (249,359)         (71,302)           (648,552)         (589,997)         Realized Principal Investment Income 25,908            123,557          36,148            38,542            20,290            233,273          218,537          Total Net Realizations 187,437         339,477         313,118         440,830         116,221         1,364,890      1,209,646      Total Segment Distributable Earnings 561,936 $      761,302 $      753,503 $      992,638 $      584,105 $      2,858,488 $   3,091,548 $   Net Interest Income (Loss) 5,061             2,761             (7,767)            (2,496)            (3,941)            28,839            (11,443)           Taxes and Related Payables (29,039)           (55,201)           (35,815)           (76,104)           (23,053)           (157,862)         (190,173)         Distributable Earnings 537,958 $      708,862 $      709,921 $      914,038 $      557,111 $      2,729,465 $   2,889,932 $   Additional Metrics: Total Segment Revenues 1,094,518 $    1,322,723 $    1,371,558 $    1,792,235 $    1,140,556 $    5,255,690 $    5,627,072 $    Total Assets Under Management 511,777,762 $ 545,482,337 $ 554,022,343 $ 571,122,463 $ 538,007,285 $ 511,777,762 $ 538,007,285 $ Fee-Earning Assets Under Management 352,993,394 $ 387,864,642 $ 394,138,443 $ 408,074,852 $ 423,055,037 $ 352,993,394 $ 423,055,037 $ TOTAL SEGMENTS

Blackstone | 16 Total AUM Rollforward ($ in millions) Fee-Earning AUM Rollforward ($ in millions) Inflows include contributions, capital raised, other increases in available capital, purchases, inter-segment allocations and acquisitions. Outflows represent redemptions, client withdrawals and other decreases in available capital. Realizations represent realizations from the disposition of assets. Market Activity represents gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations. AUM is reported in the segment where the assets are managed. Three Months Ended March 31, 2020 Twelve Months Ended March 31, 2020 Real Private Hedge Fund Credit & Real Private Hedge Fund Credit & Estate Equity Solutions Insurance Estate Equity Solutions Insurance Beginning Balance 163,156 $  182,886 $  80,738 $    144,342 $  571,122 $  140,334 $   158,989 $   80,183 $    132,272 $   511,778 $   Inflows 12,653 8,869 3,247 2,544 27,313 41,810 37,234 12,921 26,818 118,783 Outflows (794) (398) (2,881) (2,841) (6,915) (2,308) (1,221) (14,207) (9,915) (27,652) Net Flows 11,859 8,470 365 (297) 20,398 39,502 36,013 (1,287) 16,903 91,131 Realizations (2,519) (2,031) (139) (1,700) (6,389) (17,559) (11,829) (1,224) (7,718) (38,330) Market Activity (11,562) (14,629) (7,244) (13,689) (47,124) (1,342) (8,477) (3,951) (12,801) (26,571) Ending Balance 160,935 $  174,696 $  73,721 $    128,656 $  538,007 $  160,935 $   174,696 $   73,721 $    128,656 $   538,007 $   % Change (1)% (4)% (9)% (11)% (6)% 15% 10% (8)% (3)% 5% Total Total Three Months Ended March 31, 2020 Twelve Months Ended March 31, 2020 Real Private Hedge Fund Credit & Real Private Hedge Fund Credit & Estate Equity Solutions Insurance Estate Equity Solutions Insurance Beginning Balance 128,214 $  97,774 $    75,636 $    106,451 $  408,075 $  94,223 $     85,447 $     73,647 $    99,676 $     352,993 $   Inflows 9,429 35,326 2,367 3,636 50,758 59,120 53,924 12,221 20,839 146,104 Outflows (1,011) (3,612) (2,652) (2,741) (10,016) (10,436) (5,237) (12,513) (8,566) (36,752) Net Flows 8,418 31,714 (285) 895 40,742 48,683 48,687 (293) 12,273 109,351 Realizations (2,698) (925) (135) (1,430) (5,188) (11,838) (5,577) (1,124) (6,092) (24,631) Market Activity (3,510) (261) (7,002) (9,800) (20,573) (644) (256) (4,016) (9,742) (14,658) Ending Balance 130,424 $  128,301 $  68,214 $    96,115 $    423,055 $  130,424 $   128,301 $   68,214 $    96,115 $     423,055 $   % Change 2% 31% (10)% (10)% 4% 38% 50% (7)% (4)% 20% Total Total ASSETS UNDER MANAGEMENT - ROLLFORWARD

Blackstone | 17 DECONSOLIDATED BALANCE SHEET HIGHLIGHTS At March 31, 2020, Blackstone had $4.2 billion in total cash, cash equivalents, and corporate treasury investments and $8.0 billion of cash and net investments, or $6.69 per share. Blackstone has a $1.6 billion undrawn credit revolver and maintains A+/A+ ratings. Balance Sheet Highlights exclude the consolidated Blackstone Funds. GP/Fund Investments include Blackstone investments in Real Estate, Private Equity, Hedge Fund Solutions, and Credit & Insurance, which were $689 million, $609 million, $100 million, and $230 million, respectively, as of March 31, 2020. Cash and Net Investments per share amounts are calculated using period end DE Shares Outstanding (see page 23, Share Summary). A+ / A+ rated by S&P and Fitch $1.6B undrawn credit revolver with September 2023 maturity $4.2B total cash and corporate treasury Cash and Net Investments (per share) ($ in millions) 1Q'20 Cash and Cash Equivalents 2,068 $        Corporate Treasury Investments 2,113 GP/Fund Investments 1,627 Net Accrued Performance Revenues 2,187 Cash and Net Investments 7,996 $       Outstanding Bonds (at par) 4,655

Blackstone | 18 1Q’20 QoQ Rollforward ($ in millions) 1Q’20 LTM Rollforward ($ in millions) Net Accrued Performance Revenues (“NAPR”) are presented net of performance compensation and do not include clawback amounts, if any, which are disclosed in the 10-K/Q. See additional notes on page 33. ($ in millions, except per share data) 1Q'19 4Q'19 1Q'20 1Q'20 Per Share Real Estate BREP IV 1 $                11 $              8 $                0.01 $           BREP V 62 19 - - BREP VI 88 76 51 0.04 BREP VII 552 445 309 0.26 BREP VIII 464 674 517 0.43 BREP IX - 6 - - BREP International II 7 - - - BREP Europe IV 209 158 123 0.10 BREP Europe V 133 193 110 0.09 BREP Asia I 136 152 85 0.07 BREP Asia II - 22 - - BPP 245 281 196 0.16 BREIT 11 - - - BREDS 17 33 2 0.00 BTAS 38 42 45 0.04 Real Estate 1,962 $          2,112 $          1,446 $          1.21 $           Private Equity BCP IV 42 23 23 0.02 BCP VI 789 705 283 0.24 BCP VII 256 471 115 0.10 BCP Asia 6 17 14 0.01 BEP I 131 102 - - BEP II 69 - - - BCEP 21 46 33 0.03 Tactical Opportunities 157 157 36 0.03 Secondaries 109 144 136 0.11 Life Sciences 1 7 7 0.01 BTAS/Other 51 62 73 0.06 Private Equity 1,630 $          1,735 $          720 $             0.60 $           Hedge Fund Solutions 24 $              15 $              15 $              0.01 $          Credit & Insurance 221 $            237 $            6 $                0.00 $            Net Accrued Performance Revenues 3,837 $        4,099 $        2,187 $        1.83 $          4Q'19 Net Performance Revenues Net  Realized Distributions 1Q'20 Real Estate 2,112 $  (633) $          (33) $             1,446 $  Private Equity 1,735 (957) (57) 720 HFS 15 1 (1) 15 Credit & Insurance 237 (219) (12) 6 Total 4,099 $ (1,808) $       (103) $          2,187 $ QoQ Change (47)% 1Q'19 Net Performance Revenues Net  Realized Distributions 1Q'20 Real Estate 1,962 $  242 $            (759) $           1,446 $  Private Equity 1,630 (670) (239) 720 HFS 24 84 (93) 15 Credit & Insurance 221 (166) (49) 6 Total 3,837 $ (510) $          (1,140) $       2,187 $ YoY Change (43)% NET ACCRUED PERFORMANCE REVENUES – ADDITIONAL DETAIL

Blackstone | 19 Notes on page 21. BREP – Blackstone Real Estate Partners, BREIT – Blackstone Real Estate Income Trust, BPP – Blackstone Property Partners, BREDS – Blackstone Real Estate Debt Strategies, BCP – Blackstone Capital Partners, BCOM – Blackstone Communications. * Represents funds that are currently in their investment period and open ended funds. ($ 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) Realized Total 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 - 50,342 0.1x 4,521,164 2.2x 4,571,506 1.7x 28% 12% BREP V (Dec 2005 / Feb 2007) 5,539,418 - 150,992 0.6x 13,040,016 2.4x 13,191,008 2.3x 12% 11% BREP VI (Feb 2007 / Aug 2011) 11,060,444 - 646,626 2.3x 27,045,357 2.5x 27,691,983 2.5x 13% 13% BREP VII (Aug 2011 / Apr 2015) 13,496,823 1,874,491 6,063,694 1.4x 22,735,792 2.1x 28,799,486 1.9x 22% 15% BREP VIII (Apr 2015 / Jun 2019) 16,545,433 3,052,617 16,560,812 1.3x 7,110,842 1.7x 23,671,654 1.4x 26% 12% *BREP IX (Jun 2019 / Dec 2024) 20,891,657 16,015,834 4,813,344 1.0x 140,918 1.8x 4,954,262 1.0x n/m n/m Total Global BREP 72,974,938 $    20,942,942 $    $28,285,810 1.2x 82,129,007 $    2.2x 110,414,817 $      1.9x 18% 15% 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 - 3,566 n/a 2,572,920 1.8x 2,576,486 1.8x 8% 8% BREP Europe III (Jun 2008 / Sep 2013) 3,205,167 469,493 446,619 0.7x 5,737,320 2.5x 6,183,939 2.1x 20% 14% BREP Europe IV (Sep 2013 / Dec 2016) 6,709,145 1,351,071 2,742,370 1.4x 8,988,619 2.0x 11,730,989 1.8x 23% 16% BREP Europe V (Dec 2016 / Oct 2019) 7,945,251 1,762,669 7,309,063 1.2x 721,076 2.7x 8,030,139 1.3x 53% 9% *BREP Europe VI (Oct 2019 / Apr 2025) 9,797,734 8,833,563 994,596 1.0x - n/a 994,596 1.0x n/m n/m Total BREP Europe 30,111,217 € 12,416,796 € 11,496,214 € 1.2x 19,393,105 € 2.1x 30,889,319 € 1.6x 16% 13% BREP Asia I (Jun 2013 / Dec 2017) 5,096,753 $        1,728,262 $        3,186,403 $        1.3x 4,072,708 $        1.9x 7,259,111 $           1.6x 21% 12% *BREP Asia II (Dec 2017 / Jun 2023) 7,302,307 4,768,630 2,657,881 1.1x 120,378 1.6x 2,778,259 1.1x n/m (2)% BREP Co-Investment (f) 7,055,974 170,047 1,535,066 2.1x 13,284,359 2.1x 14,819,425 2.1x 15% 16% Total BREP 125,853,226 $  41,306,848 $    48,901,532 $    1.2x 124,071,007 $  2.2x 172,972,539 $      1.8x 17% 15% *Core+ BPP (Various) (g) n/a n/a 31,614,603 n/a 6,726,049 n/a 38,340,652 n/a n/m 8% *Core+ BREIT (Various) (h) n/a n/a 16,287,116 n/a 353,170 n/a 16,640,286 n/a n/m 6% *BREDS High-Yield (Various) (i) 16,528,666 7,240,067 2,692,832 1.0x 12,248,508 1.3x 14,941,340 1.2x 11% 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 13,571 n/a 2,953,649 1.4x 2,967,220 1.4x 6% 6% BCP IV (Nov 2002 / Dec 2005) 6,773,182 197,294 182,216 2.5x 21,417,821 2.9x 21,600,037 2.9x 36% 36% BCP V (Dec 2005 / Jan 2011) 21,013,658 1,039,805 547,749 0.5x 37,166,513 1.9x 37,714,262 1.9x 9% 8% BCP VI (Jan 2011 / May 2016) 15,192,985 1,462,121 8,803,625 1.2x 15,459,280 2.0x 24,262,905 1.6x 18% 9% BCP VII (May 2016 / Feb 2020) 18,814,389 3,712,977 16,769,010 1.2x 1,684,779 1.8x 18,453,789 1.2x 47% 9% *BCP VIII (Feb 2020 / Feb 2026) 25,519,504 25,519,504 - n/a - n/a - n/a n/a n/a Energy I (Aug 2011 / Feb 2015) 2,435,454 204,075 821,842 0.8x 2,744,575 1.9x 3,566,417 1.5x 17% 8% Energy II (Feb 2015 / Feb 2020) 4,918,748 328,306 3,017,136 0.7x 309,888 2.0x 3,327,024 0.7x 64% (24)% *Energy III (Feb 2020 / Feb 2026) 4,218,419 3,588,893 (82,173) n/m - n/a (82,173) n/m n/a n/a *BCP Asia (Dec 2017 / Dec 2023) 2,421,776 1,303,205 1,013,043 1.3x 54,308 1.7x 1,067,351 1.3x 88% 15% *Core Private Equity (Jan 2017 / Jan 2021) (j) 4,756,716 1,384,441 4,079,837 1.2x 418,053 1.6x 4,497,890 1.2x 36% 10% Total Corporate Private Equity 114,389,764 $  38,765,196 $    35,165,856 $    1.1x 96,392,111 $    2.1x 131,557,967 $      1.7x 16% 14% INVESTMENT RECORDS AS OF MARCH 31, 2020 (a)

Blackstone | 20 Notes on page 21. BXLS – Blackstone Life Sciences. * Represents funds that are currently in their investment period and open ended funds. ($ 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) Realized Total Private Equity (continued) Tactical Opportunities *Tactical Opportunities (Various) 22,572,493 $      8,879,110 $        8,426,422 $        0.9x 9,481,153 $        1.7x 17,907,575 $         1.2x 18% 5% *Tactical Opportunities Co-Investment and Other (Various) 8,514,502 2,297,930 5,065,155 1.2x 1,988,734 1.6x 7,053,889 1.3x 23% 11% Total Tactical Opportunities 31,086,995 $    11,177,040 $    13,491,577 $    1.0x 11,469,887 $    1.7x 24,961,464 $       1.3x 19% 7% Strategic Partners (Secondaries) Strategic Partners I-V (Various) (k) 11,865,053 1,713,744 970,995 n/m 16,803,497 n/m 17,774,492 1.5x n/a 13% Strategic Partners VI (Apr 2014 / Apr 2016) (k) 4,362,750 1,164,549 1,455,316 n/m 3,171,774 n/m 4,627,090 1.5x n/a 15% Strategic Partners VII (May 2016 / Mar 2019) (k) 7,489,970 2,438,824 5,397,627 n/m 1,754,124 n/m 7,151,751 1.5x n/a 21% *Strategic Partners Real Assets II (May 2017 / Mar 2022) (k) 1,749,807 618,582 811,051 n/m 349,039 n/m 1,160,090 1.2x n/a 16% *Strategic Partners VIII (Mar 2019 / Jul 2023) (k) 10,763,600 5,424,702 3,263,413 n/m 80,727 n/m 3,344,140 1.4x n/a n/m *Strategic Partners Real Estate, SMA and Other (Various) (k) 6,840,060 2,189,640 2,553,670 n/m 1,256,577 n/m 3,810,247 1.3x n/a 16% Total Strategic Partners (Secondaries) 43,071,240 $    13,550,041 $    14,452,072 $    n/m 23,415,738 $    n/m 37,867,810 $       1.5x n/a 14% *Infrastructure (Various) 13,659,163 11,309,149 2,131,958 0.9x - n/a 2,131,958 0.9x n/a (18)% Life Sciences Clarus IV (Jan 2018 / Jan 2020) 910,000 470,576 554,463 1.4x 4,992 1.2x 559,455 1.4x 18% 23% *BXLS V (Jan 2020 / Jan 2025) 4,270,552 4,037,552 21,803 1.1x - n/a 21,803 1.1x n/a n/m Credit (l) Mezzanine / Opportunistic I (Jul 2007 / Oct 2011) 2,000,000 $        97,114 $             15,513 $             0.8x 4,772,316 $        1.6x 4,787,829 $           1.6x n/a 17% Mezzanine / Opportunistic II (Nov 2011 / Nov 2016) 4,120,000 1,033,255 846,611 0.6x 5,474,187 1.6x 6,320,798 1.3x n/a 9% *Mezzanine / Opportunistic III (Sep 2016 / Sep 2021) 6,639,133 2,530,761 4,031,200 1.0x 1,905,173 1.6x 5,936,373 1.1x n/a 6% Stressed / Distressed I (Sep 2009 / May 2013) 3,253,143 76,000 17,897 0.0x 5,772,945 1.6x 5,790,842 1.3x n/a 9% Stressed / Distressed II (Jun 2013 / Jun 2018) 5,125,000 565,481 928,656 0.5x 4,367,226 1.3x 5,295,882 1.0x n/a (2)% *Stressed / Distressed III (Dec 2017 / Dec 2022) 7,356,380 4,495,807 1,702,749 0.8x 990,236 1.4x 2,692,985 0.9x n/a (23)% Energy I (Nov 2015 / Nov 2018) 2,856,867 1,070,297 1,216,670 0.7x 1,036,046 1.7x 2,252,716 1.0x n/a (3)% *Energy II (Feb 2019 / Feb 2024) 3,616,081 2,920,584 652,174 0.9x 44,826 2.8x 697,000 1.0x n/a n/m Euro European Senior Debt I (Feb 2015 / Feb 2019) 1,964,689 € 324,426 € 1,601,714 € 0.9x 1,356,846 € 1.4x 2,958,560 € 1.1x n/a 2% *European Senior Debt II (Jun 2019 / Jun 2024) 4,088,344 € 3,615,837 € 471,370 € 1.0x - € n/a 471,370 € 1.0x n/a n/m Total Credit 41,872,262 $    17,112,933 $    11,686,235 $    0.8x 25,896,535 $    1.5x 37,582,770 $       1.2x n/a 7% INVESTMENT RECORDS AS OF MARCH 31, 2020 (a) – (CONT’D)

Blackstone | 21 n/m Not meaningful generally due to the limited time since initial investment. n/a Not applicable. (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) Net Internal Rate of Return (“IRR”) represents the annualized inception to March 31, 2020 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 cash flow 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) BPP represents the core+ real estate funds which invest with a more modest risk profile and lower leverage. Committed Capital and Available Capital are not regularly reported to investors in our Core+ strategy and are not applicable in the context of these funds. (h) Unrealized Investment Value reflects BREIT’s net asset value as of March 31, 2020. Realized Investment Value represents BREIT’s cash distributions, net of servicing fees. BREIT 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. Inception to date net returns are presented on an annualized basis and are from January 1, 2017. Committed Capital and Available Capital are not regularly reported to investors in our Core+ strategy and are not applicable in the context of this vehicle. (i) BREDS High-Yield represents the flagship real estate debt drawdown funds only and excludes BREDS High-Grade. (j) Blackstone Core Equity Partners is a core private equity fund which invests with a more modest risk profile and longer hold period. (k) Realizations are treated as return of capital until fully recovered and therefore unrealized and realized MOICs are not meaningful. If information is not available on a timely basis, returns are calculated from results that are reported on a three month lag and therefore do not include the impact of economic activities in the current quarter. (l) Funds presented represent the flagship credit drawdown funds only. The Total Credit Net IRR is the combined IRR of the credit drawdown funds presented. The returns presented herein represent those of the applicable Blackstone Funds and not those of The Blackstone Group Inc. INVESTMENT RECORDS AS OF MARCH 31, 2020 – NOTES

Blackstone | 22 SHAREHOLDER DIVIDENDS Generated $0.46 of Distributable Earnings per common share during the quarter, bringing the LTM amount to $2.33 per common share. Blackstone declared a quarterly dividend of $0.39 per common share to record holders as of May 4, 2020; payable on May 11, 2020. A detailed description of Blackstone’s dividend policy and the definition of Distributable Earnings can be found on pages 34-35, Definitions and Dividend Policy. See additional notes on page 33. % Change % Change ($ in thousands, except per share data) 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 vs. 1Q'19 1Q'19 LTM 1Q'20 LTM vs. 1Q'19 LTM Distributable Earnings 537,958 $           708,862 $           709,921 $           914,038 $         557,111 $           4% 2,729,465 $ 2,889,932 $ 6% Add: Other Payables Attributable to Common Shareholders 14,598 39,673 24,578 63,796 9,200 (37)% 110,302 137,247 24% DE before Certain Payables 552,556 748,535 734,499 977,834 566,311 2% 2,839,767 3,027,179 7% Percent to Common Shareholders 56% 56% 56% 57% 58% 56% 57% DE before Certain Payables Attributable to Common Shareholders 310,832 419,502 413,900 556,133 325,990 5% 1,601,852 1,715,525 7% Less: Other Payables Attributable to Common Shareholders (14,598) (39,673) (24,578) (63,796) (9,200) (37)% (110,302) (137,247) 24% DE Attributable to Common Shareholders 296,234 379,829 389,322 492,337 316,790 7% 1,491,550 1,578,278 6% DE per Common Share 0.44 $               0.57 $               0.58 $               0.72 $             0.46 $               5% $2.20 $2.33 6% Less: Retained Capital per Common Share (0.07) $               (0.09) $                (0.09) $                (0.11) $             (0.07) $                - (0.33) $        (0.36) $        9% Special Cash Dividend per Common Share - $                  - $                  - $                  - $                - $                  n/m 0.30 $          - $           n/m Actual Dividend per Common Share 0.37 $               0.48 $               0.49 $               0.61 $             0.39 $               5% 2.17 $         1.97 $         (9)% Record Date May 4, 2020 Payable Date May 11, 2020

Blackstone | 23 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 Participating Common Shares 674,457,578         669,561,793         675,640,119         680,457,424         687,869,905               Participating Partnership Units 524,504,626         525,165,724         523,338,040         515,973,657         507,101,000                Distributable Earnings Shares Outstanding 1,198,962,204    1,194,727,517    1,198,978,159    1,196,431,081    1,194,970,905          SHARE SUMMARY Distributable Earnings Shares Outstanding as of quarter end of 1,195 million shares. – Repurchased 5.0 million common shares in the quarter and 16.2 million common shares for the LTM. – Available authorization remaining was $528 million at March 31, 2020. Notes on page 33.

Reconciliations and Disclosures Blackstone | 24

Blackstone | 25 Notes on page 26-27. QTD LTM ($ in thousands) 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 1Q'19 1Q'20 Net Income (Loss) Attributable to The Blackstone Group Inc. 481,304 $    305,792 $    779,437 $    483,149 $    (1,066,492) $ 1,655,220 $ 501,886 $    Net Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings 402,260 259,330 299,900 378,137 (880,117) 1,447,041 57,250 Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities 186,833 80,744 88,406 120,796 (645,077) 390,212 (355,131) Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities 2,480 1,095 (8) (3,688) (15,469) 1,651 (18,070) Net Income (Loss) 1,072,877 $ 646,961 $    1,167,735 $ 978,394 $    (2,607,155) $ 3,494,124 $ 185,935 $    Provision (Benefit) for Taxes 41,155 38,736 (156,786) 28,943 (158,703) 236,050 (247,810) Income (Loss) Before Provision (Benefit) for Taxes 1,114,032 $ 685,697 $    1,010,949 $ 1,007,337 $ (2,765,858) $ 3,730,174 $ (61,875) $     Transaction-Related Charges (a) 89,451 106,994 (82,547) 94,715 46,994 (224,954) 166,156 Amortization of Intangibles (b) 16,483 16,483 16,483 16,482 16,483 61,604 65,931 Impact of Consolidation (c) (189,313) (81,839) (88,398) (117,108) 660,546 (391,863) 373,201 Unrealized Performance Revenues (d) (664,333) (157,398) (176,604) (128,333) 3,453,446 (597,157) 2,991,111 Unrealized Performance Allocations Compensation (e) 287,015 64,518 94,907 93,845 (1,397,378) 352,322 (1,144,108) Unrealized Principal Investment (Income) Loss (f) (139,925) 56,353 5,219 (34,974) 616,610 (60,096) 643,208 Other Revenues (g) (13,189) 20,150 (92,843) 6,435 (138,151) (163,551) (204,409) Equity-Based Compensation (h) 66,776 53,105 58,570 51,743 87,472 180,848 250,890 Taxes and Related Payables (i) (29,039) (55,201) (35,815) (76,104) (23,053) (157,862) (190,173) Distributable Earnings 537,958 $    708,862 $    709,921 $    914,038 $    557,111 $      2,729,465 $ 2,889,932 $ Taxes and Related Payables (i) 29,039 55,201 35,815 76,104 23,053 157,862 190,173 Net Interest (Income) Loss (j) (5,061) (2,761) 7,767 2,496 3,941 (28,839) 11,443 Total Segment Distributable Earnings 561,936 $    761,302 $    753,503 $    992,638 $    584,105 $      2,858,488 $ 3,091,548 $ Realized Performance Revenues (k) (246,769) (341,386) (420,840) (651,647) (167,233) (1,780,169) (1,581,106) Realized Performance Compensation (l) 85,240 125,466 143,870 249,359 71,302 648,552 589,997 Realized Principal Investment Income (m) (25,908) (123,557) (36,148) (38,542) (20,290) (233,273) (218,537) Fee Related Earnings 374,499 $    421,825 $    440,385 $    551,808 $    467,884 $      1,493,598 $ 1,881,902 $ Adjusted EBITDA Reconciliation Distributable Earnings 537,958 $    708,862 $    709,921 $    914,038 $    557,111 $      2,729,465 $ 2,889,932 $ Interest Expense (n) 41,638 43,230 52,815 57,351 41,540 163,238 194,936 Taxes and Related Payables (i) 29,039 55,201 35,815 76,104 23,053 157,862 190,173 Depreciation and Amortization 5,789 6,000 6,895 7,666 7,512 23,420 28,073 Adjusted EBITDA 614,424 $    813,293 $    805,446 $    1,055,159 $ 629,216 $      3,073,985 $ 3,303,114 $ RECONCILIATION OF GAAP TO NON-GAAP MEASURES

Blackstone | 26 Note: See pages 34-35, 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 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. (b) This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation. This amount includes amortization of intangibles associated with Blackstone’s investment in Pátria, which is accounted for under the equity method. (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 Revenues on a segment basis. The Segment Adjustment represents the add back of performance revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation. QTD LTM 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 1Q'19 1Q'20 GAAP Unrealized Performance Allocations 663,999 $         157,732 $         176,370 $         128,231 $         (3,453,081) $     597,283 $         (2,990,748) $     Segment Adjustment 334                  (334)                  234                   102                   (365)                  (126)                  (363)                  Unrealized Performance Revenues 664,333 $         157,398 $         176,604 $         128,333 $         (3,453,446) $     597,157 $         (2,991,111) $     (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. QTD LTM 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 1Q'19 1Q'20 GAAP Unrealized Principal Investment Income (Loss) 169,044 $         (37,345) $         15,391 $           67,913 $           (959,365) $        107,187 $         (913,406) $        Segment Adjustment (29,119)            (19,008)            (20,610)            (32,939)            342,755            (47,091)            270,198            Unrealized Principal Investment Income (Loss) 139,925 $         (56,353) $         (5,219) $           34,974 $           (616,610) $        60,096 $           (643,208) $        (g) This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents (1) the add back of Other Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of certain Transaction-Related Charges. QTD LTM 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 1Q'19 1Q'20 GAAP Other Revenue 10,250 $           (17,120) $         93,273 $           (6,410) $           138,180 $         741,884 $         207,923 $         Segment Adjustment 2,939               (3,030)              (430)                  (25)                    (29)                    (578,333)          (3,514)              Other Revenues 13,189 $           (20,150) $         92,843 $           (6,435) $           138,151 $         163,551 $         204,409 $         (h) This adjustment removes Equity-Based Compensation on a segment basis. RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES