Exhibit 99.1

Blackstone Reports Second Quarter 2017 Results

New York, July 20, 2017: Blackstone (NYSE:BX) today reported its second quarter 2017 results.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone reported strong results for our shareholders in the second quarter, which also marked the end of our first decade as a public company. The firm remains in top form – revenue, earnings, and distributions all saw double-digit growth versus the prior year, and AUM reached a new all-time high of $371 billion, having grown fourfold since the IPO. Our LPs continue to entrust us with more of their capital to manage as we extend our expertise across more investment strategies. I’m confident that our culture of excellence, integrity and innovation will continue to serve our investors in the coming decades as well as it has in our last.”

Blackstone issued a full detailed presentation of its second quarter 2017 results, which can be viewed at www.blackstone.com.

Distribution

Blackstone has declared a quarterly distribution of $0.54 per common unit to record holders of common units at the close of business on July 31, 2017. This distribution will be paid on August 7, 2017.

Quarterly Investor Call Details

Blackstone will host a conference call on July 20, 2017 at 11:00 a.m. ET to discuss second quarter 2017 results. The conference call can be accessed via the Shareholders section of Blackstone’s website at www.blackstone.com or by dialing +1 (877) 391-6747 (U.S. domestic) or +1 (617) 597-9291 (international), pass code 149 943 55#. For those unable to listen to the live broadcast, a replay will be available on www.blackstone.com or by dialing +1 (888) 286-8010 (U.S. domestic) or +1 (617) 801-6888 (international), pass code 756 128 72#.

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 over $370 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, 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.

The Blackstone Group L.P.

345 Park Avenue

New York, New York 10154

T 212 583 5000

Forward-Looking Statements

This release 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 Blackstone’s current views with respect to, among other things, Blackstone’s operations and financial performance. 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. Blackstone believes these factors include but are not limited to those described under the section entitled “Risk Factors” in its Annual Report on Form 10-K for the fiscal year ended December 31, 2016, as such factors may be updated from time to time in its periodic filings with the Securities and Exchange Commission, 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 release and in the filings. Blackstone undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

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

Investor and Media Relations Contacts

2

Blackstone’s Second Quarter 2017 Earnings July 20, 2017

Blackstone 1 % Change % Change (Dollars in Thousands, Except per Unit Data) (Unaudited) 2Q'16 2Q'17 vs. 2Q'16 2Q'16 YTD 2Q'17 YTD vs. 2Q'16 YTD Revenues Management and Advisory Fees, Net 607,823 $      686,586 $             13% 1,216,729 $         1,328,728 $         9% Performance Fees Realized Carried Interest 323,734         602,160                86% 554,643                1,713,416             209% Realized Incentive Fees 29,441           40,805                  39% 57,860                  87,965                  52% Unrealized Carried Interest 88,292           65,197                  (26)% 135,878                (89,486)                 n/m Unrealized Incentive Fees 7,776             48,235                  520% 15,355                  107,644                601% Total Performance Fees 449,243         756,397                68% 763,736                1,819,539             138% Investment Income (Loss) Realized 65,037           125,058                92% 53,036                  376,402                610% Unrealized 40,102           7,275                    (82)% 43,595                  (32,913)                 n/m Total Investment Income 105,139         132,333                26% 96,631                  343,489                255% Interest and Dividend Revenue 22,286           33,703                  51% 45,361                  62,198                  37% Other 7,935             (59,664)                 n/m 2,323                    (63,876)                 n/m Total Revenues 1,192,426     1,549,355            30% 2,124,780            3,490,078            64% Expenses Compensation and Benefits Compensation 355,424         367,203                3% 701,427                718,792                2% Performance Fee Compensation Realized Carried Interest 87,580           195,289                123% 146,084                561,480                284% Realized Incentive Fees 15,250           21,481                  41% 29,374                  44,233                  51% Unrealized Carried Interest 75,202           74,500                  (1)% 105,203                70,113                  (33)% Unrealized Incentive Fees 2,689             20,600                  666% 6,137                    43,739                  613% Total Compensation and Benefits 536,145         679,073                27% 988,225                1,438,357             46% General, Administrative and Other 130,988         115,281                (12)% 254,033                221,325                (13)% Interest Expense 36,878           41,089                  11% 74,234                  81,335                  10% Fund Expenses 8,592             49,669                  478% 13,821                  73,745                  434% Total Expenses 712,603         885,112                24% 1,330,313            1,814,762            36% Other Income Net Gains from Fund Investment Activities 30,703           110,054                258% 49,845                  176,186                253% Income Before Provision for Taxes 510,526 $      774,297 $            52% 844,312 $            1,851,502 $         119% Provision for Taxes 47,415           29,608                  (38)% 56,561                  87,045                  54% Net Income 463,111 $      744,689 $            61% 787,751 $            1,764,457 $         124% Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities (2,049)            991                       n/m (8,450)                   2,991                    n/m Net Income Attributable to Non-Controlling Interests in Consolidated Entities 64,729           112,944                74% 104,815                251,629                140% Net Income Attributable to Non-Controlling Interests in Blackstone Holdings 201,805         287,979                43% 333,007                705,237                112% Net Income Attributable to The Blackstone Group L.P. ("BX") 198,626 $      342,775 $            73% 358,379 $            804,600 $            125% Net Income per Common Unit, Basic 0.31 $            0.52 $                   68% 0.55 $                   1.21 $                   120% Net Income per Common Unit, Diluted 0.30 $            0.51 $                   70% 0.54 $                   1.20 $                   122% Blackstone’s Second Quarter 2017 GAAP Results GAAP Net Income was $745 million for the quarter, and $1.8 billion year-to-date. GAAP Net Income Attributable to The Blackstone Group L.P. was $343 million for the quarter and $805 million year-to-date. n/m = not meaningful.

Blackstone 2 Blackstone’s Second Quarter 2017 Segment Highlights Economic Net Income (“ENI”) was $705 million ($0.59/unit) in the quarter, up 36% year-over-year, on $1.5 billion of Total Segment Revenues from management fee growth and strong fund returns. • ENI was $1.7 billion ($1.41/unit) year-to-date on $3.4 billion of Total Segment Revenues. Distributable Earnings (“DE”) was $781 million ($0.63/unit) in the quarter, up 58% year-over-year, with realizations resulting in $643 million of Realized Performance Fees. • DE was $2.0 billion ($1.65/unit) year-to-date on $1.8 billion of Realized Performance Fees. Fee Related Earnings (“FRE”) was $311 million in the quarter, up 33% year-over-year, on $697 million of Net Management and Advisory Fees. • FRE was $602 million year-to-date, up 25% year-over-year, on $1.3 billion of Net Management and Advisory Fees. Total Assets Under Management (“AUM”) grew to a record $371.1 billion through a combination of continued fundraising, organic platform expansion and fund appreciation. • Inflows were $12.1 billion in the quarter, bringing the last twelve months (“LTM”) inflows to $57.4 billion. • Total AUM increased 4% year-over-year and Fee-Earning AUM was up 6% to $281.9 billion. Capital deployed of $8.4 billion in the quarter and $20.2 billion year-to-date across the businesses. Blackstone declared a second quarter distribution of $0.54 per common unit payable on August 7, 2017. The changes in carrying value, fund returns and composite returns presented throughout this presentation represent those of the applicable Blackstone Funds and not those of The Blackstone Group L.P.

Blackstone 3 Blackstone’s Second Quarter 2017 Segment Earnings % Change % Change (Dollars in Thousands, Except per Unit Data) 2Q'16 2Q'17 vs. 2Q'16 2Q'16 YTD 2Q'17 YTD vs. 2Q'16 YTD Management and Advisory Fees, Net 612,220 $          696,836 $          14% 1,225,421 $       1,346,417 $       10% Performance Fees 449,372             757,006             68% 763,437             1,820,734          138% Investment Income 59,771                67,720                13% 33,121                171,679             418% Interest Income and Dividend Revenue 35,233                53,255                51% 70,314                99,131                41% Other 8,546                  (62,469)              n/m 2,298                  (70,756)              n/m Total Revenues 1,165,142          1,512,348          30% 2,094,591          3,367,205          61% Total Expenses 624,132             782,811             25% 1,166,136          1,632,825          40% Taxes 21,234                24,168                14% 38,028                42,973                13% Economic Net Income 519,776 $          705,369 $          36% 890,427 $          1,691,407 $      90% ENI per Unit 0.44 $                0.59 $                34% 0.75 $                1.41 $                88% Fee Related Earnings 234,442 $          311,183 $          33% 481,109 $          601,925 $          25% Distributable Earnings 494,913 $          781,365 $          58% 889,128 $          2,011,503 $      126% DE per Common Unit 0.41 $                0.63 $                54% 0.74 $                1.65 $                123% Total AUM 356,281,669 $  371,056,281 $  4% 356,281,669 $  371,056,281 $  4% Fee-Earning AUM 266,006,713 $  281,934,511 $  6% 266,006,713 $  281,934,511 $  6%

Blackstone 4 Private Equity 2.8% 2Q’17 Increase in Corporate Private Equity Carrying Value $2.8 billion 2Q’17 Realizations $192 million Net Management and Advisory Fees up 39% YoY Corporate Private Equity carrying value increased 2.8% in the quarter, driven by appreciation in the public and private portfolios across multiple sectors and industries. Realizations of $2.8 billion in the quarter were primarily driven by public sales in Corporate Private Equity and Strategic Partners, bringing year-to-date realizations to $9.0 billion. Invested $4.2 billion in the quarter, including new Corporate Private Equity investments in Alight Solutions (formerly an Aon Hewitt business) and EagleClaw Midstream. • Committed an additional $1.1 billion during the quarter, mainly driven by Ascend Learning. Total AUM inflows of $1.8 billion and portfolio appreciation in the quarter drove Total AUM to $100.0 billion. Fee-Earning AUM of $68.0 billion, leading to strong Net Management and Advisory Fees of $192 million, up 39% year-over-year due to the commencement of the investment periods for flagship funds. % Change % Change (Dollars in Thousands) 2Q'16 2Q'17 vs. 2Q'16 2Q'16 YTD 2Q'17 YTD vs. 2Q'16 YTD Management and Advisory Fees, Net 138,371 $           191,749 $           39% 271,091 $           374,223 $           38% Performance Fees 142,103              197,857              39% 246,260              595,705              142% Investment Income 20,160                16,154                (20)% 20,243                56,219                178% Interest Income and Dividend Revenue 9,516                  12,451                31% 19,365                23,373                21% Other 3,395                  (16,124)               n/m 1,808                  (17,924)               n/m Total Revenues 313,545              402,087              28% 558,767              1,031,596          85% Compensation 83,140                90,844                9% 163,414              174,586              7% Performance Fee Compensation 50,396                85,279                69% 75,119                227,556              203% Other Operating Expenses 48,371                47,665                (1)% 96,434                90,487                (6)% Total Expenses 181,907              223,788              23% 334,967              492,629              47% Economic Income 131,638 $          178,299 $          35% 223,800 $          538,967 $          141% Total AUM 99,685,655 $     100,020,379 $   0% 99,685,655 $     100,020,379 $   0% Fee-Earning AUM 69,467,174 $     68,030,331 $     (2)% 69,467,174 $     68,030,331 $     (2)%

Blackstone 5 Real Estate 5.4% 2Q’17 Increase in Opportunistic Funds’ Carrying Value $73.7 billion Fee-Earning AUM up 10% YoY % Change % Change (Dollars in Thousands) 2Q'16 2Q'17 vs. 2Q'16 2Q'16 YTD 2Q'17 YTD vs. 2Q'16 YTD Management Fees, Net 220,897 $           238,934 $           8% 453,003 $           454,542 $           0% Performance Fees 193,548              494,127              155% 396,487              1,013,327          156% Investment Income 11,027                37,080                236% 21,865                72,806                233% Interest Income and Dividend Revenue 13,084                20,998                60% 26,272                39,165                49% Other 2,231                  (22,965)               n/m 322                      (26,115)               n/m Total Revenues 440,787              768,174              74% 897,949              1,553,725          73% Compensation 102,888              110,266              7% 203,466              212,968              5% Performance Fee Compensation 76,540                196,077              156% 153,610              397,673              159% Other Operating Expenses 52,201                55,373                6% 100,298              107,342              7% Total Expenses 231,629              361,716              56% 457,374              717,983              57% Economic Income 209,158 $          406,458 $          94% 440,575 $          835,742 $          90% Total AUM 103,197,060 $   104,034,287 $   1% 103,197,060 $   104,034,287 $   1% Fee-Earning AUM 66,744,550 $     73,710,243 $     10% 66,744,550 $     73,710,243 $     10% $4.6 billion 2Q’17 Realizations Opportunistic funds’ carrying value increased 5.4% in the quarter due to appreciation in both the private and public investment portfolios; core+ funds’ carrying value increased 3.0% in the quarter. Sustained strong level of realizations with $4.6 billion in the quarter driven by public stock sales of Hilton-related companies and Equity Office Properties asset sales, bringing the year-to-date total to $11.2 billion. • Announced sale of Logicor, the largest direct owner of logistics properties in Europe, for €12.25 billion. Invested $2.4 billion in the quarter, including in a 2.2 million square meter European urban logistics portfolio and two high quality U.S. apartment portfolios. • Committed an additional $1.8 billion during the quarter, including three public-to-private transactions. Total AUM inflows of $3.2 billion included €1.1 billion for the final closing of BREP Europe V, bringing total capital commitments to €7.8 billion, making it the largest dedicated European real estate fund ever; and $530 million raised for BREDS initial high grade strategy. • On July 1, Blackstone’s non-traded REIT reached $1.0 billion of equity raised since its launch in January.

Blackstone 6 Hedge Fund Solutions 1.3% 2Q’17 BPS Composite Gross Return The BPS Composite gross and net returns are based on the BAAM Principal Solutions (“BPS”) Composite, which does not include BAAM's individual investor solutions (liquid alternatives), long-biased commodities, ventures (seeding and minority interests), strategic opportunities (co-invests), and advisory (non-discretionary) platforms, except for investments by BPS funds directly into those platforms. BAAM-managed funds in liquidation are also excluded. The funds/accounts that comprise the BPS Composite are not managed within a single fund or account and are managed with different mandates. There is no guarantee that BAAM would have made the same mix of investments in a stand-alone fund/account. The BPS Composite is not an investible product and, as such, the performance of the Composite does not represent the performance of an actual fund or account. $2.0 billion 2Q’17 Total AUM Inflows $72.5 billion Total AUM up 6% YoY % Change % Change (Dollars in Thousands) 2Q'16 2Q'17 vs. 2Q'16 2Q'16 YTD 2Q'17 YTD vs. 2Q'16 YTD Management Fees, Net 130,118 $           130,394 $           0% 260,819 $           259,121 $           (1)% Performance Fees 1,586                  29,596                n/m 1,367                  88,388                n/m Investment Income (Loss) 8,842                  11,803                33% (8,194)                 29,464                n/m Interest Income and Dividend Revenue 5,205                  8,769                  68% 10,501                16,323                55% Other 1,125                  (10,720)               n/m (263)                    (12,330)               n/m Total Revenues 146,876              169,842              16% 264,230              380,966              44% Compensation 44,436                47,361                7% 98,605                94,965                (4)% Performance Fee Compensation 2,043                  13,782                575% 2,711                  36,312                n/m Other Operating Expenses 27,218                26,240                (4)% 53,364                52,040                (2)% Total Expenses 73,697                87,383                19% 154,680              183,317              19% Economic Income 73,179 $             82,459 $             13% 109,550 $          197,649 $          80% Total AUM 68,649,878 $     72,476,444 $     6% 68,649,878 $     72,476,444 $     6% Fee-Earning AUM 64,973,999 $     67,824,464 $     4% 64,973,999 $     67,824,464 $     4% The BPS Composite gross return was 1.3% in the quarter (1.1% net), and 4.0% (3.6% net) year-to-date, continuing positive momentum in returns. • Gross returns of 9.5% (8.6% net) for the LTM. Total inflows of $2.0 billion during the quarter and $5.6 billion year-to-date, driven by customized solutions, commingled products and individual investor and specialized solutions. • July 1 subscriptions of $457 million are not yet included in AUM. Total AUM increased 6% year-over-year to $72.5 billion, driven by continued platform diversification, growth in customized strategies and individual investor solutions, and appreciation across strategies. • Fee-Earning AUM up 4% year-over-year to $67.8 billion.

Blackstone 7 Credit Performing Credit Strategies include mezzanine lending funds, Business Development Companies (“BDCs”) and other performing credit strategy funds. Distressed Strategies include hedge fund strategies, rescue lending funds and distressed energy strategies. The composite gross returns represent a weighted-average composite of the fee-earning funds exceeding $100 million of fair value at each respective quarter end for each strategy. Composite gross returns exclude the Blackstone Funds that were contributed to GSO as part of Blackstone’s acquisition of GSO in March 2008. Performing Credit Strategies’ net composite returns were 0.5%, 2.9% and 11.2% for 2Q’17, 2Q'17 YTD and 2Q'17 LTM. Distressed Strategies’ net composite returns were (1.6)%, 0.3% and 11.0% for 2Q’17, 2Q'17 YTD and 2Q'17 LTM. The breakdown of Total AUM for 2Q’17 is as follows: Distressed Strategies $21.2 billion (34% Incentive Fee, 66% Carried Interest), Performing Credit Strategies $38.0 billion (49% Incentive Fee, 51% Carried Interest), and Long Only $35.3 billion. The breakdown of Fee-Earning AUM for 2Q’17 is as follows: Distressed Strategies $12.9 billion (50% Incentive Fee, 50% Carried Interest), Performing Credit Strategies $25.0 billion (74% Incentive Fee, 26% Carried Interest), and Long Only $34.5 billion. $2.7 billion 2Q’17 Total Capital Deployed or Committed $94.5 billion Total AUM up 12% YoY 2Q’17 Composite Gross Returns Performing Credit 1.5% Distressed (1.2)% Composite gross returns for the quarter were 1.5% and (1.2)% for Performing Credit and Distressed Strategies, respectively, with performance impacted by the decrease in commodity prices in the energy portfolio. Investment pace remained strong with $2.7 billion of capital deployed or committed during the quarter, capitalizing on investment opportunities predominantly in Europe and the energy sector. • Deployed a record $6.0 billion over the LTM, of which $4.0 billion was deployed year-to-date. Total AUM increased 12% year-over-year reaching a record $94.5 billion. • Raised $1.3 billion towards the first closing of the successor distressed flagship fund during the quarter, with an additional $2.9 billion closed subsequent to the quarter end. • Launched 10 CLOs (seven U.S. and three European) in the LTM totaling $5.7 billion, including $2.0 billion launched in the second quarter of 2017. Fee-Earning AUM increased 12% year-over-year reaching a record $72.4 billion. % Change % Change (Dollars in Thousands) 2Q'16 2Q'17 vs. 2Q'16 2Q'16 YTD 2Q'17 YTD vs. 2Q'16 YTD Management Fees, Net 122,834 $           135,759 $           11% 240,508 $           258,531 $           7% Performance Fees 112,135              35,426                (68)% 119,323              123,314              3% Investment Income (Loss) 19,742                2,683                  (86)% (793)                    13,190                n/m Interest Income and Dividend Revenue 7,428                  11,037                49% 14,176                20,270                43% Other 1,795                  (12,660)               n/m 431                      (14,387)               n/m Total Revenues 263,934              172,245              (35)% 373,645              400,918              7% Compensation 55,691                56,786                2% 108,073              111,765              3% Performance Fee Compensation 51,744                16,732                (68)% 55,358                58,024                5% Other Operating Expenses 29,464                36,406                24% 55,684                69,107                24% Total Expenses 136,899              109,924              (20)% 219,115              238,896              9% Economic Income 127,035 $          62,321 $             (51)% 154,530 $          162,022 $          5% Total AUM 84,749,076 $     94,525,171 $     12% 84,749,076 $     94,525,171 $     12% Fee-Earning AUM 64,820,990 $     72,369,473 $     12% 64,820,990 $     72,369,473 $     12%

Blackstone 8 $81.3 $84.7 $94.5 $67.8 $68.6 $72.5 $91.6 $103.2 $104.0 $92.0 $99.7 $100.0 2Q'15 2Q'16 2Q'17 Fee-Earning AUM by Segment (Dollars in Billions) Total AUM by Segment (Dollars in Billions) $332.7 Private Equity Real Estate Hedge Fund Solutions Credit Assets Under Management $61.6 $64.8 $72.4 $65.5 $65.0 $67.8 $62.7 $66.7 $73.7 $49.5 $69.5 $68.0 2Q'15 2Q'16 2Q'17 $356.3 $371.1 $239.3 $266.0 $281.9 Total AUM increased 4% year-over-year to $371.1 billion driven by $57.4 billion of inflows. • Total AUM increased despite returning $71.6 billion of capital to investors during the LTM. Fee-Earning AUM of $281.9 billion up 6% year-over-year as $54.6 billion of inflows outpaced $47.4 billion of realizations and outflows.

Blackstone 9 $13.5 $2.2 $11.1 $13.2 Additional Capital Detail Undrawn capital (“Total Dry Powder”) was $90.0 billion, despite $32.8 billion of capital deployed in the LTM. • 76% of Total Dry Powder was raised since the beginning of 2015. Performance Fee Eligible AUM reached $274.7 billion at quarter end, up 2% year-over-year, despite significant realizations in the Real Estate and Private Equity segments. Uninvested Not Currently Earning Performance Fees Currently Earning Performance Fees Private Equity Real Estate Hedge Fund Solutions Credit $90 billion 2Q’17 Total Dry Powder $275 billion Performance Fee Eligible AUM $40 billion Not Currently Earning Management Fees $269.2 $274.7 $250.0 Credit Hedge Fund Solutions Real Estate Private Equity $40.1 $37.5 $31.7 $3.8 $17.0 $155.1 $129.0 $157.8 $16.2 $44.7 $25.3 $78.7 $95.5 $91.6 2Q'15 2Q'16 2Q'17

Blackstone 10 2Q'15 2Q'16 2Q'17 At June 30, 2017, Blackstone had $5.0 billion in total cash, cash equivalents, and corporate treasury investments and $10. billion of cash and net investments, or $8. 51 per unit. Blackstone has no net debt, a $1.5 billion undrawn credit revolver and maintains A+/A+ ratings. Deconsolidated Balance Sheet Highlights Balance Sheet Highlights are preliminary, and exclude the consolidated Blackstone Funds. Investments include Blackstone investments in Private Equity, Real Estate, Hedge Fund Solutions, and Credit, which were $625 million, $789 million, $114 million, and $316 million, respectively, as of June 30, 2017, $782 million, $1.0 billion, $123 million, and $267 million, respectively, as of June 30, 2016 and $1.0 billion, $1.1 billion, $133 million, and $232 million, respectively, as of June 30, 2015. Cash and Net Investments per unit amounts are calculated using period end DE Units Outstanding. A+/A+ Rated by S&P and Fitch $1.5 billion Undrawn Credit Revolver with August 2021 Maturity $5.0 billion Total Cash and Corporate Treasury $8.51 $7.62 $9.43 Cash and Net Investments (Per Unit) (Dollars in Millions) 2Q’17 Cash and Cash Equivalents $ 1,746 Corporate Treasury Investments 3,300 GP/Fund Investments 1,844 Net Accrued Performance Fees 3,292 Cash and Net Investments $ 10,182 Outstanding Bonds (at par) $ 3,513 2

Blackstone 11 $1,454 $718 $1,125 $1,138 $475 $629 2Q'15 LTM 2Q'16 LTM 2Q'17 LTM $2,424 $2,130 $1,997 $1,764 $1,064 $1,028 2Q'15 2Q'16 2Q'17 Performance Fees Net Realized Performance Fees (Dollars in Millions) $1,306 $1,881 $2,833 Net Accrued Performance Fees (Dollars in Millions) $3,321 $3,292 $4,472 Private Equity Real Estate Credit Hedge Fund Solutions $3.3 billion Net Accrued Performance Fees at 2Q’17 $2.75 per unit Net Accrued Performance Fees at 2Q’17 Net Accrued Performance Fees per unit is calculated using period end DE Units Outstanding (see page 30, Unit Rollforward). Net Accrued Performance Fees were $3.3 billion ($2.75/unit), stable over the last twelve months with strong appreciation generating $1.9 billion of additional Net Accrued Performance Fees that offset $1.9 billion of realizations.

Appendix

Blackstone 13 Total Segments Note: The amounts reported for LP and Total Capital Invested for the periods 3Q’16 through 1Q’17 reflect an adjustment in the Hedge Fund Solutions segment from those previously reported. (Dollars in Thousands) 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 2Q'16 YTD 2Q'17 YTD Revenues Management and Advisory Fees, Net Base Management Fees 593,996 $              593,509 $              623,571 $              642,958 $              671,368 $              1,180,699 $           1,314,326 $           Transaction, Advisory and Other Fees, Net 33,620 29,021 35,618 40,222 38,892 80,219 79,114 Management Fee Offsets (15,396) (20,850) (23,297) (33,599) (13,424) (35,497) (47,023) Total Management and Advisory Fees, Net 612,220 601,680 635,892 649,581 696,836 1,225,421 1,346,417 Performance Fees Realized Carried Interest 323,734 504,022 416,250 1,111,322 602,293 554,643 1,713,615 Realized Incentive Fees 29,363 30,295 83,993 47,137 41,106 57,813 88,243 Unrealized Carried Interest 88,268 106,157 239,210 (154,747) 65,080 135,874 (89,667) Unrealized Incentive Fees 8,007 32,172 2,450 60,016 48,527 15,107 108,543 Total Performance Fees 449,372 672,646 741,903 1,063,728 757,006 763,437 1,820,734 Investment Income (Loss) Realized 53,670 60,634 95,666 202,894 100,887 43,569 303,781 Unrealized 6,101 27,253 3,616 (98,935) (33,167) (10,448) (132,102) Total Investment Income 59,771 87,887 99,282 103,959 67,720 33,121 171,679 Interest Income and Dividend Revenue 35,233 33,081 42,488 45,876 53,255 70,314 99,131 Other 8,546 (425) 52,839 (8,287) (62,469) 2,298 (70,756) Total Revenues 1,165,142 1,394,869 1,572,404 1,854,857 1,512,348 2,094,591 3,367,205 Expenses Compensation 286,155 268,595 241,063 289,027 305,257 573,558 594,284 Performance Fee Compensation Realized Carried Interest 87,581 168,427 141,443 366,191 195,289 146,084 561,480 Realized Incentive Fees 15,251 15,436 33,286 22,752 21,481 29,374 44,233 Unrealized Carried Interest 75,202 70,044 137,591 (4,387) 74,500 105,203 70,113 Unrealized Incentive Fees 2,689 13,508 1,489 23,139 20,600 6,137 43,739 Total Compensation and Benefits 466,878 536,010 554,872 696,722 617,127 860,356 1,313,849 Other Operating Expenses 157,254 150,890 172,672 153,292 165,684 305,780 318,976 Total Expenses 624,132 686,900 727,544 850,014 782,811 1,166,136 1,632,825 Economic Income 541,010 $              707,969 $              844,860 $              1,004,843 $          729,537 $              928,455 $              1,734,380 $          Economic Net Income 519,776 $              686,984 $              811,610 $              986,038 $              705,369 $              890,427 $              1,691,407 $          Fee Related Earnings 234,442 $              246,084 $              294,495 $              290,742 $              311,183 $              481,109 $              601,925 $              Distributable Earnings 494,913 $              593,453 $              638,994 $              1,230,138 $          781,365 $              889,128 $              2,011,503 $          Total Assets Under Management 356,281,669 $      361,040,173 $      366,553,465 $      368,196,917 $      371,056,281 $      356,281,669 $      371,056,281 $      Fee-Earning Assets Under Management 266,006,713 $      267,757,727 $      277,092,672 $      280,215,551 $      281,934,511 $      266,006,713 $      281,934,511 $      Weighted Average Fee-Earning AUM 259,756,363 $      268,503,412 $      274,475,842 $      279,582,971 $      281,966,547 $      255,511,902 $      281,109,401 $      LP Capital Invested 3,795,171 $           4,136,405 $           7,974,603 $           9,709,930 $           7,799,624 $           10,310,742 $        17,509,554 $        Total Capital Invested 4,049,774 $           4,310,564 $           8,221,697 $           11,840,913 $        8,382,583 $           10,743,149 $        20,223,496 $

Blackstone 14 Private Equity (Dollars in Thousands) 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 2Q'16 YTD 2Q'17 YTD Revenues Management and Advisory Fees, Net Base Management Fees 131,477 $              131,708 $              160,301 $              177,464 $              176,555 $              262,125 $              354,019 $              Transaction, Advisory and Other Fees, Net 11,089 12,892 8,972 17,200 18,947 20,009 36,147 Management Fee Offsets (4,195) (12,917) (10,850) (12,190) (3,753) (11,043) (15,943) Total Management and Advisory Fees, Net 138,371 131,683 158,423 182,474 191,749 271,091 374,223 Performance Fees Realized Carried Interest 57,056 26,398 131,532 582,681 197,257 87,338 779,938 Unrealized Carried Interest 85,047 144,597 121,262 (184,833) 600 158,922 (184,233) Total Performance Fees 142,103 170,995 252,794 397,848 197,857 246,260 595,705 Investment Income (Loss) Realized 22,926 15,469 50,339 80,889 41,168 7,569 122,057 Unrealized (2,766) 8,884 (26,401) (40,824) (25,014) 12,674 (65,838) Total Investment Income 20,160 24,353 23,938 40,065 16,154 20,243 56,219 Interest Income and Dividend Revenue 9,516 9,160 11,746 10,922 12,451 19,365 23,373 Other 3,395 411 18,239 (1,800) (16,124) 1,808 (17,924) Total Revenues 313,545 336,602 465,140 629,509 402,087 558,767 1,031,596 Expenses Compensation 83,140 73,889 73,154 83,742 90,844 163,414 174,586 Performance Fee Compensation Realized Carried Interest 30,946 13,741 50,768 181,633 63,060 46,373 244,693 Unrealized Carried Interest 19,450 69,300 65,891 (39,356) 22,219 28,746 (17,137) Total Compensation and Benefits 133,536 156,930 189,813 226,019 176,123 238,533 402,142 Other Operating Expenses 48,371 47,534 52,465 42,822 47,665 96,434 90,487 Total Expenses 181,907 204,464 242,278 268,841 223,788 334,967 492,629 Economic Income 131,638 $              132,138 $              222,862 $              360,668 $              178,299 $              223,800 $              538,967 $              Total Assets Under Management 99,685,655 $        99,722,322 $        100,192,950 $      99,711,406 $        100,020,379 $      99,685,655 $        100,020,379 $      Fee-Earning Assets Under Management 69,467,174 $        69,347,910 $        69,113,409 $        68,231,620 $        68,030,331 $        69,467,174 $        68,030,331 $        Weighted Average Fee-Earning AUM 63,363,932 $        69,546,251 $        69,616,781 $        68,618,130 $        68,196,699 $        60,146,649 $        68,733,312 $        LP Capital Invested 1,538,436 $           1,683,747 $           2,355,726 $           4,736,388 $           3,846,841 $           3,404,134 $           8,583,229 $           Total Capital Invested 1,637,601 $           1,804,304 $           2,495,215 $           6,748,859 $           4,221,479 $           3,611,992 $           10,970,338 $

Blackstone 15 Real Estate (Dollars in Thousands) 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 2Q'16 YTD 2Q'17 YTD Revenues Management Fees, Net Base Management Fees 201,004 $               197,629 $               196,621 $               197,879 $               227,865 $               400,911 $               425,744 $               Transaction and Other Fees, Net 21,112                    14,190                    24,228                    21,279                    16,087                    56,906                    37,366                    Management Fee Offsets (1,219)                     (842)                        (1,666)                      (3,550)                      (5,018)                      (4,814)                      (8,568)                      Total Management Fees, Net 220,897                   210,977                   219,183                   215,608                   238,934                   453,003                   454,542                   Performance Fees Realized Carried Interest 266,382                  461,980                  274,495                  519,841                  389,004                  467,009                  908,845                  Realized Incentive Fees 6,099                      3,857                      15,600                    2,914                      5,315                      10,168                    8,229                      Unrealized Carried Interest (84,875)                   (113,449)                 58,849                    (22,268)                   77,200                    (96,397)                   54,932                    Unrealized Incentive Fees 5,942                      14,445                    9,375                      18,713                    22,608                    15,707                    41,321                    Total Performance Fees 193,548                  366,833                  358,319                  519,200                  494,127                  396,487                  1,013,327               Investment Income (Loss) Realized 19,929                    46,704                    43,104                    119,579                  57,599                    32,904                    177,178                  Unrealized (8,902)                     (6,725)                     16,645                    (83,853)                   (20,519)                   (11,039)                   (104,372)                 Total Investment Income 11,027                    39,979                    59,749                    35,726                    37,080                    21,865                    72,806                    Interest Income and Dividend Revenue 13,084                    12,460                    15,508                    18,167                    20,998                    26,272                    39,165                    Other 2,231                      (548)                        16,749                     (3,150)                      (22,965)                    322                           (26,115)                   Total Revenues 440,787                  629,701                  669,508                  785,551                  768,174                  897,949                  1,553,725               Expenses Compensation 102,888                  99,886                    82,000                    102,702                  110,266                  203,466                  212,968                  Performance Fee Compensation Realized Carried Interest 56,441                    147,419                  85,686                    179,925                  124,292                  99,517                    304,217                  Realized Incentive Fees 3,300                      1,764                      4,888                      1,364                      2,931                      5,433                      4,295                      Unrealized Carried Interest 14,257                    (38,972)                   41,787                    11,798                    59,174                    41,960                    70,972                    Unrealized Incentive Fees 2,542                      6,229                      3,943                      8,509                      9,680                      6,700                      18,189                    Total Compensation and Benefits 179,428                  216,326                  218,304                  304,298                  306,343                  357,076                  610,641                  Other Operating Expenses 52,201                    47,908                    55,756                    51,969                    55,373                    100,298                  107,342                  Total Expenses 231,629                  264,234                  274,060                  356,267                  361,716                  457,374                  717,983                  Economic Income 209,158 $               365,467 $               395,448 $               429,284 $               406,458 $               440,575 $               835,742 $               Total Assets Under Management 103,197,060 $       101,876,562 $       101,963,652 $       102,070,930 $       104,034,287 $       103,197,060 $       104,034,287 $       Fee-Earning Assets Under Management 66,744,550 $         65,785,083 $         72,030,054 $         71,904,741 $         73,710,243 $         66,744,550 $         73,710,243 $         Weighted Average Fee-Earning AUM 67,215,301 $         66,708,328 $         68,688,082 $         72,268,792 $         73,320,319 $         67,306,366 $         72,769,703 $         LP Capital Invested 1,524,415 $            1,719,764 $            3,978,386 $            2,590,419 $            2,371,918 $            5,271,596 $            4,962,337 $            Total Capital Invested 1,557,192 $            1,749,778 $            4,048,827 $            2,651,965 $            2,379,922 $            5,377,652 $            5,031,887 $

Blackstone 16 Hedge Fund Solutions Note: The amounts reported for LP and Total Capital Invested for the periods 3Q’16 through 1Q’17 reflect an adjustment from those previously reported. (Dollars in Thousands) 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 2Q'16 YTD 2Q'17 YTD Revenues Management Fees, Net Base Management Fees 130,123 $              130,305 $              131,150 $              128,468 $              128,698 $              260,281 $              257,166 $              Transaction and Other Fees, Net (5) 116 407 259 1,696 538 1,955 Total Management Fees, Net 130,118 130,421 131,557 128,727 130,394 260,819 259,121 Performance Fees Realized Incentive Fees (251) 4,572 35,172 14,684 6,995 2,433 21,679 Unrealized Carried Interest 801 (84) (245) 3,797 143 833 3,940 Unrealized Incentive Fees 1,036 12,038 (9,354) 40,311 22,458 (1,899) 62,769 Total Performance Fees 1,586 16,526 25,573 58,792 29,596 1,367 88,388 Investment Income (Loss) Realized (515) (1,211) (753) (632) 225 (5,260) (407) Unrealized 9,357 12,219 6,177 18,293 11,578 (2,934) 29,871 Total Investment Income (Loss) 8,842 11,008 5,424 17,661 11,803 (8,194) 29,464 Interest Income and Dividend Revenue 5,205 4,692 7,890 7,554 8,769 10,501 16,323 Other 1,125 (260) 8,680 (1,610) (10,720) (263) (12,330) Total Revenues 146,876 162,387 179,124 211,124 169,842 264,230 380,966 Expenses Compensation 44,436 47,206 39,509 47,604 47,361 98,605 94,965 Performance Fee Compensation Realized Incentive Fees 1,325 2,902 13,307 7,317 4,362 3,188 11,679 Unrealized Carried Interest 238 35 (92) 1,209 178 238 1,387 Unrealized Incentive Fees 480 4,557 (3,550) 14,004 9,242 (715) 23,246 Total Compensation and Benefits 46,479 54,700 49,174 70,134 61,143 101,316 131,277 Other Operating Expenses 27,218 27,432 27,840 25,800 26,240 53,364 52,040 Total Expenses 73,697 82,132 77,014 95,934 87,383 154,680 183,317 Economic Income 73,179 $                80,255 $                102,110 $              115,190 $              82,459 $                109,550 $              197,649 $              Total Assets Under Management 68,649,878 $        70,113,508 $        71,119,718 $        73,303,381 $        72,476,444 $        68,649,878 $        72,476,444 $        Fee-Earning Assets Under Management 64,973,999 $        66,434,971 $        66,987,553 $        68,812,528 $        67,824,464 $        64,973,999 $        67,824,464 $        Weighted Average Fee-Earning AUM 65,520,626 $        66,600,260 $        67,993,100 $        68,406,531 $        69,301,130 $        65,436,771 $        68,853,830 $        LP Capital Invested 32,804 $                144,505 $              260,482 $              121,857 $              89,985 $                348,561 $              211,842 $              Total Capital Invested 32,809 $                151,099 $              260,742 $              121,888 $              93,191 $                362,602 $              215,079 $

Blackstone 17 Credit (Dollars in Thousands) 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 2Q'16 YTD 2Q'17 YTD Revenues Management Fees, Net Base Management Fees 131,392 $              133,867 $              135,499 $              139,147 $              138,250 $              257,382 $              277,397 $              Transaction and Other Fees, Net 1,424 1,823 2,011 1,484 2,162 2,766 3,646 Management Fee Offsets (9,982) (7,091) (10,781) (17,859) (4,653) (19,640) (22,512) Total Management Fees, Net 122,834 128,599 126,729 122,772 135,759 240,508 258,531 Performance Fees Realized Carried Interest 296 15,644 10,223 8,800 16,032 296 24,832 Realized Incentive Fees 23,515 21,866 33,221 29,539 28,796 45,212 58,335 Unrealized Carried Interest 87,295 75,093 59,344 48,557 (12,863) 72,516 35,694 Unrealized Incentive Fees 1,029 5,689 2,429 992 3,461 1,299 4,453 Total Performance Fees 112,135 118,292 105,217 87,888 35,426 119,323 123,314 Investment Income (Loss) Realized 11,330 (328) 2,976 3,058 1,895 8,356 4,953 Unrealized 8,412 12,875 7,195 7,449 788 (9,149) 8,237 Total Investment Income (Loss) 19,742 12,547 10,171 10,507 2,683 (793) 13,190 Interest Income and Dividend Revenue 7,428 6,769 7,344 9,233 11,037 14,176 20,270 Other 1,795 (28) 9,171 (1,727) (12,660) 431 (14,387) Total Revenues 263,934 266,179 258,632 228,673 172,245 373,645 400,918 Expenses Compensation 55,691 47,614 46,400 54,979 56,786 108,073 111,765 Performance Fee Compensation Realized Carried Interest 194 7,267 4,989 4,633 7,937 194 12,570 Realized Incentive Fees 10,626 10,770 15,091 14,071 14,188 20,753 28,259 Unrealized Carried Interest 41,257 39,681 30,005 21,962 (7,071) 34,259 14,891 Unrealized Incentive Fees (333) 2,722 1,096 626 1,678 152 2,304 Total Compensation and Benefits 107,435 108,054 97,581 96,271 73,518 163,431 169,789 Other Operating Expenses 29,464 28,016 36,611 32,701 36,406 55,684 69,107 Total Expenses 136,899 136,070 134,192 128,972 109,924 219,115 238,896 Economic Income 127,035 $              130,109 $              124,440 $              99,701 $                62,321 $                154,530 $              162,022 $              Total Assets Under Management 84,749,076 $        89,327,781 $        93,277,145 $        93,111,200 $        94,525,171 $        84,749,076 $        94,525,171 $        Fee-Earning Assets Under Management 64,820,990 $        66,189,763 $        68,961,656 $        71,266,662 $        72,369,473 $        64,820,990 $        72,369,473 $        Weighted Average Fee-Earning AUM 63,656,504 $        65,648,573 $        68,177,879 $        70,289,518 $        71,148,399 $        62,622,116 $        70,752,556 $        LP Capital Invested 699,516 $              588,389 $              1,380,009 $           2,261,266 $           1,490,880 $           1,286,451 $           3,752,146 $           Total Capital Invested 822,172 $              605,383 $              1,416,913 $           2,318,201 $           1,687,991 $           1,390,903 $           4,006,192 $