Exhibit 99.1

Blackstone Reports First Quarter 2018 Results

New York, April 19, 2018: Blackstone (NYSE:BX) today reported its first quarter 2018 results.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Amid declining global markets and a sharp increase in volatility, Blackstone continued to protect and grow our investors’ capital in the first quarter, delivering strong outperformance across strategies. Investors in the institutional, retail and insurer channels are allocating more capital to our firm, resulting in more than $18 billion of inflows during the quarter and driving our total assets under management to a new record of $450 billion, up 22% year over year.”

Mr. Schwarzman also said, “Our financial strength continues to build, and our A+ rated balance sheet gives us the flexibility and firepower to enhance our capital return to unitholders. Today I am pleased to announce we have increased our unit repurchase authorization to $1 billion. We also intend to make a special distribution of $0.30 per unit in 2018 representing a portion of the proceeds received in connection with the conclusion of our direct lending sub-advisory relationship.”

Blackstone issued a full detailed presentation of its first quarter 2018 results, which can be viewed at www.blackstone.com.

Distribution

Blackstone has declared a quarterly distribution of $0.35 per common unit to record holders of common units at the close of business on April 30, 2018. This distribution will be paid on May 7, 2018.

Quarterly Investor Call Details

Blackstone will host a conference call on April 19, 2018 at 11:00 a.m. ET to discuss first quarter 2018 results. The conference call can be accessed via the Investors 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 994 507 16#.

The Blackstone Group L.P.

345 Park Avenue

New York, New York 10154

T 212 583 5000

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 $450 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.

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, financial performance and unit repurchase and distribution activities. 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, 2017, 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

April 19, 2018 Blackstone’s First Quarter 2018 Earnings

Blackstone 1 Blackstone’s First Quarter 2018 GAAP Results GAAP Net Income was $842 million for the quarter, and $3.2 billion over the last twelve months (“LTM”). GAAP Net Income Attributable to The Blackstone Group L.P. was $368 million for the quarter and $1.4 billion over the LTM. n/m = not meaningful. Effective January 1, 2018, Blackstone adopted new GAAP guidance regarding revenue recognition (see page 2). All prior periods have been conformed to the new guidance. Please see Blackstone’s 4Q’17 Supplemental Financial Data (Updated) available at ir.blackstone.com for additional historical periods. % Change % Change (Dollars in Thousands, Except per Unit Data) (Unaudited) 1Q'17 1Q'18 vs. 1Q'17 1Q'17 LTM 1Q'18 LTM vs. 1Q'17 LTM Revenues Management and Advisory Fees, Net 645,484 $               728,849 $               13% 2,497,356 $            2,834,687 $            14% Incentive Fees 46,511 12,566 (73)% 168,432 208,569 24% Investment Income (Loss) Performance Allocations Realized 1,111,905 269,640 (76)% 2,376,023 2,729,546 15% Unrealized (124,621) 628,089 n/m 348,981 647,237 85% Principal Investment Income Realized 251,344 42,145 (83)% 542,082 426,570 (21)% Unrealized (40,188) 111,774 n/m 33,633 194,567 479% Total Investment Income 1,198,440 1,051,648 (12)% 3,300,719 3,997,920 21% Interest and Dividend Revenue 28,495 35,385 24% 101,144 146,586 45% Other (4,212) (59,317) n/m 56,153 (188,334) n/m Total Revenues 1,914,718 1,769,131 (8)% 6,123,804 6,999,428 14% Expenses Compensation and Benefits Compensation 351,589 389,403 11% 1,340,994 1,480,299 10% Incentive Fee Compensation 22,465 6,662 (70)% 77,601 89,476 15% Performance Allocations Compensation Realized 366,478 112,062 (69)% 772,766 1,027,549 33% Unrealized 7,533 254,435 n/m 306,860 350,696 14% Total Compensation and Benefits 748,065 762,562 2% 2,498,221 2,948,020 18% General, Administrative and Other 109,386 126,713 16% 524,453 505,909 (4)% Interest Expense 40,246 38,671 (4)% 155,544 195,911 26% Fund Expenses 24,076 54,985 128% 71,028 163,696 130% Total Expenses 921,773 982,931 7% 3,249,246 3,813,536 17% Other Income Reduction of Tax Receivable Agreement Liability - - n/m - 403,855 n/m Net Gains from Fund Investment Activities 66,132 110,599 67% 231,740 366,064 58% Income Before Provision for Taxes 1,059,077 $            896,799 $               (15)% 3,106,298 $            3,955,811 $            27% Provision for Taxes 57,437 54,495 (5)% 180,653 740,205 310% Net Income 1,001,640 $            842,304 $               (16)% 2,925,645 $            3,215,606 $            10% Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities 2,000 (1,275) n/m 12,378 10,531 (15)% Net Income Attributable to Non-Controlling Interests in Consolidated Entities 138,685 155,499 12% 344,751 514,253 49% Net Income Attributable to Non-Controlling Interests in Blackstone Holdings 409,046 320,208 (22)% 1,237,667 1,303,485 5% Net Income Attributable to The Blackstone Group L.P. ("BX") 451,909 $               367,872 $               (19)% 1,330,849 $            1,387,337 $            4% Net Income per Common Unit, Basic 0.68 $                     0.55 $                     (19)% 2.04 $                     2.07 $                     1% Net Income per Common Unit, Diluted 0.68 $                     0.53 $                     (22)% 2.00 $                     2.07 $                     3%

Blackstone 2 Revenue Recognition: New GAAP Guidance Effective January 1, 2018, Blackstone adopted new GAAP guidance on revenue recognition and implemented a change in accounting principle related to Carried Interest and Incentive Allocations. • The new GAAP guidance resulted in changes to the recognition of contractual Incentive Fees and their separate presentation in our results. • Carried Interest and Incentive Allocations will now be accounted for under the GAAP guidance for equity method investments and be presented as Investment Income – Performance Allocations. Blackstone adopted the new revenue guidance on a full retrospective basis and all prior periods have been conformed to the new guidance. • Adoption of the new guidance resulted in changes to GAAP Net Income Attributable to The Blackstone Group L.P. and Economic Income which were not material. • The new guidance resulted in no change to Blackstone’s non-GAAP measures of Fee Related Earnings and Distributable Earnings. • Performance Revenues in our segment results and non-GAAP measures collectively refer to Realized Incentive Fees and Performance Allocations.

Blackstone 3 Blackstone’s First Quarter 2018 Segment Highlights Economic Net Income (“ENI”) was $792 million ($0.65/unit) in the quarter, on $1.7 billion of Total Segment Revenues. • ENI was $3.2 billion ($2.65/unit) for the LTM, up 7% year-over-year, on $6.6 billion of Total Segment Revenues. Distributable Earnings (“DE”) was $502 million ($0.41/unit) in the quarter, driven by $282 million of Realized Performance Revenues, comprised of Realized Incentive Fees and Realized Performance Allocations. • DE was $3.1 billion ($2.56/unit) for the LTM on $2.9 billion of Realized Performance Revenues. Fee Related Earnings (“FRE”) was $333 million in the quarter, up 14% year-over-year, on $736 million of Net Management and Advisory Fees. • FRE was $1.3 billion for the LTM, up 20% year-over-year, on $2.9 billion of Net Management and Advisory Fees. Total Assets Under Management (“AUM”) grew to a record $449.6 billion, up 22% year-over-year, through a combination of continued fundraising and fund appreciation. • Inflows were $18.2 billion in the quarter, bringing LTM inflows to a record $112.2 billion. • Fee-Earning AUM increased 23% year-over-year to $344.7 billion. Quarterly and LTM capital deployed were $10.1 billion and $49.0 billion, respectively. Blackstone increased its unit repurchase authorization to $1 billion and announced $0.30 per unit special distribution to be paid out over the next three quarters. Blackstone declared a first quarter distribution of $0.35 per common unit payable on May 7, 2018. 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 4 Additional Highlights $1 Billion Unit Repurchase Authorization Our Board of Directors has authorized the repurchase of up to $1 billion of common units and Blackstone Holdings partnership units, nearly tripling the $335.8 million of repurchase authorization remaining under the prior authorization. While the repurchase authorization is broad-based, Blackstone anticipates unit repurchases will largely be used to offset the dilutive effect from annual equity awards. Units may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual number of units repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. The unit repurchase program may be changed, suspended or discontinued at any time and does not have a specified expiration date. Special Cash Distribution In April 2018, Blackstone received approximately $580 million of pre-tax proceeds in connection with concluding GSO’s investment sub-advisory relationship with FS Investments. Blackstone intends to distribute a portion of the after-tax proceeds to unitholders – resulting in an anticipated incremental $0.30 per unit to be distributed over the next three quarters.

% Change % Change (Dollars in Thousands, Except per Unit Data) 1Q'17 1Q'18 vs. 1Q'17 1Q'17 LTM 1Q'18 LTM vs. 1Q'17 LTM Management and Advisory Fees, Net 649,581 $         736,044 $         13% 2,499,373 $      2,857,254 $      14% Performance Revenues 1,034,381         910,547            (12)% 2,896,103         3,587,986         24% Principal Investment Income 103,959            42,671              (59)% 350,899            243,700            (31)% Interest, Dividend and Other Revenue 20,209              (24,509)             n/m 154,422            (41,849)             n/m Total Revenues 1,808,130         1,664,753         (8)% 5,900,797         6,647,091         13% Total Expenses 821,415            854,816            4% 2,821,246         3,345,259         19% Taxes 18,805              18,228              (3)% 94,274              100,954            7% Economic Net Income 967,910 $         791,709 $         (18)% 2,985,277 $      3,200,878 $      7% ENI per Unit 0.81 $               0.65 $               (20)% 2.49 $               2.65 $               6% Fee Related Earnings 290,742 $         332,873 $         14% 1,065,763 $      1,278,350 $      20% FRE per Unit 0.24 $               0.28 $               17% 0.90 $               1.07 $               19% Distributable Earnings 1,230,138 $      502,055 $         (59)% 2,957,498 $      3,148,132 $      6% DE per Common Unit 1.02 $               0.41 $               (60)% 2.42 $               2.56 $               6% Total AUM 368,196,917 $ 449,613,826 $ 22% 368,196,917 $ 449,613,826 $ 22% Fee-Earning AUM 280,215,551 $ 344,650,797 $ 23% 280,215,551 $ 344,650,797 $ 23% Blackstone’s First Quarter 2018 Segment Earnings Performance Revenues collectively refer to Realized Incentive Fees and Performance Allocations. Blackstone 5

Blackstone 6 6.4% 1Q’18 Increase in Corporate Private Equity Carrying Value Private Equity $1.0 billion 1Q’18 Realizations $111.4 billion Total AUM up 12% YoY Corporate Private Equity carrying value increased 6.4% in the quarter, driven by strong appreciation in the private portfolio. Invested $4.0 billion in the quarter, including a new Corporate Private Equity investment in Paysafe, as well as deployments in Tactical Opportunities and Strategic Partners. • Landmark Thomson Reuters investment was committed but not yet deployed during the quarter. Realizations of $1.0 billion in the quarter were driven by activity across Corporate Private Equity, Strategic Partners and Tactical Opportunities, bringing LTM realizations to $10.6 billion. Completed an initial public offering of BCP VI’s largest investment, Gates Industrial, on January 25, 2018. Total AUM inflows of $3.5 billion and portfolio appreciation in the quarter drove Total AUM to $111.4 billion. • Fee-Earning AUM increased 6% year-over-year to $72.4 billion. % Change % Change (Dollars in Thousands) 1Q'17 1Q'18 vs. 1Q'17 1Q'17 LTM 1Q'18 LTM vs. 1Q'17 LTM Management and Advisory Fees, Net 180,692 $        190,862 $        6% 608,038 $        774,605 $        27% Performance Revenues 398,203 474,439 19% 965,005 1,220,210 26% Principal Investment Income 40,772 23,706 (42)% 109,473 86,354 (21)% Interest, Dividend and Other Revenue 4,861 (7,865) n/m 46,011 (15,550) n/m Total Revenues 624,528 681,142 9% 1,728,527 2,065,619 20% Compensation 83,603 99,729 19% 313,297 378,800 21% Performance Compensation 142,277 211,847 49% 392,373 545,209 39% Interest Expense 10,427 10,133 (3)% 47,440 50,835 7% Other Operating Expenses 27,761 31,151 12% 126,466 124,387 (2)% Total Expenses 264,068 352,860 34% 879,576 1,099,231 25% Economic Income 360,460 $        328,282 $        (9)% 848,951 $        966,388 $        14% Total AUM 99,707,057 $  111,414,214 $ 12% 99,707,057 $  111,414,214 $ 12% Fee-Earning AUM 68,227,286 $  72,398,415 $  6% 68,227,286 $  72,398,415 $  6%

Blackstone 7 % Change % Change (Dollars in Thousands) 1Q'17 1Q'18 vs. 1Q'17 1Q'17 LTM 1Q'18 LTM vs. 1Q'17 LTM Management Fees, Net 215,608 $        247,946 $        15% 866,665 $        971,376 $        12% Performance Revenues 514,709 382,126 (26)% 1,433,414 1,945,102 36% Principal Investment Income 35,726 17,377 (51)% 146,481 115,334 (21)% Interest, Dividend and Other Revenue 8,944 (6,369) n/m 56,298 (8,654) n/m Total Revenues 774,987 641,080 (17)% 2,502,858 3,023,158 21% Compensation 102,702 112,824 10% 387,476 437,333 13% Performance Compensation 199,081 135,563 (32)% 528,368 741,118 40% Interest Expense 14,635 14,149 (3)% 52,194 70,855 36% Other Operating Expenses 30,864 29,417 (5)% 136,621 134,595 (1)% Total Expenses 347,282 291,953 (16)% 1,104,659 1,383,901 25% Economic Income 427,705 $        349,127 $        (18)% 1,398,199 $     1,639,257 $     17% Total AUM 102,070,930 $ 119,575,884 $ 17% 102,070,930 $ 119,575,884 $ 17% Fee-Earning AUM 71,904,741 $  87,284,578 $  21% 71,904,741 $  87,284,578 $  21% Real Estate 3.5% 1Q’18 Increase in Opportunistic Funds’ Carrying Value $119.6 billion Total AUM up 17% YoY $2.7 billion 1Q’18 Realizations Opportunistic funds’ carrying value increased 3.5% during the quarter primarily driven by gains in private investment values; core+ funds’ carrying values increased 3.4% in the quarter. Active investing quarter with $6.7 billion invested or committed, with 50% outside of North America. • Includes $1.3 billion for the purchase of a majority stake in the Banco Popular Spanish real estate portfolio, along with a commitment to purchase a public Canadian industrial REIT in core+ expected to close in the second quarter of 2018. Realizations of $2.7 billion in the quarter driven by proceeds from Invitation Homes and BioMed Realty Trust. Total AUM up 17% and Fee-Earning AUM up 21% year-over-year to $119.6 billion and $87.3 billion, respectively. • Total AUM inflows of $3.6 billion in the quarter driven by fundraising across the core+ platform, including $691 million in BPP Europe and co-invest, $623 million in BREIT and $460 million in BPP U.S. • Global core+ Total AUM up 87% year-over-year to $29.7 billion, four years after launching the business. Carrying value for core+ funds excludes BREIT.

Blackstone 8 Hedge Fund Solutions 1.3% 1Q’18 BPS Composite Gross Return $3.9 billion 1Q’18 Total AUM Inflows $78.7 billion Total AUM up 7% YoY The BPS Composite gross return was 1.3% in the quarter (1.1% net), and 6.7% for the LTM (5.8% net), despite the volatility in the markets, continuing positive momentum in returns for hedge fund strategies. Total AUM inflows of $3.9 billion during the quarter and $12.4 billion for the LTM, driven by customized solutions and individual investor and specialized solutions. • Net inflows of $2.8 billion represent the largest quarterly amount since 2014. • April 1 subscriptions of $698 million are not yet included in Total AUM. Total AUM increased 7% year-over-year to a record $78.7 billion, driven primarily by appreciation across strategies. • Total AUM for BAAM’s individual investor solutions platform reached $9.0 billion, up 34% year-over-year. • Fee-Earning AUM up 7% year-over-year to $73.6 billion. 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), 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 and non fee-paying assets (net returns only) 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. % Change % Change (Dollars in Thousands) 1Q'17 1Q'18 vs. 1Q'17 1Q'17 LTM 1Q'18 LTM vs. 1Q'17 LTM Management Fees, Net 128,727 $        129,573 $        1% 520,823 $        519,781 $        (0)% Performance Revenues 33,499 15,238 (55)% 75,624 144,426 91% Principal Investment Income 17,661 1,080 (94)% 42,935 33,505 (22)% Interest, Dividend and Other Revenue 2,387 (5,476) n/m 22,721 (10,718) n/m Total Revenues 182,274 140,415 (23)% 662,103 686,994 4% Compensation 47,604 50,300 6% 178,755 179,478 0% Performance Compensation 13,739 8,635 (37)% 32,232 51,361 59% Interest Expense 6,543 6,271 (4)% 25,020 31,346 25% Other Operating Expenses 16,379 18,785 15% 74,142 70,671 (5)% Total Expenses 84,265 83,991 (0)% 310,149 332,856 7% Economic Income 98,009 $          56,424 $          (42)% 351,954 $        354,138 $        1% Total AUM 73,303,381 $  78,657,551 $  7% 73,303,381 $  78,657,551 $  7% Fee-Earning AUM 68,812,528 $  73,570,498 $  7% 68,812,528 $  73,570,498 $  7%

Blackstone 9 Credit $7.1 billion 1Q’18 Total AUM Inflows $140.0 billion Total AUM up 50% YoY 1Q’18 Composite Gross Returns Performing Credit 3.2% Distressed (0.3)% Composite gross returns of 3.2% for Performing Credit and (0.3)% for Distressed Strategies for the quarter. Investment pace remained strong with $1.7 billion of capital deployed or committed during the quarter and $9.3 billion over the LTM, predominantly capitalizing on distressed and European opportunities. Continued strong realization activity across funds of $2.5 billion in the quarter and $11.7 billion for the LTM. Total AUM increased 50% year-over-year to a record $140.0 billion, driven by inflows from the new Blackstone Insurance Solutions platform launch and Harvest acquisition, both of which occurred in the fourth quarter of last year. • Total AUM for Blackstone Insurance Solutions reached $24.1 billion at quarter end, including $1.0 billion invested in other Blackstone products. • Raised $678 million of capital in the quarter for the successor flagship distressed fund, with the final close occurring in the second quarter bringing the total fund size to $7.5 billion. • Concluded the first close for a successor credit alpha fund for $476 million. • Launched ten CLOs (six U.S. and four European) in the LTM totaling $6.8 billion, including $1.6 billion in the first quarter. % Change % Change (Dollars in Thousands) 1Q'17 1Q'18 vs. 1Q'17 1Q'17 LTM 1Q'18 LTM vs. 1Q'17 LTM Management Fees, Net 124,554 $        167,663 $        35% 503,847 $        591,492 $        17% Performance Revenues 87,970 38,744 (56)% 422,060 278,248 (34)% Principal Investment Income 9,800 508 (95)% 52,010 8,507 (84)% Interest, Dividend and Other Revenue 4,017 (4,799) n/m 29,392 (6,927) n/m Total Revenues 226,341 202,116 (11)% 1,007,309 871,320 (14)% Compensation 55,118 73,474 33% 205,312 254,805 24% Performance Compensation 41,379 17,114 (59)% 204,254 130,033 (36)% Interest Expense 7,845 7,685 (2)% 26,321 38,590 47% Other Operating Expenses 21,458 27,739 29% 90,975 105,843 16% Total Expenses 125,800 126,012 0% 526,862 529,271 0% Economic Income 100,541 $        76,104 $          (24)% 480,447 $        342,049 $        (29)% Total AUM 93,115,549 $  139,966,177 $ 50% 93,115,549 $  139,966,177 $ 50% Fee-Earning AUM 71,270,996 $  111,397,306 $ 56% 71,270,996 $  111,397,306 $ 56% Performing Credit Strategies include mezzanine lending funds, Business Development Companies (“BDCs”) and other performing credit strategy funds. Distressed Strategies include credit alpha strategies, stressed / distressed funds and 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 2.3% and 5.5% for 1Q’18 and 1Q’18 LTM. Distressed Strategies’ net composite returns were (0.6)% and 2.5% for 1Q’18 and 1Q'18 LTM. The breakdown of Total AUM for 1Q’18 is as follows: Distressed Strategies $27.0 billion (14% Incentive Fee, 86% Performance Allocations), Performing Credit Strategies $39.8 billion (5% Incentive Fee, 95% Performance Allocations), Long Only $40.3 billion, Blackstone Insurance Solutions $23.1 billion, and Harvest $9.9 billion. The breakdown of Fee-Earning AUM for 1Q’18 is as follows: Distressed Strategies $12.3 billion (29% Incentive Fee, 71% Performance Allocations), Performing Credit Strategies $27.6 billion (10% Incentive Fee, 90% Performance Allocations), Long Only $38.6 billion, Blackstone Insurance Solutions $23.1 billion, and Harvest $9.8 billion.

Blackstone 10 $78.7 $93.1 $140.0 $68.5 $73.3 $78.7 $101.1 $102.1 $119.6 $95.5 $99.7 $111.4 $343.7 $368.2 $449.6 1Q'16 1Q'17 1Q'18 $62.1 $71.3 $111.4 $64.8 $68.8 $73.6 $67.3 $71.9 $87.3 $50.2 $68.2 $72.4 $244.5 $280.2 $344.7 1Q'16 1Q'17 1Q'18 Fee-Earning AUM by Segment (Dollars in Billions) Total AUM by Segment (Dollars in Billions) Assets Under Management Total AUM increased $81.4 billion, or 22%, year-over-year to $449.6 billion driven by $112.2 billion of inflows. • Total AUM increased despite realizations of $44.8 billion during the LTM. Fee-Earning AUM of $344.7 billion up 23% year-over-year as $101.7 billion of inflows outpaced $45.6 billion of realizations and outflows. Private Equity Real Estate Hedge Fund Solutions Credit

Blackstone 11 $172.3 $23.7 $95.0 $291.0 $14.4 $33.7 $76.4 $47.7 $172.3 Additional Capital Detail Uninvested Not Currently Earning Performance Revenues Currently Earning Performance Revenues Private Equity Real Estate Hedge Fund Solutions Credit $93 billion 1Q’18 Total Dry Powder $291 billion Performance Revenue Eligible AUM $47 billion Not Currently Earning Management Fees Performance Revenue Eligible AUM Currently Earning Performance Revenues of $172.3 billion includes $47.7 billion for Private Equity (Corporate Private Equity $28.2 billion, Tactical Opportunities $12.3 billion, Strategic Partners $7.2 billion), $76.4 billion for Real Estate (BREP $44.3 billion, core+ $24.3 billion, BREDS $7.8 billion), $33.7 billion for Hedge Fund Solutions, and $14.4 billion for Credit (Distressed Strategies $6.8 billion, Performing Credit Strategies $7.0 billion, Long Only and Master Limited Partnership (“MLP”) $584 million). Undrawn capital (“Total Dry Powder”) was $92.8 billion, despite $49.0 billion of capital deployed over the LTM. • 80% of Total Dry Powder was raised since the beginning of 2015. Performance Revenue Eligible AUM reached $291.0 billion at quarter end, up 7% year-over-year, despite significant realizations in the Real Estate, Private Equity, and Credit segments. $17.3 $2.5 $12.5 $14.6 $46.8 Hedge Fund Solutions Private Equity Real Estate Credit $34.7 $31.9 $3.4 $22.8

Blackstone 12 At March 31, 2018, Blackstone had $4.5 billion in total cash, cash equivalents, and corporate treasury investments and $10.1 billion of cash and net investments, or $8. 40 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. GP/Fund Investments include Blackstone investments in Private Equity, Real Estate, Hedge Fund Solutions, and Credit, which were $647 million, $892 million, $114 million, and $368 million, respectively, as of March 31, 2018. Cash and Net Investments per unit amounts are calculated using period end DE Units Outstanding (see page 34, Unit Rollforward). A+/A+ Rated by S&P and Fitch $1.5 billion Undrawn Credit Revolver with August 2021 Maturity $4.5 billion Total Cash and Corporate Treasury Cash and Net Investments (Per Unit) (Dollars in Millions) 1Q’18 Cash and Cash Equivalents $ 1,747 Corporate Treasury Investments 2,749 GP/Fund Investments 2,022 Net Accrued Performance Revenues 3,605 Cash and Net Investments $ 10,123 Outstanding Bonds (at par) $ 3,607 $7.39 $8.53 $8.40 1Q'16 1Q'17 1Q'18

Blackstone 13 $2,120 $1,989 $1,972 $1,000 $1,073 $1,348 $3,205 $3,304 $3,605 1Q'16 1Q'17 1Q'18 $754 $1,070 $1,189 $889 $521 $396 $1,780 $1,704 $1,838 1Q'16 LTM 1Q'17 LTM 1Q'18 LTM Performance Revenues Net Realized Performance Revenues (Dollars in Millions) Net Accrued Performance Revenues (Dollars in Millions) Private Equity Real Estate Credit Hedge Fund Solutions $3.6 billion Net Accrued Performance Revenues at 1Q’18 $2.99 per unit Net Accrued Performance Revenues at 1Q’18 Net Accrued Performance Revenues per unit is calculated using period end DE Units Outstanding (see page 34, Unit Rollforward). Net Accrued Performance Revenues were $3.6 billion ($2.99/unit), increasing 9% year-over-year with strong appreciation generating $2.1 billion of additional Net Accrued Performance Revenues that offset $1.8 billion of Net Realized Performance Revenues.

Appendix

Blackstone 15 Total Segments See page 2 for information regarding the adoption of new GAAP guidance on revenue recognition. (Dollars in Thousands) 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 1Q'17 LTM 1Q'18 LTM Revenues Management and Advisory Fees, Net Base Management Fees 642,958 $               671,368 $               669,902 $               696,163 $               707,156 $               2,454,034 $            2,744,589 $            Transaction, Advisory and Other Fees, Net 40,222 38,892 32,295 45,407 37,066 138,481 153,660 Management Fee Offsets (33,599) (13,424) (10,215) (9,178) (8,178) (93,142) (40,995) Total Management and Advisory Fees, Net 649,581 696,836 691,982 732,392 736,044 2,499,373 2,857,254 Performance Revenues Realized Incentive Fees 46,511 40,303 35,513 122,057 12,566 169,545 210,439 Realized Performance Allocations 1,111,948 603,096 434,994 1,422,830 269,642 2,376,571 2,730,562 Unrealized Performance Allocations (124,078) 95,707 407,425 (484,486) 628,339 349,987 646,985 Total Performance Revenues 1,034,381 739,106 877,932 1,060,401 910,547 2,896,103 3,587,986 Principal Investment Income (Loss) Realized 202,894 100,887 60,188 72,225 28,693 412,864 261,993 Unrealized (98,935) (33,167) 17,384 (16,488) 13,978 (61,965) (18,293) Total Principal Investment Income 103,959 67,720 77,572 55,737 42,671 350,899 243,700 Interest Income and Dividend Revenue 28,496 33,703 37,885 42,836 36,385 101,749 150,809 Other (8,287) (62,469) (34,144) (35,151) (60,894) 52,673 (192,658) Total Revenues 1,808,130 1,474,896 1,651,227 1,856,215 1,664,753 5,900,797 6,647,091 Expenses Compensation 289,027 305,257 302,798 306,034 336,327 1,084,840 1,250,416 Performance Compensation Realized Incentive Fees 22,465 21,032 18,332 43,450 6,662 77,601 89,476 Realized Performance Allocations 366,478 195,738 162,505 557,244 112,062 772,766 1,027,549 Unrealized Performance Allocations 7,533 86,910 175,534 (166,183) 254,435 306,860 350,696 Total Compensation and Benefits 685,503 608,937 659,169 740,545 709,486 2,242,067 2,718,137 Interest Expense 39,450 40,294 40,749 72,345 38,238 150,975 191,626 Other Operating Expenses 96,462 105,838 106,617 115,949 107,092 428,204 435,496 Total Expenses 821,415 755,069 806,535 928,839 854,816 2,821,246 3,345,259 Economic Income 986,715 $               719,827 $               844,692 $               927,376 $               809,937 $               3,079,551 $            3,301,832 $            Economic Net Income 967,910 $               695,659 $               822,140 $               891,370 $               791,709 $               2,985,277 $            3,200,878 $            Fee Related Earnings 290,742 $               311,183 $               306,708 $               327,586 $               332,873 $               1,065,763 $            1,278,350 $            Distributable Earnings 1,230,138 $            781,365 $               625,566 $               1,239,146 $            502,055 $               2,957,498 $            3,148,132 $            Total Assets Under Management 368,196,917 $        371,056,281 $        387,449,746 $        434,128,243 $        449,613,826 $        368,196,917 $        449,613,826 $        Fee-Earning Assets Under Management 280,215,551 $        281,934,511 $        285,698,425 $        335,343,998 $        344,650,797 $        280,215,551 $        344,650,797 $        Weighted Average Fee-Earning AUM 279,582,971 $        281,966,547 $        284,114,581 $        311,353,064 $        344,482,808 $        271,944,095 $        317,684,345 $        LP Capital Invested 9,709,930 $            7,799,624 $            10,043,022 $          18,663,837 $          9,323,329 $            25,616,109 $          45,829,812 $          Total Capital Invested 11,840,913 $          8,382,583 $            10,925,170 $          19,529,797 $          10,119,519 $          28,422,948 $          48,957,069 $

Blackstone 16 (Dollars in Thousands) 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 1Q'17 LTM 1Q'18 LTM Revenues Management and Advisory Fees, Net Base Management Fees 176,706 $               177,684 $               182,764 $               187,664 $               182,961 $               601,651 $               731,073 $               Transaction, Advisory and Other Fees, Net 16,176                    17,289                    8,748                      15,411                    11,094                    46,539                    52,542                    Management Fee Offsets (12,190)                   (3,753)                     (1,088)                     (976)                        (3,193)                      (40,152)                    (9,010)                      Total Management and Advisory Fees, Net 180,692                   191,220                   190,424                   202,099                   190,862                   608,038                   774,605                   Performance Revenues Realized Performance Allocations 582,681                  198,168                  101,918                  274,421                  77,123                    797,667                  651,630                  Unrealized Performance Allocations (184,478)                 9                              80,326                     90,929                     397,316                   167,338                   568,580                   Total Performance Revenues 398,203                  198,177                  182,244                  365,350                  474,439                  965,005                  1,220,210               Principal Investment Income (Loss) Realized 81,294                    41,168                    7,077                      25,298                    6,338                      170,028                  79,881                    Unrealized (40,522)                   (25,892)                   17,300                    (2,303)                     17,368                    (60,555)                   6,473                      Total Principal Investment Income 40,772                    15,276                    24,377                    22,995                    23,706                    109,473                  86,354                    Interest Income and Dividend Revenue 6,661                      7,922                      9,046                      9,209                      8,543                      25,766                    34,720                    Other (1,800)                     (16,124)                   (8,346)                     (9,392)                     (16,408)                   20,245                    (50,270)                   Total Revenues 624,528                  396,471                  397,745                  590,261                  681,142                  1,728,527               2,065,619               Expenses Compensation 83,603                    90,676                    96,166                    92,229                    99,729                    313,297                  378,800                  Performance Compensation Realized Performance Allocations 181,633                  63,060                    48,019                    111,832                  33,045                    277,088                  255,956                  Unrealized Performance Allocations (39,356)                   22,219                    45,484                    42,748                    178,802                  115,285                  289,253                  Total Compensation and Benefits 225,880                  175,955                  189,669                  246,809                  311,576                  705,670                  924,009                  Interest Expense 10,427                    10,728                    10,804                    19,170                    10,133                    47,440                    50,835                    Other Operating Expenses 27,761                    28,592                    32,166                    32,478                    31,151                    126,466                  124,387                  Total Expenses 264,068                  215,275                  232,639                  298,457                  352,860                  879,576                  1,099,231               Economic Income 360,460 $               181,196 $               165,106 $               291,804 $               328,282 $               848,951 $               966,388 $               Total Assets Under Management 99,707,057 $          100,019,716 $        102,453,979 $        105,560,576 $        111,414,214 $        99,707,057 $          111,414,214 $        Fee-Earning Assets Under Management 68,227,286 $          68,029,670 $          67,538,062 $          70,140,883 $          72,398,415 $          68,227,286 $          72,398,415 $          Weighted Average Fee-Earning AUM 68,613,668 $          68,194,287 $          67,606,365 $          68,815,882 $          71,881,372 $          68,415,122 $          68,184,390 $          LP Capital Invested 4,736,388 $            3,846,841 $            3,725,919 $            4,614,237 $            3,301,949 $            10,314,297 $          15,488,946 $          Total Capital Invested 6,748,859 $            4,221,479 $            4,279,062 $            4,929,609 $            3,955,198 $            12,685,979 $          17,385,348 $          Private Equity

Blackstone 17 (Dollars in Thousands) 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 1Q'17 LTM 1Q'18 LTM Revenues Management Fees, Net Base Management Fees 197,879 $               227,865 $               224,048 $               222,399 $               226,526 $               793,133 $               900,838 $               Transaction and Other Fees, Net 21,279                    16,087                    20,616                    24,799                    23,088                    80,809                    84,590                    Management Fee Offsets (3,550)                     (5,018)                     (4,232)                     (3,134)                     (1,668)                     (7,277)                     (14,052)                   Total Management Fees, Net 215,608                  238,934                  240,432                  244,064                  247,946                  866,665                  971,376                  Performance Revenues Realized Incentive Fees 2,882                      4,878                      3,778                      20,094                    4,375                      28,316                    33,125                    Realized Performance Allocations 519,873                  389,441                  307,932                  971,996                  151,309                  1,522,852               1,820,678               Unrealized Performance Allocations (8,046)                     89,688                    273,731                  (498,562)                 226,442                  (117,754)                 91,299                    Total Performance Revenues 514,709                  484,007                  585,441                  493,528                  382,126                  1,433,414               1,945,102               Principal Investment Income (Loss) Realized 119,579                  57,599                    44,449                    34,276                    14,690                    229,316                  151,014                  Unrealized (83,853)                   (20,519)                   (8,319)                     (9,529)                     2,687                      (82,835)                   (35,680)                   Total Principal Investment Income 35,726                    37,080                    36,130                    24,747                    17,377                    146,481                  115,334                  Interest Income and Dividend Revenue 12,094                    14,493                    15,461                    16,036                    15,128                    41,016                    61,118                    Other (3,150)                     (22,965)                   (13,108)                   (12,202)                   (21,497)                   15,282                    (69,772)                   Total Revenues 774,987                  751,549                  864,356                  766,173                  641,080                  2,502,858               3,023,158               Expenses Compensation 102,702                  110,266                  105,753                  108,490                  112,824                  387,476                  437,333                  Performance Compensation Realized Incentive Fees 1,333                      2,711                      1,967                      10,203                    2,210                      11,223                    17,091                    Realized Performance Allocations 179,956                  124,512                  104,112                  364,410                  54,183                    469,564                  647,217                  Unrealized Performance Allocations 17,792                    64,254                    105,640                  (172,254)                 79,170                    47,581                    76,810                    Total Compensation and Benefits 301,783                  301,743                  317,472                  310,849                  248,387                  915,844                  1,178,451               Interest Expense 14,635                    14,787                    15,028                    26,891                    14,149                    52,194                    70,855                    Other Operating Expenses 30,864                    33,379                    33,256                    38,543                    29,417                    136,621                  134,595                  Total Expenses 347,282                  349,909                  365,756                  376,283                  291,953                  1,104,659               1,383,901               Economic Income 427,705 $               401,640 $               498,600 $               389,890 $               349,127 $               1,398,199 $            1,639,257 $            Total Assets Under Management 102,070,930 $        104,034,287 $        111,298,844 $        115,340,363 $        119,575,884 $        102,070,930 $        119,575,884 $        Fee-Earning Assets Under Management 71,904,741 $          73,710,243 $          75,081,521 $          83,984,824 $          87,284,578 $          71,904,741 $          87,284,578 $          Weighted Average Fee-Earning AUM 72,268,792 $          73,320,319 $          74,340,895 $          77,626,395 $          86,670,284 $          68,760,233 $          77,570,231 $          LP Capital Invested 2,590,419 $            2,371,918 $            3,778,790 $            10,845,388 $          4,254,201 $            9,812,984 $            21,250,297 $          Total Capital Invested 2,651,965 $            2,379,922 $            3,841,972 $            11,008,356 $          4,342,936 $            10,007,762 $          21,573,186 $          Real Estate

Blackstone 18 Hedge Fund Solutions (Dollars in Thousands) 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 1Q'17 LTM 1Q'18 LTM Revenues Management Fees, Net Base Management Fees 128,468 $              128,698 $              129,410 $              129,472 $              129,228 $              520,046 $              516,808 $              Transaction and Other Fees, Net 259 1,696 48 977 345 777 3,066 Management Fee Offsets - - (28) (65) - - (93) Total Management Fees, Net 128,727 130,394 129,430 130,384 129,573 520,823 519,781 Performance Revenues Realized Incentive Fees 14,087 6,548 12,186 74,031 8,171 42,670 100,936 Realized Performance Allocations 597 447 2,031 44,416 2,006 11,507 48,900 Unrealized Performance Allocations 18,815 14,849 10,327 (35,647) 5,061 21,447 (5,410) Total Performance Revenues 33,499 21,844 24,544 82,800 15,238 75,624 144,426 Principal Investment Income (Loss) Realized (632) 225 1,316 8,165 640 (3,111) 10,346 Unrealized 18,293 11,578 12,723 (1,582) 440 46,046 23,159 Total Principal Investment Income 17,661 11,803 14,039 6,583 1,080 42,935 33,505 Interest Income and Dividend Revenue 3,997 4,674 5,316 7,538 4,812 14,786 22,340 Other (1,610) (10,720) (5,859) (6,191) (10,288) 7,935 (33,058) Total Revenues 182,274 157,995 167,470 221,114 140,415 662,103 686,994 Expenses Compensation 47,604 47,361 44,347 37,470 50,300 178,755 179,478 Performance Compensation Realized Incentive Fees 7,014 4,097 5,862 20,159 4,034 19,794 34,152 Realized Performance Allocations 303 265 1,022 14,626 2,415 5,057 18,328 Unrealized Performance Allocations 6,422 5,968 3,541 (12,814) 2,186 7,381 (1,119) Total Compensation and Benefits 61,343 57,691 54,772 59,441 58,935 210,987 230,839 Interest Expense 6,543 6,688 6,763 11,624 6,271 25,020 31,346 Other Operating Expenses 16,379 16,318 17,958 17,610 18,785 74,142 70,671 Total Expenses 84,265 80,697 79,493 88,675 83,991 310,149 332,856 Economic Income 98,009 $                77,298 $                87,977 $                132,439 $              56,424 $                351,954 $              354,138 $              Total Assets Under Management 73,303,381 $         72,476,444 $         74,219,563 $         75,090,834 $         78,657,551 $         73,303,381 $         78,657,551 $         Fee-Earning Assets Under Management 68,812,528 $         67,824,464 $         69,037,961 $         69,914,061 $         73,570,498 $         68,812,528 $         73,570,498 $         Weighted Average Fee-Earning AUM 68,406,531 $         69,301,130 $         68,957,501 $         71,101,632 $         74,251,757 $         67,206,240 $         71,250,841 $         LP Capital Invested 121,857 $              89,985 $                360,748 $              328,640 $              755,818 $              559,648 $              1,535,191 $           Total Capital Invested 121,888 $              93,191 $                363,420 $              383,070 $              785,874 $              566,538 $              1,625,555 $