Sec Form 4 Filing - GRAY JONATHAN @ Blackstone Group Inc - 2019-07-01

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person GRAY JONATHAN 2. Issuer Name and Ticker or Trading Symbol Blackstone Group Inc [ BX] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) C/O THE BLACKSTONE GROUP, 345 PARK AVENUE 3. Date of Earliest Transaction (MM/DD/YY) 07/01/2019 (Street) NEW YORK, NY10154 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Blackstone Holdings partnership units ( 1 ) 07/01/2019 A( 2 ) 708,601 ( 1 ) ( 1 ) Class A Common Stock 708,601 $ 0 14,998,021 ( 3 ) D Blackstone Holdings partnership units ( 1 ) ( 1 ) ( 1 ) Class A Common Stock 15,989,920 16,579,796 ( 3 ) I See footnote ( 4 ) Blackstone Holdings partnership units ( 1 ) ( 1 ) ( 1 ) Class A Common Stock 9,716,084 9,716,084 I See footnote ( 5 )

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other GRAY JONATHAN C/O THE BLACKSTONE GROUP 345 PARK AVENUE NEW YORK, NY10154 X Signatures Tabea Y. Hsi as Attorney-In-Fact 07/03/2019 Signature of Reporting Person Date

Explanation of Responses:

( 1 )A "Blackstone Holdings partnership" unit collectively refers to one limited partner interest in each of Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and Blackstone Holdings AI L.P. Subject to the minimum retained ownership requirements and transfer restrictions set forth in the partnership agreements of the Blackstone partnerships, the holder has the right, exercisable from time to time, to exchange each Blackstone Holdings partnership unit for one share of Class A Common Stock of The Blackstone Group Inc. The Blackstone Holdings partnership units have no expiration date and may not be exchanged at any time prior to December 31, 2019 other than pursuant to transactions or programs approved by Blackstone. ( 2 )Granted under the Amended and Restated 2007 Equity Incentive Plan, 20% of these deferred restricted Blackstone Holdings partnership units, or 141,720 units, will vest on July 1, 2022; an additional 30%, or 212,580 units, will vest on July 1, 2023; and the remaining 50%, or 354,301 units, will vest on July 1, 2024. As these deferred restricted Blackstone Holdings partnership units vest, the underlying Blackstone Holdings partnership units will be delivered to the Reporting Person, except that 1/4 of the vested units will be held back and delivered on a future date pursuant to the terms of the Reporting Person's award agreement. Notwithstanding the foregoing, the units may be delivered earlier upon a change in control of Blackstone. ( 3 )Reflects certain transfers made between Grantor Retained Annuity Trusts and the Reporting Person. Such transfers were exempt from reporting pursuant to Rule 16a-13 under the Securities Exchange Act of 1934, as amended. ( 4 )Such Blackstone Holdings partnership units are held in Grantor Retained Annuity Trusts of which the Reporting Person is the investment trustee. ( 5 )Such Blackstone Holdings partnership units are held in trusts, for the benefit of the Reporting Person's children, of which the Reporting Person is theinvestment trustee.

Remarks: On July 1, 2019, The Blackstone Group L.P., a Delaware limited partnership, converted into a Delaware corporation named The Blackstone Group Inc. As a result of such conversion, each common unit of limited partner interest of The Blackstone Group L.P. converted into a share of Class A common stock of The Blackstone Group Inc. The Reporting Person disclaims beneficial ownership of the securities reported on this form except to the extent of his pecuniary interest.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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