Sec Form 4 Filing - Chae Michael @ Blackstone Group Inc - 2020-04-01

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 Chae Michael 2. Issuer Name and Ticker or Trading Symbol Blackstone Group Inc [ BX] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) Chief Financial Officer (Last) (First) (Middle) C/O THE BLACKSTONE GROUP, 345 PARK AVENUE 3. Date of Earliest Transaction (MM/DD/YY) 04/01/2020 (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 Class A Common Stock 04/01/2020 A( 1 ) 216,348 A $ 0 312,147 D

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 ( 2 ) 03/04/2020 G V 200,000 ( 2 ) ( 2 ) Class A Common Stock 200,000 $ 0 5,510,486 D Blackstone Holdings partnership units ( 2 ) ( 2 ) ( 2 ) Class A Common Stock 1,000,000 1,000,000 I See footnote ( 3 ) Blackstone Holdings partnership units ( 2 ) ( 2 ) ( 2 ) Class A Common Stock 150,070 150,070 I See footnote ( 4 )

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Chae Michael C/O THE BLACKSTONE GROUP 345 PARK AVENUE NEW YORK, NY10154 Chief Financial Officer Signatures Tabea Y. Hsi as Attorney-In-Fact 05/15/2020 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Granted under the Amended and Restated 2007 Equity Incentive Plan, 10% of these deferred restricted shares, or 21,634 shares, will vest on July 1, 2021; an additional 10%, or 21,635 shares, will vest on July 1, 2022; an additional 20%, or 43,270 shares, will vest on July 1, 2023; an additional 30%, or 64,904 shares, will vest on July 1, 2024; and the remaining 30%, or 64,905 shares, will vest on July 1, 2025. As these deferred restricted shares vest, the shares will be delivered to the Reporting Person, except that 1/4 of the vested shares 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 shares may be delivered earlier upon a change in control of Blackstone. ( 2 )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 other than pursuant to transactions or programs approved by Blackstone. ( 3 )Such Blackstone Holdings partnership units are held in a trust, for the benefit of the Reporting Person's family members, of which the Reporting Person is the investment trustee. ( 4 )Such Blackstone Holdings partnership units are held in a trust, for the benefit of the Reporting Person's children, of which the Reporting Person is the investment trustee.

Remarks: 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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