The Blackstone Group Reports Third Quarter 2009 Results
• Economic Net Income After Taxes was $275 million for the third quarter of 2009, up from
$181 million for the second quarter of 2009 and a loss of $(503) million for the third quarter
of 2008.
• Net Fee Related Earnings from Operations were $95 million for the third quarter of 2009,
up from $87 million for the second quarter of 2009 and down from $152 million for the
third quarter of 2008.
• Adjusted Cash Flows From Operations were $132 million during the third quarter of 2009,
up from $102 million for the second quarter of 2009 and up from a loss of $(9) million for
the third quarter of 2008.
• Fee-Earning Assets Under Management totaled $96.3 billion, up from $93.5 billion at
June 30, 2009.
• GAAP Net Loss Attributable to The Blackstone Group L.P. was $(176) million for the third
quarter of 2009, including net IPO and acquisition-related charges of $201 million,
compared to a GAAP Net Loss of $(340) million for the third quarter of 2008, which
included net IPO and acquisition-related charges of $203 million.
• Blackstone received an A+ rating with stable outlook from Fitch and remains A rated with
stable outlook from Standard & Poor’s. Blackstone executed its first bond issuance in the
third quarter of 2009, issuing $600 million 10-year 6.625% notes.
• Blackstone declares a quarterly priority distribution of $0.30 per common unit.
New York, November 6, 2009: The Blackstone Group L.P. (NYSE: BX) today reported its third quarter
2009 results.
For the third quarter of 2009, Total Segment Revenues were $603.8 million, up $200.2 million from
$403.6 million for the second quarter of 2009 and up $833.0 million from $(229.2) million for the third
quarter of 2008. The year-over-year change was driven by net appreciation of the underlying portfolio
investments in the Corporate Private Equity and Credit and Marketable Alternatives segments, as well as
stabilization in the fair value of the Real Estate segment’s underlying portfolio investments. These
increases were partially offset by decreased advisory fees earned in the Financial Advisory segment. For
the nine months ended September 30, 2009, Total Segment Revenues were $1.1 billion up significantly
from $179.3 million for the same period in 2008.
Total Segment Expenses totaled $325.4 million, up from $230.8 million for the second quarter of 2009
and from $280.0 million for the third quarter of 2008. The largest component of segment expenses, Total
Segment Compensation and Benefits was $249.9 million for the third quarter of 2009, up from
$159.1 million for the second quarter of 2009 and from $197.9 million for the third quarter of 2008. The
change from 2008 was driven by an increase in carried interest related compensation allocations and
accruals in the Corporate Private Equity, Credit and Marketable Alternatives and Real Estate segments.

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