Current Report

Exhibit 99.1

Blackstone Reports Fourth Quarter and

Full Year 2011 Results

Despite challenging market and economic conditions, Economic Net Income (“ENI”) was $1.4 billion for the full year 2011. ENI was $450 million for the fourth quarter of 2011, compared to $513 million for the fourth quarter of 2010.

Distributable Earnings were $697 million for the full year 2011; Distributable Earnings were $178 million for the fourth quarter of 2011, compared to $239 million in the fourth quarter of 2010.

GAAP Results Attributable to The Blackstone Group L.P. improved in 2011 with a net loss of $269 million, compared to a net loss of $370 million in 2010, in each case including net IPO and acquisition-related charges. GAAP Net Loss Attributable to The Blackstone Group L.P. was $123 million in the fourth quarter of 2011, compared to a net loss of $11 million in the fourth quarter of 2010.

Fee-Earning Assets Under Management increased 25% to a record $137 billion at December 31, 2011, from $110 billion at December 31, 2010, while Total Assets Under Management increased 30% to $166 billion at December 31, 2011.

Blackstone declares a quarterly distribution of $0.22 per common unit which brings full year distributions to $0.52 per common unit.

New York, February 2, 2012 : The Blackstone Group L.P. (NYSE: BX) today reported its fourth quarter and full year 2011 results.

Economic Net Income (“ENI”) was $1.389 billion for the full year 2011, slightly lower than $1.418 billion ENI for the full year 2010. The decline in ENI compared to the full year 2010 was driven principally by a slowing in the rate of increase in the carrying value of assets as of December 31, 2011 across Blackstone’s investment segments, offset by an increase of $246.5 million, or 15%, in Total Management and Advisory Fees to $1.878 billion for the full year 2011. ENI was $449.9 million for the three months ended December 31, 2011, a decrease of $62.8 million, compared to ENI of $512.7 million for the three months ended December 31, 2010, primarily attributable to decreases in Performance Fees and Investment Income.

Driven by strong net inflows during the last year, Blackstone’s managed assets demonstrated consistent growth with Fee-Earning Assets Under Management and Total Assets Under Management rising to a record $136.8 billion and $166.2 billion, respectively, at December 31, 2011. The Blackstone funds had $32.9 billion of committed but uninvested capital, or “dry powder”, at the end of 2011.

For the full year 2011, Total Segment Revenues were $3.3 billion, up 5% from $3.1 billion for the full year 2010 due to higher Management Fees and Performance Fees, offset by a decrease in Investment Income. Total Management Fees increased to $1.9 billion, up 15% from $1.6 billion for the full year 2010, principally due to the increase in Fee-Earning Assets Under Management. Performance Fees increased 27% to $1.2 billion in 2011 driven by increases in the Real Estate segment, which more than offset decreases in the other investment segments. Investment Income was lower across all segments due to a slowing in appreciation over the prior year.

Total Segment Expenses were $1.7 billion for the full year 2011, an increase from $1.6 billion for the full year 2010, primarily due to an increase of $101.5 million in Compensation, excluding Performance Fee Compensation. Compensation was up 12% to $960.6 million for the full year 2011, principally as a result of increased investment across Blackstone supporting its continued strong growth. Blackstone’s non-compensation expenses were up 22% from full year 2010 driven mostly by professional fees, financing activities and occupancy costs related to continuing global expansion and the launch of new products.

GAAP results for the year ended December 31, 2011 included Revenues of $3.3 billion, compared to $3.1 billion for the full year 2010, and Net Loss Attributable to The Blackstone Group L.P. of $269.0 million, compared to a net loss of $370.0 million for the full year 2010. GAAP results for the fourth quarter of 2011 included Revenues of $915.1 million, compared to $1.1 billion for the fourth quarter of 2010, and Net Loss Attributable to The Blackstone Group L.P. of $123.4 million, compared to a net loss of $11.0 million for the fourth quarter of 2010.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Despite volatile markets and struggling economies, Blackstone had strong performance in 2011. Our investors view us as a critical partner, helping them protect and grow their capital. We again reported net inflows in every one of our businesses with record fee-earning assets under management of $137 billion at year end, up 25% year over year. During 2011, we invested or committed over $16 billion from our drawdown funds, which we believe will yield attractive results for our investors as well as provide capital that is critical to spurring economic growth, supporting job creation and restoring confidence in our nation’s future. We also distributed approximately $9 billion to our drawdown fund investors during the year.”

The table below details Blackstone’s ENI, Net Fee Related Earnings from Operations, Distributable Earnings and Fee-Earning Assets Under Management as of, and for, the fourth quarters of 2011 and 2010, and for the full years 2011 and 2010. ENI, Total Segments includes unrealized gains (losses) and the direct compensation impact related to those gains (losses), but excludes IPO and acquisition-related charges.

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SEGMENT REVIEW

Private Equity

Private Equity had full year revenues of $578.8 million, compared to revenues of $828.4 million for the full year 2010. The decrease from full year 2010 was principally due to lower Performance Fees and Investment Income, partially offset by an increase in Total Management Fees of $102.6 million due to an increase in Fee-Earning Assets Under Management. Revenues were $190.9 million for the fourth quarter of 2011, compared to $252.8 million in the fourth quarter of 2010. The decrease from the fourth quarter of 2010 was principally due to a $93.9 million decrease in Performance Fees, partially offset by an increase in Total Management Fees of $27.6 million.

The carrying value of assets in the contributed Private Equity funds increased by 5.3% for the full year 2011 driven by an increase in the carrying value of our energy holdings as well as positive performance of our publicly traded investments, particularly those that had initial public offerings in 2011. The carrying value of the segment’s investments increased by 3.3% in the fourth quarter of 2011 due to stronger public markets and increases in the carrying value of the segment’s privately held investments in the energy and retail/consumer sectors, partially offset by foreign currency losses. Annual growth in EBITDA of the private equity portfolio companies averaged approximately 8% to 10%, compared to the prior year. As of December 31, 2011, the unrealized value and cumulative realized proceeds, before carried interest, fees and expenses, for Blackstone’s contributed Private Equity funds was 1.4 times investors’ original investments. On a realized/partially realized basis, this multiple was 2.3 times investors’ original investments.

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ENI was $241.1 million for the full year 2011, down from $485.5 million for the full year 2010, a result of lower Performance Fees and Investment Income. ENI was $106.7 million for the fourth quarter of 2011, down from $161.7 million in 2010, principally a result of lower Performance Fees.

Fee-Earning Assets Under Management were $37.2 billion at December 31, 2011 compared to $24.2 billion at December 31, 2010, due to the commencement of the investment period for the BCP VI, Energy and China funds.

Limited Partner Capital Invested during the full year 2011 totaled $3.8 billion, an increase from $1.7 billion invested during the full year 2010. Limited Partner Capital Invested during the fourth quarter of 2011 was $1.1 billion, up significantly from $116.9 million during the fourth quarter of 2010. Dry powder for Private Equity was $16.3 billion as of December 31, 2011. Blackstone’s Private Equity segment’s funds had $286.7 million of Limited Partner Capital committed to transactions which had not yet closed as of December 31, 2011.

Real Estate

Real Estate had full year revenues of $1.6 billion, compared to revenues of $1.0 billion for the full year 2010. Revenues were $392.4 million for the fourth quarter of 2011, compared to $417.2 million in 2010. The increase from full year 2010 was principally due to a year over year increase in Performance Fees of $652.3 million. Fourth quarter 2011 revenues decreased $24.8 million from the fourth quarter of 2010, principally due to declines in Investment Income and Transaction and Other Fees, partially offset by an increase in Performance Fees.

The carrying value of assets in contributed Real Estate funds, including fee-paying co-investments, increased 16.7% and 3.3% for the full year 2011 and for the fourth quarter of 2011, respectively. Similar to prior quarters, and despite the continued volatility in the global economy and public equity markets, operating fundamentals remained healthy across all of the segment’s properties. For 2011, RevPAR (Revenue per Available Room) of Blackstone’s significant hospitality investments increased between 6% and 8% for 2011 over 2010. During the fourth quarter of 2011, occupancy levels and market rental rates within Blackstone’s significant office investments increased over 3% and approximately 5%, respectively, compared to the same period in 2010. On a trailing twelve month basis through the third quarter of 2011, the latest available financial information, retail sales in the mall investments were up approximately 8%. At December 31, 2011, occupancy levels at the grocery anchored retail centers were in excess of 88%, the highest occupancy levels achieved by Blackstone’s properties in over 18 months. The increase in Performance Fees was primarily related to the strong performance of the funds’ office, hospitality and retail investments with a portion of the increase due to the impact of the “catch-up” provisions of the funds. As of December 31, 2011, the unrealized value and cumulative realized proceeds, before carried interest, fees and expenses, of Blackstone’s contributed Real Estate funds, including fee-paying co-investments, represented 1.4 times investors’ original investment. On a realized/partially realized basis, this multiple was 2.1 times investors’ original investments.

ENI for the Real Estate segment was $1.0 billion for the full year 2011 compared to $639.5 million for 2010, driven principally by the increase in Performance Fees. ENI was $250.8 million for the fourth quarter of 2011, down from $280.8 million in the fourth quarter of 2010. The decrease was due to the revenue decline discussed above.

Fee-Earning Assets Under Management were $31.2 billion at December 31, 2011, compared to $26.8 billion at December 31, 2010. Fee-Earning Assets Under Management increased in 2011 principally due to the commencement of the investment period of the BREP VII fund.

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Limited Partner Capital Invested during 2011 was $6.1 billion, up from $4.1 billion in 2010. Limited Partner Capital Invested during the fourth quarter of 2011 was $995.6 million, down from $2.3 billion during the fourth quarter of 2010. Dry powder for Real Estate was $10.0 billion as of December 31, 2011. Blackstone’s Real Estate segment’s funds had $939.7 million of Limited Partner Capital committed to transactions which had not yet closed as of December 31, 2011.

Hedge Fund Solutions

Hedge Fund Solutions had full year revenues of $338.5 million compared to revenues of $366.8 million for the full year 2010. Revenues were $91.4 million for the fourth quarter of 2011, compared to $119.1 million in 2010. The decrease from full year 2010 was principally due to decreases in Performance Fees and Investment Income of $47.4 million and $30.5 million, respectively, partially offset by an increase in Total Management Fees of 15% to $317.7 million for the full year 2011. Fourth quarter 2011 revenues decreased $27.8 million from the fourth quarter of 2010 principally due to declines in Performance Fees and Investment Income.

The returns for the underlying assets for Blackstone’s Hedge Fund Solutions’ funds were 1.6% for the fourth quarter of 2011 and (1.0)% for the full year 2011.

ENI for the Hedge Fund Solutions segment declined 29% to $140.8 million for the full year 2011 compared to $198.3 million for the full year 2010. ENI was $31.5 million for the fourth quarter of 2011, down from $70.7 million in the fourth quarter of 2010. The full year and quarterly decreases were driven principally by the decreases in Performance Fees and Investment Income mentioned above.

Fee-Earning Assets Under Management for the segment grew 14% to a record $37.8 billion at December 31, 2011, compared to $33.2 billion at December 31, 2010. Net inflows for Blackstone’s Hedge Fund Solutions business came primarily from its commingled and customized investment products and its long only solutions business. Hedge Fund Solutions had $271.5 million of net inflows of Fee-Earning Assets Under Management for the fourth quarter of 2011, bringing year to date net fee-earning inflows to $6.4 billion.

Credit Businesses

Credit Businesses had full year revenues of $395.0 million in 2011 compared to revenues of $478.7 million for the full year 2010. The decrease from full year 2010 to full year 2011 was principally due to Performance Fees of $141.8 million, compared to $261.1 million in 2010. This was partially offset by an increase in Total Management Fees of 23% or $44.1 million. Revenues were $125.1 million for the fourth quarter of 2011, compared to $165.6 million for the fourth quarter of 2010. The decrease from the fourth quarter of 2010 was also principally due to declines in Performance Fees and Investment Income.

The returns of the underlying assets for Blackstone’s Credit Businesses for the fourth quarter of 2011 were 4.3% for the hedge funds, 2.1% for the rescue lending funds, and 4.9% for the mezzanine funds. For the full year 2011, the returns of the underlying assets for Blackstone’s credit-oriented businesses were 8.9% for the hedge funds, 4.4% for the rescue lending funds, and 28.1% for the mezzanine funds.

ENI for the Credit Businesses segment decreased by 18% to $141.6 million for the full year 2011 compared to $173.7 million for the full year 2010. ENI decreased by 14% to $54.7 million for the fourth quarter of 2011 compared to $63.5 million for the fourth quarter of 2010. The full year and fourth quarter 2011 declines in ENI were attributable to the lower Performance Fees and Investment Income mentioned above.

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Fee-Earning Assets Under Management for the segment increased 20% to $30.5 billion at December 31, 2011 from $25.3 billion at December 31, 2010. The $5.1 billion increase was due to drawdowns of Limited Partner Capital in the mezzanine funds and rescue lending funds which trigger the commencement of management fees. In addition, there was strong year over year growth in the long-only platform, including the acquisition of the Allied Irish Banks CLOs during the second quarter of 2011.

Dry powder of drawdown funds for the Credit Businesses segment was $5.1 billion as of December 31, 2011.

On January 5, 2012, the Credit Businesses completed the acquisition of Harbourmaster Capital, a leading European leveraged loan manager and adviser with €7.5 billion ($9.8 billion) of Assets Under Management as of December 31, 2011.

Financial Advisory

Financial Advisory had full year revenues of $389.9 million compared to revenues of $431.9 million for the full year 2010. Revenues were $125.3 million for the fourth quarter of 2011 compared to $131.1 million in 2010. The decrease from full year 2010 was principally due to decreases in fees from Blackstone’s restructuring and reorganization business, partially offset by an increase from Blackstone’s fund placement business.

ENI was $59.6 million for the full year 2011 compared to $83.7 million for the full year 2010. Fourth quarter 2011 ENI increased $9.7 million to $39.1 million from the fourth quarter of 2010.

CAPITAL AND LIQUIDITY

As of December 31, 2011, Blackstone had $1.6 billion in cash, Treasury cash management strategies and liquid Blackstone funds. Long-term debt totaled $1.0 billion in borrowings from the 2010 and 2009 bond issuances. Blackstone has no borrowings outstanding against its $1 billion revolving credit facility, which expires in April 2016.

DISTRIBUTION

The Blackstone Group L.P. has declared a quarterly distribution of $0.22 per common unit to record holders of common units at the close of business on March 15, 2012. This distribution will be paid on March 30, 2012.

Blackstone’s general partner maintains the right to determine the amount to be distributed from The Blackstone Group L.P.’s net after-tax share of its annual Distributable Earnings. Distributable Earnings will only be a starting point for the determination of the amount to be distributed to unitholders because in determining the amount to be distributed Blackstone will subtract from Distributable Earnings any amounts determined by its general partner to be necessary or appropriate to provide for the conduct of its business, to make appropriate investments in its business and funds, to comply with applicable law, any of its debt instruments or other agreements, or to provide for future distributions to its unitholders for any ensuing quarter. The aggregate amounts of Blackstone’s distributions to unitholders will typically be less than its Distributable Earnings for that year.

As was the case for 2011, Blackstone’s current intention is to distribute to its common unitholders substantially all of The Blackstone Group L.P.’s net after-tax share of annual Distributable Earnings less the amount of its realized investment gains and returns of capital from investments and acquisitions. This determination has been based on the continued pace of organic and inorganic growth and the potential for further strategic initiatives and the retained amount will be used for those purposes. The retained cash will

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be deducted from the fourth quarter distribution which is made in the first quarter of the ensuing calendar year. Distributions for the first three quarters will remain unchanged at $0.10 per unit. All distributions are subject to Blackstone’s discretion to retain additional amounts from the amount of annual Distributable Earnings to be distributed as described above.

Because Blackstone will not know what its Distributable Earnings will be for any fiscal year until the end of such year, Blackstone expects that its first three quarterly distributions in respect of any given year will be based on its anticipated annualized Net Fee Related Earnings. For the fourth quarter of each year Blackstone expects to pay the remaining amount of the year’s Distributable Earnings less realized investment gains and returns of capital from investments and acquisitions. As such, the distributions for the first three quarters are expected to be smaller than the final quarterly distribution in respect of such year.

All of the foregoing is subject to the qualification that the declaration and payment of any distributions are at the sole discretion of Blackstone’s general partner and the general partner may change its distribution policy at any time.

Because the wholly-owned subsidiaries of The Blackstone Group L.P. must pay taxes and make payments under the tax receivable agreements described in Blackstone’s Annual Report on Form 10-K, the amounts ultimately distributed by The Blackstone Group L.P. to its common unitholders in respect of each fiscal year are expected to be different, on a per unit basis, than the amounts distributed by the Blackstone Holdings partnerships to the Blackstone personnel and others who are limited partners of the Blackstone Holdings partnerships in respect of their Blackstone Holdings partnership units.

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Blackstone will host a conference call on February 2, 2012 at 11:00 a.m. ET to discuss 2011 results. The conference call can be accessed by dialing (877) 391-6747 (U.S. domestic) or +1 (617) 597-9291 (international), pass code 31241240. Additionally, the conference call will be broadcast live over the internet and can be accessed by all interested parties through the Investor Relations section of The Blackstone Group’s website http://ir.blackstone.com. For those unable to listen to the live broadcast, a replay will be available on Blackstone’s website or by dialing (888) 286-8010 (U.S. domestic) or +1 (617) 801-6888 (international), conference ID number 73697179, beginning approximately two hours after the event.

Blackstone expects to host conference calls to report its 2012 results as follows: first quarter results, April 19, 2012; second quarter results, July 19, 2012; third quarter results, October 18, 2012 and fourth quarter and full year results, January 31, 2013.

Investor Relations Contacts:

Joan Solotar

The Blackstone Group

Tel: +1 (212) 583-5068

solotar@blackstone.com

Weston Tucker

The Blackstone Group

Tel: +1 (212) 583-5231

tucker@blackstone.com

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Media Relations Contact:

Peter Rose

The Blackstone Group

Tel: +1 (212) 583-5871

rose@blackstone.com

About The Blackstone Group

Blackstone (NYSE:BX) is one of the world’s leading investment and advisory firms. Blackstone seeks to create positive economic impact and long-term value for its investors, the companies invested in, the companies advised and the broader global economy. Blackstone does this through the commitment of its extraordinary people and flexible capital. Blackstone’s alternative asset management businesses include the management of private equity funds, real estate funds, hedge fund solutions, credit-oriented funds and closed-end mutual funds. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. 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 and financial performance. You can identify these forward-looking statements by the use of words such as “outlook,” “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, 2010, as such factors may be updated from time to time in its periodic filings with the SEC, 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.

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THE BLACKSTONE GROUP L.P.

Exhibit 2a. Economic Net Income and Net Fee Related Earnings from Operations

(Unaudited, Dollars in Thousands)

The tables below detail Blackstone’s Economic Net Income and Net Fee Related Earnings from Operations. Net Fee Related Earnings from Operations is a supplemental measure of after tax performance used to highlight earnings from operations excluding the income from and related profit sharing expenses of Blackstone’s performance fees and investment income, except for interest income. The reconciliation of Economic Net Income to Net Fee Related Earnings from Operations is presented in Exhibit 2b to this release.

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