Real Estate
Income TrustMay 2021

Diversity & Inclusion
Diversity and inclusion are critically important to our culture and make us better investors. We are committed to increasing
diversity at Blackstone; currently, one-third of our leadership team is diverse 1. The scale of our portfolio allows us to drive
value creation and have massive impact when we focus on diversity within our portfolio companies.

44%

50%

45%

of our primary businesses have adiverse professional as one of their top
two leadersof Blackstone’s 2020 global
analyst class is female, up fromless than 20% six years ago

of Blackstone’s 2020
U.S. analyst class is
racially diverse

Our Priorities
Recruiting Diverse Talent
Widening the funnel of applicants throughexpanding the number of schools we recruit
from, including more Historically Black Collegesand Universities (HBCU) and engaging talent
early through diverse recruitment programs

Retention & Engagement
Providing tailored talent development opportunities
for our employees through mentorship programs,competitive benefits and engagement in our affinity
networks and partnering with external affiliates tosupport these efforts

Value Creation through Responsible Investing
Leveraging the scale of our portfolio to create
more value through two key initiatives dedicatedto making our portfolio company boards morediverse and finding career opportunities forunder-resourced populations

Giving Back
Supporting student entrepreneurs at majority diverse
colleges and universities through the Blackstone
Charitable Foundation’s flagship LaunchPad programand partnering with charitable organizationscommitted to helping diverse communities

Talent Pipeline
We are focused on widening the funnel of applicants - the more diverse talent we can bring in early, the more opportunities
there are for them to grow and become future firm leaders.
 Broadening the number of schools we recruit from: up to 44 compared to 9 in 2015
 Expanding our campus and virtual presence to include more Historically Black Colleges and Universities− Focusing on building and fostering relationships at 8 core HBCUs− Reaching more than 450,000 students, including students from Historically Black Colleges and Universities 2
 Leveraging technology in the recruitment process – Pymetrics, a talent matching platform, to help reduce bias andHandshake, a college job board, to expand our reach

1. Based on gender, race and sexual orientation, when known.
2. As of April 2021.

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Recruitment Programs at Blackstone
Each year, Blackstone runs multiple early-pipeline programs to educate students about our firm and to create opportunities
to stay engaged with us during the recruiting process.

Blackstone’s Vern Perry, Global Head of Strategic Partners, speaking at an affinity network event

Future Women Leaders Program

Future Women Innovators ­Established in 2013 as an annual two day event inNew York; expanded into London and Greater China

 Established in 2018 as a two day program in New York Exposes first-year students and sophomore women
to finance through seminars, technical training,
networking events and mentorship ­E xposes students interested in pursuing a careerin software development to the powerful role oftechnology in financial strategy
 ­To date: over 90 attendees

 To date: over 400 attendees
Diverse Leaders Program­­ Future Diverse Innovators Program Established in 2016 as an annual two day event inNew York; expanded into London ­G iven the success of the Future Women Innovators
Program, Blackstone Technology and Innovations
hosted Future Diverse Innovators in March 2021

 Exposes diverse first-year students to the firm
through seminars, technical training, networking
events and mentorship Inaugural program aims to attract groups thathave historically been underrepresented in thetechnology sector

 ­To date: over 317 attendees

 To date: over 20 attendees

Blackstone Military Internship (MINT) Program

HBCU Discovery Program ­Established in 2013 as a 10-week paid internship Unique one-day experience among financial firms,giving participants early exposure to finance andbusiness through interactive information seminars,
networking, and skill-building sessions

 Targets military veterans to ensure they have thesupport, and guidance needed to make a successfultransition into the financial services industry
 To date: 20 veterans have participated in the program,with five veterans joining Blackstone full-time Open to first-year students that attend an HBCU
and are interested in exploring a career in thefinancial services industry
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Affinity Networks at Blackstone
Active affinity networks dedicated to recruit, retain and raise awareness of diverse groups through speaker series,
networking events, service opportunities and mentoring relationships.
Women’s Initiative
The Blackstone Women’s Initiative drives a multitude ofprograms across the firm focused on developing women,
fostering connectivity across businesses, helping toencourage organic mentorship relationships and helping
to shape our recruiting strategy. We recently expanded
the program to our portfolio companies.

Diverse Professionals Network
Blackstone launched its Diverse Professionals Network(DPN) to recruit and retain underrepresented minorities
at Blackstone as well as create an inclusive communityof diverse employees within the firm. The DPN provides
a platform to connect globally and advance the dialogue
regarding the importance of diversity for our business.

Veterans Network
The Veterans Network aims to cultivate a community ofveterans and advocates that recruit and retain talented
veterans who can add value and unique perspectives andenhance Blackstone’s business and culture. As of January 2021,
Blackstone has hired over 90,000 veterans, veteran spouses
and caregivers across its portfolio.

OUT Blackstone
OUT Blackstone raises awareness of challenges impacting
LGBT+ individuals and recruits and retains talented LGBT+individuals. In 2020, OUT Blackstone joined Out Leadership,
the oldest and largest coalition of global companies working
to improve LGBT+ equality in the world.

OUT Blackstone and Diverse Professionals Network hosted former NFL player Wade Davis, the NFL’s first LGBT+ inclusion consultant
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Engagement and Retention Efforts at Blackstone
Mentorship

Inclusion and Unconscious Bias ­Expanded BX WIN & Mentor Circles programs to~185 female attendees in the 2020 cohorts,
up 3x from previous year
− ~12-month cross-region programs with a focus
on both senior and peer-to-peer mentorship Implemented best practices and training into talent
programs around unconscious bias and inclusion

 Launched a pilot 1:1 mentorship program in 2020
 Developed an analyst-to-associate-level networking
series led by senior leadership; ~100 employees opted
into the program

Competitive Benefits ­I ncluding primary and secondary caregiver leave,
adoption leave, phased back-to-work, fertility
coverage, back-up childcare and more ­E xpanded primary caregiver leave to 20 weeks
in 2020

International Women’s Day 2020 in lobby of Blackstone NYC Headquarters
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Driving Inclusive Entrepreneurship throughthe Blackstone Charitable Foundation
The Blackstone Charitable Foundation (BXCF) takes a comprehensive
approach to advancing the firm’s objectives by providing opportunities
for our most important asset – our people – to maximize the impact of ourphilanthropic investments and help our nonprofit and educational partners
drive tangible economic and social change in our communities.
Blackstone LaunchPad Helps students innovate and succeed in entrepreneurship andtheir careers through skill building and employment opportunities
 Focuses on colleges and universities with a majority
diverse population or serving under-resourced communities
 Recently announced a $40 million commitment to increase theprogram from 30 to 75 campuses over the next five years Partners with the United Negro College Fund (UNCF), the largest
scholarship provider for students of color, as a strategic advisor$100M+
distributed globally by The Blackstone
Charitable Foundation since 2007 1$40M
commitment to expand LaunchPad
program from 30 to 75 campusesover next 5 years~175K
aspiring entrepreneurs supported by
The Blackstone Charitable Foundation

BX Connects
 In 2020, 76% of our global employees participated in firm-sponsored
employee engagement activities and committed over 8,900 hours insupport of our communities
 In 2020, our global employees raised over $5.5m for causes including
COVID-19 relief, racial injustice, food scarcity and cancer research Focused on connecting our work in local communities to the firm’s larger
commitment to diversity and inclusion
Blackstone LaunchPad participants

External Partnerships
Blackstone partners with several external organizations focused on the recruitment and retention of diverse candidates
and employees.

1.

Blackstone Charitable Foundation committed giving as of June 2020.

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Portfolio-Wide Efforts

50%of the independent private equity board seats
we staffed in 2019 were with women90k+

military veterans, spouses and caregivers
hired across the portfolio1

Board Diversity Commitment to Create Value Firmwide mandate to target at least one-third diverserepresentation on portfolio company boards for newcontrol investments starting in the U.S. and Europe
 This initiative is just the beginning and builds on ourlongstanding commitment to diversity and inclusion
across the firm and our portfolio
 It is our responsibility to hire and promote the best andbrightest to build on our variety of backgrounds
Career Pathways Initiative to Create Value A pilot program designed to create employment
opportunities and career mobility at Blackstone’s portfolio
companies for people from underserved communities
starting in the U.S. and Europe Aimed to foster economic mobility and support ongoing
efforts to increase diversity by expanding traditional
applicant pools to create more value

Founder and CEO of Blackstone portfolio company, Bumble, Whitney Wolfe Herdand her son ringing the NASDAQ opening bell on IPO day

 Blackstone will partner with non-profit organizations who areleaders in job training and talent sourcing within underserved
communities such as YearUP and COOP Careers
Blackstone by Example
 Over 30% of directors on Blackstone’s board are diverse Recently welcomed two diverse board members, RuthPorat, CFO of Alphabet, and Reg Brown, Partner, Kirkland& Ellis

1.

Reg Brown, Partner, Kirkland & Ellis

Ruth Porat, CFO of Alphabet

As of January 2021.

All information presented herein is as of December 31, 2020, unless otherwise indicated. Nothing herein is provided as an offer or solicitation to invest in any Blackstone fundor investment. There can be no assurance that any Blackstone fund will achieve its objectives or avoid substantial losses. While Blackstone may consider ESG factors when
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