☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO |
Delaware (State or other jurisdiction of incorporation or organization) | 20-8875684 (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
BX | New York Stock Exchange |
Large accelerated filer ☒ | Accelerated filer ☐ | |||||
Non-accelerated filer☐ | Smaller reporting company ☐ | |||||
Emerging growth company ☐ |
Page | ||||||||||
Part I. | ||||||||||
Item 1. | ||||||||||
6 | ||||||||||
Unaudited Condensed Consolidated Financial Statements: | ||||||||||
6 | ||||||||||
8 | ||||||||||
9 | ||||||||||
10 | ||||||||||
14 | ||||||||||
16 | ||||||||||
Item 1A. | ||||||||||
64 | ||||||||||
Item 2. | ||||||||||
66 | ||||||||||
Item 3. | ||||||||||
134 | ||||||||||
Item 4. | ||||||||||
134 | ||||||||||
Part II. | ||||||||||
Item 1. | ||||||||||
134 | ||||||||||
Item 1A. | ||||||||||
135 | ||||||||||
Item 2. | ||||||||||
135 | ||||||||||
Item 3. | ||||||||||
136 | ||||||||||
Item 4. | ||||||||||
136 | ||||||||||
Item 5. | ||||||||||
136 | ||||||||||
Item 6. | ||||||||||
136 | ||||||||||
138 |
(a) | the fair value of the investments held by our carry funds and our side-by-side co-investment entities managed by us plus |
(b) | the net asset value of (1) our hedge funds, co-investments managed by us, certain credit-focused funds, and our Hedge Fund Solutions drawdown funds (plus, in each case, the capital that we are entitled to call from investors in those funds, including commitments yet to commence their investment periods), and (2) our funds of hedge funds, our Hedge Fund Solutions registered investment companies, and BREIT, |
(c) | the invested capital, fair value or net asset value of assets we manage pursuant to separately managed accounts, |
(d) | the amount of debt and equity outstanding for our collateralized loan obligations (“CLO”) during the reinvestment period, |
(e) | the aggregate par amount of collateral assets, including principal cash, for our CLOs after the reinvestment period, |
(f) | the gross or net amount of assets (including leverage where applicable) for our credit-focused registered investment companies, |
(g) | the fair value of common stock, preferred stock, convertible debt, term loans or similar instruments issued by |
(h) | borrowings under and any amounts available to be borrowed under certain credit facilities of our funds. |
(a) | for our Private Equity segment funds and Real Estate segment carry funds, including certain BREDS and Hedge Fund Solutions funds, the amount of capital commitments, remaining invested capital, fair value, net asset value or par value of assets held, depending on the fee terms of the fund, |
(b) | for our credit-focused carry funds, the amount of remaining invested capital (which may include leverage) or net asset value, depending on the fee terms of the fund, |
(c) | the remaining invested capital or fair value of assets held in co-investment vehicles managed by us on which we receive fees, |
(d) | the net asset value of our funds of hedge funds, hedge funds, BPP, certain co-investments managed by us, certain registered investment companies, BREIT, and certain of our Hedge Fund Solutions drawdown funds, |
(e) | the invested capital, fair value of assets or the net asset value we manage pursuant to separately managed accounts, |
(f) | the net proceeds received from equity offerings and accumulated |
(g) | the aggregate par amount of collateral assets, including principal cash, of our CLOs, and |
(h) | the gross amount of assets (including leverage) or the net assets (plus leverage where applicable) for certain of our credit-focused registered investment companies. |
Item 1. | Financial Statements |
June 30, | December 31, | June 30, | December 31, | |||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Assets | ||||||||||||||||
Cash and Cash Equivalents | $ | 1,976,512 | $ | 2,172,441 | $ | 2,467,444 | $ | 1,999,484 | ||||||||
Cash Held by Blackstone Funds and Other | 343,201 | 351,210 | 109,676 | 64,972 | ||||||||||||
Investments (including assets pledged of $122,971 and $196,094 at June 30, 2020 and December 31, 2019, respectively) | 18,973,373 | 22,281,682 | ||||||||||||||
Investments (including assets pledged of $80,027 and $110,835 at June 30, 2021 and December 31, 2020, respectively) | 22,163,322 | 15,617,142 | ||||||||||||||
Accounts Receivable | 498,600 | 975,075 | 582,542 | 866,158 | ||||||||||||
Due from Affiliates | 2,431,512 | 2,594,873 | 3,159,829 | 3,221,515 | ||||||||||||
Intangible Assets, Net | 362,008 | 397,508 | 321,780 | 347,955 | ||||||||||||
Goodwill | 1,869,860 | 1,869,860 | 1,890,202 | 1,901,485 | ||||||||||||
Other Assets | 501,351 | 382,493 | 556,714 | 481,022 | ||||||||||||
Right-of-Use | 568,663 | 471,059 | 723,539 | 526,943 | ||||||||||||
Deferred Tax Assets | 1,319,301 | 1,089,305 | 1,322,144 | 1,242,576 | ||||||||||||
Total Assets | $ | 28,844,381 | $ | 32,585,506 | $ | 33,297,192 | $ | 26,269,252 | ||||||||
Liabilities and Equity | ||||||||||||||||
Loans Payable | $ | 10,839,568 | $ | 11,080,723 | $ | 5,594,648 | $ | 5,644,653 | ||||||||
Due to Affiliates | 1,268,571 | 1,026,871 | 1,226,504 | 1,135,041 | ||||||||||||
Accrued Compensation and Benefits | 2,551,056 | 3,796,044 | 5,789,662 | 3,433,260 | ||||||||||||
Securities Sold, Not Yet Purchased | 51,395 | 75,545 | 35,783 | 51,033 | ||||||||||||
Repurchase Agreements | 80,620 | 154,118 | 57,247 | 76,808 | ||||||||||||
Operating Lease Liabilities | 637,946 | 542,994 | 841,152 | 620,844 | ||||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | 919,195 | 806,159 | 1,205,182 | 717,104 | ||||||||||||
Total Liabilities | 16,348,351 | 17,482,454 | 14,750,178 | 11,678,743 | ||||||||||||
Commitments and Contingencies | 0 | 0 | ||||||||||||||
Redeemable Non-Controlling Interests in Consolidated Entities | 68,564 | 87,651 | 65,568 | 65,161 | ||||||||||||
Equity | ||||||||||||||||
Stockholders’ Equity of The Blackstone Group Inc. | ||||||||||||||||
Class A Common Stock, $0.00001 par value, 90 billion shares authorized, (676,874,583 shares issued and outstanding as of June 30, 2020; 671,157,692 shares issued and outstanding as of December 31, 2019) | 7 | 7 | ||||||||||||||
Class B Common Stock, $0.00001 par value, 999,999,000 shares authorized, (1 share issued and outstanding as of June 30, 2020) | — | — | ||||||||||||||
Class C Common Stock, $0.00001 par value, 1,000 shares authorized, (1 share issued and outstanding as of June 30, 2020) | — | — | ||||||||||||||
Common Stock, $0.00001 par value, 90 billion shares authorized, (691,093,463 shares issued and outstanding as of June 30, 2021; 683,875,544 shares issued and outstanding as of December 31, 2020) | 7 | 7 | ||||||||||||||
Series I Preferred Stock, $0.00001 par value, 999,999,000 shares authorized, (1 share issued and outstanding as of June 30, 2021 and December 31, 2020) | 0 | 0 | ||||||||||||||
Series II Preferred Stock, $0.00001 par value, 1,000 shares authorized, (1 share issued and outstanding as of June 30, 2021 and December 31, 2020) | 0 | 0 | ||||||||||||||
Additional Paid-in-Capital | 6,272,040 | 6,428,647 | 6,282,600 | 6,332,105 | ||||||||||||
Retained Earnings (Deficit) | (574,295 | ) | 609,625 | |||||||||||||
Retained Earnings | 2,133,794 | 335,762 | ||||||||||||||
Accumulated Other Comprehensive Loss | (36,758 | ) | (28,495 | ) | (10,245 | ) | (15,831 | ) | ||||||||
Total Stockholders’ Equity of The Blackstone Group Inc. | 5,660,994 | 7,009,784 | 8,406,156 | 6,652,043 | ||||||||||||
Non-Controlling Interests in Consolidated Entities | 3,900,429 | 4,186,069 | 4,860,442 | 4,042,157 | ||||||||||||
Non-Controlling Interests in Blackstone Holdings | 2,866,043 | 3,819,548 | 5,214,848 | 3,831,148 | ||||||||||||
Total Equity | 12,427,466 | 15,015,401 | 18,481,446 | 14,525,348 | ||||||||||||
Total Liabilities and Equity | $ | 28,844,381 | $ | 32,585,506 | $ | 33,297,192 | $ | 26,269,252 | ||||||||
June 30, | December 31, | |||||||
2020 | 2019 | |||||||
Assets | ||||||||
Cash Held by Blackstone Funds and Other | $ | 343,201 | $ | 351,210 | ||||
Investments | 7,937,625 | 8,371,899 | ||||||
Accounts Receivable | 175,554 | 220,372 | ||||||
Due from Affiliates | 6,264 | 7,856 | ||||||
Other Assets | 1,308 | 1,204 | ||||||
Total Assets | $ | 8,463,952 | $ | 8,952,541 | ||||
Liabilities | ||||||||
Loans Payable | $ | 6,232,787 | $ | 6,479,867 | ||||
Due to Affiliates | 186,940 | 142,546 | ||||||
Securities Sold, Not Yet Purchased | 42,000 | 55,289 | ||||||
Repurchase Agreements | 80,620 | 154,118 | ||||||
Accounts Payable, Accrued Expenses and Other Liabilities | 301,270 | 301,355 | ||||||
Total Liabilities | $ | 6,843,617 | $ | 7,133,175 | ||||
June 30, | December 31, | |||||||
2021 | 2020 | |||||||
Assets | ||||||||
Cash Held by Blackstone Funds and Other | $ | 109,676 | $ | 64,972 | ||||
Investments | 1,871,269 | 1,455,008 | ||||||
Accounts Receivable | 80,374 | 120,099 | ||||||
Due from Affiliates | 11,144 | 8,676 | ||||||
Other Assets | 549 | 262 | ||||||
Total Assets | $ | 2,073,012 | $ | 1,649,017 | ||||
Liabilities | ||||||||
Loans Payable | $ | 99 | $ | 99 | ||||
Due to Affiliates | 101,879 | 65,429 | ||||||
Securities Sold, Not Yet Purchased | 23,830 | 41,709 | ||||||
Repurchase Agreements | 57,247 | 76,808 | ||||||
Accounts Payable, Accrued Expenses and Other Liabilities | 33,614 | 37,221 | ||||||
Total Liabilities | $ | 216,669 | $ | 221,266 | ||||
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||
Management and Advisory Fees, Net | $ | 969,728 | $ | 840,378 | $ | 1,904,560 | $ | 1,650,104 | $ | 1,212,549 | $ | 969,728 | $ | 2,390,364 | $ | 1,904,560 | ||||||||||||||||
Incentive Fees | 15,300 | 21,915 | 27,461 | 34,047 | 33,207 | 15,300 | 69,331 | 27,461 | ||||||||||||||||||||||||
Investment Income (Loss) | ||||||||||||||||||||||||||||||||
Performance Allocations | ||||||||||||||||||||||||||||||||
Realized | 101,910 | 332,520 | 269,440 | 574,895 | 808,620 | 101,910 | 1,342,987 | 269,440 | ||||||||||||||||||||||||
Unrealized | 1,067,923 | 157,732 | (2,385,158 | ) | 821,731 | 2,697,170 | 1,067,923 | 5,161,667 | (2,385,158 | ) | ||||||||||||||||||||||
Principal Investments | ||||||||||||||||||||||||||||||||
Realized | 61,102 | 145,040 | 109,797 | 218,301 | 152,060 | 61,102 | 507,098 | 109,797 | ||||||||||||||||||||||||
Unrealized | 331,762 | (37,345 | ) | (627,603 | ) | 131,699 | 328,835 | 331,762 | 968,150 | (627,603 | ) | |||||||||||||||||||||
Total Investment Income (Loss) | 1,562,697 | 597,947 | (2,633,524 | ) | 1,746,626 | 3,986,685 | 1,562,697 | 7,979,902 | (2,633,524 | ) | ||||||||||||||||||||||
Interest and Dividend Revenue | 23,924 | 43,686 | 59,008 | 87,770 | 31,017 | 23,924 | 62,429 | 59,008 | ||||||||||||||||||||||||
Other | (55,580 | ) | (17,120 | ) | 82,600 | (6,870 | ) | 27,896 | (55,580 | ) | 88,200 | 82,600 | ||||||||||||||||||||
Total Revenues | 2,516,069 | 1,486,806 | (559,895 | ) | 3,511,677 | 5,291,354 | 2,516,069 | 10,590,226 | (559,895 | ) | ||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||
Compensation and Benefits | ||||||||||||||||||||||||||||||||
Compensation | 458,457 | 438,521 | 935,000 | 909,918 | 507,104 | 458,457 | 1,049,742 | 935,000 | ||||||||||||||||||||||||
Incentive Fee Compensation | 8,432 | 8,886 | 14,954 | 14,292 | 14,431 | 8,432 | 27,756 | 14,954 | ||||||||||||||||||||||||
Performance Allocations Compensation | ||||||||||||||||||||||||||||||||
Realized | 38,569 | 125,825 | 110,992 | 212,220 | 347,423 | 38,569 | 560,450 | 110,992 | ||||||||||||||||||||||||
Unrealized | 454,813 | 64,518 | (942,565 | ) | 351,533 | 1,150,219 | 454,813 | 2,200,188 | (942,565 | ) | ||||||||||||||||||||||
Total Compensation and Benefits | 960,271 | 637,750 | 118,381 | 1,487,963 | 2,019,177 | 960,271 | 3,838,136 | 118,381 | ||||||||||||||||||||||||
General, Administrative and Other | 169,051 | 175,308 | 326,617 | 321,370 | 205,057 | 169,051 | 390,179 | 326,617 | ||||||||||||||||||||||||
Interest Expense | 39,276 | 43,596 | 80,920 | 85,598 | 44,322 | 39,276 | 89,305 | 80,920 | ||||||||||||||||||||||||
Fund Expenses | 4,083 | 5,586 | 8,688 | 8,473 | 3,774 | 4,083 | 6,157 | 8,688 | ||||||||||||||||||||||||
Total Expenses | 1,172,681 | 862,240 | 534,606 | 1,903,404 | 2,272,330 | 1,172,681 | 4,323,777 | 534,606 | ||||||||||||||||||||||||
Other Income (Loss) | ||||||||||||||||||||||||||||||||
Change in Tax Receivable Agreement Liability | 76 | — | (519 | ) | — | (392 | ) | 76 | 2,518 | (519 | ) | |||||||||||||||||||||
Net Gains (Losses) from Fund Investment Activities | 158,297 | 61,131 | (169,077 | ) | 191,456 | 127,116 | 158,297 | 247,469 | (169,077 | ) | ||||||||||||||||||||||
Total Other Income (Loss) | 158,373 | 61,131 | (169,596 | ) | 191,456 | 126,724 | 158,373 | 249,987 | (169,596 | ) | ||||||||||||||||||||||
Income (Loss) Before Provision (Benefit) for Taxes | 1,501,761 | 685,697 | (1,264,097 | ) | 1,799,729 | 3,145,748 | 1,501,761 | 6,516,436 | (1,264,097 | ) | ||||||||||||||||||||||
Provision (Benefit) for Taxes | 147,415 | 38,736 | (11,288 | ) | 79,891 | 288,250 | 147,415 | 287,803 | (11,288 | ) | ||||||||||||||||||||||
Net Income (Loss) | 1,354,346 | 646,961 | (1,252,809 | ) | 1,719,838 | 2,857,498 | 1,354,346 | 6,228,633 | (1,252,809 | ) | ||||||||||||||||||||||
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities | (3,426 | ) | 1,095 | (18,895 | ) | 3,575 | 637 | (3,426 | ) | 1,266 | (18,895 | ) | ||||||||||||||||||||
Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities | 294,378 | 80,744 | (350,699 | ) | 267,577 | 431,516 | 294,378 | 818,366 | (350,699 | ) | ||||||||||||||||||||||
Net Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings | 495,128 | 259,330 | (384,989 | ) | 661,590 | 1,116,193 | 495,128 | 2,351,977 | (384,989 | ) | ||||||||||||||||||||||
Net Income (Loss) Attributable to The Blackstone Group Inc. | $ | 568,266 | $ | 305,792 | $ | (498,226 | ) | $ | 787,096 | $ | 1,309,152 | $ | 568,266 | $ | 3,057,024 | $ | (498,226 | ) | ||||||||||||||
Net Income (Loss) Per Share of Class A Common Stock | ||||||||||||||||||||||||||||||||
Net Income (Loss) Per Share of Common Stock | ||||||||||||||||||||||||||||||||
Basic | $ | 0.81 | $ | 0.45 | $ | (0.74 | ) | $ | 1.17 | $ | 1.82 | $ | 0.81 | $ | 4.27 | $ | (0.74 | ) | ||||||||||||||
Diluted | $ | 0.81 | $ | 0.45 | $ | (0.74 | ) | $ | 1.16 | $ | 1.82 | $ | 0.81 | $ | 4.27 | $ | (0.74 | ) | ||||||||||||||
Weighted-Average Shares of Class A Common Stock Outstanding | ||||||||||||||||||||||||||||||||
Weighted-Average Shares of Common Stock Outstanding | ||||||||||||||||||||||||||||||||
Basic | 698,534,168 | 673,655,305 | 677,041,769 | 674,079,074 | 721,141,954 | 698,534,168 | 715,121,029 | 677,041,769 | ||||||||||||||||||||||||
Diluted | 1,204,411,957 | 673,985,944 | 677,041,769 | 1,200,592,276 | 721,265,180 | 1,204,411,957 | 715,622,208 | 677,041,769 | ||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Net Income (Loss) | $ | 1,354,346 | $ | 646,961 | $ | (1,252,809 | ) | $ | 1,719,838 | |||||||
Other Comprehensive Income (Loss), Currency Translation Adjustment | 8,316 | 8,753 | (11,903 | ) | 15,936 | |||||||||||
Comprehensive Income (Loss) | 1,362,662 | 655,714 | (1,264,712 | ) | 1,735,774 | |||||||||||
Less: | ||||||||||||||||
Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities | (3,426 | ) | 1,095 | (18,895 | ) | 3,575 | ||||||||||
Comprehensive Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities | 294,378 | 80,744 | (350,699 | ) | 267,577 | |||||||||||
Comprehensive Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings | 498,669 | 263,195 | (388,629 | ) | 668,592 | |||||||||||
Comprehensive Income (Loss) Attributable to Non-Controlling Interests | 789,621 | 345,034 | (758,223 | ) | 939,744 | |||||||||||
Comprehensive Income (Loss) Attributable to The Blackstone Group Inc. | $ | 573,041 | $ | 310,680 | $ | (506,489 | ) | $ | 796,030 | |||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net Income (Loss) | $ | 2,857,498 | $ | 1,354,346 | $ | 6,228,633 | $ | (1,252,809 | ) | |||||||
Other Comprehensive Income (Loss), Currency Translation Adjustment | 2,124 | 8,316 | 10,055 | (11,903 | ) | |||||||||||
Comprehensive Income (Loss) | 2,859,622 | 1,362,662 | 6,238,688 | (1,264,712 | ) | |||||||||||
Less: | ||||||||||||||||
Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities | 637 | (3,426 | ) | 1,266 | (18,895 | ) | ||||||||||
Comprehensive Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities | 431,516 | 294,378 | 818,366 | (350,699 | ) | |||||||||||
Comprehensive Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings | 1,117,108 | 498,669 | 2,356,446 | (388,629 | ) | |||||||||||
Comprehensive Income (Loss) Attributable to Non-Controlling Interests | 1,549,261 | 789,621 | 3,176,078 | (758,223 | ) | |||||||||||
Comprehensive Income (Loss) Attributable to The Blackstone Group Inc. | $ | 1,310,361 | $ | 573,041 | $ | 3,062,610 | $ | (506,489 | ) | |||||||
Shares of The Blackstone Group Inc. (a) | The Blackstone Group Inc. (a) | Shares of The Blackstone Group Inc. (a) | The Blackstone Group Inc. (a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated | Redeemable | Accumulated | Redeemable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Non- | Non- | Non- | Other | Non- | Non- | Non- | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compre- | Controlling | Controlling | Controlling | Compre- | Controlling | Controlling | Controlling | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class A | Additional | Retained | hensive | Interests in | Interests in | Interests in | Additional | Retained | hensive | Total | Interests in | Interests in | Interests in | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common | Common | Paid-in- | Earnings | Income | Consolidated | Blackstone | Total | Consolidated | Common | Common | Paid-in- | Earnings | Income | Stockholders’ | Consolidated | Blackstone | Total | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock | Stock | Capital | (Deficit) | (Loss) | Total | Entities | Holdings | Equity | Entities | Stock | Stock | Capital | (Deficit) | (Loss) | Equity | Entities | Holdings | Equity | Entities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 676,630,489 | $ | 7 | $ | 6,298,093 | $ | (871,948 | ) | $ | (41,533 | ) | $ | 5,384,619 | $ | 3,591,160 | $ | 2,530,263 | $ | 11,506,042 | $ | 72,066 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | — | — | — | 568,266 | — | 568,266 | 294,378 | 495,128 | 1,357,772 | (3,426 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 690,569,563 | $ | 7 | $ | 6,446,829 | $ | 1,408,768 | $ | (11,454 | ) | $ | 7,844,150 | $ | 4,390,594 | $ | 4,524,898 | $ | 16,759,642 | $ | 65,546 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income | — | — | — | 1,309,152 | — | 1,309,152 | 431,516 | 1,116,193 | 2,856,861 | 637 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency Translation Adjustment | — | — | — | — | 4,775 | 4,775 | — | 3,541 | 8,316 | — | — | — | — | — | 1,209 | 1,209 | — | 915 | 2,124 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Contributions | — | — | — | — | — | — | 170,282 | — | 170,282 | — | — | — | — | — | — | — | 204,933 | 2,551 | 207,484 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Distributions | — | — | — | (270,613 | ) | — | (270,613 | ) | (155,525 | ) | (203,354 | ) | (629,492 | ) | (76 | ) | — | — | — | (584,126 | ) | — | (584,126 | ) | (166,518 | ) | (441,687 | ) | (1,192,331 | ) | (615 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities | — | — | — | — | — | — | 134 | — | 134 | — | — | — | — | — | — | — | (83 | ) | — | (83 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders | — | — | 2,806 | — | — | 2,806 | — | — | 2,806 | — | — | — | 9,535 | — | — | 9,535 | — | — | 9,535 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-Based Compensation | — | — | 73,455 | — | — | 73,455 | — | 55,442 | 128,897 | — | — | — | 77,083 | — | — | 77,083 | — | 55,046 | 132,129 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Class A Common Stock | 56,662 | — | (2,398 | ) | — | — | (2,398 | ) | — | — | (2,398 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of Shares of Class A Common Stock and Blackstone Holdings Partnership Units | (2,000,000 | ) | — | (114,893 | ) | — | — | (114,893 | ) | — | — | (114,893 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock | 273,659 | — | (4,860 | ) | — | — | (4,860 | ) | — | — | (4,860 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units | (3,174,598 | ) | — | (289,055 | ) | — | — | (289,055 | ) | — | — | (289,055 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in The Blackstone Group Inc.’s Ownership Interest | — | — | 4,006 | — | — | 4,006 | — | (4,006 | ) | — | — | — | — | 11,322 | — | — | 11,322 | — | (11,322 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Class A Common Stock | 2,187,432 | — | 10,971 | — | — | 10,971 | — | (10,971 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock | 3,424,839 | — | 31,746 | — | — | 31,746 | — | (31,746 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 676,874,583 | $ | 7 | $ | 6,272,040 | $ | (574,295 | ) | $ | (36,758 | ) | $ | 5,660,994 | $ | 3,900,429 | $ | 2,866,043 | $ | 12,427,466 | $ | 68,564 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 691,093,463 | $ | 7 | $ | 6,282,600 | $ | 2,133,794 | $ | (10,245 | ) | $ | 8,406,156 | $ | 4,860,442 | $ | 5,214,848 | $ | 18,481,446 | $ | 65,568 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(a) |
The Blackstone Group L.P. | ||||||||||||||||||||||||||||||||||
Accumulated | Redeemable | |||||||||||||||||||||||||||||||||
Other | Non- | Non- | Non- | |||||||||||||||||||||||||||||||
Compre- | Controlling | Controlling | Controlling | |||||||||||||||||||||||||||||||
hensive | Interests in | Interests in | Total | Interests in | ||||||||||||||||||||||||||||||
Common | Partners’ | Income | Consolidated | Blackstone | Partners’ | Consolidated | ||||||||||||||||||||||||||||
Units | Capital | (Loss) | Total | Entities | Holdings | Capital | Entities | |||||||||||||||||||||||||||
Balance at March 31, 2019 | 665,331,887 | $ | 6,501,072 | $ | (32,430 | ) | $ | 6,468,642 | $ | 3,852,346 | $ | 3,688,772 | $ | 14,009,760 | $ | 136,941 | ||||||||||||||||||
Net Income | — | 305,792 | — | 305,792 | 80,744 | 259,330 | 645,866 | 1,095 | ||||||||||||||||||||||||||
Currency Translation Adjustment | — | — | 4,888 | 4,888 | — | 3,865 | 8,753 | — | ||||||||||||||||||||||||||
Capital Contributions | — | — | — | — | 129,771 | — | 129,771 | — | ||||||||||||||||||||||||||
Capital Distributions | — | (248,947 | ) | — | (248,947 | ) | (193,522 | ) | (204,430 | ) | (646,899 | ) | (36,726 | ) | ||||||||||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities | — | — | — | — | (36 | ) | — | (36 | ) | — | ||||||||||||||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders | — | 2,849 | — | 2,849 | — | — | 2,849 | — | ||||||||||||||||||||||||||
Equity-Based Compensation | — | 49,341 | — | 49,341 | — | 38,801 | 88,142 | — | ||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units | 41,256 | (1,362 | ) | — | (1,362 | ) | — | (3 | ) | (1,365 | ) | — | ||||||||||||||||||||||
Repurchase of Common Units and Blackstone Holdings Partnership Units | (6,555,885 | ) | (273,065 | ) | — | (273,065 | ) | — | — | (273,065 | ) | — | ||||||||||||||||||||||
Change in The Blackstone Group L.P.’s Ownership Interest | — | (12,305 | ) | — | (12,305 | ) | — | 12,305 | — | — | ||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units | 1,771,111 | 12,522 | — | 12,522 | — | (12,522 | ) | — | — | |||||||||||||||||||||||||
Balance at June 30, 2019 | 660,588,369 | $ | 6,335,897 | $ | (27,542 | ) | $ | 6,308,355 | $ | 3,869,303 | $ | 3,786,118 | $ | 13,963,776 | $ | 101,310 | ||||||||||||||||||
Shares of The Blackstone Group Inc. (a) | The Blackstone Group Inc. (a) | |||||||||||||||||||||||||||||||||||||||
Accumulated | Redeemable | |||||||||||||||||||||||||||||||||||||||
Other | Non- | Non- | Non- | |||||||||||||||||||||||||||||||||||||
Compre- | Controlling | Controlling | Controlling | |||||||||||||||||||||||||||||||||||||
Additional | Retained | hensive | Total | Interests in | Interests in | Interests in | ||||||||||||||||||||||||||||||||||
Common | Common | Paid-in- | Earnings | Income | Stockholders’ | Consolidated | Blackstone | Total | Consolidated | |||||||||||||||||||||||||||||||
Stock | Stock | Capital | (Deficit) | (Loss) | Equity | Entities | Holdings | Equity | Entities | |||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 676,630,489 | $ | 7 | $ | 6,298,093 | $ | (871,948 | ) | $ | (41,533 | ) | $ | 5,384,619 | $ | 3,591,160 | $ | 2,530,263 | $ | 11,506,042 | $ | 72,066 | |||||||||||||||||||
Net Income (Loss) | — | — | — | 568,266 | — | 568,266 | �� | 294,378 | 495,128 | 1,357,772 | (3,426 | ) | ||||||||||||||||||||||||||||
Currency Translation Adjustment | — | — | — | — | 4,775 | 4,775 | — | 3,541 | 8,316 | — | ||||||||||||||||||||||||||||||
Capital Contributions | — | — | — | — | — | — | 170,282 | — | 170,282 | — | ||||||||||||||||||||||||||||||
Capital Distributions | — | — | — | (270,613 | ) | — | (270,613 | ) | (155,525 | ) | (203,354 | ) | (629,492 | ) | (76 | ) | ||||||||||||||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities | — | — | — | — | — | — | 134 | — | 134 | — | ||||||||||||||||||||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders | — | — | 2,806 | — | — | 2,806 | — | — | 2,806 | — | ||||||||||||||||||||||||||||||
Equity-Based Compensation | — | — | 73,455 | — | — | 73,455 | — | 55,442 | 128,897 | — | ||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock | 56,662 | — | (2,398 | ) | — | — | (2,398 | ) | — | — | (2,398 | ) | — | |||||||||||||||||||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units | (2,000,000 | ) | — | (114,893 | ) | — | — | (114,893 | ) | — | — | (114,893 | ) | — | ||||||||||||||||||||||||||
Change in The Blackstone Group Inc.’s Ownership Interest | — | — | 4,006 | — | — | 4,006 | — | (4,006 | ) | — | — | |||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock | 2,187,432 | — | 10,971 | — | — | 10,971 | — | (10,971 | ) | — | — | |||||||||||||||||||||||||||||
Balance at June 30, 2020 | 676,874,583 | $ | 7 | $ | 6,272,040 | $ | (574,295 | ) | $ | (36,758 | ) | $ | 5,660,994 | $ | 3,900,429 | $ | 2,866,043 | $ | 12,427,466 | $ | 68,564 | |||||||||||||||||||
(a) | During the period presented, Blackstone also had one share outstanding of each of Series I and Series II preferred stock, with par value of each less than one cent. |
Shares of The Blackstone Group Inc. (a) | The Blackstone Group Inc. (a) | |||||||||||||||||||||||||||||||||||||||
Accumulated | Redeemable | |||||||||||||||||||||||||||||||||||||||
Other | Non- | Non- | Non- | |||||||||||||||||||||||||||||||||||||
Compre- | Controlling | Controlling | Controlling | |||||||||||||||||||||||||||||||||||||
Class A | Class A | Additional | Retained | hensive | Interests in | Interests in | Interests in | |||||||||||||||||||||||||||||||||
Common | Common | Paid-in- | Earnings | Income | Consolidated | Blackstone | Total | Consolidated | ||||||||||||||||||||||||||||||||
Stock | Stock | Capital | (Deficit) | (Loss) | Total | Entities | Holdings | Equity | Entities | |||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 671,157,692 | $ | 7 | $ | 6,428,647 | $ | 609,625 | $ | (28,495 | ) | $ | 7,009,784 | $ | 4,186,069 | $ | 3,819,548 | $ | 15,015,401 | $ | 87,651 | ||||||||||||||||||||
Net Income (Loss) | — | — | — | (498,226 | ) | — | (498,226 | ) | (350,699 | ) | (384,989 | ) | (1,233,914 | ) | (18,895 | ) | ||||||||||||||||||||||||
Currency Translation Adjustment | — | — | — | — | (8,263 | ) | (8,263 | ) | — | (3,640 | ) | (11,903 | ) | — | ||||||||||||||||||||||||||
Capital Contributions | — | — | — | — | — | — | 372,961 | — | 372,961 | — | ||||||||||||||||||||||||||||||
Capital Distributions | — | — | — | (685,694 | ) | — | (685,694 | ) | (305,797 | ) | (569,055 | ) | (1,560,546 | ) | (192 | ) | ||||||||||||||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities | — | — | — | — | — | — | (2,105 | ) | — | (2,105 | ) | — | ||||||||||||||||||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders | — | — | 15,200 | — | — | 15,200 | — | — | 15,200 | — | ||||||||||||||||||||||||||||||
Equity-Based Compensation | — | — | 124,279 | — | — | 124,279 | — | 94,100 | 218,379 | — | ||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Class A Common Stock | 1,740,156 | — | (17,639 | ) | — | — | (17,639 | ) | — | (7 | ) | (17,646 | ) | — | ||||||||||||||||||||||||||
Repurchase of Shares of Class A Common Stock and Blackstone Holdings Partnership Units | (6,969,237 | ) | — | (368,361 | ) | — | — | (368,361 | ) | — | — | (368,361 | ) | — | ||||||||||||||||||||||||||
Change in The Blackstone Group Inc.’s Ownership Interest | — | — | 13,785 | — | — | 13,785 | — | (13,785 | ) | — | — | |||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Class A Common Stock | 10,945,972 | — | 76,129 | — | — | 76,129 | — | (76,129 | ) | — | — | |||||||||||||||||||||||||||||
Balance at June 30, 2020 | 676,874,583 | $ | 7 | $ | 6,272,040 | $ | (574,295 | ) | $ | (36,758 | ) | $ | 5,660,994 | $ | 3,900,429 | $ | 2,866,043 | $ | 12,427,466 | $ | 68,564 | |||||||||||||||||||
Shares of The Blackstone Group Inc. (a) | The Blackstone Group Inc. (a) | |||||||||||||||||||||||||||||||||||||||
Accumulated | Redeemable | |||||||||||||||||||||||||||||||||||||||
Other | Non- | Non- | Non- | |||||||||||||||||||||||||||||||||||||
Compre- | Controlling | Controlling | Controlling | |||||||||||||||||||||||||||||||||||||
Additional | Retained | hensive | Total | Interests in | Interests in | Interests in | ||||||||||||||||||||||||||||||||||
Common | Common | Paid-in- | Earnings | Income | Stockholders’ | Consolidated | Blackstone | Total | Consolidated | |||||||||||||||||||||||||||||||
Stock | Stock | Capital | (Deficit) | (Loss) | Equity | Entities | Holdings | Equity | Entities | |||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 683,875,544 | $ | 7 | $ | 6,332,105 | $ | 335,762 | $ | (15,831 | ) | $ | 6,652,043 | $ | 4,042,157 | $ | 3,831,148 | $ | 14,525,348 | $ | 65,161 | ||||||||||||||||||||
Net Income | — | — | — | 3,057,024 | — | 3,057,024 | 818,366 | 2,351,977 | 6,227,367 | 1,266 | ||||||||||||||||||||||||||||||
Currency Translation Adjustment | — | — | — | — | 5,586 | 5,586 | — | 4,469 | 10,055 | — | ||||||||||||||||||||||||||||||
Capital Contributions | — | — | — | — | — | — | 412,230 | 5,259 | 417,489 | — | ||||||||||||||||||||||||||||||
Capital Distributions | — | — | — | (1,258,992 | ) | — | (1,258,992 | ) | (408,718 | ) | (1,024,657 | ) | (2,692,367 | ) | (859 | ) | ||||||||||||||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities | — | — | — | — | — | — | (3,593 | ) | — | (3,593 | ) | — | ||||||||||||||||||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders | — | — | 19,714 | — | — | 19,714 | — | — | 19,714 | — | ||||||||||||||||||||||||||||||
Equity-Based Compensation | — | — | 168,606 | — | — | 168,606 | — | 120,941 | 289,547 | — | ||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock | 1,986,972 | — | (23,059 | ) | — | — | (23,059 | ) | — | — | (23,059 | ) | — | |||||||||||||||||||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units | (3,174,598 | ) | — | (289,055 | ) | — | — | (289,055 | ) | — | — | (289,055 | ) | — | ||||||||||||||||||||||||||
Change in The Blackstone Group Inc.’s Ownership Interest | — | — | 3,877 | — | — | 3,877 | — | (3,877 | ) | — | — | |||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock | 8,405,545 | — | 70,412 | — | — | 70,412 | — | (70,412 | ) | — | — | |||||||||||||||||||||||||||||
Balance at June 30, 2021 | 691,093,463 | $ | 7 | $ | 6,282,600 | $ | 2,133,794 | $ | (10,245 | ) | $ | 8,406,156 | $ | 4,860,442 | $ | 5,214,848 | $ | 18,481,446 | $ | 65,568 | ||||||||||||||||||||
(a) |
The Blackstone Group L.P. | ||||||||||||||||||||||||||||||||||
Accumulated | Redeemable | |||||||||||||||||||||||||||||||||
Other | Non- | Non- | Non- | |||||||||||||||||||||||||||||||
Compre- | Controlling | Controlling | Controlling | |||||||||||||||||||||||||||||||
hensive | Interests in | Interests in | Total | Interests in | ||||||||||||||||||||||||||||||
Common | Partners’ | Income | Consolidated | Blackstone | Partners’ | Consolidated | ||||||||||||||||||||||||||||
Units | Capital | (Loss) | Total | Entities | Holdings | Capital | Entities | |||||||||||||||||||||||||||
Balance at December 31, 2018 | 663,212,830 | $ | 6,415,700 | $ | (36,476 | ) | $ | 6,379,224 | $ | 3,648,766 | $ | 3,584,317 | $ | 13,612,307 | $ | 141,779 | ||||||||||||||||||
Net Income | — | 787,096 | — | 787,096 | 267,577 | 661,590 | 1,716,263 | 3,575 | ||||||||||||||||||||||||||
Currency Translation Adjustment | — | — | 8,934 | 8,934 | — | 7,002 | 15,936 | — | ||||||||||||||||||||||||||
Capital Contributions | — | — | — | — | 289,276 | — | 289,276 | — | ||||||||||||||||||||||||||
Capital Distributions | — | (639,210 | ) | — | (639,210 | ) | (335,020 | ) | (544,476 | ) | (1,518,706 | ) | (44,044 | ) | ||||||||||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities | — | — | — | — | (1,296 | ) | — | (1,296 | ) | — | ||||||||||||||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders | — | 5,016 | — | 5,016 | — | — | 5,016 | — | ||||||||||||||||||||||||||
Equity-Based Compensation | — | 101,200 | — | 101,200 | — | 79,613 | 180,813 | — | ||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units | 1,853,730 | (10,613 | ) | — | (10,613 | ) | — | (6 | ) | (10,619 | ) | — | ||||||||||||||||||||||
Repurchase of Blackstone Common Units and Blackstone Holdings Partnership Units | (8,100,000 | ) | (325,214 | ) | — | (325,214 | ) | — | — | (325,214 | ) | — | ||||||||||||||||||||||
Change in The Blackstone Group L.P.’s Ownership Interest | — | (23,270 | ) | — | (23,270 | ) | — | 23,270 | — | — | ||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units | 3,621,809 | 25,192 | — | 25,192 | — | (25,192 | ) | — | — | |||||||||||||||||||||||||
Balance at June 30, 2019 | 660,588,369 | $ | 6,335,897 | $ | (27,542 | ) | $ | 6,308,355 | $ | 3,869,303 | $ | 3,786,118 | $ | 13,963,776 | $ | 101,310 | ||||||||||||||||||
Shares of The Blackstone Group Inc. (a) | The Blackstone Group Inc. (a) | |||||||||||||||||||||||||||||||||||||||
Accumulated | Redeemable | |||||||||||||||||||||||||||||||||||||||
Other | Non- | Non- | Non- | |||||||||||||||||||||||||||||||||||||
Compre- | Controlling | Controlling | Controlling | |||||||||||||||||||||||||||||||||||||
Additional | Retained | hensive | Total | Interests in | Interests in | Interests in | ||||||||||||||||||||||||||||||||||
Common | Common | Paid-in- | Earnings | Income | Stockholders’ | Consolidated | Blackstone | Total | Consolidated | |||||||||||||||||||||||||||||||
Stock | Stock | Capital | (Deficit) | (Loss) | Equity | Entities | Holdings | Equity | Entities | |||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 671,157,692 | $ | 7 | $ | 6,428,647 | $ | 609,625 | $ | (28,495 | ) | $ | 7,009,784 | $ | 4,186,069 | $ | 3,819,548 | $ | 15,015,401 | $ | 87,651 | ||||||||||||||||||||
Net Income (Loss) | — | — | — | (498,226 | ) | — | (498,226 | ) | (350,699 | ) | (384,989 | ) | (1,233,914 | ) | (18,895 | ) | ||||||||||||||||||||||||
Currency Translation Adjustment | — | — | — | — | (8,263 | ) | (8,263 | ) | — | (3,640 | ) | (11,903 | ) | — | ||||||||||||||||||||||||||
Capital Contributions | — | — | — | — | — | — | 372,961 | — | 372,961 | — | ||||||||||||||||||||||||||||||
Capital Distributions | — | — | — | (685,694 | ) | — | (685,694 | ) | (305,797 | ) | (569,055 | ) | (1,560,546 | ) | (192 | ) | ||||||||||||||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities | — | — | — | — | — | — | (2,105 | ) | — | (2,105 | ) | — | ||||||||||||||||||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders | — | — | 15,200 | — | — | 15,200 | — | — | 15,200 | — | ||||||||||||||||||||||||||||||
Equity-Based Compensation | — | — | 124,279 | — | — | 124,279 | — | 94,100 | 218,379 | — | ||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock | 1,740,156 | — | (17,639 | ) | — | — | (17,639 | ) | — | (7 | ) | (17,646 | ) | — | ||||||||||||||||||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units | (6,969,237 | ) | — | (368,361 | ) | — | — | (368,361 | ) | — | — | (368,361 | ) | — | ||||||||||||||||||||||||||
Change in The Blackstone Group Inc.’s Ownership Interest | — | — | 13,785 | — | — | 13,785 | — | (13,785 | ) | — | — | |||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock | 10,945,972 | — | 76,129 | — | — | 76,129 | — | (76,129 | ) | — | — | |||||||||||||||||||||||||||||
Balance at June 30, 2020 | 676,874,583 | $ | 7 | $ | 6,272,040 | $ | (574,295 | ) | $ | (36,758 | ) | $ | 5,660,994 | $ | 3,900,429 | $ | 2,866,043 | $ | 12,427,466 | $ | 68,564 | |||||||||||||||||||
(a) | During the period presented, Blackstone also had one share outstanding of each of Series I and Series II preferred stock, with par value of each less than one cent. |
Six Months Ended June 30, | ||||||||
2020 | 2019 | |||||||
Operating Activities | ||||||||
Net Income (Loss) | $ | (1,252,809 | ) | $ | 1,719,838 | |||
Adjustments to Reconcile Net Income (Loss) Net Cash Provided by Operating Activities | ||||||||
Blackstone Funds Related | ||||||||
Net Realized Gains on Investments | (261,870 | ) | (817,759 | ) | ||||
Changes in Unrealized (Gains) Losses on Investments | 744,335 | (243,959 | ) | |||||
Non-Cash Performance Allocations | 2,385,158 | (821,731 | ) | |||||
Non-Cash Performance Allocations and Incentive Fee Compensation | (821,798 | ) | 574,630 | |||||
Equity-Based Compensation Expense | 238,721 | 223,979 | ||||||
Amortization of Intangibles | 35,500 | 35,500 | ||||||
Other Non-Cash Amounts Included in Net Income (Loss) | (175,677 | ) | 2,332 | |||||
Cash Flows Due to Changes in Operating Assets and Liabilities | ||||||||
Accounts Receivable | 562,123 | (23,512 | ) | |||||
Due from Affiliates | 203,698 | (198,164 | ) | |||||
Other Assets | (120,679 | ) | (37,961 | ) | ||||
Accrued Compensation and Benefits | (443,534 | ) | (251,331 | ) | ||||
Securities Sold, Not Yet Purchased | (26,840 | ) | (18,851 | ) | ||||
Accounts Payable, Accrued Expenses and Other Liabilities | (182,034 | ) | (271,284 | ) | ||||
Repurchase Agreements | (73,498 | ) | (14,526 | ) | ||||
Due to Affiliates | 85,380 | 19,638 | ||||||
Investments Purchased | (3,786,662 | ) | (4,208,546 | ) | ||||
Cash Proceeds from Sale of Investments | 4,381,268 | 4,626,572 | ||||||
Net Cash Provided by Operating Activities | 1,490,782 | 294,865 | ||||||
Investing Activities | ||||||||
Purchase of Furniture, Equipment and Leasehold Improvements | (25,453 | ) | (33,524 | ) | ||||
Net Cash Used in Investing Activities | (25,453 | ) | (33,524 | ) | ||||
Financing Activities | ||||||||
Distributions to Non-Controlling Interest Holders in Consolidated Entities | (305,914 | ) | (347,836 | ) | ||||
Contributions from Non-Controlling Interest Holders in Consolidated Entities | 355,599 | 288,119 | ||||||
Payments Under Tax Receivable Agreement | (73,881 | ) | (84,640 | ) | ||||
Net Settlement of Vested Class A Common Stock and Repurchase of Class A Common Stock and Blackstone Holdings Partnership Units | (386,007 | ) | (335,833 | ) | ||||
Proceeds from Loans Payable | — | 668,640 |
Six Months Ended June 30, | ||||||||
2021 | 2020 | |||||||
Operating Activities | ||||||||
Net Income (Loss) | $ | 6,228,633 | $ | (1,252,809 | ) | |||
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities | ||||||||
Blackstone Funds Related | ||||||||
Net Realized Gains on Investments | (1,949,167 | ) | (261,870 | ) | ||||
Changes in Unrealized (Gains) Losses on Investments | (1,140,654 | ) | 744,335 | |||||
Non-Cash Performance Allocations | (5,161,667 | ) | 2,385,158 | |||||
Non-Cash Performance Allocations and Incentive Fee Compensation | 2,780,561 | (821,798 | ) | |||||
Equity-Based Compensation Expense | 305,422 | 238,721 | ||||||
Amortization of Intangibles | 37,476 | 35,500 | ||||||
Other Non-Cash Amounts Included in Net Income (Loss) | (153,350 | ) | (175,677 | ) | ||||
Cash Flows Due to Changes in Operating Assets and Liabilities | ||||||||
Accounts Receivable | 346,505 | 562,123 | ||||||
Due from Affiliates | 109,163 | 203,698 | ||||||
Other Assets | (55,225 | ) | (120,679 | ) | ||||
Accrued Compensation and Benefits | (440,034 | ) | (443,534 | ) | ||||
Securities Sold, Not Yet Purchased | (14,925 | ) | (26,840 | ) | ||||
Accounts Payable, Accrued Expenses and Other Liabilities | 13,373 | (182,034 | ) | |||||
Repurchase Agreements | (19,562 | ) | (73,498 | ) | ||||
Due to Affiliates | 19,836 | 85,380 | ||||||
Investments Purchased | (2,718,024 | ) | (3,786,662 | ) | ||||
Cash Proceeds from Sale of Investments | 5,007,907 | 4,381,268 | ||||||
Net Cash Provided by Operating Activities | 3,196,268 | 1,490,782 | ||||||
Investing Activities | ||||||||
Purchase of Furniture, Equipment and Leasehold Improvements | (34,811 | ) | (25,453 | ) | ||||
Net Cash Used in Investing Activities | (34,811 | ) | (25,453 | ) | ||||
Financing Activities | ||||||||
Distributions to Non-Controlling Interest Holders in Consolidated Entities | (409,577 | ) | (305,914 | ) | ||||
Contributions from Non-Controlling Interest Holders in Consolidated Entities | 407,738 | 355,599 | ||||||
Payments Under Tax Receivable Agreement | (51,366 | ) | (73,881 | ) | ||||
Net Settlement of Vested Common Stock and Repurchase of Common Stock and Blackstone Holdings Partnership Units | (312,114 | ) | (386,007 | ) |
Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Financing Activities (Continued) | ||||||||||||||||
Repayment and Repurchase of Loans Payable | $ | (1,896 | ) | $ | (1,886 | ) | $ | 0 | $ | (1,896 | ) | |||||
Dividends/Distributions to Shareholders and Unitholders | (1,254,749 | ) | (1,183,686 | ) | (2,278,390 | ) | (1,254,749 | ) | ||||||||
Net Cash Used in Financing Activities | (1,666,848 | ) | (997,122 | ) | (2,643,709 | ) | (1,666,848 | ) | ||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other | (2,419 | ) | (327 | ) | (5,084 | ) | (2,419 | ) | ||||||||
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other | ||||||||||||||||
Net Decrease | (203,938 | ) | (736,108 | ) | ||||||||||||
Net Increase (Decrease) | 512,664 | (203,938 | ) | |||||||||||||
Beginning of Period | 2,523,651 | 2,545,161 | 2,064,456 | 2,523,651 | ||||||||||||
End of Period | $ | 2,319,713 | $ | 1,809,053 | $ | 2,577,120 | $ | 2,319,713 | ||||||||
Supplemental Disclosure of Cash Flows Information | ||||||||||||||||
Payments for Interest | $ | 93,645 | $ | 86,095 | $ | 102,524 | $ | 93,645 | ||||||||
Payments for Income Taxes | $ | 42,330 | $ | 45,966 | $ | 289,244 | $ | 42,330 | ||||||||
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||||||||||||||||
Non-Cash Contributions fromNon-Controlling Interest Holders | $ | 16,033 | $ | 233 | $ | 6,076 | $ | 16,033 | ||||||||
Non-Cash Distributions toNon-Controlling Interest Holders | $ | (75 | ) | $ | (31,228 | ) | $ | 0 | $ | (75 | ) | |||||
Notes Issuance Costs | $ | — | $ | 5,409 | ||||||||||||
Transfer of Interests to Non-Controlling Interest Holders | $ | (2,105 | ) | $ | (1,296 | ) | $ | (3,593 | ) | $ | (2,105 | ) | ||||
Change in The Blackstone Group Inc.’s Ownership Interest | $ | 13,785 | $ | (23,270 | ) | $ | 3,877 | $ | 13,785 | |||||||
Net Settlement of Vested Class A Common Stock | $ | 71,978 | $ | 59,302 | ||||||||||||
Net Settlement of Vested Common Stock | $ | 124,386 | $ | 71,978 | ||||||||||||
Conversion of Blackstone Holdings Units to Class A Common Stock | $ | 76,129 | $ | 25,192 | ||||||||||||
Conversion of Blackstone Holdings Units to Common Stock | $ | 70,412 | $ | 76,129 | ||||||||||||
Acquisition of Ownership Interests from Non-Controlling Interest Holders | ||||||||||||||||
Deferred Tax Asset | $ | (148,838 | ) | $ | (31,248 | ) | $ | (167,433 | ) | $ | (148,838 | ) | ||||
Due to Affiliates | $ | 133,638 | $ | 26,232 | $ | 147,719 | $ | 133,638 | ||||||||
Equity | $ | 15,200 | $ | 5,016 | $ | 19,714 | $ | 15,200 | ||||||||
June 30, | December 31, | |||||||
2020 | 2019 | |||||||
Cash and Cash Equivalents | $ | 1,976,512 | $ | 2,172,441 | ||||
Cash Held by Blackstone Funds and Other | 343,201 | 351,210 | ||||||
$ | 2,319,713 | $ | 2,523,651 | |||||
June 30, | December 31, | |||||||
2021 | 2020 | |||||||
Cash and Cash Equivalents | $ | 2,467,444 | $ | 1,999,484 | ||||
Cash Held by Blackstone Funds and Other | 109,676 | 64,972 | ||||||
$ | 2,577,120 | $ | 2,064,456 | |||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net Income (Loss) | $ | 2,857,498 | $ | 1,354,346 | $ | 6,228,633 | $ | (1,252,809 | ) | |||||||
Other Comprehensive Income (Loss), Currency Translation Adjustment | 2,124 | 8,316 | 10,055 | (11,903 | ) | |||||||||||
Comprehensive Income (Loss) | 2,859,622 | 1,362,662 | 6,238,688 | (1,264,712 | ) | |||||||||||
Less: | ||||||||||||||||
Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities | 637 | (3,426 | ) | 1,266 | (18,895 | ) | ||||||||||
Comprehensive Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities | 431,516 | 294,378 | 818,366 | (350,699 | ) | |||||||||||
Comprehensive Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings | 1,117,108 | 498,669 | 2,356,446 | (388,629 | ) | |||||||||||
Comprehensive Income (Loss) Attributable to Non-Controlling Interests | 1,549,261 | 789,621 | 3,176,078 | (758,223 | ) | |||||||||||
Comprehensive Income (Loss) Attributable to The Blackstone Group Inc. | $ | 1,310,361 | $ | 573,041 | $ | 3,062,610 | $ | (506,489 | ) | |||||||
Shares of The Blackstone Group Inc. (a) | The Blackstone Group Inc. (a) | |||||||||||||||||||||||||||||||||||||||
Accumulated | Redeemable | |||||||||||||||||||||||||||||||||||||||
Other | Non- | Non- | Non- | |||||||||||||||||||||||||||||||||||||
Compre- | Controlling | Controlling | Controlling | |||||||||||||||||||||||||||||||||||||
Additional | Retained | hensive | Total | Interests in | Interests in | Interests in | ||||||||||||||||||||||||||||||||||
Common | Common | Paid-in- | Earnings | Income | Stockholders’ | Consolidated | Blackstone | Total | Consolidated | |||||||||||||||||||||||||||||||
Stock | Stock | Capital | (Deficit) | (Loss) | Equity | Entities | Holdings | Equity | Entities | |||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 690,569,563 | $ | 7 | $ | 6,446,829 | $ | 1,408,768 | $ | (11,454 | ) | $ | 7,844,150 | $ | 4,390,594 | $ | 4,524,898 | $ | 16,759,642 | $ | 65,546 | ||||||||||||||||||||
Net Income | — | — | — | 1,309,152 | — | 1,309,152 | 431,516 | 1,116,193 | 2,856,861 | 637 | ||||||||||||||||||||||||||||||
Currency Translation Adjustment | — | — | — | — | 1,209 | 1,209 | — | 915 | 2,124 | — | ||||||||||||||||||||||||||||||
Capital Contributions | — | — | — | — | — | — | 204,933 | 2,551 | 207,484 | — | ||||||||||||||||||||||||||||||
Capital Distributions | — | — | — | (584,126 | ) | — | (584,126 | ) | (166,518 | ) | (441,687 | ) | (1,192,331 | ) | (615 | ) | ||||||||||||||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities | — | — | — | — | — | — | (83 | ) | — | (83 | ) | — | ||||||||||||||||||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders | — | — | 9,535 | — | — | 9,535 | — | — | 9,535 | — | ||||||||||||||||||||||||||||||
Equity-Based Compensation | — | — | 77,083 | — | — | 77,083 | — | 55,046 | 132,129 | — | ||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock | 273,659 | — | (4,860 | ) | — | — | (4,860 | ) | — | — | (4,860 | ) | — | |||||||||||||||||||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units | (3,174,598 | ) | — | (289,055 | ) | — | — | (289,055 | ) | — | — | (289,055 | ) | — | ||||||||||||||||||||||||||
Change in The Blackstone Group Inc.’s Ownership Interest | — | — | 11,322 | — | — | 11,322 | — | (11,322 | ) | — | — | |||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock | 3,424,839 | — | 31,746 | — | — | 31,746 | — | (31,746 | ) | — | — | |||||||||||||||||||||||||||||
Balance at June 30, 2021 | 691,093,463 | $ | 7 | $ | 6,282,600 | $ | 2,133,794 | $ | (10,245 | ) | $ | 8,406,156 | $ | 4,860,442 | $ | 5,214,848 | $ | 18,481,446 | $ | 65,568 | ||||||||||||||||||||
(a) | During the period presented, Blackstone also had one share outstanding of each of Series I and Series II preferred stock, with par value of each less than one cent. |
Shares of The Blackstone Group Inc. (a) | The Blackstone Group Inc. (a) | |||||||||||||||||||||||||||||||||||||||
Accumulated | Redeemable | |||||||||||||||||||||||||||||||||||||||
Other | Non- | Non- | Non- | |||||||||||||||||||||||||||||||||||||
Compre- | Controlling | Controlling | Controlling | |||||||||||||||||||||||||||||||||||||
Additional | Retained | hensive | Total | Interests in | Interests in | Interests in | ||||||||||||||||||||||||||||||||||
Common | Common | Paid-in- | Earnings | Income | Stockholders’ | Consolidated | Blackstone | Total | Consolidated | |||||||||||||||||||||||||||||||
Stock | Stock | Capital | (Deficit) | (Loss) | Equity | Entities | Holdings | Equity | Entities | |||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 676,630,489 | $ | 7 | $ | 6,298,093 | $ | (871,948 | ) | $ | (41,533 | ) | $ | 5,384,619 | $ | 3,591,160 | $ | 2,530,263 | $ | 11,506,042 | $ | 72,066 | |||||||||||||||||||
Net Income (Loss) | — | — | — | 568,266 | — | 568,266 | �� | 294,378 | 495,128 | 1,357,772 | (3,426 | ) | ||||||||||||||||||||||||||||
Currency Translation Adjustment | — | — | — | — | 4,775 | 4,775 | — | 3,541 | 8,316 | — | ||||||||||||||||||||||||||||||
Capital Contributions | — | — | — | — | — | — | 170,282 | — | 170,282 | — | ||||||||||||||||||||||||||||||
Capital Distributions | — | — | — | (270,613 | ) | — | (270,613 | ) | (155,525 | ) | (203,354 | ) | (629,492 | ) | (76 | ) | ||||||||||||||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities | — | — | — | — | — | — | 134 | — | 134 | — | ||||||||||||||||||||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders | — | — | 2,806 | — | — | 2,806 | — | — | 2,806 | — | ||||||||||||||||||||||||||||||
Equity-Based Compensation | — | — | 73,455 | — | — | 73,455 | — | 55,442 | 128,897 | — | ||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock | 56,662 | — | (2,398 | ) | — | — | (2,398 | ) | — | — | (2,398 | ) | — | |||||||||||||||||||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units | (2,000,000 | ) | — | (114,893 | ) | — | — | (114,893 | ) | — | — | (114,893 | ) | — | ||||||||||||||||||||||||||
Change in The Blackstone Group Inc.’s Ownership Interest | — | — | 4,006 | — | — | 4,006 | — | (4,006 | ) | — | — | |||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock | 2,187,432 | — | 10,971 | — | — | 10,971 | — | (10,971 | ) | — | — | |||||||||||||||||||||||||||||
Balance at June 30, 2020 | 676,874,583 | $ | 7 | $ | 6,272,040 | $ | (574,295 | ) | $ | (36,758 | ) | $ | 5,660,994 | $ | 3,900,429 | $ | 2,866,043 | $ | 12,427,466 | $ | 68,564 | |||||||||||||||||||
(a) | During the period presented, Blackstone also had one share outstanding of each of Series I and Series II preferred stock, with par value of each less than one cent. |
Shares of The Blackstone Group Inc. (a) | The Blackstone Group Inc. (a) | |||||||||||||||||||||||||||||||||||||||
Accumulated | Redeemable | |||||||||||||||||||||||||||||||||||||||
Other | Non- | Non- | Non- | |||||||||||||||||||||||||||||||||||||
Compre- | Controlling | Controlling | Controlling | |||||||||||||||||||||||||||||||||||||
Additional | Retained | hensive | Total | Interests in | Interests in | Interests in | ||||||||||||||||||||||||||||||||||
Common | Common | Paid-in- | Earnings | Income | Stockholders’ | Consolidated | Blackstone | Total | Consolidated | |||||||||||||||||||||||||||||||
Stock | Stock | Capital | (Deficit) | (Loss) | Equity | Entities | Holdings | Equity | Entities | |||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 683,875,544 | $ | 7 | $ | 6,332,105 | $ | 335,762 | $ | (15,831 | ) | $ | 6,652,043 | $ | 4,042,157 | $ | 3,831,148 | $ | 14,525,348 | $ | 65,161 | ||||||||||||||||||||
Net Income | — | — | — | 3,057,024 | — | 3,057,024 | 818,366 | 2,351,977 | 6,227,367 | 1,266 | ||||||||||||||||||||||||||||||
Currency Translation Adjustment | — | — | — | — | 5,586 | 5,586 | — | 4,469 | 10,055 | — | ||||||||||||||||||||||||||||||
Capital Contributions | — | — | — | — | — | — | 412,230 | 5,259 | 417,489 | — | ||||||||||||||||||||||||||||||
Capital Distributions | — | — | — | (1,258,992 | ) | — | (1,258,992 | ) | (408,718 | ) | (1,024,657 | ) | (2,692,367 | ) | (859 | ) | ||||||||||||||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities | — | — | — | — | — | — | (3,593 | ) | — | (3,593 | ) | — | ||||||||||||||||||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders | — | — | 19,714 | — | — | 19,714 | — | — | 19,714 | — | ||||||||||||||||||||||||||||||
Equity-Based Compensation | — | — | 168,606 | — | — | 168,606 | — | 120,941 | 289,547 | — | ||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock | 1,986,972 | — | (23,059 | ) | — | — | (23,059 | ) | — | — | (23,059 | ) | — | |||||||||||||||||||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units | (3,174,598 | ) | — | (289,055 | ) | — | — | (289,055 | ) | — | — | (289,055 | ) | — | ||||||||||||||||||||||||||
Change in The Blackstone Group Inc.’s Ownership Interest | — | — | 3,877 | — | — | 3,877 | — | (3,877 | ) | — | — | |||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock | 8,405,545 | — | 70,412 | — | — | 70,412 | — | (70,412 | ) | — | — | |||||||||||||||||||||||||||||
Balance at June 30, 2021 | 691,093,463 | $ | 7 | $ | 6,282,600 | $ | 2,133,794 | $ | (10,245 | ) | $ | 8,406,156 | $ | 4,860,442 | $ | 5,214,848 | $ | 18,481,446 | $ | 65,568 | ||||||||||||||||||||
(a) | During the period presented, Blackstone also had one share outstanding of each of Series I and Series II preferred stock, with par value of each less than one cent. |
Shares of The Blackstone Group Inc. (a) | The Blackstone Group Inc. (a) | |||||||||||||||||||||||||||||||||||||||
Accumulated | Redeemable | |||||||||||||||||||||||||||||||||||||||
Other | Non- | Non- | Non- | |||||||||||||||||||||||||||||||||||||
Compre- | Controlling | Controlling | Controlling | |||||||||||||||||||||||||||||||||||||
Additional | Retained | hensive | Total | Interests in | Interests in | Interests in | ||||||||||||||||||||||||||||||||||
Common | Common | Paid-in- | Earnings | Income | Stockholders’ | Consolidated | Blackstone | Total | Consolidated | |||||||||||||||||||||||||||||||
Stock | Stock | Capital | (Deficit) | (Loss) | Equity | Entities | Holdings | Equity | Entities | |||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 671,157,692 | $ | 7 | $ | 6,428,647 | $ | 609,625 | $ | (28,495 | ) | $ | 7,009,784 | $ | 4,186,069 | $ | 3,819,548 | $ | 15,015,401 | $ | 87,651 | ||||||||||||||||||||
Net Income (Loss) | — | — | — | (498,226 | ) | — | (498,226 | ) | (350,699 | ) | (384,989 | ) | (1,233,914 | ) | (18,895 | ) | ||||||||||||||||||||||||
Currency Translation Adjustment | — | — | — | — | (8,263 | ) | (8,263 | ) | — | (3,640 | ) | (11,903 | ) | — | ||||||||||||||||||||||||||
Capital Contributions | — | — | — | — | — | — | 372,961 | — | 372,961 | — | ||||||||||||||||||||||||||||||
Capital Distributions | — | — | — | (685,694 | ) | — | (685,694 | ) | (305,797 | ) | (569,055 | ) | (1,560,546 | ) | (192 | ) | ||||||||||||||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities | — | — | — | — | — | — | (2,105 | ) | — | (2,105 | ) | — | ||||||||||||||||||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders | — | — | 15,200 | — | — | 15,200 | — | — | 15,200 | — | ||||||||||||||||||||||||||||||
Equity-Based Compensation | — | — | 124,279 | — | — | 124,279 | — | 94,100 | 218,379 | — | ||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock | 1,740,156 | — | (17,639 | ) | — | — | (17,639 | ) | — | (7 | ) | (17,646 | ) | — | ||||||||||||||||||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units | (6,969,237 | ) | — | (368,361 | ) | — | — | (368,361 | ) | — | — | (368,361 | ) | — | ||||||||||||||||||||||||||
Change in The Blackstone Group Inc.’s Ownership Interest | — | — | 13,785 | — | — | 13,785 | — | (13,785 | ) | — | — | |||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock | 10,945,972 | — | 76,129 | — | — | 76,129 | — | (76,129 | ) | — | — | |||||||||||||||||||||||||||||
Balance at June 30, 2020 | 676,874,583 | $ | 7 | $ | 6,272,040 | $ | (574,295 | ) | $ | (36,758 | ) | $ | 5,660,994 | $ | 3,900,429 | $ | 2,866,043 | $ | 12,427,466 | $ | 68,564 | |||||||||||||||||||
(a) | During the period presented, Blackstone also had one share outstanding of each of Series I and Series II preferred stock, with par value of each less than one cent. |
Six Months Ended June 30, | ||||||||
2021 | 2020 | |||||||
Operating Activities | ||||||||
Net Income (Loss) | $ | 6,228,633 | $ | (1,252,809 | ) | |||
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities | ||||||||
Blackstone Funds Related | ||||||||
Net Realized Gains on Investments | (1,949,167 | ) | (261,870 | ) | ||||
Changes in Unrealized (Gains) Losses on Investments | (1,140,654 | ) | 744,335 | |||||
Non-Cash Performance Allocations | (5,161,667 | ) | 2,385,158 | |||||
Non-Cash Performance Allocations and Incentive Fee Compensation | 2,780,561 | (821,798 | ) | |||||
Equity-Based Compensation Expense | 305,422 | 238,721 | ||||||
Amortization of Intangibles | 37,476 | 35,500 | ||||||
Other Non-Cash Amounts Included in Net Income (Loss) | (153,350 | ) | (175,677 | ) | ||||
Cash Flows Due to Changes in Operating Assets and Liabilities | ||||||||
Accounts Receivable | 346,505 | 562,123 | ||||||
Due from Affiliates | 109,163 | 203,698 | ||||||
Other Assets | (55,225 | ) | (120,679 | ) | ||||
Accrued Compensation and Benefits | (440,034 | ) | (443,534 | ) | ||||
Securities Sold, Not Yet Purchased | (14,925 | ) | (26,840 | ) | ||||
Accounts Payable, Accrued Expenses and Other Liabilities | 13,373 | (182,034 | ) | |||||
Repurchase Agreements | (19,562 | ) | (73,498 | ) | ||||
Due to Affiliates | 19,836 | 85,380 | ||||||
Investments Purchased | (2,718,024 | ) | (3,786,662 | ) | ||||
Cash Proceeds from Sale of Investments | 5,007,907 | 4,381,268 | ||||||
Net Cash Provided by Operating Activities | 3,196,268 | 1,490,782 | ||||||
Investing Activities | ||||||||
Purchase of Furniture, Equipment and Leasehold Improvements | (34,811 | ) | (25,453 | ) | ||||
Net Cash Used in Investing Activities | (34,811 | ) | (25,453 | ) | ||||
Financing Activities | ||||||||
Distributions to Non-Controlling Interest Holders in Consolidated Entities | (409,577 | ) | (305,914 | ) | ||||
Contributions from Non-Controlling Interest Holders in Consolidated Entities | 407,738 | 355,599 | ||||||
Payments Under Tax Receivable Agreement | (51,366 | ) | (73,881 | ) | ||||
Net Settlement of Vested Common Stock and Repurchase of Common Stock and Blackstone Holdings Partnership Units | (312,114 | ) | (386,007 | ) |
Six Months Ended June 30, | ||||||||
2021 | 2020 | |||||||
Financing Activities (Continued) | ||||||||
Repayment and Repurchase of Loans Payable | $ | 0 | $ | (1,896 | ) | |||
Dividends/Distributions to Shareholders and Unitholders | (2,278,390 | ) | (1,254,749 | ) | ||||
Net Cash Used in Financing Activities | (2,643,709 | ) | (1,666,848 | ) | ||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other | (5,084 | ) | (2,419 | ) | ||||
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other | ||||||||
Net Increase (Decrease) | 512,664 | (203,938 | ) | |||||
Beginning of Period | 2,064,456 | 2,523,651 | ||||||
End of Period | $ | 2,577,120 | $ | 2,319,713 | ||||
Supplemental Disclosure of Cash Flows Information | ||||||||
Payments for Interest | $ | 102,524 | $ | 93,645 | ||||
Payments for Income Taxes | $ | 289,244 | $ | 42,330 | ||||
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||||||||
Non-Cash Contributions from Non-Controlling Interest Holders | $ | 6,076 | $ | 16,033 | ||||
Non-Cash Distributions to Non-Controlling Interest Holders | $ | 0 | $ | (75 | ) | |||
Transfer of Interests to Non-Controlling Interest Holders | $ | (3,593 | ) | $ | (2,105 | ) | ||
Change in The Blackstone Group Inc.’s Ownership Interest | $ | 3,877 | $ | 13,785 | ||||
Net Settlement of Vested Common Stock | $ | 124,386 | $ | 71,978 | ||||
Conversion of Blackstone Holdings Units to Common Stock | $ | 70,412 | $ | 76,129 | ||||
Acquisition of Ownership Interests from Non-Controlling Interest Holders | ||||||||
Deferred Tax Asset | $ | (167,433 | ) | $ | (148,838 | ) | ||
Due to Affiliates | $ | 147,719 | $ | 133,638 | ||||
Equity | $ | 19,714 | $ | 15,200 | ||||
June 30, | December 31, | |||||||
2021 | 2020 | |||||||
Cash and Cash Equivalents | $ | 2,467,444 | $ | 1,999,484 | ||||
Cash Held by Blackstone Funds and Other | 109,676 | 64,972 | ||||||
$ | 2,577,120 | $ | 2,064,456 | |||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net Income (Loss) | $ | 2,857,498 | $ | 1,354,346 | $ | 6,228,633 | $ | (1,252,809 | ) | |||||||
Other Comprehensive Income (Loss), Currency Translation Adjustment | 2,124 | 8,316 | 10,055 | (11,903 | ) | |||||||||||
Comprehensive Income (Loss) | 2,859,622 | 1,362,662 | 6,238,688 | (1,264,712 | ) | |||||||||||
Less: | ||||||||||||||||
Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities | 637 | (3,426 | ) | 1,266 | (18,895 | ) | ||||||||||
Comprehensive Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities | 431,516 | 294,378 | 818,366 | (350,699 | ) | |||||||||||
Comprehensive Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings | 1,117,108 | 498,669 | 2,356,446 | (388,629 | ) | |||||||||||
Comprehensive Income (Loss) Attributable to Non-Controlling Interests | 1,549,261 | 789,621 | 3,176,078 | (758,223 | ) | |||||||||||
Comprehensive Income (Loss) Attributable to The Blackstone Group Inc. | $ | 1,310,361 | $ | 573,041 | $ | 3,062,610 | $ | (506,489 | ) | |||||||
Shares of The Blackstone Group Inc. (a) | The Blackstone Group Inc. (a) | |||||||||||||||||||||||||||||||||||||||
Accumulated | Redeemable | |||||||||||||||||||||||||||||||||||||||
Other | Non- | Non- | Non- | |||||||||||||||||||||||||||||||||||||
Compre- | Controlling | Controlling | Controlling | |||||||||||||||||||||||||||||||||||||
Additional | Retained | hensive | Total | Interests in | Interests in | Interests in | ||||||||||||||||||||||||||||||||||
Common | Common | Paid-in- | Earnings | Income | Stockholders’ | Consolidated | Blackstone | Total | Consolidated | |||||||||||||||||||||||||||||||
Stock | Stock | Capital | (Deficit) | (Loss) | Equity | Entities | Holdings | Equity | Entities | |||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 690,569,563 | $ | 7 | $ | 6,446,829 | $ | 1,408,768 | $ | (11,454 | ) | $ | 7,844,150 | $ | 4,390,594 | $ | 4,524,898 | $ | 16,759,642 | $ | 65,546 | ||||||||||||||||||||
Net Income | — | — | — | 1,309,152 | — | 1,309,152 | 431,516 | 1,116,193 | 2,856,861 | 637 | ||||||||||||||||||||||||||||||
Currency Translation Adjustment | — | — | — | — | 1,209 | 1,209 | — | 915 | 2,124 | — | ||||||||||||||||||||||||||||||
Capital Contributions | — | — | — | — | — | — | 204,933 | 2,551 | 207,484 | — | ||||||||||||||||||||||||||||||
Capital Distributions | — | — | — | (584,126 | ) | — | (584,126 | ) | (166,518 | ) | (441,687 | ) | (1,192,331 | ) | (615 | ) | ||||||||||||||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities | — | — | — | — | — | — | (83 | ) | — | (83 | ) | — | ||||||||||||||||||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders | — | — | 9,535 | — | — | 9,535 | — | — | 9,535 | — | ||||||||||||||||||||||||||||||
Equity-Based Compensation | — | — | 77,083 | — | — | 77,083 | — | 55,046 | 132,129 | — | ||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock | 273,659 | — | (4,860 | ) | — | — | (4,860 | ) | — | — | (4,860 | ) | — | |||||||||||||||||||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units | (3,174,598 | ) | — | (289,055 | ) | — | — | (289,055 | ) | — | — | (289,055 | ) | — | ||||||||||||||||||||||||||
Change in The Blackstone Group Inc.’s Ownership Interest | — | — | 11,322 | — | — | 11,322 | — | (11,322 | ) | — | — | |||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock | 3,424,839 | — | 31,746 | — | — | 31,746 | — | (31,746 | ) | — | — | |||||||||||||||||||||||||||||
Balance at June 30, 2021 | 691,093,463 | $ | 7 | $ | 6,282,600 | $ | 2,133,794 | $ | (10,245 | ) | $ | 8,406,156 | $ | 4,860,442 | $ | 5,214,848 | $ | 18,481,446 | $ | 65,568 | ||||||||||||||||||||
(a) | During the period presented, Blackstone also had one share outstanding of each of Series I and Series II preferred stock, with par value of each less than one cent. |
Shares of The Blackstone Group Inc. (a) | The Blackstone Group Inc. (a) | |||||||||||||||||||||||||||||||||||||||
Accumulated | Redeemable | |||||||||||||||||||||||||||||||||||||||
Other | Non- | Non- | Non- | |||||||||||||||||||||||||||||||||||||
Compre- | Controlling | Controlling | Controlling | |||||||||||||||||||||||||||||||||||||
Additional | Retained | hensive | Total | Interests in | Interests in | Interests in | ||||||||||||||||||||||||||||||||||
Common | Common | Paid-in- | Earnings | Income | Stockholders’ | Consolidated | Blackstone | Total | Consolidated | |||||||||||||||||||||||||||||||
Stock | Stock | Capital | (Deficit) | (Loss) | Equity | Entities | Holdings | Equity | Entities | |||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 676,630,489 | $ | 7 | $ | 6,298,093 | $ | (871,948 | ) | $ | (41,533 | ) | $ | 5,384,619 | $ | 3,591,160 | $ | 2,530,263 | $ | 11,506,042 | $ | 72,066 | |||||||||||||||||||
Net Income (Loss) | — | — | — | 568,266 | — | 568,266 | �� | 294,378 | 495,128 | 1,357,772 | (3,426 | ) | ||||||||||||||||||||||||||||
Currency Translation Adjustment | — | — | — | — | 4,775 | 4,775 | — | 3,541 | 8,316 | — | ||||||||||||||||||||||||||||||
Capital Contributions | — | — | — | — | — | — | 170,282 | — | 170,282 | — | ||||||||||||||||||||||||||||||
Capital Distributions | — | — | — | (270,613 | ) | — | (270,613 | ) | (155,525 | ) | (203,354 | ) | (629,492 | ) | (76 | ) | ||||||||||||||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities | — | — | — | — | — | — | 134 | — | 134 | — | ||||||||||||||||||||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders | — | — | 2,806 | — | — | 2,806 | — | — | 2,806 | — | ||||||||||||||||||||||||||||||
Equity-Based Compensation | — | — | 73,455 | — | — | 73,455 | — | 55,442 | 128,897 | — | ||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock | 56,662 | — | (2,398 | ) | — | — | (2,398 | ) | — | — | (2,398 | ) | — | |||||||||||||||||||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units | (2,000,000 | ) | — | (114,893 | ) | — | — | (114,893 | ) | — | — | (114,893 | ) | — | ||||||||||||||||||||||||||
Change in The Blackstone Group Inc.’s Ownership Interest | — | — | 4,006 | — | — | 4,006 | — | (4,006 | ) | — | — | |||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock | 2,187,432 | — | 10,971 | — | — | 10,971 | — | (10,971 | ) | — | — | |||||||||||||||||||||||||||||
Balance at June 30, 2020 | 676,874,583 | $ | 7 | $ | 6,272,040 | $ | (574,295 | ) | $ | (36,758 | ) | $ | 5,660,994 | $ | 3,900,429 | $ | 2,866,043 | $ | 12,427,466 | $ | 68,564 | |||||||||||||||||||
(a) | During the period presented, Blackstone also had one share outstanding of each of Series I and Series II preferred stock, with par value of each less than one cent. |
Shares of The Blackstone Group Inc. (a) | The Blackstone Group Inc. (a) | |||||||||||||||||||||||||||||||||||||||
Accumulated | Redeemable | |||||||||||||||||||||||||||||||||||||||
Other | Non- | Non- | Non- | |||||||||||||||||||||||||||||||||||||
Compre- | Controlling | Controlling | Controlling | |||||||||||||||||||||||||||||||||||||
Additional | Retained | hensive | Total | Interests in | Interests in | Interests in | ||||||||||||||||||||||||||||||||||
Common | Common | Paid-in- | Earnings | Income | Stockholders’ | Consolidated | Blackstone | Total | Consolidated | |||||||||||||||||||||||||||||||
Stock | Stock | Capital | (Deficit) | (Loss) | Equity | Entities | Holdings | Equity | Entities | |||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 683,875,544 | $ | 7 | $ | 6,332,105 | $ | 335,762 | $ | (15,831 | ) | $ | 6,652,043 | $ | 4,042,157 | $ | 3,831,148 | $ | 14,525,348 | $ | 65,161 | ||||||||||||||||||||
Net Income | — | — | — | 3,057,024 | — | 3,057,024 | 818,366 | 2,351,977 | 6,227,367 | 1,266 | ||||||||||||||||||||||||||||||
Currency Translation Adjustment | — | — | — | — | 5,586 | 5,586 | — | 4,469 | 10,055 | — | ||||||||||||||||||||||||||||||
Capital Contributions | — | — | — | — | — | — | 412,230 | 5,259 | 417,489 | — | ||||||||||||||||||||||||||||||
Capital Distributions | — | — | — | (1,258,992 | ) | — | (1,258,992 | ) | (408,718 | ) | (1,024,657 | ) | (2,692,367 | ) | (859 | ) | ||||||||||||||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities | — | — | — | — | — | — | (3,593 | ) | — | (3,593 | ) | — | ||||||||||||||||||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders | — | — | 19,714 | — | — | 19,714 | — | — | 19,714 | — | ||||||||||||||||||||||||||||||
Equity-Based Compensation | — | — | 168,606 | — | — | 168,606 | — | 120,941 | 289,547 | — | ||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock | 1,986,972 | — | (23,059 | ) | — | — | (23,059 | ) | — | — | (23,059 | ) | — | |||||||||||||||||||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units | (3,174,598 | ) | — | (289,055 | ) | — | — | (289,055 | ) | — | — | (289,055 | ) | — | ||||||||||||||||||||||||||
Change in The Blackstone Group Inc.’s Ownership Interest | — | — | 3,877 | — | — | 3,877 | — | (3,877 | ) | — | — | |||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock | 8,405,545 | — | 70,412 | — | — | 70,412 | — | (70,412 | ) | — | — | |||||||||||||||||||||||||||||
Balance at June 30, 2021 | 691,093,463 | $ | 7 | $ | 6,282,600 | $ | 2,133,794 | $ | (10,245 | ) | $ | 8,406,156 | $ | 4,860,442 | $ | 5,214,848 | $ | 18,481,446 | $ | 65,568 | ||||||||||||||||||||
(a) | During the period presented, Blackstone also had one share outstanding of each of Series I and Series II preferred stock, with par value of each less than one cent. |
Shares of The Blackstone Group Inc. (a) | The Blackstone Group Inc. (a) | |||||||||||||||||||||||||||||||||||||||
Accumulated | Redeemable | |||||||||||||||||||||||||||||||||||||||
Other | Non- | Non- | Non- | |||||||||||||||||||||||||||||||||||||
Compre- | Controlling | Controlling | Controlling | |||||||||||||||||||||||||||||||||||||
Additional | Retained | hensive | Total | Interests in | Interests in | Interests in | ||||||||||||||||||||||||||||||||||
Common | Common | Paid-in- | Earnings | Income | Stockholders’ | Consolidated | Blackstone | Total | Consolidated | |||||||||||||||||||||||||||||||
Stock | Stock | Capital | (Deficit) | (Loss) | Equity | Entities | Holdings | Equity | Entities | |||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 671,157,692 | $ | 7 | $ | 6,428,647 | $ | 609,625 | $ | (28,495 | ) | $ | 7,009,784 | $ | 4,186,069 | $ | 3,819,548 | $ | 15,015,401 | $ | 87,651 | ||||||||||||||||||||
Net Income (Loss) | — | — | — | (498,226 | ) | — | (498,226 | ) | (350,699 | ) | (384,989 | ) | (1,233,914 | ) | (18,895 | ) | ||||||||||||||||||||||||
Currency Translation Adjustment | — | — | — | — | (8,263 | ) | (8,263 | ) | — | (3,640 | ) | (11,903 | ) | — | ||||||||||||||||||||||||||
Capital Contributions | — | — | — | — | — | — | 372,961 | — | 372,961 | — | ||||||||||||||||||||||||||||||
Capital Distributions | — | — | — | (685,694 | ) | — | (685,694 | ) | (305,797 | ) | (569,055 | ) | (1,560,546 | ) | (192 | ) | ||||||||||||||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities | — | — | — | — | — | — | (2,105 | ) | — | (2,105 | ) | — | ||||||||||||||||||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders | — | — | 15,200 | — | — | 15,200 | — | — | 15,200 | — | ||||||||||||||||||||||||||||||
Equity-Based Compensation | — | — | 124,279 | — | — | 124,279 | — | 94,100 | 218,379 | — | ||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock | 1,740,156 | — | (17,639 | ) | — | — | (17,639 | ) | — | (7 | ) | (17,646 | ) | — | ||||||||||||||||||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units | (6,969,237 | ) | — | (368,361 | ) | — | — | (368,361 | ) | — | — | (368,361 | ) | — | ||||||||||||||||||||||||||
Change in The Blackstone Group Inc.’s Ownership Interest | — | — | 13,785 | — | — | 13,785 | — | (13,785 | ) | — | — | |||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock | 10,945,972 | — | 76,129 | — | — | 76,129 | — | (76,129 | ) | — | — | |||||||||||||||||||||||||||||
Balance at June 30, 2020 | 676,874,583 | $ | 7 | $ | 6,272,040 | $ | (574,295 | ) | $ | (36,758 | ) | $ | 5,660,994 | $ | 3,900,429 | $ | 2,866,043 | $ | 12,427,466 | $ | 68,564 | |||||||||||||||||||
(a) | During the period presented, Blackstone also had one share outstanding of each of Series I and Series II preferred stock, with par value of each less than one cent. |
Six Months Ended June 30, | ||||||||
2021 | 2020 | |||||||
Operating Activities | ||||||||
Net Income (Loss) | $ | 6,228,633 | $ | (1,252,809 | ) | |||
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities | ||||||||
Blackstone Funds Related | ||||||||
Net Realized Gains on Investments | (1,949,167 | ) | (261,870 | ) | ||||
Changes in Unrealized (Gains) Losses on Investments | (1,140,654 | ) | 744,335 | |||||
Non-Cash Performance Allocations | (5,161,667 | ) | 2,385,158 | |||||
Non-Cash Performance Allocations and Incentive Fee Compensation | 2,780,561 | (821,798 | ) | |||||
Equity-Based Compensation Expense | 305,422 | 238,721 | ||||||
Amortization of Intangibles | 37,476 | 35,500 | ||||||
Other Non-Cash Amounts Included in Net Income (Loss) | (153,350 | ) | (175,677 | ) | ||||
Cash Flows Due to Changes in Operating Assets and Liabilities | ||||||||
Accounts Receivable | 346,505 | 562,123 | ||||||
Due from Affiliates | 109,163 | 203,698 | ||||||
Other Assets | (55,225 | ) | (120,679 | ) | ||||
Accrued Compensation and Benefits | (440,034 | ) | (443,534 | ) | ||||
Securities Sold, Not Yet Purchased | (14,925 | ) | (26,840 | ) | ||||
Accounts Payable, Accrued Expenses and Other Liabilities | 13,373 | (182,034 | ) | |||||
Repurchase Agreements | (19,562 | ) | (73,498 | ) | ||||
Due to Affiliates | 19,836 | 85,380 | ||||||
Investments Purchased | (2,718,024 | ) | (3,786,662 | ) | ||||
Cash Proceeds from Sale of Investments | 5,007,907 | 4,381,268 | ||||||
Net Cash Provided by Operating Activities | 3,196,268 | 1,490,782 | ||||||
Investing Activities | ||||||||
Purchase of Furniture, Equipment and Leasehold Improvements | (34,811 | ) | (25,453 | ) | ||||
Net Cash Used in Investing Activities | (34,811 | ) | (25,453 | ) | ||||
Financing Activities | ||||||||
Distributions to Non-Controlling Interest Holders in Consolidated Entities | (409,577 | ) | (305,914 | ) | ||||
Contributions from Non-Controlling Interest Holders in Consolidated Entities | 407,738 | 355,599 | ||||||
Payments Under Tax Receivable Agreement | (51,366 | ) | (73,881 | ) | ||||
Net Settlement of Vested Common Stock and Repurchase of Common Stock and Blackstone Holdings Partnership Units | (312,114 | ) | (386,007 | ) |
Six Months Ended June 30, | ||||||||
2021 | 2020 | |||||||
Financing Activities (Continued) | ||||||||
Repayment and Repurchase of Loans Payable | $ | 0 | $ | (1,896 | ) | |||
Dividends/Distributions to Shareholders and Unitholders | (2,278,390 | ) | (1,254,749 | ) | ||||
Net Cash Used in Financing Activities | (2,643,709 | ) | (1,666,848 | ) | ||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other | (5,084 | ) | (2,419 | ) | ||||
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other | ||||||||
Net Increase (Decrease) | 512,664 | (203,938 | ) | |||||
Beginning of Period | 2,064,456 | 2,523,651 | ||||||
End of Period | $ | 2,577,120 | $ | 2,319,713 | ||||
Supplemental Disclosure of Cash Flows Information | ||||||||
Payments for Interest | $ | 102,524 | $ | 93,645 | ||||
Payments for Income Taxes | $ | 289,244 | $ | 42,330 | ||||
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||||||||
Non-Cash Contributions from Non-Controlling Interest Holders | $ | 6,076 | $ | 16,033 | ||||
Non-Cash Distributions to Non-Controlling Interest Holders | $ | 0 | $ | (75 | ) | |||
Transfer of Interests to Non-Controlling Interest Holders | $ | (3,593 | ) | $ | (2,105 | ) | ||
Change in The Blackstone Group Inc.’s Ownership Interest | $ | 3,877 | $ | 13,785 | ||||
Net Settlement of Vested Common Stock | $ | 124,386 | $ | 71,978 | ||||
Conversion of Blackstone Holdings Units to Common Stock | $ | 70,412 | $ | 76,129 | ||||
Acquisition of Ownership Interests from Non-Controlling Interest Holders | ||||||||
Deferred Tax Asset | $ | (167,433 | ) | $ | (148,838 | ) | ||
Due to Affiliates | $ | 147,719 | $ | 133,638 | ||||
Equity | $ | 19,714 | $ | 15,200 | ||||
June 30, | December 31, | |||||||
2021 | 2020 | |||||||
Cash and Cash Equivalents | $ | 2,467,444 | $ | 1,999,484 | ||||
Cash Held by Blackstone Funds and Other | 109,676 | 64,972 | ||||||
$ | 2,577,120 | $ | 2,064,456 | |||||
● | Level I – Quoted prices are available in active markets for identical financial instruments as of the reporting date. The |
● | models or other valuation methodologies. Financial instruments |
● | Level III – Pricing inputs are unobservable for the financial instruments and |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net Income (Loss) | $ | 2,857,498 | $ | 1,354,346 | $ | 6,228,633 | $ | (1,252,809 | ) | |||||||
Other Comprehensive Income (Loss), Currency Translation Adjustment | 2,124 | 8,316 | 10,055 | (11,903 | ) | |||||||||||
Comprehensive Income (Loss) | 2,859,622 | 1,362,662 | 6,238,688 | (1,264,712 | ) | |||||||||||
Less: | ||||||||||||||||
Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities | 637 | (3,426 | ) | 1,266 | (18,895 | ) | ||||||||||
Comprehensive Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities | 431,516 | 294,378 | 818,366 | (350,699 | ) | |||||||||||
Comprehensive Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings | 1,117,108 | 498,669 | 2,356,446 | (388,629 | ) | |||||||||||
Comprehensive Income (Loss) Attributable to Non-Controlling Interests | 1,549,261 | 789,621 | 3,176,078 | (758,223 | ) | |||||||||||
Comprehensive Income (Loss) Attributable to The Blackstone Group Inc. | $ | 1,310,361 | $ | 573,041 | $ | 3,062,610 | $ | (506,489 | ) | |||||||
Shares of The Blackstone Group Inc. (a) | The Blackstone Group Inc. (a) | |||||||||||||||||||||||||||||||||||||||
Accumulated | Redeemable | |||||||||||||||||||||||||||||||||||||||
Other | Non- | Non- | Non- | |||||||||||||||||||||||||||||||||||||
Compre- | Controlling | Controlling | Controlling | |||||||||||||||||||||||||||||||||||||
Additional | Retained | hensive | Total | Interests in | Interests in | Interests in | ||||||||||||||||||||||||||||||||||
Common | Common | Paid-in- | Earnings | Income | Stockholders’ | Consolidated | Blackstone | Total | Consolidated | |||||||||||||||||||||||||||||||
Stock | Stock | Capital | (Deficit) | (Loss) | Equity | Entities | Holdings | Equity | Entities | |||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 690,569,563 | $ | 7 | $ | 6,446,829 | $ | 1,408,768 | $ | (11,454 | ) | $ | 7,844,150 | $ | 4,390,594 | $ | 4,524,898 | $ | 16,759,642 | $ | 65,546 | ||||||||||||||||||||
Net Income | — | — | — | 1,309,152 | — | 1,309,152 | 431,516 | 1,116,193 | 2,856,861 | 637 | ||||||||||||||||||||||||||||||
Currency Translation Adjustment | — | — | — | — | 1,209 | 1,209 | — | 915 | 2,124 | — | ||||||||||||||||||||||||||||||
Capital Contributions | — | — | — | — | — | — | 204,933 | 2,551 | 207,484 | — | ||||||||||||||||||||||||||||||
Capital Distributions | — | — | — | (584,126 | ) | — | (584,126 | ) | (166,518 | ) | (441,687 | ) | (1,192,331 | ) | (615 | ) | ||||||||||||||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities | — | — | — | — | — | — | (83 | ) | — | (83 | ) | — | ||||||||||||||||||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders | — | — | 9,535 | — | — | 9,535 | — | — | 9,535 | — | ||||||||||||||||||||||||||||||
Equity-Based Compensation | — | — | 77,083 | — | — | 77,083 | — | 55,046 | 132,129 | — | ||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock | 273,659 | — | (4,860 | ) | — | — | (4,860 | ) | — | — | (4,860 | ) | — | |||||||||||||||||||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units | (3,174,598 | ) | — | (289,055 | ) | — | — | (289,055 | ) | — | — | (289,055 | ) | — | ||||||||||||||||||||||||||
Change in The Blackstone Group Inc.’s Ownership Interest | — | — | 11,322 | — | — | 11,322 | — | (11,322 | ) | — | — | |||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock | 3,424,839 | — | 31,746 | — | — | 31,746 | — | (31,746 | ) | — | — | |||||||||||||||||||||||||||||
Balance at June 30, 2021 | 691,093,463 | $ | 7 | $ | 6,282,600 | $ | 2,133,794 | $ | (10,245 | ) | $ | 8,406,156 | $ | 4,860,442 | $ | 5,214,848 | $ | 18,481,446 | $ | 65,568 | ||||||||||||||||||||
(a) | During the period presented, Blackstone also had one share outstanding of each of Series I and Series II |
Shares of The Blackstone Group Inc. (a) | The Blackstone Group Inc. (a) | |||||||||||||||||||||||||||||||||||||||
Accumulated | Redeemable | |||||||||||||||||||||||||||||||||||||||
Other | Non- | Non- | Non- | |||||||||||||||||||||||||||||||||||||
Compre- | Controlling | Controlling | Controlling | |||||||||||||||||||||||||||||||||||||
Additional | Retained | hensive | Total | Interests in | Interests in | Interests in | ||||||||||||||||||||||||||||||||||
Common | Common | Paid-in- | Earnings | Income | Stockholders’ | Consolidated | Blackstone | Total | Consolidated | |||||||||||||||||||||||||||||||
Stock | Stock | Capital | (Deficit) | (Loss) | Equity | Entities | Holdings | Equity | Entities | |||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 676,630,489 | $ | 7 | $ | 6,298,093 | $ | (871,948 | ) | $ | (41,533 | ) | $ | 5,384,619 | $ | 3,591,160 | $ | 2,530,263 | $ | 11,506,042 | $ | 72,066 | |||||||||||||||||||
Net Income (Loss) | — | — | — | 568,266 | — | 568,266 | �� | 294,378 | 495,128 | 1,357,772 | (3,426 | ) | ||||||||||||||||||||||||||||
Currency Translation Adjustment | — | — | — | — | 4,775 | 4,775 | — | 3,541 | 8,316 | — | ||||||||||||||||||||||||||||||
Capital Contributions | — | — | — | — | — | — | 170,282 | — | 170,282 | — | ||||||||||||||||||||||||||||||
Capital Distributions | — | — | — | (270,613 | ) | — | (270,613 | ) | (155,525 | ) | (203,354 | ) | (629,492 | ) | (76 | ) | ||||||||||||||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities | — | — | — | — | — | — | 134 | — | 134 | — | ||||||||||||||||||||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders | — | — | 2,806 | — | — | 2,806 | — | — | 2,806 | — | ||||||||||||||||||||||||||||||
Equity-Based Compensation | — | — | 73,455 | — | — | 73,455 | — | 55,442 | 128,897 | — | ||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock | 56,662 | — | (2,398 | ) | — | — | (2,398 | ) | — | — | (2,398 | ) | — | |||||||||||||||||||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units | (2,000,000 | ) | — | (114,893 | ) | — | — | (114,893 | ) | — | — | (114,893 | ) | — | ||||||||||||||||||||||||||
Change in The Blackstone Group Inc.’s Ownership Interest | — | — | 4,006 | — | — | 4,006 | — | (4,006 | ) | — | — | |||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock | 2,187,432 | — | 10,971 | — | — | 10,971 | — | (10,971 | ) | — | — | |||||||||||||||||||||||||||||
Balance at June 30, 2020 | 676,874,583 | $ | 7 | $ | 6,272,040 | $ | (574,295 | ) | $ | (36,758 | ) | $ | 5,660,994 | $ | 3,900,429 | $ | 2,866,043 | $ | 12,427,466 | $ | 68,564 | |||||||||||||||||||
(a) | During the period presented, Blackstone also had one share outstanding of each of Series I and Series II preferred stock, with par value of each less than one cent. |
Shares of The Blackstone Group Inc. (a) | The Blackstone Group Inc. (a) | |||||||||||||||||||||||||||||||||||||||
Accumulated | Redeemable | |||||||||||||||||||||||||||||||||||||||
Other | Non- | Non- | Non- | |||||||||||||||||||||||||||||||||||||
Compre- | Controlling | Controlling | Controlling | |||||||||||||||||||||||||||||||||||||
Additional | Retained | hensive | Total | Interests in | Interests in | Interests in | ||||||||||||||||||||||||||||||||||
Common | Common | Paid-in- | Earnings | Income | Stockholders’ | Consolidated | Blackstone | Total | Consolidated | |||||||||||||||||||||||||||||||
Stock | Stock | Capital | (Deficit) | (Loss) | Equity | Entities | Holdings | Equity | Entities | |||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 683,875,544 | $ | 7 | $ | 6,332,105 | $ | 335,762 | $ | (15,831 | ) | $ | 6,652,043 | $ | 4,042,157 | $ | 3,831,148 | $ | 14,525,348 | $ | 65,161 | ||||||||||||||||||||
Net Income | — | — | — | 3,057,024 | — | 3,057,024 | 818,366 | 2,351,977 | 6,227,367 | 1,266 | ||||||||||||||||||||||||||||||
Currency Translation Adjustment | — | — | — | — | 5,586 | 5,586 | — | 4,469 | 10,055 | — | ||||||||||||||||||||||||||||||
Capital Contributions | — | — | — | — | — | — | 412,230 | 5,259 | 417,489 | — | ||||||||||||||||||||||||||||||
Capital Distributions | — | — | — | (1,258,992 | ) | — | (1,258,992 | ) | (408,718 | ) | (1,024,657 | ) | (2,692,367 | ) | (859 | ) | ||||||||||||||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities | — | — | — | — | — | — | (3,593 | ) | — | (3,593 | ) | — | ||||||||||||||||||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders | — | — | 19,714 | — | — | 19,714 | — | — | 19,714 | — | ||||||||||||||||||||||||||||||
Equity-Based Compensation | — | — | 168,606 | — | — | 168,606 | — | 120,941 | 289,547 | — | ||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock | 1,986,972 | — | (23,059 | ) | — | — | (23,059 | ) | — | — | (23,059 | ) | — | |||||||||||||||||||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units | (3,174,598 | ) | — | (289,055 | ) | — | — | (289,055 | ) | — | — | (289,055 | ) | — | ||||||||||||||||||||||||||
Change in The Blackstone Group Inc.’s Ownership Interest | — | — | 3,877 | — | — | 3,877 | — | (3,877 | ) | — | — | |||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock | 8,405,545 | — | 70,412 | — | — | 70,412 | — | (70,412 | ) | — | — | |||||||||||||||||||||||||||||
Balance at June 30, 2021 | 691,093,463 | $ | 7 | $ | 6,282,600 | $ | 2,133,794 | $ | (10,245 | ) | $ | 8,406,156 | $ | 4,860,442 | $ | 5,214,848 | $ | 18,481,446 | $ | 65,568 | ||||||||||||||||||||
(a) | During the period presented, Blackstone also had one share outstanding of each of Series I and Series II preferred stock, with par value of each less than one cent. |
Shares of The Blackstone Group Inc. (a) | The Blackstone Group Inc. (a) | |||||||||||||||||||||||||||||||||||||||
Accumulated | Redeemable | |||||||||||||||||||||||||||||||||||||||
Other | Non- | Non- | Non- | |||||||||||||||||||||||||||||||||||||
Compre- | Controlling | Controlling | Controlling | |||||||||||||||||||||||||||||||||||||
Additional | Retained | hensive | Total | Interests in | Interests in | Interests in | ||||||||||||||||||||||||||||||||||
Common | Common | Paid-in- | Earnings | Income | Stockholders’ | Consolidated | Blackstone | Total | Consolidated | |||||||||||||||||||||||||||||||
Stock | Stock | Capital | (Deficit) | (Loss) | Equity | Entities | Holdings | Equity | Entities | |||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 671,157,692 | $ | 7 | $ | 6,428,647 | $ | 609,625 | $ | (28,495 | ) | $ | 7,009,784 | $ | 4,186,069 | $ | 3,819,548 | $ | 15,015,401 | $ | 87,651 | ||||||||||||||||||||
Net Income (Loss) | — | — | — | (498,226 | ) | — | (498,226 | ) | (350,699 | ) | (384,989 | ) | (1,233,914 | ) | (18,895 | ) | ||||||||||||||||||||||||
Currency Translation Adjustment | — | — | — | — | (8,263 | ) | (8,263 | ) | — | (3,640 | ) | (11,903 | ) | — | ||||||||||||||||||||||||||
Capital Contributions | — | — | — | — | — | — | 372,961 | — | 372,961 | — | ||||||||||||||||||||||||||||||
Capital Distributions | — | — | — | (685,694 | ) | — | (685,694 | ) | (305,797 | ) | (569,055 | ) | (1,560,546 | ) | (192 | ) | ||||||||||||||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities | — | — | — | — | — | — | (2,105 | ) | — | (2,105 | ) | — | ||||||||||||||||||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders | — | — | 15,200 | — | — | 15,200 | — | — | 15,200 | — | ||||||||||||||||||||||||||||||
Equity-Based Compensation | — | — | 124,279 | — | — | 124,279 | — | 94,100 | 218,379 | — | ||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock | 1,740,156 | — | (17,639 | ) | — | — | (17,639 | ) | — | (7 | ) | (17,646 | ) | — | ||||||||||||||||||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units | (6,969,237 | ) | — | (368,361 | ) | — | — | (368,361 | ) | — | — | (368,361 | ) | — | ||||||||||||||||||||||||||
Change in The Blackstone Group Inc.’s Ownership Interest | — | — | 13,785 | — | — | 13,785 | — | (13,785 | ) | — | — | |||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock | 10,945,972 | — | 76,129 | — | — | 76,129 | — | (76,129 | ) | — | — | |||||||||||||||||||||||||||||
Balance at June 30, 2020 | 676,874,583 | $ | 7 | $ | 6,272,040 | $ | (574,295 | ) | $ | (36,758 | ) | $ | 5,660,994 | $ | 3,900,429 | $ | 2,866,043 | $ | 12,427,466 | $ | 68,564 | |||||||||||||||||||
(a) | During the period presented, Blackstone also had one share outstanding of each of Series I and Series II preferred stock, with par value of each less than one cent. |
Six Months Ended June 30, | ||||||||
2021 | 2020 | |||||||
Operating Activities | ||||||||
Net Income (Loss) | $ | 6,228,633 | $ | (1,252,809 | ) | |||
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities | ||||||||
Blackstone Funds Related | ||||||||
Net Realized Gains on Investments | (1,949,167 | ) | (261,870 | ) | ||||
Changes in Unrealized (Gains) Losses on Investments | (1,140,654 | ) | 744,335 | |||||
Non-Cash Performance Allocations | (5,161,667 | ) | 2,385,158 | |||||
Non-Cash Performance Allocations and Incentive Fee Compensation | 2,780,561 | (821,798 | ) | |||||
Equity-Based Compensation Expense | 305,422 | 238,721 | ||||||
Amortization of Intangibles | 37,476 | 35,500 | ||||||
Other Non-Cash Amounts Included in Net Income (Loss) | (153,350 | ) | (175,677 | ) | ||||
Cash Flows Due to Changes in Operating Assets and Liabilities | ||||||||
Accounts Receivable | 346,505 | 562,123 | ||||||
Due from Affiliates | 109,163 | 203,698 | ||||||
Other Assets | (55,225 | ) | (120,679 | ) | ||||
Accrued Compensation and Benefits | (440,034 | ) | (443,534 | ) | ||||
Securities Sold, Not Yet Purchased | (14,925 | ) | (26,840 | ) | ||||
Accounts Payable, Accrued Expenses and Other Liabilities | 13,373 | (182,034 | ) | |||||
Repurchase Agreements | (19,562 | ) | (73,498 | ) | ||||
Due to Affiliates | 19,836 | 85,380 | ||||||
Investments Purchased | (2,718,024 | ) | (3,786,662 | ) | ||||
Cash Proceeds from Sale of Investments | 5,007,907 | 4,381,268 | ||||||
Net Cash Provided by Operating Activities | 3,196,268 | 1,490,782 | ||||||
Investing Activities | ||||||||
Purchase of Furniture, Equipment and Leasehold Improvements | (34,811 | ) | (25,453 | ) | ||||
Net Cash Used in Investing Activities | (34,811 | ) | (25,453 | ) | ||||
Financing Activities | ||||||||
Distributions to Non-Controlling Interest Holders in Consolidated Entities | (409,577 | ) | (305,914 | ) | ||||
Contributions from Non-Controlling Interest Holders in Consolidated Entities | 407,738 | 355,599 | ||||||
Payments Under Tax Receivable Agreement | (51,366 | ) | (73,881 | ) | ||||
Net Settlement of Vested Common Stock and Repurchase of Common Stock and Blackstone Holdings Partnership Units | (312,114 | ) | (386,007 | ) |
Six Months Ended June 30, | ||||||||
2021 | 2020 | |||||||
Financing Activities (Continued) | ||||||||
Repayment and Repurchase of Loans Payable | $ | 0 | $ | (1,896 | ) | |||
Dividends/Distributions to Shareholders and Unitholders | (2,278,390 | ) | (1,254,749 | ) | ||||
Net Cash Used in Financing Activities | (2,643,709 | ) | (1,666,848 | ) | ||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other | (5,084 | ) | (2,419 | ) | ||||
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other | ||||||||
Net Increase (Decrease) | 512,664 | (203,938 | ) | |||||
Beginning of Period | 2,064,456 | 2,523,651 | ||||||
End of Period | $ | 2,577,120 | $ | 2,319,713 | ||||
Supplemental Disclosure of Cash Flows Information | ||||||||
Payments for Interest | $ | 102,524 | $ | 93,645 | ||||
Payments for Income Taxes | $ | 289,244 | $ | 42,330 | ||||
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||||||||
Non-Cash Contributions from Non-Controlling Interest Holders | $ | 6,076 | $ | 16,033 | ||||
Non-Cash Distributions to Non-Controlling Interest Holders | $ | 0 | $ | (75 | ) | |||
Transfer of Interests to Non-Controlling Interest Holders | $ | (3,593 | ) | $ | (2,105 | ) | ||
Change in The Blackstone Group Inc.’s Ownership Interest | $ | 3,877 | $ | 13,785 | ||||
Net Settlement of Vested Common Stock | $ | 124,386 | $ | 71,978 | ||||
Conversion of Blackstone Holdings Units to Common Stock | $ | 70,412 | $ | 76,129 | ||||
Acquisition of Ownership Interests from Non-Controlling Interest Holders | ||||||||
Deferred Tax Asset | $ | (167,433 | ) | $ | (148,838 | ) | ||
Due to Affiliates | $ | 147,719 | $ | 133,638 | ||||
Equity | $ | 19,714 | $ | 15,200 | ||||
June 30, | December 31, | |||||||
2021 | 2020 | |||||||
Cash and Cash Equivalents | $ | 2,467,444 | $ | 1,999,484 | ||||
Cash Held by Blackstone Funds and Other | 109,676 | 64,972 | ||||||
$ | 2,577,120 | $ | 2,064,456 | |||||
● | Level I – Quoted prices are available in active markets for identical financial instruments as of the reporting date. The types of financial instruments in Level I include listed equities, listed derivatives and mutual funds with quoted prices. Blackstone does not adjust the quoted price for these investments, even in situations where Blackstone holds a large position and a sale could reasonably impact the quoted price. |
● | Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Financial instruments which are generally included in this category include corporate bonds and loans, including corporate bonds and loans held within CLO vehicles, government and agency securities, less liquid and restricted equity securities, and certain over-the-counter derivatives where the fair value is based on observable inputs. Senior and subordinated notes issued by CLO vehicles are classified within Level II of the fair value |
Level III |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net Income (Loss) | $ | 2,857,498 | $ | 1,354,346 | $ | 6,228,633 | $ | (1,252,809 | ) | |||||||
Other Comprehensive Income (Loss), Currency Translation Adjustment | 2,124 | 8,316 | 10,055 | (11,903 | ) | |||||||||||
Comprehensive Income (Loss) | 2,859,622 | 1,362,662 | 6,238,688 | (1,264,712 | ) | |||||||||||
Less: | ||||||||||||||||
Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities | 637 | (3,426 | ) | 1,266 | (18,895 | ) | ||||||||||
Comprehensive Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities | 431,516 | 294,378 | 818,366 | (350,699 | ) | |||||||||||
Comprehensive Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings | 1,117,108 | 498,669 | 2,356,446 | (388,629 | ) | |||||||||||
Comprehensive Income (Loss) Attributable to Non-Controlling Interests | 1,549,261 | 789,621 | 3,176,078 | (758,223 | ) | |||||||||||
Comprehensive Income (Loss) Attributable to The Blackstone Group Inc. | $ | 1,310,361 | $ | 573,041 | $ | 3,062,610 | $ | (506,489 | ) | |||||||
Shares of The Blackstone Group Inc. (a) | The Blackstone Group Inc. (a) | |||||||||||||||||||||||||||||||||||||||
Accumulated | Redeemable | |||||||||||||||||||||||||||||||||||||||
Other | Non- | Non- | Non- | |||||||||||||||||||||||||||||||||||||
Compre- | Controlling | Controlling | Controlling | |||||||||||||||||||||||||||||||||||||
Additional | Retained | hensive | Total | Interests in | Interests in | Interests in | ||||||||||||||||||||||||||||||||||
Common | Common | Paid-in- | Earnings | Income | Stockholders’ | Consolidated | Blackstone | Total | Consolidated | |||||||||||||||||||||||||||||||
Stock | Stock | Capital | (Deficit) | (Loss) | Equity | Entities | Holdings | Equity | Entities | |||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 690,569,563 | $ | 7 | $ | 6,446,829 | $ | 1,408,768 | $ | (11,454 | ) | $ | 7,844,150 | $ | 4,390,594 | $ | 4,524,898 | $ | 16,759,642 | $ | 65,546 | ||||||||||||||||||||
Net Income | — | — | — | 1,309,152 | — | 1,309,152 | 431,516 | 1,116,193 | 2,856,861 | 637 | ||||||||||||||||||||||||||||||
Currency Translation Adjustment | — | — | — | — | 1,209 | 1,209 | — | 915 | 2,124 | — | ||||||||||||||||||||||||||||||
Capital Contributions | — | — | — | — | — | — | 204,933 | 2,551 | 207,484 | — | ||||||||||||||||||||||||||||||
Capital Distributions | — | — | — | (584,126 | ) | — | (584,126 | ) | (166,518 | ) | (441,687 | ) | (1,192,331 | ) | (615 | ) | ||||||||||||||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities | — | — | — | — | — | — | (83 | ) | — | (83 | ) | — | ||||||||||||||||||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders | — | — | 9,535 | — | — | 9,535 | — | — | 9,535 | — | ||||||||||||||||||||||||||||||
Equity-Based Compensation | — | — | 77,083 | — | — | 77,083 | — | 55,046 | 132,129 | — | ||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock | 273,659 | — | (4,860 | ) | — | — | (4,860 | ) | — | — | (4,860 | ) | — | |||||||||||||||||||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units | (3,174,598 | ) | — | (289,055 | ) | — | — | (289,055 | ) | — | — | (289,055 | ) | — | ||||||||||||||||||||||||||
Change in The Blackstone Group Inc.’s Ownership Interest | — | — | 11,322 | — | — | 11,322 | — | (11,322 | ) | — | — | |||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock | 3,424,839 | — | 31,746 | — | — | 31,746 | — | (31,746 | ) | — | — | |||||||||||||||||||||||||||||
Balance at June 30, 2021 | 691,093,463 | $ | 7 | $ | 6,282,600 | $ | 2,133,794 | $ | (10,245 | ) | $ | 8,406,156 | $ | 4,860,442 | $ | 5,214,848 | $ | 18,481,446 | $ | 65,568 | ||||||||||||||||||||
(a) | During the |
Shares of The Blackstone Group Inc. (a) | The Blackstone Group Inc. (a) | |||||||||||||||||||||||||||||||||||||||
Accumulated | Redeemable | |||||||||||||||||||||||||||||||||||||||
Other | Non- | Non- | Non- | |||||||||||||||||||||||||||||||||||||
Compre- | Controlling | Controlling | Controlling | |||||||||||||||||||||||||||||||||||||
Additional | Retained | hensive | Total | Interests in | Interests in | Interests in | ||||||||||||||||||||||||||||||||||
Common | Common | Paid-in- | Earnings | Income | Stockholders’ | Consolidated | Blackstone | Total | Consolidated | |||||||||||||||||||||||||||||||
Stock | Stock | Capital | (Deficit) | (Loss) | Equity | Entities | Holdings | Equity | Entities | |||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 676,630,489 | $ | 7 | $ | 6,298,093 | $ | (871,948 | ) | $ | (41,533 | ) | $ | 5,384,619 | $ | 3,591,160 | $ | 2,530,263 | $ | 11,506,042 | $ | 72,066 | |||||||||||||||||||
Net Income (Loss) | — | — | — | 568,266 | — | 568,266 | �� | 294,378 | 495,128 | 1,357,772 | (3,426 | ) | ||||||||||||||||||||||||||||
Currency Translation Adjustment | — | — | — | — | 4,775 | 4,775 | — | 3,541 | 8,316 | — | ||||||||||||||||||||||||||||||
Capital Contributions | — | — | — | — | — | — | 170,282 | — | 170,282 | — | ||||||||||||||||||||||||||||||
Capital Distributions | — | — | — | (270,613 | ) | — | (270,613 | ) | (155,525 | ) | (203,354 | ) | (629,492 | ) | (76 | ) | ||||||||||||||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities | — | — | — | — | — | — | 134 | — | 134 | — | ||||||||||||||||||||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders | — | — | 2,806 | — | — | 2,806 | — | — | 2,806 | — | ||||||||||||||||||||||||||||||
Equity-Based Compensation | — | — | 73,455 | — | — | 73,455 | — | 55,442 | 128,897 | — | ||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock | 56,662 | — | (2,398 | ) | — | — | (2,398 | ) | — | — | (2,398 | ) | — | |||||||||||||||||||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units | (2,000,000 | ) | — | (114,893 | ) | — | — | (114,893 | ) | — | — | (114,893 | ) | — | ||||||||||||||||||||||||||
Change in The Blackstone Group Inc.’s Ownership Interest | — | — | 4,006 | — | — | 4,006 | — | (4,006 | ) | — | — | |||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock | 2,187,432 | — | 10,971 | — | — | 10,971 | — | (10,971 | ) | — | — | |||||||||||||||||||||||||||||
Balance at June 30, 2020 | 676,874,583 | $ | 7 | $ | 6,272,040 | $ | (574,295 | ) | $ | (36,758 | ) | $ | 5,660,994 | $ | 3,900,429 | $ | 2,866,043 | $ | 12,427,466 | $ | 68,564 | |||||||||||||||||||
(a) | During the period presented, Blackstone |
Shares of The Blackstone Group Inc. (a) | The Blackstone Group Inc. (a) | |||||||||||||||||||||||||||||||||||||||
Accumulated | Redeemable | |||||||||||||||||||||||||||||||||||||||
Other | Non- | Non- | Non- | |||||||||||||||||||||||||||||||||||||
Compre- | Controlling | Controlling | Controlling | |||||||||||||||||||||||||||||||||||||
Additional | Retained | hensive | Total | Interests in | Interests in | Interests in | ||||||||||||||||||||||||||||||||||
Common | Common | Paid-in- | Earnings | Income | Stockholders’ | Consolidated | Blackstone | Total | Consolidated | |||||||||||||||||||||||||||||||
Stock | Stock | Capital | (Deficit) | (Loss) | Equity | Entities | Holdings | Equity | Entities | |||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 683,875,544 | $ | 7 | $ | 6,332,105 | $ | 335,762 | $ | (15,831 | ) | $ | 6,652,043 | $ | 4,042,157 | $ | 3,831,148 | $ | 14,525,348 | $ | 65,161 | ||||||||||||||||||||
Net Income | — | — | — | 3,057,024 | — | 3,057,024 | 818,366 | 2,351,977 | 6,227,367 | 1,266 | ||||||||||||||||||||||||||||||
Currency Translation Adjustment | — | — | — | — | 5,586 | 5,586 | — | 4,469 | 10,055 | — | ||||||||||||||||||||||||||||||
Capital Contributions | — | — | — | — | — | — | 412,230 | 5,259 | 417,489 | — | ||||||||||||||||||||||||||||||
Capital Distributions | — | — | — | (1,258,992 | ) | — | (1,258,992 | ) | (408,718 | ) | (1,024,657 | ) | (2,692,367 | ) | (859 | ) | ||||||||||||||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities | — | — | — | — | — | — | (3,593 | ) | — | (3,593 | ) | — | ||||||||||||||||||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders | — | — | 19,714 | — | — | 19,714 | — | — | 19,714 | — | ||||||||||||||||||||||||||||||
Equity-Based Compensation | — | — | 168,606 | — | — | 168,606 | — | 120,941 | 289,547 | — | ||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock | 1,986,972 | — | (23,059 | ) | — | — | (23,059 | ) | — | — | (23,059 | ) | — | |||||||||||||||||||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units | (3,174,598 | ) | — | (289,055 | ) | — | — | (289,055 | ) | — | — | (289,055 | ) | — | ||||||||||||||||||||||||||
Change in The Blackstone Group Inc.’s Ownership Interest | — | — | 3,877 | — | — | 3,877 | — | (3,877 | ) | — | — | |||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock | 8,405,545 | — | 70,412 | — | — | 70,412 | — | (70,412 | ) | — | — | |||||||||||||||||||||||||||||
Balance at June 30, 2021 | 691,093,463 | $ | 7 | $ | 6,282,600 | $ | 2,133,794 | $ | (10,245 | ) | $ | 8,406,156 | $ | 4,860,442 | $ | 5,214,848 | $ | 18,481,446 | $ | 65,568 | ||||||||||||||||||||
(a) | During the |
Shares of The Blackstone Group Inc. (a) | The Blackstone Group Inc. (a) | |||||||||||||||||||||||||||||||||||||||
Accumulated | Redeemable | |||||||||||||||||||||||||||||||||||||||
Other | Non- | Non- | Non- | |||||||||||||||||||||||||||||||||||||
Compre- | Controlling | Controlling | Controlling | |||||||||||||||||||||||||||||||||||||
Additional | Retained | hensive | Total | Interests in | Interests in | Interests in | ||||||||||||||||||||||||||||||||||
Common | Common | Paid-in- | Earnings | Income | Stockholders’ | Consolidated | Blackstone | Total | Consolidated | |||||||||||||||||||||||||||||||
Stock | Stock | Capital | (Deficit) | (Loss) | Equity | Entities | Holdings | Equity | Entities | |||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 671,157,692 | $ | 7 | $ | 6,428,647 | $ | 609,625 | $ | (28,495 | ) | $ | 7,009,784 | $ | 4,186,069 | $ | 3,819,548 | $ | 15,015,401 | $ | 87,651 | ||||||||||||||||||||
Net Income (Loss) | — | — | — | (498,226 | ) | — | (498,226 | ) | (350,699 | ) | (384,989 | ) | (1,233,914 | ) | (18,895 | ) | ||||||||||||||||||||||||
Currency Translation Adjustment | — | — | — | — | (8,263 | ) | (8,263 | ) | — | (3,640 | ) | (11,903 | ) | — | ||||||||||||||||||||||||||
Capital Contributions | — | — | — | — | — | — | 372,961 | — | 372,961 | — | ||||||||||||||||||||||||||||||
Capital Distributions | — | — | — | (685,694 | ) | — | (685,694 | ) | (305,797 | ) | (569,055 | ) | (1,560,546 | ) | (192 | ) | ||||||||||||||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities | — | — | — | — | — | — | (2,105 | ) | — | (2,105 | ) | — | ||||||||||||||||||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders | — | — | 15,200 | — | — | 15,200 | — | — | 15,200 | — | ||||||||||||||||||||||||||||||
Equity-Based Compensation | — | — | 124,279 | — | — | 124,279 | — | 94,100 | 218,379 | — | ||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock | 1,740,156 | — | (17,639 | ) | — | — | (17,639 | ) | — | (7 | ) | (17,646 | ) | — | ||||||||||||||||||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units | (6,969,237 | ) | — | (368,361 | ) | — | — | (368,361 | ) | — | — | (368,361 | ) | — | ||||||||||||||||||||||||||
Change in The Blackstone Group Inc.’s Ownership Interest | — | — | 13,785 | — | — | 13,785 | — | (13,785 | ) | — | — | |||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock | 10,945,972 | — | 76,129 | — | — | 76,129 | — | (76,129 | ) | — | — | |||||||||||||||||||||||||||||
Balance at June 30, 2020 | 676,874,583 | $ | 7 | $ | 6,272,040 | $ | (574,295 | ) | $ | (36,758 | ) | $ | 5,660,994 | $ | 3,900,429 | $ | 2,866,043 | $ | 12,427,466 | $ | 68,564 | |||||||||||||||||||
(a) | During the |
Six Months Ended June 30, | ||||||||
2021 | 2020 | |||||||
Operating Activities | ||||||||
Net Income (Loss) | $ | 6,228,633 | $ | (1,252,809 | ) | |||
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities | ||||||||
Blackstone Funds Related | ||||||||
Net Realized Gains on Investments | (1,949,167 | ) | (261,870 | ) | ||||
Changes in Unrealized (Gains) Losses on Investments | (1,140,654 | ) | 744,335 | |||||
Non-Cash Performance Allocations | (5,161,667 | ) | 2,385,158 | |||||
Non-Cash Performance Allocations and Incentive Fee Compensation | 2,780,561 | (821,798 | ) | |||||
Equity-Based Compensation Expense | 305,422 | 238,721 | ||||||
Amortization of Intangibles | 37,476 | 35,500 | ||||||
Other Non-Cash Amounts Included in Net Income (Loss) | (153,350 | ) | (175,677 | ) | ||||
Cash Flows Due to Changes in Operating Assets and Liabilities | ||||||||
Accounts Receivable | 346,505 | 562,123 | ||||||
Due from Affiliates | 109,163 | 203,698 | ||||||
Other Assets | (55,225 | ) | (120,679 | ) | ||||
Accrued Compensation and Benefits | (440,034 | ) | (443,534 | ) | ||||
Securities Sold, Not Yet Purchased | (14,925 | ) | (26,840 | ) | ||||
Accounts Payable, Accrued Expenses and Other Liabilities | 13,373 | (182,034 | ) | |||||
Repurchase Agreements | (19,562 | ) | (73,498 | ) | ||||
Due to Affiliates | 19,836 | 85,380 | ||||||
Investments Purchased | (2,718,024 | ) | (3,786,662 | ) | ||||
Cash Proceeds from Sale of Investments | 5,007,907 | 4,381,268 | ||||||
Net Cash Provided by Operating Activities | 3,196,268 | 1,490,782 | ||||||
Investing Activities | ||||||||
Purchase of Furniture, Equipment and Leasehold Improvements | (34,811 | ) | (25,453 | ) | ||||
Net Cash Used in Investing Activities | (34,811 | ) | (25,453 | ) | ||||
Financing Activities | ||||||||
Distributions to Non-Controlling Interest Holders in Consolidated Entities | (409,577 | ) | (305,914 | ) | ||||
Contributions from Non-Controlling Interest Holders in Consolidated Entities | 407,738 | 355,599 | ||||||
Payments Under Tax Receivable Agreement | (51,366 | ) | (73,881 | ) | ||||
Net Settlement of Vested Common Stock and Repurchase of Common Stock and Blackstone Holdings Partnership Units | (312,114 | ) | (386,007 | ) |
Six Months Ended June 30, | ||||||||
2021 | 2020 | |||||||
Financing Activities (Continued) | ||||||||
Repayment and Repurchase of Loans Payable | $ | 0 | $ | (1,896 | ) | |||
Dividends/Distributions to Shareholders and Unitholders | (2,278,390 | ) | (1,254,749 | ) | ||||
Net Cash Used in Financing Activities | (2,643,709 | ) | (1,666,848 | ) | ||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other | (5,084 | ) | (2,419 | ) | ||||
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other | ||||||||
Net Increase (Decrease) | 512,664 | (203,938 | ) | |||||
Beginning of Period | 2,064,456 | 2,523,651 | ||||||
End of Period | $ | 2,577,120 | $ | 2,319,713 | ||||
Supplemental Disclosure of Cash Flows Information | ||||||||
Payments for Interest | $ | 102,524 | $ | 93,645 | ||||
Payments for Income Taxes | $ | 289,244 | $ | 42,330 | ||||
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||||||||
Non-Cash Contributions from Non-Controlling Interest Holders | $ | 6,076 | $ | 16,033 | ||||
Non-Cash Distributions to Non-Controlling Interest Holders | $ | 0 | $ | (75 | ) | |||
Transfer of Interests to Non-Controlling Interest Holders | $ | (3,593 | ) | $ | (2,105 | ) | ||
Change in The Blackstone Group Inc.’s Ownership Interest | $ | 3,877 | $ | 13,785 | ||||
Net Settlement of Vested Common Stock | $ | 124,386 | $ | 71,978 | ||||
Conversion of Blackstone Holdings Units to Common Stock | $ | 70,412 | $ | 76,129 | ||||
Acquisition of Ownership Interests from Non-Controlling Interest Holders | ||||||||
Deferred Tax Asset | $ | (167,433 | ) | $ | (148,838 | ) | ||
Due to Affiliates | $ | 147,719 | $ | 133,638 | ||||
Equity | $ | 19,714 | $ | 15,200 | ||||
June 30, | December 31, | |||||||
2021 | 2020 | |||||||
Cash and Cash Equivalents | $ | 2,467,444 | $ | 1,999,484 | ||||
Cash Held by Blackstone Funds and Other | 109,676 | 64,972 | ||||||
$ | 2,577,120 | $ | 2,064,456 | |||||
● | Level I – Quoted prices are available in active markets for |
● | Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Financial instruments which are generally included in |
● |
● | Debt Instruments and Equity Securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments and various relationships between investments. The valuation of certain equity securities is based on an observable price for an identical security adjusted for the effect of a restriction. |
● | Freestanding Derivatives are valued using contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads. |
● | Senior and subordinate notes issued by CLO vehicles are classified based on the more observable fair value of CLO assets less (a) the fair value of any beneficial interests held by Blackstone, and (b) the carrying value of any beneficial interests that represent compensation for services. |
June 30, | December 31, | |||||||
2020 | 2019 | |||||||
Finite-Lived Intangible Assets/Contractual Rights | $ | 1,712,576 | $ | 1,712,576 | ||||
Accumulated Amortization | (1,350,568) | (1,315,068) | ||||||
Intangible Assets, Net | $ | 362,008 | $ | 397,508 | ||||
June 30, | December 31, | |||||||
2021 | 2020 | |||||||
Finite-Lived Intangible Assets/Contractual Rights | $ | 1,745,376 | $ | 1,734,076 | ||||
Accumulated Amortization | (1,423,596 | ) | ) | |||||
Intangible Assets, Net | $ | 321,780 | $ | 347,955 | ||||
June 30, | December 31, | |||||||
2020 | 2019 | |||||||
Investments of Consolidated Blackstone Funds | $ | 7,943,531 | $ | 8,380,698 | ||||
Equity Method Investments | ||||||||
Partnership Investments | 3,873,346 | 4,035,675 | ||||||
Accrued Performance Allocations | 4,715,510 | 7,180,449 | ||||||
Corporate Treasury Investments | 2,205,843 | 2,419,587 | ||||||
Other Investments | 235,143 | 265,273 | ||||||
$ | 18,973,373 | $ | 22,281,682 | |||||
June 30, | December 31, | |||||||
2021 | 2020 | |||||||
Investments of Consolidated Blackstone Funds | $ | 1,871,269 | $ | 1,455,008 | ||||
Equity Method Investments | ||||||||
Partnership Investments | 4,916,674 | 4,353,234 | ||||||
Accrued Performance Allocations | 12,101,142 | 6,891,262 | ||||||
Corporate Treasury Investments | 2,440,325 | 2,579,716 | ||||||
Other Investments | 833,912 | 337,922 | ||||||
$ | 22,163,322 | $ | 15,617,142 | |||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Realized Gains (Losses) | $ | (61,698 | ) | $ | 5,198 | $ | (134,972 | ) | $ | 2,286 | ||||||
Net Change in Unrealized Gains (Losses) | 216,552 | 6,257 | (116,790 | ) | 112,260 | |||||||||||
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds | 154,854 | 11,455 | (251,762 | ) | 114,546 | |||||||||||
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds | 3,443 | 49,676 | 82,685 | 76,910 | ||||||||||||
Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities | $ | 158,297 | $ | 61,131 | $ | (169,077 | ) | $ | 191,456 | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Realized Gains (Losses) | $ | 33,001 | $ | (61,698 | ) | $ | 61,995 | $ | (134,972 | ) | ||||||
Net Change in Unrealized Gains (Losses) | 88,489 | 216,552 | 172,956 | (116,790 | ) | |||||||||||
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds | 121,490 | 154,854 | 234,951 | (251,762 | ) | |||||||||||
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds | 5,626 | 3,443 | 12,518 | 82,685 | ||||||||||||
Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities | $ | 127,116 | $ | 158,297 | $ | 247,469 | $ | (169,077 | ) | |||||||
Real | Private | Hedge Fund | Credit & | |||||||||||||||||
Estate | Equity | Solutions | Insurance | Total | ||||||||||||||||
Accrued Performance Allocations, December 31, 2019 | $ | 3,639,855 | $ | 3,063,149 | $ | 23,951 | $ | 453,494 | $ | 7,180,449 | ||||||||||
Performance Allocations as a Result of Changes in Fund Fair Values | (1,004,794 | ) | (710,814 | ) | 22,928 | (348,197 | ) | (2,040,877 | ) | |||||||||||
Foreign Exchange Loss | (6,476 | ) | — | — | — | (6,476 | ) | |||||||||||||
Fund Distributions | (233,683 | ) | (157,281 | ) | (7,782 | ) | (18,840 | ) | (417,586 | ) | ||||||||||
Accrued Performance Allocations, June 30, 2020 | $ | 2,394,902 | $ | 2,195,054 | $ | 39,097 | $ | 86,457 | $ | 4,715,510 | ||||||||||
Real | Private | Hedge Fund | Credit & | |||||||||||||||||
Estate | Equity | Solutions | Insurance | Total | ||||||||||||||||
Accrued Performance Allocations, December 31, 2020 | $ | 3,033,462 | $ | 3,487,206 | $ | 42,293 | $ | 328,301 | $ | 6,891,262 | ||||||||||
Performance Allocations as a Result of Changes in Fund Fair Values | 2,210,007 | 3,717,840 | 405,611 | 176,351 | 6,509,809 | |||||||||||||||
Foreign Exchange Loss | (17,258 | ) | — | — | — | (17,258 | ) | |||||||||||||
Fund Distributions | (703,349 | ) | (488,879 | ) | (14,243 | ) | (76,200 | ) | (1,282,671 | ) | ||||||||||
Accrued Performance Allocations, June 30, 2021 | $ | 4,522,862 | $ | 6,716,167 | $ | 433,661 | $ | 428,452 | $ | 12,101,142 | ||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Realized Gains (Losses) | $ | (4,273 | ) | $ | 22,983 | $ | (1,756 | ) | $ | 23,300 | ||||||
Net Change in Unrealized Gains (Losses) | 114,990 | 558 | (143,397 | ) | 49,217 | |||||||||||
$ | 110,717 | $ | 23,541 | $ | (145,153 | ) | $ | 72,517 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Realized Gains (Losses) | $ | (1,049 | ) | $ | (4,273 | ) | $ | 5,885 | $ | (1,756 | ) | |||||
Net Change in Unrealized Gains (Losses) | 29,523 | 114,990 | 39,452 | (143,397 | ) | |||||||||||
$ | 28,474 | $ | 110,717 | $ | 45,337 | $ | (145,153 | ) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Realized Gains | $ | 6,348 | $ | 21,491 | $ | 13,333 | $ | 45,727 | ||||||||
Net Change in Unrealized Gains (Losses) | 26,573 | (3,933 | ) | (73,364 | ) | 6,789 | ||||||||||
$ | 32,921 | $ | 17,558 | $ | (60,031 | ) | $ | 52,516 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Realized Gains | $ | 29,309 | $ | 6,348 | $ | 29,422 | $ | 13,333 | ||||||||
Net Change in Unrealized Gains (Losses) | 1,065 | 26,573 | 285,567 | (73,364 | ) | |||||||||||
$ | 30,374 | $ | 32,921 | $ | 314,989 | $ | (60,031) | |||||||||
Redemption | ||||||||||||
Unfunded | Frequency | Redemption | ||||||||||
Strategy | Fair Value | Commitments | (if currently eligible) | Notice Period | ||||||||
Diversified Instruments | $ | 218,522 | $ | — | (a) | (a) | ||||||
Credit Driven | 64,518 | — | (b) | (b) | ||||||||
Equity | 1,051 | — | (c) | (c) | ||||||||
Commodities | 1,007 | — | (d) | (d) | ||||||||
$ | 285,098 | $ | — | |||||||||
Redemption | ||||||||||||
Frequency | Redemption | |||||||||||
Strategy (a) | Fair Value | (if currently eligible) | Notice Period | |||||||||
Diversified Instruments | $ | 994 | (b) | (b) | ||||||||
Credit Driven | 299,130 | (c) | (c) | |||||||||
Equity | 50,440 | (d) | (d) | |||||||||
Commodities | 990 | (e) | (e) | |||||||||
$ | 351,554 | |||||||||||
(a) | As of June 30, 2021, Blackstone had no unfunded commitments. |
(b) | Diversified Instruments include investments in funds that invest across multiple strategies. Investments representing |
The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. Investments representing |
The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Investments representing of the fair value of the investments in this category are in liquidation. The remaining 99% of investments in this category are redeemable as of the reporting date. As of the reporting date, the investee fund manager had elected to side-pocket 1% of Blackstone’s investments in the category. |
The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. Investments representing 100% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. |
June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||||||||
Fair | Fair | Fair | Fair | |||||||||||||||||||||||||||||
Notional | Value | Notional | Value | Notional | Value | Notional | Value | |||||||||||||||||||||||||
Freestanding Derivatives | ||||||||||||||||||||||||||||||||
Blackstone | ||||||||||||||||||||||||||||||||
Interest Rate Contracts | $ | 989,013 | $ | 168,122 | $ | 496,200 | $ | 43,216 | $ | 1,256,287 | $ | 53,129 | $ | 165,852 | $ | 4,895 | ||||||||||||||||
Foreign Currency Contracts | 387,286 | 5,755 | 51,647 | 577 | 344,422 | 1,231 | 97,626 | 802 | ||||||||||||||||||||||||
Credit Default Swaps | 2,706 | 535 | 9,158 | 2,009 | 7,617 | 36 | 16,697 | 197 | ||||||||||||||||||||||||
Investments of Consolidated Blackstone Funds | ||||||||||||||||||||||||||||||||
Foreign Currency Contracts | 25,643 | 173 | 68,313 | 2,243 | 106,906 | 307 | 40,110 | 1,167 | ||||||||||||||||||||||||
Interest Rate Contracts | — | — | 19,000 | 2,052 | — | — | 33,000 | 1,728 | ||||||||||||||||||||||||
Credit Default Swaps | 13,722 | 1,889 | 35,850 | 2,098 | 5,108 | 58 | 47,405 | 960 | ||||||||||||||||||||||||
Total Return Swaps | — | — | 23,207 | 4,543 | 4,558 | 21 | 27,334 | 464 | ||||||||||||||||||||||||
Other | — | — | — | — | 1 | 4 | 1 | 2 | ||||||||||||||||||||||||
$ | 1,418,370 | $ | 176,474 | $ | 703,375 | $ | 56,738 | $ | 1,724,899 | $ | 54,786 | $ | 428,025 | $ | 10,215 | |||||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||||||||
Fair | Fair | Fair | Fair | |||||||||||||||||||||||||||||
Notional | Value | Notional | Value | Notional | Value | Notional | Value | |||||||||||||||||||||||||
Freestanding Derivatives | ||||||||||||||||||||||||||||||||
Blackstone | ||||||||||||||||||||||||||||||||
Interest Rate Contracts | $ | 882,179 | $ | 103,813 | $ | 916,011 | $ | 139,841 | $ | 684,320 | $ | 113,072 | $ | 862,887 | $ | 190,342 | ||||||||||||||||
Foreign Currency Contracts | 104,040 | 1,536 | 362,161 | 6,143 | 316,787 | 7,392 | 334,015 | 3,941 | ||||||||||||||||||||||||
Credit Default Swaps | 2,007 | 161 | 10,183 | 1,050 | 2,706 | 331 | 9,158 | 1,350 | ||||||||||||||||||||||||
Other | — | — | — | — | 5,000 | 5,227 | — | — | ||||||||||||||||||||||||
988,226 | 105,510 | 1,288,355 | 147,034 | 1,008,813 | 126,022 | 1,206,060 | 195,633 | |||||||||||||||||||||||||
Investments of Consolidated Blackstone Funds | ||||||||||||||||||||||||||||||||
Foreign Currency Contracts | 76,410 | 2,066 | 5,299 | 35 | — | — | 66,431 | 2,651 | ||||||||||||||||||||||||
Interest Rate Contracts | — | — | 14,000 | 1,094 | — | — | 14,000 | 1,485 | ||||||||||||||||||||||||
Credit Default Swaps | 3,507 | 291 | 23,484 | 1,130 | 8,282 | 542 | 41,290 | 1,558 | ||||||||||||||||||||||||
Total Return Swaps | — | — | — | — | — | — | 19,275 | 2,125 | ||||||||||||||||||||||||
79,917 | 2,357 | 42,783 | 2,259 | 8,282 | 542 | 140,996 | 7,819 | |||||||||||||||||||||||||
$ | 1,068,143 | $ | 107,867 | $ | 1,331,138 | $ | 149,293 | $ | 1,017,095 | $ | 126,564 | $ | 1,347,056 | $ | 203,452 | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Freestanding Derivatives | ||||||||||||||||
Realized Gains (Losses) | ||||||||||||||||
Interest Rate Contracts | $ | (2,613 | ) | $ | (416 | ) | $ | (7,914 | ) | $ | (2,664 | ) | ||||
Foreign Currency Contracts | 8,567 | (1,526 | ) | (5,140 | ) | 146 | ||||||||||
Credit Default Swaps | (13 | ) | 881 | (112 | ) | 1,991 | ||||||||||
Total Return Swaps | (782 | ) | (275 | ) | (1,531 | ) | (395 | ) | ||||||||
Other | — | (124 | ) | (38 | ) | (132 | ) | |||||||||
$ | 5,159 | $ | (1,460 | ) | $ | (14,735 | ) | $ | (1,054 | ) | ||||||
Net Change in Unrealized Gains (Losses) | ||||||||||||||||
Interest Rate Contracts | $ | (27,963 | ) | $ | (2,892 | ) | $ | 80,335 | $ | (11,155 | ) | |||||
Foreign Currency Contracts | (8,258 | ) | 1,773 | 3,587 | 209 | |||||||||||
Credit Default Swaps | 18 | (294 | ) | (1,371 | ) | 3,647 | ||||||||||
Total Return Swaps | 877 | 393 | (4,099 | ) | 1,371 | |||||||||||
Other | — | 115 | 36 | 65 | ||||||||||||
$ | (35,326 | ) | $ | (905 | ) | $ | 78,488 | $ | (5,863 | ) | ||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Freestanding Derivatives | ||||||||||||||||
Realized Gains (Losses) | ||||||||||||||||
Interest Rate Contracts | $ | (348 | ) | $ | (2,613 | ) | $ | 1,298 | $ | (7,914 | ) | |||||
Foreign Currency Contracts | 2,887 | 8,567 | 4,423 | (5,140 | ) | |||||||||||
Credit Default Swaps | (8 | ) | (13 | ) | (990 | ) | (112 | ) | ||||||||
Total Return Swaps | (65 | ) | (782 | ) | (1,415 | ) | (1,531 | ) | ||||||||
Other | 0 | 0 | (40 | ) | (38 | ) | ||||||||||
2,466 | 5,159 | 3,276 | (14,735 | ) | ||||||||||||
Net Change in Unrealized Gains (Losses) | ||||||||||||||||
Interest Rate Contracts | 39,484 | (27,963 | ) | 45,185 | 80,335 | |||||||||||
Foreign Currency Contracts | (3,249 | ) | (8,258 | ) | (3,376 | ) | 3,587 | |||||||||
Credit Default Swaps | 0 | 18 | 842 | (1,371 | ) | |||||||||||
Total Return Swaps | 0 | 877 | 2,130 | (4,099 | ) | |||||||||||
Other | 0 | 0 | (20 | ) | 36 | |||||||||||
36,235 | (35,326 | ) | 44,761 | 78,488 | ||||||||||||
$ | 38,701 | $ | (30,167 | ) | $ | 48,037 | $ | 63,753 | ||||||||
June 30, | December 31, | |||||||
2020 | 2019 | |||||||
Assets | ||||||||
Loans and Receivables | $ | 162,368 | $ | 500,751 | ||||
Equity and Preferred Securities | 480,199 | 432,472 | ||||||
Debt Securities | 471,158 | 506,924 | ||||||
Assets of Consolidated CLO Vehicles | ||||||||
Corporate Loans | 6,518,669 | 6,801,691 | ||||||
Other | 313 | 770 | ||||||
$ | 7,632,707 | $ | 8,242,608 | |||||
Liabilities | ||||||||
Liabilities of Consolidated CLO Vehicles | ||||||||
Senior Secured Notes | ||||||||
Loans Payable | $ | 6,232,695 | $ | 6,455,016 | ||||
Due to Affiliates | 78,719 | 57,717 | ||||||
Subordinated Notes | ||||||||
Loans Payable | — | 24,738 | ||||||
Due to Affiliates | 15,226 | 20,535 | ||||||
Corporate Treasury Commitments | 2,030 | — | ||||||
$ | 6,328,670 | $ | 6,558,006 | |||||
June 30, | December 31, | |||||||
2021 | 2020 | |||||||
Assets | ||||||||
Loans and Receivables | $ | 223,796 | $ | 581,079 | ||||
Equity and Preferred Securities | 695,434 | 532,790 | ||||||
Debt Securities | 329,555 | 448,352 | ||||||
$ | 1,248,785 | $ | 1,562,221 | |||||
Liabilities | ||||||||
Corporate Treasury Commitments | $ | 447 | $ | 244 | ||||
Three Months Ended June 30, | ||||||||||||||||
2021 | 2020 | |||||||||||||||
Net Change | Net Change | |||||||||||||||
Realized | in Unrealized | Realized | in Unrealized | |||||||||||||
Gains (Losses) | Gains | Gains (Losses) | Gains (Losses) | |||||||||||||
Assets | ||||||||||||||||
Loans and Receivables | $ | (3,065 | ) | $ | 7,012 | $ | (2,249 | ) | $ | 13,101 | ||||||
Equity and Preferred Securities | 18,444 | 9,530 | — | 59,612 | ||||||||||||
Debt Securities | 1,303 | 1,923 | (9,487 | ) | 60,988 | |||||||||||
Assets of Consolidated CLO Vehicles (a) | ||||||||||||||||
Corporate Loans | — | — | (52,293 | ) | 538,367 | |||||||||||
$ | 16,682 | $ | 18,465 | $ | (64,029 | ) | $ | 672,068 | ||||||||
Liabilities | ||||||||||||||||
Liabilities of Consolidated CLO Vehicles (a) | ||||||||||||||||
Senior Secured Notes | $ | — | $ | — | $ | — | $ | (495,059 | ) | |||||||
Subordinated Notes | — | — | — | 73,504 | ||||||||||||
Corporate Treasury Commitments | — | 7 | — | (2,030 | ) | |||||||||||
$ | — | $ | 7 | $ | — | $ | (423,585 | ) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||||||
Net Change | Net Change | Net Change | Net Change | |||||||||||||||||||||||||||||
Realized | in Unrealized | Realized | in Unrealized | Realized | in Unrealized | Realized | in Unrealized | |||||||||||||||||||||||||
Gains (Losses) | Gains (Losses) | Gains (Losses) | Gains (Losses) | Gains (Losses) | Gains (Losses) | Gains (Losses) | Gains (Losses) | |||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Loans and Receivables | $ | (2,249 | ) | $ | 13,101 | $ | (747 | ) | $ | (1,897 | ) | $ | (7,896 | ) | $ | 5,083 | $ | (5,770 | ) | $ | (268 | ) | ||||||||||
Equity and Preferred Securities | — | 59,612 | 9,907 | (67 | ) | 18,444 | 40,401 | (342 | ) | (103,747 | ) | |||||||||||||||||||||
Debt Securities | (9,487 | ) | 60,988 | (3,325 | ) | 1,817 | 9,970 | (4,235 | ) | (21,103 | ) | (9,129 | ) | |||||||||||||||||||
Assets of Consolidated CLO Vehicles | ||||||||||||||||||||||||||||||||
Corporate Loans | (52,293 | ) | 538,367 | (10,549 | ) | (18,025 | ) | — | — | (96,194 | ) | (226,542 | ) | |||||||||||||||||||
Other | — | — | — | 350 | — | — | — | (325 | ) | |||||||||||||||||||||||
$ | (64,029 | ) | $ | 672,068 | $ | (4,714 | ) | $ | (17,822 | ) | $ | 20,518 | $ | 41,249 | $ | (123,409 | ) | $ | (340,011 | ) | ||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Liabilities of Consolidated CLO Vehicles | ||||||||||||||||||||||||||||||||
Senior Secured Notes | $ | — | $ | (495,059 | ) | $ | — | $ | 6,667 | $ | — | $ | — | $ | — | $ | 199,445 | |||||||||||||||
Subordinated Notes | — | 73,504 | — | 15,163 | — | — | — | 30,046 | ||||||||||||||||||||||||
Corporate Treasury Commitments | — | (2,030 | ) | — | — | — | (193 | ) | — | (2,030 | ) | |||||||||||||||||||||
$ | — | $ | (423,585 | ) | $ | — | $ | 21,830 | $ | — | $ | (193 | ) | $ | — | $ | 227,461 | |||||||||||||||
(a) | During the year ended December 31, 2020, Blackstone deconsolidated nine CLO vehicles. See Note 9. “Variable Interest Entities” for additional details. |
Six Months Ended June 30, | ||||||||||||||||
2020 | 2019 | |||||||||||||||
Net Change | Net Change | |||||||||||||||
Realized | in Unrealized | Realized | in Unrealized | |||||||||||||
Gains (Losses) | Gains (Losses) | Gains (Losses) | Gains (Losses) | |||||||||||||
Assets | ||||||||||||||||
Loans and Receivables | $ | (5,770 | ) | $ | (268 | ) | $ | (1,831 | ) | $ | (2,657 | ) | ||||
Equity and Preferred Securities | (342 | ) | (103,747 | ) | 9,908 | 22,298 | ||||||||||
Debt Securities | (21,103 | ) | (9,129 | ) | (3,360 | ) | 16,749 | |||||||||
Assets of Consolidated CLO Vehicles | ||||||||||||||||
Corporate Loans | (96,194 | ) | (226,542 | ) | (14,400 | ) | 161,777 | |||||||||
Other | — | (325 | ) | — | 350 | |||||||||||
$ | (123,409 | ) | $ | (340,011 | ) | $ | (9,683 | ) | $ | 198,517 | ||||||
Liabilities | ||||||||||||||||
Liabilities of Consolidated CLO Vehicles | ||||||||||||||||
Senior Secured Notes | $ | — | $ | 199,445 | $ | — | $ | (44,893 | ) | |||||||
Subordinated Notes | — | 30,046 | — | (50,981 | ) | |||||||||||
Corporate Treasury Commitments | — | (2,030 | ) | — | — | |||||||||||
$ | — | $ | 227,461 | $ | — | $ | (95,874 | ) | ||||||||
June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||
For Financial Assets | For Financial Assets | |||||||||||||||||||||||
Past Due (a) | Past Due (a) | |||||||||||||||||||||||
(Deficiency) | (Deficiency) | Excess (Deficiency) | Excess | |||||||||||||||||||||
of Fair Value | Fair | of Fair Value | of Fair Value | Fair | of Fair Value | |||||||||||||||||||
Over Principal | Over Principal | Over Principal | Value | Over Principal | ||||||||||||||||||||
Loans and Receivables | $ | (5,616 | ) | $ | — | $ | — | $ | (3,875 | ) | $ | — | $ | — | ||||||||||
Debt Securities | (24,588 | ) | — | — | (14,667 | ) | — | — | ||||||||||||||||
Assets of Consolidated CLO Vehicles | ||||||||||||||||||||||||
Corporate Loans | (496,820 | ) | 21,604 | �� | (11,431 | ) | (234,430 | ) | — | — | ||||||||||||||
Other | (325 | ) | — | — | 133 | — | — | |||||||||||||||||
$ | (527,349 | ) | $ | 21,604 | $ | (11,431 | ) | $ | (252,839 | ) | $ | — | $ | — | ||||||||||
|
June 30, 2020 | ||||||||||||||||||||
Level I | Level II | Level III | NAV | Total | ||||||||||||||||
Assets | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 349,197 | $ | — | $ | — | $ | — | $ | 349,197 | ||||||||||
Investments | ||||||||||||||||||||
Investments of Consolidated Blackstone Funds (a) | ||||||||||||||||||||
Investment Funds | — | — | — | 13,149 | 13,149 | |||||||||||||||
Equity Securities, Partnerships and LLC Interests | 38,917 | 55,704 | 677,772 | — | 772,393 | |||||||||||||||
Debt Instruments | — | 570,935 | 66,010 | — | 636,945 | |||||||||||||||
Freestanding Derivatives | — | 2,062 | — | — | 2,062 | |||||||||||||||
Assets of Consolidated CLO Vehicles | — | 6,047,390 | 471,592 | — | 6,518,982 | |||||||||||||||
Total Investments of Consolidated Blackstone Funds | 38,917 | 6,676,091 | 1,215,374 | 13,149 | 7,943,531 | |||||||||||||||
Corporate Treasury Investments | 572,312 | 1,335,989 | 29,768 | 267,774 | 2,205,843 | |||||||||||||||
Other Investments | 157,552 | — | 3,929 | 4,175 | 165,656 | |||||||||||||||
Total Investments | 768,781 | 8,012,080 | 1,249,071 | 285,098 | 10,315,030 | |||||||||||||||
Accounts Receivable - Loans and Receivables | — | — | 162,368 | — | 162,368 | |||||||||||||||
Other Assets - Freestanding Derivatives | 47 | 174,365 | — | — | 174,412 | |||||||||||||||
$ | 1,118,025 | $ | 8,186,445 | $ | 1,411,439 | $ | 285,098 | $ | 11,001,007 | |||||||||||
Liabilities | ||||||||||||||||||||
Loans Payable - Liabilities of Consolidated CLO Vehicles (a)(b) | $ | — | $ | 6,232,695 | $ | — | $ | — | $ | 6,232,695 | ||||||||||
Due to Affiliates - Liabilities of Consolidated CLO Vehicles (a)(b) | — | 93,945 | — | — | 93,945 | |||||||||||||||
Securities Sold, Not Yet Purchased | 9,395 | 42,000 | — | — | 51,395 | |||||||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | ||||||||||||||||||||
Consolidated Blackstone Funds - Freestanding Derivatives (a) | — | 10,936 | — | — | 10,936 | |||||||||||||||
Freestanding Derivatives | 518 | 45,284 | — | — | 45,802 | |||||||||||||||
Corporate Treasury Commitments (c) | — | — | 2,030 | — | 2,030 | |||||||||||||||
Total Accounts Payable, Accrued Expenses and Other Liabilities | 518 | 56,220 | 2,030 | — | 58,768 | |||||||||||||||
$ | 9,913 | $ | 6,424,860 | $ | 2,030 | $ | — | $ | 6,436,803 | |||||||||||
June 30, 2021 | ||||||||||||||||||||
Level I | Level II | Level III | NAV | Total | ||||||||||||||||
Assets | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 398,672 | $ | — | $ | — | $ | — | $ | 398,672 | ||||||||||
Investments | ||||||||||||||||||||
Investments of Consolidated Blackstone Funds | ||||||||||||||||||||
Investment Funds | — | — | — | 299,596 | 299,596 | |||||||||||||||
Equity Securities, Partnerships and LLC Interests | 35,247 | 163,841 | 923,618 | — | 1,122,706 | |||||||||||||||
Debt Instruments | 670 | 386,574 | 59,366 | — | 446,610 | |||||||||||||||
Freestanding Derivatives | — | 2,357 | — | — | 2,357 | |||||||||||||||
Total Investments of Consolidated Blackstone Funds | 35,917 | 552,772 | 982,984 | 299,596 | 1,871,269 | |||||||||||||||
Corporate Treasury Investments | 510,186 | 1,894,540 | 35,396 | 203 | 2,440,325 | |||||||||||||||
Other Investments | 503,932 | 116,250 | 48,862 | 51,755 | 720,799 | |||||||||||||||
Total Investments | 1,050,035 | 2,563,562 | 1,067,242 | 351,554 | 5,032,393 | |||||||||||||||
Accounts Receivable - Loans and Receivables | — | — | 223,796 | — | 223,796 | |||||||||||||||
Other Assets - Freestanding Derivatives | 505 | 105,005 | — | — | 105,510 | |||||||||||||||
$ | 1,449,212 | $ | 2,668,567 | $ | 1,291,038 | $ | 351,554 | $ | 5,760,371 | |||||||||||
Liabilities | ||||||||||||||||||||
Securities Sold, Not Yet Purchased | $ | 11,953 | $ | 23,830 | $ | — | $ | — | $ | 35,783 | ||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | ||||||||||||||||||||
Consolidated Blackstone Funds - Freestanding Derivatives | — | 2,259 | — | — | 2,259 | |||||||||||||||
Freestanding Derivatives | 1,086 | 145,948 | — | — | 147,034 | |||||||||||||||
Corporate Treasury Commitments (a) | — | — | 447 | — | 447 | |||||||||||||||
Total Accounts Payable, Accrued Expenses and Other Liabilities | 1,086 | 148,207 | 447 | — | 149,740 | |||||||||||||||
$ | 13,039 | $ | 172,037 | $ | 447 | $ | — | $ | 185,523 | |||||||||||
December 31, 2019 | ||||||||||||||||||||
Level I | Level II | Level III | NAV | Total | ||||||||||||||||
Assets | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 456,784 | $ | — | $ | — | $ | — | $ | 456,784 | ||||||||||
Investments | ||||||||||||||||||||
Investments of Consolidated Blackstone Funds (a) | ||||||||||||||||||||
Investment Funds | — | — | — | 23,647 | 23,647 | |||||||||||||||
Equity Securities, Partnerships and LLC Interests | 31,812 | 53,611 | 674,150 | — | 759,573 | |||||||||||||||
Debt Instruments | — | 715,246 | 79,381 | — | 794,627 | |||||||||||||||
Freestanding Derivatives | — | 390 | — | — | 390 | |||||||||||||||
Assets of Consolidated CLO Vehicles | — | 6,505,720 | 296,741 | — | 6,802,461 | |||||||||||||||
Total Investments of Consolidated Blackstone Funds | 31,812 | 7,274,967 | 1,050,272 | 23,647 | 8,380,698 | |||||||||||||||
Corporate Treasury Investments | 726,638 | 1,385,582 | 29,289 | 278,078 | 2,419,587 | |||||||||||||||
Other Investments | 200,478 | — | — | 7,126 | 207,604 | |||||||||||||||
Total Investments | 958,928 | 8,660,549 | 1,079,561 | 308,851 | 11,007,889 | |||||||||||||||
Accounts Receivable - Loans and Receivables | — | — | 500,751 | — | 500,751 | |||||||||||||||
Other Assets - Freestanding Derivatives | 502 | 53,894 | — | — | 54,396 | |||||||||||||||
$ | 1,416,214 | $ | 8,714,443 | $ | 1,580,312 | $ | 308,851 | $ | 12,019,820 | |||||||||||
Liabilities | ||||||||||||||||||||
Loans Payable - Liabilities of Consolidated CLO Vehicles (a)(b) | $ | — | $ | 6,479,754 | $ | — | $ | — | $ | 6,479,754 | ||||||||||
Due to Affiliates - Liabilities of Consolidated CLO Vehicles (a)(b) | — | 78,252 | — | — | 78,252 | |||||||||||||||
Securities Sold, Not Yet Purchased | 19,977 | 55,569 | — | — | 75,546 | |||||||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | ||||||||||||||||||||
Consolidated Blackstone Funds - Freestanding Derivatives (a) | — | 4,321 | — | — | 4,321 | |||||||||||||||
Freestanding Derivatives | 150 | 5,744 | — | — | 5,894 | |||||||||||||||
Total Accounts Payable, Accrued Expenses and Other Liabilities | 150 | 10,065 | — | — | 10,215 | |||||||||||||||
$ | 20,127 | $ | 6,623,640 | $ | — | $ | — | $ | 6,643,767 | |||||||||||
December 31, 2020 | ||||||||||||||||||||
Level I | Level II | Level III | NAV | Total | ||||||||||||||||
Assets | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 597,130 | $ | 15,606 | $ | — | $ | — | $ | 612,736 | ||||||||||
Investments | ||||||||||||||||||||
Investments of Consolidated Blackstone Funds | ||||||||||||||||||||
Investment Funds | — | — | — | 15,711 | 15,711 | |||||||||||||||
Equity Securities, Partnerships and LLC Interests | 39,694 | 48,471 | 792,958 | — | 881,123 | |||||||||||||||
Debt Instruments | — | 492,280 | 65,352 | — | 557,632 | |||||||||||||||
Freestanding Derivatives | — | 542 | — | — | 542 | |||||||||||||||
Total Investments of Consolidated Blackstone Funds | 39,694 | 541,293 | 858,310 | 15,711 | 1,455,008 | |||||||||||||||
Corporate Treasury Investments | 996,516 | 1,517,809 | 7,899 | 57,492 | 2,579,716 | |||||||||||||||
Other Investments | 187,089 | — | 61,053 | 4,762 | 252,904 | |||||||||||||||
Total Investments | 1,223,299 | 2,059,102 | 927,262 | 77,965 | 4,287,628 | |||||||||||||||
Accounts Receivable - Loans and Receivables | — | — | 581,079 | — | 581,079 | |||||||||||||||
Other Assets - Freestanding Derivatives | 162 | 125,860 | — | — | 126,022 | |||||||||||||||
$ | 1,820,591 | $ | 2,200,568 | $ | 1,508,341 | $ | 77,965 | $ | 5,607,465 | |||||||||||
Liabilities | ||||||||||||||||||||
Securities Sold, Not Yet Purchased | $ | 9,324 | $ | 41,709 | $ | — | $ | — | $ | 51,033 | ||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | ||||||||||||||||||||
Consolidated Blackstone Funds - Freestanding Derivatives | — | 7,819 | — | — | 7,819 | |||||||||||||||
Freestanding Derivatives | 373 | 195,260 | — | — | 195,633 | |||||||||||||||
Corporate Treasury Commitments (a) | — | — | 244 | — | 244 | |||||||||||||||
Total Accounts Payable, Accrued Expenses and Other Liabilities | 373 | 203,079 | 244 | — | 203,696 | |||||||||||||||
$ | 9,697 | $ | 244,788 | $ | 244 | $ | — | $ | 254,729 | |||||||||||
(a) |
Corporate Treasury Commitments are measured using third party |
Fair Value | Valuation Techniques | Unobservable Inputs | Ranges | Weighted- Average (a) | Impact to Valuation from an Increase in Input | Fair Value | Valuation Techniques | Unobservable Inputs | Ranges | Weighted- Average (a) | Impact to Valuation from an Increase in Input | ||||||||||||||||||||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||||||||||||||||||||||||||||
Investments of Consolidated Blackstone Funds | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity Securities, Partnership and LLC Interests | $ | 677,772 | Discounted Cash Flows | Discount Rate | 0.8 % - 42.1% | 11.0 % | Lower | $ | 923,618 | Discounted Cash Flows | Discount Rate | 2.8% - % | 10.4 % | Lower | |||||||||||||||||||||||||||||||||||
Exit Multiple - EBITDA | 3.5 x - 18.6 x | 12.0 x | Higher | Exit Multiple - EBITDA | 3.7x - 27.0x | 12.8 x | Higher | ||||||||||||||||||||||||||||||||||||||||||
Exit Capitalization Rate | 2.0 % - 15.5% | 5.5 % | Lower | Exit Capitalization Rate | 1.7 % - 14.9 % | 5.2 % | Lower | ||||||||||||||||||||||||||||||||||||||||||
Third Party Pricing | N/A | Transaction Price | n/a | ||||||||||||||||||||||||||||||||||||||||||||||
Transaction Price | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||
Other | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instruments | 66,010 | Discounted Cash Flows | Discount Rate | 6.8 % - 19.3% | 10.0 % | Lower | 59,366 | Discounted Cash Flows | Discount Rate | 6.6 % -19.3 % | 9.7 % | Lower | |||||||||||||||||||||||||||||||||||||
Third Party Pricing | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||
Transaction Price | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||
Other | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||
Assets of Consolidated CLO Vehicles | 471,592 | Third Party Pricing | N/A | ||||||||||||||||||||||||||||||||||||||||||||||
Third Party Pricing | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Investments of Consolidated Blackstone Funds | 1,215,374 | 982,984 | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate Treasury Investments | 29,768 | Discounted Cash Flows | Discount Rate | 4.0 % - 11.7% | 7.7 % | Lower | 35,396 | Discounted Cash Flows | Discount Rate | 5.6 % - 8.1 % | 6.5 % | Lower | |||||||||||||||||||||||||||||||||||||
Third Party Pricing | N/A | Third Party Pricing | n/a | ||||||||||||||||||||||||||||||||||||||||||||||
Transaction Price | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Receivables | 162,368 | Discounted Cash Flows | Discount Rate | 7.2 % - 9.4% | 8.1 % | Lower | 223,796 | Discounted Cash Flows | Discount Rate | 6.6 % - 8.3 % | 7.4 % | Lower | |||||||||||||||||||||||||||||||||||||
Third Party Pricing | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||
Other Investments | 3,929 | Transaction Price | N/A | 48,862 | Third Party Pricing | n/a | |||||||||||||||||||||||||||||||||||||||||||
Transaction Price | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,411,439 | $ | 1,291,038 | ||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Valuation Techniques | Unobservable Inputs | Ranges | Weighted- Average (a) | Impact to Valuation from an Increase in Input | Fair Value | Valuation Techniques | Unobservable Inputs | Ranges | Weighted- Average (a) | Impact to Valuation from an Increase in Input | |||||||||||||||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Investments of Consolidated Blackstone Funds | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity Securities, Partnership and LLC Interests | $ | 674,150 | Discounted Cash Flows | Discount Rate | 0.9 % - 40.2 % | 10.6 % | Lower | $ | 792,958 | Discounted Cash Flows | Discount Rate | 3.8 % - 42.1 % | 10.8 % | Lower | ||||||||||||||||||||||||||||||||||
Exit Multiple - EBITDA | 0.1 x - 17.0 x | 9.7 x | Higher | Exit Multiple - EBITDA | 1.7 x - 24.0 x | 13.2 x | Higher | |||||||||||||||||||||||||||||||||||||||||
Exit Capitalization Rate | 2.0 % - 27.0 % | 5.9 % | Lower | Exit Capitalization Rate | 2.7 % - 14.9 % | 5.4 % | Lower | |||||||||||||||||||||||||||||||||||||||||
Third Party Pricing | N/A | Transaction Price | n/a | |||||||||||||||||||||||||||||||||||||||||||||
Transaction Price | N/A | Other | n/a | |||||||||||||||||||||||||||||||||||||||||||||
Other | N/A | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Instruments | 79,381 | Discounted Cash Flows | Discount Rate | 7.1 % - 58.2 % | 12.1 % | Lower | 65,352 | Discounted Cash Flows | Discount Rate | 6.3 % - 19.3 % | 8.6 % | Lower | ||||||||||||||||||||||||||||||||||||
Third Party Pricing | N/A | |||||||||||||||||||||||||||||||||||||||||||||||
Transaction Price | N/A | |||||||||||||||||||||||||||||||||||||||||||||||
Other | N/A | |||||||||||||||||||||||||||||||||||||||||||||||
Assets of Consolidated CLO Vehicles | 296,741 | Third Party Pricing | N/A | |||||||||||||||||||||||||||||||||||||||||||||
Third Party Pricing | n/a | |||||||||||||||||||||||||||||||||||||||||||||||
Total Investments of Consolidated Blackstone Funds | 1,050,272 | 858,310 | ||||||||||||||||||||||||||||||||||||||||||||||
Corporate Treasury Investments | 29,289 | Discounted Cash Flows | Discount Rate | 3.2 % - 7.1 % | 5.7 % | Lower | 7,899 | Discounted Cash Flows | Discount Rate | 3.3 % - 7.4 % | 6.4 % | Lower | ||||||||||||||||||||||||||||||||||||
Market Comparable Companies | EBITDA Multiple | 6.2 x - 8.8 x | 8.1 x | Higher | Third Party Pricing | n/a | ||||||||||||||||||||||||||||||||||||||||||
Third Party Pricing | N/A | |||||||||||||||||||||||||||||||||||||||||||||||
Loans and Receivables | 500,751 | Discounted Cash Flows | Discount Rate | 5.2 % - 9.8 % | 7.7 % | Lower | 581,079 | Discounted Cash Flows | Discount Rate | 6.7 % - 10.3 % | 7.8 % | Lower | ||||||||||||||||||||||||||||||||||||
Other Investments | 61,053 | Third Party Pricing | n/a | |||||||||||||||||||||||||||||||||||||||||||||
Transaction Price | N/A | Transaction Price | n/a | |||||||||||||||||||||||||||||||||||||||||||||
Other | n/a | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,580,312 | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,508,341 | |||||||||||||||||||||||||||||||||||||||||||||||
Not applicable. | ||
EBITDA | Earnings before interest, taxes, depreciation and amortization. | |
Exit Multiple | Ranges include the last twelve months EBITDA and forward EBITDA multiples. | |
Third Party Pricing | Third Party Pricing is generally determined on the basis of unadjusted prices between market participants provided by reputable dealers or pricing services. | |
Transaction Price | Includes recent acquisitions or transactions. | |
(a) | Unobservable inputs were weighted based on the fair value of the investments included in the range. |
Level III Financial Assets at Fair Value | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||
Investments | Investments | |||||||||||||||||||||||||||||||
of | Loans | Other | of | Loans | Other | |||||||||||||||||||||||||||
Consolidated | and | Investments | Consolidated | and | Investments | |||||||||||||||||||||||||||
Funds | Receivables | (a) | Total | Funds | Receivables | (a) | Total | |||||||||||||||||||||||||
Balance, Beginning of Period | $ | 1,014,098 | $ | 218,115 | $ | 47,909 | $ | 1,280,122 | $ | 1,243,800 | $ | 208,226 | $ | 59,133 | $ | 1,511,159 | ||||||||||||||||
Transfer Into Level III (b) | 316,551 | — | 8,402 | 324,953 | 149,275 | — | 3,986 | 153,261 | ||||||||||||||||||||||||
Transfer Out of Level III (b) | (200,964 | ) | — | (16,850 | ) | (217,814 | ) | (294,612 | ) | — | (14,557 | ) | (309,169 | ) | ||||||||||||||||||
Purchases | 125,218 | 7,160 | 4,559 | 136,937 | 112,757 | 198,482 | 5,251 | 316,490 | ||||||||||||||||||||||||
Sales | (51,971 | ) | (75,689 | ) | (7,626 | ) | (135,286 | ) | (84,525 | ) | (218,148 | ) | (5,270 | ) | (307,943 | ) | ||||||||||||||||
Settlements | — | (1,637 | ) | — | (1,637 | ) | — | (3,038 | ) | — | (3,038 | ) | ||||||||||||||||||||
Changes in Gains Included in Earnings | 12,442 | 14,419 | (2,697 | ) | 24,164 | 13,401 | 2,309 | 509 | 16,219 | |||||||||||||||||||||||
Balance, End of Period | $ | 1,215,374 | $ | 162,368 | $ | 33,697 | $ | 1,411,439 | $ | 1,140,096 | $ | 187,831 | $ | 49,052 | $ | 1,376,979 | ||||||||||||||||
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date | $ | (27,616 | ) | $ | 9,521 | $ | (7,782 | ) | $ | (25,877 | ) | $ | (2,162 | ) | $ | (1,898 | ) | $ | 135 | $ | (3,925 | ) | ||||||||||
Level III Financial Assets at Fair Value | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||
Investments | Investments | |||||||||||||||||||||||||||||||
of | Loans | Other | of | Loans | Other | |||||||||||||||||||||||||||
Consolidated | and | Investments | Consolidated | and | Investments | |||||||||||||||||||||||||||
Funds | Receivables | (a) | Total | Funds | Receivables | (a) | Total | |||||||||||||||||||||||||
Balance, Beginning of Period | $ | 885,228 | $ | 604,611 | $ | 41,160 | $ | 1,530,999 | $ | 1,014,098 | $ | 218,115 | $ | 47,909 | $ | 1,280,122 | ||||||||||||||||
Transfer Into Level III (b) | 1,266 | — | — | 1,266 | 316,551 | — | 8,402 | 324,953 | ||||||||||||||||||||||||
Transfer Out of Level III (b) | (12,187 | ) | — | — | (12,187 | ) | (200,964 | ) | — | (16,850 | ) | (217,814 | ) | |||||||||||||||||||
Purchases | 99,223 | 33,434 | 33,458 | 166,115 | 125,218 | 7,160 | 4,559 | 136,937 | ||||||||||||||||||||||||
Sales | (79,993 | ) | (408,488 | ) | (1,014 | ) | (489,495 | ) | (51,971 | ) | (75,689 | ) | (7,626 | ) | (135,286 | ) | ||||||||||||||||
Issuances | — | 12,594 | — | 12,594 | — | — | — | — | ||||||||||||||||||||||||
Settlements | — | (28,155 | ) | — | (28,155 | ) | — | (1,637 | ) | — | (1,637 | ) | ||||||||||||||||||||
Changes in Gains (Losses) Included in Earnings | 89,447 | 9,800 | (129 | ) | 99,118 | 12,442 | 14,419 | (2,697 | ) | 24,164 | ||||||||||||||||||||||
Balance, End of Period | $ | 982,984 | $ | 223,796 | $ | 73,475 | $ | 1,280,255 | $ | 1,215,374 | $ | 162,368 | $ | 33,697 | $ | 1,411,439 | ||||||||||||||||
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date | $ | 68,862 | $ | 746 | $ | (128 | ) | $ | 69,480 | $ | (27,616 | ) | $ | 9,521 | $ | (7,782 | ) | $ | (25,877 | ) | ||||||||||||
Level III Financial Assets at Fair Value | ||||||||||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||
Investments | Investments | |||||||||||||||||||||||||||||||
of | Loans | Other | of | Loans | Other | |||||||||||||||||||||||||||
Consolidated | and | Investments | Consolidated | and | Investments | |||||||||||||||||||||||||||
Funds | Receivables | (a) | Total | Funds | Receivables | (a) | Total | |||||||||||||||||||||||||
Balance, Beginning of Period | $ | 1,050,272 | $ | 500,751 | $ | 29,289 | $ | 1,580,312 | $ | 1,364,016 | $ | 304,173 | $ | 56,185 | $ | 1,724,374 | ||||||||||||||||
Transfer Into Level III (b) | 282,400 | — | 25,001 | 307,401 | 106,644 | — | 12,935 | 119,579 | ||||||||||||||||||||||||
Transfer Out of Level III (b) | (147,510 | ) | — | (18,875 | ) | (166,385 | ) | (400,402 | ) | — | (27,170 | ) | (427,572 | ) | ||||||||||||||||||
Purchases | 226,824 | 170,899 | 5,771 | 403,494 | 179,305 | 270,772 | 12,820 | 462,897 | ||||||||||||||||||||||||
Sales | (111,580 | ) | (506,881 | ) | (12,665 | ) | (631,126 | ) | (145,097 | ) | (383,816 | ) | (6,141 | ) | (535,054 | ) | ||||||||||||||||
Settlements | — | (3,650 | ) | — | (3,650 | ) | — | (10,189 | ) | — | (10,189 | ) | ||||||||||||||||||||
Changes in Gains Included in Earnings | (85,032 | ) | 1,249 | 5,176 | (78,607 | ) | 35,630 | 6,891 | 423 | 42,944 | ||||||||||||||||||||||
Balance, End of Period | $ | 1,215,374 | $ | 162,368 | $ | 33,697 | $ | 1,411,439 | $ | 1,140,096 | $ | 187,831 | $ | 49,052 | $ | 1,376,979 | ||||||||||||||||
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date | $ | (97,403 | ) | $ | 4,940 | $ | (123 | ) | $ | (92,586 | ) | $ | 25,821 | $ | (2,657 | ) | $ | 315 | $ | 23,479 | ||||||||||||
Level III Financial Assets at Fair Value | ||||||||||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||
Investments | Investments | |||||||||||||||||||||||||||||||
of | Loans | Other | of | Loans | Other | |||||||||||||||||||||||||||
Consolidated | and | Investments | Consolidated | and | Investments | |||||||||||||||||||||||||||
Funds | Receivables | (a) | Total | Funds | Receivables | (a) | Total | |||||||||||||||||||||||||
Balance, Beginning of Period | $ | 858,310 | $ | 581,079 | $ | 46,158 | $ | 1,485,547 | $ | 1,050,272 | $ | 500,751 | $ | 29,289 | $ | 1,580,312 | ||||||||||||||||
Transfer Into Level III (b) | 1,804 | — | — | 1,804 | 282,400 | — | 25,001 | 307,401 | ||||||||||||||||||||||||
Transfer Out of Level III (b) | (88,841 | ) | — | — | (88,841 | ) | (147,510 | ) | — | (18,875 | ) | (166,385 | ) | |||||||||||||||||||
Purchases | 186,080 | 356,763 | 33,459 | 576,302 | 226,824 | 170,899 | 5,771 | 403,494 | ||||||||||||||||||||||||
Sales | (127,985 | ) | (701,212 | ) | (6,163 | ) | (835,360 | ) | (111,580 | ) | (506,881 | ) | (12,665 | ) | (631,126 | ) | ||||||||||||||||
Issuances | — | 19,340 | — | 19,340 | — | — | — | — | ||||||||||||||||||||||||
Settlements | — | (45,555 | ) | — | (45,555 | ) | — | (3,650 | ) | — | (3,650 | ) | ||||||||||||||||||||
Changes in Gains (Losses) Included in Earnings | 153,616 | 13,381 | 21 | 167,018 | (85,032 | ) | 1,249 | 5,176 | (78,607 | ) | ||||||||||||||||||||||
Balance, End of Period | $ | 982,984 | $ | 223,796 | $ | 73,475 | $ | 1,280,255 | $ | 1,215,374 | $ | 162,368 | $ | 33,697 | $ | 1,411,439 | ||||||||||||||||
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date | $ | 125,918 | $ | (3,110 | ) | $ | (71 | ) | $ | 122,737 | $ | (97,403 | ) | $ | 4,940 | $ | (123 | ) | $ | (92,586 | ) | |||||||||||
(a) | Represents corporate treasury investments and Other Investments. |
(b) | Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities. |
June 30, | December 31, | |||||||
2020 | 2019 | |||||||
Investments | $ | 868,579 | $ | 1,216,932 | ||||
Due from Affiliates | 197,570 | 143,949 | ||||||
Potential Clawback Obligation | 39,271 | 109,240 | ||||||
Maximum Exposure to Loss | $ | 1,105,420 | $ | 1,470,121 | ||||
Amounts Due to Non-Consolidated VIEs | $ | 313 | $ | 231 | ||||
10. | Repurchase Agreements |
June 30, 2020 | ||||||||||||||||||||
Remaining Contractual Maturity of the Agreements | ||||||||||||||||||||
Overnight | Greater | |||||||||||||||||||
and | Up to | 30 - 90 | than | |||||||||||||||||
Continuous | 30 Days | Days | 90 days | Total | ||||||||||||||||
Repurchase Agreements | ||||||||||||||||||||
Asset-Backed Securities | $ | — | $ | 10,634 | $ | 40,780 | $ | 29,206 | $ | 80,620 | ||||||||||
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” | $ | 80,620 | ||||||||||||||||||
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” | $ | — | ||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||
Remaining Contractual Maturity of the Agreements | ||||||||||||||||||||
Overnight | Greater | |||||||||||||||||||
and | Up to | 30 - 90 | than | |||||||||||||||||
Continuous | 30 Days | Days | 90 days | Total | ||||||||||||||||
Repurchase Agreements | ||||||||||||||||||||
Asset-Backed Securities | $ | 0 | $ | 0 | $ | 25,121 | $ | 32,126 | $ | 57,247 | ||||||||||
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” | $ | 57,247 | ||||||||||||||||||
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” | $ | 0 | ||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||
Remaining Contractual Maturity of the Agreements | ||||||||||||||||||||
Overnight | Greater | |||||||||||||||||||
and | Up to | 30 - 90 | than | |||||||||||||||||
Continuous | 30 Days | Days | 90 days | Total | ||||||||||||||||
Repurchase Agreements | ||||||||||||||||||||
Asset-Backed Securities | $ | 0 | $ | 15,345 | $ | 32,759 | $ | 28,704 | $ | 76,808 | ||||||||||
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” | $ | 76,808 | ||||||||||||||||||
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” | $ | 0 | ||||||||||||||||||
June 30, 2021 | ||||||||||||||||
Gross and Net | ||||||||||||||||
Amounts of | Gross Amounts Not Offset | |||||||||||||||
Assets Presented | in the Statement of | |||||||||||||||
in the Statement | Financial Condition | |||||||||||||||
of Financial | Financial | Cash Collateral | ||||||||||||||
Condition | Instruments (a) | Received | Net Amount | |||||||||||||
Assets | ||||||||||||||||
Freestanding Derivatives | $ | 106,296 | $ | 104,616 | $ | 46 | $ | 1,634 | ||||||||
June 30, 2021 | ||||||||||||||||
Gross and Net | ||||||||||||||||
Amounts of | ||||||||||||||||
Liabilities | Gross Amounts Not Offset | |||||||||||||||
Presented in the | in the Statement of | |||||||||||||||
Statement of | Financial Condition | |||||||||||||||
Financial | Financial | Cash Collateral | ||||||||||||||
Condition | Instruments (a) | Pledged | Net Amount | |||||||||||||
Liabilities | ||||||||||||||||
Freestanding Derivatives | $ | 149,293 | $ | 129,569 | $ | 13,857 | $ | 5,867 | ||||||||
Repurchase Agreements | 57,247 | 57,247 | 0 | 0 | ||||||||||||
$ | 206,540 | $ | 186,816 | $ | 13,857 | $ | 5,867 | |||||||||
December 31, 2019 | ||||||||||||||||||||
Remaining Contractual Maturity of the Agreements | ||||||||||||||||||||
Overnight | Greater | |||||||||||||||||||
and | Up to | 30 - 90 | than | |||||||||||||||||
Continuous | 30 Days | Days | 90 days | Total | ||||||||||||||||
Repurchase Agreements | ||||||||||||||||||||
Asset-Backed Securities | $ | — | $ | 42,459 | $ | 88,868 | $ | 22,791 | $ | 154,118 | ||||||||||
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” | $ | 154,118 | ||||||||||||||||||
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” | $ | — | ||||||||||||||||||
December 31, 2020 | ||||||||||||||||
Gross and Net | ||||||||||||||||
Amounts of | Gross Amounts Not Offset | |||||||||||||||
Assets Presented | in the Statement of | |||||||||||||||
in the Statement | Financial Condition | |||||||||||||||
of Financial | Financial | Cash Collateral | ||||||||||||||
Condition | Instruments (a) | Received | Net Amount | |||||||||||||
Assets | ||||||||||||||||
Freestanding Derivatives | $ | 126,564 | $ | 114,673 | $ | 53 | $ | 11,838 | ||||||||
December 31, 2020 | ||||||||||||||||
Gross and Net | ||||||||||||||||
Amounts of | ||||||||||||||||
Liabilities | Gross Amounts Not Offset | |||||||||||||||
Presented in the | in the Statement of | |||||||||||||||
Statement of | Financial Condition | |||||||||||||||
Financial | Financial | Cash Collateral | ||||||||||||||
Condition | Instruments (a) | Pledged | Net Amount | |||||||||||||
Liabilities | ||||||||||||||||
Freestanding Derivatives | $ | 202,188 | $ | 174,623 | $ | 19,194 | $ | 8,371 | ||||||||
Repurchase Agreements | 76,808 | 76,808 | 0 | 0 | ||||||||||||
$ | 278,996 | $ | 251,431 | $ | 19,194 | $ | 8,371 | |||||||||
June 30, 2020 | ||||||||||||||||
Gross and Net | ||||||||||||||||
Amounts of | Gross Amounts Not Offset | |||||||||||||||
Assets Presented | in the Statement of | |||||||||||||||
in the Statement | Financial Condition | |||||||||||||||
of Financial | Financial | Cash Collateral | ||||||||||||||
Condition | Instruments (a) | Received | Net Amount | |||||||||||||
Assets | ||||||||||||||||
Freestanding Derivatives | $ | 176,474 | $ | 36,148 | $ | 72,895 | $ | 67,431 | ||||||||
June 30, 2020 | ||||||||||||||||
Gross and Net | ||||||||||||||||
Amounts of | ||||||||||||||||
Liabilities | Gross Amounts Not Offset | |||||||||||||||
Presented in the | in the Statement of | |||||||||||||||
Statement of | Financial Condition | |||||||||||||||
Financial | Financial | Cash Collateral | ||||||||||||||
Condition | Instruments (a) | Pledged | Net Amount | |||||||||||||
Liabilities | ||||||||||||||||
Freestanding Derivatives | $ | 55,001 | $ | 36,148 | $ | 18,123 | $ | 730 | ||||||||
Repurchase Agreements | 80,620 | 80,620 | — | — | ||||||||||||
$ | 135,621 | $ | 116,768 | $ | 18,123 | $ | 730 | |||||||||
December 31, 2019 | ||||||||||||||||
Gross and Net | ||||||||||||||||
Amounts of | Gross Amounts Not Offset | |||||||||||||||
Assets Presented | in the Statement of | |||||||||||||||
in the Statement | Financial Condition | |||||||||||||||
of Financial | Financial | Cash Collateral | ||||||||||||||
Condition | Instruments (a) | Received | Net Amount | |||||||||||||
Assets | ||||||||||||||||
Freestanding Derivatives | $ | 54,479 | $ | 380 | $ | — | $ | 54,099 | ||||||||
December 31, 2019 | ||||||||||||||||
Gross and Net | ||||||||||||||||
Amounts of | ||||||||||||||||
Liabilities | Gross Amounts Not Offset | |||||||||||||||
Presented in the | in the Statement of | |||||||||||||||
Statement of | Financial Condition | |||||||||||||||
Financial | Financial | Cash Collateral | ||||||||||||||
Condition | Instruments (a) | Pledged | Net Amount | |||||||||||||
Liabilities | ||||||||||||||||
Freestanding Derivatives | $ | 10,215 | $ | 380 | $ | 9,198 | $ | 637 | ||||||||
Repurchase Agreements | 154,118 | 154,118 | — | — | ||||||||||||
$ | 164,333 | $ | 154,498 | $ | 9,198 | $ | 637 | |||||||||
(a) | Amounts presented are inclusive of both legally enforceable master netting agreements, and financial instruments received or pledged as collateral. Financial instruments received or pledged as collateral offset derivative counterparty risk exposure, but do not reduce net balance sheet exposure. |
June 30, | December 31, | |||||||
2020 | 2019 | |||||||
Furniture, Equipment and Leasehold Improvements, Net | $ | 164,516 | $ | 154,482 | ||||
Prepaid Expenses | 144,823 | 159,333 | ||||||
Freestanding Derivatives | 174,412 | 54,396 | ||||||
Other | 17,600 | 14,282 | ||||||
$ | 501,351 | $ | 382,493 | |||||
June 30, | December 31, | |||||||
2021 | 2020 | |||||||
Furniture, Equipment and Leasehold Improvements, Net | $ | 242,072 | $ | 231,807 | ||||
Prepaid Expenses | 193,899 | 105,248 | ||||||
Freestanding Derivatives | 105,510 | 126,022 | ||||||
Other | 15,233 | 17,945 | ||||||
$ | 556,714 | $ | 481,022 | |||||
June 30, 2020 | December 31, 2019 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||||
Senior Notes | Value | Value (a) | Value | Value (a) | Value | Value (a) | Value | Value (a) | ||||||||||||||||||||||||
4.750%, Due 2/15/2023 | $ | 396,809 | $ | 438,960 | $ | 396,247 | $ | 429,280 | $ | 397,975 | $ | 426,880 | $ | 397,385 | $ | 434,400 | ||||||||||||||||
2.000%, Due 5/19/2025 | 333,264 | 357,140 | 332,393 | 365,521 | 384,722 | 383,630 | 362,947 | 398,620 | ||||||||||||||||||||||||
1.000%, Due 10/5/2026 | 666,153 | 684,959 | 664,229 | 691,012 | 712,608 | 738,872 | 724,646 | 770,707 | ||||||||||||||||||||||||
3.150%, Due 10/2/2027 | 297,215 | 320,250 | 297,046 | 309,540 | 297,561 | 324,720 | 297,387 | 332,370 | ||||||||||||||||||||||||
1.500%, Due 4/10/2029 | 668,937 | 718,392 | 667,425 | 708,841 | 666,320 | 763,418 | 728,054 | 805,744 | ||||||||||||||||||||||||
2.500%, Due 1/10/2030 | 490,268 | 520,850 | 489,841 | 493,500 | 491,201 | 517,500 | 490,745 | 538,200 | ||||||||||||||||||||||||
1.600%, Due 3/30/2031 | 495,319 | 474,750 | 495,100 | 497,950 | ||||||||||||||||||||||||||||
6.250%, Due 8/15/2042 | 238,551 | 352,375 | 238,437 | 338,200 | 238,789 | 364,025 | 238,668 | 372,250 | ||||||||||||||||||||||||
5.000%, Due 6/15/2044 | 489,083 | 620,150 | 488,968 | 606,700 | 489,322 | 665,200 | 489,201 | 684,800 | ||||||||||||||||||||||||
4.450%, Due 7/15/2045 | 344,219 | 411,110 | 344,157 | 396,235 | 344,346 | 432,495 | 344,282 | 449,645 | ||||||||||||||||||||||||
4.000%, Due 10/2/2047 | 290,437 | 336,690 | 290,344 | 321,780 | 290,630 | 353,070 | 290,533 | 364,590 | ||||||||||||||||||||||||
3.500%, Due 9/10/2049 | 391,845 | 421,840 | 391,769 | 399,961 | 392,007 | 440,760 | 391,925 | 460,120 | ||||||||||||||||||||||||
2.800%, Due 9/30/2050 | 393,749 | 395,400 | 393,681 | 406,280 | ||||||||||||||||||||||||||||
$ | 4,606,781 | $ | 5,182,716 | $ | 4,600,856 | $ | 5,060,570 | $ | 5,594,549 | $ | 6,280,720 | $ | 5,644,554 | $ | 6,515,676 | |||||||||||||||||
(a) | Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy. |
June 30, 2020 | December 31, 2019 | |||||||||||||||||||
Weighted- | Weighted- | |||||||||||||||||||
Average | Average | |||||||||||||||||||
Effective | Remaining | Effective | Remaining | |||||||||||||||||
Borrowing | Interest | Maturity in | Borrowing | Interest | Maturity in | |||||||||||||||
Outstanding | Rate | Years (a) | Outstanding | Rate | Years (a) | |||||||||||||||
Senior Secured Notes | $ | 6,525,925 | 2.74% | 6.1 | $ | 6,527,800 | 3.55% | 3.5 | ||||||||||||
Subordinated Notes | 325,735 | (b) | N/A | 331,735 | (b) | N/A | ||||||||||||||
$ | 6,851,660 | $ | 6,859,535 | |||||||||||||||||
June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||
Amounts Due to Non- | Amounts Due to Non- | |||||||||||||||||||||||
Consolidated Affiliates | Consolidated Affiliates | |||||||||||||||||||||||
Borrowing | Borrowing | |||||||||||||||||||||||
Fair Value | Outstanding | Fair Value | Fair Value | Outstanding | Fair Value | |||||||||||||||||||
Senior Secured Notes | $ | 6,311,414 | $ | 78,800 | $ | 78,719 | $ | 6,512,733 | $ | 57,750 | $ | 57,717 | ||||||||||||
Subordinated Notes | 15,226 | 44,734 | 15,226 | 45,273 | 44,734 | 20,535 | ||||||||||||||||||
$ | 6,326,640 | $ | 123,534 | $ | 93,945 | $ | 6,558,006 | $ | 102,484 | $ | 78,252 | |||||||||||||
Blackstone Fund | ||||||||||||
Operating | Facilities/CLO | Total | ||||||||||
Borrowings | Vehicles | Borrowings | ||||||||||
2020 | $ | — | $ | 92 | $ | 92 | ||||||
2021 | — | — | — | |||||||||
2022 | — | — | — | |||||||||
2023 | 400,000 | — | 400,000 | |||||||||
2024 | — | — | — | |||||||||
Thereafter | 4,285,100 | 6,851,660 | 11,136,760 | |||||||||
$ | 4,685,100 | $ | 6,851,752 | $ | 11,536,852 | |||||||
Operating | Blackstone Fund | Total | ||||||||||
Borrowings | Facilities | Borrowings | ||||||||||
2021 | $ | — | $ | 99 | $ | 99 | ||||||
2022 | — | — | — | |||||||||
2023 | 400,000 | — | 400,000 | |||||||||
2024 | — | — | — | |||||||||
2025 | 355,740 | — | 355,740 | |||||||||
Thereafter | 4,922,960 | — | 4,922,960 | |||||||||
$ | 5,678,700 | $ | 99 | $ | 5,678,799 | |||||||
14. Earnings Per Share and Stockholders’ Equity |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Net Income (Loss) for Per Share of Class A Common Stock Calculations | ||||||||||||||||
Net Income (Loss) Attributable to The Blackstone Group Inc., Basic | $ | 568,266 | $ | 305,792 | $ | (498,226 | ) | $ | 787,096 | |||||||
Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units | 405,459 | — | — | 610,101 | ||||||||||||
Net Income (Loss) Attributable to The Blackstone Group Inc., Diluted | $ | 973,725 | $ | 305,792 | $ | (498,226 | ) | $ | 1,397,197 | |||||||
Shares/Units Outstanding | ||||||||||||||||
Weighted-Average Shares of Class A Common Stock Outstanding, Basic | 698,534,168 | 673,655,305 | 677,041,769 | 674,079,074 | ||||||||||||
Weighted-Average Shares of Unvested Deferred Restricted Class A Common Stock | 123,340 | 330,639 | — | 269,196 | ||||||||||||
Weighted-Average Blackstone Holdings Partnership Units | 505,754,449 | — | — | 526,244,006 | ||||||||||||
Weighted-Average Shares of Class A Common Stock Outstanding, Diluted | 1,204,411,957 | 673,985,944 | 677,041,769 | 1,200,592,276 | ||||||||||||
Net Income (Loss) Per Share of Class A Common Stock | ||||||||||||||||
Basic | $ | 0.81 | $ | 0.45 | $ | (0.74 | ) | $ | 1.17 | |||||||
Diluted | $ | 0.81 | $ | 0.45 | $ | (0.74 | ) | $ | 1.16 | |||||||
Dividends Declared Per Share of Class A Common Stock (a) | $ | 0.39 | $ | 0.37 | $ | 1.00 | $ | 0.95 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net Income (Loss) for Per Share of Common Stock Calculations | ||||||||||||||||
Net Income (Loss) Attributable to The Blackstone Group Inc., Basic | $ | 1,309,152 | $ | 568,266 | $ | 3,057,024 | $ | (498,226 | ) | |||||||
Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units | — | 405,459 | — | — | ||||||||||||
Net Income (Loss) Attributable to The Blackstone Group Inc., Diluted | $ | 1,309,152 | $ | 973,725 | $ | 3,057,024 | $ | (498,226 | ) | |||||||
Shares/Units Outstanding | ||||||||||||||||
Weighted-Average Shares of Common Stock Outstanding, Basic | 721,141,954 | 698,534,168 | 715,121,029 | 677,041,769 | ||||||||||||
Weighted-Average Shares of Unvested Deferred Restricted Common Stock | 123,226 | 123,340 | 501,179 | — | ||||||||||||
Weighted-Average Blackstone Holdings Partnership Units | — | 505,754,449 | — | — | ||||||||||||
Weighted-Average Shares of Common Stock Outstanding, Diluted | 721,265,180 | 1,204,411,957 | 715,622,208 | 677,041,769 | ||||||||||||
Net Income (Loss) Per Share of Common Stock | ||||||||||||||||
Basic | $ | 1.82 | $ | 0.81 | $ | 4.27 | $ | (0.74 | ) | |||||||
Diluted | $ | 1.82 | $ | 0.81 | $ | 4.27 | $ | (0.74 | ) | |||||||
Dividends Declared Per Share of Common Stock (a) | $ | 0.82 | $ | 0.39 | $ | 1.78 | $ | 1.00 | ||||||||
(a) | Dividends declared reflects the calendar date of the declaration for each dividend. |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Weighted-Average Shares of Unvested Deferred Restricted Class A Common Stock | — | — | 15,672,449 | — | ||||||||||||||||||||||||||||
Weighted-Average Shares of Unvested Deferred Restricted Common Stock | — | 0 | 0 | 15,672,449 | ||||||||||||||||||||||||||||
Weighted-Average Blackstone Holdings Partnership Units | — | 526,721,409 | 508,487,300 | — | 488,569,471 | 0 | 490,857,143 | 508,487,300 |
Shares/Units | ||||
Unvested Participating Common Stock | ||||
Total Participating Common Stock | ||||
Participating Blackstone Holdings Partnership Units | ||||
15. | Equity-Based Compensation |
Blackstone Holdings | The Blackstone Group Inc. | |||||||||||||||||||||||
Equity Settled Awards | Cash Settled Awards | |||||||||||||||||||||||
Weighted- | Deferred | Weighted- | Weighted- | |||||||||||||||||||||
Average | Restricted Shares | Average | Average | |||||||||||||||||||||
Partnership | Grant Date | of Class A | Grant Date | Phantom | Grant Date | |||||||||||||||||||
Unvested Shares/Units | Units | Fair Value | Common Stock | Fair Value | Shares | Fair Value | ||||||||||||||||||
Balance, December 31, 2019 | 32,159,218 | $ | 36.25 | 8,969,736 | $ | 35.26 | 51,341 | $ | 52.85 | |||||||||||||||
Granted | — | — | 13,764,902 | 44.89 | 21,189 | 56.95 | ||||||||||||||||||
Vested | (4,020,702 | ) | 40.22 | (2,096,231 | ) | 34.34 | (485 | ) | 56.03 | |||||||||||||||
Forfeited | (97,316 | ) | 35.65 | (450,917 | ) | 38.07 | — | — | ||||||||||||||||
Balance, June 30, 2020 | 28,041,200 | $ | 36.54 | 20,187,490 | $ | 41.54 | 72,045 | $ | 57.17 | |||||||||||||||
Blackstone Holdings | The Blackstone Group Inc. | |||||||||||||||||||||||
Equity Settled Awards | Cash Settled Awards | |||||||||||||||||||||||
Weighted- | Weighted- | Weighted- | ||||||||||||||||||||||
Average | Deferred | Average | Average | |||||||||||||||||||||
Partnership | Grant Date | Restricted Shares | Grant Date | Phantom | Grant Date | |||||||||||||||||||
Unvested Shares/Units | Units | Fair Value | of Common Stock | Fair Value | Shares | Fair Value | ||||||||||||||||||
Balance, December 31, 2020 | 23,771,136 | $ | 36.33 | 19,512,034 | $ | 42.60 | 65,284 | $ | 60.42 | |||||||||||||||
Granted | — | — | 11,844,962 | 72.88 | 22,000 | 89.68 | ||||||||||||||||||
Vested | (1,590,073 | ) | 36.19 | (2,611,721 | ) | 47.63 | (1,211 | ) | 69.96 | |||||||||||||||
Forfeited | (535,650 | ) | 41.28 | (390,170 | ) | 46.08 | — | — | ||||||||||||||||
Balance, June 30, 2021 | 21,645,413 | $ | 36.50 | 28,355,105 | $ | 54.75 | 86,073 | $ | 92.42 | |||||||||||||||
Weighted- | Weighted- | |||||||||||
Average | Average | |||||||||||
Service Period | Service Period | |||||||||||
Shares/Units | in Years | Shares/Units | in Years | |||||||||
Blackstone Holdings Partnership Units | 24,690,441 | 2.8 | 19,772,774 | 2.3 | ||||||||
Deferred Restricted Shares of Class A Common Stock | 16,833,076 | 3.5 | ||||||||||
Deferred Restricted Shares of Common Stock | 24,434,747 | 3.5 | ||||||||||
Total Equity-Based Awards | 41,523,517 | 3.1 | 44,207,521 | 3.0 | ||||||||
Phantom Shares | 57,559 | 3.0 | 70,356 | 2.9 | ||||||||
16. | Related Party Transactions |
June 30, | December 31, | |||||||
2020 | 2019 | |||||||
Due from Affiliates | ||||||||
Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated Entities and Portfolio Companies | $ | 1,933,376 | $ | 1,999,568 | ||||
Due from Certain Non-Controlling Interest Holders and Blackstone Employees | 460,552 | 573,679 | ||||||
Accrual for Potential Clawback of Previously Distributed Performance Allocations | 37,584 | 21,626 | ||||||
$ | 2,431,512 | $ | 2,594,873 | |||||
June 30, | December 31, | |||||||
2021 | 2020 | |||||||
Due from Affiliates | ||||||||
Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated Entities and Portfolio Companies | $ | 2,462,256 | $ | 2,637,055 | ||||
Due from Certain Non-Controlling Interest Holders and Blackstone Employees | 661,193 | 548,897 | ||||||
Accrual for Potential Clawback of Previously Distributed Performance Allocations | 36,380 | 35,563 | ||||||
$ | 3,159,829 | $ | 3,221,515 | |||||
June 30, | December 31, | |||||||
2020 | 2019 | |||||||
Due to Affiliates | ||||||||
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements | $ | 736,656 | $ | 672,981 | ||||
Due to Non-Consolidated Entities | 162,880 | 100,286 | ||||||
Due to Note-Holders of Consolidated CLO Vehicles | 93,945 | 78,252 | ||||||
Due to Certain Non-Controlling Interest Holders and Blackstone Employees | 80,421 | 48,433 | ||||||
Accrual for Potential Repayment of Previously Received Performance Allocations | 194,669 | 126,919 | ||||||
$ | 1,268,571 | $ | 1,026,871 | |||||
June 30, | December 31, | |||||||
2021 | 2020 | |||||||
Due to Affiliates | ||||||||
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements | $ | 951,574 | $ | 857,523 | ||||
Due to Non-Consolidated Entities | 149,924 | 107,410 | ||||||
Due to Certain Non-Controlling Interest Holders and Blackstone Employees | 38,562 | 61,539 | ||||||
Accrual for Potential Repayment of Previously Received Performance Allocations | 86,444 | 108,569 | ||||||
$ | 1,226,504 | $ | 1,135,041 | |||||
June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||
Current and | Current and | |||||||||||||||||||||||
Blackstone | Former | Blackstone | Former | |||||||||||||||||||||
Segment | Holdings | Personnel (a) | Total | Holdings | Personnel (a) | Total | ||||||||||||||||||
Real Estate | $ | 21,042 | $ | 11,850 | $ | 32,892 | $ | 16,151 | $ | 10,597 | $ | 26,748 | ||||||||||||
Private Equity | 120,993 | 8,744 | 129,737 | 82,276 | 2,860 | 85,136 | ||||||||||||||||||
Credit & Insurance | 15,050 | 16,990 | 32,040 | 6,866 | 8,169 | 15,035 | ||||||||||||||||||
$ | 157,085 | $ | 37,584 | $ | 194,669 | $ | 105,293 | $ | 21,626 | $ | 126,919 | |||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||
Current and | Current and | |||||||||||||||||||||||
Blackstone | Former | Blackstone | Former | |||||||||||||||||||||
Segment | Holdings | Personnel (a) | Total (b) | Holdings | Personnel (a) | Total (b) | ||||||||||||||||||
Real Estate | $ | 30,689 | $ | 18,596 | $ | 49,285 | $ | 28,283 | $ | 17,102 | $ | 45,385 | ||||||||||||
Private Equity | 5,544 | 2,006 | 7,550 | 41,722 | (8,623 | ) | 33,099 | |||||||||||||||||
Credit & Insurance | 13,831 | 15,778 | 29,609 | 13,935 | 16,150 | 30,085 | ||||||||||||||||||
$ | 50,064 | $ | 36,380 | $ | 86,444 | $ | 83,940 | $ | 24,629 | $ | 108,569 | |||||||||||||
(a) | The split of clawback between Blackstone Holdings and Current and Former Personnel is based on the performance of individual investments held by a fund rather than on a fund by fund basis. |
(b) | Total is a component of Due to Affiliates. See Note 16. “Related Party Transactions — Affiliate Receivables and Payables — Due to Affiliates.” |
Three Months Ended June 30, 2020 | ||||||||||||||||||||
Real | Private | Hedge Fund | Credit & | Total | ||||||||||||||||
Estate | Equity | Solutions | Insurance | Segments | ||||||||||||||||
Management and Advisory Fees, Net | ||||||||||||||||||||
Base Management Fees | $ | 382,704 | $ | 268,070 | $ | 145,455 | $ | 145,565 | $ | 941,794 | ||||||||||
Transaction, Advisory and Other Fees, Net | 32,039 | 9,521 | 859 | 5,873 | 48,292 | |||||||||||||||
Management Fee Offsets | (2,436 | ) | (8,031 | ) | 4 | (2,890 | ) | (13,353 | ) | |||||||||||
Total Management and Advisory Fees, Net | 412,307 | 269,560 | 146,318 | 148,548 | 976,733 | |||||||||||||||
Fee Related Performance Revenues | 6,505 | — | — | 8,528 | 15,033 | |||||||||||||||
Fee Related Compensation | (116,640 | ) | (92,825 | ) | (40,353 | ) | (57,086 | ) | (306,904 | ) | ||||||||||
Other Operating Expenses | (44,525 | ) | (44,827 | ) | (17,807 | ) | (36,424 | ) | (143,583 | ) | ||||||||||
Fee Related Earnings | 257,647 | 131,908 | 88,158 | 63,566 | 541,279 | |||||||||||||||
Realized Performance Revenues | 34,209 | 64,513 | 1,482 | 1,973 | 102,177 | |||||||||||||||
Realized Performance Compensation | (12,547 | ) | (25,016 | ) | — | (224 | ) | (37,787 | ) | |||||||||||
Realized Principal Investment Income (Loss) | 1,573 | 17,416 | (331 | ) | 280 | 18,938 | ||||||||||||||
Total Net Realizations | 23,235 | 56,913 | 1,151 | 2,029 | 83,328 | |||||||||||||||
Total Segment Distributable Earnings | $ | 280,882 | $ | 188,821 | $ | 89,309 | $ | 65,595 | $ | 624,607 | ||||||||||
Three Months Ended June 30, 2021 | ||||||||||||||||||||
Real | Private | Hedge Fund | Credit & | Total | ||||||||||||||||
Estate | Equity | Solutions | Insurance | Segments | ||||||||||||||||
Management and Advisory Fees, Net | ||||||||||||||||||||
Base Management Fees | $ | 453,664 | $ | 364,606 | $ | 155,244 | $ | 166,537 | $ | 1,140,051 | ||||||||||
Transaction, Advisory and Other Fees, Net | 38,080 | 32,272 | 1,558 | 6,215 | 78,125 | |||||||||||||||
Management Fee Offsets | (493 | ) | (3,601 | ) | (203 | ) | (1,137 | ) | (5,434 | ) | ||||||||||
Total Management and Advisory Fees, Net | 491,251 | 393,277 | 156,599 | 171,615 | 1,212,742 | |||||||||||||||
Fee Related Performance Revenues | 33,776 | — | — | 15,113 | 48,889 | |||||||||||||||
Fee Related Compensation | (121,957 | ) | (136,767 | ) | (38,638 | ) | (78,023 | ) | (375,385 | ) | ||||||||||
Other Operating Expenses | (54,760 | ) | (61,041 | ) | (21,873 | ) | (44,504 | ) | (182,178 | ) | ||||||||||
Fee Related Earnings | 348,310 | 195,469 | 96,088 | 64,201 | 704,068 | |||||||||||||||
Realized Performance Revenues | 351,053 | 383,010 | 17,056 | 41,819 | 792,938 | |||||||||||||||
Realized Performance Compensation | (154,928 | ) | (159,375 | ) | (5,626 | ) | (18,342 | ) | (338,271 | ) | ||||||||||
Realized Principal Investment Income | 28,129 | 27,796 | 2,125 | 5,082 | 63,132 | |||||||||||||||
Total Net Realizations | 224,254 | 251,431 | 13,555 | 28,559 | 517,799 | |||||||||||||||
Total Segment Distributable Earnings | $ | 572,564 | $ | 446,900 | $ | 109,643 | $ | 92,760 | $ | 1,221,867 | ||||||||||
Three Months Ended June 30, 2019 | ||||||||||||||||||||
Real | Private | Hedge Fund | Credit & | Total | ||||||||||||||||
Estate | Equity | Solutions | Insurance | Segments | ||||||||||||||||
Management and Advisory Fees, Net | ||||||||||||||||||||
Base Management Fees | $ | 255,636 | $ | 265,139 | $ | 136,990 | $ | 147,550 | $ | 805,315 | ||||||||||
Transaction, Advisory and Other Fees, Net | 23,990 | 31,526 | 723 | 5,256 | 61,495 | |||||||||||||||
Management Fee Offsets | (1,686 | ) | (17,689 | ) | — | (3,279 | ) | (22,654 | ) | |||||||||||
Total Management and Advisory Fees, Net | 277,940 | 278,976 | 137,713 | 149,527 | 844,156 | |||||||||||||||
Fee Related Performance Revenues | 11,072 | — | — | 2,552 | 13,624 | |||||||||||||||
Fee Related Compensation | (97,795 | ) | (105,107 | ) | (36,622 | ) | (54,310 | ) | (293,834 | ) | ||||||||||
Other Operating Expenses | (40,114 | ) | (40,429 | ) | (21,112 | ) | (40,466 | ) | (142,121 | ) | ||||||||||
Fee Related Earnings | 151,103 | 133,440 | 79,979 | 57,303 | 421,825 | |||||||||||||||
Realized Performance Revenues | 198,573 | 122,907 | 11,960 | 7,946 | 341,386 | |||||||||||||||
Realized Performance Compensation | (67,742 | ) | (52,081 | ) | (2,175 | ) | (3,468 | ) | (125,466 | ) | ||||||||||
Realized Principal Investment Income | 47,420 | 42,906 | 12,306 | 20,925 | 123,557 | |||||||||||||||
Total Net Realizations | 178,251 | 113,732 | 22,091 | 25,403 | 339,477 | |||||||||||||||
Total Segment Distributable Earnings | $ | 329,354 | $ | 247,172 | $ | 102,070 | $ | 82,706 | $ | 761,302 | ||||||||||
Three Months Ended June 30, 2020 | ||||||||||||||||||||
Real | Private | Hedge Fund | Credit & | Total | ||||||||||||||||
Estate | Equity | Solutions | Insurance | Segments | ||||||||||||||||
Management and Advisory Fees, Net | ||||||||||||||||||||
Base Management Fees | $ | 382,704 | $ | 268,070 | $ | 145,455 | $ | 145,565 | $ | 941,794 | ||||||||||
Transaction, Advisory and Other Fees, Net | 32,039 | 9,521 | 859 | 5,873 | 48,292 | |||||||||||||||
Management Fee Offsets | (2,436 | ) | (8,031 | ) | 4 | (2,890 | ) | (13,353 | ) | |||||||||||
Total Management and Advisory Fees, Net | 412,307 | 269,560 | 146,318 | 148,548 | 976,733 | |||||||||||||||
Fee Related Performance Revenues | 6,505 | — | — | 8,528 | 15,033 | |||||||||||||||
Fee Related Compensation | (116,640 | ) | (92,825 | ) | (40,353 | ) | (57,086 | ) | (306,904 | ) | ||||||||||
Other Operating Expenses | (44,525 | ) | (44,827 | ) | (17,807 | ) | (36,424 | ) | (143,583 | ) | ||||||||||
Fee Related Earnings | 257,647 | 131,908 | 88,158 | 63,566 | 541,279 | |||||||||||||||
Realized Performance Revenues | 34,209 | 64,513 | 1,482 | 1,973 | 102,177 | |||||||||||||||
Realized Performance Compensation | (12,547 | ) | (25,016 | ) | — | (224 | ) | (37,787 | ) | |||||||||||
Realized Principal Investment Income (Loss) | 1,573 | 17,416 | (331 | ) | 280 | 18,938 | ||||||||||||||
Total Net Realizations | 23,235 | 56,913 | 1,151 | 2,029 | 83,328 | |||||||||||||||
Total Segment Distributable Earnings | $ | 280,882 | $ | 188,821 | $ | 89,309 | $ | 65,595 | $ | 624,607 | ||||||||||
June 30, 2020 and the Six Months Then Ended | ||||||||||||||||||||
Real | Private | Hedge Fund | Credit & | Total | ||||||||||||||||
Estate | Equity | Solutions | Insurance | Segments | ||||||||||||||||
Management and Advisory Fees, Net | ||||||||||||||||||||
Base Management Fees | $ | 754,142 | $ | 522,044 | $ | 285,111 | $ | 290,893 | $ | 1,852,190 | ||||||||||
Transaction, Advisory and Other Fees, Net | 55,063 | 30,934 | 1,617 | 11,343 | 98,957 | |||||||||||||||
Management Fee Offsets | (10,777 | ) | (17,246 | ) | (38 | ) | (5,786 | ) | (33,847 | ) | ||||||||||
Total Management and Advisory Fees, Net | 798,428 | 535,732 | 286,690 | 296,450 | 1,917,300 | |||||||||||||||
Fee Related Performance Revenues | 11,056 | — | — | 16,443 | 27,499 | |||||||||||||||
Fee Related Compensation | (236,936 | ) | (203,193 | ) | (86,544 | ) | (126,495 | ) | (653,168 | ) | ||||||||||
Other Operating Expenses | (85,001 | ) | (85,828 | ) | (36,474 | ) | (75,165 | ) | (282,468 | ) | ||||||||||
Fee Related Earnings | 487,547 | 246,711 | 163,672 | 111,233 | 1,009,163 | |||||||||||||||
Realized Performance Revenues | 77,929 | 176,589 | 3,249 | 11,643 | 269,410 | |||||||||||||||
Realized Performance Compensation | (25,939 | ) | (79,659 | ) | (945 | ) | (2,546 | ) | (109,089 | ) | ||||||||||
Realized Principal Investment Income (Loss) | 8,873 | 27,763 | (940 | ) | 3,532 | 39,228 | ||||||||||||||
Total Net Realizations | 60,863 | 124,693 | 1,364 | 12,629 | 199,549 | |||||||||||||||
Total Segment Distributable Earnings | $ | 548,410 | $ | 371,404 | $ | 165,036 | $ | 123,862 | $ | 1,208,712 | ||||||||||
Segment Assets | $ | 7,460,667 | $ | 7,924,981 | $ | 2,238,985 | $ | 3,278,666 | $ | 20,903,299 | ||||||||||
Six Months Ended June 30, 2019 | ||||||||||||||||||||
Real | Private | Hedge Fund | Credit & | Total | ||||||||||||||||
Estate | Equity | Solutions | Insurance | Segments | ||||||||||||||||
Management and Advisory Fees, Net | ||||||||||||||||||||
Base Management Fees | $ | 515,881 | $ | 484,556 | $ | 274,318 | $ | 288,078 | $ | 1,562,833 | ||||||||||
Transaction, Advisory and Other Fees, Net | 47,901 | 68,817 | 1,041 | 8,886 | 126,645 | |||||||||||||||
Management Fee Offsets | (1,966 | ) | (22,674 | ) | — | (6,620 | ) | (31,260 | ) | |||||||||||
Total Management and Advisory Fees, Net | 561,816 | 530,699 | 275,359 | 290,344 | 1,658,218 | |||||||||||||||
Fee Related Performance Revenues | 17,748 | — | — | 3,655 | 21,403 | |||||||||||||||
Fee Related Compensation | (212,611 | ) | (212,694 | ) | (79,576 | ) | (112,984 | ) | (617,865 | ) | ||||||||||
Other Operating Expenses | (79,100 | ) | (74,630 | ) | (38,997 | ) | (72,705 | ) | (265,432 | ) | ||||||||||
Fee Related Earnings | 287,853 | 243,375 | 156,786 | 108,310 | 796,324 | |||||||||||||||
Realized Performance Revenues | 275,755 | 279,506 | 16,051 | 16,843 | 588,155 | |||||||||||||||
Realized Performance Compensation | (97,642 | ) | (102,637 | ) | (3,588 | ) | (6,839 | ) | (210,706 | ) | ||||||||||
Realized Principal Investment Income | 45,289 | 68,045 | 12,023 | 24,108 | 149,465 | |||||||||||||||
Total Net Realizations | 223,402 | 244,914 | 24,486 | 34,112 | 526,914 | |||||||||||||||
Total Segment Distributable Earnings | $ | 511,255 | $ | 488,289 | $ | 181,272 | $ | 142,422 | $ | 1,323,238 | ||||||||||
June 30, 2021 and the Six Months Then Ended | ||||||||||||||||||||
Real | Private | Hedge Fund | Credit & | Total | ||||||||||||||||
Estate | Equity | Solutions | Insurance | Segments | ||||||||||||||||
Management and Advisory Fees, Net | ||||||||||||||||||||
Base Management Fees | $ | 880,850 | $ | 742,266 | $ | 305,777 | $ | 328,448 | $ | 2,257,341 | ||||||||||
Transaction, Advisory and Other Fees, Net | 64,099 | 74,979 | 5,904 | 11,783 | 156,765 | |||||||||||||||
Management Fee Offsets | (2,116 | ) | (17,520 | ) | (261 | ) | (3,262 | ) | (23,159 | ) | ||||||||||
Total Management and Advisory Fees, Net | 942,833 | 799,725 | 311,420 | 336,969 | 2,390,947 | |||||||||||||||
Fee Related Performance Revenues | 189,168 | — | — | 28,889 | 218,057 | |||||||||||||||
Fee Related Compensation | (310,449 | ) | (277,364 | ) | (77,488 | ) | (155,194 | ) | (820,495 | ) | ||||||||||
Other Operating Expenses | (99,122 | ) | (112,096 | ) | (41,045 | ) | (91,339 | ) | (343,602 | ) | ||||||||||
Fee Related Earnings | 722,430 | 410,265 | 192,887 | 119,325 | 1,444,907 | |||||||||||||||
Realized Performance Revenues | 439,691 | 638,855 | 48,629 | 67,086 | 1,194,261 | |||||||||||||||
Realized Performance Compensation | (177,690 | ) | (270,584 | ) | (12,534 | ) | (28,387 | ) | (489,195 | ) | ||||||||||
Realized Principal Investment Income | 128,949 | 143,199 | 37,675 | 51,465 | 361,288 | |||||||||||||||
Total Net Realizations | 390,950 | 511,470 | 73,770 | 90,164 | 1,066,354 | |||||||||||||||
Total Segment Distributable Earnings | $ | 1,113,380 | $ | 921,735 | $ | 266,657 | $ | 209,489 | $ | 2,511,261 | ||||||||||
Segment Assets | $ | 11,049,049 | $ | 14,178,326 | $ | 2,803,086 | $ | 3,754,874 | $ | 31,785,335 | ||||||||||
Six Months Ended June 30, 2020 | ||||||||||||||||||||
Real | Private | Hedge Fund | Credit & | Total | ||||||||||||||||
Estate | Equity | Solutions | Insurance | Segments | ||||||||||||||||
Management and Advisory Fees, Net | ||||||||||||||||||||
Base Management Fees | $ | 754,142 | $ | 522,044 | $ | 285,111 | $ | 290,893 | $ | 1,852,190 | ||||||||||
Transaction, Advisory and Other Fees, Net | 55,063 | 30,934 | 1,617 | 11,343 | 98,957 | |||||||||||||||
Management Fee Offsets | (10,777 | ) | (17,246 | ) | (38 | ) | (5,786 | ) | (33,847 | ) | ||||||||||
Total Management and Advisory Fees, Net | 798,428 | 535,732 | 286,690 | 296,450 | 1,917,300 | |||||||||||||||
Fee Related Performance Revenues | 11,056 | — | — | 16,443 | 27,499 | |||||||||||||||
Fee Related Compensation | (236,936 | ) | (203,193 | ) | (86,544 | ) | (126,495 | ) | (653,168 | ) | ||||||||||
Other Operating Expenses | (85,001 | ) | (85,828 | ) | (36,474 | ) | (75,165 | ) | (282,468 | ) | ||||||||||
Fee Related Earnings | 487,547 | 246,711 | 163,672 | 111,233 | 1,009,163 | |||||||||||||||
Realized Performance Revenues | 77,929 | 176,589 | 3,249 | 11,643 | 269,410 | |||||||||||||||
Realized Performance Compensation | (25,939 | ) | (79,659 | ) | (945 | ) | (2,546 | ) | (109,089 | ) | ||||||||||
Realized Principal Investment Income Income (Loss) | 8,873 | 27,763 | (940 | ) | 3,532 | 39,228 | ||||||||||||||
Total Net Realizations | 60,863 | 124,693 | 1,364 | 12,629 | 199,549 | |||||||||||||||
Total Segment Distributable Earnings | $ | 548,410 | $ | 371,404 | $ | 165,036 | $ | 123,862 | $ | 1,208,712 | ||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Revenues | ||||||||||||||||
Total GAAP Revenues | $ | 2,516,069 | $ | 1,486,806 | $ | (559,895 | ) | $ | 3,511,677 | |||||||
Less: Unrealized Performance Revenues (a) | (1,067,923 | ) | (157,398 | ) | 2,385,523 | (821,731 | ) | |||||||||
Less: Unrealized Principal Investment (Income) Loss (b) | (223,316 | ) | 56,353 | 393,294 | (83,572 | ) | ||||||||||
Less: Interest and Dividend Revenue (c) | (26,290 | ) | (45,991 | ) | (63,889 | ) | (92,690 | ) | ||||||||
Less: Other Revenue (d) | 55,606 | 20,150 | (82,545 | ) | 6,961 | |||||||||||
Impact of Consolidation (e) | (141,599 | ) | (35,119 | ) | 179,519 | (104,968 | ) | |||||||||
Amortization of Intangibles (f) | 387 | 387 | 774 | 774 | ||||||||||||
Transaction-Related Charges (g) | (1,310 | ) | (4,174 | ) | (2,140 | ) | (2,706 | ) | ||||||||
Intersegment Eliminations | 1,257 | 1,709 | 2,796 | 3,496 | ||||||||||||
Total Segment Revenue (h) | $ | 1,112,881 | $ | 1,322,723 | $ | 2,253,437 | $ | 2,417,241 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Expenses | ||||||||||||||||
Total GAAP Expenses | $ | 1,172,681 | $ | 862,240 | $ | 534,606 | $ | 1,903,404 | ||||||||
Less: Unrealized Performance Allocations Compensation (i) | (454,813 | ) | (64,518 | ) | 942,565 | (351,533 | ) | |||||||||
Less: Equity-Based Compensation (j) | (89,341 | ) | (53,105 | ) | (176,813 | ) | (119,881 | ) | ||||||||
Less: Interest Expense (k) | (38,924 | ) | (43,230 | ) | (80,464 | ) | (84,868 | ) | ||||||||
Impact of Consolidation (e) | (9,020 | ) | (14,411 | ) | (20,479 | ) | (25,272 | ) | ||||||||
Amortization of Intangibles (f) | (16,096 | ) | (16,096 | ) | (32,192 | ) | (32,192 | ) | ||||||||
Transaction-Related Charges (g) | (77,470 | ) | (111,168 | ) | (125,294 | ) | (199,151 | ) | ||||||||
Intersegment Eliminations | 1,257 | 1,709 | 2,796 | 3,496 | ||||||||||||
Total Segment Expenses (l) | $ | 488,274 | $ | 561,421 | $ | 1,044,725 | $ | 1,094,003 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Revenues | ||||||||||||||||
Total GAAP Revenues | $ | 5,291,354 | $ | 2,516,069 | $ | 10,590,226 | $ | (559,895 | ) | |||||||
Less: Unrealized Performance Revenues (a) | (2,697,170 | ) | (1,067,923 | ) | (5,161,667 | ) | 2,385,523 | |||||||||
Less: Unrealized Principal Investment Income (b) | (104,658 | ) | (223,316 | ) | (528,592 | ) | 393,294 | |||||||||
Less: Interest and Dividend Revenue (c) | (32,931 | ) | (26,290 | ) | (64,343 | ) | (63,889 | ) | ||||||||
Less: Other Revenue (d) | (27,870 | ) | 55,606 | (88,143 | ) | (82,545 | ) | |||||||||
Impact of Consolidation (e) | (312,076 | ) | (141,599 | ) | (581,392 | ) | 179,519 | |||||||||
Amortization of Intangibles (f) | — | 387 | — | 774 | ||||||||||||
Transaction-Related Charges (g) | 12 | (1,310 | ) | (3,611 | ) | (2,140 | ) | |||||||||
Intersegment Eliminations | 1,040 | 1,257 | 2,075 | 2,796 | ||||||||||||
Total Segment Revenue (h) | $ | 2,117,701 | $ | 1,112,881 | 4,164,553 | $ | 2,253,437 | |||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Other Income | ||||||||||||||||
Total GAAP Other Income | $ | 158,373 | $ | 61,131 | $ | (169,596 | ) | $ | 191,456 | |||||||
Impact of Consolidation (e) | (158,373 | ) | (61,131 | ) | 169,596 | (191,456 | ) | |||||||||
Total Segment Other Income | $ | — | $ | — | $ | — | $ | — | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Expenses | ||||||||||||||||
Total GAAP Expenses | $ | 2,272,330 | $ | 1,172,681 | $ | 4,323,777 | $ | 534,606 | ||||||||
Less: Unrealized Performance Allocations Compensation (i) | (1,150,219 | ) | (454,813 | ) | (2,200,188 | ) | 942,565 | |||||||||
Less: Equity-Based Compensation (j) | (121,422 | ) | (89,341 | ) | (265,694 | ) | (176,813 | ) | ||||||||
Less: Interest Expense (k) | (44,132 | ) | (38,924 | ) | (88,472 | ) | (80,464 | ) | ||||||||
Impact of Consolidation (e) | (6,647 | ) | (9,020 | ) | (11,747 | ) | (20,479 | ) | ||||||||
Amortization of Intangibles (f) | (17,044 | ) | (16,096 | ) | (34,168 | ) | (32,192 | ) | ||||||||
Transaction-Related Charges (g) | (35,521 | ) | (77,470 | ) | (67,032 | ) | (125,294 | ) | ||||||||
Administrative Fee Adjustment (l) | (2,551 | ) | — | (5,259 | ) | — | ||||||||||
Intersegment Eliminations | 1,040 | 1,257 | 2,075 | 2,796 | ||||||||||||
Total Segment Expenses (m) | $ | 895,834 | $ | 488,274 | $ | 1,653,292 | $ | 1,044,725 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Income (Loss) Before Provision (Benefit) for Taxes | ||||||||||||||||
Total GAAP Income (Loss) Before Provision (Benefit) for Taxes | $ | 1,501,761 | $ | 685,697 | $ | (1,264,097 | ) | $ | 1,799,729 | |||||||
Less: Unrealized Performance Revenues (a) | (1,067,923 | ) | (157,398 | ) | 2,385,523 | (821,731 | ) | |||||||||
Less: Unrealized Principal Investment (Income) Loss (b) | (223,316 | ) | 56,353 | 393,294 | (83,572 | ) | ||||||||||
Less: Interest and Dividend Revenue (c) | (26,290 | ) | (45,991 | ) | (63,889 | ) | (92,690 | ) | ||||||||
Less: Other Revenue (d) | 55,606 | 20,150 | (82,545 | ) | 6,961 | |||||||||||
Plus: Unrealized Performance Allocations Compensation (i) | 454,813 | 64,518 | (942,565 | ) | 351,533 | |||||||||||
Plus: Equity-Based Compensation (j) | 89,341 | 53,105 | 176,813 | 119,881 | ||||||||||||
Plus: Interest Expense (k) | 38,924 | 43,230 | 80,464 | 84,868 | ||||||||||||
Impact of Consolidation (e) | (290,952 | ) | (81,839 | ) | 369,594 | (271,152 | ) | |||||||||
Amortization of Intangibles (f) | 16,483 | 16,483 | 32,966 | 32,966 | ||||||||||||
Transaction-Related Charges (g) | 76,160 | 106,994 | 123,154 | 196,445 | ||||||||||||
Total Segment Distributable Earnings | $ | 624,607 | $ | 761,302 | $ | 1,208,712 | $ | 1,323,238 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Other Income | ||||||||||||||||
Total GAAP Other Income | $ | 126,724 | $ | 158,373 | $ | 249,987 | $ | (169,596 | ) | |||||||
Impact of Consolidation (e) | (126,724 | ) | (158,373 | ) | (249,987 | ) | 169,596 | |||||||||
Total Segment Other Income | $ | — | $ | — | $ | — | $ | — | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Income (Loss) Before Provision (Benefit) for Taxes | ||||||||||||||||
Total GAAP Income (Loss) Before Provision (Benefit) for Taxes | $ | 3,145,748 | $ | 1,501,761 | $ | 6,516,436 | $ | (1,264,097 | ) | |||||||
Less: Unrealized Performance Revenues (a) | (2,697,170 | ) | (1,067,923 | ) | (5,161,667 | ) | 2,385,523 | |||||||||
Less: Unrealized Principal Investment Income (b) | (104,658 | ) | (223,316 | ) | (528,592 | ) | 393,294 | |||||||||
Less: Interest and Dividend Revenue (c) | (32,931 | ) | (26,290 | ) | (64,343 | ) | (63,889 | ) | ||||||||
Less: Other Revenue (d) | (27,870 | ) | 55,606 | (88,143 | ) | (82,545 | ) | |||||||||
Plus: Unrealized Performance Allocations Compensation (i) | 1,150,219 | 454,813 | 2,200,188 | (942,565 | ) | |||||||||||
Plus: Equity-Based Compensation (j) | 121,422 | 89,341 | 265,694 | 176,813 | ||||||||||||
Plus: Interest Expense (k) | 44,132 | 38,924 | 88,472 | 80,464 | ||||||||||||
Impact of Consolidation (e) | (432,153 | ) | (290,952 | ) | (819,632 | ) | 369,594 | |||||||||
Amortization of Intangibles (f) | 17,044 | 16,483 | 34,168 | 32,966 | ||||||||||||
Transaction-Related Charges (g) | 35,533 | 76,160 | 63,421 | 123,154 | ||||||||||||
Administrative Fee Adjustment (l) | 2,551 | — | 5,259 | — | ||||||||||||
Total Segment Distributable Earnings | $ | 1,221,867 | $ | 624,607 | $ | 2,511,261 | $ | 1,208,712 | ||||||||
As of | ||||
June 30, | ||||
Total Assets | ||||
Total GAAP Assets | $ | |||
Impact of Consolidation (e) | ( | ) | ||
Total Segment Assets | $ | |||
(a) | This adjustment removes Unrealized Performance Revenues on a segment basis. |
(b) | This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis. |
(c) | This adjustment removes Interest and Dividend Revenue on a segment basis. |
(d) | This adjustment removes Other Revenue on a segment basis. For the three months ended June 30, |
(e) | This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds, the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests. |
(f) | This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation. This amount includes amortization of intangibles associated with Blackstone’s investment in Pátria, which |
(g) | This adjustment removes Transaction-Related Charges, which are excluded from Blackstone’s segment presentation. Transaction-Related Charges arise from corporate actions including acquisitions, divestitures, and Blackstone’s initial public offering. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs and any gains or losses associated with these corporate actions. |
(h) | Total Segment Revenues is comprised of the following: |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Total Segment Management and Advisory Fees, Net | $ | 1,212,742 | $ | 976,733 | $ | 2,390,947 | $ | 1,917,300 | ||||||||
Total Segment Fee Related Performance Revenues | 48,889 | 15,033 | 218,057 | 27,499 | ||||||||||||
Total Segment Realized Performance Revenues | 792,938 | 102,177 | 1,194,261 | 269,410 | ||||||||||||
Total Segment Realized Principal Investment Income | 63,132 | 18,938 | 361,288 | 39,228 | ||||||||||||
Total Segment Revenues | $ | 2,117,701 | 1,112,881 | $ | 4,164,553 | $ | 2,253,437 | |||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Total Segment Management and Advisory Fees, Net | $ | 976,733 | $ | 844,156 | $ | 1,917,300 | $ | 1,658,218 | ||||||||
Total Segment Fee Related Performance Revenues | 15,033 | 13,624 | 27,499 | 21,403 | ||||||||||||
Total Segment Realized Performance Revenues | 102,177 | 341,386 | 269,410 | 588,155 | ||||||||||||
Total Segment Realized Principal Investment Income | 18,938 | 123,557 | 39,228 | 149,465 | ||||||||||||
Total Segment Revenues | $ | 1,112,881 | $ | 1,322,723 | $ | 2,253,437 | $ | 2,417,241 | ||||||||
(i) | This adjustment removes Unrealized Performance Allocations Compensation. |
(j) | This adjustment removes Equity-Based Compensation on a segment basis. |
(k) | This adjustment |
(l) | This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation. |
Total Segment Expenses is comprised of the following: |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Total Segment Fee Related Compensation | $ | 306,904 | $ | 293,834 | $ | 653,168 | $ | 617,865 | ||||||||
Total Segment Realized Performance Compensation | 37,787 | 125,466 | 109,089 | 210,706 | ||||||||||||
Total Segment Other Operating Expenses | 143,583 | 142,121 | 282,468 | 265,432 | ||||||||||||
Total Segment Expenses | $ | 488,274 | $ | 561,421 | $ | 1,044,725 | $ | 1,094,003 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
�� | ||||||||||||||||
Total Segment Fee Related Compensation | $ | 375,385 | $ | 306,904 | $ | 820,495 | $ | 653,168 | ||||||||
Total Segment Realized Performance Compensation | 338,271 | 37,787 | 489,195 | 109,089 | ||||||||||||
Total Segment Other Operating Expenses | 182,178 | 143,583 | 343,602 | 282,468 | ||||||||||||
Total Segment Expenses | $ | 895,834 | $ | 488,274 | $ | 1,653,292 | $ | 1,044,725 |
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Management and Advisory Fees, Net | ||||||||||||||||||||||||||||||||
GAAP | $ | 969,728 | $ | 840,378 | $ | 1,904,560 | $ | 1,650,104 | $ | 1,212,549 | $ | 969,728 | $ | 2,390,364 | $ | 1,904,560 | ||||||||||||||||
Segment Adjustment (a) | 7,005 | 3,778 | 12,740 | 8,114 | 193 | 7,005 | 583 | 12,740 | ||||||||||||||||||||||||
Total Segment | $ | 976,733 | $ | 844,156 | $ | 1,917,300 | $ | 1,658,218 | $ | 1,212,742 | $ | 976,733 | $ | 2,390,947 | $ | 1,917,300 | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues | ||||||||||||||||
GAAP | ||||||||||||||||
Incentive Fees | $ | 15,300 | $ | 21,915 | $ | 27,461 | $ | 34,047 | ||||||||
Investment Income - Realized Performance Allocations | 101,910 | 332,520 | 269,440 | 574,895 | ||||||||||||
GAAP | 117,210 | 354,435 | 296,901 | 608,942 | ||||||||||||
Total Segment | ||||||||||||||||
Less: Realized Performance Revenues | (102,177 | ) | (341,386 | ) | (269,410 | ) | (588,155 | ) | ||||||||
Segment Adjustment (b) | — | 575 | 8 | 616 | ||||||||||||
Total Segment | $ | 15,033 | $ | 13,624 | $ | 27,499 | $ | 21,403 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues | ||||||||||||||||
GAAP | ||||||||||||||||
Incentive Fees | $ | 33,207 | $ | 15,300 | $ | 69,331 | $ | 27,461 | ||||||||
Investment Income - Realized Performance Allocations | 808,620 | 101,910 | 1,342,987 | 269,440 | ||||||||||||
GAAP | 841,827 | 117,210 | 1,412,318 | 296,901 | ||||||||||||
Total Segment | ||||||||||||||||
Less: Realized Performance Revenues | (792,938 | ) | (102,177 | ) | (1,194,261 | ) | (269,410 | ) | ||||||||
Segment Adjustment (b) | — | 0 | — | 8 | ||||||||||||
Total Segment | $ | 48,889 | $ | 15,033 | $ | 218,057 | $ | 27,499 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
J une 30 , | J une 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
GAAP Compensation to Total Segment Fee Related Compensation | ||||||||||||||||
GAAP | ||||||||||||||||
Compensation | $ | 507,104 | $ | 458,457 | $ | 1,049,742 | $ | 935,000 | ||||||||
Incentive Fee Compensation | 14,431 | 8,432 | 27,756 | 14,954 | ||||||||||||
Realized Performance Allocations Compensation | 347,423 | 38,569 | 560,450 | 110,992 | ||||||||||||
GAAP | 868,958 | 505,458 | 1,637,948 | 1,060,946 | ||||||||||||
Total Segment | ||||||||||||||||
Less: Realized Performance Compensation | (338,271 | ) | (37,787 | ) | (489,195 | ) | (109,089 | ) | ||||||||
Less: Equity-Based Compensation - Operating Compensation | (119,491 | ) | (87,205 | ) | (261,165 | ) | (172,539 | ) | ||||||||
Less: Equity-Based Compensation - Performance Compensation | (1,931 | ) | (2,136 | ) | (4,529 | ) | (4,274 | ) | ||||||||
Segment Adjustment (c) | (33,880 | ) | (71,426 | ) | (62,564 | ) | (121,876 | ) | ||||||||
Total Segment | $ | 375,385 | $ | 306,904 | $ | 820,495 | $ | 653,168 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
J une 30, | J une | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
GAAP General, Administrative and Other to Total Segment Other Operating Expenses | ||||||||||||||||
GAAP | $ | 205,057 | $ | 169,051 | $ | 390,179 | $ | 326,617 | ||||||||
Segment Adjustment (d) | (22,879 | ) | (25,468 | ) | (46,577 | ) | (44,149 | ) | ||||||||
Total Segment | $ | 182,178 | $ | 143,583 | $ | 343,602 | $ | 282,468 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
GAAP Compensation to Total Segment Fee Related Compensation | ||||||||||||||||
GAAP | ||||||||||||||||
Compensation | $ | 458,457 | $ | 438,521 | $ | 935,000 | $ | 909,918 | ||||||||
Incentive Fee Compensation | 8,432 | 8,886 | 14,954 | 14,292 | ||||||||||||
Realized Performance Allocations Compensation | 38,569 | 125,825 | 110,992 | 212,220 | ||||||||||||
GAAP | 505,458 | 573,232 | 1,060,946 | 1,136,430 | ||||||||||||
Total Segment | ||||||||||||||||
Less: Realized Performance Compensation | (37,787 | ) | (125,466 | ) | (109,089 | ) | (210,706 | ) | ||||||||
Less: Equity-Based Compensation - Operating Compensation | (87,205 | ) | (50,225 | ) | (172,539 | ) | (113,933 | ) | ||||||||
Less: Equity-Based Compensation - Performance Compensation | (2,136 | ) | (2,880 | ) | (4,274 | ) | (5,948 | ) | ||||||||
Segment Adjustment (c) | (71,426 | ) | (100,827 | ) | (121,876 | ) | (187,978 | ) | ||||||||
Total Segment | $ | 306,904 | $ | 293,834 | $ | 653,168 | $ | 617,865 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
J une | J une | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Realized Performance Revenues | ||||||||||||||||
GAAP | ||||||||||||||||
Incentive Fees | $ | 33,207 | $ | 15,300 | $ | 69,331 | $ | 27,461 | ||||||||
Investment Income - Realized Performance Allocations | 808,620 | 101,910 | 1,342,987 | 269,440 | ||||||||||||
GAAP | 841,827 | 117,210 | 1,412,318 | 296,901 | ||||||||||||
Total Segment | ||||||||||||||||
Less: Fee Related Performance Revenues | (48,889 | ) | (15,033 | ) | (218,057 | ) | (27,499 | ) | ||||||||
Segment Adjustment (b) | — | 0 | — | 8 | ||||||||||||
Total Segment | $ | 792,938 | $ | 102,177 | $ | 1,194,261 | $ | 269,410 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
GAAP General, Administrative and Other to Total Segment Other Operating Expenses | ||||||||||||||||
GAAP | $ | 169,051 | $ | 175,308 | $ | 326,617 | $ | 321,370 | ||||||||
Segment Adjustment (d) | (25,468 | ) | (33,187 | ) | (44,149 | ) | (55,938 | ) | ||||||||
Total Segment | $ | 143,583 | $ | 142,121 | $ | 282,468 | $ | 265,432 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Realized Performance Compensation | ||||||||||||||||
GAAP | ||||||||||||||||
Incentive Fee Compensation | $ | 14,431 | $ | 8,432 | $ | 27,756 | $ | 14,954 | ||||||||
Realized Performance Allocation Compensation | 347,423 | 38,569 | 560,450 | 110,992 | ||||||||||||
GAAP | 361,854 | 47,001 | 588,206 | 125,946 | ||||||||||||
Total Segment | ||||||||||||||||
Less: Fee Related Performance Compensation | (21,652 | ) | (7,078 | ) | (94,482 | ) | (12,583 | ) | ||||||||
Less: Equity-Based Compensation - Performance Compensation | (1,931 | ) | (2,136 | ) | (4,529 | ) | (4,274 | ) | ||||||||
Total Segment | $ | 338,271 | $ | 37,787 | $ | 489,195 | $ | 109,089 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Realized Performance Revenues | ||||||||||||||||
GAAP | ||||||||||||||||
Incentive Fees | $ | 15,300 | $ | 21,915 | $ | 27,461 | $ | 34,047 | ||||||||
Investment Income - Realized Performance Allocations | 101,910 | 332,520 | 269,440 | 574,895 | ||||||||||||
GAAP | 117,210 | 354,435 | 296,901 | 608,942 | ||||||||||||
Total Segment | ||||||||||||||||
Less: Fee Related Performance Revenues | (15,033 | ) | (13,624 | ) | (27,499 | ) | (21,403 | ) | ||||||||
Segment Adjustment (b) | — | 575 | 8 | 616 | ||||||||||||
Total Segment | $ | 102,177 | $ | 341,386 | $ | 269,410 | $ | 588,155 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Realized Performance Compensation | ||||||||||||||||
GAAP | ||||||||||||||||
Incentive Fee Compensation | $ | 8,432 | $ | 8,886 | $ | 14,954 | $ | 14,292 | ||||||||
Realized Performance Allocation Compensation | 38,569 | 125,825 | 110,992 | 212,220 | ||||||||||||
GAAP | 47,001 | 134,711 | 125,946 | 226,512 | ||||||||||||
Total Segment | ||||||||||||||||
Less: Fee Related Performance Compensation | (7,078 | ) | (6,365 | ) | (12,583 | ) | (9,858 | ) | ||||||||
Less: Equity-Based Compensation - Performance Compensation | (2,136 | ) | (2,880 | ) | (4,274 | ) | (5,948 | ) | ||||||||
Total Segment | $ | 37,787 | $ | 125,466 | $ | 109,089 | $ | 210,706 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Realized Principal Investment Income | ||||||||||||||||
GAAP | $ | 61,102 | $ | 145,040 | $ | 109,797 | $ | 218,301 | ||||||||
Segment Adjustment (e) | (42,164 | ) | (21,483 | ) | (70,569 | ) | (68,836 | ) | ||||||||
Total Segment | $ | 18,938 | $ | 123,557 | $ | 39,228 | $ | 149,465 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Realized Principal Investment Income | ||||||||||||||||
GAAP | $ | 152,060 | $ | 61,102 | $ | 507,098 | $ | 109,797 | ||||||||
Segment Adjustment (e) | (88,928 | ) | (42,164 | ) | (145,810 | ) | (70,569 | ) | ||||||||
Total Segment | $ | 63,132 | $ | 18,938 | $ | 361,288 | $ | 39,228 | ||||||||
(a) | Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures. |
(b) | Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation. |
(c) | Represents the removal of Transaction-Related Charges that are not recorded in the Total Segment measures. |
(d) | Represents the removal of (1) the amortization of transaction-related intangibles, and (2) certain expenses reimbursed by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures. The three and six months ended June 30, 2021 includes a reduction equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation. |
(e) | Represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests. |
June 30, 2020 | ||||||||||||||||
Consolidated | Consolidated | |||||||||||||||
Operating | Blackstone | Reclasses and | ||||||||||||||
Partnerships | Funds (a) | Eliminations | Consolidated | |||||||||||||
Assets | ||||||||||||||||
Cash and Cash Equivalents | $ | 1,976,512 | $ | — | $ | — | $ | 1,976,512 | ||||||||
Cash Held by Blackstone Funds and Other | — | 343,201 | — | 343,201 | ||||||||||||
Investments | 11,538,592 | 7,943,531 | (508,750 | ) | 18,973,373 | |||||||||||
Accounts Receivable | 323,046 | 175,554 | — | 498,600 | ||||||||||||
Due from Affiliates | 2,445,274 | 7,413 | (21,175 | ) | 2,431,512 | |||||||||||
Intangible Assets, Net | 362,008 | — | — | 362,008 | ||||||||||||
Goodwill | 1,869,860 | — | — | 1,869,860 | ||||||||||||
Other Assets | 500,043 | 1,308 | — | 501,351 | ||||||||||||
Right-of-Use | 568,663 | — | — | 568,663 | ||||||||||||
Deferred Tax Assets | 1,319,301 | — | — | 1,319,301 | ||||||||||||
Total Assets | $ | 20,903,299 | $ | 8,471,007 | $ | (529,925 | ) | $ | 28,844,381 | |||||||
Liabilities and Equity | ||||||||||||||||
Loans Payable | $ | 4,606,781 | $ | 6,232,787 | $ | — | $ | 10,839,568 | ||||||||
Due to Affiliates | 1,082,973 | 462,752 | (277,154 | ) | 1,268,571 | |||||||||||
Accrued Compensation and Benefits | 2,551,056 | — | — | 2,551,056 | ||||||||||||
Securities Sold, Not Yet Purchased | 9,395 | 42,000 | — | 51,395 | ||||||||||||
Repurchase Agreements | — | 80,620 | — | 80,620 | ||||||||||||
Operating Lease Liabilities | 637,946 | — | — | 637,946 | ||||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | 617,925 | 301,270 | — | 919,195 | ||||||||||||
Total Liabilities | 9,506,076 | 7,119,429 | (277,154 | ) | 16,348,351 | |||||||||||
Redeemable Non-Controlling Interests in Consolidated Entities | 22,000 | 46,564 | — | 68,564 | ||||||||||||
Equity | ||||||||||||||||
Class A Common Stock | 7 | — | — | 7 | ||||||||||||
Class B Common Stock | — | — | — | — | ||||||||||||
Class C Common Stock | — | — | — | — | ||||||||||||
Additional Paid-in-Capital | 6,272,040 | 287,838 | (287,838 | ) | 6,272,040 | |||||||||||
Retained Earnings (Deficit) | (574,295 | ) | (35,067 | ) | 35,067 | (574,295 | ) | |||||||||
Accumulated Other Comprehensive Loss | (36,758 | ) | — | — | (36,758 | ) | ||||||||||
Non-Controlling Interests in Consolidated Entities | 2,848,186 | 1,052,243 | — | 3,900,429 | ||||||||||||
Non-Controlling Interests in Blackstone Holdings | 2,866,043 | — | — | 2,866,043 | ||||||||||||
Total Equity | 11,375,223 | 1,305,014 | (252,771 | ) | 12,427,466 | |||||||||||
Total Liabilities and Equity | $ | 20,903,299 | $ | 8,471,007 | $ | (529,925 | ) | $ | 28,844,381 | |||||||
June 30, 2021 | ||||||||||||||||
Consolidated | Consolidated | |||||||||||||||
Operating | Blackstone | Reclasses and | ||||||||||||||
Partnerships | Funds (a) | Eliminations | Consolidated | |||||||||||||
Assets | ||||||||||||||||
Cash and Cash Equivalents | $ | 2,467,444 | $ | — | $ | — | $ | 2,467,444 | ||||||||
Cash Held by Blackstone Funds and Other | — | 109,676 | — | 109,676 | ||||||||||||
Investments | 20,700,820 | 1,871,269 | (408,767 | ) | 22,163,322 | |||||||||||
Accounts Receivable | 502,168 | 80,374 | — | 582,542 | ||||||||||||
Due from Affiliates | 3,301,073 | 12,475 | (153,719 | ) | 3,159,829 | |||||||||||
Intangible Assets, Net | 321,780 | — | — | 321,780 | ||||||||||||
Goodwill | 1,890,202 | — | — | 1,890,202 | ||||||||||||
Other Assets | 556,165 | 549 | — | 556,714 | ||||||||||||
Right-of-Use Assets | 723,539 | — | — | 723,539 | ||||||||||||
Deferred Tax Assets | 1,322,144 | — | — | 1,322,144 | ||||||||||||
Total Assets | $ | 31,785,335 | $ | 2,074,343 | $ | (562,486 | ) | $ | 33,297,192 | |||||||
Liabilities and Equity | ||||||||||||||||
Loans Payable | $ | 5,594,549 | $ | 99 | $ | — | $ | 5,594,648 | ||||||||
Due to Affiliates | 1,125,981 | 254,241 | (153,718 | ) | 1,226,504 | |||||||||||
Accrued Compensation and Benefits | 5,789,662 | — | — | 5,789,662 | ||||||||||||
Securities Sold, Not Yet Purchased | 11,953 | 23,830 | — | 35,783 | ||||||||||||
Repurchase Agreements | — | 57,247 | — | 57,247 | ||||||||||||
Operating Lease Liabilities | 841,152 | — | — | 841,152 | ||||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | 1,171,568 | 33,614 | — | 1,205,182 | ||||||||||||
Total Liabilities | 14,534,865 | 369,031 | (153,718 | ) | 14,750,178 | |||||||||||
Redeemable Non-Controlling Interests in Consolidated Entities | 22,000 | 43,568 | — | 65,568 | ||||||||||||
Equity | ||||||||||||||||
Common Stock | 7 | — | — | 7 | ||||||||||||
Series I Preferred Stock | — | — | — | — | ||||||||||||
Series II Preferred Stock | — | — | — | — | ||||||||||||
Additional Paid-in-Capital | 6,282,600 | 383,095 | (383,095 | ) | 6,282,600 | |||||||||||
Retained Earnings | 2,133,794 | 25,673 | (25,673 | ) | 2,133,794 | |||||||||||
Accumulated Other Comprehensive Loss | (10,245 | ) | — | — | (10,245 | ) | ||||||||||
Non-Controlling Interests in Consolidated Entities | 3,607,466 | 1,252,976 | — | 4,860,442 | ||||||||||||
Non-Controlling Interests in Blackstone Holdings | 5,214,848 | — | — | 5,214,848 | ||||||||||||
Total Equity | 17,228,470 | 1,661,744 | (408,768 | ) | 18,481,446 | |||||||||||
Total Liabilities and Equity | $ | 31,785,335 | $ | 2,074,343 | $ | (562,486 | ) | $ | 33,297,192 | |||||||
December 31, 2019 | ||||||||||||||||
Consolidated | Consolidated | |||||||||||||||
Operating | Blackstone | Reclasses and | ||||||||||||||
Partnerships | Funds (a) | Eliminations | Consolidated | |||||||||||||
Assets | ||||||||||||||||
Cash and Cash Equivalents | $ | 2,172,441 | $ | — | $ | — | $ | 2,172,441 | ||||||||
Cash Held by Blackstone Funds and Other | — | 351,210 | — | 351,210 | ||||||||||||
Investments | 14,535,685 | 8,380,698 | (634,701 | ) | 22,281,682 | |||||||||||
Accounts Receivable | 754,703 | 220,372 | — | 975,075 | ||||||||||||
Due from Affiliates | 2,606,563 | 8,818 | (20,508 | ) | 2,594,873 | |||||||||||
Intangible Assets, Net | 397,508 | — | — | 397,508 | ||||||||||||
Goodwill | 1,869,860 | — | — | 1,869,860 | ||||||||||||
Other Assets | 381,289 | 1,204 | — | 382,493 | ||||||||||||
Right-of-Use | 471,059 | — | — | 471,059 | ||||||||||||
Deferred Tax Assets | 1,089,305 | — | — | 1,089,305 | ||||||||||||
Total Assets | $ | 24,278,413 | $ | 8,962,302 | $ | (655,209 | ) | $ | 32,585,506 | |||||||
Liabilities and Equity | ||||||||||||||||
Loans Payable | $ | 4,600,856 | $ | 6,479,867 | $ | — | $ | 11,080,723 | ||||||||
Due to Affiliates | 885,655 | 509,681 | (368,465 | ) | 1,026,871 | |||||||||||
Accrued Compensation and Benefits | 3,796,044 | — | — | 3,796,044 | ||||||||||||
Securities Sold, Not Yet Purchased | 20,256 | 55,289 | — | 75,545 | ||||||||||||
Repurchase Agreements | — | 154,118 | — | 154,118 | ||||||||||||
Operating Lease Liabilities | 542,994 | — | — | 542,994 | ||||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | 504,804 | 301,355 | — | 806,159 | ||||||||||||
Total Liabilities | 10,350,609 | 7,500,310 | (368,465 | ) | 17,482,454 | |||||||||||
Redeemable Non-Controlling Interests in Consolidated Entities | 22,002 | 65,649 | — | 87,651 | ||||||||||||
Equity | ||||||||||||||||
Class A Common Stock | 7 | — | — | 7 | ||||||||||||
Class B Common Stock | — | — | — | — | ||||||||||||
Class C Common Stock | — | — | — | — | ||||||||||||
Additional Paid-in-Capital | 6,428,647 | 283,339 | (283,339 | ) | 6,428,647 | |||||||||||
Retained Earnings | 609,625 | 3,405 | (3,405 | ) | 609,625 | |||||||||||
Accumulated Other Comprehensive Loss | (28,495 | ) | — | — | (28,495 | ) | ||||||||||
Non-Controlling Interests in Consolidated Entities | 3,076,470 | 1,109,599 | — | 4,186,069 | ||||||||||||
Non-Controlling Interests in Blackstone Holdings | 3,819,548 | — | — | 3,819,548 | ||||||||||||
Total Equity | 13,905,802 | 1,396,343 | (286,744 | ) | 15,015,401 | |||||||||||
Total Liabilities and Equity | $ | 24,278,413 | $ | 8,962,302 | $ | (655,209 | ) | $ | 32,585,506 | |||||||
December 31, 2020 | ||||||||||||||||
Consolidated | Consolidated | |||||||||||||||
Operating | Blackstone | Reclasses and | ||||||||||||||
Partnerships | Funds (a) | Eliminations | Consolidated | |||||||||||||
Assets | ||||||||||||||||
Cash and Cash Equivalents | $ | 1,999,484 | $ | — | $ | — | $ | 1,999,484 | ||||||||
Cash Held by Blackstone Funds and Other | — | 64,972 | — | 64,972 | ||||||||||||
Investments | 14,425,035 | 1,455,008 | (262,901 | ) | 15,617,142 | |||||||||||
Accounts Receivable | 746,059 | 120,099 | — | 866,158 | ||||||||||||
Due from Affiliates | 3,224,522 | 10,001 | (13,008 | ) | 3,221,515 | |||||||||||
Intangible Assets, Net | 347,955 | — | — | 347,955 | ||||||||||||
Goodwill | 1,901,485 | — | — | 1,901,485 | ||||||||||||
Other Assets | 480,760 | 262 | — | 481,022 | ||||||||||||
Right-of-Use Assets | 526,943 | — | — | 526,943 | ||||||||||||
Deferred Tax Assets | 1,242,576 | — | — | 1,242,576 | ||||||||||||
Total Assets | $ | 24,894,819 | $ | 1,650,342 | $ | (275,909 | ) | $ | 26,269,252 | |||||||
Liabilities and Equity | ||||||||||||||||
Loans Payable | $ | 5,644,554 | $ | 99 | $ | — | $ | 5,644,653 | ||||||||
Due to Affiliates | 1,070,955 | 77,095 | (13,009 | ) | 1,135,041 | |||||||||||
Accrued Compensation and Benefits | 3,433,260 | — | — | 3,433,260 | ||||||||||||
Securities Sold, Not Yet Purchased | 9,324 | 41,709 | — | 51,033 | ||||||||||||
Repurchase Agreements | — | 76,808 | — | 76,808 | ||||||||||||
Operating Lease Liabilities | 620,844 | — | — | 620,844 | ||||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | 679,883 | 37,221 | — | 717,104 | ||||||||||||
Total Liabilities | 11,458,820 | 232,932 | (13,009 | ) | 11,678,743 | |||||||||||
Redeemable Non-Controlling Interests in Consolidated Entities | 21,999 | 43,162 | — | 65,161 | ||||||||||||
Equity | ||||||||||||||||
Common Stock | 7 | — | — | 7 | ||||||||||||
Series I Preferred Stock | — | — | — | — | ||||||||||||
Series II Preferred Stock | — | — | — | — | ||||||||||||
Additional Paid-in-Capital | 6,332,105 | 269,235 | (269,235 | ) | 6,332,105 | |||||||||||
Retained Earnings | 335,762 | (6,335 | ) | 6,335 | 335,762 | |||||||||||
Accumulated Other Comprehensive Loss | (15,831 | ) | — | — | (15,831 | ) | ||||||||||
Non-Controlling Interests in Consolidated Entities | 2,930,809 | 1,111,348 | — | 4,042,157 | ||||||||||||
Non-Controlling Interests in Blackstone Holdings | 3,831,148 | — | — | 3,831,148 | ||||||||||||
Total Equity | 13,414,000 | 1,374,248 | (262,900 | ) | 14,525,348 | |||||||||||
Total Liabilities and Equity | $ | 24,894,819 | $ | 1,650,342 | $ | (275,909 | ) | $ | 26,269,252 | |||||||
(a) | The Consolidated Blackstone Funds consisted of the following: |
(a) | the fair value of the investments held by our carry funds and our side-by-side co-investment entities managed by us plus |
(b) | the net asset value of (1) our hedge funds, co-investments managed by us, certain credit-focused funds, and our Hedge Fund Solutions drawdown funds (plus, in each case, the capital that we are entitled to call from investors in those funds, including commitments yet to commence their investment periods), and (2) our funds of hedge funds, our Hedge Fund Solutions registered investment companies, and BREIT, |
(c) | the invested capital, fair value or net asset value of assets we manage pursuant to separately managed accounts, |
(d) | the amount of debt and equity outstanding for our CLOs during the reinvestment period, |
(e) | the aggregate par amount of collateral assets, including principal cash, for our CLOs after the reinvestment period, |
(f) | the gross or net amount of assets (including leverage where applicable) for our credit-focused registered investment companies, |
(g) | the fair value of common stock, preferred stock, convertible debt, term loans or similar instruments issued by |
(h) | borrowings under and any amounts available to be borrowed under certain credit facilities of our funds. |
(a) | for our Private Equity segment funds and Real Estate segment carry funds, including certain BREDS and Hedge Fund Solutions funds, the amount of capital commitments, remaining invested capital, fair value, net asset value or par value of assets held, depending on the fee terms of the fund, |
(b) | for our credit-focused carry funds, the amount of remaining invested capital (which may include leverage) or net asset value, depending on the fee terms of the fund, |
(c) | the remaining invested capital or fair value of assets held in co-investment vehicles managed by us on which we receive fees, |
(d) | the net asset value of our funds of hedge funds, hedge funds, BPP, certain co-investments managed by us, certain registered investment companies, BREIT, and certain of our Hedge Fund Solutions drawdown funds, |
(e) | the invested capital, fair value of assets or the net asset value we manage pursuant to separately managed accounts, |
(f) | the net proceeds received from equity offerings and accumulated |
(g) | the aggregate par amount of collateral assets, including principal cash, of our CLOs, and |
(h) | the gross amount of assets (including leverage) or the net assets (plus leverage where applicable) for certain of our credit-focused registered investment companies. |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, | 2020 vs. 2019 | June 30, | 2020 vs. 2019 | |||||||||||||||||||||||||||||
2020 | 2019 | $ | % | 2020 | 2019 | $ | % | |||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||
Management and Advisory Fees, Net | $ | 969,728 | $ | 840,378 | $ | 129,350 | 15 | % | $ | 1,904,560 | $ | 1,650,104 | $ | 254,456 | 15 | % | ||||||||||||||||
Incentive Fees | 15,300 | 21,915 | (6,615 | ) | -30 | % | 27,461 | 34,047 | (6,586 | ) | -19 | % | ||||||||||||||||||||
Investment Income (Loss) | ||||||||||||||||||||||||||||||||
Performance Allocations | ||||||||||||||||||||||||||||||||
Realized | 101,910 | 332,520 | (230,610 | ) | -69 | % | 269,440 | 574,895 | (305,455 | ) | -53 | % | ||||||||||||||||||||
Unrealized | 1,067,923 | 157,732 | 910,191 | 577 | % | (2,385,158 | ) | 821,731 | (3,206,889 | ) | N/M | |||||||||||||||||||||
Principal Investments | ||||||||||||||||||||||||||||||||
Realized | 61,102 | 145,040 | (83,938 | ) | -58 | % | 109,797 | 218,301 | (108,504 | ) | -50 | % | ||||||||||||||||||||
Unrealized | 331,762 | (37,345 | ) | 369,107 | N/M | (627,603 | ) | 131,699 | (759,302 | ) | N/M | |||||||||||||||||||||
Total Investment Income (Loss) | 1,562,697 | 597,947 | 964,750 | 161 | % | (2,633,524 | ) | 1,746,626 | (4,380,150 | ) | N/M | |||||||||||||||||||||
Interest and Dividend Revenue | 23,924 | 43,686 | (19,762 | ) | -45 | % | 59,008 | 87,770 | (28,762 | ) | -33 | % | ||||||||||||||||||||
Other | (55,580 | ) | (17,120 | ) | (38,460 | ) | 225 | % | 82,600 | (6,870 | ) | 89,470 | N/M | |||||||||||||||||||
Total Revenues | 2,516,069 | 1,486,806 | 1,029,263 | 69 | % | (559,895 | ) | 3,511,677 | (4,071,572 | ) | N/M | |||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||
Compensation and Benefits | ||||||||||||||||||||||||||||||||
Compensation | 458,457 | 438,521 | 19,936 | 5 | % | 935,000 | 909,918 | 25,082 | 3 | % | ||||||||||||||||||||||
Incentive Fee Compensation | 8,432 | 8,886 | (454 | ) | -5 | % | 14,954 | 14,292 | 662 | 5 | % | |||||||||||||||||||||
Performance Allocations Compensation | ||||||||||||||||||||||||||||||||
Realized | 38,569 | 125,825 | (87,256 | ) | -69 | % | 110,992 | 212,220 | (101,228 | ) | -48 | % | ||||||||||||||||||||
Unrealized | 454,813 | 64,518 | 390,295 | 605 | % | (942,565 | ) | 351,533 | (1,294,098 | ) | N/M | |||||||||||||||||||||
Total Compensation and Benefits | 960,271 | 637,750 | 322,521 | 51 | % | 118,381 | 1,487,963 | (1,369,582 | ) | -92 | % | |||||||||||||||||||||
General, Administrative and Other | 169,051 | 175,308 | (6,257 | ) | -4 | % | 326,617 | 321,370 | 5,247 | 2 | % | |||||||||||||||||||||
Interest Expense | 39,276 | 43,596 | (4,320 | ) | -10 | % | 80,920 | 85,598 | (4,678 | ) | -5 | % | ||||||||||||||||||||
Fund Expenses | 4,083 | 5,586 | (1,503 | ) | -27 | % | 8,688 | 8,473 | 215 | 3 | % | |||||||||||||||||||||
Total Expenses | 1,172,681 | 862,240 | 310,441 | 36 | % | 534,606 | 1,903,404 | (1,368,798 | ) | -72 | % | |||||||||||||||||||||
Other Income (Loss) | ||||||||||||||||||||||||||||||||
Change in Tax Receivable Agreement Liability | 76 | — | 76 | N/M | (519 | ) | — | (519 | ) | N/M | ||||||||||||||||||||||
Net Gains (Losses) from Fund Investment Activities | 158,297 | 61,131 | 97,166 | 159 | % | (169,077 | ) | 191,456 | (360,533 | ) | N/M | |||||||||||||||||||||
Total Other Income (Loss) | 158,373 | 61,131 | 97,242 | 159 | % | (169,596 | ) | 191,456 | (361,052 | ) | N/M | |||||||||||||||||||||
Income (Loss) Before Provision (Benefit) for Taxes | 1,501,761 | 685,697 | 816,064 | 119 | % | (1,264,097 | ) | 1,799,729 | (3,063,826 | ) | N/M | |||||||||||||||||||||
Provision (Benefit) for Taxes | 147,415 | 38,736 | 108,679 | 281 | % | (11,288 | ) | 79,891 | (91,179 | ) | N/M | |||||||||||||||||||||
Net Income (Loss) | 1,354,346 | 646,961 | 707,385 | 109 | % | (1,252,809 | ) | 1,719,838 | (2,972,647 | ) | N/M | |||||||||||||||||||||
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities | (3,426 | ) | 1,095 | (4,521 | ) | N/M | (18,895 | ) | 3,575 | (22,470 | ) | N/M | ||||||||||||||||||||
Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities | 294,378 | 80,744 | 213,634 | 265 | % | (350,699 | ) | 267,577 | (618,276 | ) | N/M | |||||||||||||||||||||
Net Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings | 495,128 | 259,330 | 235,798 | 91 | % | (384,989 | ) | 661,590 | (1,046,579 | ) | N/M | |||||||||||||||||||||
Net Income (Loss) Attributable to The Blackstone Group Inc. | $ | 568,266 | $ | 305,792 | $ | 262,474 | 86 | % | $ | (498,226 | ) | $ | 787,096 | $ | (1,285,322 | ) | N/M | |||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, | 2021 vs. 2020 | June 30, | 2021 vs. 2020 | |||||||||||||||||||||||||||||
2021 | 2020 | $ | % | 2021 | 2020 | $ | % | |||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||
Management and Advisory Fees, Net | $ | 1,212,549 | $ | 969,728 | $ | 242,821 | 25 | % | $ | 2,390,364 | $ | 1,904,560 | $ | 485,804 | 26 | % | ||||||||||||||||
Incentive Fees | 33,207 | 15,300 | 17,907 | 117 | % | 69,331 | 27,461 | 41,870 | 152 | % | ||||||||||||||||||||||
Investment Income (Loss) | ||||||||||||||||||||||||||||||||
Performance Allocations | ||||||||||||||||||||||||||||||||
Realized | 808,620 | 101,910 | 706,710 | 693 | % | 1,342,987 | 269,440 | 1,073,547 | 398 | % | ||||||||||||||||||||||
Unrealized | 2,697,170 | 1,067,923 | 1,629,247 | 153 | % | 5,161,667 | (2,385,158 | ) | 7,546,825 | n/m | ||||||||||||||||||||||
Principal Investments | ||||||||||||||||||||||||||||||||
Realized | 152,060 | 61,102 | 90,958 | 149 | % | 507,098 | 109,797 | 397,301 | 362 | % | ||||||||||||||||||||||
Unrealized | 328,835 | 331,762 | (2,927 | ) | -1 | % | 968,150 | (627,603 | ) | 1,595,753 | n/m | |||||||||||||||||||||
Total Investment Income (Loss) | 3,986,685 | 1,562,697 | 2,423,988 | 155 | % | 7,979,902 | (2,633,524 | ) | 10,613,426 | n/m | ||||||||||||||||||||||
Interest and Dividend Revenue | 31,017 | 23,924 | 7,093 | 30 | % | 62,429 | 59,008 | 3,421 | 6 | % | ||||||||||||||||||||||
Other | 27,896 | (55,580 | ) | 83,476 | n/m | 88,200 | 82,600 | 5,600 | 7 | % | ||||||||||||||||||||||
Total Revenues | 5,291,354 | 2,516,069 | 2,775,285 | 110 | % | 10,590,226 | (559,895 | ) | 11,150,121 | n/m | ||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||
Compensation and Benefits | ||||||||||||||||||||||||||||||||
Compensation | 507,104 | 458,457 | 48,647 | 11 | % | 1,049,742 | 935,000 | 114,742 | 12 | % | ||||||||||||||||||||||
Incentive Fee Compensation | 14,431 | 8,432 | 5,999 | 71 | % | 27,756 | 14,954 | 12,802 | 86 | % | ||||||||||||||||||||||
Performance Allocations Compensation | ||||||||||||||||||||||||||||||||
Realized | 347,423 | 38,569 | 308,854 | 801 | % | 560,450 | 110,992 | 449,458 | 405 | % | ||||||||||||||||||||||
Unrealized | 1,150,219 | 454,813 | 695,406 | 153 | % | 2,200,188 | (942,565 | ) | 3,142,753 | n/m | ||||||||||||||||||||||
Total Compensation and Benefits | 2,019,177 | 960,271 | 1,058,906 | 110 | % | 3,838,136 | 118,381 | 3,719,755 | n/m | |||||||||||||||||||||||
General, Administrative and Other | 205,057 | 169,051 | 36,006 | 21 | % | 390,179 | 326,617 | 63,562 | 19 | % | ||||||||||||||||||||||
Interest Expense | 44,322 | 39,276 | 5,046 | 13 | % | 89,305 | 80,920 | 8,385 | 10 | % | ||||||||||||||||||||||
Fund Expenses | 3,774 | 4,083 | (309 | ) | -8 | % | 6,157 | 8,688 | (2,531 | ) | -29 | % | ||||||||||||||||||||
Total Expenses | 2,272,330 | 1,172,681 | 1,099,649 | 94 | % | 4,323,777 | 534,606 | 3,789,171 | 709 | % | ||||||||||||||||||||||
Other Income (Loss) | ||||||||||||||||||||||||||||||||
Change in Tax Receivable Agreement Liability | (392 | ) | 76 | (468 | ) | n/m | 2,518 | (519 | ) | 3,037 | n/m | |||||||||||||||||||||
Net Gains (Losses) from Fund Investment Activities | 127,116 | 158,297 | (31,181 | ) | -20 | % | 247,469 | (169,077 | ) | 416,546 | n/m | |||||||||||||||||||||
Total Other Income (Loss) | 126,724 | 158,373 | (31,649 | ) | -20 | % | 249,987 | (169,596 | ) | 419,583 | n/m | |||||||||||||||||||||
Income (Loss) Before Provision (Benefit) for Taxes | 3,145,748 | 1,501,761 | 1,643,987 | 109 | % | 6,516,436 | (1,264,097 | ) | 7,780,533 | n/m | ||||||||||||||||||||||
Provision (Benefit) for Taxes | 288,250 | 147,415 | 140,835 | 96 | % | 287,803 | (11,288 | ) | 299,091 | n/m | ||||||||||||||||||||||
Net Income (Loss) | 2,857,498 | 1,354,346 | 1,503,152 | 111 | % | 6,228,633 | (1,252,809 | ) | 7,481,442 | n/m | ||||||||||||||||||||||
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities | 637 | (3,426 | ) | 4,063 | n/m | 1,266 | (18,895 | ) | 20,161 | n/m | ||||||||||||||||||||||
Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities | 431,516 | 294,378 | 137,138 | 47 | % | 818,366 | (350,699 | ) | 1,169,065 | n/m | ||||||||||||||||||||||
Net Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings | 1,116,193 | 495,128 | 621,065 | 125 | % | 2,351,977 | (384,989 | ) | 2,736,966 | n/m | ||||||||||||||||||||||
Net Income (Loss) Attributable to The Blackstone Group Inc. | $ | 1,309,152 | $ | 568,266 | $ | 740,886 | 130 | % | $ | 3,057,024 | $ | (498,226 | ) | $ | 3,555,250 | n/m | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Income (Loss) Before Provision (Benefit) for Taxes | $ | 1,501,761 | $ | 685,697 | $ | (1,264,097 | ) | $ | 1,799,729 | |||||||
Provision (Benefit) for Taxes | $ | 147,415 | $ | 38,736 | $ | (11,288 | ) | $ | 79,891 | |||||||
Effective Income Tax Rate | 9.8 | % | 5.6 | % | 0.9 | % | 4.4 | % |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Income (Loss) Before Provision (Benefit) for Taxes | $ | 3,145,748 | $ | 1,501,761 | $ | 6,516,436 | $ | (1,264,097 | ) | |||||||
Provision (Benefit) for Taxes | $ | 288,250 | $ | 147,415 | $ | 287,803 | $ | (11,288 | ) | |||||||
Effective Income Tax Rate | 9.2 | % | 9.8 | % | 4.4 | % | 0.9 | % |
Three Months Ended | 2020 | Six Months Ended | 2020 | |||||||||||||||||||||
June 30, | vs. | June 30, | vs. | |||||||||||||||||||||
2020 | 2019 | 2019 | 2020 | 2019 | 2019 | |||||||||||||||||||
Statutory U.S. Federal Income Tax Rate | 21.0 | % | 21.0 | % | — | 21.0 | % | 21.0 | % | — | ||||||||||||||
Income Passed Through to Common Unitholders and Non-Controlling Interest Holders (a) | -10.0 | % | -15.7 | % | 5.7 | % | -16.7 | % | -16.8 | % | 0.1 | % | ||||||||||||
State and Local Income Taxes | 2.2 | % | 1.3 | % | 0.9 | % | 0.3 | % | 1.1 | % | -0.8 | % | ||||||||||||
Change in Valuation Allowance | -3.8 | % | — | -3.8 | % | -5.0 | % | — | -5.0 | % | ||||||||||||||
Other | 0.4 | % | -1.0 | % | 1.4 | % | 1.3 | % | -0.9 | % | 2.2 | % | ||||||||||||
Effective Income Tax Rate | 9.8 | % | 5.6 | % | 4.2 | % | 0.9 | % | 4.4 | % | -3.5 | % | ||||||||||||
Three Months Ended | 2021 | Six Months Ended | 2021 | |||||||||||||||||||||
June 30, | vs. | June 30, | vs. | |||||||||||||||||||||
2021 | 2020 | 2020 | 2021 | 2020 | 2020 | |||||||||||||||||||
Statutory U.S. Federal Income Tax Rate | 21.0% | 21.0% | — | 21.0% | 21.0% | — | ||||||||||||||||||
Income Passed Through to Non-Controlling Interest Holders (a)(b) | -10.4% | -10.6% | 0.2% | -10.3% | -12.9% | 2.6% | ||||||||||||||||||
State and Local Income Taxes | 2.2% | 2.2% | — | 2.2% | 0.3% | 1.9% | ||||||||||||||||||
Change in Valuation Allowance | -4.0% | -3.8% | -0.2% | -8.6% | -5.0% | -3.6% | ||||||||||||||||||
Other (a) | 0.4% | 1.0% | -0.6% | 0.1% | -2.5% | 2.6% | ||||||||||||||||||
Effective Income Tax Rate | 9.2% | 9.8% | -0.6% | 4.4% | 0.9% | 3.5% | ||||||||||||||||||
(a) | During the three months ended June 30, 2021, Blackstone recategorized certain components of its effective income tax reconciliation. Accordingly, certain components related to income attributable to non-controlling interest holders were recategorized from Income Passed Through to Non-Controlling Interest Holders to Other. Prior periods have been recast accordingly. The recategorization had no effect on Blackstone’s Provision (Benefit) for Taxes. |
(b) | Includes income that was not taxable to Blackstone and its subsidiaries. Such income non-controlling interest holders. |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | June 30, 2019 | |||||||||||||||||||||||||||||||||||||||
Private | Hedge Fund | Credit & | Private | Hedge Fund | Credit & | |||||||||||||||||||||||||||||||||||
Real Estate | Equity | Solutions | Insurance | Total | Real Estate | Equity | Solutions | Insurance | Total | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||
Fee-Earning Assets Under Management | ||||||||||||||||||||||||||||||||||||||||
Balance, Beginning of Period | $ | 130,424,462 | $ | 128,300,802 | $ | 68,214,435 | $ | 96,115,338 | $ | 423,055,037 | $ | 94,223,034 | $ | 85,446,868 | $ | 73,647,014 | $ | 99,676,478 | $ | 352,993,394 | ||||||||||||||||||||
Inflows, including Commitments (a) | 3,572,729 | 3,980,763 | 3,480,682 | 4,552,263 | 15,586,437 | 25,130,260 | 13,723,729 | 3,578,265 | 7,548,513 | 49,980,767 | ||||||||||||||||||||||||||||||
Outflows, including Distributions (b) | (730,177 | ) | (1,945,670 | ) | (4,548,271 | ) | (2,080,773 | ) | (9,304,891 | ) | (5,571,573 | ) | (444,360 | ) | (3,943,643 | ) | (2,231,944 | ) | (12,191,520 | ) | ||||||||||||||||||||
Net Inflows (Outflows) | 2,842,552 | 2,035,093 | (1,067,589 | ) | 2,471,490 | 6,281,546 | 19,558,687 | 13,279,369 | (365,378 | ) | 5,316,569 | 37,789,247 | ||||||||||||||||||||||||||||
Realizations (c) | (998,351 | ) | (1,118,162 | ) | (512,215 | ) | (1,078,291 | ) | (3,707,019 | ) | (2,375,372 | ) | (2,103,962 | ) | (276,016 | ) | (1,201,419 | ) | (5,956,769 | ) | ||||||||||||||||||||
Market Activity (d)(g) | 1,991,685 | 66,379 | 3,565,510 | 4,572,797 | 10,196,371 | 880,745 | (155,003 | ) | 1,647,800 | 665,228 | 3,038,770 | |||||||||||||||||||||||||||||
Balance, End of Period (e) | $ | 134,260,348 | $ | 129,284,112 | $ | 70,200,141 | $ | 102,081,334 | $ | 435,825,935 | $ | 112,287,094 | $ | 96,467,272 | $ | 74,653,420 | $ | 104,456,856 | $ | 387,864,642 | ||||||||||||||||||||
Increase | $ | 3,835,886 | $ | 983,310 | $ | 1,985,706 | $ | 5,965,996 | $ | 12,770,898 | $ | 18,064,060 | $ | 11,020,404 | $ | 1,006,406 | $ | 4,780,378 | $ | 34,871,248 | ||||||||||||||||||||
Increase | 3 | % | 1 | % | 3 | % | 6 | % | 3 | % | 19 | % | 13 | % | 1 | % | 5 | % | 10 | % |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | |||||||||||||||||||||||||||||||||||||||
Private | Hedge Fund | Credit & | Private | Hedge Fund | Credit & | |||||||||||||||||||||||||||||||||||
Real Estate | Equity | Solutions | Insurance | Total | Real Estate | Equity | Solutions | Insurance | Total | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||
Fee-Earning Assets Under Management | ||||||||||||||||||||||||||||||||||||||||
Balance, Beginning of Period | $ | 155,851,794 | $ | 131,903,347 | $ | 76,614,206 | $ | 116,856,060 | $ | 481,225,407 | $ | 130,424,462 | $ | 128,300,802 | $ | 68,214,435 | $ | 96,115,338 | $ | 423,055,037 | ||||||||||||||||||||
Inflows (a) | 9,834,475 | 2,320,367 | 1,794,869 | 14,734,257 | 28,683,968 | 3,572,729 | 3,980,763 | 3,480,682 | 4,552,263 | 15,586,437 | ||||||||||||||||||||||||||||||
Outflows (b) | (581,677 | ) | (457,610 | ) | (8,277,079 | ) | (2,502,137 | ) | (11,818,503 | ) | (730,177 | ) | (1,945,670 | ) | (4,548,271 | ) | (2,080,773 | ) | (9,304,891 | ) | ||||||||||||||||||||
Net Inflows (Outflows) | 9,252,798 | 1,862,757 | (6,482,210 | ) | 12,232,120 | 16,865,465 | 2,842,552 | 2,035,093 | (1,067,589 | ) | 2,471,490 | 6,281,546 | ||||||||||||||||||||||||||||
Realizations (c) | (3,069,895 | ) | (3,304,081 | ) | (294,858 | ) | (4,029,664 | ) | (10,698,498 | ) | (998,351 | ) | (1,118,162 | ) | (512,215 | ) | (1,078,291 | ) | (3,707,019 | ) | ||||||||||||||||||||
Market Activity (d)(g) | 4,228,796 | 2,013,463 | 2,403,014 | 2,894,879 | 11,540,152 | 1,991,685 | 66,379 | 3,565,510 | 4,572,797 | 10,196,371 | ||||||||||||||||||||||||||||||
Balance, End of Period (e) | $ | 166,263,493 | $ | 132,475,486 | $ | 72,240,152 | $ | 127,953,395 | $ | 498,932,526 | $ | 134,260,348 | $ | 129,284,112 | $ | 70,200,141 | $ | 102,081,334 | $ | 435,825,935 | ||||||||||||||||||||
Increase (Decrease) | $ | 10,411,699 | $ | 572,139 | $ | (4,374,054 | ) | $ | 11,097,335 | $ | 17,707,119 | $ | 3,835,886 | $ | 983,310 | $ | 1,985,706 | $ | 5,965,996 | $ | 12,770,898 | |||||||||||||||||||
Increase (Decrease) | 7 | % | — | -6 | % | 9 | % | 4 | % | 3 | % | 1 | % | 3 | % | 6 | % | 3 | % |
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | June 30, 2019 | |||||||||||||||||||||||||||||||||||||||
Private | Hedge Fund | Credit & | Private | Hedge Fund | Credit & | |||||||||||||||||||||||||||||||||||
Real Estate | Equity | Solutions | Insurance | Total | Real Estate | Equity | Solutions | Insurance | Total | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||
Fee-Earning Assets Under Management | ||||||||||||||||||||||||||||||||||||||||
Balance, Beginning of Period | $ | 128,214,137 | $ | 97,773,964 | $ | 75,636,004 | $ | 106,450,747 | $ | 408,074,852 | $ | 93,252,724 | $ | 80,008,166 | $ | 72,280,606 | $ | 96,986,011 | $ | 342,527,507 | ||||||||||||||||||||
Inflows, including Commitments (a) | 13,001,518 | 39,306,793 | 5,847,645 | 8,188,108 | 66,344,064 | 27,864,125 | 22,386,445 | 5,212,771 | 11,414,091 | 66,877,432 | ||||||||||||||||||||||||||||||
Outflows, including Distributions (b) | (1,741,073 | ) | (5,558,119 | ) | (7,200,263 | ) | (4,821,457 | ) | (19,320,912 | ) | (5,836,255 | ) | (1,172,943 | ) | (6,011,376 | ) | (5,474,048 | ) | (18,494,622 | ) | ||||||||||||||||||||
Net Inflows (Outflows) | 11,260,445 | 33,748,674 | (1,352,618 | ) | 3,366,651 | 47,023,152 | 22,027,870 | 21,213,502 | (798,605 | ) | 5,940,043 | 48,382,810 | ||||||||||||||||||||||||||||
Realizations (c) | (3,696,112 | ) | (2,043,516 | ) | (646,945 | ) | (2,508,418 | ) | (8,894,991 | ) | (4,589,190 | ) | (4,664,973 | ) | (440,452 | ) | (2,168,269 | ) | (11,862,884 | ) | ||||||||||||||||||||
Market Activity (d)(h) | (1,518,122 | ) | (195,010 | ) | (3,436,300 | ) | (5,227,646 | ) | (10,377,078 | ) | 1,595,690 | (89,423 | ) | 3,611,871 | 3,699,071 | 8,817,209 | ||||||||||||||||||||||||
Balance, End of Period (e) | $ | 134,260,348 | $ | 129,284,112 | $ | 70,200,141 | $ | 102,081,334 | $ | 435,825,935 | $ | 112,287,094 | $ | 96,467,272 | $ | 74,653,420 | $ | 104,456,856 | $ | 387,864,642 | ||||||||||||||||||||
Increase (Decrease) | $ | 6,046,211 | $ | 31,510,148 | $ | (5,435,863 | ) | $ | (4,369,413 | ) | $ | 27,751,083 | $ | 19,034,370 | $ | 16,459,106 | $ | 2,372,814 | $ | 7,470,845 | $ | 45,337,135 | ||||||||||||||||||
Increase (Decrease) | 5 | % | 32 | % | -7 | % | -4 | % | 7 | % | 20 | % | 21 | % | 3 | % | 8 | % | 13 | % | ||||||||||||||||||||
Annualized Base Management Fee Rate (f) | 1.15 | % | 0.88 | % | 0.80 | % | 0.57 | % | 0.88 | % | 1.03 | % | 1.11 | % | 0.75 | % | 0.57 | % | 0.87 | % |
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | |||||||||||||||||||||||||||||||||||||||
Private | Hedge Fund | Credit & | Private | Hedge Fund | Credit & | |||||||||||||||||||||||||||||||||||
Real Estate | Equity | Solutions | Insurance | Total | Real Estate | Equity | Solutions | Insurance | Total | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||
Fee-Earning Assets Under Management | ||||||||||||||||||||||||||||||||||||||||
Balance, Beginning of Period | $ | 149,121,461 | $ | 129,539,630 | $ | 74,126,610 | $ | 116,645,413 | $ | 469,433,114 | $ | 128,214,137 | $ | 97,773,964 | $ | 75,636,004 | $ | 106,450,747 | $ | 408,074,852 | ||||||||||||||||||||
Inflows (a) | 18,395,652 | 6,788,988 | 3,800,855 | 22,920,908 | 51,906,403 | 13,001,518 | 39,306,793 | 5,847,645 | 8,188,108 | 66,344,064 | ||||||||||||||||||||||||||||||
Outflows (b) | (1,425,237 | ) | (1,065,631 | ) | (9,623,330 | ) | (7,618,014 | ) | (19,732,212 | ) | (1,741,073 | ) | (5,558,119 | ) | (7,200,263 | ) | (4,821,457 | ) | (19,320,912 | ) | ||||||||||||||||||||
Net Inflows (Outflows) | 16,970,415 | 5,723,357 | (5,822,475 | ) | 15,302,894 | 32,174,191 | 11,260,445 | 33,748,674 | (1,352,618 | ) | 3,366,651 | 47,023,152 | ||||||||||||||||||||||||||||
Realizations (c) | (4,925,197 | ) | (6,375,260 | ) | (483,294 | ) | (7,276,868 | ) | (19,060,619 | ) | (3,696,112 | ) | (2,043,516 | ) | (646,945 | ) | (2,508,418 | ) | (8,894,991 | ) | ||||||||||||||||||||
Market Activity (d)(h) | 5,096,814 | 3,587,759 | 4,419,311 | 3,281,956 | 16,385,840 | (1,518,122 | ) | (195,010 | ) | (3,436,300 | ) | (5,227,646 | ) | (10,377,078 | ) | |||||||||||||||||||||||||
Balance, End of Period (e) | $ | 166,263,493 | $ | 132,475,486 | $ | 72,240,152 | $ | 127,953,395 | $ | 498,932,526 | $ | 134,260,348 | $ | 129,284,112 | $ | 70,200,141 | $ | 102,081,334 | $ | 435,825,935 | ||||||||||||||||||||
Increase (Decrease) | $ | 17,142,032 | $ | 2,935,856 | $ | (1,886,458 | ) | $ | 11,307,982 | $ | 29,499,412 | $ | 6,046,211 | $ | 31,510,148 | $ | (5,435,863 | ) | $ | (4,369,413 | ) | $ | 27,751,083 | |||||||||||||||||
Increase (Decrease) | 11 | % | 2 | % | -3 | % | 10 | % | 6 | % | 5 | % | 32 | % | -7 | % | -4 | % | 7 | % | ||||||||||||||||||||
Annualized Base Management Fee Rate (f) | 1.12 | % | 1.13 | % | 0.82 | % | 0.55 | % | 0.93 | % | 1.15 | % | 0.88 | % | 0.80 | % | 0.57 | % | 0.88 | % |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | June 30, 2019 | |||||||||||||||||||||||||||||||||||||||
Private | Hedge Fund | Credit & | Private | Hedge Fund | Credit & | |||||||||||||||||||||||||||||||||||
Real Estate | Equity | Solutions | Insurance | Total | Real Estate | Equity | Solutions | Insurance | Total | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||
Total Assets Under Management | ||||||||||||||||||||||||||||||||||||||||
Balance, Beginning of Period | $ | 160,934,849 | $ | 174,695,883 | $ | 73,720,792 | $ | 128,655,761 | $ | 538,007,285 | $ | 140,334,043 | $ | 158,988,748 | $ | 80,182,772 | $ | 132,272,199 | $ | 511,777,762 | ||||||||||||||||||||
Inflows, including Commitments (a) | 4,884,629 | 5,202,708 | 3,323,861 | 6,857,865 | 20,269,063 | 14,364,834 | 16,806,806 | 3,812,651 | 10,126,818 | 45,111,109 | ||||||||||||||||||||||||||||||
Outflows, including Distributions (b) | (713,861 | ) | (668,799 | ) | (4,618,615 | ) | (2,346,962 | ) | (8,348,237 | ) | (599,928 | ) | (178,901 | ) | (4,114,571 | ) | (2,341,479 | ) | (7,234,879 | ) | ||||||||||||||||||||
Net Inflows (Outflows) | 4,170,768 | 4,533,909 | (1,294,754 | ) | 4,510,903 | 11,920,826 | 13,764,906 | 16,627,905 | (301,920 | ) | 7,785,339 | 37,876,230 | ||||||||||||||||||||||||||||
Realizations (c) | (2,264,204 | ) | (2,990,225 | ) | (516,843 | ) | (1,579,530 | ) | (7,350,802 | ) | (3,989,755 | ) | (4,678,685 | ) | (296,126 | ) | (1,629,825 | ) | (10,594,391 | ) | ||||||||||||||||||||
Market Activity (d)(i) | 3,882,431 | 7,878,568 | 3,758,944 | 6,232,836 | 21,752,779 | 3,495,626 | 233,719 | 1,850,954 | 842,437 | 6,422,736 | ||||||||||||||||||||||||||||||
Balance, End of Period (e) | $ | 166,723,844 | $ | 184,118,135 | $ | 75,668,139 | $ | 137,819,970 | $ | 564,330,088 | $ | 153,604,820 | $ | 171,171,687 | $ | 81,435,680 | $ | 139,270,150 | $ | 545,482,337 | ||||||||||||||||||||
Increase | $ | 5,788,995 | $ | 9,422,252 | $ | 1,947,347 | $ | 9,164,209 | $ | 26,322,803 | $ | 13,270,777 | $ | 12,182,939 | $ | 1,252,908 | $ | 6,997,951 | $ | 33,704,575 | ||||||||||||||||||||
Increase | 4 | % | 5 | % | 3 | % | 7 | % | 5 | % | 9 | % | 8 | % | 2 | % | 5 | % | 7 | % |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | |||||||||||||||||||||||||||||||||||||||
Private | Hedge Fund | Credit & | Private | Hedge Fund | Credit & | |||||||||||||||||||||||||||||||||||
Real Estate | Equity | Solutions | Insurance | Total | Real Estate | Equity | Solutions | Insurance | Total | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||
Total Assets Under Management | ||||||||||||||||||||||||||||||||||||||||
Balance, Beginning of Period | $ | 196,277,032 | $ | 211,801,085 | $ | 81,819,220 | $ | 158,905,670 | $ | 648,803,007 | $ | 160,934,849 | $ | 174,695,883 | $ | 73,720,792 | $ | 128,655,761 | $ | 538,007,285 | ||||||||||||||||||||
Inflows (a) | 8,879,659 | 7,335,028 | 2,197,161 | 18,869,609 | 37,281,457 | 4,884,629 | 5,202,708 | 3,323,861 | 6,857,865 | 20,269,063 | ||||||||||||||||||||||||||||||
Outflows (b) | (579,152 | ) | (1,077,784 | ) | (7,299,018 | ) | (2,716,532 | ) | (11,672,486 | ) | (713,861 | ) | (668,799 | ) | (4,618,615 | ) | (2,346,962 | ) | (8,348,237 | ) | ||||||||||||||||||||
Net Inflows (Outflows) | 8,300,507 | 6,257,244 | (5,101,857 | ) | 16,153,077 | 25,608,971 | 4,170,768 | 4,533,909 | (1,294,754 | ) | 4,510,903 | 11,920,826 | ||||||||||||||||||||||||||||
Realizations (c) | (5,306,047 | ) | (8,633,166 | ) | (303,557 | ) | (5,390,278 | ) | (19,633,048 | ) | (2,264,204 | ) | (2,990,225 | ) | (516,843 | ) | (1,579,530 | ) | (7,350,802 | ) | ||||||||||||||||||||
Market Activity (d)(i)(k) | 8,276,744 | 14,196,196 | 2,731,457 | 4,045,385 | 29,249,782 | 3,882,431 | 7,878,568 | 3,758,944 | 6,232,836 | 21,752,779 | ||||||||||||||||||||||||||||||
Balance, End of Period (e) | $ | 207,548,236 | $ | 223,621,359 | $ | 79,145,263 | $ | 173,713,854 | $ | 684,028,712 | $ | 166,723,844 | $ | 184,118,135 | $ | 75,668,139 | $ | 137,819,970 | $ | 564,330,088 | ||||||||||||||||||||
Increase (Decrease) | $ | 11,271,204 | $ | 11,820,274 | $ | (2,673,957 | ) | $ | 14,808,184 | $ | 35,225,705 | $ | 5,788,995 | $ | 9,422,252 | $ | 1,947,347 | $ | 9,164,209 | $ | 26,322,803 | |||||||||||||||||||
Increase (Decrease) | 6 | % | 6 | % | -3 | % | 9 | % | 5 | % | 4 | % | 5 | % | 3 | % | 7 | % | 5 | % |
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | June 30, 2019 | |||||||||||||||||||||||||||||||||||||||
Private | Hedge Fund | Credit & | Private | Hedge Fund | Credit & | |||||||||||||||||||||||||||||||||||
Real Estate | Equity | Solutions | Insurance | Total | Real Estate | Equity | Solutions | Insurance | Total | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||
Total Assets Under Management | ||||||||||||||||||||||||||||||||||||||||
Balance, Beginning of Period | $ | 163,156,064 | $ | 182,886,109 | $ | 80,738,112 | $ | 144,342,178 | $ | 571,122,463 | $ | 136,247,229 | $ | 130,665,286 | $ | 77,814,516 | $ | 127,515,286 | $ | 472,242,317 | ||||||||||||||||||||
Inflows, including Commitments (a) | 17,537,804 | 14,071,559 | 6,570,522 | 9,401,686 | 47,581,571 | 19,398,685 | 45,278,266 | 6,381,594 | 16,959,688 | 88,018,233 | ||||||||||||||||||||||||||||||
Outflows, including Distributions (b) | (1,507,549 | ) | (1,067,275 | ) | (7,499,898 | ) | (5,188,261 | ) | (15,262,983 | ) | (1,750,109 | ) | (421,901 | ) | (6,222,189 | ) | (6,896,662 | ) | (15,290,861 | ) | ||||||||||||||||||||
Net Inflows (Outflows) | 16,030,255 | 13,004,284 | (929,376 | ) | 4,213,425 | 32,318,588 | 17,648,576 | 44,856,365 | 159,405 | 10,063,026 | 72,727,372 | |||||||||||||||||||||||||||||
Realizations (c) | (4,783,000 | ) | (5,021,331 | ) | (655,830 | ) | (3,279,335 | ) | (13,739,496 | ) | (7,047,896 | ) | (8,421,343 | ) | (482,684 | ) | (2,902,661 | ) | (18,854,584 | ) | ||||||||||||||||||||
Market Activity (d)(j) | (7,679,475 | ) | (6,750,927 | ) | (3,484,767 | ) | (7,456,298 | ) | (25,371,467 | ) | 6,756,911 | 4,071,379 | 3,944,443 | 4,594,499 | 19,367,232 | |||||||||||||||||||||||||
Balance, End of Period (e) | $ | 166,723,844 | $ | 184,118,135 | $ | 75,668,139 | $ | 137,819,970 | $ | 564,330,088 | $ | 153,604,820 | $ | 171,171,687 | $ | 81,435,680 | $ | 139,270,150 | $ | 545,482,337 | ||||||||||||||||||||
Increase (Decrease) | $ | 3,567,780 | $ | 1,232,026 | $ | (5,069,973 | ) | $ | (6,522,208 | ) | $ | (6,792,375 | ) | $ | 17,357,591 | $ | 40,506,401 | $ | 3,621,164 | $ | 11,754,864 | $ | 73,240,020 | |||||||||||||||||
Increase (Decrease) | 2 | % | 1 | % | -6 | % | -5 | % | -1 | % | 13 | % | 31 | % | 5 | % | 9 | % | 16 | % |
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | |||||||||||||||||||||||||||||||||||||||
Private | Hedge Fund | Credit & | Private | Hedge Fund | Credit & | |||||||||||||||||||||||||||||||||||
Real Estate | Equity | Solutions | Insurance | Total | Real Estate | Equity | Solutions | Insurance | Total | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||
Total Assets Under Management | ||||||||||||||||||||||||||||||||||||||||
Balance, Beginning of Period | $ | 187,191,247 | $ | 197,549,222 | $ | 79,422,869 | $ | 154,393,590 | $ | 618,556,928 | $ | 163,156,064 | $ | 182,886,109 | $ | 80,738,112 | $ | 144,342,178 | $ | 571,122,463 | ||||||||||||||||||||
Inflows (a) | 17,461,122 | 15,166,670 | 4,264,119 | 31,993,631 | 68,885,542 | 17,537,804 | 14,071,559 | 6,570,522 | 9,401,686 | 47,581,571 | ||||||||||||||||||||||||||||||
Outflows (b) | (2,388,253 | ) | (1,828,756 | ) | (8,922,346 | ) | (8,508,421 | ) | (21,647,776 | ) | (1,507,549 | ) | (1,067,275 | ) | (7,499,898 | ) | (5,188,261 | ) | (15,262,983 | ) | ||||||||||||||||||||
Net Inflows (Outflows) | 15,072,869 | 13,337,914 | (4,658,227 | ) | 23,485,210 | 47,237,766 | 16,030,255 | 13,004,284 | (929,376 | ) | 4,213,425 | 32,318,588 | ||||||||||||||||||||||||||||
Realizations (c) | (7,259,579 | ) | (16,726,541 | ) | (497,904 | ) | (10,017,051 | ) | (34,501,075 | ) | (4,783,000 | ) | (5,021,331 | ) | (655,830 | ) | (3,279,335 | ) | (13,739,496 | ) | ||||||||||||||||||||
Market Activity (d)(j)(k) | 12,543,699 | 29,460,764 | 4,878,525 | 5,852,105 | 52,735,093 | (7,679,475 | ) | (6,750,927 | ) | (3,484,767 | ) | (7,456,298 | ) | (25,371,467 | ) | |||||||||||||||||||||||||
Balance, End of Period (e) | $ | 207,548,236 | $ | 223,621,359 | $ | 79,145,263 | $ | 173,713,854 | $ | 684,028,712 | $ | 166,723,844 | $ | 184,118,135 | $ | 75,668,139 | $ | 137,819,970 | $ | 564,330,088 | ||||||||||||||||||||
Increase (Decrease) | $ | 20,356,989 | $ | 26,072,137 | $ | (277,606 | ) | $ | 19,320,264 | $ | 65,471,784 | $ | 3,567,780 | $ | 1,232,026 | $ | (5,069,973 | ) | $ | (6,522,208 | ) | $ | (6,792,375 | ) | ||||||||||||||||
Increase (Decrease) | 11 | % | 13 | % | — | 13 | % | 11 | % | 2 | % | 1 | % | -6 | % | -5 | % | -1 | % |
(a) | Inflows represent contributions, capital raised, other increases in available capital (recallable capital and increased side-by-side |
(b) | Outflows represent redemptions, client withdrawals and decreases in available capital (expired capital, expense drawdowns and decreased side-by-side |
(c) | Realizations represent |
(d) | Market activity includes realized and unrealized gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations. |
(e) | Total and Fee-Earning Assets Under Management are reported in the segment where the assets are managed. |
(f) | Annualized Base Management Fee Rate represents annualized year to date Base Management Fee divided by the average of the beginning of year and each quarter end’s Fee-Earning Assets Under Management in the reporting period. |
(g) | For the three months ended June 30, Fee-Earning Assets Under Management due to foreign exchange rate fluctuations was |
(h) | For the six months ended June 30, 2021, the impact to Fee-Earning Assets Under Management due to foreign exchange rate fluctuations was $(777.3) million, $130.7 million and $(659.6) million for the Real Estate, Credit & Insurance and Total segments, respectively. For the six months ended June 30, 2020, such impact was $(211.6) million, $(14.4) million and $(223.9) million for the Real Estate, Credit & Insurance and Total segments, respectively. |
(i) | For the three months ended June 30, 2021, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $452.1 million, $68.4 million, $361.8 million and $882.3 million for the Real Estate, Private Equity, Credit & Insurance and Total segments, respectively. For the three months ended June 30, |
(j) | For the |
For the six months ended June 30, 2020, |
(k) | Effective in the |
Three Months Ended June 30, 2021 | ||||||||||||||||||||
Private | Hedge Fund | Credit & | ||||||||||||||||||
Real Estate | Equity | Solutions | Insurance | Total | ||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Market Activity | $ | 10,103,225 | $ | 14,196,196 | $ | 2,731,457 | $ | 4,045,385 | $ | 31,076,263 | ||||||||||
One-Time Methodology Adjustment | (1,826,481 | ) | — | — | — | (1,826,481 | ) | |||||||||||||
Reported Market Activity | $ | 8,276,744 | $ | 14,196,196 | $ | 2,731,457 | $ | 4,045,385 | $ | 29,249,782 | ||||||||||
Six Months Ended June 30, 2021 | ||||||||||||||||||||
Private | Hedge Fund | Credit & | ||||||||||||||||||
Real Estate | Equity | Solutions | Insurance | Total | ||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Market Activity | $ | 14,370,180 | $ | 29,460,764 | $ | 4,878,525 | $ | 5,852,105 | $ | 54,561,574 | ||||||||||
One-Time Methodology Adjustment | (1,826,481 | ) | — | — | — | (1,826,481 | ) | |||||||||||||
Reported Market Activity | $ | 12,543,699 | $ | 29,460,764 | $ | 4,878,525 | $ | 5,852,105 | $ | 52,735,093 | ||||||||||
o | $ |
o | $9.8 billion in our Real Estate segment driven by $5.8 billion from BREIT, $3.0 billion from BREDS due to capital |
o | $2.3 billion in our Private Equity segment driven by $958.8 million from Strategic Partners, $922.6 million from corporate private equity and $527.3 million from Tactical Opportunities, and |
o | $1.8 billion in our Hedge Fund Solutions segment driven by $1.2 billion from individual investor and specialized solutions, $333.9 million from commingled products and $310.1 million from customized solutions. |
o | $4.2 billion of market appreciation in our Real Estate segment driven by appreciation of $3.9 billion from Core+ real estate, $199.6 million from BREDS and $128.8 million from BREP opportunistic and co-investment, all of which included $332.1 million of foreign exchange appreciation across the segment, |
o | $2.9 billion of market appreciation in our Credit & Insurance segment driven by appreciation of $2.3 billion from certain liquid credit and MLP strategies, $341.3 million from CLOs and $274.5 million from direct lending, partially offset by $116.4 million of market depreciation from energy strategies, all of which included $262.1 million of foreign exchange appreciation across the segment, |
o | $2.4 billion of market appreciation in our Hedge Fund Solutions segment driven by returns from BAAM’s Principal Solutions Composite of 3.5% gross (3.2% net), and |
o | $2.0 billion of market appreciation in our Private Equity segment driven by $1.3 billion from Strategic Partners and $724.0 million from BIP. |
o | $8.3 billion in our Hedge Fund Solutions segment driven by $6.4 billion from customized solutions, $1.3 billion from commingled products and $584.1 million from individual investor and specialized solutions, and |
o | $2.5 billion in our Credit & Insurance segment driven by $1.4 billion from certain |
o | $4.0 billion in our |
o | $ |
o | $3.1 billion in our Real Estate segment driven by co-investment, |
o | $ |
o | $18.4 billion in our Real Estate segment driven by $8.9 billion from BREIT, $5.9 billion from BREDS due to capital being deployed (this amount was previously reflected in Inflows for Total Assets Under Management at each capital closing of the fund), $2.0 billion from BPP Life Sciences, $638.4 million from BPP U.S. and co-investment, $463.3 million from BPP Europe and co-investment, $326.8 million from BREP opportunistic funds and co-investment and $198.3 million from BPP Asia, |
o | $6.8 billion in our Private Equity segment driven by $2.5 billion from corporate private equity, $1.4 billion from BXG, $1.2 billion from Tactical Opportunities, $1.0 billion from Strategic Partners and $659.1 million from multi-asset products, and |
o | $3.8 billion in our Hedge Fund Solutions segment driven by |
o | $ |
o | $ |
o | $ |
o | $3.3 billion of market appreciation in our Credit & Insurance segment driven by appreciation of $2.6 billion from certain liquid credit and MLP strategies, $332.9 million from |
o | $ |
o | $ |
o | $ |
o | $1.1 billion in our Private Equity segment driven by |
o | $ |
o | $ |
o | $ |
co-investment, |
o | $ |
o | $8.9 billion in our Real Estate segment driven by $5.8 billion from BREIT, $1.2 billion from BREDS, $911.0 million from BPP Europe and co-investment, $437.2 million from BPP U.S. and co-investment, $243.8 million from BPP Life Sciences, $175.6 million from BREP opportunistic funds and $125.4 million from BPP Asia, |
o | $7.3 billion in our Private Equity segment driven by $3.6 billion from Strategic Partners, $2.5 billion from corporate private equity and $1.1 billion from Tactical Opportunities, and |
o | $2.2 billion in our Hedge Fund Solutions segment driven by $1.4 billion from individual investor and specialized solutions, $429.3 million from commingled products and $356.8 million from customized solutions. |
o | $14.2 billion of market appreciation in our Private Equity segment driven by carrying value increases in corporate private equity, Tactical Opportunities and Strategic Partners of |
o | $ |
o | $4.0 billion of market appreciation in our Credit & Insurance segment driven by appreciation of $2.5 billion from certain liquid credit and MLP strategies, $520.2 million from direct lending, $290.9 million from mezzanine funds, $262.2 million from CLOs, $213.9 million from stressed/distressed strategies and $180.0 million from energy strategies, all of which included $361.8 million of foreign exchange appreciation across the segment, and |
o | $ Fee-Earning Assets Under Management. |
o | $ |
o | $5.4 billion in our Credit & Insurance segment driven by |
o | $ |
co-investment, |
o | $ |
o | $2.7 billion in our Credit & Insurance segment driven by $1.5 billion from certain liquid credit and MLP strategies, $534.4 million from CLOs and $347.2 million from BIS, and |
o | $1.1 billion on our Private Equity segment driven by $600.3 million from Tactical Opportunities and $183.2 million from multi-asset products. |
o | $32.0 billion in our Credit & Insurance segment driven by $16.6 billion from direct lending (which exceeds Fee-Earning Assets Under Management inflows principally due to certain funds charging fees on net assets versus gross assets), $5.2 billion from certain liquid credit and MLP strategies, $3.7 billion from CLOs, $2.7 billion from our structured products group, $2.0 billion from BIS and $1.5 billion from mezzanine funds, |
o | $17.5 billion in our Real Estate segment driven by $9.3 billion from BREIT, $4.1 billion from BPP Life Sciences, $1.6 billion from BREDS, $1.0 billion from BPP Europe and co-investment, $639.3 million from BPP U.S. and co-investment, $533.1 million from BREP opportunistic funds and $286.4 million from BPP Asia, |
o | $15.2 billion in our Private Equity segment driven by $6.2 billion from corporate private equity, $4.2 billion from Strategic Partners, $2.3 billion from Tactical Opportunities, $1.9 billion from BXG and $481.3 million from multi-asset products, and |
o | $4.3 billion in our Hedge Fund Solutions segment driven by $3.0 billion from individual investor and specialized solutions, $654.9 million from customized solutions and $621.3 million from commingled products. |
o | $29.5 billion of market appreciation in our Private Equity segment driven by carrying value |
o | $ |
o | $5.9 billion of market appreciation in our Credit & Insurance segment driven by appreciation of $3.1 billion from certain liquid credit and MLP strategies, $715.7 million from mezzanine funds, $908.8 million from direct lending, $596.1 million from stressed/distressed strategies and $534.5 million from energy strategies, all of which included $115.5 million of foreign exchange appreciation across the segment, and |
o | $ |
Fee-Earning Assets Under Management. |
o | $ |
o | $10.0 billion in our Credit & Insurance segment driven by $2.9 billion from CLOs, $2.7 billion from direct lending, $1.9 billion from mezzanine funds, $1.6 billion from stressed/distressed strategies, $573.1 million from energy strategies and $347.5 million from certain liquid credit and MLP strategies, and |
o | $7.3 billion in our Real Estate segment driven by $4.9 billion from BREP opportunistic and co-investment, $1.5 billion from Core+ real estate and $845.3 million from BREDS. |
o | $ |
o | $8.5 billion in our Credit & Insurance segment driven by |
o | $ |
o | $ |
Note: | Totals may not add due to rounding. |
(a) | Represents illiquid drawdown funds, a component of Perpetual Capital and fee-paying co-investments; includesfee-paying third party capital as well as general partner and employee capital that does not earn fees. Amounts are reduced by outstanding capital commitments, for which capital has not yet been invested. |
June 30, | ||||||||
2020 | 2019 | |||||||
(Dollars in Millions) | ||||||||
Real Estate | ||||||||
BREP IV | $ | 7 | $ | 11 | ||||
BREP V | 1 | 54 | ||||||
BREP VI | 45 | 88 | ||||||
BREP VII | 238 | 536 | ||||||
BREP VIII | 604 | 517 | ||||||
BREP IX | 6 | — | ||||||
BREP International II | — | 25 | ||||||
BREP Europe IV | 105 | 209 | ||||||
BREP Europe V | 99 | 161 | ||||||
BREP Asia I | 85 | 154 | ||||||
BPP | 225 | 240 | ||||||
BREIT | — | 36 | ||||||
BREDS | 3 | 20 | ||||||
BTAS | 22 | 41 | ||||||
Total Real Estate (a) | 1,441 | 2,093 | ||||||
Private Equity | ||||||||
BCP IV | 19 | 24 | ||||||
BCP VI | 521 | 755 | ||||||
BCP VII | 307 | 293 | ||||||
BCP Asia | 18 | 6 | ||||||
BEP I | 63 | 134 | ||||||
BEP II | — | 54 | ||||||
BEP III | 3 | — | ||||||
BCEP | 43 | 30 | ||||||
Tactical Opportunities | 55 | 128 | ||||||
Strategic Partners | 155 | 98 | ||||||
BXLS | 8 | — | ||||||
BTAS/Other | 7 | 52 | ||||||
Total Private Equity (a) | 1,199 | 1,573 | ||||||
Hedge Fund Solutions | 26 | 64 | ||||||
Credit & Insurance | 42 | 242 | ||||||
Total Blackstone Net Accrued Performance Revenues | $ | 2,708 | $ | 3,973 | ||||
Unrealized Investments | Realized Investments | Total Investments | ||||||||||||||||||||||||||||||||
Fund (Investment Period | Committed | Available | % | Net IRRs (d) | ||||||||||||||||||||||||||||||
Beginning Date / Ending Date) (a) | Capital | Capital (b) | Value | MOIC (c) | Public | Value | MOIC (c) | Value | MOIC (c) | Realized | Total | |||||||||||||||||||||||
(Dollars in Thousands, Except Where Noted) | ||||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||||
Pre-BREP | $ 140,714 | $ — | $ — | N/A | — | $ 345,190 | 2.5x | $ 345,190 | 2.5x | 33 | % | 33 | % | |||||||||||||||||||||
BREP I (Sep 1994 / Oct 1996) | 380,708 | — | — | N/A | — | 1,327,708 | 2.8x | 1,327,708 | 2.8x | 40 | % | 40 | % | |||||||||||||||||||||
BREP II (Oct 1996 / Mar 1999) | 1,198,339 | — | — | N/A | — | 2,531,614 | 2.1x | 2,531,614 | 2.1x | 19 | % | 19 | % | |||||||||||||||||||||
BREP III (Apr 1999 / Apr 2003) | 1,522,708 | — | — | N/A | — | 3,330,406 | 2.4x | 3,330,406 | 2.4x | 21 | % | 21 | % | |||||||||||||||||||||
BREP IV (Apr 2003 / Dec 2005) | 2,198,694 | — | 28,986 | — | 49 | % | 4,544,926 | 2.2x | 4,573,912 | 1.7x | 28 | % | 12 | % | ||||||||||||||||||||
BREP V (Dec 2005 / Feb 2007) | 5,539,418 | — | 161,954 | 0.6x | 36 | % | 13,047,811 | 2.4x | 13,209,765 | 2.3x | 12 | % | 11 | % | ||||||||||||||||||||
BREP VI (Feb 2007 / Aug 2011) | 11,060,444 | — | 559,459 | 2.2x | 71 | % | 27,131,368 | 2.5x | 27,690,827 | 2.5x | 13 | % | 13 | % | ||||||||||||||||||||
BREP VII (Aug 2011 / Apr 2015) | 13,496,823 | 1,693,447 | 5,596,958 | 1.2x | 6 | % | 22,816,881 | 2.1x | 28,413,839 | 1.9x | 22 | % | 15 | % | ||||||||||||||||||||
BREP VIII (Apr 2015 / Jun 2019) | 16,567,310 | 2,644,464 | 17,563,805 | 1.4x | — | 7,132,698 | 1.7x | 24,696,503 | 1.5x | 26 | % | 12 | % | |||||||||||||||||||||
*BREP IX (Jun 2019 / Dec 2024) | 20,891,658 | 14,814,901 | 6,240,053 | 1.0x | 8 | % | 983,331 | 1.4x | 7,223,384 | 1.1x | N/M | 8 | % | |||||||||||||||||||||
Total Global BREP | $ 72,996,816 | $ 19,152,812 | $ 30,151,215 | 1.2x | 4 | % | $ 83,191,933 | 2.2x | $113,343,148 | 1.8x | 18 | % | 15 | % | ||||||||||||||||||||
BREP Int’l (Jan 2001 / Sep 2005) | € 824,172 | € — | € — | N/A | — | € 1,373,170 | 2.1x | € 1,373,170 | 2.1x | 23 | % | 23 | % | |||||||||||||||||||||
BREP Int’l II (Sep 2005 / Jun 2008) (e) | 1,629,748 | — | — | N/A | — | 2,576,670 | 1.8x | 2,576,670 | 1.8x | 8 | % | 8 | % | |||||||||||||||||||||
BREP Europe III (Jun 2008 / Sep 2013) | 3,205,167 | 467,119 | 410,184 | 0.6x | — | 5,737,320 | 2.5x | 6,147,504 | 2.1x | 20 | % | 14 | % | |||||||||||||||||||||
BREP Europe IV (Sep 2013 / Dec 2016) | 6,709,145 | 1,337,987 | 2,594,032 | 1.4x | — | 8,988,619 | 2.0x | 11,582,651 | 1.8x | 23 | % | 15 | % | |||||||||||||||||||||
BREP Europe V (Dec 2016 / Oct 2019) | 7,949,959 | 1,595,473 | 7,454,498 | 1.2x | — | 721,076 | 2.7x | 8,175,574 | 1.3x | 53 | % | 8 | % | |||||||||||||||||||||
*BREP Europe VI (Oct 2019 / Apr 2025) | 9,794,768 | 7,638,299 | 2,121,888 | 1.0x | 10 | % | — | N/A | 2,121,888 | 1.0x | N/M | N/M | ||||||||||||||||||||||
Total BREP Europe | € 30,112,959 | € 11,038,878 | € 12,580,602 | 1.2x | 2 | % | € 19,396,855 | 2.1x | € 31,977,457 | 1.6x | 16 | % | 12 | % | ||||||||||||||||||||
Unrealized Investments | Realized Investments | Total Investments | ||||||||||||||||||||||||||||||||
Fund (Investment Period | Committed | Available | % | Net IRRs (d) | ||||||||||||||||||||||||||||||
Beginning Date / Ending Date) (a) | Capital | Capital (b) | Value | MOIC (c) | Public | Value | MOIC (c) | Value | MOIC (c) | Realized | Total | |||||||||||||||||||||||
(Dollars in Thousands, Except Where Noted) | ||||||||||||||||||||||||||||||||||
Real Estate (continued) | ||||||||||||||||||||||||||||||||||
BREP Asia I (Jun 2013 / Dec 2017) | $ 5,096,753 | $ 1,728,257 | $ 3,139,012 | 1.3x | 11 | % | $ 4,129,266 | 1.9x | $ 7,268,278 | 1.6x | 21 | % | 11 | % | ||||||||||||||||||||
*BREP Asia II (Dec 2017 / Jun 2023) | 7,302,307 | 4,416,827 | 3,054,983 | 1.1x | 12 | % | 207,162 | 1.5x | 3,262,145 | 1.1x | 36 | % | — | |||||||||||||||||||||
BREP Co-Investment (f) | 7,055,974 | 154,594 | 1,787,693 | 2.4x | — | 13,289,404 | 2.1x | 15,077,097 | 2.1x | 15 | % | 16 | % | |||||||||||||||||||||
Total BREP | $ 126,131,248 | $ 37,853,566 | $ 52,536,503 | 1.2x | 4 | % | $ 125,287,061 | 2.2x | $ 177,823,564 | 1.8x | 17 | % | 15 | % | ||||||||||||||||||||
*Core+ BPP (Various) (g) | N/A | N/A | $ 33,191,570 | N/A | — | $ 7,089,382 | N/A | $ 40,280,952 | N/A | N/M | 8 | % | ||||||||||||||||||||||
*Core+ BREIT (Various) (h) | N/A | N/A | 17,384,357 | N/A | — | 465,068 | N/A | 17,849,425 | N/A | N/A | 7 | % | ||||||||||||||||||||||
*BREDS High-Yield (Various) (i) | 18,600,464 | 8,894,151 | 3,013,387 | 1.0x | — | 12,492,057 | 1.3x | 15,505,444 | 1.2x | 11 | % | 10 | % | |||||||||||||||||||||
Private Equity | ||||||||||||||||||||||||||||||||||
Corporate Private Equity | ||||||||||||||||||||||||||||||||||
BCP I (Oct 1987 / Oct 1993) | $ 859,081 | $ — | $ — | N/A | — | $ 1,741,738 | 2.6x | $ 1,741,738 | 2.6x | 19 | % | 19 | % | |||||||||||||||||||||
BCP II (Oct 1993 / Aug 1997) | 1,361,100 | — | — | N/A | — | 3,256,819 | 2.5x | 3,256,819 | 2.5x | 32 | % | 32 | % | |||||||||||||||||||||
BCP III (Aug 1997 / Nov 2002) | 3,967,422 | — | — | N/A | — | 9,184,688 | 2.3x | 9,184,688 | 2.3x | 14 | % | 14 | % | |||||||||||||||||||||
BCOM (Jun 2000 / Jun 2006) | 2,137,330 | 24,575 | 11,891 | N/A | — | 2,953,649 | 1.4x | 2,965,540 | 1.4x | 6 | % | 6 | % | |||||||||||||||||||||
BCP IV (Nov 2002 / Dec 2005) | 6,773,182 | 195,824 | 161,183 | 2.2x | — | 21,417,821 | 2.9x | 21,579,004 | 2.9x | 36 | % | 36 | % | |||||||||||||||||||||
BCP V (Dec 2005 / Jan 2011) | 21,013,658 | 1,039,805 | 627,552 | 0.7x | 45 | % | 37,166,512 | 1.9x | 37,794,064 | 1.9x | 9 | % | 8 | % | ||||||||||||||||||||
BCP VI (Jan 2011 / May 2016) | 15,202,400 | 1,239,853 | 9,921,527 | 1.4x | 43 | % | 16,493,176 | 2.1x | 26,414,703 | 1.8x | 18 | % | 11 | % | ||||||||||||||||||||
BCP VII (May 2016 / Feb 2020) | 18,865,679 | 3,397,863 | 18,925,185 | 1.3x | 1 | % | 1,685,595 | 1.8x | 20,610,780 | 1.3x | 47 | % | 10 | % | ||||||||||||||||||||
*BCP VIII (Feb 2020 / Feb 2026) | 24,985,447 | 24,985,447 | — | N/A | — | — | N/A | — | N/A | N/A | N/A | |||||||||||||||||||||||
Energy I (Aug 2011 / Feb 2015) | 2,441,558 | 157,049 | 1,211,172 | 1.2x | 61 | % | 2,744,604 | 1.9x | 3,955,776 | 1.6x | 17 | % | 10 | % | ||||||||||||||||||||
Energy II (Feb 2015 / Feb 2020) | 4,914,044 | 263,873 | 3,447,078 | 0.8x | 9 | % | 332,436 | 2.0x | 3,779,514 | 0.8x | 58 | % | -15 | % | ||||||||||||||||||||
*Energy III (Feb 2020 / Feb 2026) | 4,227,166 | 4,087,226 | 127,103 | 1.8x | 45 | % | — | N/A | 127,103 | 1.8x | N/A | N/M | ||||||||||||||||||||||
*BCP Asia (Dec 2017 / Dec 2023) | 2,394,966 | 1,393,730 | 1,241,822 | 1.3x | 15 | % | 54,308 | 1.7x | 1,296,130 | 1.3x | 92 | % | 14 | % | ||||||||||||||||||||
*Core Private Equity (Jan 2017 / Jan 2021) (j) | 4,756,707 | 1,381,730 | 4,260,653 | 1.2x | — | 418,053 | 1.6x | 4,678,706 | 1.3x | 36 | % | 10 | % | |||||||||||||||||||||
Total Corporate Private Equity | $ 113,899,740 | $ 38,166,975 | $ 39,935,166 | 1.2x | 16 | % | $ 97,449,399 | 2.1x | $ 137,384,565 | 1.7x | 16 | % | 14 | % | ||||||||||||||||||||
Unrealized Investments | Realized Investments | Total Investments | ||||||||||||||||||||||||||||||||
Fund (Investment Period | Committed | Available | % | Net IRRs (d) | ||||||||||||||||||||||||||||||
Beginning Date / Ending Date) (a) | Capital | Capital (b) | Value | MOIC (c) | Public | Value | MOIC (c) | Value | MOIC (c) | Realized | Total | |||||||||||||||||||||||
(Dollars in Thousands, Except Where Noted) | ||||||||||||||||||||||||||||||||||
Private Equity (continued) | ||||||||||||||||||||||||||||||||||
Tactical Opportunities | ||||||||||||||||||||||||||||||||||
*Tactical Opportunities (Various) | $ 22,555,525 | $ 8,618,210 | $ 9,886,307 | 1.0x | 8 | % | $ 10,267,342 | 1.7x | $20,153,649 | 1.3x | 18 | % | 7 | % | ||||||||||||||||||||
*Tactical Opportunities Co-Investment and Other (Various) | 8,515,156 | 2,201,908 | 5,435,077 | 1.3x | 4 | % | 2,075,769 | 1.5x | 7,510,846 | 1.4x | 22 | % | 14 | % | ||||||||||||||||||||
Total Tactical Opportunities | $ 31,070,681 | $10,820,118 | $15,321,384 | 1.1x | 7 | % | $ 12,343,111 | 1.7x | $27,664,495 | 1.3x | 19 | % | 9 | % | ||||||||||||||||||||
Strategic Partners (Secondaries) | ||||||||||||||||||||||||||||||||||
Strategic Partners I-V (Various) (k) | $ 11,865,053 | $ 1,696,017 | $ 933,357 | N/M | — | $ 16,866,422 | N/M | $17,799,779 | 1.5x | N/A | 13 | % | ||||||||||||||||||||||
Strategic Partners VI (Apr 2014 / Apr 2016) (k) | 4,362,750 | 1,201,160 | 1,423,216 | N/M | — | 3,244,976 | N/M | 4,668,192 | 1.5x | N/A | 15 | % | ||||||||||||||||||||||
Strategic Partners VII (May 2016 / Mar 2019) (k) | 7,489,970 | 2,511,941 | 5,499,667 | N/M | — | 1,812,567 | N/M | 7,312,234 | 1.5x | N/A | 20 | % | ||||||||||||||||||||||
Strategic Partners Real Assets II (May 2017 / Jun 2020) (k) | 1,749,807 | 264,740 | 1,161,342 | N/M | — | 394,475 | N/M | 1,555,817 | 1.2x | N/A | 16 | % | ||||||||||||||||||||||
*Strategic Partners VIII (Mar 2019 / Jul 2023) (k) | 10,763,600 | 5,469,228 | 3,418,251 | N/M | — | 188,363 | N/M | 3,606,614 | 1.4x | N/A | 58 | % | ||||||||||||||||||||||
*Strategic Partners Real Estate, SMA and Other (Various) (k) | 7,678,402 | 2,963,642 | 2,742,203 | N/M | — | 1,354,601 | N/M | 4,096,804 | 1.3x | N/A | 17 | % | ||||||||||||||||||||||
*Strategic Partners Infra III (Jun 2020 / Jul 2024) (k) | 3,240,000 | 2,941,474 | — | N/A | — | — | N/A | — | N/A | N/A | N/A | |||||||||||||||||||||||
Total Strategic Partners (Secondaries) | $ 47,149,582 | $17,048,202 | $15,178,036 | N/M | — | $ 23,861,404 | N/M | $39,039,440 | 1.5x | N/A | 14 | % | ||||||||||||||||||||||
*Infrastructure (Various) | $ 13,658,063 | $11,307,674 | $ 2,201,896 | 0.9x | 1 | % | $ — | N/A | $ 2,201,896 | 0.9x | N/A | -11 | % | |||||||||||||||||||||
Life Sciences | ||||||||||||||||||||||||||||||||||
Clarus IV (Jan 2018 / Jan 2020) | 910,000 | 440,014 | 570,869 | 1.4x | 2 | % | 20,207 | 1.3x | 591,076 | 1.4x | 6 | % | 18 | % | ||||||||||||||||||||
*BXLS V (Jan 2020 / Jan 2025) | 4,385,171 | 4,182,973 | 240,675 | 1.2x | 8 | % | — | N/A | 240,675 | 1.2x | N/A | N/M |
Unrealized Investments | Realized Investments | Total Investments | ||||||||||||||||||||||||||||||||
Fund (Investment Period | Committed | Available | % | Net IRRs (d) | ||||||||||||||||||||||||||||||
Beginning Date / Ending Date) (a) | Capital | Capital (b) | Value | MOIC (c) | Public | Value | MOIC (c) | Value | MOIC (c) | Realized | Total | |||||||||||||||||||||||
(Dollars in Thousands, Except Where Noted) | ||||||||||||||||||||||||||||||||||
Credit (l) | ||||||||||||||||||||||||||||||||||
Mezzanine / Opportunistic I (Jul 2007 / Oct 2011) | $ 2,000,000 | $ 97,114 | $ 15,554 | 0.8x | — | $ 4,774,329 | 1.6x | $ 4,789,883 | 1.6x | N/A | 17% | |||||||||||||||||||||||
Mezzanine / Opportunistic II (Nov 2011 / Nov 2016) | 4,120,000 | 1,033,255 | 884,201 | 0.6x | — | 5,492,318 | 1.6x | 6,376,519 | 1.3x | N/A | 9% | |||||||||||||||||||||||
*Mezzanine / Opportunistic III (Sep 2016 / Sep 2021) | 6,639,133 | 2,497,919 | 4,260,490 | 1.0x | — | 2,202,749 | 1.6x | 6,463,239 | 1.2x | N/A | 8% | |||||||||||||||||||||||
Stressed / Distressed I (Sep 2009 / May 2013) | 3,253,143 | 76,000 | 10,770 | — | — | 5,772,930 | 1.6x | 5,783,700 | 1.3x | N/A | 9% | |||||||||||||||||||||||
Stressed / Distressed II (Jun 2013 / Jun 2018) | 5,125,000 | 555,590 | 903,246 | 0.6x | 1 | % | 4,376,500 | 1.2x | 5,279,746 | 1.0x | N/A | -3% | ||||||||||||||||||||||
*Stressed / Distressed III (Dec 2017 / Dec 2022) | 7,356,380 | 4,167,110 | 1,720,727 | 0.8x | — | 1,217,223 | 1.4x | 2,937,950 | 1.0x | N/A | -9% | |||||||||||||||||||||||
Energy I (Nov 2015 / Nov 2018) | 2,856,867 | 1,072,376 | 1,409,774 | 0.9x | — | 1,046,757 | 1.7x | 2,456,531 | 1.1x | N/A | 2% | |||||||||||||||||||||||
*Energy II (Feb 2019 / Feb 2024) | 3,616,081 | 3,017,574 | 621,160 | 1.0x | — | 176,873 | 1.4x | 798,033 | 1.1x | N/A | 12% | |||||||||||||||||||||||
Euro | ||||||||||||||||||||||||||||||||||
European Senior Debt I (Feb 2015 / Feb 2019) | € 1,964,689 | € 305,089 | € 1,661,274 | 1.0x | 2 | % | € 1,376,818 | 1.5x | € 3,038,092 | 1.1x | N/A | 4% | ||||||||||||||||||||||
*European Senior Debt II (Jun 2019 / Jun 2024) | € 4,088,344 | € 3,672,670 | € 413,190 | 1.0x | — | € 101,399 | 1.5x | € 514,589 | 1.1x | N/A | N/M | |||||||||||||||||||||||
Total Credit | $41,872,262 | $16,984,573 | $ 12,155,856 | 0.8x | — | $ 26,728,090 | 1.5x | $ 38,883,946 | 1.2x | N/A | 8% | |||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, | 2020 vs. 2019 | June 30, | 2020 vs. 2019 | |||||||||||||||||||||||||||||
2020 | 2019 | $ | % | 2020 | 2019 | $ | % | |||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||
Management Fees, Net | ||||||||||||||||||||||||||||||||
Base Management Fees | $ | 382,704 | $ | 255,636 | $ | 127,068 | 50 | % | $ | 754,142 | $ | 515,881 | $ | 238,261 | 46 | % | ||||||||||||||||
Transaction and Other Fees, Net | 32,039 | 23,990 | 8,049 | 34 | % | 55,063 | 47,901 | 7,162 | 15 | % | ||||||||||||||||||||||
Management Fee Offsets | (2,436 | ) | (1,686 | ) | (750 | ) | 44 | % | (10,777 | ) | (1,966 | ) | (8,811 | ) | 448 | % | ||||||||||||||||
Total Management Fees, Net | 412,307 | 277,940 | 134,367 | 48 | % | 798,428 | 561,816 | 236,612 | 42 | % | ||||||||||||||||||||||
Fee Related Performance Revenues | 6,505 | 11,072 | (4,567 | ) | -41 | % | 11,056 | 17,748 | (6,692 | ) | -38 | % | ||||||||||||||||||||
Fee Related Compensation | (116,640 | ) | (97,795 | ) | (18,845 | ) | 19 | % | (236,936 | ) | (212,611 | ) | (24,325 | ) | 11 | % | ||||||||||||||||
Other Operating Expenses | (44,525 | ) | (40,114 | ) | (4,411 | ) | 11 | % | (85,001 | ) | (79,100 | ) | (5,901 | ) | 7 | % | ||||||||||||||||
Fee Related Earnings | 257,647 | 151,103 | 106,544 | 71 | % | 487,547 | 287,853 | 199,694 | 69 | % | ||||||||||||||||||||||
Realized Performance Revenues | 34,209 | 198,573 | (164,364 | ) | -83 | % | 77,929 | 275,755 | (197,826 | ) | -72 | % | ||||||||||||||||||||
Realized Performance Compensation | (12,547 | ) | (67,742 | ) | 55,195 | -81 | % | (25,939 | ) | (97,642 | ) | 71,703 | -73 | % | ||||||||||||||||||
Realized Principal Investment Income | 1,573 | 47,420 | (45,847 | ) | -97 | % | 8,873 | 45,289 | (36,416 | ) | -80 | % | ||||||||||||||||||||
Net Realizations | 23,235 | 178,251 | (155,016 | ) | -87 | % | 60,863 | 223,402 | (162,539 | ) | -73 | % | ||||||||||||||||||||
Segment Distributable Earnings | $ | 280,882 | $ | 329,354 | $ | (48,472 | ) | -15 | % | $ | 548,410 | $ | 511,255 | $ | 37,155 | 7 | % | |||||||||||||||
Three Months Ended | Six Months Ended | June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | Inception to Date | ||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | Realized | Total | |||||||||||||||||||||||||||||||||||||||||||
Fund (a) | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | ||||||||||||||||||||||||||||||||||||
BREP IV | 5% | 5% | 49% | 30% | -30% | -29% | 40% | 27% | 48% | 28% | 22% | 12% | ||||||||||||||||||||||||||||||||||||
BREP V | 14% | 13% | 9% | 8% | -35% | -31% | 16% | 13% | 15% | 12% | 14% | 11% | ||||||||||||||||||||||||||||||||||||
BREP VI | - | - | 14% | 13% | -20% | -18% | 15% | 13% | 18% | 13% | 17% | 13% | ||||||||||||||||||||||||||||||||||||
BREP VII | -9% | -8% | 4% | 3% | -22% | -20% | 10% | 8% | 30% | 22% | 21% | 15% | ||||||||||||||||||||||||||||||||||||
BREP VIII | 4% | 3% | 4% | 3% | -4% | -3% | 7% | 5% | 36% | 26% | 19% | 12% | ||||||||||||||||||||||||||||||||||||
BREP IX | 10% | 9% | N/M | N/M | 8% | 3% | N/M | N/M | N/M | N/M | 20% | 8% | ||||||||||||||||||||||||||||||||||||
BREP International II (b)(c) | N/M | N/M | 8% | -6% | N/M | N/M | 140% | 66% | 10% | 8% | 10% | 8% | ||||||||||||||||||||||||||||||||||||
BREP Europe III (b) | -7% | -6% | 1% | 1% | -3% | -3% | 1% | - | 30% | 20% | 23% | 14% | ||||||||||||||||||||||||||||||||||||
BREP Europe IV (b) | -5% | -5% | - | - | -13% | -12% | 5% | 4% | 31% | 23% | 21% | 15% | ||||||||||||||||||||||||||||||||||||
BREP Europe V (b) | 1% | 1% | 5% | 3% | -7% | -6% | 10% | 7% | 69% | 53% | 14% | 8% | ||||||||||||||||||||||||||||||||||||
BREP Asia I | - | - | 5% | 4% | -15% | -13% | 10% | 8% | 29% | 21% | 18% | 11% | ||||||||||||||||||||||||||||||||||||
BREP Asia II | 3% | 2% | 7% | 5% | -6% | -7% | 14% | 8% | 58% | 36% | 9% | - | ||||||||||||||||||||||||||||||||||||
BREP Co-Investment (d) | 16% | 15% | 9% | 9% | 13% | 13% | 25% | 23% | 17% | 15% | 18% | 16% | ||||||||||||||||||||||||||||||||||||
BPP (e) | 2% | 2% | 1% | 1% | - | - | 4% | 3% | N/M | N/M | 10% | 8% | ||||||||||||||||||||||||||||||||||||
BREDS High-Yield (f) | 5% | 4% | 3% | 3% | -7% | -7% | 8% | 6% | 15% | 11% | 14% | 10% | ||||||||||||||||||||||||||||||||||||
BREDS High-Grade (f) | - | - | 2% | 2% | -2% | -3% | 4% | 3% | 8% | 7% | 4% | 3% | ||||||||||||||||||||||||||||||||||||
BREDS Liquid (g) | 3% | 3% | 2% | 2% | -19% | -19% | 8% | 7% | N/A | N/A | 9% | 6% | ||||||||||||||||||||||||||||||||||||
BXMT (h) | N/A | 33% | N/A | 5% | N/A | -32% | N/A | 16% | N/A | N/A | N/A | 7% | ||||||||||||||||||||||||||||||||||||
BREIT (i) | N/A | 4% | N/A | 3% | N/A | -4% | N/A | 5% | N/A | N/A | N/A | 7% |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, | 2020 vs. 2019 | June 30, | 2020 vs. 2019 | |||||||||||||||||||||||||||||
2020 | 2019 | $ | % | 2020 | 2019 | $ | % | |||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||
Management and Advisory Fees, Net | ||||||||||||||||||||||||||||||||
Base Management Fees | $ | 268,070 | $ | 265,139 | $ | 2,931 | 1 | % | $ | 522,044 | $ | 484,556 | $ | 37,488 | 8 | % | ||||||||||||||||
Transaction, Advisory and Other Fees, Net | 9,521 | 31,526 | (22,005 | ) | -70 | % | 30,934 | 68,817 | (37,883 | ) | -55 | % | ||||||||||||||||||||
Management Fee Offsets | (8,031 | ) | (17,689 | ) | 9,658 | -55 | % | (17,246 | ) | (22,674 | ) | 5,428 | -24 | % | ||||||||||||||||||
Total Management and Advisory Fees, Net | 269,560 | 278,976 | (9,416 | ) | -3 | % | 535,732 | 530,699 | 5,033 | 1 | % | |||||||||||||||||||||
Fee Related Compensation | (92,825 | ) | (105,107 | ) | 12,282 | -12 | % | (203,193 | ) | (212,694 | ) | 9,501 | -4 | % | ||||||||||||||||||
Other Operating Expenses | (44,827 | ) | (40,429 | ) | (4,398 | ) | 11 | % | (85,828 | ) | (74,630 | ) | (11,198 | ) | 15 | % | ||||||||||||||||
Fee Related Earnings | 131,908 | 133,440 | (1,532 | ) | -1 | % | 246,711 | 243,375 | 3,336 | 1 | % | |||||||||||||||||||||
Realized Performance Revenues | 64,513 | 122,907 | (58,394 | ) | -48 | % | 176,589 | 279,506 | (102,917 | ) | -37 | % | ||||||||||||||||||||
Realized Performance Compensation | (25,016 | ) | (52,081 | ) | 27,065 | -52 | % | (79,659 | ) | (102,637 | ) | 22,978 | -22 | % | ||||||||||||||||||
Realized Principal Investment Income | 17,416 | 42,906 | (25,490 | ) | -59 | % | 27,763 | 68,045 | (40,282 | ) | -59 | % | ||||||||||||||||||||
Net Realizations | 56,913 | 113,732 | (56,819 | ) | -50 | % | 124,693 | 244,914 | (120,221 | ) | -49 | % | ||||||||||||||||||||
Segment Distributable Earnings | $ | 188,821 | $ | 247,172 | $ | (58,351 | ) | -24 | % | $ | 371,404 | $ | 488,289 | $ | (116,885 | ) | -24 | % | ||||||||||||||
Three Months Ended | Six Months Ended | June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | Inception to Date | ||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | Realized | Total | |||||||||||||||||||||||||||||||||||||||||||
Fund (a) | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | ||||||||||||||||||||||||||||||||||||
BCP IV | -10% | -10% | -3% | -2% | -11% | -10% | 41% | 33% | 50% | 36% | 50% | 36% | ||||||||||||||||||||||||||||||||||||
BCP V | 15% | 3% | -6% | -3% | -15% | -7% | -4% | -1% | 11% | 9% | 10% | 8% | ||||||||||||||||||||||||||||||||||||
BCP VI | 27% | 22% | -2% | -2% | -10% | -9% | 4% | 3% | 24% | 18% | 15% | 11% | ||||||||||||||||||||||||||||||||||||
BCP VII | 6% | 4% | 6% | 4% | -7% | -7% | 10% | 7% | 66% | 47% | 18% | 10% | ||||||||||||||||||||||||||||||||||||
BCP Asia | 4% | 3% | N/M | N/M | 3% | 1% | N/M | N/M | 190% | 92% | 32% | 14% | ||||||||||||||||||||||||||||||||||||
BEP I | 47% | 34% | 1% | 1% | -22% | -20% | 12% | 11% | 22% | 17% | 13% | 10% | ||||||||||||||||||||||||||||||||||||
BEP II | 13% | 13% | -2% | -2% | -38% | -38% | -2% | -3% | 79% | 58% | -10% | -15% | ||||||||||||||||||||||||||||||||||||
BCOM | 4% | 4% | -12% | -12% | -12% | -12% | -20% | -20% | 13% | 6% | 13% | 6% | ||||||||||||||||||||||||||||||||||||
BCEP (b) | 4% | 4% | 8% | 7% | -2% | -2% | 13% | 11% | 41% | 36% | 13% | 10% | ||||||||||||||||||||||||||||||||||||
BIP | 3% | 3% | N/M | N/M | -9% | -10% | N/M | N/M | N/A | N/A | -6% | -11% | ||||||||||||||||||||||||||||||||||||
Clarus IV | - | - | N/M | N/M | 2% | 1% | N/M | N/M | 23% | 6% | 36% | 18% | ||||||||||||||||||||||||||||||||||||
Tactical Opportunities | 12% | 9% | 1% | - | -9% | -5% | 5% | 3% | 22% | 18% | 11% | 7% | ||||||||||||||||||||||||||||||||||||
Tactical Opportunities Co-Investment and Other | 9% | 9% | 1% | - | - | - | 4% | 1% | 26% | 22% | 16% | 14% | ||||||||||||||||||||||||||||||||||||
Strategic Partners I-V (c) | 1% | 1% | -7% | -7% | 3% | 3% | -6% | -6% | N/A | N/A | 16% | 13% | ||||||||||||||||||||||||||||||||||||
Strategic Partners VI (c) | - | - | -6% | -6% | -1% | -2% | -4% | -4% | N/A | N/A | 20% | 15% | ||||||||||||||||||||||||||||||||||||
Strategic Partners VII (c) | 3% | 3% | -4% | -4% | 3% | 2% | 2% | 2% | N/A | N/A | 25% | 20% | ||||||||||||||||||||||||||||||||||||
Strategic Partners RA II (c) | 4% | 4% | 6% | 4% | 8% | 7% | 11% | 8% | N/A | N/A | 22% | 16% | ||||||||||||||||||||||||||||||||||||
Strategic Partners VIII (c) | 8% | 5% | N/M | N/M | 12% | 9% | N/M | N/M | N/A | N/A | 81% | 58% | ||||||||||||||||||||||||||||||||||||
Strategic Partners RE, SMA and Other (c) | 5% | 5% | 3% | 3% | 7% | 7% | 6% | 6% | N/A | N/A | 20% | 17% |
June 30, | ||||||||
2021 | 2020 | |||||||
(Dollars in Millions) | ||||||||
Real Estate | ||||||||
BREP IV | $ | 19 | $ | 7 | ||||
BREP V | 26 | 1 | ||||||
BREP VI | 42 | 45 | ||||||
BREP VII | 300 | 238 | ||||||
BREP VIII | 626 | 604 | ||||||
BREP IX | 359 | 6 | ||||||
BREP Europe IV | 89 | 105 | ||||||
BREP Europe V | 312 | 99 | ||||||
BREP Europe VI | 60 | — | ||||||
BREP Asia I | 107 | 85 | ||||||
BREP Asia II | 98 | — | ||||||
BPP | 265 | 225 | ||||||
BREIT | 247 | — | ||||||
BREDS | 32 | 3 | ||||||
BTAS | 6 | 22 | ||||||
Total Real Estate (a) | 2,591 | 1,441 | ||||||
Private Equity | ||||||||
BCP IV | 9 | 19 | ||||||
BCP V | 39 | — | ||||||
BCP VI | 740 | 521 | ||||||
BCP VII | 1,351 | 307 | ||||||
BCP VIII | 89 | — | ||||||
BCP Asia I | 213 | 18 | ||||||
BEP I | 28 | 63 | ||||||
BEP III | 47 | 3 | ||||||
BCEP I | 170 | 43 | ||||||
Tactical Opportunities (b) | 432 | 55 | ||||||
Strategic Partners | 262 | 155 | ||||||
BIP | 81 | — | ||||||
BXLS | 23 | 8 | ||||||
BTAS/Other | 151 | 7 | ||||||
Total Private Equity (a) | 3,637 | 1,199 | ||||||
Hedge Fund Solutions | 300 | 26 | ||||||
Credit & Insurance | 233 | 42 | ||||||
Total Blackstone Net Accrued Performance Revenues | $ | 6,761 | $ | 2,708 | ||||
Note: | Totals may not add due to rounding. |
(a) | Real Estate and Private Equity include co-investments, as applicable. |
(b) | Tactical Opportunities includes Blackstone Growth. |
Note: | Totals may not add due to rounding. |
Note: | Totals may not add due to rounding. |
Unrealized Investments | Realized Investments | Total Investments | ||||||||||||||||||||||||||||||||
Fund (Investment Period | Committed | Available | % | Net IRRs (d) | ||||||||||||||||||||||||||||||
Beginning Date / Ending Date) (a) | Capital | Capital (b) | Value | MOIC (c) | Public | Value | MOIC (c) | Value | MOIC (c) | Realized | Total | |||||||||||||||||||||||
(Dollars/Euros in Thousands, Except Where Noted) | ||||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||||
Pre-BREP | $ 140,714 | $ — | $ — | n/a | — | $ 345,190 | 2.5x | $ 345,190 | 2.5x | 33 | % | 33 | % | |||||||||||||||||||||
BREP I (Sep 1994 / Oct 1996) | 380,708 | — | — | n/a | — | 1,327,708 | 2.8x | 1,327,708 | 2.8x | 40 | % | 40 | % | |||||||||||||||||||||
BREP II (Oct 1996 / Mar 1999) | 1,198,339 | — | — | n/a | — | 2,531,614 | 2.1x | 2,531,614 | 2.1x | 19 | % | 19 | % | |||||||||||||||||||||
BREP III (Apr 1999 / Apr 2003) | 1,522,708 | — | — | n/a | — | 3,330,406 | 2.4x | 3,330,406 | 2.4x | 21 | % | 21 | % | |||||||||||||||||||||
BREP IV (Apr 2003 / Dec 2005) | 2,198,694 | — | 67,097 | 1.3x | 56 | % | 4,579,740 | 1.7x | 4,646,837 | 1.7x | 13 | % | 12 | % | ||||||||||||||||||||
BREP V (Dec 2005 / Feb 2007) | 5,539,418 | 231,857 | 255,300 | 1.1x | 58 | % | 13,090,349 | 2.4x | 13,345,649 | 2.3x | 12 | % | 11 | % | ||||||||||||||||||||
BREP VI (Feb 2007 / Aug 2011) | 11,060,444 | 550,596 | 493,096 | 2.3x | 77 | % | 27,272,291 | 2.5x | 27,765,387 | 2.5x | 13 | % | 13 | % | ||||||||||||||||||||
BREP VII (Aug 2011 / Apr 2015) | 13,496,823 | 1,525,932 | 5,918,553 | 1.3x | 6 | % | 23,280,621 | 2.1x | 29,199,174 | 1.9x | 22 | % | 14 | % | ||||||||||||||||||||
BREP VIII (Apr 2015 / Jun 2019) | 16,576,617 | 2,571,042 | 14,572,997 | 1.3x | — | 14,848,690 | 2.4x | 29,421,687 | 1.7x | 29 | % | 15 | % | |||||||||||||||||||||
*BREP IX (Jun 2019 / Dec 2024) | 21,007,890 | 11,839,168 | 12,675,878 | 1.4x | 7 | % | 1,585,131 | 1.7x | 14,261,009 | 1.4x | n/m | 29 | % | |||||||||||||||||||||
Total Global BREP | $ 73,122,355 | $ 16,718,595 | $ 33,982,921 | 1.4x | 6 | % | $ 92,191,740 | 2.3x | $ 126,174,661 | 1.9x | 18 | % | 16 | % | ||||||||||||||||||||
BREP Int’l (Jan 2001 / Sep 2005) | € 824,172 | € — | € — | n/a | — | € 1,373,170 | 2.1x | € 1,373,170 | 2.1x | 23 | % | 23 | % | |||||||||||||||||||||
BREP Int’l II (Sep 2005 / Jun 2008) (e) | 1,629,748 | — | — | n/a | — | 2,576,670 | 1.8x | 2,576,670 | 1.8x | 8 | % | 8 | % | |||||||||||||||||||||
BREP Europe III (Jun 2008 / Sep 2013) | 3,205,167 | 460,260 | 339,108 | 0.5x | — | 5,738,120 | 2.5x | 6,077,228 | 2.1x | 20 | % | 14 | % | |||||||||||||||||||||
BREP Europe IV (Sep 2013 / Dec 2016) | 6,675,950 | 1,328,875 | 2,226,614 | 1.4x | — | 9,238,374 | 1.9x | 11,464,988 | 1.8x | 20 | % | 14 | % | |||||||||||||||||||||
BREP Europe V (Dec 2016 / Oct 2019) | 7,937,730 | 1,579,708 | 8,147,321 | 1.4x | — | 1,530,272 | 2.5x | 9,677,593 | 1.5x | 41 | % | 11 | % | |||||||||||||||||||||
*BREP Europe VI (Oct 2019 / Apr 2025) | 9,835,049 | 6,410,782 | 3,935,114 | 1.2x | 2 | % | 9,200 | n/a | 3,944,314 | 1.2x | n/m | 13 | % | |||||||||||||||||||||
Total BREP Europe | € 30,107,816 | € 9,779,625 | € 14,648,157 | 1.3x | 1 | % | € 20,465,806 | 2.1x | € 35,113,963 | 1.7x | 16 | % | 12 | % | ||||||||||||||||||||
Unrealized Investments | Realized Investments | Total Investments | ||||||||||||||||||||||||||||||||
Fund (Investment Period | Committed | Available | % | Net IRRs (d) | ||||||||||||||||||||||||||||||
Beginning Date / Ending Date) (a) | Capital | Capital (b) | Value | MOIC (c) | Public | Value | MOIC (c) | Value | MOIC (c) | Realized | Total | |||||||||||||||||||||||
(Dollars/Euros in Thousands, Except Where Noted) | ||||||||||||||||||||||||||||||||||
Real Estate (continued) | ||||||||||||||||||||||||||||||||||
BREP Asia I (Jun 2013 / Dec 2017) | $ 4,261,983 | $ 916,901 | $ 2,505,476 | 1.4x | 17 | % | $ 5,788,923 | 2.1x | $ 8,294,399 | 1.8x | 21 | % | 13 | % | ||||||||||||||||||||
*BREP Asia II (Dec 2017 / Jun 2023) | 7,349,172 | 3,091,837 | 5,381,616 | 1.3x | 5 | % | 491,184 | 1.7x | 5,872,800 | 1.3x | 55 | % | 11 | % | ||||||||||||||||||||
BREP Co-Investment (f) | 7,055,974 | 32,158 | 670,425 | 1.6x | 1 | % | 14,812,488 | 2.2x | 15,482,913 | 2.2x | 16 | % | 16 | % | ||||||||||||||||||||
Total BREP | $ 127,579,181 | $ 32,356,170 | $ 59,378,266 | 1.3x | 5 | % | $ 138,957,222 | 2.2x | $ 198,335,488 | 1.9x | 17 | % | 15 | % | ||||||||||||||||||||
*Core+ BPP (Various) (g) | $ n/a | $ n/a | $ 48,143,297 | n/a | — | $ 8,480,471 | n/a | $ 56,623,768 | n/a | n/a | 9 | % | ||||||||||||||||||||||
*Core+ BREIT (Various) (h) | n/a | n/a | 31,518,967 | n/a | — | 1,008,038 | n/a | 32,527,005 | n/a | n/a | 11 | % | ||||||||||||||||||||||
*BREDS High-Yield (Various) (i) | 19,991,125 | 7,767,589 | 5,179,211 | 1.1x | — | 13,732,462 | 1.3x | 18,911,673 | 1.2x | 11 | % | 10 | % | |||||||||||||||||||||
Private Equity | ||||||||||||||||||||||||||||||||||
Corporate Private Equity | ||||||||||||||||||||||||||||||||||
BCP I (Oct 1987 / Oct 1993) | $ 859,081 | $ — | $ — | n/a | — | $ 1,741,738 | 2.6x | $ 1,741,738 | 2.6x | 19 | % | 19 | % | |||||||||||||||||||||
BCP II (Oct 1993 / Aug 1997) | 1,361,100 | — | — | n/a | — | 3,256,819 | 2.5x | 3,256,819 | 2.5x | 32 | % | 32 | % | |||||||||||||||||||||
BCP III (Aug 1997 / Nov 2002) | 3,967,422 | — | — | n/a | — | 9,184,688 | 2.3x | 9,184,688 | 2.3x | 14 | % | 14 | % | |||||||||||||||||||||
BCOM (Jun 2000 / Jun 2006) | 2,137,330 | 24,575 | 16,589 | n/a | — | 2,953,649 | 1.4x | 2,970,238 | 1.4x | 6 | % | 6 | % | |||||||||||||||||||||
BCP IV (Nov 2002 / Dec 2005) | 6,773,182 | 179,524 | 118,662 | 1.3x | — | 21,478,010 | 2.9x | 21,596,672 | 2.8x | 36 | % | 36 | % | |||||||||||||||||||||
BCP V (Dec 2005 / Jan 2011) | 21,009,112 | 1,035,259 | 553,720 | 37.5x | 98 | % | 37,876,327 | 1.9x | 38,430,047 | 1.9x | 8 | % | 8 | % | ||||||||||||||||||||
BCP VI (Jan 2011 / May 2016) | 15,202,246 | 1,164,816 | 11,003,889 | 2.0x | 52 | % | 20,142,109 | 2.1x | 31,145,998 | 2.1x | 17 | % | 13 | % | ||||||||||||||||||||
BCP VII (May 2016 / Feb 2020) | 18,846,349 | 1,622,124 | 27,335,958 | 1.8x | 34 | % | 5,130,267 | 1.9x | 32,466,225 | 1.8x | 29 | % | 21 | % | ||||||||||||||||||||
*BCP VIII (Feb 2020 / Feb 2026) | 24,884,732 | 21,948,631 | 4,226,476 | 1.5x | 6 | % | — | n/a | 4,226,476 | 1.5x | n/a | n/m | ||||||||||||||||||||||
Energy I (Aug 2011 / Feb 2015) | 2,441,558 | 142,138 | 728,983 | 1.4x | 64 | % | 3,618,876 | 1.9x | 4,347,859 | 1.8x | 14 | % | 11 | % | ||||||||||||||||||||
Energy II (Feb 2015 / Feb 2020) | 4,914,647 | 833,132 | 4,214,573 | 1.3x | 20 | % | 1,197,747 | 0.9x | 5,412,320 | 1.2x | -8 | % | 2 | % | ||||||||||||||||||||
*Energy III (Feb 2020 / Feb 2026) | 4,257,011 | 3,679,798 | 1,091,715 | 2.1x | 75 | % | 238,516 | 2.0x | 1,330,231 | 2.0x | 94 | % | 95 | % | ||||||||||||||||||||
*BCP Asia I (Dec 2017 / Dec 2023) | 2,414,503 | 1,370,026 | 3,079,369 | 3.1x | 58 | % | 603,472 | 4.8x | 3,682,841 | 3.3x | 97 | % | 65 | % | ||||||||||||||||||||
BCP Asia II (TBD) | 5,243,475 | 5,243,475 | — | n/a | — | — | n/a | — | n/a | n/a | n/a | |||||||||||||||||||||||
Core Private Equity I (Jan 2017 / Mar 2021) (j) | 4,756,020 | 1,076,792 | 7,024,913 | 1.8x | — | 1,284,639 | 2.3x | 8,309,552 | 1.9x | 31 | % | 25 | % | |||||||||||||||||||||
*Core Private Equity II (Mar 2021 / Mar 2026) (j) | 8,165,403 | 8,156,099 | (4,266) | n/a | — | — | n/a | (4,266) | n/a | n/a | n/a | |||||||||||||||||||||||
Total Corporate Private Equity | $ 127,233,171 | $ 46,476,389 | $ 59,390,581 | 1.8x | 33 | % | $ 108,706,857 | 2.1x | $ 168,097,438 | 2.0x | 16 | % | 15 | % | ||||||||||||||||||||
Unrealized Investments | Realized Investments | Total Investments | ||||||||||||||||||||||||||||||||
Fund (Investment Period | Committed | Available | % | Net IRRs (d) | ||||||||||||||||||||||||||||||
Beginning Date / Ending Date) (a) | Capital | Capital (b) | Value | MOIC (c) | Public | Value | MOIC (c) | Value | MOIC (c) | Realized | Total | |||||||||||||||||||||||
(Dollars/Euros in Thousands, Except Where Noted) | ||||||||||||||||||||||||||||||||||
Private Equity (continued) | ||||||||||||||||||||||||||||||||||
Tactical Opportunities | ||||||||||||||||||||||||||||||||||
*Tactical Opportunities (Various) | $ 22,862,522 | $ 7,088,393 | $ 14,979,562 | 1.5x | 20 | % | $ 14,307,619 | 1.8x | $ 29,287,181 | 1.6x | 17 | % | 13 | % | ||||||||||||||||||||
*Tactical Opportunities Co-Investment and Other (Various) | 9,238,885 | 1,445,766 | 4,253,052 | 1.4x | 6 | % | 6,072,437 | 1.6x | 10,325,489 | 1.5x | 20 | % | 16 | % | ||||||||||||||||||||
Total Tactical Opportunities | $ 32,101,407 | $ 8,534,159 | $ 19,232,614 | 1.5x | 17 | % | $ 20,380,056 | 1.7x | $ 39,612,670 | 1.6x | 18 | % | 14 | % | ||||||||||||||||||||
*Blackstone Growth (Jul 2020 / Jul 2025) | $ 4,761,851 | $ 3,500,609 | $ 2,101,698 | 1.6x | 46 | % | $ 220,087 | 3.8x | $ 2,321,785 | 1.7x | n/m | n/m | ||||||||||||||||||||||
Strategic Partners (Secondaries) | ||||||||||||||||||||||||||||||||||
Strategic Partners I-V (Various) (k) | 11,863,351 | 1,047,300 | 722,607 | n/m | — | 17,234,545 | n/m | 17,957,152 | 1.6x | n/a | 13 | % | ||||||||||||||||||||||
Strategic Partners VI (Apr 2014 / Apr 2016) (k) | 4,362,750 | 1,316,363 | 1,278,661 | n/m | — | 3,596,948 | n/m | 4,875,609 | 1.5x | n/a | 15 | % | ||||||||||||||||||||||
Strategic Partners VII (May 2016 / Mar 2019) (k) | 7,489,970 | 2,049,841 | 5,268,290 | n/m | — | 3,509,459 | n/m | 8,777,749 | 1.6x | n/a | 20 | % | ||||||||||||||||||||||
Strategic Partners Real Assets II (May 2017 / Jun 2020) (k) | 1,749,807 | 379,942 | 1,047,927 | n/m | — | 535,504 | n/m | 1,583,431 | 1.2x | n/a | 12 | % | ||||||||||||||||||||||
*Strategic Partners VIII (Mar 2019 / Jul 2023) (k) | 10,763,600 | 5,454,255 | 5,691,944 | n/m | — | 1,991,266 | n/m | 7,683,210 | 1.5x | n/a | 44 | % | ||||||||||||||||||||||
*Strategic Partners Real Estate, SMA and Other (Various) (k) | 7,878,498 | 2,537,778 | 2,999,839 | n/m | — | 2,015,737 | n/m | 5,015,576 | 1.3x | n/a | 15 | % | ||||||||||||||||||||||
*Strategic Partners Infra III (Jun 2020 / Jul 2024) (k) | 3,250,100 | 2,627,042 | 101,030 | n/m | — | 14,819 | n/a | 115,849 | 1.7x | n/a | n/m | |||||||||||||||||||||||
Total Strategic Partners (Secondaries) | $ 47,358,076 | $ 15,412,521 | $ 17,110,298 | n/m | — | $ 28,898,278 | n/m | $ 46,008,576 | 1.5x | n/a | 15 | % | ||||||||||||||||||||||
*Infrastructure (Various) | $ 13,658,063 | $ 9,103,132 | $ 6,168,496 | 1.4x | 49 | % | $ — | n/a | $ 6,168,496 | 1.4x | n/a | 20 | % | |||||||||||||||||||||
Life Sciences | ||||||||||||||||||||||||||||||||||
Clarus IV (Jan 2018 / Jan 2020) | 910,000 | 275,501 | 821,098 | 1.5x | 5 | % | 34,970 | 0.8x | 856,068 | 1.5x | -27 | % | 16 | % | ||||||||||||||||||||
*BXLS V (Jan 2020 / Jan 2025) | 4,772,543 | 4,124,567 | 822,115 | 1.4x | 15 | % | — | n/a | 822,115 | 1.4x | n/a | n/m |
Unrealized Investments | Realized Investments | Total Investments | ||||||||||||||||||||||||||||||||
Fund (Investment Period | Committed | Available | % | Net IRRs (d) | ||||||||||||||||||||||||||||||
Beginning Date / Ending Date) (a) | Capital | Capital (b) | Value | MOIC (c) | Public | Value | MOIC (c) | Value | MOIC (c) | Realized | Total | |||||||||||||||||||||||
(Dollars/Euros in Thousands, Except Where Noted) | ||||||||||||||||||||||||||||||||||
Credit | ||||||||||||||||||||||||||||||||||
Mezzanine / Opportunistic I (Jul 2007 / Oct 2011) | $ 2,000,000 | $ 97,114 | $ 20,784 | 1.1x | — | $ 4,775,786 | 1.6x | $ 4,796,570 | 1.6x | n/a | 17 | % | ||||||||||||||||||||||
Mezzanine / Opportunistic II (Nov 2011 / Nov 2016) | 4,120,000 | 1,013,932 | 876,247 | 0.6x | — | 5,787,118 | 1.6x | 6,663,365 | 1.3x | n/a | 10 | % | ||||||||||||||||||||||
Mezzanine / Opportunistic III (Sep 2016 / Jan 2021) | 6,639,133 | 1,073,044 | 5,120,278 | 1.1x | — | 3,756,163 | 1.7x | 8,876,441 | 1.3x | n/a | 11 | % | ||||||||||||||||||||||
*Mezzanine / Opportunistic IV (Jan 2021 / Jan 2026) | 3,738,771 | 3,304,044 | 444,960 | 1.0x | — | 5,321 | n/a | 450,281 | 1.0x | n/a | n/a | |||||||||||||||||||||||
Stressed / Distressed I (Sep 2009 / May 2013) | 3,253,143 | 76,000 | — | n/a | — | 5,776,922 | 1.3x | 5,776,922 | 1.3x | n/a | 9 | % | ||||||||||||||||||||||
Stressed / Distressed II (Jun 2013 / Jun 2018) | 5,125,000 | 547,430 | 642,546 | 0.7x | — | 4,956,906 | 1.2x | 5,599,452 | 1.1x | n/a | 1 | % | ||||||||||||||||||||||
*Stressed / Distressed III (Dec 2017 / Dec 2022) | 7,356,380 | 3,665,909 | 2,142,557 | 1.0x | — | 2,002,481 | 1.4x | 4,145,038 | 1.1x | n/a | 8 | % | ||||||||||||||||||||||
Energy I (Nov 2015 / Nov 2018) | 2,856,867 | 1,003,583 | 1,437,797 | 1.0x | — | 1,523,775 | 1.6x | 2,961,572 | 1.3x | n/a | 8 | % | ||||||||||||||||||||||
*Energy II (Feb 2019 / Feb 2024) | 3,616,081 | 2,639,556 | 1,109,599 | 1.1x | — | 338,649 | 1.7x | 1,448,248 | 1.2x | n/a | 27 | % | ||||||||||||||||||||||
European Senior Debt I (Feb 2015 / Feb 2019) | € 1,964,689 | € 262,076 | € 1,403,591 | 1.0x | — | € 1,824,750 | 1.4x | € 3,228,341 | 1.2x | n/a | 6 | % | ||||||||||||||||||||||
*European Senior Debt II (Jun 2019 / Jun 2024) | € 4,088,344 | € 3,344,258 | € 1,777,997 | 1.0x | — | € 581,142 | 1.2x | € 2,359,139 | 1.1x | n/a | 19 | % | ||||||||||||||||||||||
Total Credit Drawdown Funds (l) | $ 45,611,033 | $ 17,697,364 | $ 15,567,813 | 1.0x | — | $ 31,707,914 | 1.4x | $ 47,275,727 | 1.3x | n/a | 10 | % | ||||||||||||||||||||||
*Direct Lending BDC (Various) (m) | $ 3,926,295 | $ 356,250 | $ 3,741,102 | n/a | — | $ 379,307 | n/a | $ 4,120,409 | n/a | n/a | 10 | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, | 2020 vs. 2019 | June 30, | 2020 vs. 2019 | |||||||||||||||||||||||||||||
2020 | 2019 | $ | % | 2020 | 2019 | $ | % | |||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||
Management Fees, Net | ||||||||||||||||||||||||||||||||
Base Management Fees | $ | 145,455 | $ | 136,990 | $ | 8,465 | 6% | $ | 285,111 | $ | 274,318 | $ | 10,793 | 4% | ||||||||||||||||||
Transaction and Other Fees, Net | 859 | 723 | 136 | 19% | 1,617 | 1,041 | 576 | 55% | ||||||||||||||||||||||||
Management Fee Offsets | 4 | — | 4 | N/M | (38 | ) | — | (38 | ) | N/M | ||||||||||||||||||||||
Total Management Fees, Net | 146,318 | 137,713 | 8,605 | 6% | 286,690 | 275,359 | 11,331 | 4% | ||||||||||||||||||||||||
Fee Related Compensation | (40,353 | ) | (36,622 | ) | (3,731 | ) | 10% | (86,544 | ) | (79,576 | ) | (6,968 | ) | 9% | ||||||||||||||||||
Other Operating Expenses | (17,807 | ) | (21,112 | ) | 3,305 | -16% | (36,474 | ) | (38,997 | ) | 2,523 | -6% | ||||||||||||||||||||
Fee Related Earnings | 88,158 | 79,979 | 8,179 | 10% | 163,672 | 156,786 | 6,886 | 4% | ||||||||||||||||||||||||
Realized Performance Revenues | 1,482 | 11,960 | (10,478 | ) | -88% | 3,249 | 16,051 | (12,802 | ) | -80% | ||||||||||||||||||||||
Realized Performance Compensation | — | (2,175 | ) | 2,175 | -100% | (945 | ) | (3,588 | ) | 2,643 | -74% | |||||||||||||||||||||
Realized Principal Investment Income (Loss) | (331 | ) | 12,306 | (12,637 | ) | N/M | (940 | ) | 12,023 | (12,963 | ) | N/M | ||||||||||||||||||||
Net Realizations | 1,151 | 22,091 | (20,940 | ) | -95% | 1,364 | 24,486 | (23,122 | ) | -94% | ||||||||||||||||||||||
Segment Distributable Earnings | $ | 89,309 | $ | 102,070 | $ | (12,761 | ) | -13% | $ | 165,036 | $ | 181,272 | $ | (16,236 | ) | -9% | ||||||||||||||||
n/m | Not meaningful generally due to the limited time since initial investment. |
n/a | Not applicable. |
SMA | Separately managed account. |
* | Represents funds that are currently in their investment period and open-ended funds. |
(a) | Excludes investment vehicles where Blackstone does not earn fees. |
(b) | Available Capital represents total investable capital commitments, including side-by-side, adjusted for certain expenses and expired or recallable capital and may include leverage, less invested capital. This amount is not reduced by outstanding commitments to investments. |
(c) | Multiple of Invested Capital (“MOIC”) represents carrying value, before management fees, expenses and Performance Revenues, divided by invested capital. |
(d) | Unless otherwise indicated, Net Internal Rate of Return (“IRR”) represents the annualized inception to June 30, 2021 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of limited partner cash flows. Initial inception date of cash flows may differ from the Investment Period Beginning Date. |
(e) | The 8% Realized Net IRR and 8% Total Net IRR exclude investors that opted out of the Hilton investment opportunity. Overall BREP International II performance reflects a 7% Realized Net IRR and a 7% Total Net IRR. |
(f) | BREP Co-Investment represents co-investment capital raised for various BREP investments. The Net IRR reflected is calculated by aggregating each co-investment’s realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. |
(g) | BPP represents the Core+ real estate funds which invest with a more modest risk profile and lower leverage. Committed Capital and Available Capital are not regularly reported to investors in our Core+ strategy and are not applicable in the context of these funds. |
(h) | Unrealized Investment Value reflects BREIT’s net asset value as of June 30, 2021. Realized Investment Value represents BREIT’s cash distributions, net of servicing fees. The BREIT net return reflects a per share blended return, assuming BREIT had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. These returns are not representative of the returns experienced by any particular investor or share class. Inception to date net returns are presented on an annualized basis and are from January 1, 2017. Committed Capital and Available Capital are not regularly reported to investors in our Core+ strategy and are not applicable in the context of this vehicle. |
(i) | BREDS High-Yield represents the flagship real estate debt drawdown funds only and excludes BREDS High-Grade. |
(j) | Blackstone Core Equity Partners is a core private equity strategy which invests with a more modest risk profile and longer hold period than traditional private equity. |
(k) | Realizations are treated as return of capital until fully recovered and therefore unrealized and realized MOICs are not meaningful. If information is not available on a timely basis, returns are calculated from results that are reported on a three month lag and therefore do not include the impact of economic and market activities in the quarter in which such events occur. |
(l) | Funds presented represent the flagship credit drawdown funds only. The Total Credit Net IRR is the combined IRR of the credit drawdown funds presented. |
(m) | Unrealized Investment Value reflects BXSL’s net asset value as of June 30, 2021. Realized Investment Value represents BXSL’s cash distributions. BXSL’s net return is annualized and calculated since inception starting on November 20, 2018, as the change in net asset value (“NAV”) per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the Company’s dividend reinvestment plan) divided by the beginning NAV per share. |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, | 2021 vs. 2020 | June 30, | 2021 vs. 2020 | |||||||||||||||||||||||||||||
2021 | 2020 | $ | % | 2021 | 2020 | $ | % | |||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||
Management Fees, Net | ||||||||||||||||||||||||||||||||
Base Management Fees | $ | 453,664 | $ | 382,704 | $ | 70,960 | 19 | % | $ | 880,850 | $ | 754,142 | $ | 126,708 | 17 | % | ||||||||||||||||
Transaction and Other Fees, Net | 38,080 | 32,039 | 6,041 | 19 | % | 64,099 | 55,063 | 9,036 | 16 | % | ||||||||||||||||||||||
Management Fee Offsets | (493 | ) | (2,436 | ) | 1,943 | -80 | % | (2,116 | ) | (10,777 | ) | 8,661 | -80 | % | ||||||||||||||||||
Total Management Fees, Net | 491,251 | 412,307 | 78,944 | 19 | % | 942,833 | 798,428 | 144,405 | 18 | % | ||||||||||||||||||||||
Fee Related Performance Revenues | 33,776 | 6,505 | 27,271 | 419 | % | 189,168 | 11,056 | 178,112 | n/ | m | ||||||||||||||||||||||
Fee Related Compensation | (121,957 | ) | (116,640 | ) | (5,317 | ) | 5 | % | (310,449 | ) | (236,936 | ) | (73,513 | ) | 31 | % | ||||||||||||||||
Other Operating Expenses | (54,760 | ) | (44,525 | ) | (10,235 | ) | 23 | % | (99,122 | ) | (85,001 | ) | (14,121 | ) | 17 | % | ||||||||||||||||
Fee Related Earnings | 348,310 | 257,647 | 90,663 | 35 | % | 722,430 | 487,547 | 234,883 | 48 | % | ||||||||||||||||||||||
Realized Performance Revenues | 351,053 | 34,209 | 316,844 | 926 | % | 439,691 | 77,929 | 361,762 | 464 | % | ||||||||||||||||||||||
Realized Performance Compensation | (154,928 | ) | (12,547 | ) | (142,381 | ) | n/ | m | (177,690 | ) | (25,939 | ) | (151,751 | ) | 585 | % | ||||||||||||||||
Realized Principal Investment Income | 28,129 | 1,573 | 26,556 | n/ | m | 128,949 | 8,873 | 120,076 | n/ | m | ||||||||||||||||||||||
Net Realizations | 224,254 | 23,235 | 201,019 | 865 | % | 390,950 | 60,863 | 330,087 | 542 | % | ||||||||||||||||||||||
Segment Distributable Earnings | $ | 572,564 | $ | 280,882 | $ | 291,682 | 104 | % | $ | 1,113,380 | $ | 548,410 | $ | 564,970 | 103 | % | ||||||||||||||||
Three Months Ended | Six Months Ended | June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | Inception to Date | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | Realized | Total | |||||||||||||||||||||||||||||||||||||||||||
Fund (a) | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | ||||||||||||||||||||||||||||||||||||
BREP VII | 7% | 6% | -9% | -8% | 11% | 9% | -22% | -20% | 30% | 22% | 21% | 14% | ||||||||||||||||||||||||||||||||||||
BREP VIII | 12% | 10% | 4% | 3% | 17% | 13% | -4% | -3% | 36% | 29% | 21% | 15% | ||||||||||||||||||||||||||||||||||||
BREP IX | 17% | 13% | 10% | 9% | 27% | 20% | 8% | 3% | n/m | n/m | 44% | 29% | ||||||||||||||||||||||||||||||||||||
BREP Europe IV (b) | -1% | -1% | -5% | -5% | -1% | -1% | -13% | -12% | 29% | 20% | 20% | 14% | ||||||||||||||||||||||||||||||||||||
BREP Europe V (b) | 6% | 5% | 1% | 1% | 10% | 8% | -7% | -6% | 52% | 41% | 16% | 11% | ||||||||||||||||||||||||||||||||||||
BREP Europe VI (b) | 11% | 8% | n/m | n/m | 19% | 13% | n/m | n/m | n/m | n/m | 25% | 13% | ||||||||||||||||||||||||||||||||||||
BREP Asia I | 5% | 4% | - | - | 20% | 16% | -15% | -13% | 29% | 21% | 19% | 13% | ||||||||||||||||||||||||||||||||||||
BREP Asia II | 4% | 3% | 3% | 2% | 16% | 10% | -6% | -7% | 81% | 55% | 20% | 11% | ||||||||||||||||||||||||||||||||||||
BREP Co-Investment (c) | 17% | 17% | 16% | 15% | 24% | 22% | 13% | 13% | 18% | 16% | 18% | 16% | ||||||||||||||||||||||||||||||||||||
BPP (d) | 4% | 4% | 2% | 2% | 6% | 5% | - | - | n/a | n/a | 11% | 9% | ||||||||||||||||||||||||||||||||||||
BREIT (e) | n/a | 7% | n/a | 4% | n/a | 12% | n/a | -4% | n/a | n/a | n/a | 11% | ||||||||||||||||||||||||||||||||||||
BREDS High-Yield (f) | 4% | 3% | 5% | 4% | 9% | 7% | -7% | -7% | 15% | 11% | 15% | 10% | ||||||||||||||||||||||||||||||||||||
BREDS Liquid (g) | 3% | 2% | 3% | 3% | 9% | 8% | -19% | -19% | n/a | n/a | 9% | 7% | ||||||||||||||||||||||||||||||||||||
BXMT (h) | n/a | 5% | n/a | 33% | n/a | 20% | n/a | -32% | n/a | n/a | n/a | 11% |
n/m |
n/a | Not applicable. |
(a) | Net returns are based on the change in carrying value (realized and unrealized) after management fees, expenses and Performance Revenues. |
(b) | Euro-based internal rates of |
(c) | BREP Co-Investment represents co-investment capital raised for various BREP investments. The Net IRR reflected is calculated by |
(d) | BPP represents the lower leverage. |
(e) | Reflects a per share blended return for each respective period, assuming BREIT had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. These returns are not representative of the returns experienced by any particular investor or |
(f) | BREDS High-Yield represents the flagship real estate debt drawdown funds and excludes the BREDS High-Grade drawdown fund, which has a different risk-return profile. Inception to date returns are from July 1, 2009. |
(g) | BREDS Liquid represents BREDS funds that invest in |
(h) | Reflects annualized return of a |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, | 2021 vs. 2020 | June 30, | 2021 vs. 2020 | |||||||||||||||||||||||||||||
2021 | 2020 | $ | % | 2021 | 2020 | $ | % | |||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||
Management and Advisory Fees, Net | ||||||||||||||||||||||||||||||||
Base Management Fees | $ | 364,606 | $ | 268,070 | $ | 96,536 | 36 | % | $ | 742,266 | $ | 522,044 | $ | 220,222 | 42 | % | ||||||||||||||||
Transaction, Advisory and Other Fees, Net | 32,272 | 9,521 | 22,751 | 239 | % | 74,979 | 30,934 | 44,045 | 142 | % | ||||||||||||||||||||||
Management Fee Offsets | (3,601 | ) | (8,031 | ) | 4,430 | -55 | % | (17,520 | ) | (17,246 | ) | (274 | ) | 2 | % | |||||||||||||||||
Total Management and Advisory Fees, Net | 393,277 | 269,560 | 123,717 | 46 | % | 799,725 | 535,732 | 263,993 | 49 | % | ||||||||||||||||||||||
Fee Related Compensation | (136,767 | ) | (92,825 | ) | (43,942 | ) | 47 | % | (277,364 | ) | (203,193 | ) | (74,171 | ) | 37 | % | ||||||||||||||||
Other Operating Expenses | (61,041 | ) | (44,827 | ) | (16,214 | ) | 36 | % | (112,096 | ) | (85,828 | ) | (26,268 | ) | 31 | % | ||||||||||||||||
Fee Related Earnings | 195,469 | 131,908 | 63,561 | 48 | % | 410,265 | 246,711 | 163,554 | 66 | % | ||||||||||||||||||||||
Realized Performance Revenues | 383,010 | 64,513 | 318,497 | 494 | % | 638,855 | 176,589 | 462,266 | 262 | % | ||||||||||||||||||||||
Realized Performance Compensation | (159,375 | ) | (25,016 | ) | (134,359 | ) | 537 | % | (270,584 | ) | (79,659 | ) | (190,925 | ) | 240 | % | ||||||||||||||||
Realized Principal Investment Income | 27,796 | 17,416 | 10,380 | 60 | % | 143,199 | 27,763 | 115,436 | 416 | % | ||||||||||||||||||||||
Net Realizations | 251,431 | 56,913 | 194,518 | 342 | % | 511,470 | 124,693 | 386,777 | 310 | % | ||||||||||||||||||||||
Segment Distributable Earnings | $ | 446,900 | $ | 188,821 | $ | 258,079 | 137 | % | $ | 921,735 | $ | 371,404 | $ | 550,331 | 148 | % | ||||||||||||||||
n/m |
Three Months Ended | Six Months Ended | June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | Inception to Date | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | Realized | Total | |||||||||||||||||||||||||||||||||||||||||||
Fund (a) | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | ||||||||||||||||||||||||||||||||||||
BCP V | 3% | 1% | 15% | 3% | 148% | 69% | -15% | -7% | 10% | 8% | 10% | 8% | ||||||||||||||||||||||||||||||||||||
BCP VI | 4% | 4% | 27% | 22% | 15% | 13% | -10% | -9% | 22% | 17% | 17% | 13% | ||||||||||||||||||||||||||||||||||||
BCP VII | 14% | 12% | 6% | 4% | 29% | 23% | -7% | -7% | 41% | 29% | 29% | 21% | ||||||||||||||||||||||||||||||||||||
BEP I | 13% | 10% | 47% | 34% | 53% | 42% | -22% | -20% | 18% | 14% | 14% | 11% | ||||||||||||||||||||||||||||||||||||
BEP II | 15% | 14% | 13% | 13% | 40% | 38% | -38% | -38% | -3% | -8% | 6% | 2% | ||||||||||||||||||||||||||||||||||||
BEP III | 24% | 14% | n/m | n/m | 59% | 40% | n/m | n/m | 138% | 94% | 173% | 95% | ||||||||||||||||||||||||||||||||||||
BCP Asia I | 60% | 52% | 4% | 3% | 88% | 75% | 3% | 1% | 209% | 97% | 90% | 65% | ||||||||||||||||||||||||||||||||||||
BCEP I (b) | 11% | 10% | 4% | 4% | 29% | 27% | -2% | -2% | 42% | 31% | 28% | 25% | ||||||||||||||||||||||||||||||||||||
Tactical Opportunities | 8% | 6% | 12% | 9% | 27% | 21% | -9% | -5% | 21% | 17% | 18% | 13% | ||||||||||||||||||||||||||||||||||||
Tactical Opportunities Co-Investment and Other | 7% | 6% | 9% | 9% | 21% | 18% | - | - | 20% | 20% | 19% | 16% | ||||||||||||||||||||||||||||||||||||
Strategic Partners I-V (c) | 11% | 10% | 1% | 1% | 18% | 15% | 3% | 3% | n/a | n/a | 16% | 13% | ||||||||||||||||||||||||||||||||||||
Strategic Partners VI (c) | 16% | 15% | - | - | 27% | 24% | -1% | -2% | n/a | n/a | 19% | 15% | ||||||||||||||||||||||||||||||||||||
Strategic Partners VII (c) | 20% | 19% | 3% | 3% | 34% | 31% | 3% | 2% | n/a | n/a | 24% | 20% | ||||||||||||||||||||||||||||||||||||
Strategic Partners Real Assets II (c) | 5% | 4% | 4% | 4% | 7% | 6% | 8% | 7% | n/a | n/a | 16% | 12% | ||||||||||||||||||||||||||||||||||||
Strategic Partners VIII (c) | 24% | 22% | 8% | 5% | 49% | 41% | 12% | 9% | n/a | n/a | 58% | 44% | ||||||||||||||||||||||||||||||||||||
Strategic Partners RE, SMA and Other (c) | 7% | 7% | 5% | 5% | 14% | 14% | 7% | 7% | n/a | n/a | 17% | 15% | ||||||||||||||||||||||||||||||||||||
BIP | 13% | 12% | 3% | 3% | 39% | 32% | -9% | -10% | n/a | n/a | 28% | 20% | ||||||||||||||||||||||||||||||||||||
Clarus IV | 5% | 4% | - | - | 18% | 14% | 2% | 1% | -19% | -27% | 28% | 16% |
n/m | Not meaningful generally due to the limited time since initial investment. |
n/a | Not applicable. |
SMA | Separately managed account. |
(a) | Net returns are based on the change in carrying value (realized and unrealized) after management fees, expenses and Performance Revenues. |
(b) | BCEP is a core private equity strategy which invests with a more modest risk profile and longer hold period than traditional private equity. |
(c) | Realizations are treated as return of capital until fully recovered and therefore inception to date realized |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, | 2021 vs. 2020 | June 30, | 2021 vs. 2020 | |||||||||||||||||||||||||||||
2021 | 2020 | $ | % | 2021 | 2020 | $ | % | |||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||
Management Fees, Net | ||||||||||||||||||||||||||||||||
Base Management Fees | $ | 155,244 | $ | 145,455 | $ | 9,789 | 7% | $ | 305,777 | $ | 285,111 | $ | 20,666 | 7% | ||||||||||||||||||
Transaction and Other Fees, Net | 1,558 | 859 | 699 | 81% | 5,904 | 1,617 | 4,287 | 265% | ||||||||||||||||||||||||
Management Fee Offsets | (203 | ) | 4 | (207 | ) | n/m | (261 | ) | (38 | ) | (223 | ) | 587% | |||||||||||||||||||
Total Management Fees, Net | 156,599 | 146,318 | 10,281 | 7% | 311,420 | 286,690 | 24,730 | 9% | ||||||||||||||||||||||||
Fee Related Compensation | (38,638 | ) | (40,353 | ) | 1,715 | -4% | (77,488 | ) | (86,544 | ) | 9,056 | -10% | ||||||||||||||||||||
Other Operating Expenses | (21,873 | ) | (17,807 | ) | (4,066 | ) | 23% | (41,045 | ) | (36,474 | ) | (4,571 | ) | 13% | ||||||||||||||||||
Fee Related Earnings | 96,088 | 88,158 | 7,930 | 9% | 192,887 | 163,672 | 29,215 | 18% | ||||||||||||||||||||||||
Realized Performance Revenues | 17,056 | 1,482 | 15,574 | n/m | 48,629 | 3,249 | 45,380 | n/m | ||||||||||||||||||||||||
Realized Performance Compensation | (5,626 | ) | — | (5,626 | ) | n/m | (12,534 | ) | (945 | ) | (11,589 | ) | n/m | |||||||||||||||||||
Realized Principal Investment Income (Loss) | 2,125 | (331 | ) | 2,456 | n/m | 37,675 | (940 | ) | 38,615 | n/m | ||||||||||||||||||||||
Net Realizations | 13,555 | 1,151 | 12,404 | n/m | 73,770 | 1,364 | 72,406 | n/m | ||||||||||||||||||||||||
Segment Distributable Earnings | $ | 109,643 | $ | 89,309 | $ | 20,334 | 23% | $ | 266,657 | $ | 165,036 | $ | 101,621 | 62% | ||||||||||||||||||
Three | Six | Average Annual Returns (a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Months Ended | Months Ended | Periods Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | One Year | Three Year | Five Year | Historical | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composite | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | ||||||||||||||||||||||||||||||||||||||||||||||||
BAAM Principal Solutions Composite (b) | 3 | % | 3 | % | 6 | % | 6 | % | 6 | % | 5 | % | -3 | % | -3 | % | 15 | % | 14 | % | 6 | % | 5 | % | 7 | % | 6 | % | 7 | % | 6 | % |
(a) |
(b) |
|
Invested Performance | Estimated % Above | |||||||||||||||
Eligible Assets Under | High Water Mark/ | |||||||||||||||
Management | Benchmark (a) | |||||||||||||||
As of June 30, | As of June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Hedge Fund Solutions Managed Funds (b) | $ | 44,660,713 | $ | 43,933,866 | 93 | % | 21 | % |
(a) | Estimated % Above High Water Mark/Benchmark represents the percentage of Invested Performance Eligible Assets Under Management that as of the dates presented would earn performance fees when the applicable Hedge Fund Solutions managed fund has positive investment performance relative to a benchmark, where applicable. Incremental positive performance in the applicable Blackstone Funds may cause additional assets to reach their respective High Water Mark or clear a benchmark return, thereby resulting in an increase in Estimated % Above High Water Mark/Benchmark. |
(b) |
Three | Six | Average Annual Returns (a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Months Ended | Months Ended | Periods Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | One Year | Three Year | Five Year | Historical | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composite | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | ||||||||||||||||||||||||||||||||||||||||||||||||
BAAM Principal Solutions Composite (b) | 6 | % | 6 | % | 2 | % | 2 | % | -3 | % | -3 | % | 5 | % | 5 | % | -1 | % | -1 | % | 4 | % | 3 | % | 4 | % | 3 | % | 7 | % | 6 | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, | 2021 vs. 2020 | June 30, | 2021 vs. 2020 | |||||||||||||||||||||||||||||
2021 | 2020 | $ | % | 2021 | 2020 | $ | % | |||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||
Management Fees, Net | ||||||||||||||||||||||||||||||||
Base Management Fees | $ | 166,537 | $ | 145,565 | $ | 20,972 | 14% | $ | 328,448 | $ | 290,893 | $ | 37,555 | 13% | ||||||||||||||||||
Transaction and Other Fees, Net | 6,215 | 5,873 | 342 | 6% | 11,783 | 11,343 | 440 | 4% | ||||||||||||||||||||||||
Management Fee Offsets | (1,137 | ) | (2,890 | ) | 1,753 | -61% | (3,262 | ) | (5,786 | ) | 2,524 | -44% | ||||||||||||||||||||
Total Management Fees, Net | 171,615 | 148,548 | 23,067 | 16% | 336,969 | 296,450 | 40,519 | 14% | ||||||||||||||||||||||||
Fee Related Performance Revenues | 15,113 | 8,528 | 6,585 | 77% | 28,889 | 16,443 | 12,446 | 76% | ||||||||||||||||||||||||
Fee Related Compensation | (78,023 | ) | (57,086 | ) | (20,937 | ) | 37% | (155,194 | ) | (126,495 | ) | (28,699 | ) | 23% | ||||||||||||||||||
Other Operating Expenses | (44,504 | ) | (36,424 | ) | (8,080 | ) | 22% | (91,339 | ) | (75,165 | ) | (16,174 | ) | 22% | ||||||||||||||||||
Fee Related Earnings | 64,201 | 63,566 | 635 | 1% | 119,325 | 111,233 | 8,092 | 7% | ||||||||||||||||||||||||
Realized Performance Revenues | 41,819 | 1,973 | 39,846 | n/m | 67,086 | 11,643 | 55,443 | 476% | ||||||||||||||||||||||||
Realized Performance Compensation | (18,342 | ) | (224 | ) | (18,118 | ) | n/m | (28,387 | ) | (2,546 | ) | (25,841 | ) | n/m | ||||||||||||||||||
Realized Principal Investment Income | 5,082 | 280 | 4,802 | n/m | 51,465 | 3,532 | 47,933 | n/m | ||||||||||||||||||||||||
Net Realizations | 28,559 | 2,029 | 26,530 | n/m | 90,164 | 12,629 | 77,535 | 614% | ||||||||||||||||||||||||
Segment Distributable Earnings | $ | 92,760 | $ | 65,595 | $ | 27,165 | 41% | $ | 209,489 | $ | 123,862 | $ | 85,627 | 69% | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, | 2020 vs. 2019 | June 30, | 2020 vs. 2019 | |||||||||||||||||||||||||||||
2020 | 2019 | $ | % | 2020 | 2019 | $ | % | |||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||
Management Fees, Net | ||||||||||||||||||||||||||||||||
Base Management Fees | $ | 145,565 | $ | 147,550 | $ | (1,985 | ) | -1 | % | $ | 290,893 | $ | 288,078 | $ | 2,815 | 1 | % | |||||||||||||||
Transaction and Other Fees, Net | 5,873 | 5,256 | 617 | 12 | % | 11,343 | 8,886 | 2,457 | 28 | % | ||||||||||||||||||||||
Management Fee Offsets | (2,890 | ) | (3,279 | ) | 389 | -12 | % | (5,786 | ) | (6,620 | ) | 834 | -13 | % | ||||||||||||||||||
Total Management Fees, Net | 148,548 | 149,527 | (979 | ) | -1 | % | 296,450 | 290,344 | 6,106 | 2 | % | |||||||||||||||||||||
Fee Related Performance Revenues | 8,528 | 2,552 | 5,976 | 234 | % | 16,443 | 3,655 | 12,788 | 350 | % | ||||||||||||||||||||||
Fee Related Compensation | (57,086 | ) | (54,310 | ) | (2,776 | ) | 5 | % | (126,495 | ) | (112,984 | ) | (13,511 | ) | 12 | % | ||||||||||||||||
Other Operating Expenses | (36,424 | ) | (40,466 | ) | 4,042 | -10 | % | (75,165 | ) | (72,705 | ) | (2,460 | ) | 3 | % | |||||||||||||||||
Fee Related Earnings | 63,566 | 57,303 | 6,263 | 11 | % | 111,233 | 108,310 | 2,923 | 3 | % | ||||||||||||||||||||||
Realized Performance Revenues | 1,973 | 7,946 | (5,973 | ) | -75 | % | 11,643 | 16,843 | (5,200 | ) | -31 | % | ||||||||||||||||||||
Realized Performance Compensation | (224 | ) | (3,468 | ) | 3,244 | -94 | % | (2,546 | ) | (6,839 | ) | 4,293 | -63 | % | ||||||||||||||||||
Realized Principal Investment Income | 280 | 20,925 | (20,645 | ) | -99 | % | 3,532 | 24,108 | (20,576 | ) | -85 | % | ||||||||||||||||||||
Net Realizations | 2,029 | 25,403 | (23,374 | ) | -92 | % | 12,629 | 34,112 | (21,483 | ) | -63 | % | ||||||||||||||||||||
Segment Distributable Earnings | $ | 65,595 | $ | 82,706 | $ | (17,111 | ) | -21 | % | $ | 123,862 | $ | 142,422 | $ | (18,560 | ) | -13 | % | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | June 30, 2020 | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | Inception to Date | ||||||||||||||||||||||||||||||||||||
Composite (a) | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | ||||||||||||||||||||||||||||||
Credit Composite (b) | 10 | % | 10 | % | 2 | % | 2 | % | -5 | % | -5 | % | 6 | % | 6 | % | 8 | % | 6 | % |
Three Months Ended June 30, | Six Months Ended June 30, | June 30, 2021 | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | Inception to Date | ||||||||||||||||||||||||||||||||||||
Composite (a) | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | ||||||||||||||||||||||||||||||
Private Credit (b) | 5 | % | 4 | % | 11 | % | 9 | % | 12 | % | 10 | % | -14 | % | -12 | % | 11 | % | 7 | % | ||||||||||||||||||||
Liquid Credit (b) | 2 | % | 2 | % | 10 | % | 10 | % | 3 | % | 3 | % | -3 | % | -3 | % | 5 | % | 5 | % |
(a) | Net returns are based on the change in carrying value (realized and unrealized) after management fees, expenses and Performance Allocations, net of tax advances. |
(b) | Effective January 1, 2021, Credit returns are presented as separate returns for Private Credit and Liquid Credit instead of as a Credit Composite. Private Credit returns include mezzanine lending funds and middle market direct lending funds (including BXSL), stressed/distressed strategies (including stressed/distressed funds and credit alpha strategies) and energy strategies. Liquid Credit returns include CLOs, closed-ended funds, open-ended funds and separately managed accounts. Only fee-earning funds exceeding $100 million of fair value at the beginning of each respective quarter-end are included. Funds in liquidation, funds investing primarily in investment grade corporate credit and our structured products group are excluded. Blackstone Funds that were contributed to BXC as part of Blackstone’s acquisition of BXC in March 2008 and the pre-acquisition date performance for funds and vehicles acquired by BXC subsequent to March 2008, are also excluded. Private Credit and Liquid Credit’s inception to date returns are from December 31, 2005. Prior periods have been updated to reflect this presentation. |
Operating Metrics The following table presents information regarding our Invested Performance Eligible Assets Under Management:
reach their respective High Water Mark or clear a hurdle return, thereby resulting in an increase in Estimated % Above High Water Mark/Hurdle. |
(b) |
The following table is a reconciliation of Net Income Attributable to The Blackstone Group Inc. to Distributable Earnings, Total Segment Distributable Earnings, Fee Related Earnings and Adjusted EBITDA:
116
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