☒ | 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 | ||
Common Stock | 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. | ||||||
Item 2. | ||||||
Item 3. | ||||||
Item 4. | ||||||
Part II. | ||||||
Item 1. | ||||||
Item 1A. | ||||||
Item 2. | ||||||
Item 3. | ||||||
Item 4. | ||||||
Item 5. | ||||||
Item 6. | ||||||
(a) | the fair value of the investments held by our carry funds and our side-by-side co-investment entities managed by us plus the capital that we are entitled to call from investors in those funds and entities pursuant to the terms of their respective capital commitments, including capital commitments to funds that have yet to commence their investment periods, |
(b) | the net asset value of (1) our hedge funds, real estate debt carry funds, BPP, certain BEPIF,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, BREIT, and |
(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 BXMT, and |
(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, BEPIF, 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 distributable earnings of BXMT, subject to certain adjustments, |
(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, | |||||||
2021 | 2020 | |||||||
Assets | ||||||||
Cash and Cash Equivalents | $ | 2,467,444 | $ | 1,999,484 | ||||
Cash Held by Blackstone Funds and Other | 109,676 | 64,972 | ||||||
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 | 582,542 | 866,158 | ||||||
Due from Affiliates | 3,159,829 | 3,221,515 | ||||||
Intangible Assets, Net | 321,780 | 347,955 | ||||||
Goodwill | 1,890,202 | 1,901,485 | ||||||
Other Assets | 556,714 | 481,022 | ||||||
Right-of-Use Assets | 723,539 | 526,943 | ||||||
Deferred Tax Assets | 1,322,144 | 1,242,576 | ||||||
Total Assets | $ | 33,297,192 | $ | 26,269,252 | ||||
Liabilities and Equity | ||||||||
Loans Payable | $ | 5,594,648 | $ | 5,644,653 | ||||
Due to Affiliates | 1,226,504 | 1,135,041 | ||||||
Accrued Compensation and Benefits | 5,789,662 | 3,433,260 | ||||||
Securities Sold, Not Yet Purchased | 35,783 | 51,033 | ||||||
Repurchase Agreements | 57,247 | 76,808 | ||||||
Operating Lease Liabilities | 841,152 | 620,844 | ||||||
Accounts Payable, Accrued Expenses and Other Liabilities | 1,205,182 | 717,104 | ||||||
Total Liabilities | 14,750,178 | 11,678,743 | ||||||
Commitments and Contingencies | 0 | 0 | ||||||
Redeemable Non-Controlling Interests in Consolidated Entities | 65,568 | 65,161 | ||||||
Equity | ||||||||
Stockholders’ Equity of The Blackstone Group Inc. | ||||||||
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 | 6,282,600 | 6,332,105 | ||||||
Retained Earnings | 2,133,794 | 335,762 | ||||||
Accumulated Other Comprehensive Loss | (10,245 | ) | (15,831 | ) | ||||
Total Stockholders’ Equity of The Blackstone Group Inc. | 8,406,156 | 6,652,043 | ||||||
Non-Controlling Interests in Consolidated Entities | 4,860,442 | 4,042,157 | ||||||
Non-Controlling Interests in Blackstone Holdings | 5,214,848 | 3,831,148 | ||||||
Total Equity | 18,481,446 | 14,525,348 | ||||||
Total Liabilities and Equity | $ | 33,297,192 | $ | 26,269,252 | ||||
June 30, | December 31, | |||||||
2022 | 2021 | |||||||
Assets | ||||||||
Cash and Cash Equivalents | $ | 4,183,380 | $ | 2,119,738 | ||||
Cash Held by Blackstone Funds and Other | 129,276 | 79,994 | ||||||
Investments (including assets pledged of $152,529 and $63,044 at June 30, 2022 and December 31, 2021, respectively) | 27,323,758 | 28,665,043 | ||||||
Accounts Receivable | 774,137 | 636,616 | ||||||
Due from Affiliates | 3,891,958 | 4,656,867 | ||||||
Intangible Assets, Net | 246,988 | 284,384 | ||||||
Goodwill | 1,890,202 | 1,890,202 | ||||||
Other Assets | 658,298 | 492,936 | ||||||
Right-of-Use | 886,911 | 788,991 | ||||||
Deferred Tax Assets | 1,646,400 | 1,581,637 | ||||||
Total Assets | $ | 41,631,308 | $ | 41,196,408 | ||||
Liabilities and Equity | ||||||||
Loans Payable | $ | 9,365,274 | $ | 7,748,163 | ||||
Due to Affiliates | 2,001,391 | 1,906,098 | ||||||
Accrued Compensation and Benefits | 6,765,492 | 7,905,070 | ||||||
Securities Sold, Not Yet Purchased | 27,029 | 27,849 | ||||||
Repurchase Agreements | 152,529 | 57,980 | ||||||
Operating Lease Liabilities | 993,875 | 908,033 | ||||||
Accounts Payable, Accrued Expenses and Other Liabilities | 991,620 | 937,169 | ||||||
Total Liabilities | 20,297,210 | 19,490,362 | ||||||
Commitments and Contingencies | 0 | 0 | ||||||
Redeemable Non-Controlling Interests in Consolidated Entities | 1,275,491 | 68,028 | ||||||
Equity | ||||||||
Stockholders’ Equity of Blackstone Inc. | ||||||||
Common Stock, $0.00001 par value, 90 billion shares authorized, (706,476,877 shares issued and outstanding as of June 30, 2022; 704,339,774 shares issued and outstanding as of December 31, 2021) | 7 | 7 | ||||||
Series I Preferred Stock, $0.00001 par value, 999,999,000 shares authorized, (1 share issued and outstanding as of June 30, 2022 and December 31, 2021) | — | — | ||||||
Series II Preferred Stock, $0.00001 par value, 1,000 shares authorized, (1 share issued and outstanding as of June 30, 2022 and December 31, 2021) | — | — | ||||||
Additional Paid-in-Capital | 5,870,285 | 5,794,727 | ||||||
Retained Earnings | 2,803,100 | 3,647,785 | ||||||
Accumulated Other Comprehensive Loss | (42,225 | ) | (19,626 | ) | ||||
Total Stockholders’ Equity of Blackstone Inc. | 8,631,167 | 9,422,893 | ||||||
Non-Controlling Interests in Consolidated Entities | 5,281,244 | 5,600,653 | ||||||
Non-Controlling Interests in Blackstone Holdings | 6,146,196 | 6,614,472 | ||||||
Total Equity | 20,058,607 | 21,638,018 | ||||||
Total Liabilities and Equity | $ | 41,631,308 | $ | 41,196,408 | ||||
June 30, | December 31, | June 30, | December 31, | |||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||
Assets | ||||||||||||||||
Cash Held by Blackstone Funds and Other | $ | 109,676 | $ | 64,972 | $ | 129,276 | $ | 79,994 | ||||||||
Investments | 1,871,269 | 1,455,008 | 3,764,850 | 2,018,829 | ||||||||||||
Accounts Receivable | 80,374 | 120,099 | 89,725 | 64,680 | ||||||||||||
Due from Affiliates | 11,144 | 8,676 | 16,026 | 13,748 | ||||||||||||
Other Assets | 549 | 262 | 273 | 251 | ||||||||||||
Total Assets | $ | 2,073,012 | $ | 1,649,017 | $ | 4,000,150 | $ | 2,177,502 | ||||||||
Liabilities | ||||||||||||||||
Loans Payable | $ | 99 | $ | 99 | $ | — | $ | 101 | ||||||||
Due to Affiliates | 101,879 | 65,429 | 84,116 | 95,204 | ||||||||||||
Securities Sold, Not Yet Purchased | 23,830 | 41,709 | 23,063 | 23,557 | ||||||||||||
Repurchase Agreements | 57,247 | 76,808 | — | 15,980 | ||||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | 33,614 | 37,221 | 22,356 | 10,420 | ||||||||||||
Total Liabilities | $ | 216,669 | $ | 221,266 | $ | 129,535 | $ | 145,262 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Revenues | ||||||||||||||||
Management and Advisory Fees, Net | $ | 1,212,549 | $ | 969,728 | $ | 2,390,364 | $ | 1,904,560 | ||||||||
Incentive Fees | 33,207 | 15,300 | 69,331 | 27,461 | ||||||||||||
Investment Income (Loss) | ||||||||||||||||
Performance Allocations | ||||||||||||||||
Realized | 808,620 | 101,910 | 1,342,987 | 269,440 | ||||||||||||
Unrealized | 2,697,170 | 1,067,923 | 5,161,667 | (2,385,158 | ) | |||||||||||
Principal Investments | ||||||||||||||||
Realized | 152,060 | 61,102 | 507,098 | 109,797 | ||||||||||||
Unrealized | 328,835 | 331,762 | 968,150 | (627,603 | ) | |||||||||||
Total Investment Income (Loss) | 3,986,685 | 1,562,697 | 7,979,902 | (2,633,524 | ) | |||||||||||
Interest and Dividend Revenue | 31,017 | 23,924 | 62,429 | 59,008 | ||||||||||||
Other | 27,896 | (55,580 | ) | 88,200 | 82,600 | |||||||||||
Total Revenues | 5,291,354 | 2,516,069 | 10,590,226 | (559,895 | ) | |||||||||||
Expenses | ||||||||||||||||
Compensation and Benefits | ||||||||||||||||
Compensation | 507,104 | 458,457 | 1,049,742 | 935,000 | ||||||||||||
Incentive Fee Compensation | 14,431 | 8,432 | 27,756 | 14,954 | ||||||||||||
Performance Allocations Compensation | ||||||||||||||||
Realized | 347,423 | 38,569 | 560,450 | 110,992 | ||||||||||||
Unrealized | 1,150,219 | 454,813 | 2,200,188 | (942,565 | ) | |||||||||||
Total Compensation and Benefits | 2,019,177 | 960,271 | 3,838,136 | 118,381 | ||||||||||||
General, Administrative and Other | 205,057 | 169,051 | 390,179 | 326,617 | ||||||||||||
Interest Expense | 44,322 | 39,276 | 89,305 | 80,920 | ||||||||||||
Fund Expenses | 3,774 | 4,083 | 6,157 | 8,688 | ||||||||||||
Total Expenses | 2,272,330 | 1,172,681 | 4,323,777 | 534,606 | ||||||||||||
Other Income (Loss) | ||||||||||||||||
Change in Tax Receivable Agreement Liability | (392 | ) | 76 | 2,518 | (519 | ) | ||||||||||
Net Gains (Losses) from Fund Investment Activities | 127,116 | 158,297 | 247,469 | (169,077 | ) | |||||||||||
Total Other Income (Loss) | 126,724 | 158,373 | 249,987 | (169,596 | ) | |||||||||||
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 | ) | |||||||||||
Net Income (Loss) | 2,857,498 | 1,354,346 | 6,228,633 | (1,252,809 | ) | |||||||||||
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities | 637 | (3,426 | ) | 1,266 | (18,895 | ) | ||||||||||
Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities | 431,516 | 294,378 | 818,366 | (350,699 | ) | |||||||||||
Net Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings | 1,116,193 | 495,128 | 2,351,977 | (384,989 | ) | |||||||||||
Net Income (Loss) Attributable to The Blackstone Group Inc. | $ | 1,309,152 | $ | 568,266 | $ | 3,057,024 | $ | (498,226 | ) | |||||||
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 | ) | |||||||
Weighted-Average Shares of Common Stock Outstanding | ||||||||||||||||
Basic | 721,141,954 | 698,534,168 | 715,121,029 | 677,041,769 | ||||||||||||
Diluted | 721,265,180 | 1,204,411,957 | 715,622,208 | 677,041,769 | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Revenues | ||||||||||||||||
Management and Advisory Fees, Net | $ | 1,561,187 | $ | 1,212,549 | $ | 3,037,123 | $ | 2,390,364 | ||||||||
Incentive Fees | 99,598 | 33,207 | 204,087 | 69,331 | ||||||||||||
Investment Income (Loss) | ||||||||||||||||
Performance Allocations | ||||||||||||||||
Realized | 2,453,769 | 808,620 | 4,220,155 | 1,342,987 | ||||||||||||
Unrealized | (3,467,668 | ) | 2,697,170 | (2,174,618 | ) | 5,161,667 | ||||||||||
Principal Investments | ||||||||||||||||
Realized | 265,161 | 152,060 | 550,265 | 507,098 | ||||||||||||
Unrealized | (500,490 | ) | 328,835 | (426,529 | ) | 968,150 | ||||||||||
Total Investment Income (Loss) | (1,249,228 | ) | 3,986,685 | 2,169,273 | 7,979,902 | |||||||||||
Interest and Dividend Revenue | 62,075 | 31,017 | 116,560 | 62,429 | ||||||||||||
Other | 155,588 | 27,896 | 228,457 | 88,200 | ||||||||||||
Total Revenues | 629,220 | 5,291,354 | 5,755,500 | 10,590,226 | ||||||||||||
Expenses | ||||||||||||||||
Compensation and Benefits | ||||||||||||||||
Compensation | 686,012 | 507,104 | 1,342,517 | 1,049,742 | ||||||||||||
Incentive Fee Compensation | 45,363 | 14,431 | 86,382 | 27,756 | ||||||||||||
Performance Allocations Compensation | ||||||||||||||||
Realized | 1,035,916 | 347,423 | 1,753,517 | 560,450 | ||||||||||||
Unrealized | (1,386,543 | ) | 1,150,219 | (914,259 | ) | 2,200,188 | ||||||||||
Total Compensation and Benefits | 380,748 | 2,019,177 | 2,268,157 | 3,838,136 | ||||||||||||
General, Administrative and Other | 289,288 | 205,057 | 529,962 | 390,179 | ||||||||||||
Interest Expense | 69,642 | 44,322 | 136,389 | 89,305 | ||||||||||||
Fund Expenses | 4,435 | 3,774 | 6,627 | 6,157 | ||||||||||||
Total Expenses | 744,113 | 2,272,330 | 2,941,135 | 4,323,777 | ||||||||||||
Other Income (Loss) | ||||||||||||||||
Change in Tax Receivable Agreement Liability | (13 | ) | (392 | ) | 748 | 2,518 | ||||||||||
Net Gains (Losses) from Fund Investment Activities | (104,326 | ) | 127,116 | (53,450 | ) | 247,469 | ||||||||||
Total Other Income (Loss) | (104,339 | ) | 126,724 | (52,702 | ) | 249,987 | ||||||||||
Income (Loss) Before Provision for Taxes | (219,232 | ) | 3,145,748 | 2,761,663 | 6,516,436 | |||||||||||
Provision for Taxes | 36,514 | 288,250 | 519,795 | 287,803 | ||||||||||||
Net Income (Loss) | (255,746 | ) | 2,857,498 | 2,241,868 | 6,228,633 | |||||||||||
Net Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities | 25,875 | 637 | 30,927 | 1,266 | ||||||||||||
Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities | (216,707 | ) | 431,516 | (332 | ) | 818,366 | ||||||||||
Net Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings | (35,521 | ) | 1,116,193 | 1,023,792 | 2,351,977 | |||||||||||
Net Income (Loss) Attributable to Blackstone Inc. | $ | (29,393 | ) | $ | 1,309,152 | $ | 1,187,481 | $ | 3,057,024 | |||||||
Net Income (Loss) Per Share of Common Stock | ||||||||||||||||
Basic | $ | (0.04 | ) | $ | 1.82 | $ | 1.61 | $ | 4.27 | |||||||
Diluted | $ | (0.04 | ) | $ | 1.82 | $ | 1.61 | $ | 4.27 | |||||||
Weighted-Average Shares of Common Stock Outstanding | ||||||||||||||||
Basic | 707,382,293 | 721,141,954 | 738,752,489 | 715,121,029 | ||||||||||||
Diluted | 707,382,293 | 721,265,180 | 739,140,862 | 715,622,208 | ||||||||||||
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 | ) | |||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Net Income (Loss) | $ | (255,746 | ) | $ | 2,857,498 | $ | 2,241,868 | $ | 6,228,633 | |||||||
Other Comprehensive Income (Loss), Currency Translation Adjustment | (60,067 | ) | 2,124 | (69,466 | ) | 10,055 | ||||||||||
Comprehensive Income (Loss) | (315,813 | ) | 2,859,622 | 2,172,402 | 6,238,688 | |||||||||||
Less: | ||||||||||||||||
Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities | (6,855 | ) | 637 | (1,803 | ) | 1,266 | ||||||||||
Comprehensive Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities | (216,707 | ) | 431,516 | (332 | ) | 818,366 | ||||||||||
Comprehensive Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings | (46,387 | ) | 1,117,108 | 1,009,655 | 2,356,446 | |||||||||||
Comprehensive Income (Loss) Attributable to Non-Controlling Interests | (269,949 | ) | 1,549,261 | 1,007,520 | 3,176,078 | |||||||||||
Comprehensive Income (Loss) Attributable to Blackstone Inc. | $ | (45,864 | ) | $ | 1,310,361 | $ | 1,164,882 | $ | 3,062,610 | |||||||
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 | ||||||||||||||||||||
Shares of Blackstone Inc. (a) | Blackstone 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, 2022 | 707,180,830 | $ | 7 | $ | 5,879,796 | $ | 3,805,918 | $ | (25,754 | ) | $ | 9,659,967 | $ | 5,747,698 | $ | 6,791,932 | $ | 22,199,597 | $ | 41,430 | ||||||||||||||||||||
Transfer In Due to Consolidation of Fund Entities | — | — | — | — | — | — | — | — | — | 1,146,410 | ||||||||||||||||||||||||||||||
Net Income (Loss) | — | — | — | (29,393 | ) | — | (29,393 | ) | (216,707 | ) | (35,521 | ) | (281,621 | ) | 25,875 | |||||||||||||||||||||||||
Currency Translation Adjustment | — | — | — | — | (16,471 | ) | (16,471 | ) | — | (10,866 | ) | (27,337 | ) | (32,730 | ) | |||||||||||||||||||||||||
Capital Contributions | — | — | — | — | — | — | 260,428 | 2,477 | 262,905 | 105,467 | ||||||||||||||||||||||||||||||
Capital Distributions | — | — | — | (973,425 | ) | — | (973,425 | ) | (510,253 | ) | (692,719 | ) | (2,176,397 | ) | (10,961 | ) | ||||||||||||||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities | — | — | — | — | — | — | 78 | — | 78 | — | ||||||||||||||||||||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders | — | — | 4,257 | — | — | 4,257 | — | — | 4,257 | — | ||||||||||||||||||||||||||||||
Equity-Based Compensation | — | — | 168,354 | — | — | 168,354 | — | 111,409 | 279,763 | — | ||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock | 372,867 | — | (7,312 | ) | — | — | (7,312 | ) | — | — | (7,312 | ) | — | |||||||||||||||||||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units | (1,850,000 | ) | — | (195,326 | ) | — | — | (195,326 | ) | — | — | (195,326 | ) | — | ||||||||||||||||||||||||||
Change in Blackstone Inc.’s Ownership Interest | — | — | 9,247 | — | — | 9,247 | — | (9,247 | ) | — | — | |||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock | 773,180 | — | 11,269 | — | — | 11,269 | — | (11,269 | ) | — | — | |||||||||||||||||||||||||||||
Balance at June 30, 2022 | 706,476,877 | $ | 7 | $ | 5,870,285 | $ | 2,803,100 | $ | (42,225 | ) | $ | 8,631,167 | $ | 5,281,244 | $ | 6,146,196 | $ | 20,058,607 | $ | 1,275,491 | ||||||||||||||||||||
(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 | |||||||||||||||||||
Shares of Blackstone Inc. (a) | Blackstone 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 Blackstone 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 Blackstone Inc. (a) | Blackstone 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, 2021 | 704,339,774 | $ | 7 | $ | 5,794,727 | $ | 3,647,785 | $ | (19,626 | ) | $ | 9,422,893 | $ | 5,600,653 | $ | 6,614,472 | $ | 21,638,018 | $ | 68,028 | ||||||||||||||||||||
Transfer In Due to Consolidation of Fund Entities | — | — | — | — | — | — | — | — | — | 1,146,410 | ||||||||||||||||||||||||||||||
Net Income (Loss) | — | — | — | 1,187,481 | — | 1,187,481 | (332 | ) | 1,023,792 | 2,210,941 | 30,927 | |||||||||||||||||||||||||||||
Currency Translation Adjustment | — | — | — | — | (22,599 | ) | (22,599 | ) | — | (14,137 | ) | (36,736 | ) | (32,730 | ) | |||||||||||||||||||||||||
Capital Contributions | — | — | — | — | — | — | 452,766 | 4,963 | 457,729 | 105,467 | ||||||||||||||||||||||||||||||
Capital Distributions | — | — | — | (2,032,166 | ) | — | (2,032,166 | ) | (763,099 | ) | (1,594,508 | ) | (4,389,773 | ) | (42,611 | ) | ||||||||||||||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities | — | — | — | — | — | — | (8,744 | ) | — | (8,744 | ) | — | ||||||||||||||||||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders | — | — | 7,529 | — | — | 7,529 | — | — | 7,529 | — | ||||||||||||||||||||||||||||||
Equity-Based Compensation | — | — | 249,255 | — | — | 249,255 | — | 165,087 | 414,342 | — | ||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock | 2,265,039 | — | (39,373 | ) | — | — | (39,373 | ) | — | — | (39,373 | ) | — | |||||||||||||||||||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units | (1,850,000 | ) | — | (195,326 | ) | — | — | (195,326 | ) | — | — | (195,326 | ) | — | ||||||||||||||||||||||||||
Change in Blackstone Inc.’s Ownership Interest | — | — | 28,766 | — | — | 28,766 | — | (28,766 | ) | — | — | |||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock | 1,722,064 | — | 24,707 | — | — | 24,707 | — | (24,707 | ) | — | — | |||||||||||||||||||||||||||||
Balance at June 30, 2022 | 706,476,877 | $ | 7 | $ | 5,870,285 | $ | 2,803,100 | $ | (42,225 | ) | $ | 8,631,167 | $ | 5,281,244 | $ | 6,146,196 | $ | 20,058,607 | $ | 1,275,491 | ||||||||||||||||||||
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 Blackstone Inc. (a) | Blackstone 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 Blackstone 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 | ||||||||||||||||||||
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, | ||||||||
2022 | 2021 | |||||||
Operating Activities | ||||||||
Net Income | $ | 2,241,868 | $ | 6,228,633 | ||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities | ||||||||
Blackstone Funds Related | ||||||||
Net Realized Gains on Investments | (4,983,098 | ) | (1,949,167 | ) | ||||
Changes in Unrealized (Gains) Losses on Investments | 612,064 | (1,140,654 | ) | |||||
Non-Cash Performance Allocations | 2,174,618 | (5,161,667 | ) | |||||
Non-Cash Performance Allocations and Incentive Fee Compensation | 923,083 | 2,780,561 | ||||||
Equity-Based Compensation Expense | 429,868 | 305,422 | ||||||
Amortization of Intangibles | 37,396 | 37,476 | ||||||
Other Non-Cash Amounts Included in Net Income | (517,979 | ) | (153,350 | ) | ||||
Cash Flows Due to Changes in Operating Assets and Liabilities | ||||||||
Cash Acquired with Consolidation of Fund Entities | 31,791 | — | ||||||
Accounts Receivable | (118,151 | ) | 346,505 | |||||
Due from Affiliates | 844,394 | 109,163 | ||||||
Other Assets | (83,592 | ) | (55,225 | ) | ||||
Accrued Compensation and Benefits | (1,532,679 | ) | (440,034 | ) | ||||
Securities Sold, Not Yet Purchased | 28 | (14,925 | ) | |||||
Accounts Payable, Accrued Expenses and Other Liabilities | (14,460 | ) | 13,373 | |||||
Repurchase Agreements | 94,549 | (19,562 | ) | |||||
Due to Affiliates | 75,291 | 19,836 | ||||||
Investments Purchased | (2,361,680 | ) | (2,718,024 | ) | ||||
Cash Proceeds from Sale of Investments | 6,784,881 | 5,007,907 | ||||||
Net Cash Provided by Operating Activities | 4,638,192 | 3,196,268 | ||||||
Investing Activities | ||||||||
Purchase of Furniture, Equipment and Leasehold Improvements | (101,396 | ) | (34,811 | ) | ||||
Net Cash Used in Investing Activities | (101,396 | ) | (34,811 | ) | ||||
Financing Activities | ||||||||
Distributions to Non-Controlling Interest Holders in Consolidated Entities | (805,688 | ) | (409,577 | ) | ||||
Contributions from Non-Controlling Interest Holders in Consolidated Entities | 544,204 | 407,738 | ||||||
Payments Under Tax Receivable Agreement | (46,880 | ) | (51,366 | ) | ||||
Net Settlement of Vested Common Stock and Repurchase of Common Stock and Blackstone Holdings Partnership Units | (234,699 | ) | (312,114 | ) | ||||
Proceeds from Loans Payable | 2,006,150 | — |
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 | ||||
Six Months Ended June 30, | ||||||||
2022 | 2021 | |||||||
Financing Activities (Continued) | ||||||||
Repayment and Repurchase of Loans Payable | $ | (250,101 | ) | $ | — | |||
Dividends/Distributions to Shareholders and Unitholders | (3,621,712 | ) | (2,278,390 | ) | ||||
Net Cash Used in Financing Activities | (2,408,726 | ) | (2,643,709 | ) | ||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other | (15,146 | ) | (5,084 | ) | ||||
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other | ||||||||
Net Increase | 2,112,924 | 512,664 | ||||||
Beginning of Period | 2,199,732 | 2,064,456 | ||||||
End of Period | $ | 4,312,656 | $ | 2,577,120 | ||||
Supplemental Disclosure of Cash Flows Information | ||||||||
Payments for Interest | $ | 123,915 | $ | 102,524 | ||||
Payments for Income Taxes | $ | 499,136 | $ | 289,244 | ||||
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||||||||
Non-Cash Contributions fromNon-Controlling Interest Holders | $ | 10,276 | $ | 6,076 | ||||
Notes Issuance Costs | $ | 18,423 | $ | — | ||||
Transfer of Interests to Non-Controlling Interest Holders | $ | (8,744 | ) | $ | (3,593 | ) | ||
Change in Blackstone Inc.’s Ownership Interest | $ | 28,766 | $ | 3,877 | ||||
Net Settlement of Vested Common Stock | $ | 199,977 | $ | 124,386 | ||||
Conversion of Blackstone Holdings Units to Common Stock | $ | 24,707 | $ | 70,412 | ||||
Acquisition of Ownership Interests from Non-Controlling Interest Holders | ||||||||
Deferred Tax Asset | $ | (58,673 | ) | $ | (167,433 | ) | ||
Due to Affiliates | $ | 51,144 | $ | 147,719 | ||||
Equity | $ | 7,529 | $ | 19,714 | ||||
June 30, | December 31, | June 30, | December 31, | |||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||
Cash and Cash Equivalents | $ | 2,467,444 | $ | 1,999,484 | $ | 4,183,380 | $ | 2,119,738 | ||||||||
Cash Held by Blackstone Funds and Other | 109,676 | 64,972 | 129,276 | 79,994 | ||||||||||||
$ | 2,577,120 | $ | 2,064,456 | $ | 4,312,656 | $ | 2,199,732 | |||||||||
● | 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 |
● | Level III – Pricing inputs are unobservable for the financial instruments and includes situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category generally include general and limited partnership interests in private equity and real estate funds, credit-focused funds, distressed debt and non-investment grade residual interests in securitizations, certain corporate bonds and loans held within CLO vehicles and certainover-the-counter |
● | 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. |
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, | |||||||
2022 | 2021 | |||||||
Finite-Lived Intangible Assets/Contractual Rights | $ | 1,745,376 | $ | 1,745,376 | ||||
Accumulated Amortization | (1,498,388 | ) | (1,460,992 | ) | ||||
Intangible Assets, Net | $ | 246,988 | $ | 284,384 | ||||
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 | |||||
June 30, | December 31, | |||||||
2022 | 2021 | |||||||
Investments of Consolidated Blackstone Funds | $ | 3,764,850 | $ | 2,018,829 | ||||
Equity Method Investments | ||||||||
Partnership Investments | 5,446,688 | 5,635,212 | ||||||
Accrued Performance Allocations | 13,544,855 | 17,096,873 | ||||||
Corporate Treasury Investments | 810,672 | 658,066 | ||||||
Other Investments | 3,756,693 | 3,256,063 | ||||||
$ | 27,323,758 | $ | 28,665,043 | |||||
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 | ) | |||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Realized Gains | $ | 94,181 | $ | 33,001 | $ | 111,869 | $ | 61,995 | ||||||||
Net Change in Unrealized Gains (Losses) | (213,436 | ) | 88,489 | (185,595 | ) | 172,956 | ||||||||||
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds | (119,255 | ) | 121,490 | (73,726 | ) | 234,951 | ||||||||||
Interest and Dividend Revenue and Foreign Exchange Gains Attributable to Consolidated Blackstone Funds | 14,929 | 5,626 | 20,276 | 12,518 | ||||||||||||
Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities | $ | (104,326 | ) | $ | 127,116 | $ | (53,450 | ) | $ | 247,469 | ||||||
Real | Private | Hedge Fund | Credit & | Real | Private | Hedge Fund | Credit & | |||||||||||||||||||||||||||||||||
Estate | Equity | Solutions | Insurance | Total | Estate | Equity | Solutions | Insurance | Total | |||||||||||||||||||||||||||||||
Accrued Performance Allocations, December 31, 2020 | $ | 3,033,462 | $ | 3,487,206 | $ | 42,293 | $ | 328,301 | $ | 6,891,262 | ||||||||||||||||||||||||||||||
Accrued Performance Allocations, December 31, 2021 | $ | 8,471,754 | $ | 7,550,468 | $ | 456,405 | $ | 618,246 | $ | 17,096,873 | ||||||||||||||||||||||||||||||
Performance Allocations as a Result of Changes in Fund Fair Values | 2,210,007 | 3,717,840 | 405,611 | 176,351 | 6,509,809 | 2,440,870 | (353,970 | ) | 56,264 | 5,454 | 2,148,618 | |||||||||||||||||||||||||||||
Foreign Exchange Loss | (17,258 | ) | — | — | — | (17,258 | ) | (97,153 | ) | — | — | — | (97,153 | ) | ||||||||||||||||||||||||||
Impact of Consolidation | (10,393 | ) | — | — | — | (10,393 | ) | |||||||||||||||||||||||||||||||||
Fund Distributions | (703,349 | ) | (488,879 | ) | (14,243 | ) | (76,200 | ) | (1,282,671 | ) | (4,591,348 | ) | (815,886 | ) | (58,754 | ) | (127,102 | ) | (5,593,090 | ) | ||||||||||||||||||||
Accrued Performance Allocations, June 30, 2021 | $ | 4,522,862 | $ | 6,716,167 | $ | 433,661 | $ | 428,452 | $ | 12,101,142 | ||||||||||||||||||||||||||||||
Accrued Performance Allocations, June 30, 2022 | $ | 6,213,730 | $ | 6,380,612 | $ | 453,915 | $ | 496,598 | $ | 13,544,855 | ||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Realized Gains (Losses) | $ | (1,049 | ) | $ | (4,273 | ) | $ | 5,885 | $ | (1,756 | ) | $ | (18,655 | ) | $ | (1,049 | ) | $ | (20,617 | ) | $ | 5,885 | ||||||||||
Net Change in Unrealized Gains (Losses) | 29,523 | 114,990 | 39,452 | (143,397 | ) | (19,980 | ) | 29,523 | (47,583 | ) | 39,452 | |||||||||||||||||||||
$ | 28,474 | $ | 110,717 | $ | 45,337 | $ | (145,153 | ) | $ | (38,635 | ) | $ | 28,474 | $ | (68,200 | ) | $ | 45,337 | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Realized Gains | $ | 15,992 | $ | 29,309 | $ | 117,341 | $ | 29,422 | ||||||||
Net Change in Unrealized Gains (Losses) | (70,785 | ) | 1,065 | (151,270 | ) | 285,567 | ||||||||||
$ | (54,793 | ) | $ | 30,374 | $ | (33,929 | ) | $ | 314,989 | |||||||
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 | Redemption | |||||||||||||||||||||||
Frequency | Redemption | Frequency | Redemption | |||||||||||||||||||||
Strategy (a) | Fair Value | (if currently eligible) | Notice Period | Fair Value | (if currently eligible) | Notice Period | ||||||||||||||||||
Equity | $ | 433,281 | (b) | (b) | ||||||||||||||||||||
Real Estate | 118,606 | (c) | (c) | |||||||||||||||||||||
Credit Driven | 25,778 | (d) | (d) | |||||||||||||||||||||
Commodities | 1,119 | (e) | (e) | |||||||||||||||||||||
Diversified Instruments | $ | 994 | (b) | (b) | 17 | (f) | (f) | |||||||||||||||||
Credit Driven | 299,130 | (c) | (c) | |||||||||||||||||||||
Equity | 50,440 | (d) | (d) | |||||||||||||||||||||
Commodities | 990 | (e) | (e) | |||||||||||||||||||||
$ | 351,554 | $ | 578,801 | |||||||||||||||||||||
(a) | As of June 30, |
(b) |
(c) | The Real Estate category includesinvestments in funds that primarily invest in real estate assets. Investments representing 100% of fair value of the investments in this category are redeemable as of the reporting date. |
(d) | The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. Investments representing |
30 Blackstone Inc. Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued (All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted) |
(e) | 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. |
(f) | Diversified Instruments include investments in funds that invest across multiple 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, 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 | |||||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||||||||
Fair | Fair | Fair | Fair | |||||||||||||||||||||||||||||
Notional | Value | Notional | Value | Notional | Value | Notional | Value | |||||||||||||||||||||||||
Freestanding Derivatives | ||||||||||||||||||||||||||||||||
Blackstone | ||||||||||||||||||||||||||||||||
Interest Rate Contracts | $ | 690,840 | $ | 139,430 | $ | 614,600 | $ | 42,341 | $ | 609,132 | $ | 143,349 | $ | 692,442 | $ | 138,677 | ||||||||||||||||
Foreign Currency Contracts | 891,070 | 12,874 | 1,008,220 | 14,653 | 217,161 | 1,858 | 572,643 | 6,143 | ||||||||||||||||||||||||
Credit Default Swaps | 2,007 | 349 | 9,463 | 1,433 | 2,007 | 194 | 9,916 | 1,055 | ||||||||||||||||||||||||
1,583,917 | 152,653 | 1,632,283 | 58,427 | 828,300 | 145,401 | 1,275,001 | 145,875 | |||||||||||||||||||||||||
Investments of Consolidated Blackstone Funds | ||||||||||||||||||||||||||||||||
Foreign Currency Contracts | 132,289 | 2,405 | 506 | 2 | 20,764 | 339 | 54,300 | 370 | ||||||||||||||||||||||||
Interest Rate Contracts | 596,327 | 26,577 | — | — | — | — | 14,000 | 764 | ||||||||||||||||||||||||
Credit Default Swaps | 3,401 | 585 | 6,814 | 1,173 | 3,401 | 321 | 22,865 | 799 | ||||||||||||||||||||||||
732,017 | 29,567 | 7,320 | 1,175 | 24,165 | 660 | 91,165 | 1,933 | |||||||||||||||||||||||||
$ | 2,315,934 | $ | 182,220 | $ | 1,639,603 | $ | 59,602 | $ | 852,465 | $ | 146,061 | $ | 1,366,166 | $ | 147,808 | |||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Freestanding Derivatives | ||||||||||||||||
Realized Gains (Losses) | ||||||||||||||||
Interest Rate Contracts | $ | 1,379 | $ | (348 | ) | $ | 5,278 | $ | 1,298 | |||||||
Foreign Currency Contracts | (8,767 | ) | 2,887 | (4,775 | ) | 4,423 | ||||||||||
Credit Default Swaps | 33 | (8 | ) | 128 | (990 | ) | ||||||||||
Total Return Swaps | — | (65 | ) | — | (1,415 | ) | ||||||||||
Other | — | — | — | (40 | ) | |||||||||||
(7,355 | ) | 2,466 | 631 | 3,276 | ||||||||||||
Net Change in Unrealized Gains (Losses) | ||||||||||||||||
Interest Rate Contracts | 72,721 | 39,484 | 107,677 | 45,185 | ||||||||||||
Foreign Currency Contracts | 6,766 | (3,249 | ) | (2,606 | ) | (3,376 | ) | |||||||||
Credit Default Swaps | (433 | ) | — | (420 | ) | 842 | ||||||||||
Total Return Swaps | — | — | — | 2,130 | ||||||||||||
Other | — | — | — | (20 | ) | |||||||||||
79,054 | 36,235 | 104,651 | 44,761 | |||||||||||||
$ | 71,699 | $ | 38,701 | $ | 105,282 | $ | 48,037 | |||||||||
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, | |||||||
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 | ||||
June 30, | December 31, | |||||||
2022 | 2021 | |||||||
Assets | ||||||||
Loans and Receivables | $ | 534,105 | $ | 392,732 | ||||
Equity and Preferred Securities | 1,236,517 | 516,539 | ||||||
Debt Securities | 155,105 | 183,877 | ||||||
$ | 1,925,727 | $ | 1,093,148 | |||||
Liabilities | ||||||||
Corporate Treasury Commitments | $ | 8,697 | $ | 636 | ||||
Three Months Ended June 30, | ||||||||||||||||
2022 | 2021 | |||||||||||||||
Net Change | Net Change | |||||||||||||||
Realized | in Unrealized | Realized | in Unrealized | |||||||||||||
Gains (Losses) | Gains (Losses) | Gains (Losses) | Gains | |||||||||||||
Assets | ||||||||||||||||
Loans and Receivables | $ | (1,964 | ) | $ | (6,805 | ) | $ | (3,065 | ) | $ | 7,012 | |||||
Equity and Preferred Securities | 13,023 | (19,774 | ) | 18,444 | 9,530 | |||||||||||
Debt Securities | (3,415 | ) | (19,227 | ) | 1,303 | 1,923 | ||||||||||
$ | 7,644 | $ | (45,806 | ) | $ | 16,682 | $ | 18,465 | ||||||||
Liabilities | ||||||||||||||||
Corporate Treasury Commitments | $ | — | $ | (6,868 | ) | $ | — | $ | 7 | |||||||
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 | ) | ||||||||
Six Months Ended June 30, | ||||||||||||||||
2021 | 2020 | |||||||||||||||
Net Change | Net Change | |||||||||||||||
Realized | in Unrealized | Realized | in Unrealized | |||||||||||||
Gains (Losses) | Gains (Losses) | Gains (Losses) | Gains (Losses) | |||||||||||||
Assets | ||||||||||||||||
Loans and Receivables | $ | (7,896 | ) | $ | 5,083 | $ | (5,770 | ) | $ | (268 | ) | |||||
Equity and Preferred Securities | 18,444 | 40,401 | (342 | ) | (103,747 | ) | ||||||||||
Debt Securities | 9,970 | (4,235 | ) | (21,103 | ) | (9,129 | ) | |||||||||
Assets of Consolidated CLO Vehicles (a) | ||||||||||||||||
Corporate Loans | — | — | (96,194 | ) | (226,542 | ) | ||||||||||
Other | — | — | — | (325 | ) | |||||||||||
$ | 20,518 | $ | 41,249 | $ | (123,409 | ) | $ | (340,011 | ) | |||||||
Liabilities | ||||||||||||||||
Liabilities of Consolidated CLO Vehicles (a) | ||||||||||||||||
Senior Secured Notes | $ | — | $ | — | $ | — | $ | 199,445 | ||||||||
Subordinated Notes | — | — | — | 30,046 | ||||||||||||
Corporate Treasury Commitments | — | (193 | ) | — | (2,030 | ) | ||||||||||
$ | — | $ | (193 | ) | $ | — | $ | 227,461 | ||||||||
Six Months Ended June 30, | ||||||||||||||||
2022 | 2021 | |||||||||||||||
Net Change | Net Change | |||||||||||||||
Realized | in Unrealized | Realized | in Unrealized | |||||||||||||
Gains (Losses) | Gains (Losses) | Gains (Losses) | Gains (Losses) | |||||||||||||
Assets | ||||||||||||||||
Loans and Receivables | $ | (3,417 | ) | $ | (5,359 | ) | $ | (7,896 | ) | $ | 5,083 | |||||
Equity and Preferred Securities | 12,301 | (12,938 | ) | 18,444 | 40,401 | |||||||||||
Debt Securities | (4,367 | ) | (28,209 | ) | 9,970 | (4,235 | ) | |||||||||
$ | 4,517 | $ | (46,506 | ) | $ | 20,518 | $ | 41,249 | ||||||||
Liabilities | ||||||||||||||||
Corporate Treasury Commitments | $ | — | $ | (8,061 | ) | $ | — | $ | (193 | ) | ||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||
For Financial Assets | For Financial Assets | |||||||||||||||||||||||
Past Due | Past Due | |||||||||||||||||||||||
(Deficiency) | Excess | (Deficiency) | Excess | |||||||||||||||||||||
of Fair Value | Fair | of Fair Value | of Fair Value | Fair | of Fair Value | |||||||||||||||||||
Over Principal | Value | Over Principal | Over Principal | Value | Over Principal | |||||||||||||||||||
Loans and Receivables | $ | (8,906 | ) | $ | — | $ | — | $ | (2,748 | ) | $ | — | $ | — | ||||||||||
Debt Securities | (58,938 | ) | — | — | (29,475 | ) | — | — | ||||||||||||||||
$ | (67,844 | ) | $ | — | $ | — | $ | (32,223 | ) | $ | — | $ | — | |||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||
For Financial Assets | For Financial Assets | |||||||||||||||||||||||
Past Due | Past Due | |||||||||||||||||||||||
(Deficiency) | Excess | (Deficiency) | Excess | |||||||||||||||||||||
of Fair Value | Fair | of Fair Value | of Fair Value | Fair | of Fair Value | |||||||||||||||||||
Over Principal | Value | Over Principal | Over Principal | Value | Over Principal | |||||||||||||||||||
Loans and Receivables | $ | (2,569 | ) | $ | — | $ | — | $ | (7,807 | ) | $ | — | $ | — | ||||||||||
Debt Securities | (26,978 | ) | — | — | (29,359 | ) | — | — | ||||||||||||||||
$ | (29,547 | ) | $ | — | $ | — | $ | (37,166 | ) | $ | — | $ | — | |||||||||||
June 30, 2022 | ||||||||||||||||||||
Level I | Level II | Level III | NAV | Total | ||||||||||||||||
Assets | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 1,425,552 | $ | — | $ | — | $ | — | $ | 1,425,552 | ||||||||||
Investments | ||||||||||||||||||||
Investments of Consolidated Blackstone Funds | ||||||||||||||||||||
Equity Securities, Partnerships and LLC Interests (a) | 42,980 | 122,867 | 2,724,955 | 573,284 | 3,464,086 | |||||||||||||||
Debt Instruments | 452 | 203,888 | 66,857 | — | 271,197 | |||||||||||||||
Freestanding Derivatives | — | 29,567 | — | — | 29,567 | |||||||||||||||
Total Investments of Consolidated Blackstone Funds | 43,432 | 356,322 | 2,791,812 | 573,284 | 3,764,850 | |||||||||||||||
Corporate Treasury Investments | 296,608 | 508,042 | 6,022 | — | 810,672 | |||||||||||||||
Other Investments | 313,295 | 927,460 | 53,649 | 5,517 | 1,299,921 | |||||||||||||||
Total Investments | 653,335 | 1,791,824 | 2,851,483 | 578,801 | 5,875,443 | |||||||||||||||
Accounts Receivable - Loans and Receivables | — | — | 534,105 | — | 534,105 | |||||||||||||||
Other Assets - Freestanding Derivatives | 606 | 152,047 | — | — | 152,653 | |||||||||||||||
$ | 2,079,493 | $ | 1,943,871 | $ | 3,385,588 | $ | 578,801 | $ | 7,987,753 | |||||||||||
Liabilities | ||||||||||||||||||||
Securities Sold, Not Yet Purchased | $ | 3,966 | $ | 23,063 | $ | — | $ | — | $ | 27,029 | ||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | ||||||||||||||||||||
Consolidated Blackstone Funds - Freestanding Derivatives | — | 1,175 | — | — | 1,175 | |||||||||||||||
Freestanding Derivatives | 81 | 58,346 | — | — | 58,427 | |||||||||||||||
Corporate Treasury Commitments (b) | — | — | 8,697 | — | 8,697 | |||||||||||||||
Total Accounts Payable, Accrued Expenses and Other Liabilities | 81 | 59,521 | 8,697 | — | 68,299 | |||||||||||||||
$ | 4,047 | $ | 82,584 | $ | 8,697 | $ | — | $ | 95,328 | |||||||||||
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, 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 | |||||||||||
December 31, 2021 | ||||||||||||||||||||
Level I | Level II | Level III | NAV | Total | ||||||||||||||||
Assets | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 173,408 | $ | — | $ | — | $ | — | $ | 173,408 | ||||||||||
Investments | ||||||||||||||||||||
Investments of Consolidated Blackstone Funds | ||||||||||||||||||||
Equity Securities, Partnerships and LLC Interests (a) | 70,484 | 122,068 | 1,170,362 | 382,267 | 1,745,181 | |||||||||||||||
Debt Instruments | 642 | 242,393 | 29,953 | — | 272,988 | |||||||||||||||
Freestanding Derivatives | — | 660 | — | — | 660 | |||||||||||||||
Total Investments of Consolidated Blackstone Funds | 71,126 | 365,121 | 1,200,315 | 382,267 | 2,018,829 | |||||||||||||||
Corporate Treasury Investments | 86,877 | 570,712 | 477 | — | 658,066 | |||||||||||||||
Other Investments (c) | 478,892 | 210,752 | 2,518,032 | 4,845 | 3,212,521 | |||||||||||||||
Total Investments | 636,895 | 1,146,585 | 3,718,824 | 387,112 | 5,889,416 | |||||||||||||||
Accounts Receivable - Loans and Receivables | — | — | 392,732 | — | 392,732 | |||||||||||||||
Other Assets - Freestanding Derivatives | 113 | 145,288 | — | — | 145,401 | |||||||||||||||
$ | 810,416 | $ | 1,291,873 | $ | 4,111,556 | $ | 387,112 | $ | 6,600,957 | |||||||||||
Liabilities | ||||||||||||||||||||
Securities Sold, Not Yet Purchased | $ | 4,292 | $ | 23,557 | $ | — | $ | — | $ | 27,849 | ||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | ||||||||||||||||||||
Consolidated Blackstone Funds - Freestanding Derivatives | — | 1,933 | — | — | 1,933 | |||||||||||||||
Freestanding Derivatives | 323 | 145,552 | — | — | 145,875 | |||||||||||||||
Corporate Treasury Commitments (b) | — | — | 636 | — | 636 | |||||||||||||||
Total Accounts Payable, Accrued Expenses and Other Liabilities | 323 | 147,485 | 636 | — | 148,444 | |||||||||||||||
$ | 4,615 | $ | 171,042 | $ | 636 | $ | — | $ | 176,293 | |||||||||||
(a) | Equity Securities, Partnership and LLC Interest includes investments in investment funds. Prior period amounts have been reclassified to this presentation. |
(b) | Corporate Treasury Commitments are measured using third party pricing. |
(c) | Level III Other Investments includes Blackstone’s $2.2 billion equity interest in Corebridge and other investments that were remeasured as the result of an observable transaction. These fair value measurements are nonrecurring and are measured as of either the date of acquisition, which was November 2, 2021 for Corebridge, or as of the date of the observable transaction. |
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 | $ | 923,618 | Discounted Cash Flows | Discount Rate | 2.8% - % | 10.4 % | Lower | ||||||||||||||||||
Exit Multiple - EBITDA | 3.7x - 27.0x | 12.8 x | Higher | ||||||||||||||||||||||
Exit Capitalization Rate | 1.7 % - 14.9 % | 5.2 % | Lower | ||||||||||||||||||||||
Transaction Price | n/a | ||||||||||||||||||||||||
Debt Instruments | 59,366 | Discounted Cash Flows | Discount Rate | 6.6 % -19.3 % | 9.7 % | Lower | |||||||||||||||||||
Third Party Pricing | n/a | ||||||||||||||||||||||||
Total Investments of Consolidated Blackstone Funds | 982,984 | ||||||||||||||||||||||||
Corporate Treasury Investments | 35,396 | Discounted Cash Flows | Discount Rate | 5.6 % - 8.1 % | 6.5 % | Lower | |||||||||||||||||||
Third Party Pricing | n/a | ||||||||||||||||||||||||
Transaction Price | n/a | ||||||||||||||||||||||||
Loans and Receivables | 223,796 | Discounted Cash Flows | Discount Rate | 6.6 % - 8.3 % | 7.4 % | Lower | |||||||||||||||||||
Other Investments | 48,862 | Third Party Pricing | n/a | ||||||||||||||||||||||
Transaction Price | n/a | ||||||||||||||||||||||||
$ | 1,291,038 |
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 | $ | 2,724,955 | Discounted Cash Flows | Discount Rate | 4.1% - 40.0% | 8.2% | Lower | |||||||||||||||||
Exit Multiple - EBITDA | 4.0x - 31.4x | 14.9x | Higher | |||||||||||||||||||||
Exit Capitalization Rate | 2.8% - 17.3% | 4.4% | Lower | |||||||||||||||||||||
Debt Instruments | 66,857 | Discounted Cash Flows | Discount Rate | 6.5% - 19.3% | 12.0% | Lower | ||||||||||||||||||
Third Party Pricing | n/a | |||||||||||||||||||||||
Transaction Price | n/a | |||||||||||||||||||||||
Total Investments of Consolidated Blackstone Funds | 2,791,812 | |||||||||||||||||||||||
Corporate Treasury Investments | 6,022 | Discounted Cash Flows | Discount Rate | 14.5% | n/a | Lower | ||||||||||||||||||
Third Party Pricing | n/a | |||||||||||||||||||||||
Loans and Receivables | 534,105 | Discounted Cash Flows | Discount Rate | 6.8% - 11.3% | 9.1% | Lower | ||||||||||||||||||
Other Investments | 53,649 | Third Party Pricing | n/a | |||||||||||||||||||||
Transaction Price | n/a | |||||||||||||||||||||||
$ | 3,385,588 | |||||||||||||||||||||||
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 | $ | 792,958 | Discounted Cash Flows | Discount Rate | 3.8 % - 42.1 % | 10.8 % | Lower | |||||||||||||||||
Exit Multiple - EBITDA | 1.7 x - 24.0 x | 13.2 x | Higher | |||||||||||||||||||||
Exit Capitalization Rate | 2.7 % - 14.9 % | 5.4 % | Lower | |||||||||||||||||||||
Transaction Price | n/a | |||||||||||||||||||||||
Other | n/a | |||||||||||||||||||||||
Debt Instruments | 65,352 | Discounted Cash Flows | Discount Rate | 6.3 % - 19.3 % | 8.6 % | Lower | ||||||||||||||||||
Third Party Pricing | n/a | |||||||||||||||||||||||
Total Investments of Consolidated Blackstone Funds | 858,310 | |||||||||||||||||||||||
Corporate Treasury Investments | 7,899 | Discounted Cash Flows | Discount Rate | 3.3 % - 7.4 % | 6.4 % | Lower | ||||||||||||||||||
Third Party Pricing | n/a | |||||||||||||||||||||||
Loans and Receivables | 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 | |||||||||||||||||||||||
Other | n/a | |||||||||||||||||||||||
$ | 1,508,341 | |||||||||||||||||||||||
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 | $ | 1,170,362 | Discounted Cash Flows | Discount Rate | 1.3% - 43.3% | 10.4% | Lower | |||||||||||||||||
Exit Multiple - EBITDA | 3.7x - 31.4x | 14.7x | Higher | |||||||||||||||||||||
Exit Capitalization Rate | 1.3% - 17.3% | 4.9% | Lower | |||||||||||||||||||||
Debt Instruments | 29,953 | Discounted Cash Flows | Discount Rate | 6.5% - 19.3% | 9.0% | Lower | ||||||||||||||||||
Third Party Pricing | n/a | |||||||||||||||||||||||
Total Investments of Consolidated Blackstone Funds | 1,200,315 | |||||||||||||||||||||||
Corporate Treasury Investments | 477 | Discounted Cash Flows | Discount Rate | 9.4% | n/a | Lower | ||||||||||||||||||
Third Party Pricing | n/a | |||||||||||||||||||||||
Loans and Receivables | 392,732 | Discounted Cash Flows | Discount Rate | 6.5% - 12.2% | 7.6% | Lower | ||||||||||||||||||
Other Investments | 2,518,032 | Third Party Pricing | n/a | |||||||||||||||||||||
Transaction Price | n/a | |||||||||||||||||||||||
$ | 4,111,556 | |||||||||||||||||||||||
n/a | 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, | Level III Financial Assets at Fair Value Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments | Investments | Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of | Loans | Other | of | Loans | Other | of | Loans | Other | of | Loans | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | and | Investments | Consolidated | and | Investments | Consolidated | and | Investments | Consolidated | and | Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Funds | Receivables | (a) | Total | Funds | Receivables | (a) | Total | 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 | $ | 1,208,252 | $ | 286,199 | $ | 43,214 | $ | 1,537,665 | $ | 885,228 | $ | 604,611 | $ | 41,160 | $ | 1,530,999 | ||||||||||||||||||||||||||||||||
Transfer In Due to Consolidation and Acquisition | 1,535,171 | — | — | 1,535,171 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfer Into Level III (b) | 1,266 | — | — | 1,266 | 316,551 | — | 8,402 | 324,953 | 4,692 | — | 907 | 5,599 | 1,266 | — | — | 1,266 | ||||||||||||||||||||||||||||||||||||||||||||||||
Transfer Out of Level III (b) | (12,187 | ) | — | — | (12,187 | ) | (200,964 | ) | — | (16,850 | ) | (217,814 | ) | (56,268 | ) | — | — | (56,268 | ) | (12,187 | ) | — | — | (12,187 | ) | |||||||||||||||||||||||||||||||||||||||
Purchases | 99,223 | 33,434 | 33,458 | 166,115 | 125,218 | 7,160 | 4,559 | 136,937 | 269,788 | 441,687 | 4,752 | 716,227 | 99,223 | 33,434 | 33,458 | 166,115 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sales | (79,993 | ) | (408,488 | ) | (1,014 | ) | (489,495 | ) | (51,971 | ) | (75,689 | ) | (7,626 | ) | (135,286 | ) | (103,118 | ) | (186,532 | ) | (2,748 | ) | (292,398 | ) | (79,993 | ) | (408,488 | ) | (1,014 | ) | (489,495 | ) | ||||||||||||||||||||||||||||||||
Issuances | — | 12,594 | — | 12,594 | — | — | — | — | — | 14,125 | — | 14,125 | — | 12,594 | — | 12,594 | ||||||||||||||||||||||||||||||||||||||||||||||||
Settlements | — | (28,155 | ) | — | (28,155 | ) | — | (1,637 | ) | — | (1,637 | ) | — | (17,165 | ) | — | (17,165 | ) | — | (28,155 | ) | — | (28,155 | ) | ||||||||||||||||||||||||||||||||||||||||
Changes in Gains (Losses) Included in Earnings | 89,447 | 9,800 | (129 | ) | 99,118 | 12,442 | 14,419 | (2,697 | ) | 24,164 | (66,705 | ) | (4,209 | ) | (7,522 | ) | (78,436 | ) | 89,447 | 9,800 | (129 | ) | 99,118 | |||||||||||||||||||||||||||||||||||||||||
Balance, End of Period | $ | 982,984 | $ | 223,796 | $ | 73,475 | $ | 1,280,255 | $ | 1,215,374 | $ | 162,368 | $ | 33,697 | $ | 1,411,439 | $ | 2,791,812 | $ | 534,105 | $ | 38,603 | $ | 3,364,520 | $ | 982,984 | $ | 223,796 | $ | 73,475 | $ | 1,280,255 | ||||||||||||||||||||||||||||||||
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 | ) | $ | (73,347 | ) | $ | (8,097 | ) | $ | (7,517 | ) | $ | (88,961 | ) | $ | 68,862 | $ | 746 | $ | (128 | ) | $ | 69,480 | |||||||||||||||||||||||
Level III Financial Assets at Fair Value Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||
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 | $ | 1,200,315 | $ | 392,732 | $ | 43,987 | $ | 1,637,034 | $ | 858,310 | $ | 581,079 | $ | 46,158 | $ | 1,485,547 | ||||||||||||||||
Transfer In Due to Consolidation and Acquisition | 1,535,171 | — | — | 1,535,171 | — | — | — | — | ||||||||||||||||||||||||
Transfer Into Level III (b) | 4,696 | — | 907 | 5,603 | 1,804 | — | — | 1,804 | ||||||||||||||||||||||||
Transfer Out of Level III (b) | (110,176 | ) | — | — | (110,176 | ) | (88,841 | ) | — | — | (88,841 | ) | ||||||||||||||||||||
Purchases | 327,810 | 444,784 | 7,498 | 780,092 | 186,080 | 356,763 | 33,459 | 576,302 | ||||||||||||||||||||||||
Sales | (167,431 | ) | (305,025 | ) | (2,812 | ) | (475,268 | ) | (127,985 | ) | (701,212 | ) | (6,163 | ) | (835,360 | ) | ||||||||||||||||
Issuances | — | 23,899 | — | 23,899 | — | 19,340 | — | 19,340 | ||||||||||||||||||||||||
Settlements | — | (22,018 | ) | — | (22,018 | ) | — | (45,555 | ) | — | (45,555 | ) | ||||||||||||||||||||
Changes in Gains (Losses) Included in Earnings | 1,427 | (267 | ) | (10,977 | ) | (9,817 | ) | 153,616 | 13,381 | 21 | 167,018 | |||||||||||||||||||||
Balance, End of Period | $ | 2,791,812 | $ | 534,105 | $ | 38,603 | $ | 3,364,520 | $ | 982,984 | $ | 223,796 | $ | 73,475 | $ | 1,280,255 | ||||||||||||||||
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date | $ | (20,852 | ) | $ | (7,883 | ) | $ | (10,971 | ) | $ | (39,706 | ) | $ | 125,918 | $ | (3,110 | ) | $ | (71 | ) | $ | 122,737 | ||||||||||
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, | |||||||
2021 | 2020 | |||||||
Investments | $ | 1,988,177 | $ | 1,307,292 | ||||
Due from Affiliates | 416,699 | 262,815 | ||||||
Potential Clawback Obligation | 43,529 | 38,679 | ||||||
Maximum Exposure to Loss | $ | 2,448,405 | $ | 1,608,786 | ||||
Amounts Due to Non-Consolidated VIEs | $ | 209 | $ | 241 | ||||
June 30, | December 31, | |||||||
2022 | 2021 | |||||||
Investments | $ | 3,432,284 | $ | 3,337,757 | ||||
Due from Affiliates | 205,960 | 179,939 | ||||||
Potential Clawback Obligation | 51,888 | 44,327 | ||||||
Maximum Exposure to Loss | $ | 3,690,132 | $ | 3,562,023 | ||||
Amounts Due to Non-Consolidated VIEs | $ | 95 | $ | 105 | ||||
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 | ||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||
Remaining Contractual Maturity of the Agreements | ||||||||||||||||||||
Overnight | Greater | |||||||||||||||||||
and | Up to | 30 - 90 | than | |||||||||||||||||
Continuous | 30 Days | Days | 90 days | Total | ||||||||||||||||
Repurchase Agreements | ||||||||||||||||||||
Loans | $ | — | $ | — | $ | — | $ | 152,529 | $ | 152,529 | ||||||||||
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” | $ | 152,529 | ||||||||||||||||||
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” | $ | — | ||||||||||||||||||
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 | ||||||||||||||||||
December 31, 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 | $ | — | $ | 15,980 | $ | — | $ | — | $ | 15,980 | ||||||||||
Loans | — | — | 42,000 | — | 42,000 | |||||||||||||||
$ | — | $ | 15,980 | $ | 42,000 | $ | — | $ | 57,980 | |||||||||||
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” | $ | 57,980 | ||||||||||||||||||
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” | $ | — | ||||||||||||||||||
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, 2022 | ||||||||||||||||
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 | $ | 181,875 | $ | 73,799 | $ | 103,923 | $ | 4,153 | ||||||||
June 30, 2022 | ||||||||||||||||
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 | $ | 59,602 | $ | 53,834 | $ | 2,239 | $ | 3,529 | ||||||||
Repurchase Agreements | 152,529 | 152,529 | — | — | ||||||||||||
$ | 212,131 | $ | 206,363 | $ | 2,239 | $ | 3,529 | |||||||||
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, 2020 | December 31, 2021 | |||||||||||||||||||||||||||||||
Gross and Net | Gross and Net | |||||||||||||||||||||||||||||||
Amounts of | Gross Amounts Not Offset | Amounts of | Gross Amounts Not Offset | |||||||||||||||||||||||||||||
Assets Presented | in the Statement of | Assets Presented | in the Statement of | |||||||||||||||||||||||||||||
in the Statement | Financial Condition | in the Statement | Financial Condition | |||||||||||||||||||||||||||||
of Financial | Financial | Cash Collateral | of Financial | Financial | Cash Collateral | |||||||||||||||||||||||||||
Condition | Instruments (a) | Received | Net Amount | Condition | Instruments (a) | Received | Net Amount | |||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Freestanding Derivatives | $ | 126,564 | $ | 114,673 | $ | 53 | $ | 11,838 | $ | 146,061 | $ | 137,265 | $ | 41 | $ | 8,755 | ||||||||||||||||
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 | |||||||||
December 31, 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 | $ | 147,666 | $ | 118,552 | $ | 1,347 | $ | 27,767 | ||||||||
Repurchase Agreements | 57,980 | 57,980 | — | — | ||||||||||||
$ | 205,646 | $ | 176,532 | $ | 1,347 | $ | 27,767 | |||||||||
(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, | |||||||
2022 | 2021 | |||||||
Furniture, Equipment and Leasehold Improvements, Net | $ | 316,389 | $ | 244,608 | ||||
Prepaid Expenses | 183,518 | 92,359 | ||||||
Freestanding Derivatives | 152,653 | 145,401 | ||||||
Other | 5,738 | 10,568 | ||||||
$ | 658,298 | $ | 492,936 | |||||
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, 2021 | December 31, 2020 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Senior Notes | Value | Value (a) | Value | Value (a) | ||||||||||||
4.750%, Due 2/15/2023 | $ | 397,975 | $ | 426,880 | $ | 397,385 | $ | 434,400 | ||||||||
2.000%, Due 5/19/2025 | 384,722 | 383,630 | 362,947 | 398,620 | ||||||||||||
1.000%, Due 10/5/2026 | 712,608 | 738,872 | 724,646 | 770,707 | ||||||||||||
3.150%, Due 10/2/2027 | 297,561 | 324,720 | 297,387 | 332,370 | ||||||||||||
1.500%, Due 4/10/2029 | 666,320 | 763,418 | 728,054 | 805,744 | ||||||||||||
2.500%, Due 1/10/2030 | 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 | 238,789 | 364,025 | 238,668 | 372,250 | ||||||||||||
5.000%, Due 6/15/2044 | 489,322 | 665,200 | 489,201 | 684,800 | ||||||||||||
4.450%, Due 7/15/2045 | 344,346 | 432,495 | 344,282 | 449,645 | ||||||||||||
4.000%, Due 10/2/2047 | 290,630 | 353,070 | 290,533 | 364,590 | ||||||||||||
3.500%, Due 9/10/2049 | 392,007 | 440,760 | 391,925 | 460,120 | ||||||||||||
2.800%, Due 9/30/2050 | 393,749 | 395,400 | 393,681 | 406,280 | ||||||||||||
$ | 5,594,549 | $ | 6,280,720 | $ | 5,644,554 | $ | 6,515,676 | |||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Senior Notes | Value | Value (a) | Value | Value (a) | ||||||||||||
4.750 %, Due 2/15/2023 | $ | 399,202 | $ | 399,760 | $ | 398,581 | $ | 415,880 | ||||||||
2.000 %, Due 5/19/2025 | 311,967 | 310,368 | 338,275 | 362,078 | ||||||||||||
1.000 %, Due 10/5/2026 | 624,380 | 582,051 | 675,867 | 700,892 | ||||||||||||
3.150 %, Due 10/2/2027 | 297,918 | 280,830 | 297,738 | 317,610 | ||||||||||||
1.625 %, Due 8/5/2028 | 643,987 | 547,105 | 643,251 | 629,265 | ||||||||||||
1.500 %, Due 4/10/2029 | 625,225 | 551,416 | 678,085 | 720,062 | ||||||||||||
2.500 %, Due 1/10/2030 | 492,130 | 432,050 | 491,662 | 507,350 | ||||||||||||
1.600 %, Due 3/30/2031 | 495,764 | 390,750 | 495,541 | 467,750 | ||||||||||||
2.000 %, Due 1/30/2032 | 787,491 | 636,321 | 786,690 | 767,920 | ||||||||||||
2.550 %, Due 3/30/2032 | 494,980 | 417,600 | — | — | ||||||||||||
3.500 %, Due 6/1/2034 | 512,158 | 494,373 | — | — | ||||||||||||
6.250 %, Due 8/15/2042 | 239,043 | 272,725 | 238,914 | 361,775 | ||||||||||||
5.000 %, Due 6/15/2044 | 489,573 | 487,800 | 489,446 | 648,500 | ||||||||||||
4.450 %, Due 7/15/2045 | 344,480 | 317,730 | 344,412 | 426,195 | ||||||||||||
4.000 %, Due 10/2/2047 | 290,831 | 253,170 | 290,730 | 347,370 | ||||||||||||
3.500 %, Due 9/10/2049 | 392,174 | 311,000 | 392,089 | 431,240 | ||||||||||||
2.800 %, Due 9/30/2050 | 393,888 | 271,960 | 393,818 | 382,880 | ||||||||||||
2.850 %, Due 8/5/2051 | 543,085 | 375,760 | 542,963 | 531,355 | ||||||||||||
3.200 %, Due 1/30/2052 | 986,998 | 722,800 | — | — | ||||||||||||
$ | 9,365,274 | $ | 8,055,569 | $ | 7,498,062 | $ | 8,018,122 | |||||||||
(a) | Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy. |
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 | |||||||
Total | ||||
Borrowings | ||||
2022 | $ | — | ||
2023 | 400,000 | |||
2024 | — | |||
2025 | 314,520 | |||
2026 | 629,040 | |||
Thereafter | 8,153,240 | |||
$ | 9,496,800 | |||
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 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Net Income (Loss) for Per Share of Common Stock Calculations | ||||||||||||||||
Net Income (Loss) Attributable to Blackstone Inc., Basic and Diluted | $ | (29,393 | ) | $ | 1,309,152 | $ | 1,187,481 | $ | 3,057,024 | |||||||
Shares/Units Outstanding | ||||||||||||||||
Weighted-Average Shares of Common Stock Outstanding, Basic | 707,382,293 | 721,141,954 | 738,752,489 | 715,121,029 | ||||||||||||
Weighted-Average Shares of Unvested Deferred Restricted Common Stock | — | 123,226 | 388,373 | 501,179 | ||||||||||||
Weighted-Average Shares of Common Stock Outstanding, Diluted | 707,382,293 | 721,265,180 | 739,140,862 | 715,622,208 | ||||||||||||
Net Income (Loss) Per Share of Common Stock | ||||||||||||||||
Basic | $ | (0.04 | ) | $ | 1.82 | $ | 1.61 | $ | 4.27 | |||||||
Diluted | $ | (0.04 | ) | $ | 1.82 | $ | 1.61 | $ | 4.27 | |||||||
Dividends Declared Per Share of Common Stock (a) | $ | 1.32 | $ | 0.82 | $ | 2.77 | $ | 1.78 | ||||||||
(a) | Dividends declared reflects the calendar date of the declaration for each |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Weighted-Average Shares of Unvested Deferred Restricted Common Stock | — | 0 | 0 | 15,672,449 | ||||||||||||
Weighted-Average Blackstone Holdings Partnership Units | 488,569,471 | 0 | 490,857,143 | 508,487,300 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Weighted-Average Shares of Unvested Deferred Restricted Common Stock | 35,883,883 | — | — | — | ||||||||||||
Weighted-Average Blackstone Holdings Partnership Units | 466,817,529 | 488,569,471 | 467,303,495 | 490,857,143 |
Shares/Units | |||||
Common Stock Outstanding | |||||
Unvested Participating Common Stock | |||||
35,710,961 | |||||
| |||||
Total Participating Common Stock | 742,187,838 | ||||
Participating Blackstone Holdings Partnership Units | 466,568,377 | ||||
1,208,756,215 | |||||
15. Equity-Based Compensation |
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 | |||||||||||||||
Blackstone Holdings | Blackstone 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, 2021 | 17,344,328 | $ | 37.37 | 26,537,813 | $ | 58.34 | 73,581 | $ | 137.65 | |||||||||||||||
Granted | — | — | 11,210,550 | 127.77 | 28,037 | 126.03 | ||||||||||||||||||
Vested | (1,262,132 | ) | 34.82 | (2,818,889 | ) | 70.94 | (1,980 | ) | 130.22 | |||||||||||||||
Forfeited | (116,197 | ) | 38.24 | (656,754 | ) | 71.25 | (46,412 | ) | 130.22 | |||||||||||||||
Balance, June 30, 2022 | 15,965,999 | $ | 37.57 | 34,272,720 | $ | 79.89 | 53,226 | $ | 121.71 | |||||||||||||||
Weighted- | ||||||
Average | ||||||
Service Period | ||||||
Shares/Units | in Years | |||||
Blackstone Holdings Partnership Units | 15,473,779 | 1.6 | ||||
Deferred Restricted Shares of Common Stock | 29,650,267 | 3.3 | ||||
Total Equity-Based Awards | 45,124,046 | 2.7 | ||||
Phantom Shares | 41,966 | 3.4 | ||||
Weighted- | ||||||
Average | ||||||
Service Period | ||||||
Shares/Units | in Years | |||||
Blackstone Holdings Partnership Units | 19,772,774 | 2.3 | ||||
Deferred Restricted Shares of Common Stock | 24,434,747 | 3.5 | ||||
Total Equity-Based Awards | 44,207,521 | 3.0 | ||||
Phantom Shares | 70,356 | 2.9 | ||||
June 30, | December 31, | June 30, | December 31, | |||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||
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 | $ | 3,053,633 | $ | 3,519,945 | ||||||||
Due from Certain Non-Controlling Interest Holders and Blackstone Employees | 661,193 | 548,897 | 795,987 | 1,099,899 | ||||||||||||
Accrual for Potential Clawback of Previously Distributed Performance Allocations | 36,380 | 35,563 | 42,338 | 37,023 | ||||||||||||
$ | 3,159,829 | $ | 3,221,515 | $ | 3,891,958 | $ | 4,656,867 | |||||||||
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, | December 31, | |||||||
2022 | 2021 | |||||||
Due to Affiliates | ||||||||
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements | $ | 1,561,842 | $ | 1,558,393 | ||||
Due to Non-Consolidated Entities | 185,689 | 181,341 | ||||||
Due to Certain Non-Controlling Interest Holders and Blackstone Employees | 151,183 | 77,664 | ||||||
Accrual for Potential Repayment of Previously Received Performance Allocations | 102,677 | 88,700 | ||||||
$ | 2,001,391 | $ | 1,906,098 | |||||
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 | |||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||
Current and | Current and | |||||||||||||||||||||||
Blackstone | Former | Blackstone | Former | |||||||||||||||||||||
Segment | Holdings | Personnel (a) | Total (b) | Holdings | Personnel (a) | Total (b) | ||||||||||||||||||
Real Estate | $ | 36,220 | $ | 21,200 | $ | 57,420 | $ | 34,080 | $ | 20,186 | $ | 54,266 | ||||||||||||
Private Equity | 11,591 | 6,421 | 18,012 | 5,158 | 2,196 | 7,354 | ||||||||||||||||||
Credit & Insurance | 12,559 | 14,686 | 27,245 | 12,439 | 14,641 | 27,080 | ||||||||||||||||||
$ | 60,370 | $ | 42,307 | $ | 102,677 | $ | 51,677 | $ | 37,023 | $ | 88,700 | |||||||||||||
(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.” |
18. | Segment Reporting |
Three Months Ended June 30, 2022 | ||||||||||||||||||||
Real | Private | Hedge Fund | Credit & | Total | ||||||||||||||||
Estate | Equity | Solutions | Insurance | Segments | ||||||||||||||||
Management and Advisory Fees, Net | ||||||||||||||||||||
Base Management Fees | $ | 611,751 | $ | 433,459 | $ | 145,077 | $ | 306,589 | $ | 1,496,876 | ||||||||||
Transaction, Advisory and Other Fees, Net | 46,974 | 27,551 | 3,450 | 7,117 | 85,092 | |||||||||||||||
Management Fee Offsets | (689 | ) | (23,157 | ) | (40 | ) | (1,165 | ) | (25,051 | ) | ||||||||||
Total Management and Advisory Fees, Net | 658,036 | 437,853 | 148,487 | 312,541 | 1,556,917 | |||||||||||||||
Fee Related Performance Revenues | 265,507 | — | — | 81,086 | 346,593 | |||||||||||||||
Fee Related Compensation | (273,893 | ) | (152,622 | ) | (57,863 | ) | (137,035 | ) | (621,413 | ) | ||||||||||
Other Operating Expenses | (88,329 | ) | (83,233 | ) | (26,066 | ) | (63,882 | ) | (261,510 | ) | ||||||||||
Fee Related Earnings | 561,321 | 201,998 | 64,558 | 192,710 | 1,020,587 | |||||||||||||||
Realized Performance Revenues | 1,997,720 | 122,884 | 7,197 | 78,973 | 2,206,774 | |||||||||||||||
Realized Performance Compensation | (831,402 | ) | (57,380 | ) | (2,083 | ) | (36,109 | ) | (926,974 | ) | ||||||||||
Realized Principal Investment Income (Loss) | 29,116 | 8,904 | (1,530 | ) | 7,019 | 43,509 | ||||||||||||||
Total Net Realizations | 1,195,434 | 74,408 | 3,584 | 49,883 | 1,323,309 | |||||||||||||||
Total Segment Distributable Earnings | $ | 1,756,755 | $ | 276,406 | $ | 68,142 | $ | 242,593 | $ | 2,343,896 | ||||||||||
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, 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 | ||||||||||
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 | ||||||||||
June 30, 2022 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 | $ | 1,191,937 | $ | 854,931 | $ | 290,123 | $ | 599,034 | $ | 2,936,025 | ||||||||||
Transaction, Advisory and Other Fees, Net | 87,459 | 40,209 | 4,919 | 16,514 | 149,101 | |||||||||||||||
Management Fee Offsets | (1,649 | ) | (50,299 | ) | (109 | ) | (2,784 | ) | (54,841 | ) | ||||||||||
Total Management and Advisory Fees, Net | 1,277,747 | 844,841 | 294,933 | 612,764 | 3,030,285 | |||||||||||||||
Fee Related Performance Revenues | 757,024 | (648 | ) | — | 148,282 | 904,658 | ||||||||||||||
Fee Related Compensation | (618,735 | ) | (303,672 | ) | (105,098 | ) | (264,379 | ) | (1,291,884 | ) | ||||||||||
Other Operating Expenses | (154,332 | ) | (150,977 | ) | (49,250 | ) | (121,049 | ) | (475,608 | ) | ||||||||||
Fee Related Earnings | 1,261,704 | 389,544 | 140,585 | 375,618 | 2,167,451 | |||||||||||||||
Realized Performance Revenues | 2,800,636 | 573,122 | 36,110 | 109,716 | 3,519,584 | |||||||||||||||
Realized Performance Compensation | (1,121,433 | ) | (264,083 | ) | (11,083 | ) | (49,495 | ) | (1,446,094 | ) | ||||||||||
Realized Principal Investment Income | 83,091 | 74,342 | 13,371 | 29,800 | 200,604 | |||||||||||||||
Total Net Realizations | 1,762,294 | 383,381 | 38,398 | 90,021 | 2,274,094 | |||||||||||||||
Total Segment Distributable Earnings | $ | 3,023,998 | $ | 772,925 | $ | 178,983 | $ | 465,639 | $ | 4,441,545 | ||||||||||
Segment Assets | $ | 14,267,173 | $ | 14,636,045 | $ | 2,777,317 | $ | 6,979,467 | $ | 38,660,002 | ||||||||||
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 | ||||||||||
Six Months Ended June 30, 2021 | ||||||||||||||||||||
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 | ||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Revenues | ||||||||||||||||
Total GAAP Revenues | $ | 629,220 | $ | 5,291,354 | $ | 5,755,500 | $ | 10,590,226 | ||||||||
Less: Unrealized Performance Revenues (a) | 3,467,668 | (2,697,170 | ) | 2,174,618 | (5,161,667 | ) | ||||||||||
Less: Unrealized Principal Investment (Income) Loss (b) | 203,288 | (104,658 | ) | 176,530 | (528,592 | ) | ||||||||||
Less: Interest and Dividend Revenue (c) | (66,143 | ) | (32,931 | ) | (120,628 | ) | (64,343 | ) | ||||||||
Less: Other Revenue (d) | (155,704 | ) | (27,870 | ) | (228,523 | ) | (88,143 | ) | ||||||||
Impact of Consolidation (e) | 75,099 | (312,076 | ) | (102,497 | ) | (581,392 | ) | |||||||||
Transaction-Related Charges (f) | (237 | ) | 12 | (1,450 | ) | (3,611 | ) | |||||||||
Intersegment Eliminations | 602 | 1,040 | 1,581 | 2,075 | ||||||||||||
Total Segment Revenue (g) | $ | 4,153,793 | $ | 2,117,701 | $ | 7,655,131 | $ | 4,164,553 | ||||||||
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, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Expenses | ||||||||||||||||
Total GAAP Expenses | $ | 744,113 | $ | 2,272,330 | $ | 2,941,135 | $ | 4,323,777 | ||||||||
Less: Unrealized Performance Allocations Compensation (h) | 1,386,543 | (1,150,219 | ) | 914,259 | (2,200,188 | ) | ||||||||||
Less: Equity-Based Compensation (i) | (195,644 | ) | (121,422 | ) | (397,189 | ) | (265,694 | ) | ||||||||
Less: Interest Expense (j) | (69,425 | ) | (44,132 | ) | (136,027 | ) | (88,472 | ) | ||||||||
Impact of Consolidation (e) | (11,394 | ) | (6,647 | ) | (19,200 | ) | (11,747 | ) | ||||||||
Amortization of Intangibles (k) | (17,044 | ) | (17,044 | ) | (34,088 | ) | (34,168 | ) | ||||||||
Transaction-Related Charges (f) | (25,378 | ) | (35,521 | ) | (51,924 | ) | (67,032 | ) | ||||||||
Administrative Fee Adjustment (l) | (2,476 | ) | (2,551 | ) | (4,961 | ) | (5,259 | ) | ||||||||
Intersegment Eliminations | 602 | 1,040 | 1,581 | 2,075 | ||||||||||||
Total Segment Expenses (m) | $ | 1,809,897 | $ | 895,834 | $ | 3,213,586 | $ | 1,653,292 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Other Income | ||||||||||||||||
Total GAAP Other Income | $ | (104,339 | ) | $ | 126,724 | $ | (52,702 | ) | $ | 249,987 | ||||||
Impact of Consolidation (e) | 104,339 | (126,724 | ) | 52,702 | (249,987 | ) | ||||||||||
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, | |||||||||||||||
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 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Income (Loss) Before Provision for Taxes | ||||||||||||||||
Total GAAP Income (Loss) Before Provision for Taxes | $ | (219,232 | ) | $ | 3,145,748 | $ | 2,761,663 | $ | 6,516,436 | |||||||
Less: Unrealized Performance Revenues (a) | 3,467,668 | (2,697,170 | ) | 2,174,618 | (5,161,667 | ) | ||||||||||
Less: Unrealized Principal Investment (Income) Loss (b) | 203,288 | (104,658 | ) | 176,530 | (528,592 | ) | ||||||||||
Less: Interest and Dividend Revenue (c) | (66,143 | ) | (32,931 | ) | (120,628 | ) | (64,343 | ) | ||||||||
Less: Other Revenue (d) | (155,704 | ) | (27,870 | ) | (228,523 | ) | (88,143 | ) | ||||||||
Plus: Unrealized Performance Allocations Compensation (h) | (1,386,543 | ) | 1,150,219 | (914,259 | ) | 2,200,188 | ||||||||||
Plus: Equity-Based Compensation (i) | 195,644 | 121,422 | 397,189 | 265,694 | ||||||||||||
Plus: Interest Expense (j) | 69,425 | 44,132 | 136,027 | 88,472 | ||||||||||||
Impact of Consolidation (e) | 190,832 | (432,153 | ) | (30,595 | ) | (819,632 | ) | |||||||||
Amortization of Intangibles (k) | 17,044 | 17,044 | 34,088 | 34,168 | ||||||||||||
Transaction-Related Charges (f) | 25,141 | 35,533 | 50,474 | 63,421 | ||||||||||||
Administrative Fee Adjustment (l) | 2,476 | 2,551 | 4,961 | 5,259 | ||||||||||||
Total Segment Distributable Earnings | $ | 2,343,896 | $ | 1,221,867 | $ | 4,441,545 | $ | 2,511,261 | ||||||||
As of | ||||
June 30, | ||||
2022 | ||||
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 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. |
Total Segment Revenues is comprised of the following: |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Total Segment Management and Advisory Fees, Net | $ | 1,556,917 | $ | 1,212,742 | $ | 3,030,285 | $ | 2,390,947 | ||||||||
Total Segment Fee Related Performance Revenues | 346,593 | 48,889 | 904,658 | 218,057 | ||||||||||||
Total Segment Realized Performance Revenues | 2,206,774 | 792,938 | 3,519,584 | 1,194,261 | ||||||||||||
Total Segment Realized Principal Investment Income | 43,509 | 63,132 | 200,604 | 361,288 | ||||||||||||
Total Segment Revenues | $ | 4,153,793 | $ | 2,117,701 | $ | 7,655,131 | $ | 4,164,553 | ||||||||
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 | |||||||||
This adjustment removes Unrealized Performance Allocations Compensation. |
This adjustment removes Equity-Based Compensation on a segment basis. |
This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement. |
(k) | This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation. |
(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. |
(m) | Total Segment Expenses is comprised of the following: |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Total Segment Fee Related Compensation | $ | 621,413 | $ | 375,385 | $ | 1,291,884 | $ | 820,495 | ||||||||
Total Segment Realized Performance Compensation | 926,974 | 338,271 | 1,446,094 | 489,195 | ||||||||||||
Total Segment Other Operating Expenses | 261,510 | 182,178 | 475,608 | 343,602 | ||||||||||||
Total Segment Expenses | $ | 1,809,897 | $ | 895,834 | $ | 3,213,586 | $ | 1,653,292 | ||||||||
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, | |||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Management and Advisory Fees, Net | ||||||||||||||||||||||||||||||||
GAAP | $ | 1,212,549 | $ | 969,728 | $ | 2,390,364 | $ | 1,904,560 | $ | 1,561,187 | $ | 1,212,549 | $ | 3,037,123 | $ | 2,390,364 | ||||||||||||||||
Segment Adjustment (a) | 193 | 7,005 | 583 | 12,740 | (4,270 | ) | 193 | (6,838 | ) | 583 | ||||||||||||||||||||||
Total Segment | $ | 1,212,742 | $ | 976,733 | $ | 2,390,947 | $ | 1,917,300 | $ | 1,556,917 | $ | 1,212,742 | $ | 3,030,285 | $ | 2,390,947 | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues | ||||||||||||||||
GAAP | ||||||||||||||||
Incentive Fees | $ | 99,598 | $ | 33,207 | $ | 204,087 | $ | 69,331 | ||||||||
Investment Income - Realized Performance Allocations | 2,453,769 | 808,620 | 4,220,155 | 1,342,987 | ||||||||||||
GAAP | 2,553,367 | 841,827 | 4,424,242 | 1,412,318 | ||||||||||||
Total Segment | ||||||||||||||||
Less: Realized Performance Revenues | (2,206,774 | ) | (792,938 | ) | (3,519,584 | ) | (1,194,261 | ) | ||||||||
Total Segment | $ | 346,593 | $ | 48,889 | $ | 904,658 | $ | 218,057 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
GAAP Compensation to Total Segment Fee Related Compensation | ||||||||||||||||
GAAP | ||||||||||||||||
Compensation | $ | 686,012 | $ | 507,104 | $ | 1,342,517 | $ | 1,049,742 | ||||||||
Incentive Fee Compensation | 45,363 | 14,431 | 86,382 | 27,756 | ||||||||||||
Realized Performance Allocations Compensation | 1,035,916 | 347,423 | 1,753,517 | 560,450 | ||||||||||||
GAAP | 1,767,291 | 868,958 | 3,182,416 | 1,637,948 | ||||||||||||
Total Segment | ||||||||||||||||
Less: Realized Performance Compensation | (926,974 | ) | (338,271 | ) | (1,446,094 | ) | (489,195 | ) | ||||||||
Less: Equity-Based Compensation - Fee Related Compensation | (191,769 | ) | (119,491 | ) | (392,156 | ) | (261,165 | ) | ||||||||
Less: Equity-Based Compensation - Performance Compensation | (3,875 | ) | (1,931 | ) | (5,033 | ) | (4,529 | ) | ||||||||
Segment Adjustment (b) | (23,260 | ) | (33,880 | ) | (47,249 | ) | (62,564 | ) | ||||||||
Total Segment | $ | 621,413 | $ | 375,385 | $ | 1,291,884 | $ | 820,495 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
GAAP General, Administrative and Other toTotal Segment Other Operating Expenses | ||||||||||||||||
GAAP | $ | 289,288 | $ | 205,057 | $ | 529,962 | $ | 390,179 | ||||||||
Segment Adjustment (c) | (27,778 | ) | (22,879 | ) | (54,354 | ) | (46,577 | ) | ||||||||
Total Segment | $ | 261,510 | $ | 182,178 | $ | 475,608 | $ | 343,602 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Realized Performance Revenues | ||||||||||||||||
GAAP | ||||||||||||||||
Incentive Fees | $ | 99,598 | $ | 33,207 | $ | 204,087 | $ | 69,331 | ||||||||
Investment Income - Realized Performance Allocations | 2,453,769 | 808,620 | 4,220,155 | 1,342,987 | ||||||||||||
GAAP | 2,553,367 | 841,827 | 4,424,242 | 1,412,318 | ||||||||||||
Total Segment | ||||||||||||||||
Less: Fee Related Performance Revenues | (346,593 | ) | (48,889 | ) | (904,658 | ) | (218,057 | ) | ||||||||
Total Segment | $ | 2,206,774 | $ | 792,938 | $ | 3,519,584 | $ | 1,194,261 | ||||||||
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 | |||||||||||||||
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, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Realized Performance Compensation | ||||||||||||||||
GAAP | ||||||||||||||||
Incentive Fee Compensation | $ | 45,363 | $ | 14,431 | $ | 86,382 | $ | 27,756 | ||||||||
Realized Performance Allocation Compensation | 1,035,916 | 347,423 | 1,753,517 | 560,450 | ||||||||||||
GAAP | 1,081,279 | 361,854 | 1,839,899 | 588,206 | ||||||||||||
Total Segment | ||||||||||||||||
Less: Fee Related Performance Compensation (d) | (150,430 | ) | (21,652 | ) | (388,772 | ) | (94,482 | ) | ||||||||
Less: Equity-Based Compensation - Performance Compensation | (3,875 | ) | (1,931 | ) | (5,033 | ) | (4,529 | ) | ||||||||
Total Segment | $ | 926,974 | $ | 338,271 | $ | 1,446,094 | $ | 489,195 | ||||||||
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, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Realized Principal Investment Income | ||||||||||||||||
GAAP | $ | 265,161 | $ | 152,060 | $ | 550,265 | $ | 507,098 | ||||||||
Segment Adjustment (e) | (221,652 | ) | (88,928 | ) | (349,661 | ) | (145,810 | ) | ||||||||
Total Segment | $ | 43,509 | $ | 63,132 | $ | 200,604 | $ | 361,288 | ||||||||
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 removal of Transaction-Related Charges that are not recorded in the Total Segment measures. |
Represents the (1) removal of |
(d) | Fee related performance compensation may include equity-based compensation based on fee related performance revenues. |
(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. |
19. | Subsequent Events |
June 30, 2022 | ||||||||||||||||||||||||||||||||
June 30, 2021 | Consolidated | Consolidated | ||||||||||||||||||||||||||||||
Consolidated | Consolidated | Operating | Blackstone | Reclasses and | ||||||||||||||||||||||||||||
Operating | Blackstone | Reclasses and | Partnerships | Funds (a) | Eliminations | Consolidated | ||||||||||||||||||||||||||
Partnerships | Funds (a) | Eliminations | Consolidated | |||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 2,467,444 | $ | — | $ | — | $ | 2,467,444 | $ | 4,183,380 | $ | — | $ | — | $ | 4,183,380 | ||||||||||||||||
Cash Held by Blackstone Funds and Other | — | 109,676 | — | 109,676 | — | 129,276 | — | 129,276 | ||||||||||||||||||||||||
Investments | 20,700,820 | 1,871,269 | (408,767 | ) | 22,163,322 | 24,528,575 | 3,764,850 | (969,667 | ) | 27,323,758 | ||||||||||||||||||||||
Accounts Receivable | 502,168 | 80,374 | — | 582,542 | 684,412 | 89,725 | — | 774,137 | ||||||||||||||||||||||||
Due from Affiliates | 3,301,073 | 12,475 | (153,719 | ) | 3,159,829 | 3,935,109 | 17,297 | (60,448 | ) | 3,891,958 | ||||||||||||||||||||||
Intangible Assets, Net | 321,780 | — | — | 321,780 | 246,988 | — | — | 246,988 | ||||||||||||||||||||||||
Goodwill | 1,890,202 | — | — | 1,890,202 | 1,890,202 | — | — | 1,890,202 | ||||||||||||||||||||||||
Other Assets | 556,165 | 549 | — | 556,714 | 658,025 | 273 | — | 658,298 | ||||||||||||||||||||||||
Right-of-Use Assets | 723,539 | — | — | 723,539 | 886,911 | — | — | 886,911 | ||||||||||||||||||||||||
Deferred Tax Assets | 1,322,144 | — | — | 1,322,144 | 1,646,400 | — | — | 1,646,400 | ||||||||||||||||||||||||
Total Assets | $ | 31,785,335 | $ | 2,074,343 | $ | (562,486 | ) | $ | 33,297,192 | $ | 38,660,002 | $ | 4,001,421 | $ | (1,030,115 | ) | $ | 41,631,308 | ||||||||||||||
Liabilities and Equity | ||||||||||||||||||||||||||||||||
Loans Payable | $ | 5,594,549 | $ | 99 | $ | — | $ | 5,594,648 | $ | 9,365,274 | $ | — | $ | — | $ | 9,365,274 | ||||||||||||||||
Due to Affiliates | 1,125,981 | 254,241 | (153,718 | ) | 1,226,504 | 1,918,604 | 143,234 | (60,447 | ) | 2,001,391 | ||||||||||||||||||||||
Accrued Compensation and Benefits | 5,789,662 | — | — | 5,789,662 | 6,765,492 | — | — | 6,765,492 | ||||||||||||||||||||||||
Securities Sold, Not Yet Purchased | 11,953 | 23,830 | — | 35,783 | 3,966 | 23,063 | — | 27,029 | ||||||||||||||||||||||||
Repurchase Agreements | — | 57,247 | — | 57,247 | 152,529 | — | — | 152,529 | ||||||||||||||||||||||||
Operating Lease Liabilities | 841,152 | — | — | 841,152 | 993,875 | — | — | 993,875 | ||||||||||||||||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | 1,171,568 | 33,614 | — | 1,205,182 | 969,264 | 22,356 | — | 991,620 | ||||||||||||||||||||||||
Total Liabilities | 14,534,865 | 369,031 | (153,718 | ) | 14,750,178 | 20,169,004 | 188,653 | (60,447 | ) | 20,297,210 | ||||||||||||||||||||||
Redeemable Non-Controlling Interests in Consolidated Entities | 22,000 | 43,568 | — | 65,568 | 2 | 1,275,489 | — | 1,275,491 | ||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||
Common Stock | 7 | — | — | 7 | 7 | — | — | 7 | ||||||||||||||||||||||||
Series I Preferred Stock | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Series II Preferred Stock | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Additional Paid-in-Capital | 6,282,600 | 383,095 | (383,095 | ) | 6,282,600 | 5,870,285 | 944,340 | (944,340 | ) | 5,870,285 | ||||||||||||||||||||||
Retained Earnings | 2,133,794 | 25,673 | (25,673 | ) | 2,133,794 | 2,803,100 | 25,328 | (25,328 | ) | 2,803,100 | ||||||||||||||||||||||
Accumulated Other Comprehensive Loss | (10,245 | ) | — | — | (10,245 | ) | (33,117 | ) | (9,108 | ) | — | (42,225 | ) | |||||||||||||||||||
Non-Controlling Interests in Consolidated Entities | 3,607,466 | 1,252,976 | — | 4,860,442 | 3,704,525 | 1,576,719 | — | 5,281,244 | ||||||||||||||||||||||||
Non-Controlling Interests in Blackstone Holdings | 5,214,848 | — | — | 5,214,848 | 6,146,196 | — | — | 6,146,196 | ||||||||||||||||||||||||
Total Equity | 17,228,470 | 1,661,744 | (408,768 | ) | 18,481,446 | 18,490,996 | 2,537,279 | (969,668 | ) | 20,058,607 | ||||||||||||||||||||||
Total Liabilities and Equity | $ | 31,785,335 | $ | 2,074,343 | $ | (562,486 | ) | $ | 33,297,192 | $ | 38,660,002 | $ | 4,001,421 | $ | (1,030,115 | ) | $ | 41,631,308 | ||||||||||||||
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 | |||||||
December 31, 2021 | ||||||||||||||||
Consolidated | Consolidated | |||||||||||||||
Operating | Blackstone | Reclasses and | ||||||||||||||
Partnerships | Funds (a) | Eliminations | Consolidated | |||||||||||||
Assets | ||||||||||||||||
Cash and Cash Equivalents | $ | 2,119,738 | $ | — | $ | — | $ | 2,119,738 | ||||||||
Cash Held by Blackstone Funds and Other | — | 79,994 | — | 79,994 | ||||||||||||
Investments | 27,041,225 | 2,018,829 | (395,011 | ) | 28,665,043 | |||||||||||
Accounts Receivable | 571,936 | 64,680 | — | 636,616 | ||||||||||||
Due from Affiliates | 4,652,295 | 15,031 | (10,459 | ) | 4,656,867 | |||||||||||
Intangible Assets, Net | 284,384 | — | — | 284,384 | ||||||||||||
Goodwill | 1,890,202 | — | — | 1,890,202 | ||||||||||||
Other Assets | 492,685 | 251 | — | 492,936 | ||||||||||||
Right-of-Use | 788,991 | — | — | 788,991 | ||||||||||||
Deferred Tax Assets | 1,581,637 | — | — | 1,581,637 | ||||||||||||
Total Assets | $ | 39,423,093 | $ | 2,178,785 | $ | (405,470 | ) | $ | 41,196,408 | |||||||
Liabilities and Equity | ||||||||||||||||
Loans Payable | $ | 7,748,062 | $ | 101 | $ | — | $ | 7,748,163 | ||||||||
Due to Affiliates | 1,812,223 | 104,334 | (10,459 | ) | 1,906,098 | |||||||||||
Accrued Compensation and Benefits | 7,905,070 | — | — | 7,905,070 | ||||||||||||
Securities Sold, Not Yet Purchased | 4,292 | 23,557 | — | 27,849 | ||||||||||||
Repurchase Agreements | 42,000 | 15,980 | — | 57,980 | ||||||||||||
Operating Lease Liabilities | 908,033 | — | — | 908,033 | ||||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | 926,749 | 10,420 | — | 937,169 | ||||||||||||
Total Liabilities | 19,346,429 | 154,392 | (10,459 | ) | 19,490,362 | |||||||||||
Redeemable Non-Controlling Interests in Consolidated Entities | 22,002 | 46,026 | — | 68,028 | ||||||||||||
Equity | ||||||||||||||||
Common Stock | 7 | — | — | 7 | ||||||||||||
Series I Preferred Stock | — | — | — | — | ||||||||||||
Series II Preferred Stock | — | — | — | — | ||||||||||||
Additional Paid-in-Capital | 5,794,727 | 349,822 | (349,822 | ) | 5,794,727 | |||||||||||
Retained Earnings | 3,647,785 | 45,189 | (45,189 | ) | 3,647,785 | |||||||||||
Accumulated Other Comprehensive Loss | (19,626 | ) | — | — | (19,626 | ) | ||||||||||
Non-Controlling Interests in Consolidated Entities | 4,017,297 | 1,583,356 | — | 5,600,653 | ||||||||||||
Non-Controlling Interests in Blackstone Holdings | 6,614,472 | — | — | 6,614,472 | ||||||||||||
Total Equity | 20,054,662 | 1,978,367 | (395,011 | ) | 21,638,018 | |||||||||||
Total Liabilities and Equity | $ | 39,423,093 | $ | 2,178,785 | $ | (405,470 | ) | $ | 41,196,408 | |||||||
(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 the capital that we are entitled to call from investors in those funds and entities pursuant to the terms of their respective capital commitments, including capital commitments to funds that have yet to commence their investment periods, |
(b) | the net asset value of (1) our hedge funds, real estate debt carry funds, BPP, certain BEPIF,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, BREIT, and |
(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 BXMT, and |
(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, BEPIF, 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 distributable earnings of BXMT, subject to certain adjustments, |
(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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | June 30, | 2022 vs. 2021 | June 30, | 2022 vs. 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, | 2021 vs. 2020 | June 30, | 2021 vs. 2020 | 2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | $ | % | 2021 | 2020 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | (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 | % | $ | 1,561,187 | $ | 1,212,549 | $ | 348,638 | 29 | % | $ | 3,037,123 | $ | 2,390,364 | $ | 646,759 | 27 | % | ||||||||||||||||||||||||||||||||
Incentive Fees | 33,207 | 15,300 | 17,907 | 117 | % | 69,331 | 27,461 | 41,870 | 152 | % | 99,598 | 33,207 | 66,391 | 200 | % | 204,087 | 69,331 | 134,756 | 194 | % | ||||||||||||||||||||||||||||||||||||||||||||
Investment Income (Loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Allocations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Realized | 808,620 | 101,910 | 706,710 | 693 | % | 1,342,987 | 269,440 | 1,073,547 | 398 | % | 2,453,769 | 808,620 | 1,645,149 | 203 | % | 4,220,155 | 1,342,987 | 2,877,168 | 214 | % | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized | 2,697,170 | 1,067,923 | 1,629,247 | 153 | % | 5,161,667 | (2,385,158 | ) | 7,546,825 | n/m | (3,467,668 | ) | 2,697,170 | (6,164,838 | ) | n/m | (2,174,618 | ) | 5,161,667 | (7,336,285 | ) | n/m | ||||||||||||||||||||||||||||||||||||||||||
Principal Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Realized | 152,060 | 61,102 | 90,958 | 149 | % | 507,098 | 109,797 | 397,301 | 362 | % | 265,161 | 152,060 | 113,101 | 74 | % | 550,265 | 507,098 | 43,167 | 9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized | 328,835 | 331,762 | (2,927 | ) | -1 | % | 968,150 | (627,603 | ) | 1,595,753 | n/m | (500,490 | ) | 328,835 | (829,325 | ) | n/m | (426,529 | ) | 968,150 | (1,394,679 | ) | 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 | (1,249,228 | ) | 3,986,685 | (5,235,913 | ) | n/m | 2,169,273 | 7,979,902 | (5,810,629 | ) | -73 | % | ||||||||||||||||||||||||||||||||||||||||||
Interest and Dividend Revenue | 31,017 | 23,924 | 7,093 | 30 | % | 62,429 | 59,008 | 3,421 | 6 | % | 62,075 | 31,017 | 31,058 | 100 | % | 116,560 | 62,429 | 54,131 | 87 | % | ||||||||||||||||||||||||||||||||||||||||||||
Other | 27,896 | (55,580 | ) | 83,476 | n/m | 88,200 | 82,600 | 5,600 | 7 | % | 155,588 | 27,896 | 127,692 | 458 | % | 228,457 | 88,200 | 140,257 | 159 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total Revenues | 5,291,354 | 2,516,069 | 2,775,285 | 110 | % | 10,590,226 | (559,895 | ) | 11,150,121 | n/m | 629,220 | 5,291,354 | (4,662,134 | ) | -88 | % | 5,755,500 | 10,590,226 | (4,834,726 | ) | -46 | % | ||||||||||||||||||||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation | 507,104 | 458,457 | 48,647 | 11 | % | 1,049,742 | 935,000 | 114,742 | 12 | % | 686,012 | 507,104 | 178,908 | 35 | % | 1,342,517 | 1,049,742 | 292,775 | 28 | % | ||||||||||||||||||||||||||||||||||||||||||||
Incentive Fee Compensation | 14,431 | 8,432 | 5,999 | 71 | % | 27,756 | 14,954 | 12,802 | 86 | % | 45,363 | 14,431 | 30,932 | 214 | % | 86,382 | 27,756 | 58,626 | 211 | % | ||||||||||||||||||||||||||||||||||||||||||||
Performance Allocations Compensation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Realized | 347,423 | 38,569 | 308,854 | 801 | % | 560,450 | 110,992 | 449,458 | 405 | % | 1,035,916 | 347,423 | 688,493 | 198 | % | 1,753,517 | 560,450 | 1,193,067 | 213 | % | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized | 1,150,219 | 454,813 | 695,406 | 153 | % | 2,200,188 | (942,565 | ) | 3,142,753 | n/m | (1,386,543 | ) | 1,150,219 | (2,536,762 | ) | n/m | (914,259 | ) | 2,200,188 | (3,114,447 | ) | 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 | 380,748 | 2,019,177 | (1,638,429 | ) | -81 | % | 2,268,157 | 3,838,136 | (1,569,979 | ) | -41 | % | |||||||||||||||||||||||||||||||||||||||||||
General, Administrative and Other | 205,057 | 169,051 | 36,006 | 21 | % | 390,179 | 326,617 | 63,562 | 19 | % | 289,288 | 205,057 | 84,231 | 41 | % | 529,962 | 390,179 | 139,783 | 36 | % | ||||||||||||||||||||||||||||||||||||||||||||
Interest Expense | 44,322 | 39,276 | 5,046 | 13 | % | 89,305 | 80,920 | 8,385 | 10 | % | 69,642 | 44,322 | 25,320 | 57 | % | 136,389 | 89,305 | 47,084 | 53 | % | ||||||||||||||||||||||||||||||||||||||||||||
Fund Expenses | 3,774 | 4,083 | (309 | ) | -8 | % | 6,157 | 8,688 | (2,531 | ) | -29 | % | 4,435 | 3,774 | 661 | 18 | % | 6,627 | 6,157 | 470 | 8 | % | ||||||||||||||||||||||||||||||||||||||||||
Total Expenses | 2,272,330 | 1,172,681 | 1,099,649 | 94 | % | 4,323,777 | 534,606 | 3,789,171 | 709 | % | 744,113 | 2,272,330 | (1,528,217 | ) | -67 | % | 2,941,135 | 4,323,777 | (1,382,642 | ) | -32 | % | ||||||||||||||||||||||||||||||||||||||||||
Other Income (Loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in Tax Receivable Agreement Liability | (392 | ) | 76 | (468 | ) | n/m | 2,518 | (519 | ) | 3,037 | n/m | (13 | ) | (392 | ) | 379 | -97 | % | 748 | 2,518 | (1,770 | ) | -70 | % | ||||||||||||||||||||||||||||||||||||||||
Net Gains (Losses) from Fund Investment Activities | 127,116 | 158,297 | (31,181 | ) | -20 | % | 247,469 | (169,077 | ) | 416,546 | n/m | (104,326 | ) | 127,116 | (231,442 | ) | n/m | (53,450 | ) | 247,469 | (300,919 | ) | n/m | |||||||||||||||||||||||||||||||||||||||||
Total Other Income (Loss) | 126,724 | 158,373 | (31,649 | ) | -20 | % | 249,987 | (169,596 | ) | 419,583 | n/m | (104,339 | ) | 126,724 | (231,063 | ) | n/m | (52,702 | ) | 249,987 | (302,689 | ) | 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (Loss) Before Provision for Taxes | (219,232 | ) | 3,145,748 | (3,364,980 | ) | n/m | 2,761,663 | 6,516,436 | (3,754,773 | ) | -58 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for Taxes | 36,514 | 288,250 | (251,736 | ) | -87 | % | 519,795 | 287,803 | 231,992 | 81 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | 2,857,498 | 1,354,346 | 1,503,152 | 111 | % | 6,228,633 | (1,252,809 | ) | 7,481,442 | n/m | (255,746 | ) | 2,857,498 | (3,113,244 | ) | n/m | 2,241,868 | 6,228,633 | (3,986,765 | ) | -64 | % | ||||||||||||||||||||||||||||||||||||||||||
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 Attributable to Redeemable Non-Controlling Interests in Consolidated Entities | 25,875 | 637 | 25,238 | n/m | 30,927 | 1,266 | 29,661 | 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 | (216,707 | ) | 431,516 | (648,223 | ) | n/m | (332 | ) | 818,366 | (818,698 | ) | 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 | (35,521 | ) | 1,116,193 | (1,151,714 | ) | n/m | 1,023,792 | 2,351,977 | (1,328,185 | ) | -56 | % | ||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Blackstone Inc. | $ | (29,393 | ) | $ | 1,309,152 | $ | (1,338,545 | ) | n/m | $ | 1,187,481 | $ | 3,057,024 | $ | (1,869,543 | ) | -61 | % | ||||||||||||||||||||||||||||||||||||||||||||||
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 | 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% | ||||||||||||||||||
Note: | Totals may not add due to rounding. |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | June 30, 2022 | June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | Private | Hedge Fund | Credit & | Private | Hedge Fund | Credit & | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private | Hedge Fund | Credit & | Private | Hedge Fund | Credit & | Real Estate | Equity | Solutions | Insurance | Total | Real Estate | Equity | Solutions | Insurance | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Equity | Solutions | Insurance | Total | Real Estate | Equity | Solutions | Insurance | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | (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 | $ | 240,621,453 | $ | 160,946,196 | $ | 75,685,828 | $ | 200,689,825 | $ | 677,943,302 | $ | 155,851,794 | $ | 131,903,347 | $ | 76,614,206 | $ | 116,856,060 | $ | 481,225,407 | ||||||||||||||||||||||||||||||||||||||||
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 | 24,715,819 | 6,030,709 | 1,609,920 | 12,076,571 | 44,433,019 | 9,834,475 | 2,320,367 | 1,794,869 | 14,734,257 | 28,683,968 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ) | (3,524,671 | ) | (43,763 | ) | (3,205,253 | ) | (6,718,805 | ) | (13,492,492 | ) | (581,677 | ) | (457,610 | ) | (8,277,079 | ) | (2,502,137 | ) | (11,818,503 | ) | ||||||||||||||||||||||||||||||||||||||||
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 | 21,191,148 | 5,986,946 | (1,595,333 | ) | 5,357,766 | 30,940,527 | 9,252,798 | 1,862,757 | (6,482,210 | ) | 12,232,120 | 16,865,465 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ) | (8,912,594 | ) | (2,964,236 | ) | (461,230 | ) | (1,764,406 | ) | (14,102,466 | ) | (3,069,895 | ) | (3,304,081 | ) | (294,858 | ) | (4,029,664 | ) | (10,698,498 | ) | ||||||||||||||||||||||||||||||||||||||||
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 | (774,137 | ) | (447,399 | ) | (999,644 | ) | (8,734,222 | ) | (10,955,402 | ) | 4,228,796 | 2,013,463 | 2,403,014 | 2,894,879 | 11,540,152 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 252,125,870 | $ | 163,521,507 | $ | 72,629,621 | $ | 195,548,963 | $ | 683,825,961 | $ | 166,263,493 | $ | 132,475,486 | $ | 72,240,152 | $ | 127,953,395 | $ | 498,932,526 | ||||||||||||||||||||||||||||||||||||||||
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 | $ | 11,504,417 | $ | 2,575,311 | $ | (3,056,207 | ) | $ | (5,140,862 | ) | $ | 5,882,659 | $ | 10,411,699 | $ | 572,139 | $ | (4,374,054 | ) | $ | 11,097,335 | $ | 17,707,119 | ||||||||||||||||||||||||||||||||||||
Increase (Decrease) | 7 | % | — | -6 | % | 9 | % | 4 | % | 3 | % | 1 | % | 3 | % | 6 | % | 3 | % | 5 | % | 2 | % | -4 | % | -3 | % | 1 | % | 7 | % | — | -6 | % | 9 | % | 4 | % |
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended | June 30, 2022 | June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | Private | Hedge Fund | Credit & | Private | Hedge Fund | Credit & | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private | Hedge Fund | Credit & | Private | Hedge Fund | Credit & | Real Estate | Equity | Solutions | Insurance | Total | Real Estate | Equity | Solutions | Insurance | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Equity | Solutions | Insurance | Total | Real Estate | Equity | Solutions | Insurance | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | (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 | $ | 221,476,699 | $ | 156,556,959 | $ | 74,034,568 | $ | 197,900,832 | $ | 649,969,058 | $ | 149,121,461 | $ | 129,539,630 | $ | 74,126,610 | $ | 116,645,413 | $ | 469,433,114 | ||||||||||||||||||||||||||||||||||||||||
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 | 47,506,860 | 11,480,655 | 5,780,000 | 25,025,683 | 89,793,198 | 18,395,652 | 6,788,988 | 3,800,855 | 22,920,908 | 51,906,403 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ) | (7,814,246 | ) | (916,360 | ) | (5,787,697 | ) | (9,791,052 | ) | (24,309,355 | ) | (1,425,237 | ) | (1,065,631 | ) | (9,623,330 | ) | (7,618,014 | ) | (19,732,212 | ) | ||||||||||||||||||||||||||||||||||||||||
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 | 39,692,614 | 10,564,295 | (7,697 | ) | 15,234,631 | 65,483,843 | 16,970,415 | 5,723,357 | (5,822,475 | ) | 15,302,894 | 32,174,191 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ) | (14,204,651 | ) | (5,652,476 | ) | (824,097 | ) | (5,260,345 | ) | (25,941,569 | ) | (4,925,197 | ) | (6,375,260 | ) | (483,294 | ) | (7,276,868 | ) | (19,060,619 | ) | ||||||||||||||||||||||||||||||||||||||||
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 | ) | 5,161,208 | 2,052,729 | (573,153 | ) | (12,326,155 | ) | (5,685,371 | ) | 5,096,814 | 3,587,759 | 4,419,311 | 3,281,956 | 16,385,840 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 252,125,870 | $ | 163,521,507 | $ | 72,629,621 | $ | 195,548,963 | $ | 683,825,961 | $ | 166,263,493 | $ | 132,475,486 | $ | 72,240,152 | $ | 127,953,395 | $ | 498,932,526 | ||||||||||||||||||||||||||||||||||||||||
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 | $ | 30,649,171 | $ | 6,964,548 | $ | (1,404,947 | ) | $ | (2,351,869 | ) | $ | 33,856,903 | $ | 17,142,032 | $ | 2,935,856 | $ | (1,886,458 | ) | $ | 11,307,982 | $ | 29,499,412 | ||||||||||||||||||||||||||||||||||
Increase (Decrease) | 11 | % | 2 | % | -3 | % | 10 | % | 6 | % | 5 | % | 32 | % | -7 | % | -4 | % | 7 | % | 14 | % | 4 | % | -2 | % | -1 | % | 5 | % | 11 | % | 2 | % | -3 | % | 10 | % | 6 | % | ||||||||||||||||||||||||||||||||||||||||
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 | % | 1.00 | % | 1.07 | % | 0.78 | % | 0.60 | % | 0.88 | % | 1.12 | % | 1.13 | % | 0.82 | % | 0.55 | % | 0.93 | % |
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 | % |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||||||||||||||||||
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 | $ | 298,196,783 | $ | 267,956,351 | $ | 82,896,827 | $ | 266,441,781 | $ | 915,491,742 | $ | 196,277,032 | $ | 211,801,085 | $ | 81,819,220 | $ | 158,905,670 | $ | 648,803,007 | ||||||||||||||||||||
Inflows (a) | 48,878,703 | 20,240,070 | 2,006,897 | 17,133,155 | 88,258,825 | 8,879,659 | 7,335,028 | 2,197,161 | 18,869,609 | 37,281,457 | ||||||||||||||||||||||||||||||
Outflows (b) | (3,841,493 | ) | (557,024 | ) | (3,261,271 | ) | (6,696,478 | ) | (14,356,266 | ) | (579,152 | ) | (1,077,784 | ) | (7,299,018 | ) | (2,716,532 | ) | (11,672,486 | ) | ||||||||||||||||||||
Net Inflows (Outflows) | 45,037,210 | 19,683,046 | (1,254,374 | ) | 10,436,677 | 73,902,559 | 8,300,507 | 6,257,244 | (5,101,857 | ) | 16,153,077 | 25,608,971 | ||||||||||||||||||||||||||||
Realizations (c) | (19,846,905 | ) | (5,578,774 | ) | (477,605 | ) | (3,406,173 | ) | (29,309,457 | ) | (5,306,047 | ) | (8,633,166 | ) | (303,557 | ) | (5,390,278 | ) | (19,633,048 | ) | ||||||||||||||||||||
Market Activity (d)(i) | (3,348,660 | ) | (6,174,209 | ) | (1,113,440 | ) | (8,642,794 | ) | (19,279,103 | ) | 8,276,744 | 14,196,196 | 2,731,457 | 4,045,385 | 29,249,782 | |||||||||||||||||||||||||
Balance, End of Period (e) | $ | 320,038,428 | $ | 275,886,414 | $ | 80,051,408 | $ | 264,829,491 | $ | 940,805,741 | $ | 207,548,236 | $ | 223,621,359 | $ | 79,145,263 | $ | 173,713,854 | $ | 684,028,712 | ||||||||||||||||||||
Increase (Decrease) | $ | 21,841,645 | $ | 7,930,063 | $ | (2,845,419 | ) | $ | (1,612,290 | ) | $ | 25,313,999 | $ | 11,271,204 | $ | 11,820,274 | $ | (2,673,957 | ) | $ | 14,808,184 | $ | 35,225,705 | |||||||||||||||||
Increase (Decrease) | 7 | % | 3 | % | -3 | % | -1 | % | 3 | % | 6 | % | 6 | % | -3 | % | 9 | % | 5 | % |
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended | June 30, 2022 | June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | Private | Hedge Fund | Credit & | Private | Hedge Fund | Credit & | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private | Hedge Fund | Credit & | Private | Hedge Fund | Credit & | Real Estate | Equity | Solutions | Insurance | Total | Real Estate | Equity | Solutions | Insurance | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Equity | Solutions | Insurance | Total | Real Estate | Equity | Solutions | Insurance | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | (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 | $ | 279,474,105 | $ | 261,471,007 | $ | 81,334,141 | $ | 258,622,467 | $ | 880,901,720 | $ | 187,191,247 | $ | 197,549,222 | $ | 79,422,869 | $ | 154,393,590 | $ | 618,556,928 | ||||||||||||||||||||||||||||||||||||||||
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 | 65,922,022 | 29,473,707 | 6,022,228 | 36,715,840 | 138,133,797 | 17,461,122 | 15,166,670 | 4,264,119 | 31,993,631 | 68,885,542 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ) | (6,137,188 | ) | (1,977,487 | ) | (6,029,364 | ) | (10,216,436 | ) | (24,360,475 | ) | (2,388,253 | ) | (1,828,756 | ) | (8,922,346 | ) | (8,508,421 | ) | (21,647,776 | ) | ||||||||||||||||||||||||||||||||||||||||
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 | 59,784,834 | 27,496,220 | (7,136 | ) | 26,499,404 | 113,773,322 | 15,072,869 | 13,337,914 | (4,658,227 | ) | 23,485,210 | 47,237,766 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ) | (29,384,688 | ) | (13,304,607 | ) | (916,050 | ) | (8,940,022 | ) | (52,545,367 | ) | (7,259,579 | ) | (16,726,541 | ) | (497,904 | ) | (10,017,051 | ) | (34,501,075 | ) | ||||||||||||||||||||||||||||||||||||||||
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 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market Activity (d)(j) | 10,164,177 | 223,794 | (359,547 | ) | (11,352,358 | ) | (1,323,934 | ) | 12,543,699 | 29,460,764 | 4,878,525 | 5,852,105 | 52,735,093 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 320,038,428 | $ | 275,886,414 | $ | 80,051,408 | $ | 264,829,491 | $ | 940,805,741 | $ | 207,548,236 | $ | 223,621,359 | $ | 79,145,263 | $ | 173,713,854 | $ | 684,028,712 | ||||||||||||||||||||||||||||||||||||||||
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 | ) | $ | 40,564,323 | $ | 14,415,407 | $ | (1,282,733 | ) | $ | 6,207,024 | $ | 59,904,021 | $ | 20,356,989 | $ | 26,072,137 | $ | (277,606 | ) | $ | 19,320,264 | $ | 65,471,784 | ||||||||||||||||||||||||||||||||||
Increase (Decrease) | 11 | % | 13 | % | — | 13 | % | 11 | % | 2 | % | 1 | % | -6 | % | -5 | % | -1 | % | 15 | % | 6 | % | -2 | % | 2 | % | 7 | % | 11 | % | 13 | % | — | 13 | % | 11 | % |
(a) | Inflows 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 realization proceeds from the disposition or other monetization of assets, current income or capital returned to investors from CLOs. |
(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 $(2.9) billion, $(1.5) billion and $(4.5) billion for the Real Estate, Credit & Insurance and Total segments, respectively. For the three months ended June 30, 2021, such impact was $332.1 million, $262.1 million and $599.8 million for the Real Estate, Credit & Insurance and Total segments, respectively. |
(h) | For the Fee-Earning Assets Under Management due to foreign exchange rate fluctuations was |
For the six months ended June 30, 2021, |
(i) | For the three months ended June 30, |
(j) | For the six months ended June 30, |
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 | $ |
co-investment, $4.9 billion from BREDS co-investment, |
o | $ |
o | $6.0 billion in our Private Equity segment driven by |
o | $ |
o | $8.9 billion in our Real Estate segment driven by $3.1 billion from BREIT, $3.0 billion from BREDS, $1.6 billion from BREP and co-investment and $1.2 billion from BPP andco-investment, |
o | $3.0 billion in our Private Equity segment driven by $1.4 billion from Tactical Opportunities, $703.1 million from Strategic Partners and $688.3 million from corporate private equity, and |
o | $1.8 billion in our Credit & Insurance segment driven by $496.4 million from CLOs, $393.9 million from our energy strategies, $335.2 million from direct lending, $208.4 million from mezzanine funds and $186.1 million from certain liquid credit strategies. |
o | $ |
o | $3.5 billion in our Real Estate segment driven by co-investment, and |
o | $3.2 billion in our Hedge Fund Solutions segment driven by $1.4 billion from commingled products, $1.1 billion from customized solutions and $709.9 million from |
o | $8.7 billion of market depreciation in our Credit & Insurance segment driven by depreciation of $4.6 billion from certain liquid credit strategies, $1.1 billion from direct lending, $976.1 million from private placement credit, $674.2 million from CLOs and $594.9 million from asset-based finance, all of which included |
o | $ |
o | $774.1 million of market depreciation in our Real Estate segment driven by depreciation of $1.4 billion from co-investment, partially offset by appreciation of $1.2 billion from Core+ real estate (which included |
o | $47.5 billion in our Real Estate segment driven by $19.2 billion from BREIT, $10.6 billion from BPP and co-investment, $8.8 billion from BREP andco-investment and $8.2 billion from BREDS, |
o | $ |
o | $ |
o | $ |
o | $14.2 billion in our Real Estate segment driven by $5.0 billion from BREIT, $4.2 billion from BREDS, $2.9 billion from BREP and co-investment and $2.0 billion from BPP andco-investment, |
o | $5.7 billion in our Private Equity segment driven by $1.9 billion from Strategic Partners, $1.8 billion from Tactical Opportunities and $1.5 billion from corporate private equity, and |
o | $5.3 billion in our Credit & Insurance segment driven by $1.8 billion from CLOs, $1.7 billion from direct lending, $542.3 million from our energy strategies, $402.9 million from mezzanine funds, $356.4 million from stressed/distressed strategies and $349.6 million from certain liquid credit strategies. |
o | $ |
o | $7.8 billion in our Real Estate segment driven by co-investment and $1.4 billion from BPP andco-investment, and |
o | $ |
o | $ |
o | Partially offset by $5.2 billion of market appreciation in our Real Estate segment driven by appreciation of $8.8 billion from Core+ real estate (which included $2.9 billion of foreign exchange depreciation), partially offset by depreciation of $2.8 billion from BREDS and foreign exchange depreciation of $856.8 million from BREP and co-investment, and |
o | $ |
o | $ co-investment, $9.6 billion from co-investment, $9.4 billion from |
o | $20.2 billion in our Private Equity segment driven by $10.0 billion from |
o | $ |
o | $ |
o | $19.8 billion in our Real Estate segment driven by $14.5 billion from BREP and co-investment, $3.1 billion from BREIT, $1.3 billion from BPP andco-investment and $1.0 billion from BREDS, |
o | $5.6 billion in our Private Equity segment driven by $2.2 billion from Tactical Opportunities, $1.8 billion from Strategic Partners, and $1.3 billion from corporate private equity, and |
o | $3.4 billion in our Credit & Insurance segment driven by $1.4 billion from direct lending, $677.1 million from our energy strategies, $496.4 million from CLOs, $336.5 million from mezzanine funds and $237.6 million from stressed/distressed strategies. |
o | $ |
o | $ |
o | $ co-investment of |
o | $ |
o | $6.7 billion in our Credit & Insurance segment driven by $4.5 billion from certain liquid credit strategies, $990.3 million from BIS, $654.9 million from MLP strategies, $269.1 million from CLOs and $245.2 million from direct lending, |
o | $3.8 billion in our Real Estate segment driven by $2.9 billion from BREIT, $518.7 million from BPP and co-investment and $436.3 million from BREDS, and |
o | $3.3 billion in our Hedge Fund Solutions segment driven by $1.4 billion from commingled products, $1.1 billion from customized solutions and $711.3 million from individual investor and specialized solutions. |
o | $65.9 billion in our Real Estate segment driven by $28.9 billion from BREP and co-investment, $19.2 billion from BREIT, $11.5 billion from BPP andco-investment and $5.7 billion from BREDS, |
o | $36.7 billion in our Credit & Insurance segment driven by $25.2 billion from direct lending, $3.5 billion from CLOs, $2.7 billion from certain liquid credit strategies, $2.4 billion from asset-based finance, $1.5 billion from our energy strategies and $785.0 million from BIS, |
o | $29.5 billion in our Private Equity segment driven by $11.5 billion from corporate private equity, $5.8 billion from Strategic Partners, 5.6 billion from BIP, $3.1 billion from BXG, $2.3 billion from Tactical Opportunities and $1.1 billion from multi-asset products, and |
o | $6.0 billion in our Hedge Fund Solutions segment driven by $4.8 billion from individual investor and specialized solutions, $973.7 million from customized solutions and $251.6 million from commingled products. |
o | $ co-investment, $5.0 billion from co-investment and $2.0 billion from BREDS, |
o | $ |
o | $ |
o | $ |
o | $6.1 billion in our Real Estate segment driven by $4.2 billion from BREIT, $1.4 billion from BREDS,co-investment and $530.3 million from |
o | $ |
o | $ |
o | $ |
o | co-investment of |
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, | ||||||||||||||||
June 30, | 2022 | 2021 | ||||||||||||||
2021 | 2020 | |||||||||||||||
(Dollars in Millions) | (Dollars in Millions) | |||||||||||||||
Real Estate | ||||||||||||||||
BREP IV | $ | 19 | $ | 7 | $ | 7 | $ | 19 | ||||||||
BREP V | 26 | 1 | 3 | 26 | ||||||||||||
BREP VI | 42 | 45 | 32 | 42 | ||||||||||||
BREP VII | 300 | 238 | 164 | 300 | ||||||||||||
BREP VIII | 626 | 604 | 841 | 626 | ||||||||||||
BREP IX | 359 | 6 | 1,015 | 359 | ||||||||||||
BREP Europe IV | 89 | 105 | 83 | 89 | ||||||||||||
BREP Europe V | 312 | 99 | 120 | 312 | ||||||||||||
BREP Europe VI | 60 | — | 80 | 60 | ||||||||||||
BREP Asia I | 107 | 85 | 114 | 107 | ||||||||||||
BREP Asia II | 98 | — | 153 | 98 | ||||||||||||
BPP | 265 | 225 | 755 | 265 | ||||||||||||
BREIT | 247 | — | — | 247 | ||||||||||||
BREDS | 32 | 3 | 15 | 32 | ||||||||||||
BTAS | 6 | 22 | 111 | 6 | ||||||||||||
Total Real Estate (a) | 2,591 | 1,441 | 3,491 | 2,591 | ||||||||||||
Private Equity | ||||||||||||||||
BCP IV | 9 | 19 | 8 | 9 | ||||||||||||
BCP V | 39 | — | 3 | 39 | ||||||||||||
BCP VI | 740 | 521 | 407 | 740 | ||||||||||||
BCP VII | 1,351 | 307 | 975 | 1,351 | ||||||||||||
BCP VIII | 89 | — | 235 | 89 | ||||||||||||
BCP Asia I | 213 | 18 | 195 | 213 | ||||||||||||
BEP I | 28 | 63 | 27 | 28 | ||||||||||||
BEP III | 47 | 3 | 76 | 47 | ||||||||||||
BCEP I | 170 | 43 | 224 | 170 | ||||||||||||
Tactical Opportunities (b) | 432 | 55 | ||||||||||||||
Tactical Opportunities | 311 | 374 | ||||||||||||||
BXG | — | 59 | ||||||||||||||
Strategic Partners | 262 | 155 | 629 | 262 | ||||||||||||
BIP | 81 | — | 67 | 81 | ||||||||||||
BXLS | 23 | 8 | 24 | 23 | ||||||||||||
BTAS/Other | 151 | 7 | 228 | 151 | ||||||||||||
Total Private Equity (a) | 3,637 | 1,199 | 3,408 | 3,637 | ||||||||||||
Hedge Fund Solutions | 300 | 26 | 305 | 300 | ||||||||||||
Credit & Insurance | 233 | 42 | 271 | 233 | ||||||||||||
Total Blackstone Net Accrued Performance Revenues | $ | 6,761 | $ | 2,708 | $ | 7,476 | $ | 6,761 | ||||||||
Note: | Totals may not add due to rounding. |
(a) | Real Estate and Private Equity include co-investments, as applicable. |
Note: | Totals may not add due to rounding. |
Note: | Totals may not add due to rounding. |
Unrealized Investments | Realized Investments | Total Investments | Unrealized Investments | Realized Investments | Total Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fund (Investment Period | Committed | Available | % | Net IRRs (d) | 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 | Capital | Capital (b) | Value | MOIC (c) | Public | Value | MOIC (c) | Value | MOIC (c) | Realized | Total | ||||||||||||||||||||||||||||||||||||||||||||||
(Dollars/Euros in Thousands, Except Where Noted) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars/Euros in Thousands, Except Where Noted) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Real Estate | Real Estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre-BREP | $ 140,714 | $ — | $ — | n/a | — | $ 345,190 | 2.5x | $ 345,190 | 2.5x | 33 | % | 33 | % | $ 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 | % | 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 | % | 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 | % | 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 | % | 2,198,694 | — | 23,471 | n/a | — | 4,640,501 | 1.7x | 4,663,972 | 1.7x | 12 | % | 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 | % | 5,539,418 | — | 7,046 | n/a | — | 13,450,289 | 2.3x | 13,457,335 | 2.3x | 11 | % | 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 | % | 11,060,444 | 550,447 | 347,417 | 2.0x | 79 | % | 27,454,501 | 2.5x | 27,801,918 | 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 | % | 13,501,376 | 1,513,399 | 3,574,239 | 0.9x | 7 | % | 27,931,757 | 2.4x | 31,505,996 | 2.0x | 22 | % | 15 | % | ||||||||||||||||||||||||||||||||||||||||
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 | % | 16,592,792 | 2,302,626 | 15,233,276 | 1.7x | — | 21,102,039 | 2.6x | 36,335,315 | 2.1x | 28 | % | 18 | % | ||||||||||||||||||||||||||||||||||||||||||
*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 | % | 21,492,844 | 7,400,820 | 23,129,782 | 1.7x | 1 | % | 7,308,322 | 2.2x | 30,438,104 | 1.8x | 66 | % | 40 | % | |||||||||||||||||||||||||||||||||||||||||
BREP X (TBD) | 24,416,257 | 24,416,257 | — | n/a | — | — | n/a | — | n/a | n/a | n/a | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | % | $ 98,044,294 | $ 36,183,549 | $ 42,315,231 | 1.6x | 2 | % | $ 109,422,327 | 2.4x | $ 151,737,558 | 2.1x | 18 | % | 17 | % | ||||||||||||||||||||||||||||||||||||||||
BREP Int’l (Jan 2001 / Sep 2005) | € 824,172 | € — | € — | n/a | — | € 1,373,170 | 2.1x | € 1,373,170 | 2.1x | 23 | % | 23 | % | € 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 | % | 1,629,748 | — | — | n/a | — | 2,583,032 | 1.8x | 2,583,032 | 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 | % | 3,205,318 | 428,342 | 261,685 | 0.5x | — | 5,792,216 | 2.4x | 6,053,901 | 2.0x | 19 | % | 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 | % | 6,673,049 | 1,419,267 | 1,824,144 | 1.3x | — | 9,725,105 | 2.0x | 11,549,249 | 1.8x | 20 | % | 13 | % | ||||||||||||||||||||||||||||||||||||||||||
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 | % | 7,965,079 | 1,381,611 | 5,884,481 | 1.1x | — | 6,462,442 | 4.1x | 12,346,923 | 1.8x | 43 | % | 14 | % | ||||||||||||||||||||||||||||||||||||||||||
*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 | % | 9,907,845 | 6,534,038 | 4,463,598 | 1.3x | — | 3,264,144 | 2.6x | 7,727,742 | 1.6x | 75 | % | 28 | % | ||||||||||||||||||||||||||||||||||||||||||
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 | % | € 30,205,211 | € 9,763,258 | € 12,433,908 | 1.2x | — | € 29,200,109 | 2.4x | € 41,634,017 | 1.8x | 17 | % | 13 | % | |||||||||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||
Real Estate (continued) | ||||||||||||||||||||||||||||||||||
BREP Asia I (Jun 2013 / Dec 2017) | $ 4,261,983 | $ 917,133 | $ 2,326,971 | 1.5x | 11 | % | $ 6,243,752 | 2.1x | $ 8,570,723 | 1.9x | 20 | % | 13 | % | ||||||||||||||||||||
BREP Asia II (Dec 2017 / Mar 2022) | 7,360,069 | 1,643,769 | 7,394,631 | 1.3x | — | 735,246 | 1.8x | 8,129,877 | 1.3x | 48 | % | 10 | % | |||||||||||||||||||||
*BREP Asia III (Mar 2022 / Sep 2027) | 7,939,534 | 7,171,611 | 764,873 | 1.0x | — | — | n/a | 764,873 | 1.0x | n/a | n/m | |||||||||||||||||||||||
BREP Co-Investment (f) | 7,208,976 | 38,835 | 956,619 | 2.3x | — | 15,039,293 | 2.2x | 15,995,912 | 2.2x | 16 | % | 16 | % | |||||||||||||||||||||
Total BREP | $ 160,791,446 | $ 56,190,696 | $ 68,077,191 | 1.4x | 2 | % | $ 167,160,041 | 2.4x | $ 235,237,232 | 2.0x | 17 | % | 16 | % | ||||||||||||||||||||
*BREDS High-Yield (Various) (g) | $ 20,003,798 | $ 5,631,946 | $ 5,272,920 | 1.0x | — | $ 16,158,336 | 1.3x | $ 21,431,256 | 1.2x | 10 | % | 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 | 15,234 | n/a | — | 2,953,649 | 1.4x | 2,968,883 | 1.4x | 6 | % | 6 | % | |||||||||||||||||||||
BCP IV (Nov 2002 / Dec 2005) | 6,773,182 | 167,384 | 128,418 | 1.3x | — | 21,479,599 | 2.9x | 21,608,017 | 2.8x | 36 | % | 36 | % | |||||||||||||||||||||
BCP V (Dec 2005 / Jan 2011) | 21,009,112 | 1,035,259 | 112,877 | 7.6x | 92 | % | 38,427,169 | 1.9x | 38,540,046 | 1.9x | 8 | % | 8 | % | ||||||||||||||||||||
BCP VI (Jan 2011 / May 2016) | 15,195,678 | 1,371,459 | 6,778,103 | 1.7x | 36 | % | 24,354,324 | 2.2x | 31,132,427 | 2.1x | 17 | % | 12 | % | ||||||||||||||||||||
BCP VII (May 2016 / Feb 2020) | 18,856,429 | 1,934,706 | 22,565,824 | 1.7x | 32 | % | 10,172,064 | 2.4x | 32,737,888 | 1.8x | 36 | % | 16 | % | ||||||||||||||||||||
*BCP VIII (Feb 2020 / Feb 2026) | 25,425,302 | 16,245,056 | 12,531,080 | 1.4x | 10 | % | 517,592 | 2.9x | 13,048,672 | 1.4x | 123 | % | 25 | % | ||||||||||||||||||||
BCP IX (TBD) | 8,774,458 | 8,774,458 | — | n/a | — | — | n/a | — | n/a | n/a | n/a | |||||||||||||||||||||||
Energy I (Aug 2011 / Feb 2015) | 2,441,558 | 174,492 | 616,487 | 1.6x | 45 | % | 3,988,731 | 2.0x | 4,605,218 | 1.9x | 13 | % | 12 | % | ||||||||||||||||||||
Energy II (Feb 2015 / Feb 2020) | 4,935,906 | 1,033,151 | 4,836,068 | 1.7x | 52 | % | 2,015,804 | 1.2x | 6,851,872 | 1.5x | 2 | % | 8 | % | ||||||||||||||||||||
*Energy III (Feb 2020 / Feb 2026) | 4,322,015 | 2,664,851 | 2,369,680 | 1.6x | 39 | % | 342,423 | 2.9x | 2,712,103 | 1.7x | 113 | % | 41 | % | ||||||||||||||||||||
BCP Asia I (Dec 2017 / Sep 2021) | 2,452,948 | 869,236 | 3,387,455 | 2.2x | 54 | % | 1,024,467 | 4.9x | 4,411,922 | 2.5x | 109 | % | 41 | % | ||||||||||||||||||||
*BCP Asia II (Sep 2021 / Sep 2027) | 6,554,765 | 6,499,684 | (37,515) | n/a | — | — | n/a | (37,515) | n/a | n/a | n/a | |||||||||||||||||||||||
Core Private Equity I (Jan 2017 / Mar 2021) (h) | 4,764,447 | 1,149,384 | 8,047,555 | 2.1x | — | 2,031,090 | 3.7x | 10,078,645 | 2.3x | 52 | % | 25 | % | |||||||||||||||||||||
*Core Private Equity II (Mar 2021 / Mar 2026) (h) | 8,190,362 | 6,738,547 | 1,530,541 | 1.1x | — | — | n/a | 1,530,541 | 1.1x | n/a | n/m | |||||||||||||||||||||||
Total Corporate Private Equity | $ 138,021,095 | $ 48,682,242 | $ 62,881,807 | 1.6x | 27 | % | $ 121,490,157 | 2.2x | $ 184,371,964 | 2.0x | 16 | % | 15 | % | ||||||||||||||||||||
Unrealized Investments | Realized Investments | Total Investments | Unrealized Investments | Realized Investments | Total Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fund (Investment Period | Committed | Available | % | Net IRRs (d) | 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 | Capital | Capital (b) | Value | MOIC (c) | Public | Value | MOIC (c) | Value | MOIC (c) | Realized | Total | ||||||||||||||||||||||||||||||||||||||||||||||
(Dollars/Euros in Thousands, Except Where Noted) | (Dollars/Euros in Thousands, Except Where Noted) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private Equity (continued) | Private Equity (continued) | Private Equity (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tactical Opportunities | Tactical Opportunities | 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 | % | $ 22,502,048 | $ 6,729,103 | $ 13,244,038 | 1.3x | 10 | % | $ 19,204,237 | 1.9x | $ 32,448,275 | 1.6x | 17 | % | 12 | % | ||||||||||||||||||||||||||||||||||||||||
*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 | % | 15,074,572 | 6,426,962 | 4,901,464 | 1.9x | 7 | % | 7,985,975 | 1.6x | 12,887,439 | 1.7x | 18 | % | 19 | % | ||||||||||||||||||||||||||||||||||||||||
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 | % | $ 37,576,620 | $ 13,156,065 | $ 18,145,502 | 1.4x | 9 | % | $ 27,190,212 | 1.8x | $ 45,335,714 | 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Growth | Growth | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
*BXG I (Jul 2020 / Jul 2025) | $ 5,046,626 | $ 1,560,759 | $ 3,404,666 | 1.0x | 7 | % | $ 349,310 | 3.2x | $ 3,753,976 | 1.1x | n/m | 2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
BXG II (TBD) | 2,724,745 | 2,724,745 | — | n/a | — | — | n/a | — | n/a | n/a | n/a | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Growth | $ 7,771,371 | $ 4,285,504 | $ 3,404,666 | 1.0x | 7 | % | $ 349,310 | 3.2x | $ 3,753,976 | 1.1x | n/m | 2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Strategic Partners (Secondaries) | Strategic Partners (Secondaries) | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Strategic Partners I-V (Various) (i) | $ 11,447,898 | $ 841,025 | $ 462,891 | n/a | — | $ 16,884,082 | n/a | $ 17,346,973 | 1.7x | n/a | 13 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Strategic Partners VI (Apr 2014 / Apr 2016) (i) | 4,362,750 | 1,481,621 | 1,187,348 | n/a | — | 3,983,862 | n/a | 5,171,210 | 1.7x | n/a | 15 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Strategic Partners VII (May 2016 / Mar 2019) (i) | 7,489,970 | 1,864,053 | 5,287,041 | n/a | — | 5,467,940 | n/a | 10,754,981 | 2.1x | n/a | 22 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Strategic Partners Real Assets II (May 2017 / Jun 2020) (i) | 1,749,807 | 521,624 | 1,114,775 | n/a | — | 968,153 | n/a | 2,082,928 | 1.5x | n/a | 17 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Strategic Partners VIII (Mar 2019 / Oct 2021) (i) | 10,763,600 | 5,136,286 | 9,537,790 | n/a | — | 4,601,030 | n/a | 14,138,820 | 1.9x | n/a | 50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
*Strategic Partners Real Estate, SMA and Other (Various) (i) | 8,651,148 | 2,985,524 | 3,414,860 | n/a | — | 3,000,632 | n/a | 6,415,492 | 1.6x | n/a | 19 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
*Strategic Partners Infra III (Jun 2020 / Jul 2024) (i) | 3,250,100 | 2,053,491 | 715,816 | n/a | — | 124,956 | n/a | 840,772 | 1.7x | n/a | 80 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
*Strategic Partners IX (Oct 2021 / Jul 2026) (i) | 14,865,033 | 10,241,936 | 3,075,626 | n/a | — | 44,826 | n/a | 3,120,452 | 1.5x | 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 | % | $ 62,580,306 | $ 25,125,560 | $ 24,796,147 | n/a | — | $ 35,075,481 | n/a | $ 59,871,628 | 1.8x | n/a | 16 | % | ||||||||||||||||||||||||||||||||||||||||||||
*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 | Life Sciences | 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 | % | $ 910,000 | $ 18,801 | $ 841,386 | 1.6x | 1 | % | $ 239,712 | 1.9x | $ 1,081,098 | 1.6x | 23 | % | 15 | % | ||||||||||||||||||||||||||||||||||||||||
*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 | 4,839,395 | 2,112,416 | 1,130,149 | 1.3x | -3 | % | 71,549 | 1.3x | 1,201,698 | 1.3x | n/a | 1 | % |
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 | % |
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 | $ 19,012 | 1.5x | — | $ 4,786,397 | 1.6x | $ 4,805,409 | 1.6x | n/a | 17 | % | ||||||||||||||||||||||
Mezzanine / Opportunistic II (Nov 2011 / Nov 2016) | 4,120,000 | 998,263 | 283,280 | 0.3x | — | 6,493,270 | 1.6x | 6,776,550 | 1.4x | n/a | 10 | % | ||||||||||||||||||||||
Mezzanine / Opportunistic III (Sep 2016 / Jan 2021) | 6,639,133 | 913,019 | 4,109,350 | 1.1x | — | 5,170,802 | 1.6x | 9,280,152 | 1.3x | n/a | 10 | % | ||||||||||||||||||||||
*Mezzanine / Opportunistic IV (Jan 2021 / Jan 2026) | 5,016,771 | 3,617,845 | 1,470,872 | 1.0x | — | 43,818 | n/m | 1,514,690 | 1.1x | n/a | 11 | % | ||||||||||||||||||||||
Stressed / Distressed I (Sep 2009 / May 2013) | 3,253,143 | 76,000 | — | n/a | — | 5,777,098 | 1.3x | 5,777,098 | 1.3x | n/a | 9 | % | ||||||||||||||||||||||
Stressed / Distressed II (Jun 2013 / Jun 2018) | 5,125,000 | 547,430 | 316,235 | 0.4x | — | 5,238,819 | 1.2x | 5,555,054 | 1.1x | n/a | — | |||||||||||||||||||||||
*Stressed / Distressed III (Dec 2017 / Dec 2022) | 7,356,380 | 2,882,714 | 2,508,295 | 1.0x | — | 2,457,462 | 1.4x | 4,965,757 | 1.1x | n/a | 8 | % | ||||||||||||||||||||||
Energy I (Nov 2015 / Nov 2018) | 2,856,867 | 1,057,173 | 749,525 | 0.9x | — | 2,576,126 | 1.7x | 3,325,651 | 1.4x | n/a | 9 | % | ||||||||||||||||||||||
*Energy II (Feb 2019 / Feb 2024) | 3,616,081 | 2,191,422 | 1,615,733 | 1.1x | — | 983,485 | 1.4x | 2,599,218 | 1.2x | n/a | 23 | % | ||||||||||||||||||||||
European Senior Debt I (Feb 2015 / Feb 2019) | € 1,964,689 | € 331,263 | € 1,011,622 | 0.9x | — | € 2,271,934 | 1.4x | € 3,283,556 | 1.2x | n/a | 5 | % | ||||||||||||||||||||||
*European Senior Debt II (Jun 2019 / Jun 2024) | € 4,088,344 | € 1,682,646 | € 3,801,389 | 1.0x | — | € 1,253,154 | 1.5x | € 5,054,543 | 1.1x | n/a | 15 | % | ||||||||||||||||||||||
Total Credit Drawdown Funds (j) | $ 46,889,033 | $ 14,486,437 | $ 16,104,065 | 0.9x | — | $ 37,558,519 | 1.5x | $ 53,662,584 | 1.3x | n/a | 10 | % | ||||||||||||||||||||||
Fund (Inception Year) (a) | Investment Strategy | Total AUM | Total Net Return (l) | |||||||||
(Dollars in Thousands, Except Where Noted) | ||||||||||||
Real Estate | ||||||||||||
BPP - Blackstone Property Partners (2013) (m) | Core+ Real Estate | $ | 73,817,041 | 12 | % | |||||||
BREIT - Blackstone Real Estate Income Trust (2017) (n) | Core+ Real Estate | 68,281,628 | 13 | % | ||||||||
BXMT - Blackstone Mortgage Trust (2013) (o) | Real Estate Debt | 7,277,274 | 9 | % | ||||||||
Private Equity | ||||||||||||
BIP - Blackstone Infrastructure Partners (2019) (p) | Infrastructure | 24,538,314 | 17 | % | ||||||||
Hedge Fund Solutions | ||||||||||||
BSCH - Blackstone Strategic Capital Holdings (2014) (q) | GP Stakes | 10,245,103 | 16 | % | ||||||||
Credit | ||||||||||||
BXSL - Blackstone Secured Lending Fund (2018) (r) | U.S. Direct Lending | 10,691,421 | 10 | % | ||||||||
BCRED - Blackstone Private Credit Fund (2021) (s) | U.S. Direct Lending | 53,085,115 | 8 | % |
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 |
(a) | Excludes investment vehicles where Blackstone does not earn fees. |
(b) | Available Capital represents total investable capital commitments, including side-by-side, |
(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, |
(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 capital raised for various BREP investments. The Net IRR reflected is calculated by aggregating eachco-investment’s realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. |
(g) |
(h) | Blackstone Core Equity Partners is a core private equity strategy which |
(j) | Funds presented represent the flagship credit drawdown funds only. The Total Credit Net IRR is the combined IRR of the credit drawdown funds presented. |
(k) | Represents the performance for select Perpetual Capital Strategies; strategies excluded consist primarily of (1) investment strategies that have been investing for less than one year, (2) most perpetual capital assets managed for insurance clients, and (3) investment vehicles where Blackstone does not earn fees. |
(l) | Unless otherwise indicated, Total Net Return represents the annualized inception to June 30, 2022 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 investor cash flows. Initial inception date of cash flows occurred during the Inception Year. |
(m) | BPP includes certain vehicles managed as part of the BPP Platform but not classified as Perpetual Capital. As of June 30, |
(n) | The BREIT |
Including $29.7 billion. |
co-investment vehicles that |
(s) | The BCRED Total Net Return reflects a per share blended return, assuming BCRED 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 BCRED. These returns are not representative of the returns experienced by any particular investor or share class. Total Net Returns are presented on an annualized basis and are from January 7, 2021. Total Assets Under Management reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. BCRED net asset value as of June 30, 2022 was $21.0 billion. |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | June 30, | 2022 vs. 2021 | June 30, | 2022 vs. 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, | 2021 vs. 2020 | June 30, | 2021 vs. 2020 | 2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | $ | % | 2021 | 2020 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees, Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Base Management Fees | $ | 453,664 | $ | 382,704 | $ | 70,960 | 19 | % | $ | 880,850 | $ | 754,142 | $ | 126,708 | 17 | % | $ | 611,751 | $ | 453,664 | $ | 158,087 | 35 | % | $ | 1,191,937 | $ | 880,850 | $ | 311,087 | 35 | % | ||||||||||||||||||||||||||||||||
Transaction and Other Fees, Net | 38,080 | 32,039 | 6,041 | 19 | % | 64,099 | 55,063 | 9,036 | 16 | % | 46,974 | 38,080 | 8,894 | 23 | % | 87,459 | 64,099 | 23,360 | 36 | % | ||||||||||||||||||||||||||||||||||||||||||||
Management Fee Offsets | (493 | ) | (2,436 | ) | 1,943 | -80 | % | (2,116 | ) | (10,777 | ) | 8,661 | -80 | % | (689 | ) | (493 | ) | (196 | ) | 40 | % | (1,649 | ) | (2,116 | ) | 467 | -22 | % | |||||||||||||||||||||||||||||||||||
Total Management Fees, Net | 491,251 | 412,307 | 78,944 | 19 | % | 942,833 | 798,428 | 144,405 | 18 | % | 658,036 | 491,251 | 166,785 | 34 | % | 1,277,747 | 942,833 | 334,914 | 36 | % | ||||||||||||||||||||||||||||||||||||||||||||
Fee Related Performance Revenues | 33,776 | 6,505 | 27,271 | 419 | % | 189,168 | 11,056 | 178,112 | n/ | m | 265,507 | 33,776 | 231,731 | 686 | % | 757,024 | 189,168 | 567,856 | 300 | % | ||||||||||||||||||||||||||||||||||||||||||||
Fee Related Compensation | (121,957 | ) | (116,640 | ) | (5,317 | ) | 5 | % | (310,449 | ) | (236,936 | ) | (73,513 | ) | 31 | % | (273,893 | ) | (121,957 | ) | (151,936 | ) | 125 | % | (618,735 | ) | (310,449 | ) | (308,286 | ) | 99 | % | ||||||||||||||||||||||||||||||||
Other Operating Expenses | (54,760 | ) | (44,525 | ) | (10,235 | ) | 23 | % | (99,122 | ) | (85,001 | ) | (14,121 | ) | 17 | % | (88,329 | ) | (54,760 | ) | (33,569 | ) | 61 | % | (154,332 | ) | (99,122 | ) | (55,210 | ) | 56 | % | ||||||||||||||||||||||||||||||||
Fee Related Earnings | 348,310 | 257,647 | 90,663 | 35 | % | 722,430 | 487,547 | 234,883 | 48 | % | 561,321 | 348,310 | 213,011 | 61 | % | 1,261,704 | 722,430 | 539,274 | 75 | % | ||||||||||||||||||||||||||||||||||||||||||||
Realized Performance Revenues | 351,053 | 34,209 | 316,844 | 926 | % | 439,691 | 77,929 | 361,762 | 464 | % | 1,997,720 | 351,053 | 1,646,667 | 469 | % | 2,800,636 | 439,691 | 2,360,945 | 537 | % | ||||||||||||||||||||||||||||||||||||||||||||
Realized Performance Compensation | (154,928 | ) | (12,547 | ) | (142,381 | ) | n/ | m | (177,690 | ) | (25,939 | ) | (151,751 | ) | 585 | % | (831,402 | ) | (154,928 | ) | (676,474 | ) | 437 | % | (1,121,433 | ) | (177,690 | ) | (943,743 | ) | 531 | % | ||||||||||||||||||||||||||||||||
Realized Principal Investment Income | 28,129 | 1,573 | 26,556 | n/ | m | 128,949 | 8,873 | 120,076 | n/ | m | 29,116 | 28,129 | 987 | 4 | % | 83,091 | 128,949 | (45,858 | ) | -36 | % | |||||||||||||||||||||||||||||||||||||||||||
Net Realizations | 224,254 | 23,235 | 201,019 | 865 | % | 390,950 | 60,863 | 330,087 | 542 | % | 1,195,434 | 224,254 | 971,180 | 433 | % | 1,762,294 | 390,950 | 1,371,344 | 351 | % | ||||||||||||||||||||||||||||||||||||||||||||
Segment Distributable Earnings | $ | 572,564 | $ | 280,882 | $ | 291,682 | 104 | % | $ | 1,113,380 | $ | 548,410 | $ | 564,970 | 103 | % | $ | 1,756,755 | $ | 572,564 | $ | 1,184,191 | 207 | % | $ | 3,023,998 | $ | 1,113,380 | $ | 1,910,618 | 172 | % | ||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | June 30, 2021 | Three Months Ended | Six Months Ended | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | Inception to Date | June 30, | June 30, | Inception to Date | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | Realized | Total | 2022 | 2021 | 2022 | 2021 | Realized | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fund (a) | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | 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% | 1% | 1% | 7% | 6% | 9% | 7% | 11% | 9% | 30% | 22% | 22% | 15% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BREP VIII | 12% | 10% | 4% | 3% | 17% | 13% | -4% | -3% | 36% | 29% | 21% | 15% | -2% | -2% | 12% | 10% | 12% | 10% | 17% | 13% | 36% | 28% | 25% | 18% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BREP IX | 17% | 13% | 10% | 9% | 27% | 20% | 8% | 3% | n/m | n/m | 44% | 29% | -1% | -1% | 17% | 13% | 18% | 14% | 27% | 20% | 97% | 66% | 55% | 40% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BREP Europe IV (b) | -1% | -1% | -5% | -5% | -1% | -1% | -13% | -12% | 29% | 20% | 20% | 14% | -2% | -2% | -1% | -1% | 2% | - | -1% | -1% | 28% | 20% | 20% | 13% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BREP Europe V (b) | 6% | 5% | 1% | 1% | 10% | 8% | -7% | -6% | 52% | 41% | 16% | 11% | - | - | 6% | 5% | 6% | 5% | 10% | 8% | 52% | 43% | 19% | 14% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BREP Europe VI (b) | 11% | 8% | n/m | n/m | 19% | 13% | n/m | n/m | n/m | n/m | 25% | 13% | 1% | - | 11% | 8% | 11% | 8% | 19% | 13% | 103% | 75% | 42% | 28% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BREP Asia I | 5% | 4% | - | - | 20% | 16% | -15% | -13% | 29% | 21% | 19% | 13% | -3% | -3% | 5% | 4% | - | - | 20% | 16% | 27% | 20% | 19% | 13% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BREP Asia II | 4% | 3% | 3% | 2% | 16% | 10% | -6% | -7% | 81% | 55% | 20% | 11% | -4% | -4% | 4% | 3% | - | -1% | 16% | 10% | 69% | 48% | 17% | 10% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BREP Co-Investment (c) | 17% | 17% | 16% | 15% | 24% | 22% | 13% | 13% | 18% | 16% | 18% | 16% | - | - | 17% | 17% | 22% | 21% | 24% | 22% | 18% | 16% | 18% | 16% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BPP (d) | 4% | 4% | 2% | 2% | 6% | 5% | - | - | n/a | n/a | 11% | 9% | 2% | 1% | 4% | 4% | 12% | 11% | 6% | 5% | n/a | n/a | 14% | 12% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BREIT (e) | n/a | 7% | n/a | 4% | n/a | 12% | n/a | -4% | n/a | n/a | n/a | 11% | n/a | 2% | n/a | 7% | n/a | 7% | n/a | 12% | n/a | n/a | n/a | 13% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BREDS High-Yield (f) | 4% | 3% | 5% | 4% | 9% | 7% | -7% | -7% | 15% | 11% | 15% | 10% | -2% | -2% | 4% | 3% | - | -1% | 9% | 7% | 15% | 10% | 14% | 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% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BXMT (g) | n/a | -11% | n/a | 5% | n/a | -7% | n/a | 20% | n/a | n/a | n/a | 9% |
n/m | Not meaningful generally due to the limited time since initial investment. |
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 return. |
(c) | BREP co-investment capital raised for various BREP investments. The Net IRR reflected is calculated by aggregating eachco-investment’s realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. |
(d) | BPP represents the Core+ real estate funds which invest with a more modest risk profile and 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 share class. Inception to date returns are presented on an annualized basis and are from January 1, 2017. |
(f) | BREDS High-Yield represents the flagship real estate debt drawdown funds |
(g) |
Reflects annualized return of a shareholder invested in BXMT as of the beginning of each period presented, assuming reinvestment of all dividends received during the period, and net of all fees and expenses incurred by BXMT. Return incorporates the closing NYSE stock price as of each period end. Inception to date returns are from May 22, 2013. |
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 | % | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, | 2022 vs. 2021 | June 30, | 2022 vs. 2021 | |||||||||||||||||||||||||||||
2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||
Management and Advisory Fees, Net | ||||||||||||||||||||||||||||||||
Base Management Fees | $ | 433,459 | $ | 364,606 | $ | 68,853 | 19% | $ | 854,931 | $ | 742,266 | $ | 112,665 | 15% | ||||||||||||||||||
Transaction, Advisory and Other Fees, Net | 27,551 | 32,272 | (4,721 | ) | -15% | 40,209 | 74,979 | (34,770 | ) | -46% | ||||||||||||||||||||||
Management Fee Offsets | (23,157 | ) | (3,601 | ) | (19,556 | ) | 543% | (50,299 | ) | (17,520 | ) | (32,779 | ) | 187% | ||||||||||||||||||
Total Management and Advisory Fees, Net | 437,853 | 393,277 | 44,576 | 11% | 844,841 | 799,725 | 45,116 | 6% | ||||||||||||||||||||||||
Fee Related Performance Revenues | - | - | - | n/a | (648 | ) | - | (648 | ) | n/m | ||||||||||||||||||||||
Fee Related Compensation | (152,622 | ) | (136,767 | ) | (15,855 | ) | 12% | (303,672 | ) | (277,364 | ) | (26,308 | ) | 9% | ||||||||||||||||||
Other Operating Expenses | (83,233 | ) | (61,041 | ) | (22,192 | ) | 36% | (150,977 | ) | (112,096 | ) | (38,881 | ) | 35% | ||||||||||||||||||
Fee Related Earnings | 201,998 | 195,469 | 6,529 | 3% | 389,544 | 410,265 | (20,721 | ) | -5% | |||||||||||||||||||||||
Realized Performance Revenues | 122,884 | 383,010 | (260,126 | ) | -68% | 573,122 | 638,855 | (65,733 | ) | -10% | ||||||||||||||||||||||
Realized Performance Compensation | (57,380 | ) | (159,375 | ) | 101,995 | -64% | (264,083 | ) | (270,584 | ) | 6,501 | -2% | ||||||||||||||||||||
Realized Principal Investment Income | 8,904 | 27,796 | (18,892 | ) | -68% | 74,342 | 143,199 | (68,857 | ) | -48% | ||||||||||||||||||||||
Net Realizations | 74,408 | 251,431 | (177,023 | ) | -70% | 383,381 | 511,470 | (128,089 | ) | -25% | ||||||||||||||||||||||
Segment Distributable Earnings | $ | 276,406 | $ | 446,900 | $ | (170,494 | ) | -38% | $ | 772,925 | $ | 921,735 | $ | (148,810 | ) | -16% | ||||||||||||||||
Three Months Ended | Six Months Ended | June 30, 2021 | Three Months Ended | Six Months Ended | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | Inception to Date | June 30, | June 30, | Inception to Date | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | Realized | Total | 2022 | 2021 | 2022 | 2021 | Realized | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fund (a) | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | 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% | 2% | - | 3% | 1% | 19% | 12% | 148% | 69% | 10% | 8% | 10% | 8% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BCP VI | 4% | 4% | 27% | 22% | 15% | 13% | -10% | -9% | 22% | 17% | 17% | 13% | -6% | -6% | 4% | 4% | -3% | -2% | 15% | 13% | 21% | 17% | 17% | 12% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BCP VII | 14% | 12% | 6% | 4% | 29% | 23% | -7% | -7% | 41% | 29% | 29% | 21% | -10% | -9% | 14% | 12% | -10% | -9% | 29% | 23% | 44% | 36% | 22% | 16% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BCP VIII | -4% | -5% | n/m | n/m | -1% | -2% | n/m | n/m | 291% | 123% | 46% | 25% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BEP I | 13% | 10% | 47% | 34% | 53% | 42% | -22% | -20% | 18% | 14% | 14% | 11% | 5% | 4% | 13% | 10% | 32% | 25% | 53% | 42% | 18% | 13% | 15% | 12% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BEP II | 15% | 14% | 13% | 13% | 40% | 38% | -38% | -38% | -3% | -8% | 6% | 2% | 6% | 6% | 15% | 14% | 25% | 24% | 40% | 38% | 5% | 2% | 11% | 8% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BEP III | 24% | 14% | n/m | n/m | 59% | 40% | n/m | n/m | 138% | 94% | 173% | 95% | -4% | -4% | 24% | 14% | 5% | 2% | 59% | 40% | 169% | 113% | 68% | 41% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BCP Asia I | 60% | 52% | 4% | 3% | 88% | 75% | 3% | 1% | 209% | 97% | 90% | 65% | -26% | -25% | 60% | 52% | -33% | -31% | 88% | 75% | 146% | 109% | 58% | 41% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BCEP I (b) | 11% | 10% | 4% | 4% | 29% | 27% | -2% | -2% | 42% | 31% | 28% | 25% | - | - | 11% | 10% | 5% | 4% | 29% | 27% | 58% | 52% | 28% | 25% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tactical Opportunities | 8% | 6% | 12% | 9% | 27% | 21% | -9% | -5% | 21% | 17% | 18% | 13% | -2% | -3% | 8% | 6% | - | -1% | 27% | 21% | 22% | 17% | 16% | 12% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tactical Opportunities Co-Investment and Other | 7% | 6% | 9% | 9% | 21% | 18% | - | - | 20% | 20% | 19% | 16% | - | - | 7% | 6% | - | 2% | 21% | 18% | 19% | 18% | 22% | 19% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Strategic Partners I-V (c) | 11% | 10% | 1% | 1% | 18% | 15% | 3% | 3% | n/a | n/a | 16% | 13% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BXG I | -8% | -8% | n/m | n/m | -14% | -13% | n/m | n/m | n/m | n/m | 11% | 2% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Strategic Partners VI (c) | 16% | 15% | - | - | 27% | 24% | -1% | -2% | n/a | n/a | 19% | 15% | -1% | -1% | 16% | 15% | 4% | 4% | 27% | 24% | n/a | n/a | 20% | 15% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Strategic Partners VII (c) | 20% | 19% | 3% | 3% | 34% | 31% | 3% | 2% | n/a | n/a | 24% | 20% | 1% | 1% | 20% | 19% | 5% | 5% | 34% | 31% | n/a | n/a | 27% | 22% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Strategic Partners Real Assets II (c) | 5% | 4% | 4% | 4% | 7% | 6% | 8% | 7% | n/a | n/a | 16% | 12% | 12% | 10% | 5% | 4% | 15% | 13% | 7% | 6% | n/a | n/a | 21% | 17% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Strategic Partners VIII (c) | 24% | 22% | 8% | 5% | 49% | 41% | 12% | 9% | n/a | n/a | 58% | 44% | 2% | 1% | 24% | 22% | 8% | 6% | 49% | 41% | n/a | n/a | 62% | 50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Strategic Partners RE, SMA and Other (c) | 7% | 7% | 5% | 5% | 14% | 14% | 7% | 7% | n/a | n/a | 17% | 15% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Strategic Partners Real Estate, SMA and Other (c) | 2% | 2% | 7% | 7% | 13% | 13% | 14% | 14% | n/a | n/a | 22% | 19% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Infra III (c) | 22% | 21% | n/m | n/m | 40% | 29% | n/m | n/m | n/a | n/a | 137% | 80% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BIP | 13% | 12% | 3% | 3% | 39% | 32% | -9% | -10% | n/a | n/a | 28% | 20% | -4% | -3% | 13% | 12% | 9% | 7% | 39% | 32% | n/a | n/a | 23% | 17% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Clarus IV | 5% | 4% | - | - | 18% | 14% | 2% | 1% | -19% | -27% | 28% | 16% | 3% | 2% | 5% | 4% | 3% | 2% | 18% | 14% | 30% | 23% | 24% | 15% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BXLS V | 6% | 4% | n/m | n/m | 1% | -3% | n/m | n/m | n/a | n/a | 17% | 1% |
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 returns are not applicable. |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | June 30, | 2022 vs. 2021 | June 30, | 2022 vs. 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, | 2021 vs. 2020 | June 30, | 2021 vs. 2020 | 2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | $ | % | 2021 | 2020 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees, Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Base Management Fees | $ | 155,244 | $ | 145,455 | $ | 9,789 | 7% | $ | 305,777 | $ | 285,111 | $ | 20,666 | 7% | $ | 145,077 | $ | 155,244 | $ | (10,167 | ) | -7% | $ | 290,123 | $ | 305,777 | $ | (15,654 | ) | -5% | ||||||||||||||||||||||||||||||||||
Transaction and Other Fees, Net | 1,558 | 859 | 699 | 81% | 5,904 | 1,617 | 4,287 | 265% | 3,450 | 1,558 | 1,892 | 121% | 4,919 | 5,904 | (985 | ) | -17% | |||||||||||||||||||||||||||||||||||||||||||||||
Management Fee Offsets | (203 | ) | 4 | (207 | ) | n/m | (261 | ) | (38 | ) | (223 | ) | 587% | (40 | ) | (203 | ) | 163 | -80% | (109 | ) | (261 | ) | 152 | -58% | |||||||||||||||||||||||||||||||||||||||
Total Management Fees, Net | 156,599 | 146,318 | 10,281 | 7% | 311,420 | 286,690 | 24,730 | 9% | 148,487 | 156,599 | (8,112 | ) | -5% | 294,933 | 311,420 | (16,487 | ) | -5% | ||||||||||||||||||||||||||||||||||||||||||||||
Fee Related Compensation | (38,638 | ) | (40,353 | ) | 1,715 | -4% | (77,488 | ) | (86,544 | ) | 9,056 | -10% | (57,863 | ) | (38,638 | ) | (19,225 | ) | 50% | (105,098 | ) | (77,488 | ) | (27,610 | ) | 36% | ||||||||||||||||||||||||||||||||||||||
Other Operating Expenses | (21,873 | ) | (17,807 | ) | (4,066 | ) | 23% | (41,045 | ) | (36,474 | ) | (4,571 | ) | 13% | (26,066 | ) | (21,873 | ) | (4,193 | ) | 19% | (49,250 | ) | (41,045 | ) | (8,205 | ) | 20% | ||||||||||||||||||||||||||||||||||||
Fee Related Earnings | 96,088 | 88,158 | 7,930 | 9% | 192,887 | 163,672 | 29,215 | 18% | 64,558 | 96,088 | (31,530 | ) | -33% | 140,585 | 192,887 | (52,302 | ) | -27% | ||||||||||||||||||||||||||||||||||||||||||||||
Realized Performance Revenues | 17,056 | 1,482 | 15,574 | n/m | 48,629 | 3,249 | 45,380 | n/m | 7,197 | 17,056 | (9,859 | ) | -58% | 36,110 | 48,629 | (12,519 | ) | -26% | ||||||||||||||||||||||||||||||||||||||||||||||
Realized Performance Compensation | (5,626 | ) | — | (5,626 | ) | n/m | (12,534 | ) | (945 | ) | (11,589 | ) | n/m | (2,083 | ) | (5,626 | ) | 3,543 | -63% | (11,083 | ) | (12,534 | ) | 1,451 | -12% | |||||||||||||||||||||||||||||||||||||||
Realized Principal Investment Income (Loss) | 2,125 | (331 | ) | 2,456 | n/m | 37,675 | (940 | ) | 38,615 | n/m | (1,530 | ) | 2,125 | (3,655 | ) | n/m | 13,371 | 37,675 | (24,304 | ) | -65% | |||||||||||||||||||||||||||||||||||||||||||
Net Realizations | 13,555 | 1,151 | 12,404 | n/m | 73,770 | 1,364 | 72,406 | n/m | 3,584 | 13,555 | (9,971 | ) | -74% | 38,398 | 73,770 | (35,372 | ) | -48% | ||||||||||||||||||||||||||||||||||||||||||||||
Segment Distributable Earnings | $ | 109,643 | $ | 89,309 | $ | 20,334 | 23% | $ | 266,657 | $ | 165,036 | $ | 101,621 | 62% | $ | 68,142 | $ | 109,643 | $ | (41,501 | ) | -38% | $ | 178,983 | $ | 266,657 | $ | (87,674 | ) | -33% | ||||||||||||||||||||||||||||||||||
Three | Six | Average Annual Returns (a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Months Ended | Months Ended | Periods Ended | Three | Six | Average Annual Returns (a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | June 30, 2021 | Months Ended June 30, | Months Ended June 30, | Periods Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | One Year | Three Year | Five Year | Historical | 2022 | 2021 | 2022 | 2021 | One Year | Three Year | Five Year | Historical | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composite | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | 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 | % | 1 | % | - | 3 | % | 3 | % | 2 | % | 1 | % | 6 | % | 5 | % | 4 | % | 3 | % | 6 | % | 5 | % | 6 | % | 5 | % | 7 | % | 6 | % |
(a) | Composite returns present a summarized asset-weighted return measure to evaluate the overall performance of the applicable class of Blackstone Funds. |
(b) | BAAM’s Principal Solutions (“BPS”) Composite covers the period from January 2000 to present, although BAAM’s inception date is September 1990. The BPS Composite includes only BAAM-managed commingled and customized multi-manager funds and accounts and does not include BAAM’s individual investor solutions (liquid alternatives), strategic capital (seeding and GP minority stakes), strategic opportunities (co-invests), and advisory(non-discretionary) platforms, except for investments by BPS funds directly into those platforms. BAAM-managed funds in liquidation and, in the case of net returns,non-fee-paying |
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 | % |
Invested Performance Eligible Assets Under Management | Estimated % Above High Water Mark/ Benchmark (a) | |||||||||||||||
As of June 30, | As of June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Hedge Fund Solutions Managed Funds (b) | $ | 48,902,089 | $ | 44,660,713 | 64% | 93% |
(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) | For the Hedge Fund Solutions managed funds, at June 30, |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | June 30, | 2022 vs. 2021 | June 30, | 2022 vs. 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, | 2021 vs. 2020 | June 30, | 2021 vs. 2020 | 2022 | 2021 | $ | % | 2022 | 2021 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | $ | % | 2021 | 2020 | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees, Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Base Management Fees | $ | 166,537 | $ | 145,565 | $ | 20,972 | 14% | $ | 328,448 | $ | 290,893 | $ | 37,555 | 13% | $ | 306,589 | $ | 166,537 | $ | 140,052 | 84 | % | $ | 599,034 | $ | 328,448 | $ | 270,586 | 82 | % | ||||||||||||||||||||||||||||||||||
Transaction and Other Fees, Net | 6,215 | 5,873 | 342 | 6% | 11,783 | 11,343 | 440 | 4% | 7,117 | 6,215 | 902 | 15 | % | 16,514 | 11,783 | 4,731 | 40 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Management Fee Offsets | (1,137 | ) | (2,890 | ) | 1,753 | -61% | (3,262 | ) | (5,786 | ) | 2,524 | -44% | (1,165 | ) | (1,137 | ) | (28 | ) | 2 | % | (2,784 | ) | (3,262 | ) | 478 | -15 | % | |||||||||||||||||||||||||||||||||||||
Total Management Fees, Net | 171,615 | 148,548 | 23,067 | 16% | 336,969 | 296,450 | 40,519 | 14% | 312,541 | 171,615 | 140,926 | 82 | % | 612,764 | 336,969 | 275,795 | 82 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Fee Related Performance Revenues | 15,113 | 8,528 | 6,585 | 77% | 28,889 | 16,443 | 12,446 | 76% | 81,086 | 15,113 | 65,973 | 437 | % | 148,282 | 28,889 | 119,393 | 413 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Fee Related Compensation | (78,023 | ) | (57,086 | ) | (20,937 | ) | 37% | (155,194 | ) | (126,495 | ) | (28,699 | ) | 23% | (137,035 | ) | (78,023 | ) | (59,012 | ) | 76 | % | (264,379 | ) | (155,194 | ) | (109,185 | ) | 70 | % | ||||||||||||||||||||||||||||||||||
Other Operating Expenses | (44,504 | ) | (36,424 | ) | (8,080 | ) | 22% | (91,339 | ) | (75,165 | ) | (16,174 | ) | 22% | (63,882 | ) | (44,504 | ) | (19,378 | ) | 44 | % | (121,049 | ) | (91,339 | ) | (29,710 | ) | 33 | % | ||||||||||||||||||||||||||||||||||
Fee Related Earnings | 64,201 | 63,566 | 635 | 1% | 119,325 | 111,233 | 8,092 | 7% | 192,710 | 64,201 | 128,509 | 200 | % | 375,618 | 119,325 | 256,293 | 215 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Realized Performance Revenues | 41,819 | 1,973 | 39,846 | n/m | 67,086 | 11,643 | 55,443 | 476% | 78,973 | 41,819 | 37,154 | 89 | % | 109,716 | 67,086 | 42,630 | 64 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Realized Performance Compensation | (18,342 | ) | (224 | ) | (18,118 | ) | n/m | (28,387 | ) | (2,546 | ) | (25,841 | ) | n/m | (36,109 | ) | (18,342 | ) | (17,767 | ) | 97 | % | (49,495 | ) | (28,387 | ) | (21,108 | ) | 74 | % | ||||||||||||||||||||||||||||||||||
Realized Principal Investment Income | 5,082 | 280 | 4,802 | n/m | 51,465 | 3,532 | 47,933 | n/m | 7,019 | 5,082 | 1,937 | 38 | % | 29,800 | 51,465 | (21,665 | ) | -42 | % | |||||||||||||||||||||||||||||||||||||||||||||
Net Realizations | 28,559 | 2,029 | 26,530 | n/m | 90,164 | 12,629 | 77,535 | 614% | 49,883 | 28,559 | 21,324 | 75 | % | 90,021 | 90,164 | (143 | ) | - | ||||||||||||||||||||||||||||||||||||||||||||||
Segment Distributable Earnings | $ | 92,760 | $ | 65,595 | $ | 27,165 | 41% | $ | 209,489 | $ | 123,862 | $ | 85,627 | 69% | $ | 242,593 | $ | 92,760 | $ | 149,833 | 162 | % | $ | 465,639 | $ | 209,489 | $ | 256,150 | 122 | % | ||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | June 30, 2021 | Three Months Ended June 30, | Six Months Ended June 30, | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | Inception to Date | 2022 | 2021 | 2022 | 2021 | Inception to Date | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composite (a) | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private Credit | 5 | % | 4 | % | 11 | % | 9 | % | 12 | % | 10 | % | -14 | % | -12 | % | 11 | % | 7 | % | - | -1 | % | 5 | % | 4 | % | 2 | % | - | 12 | % | 10 | % | 11 | % | 7 | % | ||||||||||||||||||||||||||||||||||||||||||
Liquid Credit (b) | 2 | % | 2 | % | 10 | % | 10 | % | 3 | % | 3 | % | -3 | % | -3 | % | 5 | % | 5 | % | -5 | % | -6 | % | 2 | % | 2 | % | -6 | % | -6 | % | 3 | % | 3 | % | 5 | % | 4 | % |
(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) | fee-earning funds exceeding $100 million of fair value at the beginning of each respectivequarter-end are included. Funds in liquidation, funds investing primarily in investment grade corporate credit and 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. |
(c) | Effective June 30, 2022, for Euro-denominated funds included in the Private Credit composite return, cash flows are translated using a historical rate instead of the daily spot rate to more closely reflect the actual performance of foreign-denominated funds in the composite returns. Under the prior methodology, gross and net returns would have been (1)% and (1)%, 1% and 0%, and 11% and 7% for the three months ended, six months ended and inception to date periods ended June 30, 2022, respectively. Prior periods have been |
Invested Performance Eligible Assets Under Management | Estimated % Above High Water Mark/ Hurdle (a) | |||||||||||||||
As of June 30, | As of June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Credit & Insurance (b) | $ | 42,210,582 | $ | 24,731,100 | 76 | % | 41 | % |
Invested Performance Eligible Assets Under Management | Estimated % Above High Water Mark/ Hurdle (a) | |||||||||||||||
As of June 30, | As of June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Credit & Insurance (b) | $ | 80,993,494 | $ | 42,210,582 | 92 | % | 76 | % |
(a) | Estimated % Above High Water Mark/Hurdle represents the percentage of Invested Performance Eligible Assets Under Management that as of the dates presented would earn performance fees when the applicable Credit & Insurance managed fund has positive investment performance relative to a hurdle, where applicable. Incremental positive performance in the applicable Blackstone Funds may cause additional assets to reach their respective High Water Mark or clear a hurdle return, thereby resulting in an increase in Estimated % Above High Water Mark/Hurdle. |
(b) | For the Credit & Insurance managed funds, at June 30, |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | June 30, | June 30, | |||||||||||||||||||||||||||
(Dollars in Thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||
Net Income (Loss) Attributable to The Blackstone Group Inc. | $ | 1,309,152 | $ | 568,266 | $ | 3,057,024 | $ | (498,226 | ) | |||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Blackstone Inc. | $ | (29,393 | ) | $ | 1,309,152 | $ | 1,187,481 | $ | 3,057,024 | |||||||||||||||||||||||
Net Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings | 1,116,193 | 495,128 | 2,351,977 | (384,989 | ) | (35,521 | ) | 1,116,193 | 1,023,792 | 2,351,977 | ||||||||||||||||||||||
Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities | 431,516 | 294,378 | 818,366 | (350,699 | ) | (216,707 | ) | 431,516 | (332 | ) | 818,366 | |||||||||||||||||||||
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities | 637 | (3,426 | ) | 1,266 | (18,895 | ) | ||||||||||||||||||||||||||
Net Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities | 25,875 | 637 | 30,927 | 1,266 | ||||||||||||||||||||||||||||
Net Income (Loss) | 2,857,498 | 1,354,346 | 6,228,633 | (1,252,809 | ) | (255,746 | ) | 2,857,498 | 2,241,868 | 6,228,633 | ||||||||||||||||||||||
Provision (Benefit) for Taxes | 288,250 | 147,415 | 287,803 | (11,288 | ) | |||||||||||||||||||||||||||
Provision for Taxes | 36,514 | 288,250 | 519,795 | 287,803 | ||||||||||||||||||||||||||||
Net Income (Loss) Before Provision (Benefit) for Taxes | 3,145,748 | 1,501,761 | 6,516,436 | (1,264,097 | ) | |||||||||||||||||||||||||||
Net Income (Loss) Before Provision for Taxes | (219,232 | ) | 3,145,748 | 2,761,663 | 6,516,436 | |||||||||||||||||||||||||||
Transaction-Related Charges (a) | 35,533 | 76,160 | 63,421 | 123,154 | 25,141 | 35,533 | 50,474 | 63,421 | ||||||||||||||||||||||||
Amortization of Intangibles (b) | 17,044 | 16,483 | 34,168 | 32,966 | 17,044 | 17,044 | 34,088 | 34,168 | ||||||||||||||||||||||||
Impact of Consolidation (c) | (432,153 | ) | (290,952 | ) | (819,632 | ) | 369,594 | 190,832 | (432,153 | ) | (30,595 | ) | (819,632 | ) | ||||||||||||||||||
Unrealized Performance Revenues (d) | (2,697,170 | ) | (1,067,923 | ) | (5,161,667 | ) | 2,385,523 | 3,467,668 | (2,697,170 | ) | 2,174,618 | (5,161,667 | ) | |||||||||||||||||||
Unrealized Performance Allocations Compensation (e) | 1,150,219 | 454,813 | 2,200,188 | (942,565 | ) | (1,386,543 | ) | 1,150,219 | (914,259 | ) | 2,200,188 | |||||||||||||||||||||
Unrealized Principal Investment (Income) Loss (f) | (104,658 | ) | (223,316 | ) | (528,592 | ) | 393,294 | 203,288 | (104,658 | ) | 176,530 | (528,592 | ) | |||||||||||||||||||
Other Revenues (g) | (27,870 | ) | 55,606 | (88,143 | ) | (82,545 | ) | (155,704 | ) | (27,870 | ) | (228,523 | ) | (88,143 | ) | |||||||||||||||||
Equity-Based Compensation (h) | 121,422 | 89,341 | 265,694 | 176,813 | 195,644 | 121,422 | 397,189 | 265,694 | ||||||||||||||||||||||||
Administrative Fee Adjustment (i) | 2,551 | — | 5,259 | — | 2,476 | 2,551 | 4,961 | 5,259 | ||||||||||||||||||||||||
Taxes and Related Payables (j) | (140,673 | ) | (63,990 | ) | (224,895 | ) | (87,043 | ) | (354,789 | ) | (140,673 | ) | (502,441 | ) | (224,895 | ) | ||||||||||||||||
Distributable Earnings | 1,069,993 | 547,983 | 2,262,237 | 1,105,094 | 1,985,825 | 1,069,993 | 3,923,705 | 2,262,237 | ||||||||||||||||||||||||
Taxes and Related Payables (j) | 140,673 | 63,990 | 224,895 | 87,043 | 354,789 | 140,673 | 502,441 | 224,895 | ||||||||||||||||||||||||
Net Interest Loss (k) | 11,201 | 12,634 | 24,129 | 16,575 | ||||||||||||||||||||||||||||
Net Interest and Dividend Loss (k) | 3,282 | 11,201 | 15,399 | 24,129 | ||||||||||||||||||||||||||||
Total Segment Distributable Earnings | 1,221,867 | 624,607 | 2,511,261 | 1,208,712 | 2,343,896 | 1,221,867 | 4,441,545 | 2,511,261 | ||||||||||||||||||||||||
Realized Performance Revenues (l) | (792,938 | ) | (102,177 | ) | (1,194,261 | ) | (269,410 | ) | (2,206,774 | ) | (792,938 | ) | (3,519,584 | ) | (1,194,261 | ) | ||||||||||||||||
Realized Performance Compensation (m) | 338,271 | 37,787 | 489,195 | 109,089 | 926,974 | 338,271 | 1,446,094 | 489,195 | ||||||||||||||||||||||||
Realized Principal Investment Income (n) | (63,132 | ) | (18,938 | ) | (361,288 | ) | (39,228 | ) | (43,509 | ) | (63,132 | ) | (200,604 | ) | (361,288 | ) | ||||||||||||||||
Fee Related Earnings | $ | 704,068 | $ | 541,279 | $ | 1,444,907 | $ | 1,009,163 | $ | 1,020,587 | $ | 704,068 | $ | 2,167,451 | $ | 1,444,907 | ||||||||||||||||
Adjusted EBITDA Reconciliation | ||||||||||||||||||||||||||||||||
Distributable Earnings | $ | 1,069,993 | $ | 547,983 | $ | 2,262,237 | $ | 1,105,094 | $ | 1,985,825 | $ | 1,069,993 | $ | 3,923,705 | $ | 2,262,237 | ||||||||||||||||
Interest Expense (o) | 44,132 | 38,924 | 88,472 | 80,464 | 69,425 | 44,132 | 136,027 | 88,472 | ||||||||||||||||||||||||
Taxes and Related Payables (j) | 140,673 | 63,990 | 224,895 | 87,043 | 354,789 | 140,673 | 502,441 | 224,895 | ||||||||||||||||||||||||
Depreciation and Amortization (p) | 12,581 | 8,110 | 24,874 | 15,622 | 15,644 | 12,581 | 29,960 | 24,874 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 1,267,379 | $ | 659,007 | $ | 2,600,478 | $ | 1,288,223 | $ | 2,425,683 | $ | 1,267,379 | $ | 4,592,133 | $ | 2,600,478 | ||||||||||||||||
(a) | 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. |
(b) | This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation. |
(c) | 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 and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests. |
(d) | This adjustment removes Unrealized Performance |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
(Dollars in Thousands) | ||||||||||||||||
GAAP Unrealized Performance Allocations | $ | 2,697,170 | $ | 1,067,923 | $ | 5,161,667 | $ | (2,385,158 | ) | |||||||
Segment Adjustment | — | — | — | (365 | ) | |||||||||||
Unrealized Performance Revenues | $ | 2,697,170 | $ | 1,067,923 | $ | 5,161,667 | $ | (2,385,523 | ) | |||||||
(e) | This adjustment removes Unrealized Performance Allocations Compensation. |
(f) | This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis. The Segment Adjustment 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. |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||
GAAP Unrealized Principal Investment Income (Loss) | $ | 328,835 | $ | 331,762 | $ | 968,150 | $ | (627,603 | ) | $ | (500,490 | ) | $ | 328,835 | $ | (426,529 | ) | $ | 968,150 | |||||||||||||
Segment Adjustment | (224,177 | ) | (108,446 | ) | (439,558 | ) | 234,309 | 297,202 | (224,177 | ) | 249,999 | (439,558 | ) | |||||||||||||||||||
Unrealized Principal Investment Income (Loss) | $ | 104,658 | $ | 223,316 | $ | 528,592 | $ | (393,294 | ) | $ | (203,288 | ) | $ | 104,658 | $ | (176,530 | ) | $ | 528,592 | |||||||||||||
(g) | This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents (1) the add back of Other Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of certain Transaction-Related Charges. |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||
GAAP Other Revenue | $ | 27,896 | $ | (55,580 | ) | $ | 88,200 | $ | 82,600 | $ | 155,588 | $ | 27,896 | $ | 228,457 | $ | 88,200 | |||||||||||||||
Segment Adjustment | (26 | ) | (26 | ) | (57 | ) | (55 | ) | 116 | (26 | ) | 66 | (57 | ) | ||||||||||||||||||
Other Revenues | $ | 27,870 | $ | (55,606 | ) | $ | 88,143 | $ | 82,545 | $ | 155,704 | $ | 27,870 | $ | 228,523 | $ | 88,143 | |||||||||||||||
(h) | This adjustment removes Equity-Based Compensation on a segment basis. |
(i) | 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. |
(j) | Taxes represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and adjusted to exclude the tax impact of any divestitures. For interim periods, taxes are calculated using the preferred annualized effective tax rate approach. Related Payables represent tax-related payables including the amount payable under the Tax Receivable Agreement. See “— Key Financial Measures and Indicators — Distributable Earnings” for the full definition of Taxes and Related Payables. |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||
Taxes | $ | 127,809 | $ | 48,462 | $ | 197,418 | $ | 64,736 | $ | 324,954 | $ | 127,809 | $ | 449,599 | $ | 197,418 | ||||||||||||||||
Related Payables | 12,864 | 15,528 | 27,477 | 22,307 | 29,835 | 12,864 | 52,842 | 27,477 | ||||||||||||||||||||||||
Taxes and Related Payables | $ | 140,673 | $ | 63,990 | $ | 224,895 | $ | 87,043 | $ | 354,789 | $ | 140,673 | $ | 502,441 | $ | 224,895 | ||||||||||||||||
(k) | This adjustment removes Interest and Dividend Revenue less Interest Expense on a segment basis. The Segment Adjustment represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest expense associated with the Tax Receivable Agreement. |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||
GAAP Interest and Dividend Revenue | $ | 31,017 | $ | 23,924 | $ | 62,429 | $ | 59,008 | $ | 62,075 | $ | 31,017 | $ | 116,560 | $ | 62,429 | ||||||||||||||||
Segment Adjustment | 1,914 | 2,366 | 1,914 | 4,881 | 4,068 | 1,914 | 4,068 | 1,914 | ||||||||||||||||||||||||
Interest and Dividend Revenue | 32,931 | 26,290 | 64,343 | 63,889 | 66,143 | 32,931 | 120,628 | 64,343 | ||||||||||||||||||||||||
GAAP Interest Expense | 44,322 | 39,276 | 89,305 | 80,920 | 69,642 | 44,322 | 136,389 | 89,305 | ||||||||||||||||||||||||
Segment Adjustment | (190 | ) | (352 | ) | (833 | ) | (456 | ) | (217 | ) | (190 | ) | (362 | ) | (833 | ) | ||||||||||||||||
Interest Expense | 44,132 | 38,924 | 88,472 | 80,464 | 69,425 | 44,132 | 136,027 | 88,472 | ||||||||||||||||||||||||
Net Interest Loss | $ | (11,201 | ) | $ | (12,634 | ) | $ | (24,129 | ) | $ | (16,575 | ) | ||||||||||||||||||||
Net Interest and Dividend Loss | $ | (3,282 | ) | $ | (11,201 | ) | $ | (15,399 | ) | $ | (24,129 | ) | ||||||||||||||||||||
(l) | This adjustment removes the total segment amount of Realized Performance Revenues. |
(m) | This adjustment removes the total segment amount of Realized Performance Compensation. |
(n) | This adjustment removes the total segment amount of Realized Principal Investment Income. |
(o) | This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement. |
(p) | This adjustment adds back Depreciation and Amortization on a segment basis. |
�� | ||||||||||||||||
June 30, | ||||||||||||||||
June 30, | 2022 | 2021 | ||||||||||||||
2021 | 2020 | |||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||
Investments of Consolidated Blackstone Funds | $ | 1,871,269 | $ | 7,943,531 | $ | 3,764,850 | $ | 1,871,269 | ||||||||
Equity Method Investments | ||||||||||||||||
Partnership Investments | 4,916,674 | 3,873,346 | 5,446,688 | 4,916,674 | ||||||||||||
Accrued Performance Allocations | 12,101,142 | 4,715,510 | 13,544,855 | 12,101,142 | ||||||||||||
Corporate Treasury Investments | 2,440,325 | 2,205,843 | 810,672 | 2,440,325 | ||||||||||||
Other Investments | 833,912 | 235,143 | 3,756,693 | 833,912 | ||||||||||||
Total GAAP Investments | $ | 22,163,322 | $ | 18,973,373 | $ | 27,323,758 | $ | 22,163,322 | ||||||||
Accrued Performance Allocations - GAAP | $ | 12,101,142 | $ | 4,715,510 | $ | 13,544,855 | $ | 12,101,142 | ||||||||
Impact of Consolidation (a) | 1 | 19 | 12,475 | 1 | ||||||||||||
Due from Affiliates - GAAP (b) | 59,304 | 20,642 | 136,631 | 59,304 | ||||||||||||
Less: Net Realized Performance Revenues (c) | (261,760 | ) | (38,592 | ) | (262,083 | ) | (261,760 | ) | ||||||||
Less: Accrued Performance Compensation - GAAP (d) | (5,137,933 | ) | (1,989,219 | ) | (5,955,982 | ) | (5,137,933 | ) | ||||||||
Net Accrued Performance Revenues | $ | 6,760,754 | $ | 2,708,360 | $ | 7,475,896 | $ | 6,760,754 | ||||||||
(a) | This adjustment adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation. |
(b) | Represents GAAP accrued performance revenue recorded within Due from Affiliates. |
(c) | Represents Performance Revenues realized but not yet distributed as of the reporting date and are included in Distributable Earnings in the period they are realized. |
(d) | Represents GAAP accrued performance compensation associated with Accrued Performance Allocations and is recorded within Accrued Compensation and Benefits and Due to Affiliates. |
Senior Managing Directors | Senior Managing Directors | |||||||||||||||||||||||||||||||
Blackstone and | and Certain Other | Blackstone and | and Certain Other | |||||||||||||||||||||||||||||
General Partner | Professionals (a) | General Partner | Professionals (a) | |||||||||||||||||||||||||||||
Original | Remaining | Original | Remaining | Original | Remaining | Original | Remaining | |||||||||||||||||||||||||
Fund | Commitment | Commitment | Commitment | Commitment | Commitment | Commitment | Commitment | Commitment | ||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
BREP V | $ | 52,545 | $ | 2,185 | $ | — | $ | — | ||||||||||||||||||||||||
BREP VI | 750,000 | 36,809 | 150,000 | 12,270 | $ | 750,000 | $ | 36,809 | $ | 150,000 | $ | 12,270 | ||||||||||||||||||||
BREP VII | 300,000 | 33,652 | 100,000 | 11,217 | 300,000 | 33,394 | 100,000 | 11,131 | ||||||||||||||||||||||||
BREP VIII | 300,000 | 48,178 | 100,000 | 16,059 | 300,000 | 43,144 | 100,000 | 14,381 | ||||||||||||||||||||||||
BREP IX | 300,000 | 170,534 | 100,000 | 56,845 | 300,000 | 103,047 | 100,000 | 34,349 | ||||||||||||||||||||||||
BREP X | 300,000 | 300,000 | 100,000 | 100,000 | ||||||||||||||||||||||||||||
BREP Europe III | 100,000 | 13,231 | 35,000 | 4,410 | 100,000 | 11,989 | 35,000 | 3,996 | ||||||||||||||||||||||||
BREP Europe IV | 130,000 | 24,074 | 43,333 | 8,025 | 130,000 | 24,074 | 43,333 | 8,025 | ||||||||||||||||||||||||
BREP Europe V | 150,000 | 32,040 | 43,333 | 9,256 | 150,000 | 26,592 | 43,333 | 7,682 | ||||||||||||||||||||||||
BREP Europe VI | 130,000 | 87,059 | 43,333 | 29,020 | 130,000 | 84,596 | 43,333 | 28,199 | ||||||||||||||||||||||||
BREP Asia I | 50,000 | 10,141 | 16,667 | 3,380 | 50,000 | 10,141 | 16,667 | 3,380 | ||||||||||||||||||||||||
BREP Asia II | 70,707 | 30,014 | 23,569 | 10,005 | 70,707 | 16,215 | 23,569 | 5,405 | ||||||||||||||||||||||||
BREDS II | 50,000 | 6,227 | 16,667 | 2,076 | ||||||||||||||||||||||||||||
BREP Asia III | 78,373 | 78,373 | 26,124 | 26,124 | ||||||||||||||||||||||||||||
BREDS III | 50,000 | 17,659 | 16,667 | 5,886 | 50,000 | 13,499 | 16,667 | 4,500 | ||||||||||||||||||||||||
BREDS IV | 50,000 | 33,366 | — | — | 50,000 | 26,187 | — | — | ||||||||||||||||||||||||
BPP | 176,306 | 30,315 | — | — | 312,000 | 42,514 | — | — | ||||||||||||||||||||||||
Other (b) | 25,599 | 11,557 | — | — | 24,091 | 6,796 | — | — | ||||||||||||||||||||||||
Total Real Estate | 2,685,157 | 587,041 | 688,569 | 168,449 | ||||||||||||||||||||||||||||
Total Real Estate (c) | 3,095,171 | 857,370 | 798,026 | 259,442 | ||||||||||||||||||||||||||||
Senior Managing Directors | ||||||||||||||||
Blackstone and | and Certain Other | |||||||||||||||
General Partner | Professionals (a) | |||||||||||||||
Original | Remaining | Original | Remaining | |||||||||||||
Fund | Commitment | Commitment | Commitment | Commitment | ||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Private Equity | ||||||||||||||||
BCP V | $ | 629,356 | $ | 30,642 | $ | — | $ | — | ||||||||
BCP VI | 719,718 | 82,838 | 250,000 | 28,774 | ||||||||||||
BCP VII | 500,000 | 43,119 | 225,000 | 19,404 | ||||||||||||
BCP VIII | 500,000 | 443,434 | 225,000 | 199,545 | ||||||||||||
BEP I | 50,000 | 4,728 | — | — | ||||||||||||
BEP II | 80,000 | 14,477 | 26,667 | 4,826 | ||||||||||||
BEP III | 80,000 | 69,421 | 26,667 | 23,140 | ||||||||||||
BCEP I | 120,000 | 27,062 | 18,992 | 4,283 | ||||||||||||
BCEP II | 160,000 | 160,000 | 32,640 | 32,640 | ||||||||||||
BCP Asia I | 40,000 | 22,860 | 13,333 | 7,620 | ||||||||||||
BCP Asia II | 100,000 | 100,000 | 33,333 | 33,333 | ||||||||||||
Tactical Opportunities | 420,577 | 164,315 | 140,192 | 54,772 | ||||||||||||
Strategic Partners | 777,368 | 453,280 | 120,214 | 69,072 | ||||||||||||
BIP | 168,632 | 91,577 | — | — | ||||||||||||
BXLS | 110,000 | 81,310 | 26,667 | 23,427 | ||||||||||||
BXG | 80,500 | 60,227 | 26,667 | 19,942 | ||||||||||||
Other (b) | 278,669 | 31,787 | — | — | ||||||||||||
Total Private Equity | 4,814,820 | 1,881,077 | 1,165,372 | 520,778 | ||||||||||||
Hedge Fund Solutions | ||||||||||||||||
Strategic Alliance I | 50,000 | 2,033 | — | — | ||||||||||||
Strategic Alliance II | 50,000 | 1,482 | — | — | ||||||||||||
Strategic Alliance III | 22,000 | 2,031 | — | — | ||||||||||||
Strategic Alliance IV | 15,000 | 15,000 | — | — | ||||||||||||
Strategic Holdings I | 154,610 | 53,330 | — | — | ||||||||||||
Strategic Holdings II | 50,000 | 40,157 | — | — | ||||||||||||
Horizon | 100,000 | 13,225 | — | — | ||||||||||||
Other (b) | 18,879 | 10,095 | — | — | ||||||||||||
Total Hedge Fund Solutions | 460,489 | 137,353 | — | — | ||||||||||||
Senior Managing Directors | ||||||||||||||||
Blackstone and | and Certain Other | |||||||||||||||
General Partner | Professionals (a) | |||||||||||||||
Original | Remaining | Original | Remaining | |||||||||||||
Fund | Commitment | Commitment | Commitment | Commitment | ||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Private Equity | ||||||||||||||||
BCP V | $ | 629,356 | $ | 30,642 | $ | — | $ | — | ||||||||
BCP VI | 719,718 | 82,829 | 250,000 | 28,771 | ||||||||||||
BCP VII | 500,000 | 42,980 | 225,000 | 19,341 | ||||||||||||
BCP VIII | 500,000 | 317,295 | 225,000 | 142,783 | ||||||||||||
BCP IX | 500,000 | 500,000 | 225,000 | 225,000 | ||||||||||||
BEP I | 50,000 | 4,728 | — | — | ||||||||||||
BEP II | 80,000 | 14,620 | 26,667 | 4,873 | ||||||||||||
BEP III | 80,000 | 51,868 | 26,667 | 17,289 | ||||||||||||
BEP IV | 17,545 | 17,545 | 5,848 | 5,848 | ||||||||||||
BCEP I | 120,000 | 27,202 | 18,992 | 4,305 | ||||||||||||
BCEP II | 160,000 | 132,048 | 32,640 | 26,938 | ||||||||||||
BCP Asia I | 40,000 | 13,132 | 13,333 | 4,377 | ||||||||||||
BCP Asia II | 100,000 | 100,000 | 33,333 | 33,333 | ||||||||||||
Tactical Opportunities | 461,900 | 215,341 | 153,967 | 71,780 | ||||||||||||
Strategic Partners | 1,151,889 | 746,258 | 162,087 | 100,079 | ||||||||||||
BIP | 271,663 | 101,441 | — | — | ||||||||||||
BXLS | 142,057 | 104,089 | 37,353 | 31,927 | ||||||||||||
BXG | 135,501 | 81,665 | 62,997 | 45,355 | ||||||||||||
Other (b) | 290,210 | 31,187 | — | — | ||||||||||||
Total Private Equity (c) | 5,949,839 | 2,614,870 | 1,498,884 | 761,999 | ||||||||||||
Hedge Fund Solutions | ||||||||||||||||
Strategic Alliance I | 50,000 | 2,033 | — | — | ||||||||||||
Strategic Alliance II | 50,000 | 1,482 | — | — | ||||||||||||
Strategic Alliance III | 22,000 | 7,101 | — | — | ||||||||||||
Strategic Alliance IV | 15,000 | 15,000 | — | — | ||||||||||||
Strategic Holdings I | 154,610 | 33,211 | — | — | ||||||||||||
Strategic Holdings II | 50,000 | 31,400 | — | — | ||||||||||||
Horizon | 100,000 | 27,765 | — | — | ||||||||||||
Dislocation | 10,000 | 10,000 | — | — | ||||||||||||
Other (b) | 17,205 | 8,149 | — | — | ||||||||||||
Total Hedge Fund Solutions | 468,815 | 136,141 | — | — | ||||||||||||
Senior Managing Directors | Senior Managing Directors | |||||||||||||||||||||||||||||||
Blackstone and | and Certain Other | Blackstone and | and Certain Other | |||||||||||||||||||||||||||||
General Partner | Professionals (a) | General Partner | Professionals (a) | |||||||||||||||||||||||||||||
Original | Remaining | Original | Remaining | Original | Remaining | Original | Remaining | |||||||||||||||||||||||||
Fund | Commitment | Commitment | Commitment | Commitment | Commitment | Commitment | Commitment | Commitment | ||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||
Credit & Insurance | ||||||||||||||||||||||||||||||||
Mezzanine / Opportunistic II | $ | 120,000 | $ | 29,458 | $ | 110,101 | $ | 27,028 | $ | 120,000 | $ | 29,204 | $ | 110,101 | $ | 26,795 | ||||||||||||||||
Mezzanine / Opportunistic III | 130,783 | 40,960 | 31,072 | 9,731 | 130,783 | 39,096 | 31,546 | 9,430 | ||||||||||||||||||||||||
Mezzanine / Opportunistic IV | 122,000 | 111,853 | 33,383 | 30,607 | 122,000 | 104,308 | 33,735 | 28,843 | ||||||||||||||||||||||||
European Senior Debt I | 63,000 | 16,521 | 56,882 | 14,917 | 63,000 | 16,508 | 56,882 | 14,905 | ||||||||||||||||||||||||
European Senior Debt II | 93,110 | 64,462 | 24,284 | 16,774 | 92,281 | 60,036 | 25,389 | 16,526 | ||||||||||||||||||||||||
Stressed / Distressed I | 50,000 | 4,869 | 27,666 | 2,694 | 50,000 | 4,869 | 27,666 | 2,694 | ||||||||||||||||||||||||
Stressed / Distressed II | 125,000 | 51,695 | 119,878 | 49,576 | 125,000 | 51,695 | 119,878 | 49,576 | ||||||||||||||||||||||||
Stressed / Distressed III | 151,000 | 113,042 | 31,989 | 23,948 | 151,000 | 113,042 | 32,727 | 24,500 | ||||||||||||||||||||||||
Energy I | 80,000 | 37,630 | 75,566 | 35,544 | 80,000 | 37,630 | 75,445 | 35,487 | ||||||||||||||||||||||||
Energy II | 150,000 | 129,739 | 25,565 | 22,112 | 150,000 | 116,387 | �� | 26,615 | 20,651 | |||||||||||||||||||||||
Credit Alpha Fund | 52,102 | 19,752 | 50,675 | 19,211 | 52,102 | 19,752 | 50,670 | 19,209 | ||||||||||||||||||||||||
Credit Alpha Fund II | 25,500 | 11,336 | 6,130 | 2,725 | 25,500 | 12,550 | 6,289 | 3,095 | ||||||||||||||||||||||||
Other (b) | 147,368 | 51,248 | 20,612 | 4,073 | 148,013 | 54,069 | 20,391 | 4,025 | ||||||||||||||||||||||||
Total Credit & Insurance | 1,309,863 | 682,565 | 613,803 | 258,940 | 1,309,679 | 659,146 | 617,334 | 255,736 | ||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
Treasury (c) | 680,638 | 372,637 | — | — | ||||||||||||||||||||||||||||
Treasury (d) | 1,936,933 | 1,445,785 | — | — | ||||||||||||||||||||||||||||
$ | 9,950,967 | $ | 3,660,673 | $ | 2,467,744 | $ | 948,167 | $ | 12,760,437 | $ | 5,713,312 | $ | 2,914,244 | $ | 1,277,177 | |||||||||||||||||
(a) | For some of the general partner commitments shown in the table above, we require our senior managing directors and certain other professionals to fund a portion of the commitment even though the ultimate obligation to fund the aggregate commitment is ours pursuant to the governing agreements of the respective funds. The amounts of the aggregate applicable general partner original and remaining commitment are shown in the table above. In addition, certain senior managing directors and other professionals may be required to fund a de minimis amount of the commitment in certain carry funds. We expect our commitments to be drawn down over time and to be funded by available cash and cash generated from operations and realizations. Taking into account prevailing market conditions and both the liquidity and cash or liquid investment balances, we believe that the sources of liquidity described above will be more than sufficient to fund our working capital requirements. |
(b) | Represents capital commitments to a number of other funds in each respective segment. |
(c) | Real Estate and Private Equity include co-investments, as applicable. |
(d) | Represents loan origination commitments, revolver commitments and capital market commitments. |
Aggregate | ||||
Principal | ||||
Amount | ||||
(Dollars/Euros | ||||
Senior Notes (a) | in Thousands) | |||
4.750%, Due 2/15/2023 | $ | 400,000 | ||
2.000%, Due 5/19/2025 | € | 300,000 | ||
1.000%, Due 10/5/2026 | € | 600,000 | ||
3.150%, Due 10/2/2027 | $ | 300,000 | ||
1.625%, Due 8/5/2028 | $ | 650,000 | ||
1.500%, Due 4/10/2029 | € | 600,000 | ||
2.500%, Due 1/10/2030 | $ | 500,000 | ||
1.600%, Due 3/30/2031 | $ | 500,000 | ||
2.000%, Due 1/30/2032 | $ | 800,000 | ||
2.550%, Due 3/30/2032 | $ | 500,000 | ||
3.500%, Due 6/1/2034 | € | 500,000 | ||
6.250%, Due 8/15/2042 | $ | 250,000 | ||
5.000%, Due 6/15/2044 | $ | 500,000 | ||
4.450%, Due 7/15/2045 | $ | 350,000 | ||
4.000%, Due 10/2/2047 | $ | 300,000 | ||
3.500%, Due 9/10/2049 | $ | 400,000 | ||
2.800%, Due 9/30/2050 | $ | 400,000 | ||
2.850%, Due 8/5/2051 | $ | 550,000 | ||
3.200%, Due 1/30/2052 | $ | 1,000,000 | ||
$ | ||||
(a) | The Notes are unsecured and unsubordinated obligations of the Issuer and are fully and unconditionally guaranteed, jointly and severally, by |
Securities | ||||||||
Repurchase | Sold, Not Yet | |||||||
Agreements | Purchased | |||||||
(Dollars in Millions) | ||||||||
Balance, June 30, 2021 | $ | 57.2 | $ | 35.8 | ||||
Balance, December 31, 2020 | $ | 76.8 | $ | 51.0 | ||||
Six Months Ended June 30, 2021 | ||||||||
Average Daily Balance | $ | 61.0 | $ | 42.3 | ||||
Maximum Daily Balance | $ | 75.5 | $ | 51.0 |
July 1, 2021 to | July 1, 2022 to | |||||||||||||||||||||||||||||||||||||||
Contractual Obligations | December 31, 2021 | 2022-2023 | 2024-2025 | Thereafter | Total | December 31, 2022 | 2023-2024 | 2025-2026 | Thereafter | Total | ||||||||||||||||||||||||||||||
(Dollars in Thousands) | (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||
Operating Lease Obligations (a) | $ | 59,483 | $ | 246,399 | $ | 209,251 | $ | 293,223 | $ | 808,356 | $ | 72,240 | $ | 289,417 | $ | 297,781 | $ | 326,937 | $ | 986,375 | ||||||||||||||||||||
Purchase Obligations | 46,080 | 55,482 | 7,106 | — | 108,668 | 81,707 | 77,630 | 12,080 | — | 171,417 | ||||||||||||||||||||||||||||||
Blackstone Issued Notes and Revolving Credit Facility (b) | — | 400,000 | 355,740 | 4,922,960 | 5,678,700 | — | 400,000 | 943,560 | 8,153,240 | 9,496,800 | ||||||||||||||||||||||||||||||
Interest on Blackstone Issued Notes and Revolving Credit Facility (c) | 78,290 | 325,004 | 296,504 | 2,088,579 | 2,788,377 | 123,555 | 515,935 | 497,627 | 3,477,633 | 4,614,750 | ||||||||||||||||||||||||||||||
Blackstone Funds Debt Obligations Payable | 99 | — | — | — | 99 | |||||||||||||||||||||||||||||||||||
Blackstone Funds Capital Commitments to Investee Funds (d) | 292,970 | — | — | — | 292,970 | 206,774 | — | — | — | 206,774 | ||||||||||||||||||||||||||||||
Due to Certain Non-Controlling Interest Holders in Connection with Tax Receivable Agreements (e) | — | 107,144 | 105,779 | 738,566 | 951,489 | — | 157,002 | 214,670 | 1,190,579 | 1,562,251 | ||||||||||||||||||||||||||||||
Unrecognized Tax Benefits, Including Interest and Penalties (f) | 1,098 | — | — | — | 1,098 | — | — | — | — | — | ||||||||||||||||||||||||||||||
Blackstone Operating Entities Capital Commitments to Blackstone Funds and Other (g) | 3,660,673 | — | — | — | 3,660,673 | 5,713,312 | — | — | — | 5,713,312 | ||||||||||||||||||||||||||||||
Consolidated Contractual Obligations | 4,138,693 | 1,134,029 | 974,380 | 8,043,328 | 14,290,430 | 6,197,588 | 1,439,984 | 1,965,718 | 13,148,389 | 22,751,679 | ||||||||||||||||||||||||||||||
Blackstone Funds Debt Obligations Payable | (99 | ) | — | — | — | (99 | ) | |||||||||||||||||||||||||||||||||
Blackstone Funds Capital Commitments to Investee Funds (d) | (292,970 | ) | — | — | — | (292,970 | ) | (206,774 | ) | — | — | — | (206,774 | ) | ||||||||||||||||||||||||||
Blackstone Operating Entities Contractual Obligations | $ | 3,845,624 | $ | 1,134,029 | $ | 974,380 | $ | 8,043,328 | $ | 13,997,361 | $ | 5,990,814 | $ | 1,439,984 | $ | 1,965,718 | $ | 13,148,389 | $ | 22,544,905 | ||||||||||||||||||||
(a) | We lease our primary office space and certain office equipment under agreements that expire through |
(b) | Represents the principal amount due on the senior notes we pre-payments are made and the notes are held until their final maturity. As of June 30, |
(c) | Represents interest to be paid over the maturity of our senior notes pre-payments are made and debt is held until its final maturity date. These amounts |
(d) | These obligations represent commitments of the consolidated Blackstone Funds to make capital contributions to investee funds and portfolio companies. These amounts are generally due on demand and are therefore presented in the less than one year category. |
(e) | Represents obligations by Blackstone’s corporate subsidiary to make payments under the Tax Receivable Agreements to certain non-controlling interest holders for the tax savings realized from the taxable purchases of their interests in connection with the reorganization at the time of Blackstone’s IPO in 2007 and subsequent purchases. The obligation represents the amount of the payments currently expected to be made, which are dependent on the tax savings actually realized as determined annually without discounting for the timing of the payments. As required by GAAP, the amount of the obligation included in the Condensed Consolidated Financial Statements and shown in Note 16. “Related Party Transactions” (see “Part I. Item 1. Financial Statements”) differs to reflect the net present value of the payments due to certainnon-controlling interest holders. |
(f) |
(g) | These obligations represent commitments by us to provide general partner capital funding to the Blackstone Funds, limited partner capital funding to other funds and Blackstone principal investment commitments. These amounts are generally due on demand and are therefore presented in the less than one year category; however, a substantial amount of the capital commitments are expected to be called over the next three years. We expect to continue to make these general partner capital commitments as we raise additional amounts for our investment funds over time. |
Securities | ||||||||
Repurchase | Sold, Not Yet | |||||||
Agreements | Purchased | |||||||
(Dollars in Millions) | ||||||||
Balance, June 30, 2022 | $ | 152.5 | $ | 27.0 | ||||
Balance, December 31, 2021 | $ | 58.0 | $ | 27.8 | ||||
Six Months Ended June 30, 2022 | ||||||||
Average Daily Balance | $ | 90.3 | $ | 27.3 | ||||
Maximum Daily Balance | $ | 182.9 | $ | 27.8 |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (a) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (Dollars in Thousands) (a) | ||||||||||||
Apr. 1 - Apr. 30, 2021 | 267,855 | $ | 88.93 | 267,855 | $ | 283,355 | ||||||||||
May 1 - May 31, 2021 | 1,785,711 | $ | 89.11 | 1,785,711 | $ | 864,543 | ||||||||||
Jun. 1 - Jun. 30, 2021 | 1,121,032 | $ | 94.65 | 1,121,032 | $ | 758,433 | ||||||||||
3,174,598 | 3,174,598 | |||||||||||||||
Approximate Dollar | ||||||||||||||||
Average | Total Number of Shares | Value of Shares that | ||||||||||||||
Total Number | Price Paid | Purchased as Part of | May Yet Be Purchased | |||||||||||||
of Shares | per | Publicly Announced | Under the Program | |||||||||||||
Period | Purchased | Share | Plans or Programs (a) | (Dollars in Thousands) (a) | ||||||||||||
Apr. 1 - Apr. 30, 2022 | 132,141 | $ | 107.25 | 132,141 | $ | 1,485,828 | ||||||||||
May 1 - May 31, 2022 | 924,995 | $ | 106.22 | 924,995 | $ | 1,387,577 | ||||||||||
Jun. 1 - Jun. 30, 2022 | 792,864 | $ | 104.56 | 792,864 | $ | 1,304,674 | ||||||||||
1,850,000 | 1,850,000 | |||||||||||||||
(a) | On |
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |
104. | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
* | Filed herewith. |
Blackstone Inc. | ||
/s/ Michael S. Chae | ||
Name: | Michael S. Chae | |
Title: | Chief Financial Officer | |
(Principal Financial Officer and | ||
Authorized Signatory) |