☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED |
☐ | 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. | 142 | |||||
Item 4. | 142 | |||||
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 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 BEPIF, |
(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 and BDCs, |
(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, Real Estate segment carry funds including certain BREDS funds, and certain 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 and BDCs. |
Item 1. | Financial Statements |
March 31, | December 31, | June 30, | December 31, | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Assets | ||||||||||||||||
Cash and Cash Equivalents | $ | 2,830,971 | $ | 4,252,003 | $ | 3,280,204 | $ | 4,252,003 | ||||||||
Cash Held by Blackstone Funds and Other | 190,322 | 241,712 | 215,444 | 241,712 | ||||||||||||
Investments | 26,985,951 | 27,553,251 | 27,048,621 | 27,553,251 | ||||||||||||
Accounts Receivable | 924,934 | 462,904 | 664,028 | 462,904 | ||||||||||||
Due from Affiliates | 4,099,765 | 4,146,707 | ||||||||||||||
Due from Affiliates | 4,294,437 | 4,146,707 | ||||||||||||||
Intangible Assets, Net | 230,295 | 217,287 | 219,221 | 217,287 | ||||||||||||
Goodwill | 1,890,202 | 1,890,202 | 1,890,202 | 1,890,202 | ||||||||||||
Other Assets | 833,232 | 800,458 | 905,454 | 800,458 | ||||||||||||
Right-of-Use | 894,067 | 896,981 | 888,190 | 896,981 | ||||||||||||
Deferred Tax Assets | 2,206,700 | 2,062,722 | 2,176,983 | 2,062,722 | ||||||||||||
Total Assets | $ | 41,086,439 | $ | 42,524,227 | $ | 41,582,784 | $ | 42,524,227 | ||||||||
Liabilities and Equity | ||||||||||||||||
Loans Payable | $ | 12,311,469 | $ | 12,349,584 | $ | 12,299,855 | $ | 12,349,584 | ||||||||
Due to Affiliates | 1,974,182 | 2,118,481 | ||||||||||||||
Due to Affiliates | 2,092,837 | 2,118,481 | ||||||||||||||
Accrued Compensation and Benefits | 5,470,773 | 6,101,801 | 5,685,879 | 6,101,801 | ||||||||||||
Securities Sold, Not Yet Purchased | 3,881 | 3,825 | 3,821 | 3,825 | ||||||||||||
Repurchase Agreements | 19,563 | 89,944 | 18,262 | 89,944 | ||||||||||||
Operating Lease Liabilities | 1,016,808 | 1,021,454 | 1,013,813 | 1,021,454 | ||||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | 1,575,938 | 1,158,071 | 1,377,838 | 1,158,071 | ||||||||||||
Total Liabilities | 22,372,614 | 22,843,160 | 22,492,305 | 22,843,160 | ||||||||||||
Commitments and Contingencies | ||||||||||||||||
Redeemable Non-Controlling Interests in Consolidated Entities | 1,644,697 | 1,715,006 | 1,626,349 | 1,715,006 | ||||||||||||
Equity | ||||||||||||||||
Stockholders’ Equity of Blackstone Inc. | ||||||||||||||||
Common Stock, $0.00001 par value, 90 billion shares authorized, (712,794,968 shares issued and outstanding as of March 31, 2023; 710,276,923 shares issued and outstanding as of December 31, 2022) | 7 | 7 | ||||||||||||||
Series I Preferred Stock, $0.00001 par value, 999,999,000 shares authorized, (1 share issued and outstanding as of March 31, 2023 and December 31, 2022) | — | — | ||||||||||||||
Series II Preferred Stock, $0.00001 par value, 1,000 shares authorized, (1 share issued and outstanding as of March 31, 2023 and December 31, 2022) | — | — | ||||||||||||||
Common Stock, $0.00001 par value, 90 billion shares authorized, (713,551,859 shares issued and outstanding as of June 30, 2023; 710,276,923 shares issued and outstanding as of December 31, 2022) | 7 | 7 | ||||||||||||||
Series I Preferred Stock, $0.00001 par value, 999,999,000 shares authorized, (1 share issued and outstanding as of June 30, 2023 and December 31, 2022) | — | — | ||||||||||||||
Series II Preferred Stock, $0.00001 par value, 1,000 shares authorized, (1 share issued and outstanding as of June 30, 2023 and December 31, 2022) | — | — | ||||||||||||||
Additional Paid-in-Capital | 5,957,054 | 5,935,273 | 6,076,367 | 5,935,273 | ||||||||||||
Retained Earnings | 1,156,109 | 1,748,106 | 1,160,278 | 1,748,106 | ||||||||||||
Accumulated Other Comprehensive Loss | (22,333 | ) | (27,475 | ) | (17,205 | ) | (27,475 | ) | ||||||||
Total Stockholders’ Equity of Blackstone Inc. | 7,090,837 | 7,655,911 | 7,219,447 | 7,655,911 | ||||||||||||
Non-Controlling Interests in Consolidated Entities | 5,058,090 | 5,056,480 | 5,174,961 | 5,056,480 | ||||||||||||
Non-Controlling Interests in Blackstone Holdings | 4,920,201 | 5,253,670 | 5,069,722 | 5,253,670 | ||||||||||||
Total Equity | 17,069,128 | 17,966,061 | 17,464,130 | 17,966,061 | ||||||||||||
Total Liabilities and Equity | $ | 41,086,439 | $ | 42,524,227 | $ | 41,582,784 | $ | 42,524,227 | ||||||||
March 31, | December 31, | June 30, | December 31, | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Assets | ||||||||||||||||
Cash Held by Blackstone Funds and Other | $ | 190,322 | $ | 241,712 | $ | 215,444 | $ | 241,712 | ||||||||
Investments | 5,443,867 | 5,136,542 | 5,490,773 | 5,136,542 | ||||||||||||
Accounts Receivable | 39,006 | 55,223 | 10,938 | 55,223 | ||||||||||||
Due from Affiliates | 23,041 | 7,152 | 9,508 | 7,152 | ||||||||||||
Other Assets | 2,523 | 2,159 | 781 | 2,159 | ||||||||||||
Total Assets | $ | 5,698,759 | $ | 5,442,788 | $ | 5,727,444 | $ | 5,442,788 | ||||||||
Liabilities | ||||||||||||||||
Loans Payable | $ | 1,742,452 | $ | 1,450,000 | $ | 1,714,234 | $ | 1,450,000 | ||||||||
Due to Affiliates | 87,523 | 82,345 | 106,433 | 82,345 | ||||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | 124,658 | 25,858 | 132,709 | 25,858 | ||||||||||||
Total Liabilities | $ | 1,954,633 | $ | 1,558,203 | $ | 1,953,376 | $ | 1,558,203 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Revenues | ||||||||||||||||
Management and Advisory Fees, Net | $ | 1,709,370 | $ | 1,561,187 | $ | 3,367,685 | $ | 3,037,123 | ||||||||
Incentive Fees | 153,077 | 99,598 | 295,953 | 204,087 | ||||||||||||
Investment Income (Loss) | ||||||||||||||||
Performance Allocations | ||||||||||||||||
Realized | 502,084 | 2,453,769 | 1,148,978 | 4,220,155 | ||||||||||||
Unrealized | 114,395 | (3,467,668 | ) | (644,817 | ) | (2,174,618 | ) | |||||||||
Principal Investments | ||||||||||||||||
Realized | 54,835 | 265,161 | 162,893 | 550,265 | ||||||||||||
Unrealized | 164,089 | (500,490 | ) | (327,328 | ) | (426,529 | ) | |||||||||
Total Investment Income (Loss) | 835,403 | (1,249,228 | ) | 339,726 | 2,169,273 | |||||||||||
Interest and Dividend Revenue | 148,505 | 62,075 | 238,990 | 116,560 | ||||||||||||
Other | (31,664 | ) | 155,588 | (45,818 | ) | 228,457 | ||||||||||
Total Revenues | 2,814,691 | 629,220 | 4,196,536 | 5,755,500 | ||||||||||||
Expenses | ||||||||||||||||
Compensation and Benefits | ||||||||||||||||
Compensation | 737,017 | 686,012 | 1,453,302 | 1,342,517 | ||||||||||||
Incentive Fee Compensation | 64,227 | 45,363 | 127,508 | 86,382 | ||||||||||||
Performance Allocations Compensation | ||||||||||||||||
Realized | 205,196 | 1,035,916 | 501,990 | 1,753,517 | ||||||||||||
Unrealized | 54,155 | (1,386,543 | ) | (259,094 | ) | (914,259 | ) | |||||||||
Total Compensation and Benefits | 1,060,595 | 380,748 | 1,823,706 | 2,268,157 | ||||||||||||
General, Administrative and Other | 275,034 | 289,288 | 548,428 | 529,962 | ||||||||||||
Interest Expense | 108,096 | 69,642 | 212,537 | 136,389 | ||||||||||||
Fund Expenses | 31,585 | 4,435 | 79,984 | 6,627 | ||||||||||||
Total Expenses | 1,475,310 | 744,113 | 2,664,655 | 2,941,135 | ||||||||||||
Other Income (Loss) | ||||||||||||||||
Change in Tax Receivable Agreement Liability | 7,095 | (13 | ) | 1,887 | 748 | |||||||||||
Net Gains (Losses) from Fund Investment Activities | 80,500 | (104,326 | ) | 151,564 | (53,450 | ) | ||||||||||
Total Other Income (Loss) | 87,595 | (104,339 | ) | 153,451 | (52,702 | ) | ||||||||||
Income (Loss) Before Provision for Taxes | 1,426,976 | (219,232 | ) | 1,685,332 | 2,761,663 | |||||||||||
Provision for Taxes | 223,269 | 36,514 | 270,944 | 519,795 | ||||||||||||
Net Income (Loss) | 1,203,707 | (255,746 | ) | 1,414,388 | 2,241,868 | |||||||||||
Net Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities | 17,688 | 25,875 | 10,988 | 30,927 | ||||||||||||
Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities | 89,436 | (216,707 | ) | 164,305 | (332 | ) | ||||||||||
Net Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings | 495,309 | (35,521 | ) | 552,009 | 1,023,792 | |||||||||||
Net Income (Loss) Attributable to Blackstone Inc. | $ | 601,274 | $ | (29,393 | ) | $ | 687,086 | $ | 1,187,481 | |||||||
Net Income (Loss) Per Share of Common Stock | ||||||||||||||||
Basic | $ | 0.79 | $ | (0.04 | ) | $ | 0.91 | $ | 1.61 | |||||||
Diluted | $ | 0.79 | $ | (0.04 | ) | $ | 0.91 | $ | 1.61 | |||||||
Weighted-Average Shares of Common Stock Outstanding | ||||||||||||||||
Basic | 758,479,943 | 707,382,293 | 752,306,729 | 738,752,489 | ||||||||||||
Diluted | 758,548,248 | 707,382,293 | 752,630,385 | 739,140,862 | ||||||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2023 | 2022 | |||||||
Revenues | ||||||||
Management and Advisory Fees, Net | $ | 1,658,315 | $ | 1,475,936 | ||||
Incentive Fees | 142,876 | 104,489 | ||||||
Investment Income (Loss) | ||||||||
Performance Allocations | ||||||||
Realized | 646,894 | 1,766,386 | ||||||
Unrealized | (759,212 | ) | 1,293,050 | |||||
Principal Investments | ||||||||
Realized | 108,058 | 285,104 | ||||||
Unrealized | (491,417 | ) | 73,961 | |||||
Total Investment Income (Loss) | (495,677 | ) | 3,418,501 | |||||
Interest and Dividend Revenue | 90,485 | 54,485 | ||||||
Other | (14,154 | ) | 72,869 | |||||
Total Revenues | 1,381,845 | 5,126,280 | ||||||
Expenses | ||||||||
Compensation and Benefits | ||||||||
Compensation | 716,285 | 656,505 | ||||||
Incentive Fee Compensation | 63,281 | 41,019 | ||||||
Performance Allocations Compensation | ||||||||
Realized | 296,794 | 717,601 | ||||||
Unrealized | (313,249 | ) | 472,284 | |||||
Total Compensation and Benefits | 763,111 | 1,887,409 | ||||||
General, Administrative and Other | 273,394 | 240,674 | ||||||
Interest Expense | 104,441 | 66,747 | ||||||
Fund Expenses | 48,399 | 2,192 | ||||||
Total Expenses | 1,189,345 | 2,197,022 | ||||||
Other Income | ||||||||
Change in Tax Receivable Agreement Liability | (5,208 | ) | 761 | |||||
Net Gains from Fund Investment Activities | 71,064 | 50,876 | ||||||
Total Other Income | 65,856 | 51,637 | ||||||
Income Before Provision for Taxes | 258,356 | 2,980,895 | ||||||
Provision for Taxes | 47,675 | 483,281 | ||||||
Net Income | 210,681 | 2,497,614 | ||||||
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities | (6,700 | ) | 5,052 | |||||
Net Income Attributable to Non-Controlling Interests in Consolidated Entities | 74,869 | 216,375 | ||||||
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings | 56,700 | 1,059,313 | ||||||
Net Income Attributable to Blackstone Inc. | $ | 85,812 | $ | 1,216,874 | ||||
Net Income Per Share of Common Stock | ||||||||
Basic | $ | 0.12 | $ | 1.66 | ||||
Diluted | $ | 0.11 | $ | 1.66 | ||||
Weighted-Average Shares of Common Stock Outstanding | ||||||||
Basic | 746,064,922 | 734,327,015 | ||||||
Diluted | 746,643,929 | 734,966,915 | ||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Net Income (Loss) | $ | 1,203,707 | $ | (255,746 | ) | $ | 1,414,388 | $ | 2,241,868 | |||||||
Other Comprehensive Income (Loss), Currency Translation Adjustment | 16,892 | (60,067 | ) | 46,292 | (69,466 | ) | ||||||||||
Comprehensive Income (Loss) | 1,220,599 | (315,813 | ) | 1,460,680 | 2,172,402 | |||||||||||
Less: | ||||||||||||||||
Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities | 30,519 | (6,855 | ) | 44,529 | (1,803 | ) | ||||||||||
Comprehensive Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities | 89,436 | (216,707 | ) | 164,305 | (332 | ) | ||||||||||
Comprehensive Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings | 494,242 | (46,387 | ) | 554,490 | 1,009,655 | |||||||||||
Comprehensive Income (Loss) Attributable to Non-Controlling Interests | 614,197 | (269,949 | ) | 763,324 | 1,007,520 | |||||||||||
Comprehensive Income (Loss) Attributable to Blackstone Inc. | $ | 606,402 | $ | (45,864 | ) | $ | 697,356 | $ | 1,164,882 | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2023 | 2022 | |||||||
Net Income | $ | 210,681 | $ | 2,497,614 | ||||
Other Comprehensive Income (Loss) – Currency Translation Adjustment | 29,400 | (9,399 | ) | |||||
Comprehensive Income | 240,081 | 2,488,215 | ||||||
Less: | ||||||||
Comprehensive Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities | 14,010 | 5,052 | ||||||
Comprehensive Income Attributable to Non-Controlling Interests in Consolidated Entities | 74,869 | 216,375 | ||||||
Comprehensive Income Attributable to Non-Controlling Interests in Blackstone Holdings | 60,248 | 1,056,042 | ||||||
Comprehensive Income Attributable to Non-Controlling Interests | 149,127 | 1,277,469 | ||||||
Comprehensive Income Attributable to Blackstone Inc. | $ | 90,954 | $ | 1,210,746 | ||||
Shares of Blackstone Inc. (a) | Blackstone Inc. (a) | Shares of Blackstone Inc. (a) | Blackstone Inc. (a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated | Redeemable | Accumulated | Redeemable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Non- | Non- | Non- | Other | Non- | Non- | Non- | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compre- | Controlling | Controlling | Controlling | Compre- | Controlling | Controlling | Controlling | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional | Retained | hensive | Total | Interests in | Interests in | Interests in | Additional | Retained | hensive | Total | Interests in | Interests in | Interests in | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common | Common | Paid-in- | Earnings | Income | Stockholders’ | Consolidated | Blackstone | Total | Consolidated | Common | Common | Paid-in- | Earnings | Income | Stockholders’ | Consolidated | Blackstone | Total | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock | Stock | Capital | (Deficit) | (Loss) | Equity | Entities | Holdings | Equity | Entities | Stock | Stock | Capital | (Deficit) | (Loss) | Equity | Entities | Holdings | Equity | Entities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | 710,276,923 | $ | 7 | $ | 5,935,273 | $ | 1,748,106 | $ | (27,475 | ) | $ | 7,655,911 | $ | 5,056,480 | $ | 5,253,670 | $ | 17,966,061 | $ | 1,715,006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfer Out Due to Deconsolidation of Fund Entities | — | — | — | — | — | — | — | — | — | (53,713 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | — | — | — | 85,812 | — | 85,812 | 74,869 | 56,700 | 217,381 | (6,700 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | 712,794,968 | $ | 7 | $ | 5,957,054 | $ | 1,156,109 | $ | (22,333 | ) | $ | 7,090,837 | $ | 5,058,090 | $ | 4,920,201 | $ | 17,069,128 | $ | 1,644,697 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income | — | — | — | 601,274 | — | 601,274 | 89,436 | 495,309 | 1,186,019 | 17,688 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency Translation Adjustment | — | — | — | — | 5,142 | 5,142 | — | 3,548 | 8,690 | 20,710 | — | — | — | — | 5,128 | 5,128 | — | (1,067 | ) | 4,061 | 12,831 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Contributions | — | — | — | — | — | — | 123,952 | 2,447 | 126,399 | 51,092 | — | — | — | — | — | — | 183,351 | 2,412 | 185,763 | 41,188 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Distributions | — | — | — | (677,809 | ) | — | (677,809 | ) | (194,866 | ) | (461,978 | ) | (1,334,653 | ) | (81,698 | ) | — | — | — | (597,105 | ) | — | (597,105 | ) | (155,466 | ) | (458,048 | ) | (1,210,619 | ) | (90,055 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities | — | — | — | — | — | — | (2,345 | ) | — | (2,345 | ) | — | — | — | — | — | — | — | (450 | ) | — | (450 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders | — | — | 2,001 | — | — | 2,001 | — | — | 2,001 | — | — | — | 1,918 | — | — | 1,918 | — | — | 1,918 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-Based Compensation | — | — | 117,227 | — | — | 117,227 | — | 76,468 | 193,695 | — | — | — | 193,545 | — | — | 193,545 | — | 125,896 | 319,441 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock | 2,143,256 | — | (18,004 | ) | — | — | (18,004 | ) | — | — | (18,004 | ) | — | 529,948 | — | (5,097 | ) | — | — | (5,097 | ) | — | — | (5,097 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units | (1,000,000 | ) | — | (90,097 | ) | — | — | (90,097 | ) | — | — | (90,097 | ) | — | (1,000,000 | ) | — | (86,034 | ) | — | — | (86,034 | ) | — | — | (86,034 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in Blackstone Inc.’s Ownership Interest | — | — | (4,927 | ) | — | — | (4,927 | ) | — | 4,927 | — | — | — | — | 1,918 | — | — | 1,918 | — | (1,918 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock | 1,374,789 | — | 15,581 | — | — | 15,581 | — | (15,581 | ) | — | — | 1,226,943 | — | 13,063 | — | — | 13,063 | — | (13,063 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | 712,794,968 | $ | 7 | $ | 5,957,054 | $ | 1,156,109 | $ | (22,333 | ) | $ | 7,090,837 | $ | 5,058,090 | $ | 4,920,201 | $ | 17,069,128 | $ | 1,644,697 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | 713,551,859 | $ | 7 | $ | 6,076,367 | $ | 1,160,278 | $ | (17,205 | ) | $ | 7,219,447 | $ | 5,174,961 | $ | 5,069,722 | $ | 17,464,130 | $ | 1,626,349 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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) | Shares of Blackstone Inc. (a) | Blackstone Inc. (a) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated | Redeemable | Accumulated | Redeemable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Non- | Non- | Non- | Other | Non- | Non- | Non- | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compre- | Controlling | Controlling | Controlling | Compre- | Controlling | Controlling | Controlling | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional | Retained | hensive | Total | Interests in | Interests in | Interests in | Additional | Retained | hensive | Total | Interests in | Interests in | Interests in | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common | Common | Paid-in- | Earnings | Income | Stockholders’ | Consolidated | Blackstone | Total | Consolidated | Common | Common | Paid-in- | Earnings | Income | Stockholders’ | Consolidated | Blackstone | Total | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock | Stock | Capital | (Deficit) | (Loss) | Equity | Entities | Holdings | Equity | Entities | 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income | — | — | — | 1,216,874 | — | 1,216,874 | 216,375 | 1,059,313 | 2,492,562 | 5,052 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | — | (6,128 | ) | (6,128 | ) | — | (3,271 | ) | (9,399 | ) | — | — | — | — | — | (16,471 | ) | (16,471 | ) | — | (10,866 | ) | (27,337 | ) | (32,730 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Contributions | — | — | — | — | — | — | 192,338 | 2,486 | 194,824 | — | — | — | — | — | — | — | 260,428 | 2,477 | 262,905 | 105,467 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Distributions | — | — | — | (1,058,741 | ) | — | (1,058,741 | ) | (252,846 | ) | (901,789 | ) | (2,213,376 | ) | (31,650 | ) | — | — | — | (973,425 | ) | — | (973,425 | ) | (510,253 | ) | (692,719 | ) | (2,176,397 | ) | (10,961 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities | — | — | — | — | — | — | (8,822 | ) | — | (8,822 | ) | — | — | — | — | — | — | — | 78 | — | 78 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders | — | — | 3,272 | — | — | 3,272 | — | — | 3,272 | — | — | — | 4,257 | — | — | 4,257 | — | — | 4,257 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-Based Compensation | — | — | 80,901 | — | — | 80,901 | — | 53,678 | 134,579 | — | — | — | 168,354 | — | — | 168,354 | — | 111,409 | 279,763 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock | 1,892,172 | — | (32,061 | ) | — | — | (32,061 | ) | — | — | (32,061 | ) | — | 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 | — | — | 19,519 | — | — | 19,519 | — | (19,519 | ) | — | — | — | — | 9,247 | — | — | 9,247 | — | (9,247 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock | 948,884 | — | 13,438 | — | — | 13,438 | — | (13,438 | ) | — | — | 773,180 | — | 11,269 | — | — | 11,269 | — | (11,269 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 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, 2022 | 710,276,923 | $ | 7 | $ | 5,935,273 | $ | 1,748,106 | $ | (27,475 | ) | $ | 7,655,911 | $ | 5,056,480 | $ | 5,253,670 | $ | 17,966,061 | $ | 1,715,006 | ||||||||||||||||||||
Transfer Out Due to Deconsolidation of Fund Entities | — | — | — | — | — | — | — | — | — | (53,713 | ) | |||||||||||||||||||||||||||||
Net Income | — | — | — | 687,086 | — | 687,086 | 164,305 | 552,009 | 1,403,400 | 10,988 | ||||||||||||||||||||||||||||||
Currency Translation Adjustment | — | — | — | — | 10,270 | 10,270 | — | 2,481 | 12,751 | 33,541 | ||||||||||||||||||||||||||||||
Capital Contributions | — | — | — | — | — | — | 307,303 | 4,859 | 312,162 | 92,280 | ||||||||||||||||||||||||||||||
Capital Distributions | — | — | — | (1,274,914 | ) | — | (1,274,914 | ) | (350,332 | ) | (920,026 | ) | (2,545,272 | ) | (171,753 | ) | ||||||||||||||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities | — | — | — | — | — | — | (2,795 | ) | — | (2,795 | ) | — | ||||||||||||||||||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders | — | — | 3,919 | — | — | 3,919 | — | — | 3,919 | — | ||||||||||||||||||||||||||||||
Equity-Based Compensation | — | — | 310,772 | — | — | 310,772 | — | 202,364 | 513,136 | — | ||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock | 2,673,204 | — | (23,101 | ) | — | — | (23,101 | ) | — | — | (23,101 | ) | — | |||||||||||||||||||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units | (2,000,000 | ) | — | (176,131 | ) | — | — | (176,131 | ) | — | — | (176,131 | ) | — | ||||||||||||||||||||||||||
Change in Blackstone Inc.’s Ownership Interest | — | — | (3,009 | ) | — | — | (3,009 | ) | — | 3,009 | — | — | ||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock | 2,601,732 | — | 28,644 | — | — | 28,644 | — | (28,644 | ) | — | — | |||||||||||||||||||||||||||||
Balance at June 30, 2023 | 713,551,859 | $ | 7 | $ | 6,076,367 | $ | 1,160,278 | $ | (17,205 | ) | $ | 7,219,447 | $ | 5,174,961 | $ | 5,069,722 | $ | 17,464,130 | $ | 1,626,349 | ||||||||||||||||||||
(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 | ||||||||||||||||||||
(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. |
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Operating Activities | ||||||||||||||||
Net Income | $ | 210,681 | $ | 2,497,614 | $ | 1,414,388 | $ | 2,241,868 | ||||||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities | ||||||||||||||||
Blackstone Funds Related | ||||||||||||||||
Net Realized Gains on Investments | (924,643 | ) | (2,154,499 | ) | (1,495,744 | ) | (4,983,098 | ) | ||||||||
Changes in Unrealized (Gains) Losses on Investments | 508,398 | (101,802 | ) | |||||||||||||
Changes in Unrealized Losses on Investments | 286,350 | 612,064 | ||||||||||||||
Non-Cash Performance Allocations | 759,212 | (1,293,050 | ) | 644,827 | 2,174,618 | |||||||||||
Non-Cash Performance Allocations and Incentive Fee Compensation | 46,827 | 1,230,904 | 370,185 | 923,083 | ||||||||||||
Equity-Based Compensation Expense | 277,431 | 219,083 | 537,781 | 429,868 | ||||||||||||
Amortization of Intangibles | 12,996 | 18,698 | 22,062 | 37,396 | ||||||||||||
Other Non-Cash Amounts Included in Net Income | (348,203 | ) | (215,753 | ) | (429,942 | ) | (517,979 | ) | ||||||||
Cash Flows Due to Changes in Operating Assets and Liabilities | ||||||||||||||||
Cash Acquired with Consolidation of Fund Entities | — | 31,791 | ||||||||||||||
Cash Relinquished with Deconsolidation of Fund Entities | (113,588 | ) | — | (113,588 | ) | — | ||||||||||
Accounts Receivable | (470,691 | ) | 169,644 | (317,147 | ) | (118,151 | ) | |||||||||
Due from Affiliates | 151,635 | 722,779 | 68,804 | 844,394 | ||||||||||||
Other Assets | 12,284 | 118,945 | (21,998 | ) | (83,592 | ) | ||||||||||
Accrued Compensation and Benefits | (483,939 | ) | (1,079,703 | ) | (544,006 | ) | (1,532,679 | ) | ||||||||
Securities Sold, Not Yet Purchased | (3 | ) | 16 | (2 | ) | 28 | ||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | 233,965 | 52,257 | 10,564 | (14,460 | ) | |||||||||||
Repurchase Agreements | (70,381 | ) | 19,310 | (71,681 | ) | 94,549 | ||||||||||
Due to Affiliates | (65,276 | ) | 22,831 | (17,375 | ) | 75,291 | ||||||||||
Investments Purchased | (1,130,045 | ) | (773,867 | ) | (1,598,446 | ) | (2,361,680 | ) | ||||||||
Cash Proceeds from Sale of Investments | 1,746,068 | 3,295,094 | 3,333,272 | 6,784,881 | ||||||||||||
Net Cash Provided by Operating Activities | 352,728 | 2,748,501 | 2,078,304 | 4,638,192 | ||||||||||||
Investing Activities | ||||||||||||||||
Purchase of Furniture, Equipment and Leasehold Improvements | (69,557 | ) | (56,152 | ) | (130,236 | ) | (101,396 | ) | ||||||||
Net Cash Paid for Acquisitions, Net of Cash Acquired | (5,413 | ) | — | (5,420 | ) | — | ||||||||||
Net Cash Used in Investing Activities | (74,970 | ) | (56,152 | ) | (135,656 | ) | (101,396 | ) | ||||||||
Financing Activities | ||||||||||||||||
Distributions to Non-Controlling Interest Holders in Consolidated Entities | (215,124 | ) | (284,496 | ) | (449,225 | ) | (805,688 | ) | ||||||||
Contributions from Non-Controlling Interest Holders in Consolidated Entities | 173,657 | 181,824 | 391,813 | 544,204 | ||||||||||||
Payments Under Tax Receivable Agreement | (64,634 | ) | (46,880 | ) | (64,634 | ) | (46,880 | ) | ||||||||
Net Settlement of Vested Common Stock and Repurchase of Common Stock and Blackstone Holdings Partnership Units | (108,101 | ) | (32,061 | ) | (199,232 | ) | (234,699 | ) | ||||||||
Proceeds from Loans Payable | 78 | 1,481,644 | — | 2,006,150 |
Three Months Ended March 31, | ||||||||
2023 | 2022 | |||||||
Financing Activities (Continued) | ||||||||
Repayment and Repurchase of Loans Payable | $ | (400,000 | ) | $ | (250,101 | ) | ||
Dividends/Distributions to Stockholders and Unitholders | (1,137,340 | ) | (1,958,044 | ) | ||||
Net Cash Used in Financing Activities | (1,751,464 | ) | (908,114 | ) | ||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other | 1,284 | (4,752 | ) | |||||
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other | ||||||||
Net Increase (Decrease) | (1,472,422 | ) | 1,779,483 | |||||
Beginning of Period | 4,493,715 | 2,199,732 | ||||||
End of Period | $ | 3,021,293 | $ | 3,979,215 | ||||
Supplemental Disclosure of Cash Flows Information | ||||||||
Payments for Interest | $ | 99,096 | $ | 75,184 | ||||
Payments for Income Taxes | $ | 53,504 | $ | 41,394 | ||||
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||||||||
Non-Cash Contributions fromNon-Controlling Interest Holders | $ | 2,447 | 4,227 | |||||
Non-Cash Distributions to Non-Controlling Interest Holder s | (61,440 | ) | — | |||||
Notes Issuance Costs | $ | — | $ | 14,226 | ||||
Transfer of Interests to Non-Controlling Interest Holders | $ | (2,345 | ) | $ | (8,822 | ) | ||
Change in Blackstone Inc.’s Ownership Interest | $ | (4,927 | ) | $ | 19,519 | |||
Net Settlement of Vested Common Stock | $ | 191,144 | $ | 131,087 | ||||
Conversion of Blackstone Holdings Units to Common Stock | $ | 15,581 | $ | 13,438 | ||||
Acquisition of Ownership Interests from Non-Controlling Interest Holders | ||||||||
Deferred Tax Asset | $ | (33,492 | ) | $ | (33,503 | ) | ||
Due to Affiliates | $ | 31,491 | $ | 30,231 | ||||
Equity | $ | 2,001 | $ | 3,272 | ||||
Six Months Ended June 30, | ||||||||
2023 | 2022 | |||||||
Financing Activities (Continued) | ||||||||
Repayment and Repurchase of Loans Payable | $ | (429,698 | ) | $ | (250,101 | ) | ||
Dividends/Distributions to Stockholders and Unitholders | (2,190,081 | ) | (3,621,712 | ) | ||||
Net Cash Used in Financing Activities | (2,941,057 | ) | (2,408,726 | ) | ||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other | 342 | (15,146 | ) | |||||
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other | ||||||||
Net Increase (Decrease) | (998,067 | ) | 2,112,924 | |||||
Beginning of Period | 4,493,715 | 2,199,732 | ||||||
End of Period | $ | 3,495,648 | $ | 4,312,656 | ||||
Supplemental Disclosure of Cash Flows Information | ||||||||
Payments for Interest | $ | 216,813 | $ | 123,915 | ||||
Payments for Income Taxes | $ | 330,654 | $ | 499,136 | ||||
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||||||||
Non-Cash Contributions fromNon-Controlling Interest Holders | $ | 11,241 | $ | 10,276 | ||||
Non-Cash Distributions toNon-Controlling Interest Holders | $ | (72,861 | ) | $ | — | |||
Notes Issuance Costs | $ | — | $ | 18,423 | ||||
Transfer of Interests to Non-Controlling Interest Holders | $ | (2,795 | ) | $ | (8,744 | ) | ||
Change in Blackstone Inc.’s Ownership Interest | $ | (3,009 | ) | $ | 28,766 | |||
Net Settlement of Vested Common Stock | $ | 267,519 | $ | 199,977 | ||||
Conversion of Blackstone Holdings Units to Common Stock | $ | 28,644 | $ | 24,707 | ||||
Acquisition of Ownership Interests from Non-Controlling Interest Holders | ||||||||
Deferred Tax Asset | $ | (58,780 | ) | $ | (58,673 | ) | ||
Due to Affiliates | $ | 54,861 | $ | 51,144 | ||||
Equity | $ | 3,919 | $ | 7,529 | ||||
March 31, | December 31, | June 30, | December 31, | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash and Cash Equivalents | $ | 2,830,971 | $ | 4,252,003 | $ | 3,280,204 | $ | 4,252,003 | ||||||||
Cash Held by Blackstone Funds and Other | 190,322 | 241,712 | 215,444 | 241,712 | ||||||||||||
$ | 3,021,293 | $ | 4,493,715 | $ | 3,495,648 | $ | 4,493,715 | |||||||||
● | 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 consolidated collateralized loan obligations (“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, investments innon-consolidated CLOs and certainover-the-counter |
● | Debt Instruments and Equity Securities are valued on the basis of prices from an orderly transaction between market participants including those 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. |
● | Notes issued by consolidated CLO vehicles are measured based on the more observable fair value of CLO assets less (a) the fair value of any beneficial interests held by Blackstone, and (b) the carrying value of any beneficial interests that represent compensation for services. |
March 31, | December 31, | June 30, | December 31, | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Finite-Lived Intangible Assets/Contractual Rights | $ | 1,771,380 | $ | 1,745,376 | $ | 1,769,372 | $ | 1,745,376 | ||||||||
Accumulated Amortization | (1,541,085 | ) | (1,528,089 | ) | (1,550,151 | ) | (1,528,089 | ) | ||||||||
Intangible Assets, Net | $ | 230,295 | $ | 217,287 | $ | 219,221 | $ | 217,287 | ||||||||
March 31, | December 31, | June 30, | December 31, | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Investments of Consolidated Blackstone Funds | $ | 5,443,867 | $ | 5,136,966 | $ | 5,490,773 | $ | 5,136,966 | ||||||||
Equity Method Investments | ||||||||||||||||
Partnership Investments | 5,598,552 | 5,530,419 | 5,585,603 | 5,530,419 | ||||||||||||
Accrued Performance Allocations | 11,517,750 | 12,360,684 | 11,496,244 | 12,360,684 | ||||||||||||
Corporate Treasury Investments | 958,632 | 1,053,540 | 707,079 | 1,053,540 | ||||||||||||
Other Investments | 3,467,150 | 3,471,642 | 3,768,922 | 3,471,642 | ||||||||||||
$ | 26,985,951 | $ | 27,553,251 | $ | 27,048,621 | $ | 27,553,251 | |||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2023 | 2022 | |||||||
Realized Gains | $ | 17,155 | $ | 17,688 | ||||
Net Change in Unrealized Gains (Losses) | (17,154 | ) | 27,841 | |||||
Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds | 1 | 45,529 | ||||||
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds | 71,063 | 5,347 | ||||||
Other Income – Net Gains from Fund Investment Activities | $ | 71,064 | $ | 50,876 | ||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Realized Gains | $ | 3,653 | $ | 94,181 | $ | 20,808 | $ | 111,869 | ||||||||
Net Change in Unrealized Gains (Losses) | 58,104 | (213,436 | ) | 40,950 | (185,595 | ) | ||||||||||
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds | 61,757 | (119,255 | ) | 61,758 | (73,726 | ) | ||||||||||
Interest and Dividend Revenue and Foreign Exchange Gains Attributable to Consolidated Blackstone Funds | 18,743 | 14,929 | 89,806 | 20,276 | ||||||||||||
Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities | $ | 80,500 | $ | (104,326 | ) | $ | 151,564 | $ | (53,450 | ) | ||||||
Real | Private | Credit & | Hedge Fund | |||||||||||||||||
Estate | Equity | Insurance | Solutions | Total | ||||||||||||||||
Accrued Performance Allocations, December 31, 2022 | $ | 5,334,117 | $ | 6,037,575 | $ | 569,898 | $ | 419,094 | $ | 12,360,684 | ||||||||||
Performance Allocations as a Result of Changes in Fund Fair Values | (449,418 | ) | 243,978 | 45,304 | 33,373 | (126,763 | ) | |||||||||||||
Foreign Exchange Gain | 7,906 | — | — | — | 7,906 | |||||||||||||||
Fund Distributions | (404,077 | ) | (252,348 | ) | (61,719 | ) | (5,933 | ) | (724,077 | ) | ||||||||||
Accrued Performance Allocations, March 31, 2023 | $ | 4,488,528 | $ | 6,029,205 | $ | 553,483 | $ | 446,534 | $ | 11,517,750 | ||||||||||
Real | Private | Credit & | Hedge Fund | |||||||||||||||||
Estate | Equity | Insurance | Solutions | Total | ||||||||||||||||
Accrued Performance Allocations, December 31, 2022 | $ | 5,334,117 | $ | 6,037,575 | $ | 569,898 | $ | 419,094 | $ | 12,360,684 | ||||||||||
Performance Allocations as a Result of Changes in Fund Fair Values | (422,453 | ) | 808,471 | 75,955 | 44,234 | 506,207 | ||||||||||||||
Foreign Exchange Gain | 12,366 | — | — | — | 12,366 | |||||||||||||||
Fund Distributions | (503,135 | ) | (597,999 | ) | (199,353 | ) | (82,526 | ) | (1,383,013 | ) | ||||||||||
Accrued Performance Allocations, June 30, 2023 | $ | 4,420,895 | $ | 6,248,047 | $ | 446,500 | $ | 380,802 | $ | 11,496,244 | ||||||||||
Three Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||
March 31, | June 30, | June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Realized Gains (Losses) | $ | 2,374 | $ | (1,962 | ) | $ | (2,297 | ) | $ | (18,655 | ) | $ | 77 | $ | (20,617 | ) | ||||||||
Net Change in Unrealized Gains (Losses) | 7,795 | (27,603 | ) | 791 | (19,980 | ) | 8,586 | (47,583 | ) | |||||||||||||||
$ | 10,169 | $ | (29,565 | ) | $ | (1,506 | ) | $ | (38,635 | ) | $ | 8,663 | $ | (68,200 | ) | |||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2023 | 2022 | |||||||
Realized Gains | $ | 1,924 | $ | 101,349 | ||||
Net Change in Unrealized Losses | (313,153 | ) | (80,485 | ) | ||||
$ | (311,229 | ) | $ | 20,864 | ||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Realized Gains (Losses) | $ | (18,109 | ) | $ | 15,992 | $ | (16,185 | ) | $ | 117,341 | ||||||
Net Change in Unrealized Gains (Losses) | 157,968 | (70,785 | ) | (155,185 | ) | (151,270 | ) | |||||||||
$ | 139,859 | $ | (54,793 | ) | $ | (171,370 | ) | $ | (33,929 | ) | ||||||
Redemption | ||||||||||||
Frequency | Redemption | |||||||||||
Strategy (a) | Fair Value | (if currently eligible) | Notice Period | |||||||||
Equity | $ | 457,664 | (b) | (b) | ||||||||
Real Estate | 121,172 | (c) | (c) | |||||||||
Credit Driven | 26,845 | (d) | (d) | |||||||||
Commodities | 1,080 | (e) | (e) | |||||||||
Diversified Instruments | 17 | (f) | (f) | |||||||||
$ | 606,778 | |||||||||||
Redemption | ||||||||||||
Frequency | Redemption | |||||||||||
Strategy (a) | Fair Value | (if currently eligible) | Notice Period | |||||||||
Equity | $ | 476,512 | (b) | (b) | ||||||||
Real Estate | 122,629 | (c) | (c) | |||||||||
Credit Driven | 5,269 | (d) | (d) | |||||||||
Commodities | 1,089 | (e) | (e) | |||||||||
Diversified Instruments | 17 | (f) | (f) | |||||||||
$ | 605,516 | |||||||||||
(a) | As of |
(b) | The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Investments representing |
(c) | The Real Estate category includes investments in funds that primarily invest in real estate assets. |
(d) | The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. |
(e) | The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. |
(f) | Diversified Instruments include investments in funds that invest across multiple strategies. |
June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||||||||
Fair | Fair | Fair | Fair | |||||||||||||||||||||||||||||
Notional | Value | Notional | Value | Notional | Value | Notional | Value | |||||||||||||||||||||||||
Freestanding Derivatives | ||||||||||||||||||||||||||||||||
Blackstone | ||||||||||||||||||||||||||||||||
Interest Rate Contracts | $ | 823,830 | $ | 179,531 | $ | 620,900 | $ | 85,721 | $ | 789,540 | $ | 188,043 | $ | 621,700 | $ | 83,331 | ||||||||||||||||
Foreign Currency Contracts | 221,472 | 2,472 | 531,099 | 5,811 | 541,238 | 8,040 | 190,774 | 3,542 | ||||||||||||||||||||||||
Credit Default Swaps | 3,108 | 643 | 3,748 | 670 | 2,007 | 384 | 8,768 | 1,309 | ||||||||||||||||||||||||
Total Return Swaps | 20,010 | 3,417 | — | — | 42,233 | 6,210 | — | — | ||||||||||||||||||||||||
Equity Options | — | — | 1,135,435 | 221,456 | — | — | 996,592 | 48,581 | ||||||||||||||||||||||||
1,068,420 | 186,063 | 2,291,182 | 313,658 | 1,375,018 | 202,677 | 1,817,834 | 136,763 | |||||||||||||||||||||||||
Investments of Consolidated Blackstone Funds | ||||||||||||||||||||||||||||||||
Interest Rate Contracts | 848,251 | 79,083 | — | — | 931,752 | 74,926 | — | — | ||||||||||||||||||||||||
Foreign Currency Contracts | — | — | — | — | — | — | 5,133 | 284 | ||||||||||||||||||||||||
848,251 | 79,083 | — | — | 931,752 | 74,926 | 5,133 | 284 | |||||||||||||||||||||||||
$ | 1,916,671 | $ | 265,146 | $ | 2,291,182 | $ | 313,658 | $ | 2,306,770 | $ | 277,603 | $ | 1,822,967 | $ | 137,047 | |||||||||||||||||
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||||||||
Fair | Fair | Fair | Fair | |||||||||||||||||||||||||||||
Notional | Value | Notional | Value | Notional | Value | Notional | Value | |||||||||||||||||||||||||
Freestanding Derivatives | ||||||||||||||||||||||||||||||||
Blackstone | ||||||||||||||||||||||||||||||||
Interest Rate Contracts | $ | 719,640 | $ | 176,132 | $ | 688,800 | $ | 62,096 | $ | 789,540 | $ | 188,043 | $ | 621,700 | $ | 83,331 | ||||||||||||||||
Foreign Currency Contracts | 270,614 | 3,944 | 251,568 | 2,628 | 541,238 | 8,040 | 190,774 | 3,542 | ||||||||||||||||||||||||
Credit Default Swaps | 2,105 | 522 | 7,931 | 1,626 | 2,007 | 384 | 8,768 | 1,309 | ||||||||||||||||||||||||
Total Return Swaps | 34,529 | 4,206 | — | — | 42,233 | 6,210 | — | — | ||||||||||||||||||||||||
Equity Options | — | — | 1,111,046 | 203,419 | — | — | 996,592 | 48,581 | ||||||||||||||||||||||||
1,026,888 | 184,804 | 2,059,345 | 269,769 | 1,375,018 | 202,677 | 1,817,834 | 136,763 | |||||||||||||||||||||||||
Investments of Consolidated Blackstone Funds | ||||||||||||||||||||||||||||||||
Interest Rate Contracts | 836,637 | 57,593 | — | — | 931,752 | 74,926 | — | — | ||||||||||||||||||||||||
Foreign Currency Contracts | — | — | — | — | — | — | 5,133 | 284 | ||||||||||||||||||||||||
836,637 | 57,593 | — | — | 931,752 | 74,926 | 5,133 | 284 | |||||||||||||||||||||||||
$ | 1,863,525 | $ | 242,397 | $ | 2,059,345 | $ | 269,769 | $ | 2,306,770 | $ | 277,603 | $ | 1,822,967 | $ | 137,047 | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Freestanding Derivatives | ||||||||||||||||
Realized Gains (Losses) | ||||||||||||||||
Interest Rate Contracts | $ | (189 | ) | $ | 1,379 | $ | 147 | $ | 5,278 | |||||||
Foreign Currency Contracts | 4,433 | (8,767 | ) | 10,023 | (4,775 | ) | ||||||||||
Credit Default Swaps | (362 | ) | 33 | (413 | ) | 128 | ||||||||||
Total Return Swaps | 6,373 | — | 11,025 | — | ||||||||||||
10,255 | (7,355 | ) | 20,782 | 631 | ||||||||||||
Net Change in Unrealized Gains (Losses) | ||||||||||||||||
Interest Rate Contracts | 4,897 | 72,721 | 2,777 | 107,677 | ||||||||||||
Foreign Currency Contracts | (4,655 | ) | 6,766 | (7,838 | ) | (2,606 | ) | |||||||||
Credit Default Swaps | 592 | (433 | ) | 364 | (420 | ) | ||||||||||
Total Return Swaps | (2,164 | ) | — | (2,177 | ) | — | ||||||||||
Equity Options | (18,038 | ) | — | (172,876 | ) | — | ||||||||||
(19,368 | ) | 79,054 | (179,750 | ) | 104,651 | |||||||||||
$ | (9,113 | ) | $ | 71,699 | $ | (158,968 | ) | $ | 105,282 | |||||||
Three Months Ended March 31, | ||||||||
2023 | 2022 | |||||||
Freestanding Derivatives | ||||||||
Realized Gains (Losses) | ||||||||
Interest Rate Contracts | $ | 336 | $ | 3,899 | ||||
Foreign Currency Contracts | 5,590 | 3,992 | ||||||
Credit Default Swaps | (51 | ) | 95 | |||||
Total Return Swaps | 4,652 | — | ||||||
10,527 | 7,986 | |||||||
Net Change in Unrealized Gains (Losses) | ||||||||
Interest Rate Contracts | (2,120 | ) | 34,956 | |||||
Foreign Currency Contracts | (3,183 | ) | (9,372 | ) | ||||
Credit Default Swaps | (228 | ) | 13 | |||||
Total Return Swaps | (13 | ) | — | |||||
Equity Options | (154,838 | ) | — | |||||
(160,382 | ) | 25,597 | ||||||
$ | (149,855 | ) | $ | 33,583 | ||||
March 31, | December 31, | |||||||
2023 | 2022 | |||||||
Assets | ||||||||
Loans and Receivables | $ | 307,288 | $ | 315,039 | ||||
Equity and Preferred Securities | 2,082,976 | 1,868,192 | ||||||
Debt Securities | 65,077 | 24,784 | ||||||
Assets of Consolidated CLO Vehicles | ||||||||
Corporate Loans | 256,310 | — | ||||||
$ | 2,711,651 | $ | 2,208,015 | |||||
Liabilities | ||||||||
CLO Notes Payable | $ | 292,374 | $ | — | ||||
Corporate Treasury Commitments | 5,918 | 8,144 | ||||||
$ | 298,292 | $ | 8,144 | |||||
June 30, | December 31, | |||||||
2023 | 2022 | |||||||
Assets | ||||||||
Loans and Receivables | $ | 76,861 | $ | 315,039 | ||||
Equity and Preferred Securities | 2,295,099 | 1,868,192 | ||||||
Debt Securities | 64,697 | 24,784 | ||||||
Assets of Consolidated CLO Vehicles | ||||||||
Corporate Loans | 219,324 | — | ||||||
$ | 2,655,981 | $ | 2,208,015 | |||||
Liabilities | ||||||||
CLO Notes Payable | $ | 264,234 | $ | — | ||||
Corporate Treasury Commitments | 3,771 | 8,144 | ||||||
$ | 268,005 | $ | 8,144 | |||||
Three Months Ended March 31, | Three Months Ended June 30, | |||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||
Net Change | Net Change | Net Change | Net Change | |||||||||||||||||||||||||||||
Realized | in Unrealized | Realized | in Unrealized | Realized | in Unrealized | Realized | in Unrealized | |||||||||||||||||||||||||
Gains (Losses) | Gains (Losses) | Gains (Losses) | Gains (Losses) | Gains (Losses) | Gains (Losses) | Gains (Losses) | Gains (Losses) | |||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Loans and Receivables | $ | (763 | ) | $ | (303 | ) | $ | (1,453 | ) | $ | 1,446 | $ | (5,232 | ) | $ | 4,227 | $ | (1,964 | ) | $ | (6,805 | ) | ||||||||||
Equity and Preferred Securities | 1,696 | (45,113 | ) | (722 | ) | 6,836 | (2,878 | ) | 26,812 | 13,023 | (19,774 | ) | ||||||||||||||||||||
Debt Securities | — | (1,831 | ) | (952 | ) | (8,982 | ) | — | (876 | ) | (3,415 | ) | (19,227 | ) | ||||||||||||||||||
Assets of Consolidated CLO Vehicles | ||||||||||||||||||||||||||||||||
Corporate Loans | (3,129 | ) | 482 | — | — | (3,070 | ) | 4,150 | — | — | ||||||||||||||||||||||
$ | (2,196 | ) | $ | (46,765 | ) | $ | (3,127 | ) | $ | (700 | ) | $ | (11,180 | ) | $ | 34,313 | $ | 7,644 | $ | (45,806 | ) | |||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
CLO Notes Payable | $ | — | $ | 2,464 | $ | — | $ | — | $ | — | $ | (1,541 | ) | $ | — | $ | — | |||||||||||||||
Corporate Treasury Commitments | — | 2,226 | — | (1,193 | ) | — | 2,147 | — | (6,868 | ) | ||||||||||||||||||||||
$ | — | $ | 4,690 | $ | — | $ | (1,193 | ) | $ | — | $ | 606 | $ | — | $ | (6,868 | ) | |||||||||||||||
Six Months Ended June 30, | ||||||||||||||||
2023 | 2022 | |||||||||||||||
Net Change | Net Change | |||||||||||||||
Realized | in Unrealized | Realized | in Unrealized | |||||||||||||
Gains (Losses) | Gains (Losses) | Gains (Losses) | Gains (Losses) | |||||||||||||
Assets | ||||||||||||||||
Loans and Receivables | $ | (5,995 | ) | $ | 3,924 | $ | (3,417 | ) | $ | (5,359 | ) | |||||
Equity and Preferred Securities | (1,182 | ) | (18,301 | ) | 12,301 | (12,938 | ) | |||||||||
Debt Securities | — | (2,707 | ) | (4,367 | ) | (28,209 | ) | |||||||||
Assets of Consolidated CLO Vehicles | ||||||||||||||||
Corporate Loans | (6,199 | ) | 4,632 | — | — | |||||||||||
$ | (13,376 | ) | $ | (12,452 | ) | $ | 4,517 | $ | (46,506 | ) | ||||||
Liabilities | ||||||||||||||||
CLO Notes Payable | $ | — | $ | 923 | $ | — | $ | — | ||||||||
Corporate Treasury Commitments | — | 4,373 | — | (8,061 | ) | |||||||||||
$ | — | $ | 5,296 | $ | — | $ | (8,061 | ) | ||||||||
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
For Financial Assets | For Financial Assets | For Financial Assets | For Financial Assets | |||||||||||||||||||||||||||||||||||||||||||||
Past Due (a) | Past Due (a) | Past Due (a) | Past Due (a) | |||||||||||||||||||||||||||||||||||||||||||||
(Deficiency) | Excess | (Deficiency) | Excess | Excess (Deficiency) | (Deficiency) | (Deficiency) | Excess | |||||||||||||||||||||||||||||||||||||||||
of Fair Value | Fair | of Fair Value | of Fair Value | Fair | of Fair Value | of Fair Value | Fair | of Fair Value | of Fair Value | Fair | of Fair Value | |||||||||||||||||||||||||||||||||||||
Over Principal | Value | Over Principal | Over Principal | Value | Over Principal | Over Principal | Value | Over Principal | Over Principal | Value | Over Principal | |||||||||||||||||||||||||||||||||||||
Loans and Receivables | $ | (4,533 | ) | $ | — | $ | — | $ | (2,861 | ) | $ | — | $ | — | $ | 482 | $ | — | $ | — | $ | (2,861 | ) | $ | — | $ | — | |||||||||||||||||||||
Debt Securities | (53,024 | ) | — | — | (48,670 | ) | — | — | (53,387 | ) | — | — | (48,670 | ) | — | — | ||||||||||||||||||||||||||||||||
Assets of Consolidated CLO Vehicles | ||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Loans | (11,509 | ) | — | — | — | — | — | (7,750 | ) | 385 | (644 | ) | — | — | — | |||||||||||||||||||||||||||||||||
$ | (69,066 | ) | $ | — | $ | — | $ | (51,531 | ) | $ | — | $ | — | $ | (60,655 | ) | $ | 385 | $ | (644 | ) | $ | (51,531 | ) | $ | — | $ | — | ||||||||||||||||||||
(a) | Assets are classified as past due if contractual payments are more than 90 days past due. |
March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||
Level I | Level II | Level III | NAV | Total | Level I | Level II | Level III | NAV | Total | |||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 136,224 | $ | — | $ | — | $ | — | $ | 136,224 | $ | 446,001 | $ | — | $ | — | $ | — | $ | 446,001 | ||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||||||||
Investments of Consolidated Blackstone Funds | ||||||||||||||||||||||||||||||||||||||||
Equity Securities, Partnerships and LLC Interests (a) | 11,120 | 129,963 | 4,301,218 | 600,700 | 5,043,001 | 9,331 | 132,755 | 4,421,124 | 599,142 | 5,162,352 | ||||||||||||||||||||||||||||||
Debt Instruments | — | 305,982 | 37,291 | — | 343,273 | — | 230,611 | 18,727 | — | 249,338 | ||||||||||||||||||||||||||||||
Freestanding Derivatives | — | 57,593 | — | — | 57,593 | — | 79,083 | — | — | 79,083 | ||||||||||||||||||||||||||||||
Total Investments of Consolidated Blackstone Funds | 11,120 | 493,538 | 4,338,509 | 600,700 | 5,443,867 | 9,331 | 442,449 | 4,439,851 | 599,142 | 5,490,773 | ||||||||||||||||||||||||||||||
Corporate Treasury Investments | 120,739 | 830,804 | 5,321 | — | 956,864 | 106,037 | 595,544 | 5,498 | — | 707,079 | ||||||||||||||||||||||||||||||
Other Investments | 1,206,468 | 1,818,053 | 65,077 | 6,078 | 3,095,676 | 1,318,830 | 2,000,511 | 85,355 | 6,374 | 3,411,070 | ||||||||||||||||||||||||||||||
Total Investments | 1,338,327 | 3,142,395 | 4,408,907 | 606,778 | 9,496,407 | 1,434,198 | 3,038,504 | 4,530,704 | 605,516 | 9,608,922 | ||||||||||||||||||||||||||||||
Accounts Receivable - Loans and Receivables | — | — | 307,288 | — | 307,288 | — | — | 76,861 | — | 76,861 | ||||||||||||||||||||||||||||||
Other Assets - Freestanding Derivatives | 132 | 180,466 | 4,206 | — | 184,804 | 885 | 181,761 | 3,417 | — | 186,063 | ||||||||||||||||||||||||||||||
$ | 1,474,683 | $ | 3,322,861 | $ | 4,720,401 | $ | 606,778 | $ | 10,124,723 | $ | 1,881,084 | $ | 3,220,265 | $ | 4,610,982 | $ | 605,516 | $ | 10,317,847 | |||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||
Loans Payable - CLO Notes Payable | $ | — | $ | 292,374 | $ | — | $ | — | $ | 292,374 | $ | — | $ | 264,234 | $ | — | $ | — | $ | 264,234 | ||||||||||||||||||||
Securities Sold, Not Yet Purchased | 3,881 | — | — | — | 3,881 | 3,821 | — | — | — | 3,821 | ||||||||||||||||||||||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | ||||||||||||||||||||||||||||||||||||||||
Freestanding Derivatives (b) | 1,027 | 65,323 | 203,419 | — | 269,769 | 142 | 92,060 | 221,456 | — | 313,658 | ||||||||||||||||||||||||||||||
Contingent Consideration (c) | — | — | 2,300 | — | 2,300 | — | — | 800 | — | 800 | ||||||||||||||||||||||||||||||
Corporate Treasury Commitments (d) | — | — | 5,918 | — | 5,918 | — | — | 3,771 | — | 3,771 | ||||||||||||||||||||||||||||||
Total Accounts Payable, Accrued Expenses and Other Liabilities | 1,027 | 65,323 | 211,637 | — | 277,987 | 142 | 92,060 | 226,027 | — | 318,229 | ||||||||||||||||||||||||||||||
$ | 4,908 | $ | 357,697 | $ | 211,637 | $ | — | $ | 574,242 | $ | 3,963 | $ | 356,294 | $ | 226,027 | $ | — | $ | 586,284 | |||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||
Level I | Level II | Level III | NAV | Total | ||||||||||||||||
Assets | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 1,134,733 | $ | — | $ | — | $ | — | $ | 1,134,733 | ||||||||||
Investments | ||||||||||||||||||||
Investments of Consolidated Blackstone Funds | ||||||||||||||||||||
Equity Securities, Partnerships and LLC Interests (a) | 12,024 | 149,689 | 4,195,859 | 596,708 | 4,954,280 | |||||||||||||||
Debt Instruments | — | 53,787 | 53,973 | — | 107,760 | |||||||||||||||
Freestanding Derivatives | — | 74,926 | — | — | 74,926 | |||||||||||||||
Total Investments of Consolidated Blackstone Funds | 12,024 | 278,402 | 4,249,832 | 596,708 | 5,136,966 | |||||||||||||||
Corporate Treasury Investments | 116,266 | 931,406 | 5,868 | — | 1,053,540 | |||||||||||||||
Other Investments | 1,473,611 | 1,597,696 | 51,155 | 5,985 | 3,128,447 | |||||||||||||||
Total Investments | 1,601,901 | 2,807,504 | 4,306,855 | 602,693 | 9,318,953 | |||||||||||||||
Accounts Receivable - Loans and Receivables | — | — | 315,039 | — | 315,039 | |||||||||||||||
Other Assets - Freestanding Derivatives | 279 | 196,188 | 6,210 | — | 202,677 | |||||||||||||||
$ | 2,736,913 | $ | 3,003,692 | $ | 4,628,104 | $ | 602,693 | $ | 10,971,402 | |||||||||||
Liabilities | ||||||||||||||||||||
Securities Sold, Not Yet Purchased | $ | 3,825 | $ | — | $ | — | $ | — | $ | 3,825 | ||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | ||||||||||||||||||||
Consolidated Blackstone Funds - Freestanding Derivatives | — | 284 | — | — | 284 | |||||||||||||||
Freestanding Derivatives (b) | 21 | 88,161 | 48,581 | — | 136,763 | |||||||||||||||
Corporate Treasury Commitments (d) | — | — | 8,144 | — | 8,144 | |||||||||||||||
Total Accounts Payable, Accrued Expenses and Other Liabilities | 21 | 88,445 | 56,725 | — | 145,191 | |||||||||||||||
$ | 3,846 | $ | 88,445 | $ | 56,725 | $ | — | $ | 149,016 | |||||||||||
December 31, 2022 | ||||||||||||||||||||
Level I | Level II | Level III | NAV | Total | ||||||||||||||||
Assets | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 1,134,733 | $ | — | $ | — | $ | — | $ | 1,134,733 | ||||||||||
Investments | ||||||||||||||||||||
Investments of Consolidated Blackstone Funds | ||||||||||||||||||||
Equity Securities, Partnerships and LLC Interests (a) | 12,024 | 149,689 | 4,195,859 | 596,708 | 4,954,280 | |||||||||||||||
Debt Instruments | — | 53,787 | 53,973 | — | 107,760 | |||||||||||||||
Freestanding Derivatives | — | 74,926 | — | — | 74,926 | |||||||||||||||
Total Investments of Consolidated Blackstone Funds | 12,024 | 278,402 | 4,249,832 | 596,708 | 5,136,966 | |||||||||||||||
Corporate Treasury Investments | 116,266 | 931,406 | 5,868 | — | 1,053,540 | |||||||||||||||
Other Investments | 1,473,611 | 1,597,696 | 51,155 | 5,985 | 3,128,447 | |||||||||||||||
Total Investments | 1,601,901 | 2,807,504 | 4,306,855 | 602,693 | 9,318,953 | |||||||||||||||
Accounts Receivable - Loans and Receivables | — | — | 315,039 | — | 315,039 | |||||||||||||||
Other Assets - Freestanding Derivatives | 279 | 196,188 | 6,210 | — | 202,677 | |||||||||||||||
$ | 2,736,913 | $ | 3,003,692 | $ | 4,628,104 | $ | 602,693 | $ | 10,971,402 | |||||||||||
Liabilities | ||||||||||||||||||||
Securities Sold, Not Yet Purchased | $ | 3,825 | $ | — | $ | — | $ | — | $ | 3,825 | ||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | ||||||||||||||||||||
Consolidated Blackstone Funds - Freestanding Derivatives | — | 284 | — | — | 284 | |||||||||||||||
Freestanding Derivatives (b) | 21 | 88,161 | 48,581 | — | 136,763 | |||||||||||||||
Corporate Treasury Commitments (d) | — | — | 8,144 | — | 8,144 | |||||||||||||||
Total Accounts Payable, Accrued Expenses and Other Liabilities | 21 | 88,445 | 56,725 | — | 145,191 | |||||||||||||||
$ | 3,846 | $ | 88,445 | $ | 56,725 | $ | — | $ | 149,016 | |||||||||||
(a) | Equity Securities, Partnership and LLC Interest includes investments in investment funds. |
(b) | Level III freestanding derivatives are valued using an option pricing model where the significant inputs include the expected return and expected volatility. |
(c) | Level III contingent consideration liabilities are valued using a discounted cash flow model where the significant inputs include the discount rates. |
(d) | Corporate Treasury Commitments are measured using third party pricing. |
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 | $ | 4,301,218 | Discounted Cash Flows | Discount Rate | 4.1% - 35.5% | 7.6% | Lower | |||||||||||||||||
Exit Multiple - EBITDA | 4.0x - 30.6x | 14.8x | Higher | |||||||||||||||||||||
Exit Capitalization Rate | 2.8% - 14.3% | 4.8% | Lower | |||||||||||||||||||||
Transaction Price | n/a | |||||||||||||||||||||||
Debt Instruments | 37,291 | Transaction Price | n/a | |||||||||||||||||||||
Total Investments of Consolidated Blackstone Funds | 4,338,509 | |||||||||||||||||||||||
Corporate Treasury Investments | 5,321 | Third Party Pricing | n/a | |||||||||||||||||||||
Loans and Receivables | 307,288 | Discounted Cash Flows | Discount Rate | 8.5% - 12.6% | 9.8% | Lower | ||||||||||||||||||
Other Investments (b) | 69,283 | Transaction Price | n/a | |||||||||||||||||||||
Third Party Pricing | n/a | |||||||||||||||||||||||
$ | 4,720,401 | |||||||||||||||||||||||
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 | $ | 4,195,859 | Discounted Cash Flows | Discount Rate | 4.1% - 34.5% | 8.8% | Lower | |||||||||||||||||
Exit Multiple - EBITDA | 4.0x - 30.6x | 14.7x | Higher | |||||||||||||||||||||
Exit Capitalization Rate | 2.6% - 14.4% | 4.7% | Lower | |||||||||||||||||||||
Transaction Price | n/a | |||||||||||||||||||||||
Debt Instruments | 53,973 | Transaction Price | n/a | |||||||||||||||||||||
Third Party Pricing | n/a | |||||||||||||||||||||||
Total Investments of Consolidated Blackstone Funds | 4,249,832 | |||||||||||||||||||||||
Corporate Treasury Investments | 5,868 | Third Party Pricing | n/a | |||||||||||||||||||||
Loans and Receivables | 315,039 | Discounted Cash Flows | Discount Rate | 7.6% - 11.5% | 9.8% | Lower | ||||||||||||||||||
Other Investments (b) | 57,365 | Transaction Price | n/a | |||||||||||||||||||||
Third Party Pricing | n/a | |||||||||||||||||||||||
$ | 4,628,104 | |||||||||||||||||||||||
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 | $ | 4,421,124 | Discounted Cash Flows | Discount Rate | 3.3% - 36.1% | 7.8% | Lower | |||||||||||||||||
Exit Multiple - EBITDA | 4.0x - 30.6x | 14.5x | Higher | |||||||||||||||||||||
Exit Capitalization Rate | 1.7% - 13.0% | 4.8% | Lower | |||||||||||||||||||||
Transaction Price | n/a | |||||||||||||||||||||||
Debt Instruments | 18,727 | Transaction Price | n/a | |||||||||||||||||||||
Total Investments of Consolidated Blackstone Funds | 4,439,851 | |||||||||||||||||||||||
Corporate Treasury Investments | 5,498 | Third Party Pricing | n/a | |||||||||||||||||||||
Loans and Receivables | 76,861 | Discounted Cash Flows | Discount Rate | 9.5% - 11.7% | 10.1% | Lower | ||||||||||||||||||
Other Investments (b) | 88,772 | Transaction Price | n/a | |||||||||||||||||||||
Third Party Pricing | n/a | |||||||||||||||||||||||
$ | 4,610,982 | |||||||||||||||||||||||
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 | $ | 4,195,859 | Discounted Cash Flows | Discount Rate | 4.1% - 34.5% | 8.8% | Lower | |||||||||||||||||
Exit Multiple - EBITDA | 4.0x - 30.6x | 14.7x | Higher | |||||||||||||||||||||
Exit Capitalization Rate | 2.6% - 14.4% | 4.7% | Lower | |||||||||||||||||||||
Transaction Price | n/a | |||||||||||||||||||||||
Debt Instruments | 53,973 | Transaction Price | n/a | |||||||||||||||||||||
Third Party Pricing | n/a | |||||||||||||||||||||||
Total Investments of Consolidated Blackstone Funds | 4,249,832 | |||||||||||||||||||||||
Corporate Treasury Investments | 5,868 | Third Party Pricing | n/a | |||||||||||||||||||||
Loans and Receivables | 315,039 | Discounted Cash Flows | Discount Rate | 7.6% - 11.5% | 9.8% | Lower | ||||||||||||||||||
Other Investments (b) | 57,365 | Transaction Price | n/a | |||||||||||||||||||||
Third Party Pricing | n/a | |||||||||||||||||||||||
$ | 4,628,104 | |||||||||||||||||||||||
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. | |
(b) | As of |
Level III Financial Assets at Fair Value Three Months Ended June 30, | ||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||
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 | $ | 4,338,509 | $ | 307,288 | $ | 74,604 | $ | 4,720,401 | $ | 1,208,252 | $ | 286,199 | $ | 43,214 | $ | 1,537,665 | ||||||||||||||||
Transfer In Due to Consolidation and Acquisition | — | — | — | — | 1,535,171 | — | — | 1,535,171 | ||||||||||||||||||||||||
Transfer Into Level III (b) | 124 | — | — | 124 | 4,692 | — | 907 | 5,599 | ||||||||||||||||||||||||
Transfer Out of Level III (b) | (4,751 | ) | — | — | (4,751 | ) | (56,268 | ) | — | — | (56,268 | ) | ||||||||||||||||||||
Purchases | 121,526 | 116,897 | 2,291 | 240,714 | 269,788 | 441,687 | 4,752 | 716,227 | ||||||||||||||||||||||||
Sales | (53,152 | ) | (349,787 | ) | (1,523 | ) | (404,462 | ) | (103,118 | ) | (186,532 | ) | (2,748 | ) | (292,398 | ) | ||||||||||||||||
Issuances | — | 6,319 | — | 6,319 | — | 14,125 | — | 14,125 | ||||||||||||||||||||||||
Settlements (c) | — | (19,292 | ) | (5,225 | ) | (24,517 | ) | — | (17,165 | ) | — | (17,165 | ) | |||||||||||||||||||
Changes in Gains (Losses) Included in Earnings | 37,595 | 15,436 | 3,465 | 56,496 | (66,705 | ) | (4,209 | ) | (7,522 | ) | (78,436 | ) | ||||||||||||||||||||
Balance, End of Period | $ | 4,439,851 | $ | 76,861 | $ | 73,612 | $ | 4,590,324 | $ | 2,791,812 | $ | 534,105 | $ | 38,603 | $ | 3,364,520 | ||||||||||||||||
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date | $ | 70,082 | $ | 19,577 | $ | 1,181 | $ | 90,840 | $ | (73,347 | ) | $ | (8,097 | ) | $ | (7,517 | ) | $ | (88,961 | ) | ||||||||||||
Level III Financial Assets at Fair Value Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||
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 | $ | 4,249,832 | $ | 315,039 | $ | 30,971 | $ | 4,595,842 | $ | 1,200,315 | $ | 392,732 | $ | 43,987 | $ | 1,637,034 | ||||||||||||||||
Transfer Out Due to Deconsolidation | (3,837 | ) | — | — | (3,837 | ) | — | — | — | — | ||||||||||||||||||||||
Transfer Into Level III (b) | 13,873 | — | 898 | 14,771 | 4 | — | — | 4 | ||||||||||||||||||||||||
Transfer Out of Level III (b) | (313 | ) | — | (2,726 | ) | (3,039 | ) | (53,907 | ) | — | — | (53,907 | ) | |||||||||||||||||||
Purchases | 299,948 | 55,070 | 49,404 | 404,422 | 58,021 | 3,097 | 2,746 | 63,864 | ||||||||||||||||||||||||
Sales | (319,161 | ) | (86,725 | ) | (180 | ) | (406,066 | ) | (64,312 | ) | (118,493 | ) | (64 | ) | (182,869 | ) | ||||||||||||||||
Issuances | — | 50,689 | — | 50,689 | — | 9,774 | — | 9,774 | ||||||||||||||||||||||||
Settlements | — | (33,796 | ) | 528 | (33,268 | ) | — | (4,854 | ) | — | (4,854 | ) | ||||||||||||||||||||
Changes in Gains (Losses) Included in Earnings | 98,167 | 7,011 | (4,291 | ) | 100,887 | 68,131 | 3,943 | (3,455 | ) | 68,619 | ||||||||||||||||||||||
Balance, End of Period | $ | 4,338,509 | $ | 307,288 | $ | 74,604 | $ | 4,720,401 | $ | 1,208,252 | $ | 286,199 | $ | 43,214 | $ | 1,537,665 | ||||||||||||||||
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date | $ | 72,029 | $ | 1,737 | $ | 534 | $ | 74,300 | $ | 61,154 | $ | 215 | $ | (3,457 | ) | $ | 57,912 | |||||||||||||||
Level III Financial Assets at Fair Value Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||
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 | $ | 4,249,832 | $ | 315,039 | $ | 30,971 | $ | 4,595,842 | $ | 1,200,315 | $ | 392,732 | $ | 43,987 | $ | 1,637,034 | ||||||||||||||||
Transfer In Due to Consolidation and Acquisition | — | — | — | — | 1,535,171 | — | — | 1,535,171 | ||||||||||||||||||||||||
Transfer Out Due to Deconsolidation | (3,837 | ) | — | — | (3,837 | ) | — | — | — | — | ||||||||||||||||||||||
Transfer Into Level III (b) | 13,997 | — | 898 | 14,895 | 4,696 | — | 907 | 5,603 | ||||||||||||||||||||||||
Transfer Out of Level III (b) | (5,064 | ) | — | (2,725 | ) | (7,789 | ) | (110,176 | ) | — | — | (110,176 | ) | |||||||||||||||||||
Purchases | 170,869 | 171,967 | 51,693 | 394,529 | 327,810 | 444,784 | 7,498 | 780,092 | ||||||||||||||||||||||||
Sales | (121,707 | ) | (436,512 | ) | (1,703 | ) | (559,922 | ) | (167,431 | ) | (305,025 | ) | (2,812 | ) | (475,268 | ) | ||||||||||||||||
Issuances | — | 57,008 | — | 57,008 | — | 23,899 | — | 23,899 | ||||||||||||||||||||||||
Settlements (c) | — | (53,088 | ) | (4,696 | ) | (57,784 | ) | — | (22,018 | ) | — | (22,018 | ) | |||||||||||||||||||
Changes in Gains (Losses) Included in Earnings | 135,761 | 22,447 | (826 | ) | 157,382 | 1,427 | (267 | ) | (10,977 | ) | (9,817 | ) | ||||||||||||||||||||
Balance, End of Period | $ | 4,439,851 | $ | 76,861 | $ | 73,612 | $ | 4,590,324 | $ | 2,791,812 | $ | 534,105 | $ | 38,603 | $ | 3,364,520 | ||||||||||||||||
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date | $ | 89,027 | $ | 17,839 | $ | 4,653 | $ | 111,519 | $ | (20,852 | ) | $ | (7,883 | ) | $ | (10,971 | ) | $ | (39,706 | ) | ||||||||||||
(a) | Represents freestanding derivatives, 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. |
(c) | For Freestanding Derivatives included within Other Investments, Settlements includes all ongoing contractual cash payments made or received over the life of the instrument. |
June 30, | December 31, | |||||||
2023 | 2022 | |||||||
Investments | $ | 3,108,832 | $ | 3,326,669 | ||||
Due from Affiliates | 191,026 | 189,240 | ||||||
Potential Clawback Obligation | 74,125 | 384,926 | ||||||
Maximum Exposure to Loss | $ | 3,373,983 | $ | 3,900,835 | ||||
Amounts Due to Non-Consolidated VIEs | $ | 68 | $ | 6 | ||||
March 31, | December 31, | |||||||
2023 | 2022 | |||||||
Investments | $ | 3,117,201 | $ | 3,326,669 | ||||
Due from Affiliates | 176,338 | 189,240 | ||||||
Potential Clawback Obligation | 67,549 | 384,926 | ||||||
Maximum Exposure to Loss | $ | 3,361,088 | $ | 3,900,835 | ||||
Amounts Due to Non-Consolidated VIEs | $ | 137 | $ | 6 | ||||
March 31, 2023 | ||||||||||||||||||||
Remaining Contractual Maturity of the Agreements | ||||||||||||||||||||
Overnight | Greater | |||||||||||||||||||
and | Up to | 30 - 90 | than | |||||||||||||||||
Continuous | 30 Days | Days | 90 days | Total | ||||||||||||||||
Repurchase Agreements | ||||||||||||||||||||
Loans | $ | — | $ | 19,563 | $ | — | $ | — | $ | 19,563 | ||||||||||
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” | $ | 19,563 | ||||||||||||||||||
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” | $ | — | ||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||
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 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Loans | — | 70,776 | — | 19,168 | 89,944 | |||||||||||||||
$ | — | $ | 70,776 | $ | — | $ | 19,168 | $ | 89,944 | |||||||||||
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” | $ | 89,944 | ||||||||||||||||||
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” | $ | — | ||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||
Remaining Contractual Maturity of the Agreements | ||||||||||||||||||||
Overnight | Greater | |||||||||||||||||||
and | Up to | 30 - 90 | than | |||||||||||||||||
Continuous | 30 Days | Days | 90 days | Total | ||||||||||||||||
Repurchase Agreements | ||||||||||||||||||||
Loans | $ | — | $ | 18,262 | $ | — | $ | — | $ | 18,262 | ||||||||||
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” | $ | 18,262 | ||||||||||||||||||
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” | $ | — | ||||||||||||||||||
December 31, 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 | $ | — | $ | 70,776 | $ | — | $ | 19,168 | $ | 89,944 | ||||||||||
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” | $ | 89,944 | ||||||||||||||||||
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” | $ | — | ||||||||||||||||||
March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||
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 | $ | 242,397 | $ | 120,732 | $ | 102,664 | $ | 19,001 | $ | 265,146 | $ | 167,069 | $ | 86,222 | $ | 11,855 | ||||||||||||||||
March 31, 2023 | ||||||||||||||||
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 | $ | 66,349 | $ | 61,960 | $ | 1,851 | $ | 2,538 | ||||||||
Repurchase Agreements | 19,563 | 19,563 | — | — | ||||||||||||
$ | 85,912 | $ | 81,523 | $ | 1,851 | $ | 2,538 | |||||||||
December 31, 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 | $ | 277,603 | $ | 165,897 | $ | 96,436 | $ | 15,270 | ||||||||
June 30, 2023 | ||||||||||||||||
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 | $ | 92,202 | $ | 87,529 | $ | 820 | $ | 3,853 | ||||||||
Repurchase Agreements | 18,262 | 18,262 | — | — | ||||||||||||
$ | 110,464 | $ | 105,791 | $ | 820 | $ | 3,853 | |||||||||
December 31, 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 | $ | 277,603 | $ | 165,897 | $ | 96,436 | $ | 15,270 | ||||||||
December 31, 2022 | December 31, 2022 | |||||||||||||||||||||||||||||||
Gross and Net | Gross and Net | |||||||||||||||||||||||||||||||
Amounts of | Amounts of | |||||||||||||||||||||||||||||||
Liabilities | Gross Amounts Not Offset | Liabilities | Gross Amounts Not Offset | |||||||||||||||||||||||||||||
Presented in the | in the Statement of | Presented in the | in the Statement of | |||||||||||||||||||||||||||||
Statement of | Financial Condition | Statement of | Financial Condition | |||||||||||||||||||||||||||||
Financial | Financial | Cash Collateral | Financial | Financial | Cash Collateral | |||||||||||||||||||||||||||
Condition | Instruments (a) | Pledged | Net Amount | Condition | Instruments (a) | Pledged | Net Amount | |||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Freestanding Derivatives | $ | 88,182 | $ | 85,366 | $ | 1,345 | $ | 1,471 | $ | 88,182 | $ | 85,366 | $ | 1,345 | $ | 1,471 | ||||||||||||||||
Repurchase Agreements | 89,944 | 89,944 | — | — | 89,944 | 89,944 | — | — | ||||||||||||||||||||||||
$ | 178,126 | $ | 175,310 | $ | 1,345 | $ | 1,471 | $ | 178,126 | $ | 175,310 | $ | 1,345 | $ | 1,471 | |||||||||||||||||
(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. |
March 31, | December 31, | |||||||
2023 | 2022 | |||||||
Furniture, Equipment and Leasehold Improvements | $ | 797,106 | $ | 748,334 | ||||
Less: Accumulated Depreciation | (338,777 | ) | (336,621 | ) | ||||
Furniture, Equipment and Leasehold Improvements, Net | 458,329 | 411,713 | ||||||
Prepaid Expenses | 168,701 | 165,079 | ||||||
Freestanding Derivatives | 184,804 | 202,677 | ||||||
Other | 21,398 | 20,989 | ||||||
$ | 833,232 | $ | 800,458 | |||||
June 30, | December 31, | |||||||
2023 | 2022 | |||||||
Furniture, Equipment and Leasehold Improvements | $ | 850,814 | $ | 748,334 | ||||
Less: Accumulated Depreciation | (355,673 | ) | (336,621 | ) | ||||
Furniture, Equipment and Leasehold Improvements, Net | 495,141 | 411,713 | ||||||
Prepaid Expenses | 201,700 | 165,079 | ||||||
Freestanding Derivatives | 186,063 | 202,677 | ||||||
Other | 22,550 | 20,989 | ||||||
$ | 905,454 | $ | 800,458 | |||||
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||||
Description | Value | Value | Value | Value | Value | Value | Value | Value | ||||||||||||||||||||||||
Blackstone Operating Borrowings | ||||||||||||||||||||||||||||||||
Senior Notes (a) | ||||||||||||||||||||||||||||||||
4.750%, Due 2/15/2023 | $ | — | $ | — | $ | 399,838 | $ | 399,776 | $ | — | $ | — | $ | 399,838 | $ | 399,776 | ||||||||||||||||
2.000%, Due 5/19/2025 | 329,494 | 309,116 | 325,292 | 305,754 | 331,763 | 308,845 | 325,292 | 305,754 | ||||||||||||||||||||||||
1.000%, Due 10/5/2026 | 651,266 | 579,648 | 642,968 | 568,525 | 655,736 | 580,714 | 642,968 | 568,525 | ||||||||||||||||||||||||
3.150%, Due 10/2/2027 | 298,194 | 276,684 | 298,101 | 271,284 | 298,287 | 272,298 | 298,101 | 271,284 | ||||||||||||||||||||||||
5.900%, Due 11/3/2027 | 594,632 | 614,430 | 594,381 | 606,450 | 594,888 | 608,640 | 594,381 | 606,450 | ||||||||||||||||||||||||
1.625%, Due 8/5/2028 | 644,692 | 541,580 | 644,456 | 530,933 | 644,929 | 538,610 | 644,456 | 530,933 | ||||||||||||||||||||||||
1.500%, Due 4/10/2029 | 654,063 | 551,755 | 645,819 | 532,043 | 658,458 | 551,561 | 645,819 | 532,043 | ||||||||||||||||||||||||
2.500%, Due 1/10/2030 | 492,844 | 418,645 | 492,604 | 405,965 | 493,085 | 413,485 | 492,604 | 405,965 | ||||||||||||||||||||||||
1.600%, Due 3/30/2031 | 496,103 | 378,050 | 495,990 | 365,380 | 496,217 | 372,605 | 495,990 | 365,380 | ||||||||||||||||||||||||
2.000%, Due 1/30/2032 | 788,379 | 612,040 | 788,082 | 589,407 | 788,679 | 597,488 | 788,082 | 589,407 | ||||||||||||||||||||||||
2.550%, Due 3/30/2032 | 495,322 | 400,425 | 495,207 | 390,370 | 495,437 | 393,480 | 495,207 | 390,370 | ||||||||||||||||||||||||
6.200%, Due 4/22/2033 | 891,429 | 943,911 | 891,277 | 907,965 | 891,583 | 917,703 | 891,277 | 907,965 | ||||||||||||||||||||||||
3.500%, Due 6/1/2034 | 511,317 | 459,590 | 504,695 | 452,934 | 514,883 | 473,587 | 504,695 | 452,934 | ||||||||||||||||||||||||
6.250%, Due 8/15/2042 | 239,245 | 260,855 | 239,176 | 251,480 | 239,314 | 245,693 | 239,176 | 251,480 | ||||||||||||||||||||||||
5.000%, Due 6/15/2044 | 489,770 | 442,719 | 489,704 | 441,355 | 489,838 | 442,719 | 489,704 | 441,355 | ||||||||||||||||||||||||
4.450%, Due 7/15/2045 | 344,584 | 280,714 | 344,549 | 287,242 | 344,619 | 279,629 | 344,549 | 287,242 | ||||||||||||||||||||||||
4.000%, Due 10/2/2047 | 290,988 | 227,610 | 290,935 | 227,946 | 291,041 | 221,634 | 290,935 | 227,946 | ||||||||||||||||||||||||
3.500%, Due 9/10/2049 | 392,303 | 275,784 | 392,259 | 275,588 | 392,347 | 266,828 | 392,259 | 275,588 | ||||||||||||||||||||||||
2.800%, Due 9/30/2050 | 393,994 | 242,052 | 393,958 | 237,552 | 394,030 | 229,528 | 393,958 | 237,552 | ||||||||||||||||||||||||
2.850%, Due 8/5/2051 | 543,200 | 320,870 | 543,162 | 323,527 | 543,239 | 319,418 | 543,162 | 323,527 | ||||||||||||||||||||||||
3.200%, Due 1/30/2052 | 987,198 | 640,780 | 987,131 | 646,880 | 987,265 | 637,700 | 987,131 | 646,880 | ||||||||||||||||||||||||
10,529,017 | 8,777,258 | 10,899,584 | 9,018,356 | 10,545,638 | 8,672,165 | 10,899,584 | 9,018,356 | |||||||||||||||||||||||||
Other (b) | ||||||||||||||||||||||||||||||||
Secured Borrowing, Due 10/27/2033 | 20,000 | 20,000 | — | — | 19,983 | 19,983 | — | — | ||||||||||||||||||||||||
Secured Borrowing, Due 1/29/2035 | 20,000 | 20,000 | — | — | 20,000 | 20,000 | — | — | ||||||||||||||||||||||||
10,569,017 | 8,817,258 | 10,899,584 | 9,018,356 | 10,585,621 | 8,712,148 | 10,899,584 | 9,018,356 | |||||||||||||||||||||||||
Borrowings of Consolidated Blackstone Funds | ||||||||||||||||||||||||||||||||
Blackstone Fund Facilities (c) | 1,450,078 | 1,450,078 | 1,450,000 | 1,450,000 | 1,450,000 | 1,450,000 | 1,450,000 | 1,450,000 | ||||||||||||||||||||||||
CLO Notes Payable (d) | 292,374 | 292,374 | — | — | 264,234 | 264,234 | — | — | ||||||||||||||||||||||||
1,742,452 | 1,742,452 | 1,450,000 | 1,450,000 | 1,714,234 | 1,714,234 | 1,450,000 | 1,450,000 | |||||||||||||||||||||||||
$ | 12,311,469 | $ | 10,559,710 | $ | 12,349,584 | $ | 10,468,356 | $ | 12,299,855 | $ | 10,426,382 | $ | 12,349,584 | $ | 10,468,356 | |||||||||||||||||
(a) | Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy. |
(b) | The Secured Borrowing, Due 10/27/2033 has an interest rate of 7.31% and the Secured Borrowing, Due 1/29/2035 has an interest rate of 3.72% . Principal on these borrowings will be paid over the term with repayment amounts dependent on the performance of the underlying assets securing each borrowing. |
(c) | Blackstone Fund Facilities represents borrowing facilities for the various consolidated Blackstone Funds used to meet liquidity and investing needs. Such borrowings have varying maturities and may be rolled over until the disposition or refinancing event. Borrowings bear interest at spreads to market rates or at stated fixed rates that can vary over the borrowing term. Interest may be subject to the performance of the assets within the fund and therefore, the stated interest rate and effective interest rate may differ. |
(d) | CLO Notes Payable are due 10/15/2029 and have an effective interest rate of |
Blackstone | Borrowings of | |||||||||||
Operating Borrowings | Consolidated Blackstone Funds | Total Borrowings | ||||||||||
2023 | $ | — | $ | — | $ | — | ||||||
2024 | — | — | — | |||||||||
2025 | 325,170 | — | 325,170 | |||||||||
2026 | 650,340 | — | 650,340 | |||||||||
2027 | 900,000 | — | 900,000 | |||||||||
Thereafter | 8,832,290 | 1,754,992 | 10,587,282 | |||||||||
$ | 10,707,800 | $ | 1,754,992 | $ | 12,462,792 | |||||||
Blackstone | Borrowings of | |||||||||||
Operating Borrowings | Consolidated Blackstone Funds | Total Borrowings | ||||||||||
2023 | $ | 51 | $ | — | $ | 51 | ||||||
2024 | — | — | — | |||||||||
2025 | 335,493 | — | 335,493 | |||||||||
2026 | 660,587 | — | 660,587 | |||||||||
2027 | 911,572 | — | 911,572 | |||||||||
Thereafter | 8,814,080 | 1,751,546 | 10,565,626 | |||||||||
$ | 10,721,783 | $ | 1,751,546 | $ | 12,473,329 | |||||||
Jurisdiction | Year | |||
Federal | 2019 | |||
New York City | 2009 | |||
New York State | 2016 | |||
United Kingdom | 2011 |
Three Months Ended | ||||||||
March 31, | ||||||||
2023 | 2022 | |||||||
Net Income for Per Share of Common Stock Calculations | ||||||||
Net Income Attributable to Blackstone Inc., Basic and Diluted | $ | 85,812 | $ | 1,216,874 | ||||
Share/Units Outstanding | ||||||||
Weighted-Average Shares of Common Stock Outstanding, Basic | 746,064,922 | 734,327,015 | ||||||
Weighted-Average Shares of Unvested Deferred Restricted Common Stock | 579,007 | 639,900 | ||||||
Weighted-Average Shares of Common Stock Outstanding, Diluted | 746,643,929 | 734,966,915 | ||||||
Net Income Per Share of Common Stock | ||||||||
Basic | $ | 0.12 | $ | 1.66 | ||||
Diluted | $ | 0.11 | $ | 1.66 | ||||
Dividends Declared Per Share of Common Stock (a) | $ | 0.91 | $ | 1.45 | ||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Net Income (Loss) for Per Share of Common Stock Calculations | ||||||||||||||||
Net Income (Loss) Attributable to Blackstone Inc., Basic and Diluted | $ | 601,274 | $ | (29,393 | ) | $ | 687,086 | $ | 1,187,481 | |||||||
Shares/Units Outstanding | ||||||||||||||||
Weighted-Average Shares of Common Stock Outstanding, Basic | 758,479,943 | 707,382,293 | 752,306,729 | 738,752,489 | ||||||||||||
Weighted-Average Shares of Unvested Deferred Restricted Common Stock | 68,305 | — | 323,656 | 388,373 | ||||||||||||
Weighted-Average Shares of Common Stock Outstanding, Diluted | 758,548,248 | 707,382,293 | 752,630,385 | 739,140,862 | ||||||||||||
Net Income (Loss) Per Share of Common Stock | ||||||||||||||||
Basic | $ | 0.79 | $ | (0.04 | ) | $ | 0.91 | $ | 1.61 | |||||||
Diluted | $ | 0.79 | $ | (0.04 | ) | $ | 0.91 | $ | 1.61 | |||||||
Dividends Declared Per Share of Common Stock (a) | $ | 0.82 | $ | 1.32 | $ | 1.73 | $ | 2.77 | ||||||||
(a) | Dividends declared reflects the calendar date of the declaration for each distribution. |
Three Months Ended | ||||||||
March 31, | ||||||||
2023 | 2022 | |||||||
Weighted-Average Blackstone Holdings Partnership Units | 462,949,870 | 467,794,861 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Weighted-Average Shares of Unvested Deferred Restricted Common Stock | — | 35,883,883 | — | — | ||||||||||||
Weighted-Average Blackstone Holdings Partnership Units | 461,569,524 | 466,817,529 | 462,255,884 | 467,303,495 |
Shares/Units | ||||
Common Stock Outstanding | ||||
Unvested Participating Common Stock | ||||
Total Participating Common Stock | ||||
Participating Blackstone Holdings Partnership Units | ||||
| ||||
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, 2022 | 11,029,996 | $ | 38.02 | 31,001,563 | $ | 82.94 | 48,886 | $ | 85.04 | |||||||||||||||
Granted | — | — | 3,170,790 | 74.71 | 12,043 | 89.78 | ||||||||||||||||||
Vested | (912,145 | ) | 35.74 | (2,308,783 | ) | 82.79 | (3,461 | ) | 89.78 | |||||||||||||||
Forfeited | (43,502 | ) | 42.73 | (152,610 | ) | 79.80 | — | — | ||||||||||||||||
Balance, March 31, 2023 | 10,074,349 | $ | 38.20 | 31,710,960 | $ | 82.15 | 57,468 | $ | 89.78 | |||||||||||||||
Weighted- | ||||||
Average | ||||||
Service Period | ||||||
Shares/Units | in Years | |||||
Blackstone Holdings Partnership Units | 9,954,549 | 1.1 | ||||
Deferred Restricted Shares of Common Stock | 28,287,573 | 2.8 | ||||
Total Equity-Based Awards | 38,242,122 | 2.4 | ||||
Phantom Shares | 47,270 | 3.0 | ||||
March 31, | December 31, | |||||||
2023 | 2022 | |||||||
Due from Affiliates | ||||||||
Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated Entities and Portfolio Companies | $ | 3,314,962 | $ | 3,344,813 | ||||
Due from Certain Non-Controlling Interest Holders and Blackstone Employees | 726,830 | 741,319 | ||||||
Accrual for Potential Clawback of Previously Distributed Performance Allocations | 57,973 | 60,575 | ||||||
$ | 4,099,765 | $ | 4,146,707 | |||||
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, 2022 | 11,029,996 | $ | 38.02 | 31,001,563 | $ | 82.94 | 48,886 | $ | 85.04 | |||||||||||||||
Granted | — | — | 15,457,565 | 85.14 | 61,534 | 91.79 | ||||||||||||||||||
Vested | (1,355,119 | ) | 35.86 | (3,291,391 | ) | 81.28 | (3,461 | ) | 89.78 | |||||||||||||||
Forfeited | (46,823 | ) | 42.53 | (452,129 | ) | 88.44 | — | — | ||||||||||||||||
Balance, June 30, 2023 | 9,628,054 | $ | 38.34 | 42,715,608 | $ | 83.82 | 106,959 | $ | 90.52 | |||||||||||||||
Weighted- | ||||||
Average | ||||||
Service Period | ||||||
Shares/Units | in Years | |||||
Blackstone Holdings Partnership Units | 9,670,998 | 0.8 | ||||
Deferred Restricted Shares of Common Stock | 37,435,792 | 3.6 | ||||
Total Equity-Based Awards | 47,106,790 | 3.0 | ||||
Phantom Shares | 88,674 | 4.5 | ||||
March 31, | December 31, | |||||||
2023 | 2022 | |||||||
Due to Affiliates | ||||||||
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements | $ | 1,574,727 | $ | 1,602,933 | ||||
Due to Non-Consolidated Entities | 156,934 | 157,982 | ||||||
Due to Certain Non-Controlling Interest Holders and Blackstone Employees | 97,901 | 198,875 | ||||||
Accrual for Potential Repayment of Previously Received Performance Allocations | 144,620 | 158,691 | ||||||
$ | 1,974,182 | $ | 2,118,481 | |||||
June 30, | December 31, | |||||||
2023 | 2022 | |||||||
Due from Affiliates | ||||||||
Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated Entities and Portfolio Companies | $ | 3,445,194 | $ | 3,344,813 | ||||
Due from Certain Non-Controlling Interest Holders and Blackstone Employees | 778,811 | 741,319 | ||||||
Accrual for Potential Clawback of Previously Distributed Performance Allocations | 70,432 | 60,575 | ||||||
$ | 4,294,437 | $ | 4,146,707 | |||||
June 30, | December 31, | |||||||
2023 | 2022 | |||||||
Due to Affiliates | ||||||||
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements | $ | 1,591,177 | $ | 1,602,933 | ||||
Due to Non-Consolidated Entities | 191,458 | 157,982 | ||||||
Due to Certain Non-Controlling Interest Holders and Blackstone Employees | 111,548 | 198,875 | ||||||
Accrual for Potential Repayment of Previously Received Performance Allocations | 198,654 | 158,691 | ||||||
$ | 2,092,837 | $ | 2,118,481 | |||||
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Current and | Current and | Current and | Current and | |||||||||||||||||||||||||||||||||||||||||||||
Blackstone | Former | Blackstone | Former | Blackstone | Former | Blackstone | Former | |||||||||||||||||||||||||||||||||||||||||
Segment | Holdings | Personnel (a) | Total (b) | Holdings | Personnel (a) | Total (b) | Holdings | Personnel (a) | Total (b) | Holdings | Personnel (a) | Total (b) | ||||||||||||||||||||||||||||||||||||
Real Estate | $ | 76,600 | $ | 49,546 | $ | 126,146 | $ | 78,644 | $ | 51,771 | $ | 130,415 | $ | 82,324 | $ | 53,012 | $ | 135,336 | $ | 78,644 | $ | 51,771 | $ | 130,415 | ||||||||||||||||||||||||
Private Equity | 9,828 | 8,168 | 17,996 | 19,279 | 8,569 | 27,848 | 28,558 | 17,168 | 45,726 | 19,279 | 8,569 | 27,848 | ||||||||||||||||||||||||||||||||||||
Credit & Insurance | 224 | 254 | 478 | 223 | 205 | 428 | 187 | 267 | 454 | 223 | 205 | 428 | ||||||||||||||||||||||||||||||||||||
Hedge Fund Solutions | 18,040 | (902 | ) | 17,138 | — | — | — | |||||||||||||||||||||||||||||||||||||||||
$ | 86,652 | $ | 57,968 | $ | 144,620 | $ | 98,146 | $ | 60,545 | $ | 158,691 | $ | 129,109 | $ | 69,545 | $ | 198,654 | $ | 98,146 | $ | 60,545 | $ | 158,691 | |||||||||||||||||||||||||
(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.” |
March 31, 2023 and the Three Months Then Ended | Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||
Real | Private | Credit & | Hedge Fund | Total | Real | Private | Credit & | Hedge Fund | Total | |||||||||||||||||||||||||||||||
Estate | Equity | Insurance | Solutions | Segments | Estate | Equity | Insurance | Solutions | Segments | |||||||||||||||||||||||||||||||
Management and Advisory Fees, Net | ||||||||||||||||||||||||||||||||||||||||
Base Management Fees | $ | 705,387 | $ | 451,610 | $ | 326,779 | $ | 135,771 | $ | 1,619,547 | $ | 709,977 | $ | 443,012 | $ | 335,308 | $ | 132,312 | $ | 1,620,609 | ||||||||||||||||||||
Transaction, Advisory and Other Fees, Net | 20,561 | 14,784 | 8,451 | 1,914 | 45,710 | 27,066 | 48,825 | 15,002 | 1,842 | 92,735 | ||||||||||||||||||||||||||||||
Management Fee Offsets | (10,457 | ) | (1,310 | ) | (1,101 | ) | (2 | ) | (12,870 | ) | (8,307 | ) | (766 | ) | (1,056 | ) | (29 | ) | (10,158 | ) | ||||||||||||||||||||
Total Management and Advisory Fees, Net | 715,491 | 465,084 | 334,129 | 137,683 | 1,652,387 | 728,736 | 491,071 | 349,254 | 134,125 | 1,703,186 | ||||||||||||||||||||||||||||||
Fee Related Performance Revenues | 20,748 | — | 127,496 | — | 148,244 | 131,299 | — | 135,439 | — | 266,738 | ||||||||||||||||||||||||||||||
Fee Related Compensation | (137,610 | ) | (161,626 | ) | (163,999 | ) | (45,736 | ) | (508,971 | ) | (199,006 | ) | (155,680 | ) | (168,234 | ) | (45,888 | ) | (568,808 | ) | ||||||||||||||||||||
Other Operating Expenses | (74,181 | ) | (76,763 | ) | (74,238 | ) | (26,466 | ) | (251,648 | ) | (71,949 | ) | (74,403 | ) | (81,375 | ) | (29,639 | ) | (257,366 | ) | ||||||||||||||||||||
Fee Related Earnings | 524,448 | 226,695 | 223,388 | 65,481 | 1,040,012 | 589,080 | 260,988 | 235,084 | 58,598 | 1,143,750 | ||||||||||||||||||||||||||||||
Realized Performance Revenues | 11,096 | 499,322 | 125,181 | 5,927 | 641,526 | 119,721 | 147,176 | 42,344 | 79,182 | 388,423 | ||||||||||||||||||||||||||||||
Realized Performance Compensation | (3,165 | ) | (232,934 | ) | (56,772 | ) | (3,153 | ) | (296,024 | ) | (69,593 | ) | (62,641 | ) | (17,571 | ) | (28,565 | ) | (178,370 | ) | ||||||||||||||||||||
Realized Principal Investment Income | 2,224 | 32,889 | 6,009 | 2,569 | 43,691 | |||||||||||||||||||||||||||||||||||
Realized Principal Investment Income (Loss) | (70 | ) | 3,967 | (19,356 | ) | 7,998 | (7,461 | ) | ||||||||||||||||||||||||||||||||
Total Net Realizations | 10,155 | 299,277 | 74,418 | 5,343 | 389,193 | 50,058 | 88,502 | 5,417 | 58,615 | 202,592 | ||||||||||||||||||||||||||||||
Total Segment Distributable Earnings | $ | 534,603 | $ | 525,972 | $ | 297,806 | $ | 70,824 | $ | 1,429,205 | $ | 639,138 | $ | 349,490 | $ | 240,501 | $ | 117,213 | $ | 1,346,342 | ||||||||||||||||||||
Segment Assets | $ | 13,328,803 | $ | 13,414,726 | $ | 6,811,414 | $ | 2,615,977 | $ | 36,170,920 | ||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||
Real | Private | Credit & | Hedge Fund | Total | Real | Private | Credit & | Hedge Fund | Total | |||||||||||||||||||||||||||||||
Estate | Equity | Insurance | Solutions | Segments | Estate | Equity | Insurance | Solutions | Segments | |||||||||||||||||||||||||||||||
Management and Advisory Fees, Net | ||||||||||||||||||||||||||||||||||||||||
Base Management Fees | $ | 580,186 | $ | 421,472 | $ | 292,445 | $ | 145,046 | $ | 1,439,149 | $ | 611,751 | $ | 433,459 | $ | 306,589 | $ | 145,077 | $ | 1,496,876 | ||||||||||||||||||||
Transaction, Advisory and Other Fees, Net | 40,485 | 12,658 | 9,397 | 1,469 | 64,009 | 46,974 | 27,551 | 7,117 | 3,450 | 85,092 | ||||||||||||||||||||||||||||||
Management Fee Offsets | (960 | ) | (27,142 | ) | (1,619 | ) | (69 | ) | (29,790 | ) | (689 | ) | (23,157 | ) | (1,165 | ) | (40 | ) | (25,051 | ) | ||||||||||||||||||||
Total Management and Advisory Fees, Net | 619,711 | 406,988 | 300,223 | 146,446 | 1,473,368 | 658,036 | 437,853 | 312,541 | 148,487 | 1,556,917 | ||||||||||||||||||||||||||||||
Fee Related Performance Revenues | 491,517 | (648 | ) | 67,196 | — | 558,065 | 265,507 | — | 81,086 | — | 346,593 | |||||||||||||||||||||||||||||
Fee Related Compensation | (344,842 | ) | (151,050 | ) | (127,344 | ) | (47,235 | ) | (670,471 | ) | (273,893 | ) | (152,622 | ) | (137,035 | ) | (57,863 | ) | (621,413 | ) | ||||||||||||||||||||
Other Operating Expenses | (66,003 | ) | (67,744 | ) | (57,167 | ) | (23,184 | ) | (214,098 | ) | (88,329 | ) | (83,233 | ) | (63,882 | ) | (26,066 | ) | (261,510 | ) | ||||||||||||||||||||
Fee Related Earnings | 700,383 | 187,546 | 182,908 | 76,027 | 1,146,864 | 561,321 | 201,998 | 192,710 | 64,558 | 1,020,587 | ||||||||||||||||||||||||||||||
Realized Performance Revenues | 802,916 | 450,238 | 30,743 | 28,913 | 1,312,810 | 1,997,720 | 122,884 | 78,973 | 7,197 | 2,206,774 | ||||||||||||||||||||||||||||||
Realized Performance Compensation | (290,031 | ) | (206,703 | ) | (13,386 | ) | (9,000 | ) | (519,120 | ) | (831,402 | ) | (57,380 | ) | (36,109 | ) | (2,083 | ) | (926,974 | ) | ||||||||||||||||||||
Realized Principal Investment Income | 53,975 | 65,438 | 22,781 | 14,901 | 157,095 | |||||||||||||||||||||||||||||||||||
Realized Principal Investment Income (Loss) | 29,116 | 8,904 | 7,019 | (1,530 | ) | 43,509 | ||||||||||||||||||||||||||||||||||
Total Net Realizations | 566,860 | 308,973 | 40,138 | 34,814 | 950,785 | 1,195,434 | 74,408 | 49,883 | 3,584 | 1,323,309 | ||||||||||||||||||||||||||||||
Total Segment Distributable Earnings | $ | 1,267,243 | $ | 496,519 | $ | 223,046 | $ | 110,841 | $ | 2,097,649 | $ | 1,756,755 | $ | 276,406 | $ | 242,593 | $ | 68,142 | $ | 2,343,896 | ||||||||||||||||||||
June 30, 2023 and the Six Months Then Ended | ||||||||||||||||||||
Real | Private | Credit & | Hedge Fund | Total | ||||||||||||||||
Estate | Equity | Insurance | Solutions | Segments | ||||||||||||||||
Management and Advisory Fees, Net | ||||||||||||||||||||
Base Management Fees | $ | 1,415,364 | $ | 894,622 | $ | 662,087 | $ | 268,083 | $ | 3,240,156 | ||||||||||
Transaction, Advisory and Other Fees, Net | 47,627 | 63,609 | 23,453 | 3,756 | 138,445 | |||||||||||||||
Management Fee Offsets | (18,764 | ) | (2,076 | ) | (2,157 | ) | (31 | ) | (23,028 | ) | ||||||||||
Total Management and Advisory Fees, Net | 1,444,227 | 956,155 | 683,383 | 271,808 | 3,355,573 | |||||||||||||||
Fee Related Performance Revenues | 152,047 | — | 262,935 | — | 414,982 | |||||||||||||||
Fee Related Compensation | (336,616 | ) | (317,306 | ) | (332,233 | ) | (91,624 | ) | (1,077,779 | ) | ||||||||||
Other Operating Expenses | (146,130 | ) | (151,166 | ) | (155,613 | ) | (56,105 | ) | (509,014 | ) | ||||||||||
Fee Related Earnings | 1,113,528 | 487,683 | 458,472 | 124,079 | 2,183,762 | |||||||||||||||
Realized Performance Revenues | 130,817 | 646,498 | 167,525 | 85,109 | 1,029,949 | |||||||||||||||
Realized Performance Compensation | (72,758 | ) | (295,575 | ) | (74,343 | ) | (31,718 | ) | (474,394 | ) | ||||||||||
Realized Principal Investment Income (Loss) | 2,154 | 36,856 | (13,347 | ) | 10,567 | 36,230 | ||||||||||||||
Total Net Realizations | 60,213 | 387,779 | 79,835 | 63,958 | 591,785 | |||||||||||||||
Total Segment Distributable Earnings | $ | 1,173,741 | $ | 875,462 | $ | 538,307 | $ | 188,037 | $ | 2,775,547 | ||||||||||
Segment Assets | $ | 14,049,551 | $ | 13,586,079 | $ | 6,352,586 | $ | 2,619,493 | $ | 36,607,709 | ||||||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||
Real | Private | Credit & | Hedge Fund | Total | ||||||||||||||||
Estate | Equity | Insurance | Solutions | Segments | ||||||||||||||||
Management and Advisory Fees, Net | ||||||||||||||||||||
Base Management Fees | $ | 1,191,937 | $ | 854,931 | $ | 599,034 | $ | 290,123 | $ | 2,936,025 | ||||||||||
Transaction, Advisory and Other Fees, Net | 87,459 | 40,209 | 16,514 | 4,919 | 149,101 | |||||||||||||||
Management Fee Offsets | (1,649 | ) | (50,299 | ) | (2,784 | ) | (109 | ) | (54,841 | ) | ||||||||||
Total Management and Advisory Fees, Net | 1,277,747 | 844,841 | 612,764 | 294,933 | 3,030,285 | |||||||||||||||
Fee Related Performance Revenues | 757,024 | (648 | ) | 148,282 | — | 904,658 | ||||||||||||||
Fee Related Compensation | (618,735 | ) | (303,672 | ) | (264,379 | ) | (105,098 | ) | (1,291,884 | ) | ||||||||||
Other Operating Expenses | (154,332 | ) | (150,977 | ) | (121,049 | ) | (49,250 | ) | (475,608 | ) | ||||||||||
Fee Related Earnings | 1,261,704 | 389,544 | 375,618 | 140,585 | 2,167,451 | |||||||||||||||
Realized Performance Revenues | 2,800,636 | 573,122 | 109,716 | 36,110 | 3,519,584 | |||||||||||||||
Realized Performance Compensation | (1,121,433 | ) | (264,083 | ) | (49,495 | ) | (11,083 | ) | (1,446,094 | ) | ||||||||||
Realized Principal Investment Income | 83,091 | 74,342 | 29,800 | 13,371 | 200,604 | |||||||||||||||
Total Net Realizations | 1,762,294 | 383,381 | 90,021 | 38,398 | 2,274,094 | |||||||||||||||
Total Segment Distributable Earnings | $ | 3,023,998 | $ | 772,925 | $ | 465,639 | $ | 178,983 | $ | 4,441,545 | ||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Revenues | ||||||||||||||||
Total GAAP Revenues | $ | 2,814,691 | $ | 629,220 | $ | 4,196,536 | $ | 5,755,500 | ||||||||
Less: Unrealized Performance Revenues (a) | (114,379 | ) | 3,467,668 | 644,937 | 2,174,618 | |||||||||||
Less: Unrealized Principal Investment (Income) Loss (b) | (160,702 | ) | 203,288 | 318,418 | 176,530 | |||||||||||
Less: Interest and Dividend Revenue (c) | (153,240 | ) | (66,143 | ) | (248,341 | ) | (120,628 | ) | ||||||||
Less: Other Revenue (d) | 31,718 | (155,704 | ) | 45,898 | (228,523 | ) | ||||||||||
Impact of Consolidation (e) | (60,408 | ) | 75,099 | (119,395 | ) | (102,497 | ) | |||||||||
Transaction-Related Charges (f) | (7,461 | ) | (237 | ) | (2,673 | ) | (1,450 | ) | ||||||||
Intersegment Eliminations | 667 | 602 | 1,354 | 1,581 | ||||||||||||
Total Segment Revenue (g) | $ | 2,350,886 | $ | 4,153,793 | $ | 4,836,734 | $ | 7,655,131 | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2023 | 2022 | |||||||
Revenues | ||||||||
Total GAAP Revenues | $ | 1,381,845 | $ | 5,126,280 | ||||
Less: Unrealized Performance Revenues (a) | 759,316 | (1,293,050 | ) | |||||
Less: Unrealized Principal Investment (Income) Loss (b) | 479,120 | (26,758 | ) | |||||
Less: Interest and Dividend Revenue (c) | (95,101 | ) | (54,485 | ) | ||||
Less: Other Revenue (d) | 14,180 | (72,819 | ) | |||||
Impact of Consolidation (e) | (58,987 | ) | (177,596 | ) | ||||
Transaction-Related Charges (g) | 4,788 | (1,213 | ) | |||||
Intersegment Eliminations | 687 | 979 | ||||||
Total Segment Revenue (h) | $ | 2,485,848 | $ | 3,501,338 | ||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Expenses | ||||||||||||||||
Total GAAP Expenses | $ | 1,475,310 | $ | 744,113 | $ | 2,664,655 | $ | 2,941,135 | ||||||||
Less: Unrealized Performance Allocations Compensation (h) | (54,155 | ) | 1,386,543 | 259,094 | 914,259 | |||||||||||
Less: Equity-Based Compensation (i) | (249,755 | ) | (195,644 | ) | (517,889 | ) | (397,189 | ) | ||||||||
Less: Interest Expense (j) | (107,130 | ) | (69,425 | ) | (211,339 | ) | (136,027 | ) | ||||||||
Impact of Consolidation (e) | (40,879 | ) | (11,394 | ) | (97,553 | ) | (19,200 | ) | ||||||||
Amortization of Intangibles (k) | (7,412 | ) | (17,044 | ) | (18,753 | ) | (34,088 | ) | ||||||||
Transaction-Related Charges (f) | (9,689 | ) | (25,378 | ) | (13,522 | ) | (51,924 | ) | ||||||||
Administrative Fee Adjustment (l) | (2,413 | ) | (2,476 | ) | (4,860 | ) | (4,961 | ) | ||||||||
Intersegment Eliminations | 667 | 602 | 1,354 | 1,581 | ||||||||||||
Total Segment Expenses (m) | $ | 1,004,544 | $ | 1,809,897 | $ | 2,061,187 | $ | 3,213,586 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Other Income | ||||||||||||||||
Total GAAP Other Income (Loss) | $ | 87,595 | $ | (104,339 | ) | $ | 153,451 | $ | (52,702 | ) | ||||||
Impact of Consolidation (e) | (87,595 | ) | 104,339 | (153,451 | ) | 52,702 | ||||||||||
Total Segment Other Income | $ | — | $ | — | $ | — | $ | — | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2023 | 2022 | |||||||
Expenses | ||||||||
Total GAAP Expenses | $ | 1,189,345 | $ | 2,197,022 | ||||
Less: Unrealized Performance Allocations Compensation (i) | 313,249 | (472,284 | ) | |||||
Less: Equity-Based Compensation (j) | (268,134 | ) | (201,545 | ) | ||||
Less: Interest Expense (k) | (104,209 | ) | (66,602 | ) | ||||
Impact of Consolidation (e) | (56,674 | ) | (7,806 | ) | ||||
Amortization of Intangibles (f) | (11,341 | ) | (17,044 | ) | ||||
Transaction-Related Charges (g) | (3,833 | ) | (26,546 | ) | ||||
Administrative Fee Adjustment (l) | (2,447 | ) | (2,485 | ) | ||||
Intersegment Eliminations | 687 | 979 | ||||||
Total Segment Expenses (m) | $ | 1,056,643 | $ | 1,403,689 | ||||
Three Months Ended | ||||||||
March 31, | ||||||||
2023 | 2022 | |||||||
Other Income | ||||||||
Total GAAP Other Income | $ | 65,856 | $ | 51,637 | ||||
Impact of Consolidation (e) | (65,856 | ) | (51,637 | ) | ||||
Total Segment Other Income | $ | — | $ | — | ||||
Three Months Ended | ||||||||
March 31, | ||||||||
2023 | 2022 | |||||||
Income Before Provision for Taxes | ||||||||
Total GAAP Income Before Provision for Taxes | $ | 258,356 | $ | 2,980,895 | ||||
Less: Unrealized Performance Revenues (a) | 759,316 | (1,293,050 | ) | |||||
Less: Unrealized Principal Investment (Income) Loss (b) | 479,120 | (26,758 | ) | |||||
Less: Interest and Dividend Revenue (c) | (95,101 | ) | (54,485 | ) | ||||
Less: Other Revenue (d) | 14,180 | (72,819 | ) | |||||
Plus: Unrealized Performance Allocations Compensation (i) | (313,249 | ) | 472,284 | |||||
Plus: Equity-Based Compensation (j) | 268,134 | 201,545 | ||||||
Plus: Interest Expense (k) | 104,209 | 66,602 | ||||||
Impact of Consolidation (e) | (68,169 | ) | (221,427 | ) | ||||
Amortization of Intangibles (f) | 11,341 | 17,044 | ||||||
Transaction-Related Charges (g) | 8,621 | 25,333 | ||||||
Administrative Fee Adjustment (l) | 2,447 | 2,485 | ||||||
Total Segment Distributable Earnings | $ | 1,429,205 | $ | 2,097,649 | ||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Income (Loss) Before Provision for Taxes | ||||||||||||||||
Total GAAP Income (Loss) Before Provision for Taxes | $ | 1,426,976 | $ | (219,232 | ) | $ | 1,685,332 | $ | 2,761,663 | |||||||
Less: Unrealized Performance Revenues (a) | (114,379 | ) | 3,467,668 | 644,937 | 2,174,618 | |||||||||||
Less: Unrealized Principal Investment (Income) Loss (b) | (160,702 | ) | 203,288 | 318,418 | 176,530 | |||||||||||
Less: Interest and Dividend Revenue (c) | (153,240 | ) | (66,143 | ) | (248,341 | ) | (120,628 | ) | ||||||||
Less: Other Revenue (d) | 31,718 | (155,704 | ) | 45,898 | (228,523 | ) | ||||||||||
Plus: Unrealized Performance Allocations Compensation (h) | 54,155 | (1,386,543 | ) | (259,094 | ) | (914,259 | ) | |||||||||
Plus: Equity-Based Compensation (i) | 249,755 | 195,644 | 517,889 | 397,189 | ||||||||||||
Plus: Interest Expense (j) | 107,130 | 69,425 | 211,339 | 136,027 | ||||||||||||
Impact of Consolidation (e) | (107,124 | ) | 190,832 | (175,293 | ) | (30,595 | ) | |||||||||
Amortization of Intangibles (k) | 7,412 | 17,044 | 18,753 | 34,088 | ||||||||||||
Transaction-Related Charges (f) | 2,228 | 25,141 | 10,849 | 50,474 | ||||||||||||
Administrative Fee Adjustment (l) | 2,413 | 2,476 | 4,860 | 4,961 | ||||||||||||
Total Segment Distributable Earnings | $ | 1,346,342 | $ | 2,343,896 | $ | 2,775,547 | $ | 4,441,545 | ||||||||
As of | ||||
June 30, | ||||
2023 | ||||
Total Assets | ||||
Total GAAP Assets | $ | 41,582,784 | ||
Impact of Consolidation (e) | (4,975,075 | ) | ||
Total Segment Assets | $ | 36,607,709 | ||
(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, 2023 and 2022, Other Revenue on a GAAP basis was $(31.7) million and $155.6 million, and included $(32.0) million and $155.5 million of foreign exchange gains (losses), respectively. For the six months ended June 30, 2023 and 2022, Other Revenue on a GAAP basis was $(45.8) million and $228.5 million, and included $(46.7) million and $228.2 million of foreign exchange gains (losses), respectively. |
(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 | ||||||||
March 31, | ||||||||
2023 | 2022 | |||||||
Total Segment Management and Advisory Fees, Net | $ | 1,652,387 | $ | 1,473,368 | ||||
Total Segment Fee Related Performance Revenues | 148,244 | 558,065 | ||||||
Total Segment Realized Performance Revenues | 641,526 | 1,312,810 | ||||||
Total Segment Realized Principal Investment Income | 43,691 | 157,095 | ||||||
Total Segment Revenues | $ | 2,485,848 | $ | 3,501,338 | ||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Total Segment Management and Advisory Fees, Net | $ | 1,703,186 | $ | 1,556,917 | $ | 3,355,573 | $ | 3,030,285 | ||||||||
Total Segment Fee Related Performance Revenues | 266,738 | 346,593 | 414,982 | 904,658 | ||||||||||||
Total Segment Realized Performance Revenues | 388,423 | 2,206,774 | 1,029,949 | 3,519,584 | ||||||||||||
Total Segment Realized Principal Investment Income (Loss) | (7,461 | ) | 43,509 | 36,230 | 200,604 | |||||||||||
Total Segment Revenues | $ | 2,350,886 | $ | 4,153,793 | $ | 4,836,734 | $ | 7,655,131 | ||||||||
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. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Total Segment Fee Related Compensation | $ | 568,808 | $ | 621,413 | $ | 1,077,779 | $ | 1,291,884 | ||||||||
Total Segment Realized Performance Compensation | 178,370 | 926,974 | 474,394 | 1,446,094 | ||||||||||||
Total Segment Other Operating Expenses | 257,366 | 261,510 | 509,014 | 475,608 | ||||||||||||
Total Segment Expenses | $ | 1,004,544 | $ | 1,809,897 | $ | 2,061,187 | $ | 3,213,586 | ||||||||
Three Months Ended March 31, | ||||||||
2023 | 2022 | |||||||
Total Segment Fee Related Compensation | $ | 508,971 | $ | 670,471 | ||||
Total Segment Realized Performance Compensation | 296,024 | 519,120 | ||||||
Total Segment Other Operating Expenses | 251,648 | 214,098 | ||||||
Total Segment Expenses | $ | 1,056,643 | $ | 1,403,689 | ||||
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Management and Advisory Fees, Net | ||||||||||||||||||||||||
GAAP | $ | 1,658,315 | $ | 1,475,936 | $ | 1,709,370 | $ | 1,561,187 | $ | 3,367,685 | $ | 3,037,123 | ||||||||||||
Segment Adjustment (a) | (5,928 | ) | (2,568 | ) | (6,184 | ) | (4,270 | ) | (12,112 | ) | (6,838 | ) | ||||||||||||
Total Segment | $ | 1,652,387 | $ | 1,473,368 | $ | 1,703,186 | $ | 1,556,917 | $ | 3,355,573 | $ | 3,030,285 | ||||||||||||
�� |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues | ||||||||||||||||
GAAP | ||||||||||||||||
Incentive Fees | $ | 153,077 | $ | 99,598 | $ | 295,953 | $ | 204,087 | ||||||||
Investment Income - Realized Performance Allocations | 502,084 | 2,453,769 | 1,148,978 | 4,220,155 | ||||||||||||
GAAP | 655,161 | 2,553,367 | 1,444,931 | 4,424,242 | ||||||||||||
Total Segment | ||||||||||||||||
Less: Realized Performance Revenues | (388,423 | ) | (2,206,774 | ) | (1,029,949 | ) | (3,519,584 | ) | ||||||||
Total Segment | $ | 266,738 | $ | 346,593 | $ | 414,982 | $ | 904,658 | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2023 | 2022 | |||||||
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues | ||||||||
GAAP | ||||||||
Incentive Fees | $ | 142,876 | $ | 104,489 | ||||
Investment Income - Realized Performance Allocations | 646,894 | 1,766,386 | ||||||
GAAP | 789,770 | 1,870,875 | ||||||
Total Segment | ||||||||
Less: Realized Performance Revenues | (641,526 | ) | (1,312,810 | ) | ||||
Total Segment | $ | 148,244 | $ | 558,065 | ||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
GAAP Compensation to Total Segment Fee Related Compensation | ||||||||||||||||
GAAP | ||||||||||||||||
Compensation | $ | 737,017 | $ | 686,012 | $ | 1,453,302 | $ | 1,342,517 | ||||||||
Incentive Fee Compensation | 64,227 | 45,363 | 127,508 | 86,382 | ||||||||||||
Realized Performance Allocations Compensation | 205,196 | 1,035,916 | 501,990 | 1,753,517 | ||||||||||||
GAAP | 1,006,440 | 1,767,291 | 2,082,800 | 3,182,416 | ||||||||||||
Total Segment | ||||||||||||||||
Less: Realized Performance Compensation | (178,370 | ) | (926,974 | ) | (474,394 | ) | (1,446,094 | ) | ||||||||
Less: Equity-Based Compensation - Fee Related Compensation | (246,445 | ) | (191,769 | ) | (511,599 | ) | (392,156 | ) | ||||||||
Less: Equity-Based Compensation - Performance Compensation | (3,310 | ) | (3,875 | ) | (6,290 | ) | (5,033 | ) | ||||||||
Segment Adjustment (b) | (9,507 | ) | (23,260 | ) | (12,738 | ) | (47,249 | ) | ||||||||
Total Segment | $ | 568,808 | $ | 621,413 | $ | 1,077,779 | $ | 1,291,884 | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2023 | 2022 | |||||||
GAAP Compensation to Total Segment Fee Related Compensation | ||||||||
GAAP | ||||||||
Compensation | $ | 716,285 | $ | 656,505 | ||||
Incentive Fee Compensation | 63,281 | 41,019 | ||||||
Realized Performance Allocations Compensation | 296,794 | 717,601 | ||||||
GAAP | 1,076,360 | 1,415,125 | ||||||
Total Segment | ||||||||
Less: Realized Performance Compensation | (296,024 | ) | (519,120 | ) | ||||
Less: Equity-Based Compensation - Fee Related Compensation | (265,154 | ) | (200,387 | ) | ||||
Less: Equity-Based Compensation - Performance Compensation | (2,980 | ) | (1,158 | ) | ||||
Segment Adjustment (b) | (3,231 | ) | (23,989 | ) | ||||
Total Segment | $ | 508,971 | $ | 670,471 | ||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
GAAP General, Administrative and Other to Total Segment Other Operating Expenses | ||||||||||||||||
GAAP | $ | 275,034 | $ | 289,288 | $ | 548,428 | $ | 529,962 | ||||||||
Segment Adjustment (c) | (17,668 | ) | (27,778 | ) | (39,414 | ) | (54,354 | ) | ||||||||
Total Segment | $ | 257,366 | $ | 261,510 | $ | 509,014 | $ | 475,608 | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2023 | 2022 | |||||||
GAAP General, Administrative and Other to Total Segment Other Operating Expenses | ||||||||
GAAP | $ | 273,394 | $ | 240,674 | ||||
Segment Adjustment (c) | (21,746 | ) | (26,576 | ) | ||||
Total Segment | $ | 251,648 | $ | 214,098 | ||||
Three Months Ended | ||||||||
March 31, | ||||||||
2023 | 2022 | |||||||
Realized Performance Revenues | ||||||||
GAAP | ||||||||
Incentive Fees | $ | 142,876 | $ | 104,489 | ||||
Investment Income - Realized Performance Allocations | 646,894 | 1,766,386 | ||||||
GAAP | 789,770 | 1,870,875 | ||||||
Total Segment | ||||||||
Less: Fee Related Performance Revenues | (148,244 | ) | (558,065 | ) | ||||
Total Segment | $ | 641,526 | $ | 1,312,810 | ||||
Three Months Ended | ||||||||
March 31, | ||||||||
2023 | 2022 | |||||||
Realized Performance Compensation | ||||||||
GAAP | ||||||||
Incentive Fee Compensation | $ | 63,281 | $ | 41,019 | ||||
Realized Performance Allocation Compensation | 296,794 | 717,601 | ||||||
GAAP | 360,075 | 758,620 | ||||||
Total Segment | ||||||||
Less: Fee Related Performance Compensation (d) | (61,071 | ) | (238,342 | ) | ||||
Less: Equity-Based Compensation - Performance Compensation | (2,980 | ) | (1,158 | ) | ||||
Total Segment | $ | 296,024 | $ | 519,120 | ||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Realized Performance Revenues | ||||||||||||||||
GAAP | ||||||||||||||||
Incentive Fees | $ | 153,077 | $ | 99,598 | $ | 295,953 | $ | 204,087 | ||||||||
Investment Income - Realized Performance Allocations | 502,084 | 2,453,769 | 1,148,978 | 4,220,155 | ||||||||||||
GAAP | 655,161 | 2,553,367 | 1,444,931 | 4,424,242 | ||||||||||||
Total Segment | ||||||||||||||||
Less: Fee Related Performance Revenues | (266,738 | ) | (346,593 | ) | (414,982 | ) | (904,658 | ) | ||||||||
Total Segment | $ | 388,423 | $ | 2,206,774 | $ | 1,029,949 | $ | 3,519,584 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Realized Performance Compensation | ||||||||||||||||
GAAP | ||||||||||||||||
Incentive Fee Compensation | $ | 64,227 | $ | 45,363 | $ | 127,508 | $ | 86,382 | ||||||||
Realized Performance Allocation Compensation | 205,196 | 1,035,916 | 501,990 | 1,753,517 | ||||||||||||
GAAP | 269,423 | 1,081,279 | 629,498 | 1,839,899 | ||||||||||||
Total Segment | ||||||||||||||||
Less: Fee Related Performance Compensation (d) | (87,743 | ) | (150,430 | ) | (148,814 | ) | (388,772 | ) | ||||||||
Less: Equity-Based Compensation - Performance Compensation | (3,310 | ) | (3,875 | ) | (6,290 | ) | (5,033 | ) | ||||||||
Total Segment | $ | 178,370 | $ | 926,974 | $ | 474,394 | $ | 1,446,094 | ||||||||
Three Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||
March 31, | June 30, | June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Realized Principal Investment Income | ||||||||||||||||||||||||
GAAP | $ | 108,058 | $ | 285,104 | $ | 54,835 | $ | 265,161 | $ | 162,893 | $ | 550,265 | ||||||||||||
Segment Adjustment (e) | (64,367 | ) | (128,009 | ) | (62,296 | ) | (221,652 | ) | (126,663 | ) | (349,661 | ) | ||||||||||||
Total Segment | $ | 43,691 | $ | 157,095 | $ | (7,461 | ) | $ | 43,509 | $ | 36,230 | $ | 200,604 | |||||||||||
(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. |
(c) | Represents the (1) removal of amortization of transaction-related intangibles, (2) removal of certain expenses reimbursed by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation. |
(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. |
March 31, 2023 | ||||||||||||||||
Consolidated | Consolidated | |||||||||||||||
Operating | Blackstone | Reclasses and | ||||||||||||||
Partnerships | Funds (a) | Eliminations | Consolidated | |||||||||||||
Assets | ||||||||||||||||
Cash and Cash Equivalents | $ | 2,830,971 | $ | — | $ | — | $ | 2,830,971 | ||||||||
Cash Held by Blackstone Funds and Other | — | 190,322 | — | 190,322 | ||||||||||||
Investments | 22,271,441 | 5,443,867 | (729,357 | ) | 26,985,951 | |||||||||||
Accounts Receivable | 885,928 | 39,006 | — | 924,934 | ||||||||||||
Due from Affiliates | 4,130,607 | 24,272 | (55,114 | ) | 4,099,765 | |||||||||||
Intangible Assets, Net | 230,295 | — | — | 230,295 | ||||||||||||
Goodwill | 1,890,202 | — | — | 1,890,202 | ||||||||||||
Other Assets | 830,709 | 2,523 | — | 833,232 | ||||||||||||
Right-of-Use | 894,067 | — | — | 894,067 | ||||||||||||
Deferred Tax Assets | 2,206,700 | — | — | 2,206,700 | ||||||||||||
Total Assets | $ | 36,170,920 | $ | 5,699,990 | $ | (784,471 | ) | $ | 41,086,439 | |||||||
Liabilities and Equity | ||||||||||||||||
Loans Payable | $ | 10,569,017 | $ | 1,742,452 | $ | — | $ | 12,311,469 | ||||||||
Due to Affiliates | 1,890,149 | 142,681 | (58,648 | ) | 1,974,182 | |||||||||||
Accrued Compensation and Benefits | 5,470,773 | — | — | 5,470,773 | ||||||||||||
Securities Sold, Not Yet Purchased | 3,881 | — | — | 3,881 | ||||||||||||
Repurchase Agreements | 19,563 | — | — | 19,563 | ||||||||||||
Operating Lease Liabilities | 1,016,808 | — | — | 1,016,808 | ||||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | 1,451,280 | 124,658 | — | 1,575,938 | ||||||||||||
Total Liabilities | 20,421,471 | 2,009,791 | (58,648 | ) | 22,372,614 | |||||||||||
Redeemable Non-Controlling Interests in Consolidated Entities | — | 1,644,697 | — | 1,644,697 | ||||||||||||
Equity | ||||||||||||||||
Common Stock | 7 | — | — | 7 | ||||||||||||
Series I Preferred Stock | — | — | — | — | ||||||||||||
Series II Preferred Stock | — | — | — | — | ||||||||||||
Additional Paid-in-Capital | 5,957,054 | 703,354 | (703,354 | ) | 5,957,054 | |||||||||||
Retained Earnings | 1,156,109 | 22,469 | (22,469 | ) | 1,156,109 | |||||||||||
Accumulated Other Comprehensive Income (Loss) | (35,490 | ) | 13,157 | — | (22,333 | ) | ||||||||||
Non-Controlling Interests in Consolidated Entities | 3,751,568 | 1,306,522 | — | 5,058,090 | ||||||||||||
Non-Controlling Interests in Blackstone Holdings | 4,920,201 | — | — | 4,920,201 | ||||||||||||
Total Equity | 15,749,449 | 2,045,502 | (725,823 | ) | 17,069,128 | |||||||||||
Total Liabilities and Equity | $ | 36,170,920 | $ | 5,699,990 | $ | (784,471 | ) | $ | 41,086,439 | |||||||
June 30, 2023 | ||||||||||||||||
Consolidated | Consolidated | |||||||||||||||
Operating | Blackstone | Reclasses and | ||||||||||||||
Partnerships | Funds (a) | Eliminations | Consolidated | |||||||||||||
Assets | ||||||||||||||||
Cash and Cash Equivalents | $ | 3,280,204 | $ | — | $ | — | $ | 3,280,204 | ||||||||
Cash Held by Blackstone Funds and Other | — | 215,444 | — | 215,444 | ||||||||||||
Investments | 22,265,924 | 5,490,773 | (708,076 | ) | 27,048,621 | |||||||||||
Accounts Receivable | 653,090 | 10,938 | — | 664,028 | ||||||||||||
Due from Affiliates | 4,329,222 | 10,692 | (45,477 | ) | 4,294,437 | |||||||||||
Intangible Assets, Net | 219,221 | — | — | 219,221 | ||||||||||||
Goodwill | 1,890,202 | — | — | 1,890,202 | ||||||||||||
Other Assets | 904,673 | 781 | — | 905,454 | ||||||||||||
Right-of-Use | 888,190 | — | — | 888,190 | ||||||||||||
Deferred Tax Assets | 2,176,983 | — | — | 2,176,983 | ||||||||||||
Total Assets | $ | 36,607,709 | $ | 5,728,628 | $ | (753,553 | ) | $ | 41,582,784 | |||||||
Liabilities and Equity | ||||||||||||||||
Loans Payable | $ | 10,585,621 | $ | 1,714,234 | $ | — | $ | 12,299,855 | ||||||||
Due to Affiliates | 1,989,910 | 151,177 | (48,250 | ) | 2,092,837 | |||||||||||
Accrued Compensation and Benefits | 5,685,879 | — | — | 5,685,879 | ||||||||||||
Securities Sold, Not Yet Purchased | 3,821 | — | — | 3,821 | ||||||||||||
Repurchase Agreements | 18,262 | — | — | 18,262 | ||||||||||||
Operating Lease Liabilities | 1,013,813 | — | — | 1,013,813 | ||||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | 1,245,129 | 132,709 | — | 1,377,838 | ||||||||||||
Total Liabilities | 20,542,435 | 1,998,120 | (48,250 | ) | 22,492,305 | |||||||||||
Redeemable Non-Controlling Interests in Consolidated Entities | 1 | 1,626,348 | — | 1,626,349 | ||||||||||||
Equity | ||||||||||||||||
Common Stock | 7 | — | — | 7 | ||||||||||||
Series I Preferred Stock | — | — | — | — | ||||||||||||
Series II Preferred Stock | — | — | — | — | ||||||||||||
Additional Paid-in-Capital | 6,076,366 | 681,401 | (681,400 | ) | 6,076,367 | |||||||||||
Retained Earnings | 1,160,278 | 23,903 | (23,903 | ) | 1,160,278 | |||||||||||
Accumulated Other Comprehensive Income (Loss) | (35,153 | ) | 17,948 | — | (17,205 | ) | ||||||||||
Non-Controlling Interests in Consolidated Entities | 3,794,053 | 1,380,908 | — | 5,174,961 | ||||||||||||
Non-Controlling Interests in Blackstone Holdings | 5,069,722 | — | — | 5,069,722 | ||||||||||||
Total Equity | 16,065,273 | 2,104,160 | (705,303 | ) | 17,464,130 | |||||||||||
Total Liabilities and Equity | $ | 36,607,709 | $ | 5,728,628 | $ | (753,553 | ) | $ | 41,582,784 | |||||||
December 31, 2022 | ||||||||||||||||
Consolidated | Consolidated | |||||||||||||||
Operating | Blackstone | Reclasses and | ||||||||||||||
Partnerships | Funds (a) | Eliminations | Consolidated | |||||||||||||
Assets | ||||||||||||||||
Cash and Cash Equivalents | $ | 4,252,003 | $ | — | $ | — | $ | 4,252,003 | ||||||||
Cash Held by Blackstone Funds and Other | — | 241,712 | — | 241,712 | ||||||||||||
Investments | 23,236,603 | 5,136,542 | (819,894 | ) | 27,553,251 | |||||||||||
Accounts Receivable | 407,681 | 55,223 | — | 462,904 | ||||||||||||
Due from Affiliates | 4,185,982 | 8,417 | (47,692 | ) | 4,146,707 | |||||||||||
Intangible Assets, Net | 217,287 | — | — | 217,287 | ||||||||||||
Goodwill | 1,890,202 | — | — | 1,890,202 | ||||||||||||
Other Assets | 798,299 | 2,159 | — | 800,458 | ||||||||||||
Right-of-Use | 896,981 | — | — | 896,981 | ||||||||||||
Deferred Tax Assets | 2,062,722 | — | — | 2,062,722 | ||||||||||||
Total Assets | $ | 37,947,760 | $ | 5,444,053 | $ | (867,586 | ) | $ | 42,524,227 | |||||||
Liabilities and Equity | ||||||||||||||||
Loans Payable | $ | 10,899,584 | $ | 1,450,000 | $ | — | $ | 12,349,584 | ||||||||
Due to Affiliates | 2,039,549 | 128,681 | (49,749 | ) | 2,118,481 | |||||||||||
Accrued Compensation and Benefits | 6,101,801 | — | — | 6,101,801 | ||||||||||||
Securities Sold, Not Yet Purchased | 3,825 | — | — | 3,825 | ||||||||||||
Repurchase Agreements | 89,944 | — | — | 89,944 | ||||||||||||
Operating Lease Liabilities | 1,021,454 | — | — | 1,021,454 | ||||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | 1,132,213 | 25,858 | — | 1,158,071 | ||||||||||||
Total Liabilities | 21,288,370 | 1,604,539 | (49,749 | ) | 22,843,160 | |||||||||||
Redeemable Non-Controlling Interests in Consolidated Entities | 3 | 1,715,003 | — | 1,715,006 | ||||||||||||
Equity | ||||||||||||||||
Common Stock | 7 | — | — | 7 | ||||||||||||
Series I Preferred Stock | — | — | — | — | ||||||||||||
Series II Preferred Stock | — | — | — | — | ||||||||||||
Additional Paid-in-Capital | 5,935,273 | 800,381 | (800,381 | ) | 5,935,273 | |||||||||||
Retained Earnings | 1,748,106 | 17,456 | (17,456 | ) | 1,748,106 | |||||||||||
Accumulated Other Comprehensive Income (Loss) | (35,346 | ) | 7,871 | — | (27,475 | ) | ||||||||||
Non-Controlling Interests in Consolidated Entities | 3,757,677 | 1,298,803 | — | 5,056,480 | ||||||||||||
Non-Controlling Interests in Blackstone Holdings | 5,253,670 | — | — | 5,253,670 | ||||||||||||
Total Equity | 16,659,387 | 2,124,511 | (817,837 | ) | 17,966,061 | |||||||||||
Total Liabilities and Equity | $ | 37,947,760 | $ | 5,444,053 | $ | (867,586 | ) | $ | 42,524,227 | |||||||
December 31, 2022 | ||||||||||||||||
Consolidated | Consolidated | |||||||||||||||
Operating | Blackstone | Reclasses and | ||||||||||||||
Partnerships | Funds (a) | Eliminations | Consolidated | |||||||||||||
Assets | ||||||||||||||||
Cash and Cash Equivalents | $ | 4,252,003 | $ | — | $ | — | $ | 4,252,003 | ||||||||
Cash Held by Blackstone Funds and Other | — | 241,712 | — | 241,712 | ||||||||||||
Investments | 23,236,603 | 5,136,542 | (819,894 | ) | 27,553,251 | |||||||||||
Accounts Receivable | 407,681 | 55,223 | — | 462,904 | ||||||||||||
Due from Affiliates | 4,185,982 | 8,417 | (47,692 | ) | 4,146,707 | |||||||||||
Intangible Assets, Net | 217,287 | — | — | 217,287 | ||||||||||||
Goodwill | 1,890,202 | — | — | 1,890,202 | ||||||||||||
Other Assets | 798,299 | 2,159 | — | 800,458 | ||||||||||||
Right-of-Use | 896,981 | — | — | 896,981 | ||||||||||||
Deferred Tax Assets | 2,062,722 | — | — | 2,062,722 | ||||||||||||
Total Assets | $ | 37,947,760 | $ | 5,444,053 | $ | (867,586 | ) | $ | 42,524,227 | |||||||
Liabilities and Equity | ||||||||||||||||
Loans Payable | $ | 10,899,584 | $ | 1,450,000 | $ | — | $ | 12,349,584 | ||||||||
Due to Affiliates | 2,039,549 | 128,681 | (49,749 | ) | 2,118,481 | |||||||||||
Accrued Compensation and Benefits | 6,101,801 | — | — | 6,101,801 | ||||||||||||
Securities Sold, Not Yet Purchased | 3,825 | — | — | 3,825 | ||||||||||||
Repurchase Agreements | 89,944 | — | — | 89,944 | ||||||||||||
Operating Lease Liabilities | 1,021,454 | — | — | 1,021,454 | ||||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | 1,132,213 | 25,858 | — | 1,158,071 | ||||||||||||
Total Liabilities | 21,288,370 | 1,604,539 | (49,749 | ) | 22,843,160 | |||||||||||
Redeemable Non-Controlling Interests in Consolidated Entities | 3 | 1,715,003 | — | 1,715,006 | ||||||||||||
Equity | ||||||||||||||||
Common Stock | 7 | — | — | 7 | ||||||||||||
Series I Preferred Stock | — | — | — | — | ||||||||||||
Series II Preferred Stock | — | — | — | — | ||||||||||||
Additional Paid-in-Capital | 5,935,273 | 800,381 | (800,381 | ) | 5,935,273 | |||||||||||
Retained Earnings | 1,748,106 | 17,456 | (17,456 | ) | 1,748,106 | |||||||||||
Accumulated Other Comprehensive Income (Loss) | (35,346 | ) | 7,871 | — | (27,475 | ) | ||||||||||
Non-Controlling Interests in Consolidated Entities | 3,757,677 | 1,298,803 | — | 5,056,480 | ||||||||||||
Non-Controlling Interests in Blackstone Holdings | 5,253,670 | — | — | 5,253,670 | ||||||||||||
Total Equity | 16,659,387 | 2,124,511 | (817,837 | ) | 17,966,061 | |||||||||||
Total Liabilities and Equity | $ | 37,947,760 | $ | 5,444,053 | $ | (867,586 | ) | $ | 42,524,227 | |||||||
(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 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 BEPIF, |
(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 and BDCs, |
(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, Real Estate segment carry funds including certain BREDS funds, and certain 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 and BDCs. |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Income (Loss) Before Provision for Taxes | ||||||||||||||||
Total GAAP Income (Loss) Before Provision for Taxes | $ | 1,426,976 | $ | (219,232 | ) | $ | 1,685,332 | $ | 2,761,663 | |||||||
Less: Unrealized Performance Revenues (a) | (114,379 | ) | 3,467,668 | 644,937 | 2,174,618 | |||||||||||
Less: Unrealized Principal Investment (Income) Loss (b) | (160,702 | ) | 203,288 | 318,418 | 176,530 | |||||||||||
Less: Interest and Dividend Revenue (c) | (153,240 | ) | (66,143 | ) | (248,341 | ) | (120,628 | ) | ||||||||
Less: Other Revenue (d) | 31,718 | (155,704 | ) | 45,898 | (228,523 | ) | ||||||||||
Plus: Unrealized Performance Allocations Compensation (h) | 54,155 | (1,386,543 | ) | (259,094 | ) | (914,259 | ) | |||||||||
Plus: Equity-Based Compensation (i) | 249,755 | 195,644 | 517,889 | 397,189 | ||||||||||||
Plus: Interest Expense (j) | 107,130 | 69,425 | 211,339 | 136,027 | ||||||||||||
Impact of Consolidation (e) | (107,124 | ) | 190,832 | (175,293 | ) | (30,595 | ) | |||||||||
Amortization of Intangibles (k) | 7,412 | 17,044 | 18,753 | 34,088 | ||||||||||||
Transaction-Related Charges (f) | 2,228 | 25,141 | 10,849 | 50,474 | ||||||||||||
Administrative Fee Adjustment (l) | 2,413 | 2,476 | 4,860 | 4,961 | ||||||||||||
Total Segment Distributable Earnings | $ | 1,346,342 | $ | 2,343,896 | $ | 2,775,547 | $ | 4,441,545 | ||||||||
As of | ||||
June 30, | ||||
2023 | ||||
Total Assets | ||||
Total GAAP Assets | $ | 41,582,784 | ||
Impact of | (4,975,075 | ) | ||
Total Segment Assets | $ | 36,607,709 | ||
(a) | This adjustment removes Unrealized Performance Revenues on a |
(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
|
(e) | 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 |
(g) | Total Segment Revenues is comprised of the following: |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Total Segment Management and Advisory Fees, Net | $ | 1,703,186 | $ | 1,556,917 | $ | 3,355,573 | $ | 3,030,285 | ||||||||
Total Segment Fee Related Performance Revenues | 266,738 | 346,593 | 414,982 | 904,658 | ||||||||||||
Total Segment Realized Performance Revenues | 388,423 | 2,206,774 | 1,029,949 | 3,519,584 | ||||||||||||
Total Segment Realized Principal Investment Income (Loss) | (7,461 | ) | 43,509 | 36,230 | 200,604 | |||||||||||
Total Segment Revenues | $ | 2,350,886 | $ | 4,153,793 | $ | 4,836,734 | $ | 7,655,131 | ||||||||
(h) | This adjustment removes Unrealized Performance Allocations Compensation. |
(i) | This adjustment removes Equity-Based Compensation on a segment basis. |
(j) | This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to |
(k) | This adjustment removes the amortization of |
(l) | This adjustment adds an amount equal to an |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Total Segment Fee Related Compensation | $ | 568,808 | $ | 621,413 | $ | 1,077,779 | $ | 1,291,884 | ||||||||
Total Segment Realized Performance Compensation | 178,370 | 926,974 | 474,394 | 1,446,094 | ||||||||||||
Total Segment Other Operating Expenses | 257,366 | 261,510 | 509,014 | 475,608 | ||||||||||||
Total Segment Expenses | $ | 1,004,544 | $ | 1,809,897 | $ | 2,061,187 | $ | 3,213,586 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Management and Advisory Fees, Net | ||||||||||||||||
GAAP | $ | 1,709,370 | $ | 1,561,187 | $ | 3,367,685 | $ | 3,037,123 | ||||||||
Segment Adjustment (a) | (6,184 | ) | (4,270 | ) | (12,112 | ) | (6,838 | ) | ||||||||
Total Segment | $ | 1,703,186 | $ | 1,556,917 | $ | 3,355,573 | $ | 3,030,285 | ||||||||
�� |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues | ||||||||||||||||
GAAP | ||||||||||||||||
Incentive Fees | $ | 153,077 | $ | 99,598 | $ | 295,953 | $ | 204,087 | ||||||||
Investment Income - Realized Performance Allocations | 502,084 | 2,453,769 | 1,148,978 | 4,220,155 | ||||||||||||
GAAP | 655,161 | 2,553,367 | 1,444,931 | 4,424,242 | ||||||||||||
Total Segment | ||||||||||||||||
Less: Realized Performance Revenues | (388,423 | ) | (2,206,774 | ) | (1,029,949 | ) | (3,519,584 | ) | ||||||||
Total Segment | $ | 266,738 | $ | 346,593 | $ | 414,982 | $ | 904,658 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
GAAP Compensation to Total Segment Fee Related Compensation | ||||||||||||||||
GAAP | ||||||||||||||||
Compensation | $ | 737,017 | $ | 686,012 | $ | 1,453,302 | $ | 1,342,517 | ||||||||
Incentive Fee Compensation | 64,227 | 45,363 | 127,508 | 86,382 | ||||||||||||
Realized Performance Allocations Compensation | 205,196 | 1,035,916 | 501,990 | 1,753,517 | ||||||||||||
GAAP | 1,006,440 | 1,767,291 | 2,082,800 | 3,182,416 | ||||||||||||
Total Segment | ||||||||||||||||
Less: Realized Performance Compensation | (178,370 | ) | (926,974 | ) | (474,394 | ) | (1,446,094 | ) | ||||||||
Less: Equity-Based Compensation - Fee Related Compensation | (246,445 | ) | (191,769 | ) | (511,599 | ) | (392,156 | ) | ||||||||
Less: Equity-Based Compensation - Performance Compensation | (3,310 | ) | (3,875 | ) | (6,290 | ) | (5,033 | ) | ||||||||
Segment Adjustment (b) | (9,507 | ) | (23,260 | ) | (12,738 | ) | (47,249 | ) | ||||||||
Total Segment | $ | 568,808 | $ | 621,413 | $ | 1,077,779 | $ | 1,291,884 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
GAAP General, Administrative and Other to Total Segment Other Operating Expenses | ||||||||||||||||
GAAP | $ | 275,034 | $ | 289,288 | $ | 548,428 | $ | 529,962 | ||||||||
Segment Adjustment (c) | (17,668 | ) | (27,778 | ) | (39,414 | ) | (54,354 | ) | ||||||||
Total Segment | $ | 257,366 | $ | 261,510 | $ | 509,014 | $ | 475,608 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Realized Performance Revenues | ||||||||||||||||
GAAP | ||||||||||||||||
Incentive Fees | $ | 153,077 | $ | 99,598 | $ | 295,953 | $ | 204,087 | ||||||||
Investment Income - Realized Performance Allocations | 502,084 | 2,453,769 | 1,148,978 | 4,220,155 | ||||||||||||
GAAP | 655,161 | 2,553,367 | 1,444,931 | 4,424,242 | ||||||||||||
Total Segment | ||||||||||||||||
Less: Fee Related Performance Revenues | (266,738 | ) | (346,593 | ) | (414,982 | ) | (904,658 | ) | ||||||||
Total Segment | $ | 388,423 | $ | 2,206,774 | $ | 1,029,949 | $ | 3,519,584 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Realized Performance Compensation | ||||||||||||||||
GAAP | ||||||||||||||||
Incentive Fee Compensation | $ | 64,227 | $ | 45,363 | $ | 127,508 | $ | 86,382 | ||||||||
Realized Performance Allocation Compensation | 205,196 | 1,035,916 | 501,990 | 1,753,517 | ||||||||||||
GAAP | 269,423 | 1,081,279 | 629,498 | 1,839,899 | ||||||||||||
Total Segment | ||||||||||||||||
Less: Fee Related Performance Compensation (d) | (87,743 | ) | (150,430 | ) | (148,814 | ) | (388,772 | ) | ||||||||
Less: Equity-Based Compensation - Performance Compensation | (3,310 | ) | (3,875 | ) | (6,290 | ) | (5,033 | ) | ||||||||
Total Segment | $ | 178,370 | $ | 926,974 | $ | 474,394 | $ | 1,446,094 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Realized Principal Investment Income | ||||||||||||||||
GAAP | $ | 54,835 | $ | 265,161 | $ | 162,893 | $ | 550,265 | ||||||||
Segment Adjustment (e) | (62,296 | ) | (221,652 | ) | (126,663 | ) | (349,661 | ) | ||||||||
Total Segment | $ | (7,461 | ) | $ | 43,509 | $ | 36,230 | $ | 200,604 | |||||||
(a) | Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and |
(b) | Represents the removal of Transaction-Related Charges that are not recorded in the Total Segment measures. |
(c) | Represents the (1) removal of amortization of transaction-related intangibles, (2) removal of certain expenses reimbursed by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation. |
(d) |
(e) | non-controlling interests. |
June 30, 2023 | ||||||||||||||||
Consolidated | Consolidated | |||||||||||||||
Operating | Blackstone | Reclasses and | ||||||||||||||
Partnerships | Funds (a) | Eliminations | Consolidated | |||||||||||||
Assets | ||||||||||||||||
Cash and Cash Equivalents | $ | 3,280,204 | $ | — | $ | — | $ | 3,280,204 | ||||||||
Cash Held by Blackstone Funds and Other | — | 215,444 | — | 215,444 | ||||||||||||
Investments | 22,265,924 | 5,490,773 | (708,076 | ) | 27,048,621 | |||||||||||
Accounts Receivable | 653,090 | 10,938 | — | 664,028 | ||||||||||||
Due from Affiliates | 4,329,222 | 10,692 | (45,477 | ) | 4,294,437 | |||||||||||
Intangible Assets, Net | 219,221 | — | — | 219,221 | ||||||||||||
Goodwill | 1,890,202 | — | — | 1,890,202 | ||||||||||||
Other Assets | 904,673 | 781 | — | 905,454 | ||||||||||||
Right-of-Use | 888,190 | — | — | 888,190 | ||||||||||||
Deferred Tax Assets | 2,176,983 | — | — | 2,176,983 | ||||||||||||
Total Assets | $ | 36,607,709 | $ | 5,728,628 | $ | (753,553 | ) | $ | 41,582,784 | |||||||
Liabilities and Equity | ||||||||||||||||
Loans Payable | $ | 10,585,621 | $ | 1,714,234 | $ | — | $ | 12,299,855 | ||||||||
Due to Affiliates | 1,989,910 | 151,177 | (48,250 | ) | 2,092,837 | |||||||||||
Accrued Compensation and Benefits | 5,685,879 | — | — | 5,685,879 | ||||||||||||
Securities Sold, Not Yet Purchased | 3,821 | — | — | 3,821 | ||||||||||||
Repurchase Agreements | 18,262 | — | — | 18,262 | ||||||||||||
Operating Lease Liabilities | 1,013,813 | — | — | 1,013,813 | ||||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | 1,245,129 | 132,709 | — | 1,377,838 | ||||||||||||
Total Liabilities | 20,542,435 | 1,998,120 | (48,250 | ) | 22,492,305 | |||||||||||
Redeemable Non-Controlling Interests in Consolidated Entities | 1 | 1,626,348 | — | 1,626,349 | ||||||||||||
Equity | ||||||||||||||||
Common Stock | 7 | — | — | 7 | ||||||||||||
Series I Preferred Stock | — | — | — | — | ||||||||||||
Series II Preferred Stock | — | — | — | — | ||||||||||||
Additional Paid-in-Capital | 6,076,366 | 681,401 | (681,400 | ) | 6,076,367 | |||||||||||
Retained Earnings | 1,160,278 | 23,903 | (23,903 | ) | 1,160,278 | |||||||||||
Accumulated Other Comprehensive Income (Loss) | (35,153 | ) | 17,948 | — | (17,205 | ) | ||||||||||
Non-Controlling Interests in Consolidated Entities | 3,794,053 | 1,380,908 | — | 5,174,961 | ||||||||||||
Non-Controlling Interests in Blackstone Holdings | 5,069,722 | — | — | 5,069,722 | ||||||||||||
Total Equity | 16,065,273 | 2,104,160 | (705,303 | ) | 17,464,130 | |||||||||||
Total Liabilities and Equity | $ | 36,607,709 | $ | 5,728,628 | $ | (753,553 | ) | $ | 41,582,784 | |||||||
December 31, 2022 | ||||||||||||||||
Consolidated | Consolidated | |||||||||||||||
Operating | Blackstone | Reclasses and | ||||||||||||||
Partnerships | Funds (a) | Eliminations | Consolidated | |||||||||||||
Assets | ||||||||||||||||
Cash and Cash Equivalents | $ | 4,252,003 | $ | — | $ | — | $ | 4,252,003 | ||||||||
Cash Held by Blackstone Funds and Other | — | 241,712 | — | 241,712 | ||||||||||||
Investments | 23,236,603 | 5,136,542 | (819,894 | ) | 27,553,251 | |||||||||||
Accounts Receivable | 407,681 | 55,223 | — | 462,904 | ||||||||||||
Due from Affiliates | 4,185,982 | 8,417 | (47,692 | ) | 4,146,707 | |||||||||||
Intangible Assets, Net | 217,287 | — | — | 217,287 | ||||||||||||
Goodwill | 1,890,202 | — | — | 1,890,202 | ||||||||||||
Other Assets | 798,299 | 2,159 | — | 800,458 | ||||||||||||
Right-of-Use | 896,981 | — | — | 896,981 | ||||||||||||
Deferred Tax Assets | 2,062,722 | — | — | 2,062,722 | ||||||||||||
Total Assets | $ | 37,947,760 | $ | 5,444,053 | $ | (867,586 | ) | $ | 42,524,227 | |||||||
Liabilities and Equity | ||||||||||||||||
Loans Payable | $ | 10,899,584 | $ | 1,450,000 | $ | — | $ | 12,349,584 | ||||||||
Due to Affiliates | 2,039,549 | 128,681 | (49,749 | ) | 2,118,481 | |||||||||||
Accrued Compensation and Benefits | 6,101,801 | — | — | 6,101,801 | ||||||||||||
Securities Sold, Not Yet Purchased | 3,825 | — | — | 3,825 | ||||||||||||
Repurchase Agreements | 89,944 | — | — | 89,944 | ||||||||||||
Operating Lease Liabilities | 1,021,454 | — | — | 1,021,454 | ||||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | 1,132,213 | 25,858 | — | 1,158,071 | ||||||||||||
Total Liabilities | 21,288,370 | 1,604,539 | (49,749 | ) | 22,843,160 | |||||||||||
Redeemable Non-Controlling Interests in Consolidated Entities | 3 | 1,715,003 | — | 1,715,006 | ||||||||||||
Equity | ||||||||||||||||
Common Stock | 7 | — | — | 7 | ||||||||||||
Series I Preferred Stock | — | — | — | — | ||||||||||||
Series II Preferred Stock | — | — | — | — | ||||||||||||
Additional Paid-in-Capital | 5,935,273 | 800,381 | (800,381 | ) | 5,935,273 | |||||||||||
Retained Earnings | 1,748,106 | 17,456 | (17,456 | ) | 1,748,106 | |||||||||||
Accumulated Other Comprehensive Income (Loss) | (35,346 | ) | 7,871 | — | (27,475 | ) | ||||||||||
Non-Controlling Interests in Consolidated Entities | 3,757,677 | 1,298,803 | — | 5,056,480 | ||||||||||||
Non-Controlling Interests in Blackstone Holdings | 5,253,670 | — | — | 5,253,670 | ||||||||||||
Total Equity | 16,659,387 | 2,124,511 | (817,837 | ) | 17,966,061 | |||||||||||
Total Liabilities and Equity | $ | 37,947,760 | $ | 5,444,053 | $ | (867,586 | ) | $ | 42,524,227 | |||||||
(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 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 BEPIF, |
(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 and BDCs, |
(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, Real Estate segment carry funds including certain BREDS funds, and certain 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 and BDCs. |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Income (Loss) Before Provision for Taxes | ||||||||||||||||
Total GAAP Income (Loss) Before Provision for Taxes | $ | 1,426,976 | $ | (219,232 | ) | $ | 1,685,332 | $ | 2,761,663 | |||||||
Less: Unrealized Performance Revenues (a) | (114,379 | ) | 3,467,668 | 644,937 | 2,174,618 | |||||||||||
Less: Unrealized Principal Investment (Income) Loss (b) | (160,702 | ) | 203,288 | 318,418 | 176,530 | |||||||||||
Less: Interest and Dividend Revenue (c) | (153,240 | ) | (66,143 | ) | (248,341 | ) | (120,628 | ) | ||||||||
Less: Other Revenue (d) | 31,718 | (155,704 | ) | 45,898 | (228,523 | ) | ||||||||||
Plus: Unrealized Performance Allocations Compensation (h) | 54,155 | (1,386,543 | ) | (259,094 | ) | (914,259 | ) | |||||||||
Plus: Equity-Based Compensation (i) | 249,755 | 195,644 | 517,889 | 397,189 | ||||||||||||
Plus: Interest Expense (j) | 107,130 | 69,425 | 211,339 | 136,027 | ||||||||||||
Impact of Consolidation (e) | (107,124 | ) | 190,832 | (175,293 | ) | (30,595 | ) | |||||||||
Amortization of Intangibles (k) | 7,412 | 17,044 | 18,753 | 34,088 | ||||||||||||
Transaction-Related Charges (f) | 2,228 | 25,141 | 10,849 | 50,474 | ||||||||||||
Administrative Fee Adjustment (l) | 2,413 | 2,476 | 4,860 | 4,961 | ||||||||||||
Total Segment Distributable Earnings | $ | 1,346,342 | $ | 2,343,896 | $ | 2,775,547 | $ | 4,441,545 | ||||||||
As of | ||||
June 30, | ||||
2023 | ||||
Total Assets | ||||
Total GAAP Assets | $ | 41,582,784 | ||
Impact of Consolidation (e) | (4,975,075 | ) | ||
Total Segment Assets | $ | 36,607,709 | ||
(a) | This adjustment removes Unrealized Performance Revenues on a |
(b) | This |
(c) | This adjustment removes Interest and |
(d) |
(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 non-controlling interests. |
(f) | This adjustment removes Transaction-Related Charges, which are |
(g) | Total Segment Revenues is comprised of |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Total Segment Management and Advisory Fees, Net | $ | 1,703,186 | $ | 1,556,917 | $ | 3,355,573 | $ | 3,030,285 | ||||||||
Total Segment Fee Related Performance Revenues | 266,738 | 346,593 | 414,982 | 904,658 | ||||||||||||
Total Segment Realized Performance Revenues | 388,423 | 2,206,774 | 1,029,949 | 3,519,584 | ||||||||||||
Total Segment Realized Principal Investment Income (Loss) | (7,461 | ) | 43,509 | 36,230 | 200,604 | |||||||||||
Total Segment Revenues | $ | 2,350,886 | $ | 4,153,793 | $ | 4,836,734 | $ | 7,655,131 | ||||||||
(h) | This adjustment removes Unrealized Performance Allocations Compensation. |
(i) |
(j) |
(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 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Total Segment Fee Related Compensation | $ | 568,808 | $ | 621,413 | $ | 1,077,779 | $ | 1,291,884 | ||||||||
Total Segment Realized Performance Compensation | 178,370 | 926,974 | 474,394 | 1,446,094 | ||||||||||||
Total Segment Other Operating Expenses | 257,366 | 261,510 | 509,014 | 475,608 | ||||||||||||
Total Segment Expenses | $ | 1,004,544 | $ | 1,809,897 | $ | 2,061,187 | $ | 3,213,586 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Management and Advisory Fees, Net | ||||||||||||||||
GAAP | $ | 1,709,370 | $ | 1,561,187 | $ | 3,367,685 | $ | 3,037,123 | ||||||||
Segment Adjustment (a) | (6,184 | ) | (4,270 | ) | (12,112 | ) | (6,838 | ) | ||||||||
Total Segment | $ | 1,703,186 | $ | 1,556,917 | $ | 3,355,573 | $ | 3,030,285 | ||||||||
�� |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues | ||||||||||||||||
GAAP | ||||||||||||||||
Incentive Fees | $ | 153,077 | $ | 99,598 | $ | 295,953 | $ | 204,087 | ||||||||
Investment Income - Realized Performance Allocations | 502,084 | 2,453,769 | 1,148,978 | 4,220,155 | ||||||||||||
GAAP | 655,161 | 2,553,367 | 1,444,931 | 4,424,242 | ||||||||||||
Total Segment | ||||||||||||||||
Less: Realized Performance Revenues | (388,423 | ) | (2,206,774 | ) | (1,029,949 | ) | (3,519,584 | ) | ||||||||
Total Segment | $ | 266,738 | $ | 346,593 | $ | 414,982 | $ | 904,658 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
GAAP Compensation to Total Segment Fee Related Compensation | ||||||||||||||||
GAAP | ||||||||||||||||
Compensation | $ | 737,017 | $ | 686,012 | $ | 1,453,302 | $ | 1,342,517 | ||||||||
Incentive Fee Compensation | 64,227 | 45,363 | 127,508 | 86,382 | ||||||||||||
Realized Performance Allocations Compensation | 205,196 | 1,035,916 | 501,990 | 1,753,517 | ||||||||||||
GAAP | 1,006,440 | 1,767,291 | 2,082,800 | 3,182,416 | ||||||||||||
Total Segment | ||||||||||||||||
Less: Realized Performance Compensation | (178,370 | ) | (926,974 | ) | (474,394 | ) | (1,446,094 | ) | ||||||||
Less: Equity-Based Compensation - Fee Related Compensation | (246,445 | ) | (191,769 | ) | (511,599 | ) | (392,156 | ) | ||||||||
Less: Equity-Based Compensation - Performance Compensation | (3,310 | ) | (3,875 | ) | (6,290 | ) | (5,033 | ) | ||||||||
Segment Adjustment (b) | (9,507 | ) | (23,260 | ) | (12,738 | ) | (47,249 | ) | ||||||||
Total Segment | $ | 568,808 | $ | 621,413 | $ | 1,077,779 | $ | 1,291,884 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
GAAP General, Administrative and Other to Total Segment Other Operating Expenses | ||||||||||||||||
GAAP | $ | 275,034 | $ | 289,288 | $ | 548,428 | $ | 529,962 | ||||||||
Segment Adjustment (c) | (17,668 | ) | (27,778 | ) | (39,414 | ) | (54,354 | ) | ||||||||
Total Segment | $ | 257,366 | $ | 261,510 | $ | 509,014 | $ | 475,608 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Realized Performance Revenues | ||||||||||||||||
GAAP | ||||||||||||||||
Incentive Fees | $ | 153,077 | $ | 99,598 | $ | 295,953 | $ | 204,087 | ||||||||
Investment Income - Realized Performance Allocations | 502,084 | 2,453,769 | 1,148,978 | 4,220,155 | ||||||||||||
GAAP | 655,161 | 2,553,367 | 1,444,931 | 4,424,242 | ||||||||||||
Total Segment | ||||||||||||||||
Less: Fee Related Performance Revenues | (266,738 | ) | (346,593 | ) | (414,982 | ) | (904,658 | ) | ||||||||
Total Segment | $ | 388,423 | $ | 2,206,774 | $ | 1,029,949 | $ | 3,519,584 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Realized Performance Compensation | ||||||||||||||||
GAAP | ||||||||||||||||
Incentive Fee Compensation | $ | 64,227 | $ | 45,363 | $ | 127,508 | $ | 86,382 | ||||||||
Realized Performance Allocation Compensation | 205,196 | 1,035,916 | 501,990 | 1,753,517 | ||||||||||||
GAAP | 269,423 | 1,081,279 | 629,498 | 1,839,899 | ||||||||||||
Total Segment | ||||||||||||||||
Less: Fee Related Performance Compensation (d) | (87,743 | ) | (150,430 | ) | (148,814 | ) | (388,772 | ) | ||||||||
Less: Equity-Based Compensation - Performance Compensation | (3,310 | ) | (3,875 | ) | (6,290 | ) | (5,033 | ) | ||||||||
Total Segment | $ | 178,370 | $ | 926,974 | $ | 474,394 | $ | 1,446,094 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Realized Principal Investment Income | ||||||||||||||||
GAAP | $ | 54,835 | $ | 265,161 | $ | 162,893 | $ | 550,265 | ||||||||
Segment Adjustment (e) | (62,296 | ) | (221,652 | ) | (126,663 | ) | (349,661 | ) | ||||||||
Total Segment | $ | (7,461 | ) | $ | 43,509 | $ | 36,230 | $ | 200,604 | |||||||
(a) | Represents (1) the |
(b) | Represents the removal of Transaction-Related Charges that are not recorded in the Total Segment measures. |
(c) | Represents the (1) removal of amortization of transaction-related intangibles, (2) removal of certain expenses reimbursed by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation. |
(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. |
June 30, 2023 | ||||||||||||||||
Consolidated | Consolidated | |||||||||||||||
Operating | Blackstone | Reclasses and | ||||||||||||||
Partnerships | Funds (a) | Eliminations | Consolidated | |||||||||||||
Assets | ||||||||||||||||
Cash and Cash Equivalents | $ | 3,280,204 | $ | — | $ | — | $ | 3,280,204 | ||||||||
Cash Held by Blackstone Funds and Other | — | 215,444 | — | 215,444 | ||||||||||||
Investments | 22,265,924 | 5,490,773 | (708,076 | ) | 27,048,621 | |||||||||||
Accounts Receivable | 653,090 | 10,938 | — | 664,028 | ||||||||||||
Due from Affiliates | 4,329,222 | 10,692 | (45,477 | ) | 4,294,437 | |||||||||||
Intangible Assets, Net | 219,221 | — | — | 219,221 | ||||||||||||
Goodwill | 1,890,202 | — | — | 1,890,202 | ||||||||||||
Other Assets | 904,673 | 781 | — | 905,454 | ||||||||||||
Right-of-Use | 888,190 | — | — | 888,190 | ||||||||||||
Deferred Tax Assets | 2,176,983 | — | — | 2,176,983 | ||||||||||||
Total Assets | $ | 36,607,709 | $ | 5,728,628 | $ | (753,553 | ) | $ | 41,582,784 | |||||||
Liabilities and Equity | ||||||||||||||||
Loans Payable | $ | 10,585,621 | $ | 1,714,234 | $ | — | $ | 12,299,855 | ||||||||
Due to Affiliates | 1,989,910 | 151,177 | (48,250 | ) | 2,092,837 | |||||||||||
Accrued Compensation and Benefits | 5,685,879 | — | — | 5,685,879 | ||||||||||||
Securities Sold, Not Yet Purchased | 3,821 | — | — | 3,821 | ||||||||||||
Repurchase Agreements | 18,262 | — | — | 18,262 | ||||||||||||
Operating Lease Liabilities | 1,013,813 | — | — | 1,013,813 | ||||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | 1,245,129 | 132,709 | — | 1,377,838 | ||||||||||||
Total Liabilities | 20,542,435 | 1,998,120 | (48,250 | ) | 22,492,305 | |||||||||||
Redeemable Non-Controlling Interests in Consolidated Entities | 1 | 1,626,348 | — | 1,626,349 | ||||||||||||
Equity | ||||||||||||||||
Common Stock | 7 | — | — | 7 | ||||||||||||
Series I Preferred Stock | — | — | — | — | ||||||||||||
Series II Preferred Stock | — | — | — | — | ||||||||||||
Additional Paid-in-Capital | 6,076,366 | 681,401 | (681,400 | ) | 6,076,367 | |||||||||||
Retained Earnings | 1,160,278 | 23,903 | (23,903 | ) | 1,160,278 | |||||||||||
Accumulated Other Comprehensive Income (Loss) | (35,153 | ) | 17,948 | — | (17,205 | ) | ||||||||||
Non-Controlling Interests in Consolidated Entities | 3,794,053 | 1,380,908 | — | 5,174,961 | ||||||||||||
Non-Controlling Interests in Blackstone Holdings | 5,069,722 | — | — | 5,069,722 | ||||||||||||
Total Equity | 16,065,273 | 2,104,160 | (705,303 | ) | 17,464,130 | |||||||||||
Total Liabilities and Equity | $ | 36,607,709 | $ | 5,728,628 | $ | (753,553 | ) | $ | 41,582,784 | |||||||
December 31, 2022 | ||||||||||||||||
Consolidated | Consolidated | |||||||||||||||
Operating | Blackstone | Reclasses and | ||||||||||||||
Partnerships | Funds (a) | Eliminations | Consolidated | |||||||||||||
Assets | ||||||||||||||||
Cash and Cash Equivalents | $ | 4,252,003 | $ | — | $ | — | $ | 4,252,003 | ||||||||
Cash Held by Blackstone Funds and Other | — | 241,712 | — | 241,712 | ||||||||||||
Investments | 23,236,603 | 5,136,542 | (819,894 | ) | 27,553,251 | |||||||||||
Accounts Receivable | 407,681 | 55,223 | — | 462,904 | ||||||||||||
Due from Affiliates | 4,185,982 | 8,417 | (47,692 | ) | 4,146,707 | |||||||||||
Intangible Assets, Net | 217,287 | — | — | 217,287 | ||||||||||||
Goodwill | 1,890,202 | — | — | 1,890,202 | ||||||||||||
Other Assets | 798,299 | 2,159 | — | 800,458 | ||||||||||||
Right-of-Use | 896,981 | — | — | 896,981 | ||||||||||||
Deferred Tax Assets | 2,062,722 | — | — | 2,062,722 | ||||||||||||
Total Assets | $ | 37,947,760 | $ | 5,444,053 | $ | (867,586 | ) | $ | 42,524,227 | |||||||
Liabilities and Equity | ||||||||||||||||
Loans Payable | $ | 10,899,584 | $ | 1,450,000 | $ | — | $ | 12,349,584 | ||||||||
Due to Affiliates | 2,039,549 | 128,681 | (49,749 | ) | 2,118,481 | |||||||||||
Accrued Compensation and Benefits | 6,101,801 | — | — | 6,101,801 | ||||||||||||
Securities Sold, Not Yet Purchased | 3,825 | — | — | 3,825 | ||||||||||||
Repurchase Agreements | 89,944 | — | — | 89,944 | ||||||||||||
Operating Lease Liabilities | 1,021,454 | — | — | 1,021,454 | ||||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | 1,132,213 | 25,858 | — | 1,158,071 | ||||||||||||
Total Liabilities | 21,288,370 | 1,604,539 | (49,749 | ) | 22,843,160 | |||||||||||
Redeemable Non-Controlling Interests in Consolidated Entities | 3 | 1,715,003 | — | 1,715,006 | ||||||||||||
Equity | ||||||||||||||||
Common Stock | 7 | — | — | 7 | ||||||||||||
Series I Preferred Stock | — | — | — | — | ||||||||||||
Series II Preferred Stock | — | — | — | — | ||||||||||||
Additional Paid-in-Capital | 5,935,273 | 800,381 | (800,381 | ) | 5,935,273 | |||||||||||
Retained Earnings | 1,748,106 | 17,456 | (17,456 | ) | 1,748,106 | |||||||||||
Accumulated Other Comprehensive Income (Loss) | (35,346 | ) | 7,871 | — | (27,475 | ) | ||||||||||
Non-Controlling Interests in Consolidated Entities | 3,757,677 | 1,298,803 | — | 5,056,480 | ||||||||||||
Non-Controlling Interests in Blackstone Holdings | 5,253,670 | — | — | 5,253,670 | ||||||||||||
Total Equity | 16,659,387 | 2,124,511 | (817,837 | ) | 17,966,061 | |||||||||||
Total Liabilities and Equity | $ | 37,947,760 | $ | 5,444,053 | $ | (867,586 | ) | $ | 42,524,227 | |||||||
(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 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 BEPIF, |
(c) | the invested capital, fair value or net asset value of assets we manage pursuant to separately managed accounts, |
(d) | the amount of |
(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 and BDCs, |
(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 |
(a) |
(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 and BDCs. |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, | 2023 vs. 2022 | June 30, | 2023 vs. 2022 | |||||||||||||||||||||||||||||
2023 | 2022 | $ | % | 2023 | 2022 | $ | % | |||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||
Management and Advisory Fees, Net | $ | 1,709,370 | $ | 1,561,187 | $ | 148,183 | 9 | % | $ | 3,367,685 | $ | 3,037,123 | $ | 330,562 | 11 | % | ||||||||||||||||
Incentive Fees | 153,077 | 99,598 | 53,479 | 54 | % | 295,953 | 204,087 | 91,866 | 45 | % | ||||||||||||||||||||||
Investment Income (Loss) | ||||||||||||||||||||||||||||||||
Performance Allocations | ||||||||||||||||||||||||||||||||
Realized | 502,084 | 2,453,769 | (1,951,685 | ) | -80 | % | 1,148,978 | 4,220,155 | (3,071,177 | ) | -73 | % | ||||||||||||||||||||
Unrealized | 114,395 | (3,467,668 | ) | 3,582,063 | n/m | (644,817 | ) | (2,174,618 | ) | 1,529,801 | -70 | % | ||||||||||||||||||||
Principal Investments | ||||||||||||||||||||||||||||||||
Realized | 54,835 | 265,161 | (210,326 | ) | -79 | % | 162,893 | 550,265 | (387,372 | ) | -70 | % | ||||||||||||||||||||
Unrealized | 164,089 | (500,490 | ) | 664,579 | n/m | (327,328 | ) | (426,529 | ) | 99,201 | -23 | % | ||||||||||||||||||||
Total Investment Income (Loss) | 835,403 | (1,249,228 | ) | 2,084,631 | n/m | 339,726 | 2,169,273 | (1,829,547 | ) | -84 | % | |||||||||||||||||||||
Interest and Dividend Revenue | 148,505 | 62,075 | 86,430 | 139 | % | 238,990 | 116,560 | 122,430 | 105 | % | ||||||||||||||||||||||
Other | (31,664 | ) | 155,588 | (187,252 | ) | n/m | (45,818 | ) | 228,457 | (274,275 | ) | n/m | ||||||||||||||||||||
Total Revenues | 2,814,691 | 629,220 | 2,185,471 | 347 | % | 4,196,536 | 5,755,500 | (1,558,964 | ) | -27 | % | |||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||
Compensation and Benefits | ||||||||||||||||||||||||||||||||
Compensation | 737,017 | 686,012 | 51,005 | 7 | % | 1,453,302 | 1,342,517 | 110,785 | 8 | % | ||||||||||||||||||||||
Incentive Fee Compensation | 64,227 | 45,363 | 18,864 | 42 | % | 127,508 | 86,382 | 41,126 | 48 | % | ||||||||||||||||||||||
Performance Allocations Compensation | ||||||||||||||||||||||||||||||||
Realized | 205,196 | 1,035,916 | (830,720 | ) | -80 | % | 501,990 | 1,753,517 | (1,251,527 | ) | -71 | % | ||||||||||||||||||||
Unrealized | 54,155 | (1,386,543 | ) | 1,440,698 | n/m | (259,094 | ) | (914,259 | ) | 655,165 | -72 | % | ||||||||||||||||||||
Total Compensation and Benefits | 1,060,595 | 380,748 | 679,847 | 179 | % | 1,823,706 | 2,268,157 | (444,451 | ) | -20 | % | |||||||||||||||||||||
General, Administrative and Other | 275,034 | 289,288 | (14,254 | ) | -5 | % | 548,428 | 529,962 | 18,466 | 3 | % | |||||||||||||||||||||
Interest Expense | 108,096 | 69,642 | 38,454 | 55 | % | 212,537 | 136,389 | 76,148 | 56 | % | ||||||||||||||||||||||
Fund Expenses | 31,585 | 4,435 | 27,150 | 612 | % | 79,984 | 6,627 | 73,357 | n/m | |||||||||||||||||||||||
Total Expenses | 1,475,310 | 744,113 | 731,197 | 98 | % | 2,664,655 | 2,941,135 | (276,480 | ) | -9 | % | |||||||||||||||||||||
Other Income (Loss) | ||||||||||||||||||||||||||||||||
Change in Tax Receivable Agreement Liability | 7,095 | (13 | ) | 7,108 | n/m | 1,887 | 748 | 1,139 | 152 | % | ||||||||||||||||||||||
Net Gains (Losses) from Fund Investment Activities | 80,500 | (104,326 | ) | 184,826 | n/m | 151,564 | (53,450 | ) | 205,014 | n/m | ||||||||||||||||||||||
Total Other Income (Loss) | 87,595 | (104,339 | ) | 191,934 | n/m | 153,451 | (52,702 | ) | 206,153 | n/m | ||||||||||||||||||||||
Income (Loss) Before Provision for Taxes | 1,426,976 | (219,232 | ) | 1,646,208 | n/m | 1,685,332 | 2,761,663 | (1,076,331 | ) | -39 | % | |||||||||||||||||||||
Provision for Taxes | 223,269 | 36,514 | 186,755 | 511 | % | 270,944 | 519,795 | (248,851 | ) | -48 | % | |||||||||||||||||||||
Net Income (Loss) | 1,203,707 | (255,746 | ) | 1,459,453 | n/m | 1,414,388 | 2,241,868 | (827,480 | ) | -37 | % | |||||||||||||||||||||
Net Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities | 17,688 | 25,875 | (8,187 | ) | -32 | % | 10,988 | 30,927 | (19,939 | ) | -64 | % | ||||||||||||||||||||
Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities | 89,436 | (216,707 | ) | 306,143 | n/m | 164,305 | (332 | ) | 164,637 | n/m | ||||||||||||||||||||||
Net Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings | 495,309 | (35,521 | ) | 530,830 | n/m | 552,009 | 1,023,792 | (471,783 | ) | -46 | % | |||||||||||||||||||||
Net Income (Loss) Attributable to Blackstone Inc. | $ | 601,274 | $ | (29,393 | ) | $ | 630,667 | n/m | $ | 687,086 | $ | 1,187,481 | $ | (500,395 | ) | -42 | % | |||||||||||||||
Note: | Totals may not add due to rounding. |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||
Private | Credit & | Hedge Fund | Private | Credit & | Hedge Fund | |||||||||||||||||||||||||||||||||||
Real Estate | Equity | Insurance | Solutions | Total | Real Estate | Equity | Insurance | Solutions | Total | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||
Fee-Earning Assets Under Management | ||||||||||||||||||||||||||||||||||||||||
Balance, Beginning of Period | $ | 287,497,306 | $ | 165,343,505 | $ | 206,622,922 | $ | 72,509,676 | $ | 731,973,409 | $ | 240,621,453 | $ | 160,946,196 | $ | 200,689,825 | $ | 75,685,828 | $ | 677,943,302 | ||||||||||||||||||||
Inflows (a) | 7,114,584 | 1,386,375 | 8,359,487 | 1,129,501 | 17,989,947 | 24,715,819 | 6,030,709 | 12,076,571 | 1,609,920 | 44,433,019 | ||||||||||||||||||||||||||||||
Outflows (b) | (3,832,186 | ) | (121,344 | ) | (4,238,069 | ) | (2,812,145 | ) | (11,003,744 | ) | (3,524,671 | ) | (43,763 | ) | (6,718,805 | ) | (3,205,253 | ) | (13,492,492 | ) | ||||||||||||||||||||
Net Inflows (Outflows) | 3,282,398 | 1,265,031 | 4,121,418 | (1,682,644 | ) | 6,986,203 | 21,191,148 | 5,986,946 | 5,357,766 | (1,595,333 | ) | 30,940,527 | ||||||||||||||||||||||||||||
Realizations (c) | (5,458,381 | ) | (1,593,129 | ) | (3,495,854 | ) | (1,818,203 | ) | (12,365,567 | ) | (8,912,594 | ) | (2,964,236 | ) | (1,764,406 | ) | (461,230 | ) | (14,102,466 | ) | ||||||||||||||||||||
Market Activity (d)(g) | 2,234,918 | 626,828 | 1,118,623 | 570,651 | 4,551,020 | (774,137 | ) | (447,399 | ) | (8,734,222 | ) | (999,644 | ) | (10,955,402 | ) | |||||||||||||||||||||||||
Balance, End of Period (e) | $ | 287,556,241 | $ | 165,642,235 | $ | 208,367,109 | $ | 69,579,480 | $ | 731,145,065 | $ | 252,125,870 | $ | 163,521,507 | $ | 195,548,963 | $ | 72,629,621 | $ | 683,825,961 | ||||||||||||||||||||
Increase (Decrease) | $ | 58,935 | $ | 298,730 | $ | 1,744,187 | $ | (2,930,196 | ) | $ | (828,344 | ) | $ | 11,504,417 | $ | 2,575,311 | $ | (5,140,862 | ) | $ | (3,056,207 | ) | $ | 5,882,659 | ||||||||||||||||
Increase (Decrease) | — | — | 1 | % | -4 | % | — | 5 | % | 2 | % | -3 | % | -4 | % | 1 | % |
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||
Private | Credit & | Hedge Fund | Private | Credit & | Hedge Fund | |||||||||||||||||||||||||||||||||||
Real Estate | Equity | Insurance | Solutions | Total | Real Estate | Equity | Insurance | Solutions | Total | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||
Fee-Earning Assets Under Management | ||||||||||||||||||||||||||||||||||||||||
Balance, Beginning of Period | $ | 281,967,153 | $ | 167,082,852 | $ | 198,162,931 | $ | 71,173,952 | $ | 718,386,888 | $ | 221,476,699 | $ | 156,556,959 | $ | 197,900,832 | $ | 74,034,568 | $ | 649,969,058 | ||||||||||||||||||||
Inflows (a) | 22,830,301 | 3,166,232 | 20,772,421 | 3,188,341 | 49,957,295 | 47,506,860 | 11,480,655 | 25,025,683 | 5,780,000 | 89,793,198 | ||||||||||||||||||||||||||||||
Outflows (b) | (7,573,910 | ) | (265,978 | ) | (8,096,099 | ) | (4,195,147 | ) | (20,131,134 | ) | (7,814,246 | ) | (916,360 | ) | (9,791,052 | ) | (5,787,697 | ) | (24,309,355 | ) | ||||||||||||||||||||
Net Inflows (Outflows) | 15,256,391 | 2,900,254 | 12,676,322 | (1,006,806 | ) | 29,826,161 | 39,692,614 | 10,564,295 | 15,234,631 | (7,697 | ) | 65,483,843 | ||||||||||||||||||||||||||||
Realizations (c) | (9,952,326 | ) | (4,537,047 | ) | (6,727,304 | ) | (2,142,946 | ) | (23,359,623 | ) | (14,204,651 | ) | (5,652,476 | ) | (5,260,345 | ) | (824,097 | ) | (25,941,569 | ) | ||||||||||||||||||||
Market Activity (d)(h) | 285,023 | 196,176 | 4,255,160 | 1,555,280 | 6,291,639 | 5,161,208 | 2,052,729 | (12,326,155 | ) | (573,153 | ) | (5,685,371 | ) | |||||||||||||||||||||||||||
Balance, End of Period (e) | $ | 287,556,241 | $ | 165,642,235 | $ | 208,367,109 | $ | 69,579,480 | $ | 731,145,065 | $ | 252,125,870 | $ | 163,521,507 | $ | 195,548,963 | $ | 72,629,621 | $ | 683,825,961 | ||||||||||||||||||||
Increase (Decrease) | $ | 5,589,088 | $ | (1,440,617 | ) | $ | 10,204,178 | $ | (1,594,472 | ) | $ | 12,758,177 | $ | 30,649,171 | $ | 6,964,548 | $ | (2,351,869 | ) | $ | (1,404,947 | ) | $ | 33,856,903 | ||||||||||||||||
Increase (Decrease) | 2 | % | -1 | % | 5 | % | -2 | % | 2 | % | 14 | % | 4 | % | -1 | % | -2 | % | 5 | % | ||||||||||||||||||||
Annualized Base Management Fee Rate (f) | 0.99 | % | 1.08 | % | 0.65 | % | 0.75 | % | 0.89 | % | 1.00 | % | 1.07 | % | 0.60 | % | 0.78 | % | 0.88 | % |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||
Private | Credit & | Hedge Fund | Private | Credit & | Hedge Fund | |||||||||||||||||||||||||||||||||||
Real Estate | Equity | Insurance | Solutions | Total | Real Estate | Equity | Insurance | Solutions | Total | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||
Total Assets Under Management | ||||||||||||||||||||||||||||||||||||||||
Balance, Beginning of Period | $ | 331,797,338 | $ | 287,048,441 | $ | 291,268,846 | $ | 81,178,971 | $ | 991,293,596 | $ | 298,196,783 | $ | 267,956,351 | $ | 266,441,781 | $ | 82,896,827 | $ | 915,491,742 | ||||||||||||||||||||
Inflows (a) | 7,890,788 | 8,538,940 | 12,303,318 | 1,382,156 | 30,115,202 | 48,878,703 | 20,240,070 | 17,133,155 | 2,006,897 | 88,258,825 | ||||||||||||||||||||||||||||||
Outflows (b) | (3,897,907 | ) | (524,953 | ) | (5,612,934 | ) | (2,859,450 | ) | (12,895,244 | ) | (3,841,493 | ) | (557,024 | ) | (6,696,478 | ) | (3,261,271 | ) | (14,356,266 | ) | ||||||||||||||||||||
Net Inflows (Outflows) | 3,992,881 | 8,013,987 | 6,690,384 | (1,477,294 | ) | 17,219,958 | 45,037,210 | 19,683,046 | 10,436,677 | (1,254,374 | ) | 73,902,559 | ||||||||||||||||||||||||||||
Realizations (c) | (5,542,607 | ) | (4,075,035 | ) | (5,601,245 | ) | (1,959,288 | ) | (17,178,175 | ) | (19,846,905 | ) | (5,578,774 | ) | (3,406,173 | ) | (477,605 | ) | (29,309,457 | ) | ||||||||||||||||||||
Market Activity (d)(i) | 2,993,902 | 4,305,963 | 2,222,375 | 498,340 | 10,020,580 | (3,348,660 | ) | (6,174,209 | ) | (8,642,794 | ) | (1,113,440 | ) | (19,279,103 | ) | |||||||||||||||||||||||||
Balance, End of Period (e) | $ | 333,241,514 | $ | 295,293,356 | $ | 294,580,360 | $ | 78,240,729 | $ | 1,001,355,959 | $ | 320,038,428 | $ | 275,886,414 | $ | 264,829,491 | $ | 80,051,408 | $ | 940,805,741 | ||||||||||||||||||||
Increase (Decrease) | $ | 1,444,176 | $ | 8,244,915 | $ | 3,311,514 | $ | (2,938,242 | ) | $ | 10,062,363 | $ | 21,841,645 | $ | 7,930,063 | $ | (1,612,290 | ) | $ | (2,845,419 | ) | $ | 25,313,999 | |||||||||||||||||
Increase (Decrease) | — | 3 | % | 1 | % | -4 | % | 1 | % | 7 | % | 3 | % | -1 | % | -3 | % | 3 | % |
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||
Private | Credit & | Hedge Fund | Private | Credit & | Hedge Fund | |||||||||||||||||||||||||||||||||||
Real Estate | Equity | Insurance | Solutions | Total | Real Estate | Equity | Insurance | Solutions | Total | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||
Total Assets Under Management | ||||||||||||||||||||||||||||||||||||||||
Balance, Beginning of Period | $ | 326,146,904 | $ | 288,902,142 | $ | 279,908,030 | $ | 79,716,001 | $ | 974,673,077 | $ | 279,474,105 | $ | 261,471,007 | $ | 258,622,467 | $ | 81,334,141 | $ | 880,901,720 | ||||||||||||||||||||
Inflows (a) | 24,936,717 | 13,094,945 | 28,892,581 | 3,550,653 | 70,474,896 | 65,922,022 | 29,473,707 | 36,715,840 | 6,022,228 | 138,133,797 | ||||||||||||||||||||||||||||||
Outflows (b) | (7,926,454 | ) | (1,157,421 | ) | (10,363,583 | ) | (4,262,561 | ) | (23,710,019 | ) | (6,137,188 | ) | (1,977,487 | ) | (10,216,436 | ) | (6,029,364 | ) | (24,360,475 | ) | ||||||||||||||||||||
Net Inflows (Outflows) | 17,010,263 | 11,937,524 | 18,528,998 | (711,908 | ) | 46,764,877 | 59,784,834 | 27,496,220 | 26,499,404 | (7,136 | ) | 113,773,322 | ||||||||||||||||||||||||||||
Realizations (c) | (9,966,288 | ) | (12,695,820 | ) | (10,177,938 | ) | (2,289,965 | ) | (35,130,011 | ) | (29,384,688 | ) | (13,304,607 | ) | (8,940,022 | ) | (916,050 | ) | (52,545,367 | ) | ||||||||||||||||||||
Market Activity (d)(j) | 50,635 | 7,149,510 | 6,321,270 | 1,526,601 | 15,048,016 | 10,164,177 | 223,794 | (11,352,358 | ) | (359,547 | ) | (1,323,934 | ) | |||||||||||||||||||||||||||
Balance, End of Period (e) | $ | 333,241,514 | $ | 295,293,356 | $ | 294,580,360 | $ | 78,240,729 | $ | 1,001,355,959 | $ | 320,038,428 | $ | 275,886,414 | $ | 264,829,491 | $ | 80,051,408 | $ | 940,805,741 | ||||||||||||||||||||
Increase (Decrease) | $ | 7,094,610 | $ | 6,391,214 | $ | 14,672,330 | $ | (1,475,272 | ) | $ | 26,682,882 | $ | 40,564,323 | $ | 14,415,407 | $ | 6,207,024 | $ | (1,282,733 | ) | $ | 59,904,021 | ||||||||||||||||||
Increase (Decrease) | 2 | % | 2 | % | 5 | % | -2 | % | 3 | % | 15 | % | 6 | % | 2 | % | -2 | % | 7 | % |
(a) | Inflows include contributions, capital raised, other increases in available capital (recallable capital and increased side-by-side |
(b) | Outflows represent redemptions, client withdrawals and decreases in available capital (expired capital, expense drawdowns and decreased side-by-side |
(c) | Realizations represent 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, 2023, the impact to Fee-Earning Assets Under Management due to foreign exchange rate fluctuations was $366.2 million, $29.0 million, $414.8 million, $(127.7) million and $682.2 million for the Real Estate, Private Equity, Credit & Insurance, Hedge Fund Solutions and Total segments, respectively. For the three months ended June 30, 2022, the impact toFee-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. |
(h) | For the six months ended June 30, 2023, the impact to Fee-Earning Assets Under Management due to foreign exchange rate fluctuations was $1.0 billion, $56.8 million, $729.4 million, $(240.3) million and $1.6 billion for the Real Estate, Private Equity, Credit & Insurance, Hedge Fund Solutions and Total segments, respectively. For the six months ended June 30, 2022, the impact toFee-Earning Assets Under Management due to foreign exchange rate fluctuations was $(3.8) billion, $(1.9) billion and $(5.9) billion for the Real Estate, Credit & Insurance and Total segments, respectively. |
(i) | For the three months ended June 30, 2023, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $444.2 million, $155.3 million, $438.0 million, $(127.7) million and $909.9 million for the Real Estate, Private Equity, Credit & Insurance, Hedge Fund Solutions and Total segments, respectively. For the three months ended June 30, 2022, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $(4.8) billion, $(1.4) billion, $(1.8) billion and $(8.0) billion for the Real Estate, Private Equity, Credit & Insurance and Total segments, respectively. |
(j) | For the six months ended June 30, 2023, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $1.3 billion, $850.6 million, $824.2 million, $(232.7) million and $2.7 billion for the Real Estate, Private Equity, Credit & Insurance, Hedge Fund Solutions and Total segments, respectively. For the six months ended June 30, 2022, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $(6.7) billion, $(1.9) billion, $(2.2) billion and $(10.8) billion for the Real Estate, Private Equity, Credit & Insurance and Total segments, respectively. |
o | Inflows were driven by $3.1 billion from BREDS, primarily due to allocations of insurance capital, $2.8 billion from BREIT, $680.0 million from BPP and co-investment and $484.2 million from BREP andco-investment. |
o | Market appreciation was driven by appreciation of $1.2 billion from BREIT (which reflected $32.0 million of foreign exchange appreciation) and $1.0 billion from BPP and co-investment (which reflected $217.3 million of foreign exchange appreciation). |
o | Realizations were driven by $2.5 billion from BREIT, $1.3 billion from BREDS and $1.1 billion from BREP and co-investment. |
o | Outflows were driven by $3.4 billion from BREIT and $315.7 million from BPP and co-investment, both primarily from repurchases. |
o | Inflows were driven by $801.2 million from BIP, $344.6 million from Tactical Opportunities and $231.5 million from corporate private equity. |
o | Market appreciation was driven by appreciation of $477.0 million from BIP (which reflected $23.4 million of foreign exchange appreciation) and $223.2 million from Strategic Partners. |
o | Realizations were driven by $493.9 million from corporate private equity, $446.1 million from Strategic Partners, $338.4 million from BIP and $309.2 million from Tactical Opportunities. |
o | Outflows were driven by $77.6 million from BTAS and $43.7 million from Tactical Opportunities. |
o | Inflows were driven by $3.2 billion from direct lending, $1.6 billion from liquid credit strategies, $1.2 billion from BIS, $1.2 billion from private placement credit and $571.0 million from asset-based finance. |
o | Market appreciation was driven by appreciation of $874.4 million from direct lending (which reflected $27.2 million of foreign exchange appreciation). |
o | Outflows were driven by $1.8 billion from liquid credit strategies, $1.7 billion from direct lending and $282.6 million from BIS. |
o | Realizations were driven by $1.2 billion from direct lending, $985.9 million from mezzanine funds, $668.7 million from liquid credit strategies and $349.7 million from stressed/distressed strategies. |
o | Outflows were driven by $1.7 billion from commingled products, $630.3 million from customized solutions, and $507.7 million from liquid and specialized solutions. |
o | Realizations were driven by $1.8 billion from liquid and specialized solutions. |
o | Inflows were driven by $819.0 million from liquid and specialized solutions, $191.8 million from customized solutions, and $118.7 million from commingled products. |
o | Market appreciation was driven by appreciation of $329.6 million from customized solutions (which reflected $8.4 million of foreign exchange appreciation), $227.8 million from liquid and specialized solutions (which reflected $35.2 million of foreign exchange depreciation) and $13.3 million from commingled products (which reflected $100.8 million of foreign exchange depreciation). |
o | Inflows were driven by $10.3 billion from BREIT, including $4.5 billion from the Regents of the University of California (“UC Investments”) in the first quarter of 2023, $8.4 billion from BREDS, primarily due to allocations of insurance capital and BREDS IV, and $2.5 billion from BREP and co-investment, primarily from BREP X. |
o | Market appreciation was driven by appreciation of $753.3 million from BREIT (which reflected $63.1 million of foreign exchange appreciation) and $219.4 million from BREP and co-investment (all of which reflected foreign exchange appreciation), partially offset by depreciation of $751.7 million from BPP andco-investment (which reflected $661.3 million of foreign exchange appreciation). |
o | Realizations were driven by $4.9 billion from BREIT, $2.3 billion from BREDS, $1.4 billion from BREP and co-investment and $1.3 billion from BPP andco-investment. |
o | Outflows were driven by $6.8 billion from BREIT and $590.1 million from BPP and co-investment, both primarily from repurchases. |
o | Realizations were driven by $1.6 billion from corporate private equity, $1.2 billion from Tactical Opportunities, $1.1 billion from Strategic Partners and $605.4 million from BIP. |
o | Outflows were driven by $259.0 million from Tactical Opportunities. |
o | Inflows were driven by $1.6 billion from BIP, $908.0 million from Tactical Opportunities and $805.9 million from Strategic Partners. |
o | Market appreciation was driven by appreciation of $319.6 million from Strategic Partners, partially offset by depreciation of $62.7 million from BIP (which reflected $67.5 million of foreign exchange appreciation) and $60.7 million from Tactical Opportunities (which reflected $10.8 million of foreign exchange depreciation). |
o | Inflows were driven by $9.2 billion from liquid credit strategies, $5.2 billion from direct lending, $1.9 billion from asset-based finance, $1.3 billion from private placement credit and $1.2 billion from BIS. |
o | Market appreciation was driven by appreciation of $2.2 billion from liquid credit strategies (which reflected $589.6 million of foreign exchange appreciation) and $1.9 billion from direct lending (which reflected $139.7 million of foreign exchange appreciation). |
o |
o | Realizations were driven by $2.8 billion from direct lending, $1.6 billion from mezzanine funds, $1.1 billion from liquid credit strategies, $620.6 million from stressed/distressed strategies and |
o | Outflows were driven by $1.8 billion from commingled products, $1.4 billion from customized solutions and $1.0 billion from liquid and specialized solutions. |
o | Realizations were driven by $2.1 billion from liquid and specialized solutions. |
o | Inflows were driven by $1.5 billion from liquid and specialized solutions, $1.4 billion from customized solutions and $218.1 million from commingled products. |
o | Market appreciation was driven by appreciation of |
o | Inflows were driven by $3.2 billion from BREDS, primarily due to allocations of insurance capital and fundraising for the co-investment, primarily from fundraising for the seventh European opportunistic fund. |
o | Market appreciation was driven by appreciation of co-investment (which reflected $228.4 million of |
o | co-investment and $879.0 million from BREDS. |
o | Outflows were driven by $3.4 billion from BREIT and $315.8 million from BPP and |
o | Inflows were driven by $5.7 billion from corporate private equity, $1.6 billion from Tactical Opportunities, $713.3 million from BIP and $371.5 million from Strategic Partners. |
o | Market appreciation was driven by appreciation of $2.8 billion from corporate private equity (which reflected $61.5 million of foreign exchange appreciation), $829.4 million from Strategic Partners and $564.3 million from BIP (which reflected $36.8 million of foreign exchange appreciation). |
o | Realizations were driven by $2.3 billion from corporate private equity, $985.2 million from Strategic Partners and $386.0 million from Tactical Opportunities. |
o | Outflows were driven by $241.1 million from corporate private equity, $102.3 million from BTAS, $77.7 million from Strategic Partners and $54.3 million from Tactical Opportunities. |
o | Inflows were driven by $5.7 billion from direct lending, $1.4 billion from our energy strategies, $1.3 billion from asset-based finance, $1.2 billion from BIS, $1.2 billion from private placement credit and $1.2 billion from liquid credit strategies. |
o | Market appreciation was driven by appreciation of $1.1 billion from direct lending (which reflected $48.5 million of foreign exchange appreciation), $655.5 million from liquid credit strategies (which reflected $377.7 million of foreign exchange appreciation) and $270.6 million from mezzanine funds (which reflected $11.0 million of foreign exchange appreciation). |
o | Outflows were driven by $2.4 billion from direct lending, $2.0 billion from liquid credit strategies, $558.4 million from stressed/distressed strategies and $306.8 million from BIS. |
o | Realizations were driven by $2.4 billion from direct lending, $1.6 billion from mezzanine funds, $668.7 million from liquid credit strategies and $493.5 million from stressed/distressed strategies. |
o | Outflows were driven by $1.7 billion from commingled products, $630.5 million from customized solutions and $551.4 million from liquid and specialized solutions. |
o | Realizations were driven by $1.9 billion from liquid and specialized solutions. |
o | Inflows were driven by $1.1 billion from liquid and specialized solutions, $157.2 million from customized solutions and $129.0 million from commingled products. |
o | Market appreciation was driven by appreciation of $320.4 million from customized solutions (which reflected $8.4 million of foreign exchange appreciation) and $147.9 million from liquid and specialized solutions (which reflected $35.2 million of foreign exchange depreciation). |
o | Inflows were driven by $10.4 billion from BREDS, primarily due to allocations of insurance capital and fundraising for the fifth real estate debt strategies fund, $10.3 billion from BREIT, including $4.5 billion from UC Investments in the first quarter of 2023, and $3.4 billion from BREP and co-investment, primarily from BREP X and the seventh European opportunistic fund. |
o | Market appreciation was primarily driven by appreciation of $753.3 million from BREIT (which reflected $63.1 million of foreign exchange appreciation) and $28.5 million from BREP and co-investment (which reflected $430.4 million of foreign exchange appreciation), partially offset by depreciation of $746.2 million from BPP andco-investment (which reflected $691.5 million of foreign exchange appreciation). |
o | Realizations were driven by $4.9 billion from BREIT, $2.1 billion from BREP and co-investment, $1.6 billion from BREDS and $1.4 billion from BPP andco-investment. |
o | Outflows were driven by $6.8 billion from BREIT repurchases and $603.0 million from BPP and co-investment, primarily from repurchases. |
o | Inflows were driven by $7.2 billion from corporate private equity, $2.4 billion from BIP, $1.8 billion from Tactical Opportunities and $1.3 billion from Strategic Partners. |
o | Market appreciation was driven by appreciation of $5.0 billion from corporate private equity (which reflected $583.2 million of foreign exchange appreciation), $1.4 billion from Strategic Partners (which reflected $17.6 million of foreign exchange depreciation) and $682.8 million Tactical Opportunities (which reflected $161.5 million of foreign exchange appreciation). |
o | Realizations were driven by $6.9 billion from corporate private equity, $2.6 billion from Strategic Partners and $2.3 billion from Tactical Opportunities. |
o | Outflows were driven by $455.6 million from corporate private equity, $298.0 million from Strategic Partners and $233.5 million from Tactical Opportunities. |
o | Inflows were driven by $12.0 billion from direct lending, $7.8 billion from liquid credit strategies, $3.2 billion from asset-based finance, $2.7 billion from our energy strategies and $1.3 billion from private placement credit. |
o | Market appreciation was driven by appreciation of $2.5 billion from direct lending (which reflected $154.2 million of foreign exchange appreciation), $2.4 billion from liquid credit strategies (which reflected $624.2 million of foreign exchange appreciation), $456.3 million from mezzanine funds (which reflected $41.2 million of foreign exchange appreciation) and $374.6 million from MLP strategies. |
o | Outflows were driven by $4.6 billion from liquid credit strategies, $3.7 billion from direct lending, $579.4 million from stressed/distressed strategies and $511.1 million from MLP strategies. |
o | Realizations were driven by $4.3 billion from direct lending, $2.8 billion from mezzanine funds, $1.1 billion from liquid credit strategies, $935.8 million from our energy strategies and $810.4 million from stressed/distressed strategies. |
o | Outflows were driven by $1.8 billion from commingled products, $1.4 billion from customized solutions and $1.1 billion from liquid and specialized solutions. |
o | Realizations were driven by $2.2 billion from liquid and specialized solutions. |
o | Inflows were driven by $1.9 billion from liquid and specialized solutions, $1.4 billion from customized solutions and $274.6 million from commingled products. |
o | Market appreciation was driven by appreciation of $710.3 million from liquid and specialized solutions (which reflected $31.9 million of foreign exchange depreciation), $559.7 million from customized solutions (which reflected $155.0 million of foreign exchange depreciation) and $256.6 million from commingled products (which reflected $45.9 million of foreign exchange depreciation). |
Note: | Totals may not add due to rounding. |
(a) | Represents illiquid drawdown funds, a component of Perpetual Capital and fee-paying co-investments; includes
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