Blackstone (BX) 10-Q 8 Nov 19 2019 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2019	Nov. 01, 2019
Document Information [Line Items]
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001393818
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Entity Registrant Name	Blackstone Group Inc
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock
Trading Symbol	BX
Security Exchange Name	NYSE
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	001-33551
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-8875684
Entity Address, Address Line One	345 Park Avenue
Local Phone Number	583-5000
Entity Address, State or Province	NY
Entity Address, City or Town	New York
City Area Code	212
Entity Address, Postal Zip Code	10154
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		659,349,978
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1
Common Class C [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
Assets
Cash and Cash Equivalents		$ 2,468,563	$ 2,207,841
Cash Held by Blackstone Funds and Other		375,981	337,320
Investments (including assets pledged of $211,235 and $279,502 at September 30, 2019 and December 31, 2018, respectively)		22,204,460	20,377,031
Accounts Receivable		755,777	636,238
Due from Affiliates		2,464,163	1,994,123
Intangible Assets, Net		415,257	468,507
Goodwill		1,869,860	1,869,860
Other Assets		402,670	294,248
Right-of-Use Assets		490,882
Deferred Tax Assets		938,158	739,482
Total Assets		32,385,771	28,924,650
Liabilities and Equity
Loans Payable		11,270,245	9,951,862
Due to Affiliates		984,969	1,035,776
Accrued Compensation and Benefits		3,623,258	2,942,128
Securities Sold, Not Yet Purchased		87,051	142,617
Repurchase Agreements		163,059	222,202
Operating Lease Liabilities		558,253
Accounts Payable, Accrued Expenses and Other Liabilities		1,069,475	875,979
Total Liabilities		17,756,310	15,170,564
Commitments and Contingencies
Redeemable Non-Controlling Interests in Consolidated Entities		93,667	141,779
Stockholders' Equity of The Blackstone Group L.P. Partners' CapitalInc.
The Blackstone Group L.P. Partners' Capital (663,212,830 common units issued and outstanding as of December 31, 2018)			6,415,700
Additional Paid-in-Capital		6,292,765
Retained Earnings		456,814
Accumulated Other Comprehensive Loss		(35,173)	(36,476)
Total Stockholders' Equity of The Blackstone Group Inc.		6,714,413	6,379,224
Non-Controlling Interests in Consolidated Entities		4,035,513	3,648,766
Non-Controlling Interests in Blackstone Holdings		3,785,868	3,584,317
Total Equity		14,535,794	13,612,307
Total Liabilities and Equity		32,385,771	$ 28,924,650
Common Class A [Member]
Stockholders' Equity of The Blackstone Group L.P. Partners' CapitalInc.
Common Stock, Value, Issued		7
Total Equity	[1]	7
Common Class B [Member]
Stockholders' Equity of The Blackstone Group L.P. Partners' CapitalInc.
Common Stock, Value, Issued
Common Class C [Member]
Stockholders' Equity of The Blackstone Group L.P. Partners' CapitalInc.
Common Stock, Value, Issued
[1]	Following the conversion to a corporation, Blackstone also has one share outstanding of each of Class B and Class C common stock, with par value of each less than one cent. After initial issuance, there have been no changes to the amounts related to Class B and Class C common stock during the period presented.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
Investments assets pledged		$ 211,235	$ 279,502
Partners' Capital, common units: issued			663,212,830
Partners' Capital, common units: outstanding			663,212,830
Common Class A [Member]
Common stock par value		$ 0.00001
Common shares authorized		90,000,000,000
Common shares issued		666,257,305
Common shares outstanding	[1]	666,257,305
Common Class B [Member]
Common stock par value		$ 0.00001
Common shares authorized		999,999,000
Common shares issued		1
Common shares outstanding		1
Common Class C [Member]
Common stock par value		$ 0.00001
Common shares authorized		1,000
Common shares issued		1
Common shares outstanding		1
Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets		$ 9,076,060	$ 8,890,745
Liabilities		7,263,579	7,177,062
Consolidated Blackstone Funds | Repurchase Agreements | Variable Interest Entity, Primary Beneficiary
Liabilities		163,059	222,202
Consolidated Blackstone Funds | Loans Payable | Variable Interest Entity, Primary Beneficiary
Liabilities		6,492,685	6,480,711
Securities Sold, Not Yet Purchased | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Liabilities		62,467	92,603
Investments | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets		8,472,399	8,363,669
Accounts Receivable | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets		219,161	179,863
Cash Held by Funds and Other | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets		375,981	337,030
Due from Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets		7,069	6,303
Other Assets | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets		1,450	3,880
Due to Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Liabilities		191,438	129,370
Accounts Payable, Accrued Expenses and Other Liabilities | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Liabilities		$ 353,930	$ 252,176
[1]	Following the conversion to a corporation, Blackstone also has one share outstanding of each of Class B and Class C common stock, with par value of each less than one cent. After initial issuance, there have been no changes to the amounts related to Class B and Class C common stock during the period presented.

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Performance Allocations
Realized	$ 446,550	$ 592,103	$ 1,021,445	$ 1,365,119
Unrealized	176,370	299,238	998,101	1,367,678
Principal Investments
Realized	74,642	134,619	292,943	305,961
Unrealized	15,391	52,840	147,090	268,082
Total Investment Income	712,953	1,078,800	2,459,579	3,306,840
Interest and Dividend Revenue	42,482	48,604	130,252	124,062
Other	93,273	9,368	86,403	625,394
Total Revenues	1,735,113	1,926,580	5,246,790	6,328,281
Expenses
Compensation and Benefits Compensation	462,766	419,285	1,372,684	1,236,167
Incentive Fee Compensation	5,419	7,251	19,711	23,656
Performance Allocations Compensation
Realized	155,663	200,442	367,883	498,902
Unrealized	94,907	178,184	446,440	622,610
Total Compensation and Benefits	718,755	805,162	2,206,718	2,381,335
General, Administrative and Other	171,067	168,813	492,437	441,354
Interest Expense	53,362	41,355	138,960	119,346
Fund Expenses	4,036	2,302	12,509	74,909
Total Expenses	947,220	1,017,632	2,850,624	3,016,944
Other Income
Reduction of Tax Receivable Agreement Liability	174,606		174,606
Net Gains from Fund Investment Activities	48,450	66,838	239,906	250,956
Total Other Income	223,056	66,838	414,512	250,956
Income Before Provision for Taxes	1,010,949	975,786	2,810,678	3,562,293
Provision (Benefit) for Taxes	(156,786)	26,798	(76,895)	220,024
Net Income	1,167,735	948,988	2,887,573	3,342,269
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	(8)	2,569	3,567	2,199
Net Income Attributable to Non-Controlling Interests in Consolidated Entities	88,406	143,101	355,983	427,678
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings	299,900	360,576	961,490	1,359,736
Net Income Attributable to The Blackstone Group Inc.	$ 779,437	$ 442,742	$ 1,566,533	$ 1,552,656
Net Income Per Share of Class A Common Stock
Basic	$ 1.15	$ 0.65	$ 2.32	$ 2.28
Diluted	$ 1.15	$ 0.64	$ 2.32	$ 2.27
Weighted-Average Shares of Class A Common Stock Outstanding
Basic	675,963,129	682,435,177	674,714,040	679,598,629
Diluted	676,219,758	1,205,877,983	674,979,047	1,209,113,244
Management and Advisory Fees, Net
Revenues
Revenues	$ 878,151	$ 780,009	$ 2,528,255	$ 2,230,242
Incentive Fees
Revenues
Revenues	$ 8,254	$ 9,799	$ 42,301	$ 41,743

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net Income	$ 1,167,735	$ 948,988	$ 2,887,573	$ 3,342,269
Other Comprehensive Income (Loss), Net of Tax - Currency Translation Adjustment	(13,507)	(7,412)	2,429	(33,660)
Comprehensive Income	1,154,228	941,576	2,890,002	3,308,609
Less: Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	(8)	2,569	3,567	2,199
Comprehensive Income Attributable to Non-Controlling Interests in Consolidated Entities	88,406	143,101	355,983	425,288
Comprehensive Income Attributable to Non-Controlling Interests in Blackstone Holdings	294,024	331,850	962,616	1,331,010
Comprehensive Income Attributable to The Blackstone Group Inc.	$ 771,806	$ 464,056	$ 1,567,836	$ 1,550,112

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands		Total	Class A Common Stock		Common Units		Additional Paid-in Capital		Retained Earnings	[1]	Accumulated Other Comprehensive Income (Loss)		Parent		Noncontrolling InterestConsolidated Entities	Noncontrolling InterestBlackstone Holdings
Beginning Balance at Dec. 31, 2017		$ 13,512,147			$ 6,668,511						$ (34,018)		$ 6,634,493		$ 3,253,148	$ 3,624,506
Beginning Balance, Units at Dec. 31, 2017					659,526,093
Transfer Out Due to Deconsolidation of Fund Entities		(197,091)													(197,091)
Net Income (Loss)		3,340,070			$ 1,552,656								1,552,656		427,678	1,359,736
Currency Translation Adjustment		(33,660)									(2,544)		(2,544)		(2,390)	(28,726)
Capital Contributions		617,345													617,345
Capital Distributions		(2,709,234)			(1,202,488)								(1,202,488)		(446,431)	(1,060,315)
Transfer of Non-Controlling Interests in Consolidated Entities		20,876
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders		12,143			12,143								12,143
Equity-Based Compensation		277,439			154,764								154,764			122,675
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units		(21,460)			$ (17,885)								(17,885)			(3,575)
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units, Units					4,036,359
Repurchase of Common Units and Blackstone Holdings Partnership Units		(290,066)			$ (290,066)								(290,066)
Repurchase of Common Units and Blackstone Holdings Partnership Units, Units					(8,200,000)
Change in The Blackstone Group Inc.'s Ownership Interest		(32,436)			$ 32,436								32,436			(32,436)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units					$ 89,038								89,038			(89,038)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units					13,298,024
Issuance of Blackstone Common Units, Units					750,739
Ending Balance at Sep. 30, 2018		$ 14,553,479			$ 7,024,079						(36,562)		6,987,517		3,673,135	3,892,827
Ending Balance, Units at Sep. 30, 2018		669,411,215			669,411,215
Beginning Balance at Dec. 31, 2017		$ 210,944
Net Income (Loss)		2,199
Capital Contributions		2,980
Capital Distributions		(62,619)
Ending Balance at Sep. 30, 2018		153,504
Beginning Balance at Jun. 30, 2018		14,476,797			$ 7,105,225						(57,876)		7,047,349		3,492,621	3,936,827
Beginning Balance, Units at Jun. 30, 2018					673,544,082
Net Income (Loss)		946,419			$ 442,742								442,742		143,101	360,576
Currency Translation Adjustment		(7,412)									21,314		21,314			(28,726)
Capital Contributions		193,213													193,213
Capital Distributions		(927,937)			(395,718)								(395,718)		(154,468)	(377,751)
Transfer of Non-Controlling Interests in Consolidated Entities		(1,332)													(1,332)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders		1,221			1,221								1,221
Equity-Based Compensation		97,020			54,245								54,245			42,775
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units		$ (6,129)			(3,389)								(3,389)			(2,740)
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units, Units		1,003,987
Repurchase of Common Units and Blackstone Holdings Partnership Units		$ (218,381)			(218,381)
Repurchase of Common Units and Blackstone Holdings Partnership Units, Units		(6,000,000)
Change in The Blackstone Group Inc.'s Ownership Interest					31,601								31,601			(31,601)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units					6,533								6,533			(6,533)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units		863,146
Ending Balance at Sep. 30, 2018		$ 14,553,479			$ 7,024,079						(36,562)		6,987,517		3,673,135	3,892,827
Ending Balance, Units at Sep. 30, 2018		669,411,215			669,411,215
Beginning Balance at Jun. 30, 2018		$ 158,799
Net Income (Loss)		2,569
Capital Contributions		1,880
Capital Distributions		(9,744)
Ending Balance at Sep. 30, 2018		153,504
Issuance of Blackstone Common Units		24,970			$ 24,970								24,970
Beginning Balance at Dec. 31, 2018		13,612,307			$ 6,415,700	[1]					(36,476)	[1]	6,379,224	[1]	3,648,766	3,584,317
Beginning Balance, Units at Dec. 31, 2018	[1]				663,212,830
Net Income (Loss)		2,884,006			$ 787,096	[1]			$ 779,437				1,566,533	[1]	355,983	961,490
Currency Translation Adjustment		2,429									1,303	[1]	1,303	[1]		1,126
Capital Contributions		526,916													526,916
Capital Distributions		(2,287,594)			(639,210)	[1]			(322,623)				(961,833)	[1]	(493,723)	(832,038)
Transfer of Non-Controlling Interests in Consolidated Entities		(2,429)													(2,429)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders		(25,039)			5,016	[1]	$ (30,055)	[1]					(25,039)	[1]
Equity-Based Compensation		323,415			101,200	[1]	79,845	[1]					181,045	[1]		142,370
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units		(19,148)			$ (10,613)	[1]	(8,529)	[1]					(19,142)	[1]		(6)
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units, Units	[1]		887,507		1,853,730
Repurchase of Common Units and Blackstone Holdings Partnership Units		(479,069)			$ (325,214)	[1]	(153,855)	[1]					(479,069)	[1]
Repurchase of Common Units and Blackstone Holdings Partnership Units, Units	[1]		(3,150,000)		(8,100,000)
Change in The Blackstone Group Inc.'s Ownership Interest		11,294			$ (23,270)	[1]	11,976	[1]					(11,294)	[1]		11,294
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units					$ 25,192	[1]	57,493	[1]					82,685	[1]		(82,685)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units	[1]		7,931,429		3,621,809
Reclassifications Resulting from Conversion to a Corporation	[1]		$ 7		$ (6,335,897)		6,335,890
Reclassifications Resulting from Conversion to Corporation Shares	[1]		660,588,369		(660,588,369)
Equity, Ending Balance at Sep. 30, 2019		14,535,794	$ 7	[1]			6,292,765	[1]	456,814		(35,173)	[1]	6,714,413	[1]	4,035,513	3,785,868
Equity, Ending Balance (Shares) at Sep. 30, 2019	[1]		666,257,305
Beginning Balance at Dec. 31, 2018		141,779
Net Income (Loss)		3,567
Capital Distributions		(51,679)
Ending Balance at Sep. 30, 2019		93,667
Beginning Balance at Jun. 30, 2019		13,963,776			$ 6,335,897	[1]					(27,542)	[1]	6,308,355	[1]	3,869,303	3,786,118
Beginning Balance, Units at Jun. 30, 2019	[1]				660,588,369
Net Income (Loss)		1,167,743							779,437				779,437	[1]	88,406	299,900
Currency Translation Adjustment		(13,507)									(7,631)	[1]	(7,631)	[1]		(5,876)
Capital Contributions		237,640													237,640
Capital Distributions		(768,888)							(322,623)				(322,623)	[1]	(158,703)	(287,562)
Transfer of Non-Controlling Interests in Consolidated Entities		(1,133)													(1,133)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders		(30,055)					(30,055)	[1]					(30,055)	[1]
Equity-Based Compensation		142,602					79,845	[1]					79,845	[1]		62,757
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units		(8,529)					(8,529)	[1]					(8,529)	[1]
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units, Units	[1]		887,507
Repurchase of Common Units and Blackstone Holdings Partnership Units		(153,855)					(153,855)	[1]					(153,855)	[1]
Repurchase of Common Units and Blackstone Holdings Partnership Units, Units	[1]		(3,150,000)
Change in The Blackstone Group Inc.'s Ownership Interest							11,976	[1]					11,976	[1]		(11,976)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units							57,493	[1]					57,493	[1]		(57,493)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units	[1]		7,931,429
Reclassifications Resulting from Conversion to a Corporation	[1]		$ 7		$ (6,335,897)		6,335,890
Reclassifications Resulting from Conversion to Corporation Shares	[1]		660,588,369		(660,588,369)
Equity, Ending Balance at Sep. 30, 2019		14,535,794	$ 7	[1]			$ 6,292,765	[1]	$ 456,814		$ (35,173)	[1]	$ 6,714,413	[1]	$ 4,035,513	$ 3,785,868
Equity, Ending Balance (Shares) at Sep. 30, 2019	[1]		666,257,305
Beginning Balance at Jun. 30, 2019		101,310
Net Income (Loss)		(8)
Capital Distributions		(7,635)
Ending Balance at Sep. 30, 2019		$ 93,667
[1]	Following the conversion to a corporation, Blackstone also has one share outstanding of each of Class B and Class C common stock, with par value of each less than one cent. After initial issuance, there have been no changes to the amounts related to Class B and Class C common stock during the period presented.

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Changes in Equity (Parenthetical)	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Common Class B [Member]
Conversion Of Stocks	one share outstanding	one share outstanding
Common Class C [Member]
Conversion Of Stocks	one share outstanding	one share outstanding

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating Activities
Net Income	$ 2,887,573	$ 3,342,269
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities Blackstone Funds Related
Net Realized Gains on Investments	(1,340,914)	(1,740,100)
Changes in Unrealized Gains on Investments	(257,207)	(343,488)
Non-Cash Performance Allocations	(998,101)	(1,367,678)
Non-Cash Performance Allocations and Incentive Fee Compensation	826,701	1,137,152
Equity-Based Compensation Expense	331,826	282,733
Amortization of Intangibles	53,250	43,460
Other Non-Cash Amounts Included in Net Income	(451,894)	110,103
Cash Flows Due to Changes in Operating Assets and Liabilities
Cash Acquired with Consolidation of Fund Entity		31,422
Cash Relinquished with Deconsolidation of Fund Entities		(899,959)
Accounts Receivable	(8,973)	(118,225)
Due from Affiliates	(448,962)	(343,696)
Other Assets	(85,412)	(53,689)
Accrued Compensation and Benefits	(153,980)	(345,264)
Securities Sold, Not Yet Purchased	(61,406)	15,893
Accounts Payable, Accrued Expenses and Other Liabilities	(89,159)	(293,314)
Repurchase Agreements	(59,144)	80,647
Due to Affiliates	26,809	44,987
Investments Purchased	(6,468,249)	(11,609,707)
Cash Proceeds from Sale of Investments	7,670,471	10,686,644
Net Cash Provided by (Used in) Operating Activities	1,373,229	(1,339,810)
Investing Activities
Purchase of Furniture, Equipment and Leasehold Improvements	(49,141)	(8,760)
Net Cash Used in Investing Activities	(49,141)	(8,760)
Financing Activities
Distributions to Non-Controlling Interest Holders in Consolidated Entities	(545,383)	(503,060)
Contributions from Non-Controlling Interest Holders in Consolidated Entities	520,040	615,561
Payments Under Tax Receivable Agreement	(84,640)
Net Settlement of Vested Class A Common Stock and Repurchase of Class A Common Stock and Blackstone Holdings Partnership Units	(498,217)	(311,526)
Proceeds from Loans Payable	1,551,410	3,218,399
Repayment and Repurchase of Loans Payable	(177,610)	(1,007,479)
Dividends/Distributions to Shareholders and Unitholders	(1,793,871)	(2,262,803)
Net Cash Provided by (Used in) Financing Activities	(1,028,271)	(250,908)
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other	3,566	9,513
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other
Net Increase (Decrease)	299,383	(1,589,965)
Beginning of Period	2,545,161	3,936,489
End of Period	2,844,544	2,346,524
Supplemental Disclosure of Cash Flows Information
Payments for Interest	124,437	126,963
Payments for Income Taxes	67,867	136,686
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Non-Cash Contributions from Non-Controlling Interest Holders	4,496
Non-Cash Distributions to Non-Controlling Interest Holders	(18)	(5,924)
Notes Issuance Costs	12,159
Transfer of Interests to Non-Controlling Interest Holders	(2,429)	20,876
Change in The Blackstone Group Inc.'s Ownership Interest	(11,294)	32,436
Net Settlement of Vested Class A Common Stock	99,079	131,857
Conversion of Blackstone Holdings Units to Class A Common Stock	82,685	89,038
Acquisition of Ownership Interests from Non-Controlling Interest Holders Deferred Tax Asset	(41,005)	(80,942)
Due to Affiliates	66,043	68,799
Equity	$ (25,039)	12,143
Issuance of New Shares/Units		$ 24,970

Condensed Consolidated Statem_8

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Cash and Cash Equivalents	$ 2,468,563	$ 2,207,841
Cash Held by Blackstone Funds and Other	375,981	337,320
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other	$ 2,844,544	$ 2,545,161	$ 2,346,524	$ 3,936,489

Organization

Organization	9 Months Ended
	Sep. 30, 2019
Organization	1. Organization Effective July 1, 2019, The Blackstone Group L.P. (the “Partnership”) converted from a Delaware limited partnership to a Delaware corporation, The Blackstone Group Inc. (the “Conversion”). This report includes the results for the Partnership prior to the Conversion and The Blackstone Group Inc. following the Conversion. In this report, references to “Blackstone” or the “Corporation” refer to (a) The Blackstone Group Inc. and its consolidated subsidiaries following the Conversion and (b) the Partnership and its consolidated subsidiaries prior to the Conversion. All references to shares or per share amounts prior to the Conversion refer to units or per unit amounts. Unless otherwise noted, all references to shares or per share amounts following the Conversion refer to shares or per share amounts of Class A common stock. All references to dividends prior to the Conversion refer to distributions. As a result of the Conversion, the financial impact to the condensed consolidated financial statements contained herein consist of (a) a partial step-up Blackstone, together with its subsidiaries, is one of the largest independent managers of private capital in the world. Blackstone’s alternative asset management business includes the management of private equity funds, real estate funds, real estate investment trusts (“REITs”), funds of hedge funds, hedge funds, credit-focused funds, collateralized loan obligation (“CLO”) vehicles, separately managed accounts and registered investment companies (collectively referred to as the “Blackstone Funds”). Blackstone’s business is organized into segments: Real Estate, Private Equity, Hedge Fund Solutions and Credit. Blackstone was formed on March 12, 2007, and, until the Conversion, was managed and operated by Blackstone Group Management L.L.C., which is in turn wholly owned by Blackstone’s senior managing directors and controlled by one of Blackstone’s founders, Stephen A. Schwarzman (the “Founder”). Following the Conversion, the Corporation’s equity consists of shares of Class A, B and C common stock. Blackstone Partners L.L.C. is the sole holder of the single share of Class B common stock outstanding and Blackstone Group Management L.L.C. is the sole holder of the single share of Class C common stock outstanding. See Note 15. “Earnings Per Share and Stockholder’s Equity”. The activities of Blackstone are conducted through its holding partnerships: Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. (collectively, “Blackstone Holdings”, “Blackstone Holdings Partnerships” or the “Holding Partnerships”). Blackstone, through its wholly owned subsidiaries, is the sole general partner in each of these Holding Partnerships. Generally, holders of the limited partner interests in the Holding Partnerships may, four times each year, exchange their limited partnership interests (“Partnership Units”) for Blackstone Class A common stock, on a one-to-one

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Blackstone have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q. 10-K The condensed consolidated financial statements include the accounts of Blackstone, its wholly owned or majority-owned subsidiaries, the consolidated entities which are considered to be variable interest entities and for which Blackstone is considered the primary beneficiary, and certain partnerships or similar entities which are not considered variable interest entities but in which the general partner is determined to have control. All intercompany balances and transactions have been eliminated in consolidation. Restructurings within consolidated CLOs are treated as investment purchases or sales, as applicable, in the Condensed Consolidated Statements of Cash Flows. Consolidation Blackstone consolidates all entities that it controls through a majority voting interest or otherwise, including those Blackstone Funds in which the general partner has a controlling financial interest. Blackstone has a controlling financial interest in Blackstone Holdings because the limited partners do not have the right to dissolve the partnerships or have substantive kick-out non-controlling In addition, Blackstone consolidates all variable interest entities (“VIE”) in which it is the primary beneficiary. An enterprise is determined to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (a) whether an entity in which Blackstone holds a variable interest is a VIE and (b) whether Blackstone’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests, would give it a controlling financial interest. Performance of that analysis requires the exercise of judgment. Blackstone determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a variable interest entity and continuously reconsiders that conclusion. In determining whether Blackstone is the primary beneficiary, Blackstone evaluates its control rights as well as economic interests in the entity held either directly or indirectly by Blackstone. The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that Blackstone is not the primary beneficiary, a quantitative analysis may also be performed. Investments and redemptions (either by Blackstone, affiliates of Blackstone or third parties) or amendments to the governing documents of the respective Blackstone Funds could affect an entity’s status as a VIE or the determination of the primary beneficiary. At each reporting date, Blackstone assesses whether it is the primary beneficiary and will consolidate or deconsolidate accordingly. Assets of consolidated VIEs that can only be used to settle obligations of the consolidated VIE and liabilities of a consolidated VIE for which creditors (or beneficial interest holders) do not have recourse to the general credit of Blackstone are presented in a separate section in the Condensed Consolidated Statements of Financial Condition. Blackstone’s other disclosures regarding VIEs are discussed in Note 9. “Variable Interest Entities”. Revenue Recognition Revenues primarily consist of management and advisory fees, incentive fees, investment income, interest and dividend revenue and other. Management and advisory fees and incentive fees are accounted for as contracts with customers. Under the guidance for contracts with customers, an entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. See Note 19. “Segment Reporting” for a disaggregated presentation of revenues from contracts with customers. Investment Income represents the unrealized and realized gains and losses on Blackstone’s Performance Allocations and Principal Investments. Interest and Dividend Revenue comprises primarily interest and dividend income earned on principal investments held by Blackstone. Other Revenue consists of miscellaneous income and foreign exchange gains and losses arising on transactions denominated in currencies other than U.S. dollars. Management and Advisory Fees, Net Blackstone earns base management fees from limited partners of funds in each of its managed funds, at a fixed percentage of assets under management, net asset value, total assets, committed capital or invested capital. These customer contracts require Blackstone to provide investment management services, which represents a performance obligation that Blackstone satisfies over time. Management fees are a form of variable consideration because the fees Blackstone is entitled to vary based on fluctuations in the basis for the management fee. The amount recorded as revenue is generally determined at the end of the period because these management fees are payable on a regular basis (typically quarterly) and are not subject to clawback once paid. Transaction, advisory and other fees (including monitoring fees) are principally fees charged to the limited partners of funds indirectly through the managed funds and portfolio companies. The investment advisory agreements generally require that the investment adviser reduce the amount of management fees payable by the limited partners to Blackstone (“management fee reductions”) by an amount equal to a portion of the transaction and other fees paid to Blackstone by the portfolio companies. The amount of the reduction varies by fund, the type of fee paid by the portfolio company and the previously incurred expenses of the fund. These fees and associated management fee reductions are a component of the transaction price for Blackstone’s performance obligation to provide investment management services to the limited partners of funds and are recognized as changes to the transaction price in the period in which they are charged and the services are performed. Management fee offsets are reductions to management fees payable by the limited partners of the Blackstone Funds, which are based on the amount such limited partners reimburse the Blackstone Funds or Blackstone primarily for placement fees. Providing investment management services requires Blackstone to arrange for services on behalf of its customers. In those situations where Blackstone is acting as an agent on behalf of the limited partners of funds, it presents the cost of services as net against management fee revenue. In all other situations, Blackstone is primarily responsible for fulfilling the services and is therefore acting as a principal for those arrangements. As a result, the cost of those services is presented gross as Compensation or General, Administrative and Other expense, as appropriate, with any reimbursement from the limited partners of the funds recorded as Management and Advisory Fees, Net. Accrued but unpaid Management and Advisory Fees, net of management fee reductions and management fee offsets, as of the reporting date are included in Accounts Receivable or Due from Affiliates in the Condensed Consolidated Statements of Financial Condition. Incentive Fees Investment Income (Loss) In certain fund structures across private equity, real estate, hedge fund solutions and credit-focused funds (“carry funds”), Blackstone, through its subsidiaries, invests alongside its limited partners in a partnership and is entitled to its pro-rata “pro-rata pro-rata Performance Allocations are made to the general partner based on cumulative fund performance to date, subject to a preferred return to limited partners. At the end of each reporting period, Blackstone calculates the balance of accrued Performance Allocations (“Accrued Performance Allocations”) that would be due to Blackstone for each fund, pursuant to the fund agreements, as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. Accrued Performance Allocations as of the reporting date are reflected in Investments in the Condensed Consolidated Statements of Financial Condition. Performance Allocations are realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the preferred return or, in limited instances, after certain thresholds for return of capital are met. Performance Allocations are subject to clawback to the extent that the Performance Allocation received to date exceeds the amount due to Blackstone based on cumulative results. As such, the accrual for potential repayment of previously received Performance Allocations, which is a component of Due to Affiliates, represents all amounts previously distributed to Blackstone Holdings and non-controlling Principal Investments include the unrealized and realized gains and losses on Blackstone’s principal investments, including its investments in Blackstone Funds that are not consolidated and receive pro-rata Interest and Dividend Revenue Other Revenue Fair Value of Financial Instruments GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: ● Level I – Quoted prices are available in active markets for identical financial instruments as of the reporting date. The types of financial instruments in Level I include listed equities, listed derivatives and mutual funds with quoted prices. Blackstone does not adjust the quoted price for these investments, even in situations where Blackstone holds a large position and a sale could reasonably impact the quoted price. ● Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Financial instruments which are generally included in this category include corporate bonds and loans, including corporate bonds and loans held within CLO vehicles, government and agency securities, less liquid and restricted equity securities, and certain over-the-counter ● Level III – Pricing inputs are unobservable for the financial instruments and includes situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category generally include general and limited partnership interests in private equity and real estate funds, credit-focused funds, distressed debt and non-investment over-the-counter In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Blackstone’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. Level II Valuation Techniques Financial instruments classified within Level II of the fair value hierarchy comprise debt instruments, including certain corporate loans and bonds held by Blackstone’s consolidated CLO vehicles and debt securities sold, not yet purchased. Certain equity securities and derivative instruments valued using observable inputs are also classified as Level II. The valuation techniques used to value financial instruments classified within Level II of the fair value hierarchy are as follows: ● Debt Instruments and Equity Securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments and various relationships between investments. The valuation of certain equity securities is based on an observable price for an identical security adjusted for the effect of a restriction. ● Freestanding Derivatives are valued using contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads. ● Senior and subordinate notes issued by CLO vehicles are classified based on the more observable fair value of CLO assets less (a) the fair value of any beneficial interests held by Blackstone, and (b) the carrying value of any beneficial interests that represent compensation for services. Level III Valuation Techniques In the absence of observable market prices, Blackstone values its investments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist; management’s determination of fair value is then based on the best information available in the circumstances, and may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for non-performance Real Estate Investments – Private Equity Investments – Credit-Focused Investments The market approach is generally used to determine the enterprise value of the issuer of a credit investment, and considers valuation multiples of comparable companies or transactions. The resulting enterprise value will dictate whether or not such credit investment has adequate enterprise value coverage. In cases of distressed credit instruments, the market approach may be used to estimate a recovery value in the event of a restructuring. Investments, at Fair Value The Blackstone Funds are accounted for as investment companies under the American Institute of Certified Public Accountants Accounting and Auditing Guide, Investment Companies Blackstone’s principal investments are presented at fair value with unrealized appreciation or depreciation and realized gains and losses recognized in the Condensed Consolidated Statements of Operations within Investment Income (Loss). For certain instruments, Blackstone has elected the fair value option. Such election is irrevocable and is applied on an investment by investment basis at initial recognition. Blackstone has applied the fair value option for certain loans and receivables and certain investments in private debt securities that otherwise would not have been carried at fair value with gains and losses recorded in net income. The methodology for measuring the fair value of such investments is consistent with the methodology applied to private equity, real estate, credit-focused and funds of hedge funds investments. Changes in the fair value of such instruments are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. Interest income on interest bearing loans and receivables and debt securities on which the fair value option has been elected is based on stated coupon rates adjusted for the accretion of purchase discounts and the amortization of purchase premiums. This interest income is recorded within Interest and Dividend Revenue. Blackstone has elected the fair value option for the assets of consolidated CLO vehicles. As permitted under GAAP, Blackstone measures the liabilities of consolidated CLO vehicles as (a) the sum of the fair value of the consolidated CLO assets and the carrying value of any non-financial Non-Controlling non-consolidated Blackstone has elected the fair value option for certain proprietary investments that would otherwise have been accounted for using the equity method of accounting. The fair value of such investments is based on quoted prices in an active market or using the discounted cash flow method. Changes in fair value are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. Further disclosure on instruments for which the fair value option has been elected is presented in Note 7. “Fair Value Option”. The investments of consolidated Blackstone Funds in funds of hedge funds (“Investee Funds”) are valued at net asset value (“NAV”) per share of the Investee Fund. In limited circumstances, Blackstone may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, Blackstone will estimate the fair value in good faith and in a manner that it reasonably chooses, in accordance with the requirements of GAAP. Certain investments of Blackstone and of the consolidated Blackstone funds of hedge funds and credit-focused funds measure their investments in underlying funds at fair value using NAV per share without adjustment. The terms of the investee’s investment generally provide for minimum holding periods or lock-ups, Security and loan transactions are recorded on a trade date basis. Equity Method Investments Investments in which Blackstone is deemed to exert significant influence, but not control, are accounted for using the equity method of accounting except in cases where the fair value option has been elected. Blackstone has significant influence over all Blackstone Funds in which it invests but does not consolidate. Therefore, its investments in such Blackstone Funds, which include both a proportionate and disproportionate allocation of the profits and losses (as is the case with carry funds that include a Performance Allocation), are accounted for under the equity method. Under the equity method of accounting, Blackstone’s share of earnings (losses) from equity method investments is included in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. In cases where Blackstone’s equity method investments provide for a disproportionate allocation of the profits and losses (as is the case with carry funds that include a Performance Allocation), Blackstone’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period, Blackstone calculates the Accrued Performance Allocations that would be due to Blackstone for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner, or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. The carrying amounts of equity method investments are reflected in Investments in the Condensed Consolidated Statements of Financial Condition. Results from Blackstone’s investments in Strategic Partners funds are reported on a three month lag. Compensation and Benefits Compensation and Benefits Compensation Compensation and Benefits — Incentive Fee Compensation — Compensation and Benefits — Performance Allocations Compensation — in-kind). Reverse Repurchase and Repurchase Agreements Securities purchased under agreements to resell (“reverse repurchase agreements”) and securities sold under agreements to repurchase (“repurchase agreements”), comprised primarily of U.S. and non-U.S. Blackstone manages credit exposure arising from reverse repurchase agreements and repurchase agreements by, in appropriate circumstances, entering into master netting agreements and collateral arrangements with counterparties that provide Blackstone, in the event of a counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. Blackstone takes possession of securities purchased under reverse repurchase agreements and is permitted to repledge, deliver or otherwise use such securities. Blackstone also pledges its financial instruments to counterparties to collateralize repurchase agreements. Financial instruments pledged that can be repledged, delivered or otherwise used by the counterparty are recorded in Investments in the Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to repurchase agreements are discussed in Note 10. “Repurchase Agreements”. Blackstone does not offset assets and liabilities relating to reverse repurchase agreements and repurchase agreements in its Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to offsetting are discussed in Note 11. “Offsetting of Assets and Liabilities”. Securities Sold, Not Yet Purchased Securities Sold, Not Yet Purchased consist of equity and debt securities that Blackstone has borrowed and sold. Blackstone is required to “cover” its short sale in the future by purchasing the security at prevailing market prices and delivering it to the counterparty from which it borrowed the security. Blackstone is exposed to loss in the event that the price at which a security may have to be purchased to cover a short sale exceeds the price at which the borrowed security was sold short. Securities Sold, Not Yet Purchased are recorded at fair value in the Condensed Consolidated Statements of Financial Condition. Derivative Instruments Blackstone recognizes all derivatives as assets or liabilities on its Condensed Consolidated Statements of Financial Condition at fair value. On the date Blackstone enters into a derivative contract, it designates and documents each derivative contract as one of the following: (a) a hedge of a recognized asset or liability (“fair value hedge”), (b) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), (c) a hedge of a net investment in a foreign operation, or (d) a derivative instrument not designated as a hedging instrument (“freestanding derivative”). For a fair value hedge, Blackstone records changes in the fair value of the derivative and, to the extent that it is highly effective, changes in the fair value of the hedged asset or liability attributable to the hedged risk, in current period earnings in General, Administrative and Other in the Condensed Consolidated Statements of Operations. Changes in the fair value of derivatives designated as hedging instruments caused by factors other than changes in the risk being hedged, which are excluded from the assessment of hedge effectiveness, are recognized in current period earnings. Gains or losses on a derivative instrument that is designated as, and is effective as, an economic hedge of a net investment in a foreign operation are reported in the cumulative translation adjustment section of other comprehensive income to the extent it is effective as a hedge. The ineffective portion of a net investment hedge is recognized in current period earnings. Blackstone formally documents at inception its hedge relationships, including identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and Blackstone’s evaluation of effectiveness of its hedged transaction. At least monthly, Blackstone also formally assesses whether the derivative it designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in estimated fair values or cash flows of the hedged items using either the regression analysis or the dollar offset method. For net investment hedges, Blackstone uses a method based on changes in spot rates to measure effectiveness. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued. Blackstone may also at any time remove a designation of a fair value hedge. The fair values of hedging derivative instruments are reflected within Other Assets in the Condensed Consolidated Statements of Financial Condition. For freestanding derivative contracts, Blackstone presents changes in fair value in current period earnings. Changes in the fair value of derivative instruments held by consolidated Blackstone Funds are reflected in Net Gains from Fund Investment Activities or, where derivative instruments are held by Blackstone, within Investment Income (Loss) in the Condensed Consolidated Statements of Operations. The fair value of freestanding derivative assets of the consolidated Blackstone Funds are recorded within Investments, the fair value of freestanding derivative assets that are not part of the consolidated Blackstone Funds are recorded within Other Assets and the fair value of freestanding derivative liabilities are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition. Blackstone has elected to not offset derivative assets and liabilities or financial assets in its Condensed Consolidated Statements of Financial Condition, including cash, that may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement is in place that provides Blackstone, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. Blackstone’s other disclosures regarding derivative financial instruments are discussed in Note 6. “Derivative Financial Instruments”. Blackstone’s disclosures regarding offsetting are discussed in Note 11. “Offsetting of Assets and Liabilities”. Leases Blackstone determines if an arrangement is a lease at inception of the arrangement. Blackstone primarily enters into operating leases, as the lessee, for office space. Operating leases are included in Right-of-Use Certain leases include lease and nonlease components, which are accounted for as one single lease component. Occupancy lease agreements, in addition to contractual rent payments, generally include additional payments for certain costs incurred by the landlord, such as building expenses and utilities. To the extent these are fixed or determinable, they are included as part of the minimum lease payments used to measure the Operating Lease Liability. Operating lease expense associated with minimum lease payments is recognized on a straight-line basis over the lease term. When additional payments are based on usage or vary based on other factors, they are expensed when incurred as variable lease expense. Minimum lease payments for leases with an initial term of twelve months or less are not recorded on the Condensed Consolidated Statement of Financial Condition. Blackstone recognizes lease expense for these leases on a straight-line basis over the lease term. Affiliates Blackstone considers its Founder, senior managing directors, employees, the Blackstone Funds and the Portfolio Companies to be affiliates. Dividends Dividends are reflected in the condensed consolidated financial statements when declared. Recent Accounting Developments In February 2016, the Financial Accounting Standards Board issued amended guidance on the accounting for leases. The new guidance was effective for Blackstone beginning January 1, 2019 and was adopted on a modified retrospective basis. Blackstone elected to apply the guidance to each lease that had commenced as of the adoption date. As a result, periods prior to January 1, 2019 are presented in accordance with previous GAAP. Blackstone also elected a package of practical expedients which resulted in no requirement to reassess (a) whether any expired or existing contracts are or contain leases, (b) the lease classification for any expired or existing leases and (c) the recognition requirements for initial direct costs for any existing leases. Blackstone also elected a practical expedient to account for lease and nonlease components as a single lease component. Short-term leases, which have a stated lease term of twelve months or less, have been excluded from the Operating Lease Liability and ROU Assets as a result of a policy election made by Blackstone. The guidance requires the recognition of lease assets and lease liabilities for those leases previously classified as operating leases and it retains a distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are similar, but not identical, to the classification criteria for distinguishing between capital leases and operating leases under previous GAAP. For operating leases, a lessee is required to do the following: (a) recognize a right-of-use In June 2016, the FASB issued amended guidance on how to measure credit losses for most financial assets. The guidance requires entities to recognize their estimate of lifetime expected credit losses based on reasonable and supportable forecasts, current conditions, and historical experience. The g

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2019
Intangible Assets	3. Intangible Assets Intangible Assets, Net consists of the following: September 30, December 31, 2019 2018 Finite-Lived Intangible Assets / Contractual Rights $ 1,712,576 $ 1,712,576 Accumulated Amortization (1,297,319 ) (1,244,069 ) Intangible Assets, Net $ 415,257 $ 468,507 Amortization expense associated with Blackstone’s intangible assets was $17.7 million and $53.2 million for the three and nine month periods ended September 30, 2019, respectively, and $14.5 million and $43.5 million for the three and nine month periods ended September 30, 2018, respectively. Amortization of Intangible Assets held at September 30, 2019 is expected to be $71.0 million, $71.0 million, $71.0 million, $63.3 million, and $34.3 million for each of the years ending December 31, 2019, 2020, 2021, 2022 and 2023, respectively. Blackstone’s intangible assets as of September 30, 2019 are expected to amortize over a weighted-average period of 8.1 years.

Investments

Investments	9 Months Ended
	Sep. 30, 2019
Investments	4. Investments Investments consist of the following: September 30, December 31, 2019 2018 Investments of Consolidated Blackstone Funds $ 8,481,233 $ 8,376,338 Equity Method Investments Partnership Investments 3,864,453 3,649,423 Accrued Performance Allocations 7,003,889 5,883,924 Corporate Treasury Investments 2,588,529 2,206,493 Other Investments 266,356 260,853 $ 22,204,460 $ 20,377,031 Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $361.5 million and $366.5 million at September 30, 2019 and December 31, 2018, respectively. Investments of Consolidated Blackstone Funds The following table presents the Realized and Net Change in Unrealized Gains (Losses) on investments held by the consolidated Blackstone Funds and a reconciliation to Other Income – Net Gains from Fund Investment Activities in the Condensed Consolidated Statements of Operations: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Realized Gains $ 9,620 $ 23,475 $ 11,906 $ 57,853 Net Change in Unrealized Gains (Losses) (2,143 ) 415 110,117 75,378 Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds 7,477 23,890 122,023 133,231 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 40,973 42,948 117,883 117,725 Other Income — Net Gains from Fund Investment Activities $ 48,450 $ 66,838 $ 239,906 $ 250,956 Equity Method Investments Blackstone’s equity method investments include Partnership Investments, which represent the pro-rata non-controlling Blackstone evaluates each of its equity method investments, excluding Accrued Performance Allocations, to determine if any were significant as defined by guidance from the United States Securities and Exchange Commission. As of and for the nine months ended September 30, 2019 and 2018, no individual equity method investment held by Blackstone met the significance criteria. As such, Blackstone is not required to present separate financial statements for any of its equity method investments. Partnership Investments Blackstone recognized net gains related to its Partnership Investments accounted for under the equity method of $82.0 million and $137.6 million for the three months ended September 30, 2019 and 2018, respectively. Blackstone recognized net gains related to its equity method investments of $309.7 million and $465.6 million for the nine months ended September 30, 2019 and 2018, respectively. Accrued Performance Allocations Accrued Performance Allocations to Blackstone were as follows: Real Private Hedge Fund Estate Equity Solutions Credit Total Accrued Performance Allocations, December 31, 2018 $ 2,853,261 $ 2,642,119 $ 22,921 $ 365,623 $ 5,883,924 Performance Allocations as a Result of Changes in Fund Fair Values 1,294,846 645,646 71,222 97,860 2,109,574 Foreign Exchange Loss (32,358 ) — — — (32,358 ) Fund Distributions (487,558 ) (436,941 ) (1,635 ) (31,117 ) (957,251 ) Accrued Performance Allocations, September 30, 2019 $ 3,628,191 $ 2,850,824 $ 92,508 $ 432,366 $ 7,003,889 Corporate Treasury Investments The portion of corporate treasury investments included in Investments represents Blackstone’s investments into primarily fixed income securities, mutual fund interests, and other fund interests. These strategies are managed by a combination of Blackstone personnel and third party advisors. The following table presents the Realized and Net Change in Unrealized Gains (Losses) on these investments: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Realized Gains (Losses) $ 2,644 $ (2,504 ) $ 25,944 $ 4,609 Net Change in Unrealized Gains (Losses) 6,142 14,691 55,359 (205 ) $ 8,786 $ 12,187 $ 81,303 $ 4,404 Other Investments Other Investments consist primarily of proprietary investment securities held by Blackstone. Other Investments include equity investments without readily determinable fair values which have a carrying value of $48.8 million as of September 30, 2019. The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in Other Investments: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Realized Gains $ 1 $ 30,618 $ 45,728 $ 46,937 Net Change in Unrealized Gains 278 3,683 7,067 49,094 $ 279 $ 34,301 $ 52,795 $ 96,031

Net Asset Value as Fair Value

Net Asset Value as Fair Value	9 Months Ended
	Sep. 30, 2019
Net Asset Value as Fair Value	5. Net Asset Value as Fair Value A summary of fair value by strategy type alongside the remaining unfunded commitments and ability to redeem such investments as of September 30, 2019 is presented below: Redemption Unfunded Frequency Redemption Strategy Fair Value Commitments (if currently eligible) Notice Period Diversified Instruments $ 220,534 $ 126 (a) (a) Credit Driven 82,891 268 (b) (b) Equity 6,274 — (c) (c) Commodities 1,709 — (d) (d) $ 311,408 $ 394 (a) Diversified Instruments include investments in funds that invest across multiple strategies. Investments representing 3% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. The remaining 97% of investments in this category are redeemable as of the reporting date. (b) The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. Investments representing 26% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. The remaining 74% of investments in this category are redeemable as of the reporting date. (c) The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Investments representing 100% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. As of the reporting date, the investee fund manager had elected to side-pocket 70% of Blackstone’s investments in the category. (d) The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. Investments representing 100% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2019
Derivative Financial Instruments	6. Derivative Financial Instruments Blackstone and the consolidated Blackstone Funds enter into derivative contracts in the normal course of business to achieve certain risk management objectives and for general investment purposes. Blackstone may enter into derivative contracts in order to hedge its interest rate risk exposure against the effects of interest rate changes. Additionally, Blackstone may also enter into derivative contracts in order to hedge its foreign currency risk exposure against the effects of a portion of its non-U.S. Net Investment Hedges Blackstone uses foreign currency forward contracts to hedge portions of Blackstone’s net investments in foreign operations. The gains and losses due to change in fair value attributable to changes in spot exchange rates on foreign currency derivatives designated as net investment hedges were recognized in Other Comprehensive Income, Net of Tax — Currency Translation Adjustment. Freestanding Derivatives Freestanding derivatives are instruments that Blackstone and certain of the consolidated Blackstone Funds have entered into as part of their overall risk management and investment strategies. These derivative contracts are not designated as hedging instruments for accounting purposes. Such contracts may include interest rate swaps, foreign exchange contracts, equity swaps, options, futures and other derivative contracts. The table below summarizes the aggregate notional amount and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts. September 30, 2019 December 31, 2018 Assets Liabilities Assets Liabilities Fair Fair Fair Fair Notional Value Notional Value Notional Value Notional Value Freestanding Derivatives Blackstone Interest Rate Contracts $ 952,693 $ 87,024 $ 476,734 $ 74,250 $ 798,137 $ 43,632 $ 844,620 $ 39,164 Foreign Currency Contracts 52,959 934 210,065 961 224,841 1,286 245,371 1,636 Credit Default Swaps 2,533 93 25,807 968 — — 34,060 4,004 Investments of Foreign Currency Contracts 122,633 2,920 — — 108,271 524 16,952 164 Interest Rate Contracts — — 33,000 2,734 — — 10,000 311 Credit Default Swaps 12,151 319 54,186 1,621 20,952 55 46,685 5,710 Total Return Swaps 4,566 18 26,744 449 — — 31,440 1,855 Other 1 138 1 26 — — — — $ 1,147,536 $ 91,446 $ 826,537 $ 81,009 $ 1,152,201 $ 45,497 $ 1,229,128 $ 52,844 The table below summarizes the impact to the Condensed Consolidated Statements of Operations from derivative financial instruments: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Net Investment Hedges - Foreign Currency Contracts Hedge Ineffectiveness $ — $ — $ — $ (8 ) Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ (1,784 ) $ 401 $ (4,448 ) $ 2,471 Foreign Currency Contracts (815 ) 3,583 (669 ) 11,821 Credit Default Swaps 455 (333 ) 2,446 (841 ) Total Return Swaps (207 ) (37 ) (602 ) 137 Other (61 ) — (193 ) — $ (2,412 ) $ 3,614 $ (3,466 ) $ 13,588 Net Change in Unrealized Gains (Losses) Interest Rate Contracts $ 20,804 $ 7,076 $ 9,649 $ 7,037 Foreign Currency Contracts 2,676 (5,248 ) 2,885 (7,520 ) Credit Default Swaps (6 ) 2,368 3,641 2,856 Total Return Swaps (64 ) (173 ) 1,307 (121 ) Other (46 ) (99 ) 19 (99 ) $ 23,364 $ 3,924 $ 17,501 $ 2,153 As of September 30, 2019 and December 31, 2018, Blackstone had not designated any derivatives as cash flow hedges.

Fair Value Option

Fair Value Option	9 Months Ended
	Sep. 30, 2019
Fair Value Option	7. Fair Value Option The following table summarizes the financial instruments for which the fair value option has been elected: September 30, December 31, 2019 2018 Assets Loans and Receivables $ 290,136 $ 304,173 Equity and Preferred Securities 226,115 390,095 Debt Securities 530,314 529,698 Assets of Consolidated CLO Vehicles Corporate Loans 6,888,906 6,766,700 Other 988 — $ 7,936,459 $ 7,990,666 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes Loans Payable $ 6,450,548 $ 6,473,233 Due to Affiliates 55,217 3,201 Subordinated Notes Loans Payable 41,849 7,478 Due to Affiliates 46,397 52,811 $ 6,594,011 $ 6,536,723 The following tables present the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected: Three Months Ended September 30, 2019 2018 Net Change Net Change Realized in Unrealized Realized in Unrealized Gains (Losses) Gains (Losses) Gains (Losses) Gains (Losses) Assets Loans and Receivables $ (918 ) $ 1,540 $ — $ — Equity and Preferred Securities — (1,759 ) — 20,329 Debt Securities 472 (7,426 ) (2,461 ) 325 Assets of Consolidated CLO Vehicles Corporate Loans (2,406 ) (33,427 ) (3,030 ) (14,095 ) $ (2,852 ) $ (41,072 ) $ (5,491 ) $ 6,559 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ — $ 12,749 $ — $ — Subordinated Notes — 23,024 — 36,021 $ — $ 35,773 $ — $ 36,021 Nine Months Ended September 30, 2019 2018 Realized Gains (Losses) Net Change in Unrealized Gains (Losses) Realized Gains (Losses) Net Change in Unrealized Gains (Losses) Assets Loans and Receivables $ (2,749 ) $ (1,117 ) $ — $ — Equity and Preferred Securities 9,908 20,539 — 18,462 Debt Securities (2,888 ) 9,323 (1,634 ) (1,973 ) Assets of Consolidated CLO Vehicles Corporate Loans (16,806 ) 128,350 (7,429 ) (21,134 ) Corporate Bonds — — (24,056 ) 9,693 Other — 350 — 6 $ (12,535 ) $ 157,445 $ (33,119 ) $ 5,054 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ — $ (32,144 ) $ — $ — Subordinated Notes — (27,957 ) — 96,481 $ — $ (60,101 ) $ — $ 96,481 The following table presents information for those financial instruments for which the fair value option was elected: September 30, 2019 December 31, 2018 For Financial Assets For Financial Assets Past Due (a) Past Due (a) Excess Excess Excess Excess of Fair Value Fair of Fair Value of Fair Value Fair of Fair Value Over Principal Value Over Principal Over Principal Value Over Principal Loans and Receivables $ 520 $ — $ — $ 2,421 $ — $ — Debt Securities (14,857 ) — — (26,660 ) — — Assets of Consolidated CLO Vehicles Corporate Loans (190,295 ) — — (301,085 ) — — $ (204,632 ) $ — $ — $ (325,324 ) $ — $ — (a) Corporate Loans within CLO assets are classified as past due if contractual payments are more than one day past due. As of September 30, 2019 and December 31, 2018, no Loans and Receivables for which the fair value option was elected were past due or in non-accrual non-accrual

Fair Value Measurements of Fina

Fair Value Measurements of Financial Instruments	9 Months Ended
	Sep. 30, 2019
Fair Value Measurements of Financial Instruments	8. Fair Value Measurements of Financial Instruments The following tables summarize the valuation of Blackstone’s financial assets and liabilities by the fair value hierarchy: September 30, 2019 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents - Money Market Funds and Short-Term Investments $ 666,147 $ — $ — $ — $ 666,147 Investments Investments of Consolidated Blackstone Funds (a) Investment Funds — — — 28,378 28,378 Equity Securities 30,252 47,820 231,898 — 309,970 Partnership and LLC Interests — 10,859 399,356 — 410,215 Debt Instruments — 749,698 89,683 — 839,381 Freestanding Derivatives Foreign Currency Contracts — 2,920 — — 2,920 Credit Default Swaps — 319 — — 319 Total Return Swaps — 18 — — 18 Other — 138 — — 138 Assets of Consolidated CLO Vehicles Corporate Loans — 6,436,248 452,658 — 6,888,906 Other — — 988 — 988 Total Investments of Consolidated Blackstone Funds 30,252 7,248,020 1,174,583 28,378 8,481,233 Corporate Treasury Investments Equity Securities 418,845 — — — 418,845 Debt Instruments 494,889 1,380,171 18,182 — 1,893,242 Other — — 776 275,666 276,442 Total Corporate Treasury Investments 913,734 1,380,171 18,958 275,666 2,588,529 Other Investments 189,000 — 21,205 7,364 217,569 Total Investments 1,132,986 8,628,191 1,214,746 311,408 11,287,331 Accounts Receivable - Loans and Receivables — — 290,136 — 290,136 Other Assets Freestanding Derivatives Interest Rate Contracts 619 86,405 — — 87,024 Foreign Currency Contracts — 934 — — 934 Credit Default Swaps — 93 — — 93 Total Other Assets 619 87,432 — — 88,051 $ 1,799,752 $ 8,715,623 $ 1,504,882 $ 311,408 $ 12,331,665 September 30, 2019 Level I Level II Level III Total Liabilities Loans Payable - Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 6,450,548 $ — $ 6,450,548 Subordinated Notes (b) — 41,849 — 41,849 Total Loans Payable — 6,492,397 — 6,492,397 Due to Affiliates - Liabilities of Consolidated CLO Senior Secured Notes (b) — 55,217 — 55,217 Subordinated Notes (b) — 46,397 — 46,397 Total Due to Affiliates — 101,614 — 101,614 Securities Sold, Not Yet Purchased 22,285 64,766 — 87,051 Accounts Payable, Accrued Expenses and Other Liabilities Liabilities of Consolidated Blackstone Funds - Freestanding Derivatives (a) Credit Default Swaps — 1,621 — 1,621 Total Return Swaps — 449 — 449 Interest Rate Swaps — 2,734 — 2,734 Other — 26 — 26 Total Liabilities of Consolidated Blackstone Funds — 4,830 — 4,830 Freestanding Derivatives Interest Rate Contracts 297 73,953 — 74,250 Foreign Currency Contracts — 961 — 961 Credit Default Swaps — 968 — 968 Total Freestanding Derivatives 297 75,882 — 76,179 Total Accounts Payable, Accrued Expenses and Other Liabilities 297 80,712 — 81,009 $ 22,582 $ 6,739,489 $ — $ 6,762,071 December 31, 2018 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents - Money Market Funds and Short-Term Investments $ 623,526 $ — $ — $ — $ 623,526 Investments Investments of Consolidated Blackstone Funds (a) Investment Funds — — — 80,726 80,726 Equity Securities 42,937 34,946 201,566 — 279,449 Partnership and LLC Interests — 7,170 355,273 — 362,443 Debt Instruments — 752,622 133,819 — 886,441 Freestanding Derivatives Foreign Currency Contracts — 524 — — 524 Credit Default Swaps — 55 — — 55 Assets of Consolidated CLO Vehicles Corporate Loans — 6,093,342 673,358 — 6,766,700 Total Investments of Consolidated Blackstone Funds 42,937 6,888,659 1,364,016 80,726 8,376,338 Corporate Treasury Investments Equity Securities 233,834 — — — 233,834 Debt Instruments 243,297 1,444,968 24,568 — 1,712,833 Other — — — 259,826 259,826 Total Corporate Treasury Investments 477,131 1,444,968 24,568 259,826 2,206,493 Other Investments 176,432 — 31,617 7,581 215,630 Total Investments 696,500 8,333,627 1,420,201 348,133 10,798,461 Accounts Receivable - Loans and Receivables — — 304,173 — 304,173 Other Assets Freestanding Derivatives Interest Rate Contracts 1,274 42,358 — — 43,632 Foreign Currency Contracts — 1,286 — — 1,286 Total Other Assets 1,274 43,644 — — 44,918 $ 1,321,300 $ 8,377,271 $ 1,724,374 $ 348,133 $ 11,771,078 December 31, 2018 Level I Level II Level III Total Liabilities Loans Payable - Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 6,473,233 $ — $ 6,473,233 Subordinated Notes (b) — 7,478 — 7,478 Total Loans Payable — 6,480,711 — 6,480,711 Due to Affiliates - Liabilities of Consolidated CLO Senior Secured Notes (b) — 3,201 — 3,201 Subordinated Notes (b) — 52,811 — 52,811 Total Due to Affiliates — 56,012 — 56,012 Securities Sold, Not Yet Purchased 35,959 106,658 — 142,617 Accounts Payable, Accrued Expenses and Other Liabilities Liabilities of Consolidated Blackstone Funds - Freestanding Derivatives (a) Foreign Currency Contracts — 164 — 164 Credit Default Swaps — 5,710 — 5,710 Total Return Swaps — 1,855 — 1,855 Interest Rate Swaps — 311 — 311 Total Liabilities of Consolidated Blackstone Funds — 8,040 — 8,040 Freestanding Derivatives Interest Rate Contracts 3,080 36,084 — 39,164 Foreign Currency Contracts — 1,636 — 1,636 Credit Default Swaps — 4,004 — 4,004 Total Freestanding Derivatives 3,080 41,724 — 44,804 Total Accounts Payable, Accrued Expenses and Other Liabilities 3,080 49,764 — 52,844 $ 39,039 $ 6,693,145 $ — $ 6,732,184 (a) Pursuant to GAAP consolidation guidance, Blackstone is required to consolidate all VIEs in which it has been identified as the primary beneficiary, including certain CLO vehicles and other funds in which a consolidated entity of Blackstone, such as the general partner of the fund, has a controlling financial interest. While Blackstone is required to consolidate certain funds, including CLO vehicles, for GAAP purposes, Blackstone has no ability to utilize the assets of these funds and there is no recourse to Blackstone for their liabilities since these are client assets and liabilities. (b) Senior and subordinated notes issued by CLO vehicles are classified based on the more observable fair value of CLO assets less (1) the fair value of any beneficial interests held by Blackstone, and (2) the carrying value of any beneficial interests that represent compensation for services. The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of September 30, 2019: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Financial Assets Investments of Consolidated Equity Securities $ 186,041 Discounted Cash Flows Discount Rate 7.3% - 32.1% 13.1% Revenue CAGR -3.1% - 26.6% 9.9% Book Value Multiple 0.9x - 9.5x 6.0x EBITDA Multiple 1.1x - 12.9x 11.2x Exit Capitalization Rate 7.3% - 11.4% 8.6% Exit Multiple - EBITDA 0.1x - 19.7x 10.3x Exit Multiple - NOI 13.7x N/A Exit Multiple - P/E 17.0x N/A 1,350 Market Comparable Companies Book Value Multiple 1.1x N/A Dollar/Acre Multiple $7.0 N/A 28,091 Other N/A N/A N/A 16,207 Transaction Price N/A N/A N/A 209 Third Party Pricing N/A N/A N/A Partnership and LLC Interests 341,116 Discounted Cash Flows Discount Rate 2.6% - 26.5% 9.4% Revenue CAGR -3.4% - 27.5% 17.9% EBITDA Multiple 14.3x N/A Exit Capitalization Rate 2.7% - 25.0% 5.7% Exit Multiple - EBITDA 4.0x - 36.7x 12.2x Exit Multiple - NOI 13.0x N/A 3,074 Market Comparable Companies Book Value Multiple 1.2x N/A Dollar/Acre Multiple $12.0 N/A 1,901 Other N/A N/A N/A 290 Third Party Pricing N/A N/A N/A 52,975 Transaction Price N/A N/A N/A Debt Instruments 8,486 Discounted Cash Flows Discount Rate 7.1% - 51.2% 12.5% Exit Capitalization Rate 5.5% - 8.0% 6.7% Exit Multiple - EBITDA 6.5x - 12.5x 8.6x 79,677 Third Party Pricing N/A N/A N/A 1,520 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 40 Discounted Cash Flows Discount Rate 4.7% N/A 453,606 Third Party Pricing N/A N/A N/A Total Investments of Consolidated Blackstone Funds 1,174,583 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Corporate Treasury Investments $ 10,199 Discounted Cash Flows Discount Rate 3.4% - 7.5% 5.9% Default Rate 2.0% N/A Pre-payment 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 11.5% - 70.0% 67.9% Reinvestment Rate LIBOR + 400 bps N/A 776 Market Comparable Companies EBITDA Multiple 6.7x N/A 7,983 Third Party Pricing N/A N/A N/A Loans and Receivables 290,136 Discounted Cash Flows Discount Rate 6.2% - 8.3% 6.6% Other Investments 21,205 Discounted Cash Flows Discount Rate 0.9% - 18.7% 3.0% Default Rate 2.0% N/A Pre-payment 20.0% N/A Recovery Lag 12 M N/A Recovery Rate 70.0% N/A Reinvestment Rate LIBOR + 400 bps N/A $ 1,504,882 The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of December 31, 2018: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 138,725 Discounted Cash Flows Discount Rate 7.1% - 26.1% 12.6% Revenue CAGR -0.8% - 32.4% 6.6% Book Value Multiple 0.9x - 9.5x 8.3x Exit Capitalization Rate 5.0% - 11.4% 8.0% Exit Multiple - EBITDA 0.1x - 17.5x 10.3x Exit Multiple - NOI 12.8x N/A Exit Multiple - P/E 17.0x N/A 21,050 Market Comparable Companies Book Value Multiple 0.8x - 8.0x 1.3x Dollar/Acre Multiple $7.0 - $44.1 $32.9 21,492 Other N/A N/A N/A 20,250 Transaction Price N/A N/A N/A 49 Third Party Pricing N/A N/A N/A Partnership and LLC Interests 295,251 Discounted Cash Flows Discount Rate 4.1% - 26.5% 9.7% Revenue CAGR -1.1% - 48.4% 26.9% Book Value Multiple 8.5x - 9.3x 9.2x Exit Capitalization Rate 2.9% - 15.0% 6.3% Exit Multiple - EBITDA 0.1x - 15.3x 10.0x Exit Multiple - NOI 13.3x N/A 9,444 Market Comparable Companies Book Value Multiple 1.1x N/A Dollar/Acre Multiple $5.3 - $12.0 $7.5 9,390 Other N/A N/A N/A 41,188 Transaction Price N/A N/A N/A Debt Instruments 8,342 Discounted Cash Flows Discount Rate 7.0% - 19.3% 9.8% Revenue CAGR 0.7% N/A Exit Multiple - EBITDA 6.5x N/A 120,843 Third Party Pricing N/A N/A N/A 4,634 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 41 Discounted Cash Flows Discount Rate 5.0% N/A 673,317 Third Party Pricing N/A N/A N/A Total Investments of Consolidated Blackstone Funds 1,364,016 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Corporate Treasury Investments $ 7,947 Discounted Cash Flows Discount Rate 4.4% - 7.5% 6.6% Default Rate 2.0% N/A Pre-payment 20.0% N/A Recovery Lag 12 Months - 13 Months Recovery Rate 17.5% - 70.0% 67.7% Reinvestment Rate LIBOR + 400 bps N/A 16,621 Third Party Pricing N/A N/A N/A Loans and Receivables 304,173 Discounted Cash Flows Discount Rate 6.1% - 12.8% 8.7% Other Investments 26,631 Discounted Cash Flows Discount Rate 1.0% - 15.0% 2.8% Default Rate 2.0% N/A Pre-payment 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 70.0% N/A Reinvestment Rate LIBOR + 400 bps N/A 4,986 Transaction Price N/A N/A N/A $ 1,724,374 N/A Not applicable. CAGR Compound annual growth rate. EBITDA Earnings before interest, taxes, depreciation and amortization. Exit Multiple Ranges include the last twelve months EBITDA, forward EBITDA and price/earnings exit multiples. LIBOR London Interbank Offered Rate NOI Net operating income. P/E Price-earnings ratio. 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. The significant unobservable inputs used in the fair value measurement of corporate treasury investments, debt instruments and other investments as of the reporting date are discount rates, default rates, recovery rates, recovery lag, pre-payment pre-payment pre-payment The significant unobservable inputs used in the fair value measurement of equity securities, partnership and limited liability company (“LLC”) interests, debt instruments, assets of consolidated CLO vehicles and loans and receivables are discount rates, exit capitalization rates, exit multiples, EBITDA multiples and revenue compound annual growth rates. Increases (decreases) in any of discount rates and exit capitalization rates in isolation could have resulted in a lower (higher) fair value measurement. Increases (decreases) in any of exit multiples and revenue compound annual growth rates in isolation could have resulted in a higher (lower) fair value measurement. Since December 31, 2018, there have been no changes in valuation techniques within Level II and Level III that have had a material impact on the valuation of financial instruments. The following tables summarize the changes in financial assets and liabilities measured at fair value for which Blackstone has used Level III inputs to determine fair value and does not include gains or losses that were reported in Level III in prior years or for instruments that were transferred out of Level III prior to the end of the respective reporting period. Total realized and unrealized gains and losses recorded for Level III investments are reported in either Investment Income (Loss) or Net Gains from Fund Investment Activities in the Condensed Consolidated Statements of Operations. Level III Financial Assets at Fair Value Three Months Ended September 30, 2019 2018 Investments Investments of Loans Other of Loans Other Consolidated and Investments Consolidated and Investments Funds Receivables (a) Total Funds Receivables (a) Total Balance, Beginning of Period $ 1,140,096 $ 187,831 $ 49,052 $ 1,376,979 $ 1,086,724 $ 346,603 $ 114,723 $ 1,548,050 Transfer In to Level III (b) 216,782 — — 216,782 255,398 — 5,299 260,697 Transfer Out of Level III (b) (173,495 ) — (8,193 ) (181,688 ) (221,162 ) — (11,192 ) (232,354 ) Purchases 136,384 283,492 3,022 422,898 156,527 347,890 15,754 520,171 Sales (151,958 ) (182,584 ) (2,522 ) (337,064 ) (119,593 ) (274,817 ) (69,272 ) (463,682 ) Settlements — (2,042 ) — (2,042 ) — (8,397 ) — (8,397 ) Changes in Gains Included in Earnings 6,774 3,439 (1,196 ) 9,017 12,764 8,524 35,207 56,495 Balance, End of Period $ 1,174,583 $ 290,136 $ 40,163 $ 1,504,882 $ 1,170,658 $ 419,803 $ 90,519 $ 1,680,980 Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ 3,020 $ 1,540 $ (230 ) $ 4,330 $ 8,229 $ 8,523 $ 5,431 $ 22,183 Level III Financial Assets at Fair Value Nine Months Ended September 30, 2019 2018 Investments Investments of Loans Other of Loans Other Consolidated and Investments Consolidated and Investments Funds Receivables (a) Total Funds Receivables (a) Total Balance, Beginning of Period $ 1,364,016 $ 304,173 $ 56,185 $ 1,724,374 $ 1,029,371 $ 239,659 $ 119,642 $ 1,388,672 Transfer In Due to Consolidation and Acquisition — — — — 50,043 — 50,043 Transfer Out Due to Deconsolidation — — — — (217,182 ) — — (217,182 ) Transfer In to Level III (b) 168,479 — 12,935 181,414 160,125 — 5,299 165,424 Transfer Out of Level III (b) (405,498 ) — (35,363 ) (440,861 ) (117,372 ) — (26,909 ) (144,281 ) Purchases 323,449 554,264 15,842 893,555 590,153 718,811 35,567 1,344,531 Sales (321,574 ) (566,400 ) (8,663 ) (896,637 ) (374,479 ) (538,520 ) (92,751 ) (1,005,750 ) Settlements — (12,231 ) — (12,231 ) — (17,376 ) (4 ) (17,380 ) Changes in Gains Included in Earnings 45,711 10,330 (773 ) 55,268 49,999 17,229 49,675 116,903 Balance, End of Period $ 1,174,583 $ 290,136 $ 40,163 $ 1,504,882 $ 1,170,658 $ 419,803 $ 90,519 $ 1,680,980 Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ 32,415 $ (1,117 ) $ (29 ) $ 31,269 $ 11,670 $ 17,229 $ 5,049 $ 33,948 (a) Represents corporate treasury investments and Other Investments. (b) Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities. There were no Level III financial liabilities as of and for the three and nine months ended September 30, 2019 and 2018.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2019
Variable Interest Entities	9. Variable Interest Entities Pursuant to GAAP consolidation guidance, Blackstone consolidates certain VIEs in which it is determined that Blackstone is the primary beneficiary either directly or indirectly, through a consolidated entity or affiliate. VIEs include certain private equity, real estate, credit-focused or funds of hedge funds entities and CLO vehicles. The purpose of such VIEs is to provide strategy specific investment opportunities for investors in exchange for management and performance based fees. The investment strategies of the Blackstone Funds differ by product; however, the fundamental risks of the Blackstone Funds have similar characteristics, including loss of invested capital and loss of management fees and performance based fees. In Blackstone’s role as general partner, collateral manager or investment adviser, it generally considers itself the sponsor of the applicable Blackstone Fund. Blackstone does not provide performance guarantees and has no other financial obligation to provide funding to consolidated VIEs other than its own capital commitments. The assets of consolidated variable interest entities may only be used to settle obligations of these entities. In addition, there is no recourse to Blackstone for the consolidated VIEs’ liabilities including the liabilities of the consolidated CLO vehicles. Blackstone holds variable interests in certain VIEs which are not consolidated as it is determined that Blackstone is not the primary beneficiary. Blackstone’s involvement with such entities is in the form of direct and indirect equity interests and fee arrangements. The maximum exposure to loss represents the loss of assets recognized by Blackstone relating to non-consolidated non-consolidated September 30, December 31, 2019 2018 Investments $ 1,110,903 $ 942,700 Due from Affiliates 312,266 254,744 Potential Clawback Obligation 96,331 159,691 Maximum Exposure to Loss $ 1,519,500 $ 1,357,135 Amounts Due to Non-Consolidated $ 214 $ 207

Repurchase Agreements

Repurchase Agreements	9 Months Ended
	Sep. 30, 2019
Repurchase Agreements	10. Repurchase Agreements At September 30, 2019, Blackstone pledged securities with a carrying value of $211.2 million and cash to collateralize its repurchase agreements. Such securities can be repledged, delivered or otherwise used by the counterparty. At December 31, 2018, Blackstone pledged securities with a carrying value of $279.5 million and cash to collateralize its repurchase agreements. Such securities can be repledged, delivered or otherwise used by the counterparty. The following tables provide information regarding Blackstone’s Repurchase Agreements obligation by type of collateral pledged: September 30, 2019 Remaining Contractual Maturity of the Agreements Overnight Greater and Up to 30 - 90 than Continuous 30 Days Days 90 days Total Repurchase Agreements Asset-Backed Securities $ — $ 15,916 $ 108,437 $ 38,706 $ 163,059 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 163,059 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ — December 31, 2018 Remaining Contractual Maturity of the Agreements Overnight Greater and Up to 30 - 90 than Continuous 30 Days Days 90 days Total Repurchase Agreements Asset-Backed Securities $ — $ 42,908 $ 144,731 $ 34,563 $ 222,202 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 222,202 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ —

Offsetting of Assets And Liabil

Offsetting of Assets And Liabilities	9 Months Ended
	Sep. 30, 2019
Offsetting of Assets and Liabilities	11. Offsetting of Assets and Liabilities The following tables present the offsetting of assets and liabilities as of September 30, 2019 and December 31, 2018: September 30, 2019 Gross and Net Amounts of Gross Amounts Not Offset Assets Presented in the Statement of in the Statement Financial Condition of Financial Financial Cash Collateral Condition Instruments (a) Received Net Amount Assets Freestanding Derivatives $ 89,928 $ 69,016 $ — $ 20,912 September 30, 2019 Gross and Net Amounts of Liabilities Gross Amounts Not Offset Presented in the in the Statement of Statement of Financial Condition Financial Financial Cash Collateral Condition Instruments (a) Pledged Net Amount Liabilities Freestanding Derivatives $ 81,009 $ 63,178 $ 16,621 $ 1,210 Repurchase Agreements 163,059 163,059 — — $ 244,068 $ 226,237 $ 16,621 $ 1,210 December 31, 2018 Gross and Net Amounts of Assets Gross Amounts Not Offset Presented ​​​​​​​in the in the Statement of Statement of Financial Condition Financial Financial Cash Collateral Condition Instruments (a) Received Net Amount Assets Freestanding Derivatives $ 45,416 $ 37,788 $ 5,547 $ 2,081 December 31, 2018 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 $ 52,844 $ 35,905 $ 15,377 $ 1,562 Repurchase Agreements 222,202 222,202 — — $ 275,046 $ 258,107 $ 15,377 $ 1,562 (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. Repurchase Agreements are presented separately on the Condensed Consolidated Statements of Financial Condition. Freestanding Derivative assets are included in Other Assets in the Condensed Consolidated Statements of Financial Condition. The following table presents the components of Other Assets: September 30, December 31, 2019 2018 Furniture, Equipment and Leasehold Improvements, Net $ 150,907 $ 120,372 Prepaid Expenses 149,129 110,732 Freestanding Derivatives 88,051 44,918 Other 14,583 18,226 $ 402,670 $ 294,248 Freestanding Derivative liabilities are included in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition and are not a significant component thereof. Notional Pooling Arrangement Blackstone has a notional cash pooling arrangement with a financial institution for cash management purposes. This arrangement allows for cash withdrawals based upon aggregate cash balances on deposit at the same financial institution. Cash withdrawals cannot exceed aggregate cash balances on deposit. The net balance of cash on deposit and overdrafts is used as a basis for calculating net interest expense or income. As of September 30, 2019, the aggregate cash balance on deposit relating to the cash pooling arrangement was $1.1 billion, which was offset with an accompanying overdraft of $1.1 billion.

Borrowings

Borrowings	9 Months Ended
	Sep. 30, 2019
Borrowings	12. Borrowings On September 3, 2019, Blackstone, through its indirect subsidiary Blackstone Holdings Finance Co. L.L.C. (the “Issuer”), commenced a cash tender offer (the “Tender Offer”) for any and all of its % Senior Notes maturing on (the “ Notes”). On September , , the T O million aggregate principal amount of the Notes were validly tendered for payment. Payment for the tendered notes was made on September , . On September 10, 2019, the Issuer exercised its rights under the optional redemption provisions of the 2021 Notes to notice all of the outstanding 2021 Notes, that were not previously tendered in the Tender Offer, for redemption. On October 10, 2019, the Issuer redeemed all such remaining 2021 Notes. As of September 30, 2019, the non-tendered On September 10, 2019, the Issuer issued $500 million aggregate principal amount of senior notes maturing January 10, 2030 (the “2030 Notes”) and $400 million aggregate principal amount of senior notes maturing September 10, 2049 (the “2049 Notes”). The 2030 Notes have an interest rate of 2.500% per annum, accruing from September 10, 2019. The 2049 Notes have an interest rate of 3.500% per annum, accruing from September 10, 2019. Interest on the 2030 Notes is payable semi-annually in arrears on January 10 and July 10 of each year, commencing on January 10, 2020. Interest on the 2049 Notes is payable semi-annually in arrears on March 10 and September 10 of each year, commencing on March 10, 2020. The 2030 Notes and 2049 Notes are unsecured and unsubordinated obligations of the Issuer. The 2030 Notes and 2049 Notes are fully and unconditionally guaranteed by The Blackstone Group Inc. and its indirect subsidiaries, Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. (the “Guarantors”). The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to the issuance of the 2030 Notes and 2049 Notes have been capitalized and are being amortized over the life of the 2030 Notes and 2049 Notes. The following table presents the general characteristics of each of our notes, as well as their carrying value and fair value. The notes are included in Loans Payable within the Condensed Consolidated Statements of Financial Condition. All of the notes were issued at a discount. All of the notes accrue interest from the issue date thereof and all pay interest in arrears on a semi-annual basis or annual basis. September 30, 2019 December 31, 2018 Carrying Fair Carrying Fair Senior Notes Value Value (a) Value Value (a) 5.875%, Due 3/15/2021 (b) $ 223,229 $ 236,680 $ 398,947 $ 421,720 4.750%, Due 2/15/2023 395,972 430,600 395,166 417,600 2.000%, Due 5/19/2025 322,856 360,125 339,959 352,197 1.000%, Due 10/5/2026 645,495 681,536 679,193 647,564 3.150%, Due 10/2/2027 296,963 307,590 296,717 285,030 1.500%, Due 4/10/2029 648,465 702,266 — — 2.500%, Due 1/10/2030 490,465 483,850 — — 6.250%, Due 8/15/2042 238,382 332,125 238,221 289,225 5.000%, Due 6/15/2044 488,912 598,600 488,747 490,150 4.450%, Due 7/15/2045 344,127 391,090 344,038 329,770 4.000%, Due 10/2/2047 290,298 315,120 290,163 262,800 3.500%, Due 9/10/2049 392,396 387,960 — — $ 4,777,560 $ 5,227,542 $ 3,471,151 $ 3,496,056 (a) Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy. (b) On October 10, 2019, Blackstone re deemed Included within Loans Payable and Due to Affiliates within the Condensed Consolidated Statements of Financial Condition are amounts due to holders of debt securities issued by Blackstone’s consolidated CLO vehicles. Borrowings through the consolidated CLO vehicles consisted of the following: September 30, 2019 December 31, 2018 Weighted- Weighted- Weighted- Average Weighted- Average Average Remaining Average Remaining Borrowing Interest Maturity in Borrowing Interest Maturity in Outstanding Rate Years Outstanding Rate Years Senior Secured Notes $ 6,528,738 3.86% 6.3 $ 6,531,550 4.20% 7.5 Subordinated Notes 321,866 (a) N/A 331,735 (a) N/A $ 6,850,604 $ 6,863,285 (a) The Subordinated Notes do not have contractual interest rates but instead receive distributions from the excess cash flows of the CLO vehicles. Senior Secured Notes and Subordinated Notes comprise the following amounts: September 30, 2019 December 31, 2018 Amounts Due to Non- Amounts Due to Non- Consolidated Affiliates Consolidated Affiliates Borrowing Borrowing Fair Value Outstanding Fair Value Fair Value Outstanding Fair Value Senior Secured Notes $ 6,505,765 $ 55,250 $ 55,217 $ 6,476,434 $ 3,250 $ 3,201 Subordinated Notes 88,246 77,965 46,397 60,289 111,659 52,811 $ 6,594,011 $ 133,215 $ 101,614 $ 6,536,723 $ 114,909 $ 56,012 The Loans Payable of the consolidated CLO vehicles are collateralized by assets held by each respective CLO vehicle and assets of one vehicle may not be used to satisfy the liabilities of another. This collateral consisted of Cash, Corporate Loans, Corporate Bonds and other securities. As of September 30, 2019 and December 31, 2018, the fair value of the consolidated CLO assets was $7.2 billion and $7.1 billion, respectively. Scheduled principal payments for borrowings as of September 30, 2019 were as follows: Blackstone Fund Operating Facilities/CLO Total Borrowings Vehicles Borrowings 2019 $ — $ 288 $ 288 2020 — — — 2021 (a) 225,045 — 225,045 2022 — — — 2023 400,000 — 400,000 Thereafter 4,234,850 6,850,604 11,085,454 $ 4,859,895 $ 6,850,892 $ (a) The Operating Borrowings balance in 2021 represents the 2021 Notes. As noted above, the 2021 Notes were re deemed

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases	13. Leases Blackstone enters into non-cancelable The components of lease expense were as follows: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Operating Lease Cost Straight-Line Lease Cost (a) $ 22,229 $ 66,639 Variable Lease Cost 3,992 10,892 Sublease Income (59 ) (391 ) $ 26,162 $ 77,140 (a) Straight-line lease cost includes short-term leases, which are immaterial. Supplemental cash flow information related to leases were as follows: Three Months Ended September 30, 2019 Operating Cash Flows f or $ 23,410 69,825 N on-Cash 4,069 11,452 The following table shows the undiscounted cash flows on an annual basis for Operating Lease Liabilities as of September 30, 2019: 2019 $ 20,526 2020 81,144 2021 85,896 2022 77,830 2023 75,623 Thereafter 272,271 Total Lease Payments (a) 613,290 Less: Imputed Interest (55,037 ) Present Value of Operating Lease Liabilities $ 558,253 (a) Excludes $128.6​​​​​​​ million of lease payments for signed leases that have not yet commenced. As of December 31, 2018, the aggregate minimum future payments, net of sublease income, required on operating leases are as follows: 2019 $ 78,506 2020 72,191 2021 80,914 2022 79,094 2023 77,248 Thereafter 273,347 Total $ 661,300

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Taxes	14. Income Taxes Prior to the Conversion, Blackstone and certain of its subsidiaries operated in the U.S. as partnerships for income tax purposes ( generally are not subject to federal income taxes) and generally as corporate entities in non-U.S. jurisdictions. Subsequent to the Conversion, all income attributable to Blackstone is subject to U.S. corporate income taxes. The termination of the status of Blackstone as a partnership for tax purposes in the Conversion has been treated as a change in tax status under the GAAP guidance on accounting for income taxes. This guidance requires that the deferred tax effects of a change in tax status be recorded to income from continuing operations on the date the Partnership status terminates. Blackstone has calculated the estimated effect of the change in tax status to be a tax benefit of $231.1 million, net of a valuation allowance of $812.0 million . The Conversion resulted in a step-up step-up In evaluating the ability to realize deferred tax assets, Blackstone considers projections of taxable income (including the character of such income), beginning with historic results and incorporating assumptions of the amount of future pretax operating income. These assumptions about future taxable income require significant judgment and are consistent with the plans and estimates that Blackstone uses to manage its business. A portion of the deferred tax assets are not considered to be more likely than not to be realized due to the character of income. For that portion of the deferred tax assets, a valuation allowance was recorded upon conversion. Blackstone’s effective tax rate was -15.5% -2.7% because: (a) Blackstone received the benefit of a portion of the step-up in basis resulting from the Conversion on July 1, 2019, (b) a portion of the reported net income (loss) before taxes is attributable to non-controlling interest holders, and (c) a portion of the reported net income (loss) before taxes is attributable to the period prior to which Blackstone converted to a corporation.

Earnings Per Share and Stockhol

Earnings Per Share and Stockholder's Equity	9 Months Ended
	Sep. 30, 2019
Earnings Per Share and Stockholder's Equity	15. Earnings Per Share and Stockholder’s Equity Earnings Per Share Basic and diluted net income per share of Class A common stock for the three and nine months ended September 30, 2019 and September 30, 2018 was calculated as follows: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Net Income for Per Share of Class A Common Stock Calculations Net Income Attributable to The Blackstone Group Inc., Basic $ 779,437 $ 442,742 $ 1,566,533 $ 1,552,656 Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units — 327,850 — 1,187,908 Net Income Attributable to The Blackstone Group Inc., Diluted $ 779,437 $ 770,592 $ 1,566,533 $ 2,740,564 Shares/Units Outstanding Weighted-Average Shares of Class A Common Stock Outstanding, Basic 675,963,129 682,435,177 674,714,040 679,598,629 Weighted-Average Shares of Unvested Deferred Restricted Class A Common Stock 256,629 230,759 265,007 215,270 Weighted-Average Blackstone Holdings Partnership Units — 523,212,047 — 529,299,345 Weighted-Average Shares of Class A Common Stock Outstanding, Diluted 676,219,758 1,205,877,983 674,979,047 1,209,113,244 Net Income Per Share of Class A Common Stock Basic $ 1.15 $ 0.65 $ 2.32 $ 2.28 Diluted $ 1.15 $ 0.64 $ 2.32 $ 2.27 Dividends Declared Per Share of Class A Common Stock (a) $ 0.48 $ 0.58 $ 1.43 $ 1.78 (a) Dividends declared reflects the calendar date of the declaration for each dividend. In computing the dilutive effect that the exchange of Blackstone Holdings Partnership Units would have on Net Income Per Share of Class A Common Stock, Blackstone considered that net income available to holders of shares of Class A common stock would increase due to the elimination of non-controlling The following table summarizes the anti-dilutive securities for the three and nine months ended September 30, 2019 and 2018: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Weighted-Average Blackstone Holdings Partnership Units 524,859,672 — 525,779,901 — Stockholder’s Equity In connection with the Conversion, effective July 1, 2019, each common unit of the Partnership outstanding immediately prior to the Conversion converted into , fully paid and share of Class A common stock, $ par value per share, of the Corporation. The special voting unit of the Partnership outstanding immediately prior to the Conversion converted into , fully paid and share of Class B common stock, $ par value per share, of the Corporation. The general partner units of the Partnership outstanding immediately prior to the Conversion converted into , fully paid and share of Class C common stock, $ par value per share, of the Corporation. The Class A and Class B common stock generally are non-voting. In connection with the Conversion on July 1, 2019, the Corporation authorized 9 billion shares of preferred stock with a par value of $0.00001. There were no shares of preferred stock issued and outstanding as of September 30, 2019. Share Repurchase Program On July 16, 2019, the board of directors of the Corporation authorized the repurchase of up to $1.0 billion of Class A common stock and Blackstone Holdings Partnership Units, which replaced the prior repurchase authorization. Under the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual numbers repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or discontinued at any time and does not have a specified expiration date. During the three and nine months ended September 30, 2019, Blackstone repurchased 2.8 million and 11.3 million shares of Blackstone Class A common stock, respectively, at a total cost of $136.0 million and $479.1 million, respectively. During the three and nine months ended September 30, 2018, Blackstone repurchased 6.0 million and 8.2 million shares of Blackstone Class A common stock, respectively, at a total cost of $218.4 million and $290.1 million, respectively. As of September 30, 2019, the amount remaining available for repurchases under the program was $864.0 million. Class A common stock repurchased in the quarter ended September 30, 2019 excludes shares for which trades were executed during the three months ended June 30, 2019 and settlement occurred in July 2019. Shares Eligible for Dividends and Distributions As of September 30, 2019, the total number of shares of Class A common stock and Blackstone Holdings Partnership Units entitled to participate in dividends and distributions were as follows: Shares Class A Common Stock Outstanding 666,257,305 Unvested Participating Common Stock 9,382,814 Total Participating Common Stock 675,640,119 Participating Blackstone Holdings Partnership Units 523,338,040 1,198,978,159

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 30, 2019
Equity-Based Compensation	16. Equity-Based Compensation Blackstone has granted equity-based compensation awards to Blackstone’s senior managing directors, non-partner non-professionals For the three and nine months ended September 30, 2019, Blackstone recorded compensation expense of $107.8 million and $331.8 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $3.4 million and $38.0 million, respectively. For the three and nine months ended September 30, 2018, Blackstone recorded compensation expense of $73.7 million and $282.7 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $11.7 million and $46.3 million, respectively. As of September 30, 2019, there was $918.1 million of estimated unrecognized compensation expense related to unvested awards. This cost is expected to be recognized over a weighted-average period of 4.1 years. Total vested and unvested outstanding shares, including Blackstone Class A common stock, Blackstone Holdings Partnership Units and deferred restricted shares of Class A common stock, were 1,199,368,357 as of September 30, 2019. Total outstanding unvested phantom shares were 47,904 as of September 30, 2019. A summary of the status of Blackstone’s unvested equity-based awards as of September 30, 2019 and of changes during the period January 1, 2019 through September 30, 2019 is presented below: Blackstone Holdings The Blackstone Group Inc. Equity Settled Awards Cash Settled Awards Weighted- Deferred Weighted- Weighted- Average Restricted Shares Average Average Partnership Grant Date of Class A Grant Date Phantom Grant Date Unvested Shares/Units Units Fair Value Common Stock Fair Value Shares Fair Value Balance, December 31, 2018 31,554,127 $ 34.38 9,312,268 $ 31.43 46,808 $ 34.66 Granted 8,634,416 43.38 3,376,642 38.17 10,661 48.71 Vested (5,960,837 ) 36.25 (3,173,977 ) 31.22 (9,473 ) 48.01 Forfeited (178,247 ) 31.99 (367,093 ) 31.53 (4,787 ) 47.95 Balance, September 30, 2019 34,049,459 $ 36.04 9,147,840 $ 34.04 43,209 $ 48.63 Shares/Units Expected to Vest The following unvested shares and units, after expected forfeitures, as of September 30, 2019, are expected to vest: Weighted- Average Service Period Shares/Units in Years Blackstone Holdings Partnership Units 27,622,630 3.4 Deferred Restricted Shares of Class A Common Stock 7,218,878 2.3 Total Equity-Based Awards 34,841,508 3.2 Phantom Shares 32,885 2.7

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2019
Related Party Transactions	17. Related Party Transactions Affiliate Receivables and Payables Due from Affiliates and Due to Affiliates consisted of the following: September 30, December 31, 2019 2018 Due from Affiliates Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated $ 1,833,036 $ 1,520,100 Due from Certain Non-Controlling 615,083 462,475 Accrual for Potential Clawback of Previously Distributed Performance Allocations 16,044 11,548 $ 2,464,163 $ 1,994,123 September 30, December 31, 2019 2018 Due to Affiliates Due to Certain Non-Controlling $ 604,800 $ 796,902 Due to Non-Consolidated 141,036 99,728 Due to Note-Holders of Consolidated CLO Vehicles 101,614 56,012 Due to Certain Non-Controlling 48,139 53,613 Accrual for Potential Repayment of Previously Received Performance Allocations 89,380 29,521 $ 984,969 $ 1,035,776 Interests of the Founder, Senior Managing Directors, Employees and Other Related Parties The Founder, senior managing directors, employees and certain other related parties invest on a discretionary basis in the consolidated Blackstone Funds both directly and through consolidated entities. These investments generally are subject to preferential management fee and performance allocation or incentive fee arrangements. As of September 30, 2019 and December 31, 2018, such investments aggregated $911.6 million and $842.9 million, respectively. Their share of the Net Income Attributable to Redeemable Non-Controlling Non-Controlling Loans to Affiliates Loans to affiliates consist of interest bearing advances to certain Blackstone individuals to finance their investments in certain Blackstone Funds. These loans earn interest at Blackstone’s cost of borrowing and such interest totaled $1.1 million and $1.3 million for the three months ended September 30, 2019 and 2018, respectively, and $5.3 million and $3.8 million for the nine months ended September 30, 2019 and 2018, respectively. Contingent Repayment Guarantee Blackstone and its personnel who have received Performance Allocation distributions have guaranteed payment on a several basis (subject to a cap) to the carry funds of any clawback obligation with respect to the excess Performance Allocation allocated to the general partners of such funds and indirectly received thereby to the extent that either Blackstone or its personnel fails to fulfill its clawback obligation, if any. The Accrual for Potential Repayment of Previously Received Performance Allocations represents amounts previously paid to Blackstone Holdings and non-controlling Aircraft and Other Services In the normal course of business, Blackstone personnel make use of aircraft owned as personal assets by Stephen A. Schwarzman; an aircraft owned as a personal asset by Jonathan D. Gray, Blackstone’s President and Chief Operating Officer and a Director of Blackstone; and an aircraft owned jointly as a personal asset by Bennett J. Goodman, Co-Founder In addition, on occasion, certain of Blackstone’s executive officers and employee directors and their families may make personal use of aircraft in which Blackstone owns a fractional interest, as well as other assets of Blackstone. Any such personal use of Blackstone assets is charged to the executive officer or employee director based on market rates and usage. Personal use of Blackstone resources is also reimbursed to Blackstone based on market rates. The transactions described herein are not material to the Condensed Consolidated Financial Statements. Tax Receivable Agreements Blackstone used a portion of the proceeds from the IPO and the sale of non-voting one-for-one Blackstone has entered into tax receivable agreements with each of the predecessor owners and additional tax receivable agreements have been executed, and will continue to be executed, with newly-admitted senior managing directors and others who acquire Blackstone Holdings Partnership Units. The agreements provide for the payment by the corporate taxpayer to such owners of 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax that the corporate taxpayers actually realize as a result of the aforementioned increases in tax basis and of certain other tax benefits related to entering into these tax receivable agreements. For purposes of the tax receivable agreements, cash savings in income tax will be computed by comparing the actual income tax liability of the corporate taxpayers to the amount of such taxes that the corporate taxpayers would have been required to pay had there been no increase to the tax basis of the tangible and intangible assets of Blackstone Holdings as a result of the exchanges and had the corporate taxpayers not entered into the tax receivable agreements. As a result of the Conversion, there was a reduction of $174.6 million of the tax receivable agreement liability. Assuming no future material changes in the relevant tax law and that the corporate taxpayers earn sufficient taxable income to realize the full tax benefit of the increased amortization of the assets, the expected future payments under the tax receivable agreements (which are taxable to the recipients) will aggregate $ million over the next years. The after-tax net present value of these estimated payments totals $ million assuming a % discount rate and using Blackstone’s most recent projections relating to the estimated timing of the benefit to be received. Future payments under the tax receivable agreements in respect of subsequent exchanges would be in addition to these amounts. The payments under the tax receivable agreements are not conditioned upon continued ownership of Blackstone equity interests by the pre-IPO owners and the others mentioned above. Amounts related to the deferred tax asset resulting from the increase in tax basis from the exchange of Blackstone Holdings Partnership Units to shares of Blackstone Class A common stock, the resulting remeasurement of net deferred tax assets at the Blackstone ownership percentage at the balance sheet date, the due to affiliates for the future payments resulting from the tax receivable agreements and resulting adjustment to partners’ capital are included as Acquisition of Ownership Interests from Non-Controlling Non-Cash Other Blackstone does business with and on behalf of some of its Portfolio Companies; all such arrangements are on a negotiated basis. Additionally, please see Note 18. “Commitments and Contingencies — Contingencies — Guarantees” for information regarding guarantees provided to a lending institution for certain loans held by employees.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies	18. Commitments and Contingencies Commitments Investment Commitments Blackstone had $4.2 billion of investment commitments as of September 30, 2019 representing general partner capital funding commitments to the Blackstone Funds, limited partner capital funding to other funds and Blackstone principal investment commitments. The consolidated Blackstone Funds had signed investment commitments of $122.5 m m Contingencies Guarantees Certain of Blackstone’s consolidated real estate funds guarantee payments to third parties in connection with the on-going The Blackstone Holdings Partnerships provided guarantees to a lending institution for certain loans held by employees either for investment in Blackstone Funds or for members’ capital contributions to The Blackstone Group International Partners LLP. The amount guaranteed as of September 30, 2019 was $179.8 million. Litigation Blackstone may from time to time be involved in litigation and claims incidental to the conduct of its business. Blackstone’s businesses are also subject to extensive regulation, which may result in regulatory proceedings against Blackstone. Blackstone accrues a liability for legal proceedings only when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. Although there can be no assurance of the outcome of such legal actions, based on information known by management, Blackstone does not have a potential liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, financial position or cash flows. In December 2017, a purported derivative suit (Mayberry v. KKR & Co., L.P., et al.) was filed in the Commonwealth of Kentucky Franklin County Circuit Court on behalf of the Kentucky Retirement System (“KRS”) by eight of its members and beneficiaries alleging various breaches of fiduciary duty and other violations of Kentucky state law in connection with KRS’s investment in three hedge funds of funds, including a fund managed by Blackstone Alternative Asset Management L.P. (“BAAM L.P.”). The suit names more than 30 defendants, including The Blackstone Group L.P.; BAAM L.P.; Stephen A. Schwarzman, as Chairman and CEO of Blackstone; and J. Tomilson Hill, as then-President and CEO of the Hedge Fund Solutions Group, Vice Chairman of Blackstone and CEO of BAAM (collectively, the “Blackstone Defendants”). Aside from the Blackstone Defendants, the action also names current and former KRS trustees and former KRS officers and various other service providers to KRS and their related persons. The plaintiffs filed an amended complaint in January 2018. In November 2018, the Circuit Court granted one defendant’s motion to dismiss and denied all other defendants’ motions to dismiss, including those of the Blackstone Defendants. In January 2019, certain of the KRS trustee and officer defendants noticed appeals from the denial of the motions to dismiss to the Kentucky Court of Appeals, and also filed a motion to stay the Mayberry proceedings in Circuit Court pending the outcome of those appeals. In addition, several defendants, including Blackstone and BAAM L.P., filed petitions in the Kentucky Court of Appeals for a writ of prohibition against the ongoing Mayberry proceedings on the ground that the plaintiffs lack standing. In April 2019, the KRS trustee and officer defendants’ appeals were transferred to the Kentucky Supreme Court. On April 23, 2019, the Kentucky Court of Appeals granted the Blackstone Defendants’ petition for a writ of prohibition and vacated the Circuit Court’s November 30, 2018 Opinion and Order denying the motion to dismiss for lack of standing. On April 24, 2019, the Mayberry Plaintiffs filed a notice of appeal of that order to the Kentucky Supreme Court. The Kentucky Supreme Court heard oral argument on the appeal on October 24, 2019. Blackstone believes that this suit is totally without merit and intends to defend it vigorously. Contingent Obligations (Clawback) Performance Allocations are subject to clawback to the extent that the Performance Allocations received to date with respect to a fund exceeds the amount due to Blackstone based on cumulative results of that fund. The actual clawback liability, however, generally does not become realized until the end of a fund’s life except for certain Blackstone real estate funds, multi-asset class investment funds and credit-focused funds, which may have an interim clawback liability. The lives of the carry funds, including available contemplated extensions, for which a liability for potential clawback obligations has been recorded for financial reporting purposes, are currently anticipated to expire at various points through 2028. Further extensions of such terms may be implemented under given circumstances. For financial reporting purposes, when applicable, the general partners record a liability for potential clawback obligations to the limited partners of some of the carry funds due to changes in the unrealized value of a fund’s remaining investments and where the fund’s general partner has previously received Performance Allocation distributions with respect to such fund’s realized investments. The following table presents the clawback obligations by segment: September 30, 2019 December 31, 2018 Current and Current and Blackstone Former Blackstone Former Segment Holdings Personnel (a) Total Holdings Personnel (a) Total Real Estate $ 18,104 $ 11,542 $ 29,646 $ 15,770 $ 10,053 $ 25,823 Private Equity 55,398 (3,462 ) 51,936 13,296 (12,448 ) 848 Credit 3,296 4,502 7,798 1,355 1,495 2,850 $ 76,798 $ 12,582 $ 89,380 $ 30,421 $ (900 ) $ 29,521 (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. For Private Equity, Real Estate, and certain Credit Funds, a portion of the Performance Allocations paid to current and former Blackstone personnel is held in segregated accounts in the event of a cash clawback obligation. These segregated accounts are not included in the Condensed Consolidated Financial Statements of Blackstone, except to the extent a portion of the assets held in the segregated accounts may be allocated to a consolidated Blackstone fund of hedge funds. At September 30, 2019, $701.6 million was held in segregated accounts for the purpose of meeting any clawback obligations of current and former personnel if such payments are required. In the Credit segment, payment of Performance Allocations to Blackstone by the majority of the stressed/distressed, mezzanine and credit alpha strategies funds are substantially deferred under the terms of the partnership agreements. This deferral mitigates the need to hold funds in segregated accounts in the event of a cash clawback obligation. If, at September 30, 2019, all of the investments held by our carry funds were deemed worthless, a possibility that management views as remote, the amount of Performance Allocations subject to potential clawback would be $7.3 billion, on an after-tax

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2019
Segment Reporting	19. Segment Reporting Blackstone transacts its primary business in the United States and substantially all of its revenues are generated domestically. Blackstone conducts its alternative asset management businesses through four segments: • Real Estate – Blackstone’s Real Estate segment primarily comprises its management of global, Europe and Asia-focused opportunistic real estate funds, high-yield real estate debt funds, liquid real estate debt funds, core+ real estate funds, a NYSE-listed REIT and a non-exchange • Private Equity – Blackstone’s Private Equity segment primarily comprises its management of flagship corporate private equity funds, sector and geographically-focused corporate private equity funds, including energy and Asia-focused funds, a core private equity fund, an opportunistic investment platform, a secondary fund of funds business, infrastructure-focused funds, a life sciences private investment platform, a multi-asset investment program for eligible high net worth investors and a capital markets services business. • Hedge Fund Solutions – The largest component of Blackstone’s Hedge Fund Solutions segment is Blackstone Alternative Asset Management, which manages a broad range of commingled and customized hedge fund of fund solutions. The segment also includes investment platforms that seed new hedge fund businesses, purchase minority ownership interests in more established hedge funds, invest in special situation opportunities, create alternative solutions in the form of mutual funds and UCITS and trade directly. • Credit – Blackstone’s Credit segment consists principally of GSO Capital Partners LP, which is organized into performing credit strategies (which include mezzanine lending funds, middle market direct lending funds, including our business development company, and other performing credit strategy funds), distressed strategies (which include credit alpha strategies, stressed/distressed funds and energy strategies) and long only strategies (which consist of CLOs, closed end funds, open end funds and separately managed accounts). In addition, the segment includes a publicly traded master limited partnership investment platform, Harvest, and our insurer-focused platform, Blackstone Insurance Solutions. These business segments are differentiated by their various investment strategies. The Real Estate, Private Equity, Hedge Fund Solutions and Credit segments primarily earn their income from management fees and investment returns on assets under management. Segment Distributable Earnings is Blackstone’s segment profitability measure used to make operating decisions and assess performance across Blackstone’s four segments. Blackstone’s segments are presented on a basis that deconsolidates Blackstone Funds, eliminates non-controlling For segment reporting purposes, Segment Distributable Earnings is presented along with its major components, Fee Related Earnings and Net Realizations. Fee Related Earnings is used to assess Blackstone’s ability to generate profits from revenues that are measured and received on a recurring basis and not subject to future realization events. Net Realizations is the sum of Realized Principal Investment Income and Realized Performance Revenues less Realized Performance Compensation. Performance Allocations and Incentive Fees are presented together and referred to collectively as Performance Revenues or Performance Compensation. Segment Presentation The following tables present the financial data for Blackstone’s four segments for the three months ended September 30, 2019 and 2018: Three Months Ended September 30, 2019 Real Private Hedge Fund Total Estate Equity Solutions Credit Segments Management and Advisory Fees, Net Base Management Fees $ 266,779 $ 252,510 $ 140,694 $ 149,746 $ 809,729 Transaction, Advisory and Other Fees, Net 73,385 14,657 691 3,969 92,702 Management Fee Offsets (7,635 ) (11,889 ) (18 ) (2,544 ) (22,086 ) Total Management and Advisory Fees, Net 332,529 255,278 141,367 151,171 880,345 Fee Related Performance Revenues 30,600 — — 3,625 34,225 Fee Related Compensation (132,183 ) (105,773 ) (38,898 ) (52,980 ) (329,834 ) Other Operating Expenses (43,897 ) (38,235 ) (20,495 ) (41,724 ) (144,351 ) Fee Related Earnings 187,049 111,270 81,974 60,092 440,385 Realized Performance Revenues 282,379 124,231 1,848 12,382 420,840 Realized Performance Compensation (85,544 ) (52,034 ) (1,000 ) (5,292 ) (143,870 ) Realized Principal Investment Income 17,968 11,977 1,480 4,723 36,148 Total Net Realizations 214,803 84,174 2,328 11,813 313,118 Total Segment Distributable Earnings $ 401,852 $ 195,444 $ 84,302 $ 71,905 $ 753,503 Three Months Ended September 30, 2018 Real Private Hedge Fund Total Estate Equity Solutions Credit Segments Management and Advisory Fees, Net Base Management Fees $ 254,088 $ 205,893 $ 129,554 $ 132,071 $ 721,606 Transaction, Advisory and Other Fees, Net 45,678 21,709 766 5,791 73,944 Management Fee Offsets (8,265 ) (4,973 ) — (3,093 ) (16,331 ) Total Management and Advisory Fees, Net 291,501 222,629 130,320 134,769 779,219 Fee Related Performance Revenues 30,299 — — — 30,299 Fee Related Compensation (128,342 ) (105,621 ) (43,443 ) (57,139 ) (334,545 ) Other Operating Expenses (39,787 ) (36,654 ) (20,753 ) (31,551 ) (128,745 ) Fee Related Earnings 153,671 80,354 66,124 46,079 346,228 Realized Performance Revenues 273,309 290,012 3,985 4,853 572,159 Realized Performance Compensation (79,309 ) (106,400 ) (1,922 ) (3,142 ) (190,773 ) Realized Principal Investment Income 16,197 44,408 2,024 2,991 65,620 Total Net Realizations 210,197 228,020 4,087 4,702 447,006 Total Segment Distributable Earnings $ 363,868 $ 308,374 $ 70,211 $ 50,781 $ 793,234 The following tables present the financial data for Blackstone’s four segments as of September 30, 2019 and for the nine months ended September 30, 2019 and 2018: September 30, 2019 and the Nine Months Then Ended Real Private Hedge Fund Total Estate Equity Solutions Credit Segments Management and Advisory Fees, Net Base Management Fees $ 782,660 $ 737,066 $ 415,012 $ 437,824 $ 2,372,562 Transaction, Advisory and Other Fees, Net 121,286 83,474 1,732 12,855 219,347 Management Fee Offsets (9,601 ) (34,563 ) (18 ) (9,164 ) (53,346 ) Total Management and Advisory Fees, Net 894,345 785,977 416,726 441,515 2,538,563 Fee Related Performance Revenues 48,348 — — 7,280 55,628 Fee Related Compensation (344,794 ) (318,467 ) (118,474 ) (165,964 ) (947,699 ) Other Operating Expenses (122,997 ) (112,865 ) (59,492 ) (114,429 ) (409,783 ) Fee Related Earnings 474,902 354,645 238,760 168,402 1,236,709 Realized Performance Revenues 558,134 403,737 17,899 29,225 1,008,995 Realized Performance Compensation (183,186 ) (154,671 ) (4,588 ) (12,131 ) (354,576 ) Realized Principal Investment Income 63,257 80,022 13,503 28,831 185,613 Total Net Realizations 438,205 329,088 26,814 45,925 840,032 Total Segment Distributable Earnings $ 913,107 $ 683,733 $ 265,574 $ 214,327 $ 2,076,741 Segment Assets $ 8,952,459 $ 8,917,445 $ 2,248,509 $ 3,854,831 $ 23,973,244 Nine Months Ended September 30, 2018 Real Private Hedge Fund Total Estate Equity Solutions Credit Segments Management and Advisory Fees, Net Base Management Fees $ 730,294 $ 584,375 $ 388,335 $ 418,673 $ 2,121,677 Transaction, Advisory and Other Fees, Net 92,625 45,583 1,923 11,791 151,922 Management Fee Offsets (13,718 ) (12,517 ) — (9,107 ) (35,342 ) Total Management and Advisory Fees, Net 809,201 617,441 390,258 421,357 2,238,257 Fee Related Performance Revenues 80,317 — — (666 ) 79,651 Fee Related Compensation (349,735 ) (289,357 ) (123,615 ) (174,155 ) (936,862 ) Other Operating Expenses (105,230 ) (103,852 ) (58,032 ) (91,189 ) (358,303 ) Fee Related Earnings 434,553 224,232 208,611 155,347 1,022,743 Realized Performance Revenues 741,999 505,306 21,432 59,337 1,328,074 Realized Performance Compensation (230,140 ) (207,958 ) (7,391 ) (33,007 ) (478,496 ) Realized Principal Investment Income 81,086 83,346 10,430 14,098 188,960 Total Net Realizations 592,945 380,694 24,471 40,428 1,038,538 Total Segment Distributable Earnings $ 1,027,498 $ 604,926 $ 233,082 $ 195,775 $ 2,061,281 Reconciliations of Total Segment Amounts The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the three and nine months ended September 30, 2019 and 2018 along with Total Assets as of September 30, 2019: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Revenues Total GAAP Revenues $ 1,735,113 $ 1,926,580 $ 5,246,790 $ 6,328,281 Less: Unrealized Performance Revenues (a) (176,604 ) (298,931 ) (998,335 ) (1,367,694 ) Less: Unrealized Principal Investment (Income) 5,219 (28,704 ) (78,353 ) (94,808 ) Less: Interest and Dividend Revenue (c) (45,048 ) (49,936 ) (137,738 ) (128,048 ) Less: Other Revenue (d) (92,843 ) (9,092 ) (85,882 ) (42,614 ) Impact of Consolidation (e) 120,214 (92,092 ) 15,246 (278,368 ) Amortization of Intangibles (f) 387 387 1,161 1,161 Transaction-Related Charges (g) (176,623 ) (2,168 ) (179,329 ) (586,855 ) Intersegment Eliminations 1,743 1,253 5,239 3,887 Total Segment Revenue (h) $ 1,371,558 $ 1,447,297 $ 3,788,799 $ 3,834,942 Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Expenses Total GAAP Expenses $ 947,220 $ 1,017,632 $ 2,850,624 $ 3,016,944 Less: Unrealized Performance Allocations Compensation (i) (94,907 ) (178,184 ) (446,440 ) (622,610 ) Less: Equity-Based Compensation (j) (58,570 ) (36,576 ) (178,451 ) (115,118 ) Less: Interest Expense (k) (52,815 ) (40,923 ) (137,683 ) (118,046 ) Impact of Consolidation (e) (14,444 ) (13,260 ) (39,716 ) (99,447 ) Amortization of Intangibles (f) (16,096 ) (14,469 ) (48,288 ) (43,441 ) Transaction-Related Charges (g) (94,076 ) (81,410 ) (293,227 ) (248,508 ) Intersegment Eliminations 1,743 1,253 5,239 3,887 Total Segment Expenses (l) $ 618,055 $ 654,063 $ 1,712,058 $ 1,773,661 Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Other Income Total GAAP Other Income $ 223,056 $ 66,838 $ 414,512 $ 250,956 Impact of Consolidation (e) (223,056 ) (66,838 ) (414,512 ) (250,956 ) Total Segment Other Income $ — $ — $ — $ — Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Income Before Provision for Taxes Total GAAP Income Before Provision for Taxes $ 1,010,949 $ 975,786 $ 2,810,678 $ 3,562,293 Less: Unrealized Performance Revenues (a) (176,604 ) (298,931 ) (998,335 ) (1,367,694 ) Less: Unrealized Principal Investment (Income) 5,219 (28,704 ) (78,353 ) (94,808 ) Less: Interest and Dividend Revenue (c) (45,048 ) (49,936 ) (137,738 ) (128,048 ) Less: Other Revenue (d) (92,843 ) (9,092 ) (85,882 ) (42,614 ) Plus: Unrealized Performance Allocations Compensation (i) 94,907 178,184 446,440 622,610 Plus: Equity-Based Compensation (j) 58,570 36,576 178,451 115,118 Plus: Interest Expense (k) 52,815 40,923 137,683 118,046 Impact of Consolidation (e) (88,398 ) (145,670 ) (359,550 ) (429,877 ) Amortization of Intangibles (f) 16,483 14,856 49,449 44,602 Transaction-Related Charges (g) (82,547 ) 79,242 113,898 (338,347 ) Total Segment Distributable Earnings $ 753,503 $ 793,234 $ 2,076,741 $ 2,061,281 As of September 30, 2019 Total Assets Total GAAP Assets $ 32,385,771 Impact of Consolidation (e) (8,412,527 ) Total Segment Assets $ 23,973,244 Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles and Transaction-Related Charges. (a) This adjustment removes Unrealized Performance Revenues on a segment basis. (b) This adjustment removes Unrealized Principal Investment Income 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. (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 (f) This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation. This amount includes amortization of intangibles associated with Blackstone’s investment in Pátria, which is accounted for under the equity method. (g) This adjustment removes Transaction-Related Charges, which are excluded from Blackstone’s segment presentation. Transaction-Related Charges arise from corporate actions including acquisitions, divestitures, and Blackstone’s initial public offering. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs and any gains or losses associated with these corporate actions. (h) Total Segment Revenues is comprised of the following: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Total Segment Management and Advisory Fees, Net $ 880,345 $ 779,219 $ 2,538,563 $ 2,238,257 Total Segment Fee Related Performance Revenues 34,225 30,299 55,628 79,651 Total Segment Realized Performance Revenues 420,840 572,159 1,008,995 1,328,074 Total Segment Realized Principal Investment Income 36,148 65,620 185,613 188,960 Total Segment Revenues $ 1,371,558 $ 1,447,297 $ 3,788,799 $ 3,834,942 (i) This adjustment removes Unrealized Performance Allocations Compensation. (j) This adjustment removes Equity-Based Compensation on a segment basis. (k) This adjustment removes Interest Expense, excluding interest expense related to the Tax Receivable Agreement. (l) Total Segment Expenses is comprised of the following: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Total Segment Fee Related Compensation $ 329,834 $ 334,545 $ 947,699 $ 936,862 Total Segment Realized Performance Compensation 143,870 190,773 354,576 478,496 Total Segment Other Operating Expenses 144,351 128,745 409,783 358,303 Total Segment Expenses $ 618,055 $ 654,063 $ 1,712,058 $ 1,773,661 Reconciliations of Total Segment Components The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported​​​​​​​ on the Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2019 and 2018: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Management and Advisory Fees, Net GAAP $ 878,151 $ 780,009 $ 2,528,255 $ 2,230,242 Segment Adjustment (a) 2,194 (790 ) 10,308 8,015 Total Segment $ 880,345 $ 779,219 $ 2,538,563 $ 2,238,257 Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues GAAP Incentive Fees $ 8,254 $ 9,799 $ 42,301 $ 41,743 Investment Income - Realized Performance Allocations 446,550 592,103 1,021,445 1,365,119 GAAP 454,804 601,902 1,063,746 1,406,862 Total Segment Less: Realized Performance Revenues (420,840 ) (572,159 ) (1,008,995 ) (1,328,074 ) Segment Adjustment (b) 261 556 877 863 Total Segment $ 34,225 $ 30,299 $ 55,628 $ 79,651 Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 GAAP Compensation to Total Segment Fee Related Compensation GAAP Compensation $ 462,766 $ 419,285 $ 1,372,684 $ 1,236,167 Incentive Fee Compensation 5,419 7,251 19,711 23,656 Realized Performance Allocations Compensation 155,663 200,442 367,883 498,902 GAAP 623,848 626,978 1,760,278 1,758,725 Total Segment Less: Realized Performance Compensation (143,870 ) (190,773 ) (354,576 ) (478,496 ) Less: Equity-Based Compensation - Operating Compensation (56,139 ) (33,514 ) (170,072 ) (105,245 ) Less: Equity-Based Compensation - Performance Compensation (2,431 ) (3,062 ) (8,379 ) (9,873 ) Segment Adjustment (c) (91,574 ) (65,084 ) (279,552 ) (228,249 ) Total Segment $ 329,834 $ 334,545 $ 947,699 $ 936,862 Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 GAAP General, Administrative and Other to Total Segment Other Operating Expenses GAAP $ 171,067 $ 168,813 $ 492,437 $ 441,354 Segment Adjustment (d) (26,716 ) (40,068 ) (82,654 ) (83,051 ) Total Segment $ 144,351 $ 128,745 $ 409,783 $ 358,303 Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Realized Performance Revenues GAAP Incentive Fees $ 8,254 $ 9,799 $ 42,301 $ 41,743 Investment Income - Realized Performance Allocations 446,550 592,103 1,021,445 1,365,119 GAAP 454,804 601,902 1,063,746 1,406,862 Total Segment Less: Fee Related Performance Revenues (34,225 ) (30,299 ) (55,628 ) (79,651 ) Segment Adjustment (b) 261 556 877 863 Total Segment $ 420,840 $ 572,159 $ 1,008,995 $ 1,328,074 Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Realized Performance Compensation GAAP Incentive Fee Compensation $ 5,419 $ 7,251 $ 19,711 $ 23,656 Realized Performance Allocation Compensation 155,663 200,442 367,883 498,902 GAAP 161,082 207,693 387,594 522,558 Total Segment Less: Fee Related Performance Compensation (14,781 ) (13,858 ) (24,639 ) (34,189 ) Less: Equity-Based Compensation - Performance Compensation (2,431 ) (3,062 ) (8,379 ) (9,873 ) Total Segment $ 143,870 $ 190,773 $ 354,576 $ 478,496 Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Realized Principal Investment Income GAAP $ 74,642 $ 134,619 $ 292,943 $ 305,961 Segment Adjustment (e) (38,494 ) (68,999 ) (107,330 ) (117,001 ) Total Segment $ 36,148 $ 65,620 $ 185,613 $ 188,960 Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles, the expense of equity-based awards and Transaction-Related Charges. (a) Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures. (b) Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation. (c) Represents the removal of Transaction-Related Charges that are not recorded in the Total Segment measures. (d) Represents the removal of (1) the amortization of transaction-related intangibles, and (2) certain expenses reimbursed by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures. (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

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2019
Subsequent Events	20. Subsequent Events On September 10, 2019, the Issuer exercised its rights under the optional redemption provisions of the 2021 Notes to notice all of the outstanding 2021 Notes, that were not previously tendered in the Tender Offer, for redemption. On October 10, 2019, the Issuer redeemed all such remaining 2021 Notes. As of September 30, 2019, the non-tendered

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Blackstone have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q. 10-K The condensed consolidated financial statements include the accounts of Blackstone, its wholly owned or majority-owned subsidiaries, the consolidated entities which are considered to be variable interest entities and for which Blackstone is considered the primary beneficiary, and certain partnerships or similar entities which are not considered variable interest entities but in which the general partner is determined to have control. All intercompany balances and transactions have been eliminated in consolidation. Restructurings within consolidated CLOs are treated as investment purchases or sales, as applicable, in the Condensed Consolidated Statements of Cash Flows.
Consolidation	Consolidation Blackstone consolidates all entities that it controls through a majority voting interest or otherwise, including those Blackstone Funds in which the general partner has a controlling financial interest. Blackstone has a controlling financial interest in Blackstone Holdings because the limited partners do not have the right to dissolve the partnerships or have substantive kick-out non-controlling In addition, Blackstone consolidates all variable interest entities (“VIE”) in which it is the primary beneficiary. An enterprise is determined to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (a) whether an entity in which Blackstone holds a variable interest is a VIE and (b) whether Blackstone’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests, would give it a controlling financial interest. Performance of that analysis requires the exercise of judgment. Blackstone determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a variable interest entity and continuously reconsiders that conclusion. In determining whether Blackstone is the primary beneficiary, Blackstone evaluates its control rights as well as economic interests in the entity held either directly or indirectly by Blackstone. The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that Blackstone is not the primary beneficiary, a quantitative analysis may also be performed. Investments and redemptions (either by Blackstone, affiliates of Blackstone or third parties) or amendments to the governing documents of the respective Blackstone Funds could affect an entity’s status as a VIE or the determination of the primary beneficiary. At each reporting date, Blackstone assesses whether it is the primary beneficiary and will consolidate or deconsolidate accordingly. Assets of consolidated VIEs that can only be used to settle obligations of the consolidated VIE and liabilities of a consolidated VIE for which creditors (or beneficial interest holders) do not have recourse to the general credit of Blackstone are presented in a separate section in the Condensed Consolidated Statements of Financial Condition. Blackstone’s other disclosures regarding VIEs are discussed in Note 9. “Variable Interest Entities”.
Revenue Recognition	Revenue Recognition Revenues primarily consist of management and advisory fees, incentive fees, investment income, interest and dividend revenue and other. Management and advisory fees and incentive fees are accounted for as contracts with customers. Under the guidance for contracts with customers, an entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. See Note 19. “Segment Reporting” for a disaggregated presentation of revenues from contracts with customers. Investment Income represents the unrealized and realized gains and losses on Blackstone’s Performance Allocations and Principal Investments. Interest and Dividend Revenue comprises primarily interest and dividend income earned on principal investments held by Blackstone. Other Revenue consists of miscellaneous income and foreign exchange gains and losses arising on transactions denominated in currencies other than U.S. dollars. Management and Advisory Fees, Net Blackstone earns base management fees from limited partners of funds in each of its managed funds, at a fixed percentage of assets under management, net asset value, total assets, committed capital or invested capital. These customer contracts require Blackstone to provide investment management services, which represents a performance obligation that Blackstone satisfies over time. Management fees are a form of variable consideration because the fees Blackstone is entitled to vary based on fluctuations in the basis for the management fee. The amount recorded as revenue is generally determined at the end of the period because these management fees are payable on a regular basis (typically quarterly) and are not subject to clawback once paid. Transaction, advisory and other fees (including monitoring fees) are principally fees charged to the limited partners of funds indirectly through the managed funds and portfolio companies. The investment advisory agreements generally require that the investment adviser reduce the amount of management fees payable by the limited partners to Blackstone (“management fee reductions”) by an amount equal to a portion of the transaction and other fees paid to Blackstone by the portfolio companies. The amount of the reduction varies by fund, the type of fee paid by the portfolio company and the previously incurred expenses of the fund. These fees and associated management fee reductions are a component of the transaction price for Blackstone’s performance obligation to provide investment management services to the limited partners of funds and are recognized as changes to the transaction price in the period in which they are charged and the services are performed. Management fee offsets are reductions to management fees payable by the limited partners of the Blackstone Funds, which are based on the amount such limited partners reimburse the Blackstone Funds or Blackstone primarily for placement fees. Providing investment management services requires Blackstone to arrange for services on behalf of its customers. In those situations where Blackstone is acting as an agent on behalf of the limited partners of funds, it presents the cost of services as net against management fee revenue. In all other situations, Blackstone is primarily responsible for fulfilling the services and is therefore acting as a principal for those arrangements. As a result, the cost of those services is presented gross as Compensation or General, Administrative and Other expense, as appropriate, with any reimbursement from the limited partners of the funds recorded as Management and Advisory Fees, Net. Accrued but unpaid Management and Advisory Fees, net of management fee reductions and management fee offsets, as of the reporting date are included in Accounts Receivable or Due from Affiliates in the Condensed Consolidated Statements of Financial Condition. Incentive Fees Investment Income (Loss) In certain fund structures across private equity, real estate, hedge fund solutions and credit-focused funds (“carry funds”), Blackstone, through its subsidiaries, invests alongside its limited partners in a partnership and is entitled to its pro-rata “pro-rata pro-rata Performance Allocations are made to the general partner based on cumulative fund performance to date, subject to a preferred return to limited partners. At the end of each reporting period, Blackstone calculates the balance of accrued Performance Allocations (“Accrued Performance Allocations”) that would be due to Blackstone for each fund, pursuant to the fund agreements, as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. Accrued Performance Allocations as of the reporting date are reflected in Investments in the Condensed Consolidated Statements of Financial Condition. Performance Allocations are realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the preferred return or, in limited instances, after certain thresholds for return of capital are met. Performance Allocations are subject to clawback to the extent that the Performance Allocation received to date exceeds the amount due to Blackstone based on cumulative results. As such, the accrual for potential repayment of previously received Performance Allocations, which is a component of Due to Affiliates, represents all amounts previously distributed to Blackstone Holdings and non-controlling Principal Investments include the unrealized and realized gains and losses on Blackstone’s principal investments, including its investments in Blackstone Funds that are not consolidated and receive pro-rata Interest and Dividend Revenue Other Revenue
Fair Value of Financial Instruments	Fair Value of Financial Instruments GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: ● Level I – Quoted prices are available in active markets for identical financial instruments as of the reporting date. The types of financial instruments in Level I include listed equities, listed derivatives and mutual funds with quoted prices. Blackstone does not adjust the quoted price for these investments, even in situations where Blackstone holds a large position and a sale could reasonably impact the quoted price. ● Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Financial instruments which are generally included in this category include corporate bonds and loans, including corporate bonds and loans held within CLO vehicles, government and agency securities, less liquid and restricted equity securities, and certain over-the-counter ● Level III – Pricing inputs are unobservable for the financial instruments and includes situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category generally include general and limited partnership interests in private equity and real estate funds, credit-focused funds, distressed debt and non-investment over-the-counter In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Blackstone’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. Level II Valuation Techniques Financial instruments classified within Level II of the fair value hierarchy comprise debt instruments, including certain corporate loans and bonds held by Blackstone’s consolidated CLO vehicles and debt securities sold, not yet purchased. Certain equity securities and derivative instruments valued using observable inputs are also classified as Level II. The valuation techniques used to value financial instruments classified within Level II of the fair value hierarchy are as follows: ● Debt Instruments and Equity Securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments and various relationships between investments. The valuation of certain equity securities is based on an observable price for an identical security adjusted for the effect of a restriction. ● Freestanding Derivatives are valued using contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads. ● Senior and subordinate notes issued by CLO vehicles are classified based on the more observable fair value of CLO assets less (a) the fair value of any beneficial interests held by Blackstone, and (b) the carrying value of any beneficial interests that represent compensation for services. Level III Valuation Techniques In the absence of observable market prices, Blackstone values its investments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist; management’s determination of fair value is then based on the best information available in the circumstances, and may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for non-performance Real Estate Investments – Private Equity Investments – Credit-Focused Investments The market approach is generally used to determine the enterprise value of the issuer of a credit investment, and considers valuation multiples of comparable companies or transactions. The resulting enterprise value will dictate whether or not such credit investment has adequate enterprise value coverage. In cases of distressed credit instruments, the market approach may be used to estimate a recovery value in the event of a restructuring.
Investments, at Fair Value	Investments, at Fair Value The Blackstone Funds are accounted for as investment companies under the American Institute of Certified Public Accountants Accounting and Auditing Guide, Investment Companies Blackstone’s principal investments are presented at fair value with unrealized appreciation or depreciation and realized gains and losses recognized in the Condensed Consolidated Statements of Operations within Investment Income (Loss). For certain instruments, Blackstone has elected the fair value option. Such election is irrevocable and is applied on an investment by investment basis at initial recognition. Blackstone has applied the fair value option for certain loans and receivables and certain investments in private debt securities that otherwise would not have been carried at fair value with gains and losses recorded in net income. The methodology for measuring the fair value of such investments is consistent with the methodology applied to private equity, real estate, credit-focused and funds of hedge funds investments. Changes in the fair value of such instruments are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. Interest income on interest bearing loans and receivables and debt securities on which the fair value option has been elected is based on stated coupon rates adjusted for the accretion of purchase discounts and the amortization of purchase premiums. This interest income is recorded within Interest and Dividend Revenue. Blackstone has elected the fair value option for the assets of consolidated CLO vehicles. As permitted under GAAP, Blackstone measures the liabilities of consolidated CLO vehicles as (a) the sum of the fair value of the consolidated CLO assets and the carrying value of any non-financial Non-Controlling non-consolidated Blackstone has elected the fair value option for certain proprietary investments that would otherwise have been accounted for using the equity method of accounting. The fair value of such investments is based on quoted prices in an active market or using the discounted cash flow method. Changes in fair value are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. Further disclosure on instruments for which the fair value option has been elected is presented in Note 7. “Fair Value Option”. The investments of consolidated Blackstone Funds in funds of hedge funds (“Investee Funds”) are valued at net asset value (“NAV”) per share of the Investee Fund. In limited circumstances, Blackstone may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, Blackstone will estimate the fair value in good faith and in a manner that it reasonably chooses, in accordance with the requirements of GAAP. Certain investments of Blackstone and of the consolidated Blackstone funds of hedge funds and credit-focused funds measure their investments in underlying funds at fair value using NAV per share without adjustment. The terms of the investee’s investment generally provide for minimum holding periods or lock-ups, Security and loan transactions are recorded on a trade date basis.
Equity Method Investments	Equity Method Investments Investments in which Blackstone is deemed to exert significant influence, but not control, are accounted for using the equity method of accounting except in cases where the fair value option has been elected. Blackstone has significant influence over all Blackstone Funds in which it invests but does not consolidate. Therefore, its investments in such Blackstone Funds, which include both a proportionate and disproportionate allocation of the profits and losses (as is the case with carry funds that include a Performance Allocation), are accounted for under the equity method. Under the equity method of accounting, Blackstone’s share of earnings (losses) from equity method investments is included in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. In cases where Blackstone’s equity method investments provide for a disproportionate allocation of the profits and losses (as is the case with carry funds that include a Performance Allocation), Blackstone’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period, Blackstone calculates the Accrued Performance Allocations that would be due to Blackstone for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner, or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. The carrying amounts of equity method investments are reflected in Investments in the Condensed Consolidated Statements of Financial Condition. Results from Blackstone’s investments in Strategic Partners funds are reported on a three month lag.
Compensation and Benefits	Compensation and Benefits Compensation and Benefits Compensation Compensation and Benefits — Incentive Fee Compensation — Compensation and Benefits — Performance Allocations Compensation — in-kind).
Reverse Repurchase and Repurchase Agreements	Reverse Repurchase and Repurchase Agreements Securities purchased under agreements to resell (“reverse repurchase agreements”) and securities sold under agreements to repurchase (“repurchase agreements”), comprised primarily of U.S. and non-U.S. Blackstone manages credit exposure arising from reverse repurchase agreements and repurchase agreements by, in appropriate circumstances, entering into master netting agreements and collateral arrangements with counterparties that provide Blackstone, in the event of a counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. Blackstone takes possession of securities purchased under reverse repurchase agreements and is permitted to repledge, deliver or otherwise use such securities. Blackstone also pledges its financial instruments to counterparties to collateralize repurchase agreements. Financial instruments pledged that can be repledged, delivered or otherwise used by the counterparty are recorded in Investments in the Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to repurchase agreements are discussed in Note 10. “Repurchase Agreements”. Blackstone does not offset assets and liabilities relating to reverse repurchase agreements and repurchase agreements in its Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to offsetting are discussed in Note 11. “Offsetting of Assets and Liabilities”.
Securities Sold, Not Yet Purchased	Securities Sold, Not Yet Purchased Securities Sold, Not Yet Purchased consist of equity and debt securities that Blackstone has borrowed and sold. Blackstone is required to “cover” its short sale in the future by purchasing the security at prevailing market prices and delivering it to the counterparty from which it borrowed the security. Blackstone is exposed to loss in the event that the price at which a security may have to be purchased to cover a short sale exceeds the price at which the borrowed security was sold short. Securities Sold, Not Yet Purchased are recorded at fair value in the Condensed Consolidated Statements of Financial Condition.
Derivative Instruments	Derivative Instruments Blackstone recognizes all derivatives as assets or liabilities on its Condensed Consolidated Statements of Financial Condition at fair value. On the date Blackstone enters into a derivative contract, it designates and documents each derivative contract as one of the following: (a) a hedge of a recognized asset or liability (“fair value hedge”), (b) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), (c) a hedge of a net investment in a foreign operation, or (d) a derivative instrument not designated as a hedging instrument (“freestanding derivative”). For a fair value hedge, Blackstone records changes in the fair value of the derivative and, to the extent that it is highly effective, changes in the fair value of the hedged asset or liability attributable to the hedged risk, in current period earnings in General, Administrative and Other in the Condensed Consolidated Statements of Operations. Changes in the fair value of derivatives designated as hedging instruments caused by factors other than changes in the risk being hedged, which are excluded from the assessment of hedge effectiveness, are recognized in current period earnings. Gains or losses on a derivative instrument that is designated as, and is effective as, an economic hedge of a net investment in a foreign operation are reported in the cumulative translation adjustment section of other comprehensive income to the extent it is effective as a hedge. The ineffective portion of a net investment hedge is recognized in current period earnings. Blackstone formally documents at inception its hedge relationships, including identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and Blackstone’s evaluation of effectiveness of its hedged transaction. At least monthly, Blackstone also formally assesses whether the derivative it designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in estimated fair values or cash flows of the hedged items using either the regression analysis or the dollar offset method. For net investment hedges, Blackstone uses a method based on changes in spot rates to measure effectiveness. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued. Blackstone may also at any time remove a designation of a fair value hedge. The fair values of hedging derivative instruments are reflected within Other Assets in the Condensed Consolidated Statements of Financial Condition. For freestanding derivative contracts, Blackstone presents changes in fair value in current period earnings. Changes in the fair value of derivative instruments held by consolidated Blackstone Funds are reflected in Net Gains from Fund Investment Activities or, where derivative instruments are held by Blackstone, within Investment Income (Loss) in the Condensed Consolidated Statements of Operations. The fair value of freestanding derivative assets of the consolidated Blackstone Funds are recorded within Investments, the fair value of freestanding derivative assets that are not part of the consolidated Blackstone Funds are recorded within Other Assets and the fair value of freestanding derivative liabilities are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition. Blackstone has elected to not offset derivative assets and liabilities or financial assets in its Condensed Consolidated Statements of Financial Condition, including cash, that may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement is in place that provides Blackstone, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. Blackstone’s other disclosures regarding derivative financial instruments are discussed in Note 6. “Derivative Financial Instruments”. Blackstone’s disclosures regarding offsetting are discussed in Note 11. “Offsetting of Assets and Liabilities”.
Leases	Leases Blackstone determines if an arrangement is a lease at inception of the arrangement. Blackstone primarily enters into operating leases, as the lessee, for office space. Operating leases are included in Right-of-Use Certain leases include lease and nonlease components, which are accounted for as one single lease component. Occupancy lease agreements, in addition to contractual rent payments, generally include additional payments for certain costs incurred by the landlord, such as building expenses and utilities. To the extent these are fixed or determinable, they are included as part of the minimum lease payments used to measure the Operating Lease Liability. Operating lease expense associated with minimum lease payments is recognized on a straight-line basis over the lease term. When additional payments are based on usage or vary based on other factors, they are expensed when incurred as variable lease expense. Minimum lease payments for leases with an initial term of twelve months or less are not recorded on the Condensed Consolidated Statement of Financial Condition. Blackstone recognizes lease expense for these leases on a straight-line basis over the lease term.
Affiliates	Affiliates Blackstone considers its Founder, senior managing directors, employees, the Blackstone Funds and the Portfolio Companies to be affiliates.
Dividends	Dividends Dividends are reflected in the condensed consolidated financial statements when declared.
Recent Accounting Developments	Recent Accounting Developments In February 2016, the Financial Accounting Standards Board issued amended guidance on the accounting for leases. The new guidance was effective for Blackstone beginning January 1, 2019 and was adopted on a modified retrospective basis. Blackstone elected to apply the guidance to each lease that had commenced as of the adoption date. As a result, periods prior to January 1, 2019 are presented in accordance with previous GAAP. Blackstone also elected a package of practical expedients which resulted in no requirement to reassess (a) whether any expired or existing contracts are or contain leases, (b) the lease classification for any expired or existing leases and (c) the recognition requirements for initial direct costs for any existing leases. Blackstone also elected a practical expedient to account for lease and nonlease components as a single lease component. Short-term leases, which have a stated lease term of twelve months or less, have been excluded from the Operating Lease Liability and ROU Assets as a result of a policy election made by Blackstone. The guidance requires the recognition of lease assets and lease liabilities for those leases previously classified as operating leases and it retains a distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are similar, but not identical, to the classification criteria for distinguishing between capital leases and operating leases under previous GAAP. For operating leases, a lessee is required to do the following: (a) recognize a right-of-use In June 2016, the FASB issued amended guidance on how to measure credit losses for most financial assets. The guidance requires entities to recognize their estimate of lifetime expected credit losses based on reasonable and supportable forecasts, current conditions, and historical experience. The guidance is effective for fiscal periods beginning after December 15, 2019 and requires a modified retrospective transition method that will result in a cumulative-effect adjustment in retained earnings upon adoption. Blackstone is evaluating the impact of this guidance.

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2019
Intangible Assets, Net	Intangible Assets, Net consists of the following: September 30, December 31, 2019 2018 Finite-Lived Intangible Assets / Contractual Rights $ 1,712,576 $ 1,712,576 Accumulated Amortization (1,297,319 ) (1,244,069 ) Intangible Assets, Net $ 415,257 $ 468,507

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2019
Investments	Investments consist of the following: September 30, December 31, 2019 2018 Investments of Consolidated Blackstone Funds $ 8,481,233 $ 8,376,338 Equity Method Investments Partnership Investments 3,864,453 3,649,423 Accrued Performance Allocations 7,003,889 5,883,924 Corporate Treasury Investments 2,588,529 2,206,493 Other Investments 266,356 260,853 $ 22,204,460 $ 20,377,031
Reconciliation of Realized and Net Change in Unrealized Gains (Losses) to Other Income (Loss) - Net Gains (Losses) from Fund Investment Activities in Consolidated Statements of Operations	The following table presents the Realized and Net Change in Unrealized Gains (Losses) on investments held by the consolidated Blackstone Funds and a reconciliation to Other Income – Net Gains from Fund Investment Activities in the Condensed Consolidated Statements of Operations: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Realized Gains $ 9,620 $ 23,475 $ 11,906 $ 57,853 Net Change in Unrealized Gains (Losses) (2,143 ) 415 110,117 75,378 Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds 7,477 23,890 122,023 133,231 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 40,973 42,948 117,883 117,725 Other Income — Net Gains from Fund Investment Activities $ 48,450 $ 66,838 $ 239,906 $ 250,956
Performance Fees Allocated to Funds	Accrued Performance Allocations to Blackstone were as follows: Real Private Hedge Fund Estate Equity Solutions Credit Total Accrued Performance Allocations, December 31, 2018 $ 2,853,261 $ 2,642,119 $ 22,921 $ 365,623 $ 5,883,924 Performance Allocations as a Result of Changes in Fund Fair Values 1,294,846 645,646 71,222 97,860 2,109,574 Foreign Exchange Loss (32,358 ) — — — (32,358 ) Fund Distributions (487,558 ) (436,941 ) (1,635 ) (31,117 ) (957,251 ) Accrued Performance Allocations, September 30, 2019 $ 3,628,191 $ 2,850,824 $ 92,508 $ 432,366 $ 7,003,889
Realized and Net Change in Unrealized Gains (Losses) on Investments	The following table presents the Realized and Net Change in Unrealized Gains (Losses) on these investments: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Realized Gains (Losses) $ 2,644 $ (2,504 ) $ 25,944 $ 4,609 Net Change in Unrealized Gains (Losses) 6,142 14,691 55,359 (205 ) $ 8,786 $ 12,187 $ 81,303 $ 4,404
Realized and Net Change in Unrealized Gains in Other Investments	The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in Other Investments: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Realized Gains $ 1 $ 30,618 $ 45,728 $ 46,937 Net Change in Unrealized Gains 278 3,683 7,067 49,094 $ 279 $ 34,301 $ 52,795 $ 96,031

Net Asset Value as Fair Value (

Net Asset Value as Fair Value (Tables)	9 Months Ended
	Sep. 30, 2019
Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments	A summary of fair value by strategy type alongside the remaining unfunded commitments and ability to redeem such investments as of September 30, 2019 is presented below: Redemption Unfunded Frequency Redemption Strategy Fair Value Commitments (if currently eligible) Notice Period Diversified Instruments $ 220,534 $ 126 (a) (a) Credit Driven 82,891 268 (b) (b) Equity 6,274 — (c) (c) Commodities 1,709 — (d) (d) $ 311,408 $ 394 (a) Diversified Instruments include investments in funds that invest across multiple strategies. Investments representing 3% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. The remaining 97% of investments in this category are redeemable as of the reporting date. (b) The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. Investments representing 26% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. The remaining 74% of investments in this category are redeemable as of the reporting date. (c) The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Investments representing 100% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. As of the reporting date, the investee fund manager had elected to side-pocket 70% of Blackstone’s investments in the category. (d) The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. Investments representing 100% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2019
Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments	The table below summarizes the aggregate notional amount and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts. September 30, 2019 December 31, 2018 Assets Liabilities Assets Liabilities Fair Fair Fair Fair Notional Value Notional Value Notional Value Notional Value Freestanding Derivatives Blackstone Interest Rate Contracts $ 952,693 $ 87,024 $ 476,734 $ 74,250 $ 798,137 $ 43,632 $ 844,620 $ 39,164 Foreign Currency Contracts 52,959 934 210,065 961 224,841 1,286 245,371 1,636 Credit Default Swaps 2,533 93 25,807 968 — — 34,060 4,004 Investments of Foreign Currency Contracts 122,633 2,920 — — 108,271 524 16,952 164 Interest Rate Contracts — — 33,000 2,734 — — 10,000 311 Credit Default Swaps 12,151 319 54,186 1,621 20,952 55 46,685 5,710 Total Return Swaps 4,566 18 26,744 449 — — 31,440 1,855 Other 1 138 1 26 — — — — $ 1,147,536 $ 91,446 $ 826,537 $ 81,009 $ 1,152,201 $ 45,497 $ 1,229,128 $ 52,844
Summary of Impact of Derivative Financial Instruments to Consolidated Statements of Operations	The table below summarizes the impact to the Condensed Consolidated Statements of Operations from derivative financial instruments: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Net Investment Hedges - Foreign Currency Contracts Hedge Ineffectiveness $ — $ — $ — $ (8 ) Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ (1,784 ) $ 401 $ (4,448 ) $ 2,471 Foreign Currency Contracts (815 ) 3,583 (669 ) 11,821 Credit Default Swaps 455 (333 ) 2,446 (841 ) Total Return Swaps (207 ) (37 ) (602 ) 137 Other (61 ) — (193 ) — $ (2,412 ) $ 3,614 $ (3,466 ) $ 13,588 Net Change in Unrealized Gains (Losses) Interest Rate Contracts $ 20,804 $ 7,076 $ 9,649 $ 7,037 Foreign Currency Contracts 2,676 (5,248 ) 2,885 (7,520 ) Credit Default Swaps (6 ) 2,368 3,641 2,856 Total Return Swaps (64 ) (173 ) 1,307 (121 ) Other (46 ) (99 ) 19 (99 ) $ 23,364 $ 3,924 $ 17,501 $ 2,153

Fair Value Option (Tables)

Fair Value Option (Tables)	9 Months Ended
	Sep. 30, 2019
Summary of Financial Instruments for Which Fair Value Option Has Been Elected	The following table summarizes the financial instruments for which the fair value option has been elected: September 30, December 31, 2019 2018 Assets Loans and Receivables $ 290,136 $ 304,173 Equity and Preferred Securities 226,115 390,095 Debt Securities 530,314 529,698 Assets of Consolidated CLO Vehicles Corporate Loans 6,888,906 6,766,700 Other 988 — $ 7,936,459 $ 7,990,666 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes Loans Payable $ 6,450,548 $ 6,473,233 Due to Affiliates 55,217 3,201 Subordinated Notes Loans Payable 41,849 7,478 Due to Affiliates 46,397 52,811 $ 6,594,011 $ 6,536,723
Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected	The following tables present the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected: Three Months Ended September 30, 2019 2018 Net Change Net Change Realized in Unrealized Realized in Unrealized Gains (Losses) Gains (Losses) Gains (Losses) Gains (Losses) Assets Loans and Receivables $ (918 ) $ 1,540 $ — $ — Equity and Preferred Securities — (1,759 ) — 20,329 Debt Securities 472 (7,426 ) (2,461 ) 325 Assets of Consolidated CLO Vehicles Corporate Loans (2,406 ) (33,427 ) (3,030 ) (14,095 ) $ (2,852 ) $ (41,072 ) $ (5,491 ) $ 6,559 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ — $ 12,749 $ — $ — Subordinated Notes — 23,024 — 36,021 $ — $ 35,773 $ — $ 36,021 Nine Months Ended September 30, 2019 2018 Realized Gains (Losses) Net Change in Unrealized Gains (Losses) Realized Gains (Losses) Net Change in Unrealized Gains (Losses) Assets Loans and Receivables $ (2,749 ) $ (1,117 ) $ — $ — Equity and Preferred Securities 9,908 20,539 — 18,462 Debt Securities (2,888 ) 9,323 (1,634 ) (1,973 ) Assets of Consolidated CLO Vehicles Corporate Loans (16,806 ) 128,350 (7,429 ) (21,134 ) Corporate Bonds — — (24,056 ) 9,693 Other — 350 — 6 $ (12,535 ) $ 157,445 $ (33,119 ) $ 5,054 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ — $ (32,144 ) $ — $ — Subordinated Notes — (27,957 ) — 96,481 $ — $ (60,101 ) $ — $ 96,481
Information for Financial Instruments on Which Fair Value Option was Elected	The following table presents information for those financial instruments for which the fair value option was elected: September 30, 2019 December 31, 2018 For Financial Assets For Financial Assets Past Due (a) Past Due (a) Excess Excess Excess Excess of Fair Value Fair of Fair Value of Fair Value Fair of Fair Value Over Principal Value Over Principal Over Principal Value Over Principal Loans and Receivables $ 520 $ — $ — $ 2,421 $ — $ — Debt Securities (14,857 ) — — (26,660 ) — — Assets of Consolidated CLO Vehicles Corporate Loans (190,295 ) — — (301,085 ) — — $ (204,632 ) $ — $ — $ (325,324 ) $ — $ — (a) Corporate Loans within CLO assets are classified as past due if contractual payments are more than one day past due.

Fair Value Measurements of Fi_2

Fair Value Measurements of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2019
Financial Assets and Liabilities at Fair Value	The following tables summarize the valuation of Blackstone’s financial assets and liabilities by the fair value hierarchy: September 30, 2019 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents - Money Market Funds and Short-Term Investments $ 666,147 $ — $ — $ — $ 666,147 Investments Investments of Consolidated Blackstone Funds (a) Investment Funds — — — 28,378 28,378 Equity Securities 30,252 47,820 231,898 — 309,970 Partnership and LLC Interests — 10,859 399,356 — 410,215 Debt Instruments — 749,698 89,683 — 839,381 Freestanding Derivatives Foreign Currency Contracts — 2,920 — — 2,920 Credit Default Swaps — 319 — — 319 Total Return Swaps — 18 — — 18 Other — 138 — — 138 Assets of Consolidated CLO Vehicles Corporate Loans — 6,436,248 452,658 — 6,888,906 Other — — 988 — 988 Total Investments of Consolidated Blackstone Funds 30,252 7,248,020 1,174,583 28,378 8,481,233 Corporate Treasury Investments Equity Securities 418,845 — — — 418,845 Debt Instruments 494,889 1,380,171 18,182 — 1,893,242 Other — — 776 275,666 276,442 Total Corporate Treasury Investments 913,734 1,380,171 18,958 275,666 2,588,529 Other Investments 189,000 — 21,205 7,364 217,569 Total Investments 1,132,986 8,628,191 1,214,746 311,408 11,287,331 Accounts Receivable - Loans and Receivables — — 290,136 — 290,136 Other Assets Freestanding Derivatives Interest Rate Contracts 619 86,405 — — 87,024 Foreign Currency Contracts — 934 — — 934 Credit Default Swaps — 93 — — 93 Total Other Assets 619 87,432 — — 88,051 $ 1,799,752 $ 8,715,623 $ 1,504,882 $ 311,408 $ 12,331,665 September 30, 2019 Level I Level II Level III Total Liabilities Loans Payable - Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 6,450,548 $ — $ 6,450,548 Subordinated Notes (b) — 41,849 — 41,849 Total Loans Payable — 6,492,397 — 6,492,397 Due to Affiliates - Liabilities of Consolidated CLO Senior Secured Notes (b) — 55,217 — 55,217 Subordinated Notes (b) — 46,397 — 46,397 Total Due to Affiliates — 101,614 — 101,614 Securities Sold, Not Yet Purchased 22,285 64,766 — 87,051 Accounts Payable, Accrued Expenses and Other Liabilities Liabilities of Consolidated Blackstone Funds - Freestanding Derivatives (a) Credit Default Swaps — 1,621 — 1,621 Total Return Swaps — 449 — 449 Interest Rate Swaps — 2,734 — 2,734 Other — 26 — 26 Total Liabilities of Consolidated Blackstone Funds — 4,830 — 4,830 Freestanding Derivatives Interest Rate Contracts 297 73,953 — 74,250 Foreign Currency Contracts — 961 — 961 Credit Default Swaps — 968 — 968 Total Freestanding Derivatives 297 75,882 — 76,179 Total Accounts Payable, Accrued Expenses and Other Liabilities 297 80,712 — 81,009 $ 22,582 $ 6,739,489 $ — $ 6,762,071 December 31, 2018 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents - Money Market Funds and Short-Term Investments $ 623,526 $ — $ — $ — $ 623,526 Investments Investments of Consolidated Blackstone Funds (a) Investment Funds — — — 80,726 80,726 Equity Securities 42,937 34,946 201,566 — 279,449 Partnership and LLC Interests — 7,170 355,273 — 362,443 Debt Instruments — 752,622 133,819 — 886,441 Freestanding Derivatives Foreign Currency Contracts — 524 — — 524 Credit Default Swaps — 55 — — 55 Assets of Consolidated CLO Vehicles Corporate Loans — 6,093,342 673,358 — 6,766,700 Total Investments of Consolidated Blackstone Funds 42,937 6,888,659 1,364,016 80,726 8,376,338 Corporate Treasury Investments Equity Securities 233,834 — — — 233,834 Debt Instruments 243,297 1,444,968 24,568 — 1,712,833 Other — — — 259,826 259,826 Total Corporate Treasury Investments 477,131 1,444,968 24,568 259,826 2,206,493 Other Investments 176,432 — 31,617 7,581 215,630 Total Investments 696,500 8,333,627 1,420,201 348,133 10,798,461 Accounts Receivable - Loans and Receivables — — 304,173 — 304,173 Other Assets Freestanding Derivatives Interest Rate Contracts 1,274 42,358 — — 43,632 Foreign Currency Contracts — 1,286 — — 1,286 Total Other Assets 1,274 43,644 — — 44,918 $ 1,321,300 $ 8,377,271 $ 1,724,374 $ 348,133 $ 11,771,078 December 31, 2018 Level I Level II Level III Total Liabilities Loans Payable - Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 6,473,233 $ — $ 6,473,233 Subordinated Notes (b) — 7,478 — 7,478 Total Loans Payable — 6,480,711 — 6,480,711 Due to Affiliates - Liabilities of Consolidated CLO Senior Secured Notes (b) — 3,201 — 3,201 Subordinated Notes (b) — 52,811 — 52,811 Total Due to Affiliates — 56,012 — 56,012 Securities Sold, Not Yet Purchased 35,959 106,658 — 142,617 Accounts Payable, Accrued Expenses and Other Liabilities Liabilities of Consolidated Blackstone Funds - Freestanding Derivatives (a) Foreign Currency Contracts — 164 — 164 Credit Default Swaps — 5,710 — 5,710 Total Return Swaps — 1,855 — 1,855 Interest Rate Swaps — 311 — 311 Total Liabilities of Consolidated Blackstone Funds — 8,040 — 8,040 Freestanding Derivatives Interest Rate Contracts 3,080 36,084 — 39,164 Foreign Currency Contracts — 1,636 — 1,636 Credit Default Swaps — 4,004 — 4,004 Total Freestanding Derivatives 3,080 41,724 — 44,804 Total Accounts Payable, Accrued Expenses and Other Liabilities 3,080 49,764 — 52,844 $ 39,039 $ 6,693,145 $ — $ 6,732,184 (a) Pursuant to GAAP consolidation guidance, Blackstone is required to consolidate all VIEs in which it has been identified as the primary beneficiary, including certain CLO vehicles and other funds in which a consolidated entity of Blackstone, such as the general partner of the fund, has a controlling financial interest. While Blackstone is required to consolidate certain funds, including CLO vehicles, for GAAP purposes, Blackstone has no ability to utilize the assets of these funds and there is no recourse to Blackstone for their liabilities since these are client assets and liabilities. (b) Senior and subordinated notes issued by CLO vehicles are classified based on the more observable fair value of CLO assets less (1) the fair value of any beneficial interests held by Blackstone, and (2) the carrying value of any beneficial interests that represent compensation for services.
Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy	The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of September 30, 2019: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Financial Assets Investments of Consolidated Equity Securities $ 186,041 Discounted Cash Flows Discount Rate 7.3% - 32.1% 13.1% Revenue CAGR -3.1% - 26.6% 9.9% Book Value Multiple 0.9x - 9.5x 6.0x EBITDA Multiple 1.1x - 12.9x 11.2x Exit Capitalization Rate 7.3% - 11.4% 8.6% Exit Multiple - EBITDA 0.1x - 19.7x 10.3x Exit Multiple - NOI 13.7x N/A Exit Multiple - P/E 17.0x N/A 1,350 Market Comparable Companies Book Value Multiple 1.1x N/A Dollar/Acre Multiple $7.0 N/A 28,091 Other N/A N/A N/A 16,207 Transaction Price N/A N/A N/A 209 Third Party Pricing N/A N/A N/A Partnership and LLC Interests 341,116 Discounted Cash Flows Discount Rate 2.6% - 26.5% 9.4% Revenue CAGR -3.4% - 27.5% 17.9% EBITDA Multiple 14.3x N/A Exit Capitalization Rate 2.7% - 25.0% 5.7% Exit Multiple - EBITDA 4.0x - 36.7x 12.2x Exit Multiple - NOI 13.0x N/A 3,074 Market Comparable Companies Book Value Multiple 1.2x N/A Dollar/Acre Multiple $12.0 N/A 1,901 Other N/A N/A N/A 290 Third Party Pricing N/A N/A N/A 52,975 Transaction Price N/A N/A N/A Debt Instruments 8,486 Discounted Cash Flows Discount Rate 7.1% - 51.2% 12.5% Exit Capitalization Rate 5.5% - 8.0% 6.7% Exit Multiple - EBITDA 6.5x - 12.5x 8.6x 79,677 Third Party Pricing N/A N/A N/A 1,520 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 40 Discounted Cash Flows Discount Rate 4.7% N/A 453,606 Third Party Pricing N/A N/A N/A Total Investments of Consolidated Blackstone Funds 1,174,583 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Corporate Treasury Investments $ 10,199 Discounted Cash Flows Discount Rate 3.4% - 7.5% 5.9% Default Rate 2.0% N/A Pre-payment 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 11.5% - 70.0% 67.9% Reinvestment Rate LIBOR + 400 bps N/A 776 Market Comparable Companies EBITDA Multiple 6.7x N/A 7,983 Third Party Pricing N/A N/A N/A Loans and Receivables 290,136 Discounted Cash Flows Discount Rate 6.2% - 8.3% 6.6% Other Investments 21,205 Discounted Cash Flows Discount Rate 0.9% - 18.7% 3.0% Default Rate 2.0% N/A Pre-payment 20.0% N/A Recovery Lag 12 M N/A Recovery Rate 70.0% N/A Reinvestment Rate LIBOR + 400 bps N/A $ 1,504,882 The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of December 31, 2018: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 138,725 Discounted Cash Flows Discount Rate 7.1% - 26.1% 12.6% Revenue CAGR -0.8% - 32.4% 6.6% Book Value Multiple 0.9x - 9.5x 8.3x Exit Capitalization Rate 5.0% - 11.4% 8.0% Exit Multiple - EBITDA 0.1x - 17.5x 10.3x Exit Multiple - NOI 12.8x N/A Exit Multiple - P/E 17.0x N/A 21,050 Market Comparable Companies Book Value Multiple 0.8x - 8.0x 1.3x Dollar/Acre Multiple $7.0 - $44.1 $32.9 21,492 Other N/A N/A N/A 20,250 Transaction Price N/A N/A N/A 49 Third Party Pricing N/A N/A N/A Partnership and LLC Interests 295,251 Discounted Cash Flows Discount Rate 4.1% - 26.5% 9.7% Revenue CAGR -1.1% - 48.4% 26.9% Book Value Multiple 8.5x - 9.3x 9.2x Exit Capitalization Rate 2.9% - 15.0% 6.3% Exit Multiple - EBITDA 0.1x - 15.3x 10.0x Exit Multiple - NOI 13.3x N/A 9,444 Market Comparable Companies Book Value Multiple 1.1x N/A Dollar/Acre Multiple $5.3 - $12.0 $7.5 9,390 Other N/A N/A N/A 41,188 Transaction Price N/A N/A N/A Debt Instruments 8,342 Discounted Cash Flows Discount Rate 7.0% - 19.3% 9.8% Revenue CAGR 0.7% N/A Exit Multiple - EBITDA 6.5x N/A 120,843 Third Party Pricing N/A N/A N/A 4,634 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 41 Discounted Cash Flows Discount Rate 5.0% N/A 673,317 Third Party Pricing N/A N/A N/A Total Investments of Consolidated Blackstone Funds 1,364,016 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Corporate Treasury Investments $ 7,947 Discounted Cash Flows Discount Rate 4.4% - 7.5% 6.6% Default Rate 2.0% N/A Pre-payment 20.0% N/A Recovery Lag 12 Months - 13 Months Recovery Rate 17.5% - 70.0% 67.7% Reinvestment Rate LIBOR + 400 bps N/A 16,621 Third Party Pricing N/A N/A N/A Loans and Receivables 304,173 Discounted Cash Flows Discount Rate 6.1% - 12.8% 8.7% Other Investments 26,631 Discounted Cash Flows Discount Rate 1.0% - 15.0% 2.8% Default Rate 2.0% N/A Pre-payment 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 70.0% N/A Reinvestment Rate LIBOR + 400 bps N/A 4,986 Transaction Price N/A N/A N/A $ 1,724,374 N/A Not applicable. CAGR Compound annual growth rate. EBITDA Earnings before interest, taxes, depreciation and amortization. Exit Multiple Ranges include the last twelve months EBITDA, forward EBITDA and price/earnings exit multiples. LIBOR London Interbank Offered Rate NOI Net operating income. P/E Price-earnings ratio. 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.
Summary of Changes in Financial Assets Measured at Fair Value for Which Level III Inputs Were Used	The following tables summarize the changes in financial assets and liabilities measured at fair value for which Blackstone has used Level III inputs to determine fair value and does not include gains or losses that were reported in Level III in prior years or for instruments that were transferred out of Level III prior to the end of the respective reporting period. Total realized and unrealized gains and losses recorded for Level III investments are reported in either Investment Income (Loss) or Net Gains from Fund Investment Activities in the Condensed Consolidated Statements of Operations. Level III Financial Assets at Fair Value Three Months Ended September 30, 2019 2018 Investments Investments of Loans Other of Loans Other Consolidated and Investments Consolidated and Investments Funds Receivables (a) Total Funds Receivables (a) Total Balance, Beginning of Period $ 1,140,096 $ 187,831 $ 49,052 $ 1,376,979 $ 1,086,724 $ 346,603 $ 114,723 $ 1,548,050 Transfer In to Level III (b) 216,782 — — 216,782 255,398 — 5,299 260,697 Transfer Out of Level III (b) (173,495 ) — (8,193 ) (181,688 ) (221,162 ) — (11,192 ) (232,354 ) Purchases 136,384 283,492 3,022 422,898 156,527 347,890 15,754 520,171 Sales (151,958 ) (182,584 ) (2,522 ) (337,064 ) (119,593 ) (274,817 ) (69,272 ) (463,682 ) Settlements — (2,042 ) — (2,042 ) — (8,397 ) — (8,397 ) Changes in Gains Included in Earnings 6,774 3,439 (1,196 ) 9,017 12,764 8,524 35,207 56,495 Balance, End of Period $ 1,174,583 $ 290,136 $ 40,163 $ 1,504,882 $ 1,170,658 $ 419,803 $ 90,519 $ 1,680,980 Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ 3,020 $ 1,540 $ (230 ) $ 4,330 $ 8,229 $ 8,523 $ 5,431 $ 22,183 Level III Financial Assets at Fair Value Nine Months Ended September 30, 2019 2018 Investments Investments of Loans Other of Loans Other Consolidated and Investments Consolidated and Investments Funds Receivables (a) Total Funds Receivables (a) Total Balance, Beginning of Period $ 1,364,016 $ 304,173 $ 56,185 $ 1,724,374 $ 1,029,371 $ 239,659 $ 119,642 $ 1,388,672 Transfer In Due to Consolidation and Acquisition — — — — 50,043 — 50,043 Transfer Out Due to Deconsolidation — — — — (217,182 ) — — (217,182 ) Transfer In to Level III (b) 168,479 — 12,935 181,414 160,125 — 5,299 165,424 Transfer Out of Level III (b) (405,498 ) — (35,363 ) (440,861 ) (117,372 ) — (26,909 ) (144,281 ) Purchases 323,449 554,264 15,842 893,555 590,153 718,811 35,567 1,344,531 Sales (321,574 ) (566,400 ) (8,663 ) (896,637 ) (374,479 ) (538,520 ) (92,751 ) (1,005,750 ) Settlements — (12,231 ) — (12,231 ) — (17,376 ) (4 ) (17,380 ) Changes in Gains Included in Earnings 45,711 10,330 (773 ) 55,268 49,999 17,229 49,675 116,903 Balance, End of Period $ 1,174,583 $ 290,136 $ 40,163 $ 1,504,882 $ 1,170,658 $ 419,803 $ 90,519 $ 1,680,980 Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ 32,415 $ (1,117 ) $ (29 ) $ 31,269 $ 11,670 $ 17,229 $ 5,049 $ 33,948 (a) Represents corporate treasury investments and Other Investments. (b) Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2019
Maximum Exposure to Loss Relating to Non-Consolidated VIEs	Blackstone’s maximum exposure to loss relating to non-consolidated September 30, December 31, 2019 2018 Investments $ 1,110,903 $ 942,700 Due from Affiliates 312,266 254,744 Potential Clawback Obligation 96,331 159,691 Maximum Exposure to Loss $ 1,519,500 $ 1,357,135 Amounts Due to Non-Consolidated $ 214 $ 207

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	9 Months Ended
	Sep. 30, 2019
Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged	The following tables provide information regarding Blackstone’s Repurchase Agreements obligation by type of collateral pledged: September 30, 2019 Remaining Contractual Maturity of the Agreements Overnight Greater and Up to 30 - 90 than Continuous 30 Days Days 90 days Total Repurchase Agreements Asset-Backed Securities $ — $ 15,916 $ 108,437 $ 38,706 $ 163,059 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 163,059 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ — December 31, 2018 Remaining Contractual Maturity of the Agreements Overnight Greater and Up to 30 - 90 than Continuous 30 Days Days 90 days Total Repurchase Agreements Asset-Backed Securities $ — $ 42,908 $ 144,731 $ 34,563 $ 222,202 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 222,202 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ —

Offsetting of Assets And Liab_2

Offsetting of Assets And Liabilities (Tables)	9 Months Ended
	Sep. 30, 2019
Offsetting of Assets	The following tables present the offsetting of assets and liabilities as of September 30, 2019 and December 31, 2018: September 30, 2019 Gross and Net Amounts of Gross Amounts Not Offset Assets Presented in the Statement of in the Statement Financial Condition of Financial Financial Cash Collateral Condition Instruments (a) Received Net Amount Assets Freestanding Derivatives $ 89,928 $ 69,016 $ — $ 20,912 December 31, 2018 Gross and Net Amounts of Assets Gross Amounts Not Offset Presented ​​​​​​​in the in the Statement of Statement of Financial Condition Financial Financial Cash Collateral Condition Instruments (a) Received Net Amount Assets Freestanding Derivatives $ 45,416 $ 37,788 $ 5,547 $ 2,081
Offsetting of Liabilities	September 30, 2019 Gross and Net Amounts of Liabilities Gross Amounts Not Offset Presented in the in the Statement of Statement of Financial Condition Financial Financial Cash Collateral Condition Instruments (a) Pledged Net Amount Liabilities Freestanding Derivatives $ 81,009 $ 63,178 $ 16,621 $ 1,210 Repurchase Agreements 163,059 163,059 — — $ 244,068 $ 226,237 $ 16,621 $ 1,210 December 31, 2018 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 $ 52,844 $ 35,905 $ 15,377 $ 1,562 Repurchase Agreements 222,202 222,202 — — $ 275,046 $ 258,107 $ 15,377 $ 1,562 (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.
Components of Other Assets	Repurchase Agreements are presented separately on the Condensed Consolidated Statements of Financial Condition. Freestanding Derivative assets are included in Other Assets in the Condensed Consolidated Statements of Financial Condition. The following table presents the components of Other Assets: September 30, December 31, 2019 2018 Furniture, Equipment and Leasehold Improvements, Net $ 150,907 $ 120,372 Prepaid Expenses 149,129 110,732 Freestanding Derivatives 88,051 44,918 Other 14,583 18,226 $ 402,670 $ 294,248

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Sep. 30, 2019
Carrying Value and Fair Value of Blackstone Issued Notes	The following table presents the general characteristics of each of our notes, as well as their carrying value and fair value. The notes are included in Loans Payable within the Condensed Consolidated Statements of Financial Condition. All of the notes were issued at a discount. All of the notes accrue interest from the issue date thereof and all pay interest in arrears on a semi-annual basis or annual basis. September 30, 2019 December 31, 2018 Carrying Fair Carrying Fair Senior Notes Value Value (a) Value Value (a) 5.875%, Due 3/15/2021 (b) $ 223,229 $ 236,680 $ 398,947 $ 421,720 4.750%, Due 2/15/2023 395,972 430,600 395,166 417,600 2.000%, Due 5/19/2025 322,856 360,125 339,959 352,197 1.000%, Due 10/5/2026 645,495 681,536 679,193 647,564 3.150%, Due 10/2/2027 296,963 307,590 296,717 285,030 1.500%, Due 4/10/2029 648,465 702,266 — — 2.500%, Due 1/10/2030 490,465 483,850 — — 6.250%, Due 8/15/2042 238,382 332,125 238,221 289,225 5.000%, Due 6/15/2044 488,912 598,600 488,747 490,150 4.450%, Due 7/15/2045 344,127 391,090 344,038 329,770 4.000%, Due 10/2/2047 290,298 315,120 290,163 262,800 3.500%, Due 9/10/2049 392,396 387,960 — — $ 4,777,560 $ 5,227,542 $ 3,471,151 $ 3,496,056 (a) Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy. (b) On October 10, 2019, Blackstone re deemed
Partnership's Borrowings Through Consolidated CLO Vehicles	Borrowings through the consolidated CLO vehicles consisted of the following: September 30, 2019 December 31, 2018 Weighted- Weighted- Weighted- Average Weighted- Average Average Remaining Average Remaining Borrowing Interest Maturity in Borrowing Interest Maturity in Outstanding Rate Years Outstanding Rate Years Senior Secured Notes $ 6,528,738 3.86% 6.3 $ 6,531,550 4.20% 7.5 Subordinated Notes 321,866 (a) N/A 331,735 (a) N/A $ 6,850,604 $ 6,863,285 (a) The Subordinated Notes do not have contractual interest rates but instead receive distributions from the excess cash flows of the CLO vehicles.
Components of Senior Secured Notes and Subordinated Notes	Senior Secured Notes and Subordinated Notes comprise the following amounts: September 30, 2019 December 31, 2018 Amounts Due to Non- Amounts Due to Non- Consolidated Affiliates Consolidated Affiliates Borrowing Borrowing Fair Value Outstanding Fair Value Fair Value Outstanding Fair Value Senior Secured Notes $ 6,505,765 $ 55,250 $ 55,217 $ 6,476,434 $ 3,250 $ 3,201 Subordinated Notes 88,246 77,965 46,397 60,289 111,659 52,811 $ 6,594,011 $ 133,215 $ 101,614 $ 6,536,723 $ 114,909 $ 56,012
Scheduled Principal Payments for Borrowings	Scheduled principal payments for borrowings as of September 30, 2019 were as follows: Blackstone Fund Operating Facilities/CLO Total Borrowings Vehicles Borrowings 2019 $ — $ 288 $ 288 2020 — — — 2021 (a) 225,045 — 225,045 2022 — — — 2023 400,000 — 400,000 Thereafter 4,234,850 6,850,604 11,085,454 $ 4,859,895 $ 6,850,892 $ (a) The Operating Borrowings balance in 2021 represents the 2021 Notes. As noted above, the 2021 Notes were re deemed

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Schedule of components of lease expense	The components of lease expense were as follows: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Operating Lease Cost Straight-Line Lease Cost (a) $ 22,229 $ 66,639 Variable Lease Cost 3,992 10,892 Sublease Income (59 ) (391 ) $ 26,162 $ 77,140 (a) Straight-line lease cost includes short-term leases, which are immaterial.
Schedule of Supplemental cash flow information related to leases	Supplemental cash flow information related to leases were as follows: Three Months Ended September 30, 2019 Operating Cash Flows f or $ 23,410 69,825 N on-Cash 4,069 11,452
Schedule of Undiscounted cash flows on an annual basis for Operating Lease Liabilities	The following table shows the undiscounted cash flows on an annual basis for Operating Lease Liabilities as of September 30, 2019: 2019 $ 20,526 2020 81,144 2021 85,896 2022 77,830 2023 75,623 Thereafter 272,271 Total Lease Payments (a) 613,290 Less: Imputed Interest (55,037 ) Present Value of Operating Lease Liabilities $ 558,253 (a) Excludes $128.6​​​​​​​ million of lease payments for signed leases that have not yet commenced.
Aggregate Minimum Future Payments, Net of Sublease Income, Required on Operating Leases	As of December 31, 2018, the aggregate minimum future payments, net of sublease income, required on operating leases are as follows: 2019 $ 78,506 2020 72,191 2021 80,914 2022 79,094 2023 77,248 Thereafter 273,347 Total $ 661,300

Earnings Per Share and Stockh_2

Earnings Per Share and Stockholder's Equity (Tables)	9 Months Ended
	Sep. 30, 2019
Basic and Diluted Net Income Per Common Stock	Basic and diluted net income per share of Class A common stock for the three and nine months ended September 30, 2019 and September 30, 2018 was calculated as follows: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Net Income for Per Share of Class A Common Stock Calculations Net Income Attributable to The Blackstone Group Inc., Basic $ 779,437 $ 442,742 $ 1,566,533 $ 1,552,656 Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units — 327,850 — 1,187,908 Net Income Attributable to The Blackstone Group Inc., Diluted $ 779,437 $ 770,592 $ 1,566,533 $ 2,740,564 Shares/Units Outstanding Weighted-Average Shares of Class A Common Stock Outstanding, Basic 675,963,129 682,435,177 674,714,040 679,598,629 Weighted-Average Shares of Unvested Deferred Restricted Class A Common Stock 256,629 230,759 265,007 215,270 Weighted-Average Blackstone Holdings Partnership Units — 523,212,047 — 529,299,345 Weighted-Average Shares of Class A Common Stock Outstanding, Diluted 676,219,758 1,205,877,983 674,979,047 1,209,113,244 Net Income Per Share of Class A Common Stock Basic $ 1.15 $ 0.65 $ 2.32 $ 2.28 Diluted $ 1.15 $ 0.64 $ 2.32 $ 2.27 Dividends Declared Per Share of Class A Common Stock (a) $ 0.48 $ 0.58 $ 1.43 $ 1.78 (a) Dividends declared reflects the calendar date of the declaration for each dividend.
Summary of Anti-Dilutive Securities	The following table summarizes the anti-dilutive securities for the three and nine months ended September 30, 2019 and 2018: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Weighted-Average Blackstone Holdings Partnership Units 524,859,672 — 525,779,901 —
Schedule of Shares Eligible For Dividends and Distribution	As of September 30, 2019, the total number of shares of Class A common stock and Blackstone Holdings Partnership Units entitled to participate in dividends and distributions were as follows: Shares Class A Common Stock Outstanding 666,257,305 Unvested Participating Common Stock 9,382,814 Total Participating Common Stock 675,640,119 Participating Blackstone Holdings Partnership Units 523,338,040 1,198,978,159

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2019
Summary of Status of Partnership's Unvested Equity-Based Awards	A summary of the status of Blackstone’s unvested equity-based awards as of September 30, 2019 and of changes during the period January 1, 2019 through September 30, 2019 is presented below: Blackstone Holdings The Blackstone Group Inc. Equity Settled Awards Cash Settled Awards Weighted- Deferred Weighted- Weighted- Average Restricted Shares Average Average Partnership Grant Date of Class A Grant Date Phantom Grant Date Unvested Shares/Units Units Fair Value Common Stock Fair Value Shares Fair Value Balance, December 31, 2018 31,554,127 $ 34.38 9,312,268 $ 31.43 46,808 $ 34.66 Granted 8,634,416 43.38 3,376,642 38.17 10,661 48.71 Vested (5,960,837 ) 36.25 (3,173,977 ) 31.22 (9,473 ) 48.01 Forfeited (178,247 ) 31.99 (367,093 ) 31.53 (4,787 ) 47.95 Balance, September 30, 2019 34,049,459 $ 36.04 9,147,840 $ 34.04 43,209 $ 48.63
Unvested Shares and Units, After Expected Forfeitures	The following unvested shares and units, after expected forfeitures, as of September 30, 2019, are expected to vest: Weighted- Average Service Period Shares/Units in Years Blackstone Holdings Partnership Units 27,622,630 3.4 Deferred Restricted Shares of Class A Common Stock 7,218,878 2.3 Total Equity-Based Awards 34,841,508 3.2 Phantom Shares 32,885 2.7

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2019
Due from Affiliates and Due to Affiliates	Due from Affiliates and Due to Affiliates consisted of the following: September 30, December 31, 2019 2018 Due from Affiliates Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated $ 1,833,036 $ 1,520,100 Due from Certain Non-Controlling 615,083 462,475 Accrual for Potential Clawback of Previously Distributed Performance Allocations 16,044 11,548 $ 2,464,163 $ 1,994,123 September 30, December 31, 2019 2018 Due to Affiliates Due to Certain Non-Controlling $ 604,800 $ 796,902 Due to Non-Consolidated 141,036 99,728 Due to Note-Holders of Consolidated CLO Vehicles 101,614 56,012 Due to Certain Non-Controlling 48,139 53,613 Accrual for Potential Repayment of Previously Received Performance Allocations 89,380 29,521 $ 984,969 $ 1,035,776

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2019
Clawback Obligations by Segment	The following table presents the clawback obligations by segment: September 30, 2019 December 31, 2018 Current and Current and Blackstone Former Blackstone Former Segment Holdings Personnel (a) Total Holdings Personnel (a) Total Real Estate $ 18,104 $ 11,542 $ 29,646 $ 15,770 $ 10,053 $ 25,823 Private Equity 55,398 (3,462 ) 51,936 13,296 (12,448 ) 848 Credit 3,296 4,502 7,798 1,355 1,495 2,850 $ 76,798 $ 12,582 $ 89,380 $ 30,421 $ (900 ) $ 29,521 (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.

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2019
Financial Data of Segments	The following tables present the financial data for Blackstone’s four segments for the three months ended September 30, 2019 and 2018: Three Months Ended September 30, 2019 Real Private Hedge Fund Total Estate Equity Solutions Credit Segments Management and Advisory Fees, Net Base Management Fees $ 266,779 $ 252,510 $ 140,694 $ 149,746 $ 809,729 Transaction, Advisory and Other Fees, Net 73,385 14,657 691 3,969 92,702 Management Fee Offsets (7,635 ) (11,889 ) (18 ) (2,544 ) (22,086 ) Total Management and Advisory Fees, Net 332,529 255,278 141,367 151,171 880,345 Fee Related Performance Revenues 30,600 — — 3,625 34,225 Fee Related Compensation (132,183 ) (105,773 ) (38,898 ) (52,980 ) (329,834 ) Other Operating Expenses (43,897 ) (38,235 ) (20,495 ) (41,724 ) (144,351 ) Fee Related Earnings 187,049 111,270 81,974 60,092 440,385 Realized Performance Revenues 282,379 124,231 1,848 12,382 420,840 Realized Performance Compensation (85,544 ) (52,034 ) (1,000 ) (5,292 ) (143,870 ) Realized Principal Investment Income 17,968 11,977 1,480 4,723 36,148 Total Net Realizations 214,803 84,174 2,328 11,813 313,118 Total Segment Distributable Earnings $ 401,852 $ 195,444 $ 84,302 $ 71,905 $ 753,503 Three Months Ended September 30, 2018 Real Private Hedge Fund Total Estate Equity Solutions Credit Segments Management and Advisory Fees, Net Base Management Fees $ 254,088 $ 205,893 $ 129,554 $ 132,071 $ 721,606 Transaction, Advisory and Other Fees, Net 45,678 21,709 766 5,791 73,944 Management Fee Offsets (8,265 ) (4,973 ) — (3,093 ) (16,331 ) Total Management and Advisory Fees, Net 291,501 222,629 130,320 134,769 779,219 Fee Related Performance Revenues 30,299 — — — 30,299 Fee Related Compensation (128,342 ) (105,621 ) (43,443 ) (57,139 ) (334,545 ) Other Operating Expenses (39,787 ) (36,654 ) (20,753 ) (31,551 ) (128,745 ) Fee Related Earnings 153,671 80,354 66,124 46,079 346,228 Realized Performance Revenues 273,309 290,012 3,985 4,853 572,159 Realized Performance Compensation (79,309 ) (106,400 ) (1,922 ) (3,142 ) (190,773 ) Realized Principal Investment Income 16,197 44,408 2,024 2,991 65,620 Total Net Realizations 210,197 228,020 4,087 4,702 447,006 Total Segment Distributable Earnings $ 363,868 $ 308,374 $ 70,211 $ 50,781 $ 793,234 The following tables present the financial data for Blackstone’s four segments as of September 30, 2019 and for the nine months ended September 30, 2019 and 2018: September 30, 2019 and the Nine Months Then Ended Real Private Hedge Fund Total Estate Equity Solutions Credit Segments Management and Advisory Fees, Net Base Management Fees $ 782,660 $ 737,066 $ 415,012 $ 437,824 $ 2,372,562 Transaction, Advisory and Other Fees, Net 121,286 83,474 1,732 12,855 219,347 Management Fee Offsets (9,601 ) (34,563 ) (18 ) (9,164 ) (53,346 ) Total Management and Advisory Fees, Net 894,345 785,977 416,726 441,515 2,538,563 Fee Related Performance Revenues 48,348 — — 7,280 55,628 Fee Related Compensation (344,794 ) (318,467 ) (118,474 ) (165,964 ) (947,699 ) Other Operating Expenses (122,997 ) (112,865 ) (59,492 ) (114,429 ) (409,783 ) Fee Related Earnings 474,902 354,645 238,760 168,402 1,236,709 Realized Performance Revenues 558,134 403,737 17,899 29,225 1,008,995 Realized Performance Compensation (183,186 ) (154,671 ) (4,588 ) (12,131 ) (354,576 ) Realized Principal Investment Income 63,257 80,022 13,503 28,831 185,613 Total Net Realizations 438,205 329,088 26,814 45,925 840,032 Total Segment Distributable Earnings $ 913,107 $ 683,733 $ 265,574 $ 214,327 $ 2,076,741 Segment Assets $ 8,952,459 $ 8,917,445 $ 2,248,509 $ 3,854,831 $ 23,973,244 Nine Months Ended September 30, 2018 Real Private Hedge Fund Total Estate Equity Solutions Credit Segments Management and Advisory Fees, Net Base Management Fees $ 730,294 $ 584,375 $ 388,335 $ 418,673 $ 2,121,677 Transaction, Advisory and Other Fees, Net 92,625 45,583 1,923 11,791 151,922 Management Fee Offsets (13,718 ) (12,517 ) — (9,107 ) (35,342 ) Total Management and Advisory Fees, Net 809,201 617,441 390,258 421,357 2,238,257 Fee Related Performance Revenues 80,317 — — (666 ) 79,651 Fee Related Compensation (349,735 ) (289,357 ) (123,615 ) (174,155 ) (936,862 ) Other Operating Expenses (105,230 ) (103,852 ) (58,032 ) (91,189 ) (358,303 ) Fee Related Earnings 434,553 224,232 208,611 155,347 1,022,743 Realized Performance Revenues 741,999 505,306 21,432 59,337 1,328,074 Realized Performance Compensation (230,140 ) (207,958 ) (7,391 ) (33,007 ) (478,496 ) Realized Principal Investment Income 81,086 83,346 10,430 14,098 188,960 Total Net Realizations 592,945 380,694 24,471 40,428 1,038,538 Total Segment Distributable Earnings $ 1,027,498 $ 604,926 $ 233,082 $ 195,775 $ 2,061,281
Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes	The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the three and nine months ended September 30, 2019 and 2018 along with Total Assets as of September 30, 2019: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Revenues Total GAAP Revenues $ 1,735,113 $ 1,926,580 $ 5,246,790 $ 6,328,281 Less: Unrealized Performance Revenues (a) (176,604 ) (298,931 ) (998,335 ) (1,367,694 ) Less: Unrealized Principal Investment (Income) 5,219 (28,704 ) (78,353 ) (94,808 ) Less: Interest and Dividend Revenue (c) (45,048 ) (49,936 ) (137,738 ) (128,048 ) Less: Other Revenue (d) (92,843 ) (9,092 ) (85,882 ) (42,614 ) Impact of Consolidation (e) 120,214 (92,092 ) 15,246 (278,368 ) Amortization of Intangibles (f) 387 387 1,161 1,161 Transaction-Related Charges (g) (176,623 ) (2,168 ) (179,329 ) (586,855 ) Intersegment Eliminations 1,743 1,253 5,239 3,887 Total Segment Revenue (h) $ 1,371,558 $ 1,447,297 $ 3,788,799 $ 3,834,942 Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Expenses Total GAAP Expenses $ 947,220 $ 1,017,632 $ 2,850,624 $ 3,016,944 Less: Unrealized Performance Allocations Compensation (i) (94,907 ) (178,184 ) (446,440 ) (622,610 ) Less: Equity-Based Compensation (j) (58,570 ) (36,576 ) (178,451 ) (115,118 ) Less: Interest Expense (k) (52,815 ) (40,923 ) (137,683 ) (118,046 ) Impact of Consolidation (e) (14,444 ) (13,260 ) (39,716 ) (99,447 ) Amortization of Intangibles (f) (16,096 ) (14,469 ) (48,288 ) (43,441 ) Transaction-Related Charges (g) (94,076 ) (81,410 ) (293,227 ) (248,508 ) Intersegment Eliminations 1,743 1,253 5,239 3,887 Total Segment Expenses (l) $ 618,055 $ 654,063 $ 1,712,058 $ 1,773,661 Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Other Income Total GAAP Other Income $ 223,056 $ 66,838 $ 414,512 $ 250,956 Impact of Consolidation (e) (223,056 ) (66,838 ) (414,512 ) (250,956 ) Total Segment Other Income $ — $ — $ — $ — Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Income Before Provision for Taxes Total GAAP Income Before Provision for Taxes $ 1,010,949 $ 975,786 $ 2,810,678 $ 3,562,293 Less: Unrealized Performance Revenues (a) (176,604 ) (298,931 ) (998,335 ) (1,367,694 ) Less: Unrealized Principal Investment (Income) 5,219 (28,704 ) (78,353 ) (94,808 ) Less: Interest and Dividend Revenue (c) (45,048 ) (49,936 ) (137,738 ) (128,048 ) Less: Other Revenue (d) (92,843 ) (9,092 ) (85,882 ) (42,614 ) Plus: Unrealized Performance Allocations Compensation (i) 94,907 178,184 446,440 622,610 Plus: Equity-Based Compensation (j) 58,570 36,576 178,451 115,118 Plus: Interest Expense (k) 52,815 40,923 137,683 118,046 Impact of Consolidation (e) (88,398 ) (145,670 ) (359,550 ) (429,877 ) Amortization of Intangibles (f) 16,483 14,856 49,449 44,602 Transaction-Related Charges (g) (82,547 ) 79,242 113,898 (338,347 ) Total Segment Distributable Earnings $ 753,503 $ 793,234 $ 2,076,741 $ 2,061,281 As of September 30, 2019 Total Assets Total GAAP Assets $ 32,385,771 Impact of Consolidation (e) (8,412,527 ) Total Segment Assets $ 23,973,244 Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles and Transaction-Related Charges. (a) This adjustment removes Unrealized Performance Revenues on a segment basis. (b) This adjustment removes Unrealized Principal Investment Income 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. (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 (f) This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation. This amount includes amortization of intangibles associated with Blackstone’s investment in Pátria, which is accounted for under the equity method. (g) This adjustment removes Transaction-Related Charges, which are excluded from Blackstone’s segment presentation. Transaction-Related Charges arise from corporate actions including acquisitions, divestitures, and Blackstone’s initial public offering. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs and any gains or losses associated with these corporate actions. (h) Total Segment Revenues is comprised of the following: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Total Segment Management and Advisory Fees, Net $ 880,345 $ 779,219 $ 2,538,563 $ 2,238,257 Total Segment Fee Related Performance Revenues 34,225 30,299 55,628 79,651 Total Segment Realized Performance Revenues 420,840 572,159 1,008,995 1,328,074 Total Segment Realized Principal Investment Income 36,148 65,620 185,613 188,960 Total Segment Revenues $ 1,371,558 $ 1,447,297 $ 3,788,799 $ 3,834,942 (i) This adjustment removes Unrealized Performance Allocations Compensation. (j) This adjustment removes Equity-Based Compensation on a segment basis. (k) This adjustment removes Interest Expense, excluding interest expense related to the Tax Receivable Agreement. (l) Total Segment Expenses is comprised of the following: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Total Segment Fee Related Compensation $ 329,834 $ 334,545 $ 947,699 $ 936,862 Total Segment Realized Performance Compensation 143,870 190,773 354,576 478,496 Total Segment Other Operating Expenses 144,351 128,745 409,783 358,303 Total Segment Expenses $ 618,055 $ 654,063 $ 1,712,058 $ 1,773,661
Reconciliation of Total Segments to Reported on the Consolidated Statement of Operations	The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported​​​​​​​ on the Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2019 and 2018: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Management and Advisory Fees, Net GAAP $ 878,151 $ 780,009 $ 2,528,255 $ 2,230,242 Segment Adjustment (a) 2,194 (790 ) 10,308 8,015 Total Segment $ 880,345 $ 779,219 $ 2,538,563 $ 2,238,257 Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues GAAP Incentive Fees $ 8,254 $ 9,799 $ 42,301 $ 41,743 Investment Income - Realized Performance Allocations 446,550 592,103 1,021,445 1,365,119 GAAP 454,804 601,902 1,063,746 1,406,862 Total Segment Less: Realized Performance Revenues (420,840 ) (572,159 ) (1,008,995 ) (1,328,074 ) Segment Adjustment (b) 261 556 877 863 Total Segment $ 34,225 $ 30,299 $ 55,628 $ 79,651 Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 GAAP Compensation to Total Segment Fee Related Compensation GAAP Compensation $ 462,766 $ 419,285 $ 1,372,684 $ 1,236,167 Incentive Fee Compensation 5,419 7,251 19,711 23,656 Realized Performance Allocations Compensation 155,663 200,442 367,883 498,902 GAAP 623,848 626,978 1,760,278 1,758,725 Total Segment Less: Realized Performance Compensation (143,870 ) (190,773 ) (354,576 ) (478,496 ) Less: Equity-Based Compensation - Operating Compensation (56,139 ) (33,514 ) (170,072 ) (105,245 ) Less: Equity-Based Compensation - Performance Compensation (2,431 ) (3,062 ) (8,379 ) (9,873 ) Segment Adjustment (c) (91,574 ) (65,084 ) (279,552 ) (228,249 ) Total Segment $ 329,834 $ 334,545 $ 947,699 $ 936,862 Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 GAAP General, Administrative and Other to Total Segment Other Operating Expenses GAAP $ 171,067 $ 168,813 $ 492,437 $ 441,354 Segment Adjustment (d) (26,716 ) (40,068 ) (82,654 ) (83,051 ) Total Segment $ 144,351 $ 128,745 $ 409,783 $ 358,303 Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Realized Performance Revenues GAAP Incentive Fees $ 8,254 $ 9,799 $ 42,301 $ 41,743 Investment Income - Realized Performance Allocations 446,550 592,103 1,021,445 1,365,119 GAAP 454,804 601,902 1,063,746 1,406,862 Total Segment Less: Fee Related Performance Revenues (34,225 ) (30,299 ) (55,628 ) (79,651 ) Segment Adjustment (b) 261 556 877 863 Total Segment $ 420,840 $ 572,159 $ 1,008,995 $ 1,328,074 Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Realized Performance Compensation GAAP Incentive Fee Compensation $ 5,419 $ 7,251 $ 19,711 $ 23,656 Realized Performance Allocation Compensation 155,663 200,442 367,883 498,902 GAAP 161,082 207,693 387,594 522,558 Total Segment Less: Fee Related Performance Compensation (14,781 ) (13,858 ) (24,639 ) (34,189 ) Less: Equity-Based Compensation - Performance Compensation (2,431 ) (3,062 ) (8,379 ) (9,873 ) Total Segment $ 143,870 $ 190,773 $ 354,576 $ 478,496 Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Realized Principal Investment Income GAAP $ 74,642 $ 134,619 $ 292,943 $ 305,961 Segment Adjustment (e) (38,494 ) (68,999 ) (107,330 ) (117,001 ) Total Segment $ 36,148 $ 65,620 $ 185,613 $ 188,960 Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles, the expense of equity-based awards and Transaction-Related Charges. (a) Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures. (b) Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation. (c) Represents the removal of Transaction-Related Charges that are not recorded in the Total Segment measures. (d) Represents the removal of (1) the amortization of transaction-related intangibles, and (2) certain expenses reimbursed by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures. (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

Organization - Additional Infor

Organization - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2019SegmentPerson
Organization [Line Items]
Number of business segments | Segment	4
Number of Blackstone founders managing the Partnership | Person	1

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019
Summary Of Significant Accounting Policies [Line Items]
Operating Lease, Liability	$ 558,253	$ 601,700
Right-of-Use Assets	$ 490,882	$ 540,700

Intangible Assets, Net (Detail)

Intangible Assets, Net (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets / Contractual Rights	$ 1,712,576	$ 1,712,576
Accumulated Amortization	(1,297,319)	(1,244,069)
Intangible Assets, Net	$ 415,257	$ 468,507

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Intangible Assets [Line Items]
Amortization Expense	$ 17,700	$ 14,500	$ 53,250	$ 43,460
Expected amortization of intangibles, 2019	71,000		71,000
Expected amortization of intangibles, 2020	71,000		71,000
Expected amortization of intangibles, 2021	71,000		71,000
Expected amortization of intangibles, 2022	63,300		63,300
Expected amortization of intangibles, 2023	$ 34,300		$ 34,300
Intangible assets expected to amortize over a weighted-average period			8 years 1 month 6 days

Investments (Detail)

Investments (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Schedule of Investments [Line Items]
Investments	$ 22,204,460	$ 20,377,031
Partnership Investments
Schedule of Investments [Line Items]
Investments	3,864,453	3,649,423
Accrued Performance Allocations
Schedule of Investments [Line Items]
Investments	7,003,889	5,883,924
Other Investments
Schedule of Investments [Line Items]
Investments	266,356	260,853
Consolidated Blackstone Funds
Schedule of Investments [Line Items]
Investments	8,481,233	8,376,338
Corporate Treasury Investments
Schedule of Investments [Line Items]
Investments	$ 2,588,529	$ 2,206,493

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Schedule of Investments [Line Items]
Investments	$ 22,204,460		$ 22,204,460		$ 20,377,031
Recognized net gains related to equity method investments	82,000	$ 137,600	309,700	$ 465,600
Equity investments, carrying value	$ 48,800		$ 48,800
Patria Investments Limited and Patria Investimentos Ltda.
Schedule of Investments [Line Items]
Equity method investment, percentage	40.00%		40.00%
Consolidated Blackstone Funds | Blackstone
Schedule of Investments [Line Items]
Investments	$ 361,500		$ 361,500		$ 366,500

Reconciliation of Realized and

Reconciliation of Realized and Net Change in Unrealized Gains (Losses) to Other Income (Loss) - Net Gains (Losses) from Fund Investment Activities in Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Gain (Loss) on Securities [Line Items]
Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds	$ 712,953	$ 1,078,800	$ 2,459,579	$ 3,306,840
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	42,482	48,604	130,252	124,062
Other Income — Net Gains from Fund Investment Activities	48,450	66,838	239,906	250,956
Consolidated Blackstone Funds
Gain (Loss) on Securities [Line Items]
Realized Gains	9,620	23,475	11,906	57,853
Net Change in Unrealized Gains (Losses)	(2,143)	415	110,117	75,378
Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds	7,477	23,890	122,023	133,231
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	40,973	42,948	117,883	117,725
Other Income — Net Gains from Fund Investment Activities	$ 48,450	$ 66,838	$ 239,906	$ 250,956

Performance Fees Allocated to F

Performance Fees Allocated to Funds (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	$ 20,377,031
Ending Balance	22,204,460
Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	5,883,924
Performance Allocations as a Result of Changes in Fund Fair Values	2,109,574
Foreign Exchange Loss	(32,358)
Fund Distributions	(957,251)
Ending Balance	7,003,889
Real Estate Segment | Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	2,853,261
Performance Allocations as a Result of Changes in Fund Fair Values	1,294,846
Foreign Exchange Loss	(32,358)
Fund Distributions	(487,558)
Ending Balance	3,628,191
Private Equity Segment | Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	2,642,119
Performance Allocations as a Result of Changes in Fund Fair Values	645,646
Fund Distributions	(436,941)
Ending Balance	2,850,824
Hedge Fund Solutions Segment | Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	22,921
Performance Allocations as a Result of Changes in Fund Fair Values	71,222
Fund Distributions	(1,635)
Ending Balance	92,508
Credit Segment | Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	365,623
Performance Allocations as a Result of Changes in Fund Fair Values	97,860
Fund Distributions	(31,117)
Ending Balance	$ 432,366

Realized and Net Change in Unre

Realized and Net Change in Unrealized Gains (Losses) on Investments Held by Blackstone's Treasury Cash Management Strategies (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Gain (Loss) on Securities [Line Items]
Total realized and net change in unrealized gains (losses)	$ 712,953	$ 1,078,800	$ 2,459,579	$ 3,306,840
Corporate Treasury Investments
Gain (Loss) on Securities [Line Items]
Realized Gains (Losses)	2,644	(2,504)	25,944	4,609
Net Change in Unrealized Gains (Losses)	6,142	14,691	55,359	(205)
Total realized and net change in unrealized gains (losses)	$ 8,786	$ 12,187	$ 81,303	$ 4,404

Realized and Net Change in Un_2

Realized and Net Change in Unrealized Gains (Losses) in Other Investments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Gain (Loss) on Securities [Line Items]
Total Investment Income	$ 712,953	$ 1,078,800	$ 2,459,579	$ 3,306,840
Other Investments
Gain (Loss) on Securities [Line Items]
Realized Gains	1	30,618	45,728	46,937
Net Change in Unrealized Gains	278	3,683	7,067	49,094
Total Investment Income	$ 279	$ 34,301	$ 52,795	$ 96,031

Summary of Fair Value by Strate

Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments (Detail) $ in Thousands	Sep. 30, 2019USD ($)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 311,408
Unfunded Commitments	394
Diversified Instruments
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	220,534	[1]
Unfunded Commitments	126	[1]
Credit Driven
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	82,891	[2]
Unfunded Commitments	268	[2]
Equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	6,274	[3]
Commodities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 1,709	[4]
[1]	Diversified Instruments include investments in funds that invest across multiple strategies. Investments representing 3% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. The remaining 97% of investments in this category are redeemable as of the reporting date.
[2]	The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. Investments representing 26% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. The remaining 74% of investments in this category are redeemable as of the reporting date.
[3]	The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Investments representing 100% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. As of the reporting date, the investee fund manager had elected to side-pocket 70% of Blackstone’s investments in the category.
[4]	The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. Investments representing 100% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date.

Summary of Fair Value by Stra_2

Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2019
Diversified Instruments
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of investments unable to be redeemed at, or within 3 months of reporting date	3.00%
Percentage of investments side pocketed as of reporting date	97.00%
Credit Driven
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of investments unable to be redeemed at, or within 3 months of reporting date	26.00%
Percentage of investments redeemable as of reporting date	74.00%
Equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of investments unable to be redeemed at, or within 3 months of reporting date	100.00%
Investee funds categorized as non redeemable, percentage	70.00%
Commodities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of investments unable to be redeemed at, or within 3 months of reporting date	100.00%

Summary of Aggregate Notional A

Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments (Detail) - Freestanding Derivatives - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	$ 1,147,536	$ 1,152,201
Derivative Liabilities, Notional	826,537	1,229,128
Derivative Assets, Fair Value	91,446	45,497
Derivative Liabilities, Fair Value	81,009	52,844
Blackstone | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	2,533
Derivative Liabilities, Notional	25,807	34,060
Derivative Assets, Fair Value	93
Derivative Liabilities, Fair Value	968	4,004
Consolidated Blackstone Funds | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	12,151	20,952
Derivative Liabilities, Notional	54,186	46,685
Derivative Assets, Fair Value	319	55
Derivative Liabilities, Fair Value	1,621	5,710
Consolidated Blackstone Funds | Total Return Swaps
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	4,566
Derivative Liabilities, Notional	26,744	31,440
Derivative Assets, Fair Value	18
Derivative Liabilities, Fair Value	449	1,855
Foreign Currency Contracts | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	52,959	224,841
Derivative Liabilities, Notional	210,065	245,371
Derivative Assets, Fair Value	934	1,286
Derivative Liabilities, Fair Value	961	1,636
Foreign Currency Contracts | Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	122,633	108,271
Derivative Liabilities, Notional		16,952
Derivative Assets, Fair Value	2,920	524
Derivative Liabilities, Fair Value		164
Interest Rate Contracts | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	952,693	798,137
Derivative Liabilities, Notional	476,734	844,620
Derivative Assets, Fair Value	87,024	43,632
Derivative Liabilities, Fair Value	74,250	39,164
Interest Rate Contracts | Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Liabilities, Notional	33,000	10,000
Derivative Liabilities, Fair Value	2,734	$ 311
Other | Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	1
Derivative Liabilities, Notional	1
Derivative Assets, Fair Value	138
Derivative Liabilities, Fair Value	$ 26

Summary of Impact of Derivative

Summary of Impact of Derivative Financial Instruments to Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net Investment Hedges | Foreign Currency Contracts
Derivative [Line Items]
Realized Gains (Losses)				$ (8)
Freestanding Derivatives
Derivative [Line Items]
Realized Gains (Losses)	$ (2,412)	$ 3,614	$ (3,466)	13,588
Net Change in Unrealized Gain (Loss)	23,364	3,924	17,501	2,153
Freestanding Derivatives | Total Return Swaps
Derivative [Line Items]
Realized Gains (Losses)	(207)	(37)	(602)	137
Net Change in Unrealized Gain (Loss)	(64)	(173)	1,307	(121)
Freestanding Derivatives | Credit Default Swap
Derivative [Line Items]
Realized Gains (Losses)	455	(333)	2,446	(841)
Net Change in Unrealized Gain (Loss)	(6)	2,368	3,641	2,856
Freestanding Derivatives | Interest Rate Contracts
Derivative [Line Items]
Realized Gains (Losses)	(1,784)	401	(4,448)	2,471
Net Change in Unrealized Gain (Loss)	20,804	7,076	9,649	7,037
Freestanding Derivatives | Foreign Currency Contracts
Derivative [Line Items]
Realized Gains (Losses)	(815)	3,583	(669)	11,821
Net Change in Unrealized Gain (Loss)	2,676	(5,248)	2,885	(7,520)
Freestanding Derivatives | Other
Derivative [Line Items]
Realized Gains (Losses)	(61)		(193)
Net Change in Unrealized Gain (Loss)	$ (46)	$ (99)	$ 19	$ (99)

Summary of Financial Instrument

Summary of Financial Instruments for Which Fair Value Option Has Been Elected (Detail) - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans and Receivables		$ 290,136	$ 304,173
Investments	[1]		1,364,016
Assets		7,936,459	7,990,666
Liabilities		6,594,011	6,536,723
Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments		530,314	529,698
Equity and Preferred Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments		226,115	390,095
Corporate Loans | Assets Of Consolidated CLO Vehicles
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments		6,888,906	6,766,700
Other | Assets Of Consolidated CLO Vehicles
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments		988
Liabilities of Consolidated CLO Vehicles | Senior Secured Notes
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of Loan payable		6,450,548	6,473,233
Fair value of due to Affiliates		55,217	3,201
Liabilities of Consolidated CLO Vehicles | Subordinated Notes
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of Loan payable		41,849	7,478
Fair value of due to Affiliates		$ 46,397	$ 52,811
[1]	Pursuant to GAAP consolidation guidance, Blackstone is required to consolidate all VIEs in which it has been identified as the primary beneficiary, including certain CLO vehicles and other funds in which a consolidated entity of Blackstone, such as the general partner of the fund, has a controlling financial interest. While Blackstone is required to consolidate certain funds, including CLO vehicles, for GAAP purposes, Blackstone has no ability to utilize the assets of these funds and there is no recourse to Blackstone for their liabilities since these are client assets and liabilities.

Realized and Net Change in Un_3

Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Realized Gains (Losses) | Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	$ 472	$ (2,461)	$ (2,888)	$ (1,634)
Realized Gains (Losses) | Assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(2,852)	(5,491)	(12,535)	(33,119)
Realized Gains (Losses) | Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(918)		(2,749)
Realized Gains (Losses) | Equity and Preferred Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments			9,908
Realized Gains (Losses) | Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(2,406)	(3,030)	(16,806)	(7,429)
Realized Gains (Losses) | Corporate Bonds
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments				(24,056)
Net Change In Unrealized Gains (Losses) | Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(7,426)	325	9,323	(1,973)
Net Change In Unrealized Gains (Losses) | Assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(41,072)	6,559	157,445	5,054
Net Change In Unrealized Gains (Losses) | Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	1,540		(1,117)
Net Change In Unrealized Gains (Losses) | Liabilities
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	35,773	36,021	(60,101)	96,481
Net Change In Unrealized Gains (Losses) | Equity and Preferred Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(1,759)	20,329	20,539	18,462
Net Change In Unrealized Gains (Losses) | Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(33,427)	(14,095)	128,350	(21,134)
Net Change In Unrealized Gains (Losses) | Corporate Bonds
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments				9,693
Net Change In Unrealized Gains (Losses) | Senior Secured Notes
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	12,749		(32,144)
Net Change In Unrealized Gains (Losses) | Subordinated Notes
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	$ 23,024	$ 36,021	(27,957)	96,481
Net Change In Unrealized Gains (Losses) | Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments			$ 350	$ 6

Information for Financial Instr

Information for Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	$ (204,632)	$ (325,324)
Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	(14,857)	(26,660)
Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	(190,295)	(301,085)
Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	$ 520	$ 2,421

Fair Value Option - Additional

Fair Value Option - Additional Information (Detail) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Corporate Bonds
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of financial instruments more than one day past due	$ 0	$ 0
Fair value of financial instruments with non-accrual status	0	0
Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of financial instruments more than one day past due	0	0
Fair value of financial instruments with non-accrual status	$ 0	$ 0

Financial Assets and Liabilitie

Financial Assets and Liabilities at Fair Value (Detail) - USD ($) $ in Thousands		Sep. 30, 2019		Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]			$ 1,364,016
Accounts Receivable - Loans and Receivables		$ 290,136		304,173
Assets		7,936,459		7,990,666
Securities Sold, Not Yet Purchased		87,051		142,617
Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		89,928		45,416
Derivatives liabilities		81,009		52,844
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents - Money Market Funds		666,147		623,526
Total Investments		11,287,331		10,798,461
Accounts Receivable - Loans and Receivables		290,136		304,173
Derivatives assets		88,051		44,918
Assets		12,331,665		11,771,078
Fair value of Loan payable	[1]	6,492,397		6,480,711
Fair value of due to Affiliates	[1]	101,614		56,012
Securities Sold, Not Yet Purchased		87,051		142,617
Total Accounts Payable, Accrued Expenses and Other Liabilities		81,009		52,844
Liabilities		6,762,071		6,732,184
Fair Value, Measurements, Recurring | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities		76,179		44,804
Fair Value, Measurements, Recurring | Freestanding Derivatives | Foreign Currency Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	2,920
Derivatives assets		934		1,286
Derivatives liabilities		961		1,636
Fair Value, Measurements, Recurring | Freestanding Derivatives | Interest Rate Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		87,024		43,632
Derivatives liabilities		74,250		39,164
Fair Value, Measurements, Recurring | Corporate Loans | Assets Of Consolidated CLO Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	6,888,906
Fair Value, Measurements, Recurring | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		217,569		215,630
Fair Value, Measurements, Recurring | Other | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	138
Fair Value, Measurements, Recurring | Other | Assets Of Consolidated CLO Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	988
Fair Value, Measurements, Recurring | Credit Default Swap | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	319
Derivatives assets		93
Derivatives liabilities		968		4,004
Fair Value, Measurements, Recurring | Net Asset Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		311,408		348,133
Assets				348,133
Fair Value, Measurements, Recurring | Net Asset Value | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		311,408
Fair Value, Measurements, Recurring | Net Asset Value | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		7,364		7,581
Fair Value, Measurements, Recurring | Liabilities of Consolidated CLO Vehicles | Senior Secured Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Loan payable	[1],[2]	6,450,548		6,473,233
Fair value of due to Affiliates	[1],[2]	55,217		3,201
Fair Value, Measurements, Recurring | Liabilities of Consolidated CLO Vehicles | Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Loan payable	[1],[2]	41,849		7,478
Fair value of due to Affiliates	[1],[2]	46,397		52,811
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		8,481,233	[1]	8,376,338
Derivatives liabilities	[1]	4,830		8,040
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Total Return Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	18
Derivatives liabilities	[1]	449		1,855
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Foreign Currency Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments				524
Derivatives liabilities	[1]			164
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities	[1]	2,734		311
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Investment Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	28,378		80,726
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	309,970		279,449
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Partnership And LLC Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	410,215		362,443
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	839,381		886,441
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Corporate Bonds | Assets Of Consolidated CLO Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments				6,766,700
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities	[1]	26
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Credit Default Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments				55
Derivatives liabilities	[1]	1,621		5,710
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Net Asset Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		28,378	[1]	80,726
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Net Asset Value | Investment Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	28,378		80,726
Fair Value, Measurements, Recurring | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		2,588,529		2,206,493
Fair Value, Measurements, Recurring | Corporate Treasury Investments | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		418,845		233,834
Fair Value, Measurements, Recurring | Corporate Treasury Investments | Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		1,893,242		1,712,833
Fair Value, Measurements, Recurring | Corporate Treasury Investments | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		276,442		259,826
Fair Value, Measurements, Recurring | Corporate Treasury Investments | Net Asset Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		275,666		259,826
Fair Value, Measurements, Recurring | Corporate Treasury Investments | Net Asset Value | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		275,666		259,826
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents - Money Market Funds		666,147		623,526
Total Investments		1,132,986		696,500
Assets				1,321,300
Securities Sold, Not Yet Purchased		22,285		35,959
Total Accounts Payable, Accrued Expenses and Other Liabilities		297		3,080
Liabilities		22,582		39,039
Fair Value, Measurements, Recurring | Level 1 | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets				1,274
Assets		1,799,752
Derivatives liabilities		297		3,080
Fair Value, Measurements, Recurring | Level 1 | Freestanding Derivatives | Total Return Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		619
Fair Value, Measurements, Recurring | Level 1 | Freestanding Derivatives | Interest Rate Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		619		1,274
Derivatives liabilities		297		3,080
Fair Value, Measurements, Recurring | Level 1 | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		189,000		176,432
Fair Value, Measurements, Recurring | Level 1 | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		30,252	[1]	42,937
Fair Value, Measurements, Recurring | Level 1 | Consolidated Blackstone Funds | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	30,252		42,937
Fair Value, Measurements, Recurring | Level 1 | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		913,734		477,131
Fair Value, Measurements, Recurring | Level 1 | Corporate Treasury Investments | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		418,845		233,834
Fair Value, Measurements, Recurring | Level 1 | Corporate Treasury Investments | Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		494,889		243,297
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		8,628,191		8,333,627
Assets				8,377,271
Fair value of Loan payable	[1]	6,492,397		6,480,711
Fair value of due to Affiliates	[1]	101,614		56,012
Securities Sold, Not Yet Purchased		64,766		106,658
Total Accounts Payable, Accrued Expenses and Other Liabilities		80,712		49,764
Liabilities		6,739,489		6,693,145
Fair Value, Measurements, Recurring | Level 2 | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets				43,644
Assets		8,715,623
Derivatives liabilities		75,882		41,724
Fair Value, Measurements, Recurring | Level 2 | Freestanding Derivatives | Total Return Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		87,432
Fair Value, Measurements, Recurring | Level 2 | Freestanding Derivatives | Foreign Currency Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	2,920
Derivatives assets		934		1,286
Derivatives liabilities		961		1,636
Fair Value, Measurements, Recurring | Level 2 | Freestanding Derivatives | Interest Rate Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		86,405		42,358
Derivatives liabilities		73,953		36,084
Fair Value, Measurements, Recurring | Level 2 | Corporate Loans | Assets Of Consolidated CLO Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	6,436,248
Fair Value, Measurements, Recurring | Level 2 | Other | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	138
Fair Value, Measurements, Recurring | Level 2 | Credit Default Swap | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	319
Derivatives assets		93
Derivatives liabilities		968		4,004
Fair Value, Measurements, Recurring | Level 2 | Liabilities of Consolidated CLO Vehicles | Senior Secured Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Loan payable	[1],[2]	6,450,548		6,473,233
Fair value of due to Affiliates	[1],[2]	55,217		3,201
Fair Value, Measurements, Recurring | Level 2 | Liabilities of Consolidated CLO Vehicles | Subordinated Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Loan payable	[1],[2]	41,849		7,478
Fair value of due to Affiliates	[1],[2]	46,397		52,811
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		7,248,020	[1]	6,888,659
Derivatives liabilities	[1]	4,830		8,040
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Total Return Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	18
Derivatives liabilities	[1]	449		1,855
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Foreign Currency Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments				524
Derivatives liabilities	[1]			164
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities	[1]	2,734		311
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	47,820		34,946
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Partnership And LLC Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	10,859		7,170
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	749,698		752,622
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Corporate Bonds | Assets Of Consolidated CLO Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments				6,093,342
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities	[1]	26
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Credit Default Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments				55
Derivatives liabilities	[1]	1,621		5,710
Fair Value, Measurements, Recurring | Level 2 | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		1,380,171		1,444,968
Fair Value, Measurements, Recurring | Level 2 | Corporate Treasury Investments | Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		1,380,171		1,444,968
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		1,214,746		1,420,201
Accounts Receivable - Loans and Receivables		290,136		304,173
Assets		1,504,882		1,724,374
Fair Value, Measurements, Recurring | Level 3 | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		1,504,882
Fair Value, Measurements, Recurring | Level 3 | Corporate Loans | Assets Of Consolidated CLO Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	452,658
Fair Value, Measurements, Recurring | Level 3 | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		21,205		31,617
Fair Value, Measurements, Recurring | Level 3 | Other | Assets Of Consolidated CLO Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	988
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	1,174,583
Assets		1,174,583		1,364,016
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	231,898		201,566
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	399,356		355,273
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	89,683		133,819
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Corporate Bonds | Assets Of Consolidated CLO Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments				673,358
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		18,958		24,568
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		18,182		$ 24,568
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		$ 776
[1]	Pursuant to GAAP consolidation guidance, Blackstone is required to consolidate all VIEs in which it has been identified as the primary beneficiary, including certain CLO vehicles and other funds in which a consolidated entity of Blackstone, such as the general partner of the fund, has a controlling financial interest. While Blackstone is required to consolidate certain funds, including CLO vehicles, for GAAP purposes, Blackstone has no ability to utilize the assets of these funds and there is no recourse to Blackstone for their liabilities since these are client assets and liabilities.
[2]	Senior and subordinated notes issued by CLO vehicles are classified based on the more observable fair value of CLO assets less (1) the fair value of any beneficial interests held by Blackstone, and (2) the carrying value of any beneficial interests that represent compensation for services.

Summary of Quantitative Inputs

Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 7,936,459	$ 7,990,666
Fair Value, Measurements, Recurring
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	12,331,665	11,771,078
Fair Value, Measurements, Recurring | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	1,504,882	1,724,374
Fair Value, Measurements, Recurring | Level 3 | Loans and Receivables | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 290,136	$ 304,173
Fair Value, Measurements, Recurring | Level 3 | Minimum | Loans and Receivables | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	6.20%	6.10%
Fair Value, Measurements, Recurring | Level 3 | Maximum | Loans and Receivables | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	8.30%	12.80%
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Loans and Receivables | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	6.60%	8.70%
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 21,205	$ 26,631
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Discounted Cash Flows | Measurement Input Recovery Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Recovery Rate	70.00%
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Transaction Price Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 4,986
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Minimum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	0.90%	1.00%
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Minimum | Discounted Cash Flows | Measurement Input, Default Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	2.00%	2.00%
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Minimum | Discounted Cash Flows | Measurement Input, Constant Prepayment Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	20.00%
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Minimum | Discounted Cash Flows | Measurement Input, Expected Term [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Recovery Lag	12 months	12 months
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Minimum | Discounted Cash Flows | Measurement Input Recovery Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Recovery Rate		70.00%
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Maximum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	18.70%	15.00%
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Weighted Average | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	3.00%	2.80%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 1,174,583	$ 1,364,016
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 8,486
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Minimum | Market Comparable Companies | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple	1.1
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Minimum | Market Comparable Companies | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Dollar/Acre Multiple	12
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 40	41
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Third Party Pricing Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 453,606	$ 673,317
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Minimum | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	4.70%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles | Minimum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		5.00%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 186,041	$ 138,725
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	1,350	21,050
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	28,091	21,492
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Transaction Price Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	16,207	20,250
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Third Party Pricing Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 209	$ 49
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Minimum | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	7.30%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Minimum | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple	0.9
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Minimum | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	(3.10%)
Exit Capitalization Rate		5.00%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Minimum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		7.10%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Minimum | Discounted Cash Flows | Measurement Input, Long-term Revenue Growth Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		(0.80%)
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Minimum | Discounted Cash Flows | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple		0.9
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Minimum | Discounted Cash Flows | Measurement Input, Cap Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate	7.30%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Minimum | Discounted Cash Flows | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA	0.1	0.1
EBITDA Multiple	1.1
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Minimum | Discounted Cash Flows | Measurement Input Net Operating Income Rate[Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - NOI		12.8
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Minimum | Discounted Cash Flows | Measurement Input, Commodity Market Price [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - P/E	17	17
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Minimum | Discounted Cash Flows | Measurement Input Net Operating Income [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - NOI	13.7
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Minimum | Market Comparable Companies | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple		0.8
Dollar/Acre Multiple	7	7
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Maximum | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	32.10%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Maximum | Measurement Input, Long-term Revenue Growth Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	26.60%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Maximum | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple	9.5
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Maximum | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate		11.40%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Maximum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		26.10%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Maximum | Discounted Cash Flows | Measurement Input, Long-term Revenue Growth Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		32.40%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Maximum | Discounted Cash Flows | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple		9.5
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Maximum | Discounted Cash Flows | Measurement Input, Cap Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate	11.40%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Maximum | Discounted Cash Flows | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA	19.7	17.5
EBITDA Multiple	12.9
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Maximum | Market Comparable Companies | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple		8
Dollar/Acre Multiple		44.1
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Weighted Average | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	13.10%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Weighted Average | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple	6
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Weighted Average | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	9.90%
Exit Capitalization Rate		8.00%
EBITDA Multiple	11.2
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Weighted Average | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		12.60%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Weighted Average | Discounted Cash Flows | Measurement Input, Long-term Revenue Growth Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		6.60%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Weighted Average | Discounted Cash Flows | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple		8.3
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Weighted Average | Discounted Cash Flows | Measurement Input, Cap Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate	8.60%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Weighted Average | Discounted Cash Flows | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA	10.3	10.3
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Weighted Average | Market Comparable Companies | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple		1.3
Dollar/Acre Multiple		32.9
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 341,116	$ 295,251
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	3,074	9,444
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	1,901	9,390
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Transaction Price Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	52,975	$ 41,188
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Third Party Pricing Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 290
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Minimum | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	2.60%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Minimum | Measurement Input, Long-term Revenue Growth Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	(3.40%)
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Minimum | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple	1.2
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Minimum | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate		2.90%
Exit Multiple - NOI	13
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Minimum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		4.10%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Minimum | Discounted Cash Flows | Measurement Input, Long-term Revenue Growth Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		(1.10%)
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Minimum | Discounted Cash Flows | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple		8.5
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Minimum | Discounted Cash Flows | Measurement Input, Cap Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate	2.70%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Minimum | Discounted Cash Flows | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA	4	0.1
EBITDA Multiple	14.3
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Minimum | Discounted Cash Flows | Measurement Input Net Operating Income Rate[Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - NOI		13.3
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Minimum | Market Comparable Companies | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple		1.1
Dollar/Acre Multiple		5.3
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Maximum | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	26.50%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Maximum | Measurement Input, Long-term Revenue Growth Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	27.50%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Maximum | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate		15.00%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Maximum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		26.50%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Maximum | Discounted Cash Flows | Measurement Input, Long-term Revenue Growth Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		48.40%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Maximum | Discounted Cash Flows | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple		9.3
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Maximum | Discounted Cash Flows | Measurement Input, Cap Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate	25.00%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Maximum | Discounted Cash Flows | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA	36.7	15.3
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Maximum | Market Comparable Companies | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Dollar/Acre Multiple		12
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Weighted Average | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	9.40%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Weighted Average | Measurement Input, Long-term Revenue Growth Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	17.90%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Weighted Average | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate		6.30%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Weighted Average | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		9.70%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Weighted Average | Discounted Cash Flows | Measurement Input, Long-term Revenue Growth Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		26.90%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Weighted Average | Discounted Cash Flows | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple		9.2
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Weighted Average | Discounted Cash Flows | Measurement Input, Cap Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate	5.70%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Weighted Average | Discounted Cash Flows | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA	12.2	10
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Weighted Average | Market Comparable Companies | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Dollar/Acre Multiple		7.5
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 8,342
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Transaction Price Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 1,520	4,634
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Third Party Pricing Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 79,677	$ 120,843
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Minimum | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	7.10%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Minimum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		7.00%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Minimum | Discounted Cash Flows | Measurement Input, Long-term Revenue Growth Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		0.70%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Minimum | Discounted Cash Flows | Measurement Input, Cap Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate	5.50%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Minimum | Discounted Cash Flows | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA	6.5	6.5
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Maximum | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	51.20%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Maximum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		19.30%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Maximum | Discounted Cash Flows | Measurement Input, Cap Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate	8.00%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Maximum | Discounted Cash Flows | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA	12.5
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Weighted Average | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	12.50%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Weighted Average | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		9.80%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Weighted Average | Discounted Cash Flows | Measurement Input, Cap Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate	6.70%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Weighted Average | Discounted Cash Flows | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA	8.6
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 10,199	$ 7,947
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	776
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Third Party Pricing Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 7,983	$ 16,621
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Minimum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	3.40%	4.40%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Minimum | Discounted Cash Flows | Measurement Input, Default Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	2.00%	2.00%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Minimum | Discounted Cash Flows | Measurement Input, Constant Prepayment Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		20.00%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Minimum | Discounted Cash Flows | Measurement Input, Expected Term [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Recovery Lag	12 months	12 months
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Minimum | Discounted Cash Flows | Measurement Input Recovery Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Recovery Rate	11.50%	17.50%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Minimum | Market Comparable Companies | Measurement Input Reinvestment Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multiple	6.7
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Maximum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	7.50%	7.50%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Maximum | Discounted Cash Flows | Measurement Input, Expected Term [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Recovery Lag	21 months	13 months
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Maximum | Discounted Cash Flows | Measurement Input Recovery Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Recovery Rate	70.00%	70.00%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Weighted Average | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	5.90%	6.60%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Weighted Average | Discounted Cash Flows | Measurement Input Recovery Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Recovery Rate	67.90%	67.70%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Other Investments | Discounted Cash Flows | Measurement Input, Constant Prepayment Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		20.00%

Summary of Changes in Financial

Summary of Changes in Financial Assets Measured at Fair Value for Which Level III Inputs Were Used (Detail) - Level 3 - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	$ 1,376,979	$ 1,548,050	$ 1,724,374	$ 1,388,672
Transfer In Due to Consolidation and Acquisition				50,043
Transfer Out Due to Deconsolidation				(217,182)
Transfer In to Level III	216,782	260,697	181,414	165,424
Transfer Out of Level III	(181,688)	(232,354)	(440,861)	(144,281)
Purchases	422,898	520,171	893,555	1,344,531
Sales	(337,064)	(463,682)	(896,637)	(1,005,750)
Settlements	(2,042)	(8,397)	(12,231)	(17,380)
Changes in Gains (Losses) Included in Earnings	9,017	56,495	55,268	116,903
Balance, End of Period	1,504,882	1,680,980	1,504,882	1,680,980
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	4,330	22,183	31,269	33,948
Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	49,052	114,723	56,185	119,642
Transfer In to Level III		5,299	12,935	5,299
Transfer Out of Level III	(8,193)	(11,192)	(35,363)	(26,909)
Purchases	3,022	15,754	15,842	35,567
Sales	(2,522)	(69,272)	(8,663)	(92,751)
Settlements				(4)
Changes in Gains (Losses) Included in Earnings	(1,196)	35,207	(773)	49,675
Balance, End of Period	40,163	90,519	40,163	90,519
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	(230)	5,431	(29)	5,049
Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	187,831	346,603	304,173	239,659
Purchases	283,492	347,890	554,264	718,811
Sales	(182,584)	(274,817)	(566,400)	(538,520)
Settlements	(2,042)	(8,397)	(12,231)	(17,376)
Changes in Gains (Losses) Included in Earnings	3,439	8,524	10,330	17,229
Balance, End of Period	290,136	419,803	290,136	419,803
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	1,540	8,523	(1,117)	17,229
Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	1,140,096	1,086,724	1,364,016	1,029,371
Transfer In Due to Consolidation and Acquisition				50,043
Transfer Out Due to Deconsolidation				(217,182)
Transfer In to Level III	216,782	255,398	168,479	160,125
Transfer Out of Level III	(173,495)	(221,162)	(405,498)	(117,372)
Purchases	136,384	156,527	323,449	590,153
Sales	(151,958)	(119,593)	(321,574)	(374,479)
Changes in Gains (Losses) Included in Earnings	6,774	12,764	45,711	49,999
Balance, End of Period	1,174,583	1,170,658	1,174,583	1,170,658
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	$ 3,020	$ 8,229	$ 32,415	$ 11,670

Fair Value Measurements of Fi_3

Fair Value Measurements of Financial instruments - Additional Information (Detail) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Level III financial liabilities	$ 0	$ 0

Maximum Exposure to Loss Relati

Maximum Exposure to Loss Relating to Non-Consolidated VIEs (Detail) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	$ 1,519,500	$ 1,357,135
Investments
Variable Interest Entity [Line Items]
VIE Assets	1,110,903	942,700
Due from Affiliates
Variable Interest Entity [Line Items]
VIE Assets	312,266	254,744
Potential Clawback Obligation
Variable Interest Entity [Line Items]
VIE Liabilities	96,331	159,691
Due to Non Consolidated Entity
Variable Interest Entity [Line Items]
VIE Liabilities	$ 214	$ 207

Repurchase Agreements - Additio

Repurchase Agreements - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Securities Financing Transaction [Line Items]
Pledged securities with carrying value to collateralize its repurchase agreements	$ 211.2	$ 279.5

Schedule of Repurchase Agreemen

Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 163,059	$ 222,202
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. "Offsetting of Assets and Liabilities"	163,059	222,202
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. "Offsetting of Assets and Liabilities"	0	0
Up to 30 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	15,916	42,908
30 - 90 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	108,437	144,731
Greater than 90 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 38,706	$ 34,563

Offsetting of Assets and Liab_3

Offsetting of Assets and Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Offsetting Assets and Liabilities [Line Items]
Repurchase agreements gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	$ 163,059	$ 222,202
Repurchase agreements gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	163,059	222,202
Repurchase agreements gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	0	0
Repurchase agreements Net Amount	0	0
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	244,068	275,046
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	226,237	258,107
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	16,621	15,377
Net Amount	1,210	1,562
Freestanding Derivatives
Offsetting Assets and Liabilities [Line Items]
Derivatives gross and Net Amounts of Assets Presented in the Statement of Financial Condition	89,928	45,416
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	69,016	37,788
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received		5,547
Derivatives Net Amount	20,912	2,081
Derivatives gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	81,009	52,844
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	63,178	35,905
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	16,621	15,377
Derivatives Net Amount	$ 1,210	$ 1,562

Components of Other Assets (Det

Components of Other Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Schedule of Other Assets [Line Items]
Furniture, Equipment and Leasehold Improvements, Net	$ 150,907	$ 120,372
Prepaid Expenses	149,129	110,732
Freestanding Derivatives	88,051	44,918
Other	14,583	18,226
Total Other Assets	$ 402,670	$ 294,248

Offsetting Of Assets And Liab_4

Offsetting Of Assets And Liabilities - Additional Information (Detail) - Cash Pooling Arrangement $ in Billions	Sep. 30, 2019USD ($)
Offsetting Assets [Line Items]
Aggregate cash balance on deposit relating to the cash pooling arrangement	$ 1.1
Overdraft facility	$ 1.1

Borrowings - Additional Informa

Borrowings - Additional Information (Detail) - USD ($) $ in Millions	Sep. 10, 2019	Sep. 03, 2019	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Fair value of the CLO assets			$ 7,200	$ 7,100
5.875% Notes
Debt Instrument [Line Items]
Debt instrument, face amount		$ 175
Debt instrument, maturity date		Mar. 15, 2021
Debt Instrument, Interest Rate, Stated Percentage		5.875%
2.500% Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500
Debt instrument, maturity date	Jan. 10, 2030
Debt Instrument, Interest Rate, Stated Percentage	2.50%
3.500% Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 400
Debt instrument, maturity date	Sep. 10, 2049
Debt Instrument, Interest Rate, Stated Percentage	3.50%

Carrying Value and Fair Value o

Carrying Value and Fair Value of Blackstone Issued Notes (Detail) - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Carrying Value		$ 4,777,560	$ 3,471,151
Debt instrument, fair value	[1]	5,227,542	3,496,056
5.875% Notes
Debt Instrument [Line Items]
Carrying Value	[2]	223,229	398,947
Debt instrument, fair value	[1]	236,680	421,720
4.750% Notes
Debt Instrument [Line Items]
Carrying Value		395,972	395,166
Debt instrument, fair value	[1]	430,600	417,600
2.000% Notes
Debt Instrument [Line Items]
Carrying Value		322,856	339,959
Debt instrument, fair value	[1]	360,125	352,197
1.000% Notes
Debt Instrument [Line Items]
Carrying Value		645,495	679,193
Debt instrument, fair value	[1]	681,536	647,564
3.150% Notes
Debt Instrument [Line Items]
Carrying Value		296,963	296,717
Debt instrument, fair value	[1]	307,590	285,030
1.500% Notes
Debt Instrument [Line Items]
Carrying Value		648,465
Debt instrument, fair value	[1]	702,266
2.500% Notes
Debt Instrument [Line Items]
Carrying Value		490,465
Debt instrument, fair value	[1]	483,850
6.250% Notes
Debt Instrument [Line Items]
Carrying Value		238,382	238,221
Debt instrument, fair value	[1]	332,125	289,225
5.000% Notes
Debt Instrument [Line Items]
Carrying Value		488,912	488,747
Debt instrument, fair value	[1]	598,600	490,150
4.450% Notes
Debt Instrument [Line Items]
Carrying Value		344,127	344,038
Debt instrument, fair value	[1]	391,090	329,770
4.000% Notes
Debt Instrument [Line Items]
Carrying Value		290,298	290,163
Debt instrument, fair value	[1]	315,120	$ 262,800
3.500% Notes
Debt Instrument [Line Items]
Carrying Value		392,396
Debt instrument, fair value	[1]	$ 387,960
[1]	Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.
[2]	On October 10, 2019, Blackstone redeemed the then outstanding aggregate principal amount of the 2021 Notes.

Carrying Value and Fair Value_2

Carrying Value and Fair Value of Blackstone Issued Notes (Parenthetical) (Detail)	Sep. 10, 2019	Sep. 03, 2019	Sep. 30, 2019
5.875% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate		5.875%
Debt instrument, maturity date		Mar. 15, 2021
5.875% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate			5.875%
Debt instrument, maturity date			Mar. 15, 2021
4.750% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate			4.75%
Debt instrument, maturity date			Feb. 15, 2023
2.000% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate			2.00%
Debt instrument, maturity date			May 19, 2025
1.000% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate			1.00%
Debt instrument, maturity date			Oct. 5, 2026
3.150% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate			3.15%
Debt instrument, maturity date			Oct. 2, 2027
1.500% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate			1.50%
Debt instrument, maturity date			Apr. 10, 2029
2.500% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2.50%
Debt instrument, maturity date	Jan. 10, 2030
2.500% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate			2.50%
Debt instrument, maturity date			Jan. 10, 2030
6.250% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate			6.25%
Debt instrument, maturity date			Aug. 15, 2042
5.000% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate			5.00%
Debt instrument, maturity date			Jun. 15, 2044
4.450% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate			4.45%
Debt instrument, maturity date			Jul. 15, 2045
4.000% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate			4.00%
Debt instrument, maturity date			Oct. 2, 2047
3.500% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	3.50%
Debt instrument, maturity date	Sep. 10, 2049
3.500% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate			3.50%
Debt instrument, maturity date			Sep. 10, 2049

Partnership's Borrowings Throug

Partnership's Borrowings Through Consolidated CLO Vehicles (Detail) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Borrowing Outstanding		$ 4,777,560	$ 3,471,151
Weighted Average Remaining Maturity in Years		6 years 3 months 18 days	7 years 6 months
Liabilities of Consolidated CLO Vehicles
Debt Instrument [Line Items]
Borrowing Outstanding		$ 6,850,604	$ 6,863,285
Liabilities of Consolidated CLO Vehicles | Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding		$ 6,528,738	$ 6,531,550
Weighted Average Interest Rate		3.86%	4.20%
Liabilities of Consolidated CLO Vehicles | Subordinated Notes
Debt Instrument [Line Items]
Borrowing Outstanding		$ 321,866	$ 331,735
Weighted Average Interest Rate	[1]
[1]	The Subordinated Notes do not have contractual interest rates but instead receive distributions from the excess cash flows of the CLO vehicles.

Senior Secured Notes and Subord

Senior Secured Notes and Subordinated Notes (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Borrowing Outstanding	$ 4,777,560	$ 3,471,151
Fair Value	6,594,011	6,536,723
Senior Secured Notes
Debt Instrument [Line Items]
Fair Value	6,505,765	6,476,434
Subordinated Notes
Debt Instrument [Line Items]
Fair Value	88,246	60,289
Non-Consolidated Affiliates Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding	133,215	114,909
Fair Value	101,614	56,012
Non-Consolidated Affiliates Senior Secured Notes | Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding	55,250	3,250
Fair Value	55,217	3,201
Non-Consolidated Affiliates Senior Secured Notes | Subordinated Notes
Debt Instrument [Line Items]
Borrowing Outstanding	77,965	111,659
Fair Value	$ 46,397	$ 52,811

Scheduled Principal Payments fo

Scheduled Principal Payments for Borrowings (Detail) $ in Thousands	Sep. 30, 2019USD ($)
Debt Instrument [Line Items]
2019	$ 288
2021	225,045	[1]
2023	400,000
Thereafter	11,085,454
Total	11,710,787
Operating Borrowings
Debt Instrument [Line Items]
2019	0
2021	225,045	[1]
2023	400,000
Thereafter	4,234,850
Total	4,859,895
Blackstone Fund Facilities CLO Vehicles
Debt Instrument [Line Items]
2019	288
Thereafter	6,850,604
Total	$ 6,850,892
[1]	The Operating Borrowings balance in 2021 represents the 2021 Notes. As noted above, the 2021 Notes were redeemed on October 10, 2019.

Leases - Additional informaton

Leases - Additional informaton (Detail) $ in Millions	Sep. 30, 2019USD ($)
Leases [Abstract]
Weighted-average remaining lease term	7 years 7 months 6 days
Weighted-average discount rate	2.50%
Lease payments	$ 128.6

Leases Components of leases exp

Leases Components of leases expenses (Detail) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
		Sep. 30, 2019	Sep. 30, 2019
Operating Lease Cost
Straight-Line Lease Cost	[1]	$ 22,229	$ 66,639
Variable Lease Cost		3,992	10,892
Sublease Income		(59)	(391)
Operating Lease Cost		$ 26,162	$ 77,140
[1]	Straight-line lease cost includes short-term leases, which are immaterial.

Leases Supplemental Cash Flow I

Leases Supplemental Cash Flow Information Related Leases (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Leases [Abstract]
Operating Cash Flows for Operating Leases	$ 23,410	$ 69,825
Non-Cash Right-of-Use Assets Obtained in Exchange for New Operating Lease, Liabilities	$ 4,069	$ 11,452

Leases Cash flows Annual Basis

Leases Cash flows Annual Basis For Operating Lease Liabilities (Detail) - USD ($) $ in Thousands		Sep. 30, 2019	Jan. 01, 2019
2019		$ 20,526
2020		81,144
2021		85,896
2022		77,830
2023		75,623
Thereafter		272,271
Total Lease Payments	[1]	613,290
Less: Imputed Interest		(55,037)
Present Value of Operating Lease Liabilities		$ 558,253	$ 601,700
[1]	Excludes $128.6 million of lease payments for signed leases that have not yet commenced.

Aggregate Minimum Future Paymen

Aggregate Minimum Future Payments, Net of Sublease Income, Required on Operating Leases (Detail) $ in Thousands	Dec. 31, 2018USD ($)
Operating Leased Assets [Line Items]
2019	$ 78,506
2020	72,191
2021	80,914
2022	79,094
2023	77,248
Thereafter	273,347
Total	$ 661,300

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Taxes [Line Items]
Effective Income Tax Rate	(15.50%)	2.70%	(2.70%)	6.20%
Provision for Taxes	$ (156,786)	$ 26,798	$ (76,895)	$ 220,024
Effect of the change in tax status			231,100
Deferred tax valuation allowance	$ 812,000		$ 812,000

Basic and Diluted Net Income Pe

Basic and Diluted Net Income Per Common Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Line Items]
Net Income Attributable to The Blackstone Group Inc., Basic		$ 779,437	$ 442,742	$ 1,566,533	$ 1,552,656
Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units			327,850		1,187,908
Net Income Attributable to The Blackstone Group Inc., Diluted		$ 779,437	$ 770,592	$ 1,566,533	$ 2,740,564
Weighted-Average Shares of Class A Common Stock Outstanding, Basic		675,963,129	682,435,177	674,714,040	679,598,629
Weighted-Average Shares of Unvested Deferred Restricted Class A Common Stock		256,629	230,759	265,007	215,270
Weighted-Average Blackstone Holdings Partnership Units			523,212,047		529,299,345
Weighted-Average Shares of Class A Common Stock Outstanding, Diluted		676,219,758	1,205,877,983	674,979,047	1,209,113,244
Net Income Per Common Unit, Basic		$ 1.15	$ 0.65	$ 2.32	$ 2.28
Net Income Per Common Unit, Diluted		1.15	0.64	2.32	2.27
Dividends Declared Per Share of Class A Common Stock	[1]	$ 0.48	$ 0.58	$ 1.43	$ 1.78
[1]	Dividends declared reflects the calendar date of the declaration for each dividend.

Summary of Anti-Dilutive Securi

Summary of Anti-Dilutive Securities (Detail) - shares shares in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Blackstone Partnership Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-Average Units	524,859,672	525,779,901

Schedule of Shares Eligible For

Schedule of Shares Eligible For Dividends and Distribution (Detail)	Sep. 30, 2019shares
Stockholders Equity [Line Items]
Common stock eligible for dividends and distributions	675,640,119
Shares eligible for dividends and distributions	1,198,978,159
Common Class A [Member]
Stockholders Equity [Line Items]
Common stock eligible for dividends and distributions	666,257,305
Unvested Participating Common Stock [Member]
Stockholders Equity [Line Items]
Common stock eligible for dividends and distributions	9,382,814
Participating Partnership Units [Member]
Stockholders Equity [Line Items]
Partnership units eligible for dividends and distributions	523,338,040

Earnings Per Share and Stockh_3

Earnings Per Share and Stockholder's Equity - Additional Information (Detail) - USD ($)	Jul. 01, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jul. 16, 2019
Stockholders Equity [Line Items]
Preferred shares authorized	9,000,000,000
Preferred shares par value	$ 0.00001
Preferred shares issued		0		0
Preferred shares outstanding		0		0
Amount remaining available for repurchases		$ 864,000,000		$ 864,000,000
Common Class A
Stockholders Equity [Line Items]
Common stock par value	$ 0.00001	$ 0.00001		$ 0.00001
Amount authorized to repurchase under unit repurchase program						$ 1,000,000,000
Common stock repurchased, units		2,800,000	6,000,000	11,300,000	8,200,000
Common stock repurchased, cost		$ 136,000,000	$ 218,400,000	$ 479,100,000	$ 290,100,000
Conversion of Stock	one issued and outstanding
Common Class B
Stockholders Equity [Line Items]
Common stock par value	$ 0.00001	$ 0.00001		$ 0.00001
Conversion of Stock	one issued and outstanding
Common Class C
Stockholders Equity [Line Items]
Common stock par value	$ 0.00001	$ 0.00001		$ 0.00001
Conversion of Stock	one issued and outstanding

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jan. 01, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Partnership grant units					171,502,746
Compensation expense in relation to equity-based awards	$ 107,800	$ 73,700	$ 331,826	$ 282,733
Tax benefits in relation to equity-based awards	3,400	$ 11,700	38,000	$ 46,300
Estimated unrecognized compensation expense related to unvested awards	$ 918,100		$ 918,100
Weighted-average period for recognized compensation expense related to unvested awards, years			4 years 1 month 6 days
Total vested and unvested outstanding units	1,199,368,357		1,199,368,357
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total outstanding unvested phantom units	47,904		47,904

Summary of Status of Partnershi

Summary of Status of Partnership's Unvested Equity-Based Awards (Detail)	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Blackstone | Blackstone Partnership Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance | shares	31,554,127
Granted (Units) | shares	8,634,416
Vested (Units) | shares	(5,960,837)
Forfeited (Units) | shares	(178,247)
Ending Balance | shares	34,049,459
Beginning Balance | $ / shares	$ 34.38
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	43.38
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	36.25
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	31.99
Ending Balance | $ / shares	$ 36.04
Blackstone Group Inc. [Member] | Equity Settled Awards Deferred Restricted Shares Of Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance | shares	9,312,268
Granted (Units) | shares	3,376,642
Vested (Units) | shares	(3,173,977)
Forfeited (Units) | shares	(367,093)
Ending Balance | shares	9,147,840
Beginning Balance | $ / shares	$ 31.43
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	38.17
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	31.22
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	31.53
Ending Balance | $ / shares	$ 34.04
Blackstone Group Inc. [Member] | Cash Settled Awards Phantom Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance | shares	46,808
Granted (Units) | shares	10,661
Vested (Units) | shares	(9,473)
Forfeited (Units) | shares	(4,787)
Ending Balance | shares	43,209
Beginning Balance | $ / shares	$ 34.66
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	48.71
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	48.01
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	47.95
Ending Balance | $ / shares	$ 48.63

Unvested Shares and Units, Afte

Unvested Shares and Units, After Expected Forfeitures (Detail)	9 Months Ended
	Sep. 30, 2019shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Blackstone Holdings Partnership Units	27,622,630
Deferred Restricted Shares of Class A Common Stock	7,218,878
Total Equity-Based Awards	34,841,508
Phantom Shares	32,885
Blackstone Holdings Partnership Units (Weighted-Average Service Period in Years)	3 years 4 months 24 days
Deferred Restricted Shares of Class A Common Stock (Weighted-Average Service in Years)	2 years 3 months 18 days
Total Equity-Based Awards (Weighted-Average Service Period in Years)	3 years 2 months 12 days
Phantom Shares (Weighted-Average Service Period in Years)	2 years 8 months 12 days

Due from Affiliates and Due to

Due from Affiliates and Due to Affiliates (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated Entities and Portfolio Companies	$ 1,833,036	$ 1,520,100
Due from Certain Non-Controlling Interest Holders and Blackstone Employees	615,083	462,475
Accrual for Potential Clawback of Previously Distributed Performance Allocations	16,044	11,548
Due from Affiliates, total	2,464,163	1,994,123
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements	604,800	796,902
Due to Non-Consolidated Entities	141,036	99,728
Due to Note-Holders of Consolidated CLO Vehicles	101,614	56,012
Due to Certain Non-Controlling Interest Holders and Blackstone Employees	48,139	53,613
Accrual for Potential Repayment of Previously Received Performance Allocations	89,380	29,521
Due to Affiliates, total	$ 984,969	$ 1,035,776

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Investments	$ 22,204,460		$ 22,204,460		$ 20,377,031
Cash saving in tax receivable agreements, percentage			85.00%
Expected future payments under the tax receivable agreements	604,800		$ 604,800
Expected future payments under the tax receivable agreements in years			15 years
After-tax net present value estimated payments	$ 171,000		$ 171,000
After-tax net present value discount rate assumption	15.00%		15.00%
Reduction of Tax Receivable Agreement Liability	$ 174,606		$ 174,606
Founder, senior managing directors, employees and certain other related parties
Related Party Transaction [Line Items]
Net Income Attributable to Non-Controlling Interests	6,200	$ 21,200	54,800	$ 87,100
Founder, senior managing directors, employees and certain other related parties | Consolidated Blackstone Funds
Related Party Transaction [Line Items]
Investments	911,600		911,600		$ 842,900
Affiliates
Related Party Transaction [Line Items]
Interest from loans to affiliates	$ 1,100	$ 1,300	$ 5,300	$ 3,800

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)
Schedule Of Commitments And Contingencies [Line Items]
General partner capital funding	$ 4,200
Total investments at risk in respect of guarantees extended	$ 15.8
Contingent obligations currently anticipated to expire end	2028
Provision for cash clawback	$ 701.6
Contingent Obligations (Clawback)	7,300
Blackstone Holdings
Schedule Of Commitments And Contingencies [Line Items]
Loans held By employees for investment guaranteed	179.8
Contingent Obligations (Clawback)	6,600
Consolidated Blackstone Funds
Schedule Of Commitments And Contingencies [Line Items]
Funds signed investment commitments	122.5
Consolidated Blackstone Funds | Portfolio Company Acquisition
Schedule Of Commitments And Contingencies [Line Items]
Signed investment commitments for portfolio company acquisitions in process of closing	$ 63.2

Clawback Obligations by Segment

Clawback Obligations by Segment (Detail) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2019	Dec. 31, 2018
Product Liability Contingency [Line Items]
Clawback obligations		$ 89,380	$ 29,521
Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		76,798	30,421
Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[1]	12,582	(900)
Real Estate Segment
Product Liability Contingency [Line Items]
Clawback obligations		29,646	25,823
Real Estate Segment | Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		18,104	15,770
Real Estate Segment | Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[1]	11,542	10,053
Private Equity Segment
Product Liability Contingency [Line Items]
Clawback obligations		51,936	848
Private Equity Segment | Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		55,398	13,296
Private Equity Segment | Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[1]	(3,462)	(12,448)
Credit Segment
Product Liability Contingency [Line Items]
Clawback obligations		7,798	2,850
Credit Segment | Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		3,296	1,355
Credit Segment | Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[1]	$ 4,502	$ 1,495
[1]	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.

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2019Segment
Segment Reporting Information [Line Items]
Number of business segments	4

Financial Data of Segments (Det

Financial Data of Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Realized Performance Revenues	$ 454,804	$ 601,902	$ 1,063,746	$ 1,406,862
Realized Performance Compensation	161,082	207,693	387,594	522,558
Operating Segments
Segment Reporting Information [Line Items]
Base Management Fees	809,729	721,606	2,372,562	2,121,677
Transaction, Advisory and Other Fees, Net	92,702	73,944	219,347	151,922
Management Fee Offsets	(22,086)	(16,331)	(53,346)	(35,342)
Total Management and Advisory Fees, Net	880,345	779,219	2,538,563	2,238,257
Fee Related Performance Revenues	34,225	30,299	55,628	79,651
Fee Related Compensation	(329,834)	(334,545)	(947,699)	(936,862)
Other Operating Expenses	(144,351)	(128,745)	(409,783)	(358,303)
Fee Related Earnings	440,385	346,228	1,236,709	1,022,743
Realized Performance Revenues	420,840	572,159	1,008,995	1,328,074
Realized Performance Compensation	(143,870)	(190,773)	(354,576)	(478,496)
Realized Principal Investment Income	36,148	65,620	185,613	188,960
Total Net Realizations	313,118	447,006	840,032	1,038,538
Total Segment Distributable Earnings	753,503	793,234	2,076,741	2,061,281
Segment Assets	23,973,244		23,973,244
Operating Segments | Real Estate Segment
Segment Reporting Information [Line Items]
Base Management Fees	266,779	254,088	782,660	730,294
Transaction, Advisory and Other Fees, Net	73,385	45,678	121,286	92,625
Management Fee Offsets	(7,635)	(8,265)	(9,601)	(13,718)
Total Management and Advisory Fees, Net	332,529	291,501	894,345	809,201
Fee Related Performance Revenues	30,600	30,299	48,348	80,317
Fee Related Compensation	(132,183)	(128,342)	(344,794)	(349,735)
Other Operating Expenses	(43,897)	(39,787)	(122,997)	(105,230)
Fee Related Earnings	187,049	153,671	474,902	434,553
Realized Performance Revenues	282,379	273,309	558,134	741,999
Realized Performance Compensation	(85,544)	(79,309)	(183,186)	(230,140)
Realized Principal Investment Income	17,968	16,197	63,257	81,086
Total Net Realizations	214,803	210,197	438,205	592,945
Total Segment Distributable Earnings	401,852	363,868	913,107	1,027,498
Segment Assets	8,952,459		8,952,459
Operating Segments | Private Equity Segment
Segment Reporting Information [Line Items]
Base Management Fees	252,510	205,893	737,066	584,375
Transaction, Advisory and Other Fees, Net	14,657	21,709	83,474	45,583
Management Fee Offsets	(11,889)	(4,973)	(34,563)	(12,517)
Total Management and Advisory Fees, Net	255,278	222,629	785,977	617,441
Fee Related Compensation	(105,773)	(105,621)	(318,467)	(289,357)
Other Operating Expenses	(38,235)	(36,654)	(112,865)	(103,852)
Fee Related Earnings	111,270	80,354	354,645	224,232
Realized Performance Revenues	124,231	290,012	403,737	505,306
Realized Performance Compensation	(52,034)	(106,400)	(154,671)	(207,958)
Realized Principal Investment Income	11,977	44,408	80,022	83,346
Total Net Realizations	84,174	228,020	329,088	380,694
Total Segment Distributable Earnings	195,444	308,374	683,733	604,926
Segment Assets	8,917,445		8,917,445
Operating Segments | Hedge Fund Solutions Segment
Segment Reporting Information [Line Items]
Base Management Fees	140,694	129,554	415,012	388,335
Transaction, Advisory and Other Fees, Net	691	766	1,732	1,923
Management Fee Offsets	(18)		(18)
Total Management and Advisory Fees, Net	141,367	130,320	416,726	390,258
Fee Related Compensation	(38,898)	(43,443)	(118,474)	(123,615)
Other Operating Expenses	(20,495)	(20,753)	(59,492)	(58,032)
Fee Related Earnings	81,974	66,124	238,760	208,611
Realized Performance Revenues	1,848	3,985	17,899	21,432
Realized Performance Compensation	(1,000)	(1,922)	(4,588)	(7,391)
Realized Principal Investment Income	1,480	2,024	13,503	10,430
Total Net Realizations	2,328	4,087	26,814	24,471
Total Segment Distributable Earnings	84,302	70,211	265,574	233,082
Segment Assets	2,248,509		2,248,509
Operating Segments | Credit Segment
Segment Reporting Information [Line Items]
Base Management Fees	149,746	132,071	437,824	418,673
Transaction, Advisory and Other Fees, Net	3,969	5,791	12,855	11,791
Management Fee Offsets	(2,544)	(3,093)	(9,164)	(9,107)
Total Management and Advisory Fees, Net	151,171	134,769	441,515	421,357
Fee Related Performance Revenues	3,625		7,280	(666)
Fee Related Compensation	(52,980)	(57,139)	(165,964)	(174,155)
Other Operating Expenses	(41,724)	(31,551)	(114,429)	(91,189)
Fee Related Earnings	60,092	46,079	168,402	155,347
Realized Performance Revenues	12,382	4,853	29,225	59,337
Realized Performance Compensation	(5,292)	(3,142)	(12,131)	(33,007)
Realized Principal Investment Income	4,723	2,991	28,831	14,098
Total Net Realizations	11,813	4,702	45,925	40,428
Total Segment Distributable Earnings	71,905	$ 50,781	214,327	$ 195,775
Segment Assets	$ 3,854,831		$ 3,854,831

Reconciliation of Total Segment

Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total Revenues		$ 1,735,113	$ 1,926,580	$ 5,246,790	$ 6,328,281
Less: Unrealized Principal Investment (Income) Loss		15,391	52,840	147,090	268,082
Total Expenses		947,220	1,017,632	2,850,624	3,016,944
Total Other Income		223,056	66,838	414,512	250,956
Total Income Before Provision for Taxes		1,010,949	975,786	2,810,678	3,562,293
Total Assets		32,385,771		32,385,771		$ 28,924,650
Less: Unrealized Principal Investment (Income) Loss		15,391	52,840	147,090	268,082
Operating Segments
Segment Reporting Information [Line Items]
Total Revenues	[1]	1,371,558	1,447,297	3,788,799	3,834,942
Total Expenses	[2]	618,055	654,063	1,712,058	1,773,661
Total Segment Distributable Earnings		753,503	793,234	2,076,741	2,061,281
Total Assets		23,973,244		23,973,244
Consolidation Adjustments and Reconciling Items
Segment Reporting Information [Line Items]
Less: Unrealized Performance Revenues	[3]	(176,604)	(298,931)	(998,335)	(1,367,694)
Less: Unrealized Principal Investment (Income) Loss	[4]	5,219	(28,704)	(78,353)	(94,808)
Less: Interest and Dividend Revenue	[5]	(45,048)	(49,936)	(137,738)	(128,048)
Less: Other Revenue	[6]	(92,843)	(9,092)	(85,882)	(42,614)
Impact of Consolidation	[7]	120,214	(92,092)	15,246	(278,368)
Amortization of Intangibles	[8]	387	387	1,161	1,161
Transaction-Related Charges	[9]	(176,623)	(2,168)	(179,329)	(586,855)
Less: Unrealized Performance Allocations Compensation	[10]	(94,907)	(178,184)	(446,440)	(622,610)
Less: Equity Based Compensation	[11]	(58,570)	(36,576)	(178,451)	(115,118)
Less: Interest Expense	[12]	(52,815)	(40,923)	(137,683)	(118,046)
Impact of Consolidation	[7]	(14,444)	(13,260)	(39,716)	(99,447)
Amortization of Intangibles	[8]	(16,096)	(14,469)	(48,288)	(43,441)
Transaction-Related Charges	[9]	(94,076)	(81,410)	(293,227)	(248,508)
Less: Unrealized Performance Allocations	[3]	(176,604)	(298,931)	(998,335)	(1,367,694)
Less: Unrealized Principal Investment (Income) Loss	[4]	5,219	(28,704)	(78,353)	(94,808)
Less: Interest and Dividend Revenue	[5]	(45,048)	(49,936)	(137,738)	(128,048)
Less: Other Revenue	[6]	(92,843)	(9,092)	(85,882)	(42,614)
Plus: Unrealized Performance Allocations Compensation	[10]	94,907	178,184	446,440	622,610
Plus: Equity Based Compensation	[11]	58,570	36,576	178,451	115,118
Plus: Interest Expense	[12]	52,815	40,923	137,683	118,046
Amortization of Intangibles	[8]	16,483	14,856	49,449	44,602
Transaction-Related Charges	[9]	(82,547)	79,242	113,898	(338,347)
Segment Adjustment
Segment Reporting Information [Line Items]
Total Revenues		1,743	1,253	5,239	3,887
Total Expenses		1,743	1,253	5,239	3,887
Impact of Consolidation
Segment Reporting Information [Line Items]
Total Other Income	[7]	(223,056)	(66,838)	(414,512)	(250,956)
Total Segment Distributable Earnings	[7]	(88,398)	$ (145,670)	(359,550)	$ (429,877)
Total Assets	[7]	$ (8,412,527)		$ (8,412,527)
[1]	Total Segment Revenues is comprised of the following: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Total Segment Management and Advisory Fees, Net $ 880,345 $ 779,219 $ 2,538,563 $ 2,238,257 Total Segment Fee Related Performance Revenues 34,225 30,299 55,628 79,651 Total Segment Realized Performance Revenues 420,840 572,159 1,008,995 1,328,074 Total Segment Realized Principal Investment Income 36,148 65,620 185,613 188,960 Total Segment Revenues $ 1,371,558 $ 1,447,297 $ 3,788,799 $ 3,834,942
[2]	Total Segment Expenses is comprised of the following: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Total Segment Fee Related Compensation $ 329,834 $ 334,545 $ 947,699 $ 936,862 Total Segment Realized Performance Compensation 143,870 190,773 354,576 478,496 Total Segment Other Operating Expenses 144,351 128,745 409,783 358,303 Total Segment Expenses $ 618,055 $ 654,063 $ 1,712,058 $ 1,773,661
[3]	This adjustment removes Unrealized Performance Revenues on a segment basis.
[4]	This adjustment removes Unrealized Principal Investment Income on a segment basis.
[5]	This adjustment removes Interest and Dividend Revenue on a segment basis.
[6]	This adjustment removes Other Revenue on a segment basis.
[7]	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.
[8]	This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation. This amount includes amortization of intangibles associated with Blackstone’s investment in Pátria, which is accounted for under the equity method.
[9]	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.
[10]	This adjustment removes Unrealized Performance Allocations Compensation.
[11]	This adjustment removes Equity-Based Compensation on a segment basis.
[12]	This adjustment removes Interest Expense, excluding interest expense related to the Tax Receivable Agreement.

Reconciliation of Total Segme_2

Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Parenthetical) (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Total Segment Realized Performance Revenues		$ 454,804	$ 601,902	$ 1,063,746	$ 1,406,862
Total Segment Realized Performance Compensation		(161,082)	(207,693)	(387,594)	(522,558)
Operating Segments
Segment Reporting Information [Line Items]
Total Segment Management and Advisory Fees, Net		880,345	779,219	2,538,563	2,238,257
Fee Related Performance Revenues		34,225	30,299	55,628	79,651
Total Segment Realized Performance Revenues		420,840	572,159	1,008,995	1,328,074
Total Segment Realized Principal Investment Income		36,148	65,620	185,613	188,960
Total Revenues	[1]	1,371,558	1,447,297	3,788,799	3,834,942
Total Segment Fee Related Compensation		329,834	334,545	947,699	936,862
Total Segment Realized Performance Compensation		143,870	190,773	354,576	478,496
Total Segment Other Operating Expenses		144,351	128,745	409,783	358,303
Total Expenses	[2]	$ 618,055	$ 654,063	$ 1,712,058	$ 1,773,661
[1]	Total Segment Revenues is comprised of the following: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Total Segment Management and Advisory Fees, Net $ 880,345 $ 779,219 $ 2,538,563 $ 2,238,257 Total Segment Fee Related Performance Revenues 34,225 30,299 55,628 79,651 Total Segment Realized Performance Revenues 420,840 572,159 1,008,995 1,328,074 Total Segment Realized Principal Investment Income 36,148 65,620 185,613 188,960 Total Segment Revenues $ 1,371,558 $ 1,447,297 $ 3,788,799 $ 3,834,942
[2]	Total Segment Expenses is comprised of the following: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Total Segment Fee Related Compensation $ 329,834 $ 334,545 $ 947,699 $ 936,862 Total Segment Realized Performance Compensation 143,870 190,773 354,576 478,496 Total Segment Other Operating Expenses 144,351 128,745 409,783 358,303 Total Segment Expenses $ 618,055 $ 654,063 $ 1,712,058 $ 1,773,661

Reconciliation of Total Segme_3

Reconciliation of Total Segments to Reported on the Consolidated Statement of Operations (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Investment Income - Realized Performance Allocations		$ 446,550	$ 592,103	$ 1,021,445	$ 1,365,119
Compensation and Benefits Compensation		462,766	419,285	1,372,684	1,236,167
Incentive Fee Compensation		5,419	7,251	19,711	23,656
Realized Performance Allocations Compensation		155,663	200,442	367,883	498,902
Realized Performance Revenues		454,804	601,902	1,063,746	1,406,862
Total Compensation and Benefits		623,848	626,978	1,760,278	1,758,725
General, Administrative and Other		171,067	168,813	492,437	441,354
Investment Income - Realized Performance Allocations		446,550	592,103	1,021,445	1,365,119
Realized Performance Allocations Compensation		155,663	200,442	367,883	498,902
Realized Performance Revenues		454,804	601,902	1,063,746	1,406,862
Realized Performance Compensation		161,082	207,693	387,594	522,558
Investment Income Realized		74,642	134,619	292,943	305,961
Total Segment		(161,082)	(207,693)	(387,594)	(522,558)
Management and Advisory Fees, Net
Segment Reporting Information [Line Items]
Revenues		878,151	780,009	2,528,255	2,230,242
Incentive Fees
Segment Reporting Information [Line Items]
Revenues		8,254	9,799	42,301	41,743
Operating Segments
Segment Reporting Information [Line Items]
Revenues		880,345	779,219	2,538,563	2,238,257
Less: Realized Performance Revenues		(420,840)	(572,159)	(1,008,995)	(1,328,074)
Realized Performance Revenues		34,225	30,299	55,628	79,651
Realized Performance Revenues		420,840	572,159	1,008,995	1,328,074
General, Administrative and Other		144,351	128,745	409,783	358,303
Realized Performance Revenues		420,840	572,159	1,008,995	1,328,074
Realized Performance Compensation		(143,870)	(190,773)	(354,576)	(478,496)
Investment Income Realized		36,148	65,620	185,613	188,960
Less: Equity-Based Compensation - Operating Compensation		(56,139)	(33,514)	(170,072)	(105,245)
Less: Equity-Based Compensation - Performance Compensation		(2,431)	(3,062)	(8,379)	(9,873)
Total Compensation and Benefits		329,834	334,545	947,699	936,862
Realized Performance Revenues		(34,225)	(30,299)	(55,628)	(79,651)
Less: Fee Related Performance Compensation		(14,781)	(13,858)	(24,639)	(34,189)
Less: Equity-based compensation - Performance Compensation Related		(2,431)	(3,062)	(8,379)	(9,873)
Total Segment		143,870	190,773	354,576	478,496
Operating Segments | Management and Advisory Fees, Net
Segment Reporting Information [Line Items]
Revenues		880,345	779,219	2,538,563	2,238,257
Segment Adjustment
Segment Reporting Information [Line Items]
Realized Performance Revenues	[1]	261	556	877	863
General, Administrative and Other	[2]	(26,716)	(40,068)	(82,654)	(83,051)
Investment Income Realized	[3]	(38,494)	(68,999)	(107,330)	(117,001)
Total Compensation and Benefits	[4]	(91,574)	(65,084)	(279,552)	(228,249)
Total Segment	[1]	261	556	877	863
Segment Adjustment | Management and Advisory Fees, Net
Segment Reporting Information [Line Items]
Revenues		$ 2,194	$ (790)	$ 10,308	$ 8,015
[1]	Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.
[2]	Represents the removal of (1) the amortization of transaction-related intangibles, and (2) certain expenses reimbursed by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures.
[3]	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.
[4]	Represents the removal of Transaction-Related Charges that are not recorded in the Total Segment measures.