Blackstone (BX) 10-K 28 Feb 20 2019 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2019	Feb. 21, 2020	Jun. 28, 2019
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Trading Symbol	BX
Entity Registrant Name	Blackstone Group Inc
Entity Central Index Key	0001393818
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Document Transition Report	false
Document Annual Report	true
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Entity Shell Company	false
Entity Voluntary Filers	No
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
Entity Public Float			$ 29
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		673,609,987
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

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets
Cash and Cash Equivalents	$ 2,172,441	$ 2,207,841
Cash Held by Blackstone Funds and Other	351,210	337,320
Investments (including assets pledged of $196,094 and $279,502 at December 31, 2019 and December 31, 2018, respectively)	22,281,682	20,377,031
Accounts Receivable	975,075	636,238
Due from Affiliates	2,594,873	1,994,123
Intangible Assets, Net	397,508	468,507
Goodwill	1,869,860	1,869,860
Other Assets	382,493	294,248
Right-of-Use Assets	471,059
Deferred Tax Assets	1,089,305	739,482
Total Assets	32,585,506	28,924,650
Liabilities and Equity
Loans Payable	11,080,723	9,951,862
Due to Affiliates	1,026,871	1,035,776
Accrued Compensation and Benefits	3,796,044	2,942,128
Securities Sold, Not Yet Purchased	75,545	142,617
Repurchase Agreements	154,118	222,202
Operating Lease Liabilities	542,994
Accounts Payable, Accrued Expenses and Other Liabilities	806,159	875,979
Total Liabilities	17,482,454	15,170,564
Commitments and Contingencies
Redeemable Non-Controlling Interests in Consolidated Entities	87,651	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	6,428,647
Retained Earnings	609,625
Accumulated Other Comprehensive Loss	(28,495)	(36,476)
Total Stockholders' Equity of The Blackstone Group Inc.	7,009,784	6,379,224
Non-Controlling Interests in Consolidated Entities	4,186,069	3,648,766
Non-Controlling Interests in Blackstone Holdings	3,819,548	3,584,317
Total Equity	15,015,401	13,612,307
Total Liabilities and Equity	32,585,506	$ 28,924,650
Common Class A [Member]
Stockholders' Equity of The Blackstone Group L.P. Partners' CapitalInc.
Common Stock, Value, Issued	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

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands		Dec. 31, 2019	Dec. 31, 2018
Investments assets pledged		$ 196,094	$ 279,502
Partners' Capital, common units: issued			663,212,830
Assets		32,585,506	$ 28,924,650
Liabilities		$ 17,482,454	15,170,564
Common Class A [Member]
Common stock par value		$ 0.00001
Common shares authorized		90,000,000,000
Common shares issued		671,157,692
Common shares outstanding	[1]	671,157,692
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		$ 8,952,541	8,890,745
Liabilities		7,133,175	7,177,062
Consolidated Blackstone Funds | Repurchase Agreements | Variable Interest Entity, Primary Beneficiary
Liabilities		154,118	222,202
Consolidated Blackstone Funds | Loans Payable | Variable Interest Entity, Primary Beneficiary
Liabilities		6,479,867	6,480,711
Securities Sold, Not Yet Purchased | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Liabilities		55,289	92,603
Investments | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets		8,371,899	8,363,669
Accounts Receivable | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets		220,372	179,863
Cash Held by Funds and Other | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets		351,210	337,030
Due from Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets		7,856	6,303
Other Assets | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets		1,204	3,880
Due to Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Liabilities		142,546	129,370
Accounts Payable, Accrued Expenses and Other Liabilities | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Liabilities		$ 301,355	$ 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.

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Performance Allocations
Realized		$ 1,739,000	$ 1,876,507	$ 3,571,811
Unrealized		1,126,332	561,373	(105,473)
Principal Investments
Realized		393,478	415,862	635,769
Unrealized		215,003	49,917	42,605
Total Investment Income		3,473,813	2,903,659	4,144,712
Interest and Dividend Revenue		182,398	171,947	139,696
Other		79,993	672,317	(133,229)
Total Revenues		7,338,270	6,833,259	7,145,015
Expenses
Compensation and Benefits Compensation		1,820,330	1,609,957	1,442,485
Incentive Fee Compensation		44,300	33,916	105,279
Performance Allocations Compensation
Realized		662,942	711,076	1,281,965
Unrealized		540,285	319,742	103,794
Total Compensation and Benefits		3,067,857	2,674,691	2,933,523
General, Administrative and Other		679,408	594,873	488,582
Interest Expense		199,648	163,990	197,486
Fund Expenses		17,738	78,486	132,787
Total Expenses		3,964,651	3,512,040	3,752,378
Other Income
Change in Tax Receivable Agreement Liability		161,567		403,855
Net Gains from Fund Investment Activities		282,829	191,722	321,597
Total Other Income	[1]	444,396	191,722	725,452
Income Before Provision (Benefit) for Taxes		3,818,015	3,512,941	4,118,089
Provision (Benefit) for Taxes		(47,952)	249,390	743,147
Net Income		3,865,967	3,263,551	3,374,942
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities		(121)	(2,104)	13,806
Net Income Attributable to Non-Controlling Interests in Consolidated Entities		476,779	358,878	497,439
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings		1,339,627	1,364,989	1,392,323
Net Income Attributable to The Blackstone Group Inc.		$ 2,049,682	$ 1,541,788	$ 1,471,374
Net Income Per Share of Class A Common Stock
Basic		$ 3.03	$ 2.27	$ 2.21
Diluted		$ 3.03	$ 2.26	$ 2.21
Weighted-Average Shares of Class A Common Stock Outstanding
Basic		675,900,466	678,850,245	665,453,198
Diluted		676,167,851	1,206,962,846	666,246,846
Management and Advisory Fees, Net
Revenues
Revenues		$ 3,472,155	$ 3,027,796	$ 2,751,322
Incentive Fees
Revenues
Revenues		$ 129,911	$ 57,540	$ 242,514
[1]	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.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net Income	$ 3,865,967	$ 3,263,551	$ 3,374,942
Other Comprehensive Income (Loss) — Currency Translation Adjustment	14,332	(33,506)	80,366
Comprehensive Income	3,880,299	3,230,045	3,455,308
Less: Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	(121)	(2,104)	13,806
Comprehensive Income Attributable To Non Controlling Interests In Consolidated Entities	476,779	356,488	548,936
Comprehensive Income Attributable to Non-Controlling Interests in Blackstone Holdings	1,345,980	1,336,331	1,392,323
Comprehensive Income Attributable to Non-Controlling Interests	1,822,638	1,690,715	1,955,065
Comprehensive Income Attributable to The Blackstone Group Inc.	$ 2,057,661	$ 1,539,330	$ 1,500,243

Consolidated Statement of Chang

Consolidated Statement 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, 2016		$ 12,322,091			$ 6,521,531						$ (62,887)		$ 6,458,644		$ 2,428,964	$ 3,434,483
Beginning Balance, Units at Dec. 31, 2016					643,459,542
Consolidation of Fund Entity		387,006													387,006
Net Income (Loss)		3,361,136			$ 1,471,374								1,471,374		497,439	1,392,323
Currency Translation Adjustment		80,366									28,869		28,869		51,497	0
Capital Contributions		730,793													730,793
Capital Distributions		(3,679,117)			(1,534,586)								(1,534,586)		(836,535)	(1,307,996)
Transfer of Non-Controlling Interests in Consolidated Entities		(6,016)													(6,016)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders		11,057			11,057								11,057
Equity-Based Compensation		335,023			183,484								183,484			151,539
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units		$ (30,192)			(28,486)								(28,486)			(1,706)
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units, Units		7,084,888
Change in The Blackstone Group Inc.'s Ownership Interest		$ 15,197			(15,197)								(15,197)			15,197
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units					59,334								59,334			(59,334)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units		8,981,663
Ending Balance at Dec. 31, 2017		$ 13,512,147			$ 6,668,511						(34,018)		6,634,493		3,253,148	3,624,506
Ending Balance, Units at Dec. 31, 2017					659,526,093
Beginning Balance at Dec. 31, 2016		185,390
Net Income (Loss)		13,806
Capital Contributions		58,920
Capital Distributions		(47,172)
Ending Balance at Dec. 31, 2017		210,944
Transfer Out Due to Deconsolidation of Fund Entities		(197,091)													(197,091)
Net Income (Loss)		3,265,655			$ 1,541,788								1,541,788		358,878	1,364,989
Currency Translation Adjustment		(33,506)									(2,458)		(2,458)		(2,389)	(28,659)
Capital Contributions		903,655													903,655
Capital Distributions		(3,734,027)			(1,635,921)								(1,635,921)		(687,623)	(1,410,483)
Transfer of Non-Controlling Interests in Consolidated Entities					(7,642)								(7,642)		20,188	(6,005)
Transfer of Non-Controlling Interests in Consolidated Entities		6,541
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders		13,907			13,907								13,907
Equity-Based Compensation		366,414			204,590								204,590			161,824
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units		(25,660)			$ (20,198)								(20,198)			(5,462)
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units, Units					4,114,395
Repurchase of Common Units and Blackstone Holdings Partnership Units		(541,501)			$ (541,501)								(541,501)
Repurchase of Common Units and Blackstone Holdings Partnership Units, Units					(16,000,000)
Change in The Blackstone Group Inc.'s Ownership Interest		(66,799)			$ 66,799								66,799			(66,799)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units					$ 100,397								100,397			(100,397)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units					14,821,603
Issuance of Blackstone Common Units, Units					750,739
Ending 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
Ending Balance, Units at Dec. 31, 2018	[1]				663,212,830
Net Income (Loss)		(2,104)
Capital Contributions		12,980
Capital Distributions		(78,688)
Transfer or Repurchase of Non-Controlling Interests in Consolidated Entities		(1,353)
Ending Balance at Dec. 31, 2018		141,779
Issuance of Blackstone Common Units		75,773			$ 24,970								24,970			50,803
Net Income (Loss)		3,866,088			787,096	[1]			$ 1,262,586				2,049,682	[1]	476,779	1,339,627
Currency Translation Adjustment		14,334									7,981	[1]	7,981	[1]		6,353
Capital Contributions		775,873													775,873
Capital Distributions		(3,108,978)			(639,210)	[1]			(652,961)				(1,292,171)	[1]	(712,234)	(1,104,573)
Transfer of Non-Controlling Interests in Consolidated Entities		(3,115)													(3,115)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders		28,722			5,016	[1]	$ 23,706	[1]					28,722	[1]
Equity-Based Compensation		415,510			101,200	[1]	131,501	[1]					232,701	[1]		182,809
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units		(23,440)	$ 970,995	[1]	$ (10,613)	[1]	(12,821)	[1]					(23,434)	[1]		(6)
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units, Units	[1]				1,853,730
Repurchase of Common Units and Blackstone Holdings Partnership Units		(561,900)			$ (325,214)	[1]	(236,686)	[1]					(561,900)	[1]
Repurchase of Common Units and Blackstone Holdings Partnership Units, Units	[1]		(4,650,000)		(8,100,000)
Change in The Blackstone Group Inc.'s Ownership Interest		(60,344)			$ (23,270)	[1]	83,614	[1]					60,344	[1]		(60,344)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units					$ 25,192	[1]	103,443	[1]					128,635	[1]		(128,635)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units	[1]		14,248,328		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)
Ending Balance at Dec. 31, 2019		15,015,401	$ 7	[1]			$ 6,428,647	[1]	$ 609,625		$ (28,495)	[1]	$ 7,009,784	[1]	$ 4,186,069	$ 3,819,548
Equity, Ending Balance (Shares) at Dec. 31, 2019	[1]		671,157,692
Net Income (Loss)		(121)
Capital Distributions		(54,007)
Ending Balance at Dec. 31, 2019		$ 87,651
[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.

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Parenthetical)	12 Months Ended
	Dec. 31, 2019
Common Class B [Member]
Conversion Of Stocks	one share outstanding
Common Class C [Member]
Conversion Of Stocks	one share outstanding

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating Activities
Net Income	$ 3,865,967	$ 3,263,551	$ 3,374,942
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities Blackstone Funds Related
Net Realized Gains on Investments	(2,242,227)	(2,381,683)	(4,613,531)
Changes in Unrealized Gains on Investments	(324,448)	4,784	(21,589)
Non-Cash Performance Allocations	(1,126,332)	(561,373)	105,472
Non-Cash Performance Allocations and Incentive Fee Compensation	1,234,455	1,053,690	1,491,040
Equity-Based Compensation Expense	417,092	366,928	338,687
Amortization of Intangibles	70,999	59,021	46,776
Other Non-Cash Amounts Included in Net Income	(448,241)	45,286	363,903
Cash Flows Due to Changes in Operating Assets and Liabilities
Cash Acquired with Consolidation of Fund Entity		31,422	13,822
Cash Relinquished with Deconsolidation of Fund Entities		(899,959)	(33,566)
Accounts Receivable	(237,751)	43,037	282,026
Reverse Repurchase Agreements			118,495
Due from Affiliates	(451,302)	(280,674)	(298,501)
Other Assets	(50,017)	(76,596)	17,377
Accrued Compensation and Benefits	(382,120)	(729,109)	(1,177,852)
Securities Sold, Not Yet Purchased	(72,645)	(10,125)	(62,730)
Accounts Payable, Accrued Expenses and Other Liabilities	(324,358)	(357,582)	(755,232)
Repurchase Agreements	(68,084)	103,362	43,516
Due to Affiliates	(5,250)	74,108	(9,652)
Investments Purchased	(8,537,874)	(13,881,869)	(19,573,153)
Cash Proceeds from Sale of Investments	10,645,243	14,179,523	18,723,355
Net Cash Provided by (Used in) Operating Activities	1,963,107	45,742	(1,626,395)
Investing Activities
Purchase of Furniture, Equipment and Leasehold Improvements	(60,280)	(18,377)	(24,347)
Net Cash Paid for Acquisitions, Net of Cash Acquired		(98,219)	(168,913)
Net Cash Used in Investing Activities	(60,280)	(116,596)	(193,260)
Financing Activities
Distributions to Non-Controlling Interest Holders in Consolidated Entities	(765,849)	(762,588)	(813,987)
Contributions from Non-Controlling Interest Holders in Consolidated Entities	764,863	836,922	759,907
Payments Under Tax Receivable Agreement	(84,640)		(135,831)
Net Settlement of Vested Class A Common Stock and Repurchase of Class A Common Stock and Blackstone Holdings Partnership Units	(585,340)	(567,161)	(30,192)
Proceeds from Loans Payable	1,549,732	3,218,399	7,600,153
Repayment and Repurchase of Loans Payable	(403,401)	(1,009,354)	(1,766,129)
Dividends/Distributions to Shareholders and Unitholders	(2,396,744)	(3,046,404)	(2,842,582)
Net Cash Provided by (Used in) Financing Activities	(1,921,379)	(1,330,186)	2,771,339
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other	(2,958)	9,712	123,850
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other
Net Increase (Decrease)	(21,510)	(1,391,328)	1,075,534
Beginning of Period	2,545,161	3,936,489	2,860,955
End of Period	2,523,651	2,545,161	3,936,489
Supplemental Disclosure of Cash Flows Information
Payments for Interest	167,458	169,872	160,178
Payments for Income Taxes	159,302	192,790	106,032
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Non-Cash Contributions from Non-Controlling Interest Holders	10,078	10,435	1,112
Non-Cash Distributions to Non-Controlling Interest Holders	(392)	(18,723)	(69,721)
Non-Cash Consideration for Acquisition		(50,803)	(95,262)
Net Assets Related to the Consolidation of a Fund Entity			387,006
Notes Issuance Costs	11,143		5,582
Transfer of Interests to Non-Controlling Interest Holders	(3,115)	20,188	(6,016)
Change in The Blackstone Group Inc.'s Ownership Interest	60,344	66,799	(15,197)
Net Settlement of Vested Class A Common Stock	102,028	136,238	127,392
Conversion of Blackstone Holdings Units to Class A Common Stock	128,635	100,397	59,334
Acquisition of Ownership Interests from Non-Controlling Interest Holders
Deferred Tax Asset	(149,513)	(93,391)	(74,487)
Due to Affiliates	120,791	79,484	63,430
Equity	$ 28,722	13,907	$ 11,057
Issuance of New Shares/Units		$ 24,970

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash and Cash Equivalents	$ 2,172,441	$ 2,207,841
Cash Held by Blackstone Funds and Other	351,210	337,320
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other	$ 2,523,651	$ 2,545,161	$ 3,936,489	$ 2,860,955

Organization

Organization	12 Months Ended
	Dec. 31, 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 “Company” 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 consolidated financial statements contained herein consist of (a) a partial step-up Blackstone, together with its subsidiaries, is one of the world’s leading investment firms. Blackstone’s asset management business includes investment vehicles focused on real estate, private equity, public debt and equity, growth equity, opportunistic, non-investment four 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 Company’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 16. “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	12 Months Ended
	Dec. 31, 2019
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements of Blackstone have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The 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 Consolidated Statements of Cash Flows. Use of Estimates The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates that affect the amounts reported in the consolidated financial statements and accompanying notes. Management believes that estimates utilized in the preparation of the consolidated financial statements are prudent and reasonable. Such estimates include those used in the valuation of investments and financial instruments, the measurement of deferred tax balances (including valuation allowances) and the accounting for Goodwill and equity-based compensation. Actual results could differ from those estimates and such differences could be material. 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 - 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 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 20. “Segment Reporting” for a disaggregated presentation of revenues from contracts with customers. 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 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 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. In cases where the limited partners of the funds are determined to be the customer in an arrangement, placement fees may be capitalized as a cost to acquire a customer contract. Capitalized placement fees are amortized over the life of the customer contract, are recorded within Other Assets in the Consolidated Statements of Financial Condition and amortization is recorded within General, Administrative and Other within the Consolidated Statements of Operations. 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 Consolidated Statements of Financial Condition. Incentive Fees — Investment Income (Loss) In carry fund structures 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 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 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 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 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 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 Consolidated Statements of Financial Condition. Results from Blackstone’s investments in Strategic Partners funds are reported on a three month lag. Cash and Cash Equivalents Cash and Cash Equivalents represents cash on hand, cash held in banks, money market funds and liquid investments with original maturities of three months or less. Interest income from cash and cash equivalents is recorded in Interest and Dividend Revenue in the Consolidated Statements of Operations. Cash Held by Blackstone Funds and Other Cash Held by Blackstone Funds and Other represents cash and cash equivalents held by consolidated Blackstone Funds and other consolidated entities. Such amounts are not available to fund the general liquidity needs of Blackstone. Accounts Receivable Accounts Receivable includes management fees receivable from limited partners, receivables from underlying funds in the fund of hedge funds business, placement and advisory fees receivables, receivables relating to unsettled sale transactions and loans extended to unaffiliated third parties. Accounts Receivable, excluding those for which the fair value option has been elected, are assessed periodically for collectability. Amounts determined to be uncollectible are charged directly to General, Administrative and Other Expenses in the Consolidated Statements of Operations. Intangibles and Goodwill Blackstone’s intangible assets consist of contractual rights to earn future fee income, including management and advisory fees, Incentive Fees and Performance Allocations. Identifiable finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from three Goodwill comprises goodwill arising from the contribution and reorganization of Blackstone’s predecessor entities in 2007 immediately prior to its initial public offering (“IPO”) and the acquisitions of GSO in 2008, Strategic Partners in 2013, Harvest Fund Advisors LLC (“Harvest”) in 2017 and Clarus Ventures LLC (“Clarus”) in 2018. Goodwill is reviewed for impairment at least annually utilizing a qualitative or quantitative approach, and more frequently if circumstances indicate impairment may have occurred. The impairment testing for goodwill under the qualitative approach is based first on a qualitative assessment to determine if it is more likely than not that the fair value of Blackstone’s operating segments is less than their respective carrying values. The operating segment is the reporting level for testing the impairment of goodwill. If it is determined that it is more likely than not that an operating segment’s fair value is less than its carrying value or when the quantitative approach is used, a two-step Furniture, Equipment and Leasehold Improvements Furniture, equipment and leasehold improvements consist primarily of leasehold improvements, furniture, fixtures and equipment, computer hardware and software and are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method over the assets’ estimated useful economic lives, which for leasehold improvements are the lesser of the lease terms or the life of the asset, generally ten three Foreign Currency In the normal course of business, Blackstone may enter into transactions not denominated in United States dollars. Foreign exchange gains and losses arising on such transactions are recorded as Other Revenue in the Consolidated Statements of Operations. Foreign currency transaction gains and losses arising within consolidated Blackstone Funds are recorded in Net Gains (Losses) from Fund Investment Activities. In addition, Blackstone consolidates a number of entities that have a non-U.S. Non-U.S. non-U.S. Non-Controlling Non-Controlling Comprehensive Income Comprehensive Income consists of Net Income and Other Comprehensive Income. Blackstone’s Other Comprehensive Income is comprised of foreign currency cumulative translation adjustments. Non-Controlling Interests in Consolidated Entities Non-Controlling non-controlling non-controlling Redeemable Non-Controlling Non-controlling Non-Controlling non-controlling Non-Controlling Non-Controlling Non-Controlling Certain costs and expenses are borne directly by the Holdings Partnerships. Income (Loss), excluding those costs directly borne by and attributable to the Holdings Partnerships, is attributable to Non-Controlling Compensation and Benefits Compensation and Benefits Compensation Compensation and Benefits — Incentive Fee Compensation — Compensation and Benefits — Performance Allocations Compensation — in-kind). Other Income Net Gains (Losses) from Fund Investment Activities in the Consolidated Statements of Operations include net realized gains (losses) from realizations and sales of investments, the net change in unrealized gains (losses) resulting from changes in the fair value of investments and interest income and expense and dividends attributable to the consolidated Blackstone Funds’ investments. Expenses incurred by consolidated Blackstone funds are separately presented within Fund Expenses in the Consolidated Statements of Operations. Other Income also includes amounts attributable to the Reduction of the Tax Receivable Agreement Liability. See Note 15. “Income Taxes — Other Income — Reduction of the Tax Receivable Agreement Liability” for additional information. Income Taxes The Blackstone Group Inc. is a corporation for U.S. federal income tax purposes and thus is subject to U.S. federal, state and local income taxes on Blackstone’s share of taxable income. The Blackstone Holdings Partnerships and certain of their subsidiaries operate in the U.S. as partnerships for U.S. federal income tax purposes and generally as corporate entities in non-U.S. non-U.S. Income taxes are accounted for using the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis, using tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current and deferred tax liabilities are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Consolidated Statements of Financial Condition. Blackstone uses the flow-through method to account for investment tax credits. Under this method, the investment tax credits are recognized as a reduction to income tax expense. Blackstone analyzes its tax filing positions in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions. Blackstone records unrecognized tax benefits on the basis of a two-step Blackstone recognizes interest on tax deficiencies as Interest Expense and income tax penalty payments and accrued interest and penalties from unrecognized tax benefits in General, Administrative, and Other expenses within the Consolidated Statement of Operations. Net Income (Loss) Per Share of Class A Common Stock Basic Income (Loss) Per Share of Class A Common Stock is calculated by dividing Net Income (Loss) Attributable to The Blackstone Group Inc. by the weighted-average number of Class A common stock, unvested participating shares of Class A common stock outstanding for the period and vested deferred restricted shares of Class A common stock that have been earned for which issuance of the related shares of Class A common stock is deferred until future periods. Diluted Income (Loss) Per Share of Class A Common Stock reflects the impact of all dilutive securities. Blackstone applies the treasury stock method to determine the dilutive weighted-average common units outstanding for certain equity-based compensation awards. Blackstone applies the “if-converted” 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 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 Consolidated Statements of Financial Condition. Additional disclosures relating to offsetting are discussed in Note 12. “Offsetting of Assets and Liabilities”. Securities Sold, Not Yet Purchased Securities Sold, Not Yet Purchased consist of equity and debt securities

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets	3. Goodwill and Intangible Assets The carrying value of Goodwill was $1.9 billion as of December 31, 2019 and 2018, respectively. At December 31, 2019 and 2018, Blackstone determined there was no evidence of Goodwill impairment. At December 31, 2019 and 2018, Goodwill has been allocated to each of Blackstone’s four segments as follows: Real Estate ($421.7 million), Private Equity ($870.0 million), Hedge Fund Solutions ($172.1 million), and Credit ($406.1 million). Intangible Assets, Net consists of the following: December 31, 2019 2018 Finite-Lived Intangible Assets/Contractual Rights $ 1,712,576 $ 1,712,576 Accumulated Amortization (1,315,068 ) (1,244,069 ) Intangible Assets, Net $ 397,508 $ 468,507 Changes in Blackstone’s Intangible Assets, Net consists of the following: Year Ended December 31, 2019 2018 2017 Balance, Beginning of Year $ 468,507 $ 409,828 $ 262,604 Amortization Expense (70,999 ) (59,021 ) (46,776 ) Acquisitions — 117,700 194,000 Balance, End of Year $ 397,508 $ 468,507 $ 409,828 Amortization of Intangible Assets held at December 31, 2019 is expected to be $71.0 million, $71.0 million, $63.3 million, $34.3 million and $26.9 million for each of the years ending December 31, 2020, 2021, 2022, 2023 and 2024, respectively. Blackstone’s Intangible Assets as of December 31, 2019 are expected to amortize over a weighted-average period of 7.9 years.

Investments

Investments	12 Months Ended
	Dec. 31, 2019
Investments	4. Investments Investments consist of the following: December 31, 2019 2018 Investments of Consolidated Blackstone Funds $ 8,380,698 $ 8,376,338 Equity Method Investments Partnership Investments 4,035,675 3,649,423 Accrued Performance Allocations 7,180,449 5,883,924 Corporate Treasury Investments 2,419,587 2,206,493 Other Investments 265,273 260,853 $ 22,281,682 $ 20,377,031 Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $347.4 million and $366.5 million at December 31, 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 Consolidated Statements of Operations: Year Ended December 31, 2019 2018 2017 Realized Gains $ 15,983 $ 74,784 $ 165,106 Net Change in Unrealized Losses 109,445 (54,697 ) (21,016 ) Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds 125,428 20,087 144,090 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 157,401 171,635 177,507 Other Income — Net Gains from Fund Investment Activities $ 282,829 $ 191,722 $ 321,597 Equity Method Investments Blackstone’s equity method investments include Partnership Investments, which represent the pro - 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 (“SEC”). As of and for the years ended December 31, 2019, 2018 and 2017, 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 $455.8 million, $430.6 million and $609.5 million for the years ended December 31, 2019, 2018 and 2017, respectively. The summarized financial information of Blackstone’s equity method investments for December 31, 2019 are as follows: December 31, 2019 and the Year Then Ended Real Estate Private Equity Hedge Fund Credit Other (a) Total Statement of Financial Condition Assets Investments $ 119,951,496 $ 99,906,080 $ 26,516,304 $ 25,923,446 $ 849 $ 272,298,175 Other Assets 5,318,743 2,907,054 2,609,755 1,680,187 119,739 12,635,478 Total Assets $ 125,270,239 $ 102,813,134 $ 29,126,059 $ 27,603,633 $ 120,588 $ 284,933,653 Liabilities and Equity Debt $ 24,750,242 $ 12,399,899 $ 378,950 $ 6,687,654 $ — $ 44,216,745 Other Liabilities 6,575,483 1,124,857 2,402,920 1,535,636 24,717 11,663,613 Total Liabilities 31,325,725 13,524,756 2,781,870 8,223,290 24,717 55,880,358 Equity 93,944,514 89,288,378 26,344,189 19,380,343 95,871 229,053,295 Total Liabilities and Equity $ 125,270,239 $ 102,813,134 $ 29,126,059 $ 27,603,633 $ 120,588 $ 284,933,653 Statement of Operations Interest Income $ 535,274 $ 897,990 $ 16,708 $ 1,252,747 $ — $ 2,702,719 Other Income 1,422,711 46,126 206,630 313,009 109,692 2,098,168 Interest Expense (736,840 ) (416,603 ) (87,898 ) (250,261 ) — (1,491,602 ) Other Expenses (1,465,212 ) (1,011,584 ) (164,948 ) (470,033 ) (61,423 ) (3,173,200 ) Net Realized and Unrealized Gain from Investments 9,671,224 9,233,285 1,700,722 (456,651 ) — 20,148,580 Net Income $ 9,427,157 $ 8,749,214 $ 1,671,214 $ 388,811 $ 48,269 $ 20,284,665 (a) Other represents the summarized financial information of equity method investments whose results, for segment reporting purposes, have been allocated across more than one of Blackstone’s segments. The summarized financial information of Blackstone’s equity method investments for December 31, 2018 are as follows: December 31, 2018 and the Year Then Ended Real Estate Private Equity Hedge Fund Credit Other (a) Total Statement of Financial Condition Assets Investments $ 89,742,226 $ 79,718,783 $ 26,336,573 $ 24,634,380 $ 353 $ 220,432,315 Other Assets 3,542,235 2,257,152 3,119,639 1,706,579 125,007 10,750,612 Total Assets $ 93,284,461 $ 81,975,935 $ 29,456,212 $ 26,340,959 $ 125,360 $ 231,182,927 Liabilities and Partners’ Capital Debt $ 15,081,536 $ 9,989,289 $ 350,982 $ 5,087,998 $ — $ 30,509,805 Other Liabilities 3,568,159 749,043 1,529,466 1,338,712 28,295 7,213,675 Total Liabilities 18,649,695 10,738,332 1,880,448 6,426,710 28,295 37,723,480 Partners’ Capital 74,634,766 71,237,603 27,575,764 19,914,249 97,065 193,459,447 Total Liabilities and Partners’ Capital $ 93,284,461 $ 81,975,935 $ 29,456,212 $ 26,340,959 $ 125,360 $ 231,182,927 Statement of Operations Interest Income $ 377,615 $ 1,022,387 $ 6,695 $ 1,130,490 $ — $ 2,537,187 Other Income 1,244,754 92,696 166,842 417,883 106,525 2,028,700 Interest Expense (518,137 ) (278,348 ) (17,780 ) (228,734 ) — (1,042,999 ) Other Expenses (921,990 ) (903,737 ) (150,135 ) (547,612 ) (65,249 ) (2,588,723 ) Net Realized and Unrealized Gain from Investments 4,437,434 10,172,066 352,018 (733,747 ) — 14,227,771 Net Income $ 4,619,676 $ 10,105,064 $ 357,640 $ 38,280 $ 41,276 $ 15,161,936 (a) Other represents the summarized financial information of equity method investments whose results, for segment reporting purposes, have been allocated across more than one of Blackstone’s segments. The summarized financial information of Blackstone’s equity method investments for December 31, 2017 are as follows: December 31, 2017 and the Year Then Ended Real Estate Private Equity Hedge Fund Solutions Credit Other (a) Total Statement of Financial Condition Assets Investments $ 67,780,737 $ 50,339,913 $ 21,639,763 $ 22,593,717 $ 363 $ 162,354,493 Other Assets 3,077,573 2,283,602 1,969,832 1,573,279 154,131 9,058,417 Total Assets $ 70,858,310 $ 52,623,515 $ 23,609,595 $ 24,166,996 $ 154,494 $ 171,412,910 Liabilities and Partners’ Capital Debt $ 6,329,068 $ 6,779,634 $ 53,787 $ 4,896,346 $ — $ 18,058,835 Other Liabilities 1,618,408 430,763 1,150,307 420,988 39,923 3,660,389 Total Liabilities 7,947,476 7,210,397 1,204,094 5,317,334 39,923 21,719,224 Partners’ Capital 62,910,834 45,413,118 22,405,501 18,849,662 114,571 149,693,686 Total Liabilities and Partners’ Capital $ 70,858,310 $ 52,623,515 $ 23,609,595 $ 24,166,996 $ 154,494 $ 171,412,910 Statement of Operations Interest Income $ 485,751 $ 362,788 $ 2,942 $ 928,670 $ — $ 1,780,151 Other Income 1,334,544 45,770 91,006 178,281 107,204 1,756,805 Interest Expense (180,258 ) (121,876 ) (2,086 ) (127,153 ) — (431,373 ) Other Expenses (703,165 ) (568,369 ) (435,974 ) (258,157 ) (57,830 ) (2,023,495 ) Net Realized and Unrealized Gain from Investments 12,223,852 7,892,937 1,054,516 584,366 — 21,755,671 Net Income $ 13,160,724 $ 7,611,250 $ 710,404 $ 1,306,007 $ 49,374 $ 22,837,759 (a) Other represents the summarized financial information of equity method investments whose results, for segment reporting purposes, have been allocated across more than one of Blackstone’s segments. Accrued Performance Allocations Accrued Performance Allocations to Blackstone were as follows: Real Estate Private Equity Hedge Fund 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 1,866,491 935,707 48,484 124,526 2,975,208 Foreign Exchange Loss (10,367 ) — — — (10,367 ) Fund Distributions (1,069,530 ) (514,677 ) (47,454 ) (36,655 ) (1,668,316 ) Accrued Performance Allocations, December 31, 2019 $ 3,639,855 $ 3,063,149 $ 23,951 $ 453,494 $ 7,180,449 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: Year Ended December 31, 2019 2018 2017 Realized Gains (Losses) $ 28,585 $ (1,024 ) $ 4,378 Net Change in Unrealized Gains (Losses) 62,042 (38,113 ) 50,222 $ 90,627 $ (39,137 ) $ 54,600 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 $57.7 million as of December 31, 2019. The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in Other Investments: Year Ended December 31, 2019 2018 2017 Realized Gains $ 46,248 $ 56,381 $ 4,886 Net Change in Unrealized Gains 21,450 20,335 14,324 $ 67,698 $ 76,716 $ 19,210

Net Asset Value as Fair Value

Net Asset Value as Fair Value	12 Months Ended
	Dec. 31, 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 December 31, 2019 is presented below: Strategy Fair Value Unfunded Redemption Redemption Diversified Instruments $ 221,901 $ 126 (a) (a) Credit Driven 79,092 268 (b) (b) Equity 6,245 — (c) (c) Commodities 1,613 — (d) (d) $ 308,851 $ 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 21% of the fair value of the investments in this category are in liquidation. The remaining 79% 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 are in liquidation. As of the reporting date, the investee fund manager had elected to side (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	12 Months Ended
	Dec. 31, 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. 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. December 31, 2019 December 31, 2018 Assets Liabilities Assets Liabilities Notional Fair Notional Fair Notional Fair Notional Fair Freestanding Derivatives Blackstone Interest Rate Contracts $ 1,256,287 $ 53,129 $ 165,852 $ 4,895 $ 798,137 $ 43,632 $ 844,620 $ 39,164 Foreign Currency Contracts 344,422 1,231 97,626 802 224,841 1,286 245,371 1,636 Credit Default Swaps 7,617 36 16,697 197 — — 34,060 4,004 Investments of Consolidated Blackstone Funds Foreign Currency Contracts 106,906 307 40,110 1,167 108,271 524 16,952 164 Interest Rate Contracts — — 33,000 1,728 — — 10,000 311 Credit Default Swaps 5,108 58 47,405 960 20,952 55 46,685 5,710 Total Return Swaps 4,558 21 27,334 464 — — 31,440 1,855 Other 1 4 1 2 — — — — $ 1,724,899 $ 54,786 $ 428,025 $ 10,215 $ 1,152,201 $ 45,497 $ 1,229,128 $ 52,844 The table below summarizes the impact to the Consolidated Statements of Operations from derivative financial instruments : Year Ended December 31, 2019 2018 2017 Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ (3,570 ) $ 2,968 $ (2,400 ) Foreign Currency Contracts 6,099 10,761 (6,333 ) Credit Default Swaps 3,209 (539 ) (3,764 ) Total Return Swaps (908 ) 145 295 Other (286 ) (120 ) (417 ) $ 4,544 $ 13,215 $ (12,619 ) Net Change in Unrealized Gains (Losses) Interest Rate Contracts 50,431 36,472 (24,629 ) Foreign Currency Contracts (441 ) (6,682 ) (3,556 ) Credit Default Swaps 3,400 (521 ) 4,881 Total Return Swaps 1,296 (2,107 ) (447 ) Other (36 ) — 129 $ 54,650 $ 27,162 $ (23,622 ) As of December 31, 2019, 2018 and 2017, Blackstone had not designated any derivatives as cash flow hedges.

Fair Value Option

Fair Value Option	12 Months Ended
	Dec. 31, 2019
Fair Value Option	7. Fair Value Option The following table summarizes the financial instruments for which the fair value option has been elected: December 31, 2019 2018 Assets Loans and Receivables $ 500,751 $ 304,173 Equity and Preferred Securities 432,472 390,095 Debt Securities 506,924 529,698 Assets of Consolidated CLO Vehicles Corporate Loans 6,801,691 6,766,700 Other 770 — $ 8,242,608 $ 7,990,666 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes Loans Payable $ 6,455,016 $ 6,473,233 Due to Affiliates 57,717 3,201 Subordinated Notes Loans Payable 24,738 7,478 Due to Affiliates 20,535 52,811 $ 6,558,006 $ 6,536,723 The following table presents the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected: Year Ended December 31, 2019 2018 2017 Realized (Losses) Net Change (Losses) Realized (Losses) Net Change (Losses) Realized (Losses) Net Change (Losses) Assets Loans and Receivables $ (4,595 ) $ (6,533 ) $ 291 $ (447 ) $ (1,214 ) $ 6,590 Equity and Preferred Securities 16,493 (2,331 ) 3,451 (3,589 ) 4,611 22,326 Debt Securities (7,139 ) 12,748 (1,105 ) (29,069 ) 4,866 (3,390 ) Assets of Consolidated CLO Vehicles Corporate Loans (29,191 ) 96,221 (8,749 ) (285,698 ) (3,827 ) (6,603 ) Corporate Bonds — — (24,056 ) 9,693 12,442 (36,219 ) Other — 133 — 6 — 454 $ (24,432 ) $ 100,238 $ (30,168 ) $ (309,104 ) $ 16,878 $ (16,842 ) Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ — $ (40,050 ) $ — $ 51,048 $ — $ — Subordinated Notes — 15,017 — 254,966 — 81,460 $ — $ (25,033 ) $ — $ 306,014 $ — $ 81,460 The following table presents information for those financial instruments for which the fair value option was elected: December 31, 2019 December 31, 2018 For Financial Assets Past Due (a) For Financial Assets Past Due (a) Excess Fair Excess Excess Fair Excess Loans and Receivables $ (3,875 ) $ — $ — $ 2,421 $ — $ — Debt Securities (14,667 ) — — (26,660 ) — — Assets of Consolidated CLO Vehicles Corporate Loans (234,430 ) — — (301,085 ) — — Other 133 — — — — — $ (252,839 ) $ — $ — $ (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 December 31, 2019 and 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	12 Months Ended
	Dec. 31, 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: December 31, 2019 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents — Money Market Funds and Short-Term Investments $ 456,784 $ — $ — $ — $ 456,784 Investments Investments of Consolidated Blackstone Funds (a) Investment Funds — — — 23,647 23,647 Equity Securities 31,812 40,495 255,900 — 328,207 Partnership and LLC Interests — 13,116 418,250 — 431,366 Debt Instruments — 715,246 79,381 — 794,627 Freestanding Derivatives Foreign Currency Contracts — 307 — — 307 Credit Default Swaps — 58 — — 58 Total Return Swaps — 21 — — 21 Other — 4 — — 4 Assets of Consolidated CLO Vehicles Corporate Loans — 6,505,720 295,971 — 6,801,691 Other — — 770 — 770 Total Investments of Consolidated Blackstone Funds 31,812 7,274,967 1,050,272 23,647 8,380,698 Corporate Treasury Investments Equity Securities 429,527 — — — 429,527 Debt Instruments 297,111 1,385,582 26,345 — 1,709,038 Other — — 2,944 278,078 281,022 Total Corporate Treasury Investments 726,638 1,385,582 29,289 278,078 2,419,587 Other Investments 200,478 — — 7,126 207,604 Total Investments 958,928 8,660,549 1,079,561 308,851 11,007,889 Accounts Receivable — Loans and Receivables — — 500,751 — 500,751 Other Assets Freestanding Derivatives Interest Rate Contracts 502 52,627 — — 53,129 Foreign Currency Contracts — 1,231 — — 1,231 Credit Default Swaps — 36 — — 36 Total Other Assets 502 53,894 — — 54,396 $ 1,416,214 $ 8,714,443 $ 1,580,312 $ 308,851 $ 12,019,820 December 31, 2019 Level I Level II Level III Total Liabilities Loans Payable — Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 6,455,016 $ — $ 6,455,016 Subordinated Notes (b) — 24,738 — 24,738 Total Loans Payable — 6,479,754 — 6,479,754 Due to Affiliates — Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) — 57,717 — 57,717 Subordinated Notes (b) — 20,535 — 20,535 Total Due to Affiliates — 78,252 — 78,252 Securities Sold, Not Yet Purchased 19,977 55,569 — 75,546 Accounts Payable, Accrued Expenses and Other Liabilities Liabilities of Consolidated Blackstone Funds — Freestanding Derivatives (a) Foreign Currency Contracts — 1,167 — 1,167 Credit Default Swaps — 960 — 960 Total Return Swaps — 464 — 464 Interest Rate Swaps — 1,728 — 1,728 Other — 2 — 2 Total Liabilities of Consolidated Blackstone Funds — 4,321 — 4,321 Freestanding Derivatives Interest Rate Contracts 150 4,745 — 4,895 Foreign Currency Contracts — 802 — 802 Credit Default Swaps — 197 — 197 Total Freestanding Derivatives 150 5,744 — 5,894 Total Accounts Payable, Accrued Expenses and Other Liabilities 150 10,065 — 10,215 $ 20,127 $ 6,623,640 $ — $ 6,643,767 December 31, 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 Vehicles (a) 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 December 31, 2019: Fair Value Valuation Unobservable Ranges Weighted Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 198,094 Discounted Cash Flows Discount Rate 7.2% 13.1% Revenue CAGR 0.0% - 25.4% 9.1% Book Value Multiple 0.9x - 10.0x 6.4x EBITDA Multiple 1.1x - 13.5x 8.3x Exit Capitalization Rate 5.0% - 11.4% 7.9% Exit Multiple - 0.1x - 9.5x Exit Multiple - NOI 14.3x N/A Exit Multiple - P/E 17.0x N/A 471 Market Comparable Companies Book Value Multiple 1.1x N/A 30,250 Other N/A N/A N/A 26,958 Transaction Price N/A N/A N/A 127 Third Party Pricing N/A N/A N/A Partnership and LLC Interests 367,308 Discounted Cash Flows Discount Rate 0.9% - 9.2% Revenue CAGR -4.3% - 17.1% Book Value Multiple 1.0x - 1.1x 1.1x EBITDA Multiple 6.5x - 14.0x 9.8x Exit Capitalization Rate 2.0% - 5.8% Exit Multiple - EBITDA 3.5x - 18.6x 10.2x Exit Multiple - NOI 13.0x - 14.6x 3,330 Market Comparable Companies Book Value Multiple 1.2x N/A Dollar/Acre Multiple $12.0 N/A 2,637 Other N/A N/A N/A 44,975 Transaction Price N/A N/A N/A Debt Instruments 8,628 Discounted Cash Flows Discount Rate 7.1% - 12.1% Exit Capitalization Rate 5.5% - 8.0% 6.7% Exit Multiple - EBITDA 6.5x N/A 69,620 Third Party Pricing N/A N/A N/A 1,133 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 296,741 Third Party Pricing N/A N/A N/A Total Investments of Consolidated Blackstone Funds 1,050,272 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Corporate Treasury Investments $ 10,332 Discounted Cash Flows Discount Rate 3.2% - 7.1% 5.7% Default Rate 2.0% N/A Pre-payment 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 8.0% - 70.0% 67.9% Reinvestment Rate LIBOR + 400 bps N/A 2,944 Market Comparable Companies EBITDA Multiple 6.2x - 8.8x 8.1x 16,013 Third Party Pricing N/A N/A N/A Loans and Receivables 406,498 Discounted Cash Flows Discount Rate 5.2% - 9.8% 7.7% 94,253 Transaction Price N/A N/A N/A $ 1,580,312 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- Average (a) Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 138,725 Discounted Cash Flows Discount Rate 7.1% - 12.6% Revenue CAGR -0.8% - 6.6% Book Value Multiple 0.9x - 9.5x 8.3x Exit Capitalization Rate 5.0% - 8.0% Exit Multiple - 0.1x - 10.3x Exit Multiple - NOI 12.8x N/A Exit Multiple - 17.0x N/A 21,050 Market Comparable Companies Book Value Multiple 0.8x - 8.0x 1.3x Dollar/Acre Multiple $7.0 - $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% - 9.7% Revenue CAGR -1.1% - 26.9% Book Value Multiple 8.5x - 9.3x 9.2x Exit Capitalization Rate 2.9% - 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 - $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% - 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 21 Months Recovery Rate 17.5% - 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% - 8.7% Other Investments 26,631 Discounted Cash Flows Discount Rate 1.0% - 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 Consolidated Statements of Operations. Level III Financial Assets at Fair Value Year Ended December 31, 2019 2018 Investments of Loans and Other Total Investments of Loans and Receivables Other 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) 154,046 — 29,941 183,987 190,497 — 8,484 198,981 Transfer Out of Level III (b) (507,546 ) — (40,426 ) (547,972 ) (127,829 ) — (56,534 ) (184,363 ) Purchases 510,516 1,037,019 18,816 1,566,351 862,844 1,016,838 28,041 1,907,723 Sales (536,156 ) (834,145 ) (34,905 ) (1,405,206 ) (457,824 ) (953,538 ) (43,213 ) (1,454,575 ) Settlements — (21,262 ) — (21,262 ) — (22,285 ) (73 ) (22,358 ) Changes in Gains (Losses) Included in Earnings 65,396 14,966 (322 ) 80,040 34,096 23,499 (162 ) 57,433 Balance, End of Period $ 1,050,272 $ 500,751 $ 29,289 $ 1,580,312 $ 1,364,016 $ 304,173 $ 56,185 $ 1,724,374 Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ 33,721 $ (6,533 ) $ 588 $ 27,776 $ (4,378 ) $ — $ 2,439 $ (1,939 ) (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 year ended December 31, 2019 and 2018.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 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 VIEs and any clawback obligation relating to previously distributed Performance Allocations. Blackstone’s maximum exposure to loss relating to non-consolidated VIEs were as follows: December 31, December 31, Investments $ 1,216,932 $ 942,700 Due from Affiliates 143,949 254,744 Potential Clawback Obligation 109,240 159,691 Maximum Exposure to Loss $ 1,470,121 $ 1,357,135 Amounts Due to Non-Consolidated $ 231 $ 207

Repurchase Agreements

Repurchase Agreements	12 Months Ended
	Dec. 31, 2019
Repurchase Agreements	10. Repurchase Agreements At December 31, 2019 and 2018, Blackstone pledged securities with a carrying value of $196.1 million and $ million, respectively, and cash , The following tables provide information regarding Blackstone’s Repurchase Agreements obligation by type of collateral pledged: December 31, 2019 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 - 90 Greater than Total Repurchase Agreements Asset-Backed Securities $ — $ 42,459 $ 88,868 $ 22,791 $ 154,118 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 12. “Offsetting of Assets and Liabilities” $ 154,118 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 12. “Offsetting of Assets and Liabilities” $ — December 31, 2018 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 Days 30 - 90 Greater than Total Repurchase Agreements Asset-Backed Securities $ — $ 42,908 $ 144,731 $ 34,563 $ 222,202 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 12. “Offsetting of Assets and Liabilities” $ 222,202 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 12. “Offsetting of Assets and Liabilities” $ —

Other Assets and Accounts Payab

Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities	12 Months Ended
	Dec. 31, 2019
Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities	11. Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities Other Assets consists of the following: December 31, 2019 2018 Furniture, Equipment and Leasehold Improvements $ 417,373 $ 360,571 Less: Accumulated Depreciation (262,891 ) (240,199 ) Furniture, Equipment and Leasehold Improvements, Net 154,482 120,372 Prepaid Expenses 159,333 110,732 Freestanding Derivatives 54,396 44,918 Other 14,282 18,226 $ 382,493 $ 294,248 Depreciation expense of $26.3 million, $23.9 million and $25.2 million related to furniture, equipment and leasehold improvements for the years ended December 31, 2019, 2018 and 2017, respectively, is included in General, Administrative and Other in the Consolidated Statements of Operations. Accounts Payable, Accrued Expenses and Other Liabilities includes $2.2 million and $15.6 million as of December 31, 2019 and 2018, respectively, relating to redemptions that were legally payable to investors of the consolidated Blackstone Funds and $298.3 million and $311.4 million, respectively, of payables relating to unsettled purchases.

Offsetting of Assets And Liabil

Offsetting of Assets And Liabilities	12 Months Ended
	Dec. 31, 2019
Offsetting of Assets and Liabilities	12. Offsetting of Assets and Liabilities The following tables present the offsetting of assets and liabilities as of December 31, 2019 and 2018: December 31, 2019 Gross and Net Amounts of Assets Presented in the Statement of Gross Amounts Not Offset in Financial Condition Financial Instruments (a) Cash Collateral Received Net Assets Freestanding Derivatives $ 54,479 $ 380 $ — $ 54,099 December 31, 2019 Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition Gross Amounts Not Offset in Financial Condition Financial Instruments (a) Cash Collateral Pledged Net Liabilities Freestanding Derivatives $ 10,215 $ 380 $ 9,198 $ 637 Repurchase Agreements 154,118 154,118 — — $ 164,333 $ 154,498 $ 9,198 $ 637 December 31, 2018 Gross and Net Amounts of Assets Presented in the Statement of Gross Amounts Not Offset in Financial Condition Financial Instruments (a) Cash Collateral Received Net Assets Freestanding Derivatives $ 45,416 $ 37,788 $ 5,547 $ 2,081 December 31, 2018 Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition Gross Amounts Not Offset in Financial Condition Financial Instruments Cash Collateral Pledged Net 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 Statements of Financial Condition. Freestanding Derivative assets are included in Other Assets in the Statements of Financial Condition. See Note 11. “Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities” for the components of Other Assets. Freestanding Derivative liabilities are included in Accounts Payable, Accrued Expenses and Other Liabilities in the 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 December 31, 2019, the aggregate cash balance on deposit relating to the cash pooling arrangement was $1.0 billion, which was offset with an accompanying overdraft of $1.0 billion.

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2019
Borrowings	13. Borrowings On April 10, 2019, Blackstone, through its indirect subsidiary Blackstone Holdings Finance Co. L.L.C. (the “Issuer”), issued € On September 3, 2019, Blackstone, through the Issuer, commenced a cash tender offer (the “Tender Offer”) for any and all of its 5.875% Senior Notes maturing on March 15, 2021 (the “2021 Notes”). On September 9, 2019, the Tender Offer expired and $175.0 million aggregate principal amount of the 2021 Notes were validly tendered for payment. Payment for the tendered notes was made on September 10, 2019. 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. 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 The 2029 Notes, 2030 Notes and 2049 Notes are unsecured and unsubordinated obligations of the Issuer. The 2029 Notes, 2030 Notes and 2049 Notes are fully and unconditionally guaranteed, joint and severally, by The Blackstone Group Inc. and its indirect subsidiaries, Blackstone Holdings Partnerships (the “Guarantors”). The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to the issuance of the 2029 Notes, 2030 Notes and 2049 Notes have been capitalized and are being amortized over the life of the 2029 Notes, 2030 Notes and 2049 Notes. Blackstone borrows and enters into credit agreements for its general operating and investment purposes and certain Blackstone Funds borrow to meet financing needs of their operating and investing activities. Borrowing facilities have been established for the benefit of selected Blackstone Funds. When a Blackstone Fund borrows from the facility in which it participates, the proceeds from the borrowing are strictly limited for its intended use by the borrowing fund and not available for other Blackstone purposes. Blackstone’s credit facilities consist of the following: December 31, 2019 2018 Credit Borrowing Effective Interest Rate Credit Borrowing Effective Interest Rate Revolving Credit Facility (a) $ 1,600,000 $ — — $ 1,600,000 $ — — Blackstone Issued Senior Notes (b) 5.875%, Due 3/15/2021 — — — 400,000 400,000 6.01% 4.750%, Due 2/15/2023 400,000 400,000 5.08% 400,000 400,000 5.08% 2.000%, Due 5/19/2025 336,390 336,390 2.12% 344,010 344,010 2.14% 1.000%, Due 10/5/2026 672,780 672,780 1.13% 688,020 688,020 1.14% 3.150%, Due 10/2/2027 300,000 300,000 3.30% 300,000 300,000 3.30% 1.500%, Due 4/10/2029 672,780 672,780 1.70% — — — 2.500%, Due 1/10/2030 500,000 500,000 2.71% — — — 6.250%, Due 8/15/2042 250,000 250,000 6.65% 250,000 250,000 6.65% 5.000%, Due 6/15/2044 500,000 500,000 5.16% 500,000 500,000 5.16% 4.450%, Due 7/15/2045 350,000 350,000 4.56% 350,000 350,000 4.56% 4.000%, Due 10/2/2047 300,000 300,000 4.20% 300,000 300,000 4.20% 3.500%, Due 9/10/2049 400,000 400,000 3.61% — — — 6,281,950 4,681,950 5,132,030 3,532,030 Blackstone Fund Facilities (c) 113 113 3.68% — — — CLO Vehicles (d) 6,859,535 6,859,535 3.55% 6,863,285 6,863,285 4.20% $ 13,141,598 $ 11,541,598 $ 11,995,315 $ 10,395,315 (a) The Issuer has a credit facility (the “Credit Facility”) with Citibank, N.A., as Administrative Agent in the amount of Interest on the borrowings is based on an adjusted LIBOR rate or alternate base rate, in each case plus a margin, and undrawn commitments bear a commitment fee of 0.06%. The margin above adjusted LIBOR used to calculate the interest on borrowings was 0.75% as of December 31, 2019 and 2018. The margin is subject to change based on Blackstone’s credit rating. Borrowings may also be made in U.K. sterling, euros, Swiss francs, Japanese yen or Canadian dollars, in each case subject to certain sub-limits. The Credit Facility contains customary representations, covenants and events of default. Financial covenants consist of a maximum net leverage ratio and a requirement to keep a minimum amount of fee-earning assets under management, each tested quarterly. The Borrowing Outstanding at each date represent outstanding but undrawn letters of credit against the credit facility. (b) The Issuer has issued long-term borrowings in the form of senior notes (the “Notes”). The Notes are unsecured and unsubordinated obligations of the Issuer. The Notes are fully and unconditionally guaranteed, jointly and severally, by Blackstone, Blackstone Holdings (the “Guarantors”), and the Issuer. The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to the issuance of the Notes have been deducted from the Note liability and are being amortized over the life of the Notes. The indentures include covenants, including limitations on the Issuer’s and the Guarantors’ ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The indentures also provide for events of default and further provide that the trustee or the holders of not less than in aggregate principal amount of the outstanding Notes may declare the Notes immediately due and payable upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the Notes and any accrued and unpaid interest on the Notes automatically become due and payable. All or a portion of the Notes may be redeemed at the Issuer’s option in whole or in part, at any time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the Notes. If a change of control repurchase event occurs, the holders of the Notes may require the Issuer to repurchase the Notes at a repurchase price in cash equal to of the aggregate principal amount of the Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of repurchase. (c) Represents borrowing facilities for the various consolidated Blackstone Funds used to meet liquidity and investing needs. Certain borrowings under these facilities were used for bridge financing and general liquidity purposes. Other borrowings were used to finance the purchase of investments with the borrowing remaining in place until the disposition or refinancing event. Such borrowings have varying maturities and are rolled over until the disposition or a refinancing event. Because the timing of such events is unknown and may occur in the near term, these borrowings are considered short-term in nature. Borrowings bear interest at spreads to market rates. Borrowings were secured according to the terms of each facility and are generally secured by the investment purchased with the proceeds of the borrowing and/or the uncalled capital commitment of each respective fund. Certain facilities have commitment fees. When a fund borrows, the proceeds are available only for use by that fund and are not available for the benefit of other funds. Collateral within each fund is also available only against the borrowings by that fund and not against the borrowings of other funds. (d) Represents borrowings due to the holders of debt securities issued by CLO vehicles consolidated by Blackstone. These amounts are included within Loans Payable and Due to Affiliates within the Consolidated Statements of Financial Condition. 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 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 December 31, 2019 2018 Senior Notes Carrying Fair Value (a) Carrying Fair Value (a) 5.875%, Due 3/15/2021 $ — $ — $ 398,947 $ 421,720 4.750%, Due 2/15/2023 396,247 429,280 395,166 417,600 2.000%, Due 5/19/2025 332,393 365,521 339,959 352,197 1.000%, Due 10/5/2026 664,229 691,012 679,193 647,564 3.150%, Due 10/2/2027 297,046 309,540 296,717 285,030 1.500%, Due 4/10/2029 667,425 708,841 — — 2.500%, Due 1/10/2030 489,841 493,500 — — 6.250%, Due 8/15/2042 238,437 338,200 238,221 289,225 5.000%, Due 6/15/2044 488,968 606,700 488,747 490,150 4.450%, Due 7/15/2045 344,157 396,235 344,038 329,770 4.000%, Due 10/2/2047 290,344 321,780 290,163 262,800 3.500%, Due 9/10/2049 391,769 399,961 — — $ 4,600,856 $ 5,060,570 $ 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. December 31, 2019 2018 Borrowing Effective Interest Weighted- Borrowing Effective Interest Weighted- Senior Secured Notes $ 6,527,800 3.55% 3.5 $ 6,531,550 4.20% 7.5 Subordinated Notes 331,735 (a) N/A 331,735 (a) N/A $ 6,859,535 $ 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: December 31, 2019 2018 Amounts Due to Non- Amounts Due to Non- Fair Value Borrowing Fair Fair Value Borrowing Fair Senior Secured Notes $ 6,512,733 $ 57,750 $ 57,717 $ 6,476,434 $ 3,250 $ 3,201 Subordinated Notes 45,273 44,734 20,535 60,289 111,659 52,811 $ 6,558,006 $ 102,484 $ 78,252 $ 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 December 31, 2019 and 2018, the fair value of the consolidated CLO assets was $7.2 billion and $7.1 billion, respectively. As part of Blackstone’s borrowing arrangements, Blackstone is subject to certain financial and operating covenants. Blackstone was in compliance with all of its loan covenants as of December 31, 2019. Scheduled principal payments for borrowings at December 31, 2019 were as follows: Operating Borrowings Blackstone Fund Facilities / CLO Vehicles Total Borrowings 2020 $ — $ 113 $ 113 2021 — — — 2022 — — — 2023 400,000 — 400,000 2024 — — — Thereafter 4,281,950 6,859,535 11,141,485 $ 4,681,950 $ 6,859,648 $ 11,541,598

Leases

Leases	12 Months Ended
	Dec. 31, 2019
Leases	14. Leases Blackstone enters into non-cancelable The components of lease expense were as follows: Year Ended December 31, 2019 Operating Lease Cost (a) Straight-Line Lease Cost (b) $ 90,640 Variable Lease Cost 14,574 Sublease Income (796 ) $ 104,418 (a) Rent expense for the years ended December 31, 2018 and 2017, was $109.9 million and $104.7 million, respectively. (b) Straight-line lease cost includes short-term leases, which are immaterial. Supplemental cash flow information related to leases were as follows: Year Ended Operating Cash Flows for Operating Leases $ 94,854 Non-Cash Right-of-Use 10,053 The following table shows the undiscounted cash flows on an annual basis for Operating Lease Liabilities as of December 31, 2019: 2020 $ 84,639 2021 88,638 2022 79,533 2023 77,287 2024 65,289 Thereafter 207,090 Total Lease Payments (a) 602,476 Less: Imputed Interest (59,482 ) Present Value of Operating Lease Liabilities $ 542,994 (a) Excludes $138.7 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	12 Months Ended
	Dec. 31, 2019
Income Taxes	15. Income Taxes The Income Before Provision (Benefit) for Taxes consists of the following: Year Ended December 31, 2019 2018 2017 Income Before Provision (Benefit) for Taxes U.S. Domestic Income $ 3,547,292 $ 3,308,202 $ 3,956,339 Foreign Income 270,723 204,739 161,750 $ 3,818,015 $ 3,512,941 $ 4,118,089 The Provision (Benefit) for Taxes consists of the following: Year Ended December 31, 2019 2018 2017 Current Federal Income Tax $ 74,611 $ 73,525 $ 31,457 Foreign Income Tax 38,098 42,128 36,083 State and Local Income Tax 19,267 53,961 40,507 131,976 169,614 108,047 Deferred Federal Income Tax (222,790 ) 59,924 613,518 Foreign Income Tax 312 (2,518 ) (34 ) State and Local Income Tax 42,550 22,370 21,616 (179,928 ) 79,776 635,100 Provision (Benefit) for Taxes $ (47,952 ) $ 249,390 $ 743,147 The following table summarizes Blackstone’s tax position: Year Ended December 31, 2019 2018 2017 Income Before Provision (Benefit) for Taxes $ 3,818,015 $ 3,512,941 $ 4,118,089 Provision (Benefit) for Taxes $ (47,952 ) $ 249,390 $ 743,147 Effective Income Tax Rate -1.3 % 7.1 % 18.0 % The following table reconciles the effective income tax rate to the U.S. federal statutory tax rate: 2019 2018 Year Ended December 31, vs. vs. 2019 2018 2017 2018 2017 Statutory U.S. Federal Income Tax Rate 21.0 % 21.0 % 35.0 % — -14.0 % Income Passed Through to Common Shareholders and Non-Controlling -13.5 % -15.5 % -25.9 % 2.0 % 10.4 % State and Local Income Taxes 1.6 % 1.8 % 1.5 % -0.2 % 0.3 % Equity-Based Compensation — — -0.1 % — 0.1 % Change to a Taxable Corporation -10.3 % — — -10.3 % — Impact of the Tax Reform Bill — — 8.3 % — -8.3 % Change in Valuation Allowance (b) -0.8 % — — -0.8 % — Other 0.7 % -0.2 % -0.8 % 0.9 % 0.6 % Effective Income Tax Rate -1.3 % 7.1 % 18.0 % -8.4 % -10.9 % (a) Includes income that was not taxable to Blackstone and its subsidiaries. Such income was directly taxable to the common unitholders for the period prior to the Conversion and remains taxable to Blackstone’s non-controlling interest holders. (b) The Change in Valuation Allowance for the year ended December 31, 2019 represents the change from July 1, 2019 to December 31, 2019, following the change to a taxable corporation. Prior to the Conversion, Blackstone and certain of its subsidiaries operated in the U.S. as partnerships for income tax purposes (partnerships generally are not subject to federal income taxes) and generally as corporate entities in non-U.S. The termination of the status of Blackstone as a Partnership in the Conversion has been treated as a change in tax status under GAAP guidance on accounting for income taxes. These rules require 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 approximately $394.8 million, net of a valuation allowance of approximately $648.2 million. The Conversion resulted in a step-up U.S. federal income tax reform legislation, known as the Tax Cuts and Jobs Act, was signed into law on December 22, 2017 (the “Tax Reform Bill”). In December 2017 the SEC staff issued guidance on accounting for the tax effects of the Tax Reform Bill, which provided that the income tax effects of those aspects of the Tax Reform Bill for which Blackstone’s accounting for income taxes was complete must be reflected in that current period. The Tax Reform Bill reduced the corporate federal income tax rate from 35% to 21% effective January 1, 2018. Consequently, Blackstone recorded a decrease related to the net deferred tax assets of $500.6 million with a corresponding net adjustment to deferred income tax expense of $500.6 million for the year ended December 31, 2017. The remeasurement was partially offset by a $160.3 million tax benefit resulting from the $403.9 million reduction to the liability under the Tax Receivable Agreement resulting from the reduction of the federal income tax rate. The net impact to the 2017 effective tax rate was an 8.3% increase. During the quarter ended December 31, 2018 Blackstone completed its accounting for the income tax effects for the Tax Reform Bill, and no significant adjustments were made to the provisional amounts previously recorded. Further, the Tax Reform Bill include d one-time The Tax Reform Bill also established new tax laws that became effective with the tax year beginning January 1, 2018, including, but not limited to, a new provision designed to tax global intangible low-taxed anti-tax we Deferred income taxes reflect the net tax effects of temporary differences that may exist between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes using enacted tax rates in effect for the year in which the differences are expected to reverse. A summary of the tax effects of the temporary differences is as follows: December 31, 2019 2018 Deferred Tax Assets Fund Management Fees $ — $ 6,955 Equity-Based Compensation — 69,484 Amortization and Depreciation — 768,984 Investment Basis Differences/Net Unrealized Gains and Losses 1,712,982 — Other 5,342 — Total Deferred Tax Assets Before Valuation Allowance 1,718,324 845,423 Valuation Allowance (629,019 ) — Total Net Deferred Tax Assets 1,089,305 845,423 Deferred Tax Liabilities Investment Basis Differences/Net Unrealized Gains and Losses 20,267 71,472 Other — 34,469 Total Deferred Tax Liabilities 20,267 105,941 Net Deferred Tax Asset s $ 1,069,038 $ 739,482 The primary reason for the increase in the deferred tax asset balances from the prior year end is the Conversion, in connection with which Blackstone recognized a step-up in the tax basis of certain assets and recorded corresponding deferred tax benefits, net of valuation allowances. Future realization of tax benefits depends on the expectation and character of taxable income within a certain period of time. The timing of realizability for certain deferred tax assets is determined by reference to the amortization and depreciation periods of the underlying tax basis of assets and ranges from 15 to 40 years. Blackstone has considered these amortization and depreciation periods as well as the character of income in evaluating whether it should establish valuation allowances. In addition, Blackstone has no taxable loss carryforward at December 31, 2019. In evaluating the ability to realize deferred tax assets, Blackstone also considers projections of taxable income (including 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. Certain deferred tax assets are not considered to be more likely than not to be realized due to the character of income necessary for realization. For those deferred tax assets, valuation allowances have been recorded. Currently, Blackstone does not believe it meets the indefinite reversal criteria that would preclude Blackstone from recognizing a deferred tax liability with respect to its foreign subsidiaries. Therefore, Blackstone recorded a deferred tax liability for any outside basis difference of an investment in a foreign subsidiary. Blackstone files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, Blackstone is subject to examination by federal and certain state, local and foreign tax regulators. As of December 31, 2019, Blackstone’s U.S. federal income tax returns for the years 2016 through 2018 are open under the normal three-year statute of limitations and therefore subject to examination. State and local tax returns are generally subject to audit from 2015 through 2018. Certain subsidiaries’ tax returns for the years 2008 through 2017 are currently subject to examination by various regulators. Blackstone believes that during 20 20 , Blackstone’s unrecognized tax benefits, excluding related interest and penalties, were: December 31, 2019 2018 2017 Unrecognized Tax Benefits — January 1 $ 20,864 $ 11,454 $ 3,581 Additions for Tax Positions of Prior Years 4,908 9,671 11,167 Reductions for Tax Positions of Prior Years — (323 ) (1,860 ) Settlements (829 ) — (1,382 ) Exchange Rate Fluctuations 15 62 (52 ) Unrecognized Tax Benefits — December 31 $ 24,958 $ 20,864 $ 11,454 If recognized, the above tax benefits of $25.0 million and $20.9 million for the years ended December 31, 2019 and 2018, respectively, would reduce the annual effective rate. Blackstone does not believe that it will have a material increase or decrease in its unrecognized tax benefits during the coming year. The unrecognized tax benefits are recorded in Accounts Payable, Accrued Expense and Other Liabilities in the Consolidated Statements of Financial Condition. Blackstone recognizes interest and penalties accrued related to unrecognized tax benefits in General, Administrative and Other Expenses. During the years ended December 31, 2019, 2018 and 2017, $0.5 million, $1.8 million and $(0.4) million of interest expense were accrued (reversed), respectively. During the years ended December 31, 2019, 2018 and 2017, no penalties were accrued. Other Income — Change in Tax Receivable Agreement Liability In 2019, the $161.6 million Change in Tax Receivable Agreement Liability was primarily attributable to the Conversion. In 2017, the $403.9 million Change in Tax Receivable Agreement Liability was primarily attributable to the reduction in the corporate federal tax rate from 35% to 21% pursuant to the Tax Reform Bill.

Earnings Per Share and Stockhol

Earnings Per Share and Stockholder's Equity	12 Months Ended
	Dec. 31, 2019
Earnings Per Share and Stockholder's Equity	16. Earnings Per Share and Stockholder’s Equity Basic and diluted net income per share of Class A common stock for the years ended December 31, 2019, 2018 and 2017 was calculated as follows: Year Ended December 31, 2019 2018 2017 Net Income for Per Share of Class A Common Stock Calculations Net Income Attributable to The Blackstone Group Inc., Basic $ 2,049,682 $ 1,541,788 $ 1,471,374 Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units — 1,185,799 — Net Income Attributable to The Blackstone Group Inc., Diluted $ 2,049,682 $ 2,727,587 $ 1,471,374 Shares/Units Outstanding Weighted-Average Shares of Class A Common Stock Outstanding, Basic 675,900,466 678,850,245 665,453,198 Weighted-Average Shares of Unvested Deferred Restricted Class A Common Stock 267,385 226,487 793,648 Weighted-Average Blackstone Holdings Partnership Units — 527,886,114 — Weighted-Average Shares of Class A Common Stock Outstanding, Diluted 676,167,851 1,206,962,846 666,246,846 Net Income Per Share of Class A Common Stock Basic $ 3.03 $ 2.27 $ 2.21 Diluted $ 3.03 $ 2.26 $ 2.21 Dividends Declared Per Share of Class A Common Stock (a) $ 1.92 $ 2.42 $ 2.32 (a) Dividends declared reflects the calendar date of the declaration for each distribution. The fourth quarter dividends, if any, for any fiscal year will be declared and paid in the subsequent fiscal year. 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 non-controlling The following table summarizes the anti-dilutive securities for the periods indicated: Year Ended December 31, 2019 2018 2017 Weighted-Average Blackstone Holdings Partnership Units 524,211,887 — 533,982,613 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 one issued and outstanding, fully paid and nonassessable share of Class A common stock, $0.00001 par value per share, of the Company. The special voting unit of the Partnership outstanding immediately prior to the Conversion converted into one issued and outstanding, fully paid and nonassessable share of Class B common stock, $0.00001 par value per share, of the Company. The general partner units of the Partnership outstanding immediately prior to the Conversion converted into one issued and outstanding, fully paid and nonassessable share of Class C common stock, $0.00001 par value per share, of the Company. The Class A and Class B common stock generally are non-voting. In connection with the Conversion on July 1, 2019, the Company 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 December 31, 2019. Share Repurchase Program On July 16, 2019, Blackstone’s board of directors authorized the repurchase of up to $1.0 billion of Class A common stock and Blackstone Holdings Partnership Units. 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 year ended December 31, 2017, no units were repurchased. During the year ended December 31, 2018, Blackstone repurchased 16.0 million shares of Blackstone Class A common stock at a total cost of $541.5 million. During the year ended December 31, 2019, Blackstone repurchased 12.8 million shares of Blackstone Class A common stock at a total cost of $561.9 million. As of December 31, 2019, the amount remaining available for repurchases under the program was $781.2 million. Shares Eligible for Dividends and Distributions As of December 31, 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/Units Class A Common Stock Outstanding 671,157,692 Unvested Participating Common Stock 9,299,732 Total Participating Common Stock 680,457,424 Participating Blackstone Holdings Partnership Units 515,973,657 1,196,431,081

Equity-Based Compensation

Equity-Based Compensation	12 Months Ended
	Dec. 31, 2019
Equity-Based Compensation	17. Equity-Based Compensation Blackstone has granted equity-based compensation awards to Blackstone’s senior managing directors, non-partner non-professionals For the years ended December 31, 2019, 2018 and 2017 Blackstone recorded compensation expense of $417.1 million, $366.9 million, and $338.7 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $47.8 million, $59.0 million, and $47.1 million, respectively. As of December 31, 2019, there was $918.0 million of estimated unrecognized compensation expense related to unvested awards. This cost is expected to be recognized over a weighted-average period of 3.7 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 1,196,806,346 as of December 31, 2019. Total outstanding unvested phantom shares were 56,426 as of December 31, 2019. A summary of the status of Blackstone’s unvested equity-based awards as of December 31, 2019 and of changes during the period January 1, 2019 through December 31, 2019 is presented below: Blackstone Holdings The Blackstone Group Inc. Equity Settled Awards Cash Settled Awards Unvested Shares/Units Partnership Weighted- Deferred Shares Class A Stock Weighted- Phantom Weighted- Balance, December 31, 2018 31,554,127 $ 34.38 9,312,268 $ 31.43 46,808 $ 34.66 Granted 9,094,157 43.57 3,639,947 38.80 20,355 50.71 Vested (6,893,962 ) 35.68 (3,272,213 ) 31.18 (11,035 ) 48.59 Forfeited (1,595,104 ) 31.77 (710,266 ) 22.60 (4,787 ) 47.95 Balance, December 31, 2019 32,159,218 $ 36.25 8,969,736 $ 35.26 51,341 $ 52.85 Shares/Units Expected to Vest The following unvested shares and units, after expected forfeitures, as of December 31, 2019, are expected to vest: Shares/Units Weighted-Average Blackstone Holdings Partnership Units 25,800,455 3.2 Deferred Restricted Shares of Class A Common Stock 7,465,122 2.2 Total Equity-Based Awards 33,265,577 2.9 Phantom Shares 39,155 2.9 Deferred Restricted Shares of Class A Common Stock and Phantom Shares Blackstone has granted deferred restricted shares of Class A common stock to certain senior and non-senior non-senior The fair values of deferred restricted shares of Class A common stock have been derived based on the closing price of Blackstone’s Class A common stock on the date of the grant, multiplied by the number of unvested awards and expensed over the assumed service period, which ranges from 1 to 5 years. Additionally, the calculation of the compensation expense assumes forfeiture rates based on historical turnover rates, ranging from 1.0% to 13.1% annually by employee class, and a per share discount, ranging from $0.39 to $10.88. The phantom shares vest over the assumed service period, which ranges from 1 to 5 years. On each such vesting date, Blackstone delivered or will deliver cash to the holder in an amount equal to the number of phantom shares held multiplied by the then fair market value of Blackstone’s Class A common stock on such date. Additionally, the calculation of the compensation expense assumes a forfeiture rate based on a historical turnover rate ranging from 9.6% to 13.1% annually by employee class. Blackstone is accounting for these cash settled awards as a liability. Blackstone paid $0.4 million, $0.2 million and $0.3 million to non-senior Blackstone Holdings Partnership Units Blackstone has granted deferred restricted Blackstone Holdings Partners Units to certain newly hired and pre-existing The fair values of deferred restricted Blackstone Holdings Partnership Units have been derived based on the closing price of Blackstone’s common units on the date of the grant, multiplied by the number of unvested awards and expensed over the assumed service period, which ranges from 1 to 8 years. Additionally, the calculation of the compensation expense assumes a forfeiture rate of 5.6%, based on historical experience.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2019
Related Party Transactions	18. Related Party Transactions Affiliate Receivables and Payables Due from Affiliates and Due to Affiliates consisted of the following: December 31, 2019 2018 Due from Affiliates Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated $ 1,999,568 $ 1,520,100 Due from Certain Non-Controlling 573,679 462,475 Accrual for Potential Clawback of Previously Distributed Performance Allocations 21,626 11,548 $ 2,594,873 $ 1,994,123 December 31, 2019 2018 Due to Affiliates Due to Certain Non-Controlling $ 672,981 $ 796,902 Due to Non-Consolidated 100,286 99,728 Due to Note-Holders of Consolidated CLO Vehicles 78,252 56,012 Due to Certain Non-Controlling 48,433 53,613 Accrual for Potential Repayment of Previously Received Performance Allocations 126,919 29,521 $ 1,026,871 $ 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 December 31, 2019 and 2018, such investments aggregated $969.3 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 $7.0 million, $5.4 million and $3.4 million for the years ended December 31, 2019, 2018 and 2017, 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 makes use of aircraft owned by Stephen A. Schwarzman; aircraft owned by Jonathan D. Gray; aircraft owned jointly by Joseph P. Baratta and two other individuals; and aircraft owned jointly by Bennett J. Goodman and another individual (each such aircraft, “Personal Aircraft”). Each of Messrs. Schwarzman, Gray, Baratta and Goodman paid for his respective ownership interest in his Personal Aircraft himself and bears his respective share of all operating, personnel and maintenance costs associated with the operation of such Personal Aircraft. The payments Blackstone makes for the use of the Personal Aircraft is based on current market rates. 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 Consolidated Financial Statements. Tax Receivable Agreements Blackstone used a portion of the proceeds from the IPO and the sale of non-voting Units for shares of Blackstone Class A common stock on a 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 $161.6 million of the tax receivable agreement liability during the year ended December 31, 2019. after-tax pre-IPO pre-IPO 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 19. “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	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies	19. Commitments and Contingencies Commitments Investment Commitments Blackstone had $3.8 billion of investment commitments as of December 31, 2019 representing general partner capital funding commitments to the Blackstone Funds, limited partner capital funding to other funds and Blackstone principal investment commitments, including loan commitments. The consolidated Blackstone Funds had signed investment commitments of $80.0 million as of December 31, 2019 which includes $31.8 million of signed investment commitments for portfolio company acquisitions in the process of closing. Regulated Entities Certain U.S. and non-U.S. These regulatory capital requirements may restrict Blackstone’s ability to withdraw capital from its entities. At December 31, 2019, $50.9 million of net assets of consolidated entities may be restricted as to the payment of cash dividends and advances to Blackstone. 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 December 31, 2019 was $202.1 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 are as follows: December 31, 2019 2018 Segment Blackstone Current and Total Blackstone Current and Total Real Estate $ 16,151 $ 10,597 $ 26,748 $ 15,770 $ 10,053 $ 25,823 Private Equity 82,276 2,860 85,136 13,296 (12,448 ) 848 Credit 6,866 8,169 15,035 1,355 1,495 2,850 $ 105,293 $ 21,626 $ 126,919 $ 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 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 December 31, 2019, $731.0 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 December 31, 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 $7.2 billion, on an after-tax

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2019
Segment Reporting	20. 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 and high-grade real estate debt funds, liquid real estate debt funds, core+ real estate funds which also include a non-exchange • Private Equity – Blackstone’s Private Equity segment includes • 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 interests in more established general partners and management companies of funds, invest in special situation opportunities, create alternative solutions in the form of daily liquidity products and invest directly. • Credit – Blackstone’s Credit segment consists principally of GSO Capital Partners LP, which is organized into three overarching strategies: 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 - - 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 as of December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018 and 2017. December 31, 2019 and the Year Then Ended Real Estate Private Equity Hedge Fund Credit Total Segments Management and Advisory Fees, Net Base Management Fees $ 1,116,183 $ 986,482 $ 556,730 $ 586,535 $ 3,245,930 Transaction, Advisory and Other Fees, Net 175,831 115,174 3,533 19,882 314,420 Management Fee Offsets (26,836 ) (37,327 ) (138 ) (11,813 ) (76,114 ) Total Management and Advisory Fees, Net 1,265,178 1,064,329 560,125 594,604 3,484,236 Fee Related Performance Revenues 198,237 — — 13,764 212,001 Fee Related Compensation (531,259 ) (423,752 ) (151,960 ) (229,607 ) (1,336,578 ) Other Operating Expenses (168,332 ) (160,010 ) (81,999 ) (160,801 ) (571,142 ) Fee Related Earnings 763,824 480,567 326,166 217,960 1,788,517 Realized Performance Revenues 1,032,337 468,992 126,576 32,737 1,660,642 Realized Performance Compensation (374,096 ) (192,566 ) (24,301 ) (12,972 ) (603,935 ) Realized Principal Investment Income 79,733 90,249 21,707 32,466 224,155 Total Net Realizations 737,974 366,675 123,982 52,231 1,280,862 Total Segment Distributable Earnings $ 1,501,798 $ 847,242 $ 450,148 $ 270,191 $ 3,069,379 Segment Assets $ 9,023,353 $ 9,007,658 $ 2,238,048 $ 4,009,354 $ 24,278,413 December 31, 2018 and the Year Then Ended Real Estate Private Equity Hedge Fund Credit Total Segments Management and Advisory Fees, Net Base Management Fees $ 985,399 $ 785,223 $ 519,782 $ 553,921 $ 2,844,325 Transaction, Advisory and Other Fees, Net 152,513 58,165 3,180 15,640 229,498 Management Fee Offsets (11,442 ) (13,504 ) (93 ) (12,332 ) (37,371 ) Total Management and Advisory Fees, Net 1,126,470 829,884 522,869 557,229 3,036,452 Fee Related Performance Revenues 124,502 — — (666 ) 123,836 Fee Related Compensation (459,430 ) (375,446 ) (162,172 ) (219,098 ) (1,216,146 ) Other Operating Expenses (146,260 ) (133,096 ) (77,772 ) (131,200 ) (488,328 ) Fee Related Earnings 645,282 321,342 282,925 206,265 1,455,814 Realized Performance Revenues 914,984 757,406 42,419 96,962 1,811,771 Realized Performance Compensation (284,319 ) (318,167 ) (21,792 ) (53,863 ) (678,141 ) Realized Principal Investment Income 92,525 109,731 17,039 16,763 236,058 Total Net Realizations 723,190 548,970 37,666 59,862 1,369,688 Total Segment Distributable Earnings $ 1,368,472 $ 870,312 $ 320,591 $ 266,127 $ 2,825,502 Segment Assets $ 7,521,117 $ 7,548,544 $ 1,976,809 $ 3,592,356 $ 20,638,826 Year Ended December 31, 2017 Real Estate Private Equity Hedge Fund Credit Total Segments Management and Advisory Fees, Net Base Management Fees $ 872,191 $ 724,818 $ 516,048 $ 567,334 $ 2,680,391 Transaction, Advisory and Other Fees, Net 82,781 57,624 2,980 13,431 156,816 Management Fee Offsets (15,934 ) (18,007 ) (93 ) (32,382 ) (66,416 ) Total Management and Advisory Fees, Net 939,038 764,435 518,935 548,383 2,770,791 Fee Related Performance Revenues 79,500 — — 89,945 169,445 Fee Related Compensation (437,311 ) (347,562 ) (146,924 ) (253,842 ) (1,185,639 ) Other Operating Expenses (136,042 ) (120,997 ) (68,265 ) (99,562 ) (424,866 ) Fee Related Earnings 445,185 295,876 303,746 284,924 1,329,731 Realized Performance Revenues 2,141,374 1,157,188 154,343 194,902 3,647,807 Realized Performance Compensation (751,526 ) (404,544 ) (40,707 ) (100,834 ) (1,297,611 ) Realized Principal Investment Income 255,903 154,837 9,074 16,380 436,194 Total Net Realizations 1,645,751 907,481 122,710 110,448 2,786,390 Total Segment Distributable Earnings $ 2,090,936 $ 1,203,357 $ 426,456 $ 395,372 $ 4,116,121 Reconciliations of Total Segment Amounts The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the years ended December 31, 2019, 2018 and 2017 along with Total Assets as of December 31, 2019 and 2018: Year Ended December 31, 2019 2018 2017 Revenues Total GAAP Revenues $ 7,338,270 $ 6,833,259 $ 7,145,015 Less: Unrealized Performance Allocations (a) (1,126,668 ) (561,163 ) 105,432 Less: Unrealized Principal Investment (Income) Loss (b) (113,327 ) 65,851 131,206 Less: Interest and Dividend Revenue (c) (192,593 ) (181,763 ) (142,920 ) Less: Other Revenue (d) (79,447 ) (89,468 ) 140,051 Impact of Consolidation (e) (88,164 ) (277,406 ) (322,729 ) Amortization of Intangibles (f) 1,548 1,548 1,548 Transaction-Related Charges (g) (168,170 ) (588,710 ) (40,153 ) Intersegment Eliminations 9,585 5,969 6,787 Total Segment Revenue (h) $ 5,581,034 $ 5,208,117 $ 7,024,237 Year Ended December 31, 2019 2018 2017 Expenses Total GAAP Expenses $ 3,964,651 $ 3,512,040 $ 3,752,378 Less: Unrealized Performance Allocations Compensation (i) (540,285 ) (319,742 ) (103,794 ) Less: Equity-Based Compensation (j) (230,194 ) (158,220 ) (107,110 ) Less: Interest Expense (k) (195,034 ) (159,838 ) (192,838 ) Impact of Consolidation (e) (55,902 ) (112,354 ) (133,081 ) Amortization of Intangibles (f) (64,383 ) (58,446 ) (46,749 ) Transaction-Related Charges (g) (376,783 ) (326,794 ) (267,477 ) Intersegment Eliminations 9,585 5,969 6,787 Total Segment Expenses (l) $ 2,511,655 $ 2,382,615 $ 2,908,116 Year Ended December 31, 2019 2018 2017 Other Income Total GAAP Other Income $ 444,396 $ 191,722 $ 725,452 Impact of Consolidation (e) (444,396 ) (191,722 ) (321,597 ) Transaction-Related Charges (g) — — (403,855 ) Total Segment Other Income $ — $ — $ — Year Ended December 31, 2019 2018 2017 Income Before Provision (Benefit) for Taxes Total GAAP Income Before Provision (Benefit) for Taxes $ 3,818,015 $ 3,512,941 $ 4,118,089 Less: Unrealized Performance Allocations (a) (1,126,668 ) (561,163 ) 105,432 Less: Unrealized Principal Investment (Income) Loss (b) (113,327 ) 65,851 131,206 Less: Interest and Dividend Revenue (c) (192,593 ) (181,763 ) (142,920 ) Less: Other Revenue (d) (79,447 ) (89,468 ) 140,051 Plus: Unrealized Performance Allocations Compensation (i) 540,285 319,742 103,794 Plus: Equity-Based Compensation (j) 230,194 158,220 107,110 Plus: Interest Expense (k) 195,034 159,838 192,838 Impact of Consolidation (e) (476,658 ) (356,774 ) (511,245 ) Amortization of Intangibles (f) 65,931 59,994 48,297 Transaction-Related Charges (g) 208,613 (261,916 ) (176,531 ) Total Segment Distributable Earnings $ 3,069,379 $ 2,825,502 $ 4,116,121 As of December 31, 2019 2018 Total Assets Total GAAP Assets $ 32,585,506 $ 28,924,650 Impact of Consolidation (e) (8,307,093 ) (8,285,824 ) Total Segment Assets $ 24,278,413 $ 20,638,826 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 (Loss) on a segment basis. (c) This adjustment removes Interest and Dividend Revenue on a segment basis. (d) This adjustment removes Other Revenue on a segment basis. For the years ended December 31, 2019, 2018 and 2017, Other Revenue on a GAAP basis was $80.0 million, $672.3 million and $(133.2) million and included $76.4 million, $87.4 million and $(146.5) million of foreign exchange gains (losses), respectively. (e) This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds, the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling (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: Year Ended December 31, 2019 2018 2017 Total Segment Management and Advisory Fees, Net $ 3,484,236 $ 3,036,452 $ 2,770,791 Total Segment Fee Related Performance Revenues 212,001 123,836 169,445 Total Segment Realized Performance Revenues 1,660,642 1,811,771 3,647,807 Total Segment Realized Principal Investment Income 224,155 236,058 436,194 Total Segment Revenues $ 5,581,034 $ 5,208,117 $ 7,024,237 (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: Year Ended December 31, 2019 2018 2017 Total Segment Fee Related Compensation $ 1,336,578 $ 1,216,146 $ 1,185,639 Total Segment Realized Performance Compensation 603,935 678,141 1,297,611 Total Segment Other Operating Expenses 571,142 488,328 424,866 Total Segment Expenses $ 2,511,655 $ 2,382,615 $ 2,908,116 Reconciliations of Total Segment Components The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported on the Consolidated Statement of Operations for the years ended December 31, 2019, 2018 and 2017: Year Ended December 31, 2019 2018 2017 Management and Advisory Fees, Net GAAP $ 3,472,155 $ 3,027,796 $ 2,751,322 Segment Adjustment (a) 12,081 8,656 19,469 Total Segment $ 3,484,236 $ 3,036,452 $ 2,770,791 Year Ended December 31, 2019 2018 2017 GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues GAAP Incentive Fees $ 129,911 $ 57,540 $ 242,514 Investment Income — Realized Performance Allocations 1,739,000 1,876,507 3,571,811 GAAP 1,868,911 1,934,047 3,814,325 Total Segment Less: Realized Performance Revenues (1,660,642 ) (1,811,771 ) (3,647,807 ) Segment Adjustment (b) 3,732 1,560 2,927 Total Segment $ 212,001 $ 123,836 $ 169,445 Year Ended December 31, 2019 2018 2017 GAAP Compensation to Total Segment Fee Related Compensation GAAP Compensation $ 1,820,330 $ 1,609,957 $ 1,442,485 Incentive Fee Compensation 44,300 33,916 105,279 Realized Performance Allocations Compensation 662,942 711,076 1,281,965 GAAP 2,527,572 2,354,949 2,829,729 Total Segment Less: Realized Performance Compensation (603,935 ) (678,141 ) (1,297,611 ) Less: Equity-Based Compensation — Operating Compensation (221,684 ) (145,213 ) (93,410 ) Less: Equity-Based Compensation — Performance Compensation (8,510 ) (13,007 ) (13,700 ) Segment Adjustment (c) (356,865 ) (302,442 ) (239,369 ) Total Segment $ 1,336,578 $ 1,216,146 $ 1,185,639 Year Ended December 31, 2019 2018 2017 GAAP General, Administrative and Other to Total Segment Other Operating Expenses GAAP $ 679,408 $ 594,873 $ 488,582 Segment Adjustment (d) (108,266 ) (106,545 ) (63,716 ) Total Segment $ 571,142 $ 488,328 $ 424,866 Year Ended December 31, 2019 2018 2017 Realized Performance Revenues GAAP Incentive Fees $ 129,911 $ 57,540 $ 242,514 Investment Income — Realized Performance Allocations 1,739,000 1,876,507 3,571,811 GAAP 1,868,911 1,934,047 3,814,325 Total Segment Less: Fee Related Performance Revenues (212,001 ) (123,836 ) (169,445 ) Segment Adjustment (b) 3,732 1,560 2,927 Total Segment $ 1,660,642 $ 1,811,771 $ 3,647,807 Year Ended December 31, 2019 2018 2017 Realized Performance Compensation GAAP Incentive Fee Compensation $ 44,300 $ 33,916 $ 105,279 Realized Performance Allocations Compensation 662,942 711,076 1,281,965 GAAP 707,242 744,992 1,387,244 Total Segment Less: Fee Related Performance Compensation (94,797 ) (53,844 ) (75,933 ) Less: Equity-Based Compensation — Performance Compensation (8,510 ) (13,007 ) (13,700 ) Total Segment $ 603,935 $ 678,141 $ 1,297,611 Year Ended December 31, 2019 2018 2017 Realized Principal Investment Income GAAP $ 393,478 $ 415,862 $ 635,769 Segment Adjustment (e) (169,323 ) (179,804 ) (199,575 ) Total Segment $ 224,155 $ 236,058 $ 436,194 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	12 Months Ended
	Dec. 31, 2019
Subsequent Events	21. Subsequent Events There have been no events since December 31, 2019 that require recognition or disclosure in the Consolidated Financial Statements.

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Data (Unaudited)	22. Quarterly Financial Data (Unaudited) Three Months Ended March 31, June 30, 2019 September 30, December 31, Revenues $ 2,024,871 $ 1,486,806 $ 1,735,113 $ 2,091,480 Expenses 1,041,164 862,240 947,220 1,114,027 Other Income 130,325 61,131 223,056 29,884 Income Before Provision (Benefit) for Taxes $ 1,114,032 $ 685,697 $ 1,010,949 $ 1,007,337 Net Income $ 1,072,877 $ 646,961 $ 1,167,735 $ 978,394 Net Income Attributable to The Blackstone Group Inc. $ 481,304 $ 305,792 $ 779,437 $ 483,149 Net Income Per Share of Class A Common Stock Basic $ 0.71 $ 0.45 $ 1.15 $ 0.71 Diluted $ 0.71 $ 0.45 $ 1.15 $ 0.71 Dividends Declared (b) $ 0.58 $ 0.37 $ 0.48 $ 0.49 Three Months Ended March 31, June 30, 2018 (c) September 30, December 31, Revenues $ 1,769,131 $ 2,632,570 $ 1,926,580 $ 504,978 Expenses 982,931 1,016,381 1,017,632 495,096 Other Income (Loss) 110,599 73,519 66,838 (59,234 ) Income (Loss) Before Provision (Benefit) for Taxes $ 896,799 $ 1,689,708 $ 975,786 $ (49,352 ) Net Income (Loss) $ 842,304 $ 1,550,977 $ 948,988 $ (78,718 ) Net Income (Loss) Attributable to The Blackstone Group Inc. $ 367,872 $ 742,042 $ 442,742 $ (10,868 ) Net Income (Loss) Per Share of Class A Common Stock Basic $ 0.55 $ 1.09 $ 0.65 $ (0.02 ) Diluted $ 0.53 $ 1.09 $ 0.64 $ (0.02 ) Dividends Declared (b) $ 0.85 $ 0.35 $ 0.58 $ 0.64 (a) As a result of the Conversion, there was a reduction of $174.6 million of the tax receivable agreement liability during the three months ended September 30, 2019. The reduction of the tax receivable agreement liability was included in Other Income. (b) Dividends declared reflects the calendar date of the declaration of each dividend. (c) For the three months ended June 30, 2018, Revenues included $580.9 million of Transaction-Related Charges recorded in Other Revenues received upon the conclusion of Blackstone’s investment sub-advisory

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements of Blackstone have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The 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 Consolidated Statements of Cash Flows.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates that affect the amounts reported in the consolidated financial statements and accompanying notes. Management believes that estimates utilized in the preparation of the consolidated financial statements are prudent and reasonable. Such estimates include those used in the valuation of investments and financial instruments, the measurement of deferred tax balances (including valuation allowances) and the accounting for Goodwill and equity-based compensation. Actual results could differ from those estimates and such differences could be material.
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 - 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 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 20. “Segment Reporting” for a disaggregated presentation of revenues from contracts with customers. 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 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 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. In cases where the limited partners of the funds are determined to be the customer in an arrangement, placement fees may be capitalized as a cost to acquire a customer contract. Capitalized placement fees are amortized over the life of the customer contract, are recorded within Other Assets in the Consolidated Statements of Financial Condition and amortization is recorded within General, Administrative and Other within the Consolidated Statements of Operations. 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 Consolidated Statements of Financial Condition. Incentive Fees — Investment Income (Loss) In carry fund structures 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 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 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 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 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 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 Consolidated Statements of Financial Condition. Results from Blackstone’s investments in Strategic Partners funds are reported on a three month lag.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and Cash Equivalents represents cash on hand, cash held in banks, money market funds and liquid investments with original maturities of three months or less. Interest income from cash and cash equivalents is recorded in Interest and Dividend Revenue in the Consolidated Statements of Operations.
Cash Held by Blackstone Funds and Other	Cash Held by Blackstone Funds and Other Cash Held by Blackstone Funds and Other represents cash and cash equivalents held by consolidated Blackstone Funds and other consolidated entities. Such amounts are not available to fund the general liquidity needs of Blackstone.
Accounts Receivable	Accounts Receivable Accounts Receivable includes management fees receivable from limited partners, receivables from underlying funds in the fund of hedge funds business, placement and advisory fees receivables, receivables relating to unsettled sale transactions and loans extended to unaffiliated third parties. Accounts Receivable, excluding those for which the fair value option has been elected, are assessed periodically for collectability. Amounts determined to be uncollectible are charged directly to General, Administrative and Other Expenses in the Consolidated Statements of Operations.
Intangibles and Goodwill	Intangibles and Goodwill Blackstone’s intangible assets consist of contractual rights to earn future fee income, including management and advisory fees, Incentive Fees and Performance Allocations. Identifiable finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from three Goodwill comprises goodwill arising from the contribution and reorganization of Blackstone’s predecessor entities in 2007 immediately prior to its initial public offering (“IPO”) and the acquisitions of GSO in 2008, Strategic Partners in 2013, Harvest Fund Advisors LLC (“Harvest”) in 2017 and Clarus Ventures LLC (“Clarus”) in 2018. Goodwill is reviewed for impairment at least annually utilizing a qualitative or quantitative approach, and more frequently if circumstances indicate impairment may have occurred. The impairment testing for goodwill under the qualitative approach is based first on a qualitative assessment to determine if it is more likely than not that the fair value of Blackstone’s operating segments is less than their respective carrying values. The operating segment is the reporting level for testing the impairment of goodwill. If it is determined that it is more likely than not that an operating segment’s fair value is less than its carrying value or when the quantitative approach is used, a two-step
Furniture, Equipment and Leasehold Improvements	Furniture, Equipment and Leasehold Improvements Furniture, equipment and leasehold improvements consist primarily of leasehold improvements, furniture, fixtures and equipment, computer hardware and software and are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method over the assets’ estimated useful economic lives, which for leasehold improvements are the lesser of the lease terms or the life of the asset, generally ten three
Foreign Currency	Foreign Currency In the normal course of business, Blackstone may enter into transactions not denominated in United States dollars. Foreign exchange gains and losses arising on such transactions are recorded as Other Revenue in the Consolidated Statements of Operations. Foreign currency transaction gains and losses arising within consolidated Blackstone Funds are recorded in Net Gains (Losses) from Fund Investment Activities. In addition, Blackstone consolidates a number of entities that have a non-U.S. Non-U.S. non-U.S. Non-Controlling Non-Controlling
Comprehensive Income	Comprehensive Income Comprehensive Income consists of Net Income and Other Comprehensive Income. Blackstone’s Other Comprehensive Income is comprised of foreign currency cumulative translation adjustments.
Non-Controlling Interests in Consolidated Entities	Non-Controlling Interests in Consolidated Entities Non-Controlling non-controlling non-controlling
Redeemable Non-Controlling Interests in Consolidated Entities	Redeemable Non-Controlling Non-controlling Non-Controlling non-controlling Non-Controlling
Non-Controlling Interests in Blackstone Holdings	Non-Controlling Non-Controlling Certain costs and expenses are borne directly by the Holdings Partnerships. Income (Loss), excluding those costs directly borne by and attributable to the Holdings Partnerships, is attributable to Non-Controlling
Compensation and Benefits	Compensation and Benefits Compensation and Benefits Compensation Compensation and Benefits — Incentive Fee Compensation — Compensation and Benefits — Performance Allocations Compensation — in-kind).
Other Income	Other Income Net Gains (Losses) from Fund Investment Activities in the Consolidated Statements of Operations include net realized gains (losses) from realizations and sales of investments, the net change in unrealized gains (losses) resulting from changes in the fair value of investments and interest income and expense and dividends attributable to the consolidated Blackstone Funds’ investments. Expenses incurred by consolidated Blackstone funds are separately presented within Fund Expenses in the Consolidated Statements of Operations. Other Income also includes amounts attributable to the Reduction of the Tax Receivable Agreement Liability. See Note 15. “Income Taxes — Other Income — Reduction of the Tax Receivable Agreement Liability” for additional information.
Income Taxes	Income Taxes The Blackstone Group Inc. is a corporation for U.S. federal income tax purposes and thus is subject to U.S. federal, state and local income taxes on Blackstone’s share of taxable income. The Blackstone Holdings Partnerships and certain of their subsidiaries operate in the U.S. as partnerships for U.S. federal income tax purposes and generally as corporate entities in non-U.S. non-U.S. Income taxes are accounted for using the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis, using tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current and deferred tax liabilities are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Consolidated Statements of Financial Condition. Blackstone uses the flow-through method to account for investment tax credits. Under this method, the investment tax credits are recognized as a reduction to income tax expense. Blackstone analyzes its tax filing positions in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions. Blackstone records unrecognized tax benefits on the basis of a two-step Blackstone recognizes interest on tax deficiencies as Interest Expense and income tax penalty payments and accrued interest and penalties from unrecognized tax benefits in General, Administrative, and Other expenses within the Consolidated Statement of Operations.
Net Income (Loss) Per Common Unit	Net Income (Loss) Per Share of Class A Common Stock Basic Income (Loss) Per Share of Class A Common Stock is calculated by dividing Net Income (Loss) Attributable to The Blackstone Group Inc. by the weighted-average number of Class A common stock, unvested participating shares of Class A common stock outstanding for the period and vested deferred restricted shares of Class A common stock that have been earned for which issuance of the related shares of Class A common stock is deferred until future periods. Diluted Income (Loss) Per Share of Class A Common Stock reflects the impact of all dilutive securities. Blackstone applies the treasury stock method to determine the dilutive weighted-average common units outstanding for certain equity-based compensation awards. Blackstone applies the “if-converted”
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 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 Consolidated Statements of Financial Condition. Additional disclosures relating to offsetting are discussed in Note 12. “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 Consolidated Statements of Financial Condition.
Derivative Instruments	Derivative Instruments Blackstone recognizes all derivatives as assets or liabilities on its 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”). 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. The fair values of hedging derivative instruments are reflected within Other Assets in the 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 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 Consolidated Statements of Financial Condition. Blackstone has elected to not offset derivative assets and liabilities or financial assets in its 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 12. “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 Consolidated Statement of Financial Condition. Blackstone recognizes lease expense for these leases on a straight-line basis over the lease term. Additional disclosures relating to leases are discussed in Note 14. “Leases”.
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 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 the Company on January 1, 2020 and requires a modified retrospective transition method that will result in a cumulative-effect adjustment in retained earnings upon adoption. The Company has identified all of the material financial assets and off-balance

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2019
Intangible Assets, Net	Intangible Assets, Net consists of the following: December 31, 2019 2018 Finite-Lived Intangible Assets/Contractual Rights $ 1,712,576 $ 1,712,576 Accumulated Amortization (1,315,068 ) (1,244,069 ) Intangible Assets, Net $ 397,508 $ 468,507
Changes in Partnership's Intangible Assets, Net	Changes in Blackstone’s Intangible Assets, Net consists of the following: Year Ended December 31, 2019 2018 2017 Balance, Beginning of Year $ 468,507 $ 409,828 $ 262,604 Amortization Expense (70,999 ) (59,021 ) (46,776 ) Acquisitions — 117,700 194,000 Balance, End of Year $ 397,508 $ 468,507 $ 409,828

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2019
Investments	Investments consist of the following: December 31, 2019 2018 Investments of Consolidated Blackstone Funds $ 8,380,698 $ 8,376,338 Equity Method Investments Partnership Investments 4,035,675 3,649,423 Accrued Performance Allocations 7,180,449 5,883,924 Corporate Treasury Investments 2,419,587 2,206,493 Other Investments 265,273 260,853 $ 22,281,682 $ 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 Consolidated Statements of Operations: Year Ended December 31, 2019 2018 2017 Realized Gains $ 15,983 $ 74,784 $ 165,106 Net Change in Unrealized Losses 109,445 (54,697 ) (21,016 ) Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds 125,428 20,087 144,090 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 157,401 171,635 177,507 Other Income — Net Gains from Fund Investment Activities $ 282,829 $ 191,722 $ 321,597
Summarized Financial Information of Partnership's Equity Method Investments	The summarized financial information of Blackstone’s equity method investments for December 31, 2019 are as follows: December 31, 2019 and the Year Then Ended Real Estate Private Equity Hedge Fund Credit Other (a) Total Statement of Financial Condition Assets Investments $ 119,951,496 $ 99,906,080 $ 26,516,304 $ 25,923,446 $ 849 $ 272,298,175 Other Assets 5,318,743 2,907,054 2,609,755 1,680,187 119,739 12,635,478 Total Assets $ 125,270,239 $ 102,813,134 $ 29,126,059 $ 27,603,633 $ 120,588 $ 284,933,653 Liabilities and Equity Debt $ 24,750,242 $ 12,399,899 $ 378,950 $ 6,687,654 $ — $ 44,216,745 Other Liabilities 6,575,483 1,124,857 2,402,920 1,535,636 24,717 11,663,613 Total Liabilities 31,325,725 13,524,756 2,781,870 8,223,290 24,717 55,880,358 Equity 93,944,514 89,288,378 26,344,189 19,380,343 95,871 229,053,295 Total Liabilities and Equity $ 125,270,239 $ 102,813,134 $ 29,126,059 $ 27,603,633 $ 120,588 $ 284,933,653 Statement of Operations Interest Income $ 535,274 $ 897,990 $ 16,708 $ 1,252,747 $ — $ 2,702,719 Other Income 1,422,711 46,126 206,630 313,009 109,692 2,098,168 Interest Expense (736,840 ) (416,603 ) (87,898 ) (250,261 ) — (1,491,602 ) Other Expenses (1,465,212 ) (1,011,584 ) (164,948 ) (470,033 ) (61,423 ) (3,173,200 ) Net Realized and Unrealized Gain from Investments 9,671,224 9,233,285 1,700,722 (456,651 ) — 20,148,580 Net Income $ 9,427,157 $ 8,749,214 $ 1,671,214 $ 388,811 $ 48,269 $ 20,284,665 (a) Other represents the summarized financial information of equity method investments whose results, for segment reporting purposes, have been allocated across more than one of Blackstone’s segments. The summarized financial information of Blackstone’s equity method investments for December 31, 2018 are as follows: December 31, 2018 and the Year Then Ended Real Estate Private Equity Hedge Fund Credit Other (a) Total Statement of Financial Condition Assets Investments $ 89,742,226 $ 79,718,783 $ 26,336,573 $ 24,634,380 $ 353 $ 220,432,315 Other Assets 3,542,235 2,257,152 3,119,639 1,706,579 125,007 10,750,612 Total Assets $ 93,284,461 $ 81,975,935 $ 29,456,212 $ 26,340,959 $ 125,360 $ 231,182,927 Liabilities and Partners’ Capital Debt $ 15,081,536 $ 9,989,289 $ 350,982 $ 5,087,998 $ — $ 30,509,805 Other Liabilities 3,568,159 749,043 1,529,466 1,338,712 28,295 7,213,675 Total Liabilities 18,649,695 10,738,332 1,880,448 6,426,710 28,295 37,723,480 Partners’ Capital 74,634,766 71,237,603 27,575,764 19,914,249 97,065 193,459,447 Total Liabilities and Partners’ Capital $ 93,284,461 $ 81,975,935 $ 29,456,212 $ 26,340,959 $ 125,360 $ 231,182,927 Statement of Operations Interest Income $ 377,615 $ 1,022,387 $ 6,695 $ 1,130,490 $ — $ 2,537,187 Other Income 1,244,754 92,696 166,842 417,883 106,525 2,028,700 Interest Expense (518,137 ) (278,348 ) (17,780 ) (228,734 ) — (1,042,999 ) Other Expenses (921,990 ) (903,737 ) (150,135 ) (547,612 ) (65,249 ) (2,588,723 ) Net Realized and Unrealized Gain from Investments 4,437,434 10,172,066 352,018 (733,747 ) — 14,227,771 Net Income $ 4,619,676 $ 10,105,064 $ 357,640 $ 38,280 $ 41,276 $ 15,161,936 (a) Other represents the summarized financial information of equity method investments whose results, for segment reporting purposes, have been allocated across more than one of Blackstone’s segments. The summarized financial information of Blackstone’s equity method investments for December 31, 2017 are as follows: December 31, 2017 and the Year Then Ended Real Estate Private Equity Hedge Fund Solutions Credit Other (a) Total Statement of Financial Condition Assets Investments $ 67,780,737 $ 50,339,913 $ 21,639,763 $ 22,593,717 $ 363 $ 162,354,493 Other Assets 3,077,573 2,283,602 1,969,832 1,573,279 154,131 9,058,417 Total Assets $ 70,858,310 $ 52,623,515 $ 23,609,595 $ 24,166,996 $ 154,494 $ 171,412,910 Liabilities and Partners’ Capital Debt $ 6,329,068 $ 6,779,634 $ 53,787 $ 4,896,346 $ — $ 18,058,835 Other Liabilities 1,618,408 430,763 1,150,307 420,988 39,923 3,660,389 Total Liabilities 7,947,476 7,210,397 1,204,094 5,317,334 39,923 21,719,224 Partners’ Capital 62,910,834 45,413,118 22,405,501 18,849,662 114,571 149,693,686 Total Liabilities and Partners’ Capital $ 70,858,310 $ 52,623,515 $ 23,609,595 $ 24,166,996 $ 154,494 $ 171,412,910 Statement of Operations Interest Income $ 485,751 $ 362,788 $ 2,942 $ 928,670 $ — $ 1,780,151 Other Income 1,334,544 45,770 91,006 178,281 107,204 1,756,805 Interest Expense (180,258 ) (121,876 ) (2,086 ) (127,153 ) — (431,373 ) Other Expenses (703,165 ) (568,369 ) (435,974 ) (258,157 ) (57,830 ) (2,023,495 ) Net Realized and Unrealized Gain from Investments 12,223,852 7,892,937 1,054,516 584,366 — 21,755,671 Net Income $ 13,160,724 $ 7,611,250 $ 710,404 $ 1,306,007 $ 49,374 $ 22,837,759 (a) Other represents the summarized financial information of equity method investments whose results, for segment reporting purposes, have been allocated across more than one of Blackstone’s segments.
Performance Fees Allocated to Funds	Accrued Performance Allocations to Blackstone were as follows: Real Estate Private Equity Hedge Fund 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 1,866,491 935,707 48,484 124,526 2,975,208 Foreign Exchange Loss (10,367 ) — — — (10,367 ) Fund Distributions (1,069,530 ) (514,677 ) (47,454 ) (36,655 ) (1,668,316 ) Accrued Performance Allocations, December 31, 2019 $ 3,639,855 $ 3,063,149 $ 23,951 $ 453,494 $ 7,180,449
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: Year Ended December 31, 2019 2018 2017 Realized Gains (Losses) $ 28,585 $ (1,024 ) $ 4,378 Net Change in Unrealized Gains (Losses) 62,042 (38,113 ) 50,222 $ 90,627 $ (39,137 ) $ 54,600
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: Year Ended December 31, 2019 2018 2017 Realized Gains $ 46,248 $ 56,381 $ 4,886 Net Change in Unrealized Gains 21,450 20,335 14,324 $ 67,698 $ 76,716 $ 19,210

Net Asset Value as Fair Value (

Net Asset Value as Fair Value (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2019 is presented below: Strategy Fair Value Unfunded Redemption Redemption Diversified Instruments $ 221,901 $ 126 (a) (a) Credit Driven 79,092 268 (b) (b) Equity 6,245 — (c) (c) Commodities 1,613 — (d) (d) $ 308,851 $ 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 21% of the fair value of the investments in this category are in liquidation. The remaining 79% 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 are in liquidation. As of the reporting date, the investee fund manager had elected to side (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)	12 Months Ended
	Dec. 31, 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. December 31, 2019 December 31, 2018 Assets Liabilities Assets Liabilities Notional Fair Notional Fair Notional Fair Notional Fair Freestanding Derivatives Blackstone Interest Rate Contracts $ 1,256,287 $ 53,129 $ 165,852 $ 4,895 $ 798,137 $ 43,632 $ 844,620 $ 39,164 Foreign Currency Contracts 344,422 1,231 97,626 802 224,841 1,286 245,371 1,636 Credit Default Swaps 7,617 36 16,697 197 — — 34,060 4,004 Investments of Consolidated Blackstone Funds Foreign Currency Contracts 106,906 307 40,110 1,167 108,271 524 16,952 164 Interest Rate Contracts — — 33,000 1,728 — — 10,000 311 Credit Default Swaps 5,108 58 47,405 960 20,952 55 46,685 5,710 Total Return Swaps 4,558 21 27,334 464 — — 31,440 1,855 Other 1 4 1 2 — — — — $ 1,724,899 $ 54,786 $ 428,025 $ 10,215 $ 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 Consolidated Statements of Operations from derivative financial instruments : Year Ended December 31, 2019 2018 2017 Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ (3,570 ) $ 2,968 $ (2,400 ) Foreign Currency Contracts 6,099 10,761 (6,333 ) Credit Default Swaps 3,209 (539 ) (3,764 ) Total Return Swaps (908 ) 145 295 Other (286 ) (120 ) (417 ) $ 4,544 $ 13,215 $ (12,619 ) Net Change in Unrealized Gains (Losses) Interest Rate Contracts 50,431 36,472 (24,629 ) Foreign Currency Contracts (441 ) (6,682 ) (3,556 ) Credit Default Swaps 3,400 (521 ) 4,881 Total Return Swaps 1,296 (2,107 ) (447 ) Other (36 ) — 129 $ 54,650 $ 27,162 $ (23,622 )

Fair Value Option (Tables)

Fair Value Option (Tables)	12 Months Ended
	Dec. 31, 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: December 31, 2019 2018 Assets Loans and Receivables $ 500,751 $ 304,173 Equity and Preferred Securities 432,472 390,095 Debt Securities 506,924 529,698 Assets of Consolidated CLO Vehicles Corporate Loans 6,801,691 6,766,700 Other 770 — $ 8,242,608 $ 7,990,666 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes Loans Payable $ 6,455,016 $ 6,473,233 Due to Affiliates 57,717 3,201 Subordinated Notes Loans Payable 24,738 7,478 Due to Affiliates 20,535 52,811 $ 6,558,006 $ 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 table presents the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected: Year Ended December 31, 2019 2018 2017 Realized (Losses) Net Change (Losses) Realized (Losses) Net Change (Losses) Realized (Losses) Net Change (Losses) Assets Loans and Receivables $ (4,595 ) $ (6,533 ) $ 291 $ (447 ) $ (1,214 ) $ 6,590 Equity and Preferred Securities 16,493 (2,331 ) 3,451 (3,589 ) 4,611 22,326 Debt Securities (7,139 ) 12,748 (1,105 ) (29,069 ) 4,866 (3,390 ) Assets of Consolidated CLO Vehicles Corporate Loans (29,191 ) 96,221 (8,749 ) (285,698 ) (3,827 ) (6,603 ) Corporate Bonds — — (24,056 ) 9,693 12,442 (36,219 ) Other — 133 — 6 — 454 $ (24,432 ) $ 100,238 $ (30,168 ) $ (309,104 ) $ 16,878 $ (16,842 ) Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ — $ (40,050 ) $ — $ 51,048 $ — $ — Subordinated Notes — 15,017 — 254,966 — 81,460 $ — $ (25,033 ) $ — $ 306,014 $ — $ 81,460
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: December 31, 2019 December 31, 2018 For Financial Assets Past Due (a) For Financial Assets Past Due (a) Excess Fair Excess Excess Fair Excess Loans and Receivables $ (3,875 ) $ — $ — $ 2,421 $ — $ — Debt Securities (14,667 ) — — (26,660 ) — — Assets of Consolidated CLO Vehicles Corporate Loans (234,430 ) — — (301,085 ) — — Other 133 — — — — — $ (252,839 ) $ — $ — $ (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)	12 Months Ended
	Dec. 31, 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: December 31, 2019 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents — Money Market Funds and Short-Term Investments $ 456,784 $ — $ — $ — $ 456,784 Investments Investments of Consolidated Blackstone Funds (a) Investment Funds — — — 23,647 23,647 Equity Securities 31,812 40,495 255,900 — 328,207 Partnership and LLC Interests — 13,116 418,250 — 431,366 Debt Instruments — 715,246 79,381 — 794,627 Freestanding Derivatives Foreign Currency Contracts — 307 — — 307 Credit Default Swaps — 58 — — 58 Total Return Swaps — 21 — — 21 Other — 4 — — 4 Assets of Consolidated CLO Vehicles Corporate Loans — 6,505,720 295,971 — 6,801,691 Other — — 770 — 770 Total Investments of Consolidated Blackstone Funds 31,812 7,274,967 1,050,272 23,647 8,380,698 Corporate Treasury Investments Equity Securities 429,527 — — — 429,527 Debt Instruments 297,111 1,385,582 26,345 — 1,709,038 Other — — 2,944 278,078 281,022 Total Corporate Treasury Investments 726,638 1,385,582 29,289 278,078 2,419,587 Other Investments 200,478 — — 7,126 207,604 Total Investments 958,928 8,660,549 1,079,561 308,851 11,007,889 Accounts Receivable — Loans and Receivables — — 500,751 — 500,751 Other Assets Freestanding Derivatives Interest Rate Contracts 502 52,627 — — 53,129 Foreign Currency Contracts — 1,231 — — 1,231 Credit Default Swaps — 36 — — 36 Total Other Assets 502 53,894 — — 54,396 $ 1,416,214 $ 8,714,443 $ 1,580,312 $ 308,851 $ 12,019,820 December 31, 2019 Level I Level II Level III Total Liabilities Loans Payable — Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 6,455,016 $ — $ 6,455,016 Subordinated Notes (b) — 24,738 — 24,738 Total Loans Payable — 6,479,754 — 6,479,754 Due to Affiliates — Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) — 57,717 — 57,717 Subordinated Notes (b) — 20,535 — 20,535 Total Due to Affiliates — 78,252 — 78,252 Securities Sold, Not Yet Purchased 19,977 55,569 — 75,546 Accounts Payable, Accrued Expenses and Other Liabilities Liabilities of Consolidated Blackstone Funds — Freestanding Derivatives (a) Foreign Currency Contracts — 1,167 — 1,167 Credit Default Swaps — 960 — 960 Total Return Swaps — 464 — 464 Interest Rate Swaps — 1,728 — 1,728 Other — 2 — 2 Total Liabilities of Consolidated Blackstone Funds — 4,321 — 4,321 Freestanding Derivatives Interest Rate Contracts 150 4,745 — 4,895 Foreign Currency Contracts — 802 — 802 Credit Default Swaps — 197 — 197 Total Freestanding Derivatives 150 5,744 — 5,894 Total Accounts Payable, Accrued Expenses and Other Liabilities 150 10,065 — 10,215 $ 20,127 $ 6,623,640 $ — $ 6,643,767 December 31, 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 Vehicles (a) 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 December 31, 2019: Fair Value Valuation Unobservable Ranges Weighted Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 198,094 Discounted Cash Flows Discount Rate 7.2% 13.1% Revenue CAGR 0.0% - 25.4% 9.1% Book Value Multiple 0.9x - 10.0x 6.4x EBITDA Multiple 1.1x - 13.5x 8.3x Exit Capitalization Rate 5.0% - 11.4% 7.9% Exit Multiple - 0.1x - 9.5x Exit Multiple - NOI 14.3x N/A Exit Multiple - P/E 17.0x N/A 471 Market Comparable Companies Book Value Multiple 1.1x N/A 30,250 Other N/A N/A N/A 26,958 Transaction Price N/A N/A N/A 127 Third Party Pricing N/A N/A N/A Partnership and LLC Interests 367,308 Discounted Cash Flows Discount Rate 0.9% - 9.2% Revenue CAGR -4.3% - 17.1% Book Value Multiple 1.0x - 1.1x 1.1x EBITDA Multiple 6.5x - 14.0x 9.8x Exit Capitalization Rate 2.0% - 5.8% Exit Multiple - EBITDA 3.5x - 18.6x 10.2x Exit Multiple - NOI 13.0x - 14.6x 3,330 Market Comparable Companies Book Value Multiple 1.2x N/A Dollar/Acre Multiple $12.0 N/A 2,637 Other N/A N/A N/A 44,975 Transaction Price N/A N/A N/A Debt Instruments 8,628 Discounted Cash Flows Discount Rate 7.1% - 12.1% Exit Capitalization Rate 5.5% - 8.0% 6.7% Exit Multiple - EBITDA 6.5x N/A 69,620 Third Party Pricing N/A N/A N/A 1,133 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 296,741 Third Party Pricing N/A N/A N/A Total Investments of Consolidated Blackstone Funds 1,050,272 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted Corporate Treasury Investments $ 10,332 Discounted Cash Flows Discount Rate 3.2% - 7.1% 5.7% Default Rate 2.0% N/A Pre-payment 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 8.0% - 70.0% 67.9% Reinvestment Rate LIBOR + 400 bps N/A 2,944 Market Comparable Companies EBITDA Multiple 6.2x - 8.8x 8.1x 16,013 Third Party Pricing N/A N/A N/A Loans and Receivables 406,498 Discounted Cash Flows Discount Rate 5.2% - 9.8% 7.7% 94,253 Transaction Price N/A N/A N/A $ 1,580,312 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- Average (a) Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 138,725 Discounted Cash Flows Discount Rate 7.1% - 12.6% Revenue CAGR -0.8% - 6.6% Book Value Multiple 0.9x - 9.5x 8.3x Exit Capitalization Rate 5.0% - 8.0% Exit Multiple - 0.1x - 10.3x Exit Multiple - NOI 12.8x N/A Exit Multiple - 17.0x N/A 21,050 Market Comparable Companies Book Value Multiple 0.8x - 8.0x 1.3x Dollar/Acre Multiple $7.0 - $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% - 9.7% Revenue CAGR -1.1% - 26.9% Book Value Multiple 8.5x - 9.3x 9.2x Exit Capitalization Rate 2.9% - 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 - $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% - 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 21 Months Recovery Rate 17.5% - 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% - 8.7% Other Investments 26,631 Discounted Cash Flows Discount Rate 1.0% - 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 Consolidated Statements of Operations. Level III Financial Assets at Fair Value Year Ended December 31, 2019 2018 Investments of Loans and Other Total Investments of Loans and Receivables Other 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) 154,046 — 29,941 183,987 190,497 — 8,484 198,981 Transfer Out of Level III (b) (507,546 ) — (40,426 ) (547,972 ) (127,829 ) — (56,534 ) (184,363 ) Purchases 510,516 1,037,019 18,816 1,566,351 862,844 1,016,838 28,041 1,907,723 Sales (536,156 ) (834,145 ) (34,905 ) (1,405,206 ) (457,824 ) (953,538 ) (43,213 ) (1,454,575 ) Settlements — (21,262 ) — (21,262 ) — (22,285 ) (73 ) (22,358 ) Changes in Gains (Losses) Included in Earnings 65,396 14,966 (322 ) 80,040 34,096 23,499 (162 ) 57,433 Balance, End of Period $ 1,050,272 $ 500,751 $ 29,289 $ 1,580,312 $ 1,364,016 $ 304,173 $ 56,185 $ 1,724,374 Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ 33,721 $ (6,533 ) $ 588 $ 27,776 $ (4,378 ) $ — $ 2,439 $ (1,939 ) (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)	12 Months Ended
	Dec. 31, 2019
Maximum Exposure to Loss Relating to Non-Consolidated VIEs	Blackstone’s maximum exposure to loss relating to non-consolidated VIEs were as follows: December 31, December 31, Investments $ 1,216,932 $ 942,700 Due from Affiliates 143,949 254,744 Potential Clawback Obligation 109,240 159,691 Maximum Exposure to Loss $ 1,470,121 $ 1,357,135 Amounts Due to Non-Consolidated $ 231 $ 207

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	12 Months Ended
	Dec. 31, 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: December 31, 2019 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 - 90 Greater than Total Repurchase Agreements Asset-Backed Securities $ — $ 42,459 $ 88,868 $ 22,791 $ 154,118 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 12. “Offsetting of Assets and Liabilities” $ 154,118 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 12. “Offsetting of Assets and Liabilities” $ — December 31, 2018 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 Days 30 - 90 Greater than Total Repurchase Agreements Asset-Backed Securities $ — $ 42,908 $ 144,731 $ 34,563 $ 222,202 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 12. “Offsetting of Assets and Liabilities” $ 222,202 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 12. “Offsetting of Assets and Liabilities” $ —

Other Assets and Accounts Pay_2

Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2019
Other Assets	Other Assets consists of the following: December 31, 2019 2018 Furniture, Equipment and Leasehold Improvements $ 417,373 $ 360,571 Less: Accumulated Depreciation (262,891 ) (240,199 ) Furniture, Equipment and Leasehold Improvements, Net 154,482 120,372 Prepaid Expenses 159,333 110,732 Freestanding Derivatives 54,396 44,918 Other 14,282 18,226 $ 382,493 $ 294,248

Offsetting of Assets And Liab_2

Offsetting of Assets And Liabilities (Tables)	12 Months Ended
	Dec. 31, 2019
Offsetting of Assets	The following tables present the offsetting of assets and liabilities as of December 31, 2019 and 2018: December 31, 2019 Gross and Net Amounts of Assets Presented in the Statement of Gross Amounts Not Offset in Financial Condition Financial Instruments (a) Cash Collateral Received Net Assets Freestanding Derivatives $ 54,479 $ 380 $ — $ 54,099 December 31, 2018 Gross and Net Amounts of Assets Presented in the Statement of Gross Amounts Not Offset in Financial Condition Financial Instruments (a) Cash Collateral Received Net Assets Freestanding Derivatives $ 45,416 $ 37,788 $ 5,547 $ 2,081
Offsetting of Liabilities	December 31, 2019 Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition Gross Amounts Not Offset in Financial Condition Financial Instruments (a) Cash Collateral Pledged Net Liabilities Freestanding Derivatives $ 10,215 $ 380 $ 9,198 $ 637 Repurchase Agreements 154,118 154,118 — — $ 164,333 $ 154,498 $ 9,198 $ 637 December 31, 2018 Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition Gross Amounts Not Offset in Financial Condition Financial Instruments Cash Collateral Pledged Net 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.

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2019
Partnership's Credit Facilities	Blackstone’s credit facilities consist of the following: December 31, 2019 2018 Credit Borrowing Effective Interest Rate Credit Borrowing Effective Interest Rate Revolving Credit Facility (a) $ 1,600,000 $ — — $ 1,600,000 $ — — Blackstone Issued Senior Notes (b) 5.875%, Due 3/15/2021 — — — 400,000 400,000 6.01% 4.750%, Due 2/15/2023 400,000 400,000 5.08% 400,000 400,000 5.08% 2.000%, Due 5/19/2025 336,390 336,390 2.12% 344,010 344,010 2.14% 1.000%, Due 10/5/2026 672,780 672,780 1.13% 688,020 688,020 1.14% 3.150%, Due 10/2/2027 300,000 300,000 3.30% 300,000 300,000 3.30% 1.500%, Due 4/10/2029 672,780 672,780 1.70% — — — 2.500%, Due 1/10/2030 500,000 500,000 2.71% — — — 6.250%, Due 8/15/2042 250,000 250,000 6.65% 250,000 250,000 6.65% 5.000%, Due 6/15/2044 500,000 500,000 5.16% 500,000 500,000 5.16% 4.450%, Due 7/15/2045 350,000 350,000 4.56% 350,000 350,000 4.56% 4.000%, Due 10/2/2047 300,000 300,000 4.20% 300,000 300,000 4.20% 3.500%, Due 9/10/2049 400,000 400,000 3.61% — — — 6,281,950 4,681,950 5,132,030 3,532,030 Blackstone Fund Facilities (c) 113 113 3.68% — — — CLO Vehicles (d) 6,859,535 6,859,535 3.55% 6,863,285 6,863,285 4.20% $ 13,141,598 $ 11,541,598 $ 11,995,315 $ 10,395,315 (a) The Issuer has a credit facility (the “Credit Facility”) with Citibank, N.A., as Administrative Agent in the amount of Interest on the borrowings is based on an adjusted LIBOR rate or alternate base rate, in each case plus a margin, and undrawn commitments bear a commitment fee of 0.06%. The margin above adjusted LIBOR used to calculate the interest on borrowings was 0.75% as of December 31, 2019 and 2018. The margin is subject to change based on Blackstone’s credit rating. Borrowings may also be made in U.K. sterling, euros, Swiss francs, Japanese yen or Canadian dollars, in each case subject to certain sub-limits. The Credit Facility contains customary representations, covenants and events of default. Financial covenants consist of a maximum net leverage ratio and a requirement to keep a minimum amount of fee-earning assets under management, each tested quarterly. The Borrowing Outstanding at each date represent outstanding but undrawn letters of credit against the credit facility. (b) The Issuer has issued long-term borrowings in the form of senior notes (the “Notes”). The Notes are unsecured and unsubordinated obligations of the Issuer. The Notes are fully and unconditionally guaranteed, jointly and severally, by Blackstone, Blackstone Holdings (the “Guarantors”), and the Issuer. The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to the issuance of the Notes have been deducted from the Note liability and are being amortized over the life of the Notes. The indentures include covenants, including limitations on the Issuer’s and the Guarantors’ ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The indentures also provide for events of default and further provide that the trustee or the holders of not less than in aggregate principal amount of the outstanding Notes may declare the Notes immediately due and payable upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the Notes and any accrued and unpaid interest on the Notes automatically become due and payable. All or a portion of the Notes may be redeemed at the Issuer’s option in whole or in part, at any time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the Notes. If a change of control repurchase event occurs, the holders of the Notes may require the Issuer to repurchase the Notes at a repurchase price in cash equal to of the aggregate principal amount of the Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of repurchase. (c) Represents borrowing facilities for the various consolidated Blackstone Funds used to meet liquidity and investing needs. Certain borrowings under these facilities were used for bridge financing and general liquidity purposes. Other borrowings were used to finance the purchase of investments with the borrowing remaining in place until the disposition or refinancing event. Such borrowings have varying maturities and are rolled over until the disposition or a refinancing event. Because the timing of such events is unknown and may occur in the near term, these borrowings are considered short-term in nature. Borrowings bear interest at spreads to market rates. Borrowings were secured according to the terms of each facility and are generally secured by the investment purchased with the proceeds of the borrowing and/or the uncalled capital commitment of each respective fund. Certain facilities have commitment fees. When a fund borrows, the proceeds are available only for use by that fund and are not available for the benefit of other funds. Collateral within each fund is also available only against the borrowings by that fund and not against the borrowings of other funds. (d) Represents borrowings due to the holders of debt securities issued by CLO vehicles consolidated by Blackstone. These amounts are included within Loans Payable and Due to Affiliates within the Consolidated Statements of Financial Condition.
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 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 December 31, 2019 2018 Senior Notes Carrying Fair Value (a) Carrying Fair Value (a) 5.875%, Due 3/15/2021 $ — $ — $ 398,947 $ 421,720 4.750%, Due 2/15/2023 396,247 429,280 395,166 417,600 2.000%, Due 5/19/2025 332,393 365,521 339,959 352,197 1.000%, Due 10/5/2026 664,229 691,012 679,193 647,564 3.150%, Due 10/2/2027 297,046 309,540 296,717 285,030 1.500%, Due 4/10/2029 667,425 708,841 — — 2.500%, Due 1/10/2030 489,841 493,500 — — 6.250%, Due 8/15/2042 238,437 338,200 238,221 289,225 5.000%, Due 6/15/2044 488,968 606,700 488,747 490,150 4.450%, Due 7/15/2045 344,157 396,235 344,038 329,770 4.000%, Due 10/2/2047 290,344 321,780 290,163 262,800 3.500%, Due 9/10/2049 391,769 399,961 — — $ 4,600,856 $ 5,060,570 $ 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.
Partnership's Borrowings Through Consolidated CLO Vehicles	Borrowings through the consolidated CLO vehicles consisted of the following: December 31, 2019 2018 Borrowing Effective Interest Weighted- Borrowing Effective Interest Weighted- Senior Secured Notes $ 6,527,800 3.55% 3.5 $ 6,531,550 4.20% 7.5 Subordinated Notes 331,735 (a) N/A 331,735 (a) N/A $ 6,859,535 $ 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: December 31, 2019 2018 Amounts Due to Non- Amounts Due to Non- Fair Value Borrowing Fair Fair Value Borrowing Fair Senior Secured Notes $ 6,512,733 $ 57,750 $ 57,717 $ 6,476,434 $ 3,250 $ 3,201 Subordinated Notes 45,273 44,734 20,535 60,289 111,659 52,811 $ 6,558,006 $ 102,484 $ 78,252 $ 6,536,723 $ 114,909 $ 56,012
Scheduled Principal Payments for Borrowings	Scheduled principal payments for borrowings at December 31, 2019 were as follows: Operating Borrowings Blackstone Fund Facilities / CLO Vehicles Total Borrowings 2020 $ — $ 113 $ 113 2021 — — — 2022 — — — 2023 400,000 — 400,000 2024 — — — Thereafter 4,281,950 6,859,535 11,141,485 $ 4,681,950 $ 6,859,648 $ 11,541,598

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Schedule of components of lease expense	The components of lease expense were as follows: Year Ended December 31, 2019 Operating Lease Cost (a) Straight-Line Lease Cost (b) $ 90,640 Variable Lease Cost 14,574 Sublease Income (796 ) $ 104,418 (a) Rent expense for the years ended December 31, 2018 and 2017, was $109.9 million and $104.7 million, respectively. (b) 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: Year Ended Operating Cash Flows for Operating Leases $ 94,854 Non-Cash Right-of-Use 10,053
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 December 31, 2019: 2020 $ 84,639 2021 88,638 2022 79,533 2023 77,287 2024 65,289 Thereafter 207,090 Total Lease Payments (a) 602,476 Less: Imputed Interest (59,482 ) Present Value of Operating Lease Liabilities $ 542,994 (a) Excludes $138.7 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

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Before Provision for Taxes	The Income Before Provision (Benefit) for Taxes consists of the following: Year Ended December 31, 2019 2018 2017 Income Before Provision (Benefit) for Taxes U.S. Domestic Income $ 3,547,292 $ 3,308,202 $ 3,956,339 Foreign Income 270,723 204,739 161,750 $ 3,818,015 $ 3,512,941 $ 4,118,089
Provision (Benefit) for Income Taxes	The Provision (Benefit) for Taxes consists of the following: Year Ended December 31, 2019 2018 2017 Current Federal Income Tax $ 74,611 $ 73,525 $ 31,457 Foreign Income Tax 38,098 42,128 36,083 State and Local Income Tax 19,267 53,961 40,507 131,976 169,614 108,047 Deferred Federal Income Tax (222,790 ) 59,924 613,518 Foreign Income Tax 312 (2,518 ) (34 ) State and Local Income Tax 42,550 22,370 21,616 (179,928 ) 79,776 635,100 Provision (Benefit) for Taxes $ (47,952 ) $ 249,390 $ 743,147
Summary of Blackstone's Tax Position	The following table summarizes Blackstone’s tax position: Year Ended December 31, 2019 2018 2017 Income Before Provision (Benefit) for Taxes $ 3,818,015 $ 3,512,941 $ 4,118,089 Provision (Benefit) for Taxes $ (47,952 ) $ 249,390 $ 743,147 Effective Income Tax Rate -1.3 % 7.1 % 18.0 %
Reconciliations of Effective Income Tax Rate to Federal Statutory Tax Rate	The following table reconciles the effective income tax rate to the U.S. federal statutory tax rate: 2019 2018 Year Ended December 31, vs. vs. 2019 2018 2017 2018 2017 Statutory U.S. Federal Income Tax Rate 21.0 % 21.0 % 35.0 % — -14.0 % Income Passed Through to Common Shareholders and Non-Controlling -13.5 % -15.5 % -25.9 % 2.0 % 10.4 % State and Local Income Taxes 1.6 % 1.8 % 1.5 % -0.2 % 0.3 % Equity-Based Compensation — — -0.1 % — 0.1 % Change to a Taxable Corporation -10.3 % — — -10.3 % — Impact of the Tax Reform Bill — — 8.3 % — -8.3 % Change in Valuation Allowance (b) -0.8 % — — -0.8 % — Other 0.7 % -0.2 % -0.8 % 0.9 % 0.6 % Effective Income Tax Rate -1.3 % 7.1 % 18.0 % -8.4 % -10.9 % (a) Includes income that was not taxable to Blackstone and its subsidiaries. Such income was directly taxable to the common unitholders for the period prior to the Conversion and remains taxable to Blackstone’s non-controlling interest holders. (b) The Change in Valuation Allowance for the year ended December 31, 2019 represents the change from July 1, 2019 to December 31, 2019, following the change to a taxable corporation.
Summary of Tax Effects of Temporary Differences	A summary of the tax effects of the temporary differences is as follows: December 31, 2019 2018 Deferred Tax Assets Fund Management Fees $ — $ 6,955 Equity-Based Compensation — 69,484 Amortization and Depreciation — 768,984 Investment Basis Differences/Net Unrealized Gains and Losses 1,712,982 — Other 5,342 — Total Deferred Tax Assets Before Valuation Allowance 1,718,324 845,423 Valuation Allowance (629,019 ) — Total Net Deferred Tax Assets 1,089,305 845,423 Deferred Tax Liabilities Investment Basis Differences/Net Unrealized Gains and Losses 20,267 71,472 Other — 34,469 Total Deferred Tax Liabilities 20,267 105,941 Net Deferred Tax Asset s $ 1,069,038 $ 739,482
Blackstone's Unrecognized Tax Benefits Excluding Related Interest and Penalties	Blackstone’s unrecognized tax benefits, excluding related interest and penalties, were: December 31, 2019 2018 2017 Unrecognized Tax Benefits — January 1 $ 20,864 $ 11,454 $ 3,581 Additions for Tax Positions of Prior Years 4,908 9,671 11,167 Reductions for Tax Positions of Prior Years — (323 ) (1,860 ) Settlements (829 ) — (1,382 ) Exchange Rate Fluctuations 15 62 (52 ) Unrecognized Tax Benefits — December 31 $ 24,958 $ 20,864 $ 11,454

Earnings Per Share and Stockh_2

Earnings Per Share and Stockholder's Equity (Tables)	12 Months Ended
	Dec. 31, 2019
Basic and Diluted Net Income Per Common Stock	Basic and diluted net income per share of Class A common stock for the years ended December 31, 2019, 2018 and 2017 was calculated as follows: Year Ended December 31, 2019 2018 2017 Net Income for Per Share of Class A Common Stock Calculations Net Income Attributable to The Blackstone Group Inc., Basic $ 2,049,682 $ 1,541,788 $ 1,471,374 Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units — 1,185,799 — Net Income Attributable to The Blackstone Group Inc., Diluted $ 2,049,682 $ 2,727,587 $ 1,471,374 Shares/Units Outstanding Weighted-Average Shares of Class A Common Stock Outstanding, Basic 675,900,466 678,850,245 665,453,198 Weighted-Average Shares of Unvested Deferred Restricted Class A Common Stock 267,385 226,487 793,648 Weighted-Average Blackstone Holdings Partnership Units — 527,886,114 — Weighted-Average Shares of Class A Common Stock Outstanding, Diluted 676,167,851 1,206,962,846 666,246,846 Net Income Per Share of Class A Common Stock Basic $ 3.03 $ 2.27 $ 2.21 Diluted $ 3.03 $ 2.26 $ 2.21 Dividends Declared Per Share of Class A Common Stock (a) $ 1.92 $ 2.42 $ 2.32 (a) Dividends declared reflects the calendar date of the declaration for each distribution. The fourth quarter dividends, if any, for any fiscal year will be declared and paid in the subsequent fiscal year.
Summary of Anti-Dilutive Securities	The following table summarizes the anti-dilutive securities for the periods indicated: Year Ended December 31, 2019 2018 2017 Weighted-Average Blackstone Holdings Partnership Units 524,211,887 — 533,982,613
Schedule of Shares Eligible For Dividends and Distribution	As of December 31, 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/Units Class A Common Stock Outstanding 671,157,692 Unvested Participating Common Stock 9,299,732 Total Participating Common Stock 680,457,424 Participating Blackstone Holdings Partnership Units 515,973,657 1,196,431,081

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2019 and of changes during the period January 1, 2019 through December 31, 2019 is presented below: Blackstone Holdings The Blackstone Group Inc. Equity Settled Awards Cash Settled Awards Unvested Shares/Units Partnership Weighted- Deferred Shares Class A Stock Weighted- Phantom Weighted- Balance, December 31, 2018 31,554,127 $ 34.38 9,312,268 $ 31.43 46,808 $ 34.66 Granted 9,094,157 43.57 3,639,947 38.80 20,355 50.71 Vested (6,893,962 ) 35.68 (3,272,213 ) 31.18 (11,035 ) 48.59 Forfeited (1,595,104 ) 31.77 (710,266 ) 22.60 (4,787 ) 47.95 Balance, December 31, 2019 32,159,218 $ 36.25 8,969,736 $ 35.26 51,341 $ 52.85
Unvested Shares and Units, After Expected Forfeitures	The following unvested shares and units, after expected forfeitures, as of December 31, 2019, are expected to vest: Shares/Units Weighted-Average Blackstone Holdings Partnership Units 25,800,455 3.2 Deferred Restricted Shares of Class A Common Stock 7,465,122 2.2 Total Equity-Based Awards 33,265,577 2.9 Phantom Shares 39,155 2.9

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2019
Due from Affiliates and Due to Affiliates	Due from Affiliates and Due to Affiliates consisted of the following: December 31, 2019 2018 Due from Affiliates Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated $ 1,999,568 $ 1,520,100 Due from Certain Non-Controlling 573,679 462,475 Accrual for Potential Clawback of Previously Distributed Performance Allocations 21,626 11,548 $ 2,594,873 $ 1,994,123 December 31, 2019 2018 Due to Affiliates Due to Certain Non-Controlling $ 672,981 $ 796,902 Due to Non-Consolidated 100,286 99,728 Due to Note-Holders of Consolidated CLO Vehicles 78,252 56,012 Due to Certain Non-Controlling 48,433 53,613 Accrual for Potential Repayment of Previously Received Performance Allocations 126,919 29,521 $ 1,026,871 $ 1,035,776

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2019
Clawback Obligations by Segment	The following table presents the clawback obligations by are as follows: December 31, 2019 2018 Segment Blackstone Current and Total Blackstone Current and Total Real Estate $ 16,151 $ 10,597 $ 26,748 $ 15,770 $ 10,053 $ 25,823 Private Equity 82,276 2,860 85,136 13,296 (12,448 ) 848 Credit 6,866 8,169 15,035 1,355 1,495 2,850 $ 105,293 $ 21,626 $ 126,919 $ 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)	12 Months Ended
	Dec. 31, 2019
Financial Data of Segments	The following tables present the financial data for Blackstone’s four segments as of December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018 and 2017. December 31, 2019 and the Year Then Ended Real Estate Private Equity Hedge Fund Credit Total Segments Management and Advisory Fees, Net Base Management Fees $ 1,116,183 $ 986,482 $ 556,730 $ 586,535 $ 3,245,930 Transaction, Advisory and Other Fees, Net 175,831 115,174 3,533 19,882 314,420 Management Fee Offsets (26,836 ) (37,327 ) (138 ) (11,813 ) (76,114 ) Total Management and Advisory Fees, Net 1,265,178 1,064,329 560,125 594,604 3,484,236 Fee Related Performance Revenues 198,237 — — 13,764 212,001 Fee Related Compensation (531,259 ) (423,752 ) (151,960 ) (229,607 ) (1,336,578 ) Other Operating Expenses (168,332 ) (160,010 ) (81,999 ) (160,801 ) (571,142 ) Fee Related Earnings 763,824 480,567 326,166 217,960 1,788,517 Realized Performance Revenues 1,032,337 468,992 126,576 32,737 1,660,642 Realized Performance Compensation (374,096 ) (192,566 ) (24,301 ) (12,972 ) (603,935 ) Realized Principal Investment Income 79,733 90,249 21,707 32,466 224,155 Total Net Realizations 737,974 366,675 123,982 52,231 1,280,862 Total Segment Distributable Earnings $ 1,501,798 $ 847,242 $ 450,148 $ 270,191 $ 3,069,379 Segment Assets $ 9,023,353 $ 9,007,658 $ 2,238,048 $ 4,009,354 $ 24,278,413 December 31, 2018 and the Year Then Ended Real Estate Private Equity Hedge Fund Credit Total Segments Management and Advisory Fees, Net Base Management Fees $ 985,399 $ 785,223 $ 519,782 $ 553,921 $ 2,844,325 Transaction, Advisory and Other Fees, Net 152,513 58,165 3,180 15,640 229,498 Management Fee Offsets (11,442 ) (13,504 ) (93 ) (12,332 ) (37,371 ) Total Management and Advisory Fees, Net 1,126,470 829,884 522,869 557,229 3,036,452 Fee Related Performance Revenues 124,502 — — (666 ) 123,836 Fee Related Compensation (459,430 ) (375,446 ) (162,172 ) (219,098 ) (1,216,146 ) Other Operating Expenses (146,260 ) (133,096 ) (77,772 ) (131,200 ) (488,328 ) Fee Related Earnings 645,282 321,342 282,925 206,265 1,455,814 Realized Performance Revenues 914,984 757,406 42,419 96,962 1,811,771 Realized Performance Compensation (284,319 ) (318,167 ) (21,792 ) (53,863 ) (678,141 ) Realized Principal Investment Income 92,525 109,731 17,039 16,763 236,058 Total Net Realizations 723,190 548,970 37,666 59,862 1,369,688 Total Segment Distributable Earnings $ 1,368,472 $ 870,312 $ 320,591 $ 266,127 $ 2,825,502 Segment Assets $ 7,521,117 $ 7,548,544 $ 1,976,809 $ 3,592,356 $ 20,638,826 Year Ended December 31, 2017 Real Estate Private Equity Hedge Fund Credit Total Segments Management and Advisory Fees, Net Base Management Fees $ 872,191 $ 724,818 $ 516,048 $ 567,334 $ 2,680,391 Transaction, Advisory and Other Fees, Net 82,781 57,624 2,980 13,431 156,816 Management Fee Offsets (15,934 ) (18,007 ) (93 ) (32,382 ) (66,416 ) Total Management and Advisory Fees, Net 939,038 764,435 518,935 548,383 2,770,791 Fee Related Performance Revenues 79,500 — — 89,945 169,445 Fee Related Compensation (437,311 ) (347,562 ) (146,924 ) (253,842 ) (1,185,639 ) Other Operating Expenses (136,042 ) (120,997 ) (68,265 ) (99,562 ) (424,866 ) Fee Related Earnings 445,185 295,876 303,746 284,924 1,329,731 Realized Performance Revenues 2,141,374 1,157,188 154,343 194,902 3,647,807 Realized Performance Compensation (751,526 ) (404,544 ) (40,707 ) (100,834 ) (1,297,611 ) Realized Principal Investment Income 255,903 154,837 9,074 16,380 436,194 Total Net Realizations 1,645,751 907,481 122,710 110,448 2,786,390 Total Segment Distributable Earnings $ 2,090,936 $ 1,203,357 $ 426,456 $ 395,372 $ 4,116,121
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 years ended December 31, 2019, 2018 and 2017 along with Total Assets as of December 31, 2019 and 2018: Year Ended December 31, 2019 2018 2017 Revenues Total GAAP Revenues $ 7,338,270 $ 6,833,259 $ 7,145,015 Less: Unrealized Performance Allocations (a) (1,126,668 ) (561,163 ) 105,432 Less: Unrealized Principal Investment (Income) Loss (b) (113,327 ) 65,851 131,206 Less: Interest and Dividend Revenue (c) (192,593 ) (181,763 ) (142,920 ) Less: Other Revenue (d) (79,447 ) (89,468 ) 140,051 Impact of Consolidation (e) (88,164 ) (277,406 ) (322,729 ) Amortization of Intangibles (f) 1,548 1,548 1,548 Transaction-Related Charges (g) (168,170 ) (588,710 ) (40,153 ) Intersegment Eliminations 9,585 5,969 6,787 Total Segment Revenue (h) $ 5,581,034 $ 5,208,117 $ 7,024,237 Year Ended December 31, 2019 2018 2017 Expenses Total GAAP Expenses $ 3,964,651 $ 3,512,040 $ 3,752,378 Less: Unrealized Performance Allocations Compensation (i) (540,285 ) (319,742 ) (103,794 ) Less: Equity-Based Compensation (j) (230,194 ) (158,220 ) (107,110 ) Less: Interest Expense (k) (195,034 ) (159,838 ) (192,838 ) Impact of Consolidation (e) (55,902 ) (112,354 ) (133,081 ) Amortization of Intangibles (f) (64,383 ) (58,446 ) (46,749 ) Transaction-Related Charges (g) (376,783 ) (326,794 ) (267,477 ) Intersegment Eliminations 9,585 5,969 6,787 Total Segment Expenses (l) $ 2,511,655 $ 2,382,615 $ 2,908,116 Year Ended December 31, 2019 2018 2017 Other Income Total GAAP Other Income $ 444,396 $ 191,722 $ 725,452 Impact of Consolidation (e) (444,396 ) (191,722 ) (321,597 ) Transaction-Related Charges (g) — — (403,855 ) Total Segment Other Income $ — $ — $ — Year Ended December 31, 2019 2018 2017 Income Before Provision (Benefit) for Taxes Total GAAP Income Before Provision (Benefit) for Taxes $ 3,818,015 $ 3,512,941 $ 4,118,089 Less: Unrealized Performance Allocations (a) (1,126,668 ) (561,163 ) 105,432 Less: Unrealized Principal Investment (Income) Loss (b) (113,327 ) 65,851 131,206 Less: Interest and Dividend Revenue (c) (192,593 ) (181,763 ) (142,920 ) Less: Other Revenue (d) (79,447 ) (89,468 ) 140,051 Plus: Unrealized Performance Allocations Compensation (i) 540,285 319,742 103,794 Plus: Equity-Based Compensation (j) 230,194 158,220 107,110 Plus: Interest Expense (k) 195,034 159,838 192,838 Impact of Consolidation (e) (476,658 ) (356,774 ) (511,245 ) Amortization of Intangibles (f) 65,931 59,994 48,297 Transaction-Related Charges (g) 208,613 (261,916 ) (176,531 ) Total Segment Distributable Earnings $ 3,069,379 $ 2,825,502 $ 4,116,121 As of December 31, 2019 2018 Total Assets Total GAAP Assets $ 32,585,506 $ 28,924,650 Impact of Consolidation (e) (8,307,093 ) (8,285,824 ) Total Segment Assets $ 24,278,413 $ 20,638,826 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 (Loss) on a segment basis. (c) This adjustment removes Interest and Dividend Revenue on a segment basis. (d) This adjustment removes Other Revenue on a segment basis. For the years ended December 31, 2019, 2018 and 2017, Other Revenue on a GAAP basis was $80.0 million, $672.3 million and $(133.2) million and included $76.4 million, $87.4 million and $(146.5) million of foreign exchange gains (losses), respectively. (e) This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds, the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling (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: Year Ended December 31, 2019 2018 2017 Total Segment Management and Advisory Fees, Net $ 3,484,236 $ 3,036,452 $ 2,770,791 Total Segment Fee Related Performance Revenues 212,001 123,836 169,445 Total Segment Realized Performance Revenues 1,660,642 1,811,771 3,647,807 Total Segment Realized Principal Investment Income 224,155 236,058 436,194 Total Segment Revenues $ 5,581,034 $ 5,208,117 $ 7,024,237 (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: Year Ended December 31, 2019 2018 2017 Total Segment Fee Related Compensation $ 1,336,578 $ 1,216,146 $ 1,185,639 Total Segment Realized Performance Compensation 603,935 678,141 1,297,611 Total Segment Other Operating Expenses 571,142 488,328 424,866 Total Segment Expenses $ 2,511,655 $ 2,382,615 $ 2,908,116
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 Consolidated Statement of Operations for the years ended December 31, 2019, 2018 and 2017: Year Ended December 31, 2019 2018 2017 Management and Advisory Fees, Net GAAP $ 3,472,155 $ 3,027,796 $ 2,751,322 Segment Adjustment (a) 12,081 8,656 19,469 Total Segment $ 3,484,236 $ 3,036,452 $ 2,770,791 Year Ended December 31, 2019 2018 2017 GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues GAAP Incentive Fees $ 129,911 $ 57,540 $ 242,514 Investment Income — Realized Performance Allocations 1,739,000 1,876,507 3,571,811 GAAP 1,868,911 1,934,047 3,814,325 Total Segment Less: Realized Performance Revenues (1,660,642 ) (1,811,771 ) (3,647,807 ) Segment Adjustment (b) 3,732 1,560 2,927 Total Segment $ 212,001 $ 123,836 $ 169,445 Year Ended December 31, 2019 2018 2017 GAAP Compensation to Total Segment Fee Related Compensation GAAP Compensation $ 1,820,330 $ 1,609,957 $ 1,442,485 Incentive Fee Compensation 44,300 33,916 105,279 Realized Performance Allocations Compensation 662,942 711,076 1,281,965 GAAP 2,527,572 2,354,949 2,829,729 Total Segment Less: Realized Performance Compensation (603,935 ) (678,141 ) (1,297,611 ) Less: Equity-Based Compensation — Operating Compensation (221,684 ) (145,213 ) (93,410 ) Less: Equity-Based Compensation — Performance Compensation (8,510 ) (13,007 ) (13,700 ) Segment Adjustment (c) (356,865 ) (302,442 ) (239,369 ) Total Segment $ 1,336,578 $ 1,216,146 $ 1,185,639 Year Ended December 31, 2019 2018 2017 Realized Performance Compensation GAAP Incentive Fee Compensation $ 44,300 $ 33,916 $ 105,279 Realized Performance Allocations Compensation 662,942 711,076 1,281,965 GAAP 707,242 744,992 1,387,244 Total Segment Less: Fee Related Performance Compensation (94,797 ) (53,844 ) (75,933 ) Less: Equity-Based Compensation — Performance Compensation (8,510 ) (13,007 ) (13,700 ) Total Segment $ 603,935 $ 678,141 $ 1,297,611 Year Ended December 31, 2019 2018 2017 Realized Principal Investment Income GAAP $ 393,478 $ 415,862 $ 635,769 Segment Adjustment (e) (169,323 ) (179,804 ) (199,575 ) Total Segment $ 224,155 $ 236,058 $ 436,194 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 Year Ended December 31, 2019 2018 2017 GAAP General, Administrative and Other to Total Segment Other Operating Expenses GAAP $ 679,408 $ 594,873 $ 488,582 Segment Adjustment (d) (108,266 ) (106,545 ) (63,716 ) Total Segment $ 571,142 $ 488,328 $ 424,866

Quarterly Financial Data (Una_2

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Data	Three Months Ended March 31, June 30, 2019 September 30, December 31, Revenues $ 2,024,871 $ 1,486,806 $ 1,735,113 $ 2,091,480 Expenses 1,041,164 862,240 947,220 1,114,027 Other Income 130,325 61,131 223,056 29,884 Income Before Provision (Benefit) for Taxes $ 1,114,032 $ 685,697 $ 1,010,949 $ 1,007,337 Net Income $ 1,072,877 $ 646,961 $ 1,167,735 $ 978,394 Net Income Attributable to The Blackstone Group Inc. $ 481,304 $ 305,792 $ 779,437 $ 483,149 Net Income Per Share of Class A Common Stock Basic $ 0.71 $ 0.45 $ 1.15 $ 0.71 Diluted $ 0.71 $ 0.45 $ 1.15 $ 0.71 Dividends Declared (b) $ 0.58 $ 0.37 $ 0.48 $ 0.49 Three Months Ended March 31, June 30, 2018 (c) September 30, December 31, Revenues $ 1,769,131 $ 2,632,570 $ 1,926,580 $ 504,978 Expenses 982,931 1,016,381 1,017,632 495,096 Other Income (Loss) 110,599 73,519 66,838 (59,234 ) Income (Loss) Before Provision (Benefit) for Taxes $ 896,799 $ 1,689,708 $ 975,786 $ (49,352 ) Net Income (Loss) $ 842,304 $ 1,550,977 $ 948,988 $ (78,718 ) Net Income (Loss) Attributable to The Blackstone Group Inc. $ 367,872 $ 742,042 $ 442,742 $ (10,868 ) Net Income (Loss) Per Share of Class A Common Stock Basic $ 0.55 $ 1.09 $ 0.65 $ (0.02 ) Diluted $ 0.53 $ 1.09 $ 0.64 $ (0.02 ) Dividends Declared (b) $ 0.85 $ 0.35 $ 0.58 $ 0.64 (a) As a result of the Conversion, there was a reduction of $174.6 million of the tax receivable agreement liability during the three months ended September 30, 2019. The reduction of the tax receivable agreement liability was included in Other Income. (b) Dividends declared reflects the calendar date of the declaration of each dividend. (c) For the three months ended June 30, 2018, Revenues included $580.9 million of Transaction-Related Charges recorded in Other Revenues received upon the conclusion of Blackstone’s investment sub-advisory

Organization - Additional Infor

Organization - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2019SegmentPerson	Dec. 31, 2018Segment
Organization [Line Items]
Number of business segments | Segment	4	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	12 Months Ended
	Dec. 31, 2019	Jan. 01, 2019
Summary Of Significant Accounting Policies [Line Items]
Finite-lived intangible assets, useful life, years	7 years 10 months 24 days
Operating Lease, Liability	$ 542,994	$ 601,700
Right-of-Use Assets	$ 471,059	$ 540,700
Minimum
Summary Of Significant Accounting Policies [Line Items]
Finite-lived intangible assets, useful life, years	3 years
Minimum | Leasehold Improvements
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life, years	10 years
Minimum | Other Long Lived Assets
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life, years	3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Finite-lived intangible assets, useful life, years	20 years
Maximum | Leasehold Improvements
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life, years	15 years
Maximum | Other Long Lived Assets
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life, years	7 years

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets / Contractual Rights	$ 1,712,576	$ 1,712,576
Accumulated Amortization	(1,315,068)	(1,244,069)
Intangible Assets, Net	$ 397,508	$ 468,507	$ 409,828	$ 262,604

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)Segment	Dec. 31, 2018USD ($)Segment
Goodwill and Intangible Assets [Line Items]
Goodwill, carrying value	$ 1,869,860	$ 1,869,860
Number of business segments | Segment	4	4
Expected amortization of intangibles, 2020	$ 71,000
Expected amortization of intangibles, 2021	71,000
Expected amortization of intangibles, 2022	63,300
Expected amortization of intangibles, 2023	34,300
Expected amortization of intangibles, 2024	$ 26,900
Intangible assets expected to amortize over a weighted-average period	7 years 10 months 24 days
Private Equity Segment
Goodwill and Intangible Assets [Line Items]
Goodwill, carrying value	$ 870,000	$ 870,000
Real Estate Segment
Goodwill and Intangible Assets [Line Items]
Goodwill, carrying value	421,700	421,700
Hedge Fund Solutions
Goodwill and Intangible Assets [Line Items]
Goodwill, carrying value	172,100	172,100
Credit Segment
Goodwill and Intangible Assets [Line Items]
Goodwill, carrying value	$ 406,100	$ 406,100

Changes in Partnership's Intang

Changes in Partnership's Intangible Assets, Net (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Balance, Beginning of Year	$ 468,507	$ 409,828	$ 262,604
Amortization Expense	(70,999)	(59,021)	(46,776)
Acquisitions		117,700	194,000
Balance, End of Year	$ 397,508	$ 468,507	$ 409,828

Investments (Detail)

Investments (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Schedule of Investments [Line Items]
Investments	$ 22,281,682	$ 20,377,031
Partnership Investments
Schedule of Investments [Line Items]
Investments	4,035,675	3,649,423
Accrued Performance Allocations
Schedule of Investments [Line Items]
Investments	7,180,449	5,883,924
Other Investments
Schedule of Investments [Line Items]
Investments	265,273	260,853
Consolidated Blackstone Funds
Schedule of Investments [Line Items]
Investments	8,380,698	8,376,338
Corporate Treasury Investments
Schedule of Investments [Line Items]
Investments	$ 2,419,587	$ 2,206,493

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule of Investments [Line Items]
Investments	$ 22,281,682	$ 20,377,031
Recognized net gains related to equity method investments	455,800	430,600	$ 609,500
Equity investments, carrying value	$ 57,700
Patria Investments Limited and Patria Investimentos Ltda.
Schedule of Investments [Line Items]
Equity method investment, percentage	40.00%
Consolidated Blackstone Funds | Blackstone
Schedule of Investments [Line Items]
Investments	$ 347,400	$ 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	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Gain (Loss) on Securities [Line Items]
Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds	$ 3,473,813	$ 2,903,659	$ 4,144,712
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	182,398	171,947	139,696
Other Income - Net Gains from Fund Investment Activities	282,829	191,722	321,597
Consolidated Blackstone Funds
Gain (Loss) on Securities [Line Items]
Realized Gains	15,983	74,784	165,106
Net Change in Unrealized Gains (Losses)	109,445	(54,697)	(21,016)
Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds	125,428	20,087	144,090
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	157,401	171,635	177,507
Other Income - Net Gains from Fund Investment Activities	$ 282,829	$ 191,722	$ 321,597

Summarized Financial Informatio

Summarized Financial Information of Partnership's Equity Method Investments (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Investments		$ 272,298,175	$ 220,432,315	$ 162,354,493
Other Assets		12,635,478	10,750,612	9,058,417
Total Assets		284,933,653	231,182,927	171,412,910
Debt		44,216,745	30,509,805	18,058,835
Other Liabilities		11,663,613	7,213,675	3,660,389
Total Liabilities		55,880,358	37,723,480	21,719,224
Equity		229,053,295	193,459,447	149,693,686
Total Liabilities and Equity		284,933,653	231,182,927	171,412,910
Interest Income		2,702,719	2,537,187	1,780,151
Other Income		2,098,168	2,028,700	1,756,805
Interest Expense		(1,491,602)	(1,042,999)	(431,373)
Other Expenses		(3,173,200)	(2,588,723)	(2,023,495)
Net Realized and Unrealized Gain (Loss) from Investments		20,148,580	14,227,771	21,755,671
Net Income		20,284,665	15,161,936	22,837,759
Real Estate
Schedule of Equity Method Investments [Line Items]
Investments		119,951,496	89,742,226	67,780,737
Other Assets		5,318,743	3,542,235	3,077,573
Total Assets		125,270,239	93,284,461	70,858,310
Debt		24,750,242	15,081,536	6,329,068
Other Liabilities		6,575,483	3,568,159	1,618,408
Total Liabilities		31,325,725	18,649,695	7,947,476
Equity		93,944,514	74,634,766	62,910,834
Total Liabilities and Equity		125,270,239	93,284,461	70,858,310
Interest Income		535,274	377,615	485,751
Other Income		1,422,711	1,244,754	1,334,544
Interest Expense		(736,840)	(518,137)	(180,258)
Other Expenses		(1,465,212)	(921,990)	(703,165)
Net Realized and Unrealized Gain (Loss) from Investments		9,671,224	4,437,434	12,223,852
Net Income		9,427,157	4,619,676	13,160,724
Private Equity
Schedule of Equity Method Investments [Line Items]
Investments		99,906,080	79,718,783	50,339,913
Other Assets		2,907,054	2,257,152	2,283,602
Total Assets		102,813,134	81,975,935	52,623,515
Debt		12,399,899	9,989,289	6,779,634
Other Liabilities		1,124,857	749,043	430,763
Total Liabilities		13,524,756	10,738,332	7,210,397
Equity		89,288,378	71,237,603	45,413,118
Total Liabilities and Equity		102,813,134	81,975,935	52,623,515
Interest Income		897,990	1,022,387	362,788
Other Income		46,126	92,696	45,770
Interest Expense		(416,603)	(278,348)	(121,876)
Other Expenses		(1,011,584)	(903,737)	(568,369)
Net Realized and Unrealized Gain (Loss) from Investments		9,233,285	10,172,066	7,892,937
Net Income		8,749,214	10,105,064	7,611,250
Hedge Fund Solutions
Schedule of Equity Method Investments [Line Items]
Investments		26,516,304	26,336,573	21,639,763
Other Assets		2,609,755	3,119,639	1,969,832
Total Assets		29,126,059	29,456,212	23,609,595
Debt		378,950	350,982	53,787
Other Liabilities		2,402,920	1,529,466	1,150,307
Total Liabilities		2,781,870	1,880,448	1,204,094
Equity		26,344,189	27,575,764	22,405,501
Total Liabilities and Equity		29,126,059	29,456,212	23,609,595
Interest Income		16,708	6,695	2,942
Other Income		206,630	166,842	91,006
Interest Expense		(87,898)	(17,780)	(2,086)
Other Expenses		(164,948)	(150,135)	(435,974)
Net Realized and Unrealized Gain (Loss) from Investments		1,700,722	352,018	1,054,516
Net Income		1,671,214	357,640	710,404
Credit
Schedule of Equity Method Investments [Line Items]
Investments		25,923,446	24,634,380	22,593,717
Other Assets		1,680,187	1,706,579	1,573,279
Total Assets		27,603,633	26,340,959	24,166,996
Debt		6,687,654	5,087,998	4,896,346
Other Liabilities		1,535,636	1,338,712	420,988
Total Liabilities		8,223,290	6,426,710	5,317,334
Equity		19,380,343	19,914,249	18,849,662
Total Liabilities and Equity		27,603,633	26,340,959	24,166,996
Interest Income		1,252,747	1,130,490	928,670
Other Income		313,009	417,883	178,281
Interest Expense		(250,261)	(228,734)	(127,153)
Other Expenses		(470,033)	(547,612)	(258,157)
Net Realized and Unrealized Gain (Loss) from Investments		(456,651)	(733,747)	584,366
Net Income		388,811	38,280	1,306,007
Other
Schedule of Equity Method Investments [Line Items]
Investments	[1]	849	353	363
Other Assets	[1]	119,739	125,007	154,131
Total Assets	[1]	120,588	125,360	154,494
Other Liabilities	[1]	24,717	28,295	39,923
Total Liabilities	[1]	24,717	28,295	39,923
Equity	[1]	95,871	97,065	114,571
Total Liabilities and Equity	[1]	120,588	125,360	154,494
Other Income	[1]	109,692	106,525	107,204
Other Expenses	[1]	(61,423)	(65,249)	(57,830)
Net Income	[1]	$ 48,269	$ 41,276	$ 49,374
[1]	Other represents the summarized financial information of equity method investments whose results, for segment reporting purposes, have been allocated across more than one of Blackstone’s segments.

Performance Fees Allocated to F

Performance Fees Allocated to Funds (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	$ 20,377,031
Ending Balance	22,281,682
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	2,975,208
Foreign Exchange Loss	(10,367)
Fund Distributions	(1,668,316)
Ending Balance	7,180,449
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	1,866,491
Foreign Exchange Loss	(10,367)
Fund Distributions	(1,069,530)
Ending Balance	3,639,855
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	935,707
Fund Distributions	(514,677)
Ending Balance	3,063,149
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	48,484
Fund Distributions	(47,454)
Ending Balance	23,951
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	124,526
Fund Distributions	(36,655)
Ending Balance	$ 453,494

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	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Gain (Loss) on Securities [Line Items]
Total realized and net change in unrealized gains (losses)	$ 3,473,813	$ 2,903,659	$ 4,144,712
Corporate Treasury Investments
Gain (Loss) on Securities [Line Items]
Realized Gains (Losses)	28,585	(1,024)	4,378
Net Change in Unrealized Gains (Losses)	62,042	(38,113)	50,222
Total realized and net change in unrealized gains (losses)	$ 90,627	$ (39,137)	$ 54,600

Realized and Net Change in Un_2

Realized and Net Change in Unrealized Gains (Losses) in Other Investments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Gain (Loss) on Securities [Line Items]
Total Investment Income	$ 3,473,813	$ 2,903,659	$ 4,144,712
Other Investments
Gain (Loss) on Securities [Line Items]
Realized Gains	46,248	56,381	4,886
Net Change in Unrealized Gains	21,450	20,335	14,324
Total Investment Income	$ 67,698	$ 76,716	$ 19,210

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	Dec. 31, 2019USD ($)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 308,851
Unfunded Commitments	394
Diversified Instruments
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	221,901
Unfunded Commitments	126
Credit Driven
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	79,092	[1]
Unfunded Commitments	268	[1]
Equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	6,245	[2]
Commodities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 1,613	[3]
[1]	The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. Investments representing 21% of the fair value of the investments in this category are in liquidation. The remaining 79% of investments in this category are redeemable as of the reporting date.
[2]	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 are in liquidation. As of the reporting date, the investee fund manager had elected to side-pocket 70% of Blackstone’s investments in the category.
[3]	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)	12 Months Ended
	Dec. 31, 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	21.00%
Percentage of investments redeemable as of reporting date	79.00%
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	Dec. 31, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	$ 1,724,899	$ 1,152,201
Derivative Liabilities, Notional	428,025	1,229,128
Derivative Assets, Fair Value	54,786	45,497
Derivative Liabilities, Fair Value	10,215	52,844
Blackstone | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	7,617
Derivative Liabilities, Notional	16,697	34,060
Derivative Assets, Fair Value	36
Derivative Liabilities, Fair Value	197	4,004
Consolidated Blackstone Funds | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	5,108	20,952
Derivative Liabilities, Notional	47,405	46,685
Derivative Assets, Fair Value	58	55
Derivative Liabilities, Fair Value	960	5,710
Consolidated Blackstone Funds | Total Return Swaps
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	4,558
Derivative Liabilities, Notional	27,334	31,440
Derivative Assets, Fair Value	21
Derivative Liabilities, Fair Value	464	1,855
Foreign Currency Contracts | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	344,422	224,841
Derivative Liabilities, Notional	97,626	245,371
Derivative Assets, Fair Value	1,231	1,286
Derivative Liabilities, Fair Value	802	1,636
Foreign Currency Contracts | Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	106,906	108,271
Derivative Liabilities, Notional	40,110	16,952
Derivative Assets, Fair Value	307	524
Derivative Liabilities, Fair Value	1,167	164
Interest Rate Contracts | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	1,256,287	798,137
Derivative Liabilities, Notional	165,852	844,620
Derivative Assets, Fair Value	53,129	43,632
Derivative Liabilities, Fair Value	4,895	39,164
Interest Rate Contracts | Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Liabilities, Notional	33,000	10,000
Derivative Liabilities, Fair Value	1,728	$ 311
Other | Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	1
Derivative Liabilities, Notional	1
Derivative Assets, Fair Value	4
Derivative Liabilities, Fair Value	$ 2

Summary of Impact of Derivative

Summary of Impact of Derivative Financial Instruments to Consolidated Statements of Operations (Detail) - Freestanding Derivatives - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Realized Gains (Losses)	$ 4,544	$ 13,215	$ (12,619)
Net Change in Unrealized Gain (Loss)	54,650	27,162	(23,622)
Total Return Swaps
Derivative [Line Items]
Realized Gains (Losses)	(908)	145	295
Net Change in Unrealized Gain (Loss)	1,296	(2,107)	(447)
Credit Default Swap
Derivative [Line Items]
Realized Gains (Losses)	3,209	(539)	(3,764)
Net Change in Unrealized Gain (Loss)	3,400	(521)	4,881
Interest Rate Contracts
Derivative [Line Items]
Realized Gains (Losses)	(3,570)	2,968	(2,400)
Net Change in Unrealized Gain (Loss)	50,431	36,472	(24,629)
Foreign Currency Contracts
Derivative [Line Items]
Realized Gains (Losses)	6,099	10,761	(6,333)
Net Change in Unrealized Gain (Loss)	(441)	(6,682)	(3,556)
Other
Derivative [Line Items]
Realized Gains (Losses)	(286)	$ (120)	(417)
Net Change in Unrealized Gain (Loss)	$ (36)		$ 129

Summary of Financial Instrument

Summary of Financial Instruments for Which Fair Value Option Has Been Elected (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans and Receivables	$ 500,751	$ 304,173
Investments		1,364,016
Assets	8,242,608	7,990,666
Liabilities	6,558,006	6,536,723
Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments	506,924	529,698
Equity and Preferred Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments	432,472	390,095
Corporate Loans | Assets Of Consolidated CLO Vehicles
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments	6,801,691	6,766,700
Other | Assets Of Consolidated CLO Vehicles
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments	770
Liabilities of Consolidated CLO Vehicles | Senior Secured Notes
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of Loan payable	6,455,016	6,473,233
Fair value of due to Affiliates	57,717	3,201
Liabilities of Consolidated CLO Vehicles | Subordinated Notes
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of Loan payable	24,738	7,478
Fair value of due to Affiliates	$ 20,535	$ 52,811

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	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Realized Gains (Losses) | Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	$ (7,139)	$ (1,105)	$ 4,866
Realized Gains (Losses) | Assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(24,432)	(30,168)	16,878
Realized Gains (Losses) | Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(4,595)	291	(1,214)
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	16,493	3,451	4,611
Realized Gains (Losses) | Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(29,191)	(8,749)	(3,827)
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)	12,442
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	12,748	(29,069)	(3,390)
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	100,238	(309,104)	(16,842)
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	(6,533)	(447)	6,590
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	(25,033)	306,014	81,460
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	(2,331)	(3,589)	22,326
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	96,221	(285,698)	(6,603)
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	(36,219)
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	(40,050)	51,048
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	15,017	254,966	81,460
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	$ 133	$ 6	$ 454

Information for Financial Instr

Information for Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	$ (252,839)	$ (325,324)
Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	(14,667)	(26,660)
Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	(234,430)	(301,085)
Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	133
Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	$ (3,875)	$ 2,421

Fair Value Option - Additional

Fair Value Option - Additional Information (Detail) - USD ($)	Dec. 31, 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	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		$ 1,364,016
Accounts Receivable - Loans and Receivables	$ 500,751	304,173
Assets	8,242,608	7,990,666
Securities Sold, Not Yet Purchased	75,545	142,617
Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets	54,479	45,416
Derivatives liabilities	10,215	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	456,784	623,526
Total Investments	11,007,889	10,798,461
Accounts Receivable - Loans and Receivables	500,751	304,173
Derivatives assets	54,396	44,918
Assets	12,019,820	11,771,078
Fair value of Loan payable	6,479,754	6,480,711
Fair value of due to Affiliates	78,252	56,012
Securities Sold, Not Yet Purchased	75,546	142,617
Total Accounts Payable, Accrued Expenses and Other Liabilities	10,215	52,844
Liabilities	6,643,767	6,732,184
Fair Value, Measurements, Recurring | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities	5,894	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	307
Derivatives assets	1,231	1,286
Derivatives liabilities	802	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	53,129	43,632
Derivatives liabilities	4,895	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	6,801,691
Fair Value, Measurements, Recurring | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	207,604	215,630
Fair Value, Measurements, Recurring | Other | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	4
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	770
Fair Value, Measurements, Recurring | Credit Default Swap | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	58
Derivatives assets	36
Derivatives liabilities	197	4,004
Fair Value, Measurements, Recurring | Net Asset Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	308,851	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	308,851
Fair Value, Measurements, Recurring | Net Asset Value | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	7,126	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	6,455,016	6,473,233
Fair value of due to Affiliates	57,717	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	24,738	7,478
Fair value of due to Affiliates	20,535	52,811
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	8,380,698	8,376,338
Derivatives liabilities	4,321	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	21
Derivatives liabilities	464	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	1,167	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	1,728	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	23,647	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	328,207	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	431,366	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	794,627	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	2
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	960	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	23,647	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	23,647	80,726
Fair Value, Measurements, Recurring | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	2,419,587	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	429,527	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	1,709,038	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	281,022	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	278,078	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	278,078	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	456,784	623,526
Total Investments	958,928	696,500
Assets		1,321,300
Securities Sold, Not Yet Purchased	19,977	35,959
Total Accounts Payable, Accrued Expenses and Other Liabilities	150	3,080
Liabilities	20,127	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	1,416,214
Derivatives liabilities	150	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	502
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	502	1,274
Derivatives liabilities	150	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	200,478	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	31,812	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	31,812	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	726,638	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	429,527	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	297,111	243,297
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	8,660,549	8,333,627
Assets		8,377,271
Fair value of Loan payable	6,479,754	6,480,711
Fair value of due to Affiliates	78,252	56,012
Securities Sold, Not Yet Purchased	55,569	106,658
Total Accounts Payable, Accrued Expenses and Other Liabilities	10,065	49,764
Liabilities	6,623,640	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	8,714,443
Derivatives liabilities	5,744	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	53,894
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	307
Derivatives assets	1,231	1,286
Derivatives liabilities	802	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	52,627	42,358
Derivatives liabilities	4,745	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	6,505,720
Fair Value, Measurements, Recurring | Level 2 | Other | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	4
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	58
Derivatives assets	36
Derivatives liabilities	197	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	6,455,016	6,473,233
Fair value of due to Affiliates	57,717	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	24,738	7,478
Fair value of due to Affiliates	20,535	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	7,274,967	6,888,659
Derivatives liabilities	4,321	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	21
Derivatives liabilities	464	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	1,167	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	1,728	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	40,495	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	13,116	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	715,246	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	2
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	960	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	1,385,582	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	1,385,582	1,444,968
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	1,079,561	1,420,201
Accounts Receivable - Loans and Receivables	500,751	304,173
Assets	1,580,312	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	1,580,312
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	295,971
Fair Value, Measurements, Recurring | Level 3 | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	0	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	770
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	1,050,272
Assets	1,050,272	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	255,900	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	418,250	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	79,381	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	29,289	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	26,345	$ 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	$ 2,944

Summary of Quantitative Inputs

Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 8,242,608	$ 7,990,666
Fair Value, Measurements, Recurring
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	12,019,820	11,771,078
Fair Value, Measurements, Recurring | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	1,580,312	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	$ 406,498	$ 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	5.20%	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	9.80%	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	7.70%	8.70%
Fair Value, Measurements, Recurring | Level 3 | 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 | Equity Securities | Minimum | Discounted Cash Flows | Measurement Input, Commodity Market Price [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - P/E		17
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 26,631
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		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%
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
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		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		2.80%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 1,050,272	$ 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	$ 8,628
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Minimum | 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 | Assets Of Consolidated CLO Vehicles | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 296,741	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		$ 673,317
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	198,094	$ 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	471	21,050
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	30,250	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	26,958	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	$ 127	$ 49
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Dollar/Acre Multiple		7
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	7.20%	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	0.00%	(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	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	5.00%	5.00%
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]
EBITDA Multilpe	1.1
Exit Multiple - EBITDA	0.1	0.1
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	14.3
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
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	1.1	0.8
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Dollar/Acre Multiple		44.1
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	40.20%	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	25.40%	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	10	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%	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]
EBITDA Multilpe	13.5
Exit Multiple - EBITDA	17	17.5
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
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	13.10%	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	9.10%	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	6.4	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	7.90%	8.00%
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]
EBITDA Multilpe	8.3
Exit Multiple - EBITDA	9.5	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
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Weighted Average | Market Comparable Companies | Measurement Input, Commodity Market Price [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
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	$ 367,308	$ 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	3,330	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	2,637	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	$ 44,975	$ 41,188
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	0.90%	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	(4.30%)	(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	1	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	2.00%	2.90%
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]
EBITDA Multilpe	6.5
Exit Multiple - EBITDA	3.5	0.1
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	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	1.2	1.1
Dollar/Acre Multiple		5.3
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%	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	26.30%	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	1.1	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	27.00%	15.00%
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]
EBITDA Multilpe	14
Exit Multiple - EBITDA	18.6	15.3
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Maximum | Discounted Cash Flows | Measurement Input Net Operating Income Rate[Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - NOI	15.7
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 | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	9.20%	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	17.10%	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	1.1	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	5.80%	6.30%
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]
EBITDA Multilpe	9.8
Exit Multiple - EBITDA	10.2	10
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Weighted Average | Discounted Cash Flows | Measurement Input Net Operating Income Rate[Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - NOI	14.6
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	$ 1,133	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	$ 69,620	$ 120,843
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	7.10%	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 | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	58.20%	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 | Weighted Average | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	12.10%	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 | Corporate Treasury Investments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 10,332	$ 7,947
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	2,944
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Transaction Price Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	94,253
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Third Party Pricing Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 16,013	$ 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	3.20%	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%	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	8.00%	17.50%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Minimum | Market Comparable Companies | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multilpe	6.2
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	7.10%	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
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 | Maximum | Market Comparable Companies | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multilpe	8.8
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	5.70%	6.60%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Weighted Average | Discounted Cash Flows | Measurement Input, Expected Term [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Recovery Lag		13 months
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 | Weighted Average | Market Comparable Companies | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multilpe	8.1

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	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	$ 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	183,987	198,981
Transfer Out of Level III	(547,972)	(184,363)
Purchases	1,566,351	1,907,723
Sales	(1,405,206)	(1,454,575)
Settlements	(21,262)	(22,358)
Changes in Gains (Losses) Included in Earnings	80,040	57,433
Balance, End of Period	1,580,312	1,724,374
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	27,776	(1,939)
Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	56,185	119,642
Transfer In to Level III	29,941	8,484
Transfer Out of Level III	(40,426)	(56,534)
Purchases	18,816	28,041
Sales	(34,905)	(43,213)
Settlements		(73)
Changes in Gains (Losses) Included in Earnings	(322)	(162)
Balance, End of Period	29,289	56,185
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	588	2,439
Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	304,173	239,659
Purchases	1,037,019	1,016,838
Sales	(834,145)	(953,538)
Settlements	(21,262)	(22,285)
Changes in Gains (Losses) Included in Earnings	14,966	23,499
Balance, End of Period	500,751	304,173
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	(6,533)
Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	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	154,046	190,497
Transfer Out of Level III	(507,546)	(127,829)
Purchases	510,516	862,844
Sales	(536,156)	(457,824)
Changes in Gains (Losses) Included in Earnings	65,396	34,096
Balance, End of Period	1,050,272	1,364,016
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	$ 33,721	$ (4,378)

Fair Value Measurements of Fi_3

Fair Value Measurements of Financial instruments - Additional Information (Detail) - USD ($)	Dec. 31, 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	Dec. 31, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	$ 1,470,121	$ 1,357,135
Investments
Variable Interest Entity [Line Items]
VIE Assets	1,216,932	942,700
Due from Affiliates
Variable Interest Entity [Line Items]
VIE Assets	143,949	254,744
Potential Clawback Obligation
Variable Interest Entity [Line Items]
VIE Liabilities	109,240	159,691
Due to Non Consolidated Entity
Variable Interest Entity [Line Items]
VIE Liabilities	$ 231	$ 207

Repurchase Agreements - Additio

Repurchase Agreements - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Securities Financing Transaction [Line Items]
Pledged securities with carrying value to collateralize its repurchase agreements	$ 196.1	$ 279.5

Schedule of Repurchase Agreemen

Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 154,118	$ 222,202
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 12. "Offsetting of Assets and Liabilities"	154,118	222,202
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 12. "Offsetting of Assets and Liabilities"	0	0
Up to 30 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	42,459	42,908
30 - 90 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	88,868	144,731
Greater than 90 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 22,791	$ 34,563

Other Assets and Accounts Pay_3

Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule of Other Assets [Line Items]
Depreciation expense	$ 26.3	$ 23.9	$ 25.2
Accounts Payable, Accrued Expenses and Other Liabilities for redemption to investors	2.2	15.6
Payables relating to unsettled purchases	$ 298.3	$ 311.4

Components of Other Assets (Det

Components of Other Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Schedule of Other Assets [Line Items]
Furniture, Equipment and Leasehold Improvements	$ 417,373	$ 360,571
Less: Accumulated Depreciation	(262,891)	(240,199)
Furniture, Equipment and Leasehold Improvements, Net	154,482	120,372
Prepaid Expenses	159,333	110,732
Freestanding Derivatives	54,396	44,918
Other	14,282	18,226
Total Other Assets	$ 382,493	$ 294,248

Offsetting of Assets and Liab_3

Offsetting of Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 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	$ 154,118	$ 222,202
Repurchase agreements gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	154,118	222,202
Repurchase agreements gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	0
Repurchase agreements Net Amount	0
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	164,333	275,046
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	154,498	258,107
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	9,198	15,377
Net Amount	637	1,562
Freestanding Derivatives
Offsetting Assets and Liabilities [Line Items]
Derivatives gross and Net Amounts of Assets Presented in the Statement of Financial Condition	54,479	45,416
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	380	37,788
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	0	5,547
Derivatives Net Amount	54,099	2,081
Derivatives gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	10,215	52,844
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	380	35,905
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	9,198	15,377
Derivatives Net Amount	$ 637	$ 1,562

Offsetting Of Assets And Liab_4

Offsetting Of Assets And Liabilities - Additional Information (Detail) - Cash Pooling Arrangement $ in Billions	Dec. 31, 2019USD ($)
Offsetting Assets [Line Items]
Aggregate cash balance on deposit relating to the cash pooling arrangement	$ 1
Overdraft facility	$ 1

Borrowings - Additional Informa

Borrowings - Additional Information (Detail) - USD ($) $ in Millions		Sep. 10, 2019	Sep. 03, 2019	Apr. 10, 2019	Dec. 31, 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	[1]				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	[1]				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	[1]				Sep. 10, 2049
Debt Instrument, Interest Rate, Stated Percentage		3.50%
1.500% Notes
Debt Instrument [Line Items]
Debt instrument, face amount				$ 600
Debt instrument, maturity date	[1]				Apr. 10, 2029
Debt Instrument, Interest Rate, Stated Percentage				1.50%
Senior Secured Notes | 5.875% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date			Mar. 15, 2021		Mar. 15, 2021
Debt Instrument, Interest Rate, Stated Percentage					5.875%
Senior Secured Notes | 2.500% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date		Jan. 10, 2030			Jan. 10, 2030
Debt Instrument, Interest Rate, Stated Percentage					2.50%
Senior Secured Notes | 3.500% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date		Sep. 10, 2049			Sep. 10, 2049
Debt Instrument, Interest Rate, Stated Percentage					3.50%
Senior Secured Notes | 1.500% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date				Apr. 10, 2029
[1]	The Issuer has issued long-term borrowings in the form of senior notes (the “Notes”). The Notes are unsecured and unsubordinated obligations of the Issuer. The Notes are fully and unconditionally guaranteed, jointly and severally, by Blackstone, Blackstone Holdings (the “Guarantors”), and the Issuer. The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to the issuance of the Notes have been deducted from the Note liability and are being amortized over the life of the Notes. The indentures include covenants, including limitations on the Issuer’s and the Guarantors’ ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The indentures also provide for events of default and further provide that the trustee or the holders of not less than 25% in aggregate principal amount of the outstanding Notes may declare the Notes immediately due and payable upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the Notes and any accrued and unpaid interest on the Notes automatically become due and payable. All or a portion of the Notes may be redeemed at the Issuer’s option in whole or in part, at any time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the Notes. If a change of control repurchase event occurs, the holders of the Notes may require the Issuer to repurchase the Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of the Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of repurchase.

Partnership Credit Facilities (

Partnership Credit Facilities (Detail) - USD ($) $ in Thousands		Dec. 31, 2019	Dec. 31, 2018
Line of Credit Facility [Line Items]
Credit Available		$ 13,141,598	$ 11,995,315
Borrowing Outstanding		11,541,598	10,395,315
Credit Facility
Line of Credit Facility [Line Items]
Credit Available	[1]	1,600,000	1,600,000
Senior Secured Note | 5.875% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]		400,000
Borrowing Outstanding	[2]		$ 400,000
Effective Interest Rate	[2]		6.01%
Senior Secured Note | 4.750% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	400,000	$ 400,000
Borrowing Outstanding	[2]	$ 400,000	$ 400,000
Effective Interest Rate	[2]	5.08%	5.08%
Senior Secured Note | 2.000% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 336,390	$ 344,010
Borrowing Outstanding	[2]	$ 336,390	$ 344,010
Effective Interest Rate	[2]	2.12%	2.14%
Senior Secured Note | 1.000% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 672,780	$ 688,020
Borrowing Outstanding	[2]	$ 672,780	$ 688,020
Effective Interest Rate	[2]	1.13%	1.14%
Senior Secured Note | 3.150% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 300,000	$ 300,000
Borrowing Outstanding	[2]	$ 300,000	$ 300,000
Effective Interest Rate	[2]	3.30%	3.30%
Senior Secured Note | 1.500% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 672,780
Borrowing Outstanding	[2]	$ 672,780
Effective Interest Rate	[2]	1.70%
Senior Secured Note | 2.500% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 500,000
Borrowing Outstanding	[2]	$ 500,000
Effective Interest Rate	[2]	2.71%
Senior Secured Note | 6.250% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 250,000	$ 250,000
Borrowing Outstanding	[2]	$ 250,000	$ 250,000
Effective Interest Rate	[2]	6.65%	6.65%
Senior Secured Note | 5.000% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 500,000	$ 500,000
Borrowing Outstanding	[2]	$ 500,000	$ 500,000
Effective Interest Rate	[2]	5.16%	5.16%
Senior Secured Note | 4.450% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 350,000	$ 350,000
Borrowing Outstanding	[2]	$ 350,000	$ 350,000
Effective Interest Rate	[2]	4.56%	4.56%
Senior Secured Note | 4.000% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 300,000	$ 300,000
Borrowing Outstanding	[2]	$ 300,000	$ 300,000
Effective Interest Rate	[2]	4.20%	4.20%
Senior Secured Note | 3.500% Notes
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 400,000
Borrowing Outstanding	[2]	$ 400,000
Effective Interest Rate	[2]	3.61%
Partnership's Credit Facilities
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 6,281,950	$ 5,132,030
Borrowing Outstanding	[2]	4,681,950	3,532,030
Blackstone Fund Facilities
Line of Credit Facility [Line Items]
Credit Available	[3]	113
Borrowing Outstanding	[3]	$ 113
Effective Interest Rate	[3]	3.68%
CLO Vehicles
Line of Credit Facility [Line Items]
Credit Available	[4]	$ 6,859,535	6,863,285
Borrowing Outstanding	[4]	$ 6,859,535	$ 6,863,285
Effective Interest Rate	[4]	3.55%	4.20%
[1]	The Issuer has a credit facility (the “Credit Facility”) with Citibank, N.A., as Administrative Agent in the amount of $1.6 billion with a maturity date of September 21, 2023. Interest on the borrowings is based on an adjusted LIBOR rate or alternate base rate, in each case plus a margin, and undrawn commitments bear a commitment fee of 0.06%. The margin above adjusted LIBOR used to calculate the interest on borrowings was 0.75% as of December 31, 2019 and 2018. The margin is subject to change based on Blackstone’s credit rating. Borrowings may also be made in U.K. sterling, euros, Swiss francs, Japanese yen or Canadian dollars, in each case subject to certain sub-limits. The Credit Facility contains customary representations, covenants and events of default. Financial covenants consist of a maximum net leverage ratio and a requirement to keep a minimum amount of fee-earning assets under management, each tested quarterly. The Borrowing Outstanding at each date represent outstanding but undrawn letters of credit against the credit facility.
[2]	The Issuer has issued long-term borrowings in the form of senior notes (the “Notes”). The Notes are unsecured and unsubordinated obligations of the Issuer. The Notes are fully and unconditionally guaranteed, jointly and severally, by Blackstone, Blackstone Holdings (the “Guarantors”), and the Issuer. The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to the issuance of the Notes have been deducted from the Note liability and are being amortized over the life of the Notes. The indentures include covenants, including limitations on the Issuer’s and the Guarantors’ ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The indentures also provide for events of default and further provide that the trustee or the holders of not less than 25% in aggregate principal amount of the outstanding Notes may declare the Notes immediately due and payable upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the Notes and any accrued and unpaid interest on the Notes automatically become due and payable. All or a portion of the Notes may be redeemed at the Issuer’s option in whole or in part, at any time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the Notes. If a change of control repurchase event occurs, the holders of the Notes may require the Issuer to repurchase the Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of the Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of repurchase.
[3]	Represents borrowing facilities for the various consolidated Blackstone Funds used to meet liquidity and investing needs. Certain borrowings under these facilities were used for bridge financing and general liquidity purposes. Other borrowings were used to finance the purchase of investments with the borrowing remaining in place until the disposition or refinancing event. Such borrowings have varying maturities and are rolled over until the disposition or a refinancing event. Because the timing of such events is unknown and may occur in the near term, these borrowings are considered short-term in nature. Borrowings bear interest at spreads to market rates. Borrowings were secured according to the terms of each facility and are generally secured by the investment purchased with the proceeds of the borrowing and/or the uncalled capital commitment of each respective fund. Certain facilities have commitment fees. When a fund borrows, the proceeds are available only for use by that fund and are not available for the benefit of other funds. Collateral within each fund is also available only against the borrowings by that fund and not against the borrowings of other funds.
[4]	Represents borrowings due to the holders of debt securities issued by CLO vehicles consolidated by Blackstone. These amounts are included within Loans Payable and Due to Affiliates within the Consolidated Statements of Financial Condition.

Partnership Credit Facilities_2

Partnership Credit Facilities (Parenthetical) (Detail) - USD ($)		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity		$ 1,600,000,000
Maximum percentage of aggregate principal amount of the outstanding notes		25.00%
Percentage of repurchase of note on principal amount of notes		101.00%
5.875% Notes
Line of Credit Facility [Line Items]
Maturity Date	[1]	Mar. 15, 2021
4.750% Notes
Line of Credit Facility [Line Items]
Maturity Date	[1]	Feb. 15, 2023
2.000% Notes
Line of Credit Facility [Line Items]
Maturity Date	[1]	May 19, 2025
1.000% Notes
Line of Credit Facility [Line Items]
Maturity Date	[1]	Oct. 5, 2026
1.500% Notes
Line of Credit Facility [Line Items]
Maturity Date	[1]	Apr. 10, 2029
2.500% Notes
Line of Credit Facility [Line Items]
Maturity Date	[1]	Jan. 10, 2030
6.250% Notes
Line of Credit Facility [Line Items]
Maturity Date	[1]	Aug. 15, 2042
5.000% Notes
Line of Credit Facility [Line Items]
Maturity Date	[1]	Jun. 15, 2044
4.450% Notes
Line of Credit Facility [Line Items]
Maturity Date	[1]	Jul. 15, 2045
3.500% Notes
Line of Credit Facility [Line Items]
Maturity Date	[1]	Sep. 10, 2049
Credit Facility
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity		$ 1,600,000,000
Line of credit expiration date		Sep. 21, 2023
Credit Facility | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Commitment fee percentage		0.06%
Debt instrument, basis spread on variable rate		0.75%	0.75%
Senior Secured Note | 3.150% Notes
Line of Credit Facility [Line Items]
Maturity Date	[1]	Oct. 2, 2027
Senior Secured Note | 4.000% Notes
Line of Credit Facility [Line Items]
Maturity Date	[1]	Oct. 2, 2047
[1]	The Issuer has issued long-term borrowings in the form of senior notes (the “Notes”). The Notes are unsecured and unsubordinated obligations of the Issuer. The Notes are fully and unconditionally guaranteed, jointly and severally, by Blackstone, Blackstone Holdings (the “Guarantors”), and the Issuer. The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to the issuance of the Notes have been deducted from the Note liability and are being amortized over the life of the Notes. The indentures include covenants, including limitations on the Issuer’s and the Guarantors’ ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The indentures also provide for events of default and further provide that the trustee or the holders of not less than 25% in aggregate principal amount of the outstanding Notes may declare the Notes immediately due and payable upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the Notes and any accrued and unpaid interest on the Notes automatically become due and payable. All or a portion of the Notes may be redeemed at the Issuer’s option in whole or in part, at any time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the Notes. If a change of control repurchase event occurs, the holders of the Notes may require the Issuer to repurchase the Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of the Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of repurchase.

Carrying Value and Fair Value o

Carrying Value and Fair Value of Blackstone Issued Notes (Detail) - USD ($) $ in Thousands		Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Carrying Value		$ 4,600,856	$ 3,471,151
Debt instrument, fair value	[1]	5,060,570	3,496,056
5.875% Notes
Debt Instrument [Line Items]
Carrying Value			398,947
Debt instrument, fair value	[1]		421,720
4.750% Notes
Debt Instrument [Line Items]
Carrying Value		396,247	395,166
Debt instrument, fair value	[1]	429,280	417,600
2.000% Notes
Debt Instrument [Line Items]
Carrying Value		332,393	339,959
Debt instrument, fair value	[1]	365,521	352,197
1.000% Notes
Debt Instrument [Line Items]
Carrying Value		664,229	679,193
Debt instrument, fair value	[1]	691,012	647,564
3.150% Notes
Debt Instrument [Line Items]
Carrying Value		297,046	296,717
Debt instrument, fair value	[1]	309,540	285,030
1.500% Notes
Debt Instrument [Line Items]
Carrying Value		667,425
Debt instrument, fair value	[1]	708,841
2.500% Notes
Debt Instrument [Line Items]
Carrying Value		489,841
Debt instrument, fair value	[1]	493,500
6.250% Notes
Debt Instrument [Line Items]
Carrying Value		238,437	238,221
Debt instrument, fair value	[1]	338,200	289,225
5.000% Notes
Debt Instrument [Line Items]
Carrying Value		488,968	488,747
Debt instrument, fair value	[1]	606,700	490,150
4.450% Notes
Debt Instrument [Line Items]
Carrying Value		344,157	344,038
Debt instrument, fair value	[1]	396,235	329,770
4.000% Notes
Debt Instrument [Line Items]
Carrying Value		290,344	290,163
Debt instrument, fair value	[1]	321,780	$ 262,800
3.500% Notes
Debt Instrument [Line Items]
Carrying Value		391,769
Debt instrument, fair value	[1]	$ 399,961
[1]	Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.

Carrying Value and Fair Value_2

Carrying Value and Fair Value of Blackstone Issued Notes (Parenthetical) (Detail)		Sep. 10, 2019	Sep. 03, 2019	Dec. 31, 2019
5.875% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate			5.875%
Debt instrument, maturity date	[1]			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	Mar. 15, 2021
4.750% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	[1]			Feb. 15, 2023
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
Debt Instrument [Line Items]
Debt instrument, maturity date	[1]			May 19, 2025
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
Debt Instrument [Line Items]
Debt instrument, maturity date	[1]			Oct. 5, 2026
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	[1]			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		Jan. 10, 2030
6.250% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	[1]			Aug. 15, 2042
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
Debt Instrument [Line Items]
Debt instrument, maturity date	[1]			Jun. 15, 2044
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
Debt Instrument [Line Items]
Debt instrument, maturity date	[1]			Jul. 15, 2045
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	[1]			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		Sep. 10, 2049
[1]	The Issuer has issued long-term borrowings in the form of senior notes (the “Notes”). The Notes are unsecured and unsubordinated obligations of the Issuer. The Notes are fully and unconditionally guaranteed, jointly and severally, by Blackstone, Blackstone Holdings (the “Guarantors”), and the Issuer. The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to the issuance of the Notes have been deducted from the Note liability and are being amortized over the life of the Notes. The indentures include covenants, including limitations on the Issuer’s and the Guarantors’ ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The indentures also provide for events of default and further provide that the trustee or the holders of not less than 25% in aggregate principal amount of the outstanding Notes may declare the Notes immediately due and payable upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the Notes and any accrued and unpaid interest on the Notes automatically become due and payable. All or a portion of the Notes may be redeemed at the Issuer’s option in whole or in part, at any time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the Notes. If a change of control repurchase event occurs, the holders of the Notes may require the Issuer to repurchase the Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of the Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of repurchase.

Partnership's Borrowings Throug

Partnership's Borrowings Through Consolidated CLO Vehicles (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Borrowing Outstanding		$ 4,600,856	$ 3,471,151
Weighted Average Remaining Maturity in Years		3 years 6 months	7 years 6 months
Liabilities of Consolidated CLO Vehicles
Debt Instrument [Line Items]
Borrowing Outstanding		$ 6,859,535	$ 6,863,285
Liabilities of Consolidated CLO Vehicles | Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding		$ 6,527,800	$ 6,531,550
Effective Interest Rate		3.55%	4.20%
Liabilities of Consolidated CLO Vehicles | Subordinated Notes
Debt Instrument [Line Items]
Borrowing Outstanding		$ 331,735	$ 331,735
Effective 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	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Borrowing Outstanding	$ 4,600,856	$ 3,471,151
Fair Value	6,558,006	6,536,723
Senior Secured Notes
Debt Instrument [Line Items]
Fair Value	6,512,733	6,476,434
Subordinated Notes
Debt Instrument [Line Items]
Fair Value	45,273	60,289
Non-Consolidated Affiliates Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding	102,484	114,909
Fair Value	78,252	56,012
Non-Consolidated Affiliates Senior Secured Notes | Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding	57,750	3,250
Fair Value	57,717	3,201
Non-Consolidated Affiliates Senior Secured Notes | Subordinated Notes
Debt Instrument [Line Items]
Borrowing Outstanding	44,734	111,659
Fair Value	$ 20,535	$ 52,811

Scheduled Principal Payments fo

Scheduled Principal Payments for Borrowings (Detail) $ in Thousands	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
2020	$ 113
2023	400,000
Thereafter	11,141,485
Total	11,541,598
Operating Borrowings
Debt Instrument [Line Items]
2023	400,000
Thereafter	4,281,950
Total	4,681,950
Blackstone Fund Facilities CLO Vehicles
Debt Instrument [Line Items]
2020	113
Thereafter	6,859,535
Total	$ 6,859,648

Leases - Additional informaton

Leases - Additional informaton (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019
Leases [Abstract]
Weighted-average remaining lease term			7 years 3 months 18 days
Weighted-average discount rate			2.40%
Rent expense	$ 109.9	$ 104.7
Lease payments			$ 138.7
Leases	$ 7.9		$ 7.5

Leases Components of leases exp

Leases Components of leases expenses (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)	[1]
Operating Lease Cost
Straight-Line Lease Cost	$ 90,640	[2]
Variable Lease Cost	14,574
Sublease Income	(796)
Operating Lease Cost	$ 104,418
[1]	Rent expense for the years ended December 31, 2018 and 2017, was $109.9 million and $104.7 million, respectively.
[2]	Straight-line lease cost includes short-term leases, which are immaterial.

Leases Supplemental Cash Flow I

Leases Supplemental Cash Flow Information Related Leases (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Leases [Abstract]
Operating Cash Flows for Operating Leases	$ 94,854
Non-Cash Right-of-Use Assets Obtained in Exchange for New Operating Lease, Liabilities	$ 10,053

Leases Cash flows Annual Basis

Leases Cash flows Annual Basis For Operating Lease Liabilities (Detail) - USD ($) $ in Thousands		Dec. 31, 2019	Jan. 01, 2019
2020		$ 84,639
2021		88,638
2022		79,533
2023		77,287
2024		65,289
Thereafter		207,090
Total Lease Payments	[1]	602,476
Less: Imputed Interest		(59,482)
Present Value of Operating Lease Liabilities		$ 542,994	$ 601,700
[1]	Excludes $138.7 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 Before Provision for Tax

Income Before Provision for Taxes (Detail) - USD ($) $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2019

Sep. 30, 2019

[1]

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

[2]

Mar. 31, 2018

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Income Taxes [Line Items]

Income Before Provision for Taxes

$ 1,007,337

$ 1,010,949

$ 685,697

$ 1,114,032

$ (49,352)

$ 975,786

$ 1,689,708

$ 896,799

$ 3,818,015

$ 3,512,941

$ 4,118,089

Domestic Tax Authority

Income Taxes [Line Items]

Income Before Provision for Taxes

3,547,292

3,308,202

3,956,339

Foreign Tax Authority

Income Taxes [Line Items]

Income Before Provision for Taxes

$ 270,723

$ 204,739

$ 161,750

[1]

As a result of the Conversion, there was a reduction of $174.6 million of the tax receivable agreement liability during the three months ended September 30, 2019. The reduction of the tax receivable agreement liability was included in Other Income.

[2]

For the three months ended June 30, 2018, Revenues included $580.9 million of Transaction-Related Charges recorded in Other Revenues received upon the conclusion of Blackstone’s investment sub-advisory relationship with FS Investments’ funds.

Provision (Benefit) for Income

Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Taxes [Line Items]
Federal Income Tax	$ 74,611	$ 73,525	$ 31,457
Foreign Income Tax	38,098	42,128	36,083
State and Local Income Tax	19,267	53,961	40,507
Current Income Tax Expense (Benefit), Total	131,976	169,614	108,047
Federal Income Tax	(222,790)	59,924	613,518
Foreign Income Tax	312	(2,518)	(34)
State and Local Income Tax	42,550	22,370	21,616
Deferred Income Tax Expense (Benefit), Total	(179,928)	79,776	635,100
Provision for Taxes	$ (47,952)	$ 249,390	$ 743,147

Summary of Tax Positions (Detai

Summary of Tax Positions (Detail) - USD ($) $ in Thousands	3 Months Ended										12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	[1]	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	[2]	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax [Line Items]
Income Before Provision for Taxes	$ 1,007,337	$ 1,010,949		$ 685,697	$ 1,114,032	$ (49,352)	$ 975,786	$ 1,689,708		$ 896,799	$ 3,818,015	$ 3,512,941	$ 4,118,089
Provision for Taxes											$ (47,952)	$ 249,390	$ 743,147
Effective Income Tax Rate											(1.30%)	7.10%	18.00%
[1]	As a result of the Conversion, there was a reduction of $174.6 million of the tax receivable agreement liability during the three months ended September 30, 2019. The reduction of the tax receivable agreement liability was included in Other Income.
[2]	For the three months ended June 30, 2018, Revenues included $580.9 million of Transaction-Related Charges recorded in Other Revenues received upon the conclusion of Blackstone’s investment sub-advisory relationship with FS Investments’ funds.

Reconciliations of Effective In

Reconciliations of Effective Income Tax Rate to Federal Statutory Tax Rate (Detail)		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule of Effective Tax Rate Reconciliation [Line Items]
Statutory U.S. Federal Income Tax Rate		21.00%	21.00%	35.00%
Income Passed Through to Common Shareholders and Non-Controlling Interest Holders	[1]	(13.50%)	(15.50%)	(25.90%)
State and Local Income Taxes		1.60%	1.80%	1.50%
Equity-Based Compensation				(0.10%)
Change to a Taxable Corporation		(10.30%)
Impact of the Tax Reform Bill				8.30%
Change in Valuation Allowance	[2]	(0.80%)
Other		0.70%	(0.20%)	(0.80%)
Effective Income Tax Rate		(1.30%)	7.10%	18.00%
2019 vs. 2018
Schedule of Effective Tax Rate Reconciliation [Line Items]
Income Passed Through to Common Shareholders and Non-Controlling Interest Holders	[1]	2.00%
State and Local Income Taxes		(0.20%)
Change to a Taxable Corporation		(10.30%)
Change in Valuation Allowance	[2]	(0.80%)
Other		0.90%
Effective Income Tax Rate		(8.40%)
2018 vs. 2017
Schedule of Effective Tax Rate Reconciliation [Line Items]
Statutory U.S. Federal Income Tax Rate			(14.00%)
Income Passed Through to Common Shareholders and Non-Controlling Interest Holders	[1]		10.40%
State and Local Income Taxes			0.30%
Equity-Based Compensation			0.10%
Impact of the Tax Reform Bill			(8.30%)
Other			0.60%
Effective Income Tax Rate			(10.90%)
[1]	Includes income that was not taxable to Blackstone and its subsidiaries. Such income was directly taxable to the common unitholders for the period prior to the Conversion and remains taxable to Blackstone’s non-controlling interest holders.
[2]	The Change in Valuation Allowance for the year ended December 31, 2019 represents the change from July 1, 2019 to December 31, 2019, following the change to a taxable corporation.

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax [Line Items]
Statutory U.S. Federal Income Tax Rate			21.00%	35.00%
Tax cuts and jobs act of 2017 incomplete accounting change in tax rate net deferred tax assets				$ 500,600,000
Net adjustment of deferred income tax expense				500,600,000
Tax cuts and jobs act of 2017 complete accounting change in tax rate deferred tax liability provisional income tax benefit				160,300,000
Tax cuts and jobs act of 2017 complete accounting change in tax rate deferred tax liability				$ 403,900,000
Impact of the Tax Reform Bill				8.30%
Unrecognized tax benefits that if recognized would affect the annual effective rate		$ 25,000,000	$ 20,900,000
Interest expense accrued		500,000	1,800,000	$ (400,000)
Accrued Penalties		0	$ 0	0
Effect of the change in tax status		394,800,000
Reduction of Tax Receivable Agreement Liability		161,567,000		$ 403,855,000
Deferred tax valuation allowance		648,200,000
Maximum
Income Tax [Line Items]
Amortization period for tax basis intangibles, years				40 years
Minimum
Income Tax [Line Items]
Amortization period for tax basis intangibles, years				15 years
Tax Cuts and Jobs Act
Income Tax [Line Items]
Reduction of Tax Receivable Agreement Liability	$ 174,600,000	$ 161,600,000		$ 403,900,000

Summary of Tax Effects of Tempo

Summary of Tax Effects of Temporary Differences (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred Tax Assets
Fund Management Fees		$ 6,955
Equity-Based Compensation		69,484
Amortization and Depreciation		768,984
Investment Basis Differences / Net Unrealized Gains and Losses	$ 1,712,982
Other	5,342
Total Deferred Tax Assets Before Valuation Allowance	1,718,324	845,423
Valuation Allowance	(629,019)
Total Net Deferred Tax Assets	1,089,305	845,423
Deferred Tax Liabilities
Investment Basis Differences / Net Unrealized Gains and Losses	20,267	71,472
Other		34,469
Total Deferred Tax Liabilities	20,267	105,941
Net Deferred Tax Assets	$ 1,069,038	$ 739,482

Unrecognized Tax Benefits Exclu

Unrecognized Tax Benefits Excluding Related Interest and Penalties (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Contingency [Line Items]
Unrecognized Tax Benefits - January 1	$ 20,864	$ 11,454	$ 3,581
Additions for Tax Positions of Prior Years	4,908	9,671	11,167
Reductions for Tax Positions of Prior Years		(323)	(1,860)
Settlements	(829)		(1,382)
Exchange Rate Fluctuations	15	62	(52)
Unrecognized Tax Benefits - December 31	$ 24,958	$ 20,864	$ 11,454

Basic and Diluted Net Income Pe

Basic and Diluted Net Income Per Common Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended																12 Months Ended
	Dec. 31, 2019		Sep. 30, 2019	[1]	Jun. 30, 2019		Mar. 31, 2019		Dec. 31, 2018		Sep. 30, 2018		Jun. 30, 2018	[2]	Mar. 31, 2018		Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017
Earnings Per Share [Line Items]
Net Income Attributable to The Blackstone Group Inc., Basic	$ 483,149		$ 779,437		$ 305,792		$ 481,304		$ (10,868)		$ 442,742		$ 742,042		$ 367,872		$ 2,049,682		$ 1,541,788		$ 1,471,374
Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units																			1,185,799
Net Income Attributable to The Blackstone Group Inc., Diluted																	$ 2,049,682		$ 2,727,587		$ 1,471,374
Weighted-Average Shares of Class A Common Stock Outstanding, Basic																	675,900,466		678,850,245		665,453,198
Weighted-Average Shares of Unvested Deferred Restricted Class A Common Stock																	267,385		226,487		793,648
Weighted-Average Blackstone Holdings Partnership Units																			527,886,114
Weighted-Average Shares of Class A Common Stock Outstanding, Diluted																	676,167,851		1,206,962,846		666,246,846
Net Income Per Common Unit, Basic	$ 0.71		$ 1.15		$ 0.45		$ 0.71		$ (0.02)		$ 0.65		$ 1.09		$ 0.55		$ 3.03		$ 2.27		$ 2.21
Net Income Per Common Unit, Diluted	0.71		1.15		0.45		0.71		(0.02)		0.64		1.09		0.53		3.03		2.26		2.21
Dividends Declared Per Share of Class A Common Stock	$ 0.49	[3]	$ 0.48	[3]	$ 0.37	[3]	$ 0.58	[3]	$ 0.64	[3]	$ 0.58	[3]	$ 0.35	[3]	$ 0.85	[3]	$ 1.92	[4]	$ 2.42	[4]	$ 2.32	[4]
[1]	As a result of the Conversion, there was a reduction of $174.6 million of the tax receivable agreement liability during the three months ended September 30, 2019. The reduction of the tax receivable agreement liability was included in Other Income.
[2]	For the three months ended June 30, 2018, Revenues included $580.9 million of Transaction-Related Charges recorded in Other Revenues received upon the conclusion of Blackstone’s investment sub-advisory relationship with FS Investments’ funds.
[3]	Dividends declared reflects the calendar date of the declaration of each dividend.
[4]	Dividends declared reflects the calendar date of the declaration for each distribution. The fourth quarter dividends, if any, for any fiscal year will be declared and paid in the subsequent fiscal year.

Summary of Anti-Dilutive Securi

Summary of Anti-Dilutive Securities (Detail) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Blackstone Partnership Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-Average Units	524,211,887		533,982,613

Schedule of Shares Eligible For

Schedule of Shares Eligible For Dividends and Distribution (Detail)	Dec. 31, 2019shares
Stockholders Equity [Line Items]
Common stock eligible for dividends and distributions	680,457,424
Shares eligible for dividends and distributions	1,196,431,081
Common Class A [Member]
Stockholders Equity [Line Items]
Common stock eligible for dividends and distributions	671,157,692
Unvested Participating Common Stock [Member]
Stockholders Equity [Line Items]
Common stock eligible for dividends and distributions	9,299,732
Participating Partnership Units [Member]
Stockholders Equity [Line Items]
Partnership units eligible for dividends and distributions	515,973,657

Earnings Per Share and Stockh_3

Earnings Per Share and Stockholder's Equity - Additional Information (Detail) - USD ($)	Jul. 01, 2019	Dec. 31, 2019	Dec. 31, 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
Preferred shares outstanding		0
Amount remaining available for repurchases		$ 781,200,000
Common Class A
Stockholders Equity [Line Items]
Common stock par value	$ 0.00001	$ 0.00001
Common stock repurchased, units		12,800,000	16,000,000
Amount authorized to repurchase under unit repurchase program				$ 1,000,000,000
Common stock repurchased, cost		$ 561,900,000	$ 541,500,000
Conversion of Stock	one issued and outstanding
Common Class B
Stockholders Equity [Line Items]
Common stock par value	$ 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
Conversion of Stock	one issued and outstanding

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	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	$ 417,092	$ 366,928	$ 338,687
Tax benefits in relation to equity-based awards	47,800	59,000	47,100
Estimated unrecognized compensation expense related to unvested awards	$ 918,000
Weighted-average period for recognized compensation expense related to unvested awards, years	3 years 8 months 12 days
Total vested and unvested outstanding units	1,196,806,346
Phantom units vesting period	2 years 10 months 24 days
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total outstanding unvested phantom units	56,426
Payment in settlement of phantom units	$ 400	$ 200	$ 300
Phantom Share Units (PSUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Assumed forfeiture rate	9.60%
Phantom units vesting period	1 year
Phantom Share Units (PSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Assumed forfeiture rate	13.10%
Phantom units vesting period	5 years
Equity Settled Awards Deferred Restricted Common Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Assumed service period, in years	1 year
Assumed forfeiture rate	1.00%
Per unit discount	$ 0.39
Equity Settled Awards Deferred Restricted Common Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Assumed service period, in years	5 years
Assumed forfeiture rate	13.10%
Per unit discount	$ 10.88
Blackstone Partnership Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Assumed forfeiture rate	5.60%
Blackstone Partnership Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Assumed service period, in years	1 year
Blackstone Partnership Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Assumed service period, in years	8 years

Summary of Status of Partnershi

Summary of Status of Partnership's Unvested Equity-Based Awards (Detail)	12 Months Ended
	Dec. 31, 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	9,094,157
Vested (Units) | shares	(6,893,962)
Forfeited (Units) | shares	(1,595,104)
Ending Balance | shares	32,159,218
Beginning Balance | $ / shares	$ 34.38
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	43.57
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	35.68
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	31.77
Ending Balance | $ / shares	$ 36.25
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	3,639,947
Vested (Units) | shares	(3,272,213)
Forfeited (Units) | shares	(710,266)
Ending Balance | shares	8,969,736
Beginning Balance | $ / shares	$ 31.43
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	38.80
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	31.18
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	22.60
Ending Balance | $ / shares	$ 35.26
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	20,355
Vested (Units) | shares	(11,035)
Forfeited (Units) | shares	(4,787)
Ending Balance | shares	51,341
Beginning Balance | $ / shares	$ 34.66
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	50.71
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	48.59
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	47.95
Ending Balance | $ / shares	$ 52.85

Unvested Shares and Units, Afte

Unvested Shares and Units, After Expected Forfeitures (Detail) - shares	12 Months Ended
	Dec. 31, 2019	Jan. 01, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Blackstone Holdings Partnership Units		25,800,455
Deferred Restricted Shares of Class A Common Stock		7,465,122
Total Equity-Based Awards		33,265,577
Phantom Shares		39,155
Blackstone Holdings Partnership Units (Weighted-Average Service Period in Years)	3 years 2 months 12 days
Deferred Restricted Shares of Class A Common Stock (Weighted-Average Service in Years)	2 years 2 months 12 days
Total Equity-Based Awards (Weighted-Average Service Period in Years)	2 years 10 months 24 days
Phantom Shares (Weighted-Average Service Period in Years)	2 years 10 months 24 days

Due from Affiliates and Due to

Due from Affiliates and Due to Affiliates (Detail) - USD ($) $ in Thousands	Dec. 31, 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	$ 1,999,568	$ 1,520,100
Due from Certain Non-Controlling Interest Holders and Blackstone Employees	573,679	462,475
Accrual for Potential Clawback of Previously Distributed Performance Allocations	21,626	11,548
Due from Affiliates, total	2,594,873	1,994,123
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements	672,981	796,902
Due to Non-Consolidated Entities	100,286	99,728
Due to Note-Holders of Consolidated CLO Vehicles	78,252	56,012
Due to Certain Non-Controlling Interest Holders and Blackstone Employees	48,433	53,613
Accrual for Potential Repayment of Previously Received Performance Allocations	126,919	29,521
Due to Affiliates, total	$ 1,026,871	$ 1,035,776

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Investments	$ 22,281,682	$ 20,377,031
Cash saving in tax receivable agreements, percentage	85.00%
Expected future payments under the tax receivable agreements	$ 672,900
Expected future payments under the tax receivable agreements in years	15 years
After-tax net present value estimated payments	$ 191,200
After-tax net present value discount rate assumption	15.00%
Reduction of Tax Receivable Agreement Liability	$ 161,567		$ 403,855
Founder, senior managing directors, employees and certain other related parties
Related Party Transaction [Line Items]
Net Income Attributable to Non-Controlling Interests	78,100	63,600	113,900
Founder, senior managing directors, employees and certain other related parties | Consolidated Blackstone Funds
Related Party Transaction [Line Items]
Investments	969,300	842,900
Affiliates
Related Party Transaction [Line Items]
Interest from loans to affiliates	$ 7,000	$ 5,400	$ 3,400

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)
Schedule Of Commitments And Contingencies [Line Items]
General partner capital funding	$ 3,800
Consolidated entities net assets restricted as to payment of cash dividends and advances to partnership	50.9
Total investments at risk in respect of guarantees extended	$ 18.5
Contingent obligations currently anticipated to expire end	2028
Provision for cash clawback	$ 731
Contingent Obligations (Clawback)	7,200
Blackstone Holdings
Schedule Of Commitments And Contingencies [Line Items]
Loans held By employees for investment guaranteed	202.1
Contingent Obligations (Clawback)	6,600
Consolidated Blackstone Funds
Schedule Of Commitments And Contingencies [Line Items]
Funds signed investment commitments	80
Consolidated Blackstone Funds | Portfolio Company Acquisition
Schedule Of Commitments And Contingencies [Line Items]
Signed investment commitments for portfolio company acquisitions in process of closing	$ 31.8

Clawback Obligations by Segment

Clawback Obligations by Segment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Product Liability Contingency [Line Items]
Clawback obligations	$ 126,919	$ 29,521
Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations	105,293	30,421
Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	21,626	(900)
Real Estate Segment
Product Liability Contingency [Line Items]
Clawback obligations	26,748	25,823
Real Estate Segment | Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations	16,151	15,770
Real Estate Segment | Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	10,597	10,053
Private Equity Segment
Product Liability Contingency [Line Items]
Clawback obligations	85,136	848
Private Equity Segment | Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations	82,276	13,296
Private Equity Segment | Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	2,860	(12,448)
Credit Segment
Product Liability Contingency [Line Items]
Clawback obligations	15,035	2,850
Credit Segment | Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations	6,866	1,355
Credit Segment | Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	$ 8,169	$ 1,495

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail) - Segment	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Number of business segments	4	4

Financial Data of Segments (Det

Financial Data of Segments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Fee Related Performance Revenues	$ 212,001	$ 123,836	$ 169,445
Realized Performance Revenues	1,868,911	1,934,047	3,814,325
Realized Performance Compensation	707,242	744,992	1,387,244
Operating Segments
Segment Reporting Information [Line Items]
Base Management Fees	3,245,930	2,844,325	2,680,391
Transaction, Advisory and Other Fees, Net	314,420	229,498	156,816
Management Fee Offsets	(76,114)	(37,371)	(66,416)
Total Management and Advisory Fees, Net	3,484,236	3,036,452	2,770,791
Fee Related Performance Revenues	212,001	123,836	169,445
Fee Related Compensation	(1,336,578)	(1,216,146)	(1,185,639)
Other Operating Expenses	(571,142)	(488,328)	(424,866)
Fee Related Earnings	1,788,517	1,455,814	1,329,731
Realized Performance Revenues	1,660,642	1,811,771	3,647,807
Realized Performance Compensation	(603,935)	(678,141)	(1,297,611)
Realized Principal Investment Income	224,155	236,058	436,194
Total Net Realizations	1,280,862	1,369,688	2,786,390
Total Segment Distributable Earnings	3,069,379	2,825,502	4,116,121
Segment Assets	24,278,413	20,638,826
Operating Segments | Real Estate Segment
Segment Reporting Information [Line Items]
Base Management Fees	1,116,183	985,399	872,191
Transaction, Advisory and Other Fees, Net	175,831	152,513	82,781
Management Fee Offsets	(26,836)	(11,442)	(15,934)
Total Management and Advisory Fees, Net	1,265,178	1,126,470	939,038
Fee Related Performance Revenues	198,237	124,502	79,500
Fee Related Compensation	(531,259)	(459,430)	(437,311)
Other Operating Expenses	(168,332)	(146,260)	(136,042)
Fee Related Earnings	763,824	645,282	445,185
Realized Performance Revenues	1,032,337	914,984	2,141,374
Realized Performance Compensation	(374,096)	(284,319)	(751,526)
Realized Principal Investment Income	79,733	92,525	255,903
Total Net Realizations	737,974	723,190	1,645,751
Total Segment Distributable Earnings	1,501,798	1,368,472	2,090,936
Segment Assets	9,023,353	7,521,117
Operating Segments | Private Equity Segment
Segment Reporting Information [Line Items]
Base Management Fees	986,482	785,223	724,818
Transaction, Advisory and Other Fees, Net	115,174	58,165	57,624
Management Fee Offsets	(37,327)	(13,504)	(18,007)
Total Management and Advisory Fees, Net	1,064,329	829,884	764,435
Fee Related Compensation	(423,752)	(375,446)	(347,562)
Other Operating Expenses	(160,010)	(133,096)	(120,997)
Fee Related Earnings	480,567	321,342	295,876
Realized Performance Revenues	468,992	757,406	1,157,188
Realized Performance Compensation	(192,566)	(318,167)	(404,544)
Realized Principal Investment Income	90,249	109,731	154,837
Total Net Realizations	366,675	548,970	907,481
Total Segment Distributable Earnings	847,242	870,312	1,203,357
Segment Assets	9,007,658	7,548,544
Operating Segments | Hedge Fund Solutions Segment
Segment Reporting Information [Line Items]
Base Management Fees	556,730	519,782	516,048
Transaction, Advisory and Other Fees, Net	3,533	3,180	2,980
Management Fee Offsets	(138)	(93)	(93)
Total Management and Advisory Fees, Net	560,125	522,869	518,935
Fee Related Compensation	(151,960)	(162,172)	(146,924)
Other Operating Expenses	(81,999)	(77,772)	(68,265)
Fee Related Earnings	326,166	282,925	303,746
Realized Performance Revenues	126,576	42,419	154,343
Realized Performance Compensation	(24,301)	(21,792)	(40,707)
Realized Principal Investment Income	21,707	17,039	9,074
Total Net Realizations	123,982	37,666	122,710
Total Segment Distributable Earnings	450,148	320,591	426,456
Segment Assets	2,238,048	1,976,809
Operating Segments | Credit Segment
Segment Reporting Information [Line Items]
Base Management Fees	586,535	553,921	567,334
Transaction, Advisory and Other Fees, Net	19,882	15,640	13,431
Management Fee Offsets	(11,813)	(12,332)	(32,382)
Total Management and Advisory Fees, Net	594,604	557,229	548,383
Fee Related Performance Revenues	13,764	(666)	89,945
Fee Related Compensation	(229,607)	(219,098)	(253,842)
Other Operating Expenses	(160,801)	(131,200)	(99,562)
Fee Related Earnings	217,960	206,265	284,924
Realized Performance Revenues	32,737	96,962	194,902
Realized Performance Compensation	(12,972)	(53,863)	(100,834)
Realized Principal Investment Income	32,466	16,763	16,380
Total Net Realizations	52,231	59,862	110,448
Total Segment Distributable Earnings	270,191	266,127	$ 395,372
Segment Assets	$ 4,009,354	$ 3,592,356

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										12 Months Ended
		Dec. 31, 2019	Sep. 30, 2019	[1]	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	[2]	Mar. 31, 2018	Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017
Segment Reporting Information [Line Items]
Total Revenues		$ 2,091,480	$ 1,735,113		$ 1,486,806	$ 2,024,871	$ 504,978	$ 1,926,580	$ 2,632,570		$ 1,769,131	$ 7,338,270		$ 6,833,259		$ 7,145,015
Less: Unrealized Principal Investment (Income) Loss												215,003		49,917		42,605
Total Expenses		1,114,027	947,220		862,240	1,041,164	495,096	1,017,632	1,016,381		982,931	3,964,651		3,512,040		3,752,378
Total Other Income		29,884	223,056		61,131	130,325	(59,234)	66,838	73,519		110,599	444,396	[3]	191,722	[3]	725,452	[3]
Total Income Before Provision for Taxes		1,007,337	$ 1,010,949		$ 685,697	$ 1,114,032	(49,352)	$ 975,786	$ 1,689,708		$ 896,799	3,818,015		3,512,941		4,118,089
Total Assets		32,585,506					28,924,650					32,585,506		28,924,650
Less: Unrealized Principal Investment (Income) Loss												215,003		49,917		42,605
Operating Segments
Segment Reporting Information [Line Items]
Total Revenues	[4]											5,581,034		5,208,117		7,024,237
Total Expenses	[5]											2,511,655		2,382,615		2,908,116
Total Segment Distributable Earnings												3,069,379		2,825,502		4,116,121
Total Assets		24,278,413					20,638,826					24,278,413		20,638,826
Consolidation Adjustments and Reconciling Items
Segment Reporting Information [Line Items]
Less: Unrealized Performance Revenues	[6]											(1,126,668)		(561,163)		105,432
Less: Unrealized Principal Investment (Income) Loss	[7]											(113,327)		65,851		131,206
Less: Interest and Dividend Revenue	[8]											(192,593)		(181,763)		(142,920)
Less: Other Revenue	[9]											(79,447)		(89,468)		140,051
Impact of Consolidation	[3]											(88,164)		(277,406)		(322,729)
Amortization of Intangibles	[10]											1,548		1,548		1,548
Transaction-Related Charges	[11]											(168,170)		(588,710)		(40,153)
Less: Unrealized Performance Allocations Compensation	[5]											(540,285)		(319,742)		(103,794)
Less: Equity Based Compensation	[12]											(230,194)		(158,220)		(107,110)
Less: Interest Expense	[13]											(195,034)		(159,838)		(192,838)
Impact of Consolidation	[3]											(55,902)		(112,354)		(133,081)
Amortization of Intangibles	[10]											(64,383)		(58,446)		(46,749)
Transaction-Related Charges	[11]											(376,783)		(326,794)		(267,477)
Transaction-Related Charges																(403,855)
Less: Unrealized Performance Allocations	[6]											(1,126,668)		(561,163)		105,432
Less: Unrealized Principal Investment (Income) Loss	[7]											(113,327)		65,851		131,206
Less: Interest and Dividend Revenue	[8]											(192,593)		(181,763)		(142,920)
Less: Other Revenue	[9]											(79,447)		(89,468)		140,051
Plus: Unrealized Performance Allocations Compensation	[5]											540,285		319,742		103,794
Plus: Equity Based Compensation	[12]											230,194		158,220		107,110
Plus: Interest Expense	[13]											195,034		159,838		192,838
Amortization of Intangibles	[10]											65,931		59,994		48,297
Transaction-Related Charges	[11]											208,613		(261,916)		(176,531)
Segment Adjustment
Segment Reporting Information [Line Items]
Intersegment Eliminations												9,585		5,969		6,787
Intersegment Eliminations												9,585		5,969		6,787
Impact of Consolidation
Segment Reporting Information [Line Items]
Total Other Income	[11]											(444,396)		(191,722)		(321,597)
Total Assets	[3]	$ (8,307,093)					$ (8,285,824)					(8,307,093)		(8,285,824)
Impact of Consolidation	[3]											$ (476,658)		$ (356,774)		$ (511,245)
[1]	As a result of the Conversion, there was a reduction of $174.6 million of the tax receivable agreement liability during the three months ended September 30, 2019. The reduction of the tax receivable agreement liability was included in Other Income.
[2]	For the three months ended June 30, 2018, Revenues included $580.9 million of Transaction-Related Charges recorded in Other Revenues received upon the conclusion of Blackstone’s investment sub-advisory relationship with FS Investments’ funds.
[3]	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.
[4]	Total Segment Revenues is comprised of the following: Year Ended December 31, 2019 2018 2017 Total Segment Management and Advisory Fees, Net $ 3,484,236 $ 3,036,452 $ 2,770,791 Total Segment Fee Related Performance Revenues 212,001 123,836 169,445 Total Segment Realized Performance Revenues 1,660,642 1,811,771 3,647,807 Total Segment Realized Principal Investment Income 224,155 236,058 436,194 Total Segment Revenues $ 5,581,034 $ 5,208,117 $ 7,024,237
[5]	This adjustment removes Unrealized Performance Allocations Compensation.
[6]	This adjustment removes Unrealized Performance Revenues on a segment basis.
[7]	This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis.
[8]	This adjustment removes Interest and Dividend Revenue on a segment basis.
[9]	This adjustment removes Other Revenue on a segment basis. For the years ended December 31, 2019, 2018 and 2017, Other Revenue on a GAAP basis was $80.0 million, $672.3 million and $(133.2) million and included $76.4 million, $87.4 million and $(146.5) million of foreign exchange gains (losses), respectively.
[10]	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.
[11]	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.
[12]	This adjustment removes Equity-Based Compensation on a segment basis.
[13]	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		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Fee Related Performance Revenues		$ 212,001	$ 123,836	$ 169,445
Total Segment Realized Performance Revenues		1,868,911	1,934,047	3,814,325
Total Segment Realized Performance Compensation		(707,242)	(744,992)	(1,387,244)
Other revenue		79,993	672,317	(133,229)
Other Operating Income (Expense) [Member]
Segment Reporting Information [Line Items]
Foreign exchange gains (losses)		76,400	87,400	(146,500)
Operating Segments
Segment Reporting Information [Line Items]
Total Segment Management and Advisory Fees, Net		3,484,236	3,036,452	2,770,791
Fee Related Performance Revenues		212,001	123,836	169,445
Total Segment Realized Performance Revenues		1,660,642	1,811,771	3,647,807
Total Segment Realized Principal Investment Income		224,155	236,058	436,194
Total Revenues	[1]	5,581,034	5,208,117	7,024,237
Total Segment Fee Related Compensation		1,336,578	1,216,146	1,185,639
Total Segment Realized Performance Compensation		603,935	678,141	1,297,611
Total Segment Other Operating Expenses		571,142	488,328	424,866
Total Expenses	[2]	$ 2,511,655	$ 2,382,615	$ 2,908,116
[1]	Total Segment Revenues is comprised of the following: Year Ended December 31, 2019 2018 2017 Total Segment Management and Advisory Fees, Net $ 3,484,236 $ 3,036,452 $ 2,770,791 Total Segment Fee Related Performance Revenues 212,001 123,836 169,445 Total Segment Realized Performance Revenues 1,660,642 1,811,771 3,647,807 Total Segment Realized Principal Investment Income 224,155 236,058 436,194 Total Segment Revenues $ 5,581,034 $ 5,208,117 $ 7,024,237
[2]	This adjustment removes Unrealized Performance Allocations Compensation.

Reconciliation of Total Segme_3

Reconciliation of Total Segments to Reported on the Consolidated Statement of Operations (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Investment Income - Realized Performance Allocations		$ 1,739,000	$ 1,876,507	$ 3,571,811
Realized Performance Revenues		212,001	123,836	169,445
Compensation and Benefits Compensation		1,820,330	1,609,957	1,442,485
Incentive Fee Compensation		44,300	33,916	105,279
Realized Performance Allocations Compensation		662,942	711,076	1,281,965
Realized Performance Revenues		1,868,911	1,934,047	3,814,325
Segment Adjustment		212,001	123,836	169,445
Total Compensation and Benefits		2,527,572	2,354,949	2,829,729
General, Administrative and Other		679,408	594,873	488,582
Investment Income - Realized Performance Allocations		1,739,000	1,876,507	3,571,811
Realized Performance Revenues		1,868,911	1,934,047	3,814,325
Realized Performance Compensation		707,242	744,992	1,387,244
Investment Income Realized		393,478	415,862	635,769
Total Segment		(707,242)	(744,992)	(1,387,244)
Management and Advisory Fees, Net
Segment Reporting Information [Line Items]
Revenues		3,472,155	3,027,796	2,751,322
Incentive Fees
Segment Reporting Information [Line Items]
Revenues		129,911	57,540	242,514
Operating Segments
Segment Reporting Information [Line Items]
Revenues		3,484,236	3,036,452	2,770,791
Realized Performance Revenues		212,001	123,836	169,445
Realized Performance Revenues		1,660,642	1,811,771	3,647,807
Realized Performance Revenues		(212,001)	(123,836)	(169,445)
Segment Adjustment		212,001	123,836	169,445
General, Administrative and Other		571,142	488,328	424,866
Realized Performance Revenues		1,660,642	1,811,771	3,647,807
Less: Realized Performance Revenues		(1,660,642)	(1,811,771)	(3,647,807)
Realized Performance Compensation		(603,935)	(678,141)	(1,297,611)
Investment Income Realized		224,155	236,058	436,194
Less: Equity-Based Compensation - Operating Compensation		(221,684)	(145,213)	(93,410)
Less: Equity-Based Compensation - Performance Compensation		(8,510)	(13,007)	(13,700)
Total Compensation and Benefits		1,336,578	1,216,146	1,185,639
Less: Fee Related Performance Compensation		(94,797)	(53,844)	(75,933)
Less: Equity-based compensation - Performance Compensation Related		(8,510)	(13,007)	(13,700)
Total Segment		603,935	678,141	1,297,611
Operating Segments | Management and Advisory Fees, Net
Segment Reporting Information [Line Items]
Revenues		3,484,236	3,036,452	2,770,791
Segment Adjustment
Segment Reporting Information [Line Items]
Realized Performance Revenues	[1]	3,732	1,560	2,927
Segment Adjustment	[1]	3,732	1,560	2,927
General, Administrative and Other	[2]	(108,266)	(106,545)	(63,716)
Investment Income Realized	[3]	(169,323)	(179,804)	(199,575)
Segment Adjustment	[4]	(356,865)	(302,442)	(239,369)
Segment Adjustment | Management and Advisory Fees, Net
Segment Reporting Information [Line Items]
Revenues	[5]	$ 12,081	$ 8,656	$ 19,469
[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.
[5]	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.

Quarterly Financial Data (Detai

Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended																12 Months Ended
	Dec. 31, 2019		Sep. 30, 2019	[1]	Jun. 30, 2019		Mar. 31, 2019		Dec. 31, 2018		Sep. 30, 2018		Jun. 30, 2018	[2]	Mar. 31, 2018		Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017
Quarterly Financial Information [Line Items]
Revenues	$ 2,091,480		$ 1,735,113		$ 1,486,806		$ 2,024,871		$ 504,978		$ 1,926,580		$ 2,632,570		$ 1,769,131		$ 7,338,270		$ 6,833,259		$ 7,145,015
Expenses	1,114,027		947,220		862,240		1,041,164		495,096		1,017,632		1,016,381		982,931		3,964,651		3,512,040		3,752,378
Other Income (Loss)	29,884		223,056		61,131		130,325		(59,234)		66,838		73,519		110,599		444,396	[3]	191,722	[3]	725,452	[3]
Income (Loss) Before Provision for Taxes	1,007,337		1,010,949		685,697		1,114,032		(49,352)		975,786		1,689,708		896,799		3,818,015		3,512,941		4,118,089
Net Income (Loss)	978,394		1,167,735		646,961		1,072,877		(78,718)		948,988		1,550,977		842,304		3,865,967		3,263,551		3,374,942
Net Income (Loss) Attributable to The Blackstone Group L.P.	$ 483,149		$ 779,437		$ 305,792		$ 481,304		$ (10,868)		$ 442,742		$ 742,042		$ 367,872		$ 2,049,682		$ 1,541,788		$ 1,471,374
Net Income (Loss) Per Common Unit
Common Units, Basic	$ 0.71		$ 1.15		$ 0.45		$ 0.71		$ (0.02)		$ 0.65		$ 1.09		$ 0.55		$ 3.03		$ 2.27		$ 2.21
Common Units, Diluted	0.71		1.15		0.45		0.71		(0.02)		0.64		1.09		0.53		3.03		2.26		2.21
Distributions Declared	$ 0.49	[4]	$ 0.48	[4]	$ 0.37	[4]	$ 0.58	[4]	$ 0.64	[4]	$ 0.58	[4]	$ 0.35	[4]	$ 0.85	[4]	$ 1.92	[5]	$ 2.42	[5]	$ 2.32	[5]
[1]	As a result of the Conversion, there was a reduction of $174.6 million of the tax receivable agreement liability during the three months ended September 30, 2019. The reduction of the tax receivable agreement liability was included in Other Income.
[2]	For the three months ended June 30, 2018, Revenues included $580.9 million of Transaction-Related Charges recorded in Other Revenues received upon the conclusion of Blackstone’s investment sub-advisory relationship with FS Investments’ funds.
[3]	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.
[4]	Dividends declared reflects the calendar date of the declaration of each dividend.
[5]	Dividends declared reflects the calendar date of the declaration for each distribution. The fourth quarter dividends, if any, for any fiscal year will be declared and paid in the subsequent fiscal year.

Quarterly Financial Data (Paren

Quarterly Financial Data (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2019	Jun. 30, 2018	Dec. 31, 2019	Dec. 31, 2017
Quarterly Financial Information [Line Items]
Transaction related charges		$ 580,900
Reduction of Tax Receivable Agreement Liability			$ 161,567	$ 403,855
Tax Cuts and Jobs Act
Quarterly Financial Information [Line Items]
Reduction of Tax Receivable Agreement Liability	$ 174,600		$ 161,600	$ 403,900