Blackstone (BX) 10-Q 8 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	May 01, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Trading Symbol	BX
Entity Registrant Name	Blackstone Group Inc
Entity Central Index Key	0001393818
Current Fiscal Year End Date	--12-31
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 Quarterly Report	true
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity File Number	001-33551
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-8875684
Entity Address, Address Line One	345 Park Avenue
Local Phone Number	583-5000
Entity Address, State or Province	NY
Entity Address, City or Town	New York
City Area Code	212
Entity Address, Postal Zip Code	10154
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		669,876,471
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1
Common Class C [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Cash and Cash Equivalents	$ 2,068,326	$ 2,172,441
Cash Held by Blackstone Funds and Other	318,003	351,210
Investments (including assets pledged of $132,805 and $196,094 at March 31, 2020 and December 31, 2019, respectively)	16,430,701	22,281,682
Accounts Receivable	696,729	975,075
Due from Affiliates	2,706,112	2,594,873
Intangible Assets, Net	379,758	397,508
Goodwill	1,869,860	1,869,860
Other Assets	541,896	382,493
Right-of-Use Assets	542,757	471,059
Deferred Tax Assets	1,392,352	1,089,305
Total Assets	26,946,494	32,585,506
Liabilities and Equity
Loans Payable	10,392,903	11,080,723
Due to Affiliates	1,247,098	1,026,871
Accrued Compensation and Benefits	1,965,237	3,796,044
Securities Sold, Not Yet Purchased	51,498	75,545
Repurchase Agreements	105,133	154,118
Operating Lease Liabilities	605,809	542,994
Accounts Payable, Accrued Expenses and Other Liabilities	1,000,708	806,159
Total Liabilities	15,368,386	17,482,454
Commitments and Contingencies
Redeemable Non-Controlling Interests in Consolidated Entities	72,066	87,651
Stockholders' Equity of The Blackstone Group Inc.
Additional Paid-in-Capital	6,298,093	6,428,647
Retained Earnings (Deficit)	(871,948)	609,625
Accumulated Other Comprehensive Loss	(41,533)	(28,495)
Total Stockholders' Equity of The Blackstone Group Inc.	5,384,619	7,009,784
Non-Controlling Interests in Consolidated Entities	3,591,160	4,186,069
Non-Controlling Interests in Blackstone Holdings	2,530,263	3,819,548
Total Equity	11,506,042	15,015,401
Total Liabilities and Equity	26,946,494	32,585,506
Common Class A [Member]
Stockholders' Equity of The Blackstone Group Inc.
Common Stock, Value, Issued	7	7
Common Class B [Member]
Stockholders' Equity of The Blackstone Group Inc.
Common Stock, Value, Issued	0	0
Common Class C [Member]
Stockholders' Equity of The Blackstone Group Inc.
Common Stock, Value, Issued	$ 0	$ 0

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investments assets pledged	$ 132,805	$ 196,094
Assets	26,946,494	32,585,506
Liabilities	$ 15,368,386	$ 17,482,454
Common Class A [Member]
Common stock par value	$ 0.00001	$ 0.00001
Common shares authorized	90,000,000,000	90,000,000,000
Common shares issued	676,630,489	671,157,692
Common shares outstanding	676,630,489	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	$ 7,918,317	$ 8,952,541
Liabilities	6,445,208	7,133,175
Consolidated Blackstone Funds | Repurchase Agreements | Variable Interest Entity, Primary Beneficiary
Liabilities	105,133	154,118
Consolidated Blackstone Funds | Loans Payable | Variable Interest Entity, Primary Beneficiary
Liabilities	5,817,702	6,479,867
Securities Sold, Not Yet Purchased | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Liabilities	42,086	55,289
Investments | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	7,270,514	8,371,899
Accounts Receivable | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	323,792	220,372
Cash Held by Funds and Other | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	318,003	351,210
Due from Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	5,051	7,856
Other Assets | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	957	1,204
Due to Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Liabilities	165,786	142,546
Accounts Payable, Accrued Expenses and Other Liabilities | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Liabilities	$ 314,501	$ 301,355

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Performance Allocations
Realized	$ 167,530	$ 242,375
Unrealized	(3,453,081)	663,999
Principal Investments
Realized	48,695	73,261
Unrealized	(959,365)	169,044
Total Investment Income (Loss)	(4,196,221)	1,148,679
Interest and Dividend Revenue	35,084	44,084
Other	138,180	10,250
Total Revenues	(3,075,964)	2,024,871
Expenses
Compensation and Benefits Compensation	476,543	471,397
Incentive Fee Compensation	6,522	5,406
Performance Allocations Compensation
Realized	72,423	86,395
Unrealized	(1,397,378)	287,015
Total Compensation and Benefits	(841,890)	850,213
General, Administrative and Other	157,566	146,062
Interest Expense	41,644	42,002
Fund Expenses	4,605	2,887
Total Expenses	(638,075)	1,041,164
Other Income (Loss)
Change in Tax Receivable Agreement Liability	(595)
Net Gains (Losses) from Fund Investment Activities	(327,374)	130,325
Total Other Income (Loss)	(327,969)	130,325
Income (Loss) Before Provision (Benefit) for Taxes	(2,765,858)	1,114,032
Provision (Benefit) for Taxes	(158,703)	41,155
Net Income (Loss)	(2,607,155)	1,072,877
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	(15,469)	2,480
Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities	(645,077)	186,833
Net Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings	(880,117)	402,260
Net Income (Loss) Attributable to The Blackstone Group Inc.	$ (1,066,492)	$ 481,304
Net Income (Loss) Per Share of Class A Common Stock
Basic	$ (1.58)	$ 0.71
Diluted	$ (1.58)	$ 0.71
Weighted-Average Shares of Class A Common Stock Outstanding
Basic	676,305,359	674,507,698
Diluted	676,305,359	1,200,480,240
Management and Advisory Fees, Net
Revenues
Revenues	$ 934,832	$ 809,726
Incentive Fees
Revenues
Revenues	$ 12,161	$ 12,132

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net Income (Loss)	$ (2,607,155)	$ 1,072,877
Other Comprehensive Income (Loss) – Currency Translation Adjustment	(20,219)	7,183
Comprehensive Income (Loss)	(2,627,374)	1,080,060
Less: Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	(15,469)	2,480
Comprehensive Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities	(645,077)	186,833
Comprehensive Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings	(887,298)	405,397
Comprehensive Income (Loss) Attributable to Non-Controlling Interests	(1,547,844)	594,710
Comprehensive Income (Loss) Attributable to The Blackstone Group Inc.	$ (1,079,530)	$ 485,350

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Thousands		Total	Class A Common Stock		Common Units	Additional Paid-in Capital	[1]	Retained Earnings	[1]	Accumulated Other Comprehensive Income (Loss)		Parent		Noncontrolling InterestConsolidated Entities	Noncontrolling InterestBlackstone Holdings
Beginning Balance at Dec. 31, 2018		$ 13,612,307			$ 6,415,700					$ (36,476)		$ 6,379,224		$ 3,648,766	$ 3,584,317
Beginning Balance, Units at Dec. 31, 2018					663,212,830
Net Income (Loss)		1,070,397			$ 481,304							481,304		186,833	402,260
Currency Translation Adjustment		7,183								4,046		4,046			3,137
Capital Contributions		159,505												159,505
Capital Distributions		(871,807)			(390,263)							(390,263)		(141,498)	(340,046)
Transfer of Non-Controlling Interests in Consolidated Entities		(1,260)												(1,260)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders		2,167			2,167							2,167
Equity-Based Compensation		92,671			51,859							51,859			40,812
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units		(9,254)			$ (9,251)							(9,251)			(3)
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units, Units					1,812,474
Repurchase of Common Units and Blackstone Holdings Partnership Units		(52,149)			$ (52,149)							(52,149)
Repurchase of Common Units and Blackstone Holdings Partnership Units, Units					(1,544,115)
Change in The Blackstone Group Inc.'s Ownership Interest		10,965			$ (10,965)							(10,965)			10,965
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units					$ 12,670							12,670			(12,670)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units					1,850,698
Ending Balance at Mar. 31, 2019		14,009,760			$ 6,501,072					(32,430)		6,468,642		3,852,346	3,688,772
Ending Balance, Units at Mar. 31, 2019					665,331,887
Beginning Balance at Dec. 31, 2018		141,779
Net Income (Loss)		2,480
Capital Distributions		(7,318)
Ending Balance at Mar. 31, 2019		136,941
Beginning Balance at Dec. 31, 2019		15,015,401	$ 7	[1]		$ 6,428,647		$ 609,625		(28,495)	[1]	7,009,784	[1]	4,186,069	3,819,548
Beginning Balance, Units at Dec. 31, 2019	[1]		671,157,692
Net Income (Loss)		(2,591,686)						(1,066,492)				(1,066,492)	[1]	(645,077)	(880,117)
Currency Translation Adjustment		(20,219)								(13,038)	[1]	(13,038)	[1]		(7,181)
Capital Contributions		202,679												202,679
Capital Distributions		(931,054)						(415,081)				(415,081)	[1]	(150,272)	(365,701)
Transfer of Non-Controlling Interests in Consolidated Entities		(2,239)												(2,239)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders		12,394				12,394						12,394	[1]
Equity-Based Compensation		89,482				50,824						50,824	[1]		38,658
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units		(15,248)				(15,241)						(15,241)	[1]		(7)
Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units, Units	[1]		1,683,494
Repurchase of Common Units and Blackstone Holdings Partnership Units		(253,468)				(253,468)						(253,468)	[1]
Repurchase of Common Units and Blackstone Holdings Partnership Units, Units	[1]		(4,969,237)
Change in The Blackstone Group Inc.'s Ownership Interest		(9,779)				9,779						9,779	[1]		(9,779)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units						65,158						65,158	[1]		(65,158)
Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units, Units	[1]		8,758,540
Ending Balance at Mar. 31, 2020		11,506,042	$ 7	[1]		$ 6,298,093		$ (871,948)		$ (41,533)	[1]	$ 5,384,619	[1]	$ 3,591,160	$ 2,530,263
Ending Balance, Units at Mar. 31, 2020	[1]		676,630,489
Beginning Balance at Dec. 31, 2019		87,651
Net Income (Loss)		(15,469)
Capital Distributions		(116)
Ending Balance at Mar. 31, 2020		$ 72,066
[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)	3 Months Ended
	Mar. 31, 2020
Common Class B [Member]
Conversion Of Stocks	one share outstanding
Common Class C [Member]
Conversion Of Stocks	one share outstanding

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating Activities
Net Income (Loss)	$ (2,607,155)	$ 1,072,877
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities Blackstone Funds Related
Net Realized Gains on Investments	(156,408)	(324,140)
Changes in Unrealized (Gains) Losses on Investments	1,292,707	(275,047)
Non-Cash Performance Allocations	3,453,081	(663,999)
Non-Cash Performance Allocations and Incentive Fee Compensation	(1,318,433)	378,816
Equity-Based Compensation Expense	118,812	121,179
Amortization of Intangibles	17,750	17,750
Other Non-Cash Amounts Included in Net Income (Loss)	(237,086)	(6,282)
Cash Flows Due to Changes in Operating Assets and Liabilities
Accounts Receivable	496,348	106,815
Due from Affiliates	(54,790)	(309,916)
Other Assets	(168,965)	6,577
Accrued Compensation and Benefits	(541,706)	(347,853)
Securities Sold, Not Yet Purchased	(26,840)	(14,883)
Accounts Payable, Accrued Expenses and Other Liabilities	(103,025)	(356,158)
Repurchase Agreements	(48,985)	(3,338)
Due to Affiliates	(5,498)	28,964
Investments Purchased	(2,065,680)	(882,973)
Cash Proceeds from Sale of Investments	2,955,340	1,582,142
Net Cash Provided by Operating Activities	999,467	130,531
Investing Activities
Purchase of Furniture, Equipment and Leasehold Improvements	(12,428)	(18,858)
Net Cash Used in Investing Activities	(12,428)	(18,858)
Financing Activities
Distributions to Non-Controlling Interest Holders in Consolidated Entities	(148,415)	(148,782)
Contributions from Non-Controlling Interest Holders in Consolidated Entities	154,914	157,880
Payments Under Tax Receivable Agreement	(73,881)	(84,640)
Net Settlement of Vested Class A Common Stock and Repurchase of Class A Common Stock and Blackstone Holdings Partnership Units	(268,716)	(61,403)
Proceeds from Loans Payable	102	16
Repayment and Repurchase of Loans Payable	(938)	(823)
Dividends/Distributions to Shareholders and Unitholders	(780,782)	(730,309)
Net Cash Used in Financing Activities	(1,117,716)	(868,061)
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other	(6,645)	(407)
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other
Net Decrease	(137,322)	(756,795)
Beginning of Period	2,523,651	2,545,161
End of Period	2,386,329	1,788,366
Supplemental Disclosure of Cash Flows Information
Payments for Interest	42,440	42,979
Payments for Income Taxes	13,217	10,656
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Non-Cash Contributions from Non-Controlling Interest Holders	44,835	242
Non-Cash Distributions to Non-Controlling Interest Holders	(1,973)	(34)
Transfer of Interests to Non-Controlling Interest Holders	(2,239)	(1,260)
Change in The Blackstone Group Inc.'s Ownership Interest	9,779	(10,965)
Net Settlement of Vested Class A Common Stock	60,214	55,951
Conversion of Blackstone Holdings Units to Class A Common Stock	65,158	12,670
Acquisition of Ownership Interests from Non-Controlling Interest Holders
Deferred Tax Asset	(126,171)	(14,572)
Due to Affiliates	113,777	12,405
Equity	$ 12,394	$ 2,167

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Cash and Cash Equivalents	$ 2,068,326	$ 2,172,441
Cash Held by Blackstone Funds and Other	318,003	351,210
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other	$ 2,386,329	$ 2,523,651	$ 1,788,366	$ 2,545,161

Organization

Organization	3 Months Ended
	Mar. 31, 2020
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 condensed 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 Effective January 1, 2020, the Credit segment was renamed Credit & Insurance. There was no change to the composition of the segment or historical results. 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 14. “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	3 Months Ended
	Mar. 31, 2020
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Blackstone have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q. condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. See “— COVID-19 10-K The condensed consolidated financial statements include the accounts of Blackstone, its wholly owned or majority-owned subsidiaries, the consolidated entities which are considered to be variable interest entities and for which Blackstone is considered the primary beneficiary, and certain partnerships or similar entities which are not considered variable interest entities but in which the general partner is determined to have control. All intercompany balances and transactions have been eliminated in consolidation. Restructurings within consolidated CLOs are treated as investment purchases or sales, as applicable, in the Condensed Consolidated Statements of Cash Flows. COVID-19 During the first quarter of 2020, the World Health Organization designated the global outbreak of COVID-19 COVID-19. non-essential The continued rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 COVID-19 Consolidation Blackstone consolidates all entities that it controls through a majority voting interest or otherwise, including those Blackstone Funds in which the general partner has a controlling financial interest. Blackstone has a controlling financial interest in Blackstone Holdings because the limited partners do not have the right to dissolve the partnerships or have substantive kick-out non-controlling In addition, Blackstone consolidates all variable interest entities (“VIE”) in which it is the primary beneficiary. An enterprise is determined to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (a) whether an entity in which Blackstone holds a variable interest is a VIE and (b) whether Blackstone’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests, would give it a controlling financial interest. Performance of that analysis requires the exercise of judgment. 15 Blackstone determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a variable interest entity and continuously reconsiders that conclusion. In determining whether Blackstone is the primary beneficiary, Blackstone evaluates its control rights as well as economic interests in the entity held either directly or indirectly by Blackstone. The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that Blackstone is not the primary beneficiary, a quantitative analysis may also be performed. Investments and redemptions (either by Blackstone, affiliates of Blackstone or third parties) or amendments to the governing documents of the respective Blackstone Funds could affect an entity’s status as a VIE or the determination of the primary beneficiary. At each reporting date, Blackstone assesses whether it is the primary beneficiary and will consolidate or deconsolidate accordingly. Assets of consolidated VIEs that can only be used to settle obligations of the consolidated VIE and liabilities of a consolidated VIE for which creditors (or beneficial interest holders) do not have recourse to the general credit of Blackstone are presented in a separate section in the Condensed Consolidated Statements of Financial Condition. Blackstone’s other disclosures regarding VIEs are discussed in Note 9. “Variable Interest Entities”. Revenue Recognition Revenues primarily consist of management and advisory fees, incentive fees, investment income, interest and dividend revenue and other. Management and advisory fees and incentive fees are accounted for as contracts with customers. Under the guidance for contracts with customers, an entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. See Note 18. “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 Condensed 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 Condensed Consolidated Statements of Financial Condition. Performance Allocations are realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the preferred return or, in limited instances, after certain thresholds for return of capital are met. Performance Allocations are subject to clawback to the extent that the Performance Allocation received to date exceeds the amount due to Blackstone based on cumulative results. As such, the accrual for potential repayment of previously received Performance Allocations, which is a component of Due to Affiliates, represents all amounts previously distributed to Blackstone Holdings and non-controlling Principal Investments include the unrealized and realized gains and losses on Blackstone’s principal investments, including its investments in Blackstone Funds that are not consolidated and receive pro-rata Interest and Dividend Revenue Other Revenue Fair Value of Financial Instruments GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: ● Level I – Quoted prices are available in active markets for identical financial instruments as of the reporting date. The types of financial instruments in Level I include listed equities, listed derivatives and mutual funds with quoted prices. Blackstone does not adjust the quoted price for these investments, even in situations where Blackstone holds a large position and a sale could reasonably impact the quoted price. ● Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Financial instruments which are generally included in this category include corporate bonds and loans, including corporate bonds and loans held within CLO vehicles, government and agency securities, less liquid and restricted equity securities, and certain over-the-counter ● Level III – Pricing inputs are unobservable for the financial instruments and includes situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category generally include general and limited partnership interests in private equity and real estate funds, credit-focused funds, distressed debt and non-investment over-the-counter In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Blackstone’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. Level II Valuation Techniques Financial instruments classified within Level II of the fair value hierarchy comprise debt instruments, including certain corporate loans and bonds held by Blackstone’s consolidated CLO vehicles and debt securities sold, not yet purchased. Certain equity securities and derivative instruments valued using observable inputs are also classified as Level II. The valuation techniques used to value financial instruments classified within Level II of the fair value hierarchy are as follows: ● Debt Instruments and Equity Securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments and various relationships between investments. The valuation of certain equity securities is based on an observable price for an identical security adjusted for the effect of a restriction. ● Freestanding Derivatives are valued using contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads. ● Senior and subordinate notes issued by CLO vehicles are classified based on the more observable fair value of CLO assets less (a) the fair value of any beneficial interests held by Blackstone, and (b) the carrying value of any beneficial interests that represent compensation for services. Level III Valuation Techniques In the absence of observable market prices, Blackstone values its investments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist; management’s determination of fair value is then based on the best information available in the circumstances, and may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for non-performance Real Estate Investments – Private Equity Investments – Credit-Focused Investments The market approach is generally used to determine the enterprise value of the issuer of a credit investment, and considers valuation multiples of comparable companies or transactions. The resulting enterprise value will dictate whether or not such credit investment has adequate enterprise value coverage. In cases of distressed credit instruments, the market approach may be used to estimate a recovery value in the event of a restructuring. Investments, at Fair Value The Blackstone Funds are accounted for as investment companies under the American Institute of Certified Public Accountants Accounting and Auditing Guide, Investment Companies Blackstone’s principal investments are presented at fair value with unrealized appreciation or depreciation and realized gains and losses recognized in the Condensed Consolidated Statements of Operations within Investment Income (Loss). For certain instruments, Blackstone has elected the fair value option. Such election is irrevocable and is applied on an investment by investment basis at initial recognition. Blackstone has applied the fair value option for certain loans and receivables, unfunded loan commitments and certain investments in private debt securities that otherwise would not have been carried at fair value with gains and losses recorded in net income. The methodology for measuring the fair value of such investments is consistent with the methodology applied to private equity, real estate, credit-focused and funds of hedge funds investments. Changes in the fair value of such instruments are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. Interest income on interest bearing loans and receivables and debt securities on which the fair value option has been elected is based on stated coupon rates adjusted for the accretion of purchase discounts and the amortization of purchase premiums. This interest income is recorded within Interest and Dividend Revenue. Blackstone has elected the fair value option for the assets of consolidated CLO vehicles. As permitted under GAAP, Blackstone measures the liabilities of consolidated CLO vehicles as (a) the sum of the fair value of the consolidated CLO assets and the carrying value of any non-financial Non-Controlling non-consolidated Blackstone has elected the fair value option for certain proprietary investments that would otherwise have been accounted for using the equity method of accounting. The fair value of such investments is based on quoted prices in an active market or using the discounted cash flow method. Changes in fair value are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. Further disclosure on instruments for which the fair value option has been elected is presented in Note 7. “Fair Value Option”. The investments of consolidated Blackstone Funds in funds of hedge funds (“Investee Funds”) are valued at net asset value (“NAV”) per share of the Investee Fund. In limited circumstances, Blackstone may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, Blackstone will estimate the fair value in good faith and in a manner that it reasonably chooses, in accordance with the requirements of GAAP. Certain investments of Blackstone and of the consolidated Blackstone funds of hedge funds and credit-focused funds measure their investments in underlying funds at fair value using NAV per share without adjustment. The terms of the investee’s investment generally provide for minimum holding periods or lock-ups, Security and loan transactions are recorded on a trade date basis. Equity Method Investments Investments in which Blackstone is deemed to exert significant influence, but not control, are accounted for using the equity method of accounting except in cases where the fair value option has been elected. Blackstone has significant influence over all Blackstone Funds in which it invests but does not consolidate. Therefore, its investments in such Blackstone Funds, which include both a proportionate and disproportionate allocation of the profits and losses (as is the case with carry funds that include a Performance Allocation), are accounted for under the equity method. Under the equity method of accounting, Blackstone’s share of earnings (losses) from equity method investments is included in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. In cases where Blackstone’s equity method investments provide for a disproportionate allocation of the profits and losses (as is the case with carry funds that include a Performance Allocation), Blackstone’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period, Blackstone calculates the Accrued Performance Allocations that would be due to Blackstone for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner, or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. The carrying amounts of equity method investments are reflected in Investments in the Condensed Consolidated Statements of Financial Condition. Results for Strategic Partners are reported on a three month lag from the fund financial statements, which generally report based on a three month lag from the underlying fund investments unless information is available on a more timely basis. Therefore, results presented herein do not include the impact of economic and market activity in the quarter in which such events occur. Economic and market activity for the periods presented is expected to affect reported results in upcoming periods. Compensation and Benefits Compensation and Benefits Compensation Compensation and Benefits — Incentive Fee Compensation — Compensation and Benefits — Performance Allocations Compensation — in-kind). Non-Controlling 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 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. Unvested participating shares of Class A common stock are excluded from the computation in periods of loss as they are not contractually obligated to share in losses. 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 Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to repurchase agreements are discussed in Note 10. “Repurchase Agreements”. Blackstone does not offset assets and liabilities relating to reverse repurchase agreements and repurchase agreements in its Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to offsetting are discussed in Note 11. “Offsetting of Assets and Liabilities”. Securities Sold, Not Yet Purchased Securities Sold, Not Yet Purchased consist of equity and debt securities that Blackstone has borrowed and sold. Blackstone is required to “cover” its short sale in the future by purchasing the security at prevailing market prices and delivering it to the counterparty from which it borrowed the security. Blackstone is exposed to loss in the event that the price at which a security may have to be purchased to cover a short sale exceeds the price at which the borrowed security was sold short. Securities Sold, Not Yet Purchased are recorded at fair value in the Condensed Consolidated Statements of Financial Condition. Derivative Instruments Blackstone recognizes all derivatives as assets or liabilities on its Condensed Consolidated Statements of Financial Condition at fair value. On the date Blackstone enters into a derivative contract, it designates and documents each derivative contract as one of the following: (a) a hedge of a recognized asset or liability (“fair value hedge”), (b) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), (c) a hedge of a net investment in a foreign operation, or (d) a derivative instrument not designated as a hedging instrument (“freestanding derivative”). 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 Condensed Consolidated Statements of Financial Condition. For freestanding derivative contracts, Blackstone presents changes in fair value in current period earnings. Changes in the fair value of derivative instruments held by consolidated Blackstone Funds are reflected in Net Gains from Fund Investment Activities or, where derivative instruments are held by Blackstone, within Investment Income (Loss) in the Condensed Consolidated Statements of Operations. The fair value of freestanding derivative assets of the consolidated Blackstone Funds are recorded within Investments, the fair value of freestanding derivative assets that are not part of the consolidated Blackstone Funds are recorded within Other Assets and the fair value of freestanding derivative liabilities are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition. Blackstone has elected to not offset derivative assets and liabilities or financial assets in its Condensed Consolidated Statements of Financial Condition, including cash, that may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement is in place that provides Blackstone, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. Blackstone’s other disclosures regarding derivative financial instruments are discussed in Note 6. “Derivative Financial Instruments”. Blackstone’s disclosures regarding offsetting are discussed in Note 11. “Offsetting of Assets and Liabilities”. Affiliates Blackstone considers its Founder, senior managing directors, employees, the Blackstone Funds and the Portfolio Companies to be affiliates. Dividends Dividends are reflected in the condensed consolidated financial statements when declared. Recent Accounting Developments In June 2016, the FASB issued amended guidance on how to measure credit losses for most financial assets. The guidance was effective for Blackstone on January 1, 2020 and was adopted on a modified retrospective basis. The guidance requires entities to recognize their estimate of lifetime expected credit losses based on reasonable and supportable forecasts, current conditions, and historical experience. Adoption did not have a material impact on Blackstone’s condensed consolidated financial statements.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2020
Intangible Assets	3. Intangible Assets Intangible Assets, Net consists of the following: March 31, December 31, 2020 2019 Finite-Lived Intangible Assets/Contractual Rights $ 1,712,576 $ 1,712,576 Accumulated Amortization (1,332,818 ) (1,315,068 ) Intangible Assets, Net $ 379,758 $ 397,508 Amortization expense associated with Blackstone’s intangible assets was $17.7 million and $17.7 million for the three months ended March 31, 2020 and 2019, respectively. Amortization of Intangible Assets held at March 31, 2020 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 March 31, 2020 are expected to amortize over a weighted-average period of 7.8 years.

Investments

Investments	3 Months Ended
	Mar. 31, 2020
Investments	4. Investments Investments consist of the following: March 31, December 31, 2020 2019 Investments of Consolidated Blackstone Funds $ 7,275,752 $ 8,380,698 Equity Method Investments Partnership Investments 3,553,538 4,035,675 Accrued Performance Allocations 3,761,585 7,180,449 Corporate Treasury Investments 1,653,950 2,419,587 Other Investments 185,876 265,273 $ 16,430,701 $ 22,281,682 Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $240.6 million and $347.4 million at March 31, 2020 and December 31, 2019, respectively. Where appropriate, the accounting for Blackstone’s investments incorporates the changes in fair value of those investments as determined under GAAP. The decrease in Partnership Investments and Accrued Performance Allocations for the period ended March 31, 2020 was primarily from the unrealized depreciation in the fair value of underlying fund investments driven by the impact of COVID-19 and energy market dislocation. The significant inputs and assumptions required to determine the change in fair value of the investments of Consolidated Blackstone Funds, Corporate Treasury Investments and Other Investments are discussed in more detail in Note 8. “Fair Value Measurements of Financial Instruments”. See Note 2. “Summary of Significant Accounting Policies — COVID-19 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 (Loss) – Net Gains (Losses) from Fund Investment Activities in the Condensed Consolidated Statements of Operations: Three Months Ended 2020 2019 Realized Losses $ (73,274 ) $ (2,912 ) Net Change in Unrealized Gains (Losses) (333,342 ) 106,003 Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds (406,616 ) 103,091 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 79,242 27,234 Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities $ (327,374 ) $ 130,325 Equity Method Investments Blackstone’s equity method investments include Partnership Investments, which represent the pro-rata non-controlling Blackstone evaluates each of its equity method investments, excluding Accrued Performance Allocations, to determine if any were significant as defined by guidance from the United States Securities and Exchange Commission. As of and for the three months ended March 31, 2020 and 2019, 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 (losses) related to its Partnership Investments accounted for under the equity method of $(566.5) million and $155.4 million for the three months ended March 31, 2020 and 2019, respectively. Accrued Performance Allocations Accrued Performance Allocations to Blackstone were as follows: Real Private Hedge Fund Credit & Estate Equity Solutions Insurance Total Accrued Performance Allocations, December 31, 2019 $ 3,639,855 $ 3,063,149 $ 23,951 $ 453,494 $ 7,180,449 Performance Allocations as a Result of Changes in Fund Fair Values (1,047,711 ) (1,635,728 ) 4,159 (425,440 ) (3,104,720 ) Foreign Exchange Loss (13,043 ) — — — (13,043 ) Fund Distributions (208,962 ) (76,332 ) (7,241 ) (8,566 ) (301,101 ) Accrued Performance Allocations, March 31, 2020 $ 2,370,139 $ 1,351,089 $ 20,869 $ 19,488 $ 3,761,585 Corporate Treasury Investments The portion of corporate treasury investments included in Investments represents Blackstone’s investments into primarily fixed income securities, mutual fund interests, and other fund interests. These strategies are managed by a combination of Blackstone personnel and third party advisors. The following table presents the Realized and Net Change in Unrealized Gains (Losses) on these investments: Three Months Ended 2020 2019 Realized Gains $ 2,517 $ 317 Net Change in Unrealized Gains (Losses) (258,387 ) 48,659 $ (255,870 ) $ 48,976 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 $50.2 million as of March 31, 2020. The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in Other Investments: Three Months Ended March 31, 2020 2019 Realized Gains $ 6,985 $ 24,236 Net Change in Unrealized Gains (Losses) (99,937 ) 10,722 $ (92,952 ) $ 34,958

Net Asset Value as Fair Value

Net Asset Value as Fair Value	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 is presented below: Redemption Unfunded Frequency Redemption Strategy Fair Value Commitments (if currently eligible) Notice Period Diversified Instruments $ 210,037 $ 126 (a) (a) Credit Driven 67,165 268 (b) (b) Equity 2,678 — (c) (c) Commodities 1,613 — (d) (d) $ 281,493 $ 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 25% of the fair value of the investments in this category are in liquidation. The remaining 75% 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-pocket 29% of Blackstone’s investments in the category. (d) The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. Investments representing 100% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2020
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. March 31, 2020 December 31, 2019 Assets Liabilities Assets Liabilities Fair Fair Fair Fair Notional Value Notional Value Notional Value Notional Value Freestanding Derivatives Blackstone Interest Rate Contracts $ 950,800 $ 178,579 $ 454,103 $ 21,465 $ 1,256,287 $ 53,129 $ 165,852 $ 4,895 Foreign Currency Contracts 303,960 8,582 17,444 404 344,422 1,231 97,626 802 Credit Default Swaps 7,617 2,084 14,183 3,662 7,617 36 16,697 197 Investments of Foreign Currency Contracts 133,303 3,544 4,086 309 106,906 307 40,110 1,167 Interest Rate Contracts — — 20,500 2,133 — — 33,000 1,728 Credit Default Swaps 14,074 2,357 36,385 2,556 5,108 58 47,405 960 Total Return Swaps — — 28,142 5,419 4,558 21 27,334 464 Other — — — — 1 4 1 2 $ $ 195,146 $ 574,843 $ 35,948 $ 1,724,899 $ 54,786 $ 428,025 $ 10,215 The table below summarizes the impact to the Condensed Consolidated Statements of Operations from derivative financial instruments: Three Months Ended 2020 2019 Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ (5,301 ) $ (2,248 ) Foreign Currency Contracts (13,707 ) 1,672 Credit Default Swaps (99 ) 1,110 Total Return Swaps (749 ) (120 ) Other (38 ) (8 ) $ (19,894 ) $ 406 Net Change in Unrealized Gains (Losses) Interest Rate Contracts $ 108,298 $ (8,263 ) Foreign Currency Contracts 11,845 (1,564 ) Credit Default Swaps (1,389 ) 3,941 Total Return Swaps (4,976 ) 978 Other 36 (50 ) $ 113,814 $ (4,958 ) As of March 31, 2020 and December 31, 2019, Blackstone had not designated any derivatives as cash flow hedges.

Fair Value Option

Fair Value Option	3 Months Ended
	Mar. 31, 2020
Fair Value Option	7. Fair Value Option The following table summarizes the financial instruments for which the fair value option has been elected: March 31, December 31, 2020 2019 Assets Loans and Receivables $ 218,115 $ 500,751 Equity and Preferred Securities 126,839 432,472 Debt Securities 420,603 506,924 Assets of Consolidated CLO Vehicles Corporate Loans 5,967,779 6,801,691 Other 312 770 $ 6,733,648 $ 8,242,608 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes Loans Payable $ 5,742,380 $ 6,455,016 Due to Affiliates 74,911 57,717 Subordinated Notes Loans Payable 75,107 24,738 Due to Affiliates 13,624 20,535 $ 5,906,022 $ 6,558,006 The following table presents the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected: Three Months Ended March 31, 2020 2019 Net Change Net Change Realized in Unrealized Realized in Unrealized Gains (Losses) Gains (Losses) Gains (Losses) Gains (Losses) Assets Loans and Receivables $ (3,521 ) $ (13,369 ) $ (1,084 ) $ (760 ) Equity and Preferred Securities — (84,241 ) 1 22,365 Debt Securities (11,616 ) (70,117 ) (35 ) 14,932 Assets of Consolidated CLO Vehicles Corporate Loans (43,901 ) (764,909 ) (3,851 ) 179,802 Other — (325 ) — — $ (59,038 ) $ (932,961 ) $ (4,969 ) $ 216,339 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ — $ 694,504 $ — $ (51,560 ) Subordinated Notes — (43,458 ) — (66,144 ) Other — — — — $ — $ 651,046 $ — $ (117,704 ) The following table presents information for those financial instruments for which the fair value option was elected: March 31, 2020 December 31, 2019 For Financial Assets For Financial Assets Past Due (a) Past Due (a) (Deficiency) (Deficiency) (Deficiency) Excess of Fair Value Fair of Fair Value of Fair Value Fair of Fair Value Over Principal Value Over Principal Over Principal Value Over Principal Loans and Receivables $ (15,727 ) $ — $ — $ (3,875 ) $ — $ — Debt Securities (82,473 ) — — (14,667 ) — — Assets of Consolidated CLO Vehicles Corporate Loans (1,009,955 ) 5,841 (4,984 ) (234,430 ) — — Other (325 ) — — 133 — — $ (1,108,480 ) $ 5,841 $ (4,984 ) $ (252,839 ) $ — $ — (a) Corporate Loans within CLO assets are classified as past due if contractual payments are more than one day past due. As of March 31, 2020 and December 31, 2019, 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	3 Months Ended
	Mar. 31, 2020
Fair Value Measurements of Financial Instruments	8. Fair Value Measurements of Financial Instruments See Note 2. “Summary of Significant Accounting Policies — COVID-19 The following tables summarize the valuation of Blackstone’s financial assets and liabilities by the fair value hierarchy: March 31, 2020 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents - Money Market Funds and Short-Term Investments $ 137,153 $ — $ — $ — $ 137,153 Investments Investments of Consolidated Blackstone Funds (a) Investment Funds — — — 19,841 19,841 Equity Securities 32,648 29,093 231,054 — 292,795 Partnership and LLC Interests — 9,413 382,224 — 391,637 Debt Instruments 138 539,555 57,794 — 597,487 Freestanding Derivatives Foreign Currency Contracts — 3,544 — — 3,544 Credit Default Swaps — 2,357 — — 2,357 Assets of Consolidated CLO Vehicles Corporate Loans — 5,625,150 342,629 — 5,967,779 Other — (85 ) 397 — 312 Total Investments of Consolidated Blackstone Funds 32,786 6,209,027 1,014,098 19,841 7,275,752 Corporate Treasury Investments Equity Securities 291,840 — — — 291,840 Debt Instruments 7 1,086,358 18,588 — 1,104,953 Other — — 2,285 254,872 257,157 Total Corporate Treasury Investments 291,847 1,086,358 20,873 254,872 1,653,950 Other Investments 101,816 — 27,036 6,780 135,632 Total Investments 426,449 7,295,385 1,062,007 281,493 9,065,334 Accounts Receivable - Loans and Receivables — — 218,115 — 218,115 Other Assets Freestanding Derivatives Interest Rate Contracts 1,031 177,548 — — 178,579 Foreign Currency Contracts — 8,582 — — 8,582 Credit Default Swaps — 2,084 — — 2,084 Total Other Assets 1,031 188,214 — — 189,245 $ 564,633 $ 7,483,599 $ 1,280,122 $ 281,493 $ 9,609,847 March 31, 2020 Level I Level II Level III Total Liabilities Loans Payable - Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 5,742,380 $ — $ 5,742,380 Subordinated Notes (b) — 75,107 — 75,107 Total Loans Payable — 5,817,487 — 5,817,487 Due to Affiliates - Liabilities of Consolidated CLO Senior Secured Notes (b) — 74,911 — 74,911 Subordinated Notes (b) — 13,624 — 13,624 Total Due to Affiliates — 88,535 — 88,535 Securities Sold, Not Yet Purchased 9,412 42,086 — 51,498 Accounts Payable, Accrued Expenses and Other Liabilities Liabilities of Consolidated Blackstone Funds - Freestanding Derivatives (a) Foreign Currency Contracts — 309 — 309 Credit Default Swaps — 2,556 — 2,556 Total Return Swaps — 5,419 — 5,419 Interest Rate Swaps — 2,133 — 2,133 Total Liabilities of Consolidated Blackstone Funds — 10,417 — 10,417 Freestanding Derivatives Interest Rate Contracts 1,385 20,080 — 21,465 Foreign Currency Contracts — 404 — 404 Credit Default Swaps — 3,662 — 3,662 Total Freestanding Derivatives 1,385 24,146 — 25,531 Total Accounts Payable, Accrued Expenses and Other Liabilities 1,385 34,563 — 35,948 $ 10,797 $ 5,982,671 $ — $ 5,993,468 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 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 (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 March 31, 2020: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Financial Assets Investments of Consolidated Equity Securities $ 171,916 Discounted Cash Flows Discount Rate 6.0% - 42.1% 14.2% Revenue CAGR -49.2% - 64.7% 10.2% Book Value Multiple 0.8x - 4.7x 2.1x EBITDA Multiple 1.1x - 20.6x 11.4x Exit Capitalization Rate 5.0% - 11.4% 7.7% Exit Multiple - EBITDA 1.7x - 18.0x 10.7x Exit Multiple - NOI 14.3x - 19.6x 15.6x Exit Multiple - P/E 7.5 x - 21.0x 10.5x Exit Yield 8.9% N/A 3,201 Market Comparable Companies Book Value Multiple 1.1x N/A EBITDA Multiple 2.2x - 10.2x 8.6x 22,760 Other N/A N/A N/A 32,153 Transaction Price N/A N/A N/A 1,024 Third Party Pricing N/A N/A N/A Partnership and LLC Interests 355,049 Discounted Cash Flows Discount Rate 0.9% - 30.5% 9.1% Revenue CAGR -2.8% - 45.8% 15.6% Book Value Multiple 0.6x - 1.1x 0.8x EBITDA Multiple 3.4x - 13.7x 8.7x Exit Capitalization Rate 0.6% - 15.5% 5.4% Exit Multiple - EBITDA 3.5x - 35.9x 12.5x Exit Multiple - NOI 15.6x N/A 2,639 Market Comparable Companies Book Value Multiple 1.0x N/A Dollar/Acre Multiple $7.0 N/A 3,428 Other N/A N/A N/A 21,108 Transaction Price N/A N/A N/A Debt Instruments 5,145 Discounted Cash Flows Discount Rate 7.6% - 19.3% 9.8% Exit Capitalization Rate 3.8% N/A 51,096 Third Party Pricing N/A N/A N/A 600 Other N/A N/A N/A 953 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 343,026 Third Party Pricing N/A N/A N/A Total Investments of Consolidated Blackstone Funds 1,014,098 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Corporate Treasury Investments $ 8,096 Discounted Cash Flows Discount Rate 6.3% - 15.7% 12.6% Default Rate 2.0% N/A Pre-payment 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 10.0% - 70.0% 67.7% Reinvestment Rate LIBOR + 400 bps N/A 2,285 Market Comparable Companies EBITDA Multiple 7.6x - 9.0x 7.7x 10,492 Third Party Pricing N/A N/A N/A Loans and Receivables 174,589 Discounted Cash Flows Discount Rate 7.8% - 10.7% 8.8% 43,526 Third Party Pricing N/A N/A N/A Other Investments 27,036 Transaction Price N/A N/A N/A $ 1,280,122 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 Inputs Ranges Weighted- Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 198,094 Discounted Cash Flows Discount Rate 7.2% - 40.2% 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 - EBITDA 0.1x - 17.0x 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% - 26.5% 9.2% Revenue CAGR -4.3% - 26.3% 17.1% Book Value Multiple 1.0x - 1.1x 1.1x EBITDA Multiple 6.5x - 14.0x 9.8x Exit Capitalization Rate 2.0% - 27.0% 5.8% Exit Multiple - EBITDA 3.5x - 18.6x 10.2x Exit Multiple - NOI 13.0x - 15.7x 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% - 58.2% 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 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 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, 2019, there have been no changes in valuation techniques within Level II and Level III that have had a material impact on the valuation of financial instruments. The following tables summarize the changes in financial assets and liabilities measured at fair value for which Blackstone has used Level III inputs to determine fair value and does not include gains or losses that were reported in Level III in prior years or for instruments that were transferred out of Level III prior to the end of the respective reporting period. Total realized and unrealized gains and losses recorded for Level III investments are reported in either Investment Income (Loss) or Net Gains from Fund Investment Activities in the Condensed Consolidated Statements of Operations. Level III Financial Assets at Fair Value Three Months Ended March 31, 2020 2019 Investments Investments of Loans Other of Loans Other Consolidated and Investments Consolidated and Investments Funds Receivables (a) Total Funds Receivables (a) Total Balance, Beginning of Period $ 1,050,272 $ 500,751 $ 29,289 $ 1,580,312 $ 1,364,016 $ 304,173 $ 56,185 $ 1,724,374 Transfer In to Level III (b) 188,123 — 26,719 214,842 151,085 — 12,806 163,891 Transfer Out of Level III (b) (152,339 ) — (12,144 ) (164,483 ) (307,800 ) — (13,850 ) (321,650 ) Purchases 96,651 163,739 1,212 261,602 76,995 72,291 7,569 156,855 Sales (67,228 ) (431,192 ) (5,039 ) (503,459 ) (62,933 ) (165,668 ) (871 ) (229,472 ) Settlements — (2,013 ) — (2,013 ) — (7,151 ) — (7,151 ) Changes in Gains Included in Earnings (101,381 ) (13,170 ) 7,872 (106,679 ) 22,437 4,581 (2,706 ) 24,312 Balance, End of Period $ 1,014,098 $ 218,115 $ 47,909 $ 1,280,122 $ 1,243,800 $ 208,226 $ 59,133 $ 1,511,159 Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ (87,972 ) $ (19,902 ) $ 7,900 $ (99,974 ) $ 27,922 $ — $ (2,132 ) $ 25,790 (a) Represents corporate treasury investments and Other Investments. (b) Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities. There were no Level III financial liabilities as of and for the three months ended March 31, 2020 and 2019.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2020
Variable Interest Entities	9. Variable Interest Entities Pursuant to GAAP consolidation guidance, Blackstone consolidates certain VIEs in which it is determined that Blackstone is the primary beneficiary either directly or indirectly, through a consolidated entity or affiliate. VIEs include certain private equity, real estate, credit-focused or funds of hedge funds entities and CLO vehicles. The purpose of such VIEs is to provide strategy specific investment opportunities for investors in exchange for management and performance-based fees. The investment strategies of the Blackstone Funds differ by product; however, the fundamental risks of the Blackstone Funds have similar characteristics, including loss of invested capital and loss of management fees and performance-based fees. In Blackstone’s role as general partner, collateral manager or investment adviser, it generally considers itself the sponsor of the applicable Blackstone Fund. Blackstone does not provide performance guarantees and has no other financial obligation to provide funding to consolidated VIEs other than its own capital commitments. The assets of consolidated variable interest entities may only be used to settle obligations of these entities. In addition, there is no recourse to Blackstone for the consolidated VIEs’ liabilities including the liabilities of the consolidated CLO vehicles. Blackstone holds variable interests in certain VIEs which are not consolidated as it is determined that Blackstone is not the primary beneficiary. Blackstone’s involvement with such entities is in the form of direct and indirect equity interests and fee arrangements. The maximum exposure to loss represents the loss of assets recognized by Blackstone relating to non-consolidated non-consolidated March 31, December 31, 2020 2019 Investments $ 859,494 $ 1,216,932 Due from Affiliates 202,476 143,949 Potential Clawback Obligation 35,602 109,240 Maximum Exposure to Loss $ 1,097,572 $ 1,470,121 Amounts Due to Non-Consolidated $ 191 $ 231

Repurchase Agreements

Repurchase Agreements	3 Months Ended
	Mar. 31, 2020
Repurchase Agreements	10. Repurchase Agreements At March 31, 2020 and December 31, 2019, Blackstone pledged securities with a carrying value of $132.8 million and $196.1 million, respectively, and cash to collateralize its repurchase agreements. Such securities can be repledged, delivered or otherwise used by the counterparty. The following tables provide information regarding Blackstone’s Repurchase Agreements obligation by type of collateral pledged: March 31, 2020 Remaining Contractual Maturity of the Agreements Overnight Greater and Up to 30 - 90 than Continuous 30 Days Days 90 days Total Repurchase Agreements Asset-Backed Securities $ — $ 21,027 $ 72,232 $ 11,874 $ 105,133 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 105,133 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ — December 31, 2019 Remaining Contractual Maturity of the Agreements Overnight Greater and Up to 30 - 90 than Continuous 30 Days Days 90 days Total Repurchase Agreements Asset-Backed Securities $ — $ 42,459 $ 88,868 $ 22,791 $ 154,118 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 154,118 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ —

Offsetting of Assets And Liabil

Offsetting of Assets And Liabilities	3 Months Ended
	Mar. 31, 2020
Offsetting of Assets and Liabilities	11. Offsetting of Assets and Liabilities The following tables present the offsetting of assets and liabilities as of March 31, 2020 and December 31, 2019: March 31, 2020 Gross and Net Amounts of Gross Amounts Not Offset Assets Presented in the Statement of in the Statement Financial Condition of Financial Financial Cash Collateral Condition Instruments (a) Received Net Amount Assets Freestanding Derivatives $ 193,649 $ 15,916 $ 115,589 $ 62,144 March 31, 2020 Gross and Net Amounts of Liabilities Gross Amounts Not Offset Presented in the in the Statement of Statement of Financial Condition Financial Financial Cash Collateral Condition Instruments (a) Pledged Net Amount Liabilities Freestanding Derivatives $ 35,948 $ 15,916 $ 18,530 $ 1,502 Repurchase Agreements 105,133 105,133 — — $ 141,081 $ 121,049 $ 18,530 $ 1,502 December 31, 2019 Gross and Net Amounts of Gross Amounts Not Offset Assets Presented in the Statement of in the Statement Financial Condition of Financial Financial Cash Collateral Condition Instruments (a) Received Net Amount Assets Freestanding Derivatives $ 54,479 $ 380 $ — $ 54,099 December 31, 2019 Gross and Net Amounts of Liabilities Gross Amounts Not Offset Presented in the in the Statement of Statement of Financial Condition Financial Financial Cash Collateral Condition Instruments (a) Pledged Net Amount Liabilities Freestanding Derivatives $ 10,215 $ 380 $ 9,198 $ 637 Repurchase Agreements 154,118 154,118 — — $ 164,333 $ 154,498 $ 9,198 $ 637 (a) Amounts presented are inclusive of both legally enforceable master netting agreements, and financial instruments received or pledged as collateral. Financial instruments received or pledged as collateral offset derivative counterparty risk exposure, but do not reduce net balance sheet exposure. Repurchase Agreements are presented separately on the Condensed Consolidated Statements of Financial Condition. Freestanding Derivative assets are included in Other Assets in the Condensed Consolidated Statements of Financial Condition. The following table presents the components of Other Assets : March 31, December 31, 2020 2019 Furniture, Equipment and Leasehold Improvements, Net $ 159,499 $ 154,482 Prepaid Expenses 176,998 159,333 Freestanding Derivatives 189,245 54,396 Other 16,154 14,282 $ 541,896 $ 382,493 Freestanding Derivative liabilities are included in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition and are not a significant component thereof. Notional Pooling Arrangement Blackstone has a notional cash pooling arrangement with a financial institution for cash management purposes. This arrangement allows for cash withdrawals based upon aggregate cash balances on deposit at the same financial institution. Cash withdrawals cannot exceed aggregate cash balances on deposit. The net balance of cash on deposit and overdrafts is used as a basis for calculating net interest expense or income. As of March 31, 2020, the aggregate cash balance on deposit relating to the cash pooling arrangement was $875.5 million, which was offset with an accompanying overdraft of $875.5 million.

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2020
Borrowings	12. Borrowings The following table presents the general characteristics of each of our notes, as well as their carrying value and fair value. The notes are included in Loans Payable within the Condensed Consolidated Statements of Financial Condition. All of the notes were issued at a discount. All of the notes accrue interest from the issue date thereof and all pay interest in arrears on a semi-annual basis or annual basis. March 31, 2020 December 31, 2019 Carrying Fair Carrying Fair Senior Notes Value Value (a) Value Value (a) 4.750%, Due 2/15/2023 $ 396,526 $ 432,080 $ 396,247 $ 429,280 2.000%, Due 5/19/2025 327,085 334,339 332,393 365,521 1.000%, Due 10/5/2026 653,809 627,376 664,229 691,012 3.150%, Due 10/2/2027 297,130 306,210 297,046 309,540 1.500%, Due 4/10/2029 656,694 633,665 667,425 708,841 2.500%, Due 1/10/2030 490,054 469,450 489,841 493,500 6.250%, Due 8/15/2042 238,494 312,875 238,437 338,200 5.000%, Due 6/15/2044 489,025 539,550 488,968 606,700 4.450%, Due 7/15/2045 344,188 353,605 344,157 396,235 4.000%, Due 10/2/2047 290,390 282,690 290,344 321,780 3.500%, Due 9/10/2049 391,806 354,040 391,769 399,961 $ 4,575,201 $ 4,645,880 $ 4,600,856 $ 5,060,570 (a) Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy. Included within Loans Payable and Due to Affiliates within the Condensed Consolidated Statements of Financial Condition are amounts due to holders of debt securities issued by Blackstone’s consolidated CLO vehicles. Borrowings through the consolidated CLO vehicles consisted of the following: March 31, 2020 December 31, 2019 Weighted- Weighted- Average Average Effective Remaining Effective Remaining Borrowing Interest Maturity in Borrowing Interest Maturity in Outstanding Rate Years Outstanding Rate Years Senior Secured Notes $ 6,526,863 3.39% 3.2 $ 6,527,800 3.55% 3.5 Subordinated Notes 325,735 (a) N/A 331,735 (a) N/A $ 6,852,598 $ 6,859,535 (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: March 31, 2020 December 31, 2019 Amounts Due to Non- Amounts Due to Non- Consolidated Affiliates Consolidated Affiliates Borrowing Borrowing Fair Value Outstanding Fair Value Fair Value Outstanding Fair Value Senior Secured Notes $ 5,817,291 $ 75,250 $ 74,911 $ 6,512,733 $ 57,750 $ 57,717 Subordinated Notes 88,731 44,734 13,624 45,273 44,734 20,535 $ 5,906,022 $ 119,984 $ 88,535 $ 6,558,006 $ 102,484 $ 78,252 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 March 31, 2020 and December 31, 2019, the fair value of the consolidated CLO assets was $6.4 billion and $7.2 billion, respectively. Scheduled principal payments for borrowings as of March 31, 2020 were as follows: Blackstone Fund Operating Facilities/CLO Total Borrowings Vehicles Borrowings 2020 $ — $ 215 $ 215 2021 — — — 2022 — — — 2023 400,000 — 400,000 2024 — — — Thereafter 4,254,650 6,852,598 11,107,248 $ 4,654,650 $ 6,852,813 $ 11,507,463

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Taxes	13. Income Taxes 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 Conversion resulted in a step-up step-up Blackstone’s effective tax rate was 5.7% and 3.7% for the three months ended March 31, 2020 and 2019, respectively. Blackstone’s income tax provision (benefit) was $(158.7) million and $41.2 million for the three months ended March 31, 2020 and 2019, respectively. For the three months ended March 31, 2020, the effective tax rate differs from the statutory rate primarily because: (a) a portion of the reported net income (loss) before taxes is attributable to non-controlling interest holders and (b) the net change to the valuation allowance related to the step-up in the tax basis of investment tax assets. For the three months ended March 31, 2019, the effective tax rate differs from the statutory rate primarily because a portion of the reported net income (loss) before taxes is passed through to common shareholders and non-controlling interest holders.

Earnings Per Share and Stockhol

Earnings Per Share and Stockholder's Equity	3 Months Ended
	Mar. 31, 2020
Earnings Per Share and Stockholder's Equity	14. Earnings Per Share and Stockholder’s Equity Earnings Per Share Basic and diluted net income per share of Class A common stock for the three months ended March 31, 2020 and March 31, 2019 was calculated as follows: Three Months Ended 2020 2019 Net Income (Loss) for Per Share of Class A Common Stock Calculations Net Income (Loss) Attributable to The Blackstone Group Inc., Basic $ (1,066,492 ) $ 481,304 Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units — 369,889 Net Income (Loss) Attributable to The Blackstone Group Inc., Diluted $ (1,066,492 ) $ 851,193 Share/Units Outstanding Weighted-Average Shares of Class A Common Stock Outstanding, Basic 676,305,359 674,507,698 Weighted-Average Shares of Unvested Deferred Restricted Class A Common Stock — 207,752 Weighted-Average Blackstone Holdings Partnership Units — 525,764,790 Weighted-Average Shares of Class A Common Stock Outstanding, Diluted 676,305,359 1,200,480,240 Net Income Per Share of Class A Common Stock Basic $ (1.58 ) $ 0.71 Diluted $ (1.58 ) $ 0.71 Dividends Declared Per Share of Class A Common Stock (a) $ 0.61 $ 0.58 (a) Dividends declared reflects the calendar date of the declaration for each dividend. In computing the dilutive effect that the exchange of Blackstone Holdings Partnership Units would have on Net Income Per Share of Class A Common Stock, Blackstone considered that net income available to holders of shares of Class A common stock would increase due to the elimination of non-controlling non-controlling Unvested participating Blackstone Holdings Partnership Units and unvested participating shares of Class A common stock are excluded from basic and diluted net loss per share of Class A common stock for the three months ended March 31, 2020 as those unvested participating units and shares are not contractually obligated to share in losses. The following table summarizes the anti-dilutive securities for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 2019 Weighted-Average Shares of Unvested Deferred Restricted Class A Common Stock 10,465,568 — Weighted-Average Blackstone Holdings Partnership Units 511,220,151 — 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 March 31, 2020. Share Repurchase Program On July , , Blackstone’s board of directors authorized the repurchase of up to $ 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 three months ended March 31, 2020, Blackstone repurchased 5.0 million shares of Blackstone Class A common stock at a total cost of $253.5 million. During the three months ended March 31, 2019, Blackstone repurchased 1.5 million shares of Blackstone Class A common stock at a total cost of $52.1 million. As of March 31, 2020, the amount remaining available for repurchases under this program was $527.7 million. Shares Eligible for Dividends and Distributions As of March 31, 2020, the total 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 676,630,489 Unvested Participating Common Stock 11,239,416 Total Participating Common Stock 687,869,905 Participating Blackstone Holdings Partnership Units 507,101,000 1,194,970,905

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2020
Equity-Based Compensation	15. Equity-Based Compensation Blackstone has granted equity-based compensation awards to Blackstone’s senior managing directors, non-partner non-professionals For the three months ended March 31, 2020 and March 31, 2019, Blackstone recorded compensation expense of $118.8 million and $121.2 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $13.7 million and $18.6 million, respectively. As of March 31, 2020, there was $1.2 billion 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 1,195,225,902 as of March 31, 2020. Total outstanding unvested phantom shares were 60,686 as of March 31, 2020. A summary of the status of Blackstone’s unvested equity-based awards as of March 31, 2020 and of changes during the period January 1, 2020 through March 31, 2020 is presented below: Blackstone Holdings The Blackstone Group Inc. Equity Settled Awards Cash Settled Awards Weighted- Deferred Weighted- Weighted- Average Restricted Shares Average Average Partnership Grant Date of Class A Grant Date Phantom Grant Date Unvested Shares/Units Units Fair Value Common Stock Fair Value Shares Fair Value Balance, December 31, 2019 32,159,218 $ 36.25 8,969,736 $ 35.26 51,341 $ 52.85 Granted — — 3,952,232 54.99 4,745 56.03 Vested (3,603,046 ) 40.86 (1,788,344 ) 33.67 (485 ) 56.03 Forfeited (97,316 ) 35.65 (191,743 ) 36.43 — — Balance, March 31, 2020 28,458,856 $ 36.41 10,941,881 $ 41.93 55,601 $ 55.98 Shares/Units Expected to Vest The following unvested shares and units, after expected forfeitures, as of March 31, 2020, are expected to vest: Weighted- Average Service Period Shares/Units in Years Blackstone Holdings Partnership Units 23,087,346 3.2 Deferred Restricted Shares of Class A Common Stock 9,198,282 2.7 Total Equity-Based Awards 32,285,628 3.1 Phantom Shares 44,707 2.8

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2020
Related Party Transactions	16. Related Party Transactions Affiliate Receivables and Payables Due from Affiliates and Due to Affiliates consisted of the following: March 31, December 31, 2020 2019 Due from Affiliates Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated $ 2,084,067 $ 1,999,568 Due from Certain Non-Controlling 557,577 573,679 Accrual for Potential Clawback of Previously Distributed Performance Allocations 64,468 21,626 $ 2,706,112 $ 2,594,873 March 31, December 31, 2020 2019 Due to Affiliates Due to Certain Non-Controlling $ 713,578 $ 672,981 Due to Non-Consolidated 108,569 100,286 Due to Note-Holders of Consolidated CLO Vehicles 88,535 78,252 Due to Certain Non-Controlling 41,407 48,433 Accrual for Potential Repayment of Previously Received Performance Allocations 295,009 126,919 $ 1,247,098 $ 1,026,871 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 March 31, 2020 and December 31, 2019, such investments aggregated $799.7 million and $969.3 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 $3.0 million and $2.4 million for the three months ended March 31, 2020 and 2019, 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; and aircraft owned jointly by Joseph P. Baratta and two other individuals (each such aircraft, “Personal Aircraft”). Each of Messrs. Schwarzman, Gray and Baratta 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 Condensed Consolidated Financial Statements. Tax Receivable Agreements Blackstone used a portion of the proceeds from the IPO and other sales of shares to purchase interests in the predecessor businesses from the predecessor owners. In addition, holders of Blackstone Holdings Partnership Units may exchange their Blackstone Holdings Partnership 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. Assuming no future material changes in the relevant tax law and that the corporate taxpayers earn sufficient taxable income to realize the full tax benefit of the increased amortization of the assets, the expected future payments under the tax receivable agreements (which are taxable to the recipients) will aggregate $713.6 million over the next 15 years. The after-tax 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 17. “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	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies	1 Commitments Investment Commitments Blackstone had $3.4 billion of investment commitments as of March 31, 2020 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 $148.8 million as of March 31, 2020 which includes $56.3 million of signed investment commitments for portfolio company acquisitions in the process of closing. 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 March 31, 2020 was $199.7 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 2029. Further extensions of such terms may be implemented under given circumstances. For financial reporting purposes, when applicable, the general partners record a liability for potential clawback obligations to the limited partners of some of the carry funds due to changes in the unrealized value of a fund’s remaining investments and where the fund’s general partner has previously received Performance Allocation distributions with respect to such fund’s realized investments. The following table presents the clawback obligations by segment: March 31, 2020 December 31, 2019 Current and Current and Blackstone Former Blackstone Former Segment Holdings Personnel (a) Total Holdings Personnel (a) Total Real Estate $ 26,291 $ 11,993 $ 38,284 $ 16,151 $ 10,597 $ 26,748 Private Equity 187,799 34,301 222,100 82,276 2,860 85,136 Credit & Insurance 16,451 18,174 34,625 6,866 8,169 15,035 $ 230,541 $ 64,468 $ 295,009 $ 105,293 $ 21,626 $ 126,919 (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. The increase in contingent obligations related to clawback for the period ended March 31, 2020 was driven by unrealized depreciation in the fair value of certain underlying fund investments driven by the impact of COVID-19 COVID-19 For Private Equity, Real Estate, and certain Credit & Insurance Funds, a portion of the Performance Allocations paid to current and former Blackstone personnel is held in segregated accounts in the event of a cash clawback obligation. These segregated accounts are not included in the Condensed Consolidated Financial Statements of Blackstone, except to the extent a portion of the assets held in the segregated accounts may be allocated to a consolidated Blackstone fund of hedge funds. At March 31, 2020, $749.5 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 & Insurance 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 March 31, 2020, 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 $3.8 billion, on an after-tax

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2020
Segment Reporting	18. 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 its management of flagship corporate private equity funds, sector and geographically-focused corporate private equity funds, including energy and Asia-focused funds, core private equity funds, an opportunistic investment platform, a secondary fund of funds business, infrastructure-focused funds, a life sciences private investment platform, a multi-asset investment program for eligible high net worth investors and a capital markets services business. • Hedge Fund Solutions – The largest component of Blackstone’s Hedge Fund Solutions segment is Blackstone Alternative Asset Management, which manages a broad range of commingled and customized hedge fund of fund solutions. The segment also includes investment platforms that seed new hedge fund businesses, purchase minority 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 & Insurance – Blackstone’s Credit & Insurance 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, our structured products group 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-ended funds, open-ended funds and separately managed accounts). In addition, the segment includes a publicly traded master limited partnership investment platform, Harvest, and our insurer-focused platform, Blackstone Insurance Solutions. These business segments are differentiated by their various investment strategies. The Real Estate, Private Equity, Hedge Fund Solutions and Credit & Insurance 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 March 31, 2020 and for the three months ended March 31, 2020 and 2019. March 31, 2020 and the Three Months Then Ended Real Private Hedge Fund Credit & Total Estate Equity Solutions Insurance Segments Management and Advisory Fees, Net Base Management Fees $ 371,438 $ 253,974 $ 139,656 $ 145,328 $ 910,396 Transaction, Advisory and Other Fees, Net 23,024 21,413 758 5,470 50,665 Management Fee Offsets (8,341 ) (9,215 ) (42 ) (2,896 ) (20,494 ) Total Management and Advisory Fees, Net 386,121 266,172 140,372 147,902 940,567 Fee Related Performance Revenues 4,551 — — 7,915 12,466 Fee Related Compensation (120,296 ) (110,368 ) (46,191 ) (69,409 ) (346,264 ) Other Operating Expenses (40,476 ) (41,001 ) (18,667 ) (38,741 ) (138,885 ) Fee Related Earnings 229,900 114,803 75,514 47,667 467,884 Realized Performance Revenues 43,720 112,076 1,767 9,670 167,233 Realized Performance Compensation (13,392 ) (54,643 ) (945 ) (2,322 ) (71,302 ) Realized Principal Investment Income (Loss) 7,300 10,347 (609 ) 3,252 20,290 Total Net Realizations 37,628 67,780 213 10,600 116,221 Total Segment Distributable Earnings $ 267,528 $ 182,583 $ 75,727 $ 58,267 $ 584,105 Segment Assets $ 7,127,697 $ 7,081,277 $ 2,144,237 $ 3,142,162 $ 19,495,373 Three Months Ended March 31, 2019 Real Private Hedge Fund Credit & Total Estate Equity Solutions Insurance Segments Management and Advisory Fees, Net Base Management Fees $ 260,245 $ 219,417 $ 137,328 $ 140,528 $ 757,518 Transaction, Advisory and Other Fees, Net 23,911 37,291 318 3,630 65,150 Management Fee Offsets (280 ) (4,985 ) — (3,341 ) (8,606 ) Total Management and Advisory Fees, Net 283,876 251,723 137,646 140,817 814,062 Fee Related Performance Revenues 6,676 — — 1,103 7,779 Fee Related Compensation (114,816 ) (107,587 ) (42,954 ) (58,674 ) (324,031 ) Other Operating Expenses (38,986 ) (34,201 ) (17,885 ) (32,239 ) (123,311 ) Fee Related Earnings 136,750 109,935 76,807 51,007 374,499 Realized Performance Revenues 77,182 156,599 4,091 8,897 246,769 Realized Performance Compensation (29,900 ) (50,556 ) (1,413 ) (3,371 ) (85,240 ) Realized Principal Investment Income (Loss) (2,131 ) 25,139 (283 ) 3,183 25,908 Total Net Realizations 45,151 131,182 2,395 8,709 187,437 Total Segment Distributable Earnings $ 181,901 $ 241,117 $ 79,202 $ 59,716 $ 561,936 Reconciliations of Total Segment Amounts The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the three months ended March 31, 2020 and 2019 along with Total Assets as of March 31, 2020: Three Months Ended March 31, 2020 2019 Revenues Total GAAP Revenues $ (3,075,964 ) $ 2,024,871 Less: Unrealized Performance Revenues (a) 3,453,446 (664,333 ) Less: Unrealized Principal Investment (Income) Loss (b) 616,610 (139,925 ) Less: Interest and Dividend Revenue (c) (37,599 ) (46,699 ) Less: Other Revenue (d) (138,151 ) (13,189 ) Impact of Consolidation (e) 321,118 (69,849 ) Amortization of Intangibles (f) 387 387 Transaction-Related Charges (g) (830 ) 1,468 Intersegment Eliminations 1,539 1,787 Total Segment Revenue (h) $ 1,140,556 $ 1,094,518 Three Months Ended March 31, 2020 2019 Expenses Total GAAP Expenses $ (638,075 ) $ 1,041,164 Less: Unrealized Performance Allocations Compensation (i) 1,397,378 (287,015 ) Less: Equity-Based Compensation (j) (87,472 ) (66,776 ) Less: Interest Expense (k) (41,540 ) (41,638 ) Impact of Consolidation (e) (11,459 ) (10,861 ) Amortization of Intangibles (f) (16,096 ) (16,096 ) Transaction-Related Charges (g) (47,824 ) (87,983 ) Intersegment Eliminations 1,539 1,787 Total Segment Expenses (l) $ 556,451 $ 532,582 Three Months Ended March 31, 2020 2019 Other Income Total GAAP Other Income $ (327,969 ) $ 130,325 Impact of Consolidation (e) 327,969 (130,325 ) Total Segment Other Income $ — $ — Three Months Ended March 31, 2020 2019 Income (Loss) Before Provision (Benefit) for Taxes Total GAAP Income (Loss) Before Provision (Benefit) for Taxes $ (2,765,858 ) $ 1,114,032 Less: Unrealized Performance Revenues (a) 3,453,446 (664,333 ) Less: Unrealized Principal Investment (Income) Loss (b) 616,610 (139,925 ) Less: Interest and Dividend Revenue (c) (37,599 ) (46,699 ) Less: Other Revenue (d) (138,151 ) (13,189 ) Plus: Unrealized Performance Allocations Compensation (i) (1,397,378 ) 287,015 Plus: Equity-Based Compensation (j) 87,472 66,776 Plus: Interest Expense (k) 41,540 41,638 Impact of Consolidation (e) 660,546 (189,313 ) Amortization of Intangibles (f) 16,483 16,483 Transaction-Related Charges (g) 46,994 89,451 Total Segment Distributable Earnings $ 584,105 $ 561,936 As of March 31, 2020 Total Assets Total GAAP Assets $ 26,946,494 Impact of Consolidation (e) (7,451,121 ) Total Segment Assets $ 19,495,373 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 three months ended March 31, 2020 and 2019, Other Revenue on a GAAP basis was $138.2 million and $10.3 million, and included $136.9 million and $12.6 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: Three Months Ended March 31, 2020 2019 Total Segment Management and Advisory Fees, Net $ 940,567 $ 814,062 Total Segment Fee Related Performance Revenues 12,466 7,779 Total Segment Realized Performance Revenues 167,233 246,769 Total Segment Realized Principal Investment Income 20,290 25,908 Total Segment Revenues $ 1,140,556 $ 1,094,518 (i) This adjustment removes Unrealized Performance Allocations Compensation. (j) This adjustment removes Equity-Based Compensation on a segment basis. (k) This adjustment removes Interest Expense, excluding interest expense related to the Tax Receivable Agreement. (l) Total Segment Expenses is comprised of the following: Three Months Ended March 31, 2020 2019 Total Segment Fee Related Compensation $ 346,264 $ 324,031 Total Segment Realized Performance Compensation 71,302 85,240 Total Segment Other Operating Expenses 138,885 123,311 Total Segment Expenses $ 556,451 $ 532,582 Reconciliations of Total Segment Components The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported on the Condensed Consolidated Statement of Operations for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 2019 Management and Advisory Fees, Net GAAP $ 934,832 $ 809,726 Segment Adjustment (a) 5,735 4,336 Total Segment $ 940,567 $ 814,062 Three Months Ended March 31, 2020 2019 GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues GAAP Incentive Fees $ 12,161 $ 12,132 Investment Income - Realized Performance Allocations 167,530 242,375 GAAP 179,691 254,507 Total Segment Less: Realized Performance Revenues (167,233 ) (246,769 ) Segment Adjustment (b) 8 41 Total Segment $ 12,466 $ 7,779 Three Months Ended March 31, 2020 2019 GAAP Compensation to Total Segment Fee Related Compensation GAAP Compensation $ 476,543 $ 471,397 Incentive Fee Compensation 6,522 5,406 Realized Performance Allocations Compensation 72,423 86,395 GAAP 555,488 563,198 Total Segment Less: Realized Performance Compensation (71,302 ) (85,240 ) Less: Equity-Based Compensation - Operating Compensation (85,334 ) (63,708 ) Less: Equity-Based Compensation - Performance Compensation (2,138 ) (3,068 ) Segment Adjustment (c) (50,450 ) (87,151 ) Total Segment $ 346,264 $ 324,031 Three Months Ended March 31, 2020 2019 GAAP General, Administrative and Other to Total Segment Other Operating Expenses GAAP $ 157,566 $ 146,062 Segment Adjustment (d) (18,681 ) (22,751 ) Total Segment $ 138,885 $ 123,311 Three Months Ended March 31, 2020 2019 Realized Performance Revenues GAAP Incentive Fees $ 12,161 $ 12,132 Investment Income - Realized Performance Allocations 167,530 242,375 GAAP 179,691 254,507 Total Segment Less: Fee Related Performance Revenues (12,466 ) (7,779 ) Segment Adjustment (b) 8 41 Total Segment $ 167,233 $ 246,769 Three Months Ended March 31, 2020 2019 Realized Performance Compensation GAAP Incentive Fee Compensation $ 6,522 $ 5,406 Realized Performance Allocation Compensation 72,423 86,395 GAAP 78,945 91,801 Total Segment Less: Fee Related Performance Compensation (5,505 ) (3,493 ) Less: Equity-Based Compensation - Performance Compensation (2,138 ) (3,068 ) Total Segment $ 71,302 $ 85,240 Three Months Ended March 31, 2020 2019 Realized Principal Investment Income GAAP $ 48,695 $ 73,261 Segment Adjustment (e) (28,405 ) (47,353 ) Total Segment $ 20,290 $ 25,908 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	3 Months Ended
	Mar. 31, 2020
Subsequent Events	19. Subsequent Events There have been no events since March 31, 2020 that require recognition or disclosure in the Condensed Consolidated Financial Statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Blackstone have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q. condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. See “— COVID-19 10-K The condensed consolidated financial statements include the accounts of Blackstone, its wholly owned or majority-owned subsidiaries, the consolidated entities which are considered to be variable interest entities and for which Blackstone is considered the primary beneficiary, and certain partnerships or similar entities which are not considered variable interest entities but in which the general partner is determined to have control. All intercompany balances and transactions have been eliminated in consolidation. Restructurings within consolidated CLOs are treated as investment purchases or sales, as applicable, in the Condensed Consolidated Statements of Cash Flows. COVID-19 During the first quarter of 2020, the World Health Organization designated the global outbreak of COVID-19 COVID-19. non-essential The continued rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 COVID-19
Consolidation	Consolidation Blackstone consolidates all entities that it controls through a majority voting interest or otherwise, including those Blackstone Funds in which the general partner has a controlling financial interest. Blackstone has a controlling financial interest in Blackstone Holdings because the limited partners do not have the right to dissolve the partnerships or have substantive kick-out non-controlling In addition, Blackstone consolidates all variable interest entities (“VIE”) in which it is the primary beneficiary. An enterprise is determined to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (a) whether an entity in which Blackstone holds a variable interest is a VIE and (b) whether Blackstone’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests, would give it a controlling financial interest. Performance of that analysis requires the exercise of judgment. 15 Blackstone determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a variable interest entity and continuously reconsiders that conclusion. In determining whether Blackstone is the primary beneficiary, Blackstone evaluates its control rights as well as economic interests in the entity held either directly or indirectly by Blackstone. The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that Blackstone is not the primary beneficiary, a quantitative analysis may also be performed. Investments and redemptions (either by Blackstone, affiliates of Blackstone or third parties) or amendments to the governing documents of the respective Blackstone Funds could affect an entity’s status as a VIE or the determination of the primary beneficiary. At each reporting date, Blackstone assesses whether it is the primary beneficiary and will consolidate or deconsolidate accordingly. Assets of consolidated VIEs that can only be used to settle obligations of the consolidated VIE and liabilities of a consolidated VIE for which creditors (or beneficial interest holders) do not have recourse to the general credit of Blackstone are presented in a separate section in the Condensed Consolidated Statements of Financial Condition. Blackstone’s other disclosures regarding VIEs are discussed in Note 9. “Variable Interest Entities”.
Revenue Recognition	Revenue Recognition Revenues primarily consist of management and advisory fees, incentive fees, investment income, interest and dividend revenue and other. Management and advisory fees and incentive fees are accounted for as contracts with customers. Under the guidance for contracts with customers, an entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. See Note 18. “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 Condensed 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 Condensed Consolidated Statements of Financial Condition. Performance Allocations are realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the preferred return or, in limited instances, after certain thresholds for return of capital are met. Performance Allocations are subject to clawback to the extent that the Performance Allocation received to date exceeds the amount due to Blackstone based on cumulative results. As such, the accrual for potential repayment of previously received Performance Allocations, which is a component of Due to Affiliates, represents all amounts previously distributed to Blackstone Holdings and non-controlling Principal Investments include the unrealized and realized gains and losses on Blackstone’s principal investments, including its investments in Blackstone Funds that are not consolidated and receive pro-rata Interest and Dividend Revenue Other Revenue
Fair Value of Financial Instruments	Fair Value of Financial Instruments GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: ● Level I – Quoted prices are available in active markets for identical financial instruments as of the reporting date. The types of financial instruments in Level I include listed equities, listed derivatives and mutual funds with quoted prices. Blackstone does not adjust the quoted price for these investments, even in situations where Blackstone holds a large position and a sale could reasonably impact the quoted price. ● Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Financial instruments which are generally included in this category include corporate bonds and loans, including corporate bonds and loans held within CLO vehicles, government and agency securities, less liquid and restricted equity securities, and certain over-the-counter ● Level III – Pricing inputs are unobservable for the financial instruments and includes situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category generally include general and limited partnership interests in private equity and real estate funds, credit-focused funds, distressed debt and non-investment over-the-counter In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Blackstone’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. Level II Valuation Techniques Financial instruments classified within Level II of the fair value hierarchy comprise debt instruments, including certain corporate loans and bonds held by Blackstone’s consolidated CLO vehicles and debt securities sold, not yet purchased. Certain equity securities and derivative instruments valued using observable inputs are also classified as Level II. The valuation techniques used to value financial instruments classified within Level II of the fair value hierarchy are as follows: ● Debt Instruments and Equity Securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments and various relationships between investments. The valuation of certain equity securities is based on an observable price for an identical security adjusted for the effect of a restriction. ● Freestanding Derivatives are valued using contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads. ● Senior and subordinate notes issued by CLO vehicles are classified based on the more observable fair value of CLO assets less (a) the fair value of any beneficial interests held by Blackstone, and (b) the carrying value of any beneficial interests that represent compensation for services. Level III Valuation Techniques In the absence of observable market prices, Blackstone values its investments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist; management’s determination of fair value is then based on the best information available in the circumstances, and may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for non-performance Real Estate Investments – Private Equity Investments – Credit-Focused Investments The market approach is generally used to determine the enterprise value of the issuer of a credit investment, and considers valuation multiples of comparable companies or transactions. The resulting enterprise value will dictate whether or not such credit investment has adequate enterprise value coverage. In cases of distressed credit instruments, the market approach may be used to estimate a recovery value in the event of a restructuring.
Investments, at Fair Value	Investments, at Fair Value The Blackstone Funds are accounted for as investment companies under the American Institute of Certified Public Accountants Accounting and Auditing Guide, Investment Companies Blackstone’s principal investments are presented at fair value with unrealized appreciation or depreciation and realized gains and losses recognized in the Condensed Consolidated Statements of Operations within Investment Income (Loss). For certain instruments, Blackstone has elected the fair value option. Such election is irrevocable and is applied on an investment by investment basis at initial recognition. Blackstone has applied the fair value option for certain loans and receivables, unfunded loan commitments and certain investments in private debt securities that otherwise would not have been carried at fair value with gains and losses recorded in net income. The methodology for measuring the fair value of such investments is consistent with the methodology applied to private equity, real estate, credit-focused and funds of hedge funds investments. Changes in the fair value of such instruments are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. Interest income on interest bearing loans and receivables and debt securities on which the fair value option has been elected is based on stated coupon rates adjusted for the accretion of purchase discounts and the amortization of purchase premiums. This interest income is recorded within Interest and Dividend Revenue. Blackstone has elected the fair value option for the assets of consolidated CLO vehicles. As permitted under GAAP, Blackstone measures the liabilities of consolidated CLO vehicles as (a) the sum of the fair value of the consolidated CLO assets and the carrying value of any non-financial Non-Controlling non-consolidated Blackstone has elected the fair value option for certain proprietary investments that would otherwise have been accounted for using the equity method of accounting. The fair value of such investments is based on quoted prices in an active market or using the discounted cash flow method. Changes in fair value are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. Further disclosure on instruments for which the fair value option has been elected is presented in Note 7. “Fair Value Option”. The investments of consolidated Blackstone Funds in funds of hedge funds (“Investee Funds”) are valued at net asset value (“NAV”) per share of the Investee Fund. In limited circumstances, Blackstone may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, Blackstone will estimate the fair value in good faith and in a manner that it reasonably chooses, in accordance with the requirements of GAAP. Certain investments of Blackstone and of the consolidated Blackstone funds of hedge funds and credit-focused funds measure their investments in underlying funds at fair value using NAV per share without adjustment. The terms of the investee’s investment generally provide for minimum holding periods or lock-ups, Security and loan transactions are recorded on a trade date basis.
Equity Method Investments	Equity Method Investments Investments in which Blackstone is deemed to exert significant influence, but not control, are accounted for using the equity method of accounting except in cases where the fair value option has been elected. Blackstone has significant influence over all Blackstone Funds in which it invests but does not consolidate. Therefore, its investments in such Blackstone Funds, which include both a proportionate and disproportionate allocation of the profits and losses (as is the case with carry funds that include a Performance Allocation), are accounted for under the equity method. Under the equity method of accounting, Blackstone’s share of earnings (losses) from equity method investments is included in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. In cases where Blackstone’s equity method investments provide for a disproportionate allocation of the profits and losses (as is the case with carry funds that include a Performance Allocation), Blackstone’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period, Blackstone calculates the Accrued Performance Allocations that would be due to Blackstone for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner, or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. The carrying amounts of equity method investments are reflected in Investments in the Condensed Consolidated Statements of Financial Condition. Results for Strategic Partners are reported on a three month lag from the fund financial statements, which generally report based on a three month lag from the underlying fund investments unless information is available on a more timely basis. Therefore, results presented herein do not include the impact of economic and market activity in the quarter in which such events occur. Economic and market activity for the periods presented is expected to affect reported results in upcoming periods.
Compensation and Benefits	Compensation and Benefits Compensation and Benefits Compensation Compensation and Benefits — Incentive Fee Compensation — Compensation and Benefits — Performance Allocations Compensation — in-kind).
Non-Controlling Interests in Consolidated Entities	Non-Controlling 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
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. Unvested participating shares of Class A common stock are excluded from the computation in periods of loss as they are not contractually obligated to share in losses. 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 Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to repurchase agreements are discussed in Note 10. “Repurchase Agreements”. Blackstone does not offset assets and liabilities relating to reverse repurchase agreements and repurchase agreements in its Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to offsetting are discussed in Note 11. “Offsetting of Assets and Liabilities”.
Securities Sold, Not Yet Purchased	Securities Sold, Not Yet Purchased Securities Sold, Not Yet Purchased consist of equity and debt securities that Blackstone has borrowed and sold. Blackstone is required to “cover” its short sale in the future by purchasing the security at prevailing market prices and delivering it to the counterparty from which it borrowed the security. Blackstone is exposed to loss in the event that the price at which a security may have to be purchased to cover a short sale exceeds the price at which the borrowed security was sold short. Securities Sold, Not Yet Purchased are recorded at fair value in the Condensed Consolidated Statements of Financial Condition.
Derivative Instruments	Derivative Instruments Blackstone recognizes all derivatives as assets or liabilities on its Condensed Consolidated Statements of Financial Condition at fair value. On the date Blackstone enters into a derivative contract, it designates and documents each derivative contract as one of the following: (a) a hedge of a recognized asset or liability (“fair value hedge”), (b) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), (c) a hedge of a net investment in a foreign operation, or (d) a derivative instrument not designated as a hedging instrument (“freestanding derivative”). 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 Condensed Consolidated Statements of Financial Condition. For freestanding derivative contracts, Blackstone presents changes in fair value in current period earnings. Changes in the fair value of derivative instruments held by consolidated Blackstone Funds are reflected in Net Gains from Fund Investment Activities or, where derivative instruments are held by Blackstone, within Investment Income (Loss) in the Condensed Consolidated Statements of Operations. The fair value of freestanding derivative assets of the consolidated Blackstone Funds are recorded within Investments, the fair value of freestanding derivative assets that are not part of the consolidated Blackstone Funds are recorded within Other Assets and the fair value of freestanding derivative liabilities are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition. Blackstone has elected to not offset derivative assets and liabilities or financial assets in its Condensed Consolidated Statements of Financial Condition, including cash, that may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement is in place that provides Blackstone, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. Blackstone’s other disclosures regarding derivative financial instruments are discussed in Note 6. “Derivative Financial Instruments”. Blackstone’s disclosures regarding offsetting are discussed in Note 11. “Offsetting of Assets and Liabilities”.
Affiliates	Affiliates Blackstone considers its Founder, senior managing directors, employees, the Blackstone Funds and the Portfolio Companies to be affiliates.
Dividends	Dividends Dividends are reflected in the condensed consolidated financial statements when declared.
Recent Accounting Developments	Recent Accounting Developments In June 2016, the FASB issued amended guidance on how to measure credit losses for most financial assets. The guidance was effective for Blackstone on January 1, 2020 and was adopted on a modified retrospective basis. The guidance requires entities to recognize their estimate of lifetime expected credit losses based on reasonable and supportable forecasts, current conditions, and historical experience. Adoption did not have a material impact on Blackstone’s condensed consolidated financial statements.

Intangible Asset (Tables)

Intangible Asset (Tables)	3 Months Ended
	Mar. 31, 2020
Intangible Assets, Net	Intangible Assets, Net consists of the following: March 31, December 31, 2020 2019 Finite-Lived Intangible Assets/Contractual Rights $ 1,712,576 $ 1,712,576 Accumulated Amortization (1,332,818 ) (1,315,068 ) Intangible Assets, Net $ 379,758 $ 397,508

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2020
Investments	Investments consist of the following: March 31, December 31, 2020 2019 Investments of Consolidated Blackstone Funds $ 7,275,752 $ 8,380,698 Equity Method Investments Partnership Investments 3,553,538 4,035,675 Accrued Performance Allocations 3,761,585 7,180,449 Corporate Treasury Investments 1,653,950 2,419,587 Other Investments 185,876 265,273 $ 16,430,701 $ 22,281,682
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 (Loss) – Net Gains (Losses) from Fund Investment Activities in the Condensed Consolidated Statements of Operations: Three Months Ended 2020 2019 Realized Losses $ (73,274 ) $ (2,912 ) Net Change in Unrealized Gains (Losses) (333,342 ) 106,003 Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds (406,616 ) 103,091 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 79,242 27,234 Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities $ (327,374 ) $ 130,325
Performance Fees Allocated to Funds	Accrued Performance Allocations to Blackstone were as follows: Real Private Hedge Fund Credit & Estate Equity Solutions Insurance Total Accrued Performance Allocations, December 31, 2019 $ 3,639,855 $ 3,063,149 $ 23,951 $ 453,494 $ 7,180,449 Performance Allocations as a Result of Changes in Fund Fair Values (1,047,711 ) (1,635,728 ) 4,159 (425,440 ) (3,104,720 ) Foreign Exchange Loss (13,043 ) — — — (13,043 ) Fund Distributions (208,962 ) (76,332 ) (7,241 ) (8,566 ) (301,101 ) Accrued Performance Allocations, March 31, 2020 $ 2,370,139 $ 1,351,089 $ 20,869 $ 19,488 $ 3,761,585
Realized and Net Change in Unrealized Gains (Losses) on Investments	The following table presents the Realized and Net Change in Unrealized Gains (Losses) on these investments: Three Months Ended 2020 2019 Realized Gains $ 2,517 $ 317 Net Change in Unrealized Gains (Losses) (258,387 ) 48,659 $ (255,870 ) $ 48,976
Realized and Net Change in Unrealized Gains in Other Investments	The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in Other Investments: Three Months Ended March 31, 2020 2019 Realized Gains $ 6,985 $ 24,236 Net Change in Unrealized Gains (Losses) (99,937 ) 10,722 $ (92,952 ) $ 34,958

Net Asset Value as Fair Value (

Net Asset Value as Fair Value (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 is presented below: Redemption Unfunded Frequency Redemption Strategy Fair Value Commitments (if currently eligible) Notice Period Diversified Instruments $ 210,037 $ 126 (a) (a) Credit Driven 67,165 268 (b) (b) Equity 2,678 — (c) (c) Commodities 1,613 — (d) (d) $ 281,493 $ 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 25% of the fair value of the investments in this category are in liquidation. The remaining 75% 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-pocket 29% of Blackstone’s investments in the category. (d) The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. Investments representing 100% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
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. March 31, 2020 December 31, 2019 Assets Liabilities Assets Liabilities Fair Fair Fair Fair Notional Value Notional Value Notional Value Notional Value Freestanding Derivatives Blackstone Interest Rate Contracts $ 950,800 $ 178,579 $ 454,103 $ 21,465 $ 1,256,287 $ 53,129 $ 165,852 $ 4,895 Foreign Currency Contracts 303,960 8,582 17,444 404 344,422 1,231 97,626 802 Credit Default Swaps 7,617 2,084 14,183 3,662 7,617 36 16,697 197 Investments of Foreign Currency Contracts 133,303 3,544 4,086 309 106,906 307 40,110 1,167 Interest Rate Contracts — — 20,500 2,133 — — 33,000 1,728 Credit Default Swaps 14,074 2,357 36,385 2,556 5,108 58 47,405 960 Total Return Swaps — — 28,142 5,419 4,558 21 27,334 464 Other — — — — 1 4 1 2 $ $ 195,146 $ 574,843 $ 35,948 $ 1,724,899 $ 54,786 $ 428,025 $ 10,215
Summary of Impact of Derivative Financial Instruments to Consolidated Statements of Operations	The table below summarizes the impact to the Condensed Consolidated Statements of Operations from derivative financial instruments: Three Months Ended 2020 2019 Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ (5,301 ) $ (2,248 ) Foreign Currency Contracts (13,707 ) 1,672 Credit Default Swaps (99 ) 1,110 Total Return Swaps (749 ) (120 ) Other (38 ) (8 ) $ (19,894 ) $ 406 Net Change in Unrealized Gains (Losses) Interest Rate Contracts $ 108,298 $ (8,263 ) Foreign Currency Contracts 11,845 (1,564 ) Credit Default Swaps (1,389 ) 3,941 Total Return Swaps (4,976 ) 978 Other 36 (50 ) $ 113,814 $ (4,958 )

Fair Value Option (Tables)

Fair Value Option (Tables)	3 Months Ended
	Mar. 31, 2020
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: March 31, December 31, 2020 2019 Assets Loans and Receivables $ 218,115 $ 500,751 Equity and Preferred Securities 126,839 432,472 Debt Securities 420,603 506,924 Assets of Consolidated CLO Vehicles Corporate Loans 5,967,779 6,801,691 Other 312 770 $ 6,733,648 $ 8,242,608 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes Loans Payable $ 5,742,380 $ 6,455,016 Due to Affiliates 74,911 57,717 Subordinated Notes Loans Payable 75,107 24,738 Due to Affiliates 13,624 20,535 $ 5,906,022 $ 6,558,006
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: Three Months Ended March 31, 2020 2019 Net Change Net Change Realized in Unrealized Realized in Unrealized Gains (Losses) Gains (Losses) Gains (Losses) Gains (Losses) Assets Loans and Receivables $ (3,521 ) $ (13,369 ) $ (1,084 ) $ (760 ) Equity and Preferred Securities — (84,241 ) 1 22,365 Debt Securities (11,616 ) (70,117 ) (35 ) 14,932 Assets of Consolidated CLO Vehicles Corporate Loans (43,901 ) (764,909 ) (3,851 ) 179,802 Other — (325 ) — — $ (59,038 ) $ (932,961 ) $ (4,969 ) $ 216,339 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ — $ 694,504 $ — $ (51,560 ) Subordinated Notes — (43,458 ) — (66,144 ) Other — — — — $ — $ 651,046 $ — $ (117,704 )
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: March 31, 2020 December 31, 2019 For Financial Assets For Financial Assets Past Due (a) Past Due (a) (Deficiency) (Deficiency) (Deficiency) Excess of Fair Value Fair of Fair Value of Fair Value Fair of Fair Value Over Principal Value Over Principal Over Principal Value Over Principal Loans and Receivables $ (15,727 ) $ — $ — $ (3,875 ) $ — $ — Debt Securities (82,473 ) — — (14,667 ) — — Assets of Consolidated CLO Vehicles Corporate Loans (1,009,955 ) 5,841 (4,984 ) (234,430 ) — — Other (325 ) — — 133 — — $ (1,108,480 ) $ 5,841 $ (4,984 ) $ (252,839 ) $ — $ — (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)	3 Months Ended
	Mar. 31, 2020
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: March 31, 2020 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents - Money Market Funds and Short-Term Investments $ 137,153 $ — $ — $ — $ 137,153 Investments Investments of Consolidated Blackstone Funds (a) Investment Funds — — — 19,841 19,841 Equity Securities 32,648 29,093 231,054 — 292,795 Partnership and LLC Interests — 9,413 382,224 — 391,637 Debt Instruments 138 539,555 57,794 — 597,487 Freestanding Derivatives Foreign Currency Contracts — 3,544 — — 3,544 Credit Default Swaps — 2,357 — — 2,357 Assets of Consolidated CLO Vehicles Corporate Loans — 5,625,150 342,629 — 5,967,779 Other — (85 ) 397 — 312 Total Investments of Consolidated Blackstone Funds 32,786 6,209,027 1,014,098 19,841 7,275,752 Corporate Treasury Investments Equity Securities 291,840 — — — 291,840 Debt Instruments 7 1,086,358 18,588 — 1,104,953 Other — — 2,285 254,872 257,157 Total Corporate Treasury Investments 291,847 1,086,358 20,873 254,872 1,653,950 Other Investments 101,816 — 27,036 6,780 135,632 Total Investments 426,449 7,295,385 1,062,007 281,493 9,065,334 Accounts Receivable - Loans and Receivables — — 218,115 — 218,115 Other Assets Freestanding Derivatives Interest Rate Contracts 1,031 177,548 — — 178,579 Foreign Currency Contracts — 8,582 — — 8,582 Credit Default Swaps — 2,084 — — 2,084 Total Other Assets 1,031 188,214 — — 189,245 $ 564,633 $ 7,483,599 $ 1,280,122 $ 281,493 $ 9,609,847 March 31, 2020 Level I Level II Level III Total Liabilities Loans Payable - Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes (b) $ — $ 5,742,380 $ — $ 5,742,380 Subordinated Notes (b) — 75,107 — 75,107 Total Loans Payable — 5,817,487 — 5,817,487 Due to Affiliates - Liabilities of Consolidated CLO Senior Secured Notes (b) — 74,911 — 74,911 Subordinated Notes (b) — 13,624 — 13,624 Total Due to Affiliates — 88,535 — 88,535 Securities Sold, Not Yet Purchased 9,412 42,086 — 51,498 Accounts Payable, Accrued Expenses and Other Liabilities Liabilities of Consolidated Blackstone Funds - Freestanding Derivatives (a) Foreign Currency Contracts — 309 — 309 Credit Default Swaps — 2,556 — 2,556 Total Return Swaps — 5,419 — 5,419 Interest Rate Swaps — 2,133 — 2,133 Total Liabilities of Consolidated Blackstone Funds — 10,417 — 10,417 Freestanding Derivatives Interest Rate Contracts 1,385 20,080 — 21,465 Foreign Currency Contracts — 404 — 404 Credit Default Swaps — 3,662 — 3,662 Total Freestanding Derivatives 1,385 24,146 — 25,531 Total Accounts Payable, Accrued Expenses and Other Liabilities 1,385 34,563 — 35,948 $ 10,797 $ 5,982,671 $ — $ 5,993,468 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 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 (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 March 31, 2020: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Financial Assets Investments of Consolidated Equity Securities $ 171,916 Discounted Cash Flows Discount Rate 6.0% - 42.1% 14.2% Revenue CAGR -49.2% - 64.7% 10.2% Book Value Multiple 0.8x - 4.7x 2.1x EBITDA Multiple 1.1x - 20.6x 11.4x Exit Capitalization Rate 5.0% - 11.4% 7.7% Exit Multiple - EBITDA 1.7x - 18.0x 10.7x Exit Multiple - NOI 14.3x - 19.6x 15.6x Exit Multiple - P/E 7.5 x - 21.0x 10.5x Exit Yield 8.9% N/A 3,201 Market Comparable Companies Book Value Multiple 1.1x N/A EBITDA Multiple 2.2x - 10.2x 8.6x 22,760 Other N/A N/A N/A 32,153 Transaction Price N/A N/A N/A 1,024 Third Party Pricing N/A N/A N/A Partnership and LLC Interests 355,049 Discounted Cash Flows Discount Rate 0.9% - 30.5% 9.1% Revenue CAGR -2.8% - 45.8% 15.6% Book Value Multiple 0.6x - 1.1x 0.8x EBITDA Multiple 3.4x - 13.7x 8.7x Exit Capitalization Rate 0.6% - 15.5% 5.4% Exit Multiple - EBITDA 3.5x - 35.9x 12.5x Exit Multiple - NOI 15.6x N/A 2,639 Market Comparable Companies Book Value Multiple 1.0x N/A Dollar/Acre Multiple $7.0 N/A 3,428 Other N/A N/A N/A 21,108 Transaction Price N/A N/A N/A Debt Instruments 5,145 Discounted Cash Flows Discount Rate 7.6% - 19.3% 9.8% Exit Capitalization Rate 3.8% N/A 51,096 Third Party Pricing N/A N/A N/A 600 Other N/A N/A N/A 953 Transaction Price N/A N/A N/A Assets of Consolidated CLO Vehicles 343,026 Third Party Pricing N/A N/A N/A Total Investments of Consolidated Blackstone Funds 1,014,098 Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Corporate Treasury Investments $ 8,096 Discounted Cash Flows Discount Rate 6.3% - 15.7% 12.6% Default Rate 2.0% N/A Pre-payment 20.0% N/A Recovery Lag 12 Months N/A Recovery Rate 10.0% - 70.0% 67.7% Reinvestment Rate LIBOR + 400 bps N/A 2,285 Market Comparable Companies EBITDA Multiple 7.6x - 9.0x 7.7x 10,492 Third Party Pricing N/A N/A N/A Loans and Receivables 174,589 Discounted Cash Flows Discount Rate 7.8% - 10.7% 8.8% 43,526 Third Party Pricing N/A N/A N/A Other Investments 27,036 Transaction Price N/A N/A N/A $ 1,280,122 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 Inputs Ranges Weighted- Financial Assets Investments of Consolidated Blackstone Funds Equity Securities $ 198,094 Discounted Cash Flows Discount Rate 7.2% - 40.2% 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 - EBITDA 0.1x - 17.0x 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% - 26.5% 9.2% Revenue CAGR -4.3% - 26.3% 17.1% Book Value Multiple 1.0x - 1.1x 1.1x EBITDA Multiple 6.5x - 14.0x 9.8x Exit Capitalization Rate 2.0% - 27.0% 5.8% Exit Multiple - EBITDA 3.5x - 18.6x 10.2x Exit Multiple - NOI 13.0x - 15.7x 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% - 58.2% 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 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 N/A Not applicable. CAGR Compound annual growth rate. EBITDA Earnings before interest, taxes, depreciation and amortization. Exit Multiple Ranges include the last twelve months EBITDA, forward EBITDA and price/earnings exit multiples. LIBOR London Interbank Offered Rate. NOI Net operating income. P/E Price-earnings ratio. Third Party Pricing Third Party Pricing is generally determined on the basis of unadjusted prices between market participants provided by reputable dealers or pricing services. Transaction Price Includes recent acquisitions or transactions. (a) Unobservable inputs were weighted based on the fair value of the investments included in the range.
Summary of Changes in Financial Assets Measured at Fair Value for Which Level III Inputs Were Used	The following tables summarize the changes in financial assets and liabilities measured at fair value for which Blackstone has used Level III inputs to determine fair value and does not include gains or losses that were reported in Level III in prior years or for instruments that were transferred out of Level III prior to the end of the respective reporting period. Total realized and unrealized gains and losses recorded for Level III investments are reported in either Investment Income (Loss) or Net Gains from Fund Investment Activities in the Condensed Consolidated Statements of Operations. Level III Financial Assets at Fair Value Three Months Ended March 31, 2020 2019 Investments Investments of Loans Other of Loans Other Consolidated and Investments Consolidated and Investments Funds Receivables (a) Total Funds Receivables (a) Total Balance, Beginning of Period $ 1,050,272 $ 500,751 $ 29,289 $ 1,580,312 $ 1,364,016 $ 304,173 $ 56,185 $ 1,724,374 Transfer In to Level III (b) 188,123 — 26,719 214,842 151,085 — 12,806 163,891 Transfer Out of Level III (b) (152,339 ) — (12,144 ) (164,483 ) (307,800 ) — (13,850 ) (321,650 ) Purchases 96,651 163,739 1,212 261,602 76,995 72,291 7,569 156,855 Sales (67,228 ) (431,192 ) (5,039 ) (503,459 ) (62,933 ) (165,668 ) (871 ) (229,472 ) Settlements — (2,013 ) — (2,013 ) — (7,151 ) — (7,151 ) Changes in Gains Included in Earnings (101,381 ) (13,170 ) 7,872 (106,679 ) 22,437 4,581 (2,706 ) 24,312 Balance, End of Period $ 1,014,098 $ 218,115 $ 47,909 $ 1,280,122 $ 1,243,800 $ 208,226 $ 59,133 $ 1,511,159 Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ (87,972 ) $ (19,902 ) $ 7,900 $ (99,974 ) $ 27,922 $ — $ (2,132 ) $ 25,790 (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)	3 Months Ended
	Mar. 31, 2020
Maximum Exposure to Loss Relating to Non-Consolidated VIEs	Blackstone’s maximum exposure to loss relating to non-consolidated March 31, December 31, 2020 2019 Investments $ 859,494 $ 1,216,932 Due from Affiliates 202,476 143,949 Potential Clawback Obligation 35,602 109,240 Maximum Exposure to Loss $ 1,097,572 $ 1,470,121 Amounts Due to Non-Consolidated $ 191 $ 231

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	3 Months Ended
	Mar. 31, 2020
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: March 31, 2020 Remaining Contractual Maturity of the Agreements Overnight Greater and Up to 30 - 90 than Continuous 30 Days Days 90 days Total Repurchase Agreements Asset-Backed Securities $ — $ 21,027 $ 72,232 $ 11,874 $ 105,133 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 105,133 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ — December 31, 2019 Remaining Contractual Maturity of the Agreements Overnight Greater and Up to 30 - 90 than Continuous 30 Days Days 90 days Total Repurchase Agreements Asset-Backed Securities $ — $ 42,459 $ 88,868 $ 22,791 $ 154,118 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 154,118 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ —

Offsetting of Assets And Liab_2

Offsetting of Assets And Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
Offsetting of Assets	March 31, 2020 Gross and Net Amounts of Gross Amounts Not Offset Assets Presented in the Statement of in the Statement Financial Condition of Financial Financial Cash Collateral Condition Instruments (a) Received Net Amount Assets Freestanding Derivatives $ 193,649 $ 15,916 $ 115,589 $ 62,144 December 31, 2019 Gross and Net Amounts of Gross Amounts Not Offset Assets Presented in the Statement of in the Statement Financial Condition of Financial Financial Cash Collateral Condition Instruments (a) Received Net Amount Assets Freestanding Derivatives $ 54,479 $ 380 $ — $ 54,099
Offsetting of Liabilities	March 31, 2020 Gross and Net Amounts of Liabilities Gross Amounts Not Offset Presented in the in the Statement of Statement of Financial Condition Financial Financial Cash Collateral Condition Instruments (a) Pledged Net Amount Liabilities Freestanding Derivatives $ 35,948 $ 15,916 $ 18,530 $ 1,502 Repurchase Agreements 105,133 105,133 — — $ 141,081 $ 121,049 $ 18,530 $ 1,502 December 31, 2019 Gross and Net Amounts of Liabilities Gross Amounts Not Offset Presented in the in the Statement of Statement of Financial Condition Financial Financial Cash Collateral Condition Instruments (a) Pledged Net Amount Liabilities Freestanding Derivatives $ 10,215 $ 380 $ 9,198 $ 637 Repurchase Agreements 154,118 154,118 — — $ 164,333 $ 154,498 $ 9,198 $ 637 (a) Amounts presented are inclusive of both legally enforceable master netting agreements, and financial instruments received or pledged as collateral. Financial instruments received or pledged as collateral offset derivative counterparty risk exposure, but do not reduce net balance sheet exposure.
Other Assets	March 31, December 31, 2020 2019 Furniture, Equipment and Leasehold Improvements, Net $ 159,499 $ 154,482 Prepaid Expenses 176,998 159,333 Freestanding Derivatives 189,245 54,396 Other 16,154 14,282 $ 541,896 $ 382,493

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2020
Carrying Value and Fair Value of Blackstone Issued Notes	The following table presents the general characteristics of each of our notes, as well as their carrying value and fair value. The notes are included in Loans Payable within the Condensed Consolidated Statements of Financial Condition. All of the notes were issued at a discount. All of the notes accrue interest from the issue date thereof and all pay interest in arrears on a semi-annual basis or annual basis. March 31, 2020 December 31, 2019 Carrying Fair Carrying Fair Senior Notes Value Value (a) Value Value (a) 4.750%, Due 2/15/2023 $ 396,526 $ 432,080 $ 396,247 $ 429,280 2.000%, Due 5/19/2025 327,085 334,339 332,393 365,521 1.000%, Due 10/5/2026 653,809 627,376 664,229 691,012 3.150%, Due 10/2/2027 297,130 306,210 297,046 309,540 1.500%, Due 4/10/2029 656,694 633,665 667,425 708,841 2.500%, Due 1/10/2030 490,054 469,450 489,841 493,500 6.250%, Due 8/15/2042 238,494 312,875 238,437 338,200 5.000%, Due 6/15/2044 489,025 539,550 488,968 606,700 4.450%, Due 7/15/2045 344,188 353,605 344,157 396,235 4.000%, Due 10/2/2047 290,390 282,690 290,344 321,780 3.500%, Due 9/10/2049 391,806 354,040 391,769 399,961 $ 4,575,201 $ 4,645,880 $ 4,600,856 $ 5,060,570 (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: March 31, 2020 December 31, 2019 Weighted- Weighted- Average Average Effective Remaining Effective Remaining Borrowing Interest Maturity in Borrowing Interest Maturity in Outstanding Rate Years Outstanding Rate Years Senior Secured Notes $ 6,526,863 3.39% 3.2 $ 6,527,800 3.55% 3.5 Subordinated Notes 325,735 (a) N/A 331,735 (a) N/A $ 6,852,598 $ 6,859,535 (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: March 31, 2020 December 31, 2019 Amounts Due to Non- Amounts Due to Non- Consolidated Affiliates Consolidated Affiliates Borrowing Borrowing Fair Value Outstanding Fair Value Fair Value Outstanding Fair Value Senior Secured Notes $ 5,817,291 $ 75,250 $ 74,911 $ 6,512,733 $ 57,750 $ 57,717 Subordinated Notes 88,731 44,734 13,624 45,273 44,734 20,535 $ 5,906,022 $ 119,984 $ 88,535 $ 6,558,006 $ 102,484 $ 78,252
Scheduled Principal Payments for Borrowings	Scheduled principal payments for borrowings as of March 31, 2020 were as follows: Blackstone Fund Operating Facilities/CLO Total Borrowings Vehicles Borrowings 2020 $ — $ 215 $ 215 2021 — — — 2022 — — — 2023 400,000 — 400,000 2024 — — — Thereafter 4,254,650 6,852,598 11,107,248 $ 4,654,650 $ 6,852,813 $ 11,507,463

Earnings Per Share and Stockh_2

Earnings Per Share and Stockholder's Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Basic and Diluted Net Income Per Common Stock	Basic and diluted net income per share of Class A common stock for the three months ended March 31, 2020 and March 31, 2019 was calculated as follows: Three Months Ended 2020 2019 Net Income (Loss) for Per Share of Class A Common Stock Calculations Net Income (Loss) Attributable to The Blackstone Group Inc., Basic $ (1,066,492 ) $ 481,304 Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units — 369,889 Net Income (Loss) Attributable to The Blackstone Group Inc., Diluted $ (1,066,492 ) $ 851,193 Share/Units Outstanding Weighted-Average Shares of Class A Common Stock Outstanding, Basic 676,305,359 674,507,698 Weighted-Average Shares of Unvested Deferred Restricted Class A Common Stock — 207,752 Weighted-Average Blackstone Holdings Partnership Units — 525,764,790 Weighted-Average Shares of Class A Common Stock Outstanding, Diluted 676,305,359 1,200,480,240 Net Income Per Share of Class A Common Stock Basic $ (1.58 ) $ 0.71 Diluted $ (1.58 ) $ 0.71 Dividends Declared Per Share of Class A Common Stock (a) $ 0.61 $ 0.58 (a) Dividends declared reflects the calendar date of the declaration for each dividend.
Summary of Anti-Dilutive Securities	The following table summarizes the anti-dilutive securities for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 2019 Weighted-Average Shares of Unvested Deferred Restricted Class A Common Stock 10,465,568 — Weighted-Average Blackstone Holdings Partnership Units 511,220,151 —
Schedule of Shares Eligible For Dividends and Distribution	As of March 31, 2020, the total 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 676,630,489 Unvested Participating Common Stock 11,239,416 Total Participating Common Stock 687,869,905 Participating Blackstone Holdings Partnership Units 507,101,000 1,194,970,905

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Summary of Status of Partnership's Unvested Equity-Based Awards	A summary of the status of Blackstone’s unvested equity-based awards as of March 31, 2020 and of changes during the period January 1, 2020 through March 31, 2020 is presented below: Blackstone Holdings The Blackstone Group Inc. Equity Settled Awards Cash Settled Awards Weighted- Deferred Weighted- Weighted- Average Restricted Shares Average Average Partnership Grant Date of Class A Grant Date Phantom Grant Date Unvested Shares/Units Units Fair Value Common Stock Fair Value Shares Fair Value Balance, December 31, 2019 32,159,218 $ 36.25 8,969,736 $ 35.26 51,341 $ 52.85 Granted — — 3,952,232 54.99 4,745 56.03 Vested (3,603,046 ) 40.86 (1,788,344 ) 33.67 (485 ) 56.03 Forfeited (97,316 ) 35.65 (191,743 ) 36.43 — — Balance, March 31, 2020 28,458,856 $ 36.41 10,941,881 $ 41.93 55,601 $ 55.98
Unvested Shares and Units, After Expected Forfeitures	The following unvested shares and units, after expected forfeitures, as of March 31, 2020, are expected to vest: Weighted- Average Service Period Shares/Units in Years Blackstone Holdings Partnership Units 23,087,346 3.2 Deferred Restricted Shares of Class A Common Stock 9,198,282 2.7 Total Equity-Based Awards 32,285,628 3.1 Phantom Shares 44,707 2.8

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2020
Due from Affiliates and Due to Affiliates	Due from Affiliates and Due to Affiliates consisted of the following: March 31, December 31, 2020 2019 Due from Affiliates Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated $ 2,084,067 $ 1,999,568 Due from Certain Non-Controlling 557,577 573,679 Accrual for Potential Clawback of Previously Distributed Performance Allocations 64,468 21,626 $ 2,706,112 $ 2,594,873 March 31, December 31, 2020 2019 Due to Affiliates Due to Certain Non-Controlling $ 713,578 $ 672,981 Due to Non-Consolidated 108,569 100,286 Due to Note-Holders of Consolidated CLO Vehicles 88,535 78,252 Due to Certain Non-Controlling 41,407 48,433 Accrual for Potential Repayment of Previously Received Performance Allocations 295,009 126,919 $ 1,247,098 $ 1,026,871

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Clawback Obligations by Segment	The following table presents the clawback obligations by segment: March 31, 2020 December 31, 2019 Current and Current and Blackstone Former Blackstone Former Segment Holdings Personnel (a) Total Holdings Personnel (a) Total Real Estate $ 26,291 $ 11,993 $ 38,284 $ 16,151 $ 10,597 $ 26,748 Private Equity 187,799 34,301 222,100 82,276 2,860 85,136 Credit & Insurance 16,451 18,174 34,625 6,866 8,169 15,035 $ 230,541 $ 64,468 $ 295,009 $ 105,293 $ 21,626 $ 126,919 (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)	3 Months Ended
	Mar. 31, 2020
Financial Data of Segments	The following tables present the financial data for Blackstone’s four segments as of March 31, 2020 and for the three months ended March 31, 2020 and 2019. March 31, 2020 and the Three Months Then Ended Real Private Hedge Fund Credit & Total Estate Equity Solutions Insurance Segments Management and Advisory Fees, Net Base Management Fees $ 371,438 $ 253,974 $ 139,656 $ 145,328 $ 910,396 Transaction, Advisory and Other Fees, Net 23,024 21,413 758 5,470 50,665 Management Fee Offsets (8,341 ) (9,215 ) (42 ) (2,896 ) (20,494 ) Total Management and Advisory Fees, Net 386,121 266,172 140,372 147,902 940,567 Fee Related Performance Revenues 4,551 — — 7,915 12,466 Fee Related Compensation (120,296 ) (110,368 ) (46,191 ) (69,409 ) (346,264 ) Other Operating Expenses (40,476 ) (41,001 ) (18,667 ) (38,741 ) (138,885 ) Fee Related Earnings 229,900 114,803 75,514 47,667 467,884 Realized Performance Revenues 43,720 112,076 1,767 9,670 167,233 Realized Performance Compensation (13,392 ) (54,643 ) (945 ) (2,322 ) (71,302 ) Realized Principal Investment Income (Loss) 7,300 10,347 (609 ) 3,252 20,290 Total Net Realizations 37,628 67,780 213 10,600 116,221 Total Segment Distributable Earnings $ 267,528 $ 182,583 $ 75,727 $ 58,267 $ 584,105 Segment Assets $ 7,127,697 $ 7,081,277 $ 2,144,237 $ 3,142,162 $ 19,495,373 Three Months Ended March 31, 2019 Real Private Hedge Fund Credit & Total Estate Equity Solutions Insurance Segments Management and Advisory Fees, Net Base Management Fees $ 260,245 $ 219,417 $ 137,328 $ 140,528 $ 757,518 Transaction, Advisory and Other Fees, Net 23,911 37,291 318 3,630 65,150 Management Fee Offsets (280 ) (4,985 ) — (3,341 ) (8,606 ) Total Management and Advisory Fees, Net 283,876 251,723 137,646 140,817 814,062 Fee Related Performance Revenues 6,676 — — 1,103 7,779 Fee Related Compensation (114,816 ) (107,587 ) (42,954 ) (58,674 ) (324,031 ) Other Operating Expenses (38,986 ) (34,201 ) (17,885 ) (32,239 ) (123,311 ) Fee Related Earnings 136,750 109,935 76,807 51,007 374,499 Realized Performance Revenues 77,182 156,599 4,091 8,897 246,769 Realized Performance Compensation (29,900 ) (50,556 ) (1,413 ) (3,371 ) (85,240 ) Realized Principal Investment Income (Loss) (2,131 ) 25,139 (283 ) 3,183 25,908 Total Net Realizations 45,151 131,182 2,395 8,709 187,437 Total Segment Distributable Earnings $ 181,901 $ 241,117 $ 79,202 $ 59,716 $ 561,936
Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes	The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the three months ended March 31, 2020 and 2019 along with Total Assets as of March 31, 2020: Three Months Ended March 31, 2020 2019 Revenues Total GAAP Revenues $ (3,075,964 ) $ 2,024,871 Less: Unrealized Performance Revenues (a) 3,453,446 (664,333 ) Less: Unrealized Principal Investment (Income) Loss (b) 616,610 (139,925 ) Less: Interest and Dividend Revenue (c) (37,599 ) (46,699 ) Less: Other Revenue (d) (138,151 ) (13,189 ) Impact of Consolidation (e) 321,118 (69,849 ) Amortization of Intangibles (f) 387 387 Transaction-Related Charges (g) (830 ) 1,468 Intersegment Eliminations 1,539 1,787 Total Segment Revenue (h) $ 1,140,556 $ 1,094,518 Three Months Ended March 31, 2020 2019 Expenses Total GAAP Expenses $ (638,075 ) $ 1,041,164 Less: Unrealized Performance Allocations Compensation (i) 1,397,378 (287,015 ) Less: Equity-Based Compensation (j) (87,472 ) (66,776 ) Less: Interest Expense (k) (41,540 ) (41,638 ) Impact of Consolidation (e) (11,459 ) (10,861 ) Amortization of Intangibles (f) (16,096 ) (16,096 ) Transaction-Related Charges (g) (47,824 ) (87,983 ) Intersegment Eliminations 1,539 1,787 Total Segment Expenses (l) $ 556,451 $ 532,582 Three Months Ended March 31, 2020 2019 Other Income Total GAAP Other Income $ (327,969 ) $ 130,325 Impact of Consolidation (e) 327,969 (130,325 ) Total Segment Other Income $ — $ — Three Months Ended March 31, 2020 2019 Income (Loss) Before Provision (Benefit) for Taxes Total GAAP Income (Loss) Before Provision (Benefit) for Taxes $ (2,765,858 ) $ 1,114,032 Less: Unrealized Performance Revenues (a) 3,453,446 (664,333 ) Less: Unrealized Principal Investment (Income) Loss (b) 616,610 (139,925 ) Less: Interest and Dividend Revenue (c) (37,599 ) (46,699 ) Less: Other Revenue (d) (138,151 ) (13,189 ) Plus: Unrealized Performance Allocations Compensation (i) (1,397,378 ) 287,015 Plus: Equity-Based Compensation (j) 87,472 66,776 Plus: Interest Expense (k) 41,540 41,638 Impact of Consolidation (e) 660,546 (189,313 ) Amortization of Intangibles (f) 16,483 16,483 Transaction-Related Charges (g) 46,994 89,451 Total Segment Distributable Earnings $ 584,105 $ 561,936 As of March 31, 2020 Total Assets Total GAAP Assets $ 26,946,494 Impact of Consolidation (e) (7,451,121 ) Total Segment Assets $ 19,495,373 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 three months ended March 31, 2020 and 2019, Other Revenue on a GAAP basis was $138.2 million and $10.3 million, and included $136.9 million and $12.6 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: Three Months Ended March 31, 2020 2019 Total Segment Management and Advisory Fees, Net $ 940,567 $ 814,062 Total Segment Fee Related Performance Revenues 12,466 7,779 Total Segment Realized Performance Revenues 167,233 246,769 Total Segment Realized Principal Investment Income 20,290 25,908 Total Segment Revenues $ 1,140,556 $ 1,094,518 (i) This adjustment removes Unrealized Performance Allocations Compensation. (j) This adjustment removes Equity-Based Compensation on a segment basis. (k) This adjustment removes Interest Expense, excluding interest expense related to the Tax Receivable Agreement. (l) Total Segment Expenses is comprised of the following: Three Months Ended March 31, 2020 2019 Total Segment Fee Related Compensation $ 346,264 $ 324,031 Total Segment Realized Performance Compensation 71,302 85,240 Total Segment Other Operating Expenses 138,885 123,311 Total Segment Expenses $ 556,451 $ 532,582
Reconciliation of Total Segments to Reported on the Consolidated Statement of Operations	The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported on the Condensed Consolidated Statement of Operations for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 2019 Management and Advisory Fees, Net GAAP $ 934,832 $ 809,726 Segment Adjustment (a) 5,735 4,336 Total Segment $ 940,567 $ 814,062 Three Months Ended March 31, 2020 2019 GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues GAAP Incentive Fees $ 12,161 $ 12,132 Investment Income - Realized Performance Allocations 167,530 242,375 GAAP 179,691 254,507 Total Segment Less: Realized Performance Revenues (167,233 ) (246,769 ) Segment Adjustment (b) 8 41 Total Segment $ 12,466 $ 7,779 Three Months Ended March 31, 2020 2019 GAAP Compensation to Total Segment Fee Related Compensation GAAP Compensation $ 476,543 $ 471,397 Incentive Fee Compensation 6,522 5,406 Realized Performance Allocations Compensation 72,423 86,395 GAAP 555,488 563,198 Total Segment Less: Realized Performance Compensation (71,302 ) (85,240 ) Less: Equity-Based Compensation - Operating Compensation (85,334 ) (63,708 ) Less: Equity-Based Compensation - Performance Compensation (2,138 ) (3,068 ) Segment Adjustment (c) (50,450 ) (87,151 ) Total Segment $ 346,264 $ 324,031 Three Months Ended March 31, 2020 2019 GAAP General, Administrative and Other to Total Segment Other Operating Expenses GAAP $ 157,566 $ 146,062 Segment Adjustment (d) (18,681 ) (22,751 ) Total Segment $ 138,885 $ 123,311 Three Months Ended March 31, 2020 2019 Realized Performance Revenues GAAP Incentive Fees $ 12,161 $ 12,132 Investment Income - Realized Performance Allocations 167,530 242,375 GAAP 179,691 254,507 Total Segment Less: Fee Related Performance Revenues (12,466 ) (7,779 ) Segment Adjustment (b) 8 41 Total Segment $ 167,233 $ 246,769 Three Months Ended March 31, 2020 2019 Realized Performance Compensation GAAP Incentive Fee Compensation $ 6,522 $ 5,406 Realized Performance Allocation Compensation 72,423 86,395 GAAP 78,945 91,801 Total Segment Less: Fee Related Performance Compensation (5,505 ) (3,493 ) Less: Equity-Based Compensation - Performance Compensation (2,138 ) (3,068 ) Total Segment $ 71,302 $ 85,240 Three Months Ended March 31, 2020 2019 Realized Principal Investment Income GAAP $ 48,695 $ 73,261 Segment Adjustment (e) (28,405 ) (47,353 ) Total Segment $ 20,290 $ 25,908 Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles, the expense of equity-based awards and Transaction-Related Charges. (a) Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures. (b) Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation. (c) Represents the removal of Transaction-Related Charges that are not recorded in the Total Segment measures. (d) Represents the removal of (1) the amortization of transaction-related intangibles, and (2) certain expenses reimbursed by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures. (e) Represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling

Organization - Additional Infor

Organization - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020SegmentPerson
Organization [Line Items]
Number of business segments | Segment	4
Number of Blackstone founders managing the Partnership | Person	1

Intangible Assets, Net (Detail)

Intangible Assets, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets/Contractual Rights	$ 1,712,576	$ 1,712,576
Accumulated Amortization	(1,332,818)	(1,315,068)
Intangible Assets, Net	$ 379,758	$ 397,508

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Goodwill and Intangible Assets [Line Items]
Amortization Expense	$ 17,750	$ 17,750
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 9 months 18 days

Investments (Detail)

Investments (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Schedule of Investments [Line Items]
Investments	$ 16,430,701	$ 22,281,682
Partnership Investments
Schedule of Investments [Line Items]
Investments	3,553,538	4,035,675
Accrued Performance Allocations
Schedule of Investments [Line Items]
Investments	3,761,585	7,180,449
Other Investments
Schedule of Investments [Line Items]
Investments	185,876	265,273
Consolidated Blackstone Funds
Schedule of Investments [Line Items]
Investments	7,275,752	8,380,698
Corporate Treasury Investments
Schedule of Investments [Line Items]
Investments	$ 1,653,950	$ 2,419,587

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Schedule of Investments [Line Items]
Investments	$ 16,430,701		$ 22,281,682
Recognized net gains (losses) related to equity method investments	(566,500)	$ 155,400
Equity investments, carrying value	$ 50,200
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	$ 240,600		$ 347,400

Reconciliation of Realized and

Reconciliation of Realized and Net Change in Unrealized Gains (Losses) to Other Income (Loss) - Net Gains (Losses) from Fund Investment Activities in Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Gain (Loss) on Securities [Line Items]
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds	$ (4,196,221)	$ 1,148,679
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	35,084	44,084
Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities	(327,374)	130,325
Consolidated Blackstone Funds
Gain (Loss) on Securities [Line Items]
Realized Losses	(73,274)	(2,912)
Net Change in Unrealized Gains (Losses)	(333,342)	106,003
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds	(406,616)	103,091
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	79,242	27,234
Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities	$ (327,374)	$ 130,325

Performance Fees Allocated to F

Performance Fees Allocated to Funds (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	$ 22,281,682
Ending Balance	16,430,701
Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	7,180,449
Performance Allocations as a Result of Changes in Fund Fair Values	(3,104,720)
Foreign Exchange Loss	(13,043)
Fund Distributions	(301,101)
Ending Balance	3,761,585
Real Estate Segment | Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	3,639,855
Performance Allocations as a Result of Changes in Fund Fair Values	(1,047,711)
Foreign Exchange Loss	(13,043)
Fund Distributions	(208,962)
Ending Balance	2,370,139
Private Equity Segment | Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	3,063,149
Performance Allocations as a Result of Changes in Fund Fair Values	(1,635,728)
Fund Distributions	(76,332)
Ending Balance	1,351,089
Hedge Fund Solutions Segment | Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	23,951
Performance Allocations as a Result of Changes in Fund Fair Values	4,159
Fund Distributions	(7,241)
Ending Balance	20,869
Credit Segment | Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	453,494
Performance Allocations as a Result of Changes in Fund Fair Values	(425,440)
Fund Distributions	(8,566)
Ending Balance	$ 19,488

Realized and Net Change in Unre

Realized and Net Change in Unrealized Gains (Losses) on Investments Held by Blackstone's Treasury Cash Management Strategies (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Gain (Loss) on Securities [Line Items]
Total realized and net change in unrealized gains (losses)	$ (4,196,221)	$ 1,148,679
Corporate Treasury Investments
Gain (Loss) on Securities [Line Items]
Realized Gains	2,517	317
Net Change in Unrealized Gains (Losses)	(258,387)	48,659
Total realized and net change in unrealized gains (losses)	$ (255,870)	$ 48,976

Realized and Net Change in Un_2

Realized and Net Change in Unrealized Gains (Losses) in Other Investments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Gain (Loss) on Securities [Line Items]
Total Investment Income (Loss)	$ (4,196,221)	$ 1,148,679
Other Investments
Gain (Loss) on Securities [Line Items]
Realized Gains	6,985	24,236
Net Change in Unrealized Gains (Losses)	(99,937)	10,722
Total Investment Income (Loss)	$ (92,952)	$ 34,958

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	Mar. 31, 2020USD ($)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 281,493
Unfunded Commitments	394
Diversified Instruments
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	210,037
Unfunded Commitments	126
Credit Driven
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	67,165
Unfunded Commitments	268
Equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	2,678
Commodities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 1,613

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)	3 Months Ended
	Mar. 31, 2020
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	25.00%
Percentage of investments redeemable as of reporting date	75.00%
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	29.00%
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	Mar. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	$ 1,409,754	$ 1,724,899
Derivative Liabilities, Notional	574,843	428,025
Derivative Assets, Fair Value	195,146	54,786
Derivative Liabilities, Fair Value	35,948	10,215
Blackstone | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	7,617	7,617
Derivative Liabilities, Notional	14,183	16,697
Derivative Assets, Fair Value	2,084	36
Derivative Liabilities, Fair Value	3,662	197
Consolidated Blackstone Funds | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	14,074	5,108
Derivative Liabilities, Notional	36,385	47,405
Derivative Assets, Fair Value	2,357	58
Derivative Liabilities, Fair Value	2,556	960
Consolidated Blackstone Funds | Total Return Swaps
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional		4,558
Derivative Liabilities, Notional	28,142	27,334
Derivative Assets, Fair Value		21
Derivative Liabilities, Fair Value	5,419	464
Foreign Currency Contracts | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	303,960	344,422
Derivative Liabilities, Notional	17,444	97,626
Derivative Assets, Fair Value	8,582	1,231
Derivative Liabilities, Fair Value	404	802
Foreign Currency Contracts | Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	133,303	106,906
Derivative Liabilities, Notional	4,086	40,110
Derivative Assets, Fair Value	3,544	307
Derivative Liabilities, Fair Value	309	1,167
Interest Rate Contracts | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	950,800	1,256,287
Derivative Liabilities, Notional	454,103	165,852
Derivative Assets, Fair Value	178,579	53,129
Derivative Liabilities, Fair Value	21,465	4,895
Interest Rate Contracts | Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Liabilities, Notional	20,500	33,000
Derivative Liabilities, Fair Value	$ 2,133	1,728
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	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative [Line Items]
Realized Gains (Losses)	$ (19,894)	$ 406
Net Change in Unrealized Gain (Loss)	113,814	(4,958)
Total Return Swaps
Derivative [Line Items]
Realized Gains (Losses)	(749)	(120)
Net Change in Unrealized Gain (Loss)	(4,976)	978
Credit Default Swap
Derivative [Line Items]
Realized Gains (Losses)	(99)	1,110
Net Change in Unrealized Gain (Loss)	(1,389)	3,941
Interest Rate Contracts
Derivative [Line Items]
Realized Gains (Losses)	(5,301)	(2,248)
Net Change in Unrealized Gain (Loss)	108,298	(8,263)
Foreign Currency Contracts
Derivative [Line Items]
Realized Gains (Losses)	(13,707)	1,672
Net Change in Unrealized Gain (Loss)	11,845	(1,564)
Other
Derivative [Line Items]
Realized Gains (Losses)	(38)	(8)
Net Change in Unrealized Gain (Loss)	$ 36	$ (50)

Summary of Financial Instrument

Summary of Financial Instruments for Which Fair Value Option Has Been Elected (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans and Receivables	$ 218,115	$ 500,751
Investments		1,050,272
Assets	6,733,648	8,242,608
Liabilities	5,906,022	6,558,006
Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments	420,603	506,924
Equity and Preferred Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments	126,839	432,472
Corporate Loans | Assets Of Consolidated CLO Vehicles
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments	5,967,779	6,801,691
Other | Assets Of Consolidated CLO Vehicles
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments	312	770
Liabilities of Consolidated CLO Vehicles | Senior Secured Notes
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of Loan payable	5,742,380	6,455,016
Fair value of due to Affiliates	74,911	57,717
Liabilities of Consolidated CLO Vehicles | Subordinated Notes
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of Loan payable	75,107	24,738
Fair value of due to Affiliates	$ 13,624	$ 20,535

Realized and Net Change in Un_3

Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Realized Gains (Losses) | Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	$ (11,616)	$ (35)
Realized Gains (Losses) | Assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(59,038)	(4,969)
Realized Gains (Losses) | Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(3,521)	(1,084)
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		1
Realized Gains (Losses) | Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(43,901)	(3,851)
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	(70,117)	14,932
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	(932,961)	216,339
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	(13,369)	(760)
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	651,046	(117,704)
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	(84,241)	22,365
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	(764,909)	179,802
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	694,504	(51,560)
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	(43,458)	$ (66,144)
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	$ (325)

Information for Financial Instr

Information for Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	$ 1,108,480,000	$ 252,839,000
Fair value of financial instruments more than one day past due	5,841,000
Excess (Deficiency) of fair value more than one day past due over uncollected principal	(4,984,000)
Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	(82,473,000)	(14,667,000)
Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	(1,009,955,000)	(234,430,000)
Fair value of financial instruments more than one day past due	5,841,000
Corporate Bonds
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value more than one day past due over uncollected principal	(4,984,000)
Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	(325,000)	133,000
Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	(15,727,000)	(3,875,000)
Fair value of financial instruments more than one day past due	$ 0	$ 0

Fair Value Option - Additional

Fair Value Option - Additional Information (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of financial instruments more than one day past due	$ 5,841,000
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	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		$ 1,050,272
Accounts Receivable - Loans and Receivables	$ 218,115	500,751
Assets	6,733,648	8,242,608
Securities Sold, Not Yet Purchased	51,498	75,545
Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets	193,649	54,479
Derivatives liabilities	35,948	10,215
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents - Money Market Funds	137,153	456,784
Total Investments	9,065,334	11,007,889
Accounts Receivable - Loans and Receivables	218,115	500,751
Derivatives assets	189,245	54,396
Assets	9,609,847	12,019,820
Fair value of Loan payable	5,817,487	6,479,754
Fair value of due to Affiliates	88,535	78,252
Securities Sold, Not Yet Purchased	51,498	75,546
Total Accounts Payable, Accrued Expenses and Other Liabilities	35,948	10,215
Liabilities	5,993,468	6,643,767
Fair Value, Measurements, Recurring | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities	25,531	5,894
Fair Value, Measurements, Recurring | Freestanding Derivatives | Foreign Currency Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	3,544
Derivatives assets	8,582	1,231
Derivatives liabilities	404	802
Fair Value, Measurements, Recurring | Freestanding Derivatives | Interest Rate Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets	178,579	53,129
Derivatives liabilities	21,465	4,895
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	5,967,779
Fair Value, Measurements, Recurring | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	135,632	207,604
Fair Value, Measurements, Recurring | Other | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	312	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	257,157
Fair Value, Measurements, Recurring | Credit Default Swap | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	2,357
Derivatives assets	2,084	36
Derivatives liabilities	3,662	197
Fair Value, Measurements, Recurring | Net Asset Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	281,493	308,851
Assets	281,493	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	6,780	7,126
Fair Value, Measurements, Recurring | Net Asset Value | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	254,872
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	5,742,380	6,455,016
Fair value of due to Affiliates	74,911	57,717
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	75,107	24,738
Fair value of due to Affiliates	13,624	20,535
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	7,275,752	8,380,698
Derivatives liabilities	10,417	4,321
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	5,419	464
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		307
Derivatives liabilities	309	1,167
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	2,133	1,728
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Investment Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	19,841	23,647
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	292,795	328,207
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	391,637	431,366
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	597,487	794,627
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		6,801,691
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 | 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 | Consolidated Blackstone Funds | Credit Default Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		58
Derivatives liabilities	2,556	960
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	19,841	23,647
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	19,841	23,647
Fair Value, Measurements, Recurring | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	1,653,950	2,419,587
Fair Value, Measurements, Recurring | Corporate Treasury Investments | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	291,840	429,527
Fair Value, Measurements, Recurring | Corporate Treasury Investments | Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	1,104,953	1,709,038
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
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	254,872	278,078
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
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	137,153	456,784
Total Investments	426,449	958,928
Assets	564,633	1,416,214
Securities Sold, Not Yet Purchased	9,412	19,977
Total Accounts Payable, Accrued Expenses and Other Liabilities	1,385	150
Liabilities	10,797	20,127
Fair Value, Measurements, Recurring | Level 1 | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		502
Derivatives liabilities	1,385	150
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	1,031
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	1,031	502
Derivatives liabilities	1,385	150
Fair Value, Measurements, Recurring | Level 1 | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	101,816	200,478
Fair Value, Measurements, Recurring | Level 1 | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	32,786	31,812
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	32,648	31,812
Fair Value, Measurements, Recurring | Level 1 | Consolidated Blackstone Funds | Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	138
Fair Value, Measurements, Recurring | Level 1 | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	291,847	726,638
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	291,840	429,527
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	7	297,111
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	7,295,385	8,660,549
Assets	7,483,599	8,714,443
Fair value of Loan payable	5,817,487	6,479,754
Fair value of due to Affiliates	88,535	78,252
Securities Sold, Not Yet Purchased	42,086	55,569
Total Accounts Payable, Accrued Expenses and Other Liabilities	34,563	10,065
Liabilities	5,982,671	6,623,640
Fair Value, Measurements, Recurring | Level 2 | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		53,894
Derivatives liabilities	24,146	5,744
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	188,214
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	3,544
Derivatives assets	8,582	1,231
Derivatives liabilities	404	802
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	177,548	52,627
Derivatives liabilities	20,080	4,745
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	5,625,150
Fair Value, Measurements, Recurring | Level 2 | Other | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	(85)
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	2,357
Derivatives assets	2,084	36
Derivatives liabilities	3,662	197
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	5,742,380	6,455,016
Fair value of due to Affiliates	74,911	57,717
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	75,107	24,738
Fair value of due to Affiliates	13,624	20,535
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	6,209,027	7,274,967
Derivatives liabilities	10,417	4,321
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	5,419	464
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		307
Derivatives liabilities	309	1,167
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	2,133	1,728
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	29,093	40,495
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	9,413	13,116
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	539,555	715,246
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		6,505,720
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		58
Derivatives liabilities	2,556	960
Fair Value, Measurements, Recurring | Level 2 | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	1,086,358	1,385,582
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	1,086,358	1,385,582
Fair Value, Measurements, Recurring | Level 2 | Corporate Treasury Investments | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		4
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	1,062,007	1,079,561
Accounts Receivable - Loans and Receivables	218,115	500,751
Assets	1,280,122	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	342,629
Fair Value, Measurements, Recurring | Level 3 | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	27,036
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	2,285
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	1,014,098
Assets	1,014,098	1,050,272
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	231,054	255,900
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	382,224	418,250
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	57,794	79,381
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		295,971
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	397
Derivatives liabilities		2
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | 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 | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	20,873	29,289
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	$ 18,588	26,345
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	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 6,733,648	$ 8,242,608
Fair Value, Measurements, Recurring
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	9,609,847	12,019,820
Fair Value, Measurements, Recurring | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	1,280,122	1,580,312
Fair Value, Measurements, Recurring | Level 3 | Loans and Receivables | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	174,589	406,498
Fair Value, Measurements, Recurring | Level 3 | Loans and Receivables | Transaction Price Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 94,253
Fair Value, Measurements, Recurring | Level 3 | Loans and Receivables | Third Party Pricing Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 43,526
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	7.80%	5.20%
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	10.70%	9.80%
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	8.80%	7.70%
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Transaction Price Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 27,036
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	1,014,098	$ 1,050,272
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	343,026	296,741
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 171,916	198,094
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Discounted Cash Flows | Measurement Input Yield Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Yield	8.90%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 3,201	471
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	22,760	30,250
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	32,153	26,958
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	$ 1,024	$ 127
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	6.00%	7.20%
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	(49.20%)	0.00%
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	0.8	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	1.1
Exit Multiple - EBITDA	1.7	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	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	7.5	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	1.1
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Minimum | Market Comparable Companies | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multilpe	2.2
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	42.10%	40.20%
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	64.70%	25.40%
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	4.7	10
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	20.6	13.5
Exit Multiple - EBITDA	18	17
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Maximum | Discounted Cash Flows | Measurement Input Net Operating Income Rate[Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - NOI	19.6
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Maximum | Discounted Cash Flows | Measurement Input, Commodity Market Price [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - P/E	21
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Maximum | Market Comparable Companies | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multilpe	10.2
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Weighted Average | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	14.20%	13.10%
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	10.20%	9.10%
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	2.1	6.4
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	7.70%	7.90%
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	11.4	8.3
Exit Multiple - EBITDA	10.7	9.5
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Weighted Average | Discounted Cash Flows | Measurement Input Net Operating Income Rate[Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - NOI	15.6
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Weighted Average | Discounted Cash Flows | Measurement Input, Commodity Market Price [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - P/E	10.5
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities | Weighted Average | Market Comparable Companies | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multilpe	8.6
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	$ 355,049	$ 367,308
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	2,639	3,330
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	3,428	2,637
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	$ 21,108	$ 44,975
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%	0.90%
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	(2.80%)	(4.30%)
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	0.6	1
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	0.60%	2.00%
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	3.4	6.5
Exit Multiple - EBITDA	3.5	3.5
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	15.6	13
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Partnership And LLC Interests | Minimum | Market Comparable Companies | Measurement Input, Revenue Multiple
Fair Value, Option, Quantitative Disclosures [Line Items]
Book Value Multiple	1	1.2
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	30.50%	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	45.80%	26.30%
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	1.1
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	15.50%	27.00%
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	13.7	14
Exit Multiple - EBITDA	35.9	18.6
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	7	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	9.10%	9.20%
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	15.60%	17.10%
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	0.8	1.1
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	5.40%	5.80%
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	8.7	9.8
Exit Multiple - EBITDA	12.5	10.2
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 | Debt Instruments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 5,145	$ 8,628
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	600
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	953	1,133
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	$ 51,096	$ 69,620
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	7.60%	7.10%
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	3.80%	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
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Maximum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	19.30%	58.20%
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	9.80%	12.10%
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	$ 8,096	$ 10,332
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Discounted Cash Flows | Measurement Input Reinvestment Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Reinvestment Rate	4.00%	4.00%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Market Comparable Companies
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 2,285	$ 2,944
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Third Party Pricing Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	$ 10,492	$ 16,013
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	6.30%	3.20%
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	10.00%	8.00%
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	7.6	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	15.70%	7.10%
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	9	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	12.60%	5.70%
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	67.70%	67.90%
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	7.7	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	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	$ 1,580,312	$ 1,724,374
Transfer In to Level III	214,842	163,891
Transfer Out of Level III	(164,483)	(321,650)
Purchases	261,602	156,855
Sales	(503,459)	(229,472)
Settlements	(2,013)	(7,151)
Changes in Gains (Losses) Included in Earnings	(106,679)	24,312
Balance, End of Period	1,280,122	1,511,159
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	(99,974)	25,790
Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	29,289	56,185
Transfer In to Level III	26,719	12,806
Transfer Out of Level III	(12,144)	(13,850)
Purchases	1,212	7,569
Sales	(5,039)	(871)
Changes in Gains (Losses) Included in Earnings	7,872	(2,706)
Balance, End of Period	47,909	59,133
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	7,900	(2,132)
Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	500,751	304,173
Purchases	163,739	72,291
Sales	(431,192)	(165,668)
Settlements	(2,013)	(7,151)
Changes in Gains (Losses) Included in Earnings	(13,170)	4,581
Balance, End of Period	218,115	208,226
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	(19,902)
Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	1,050,272	1,364,016
Transfer In to Level III	188,123	151,085
Transfer Out of Level III	(152,339)	(307,800)
Purchases	96,651	76,995
Sales	(67,228)	(62,933)
Changes in Gains (Losses) Included in Earnings	(101,381)	22,437
Balance, End of Period	1,014,098	1,243,800
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	$ (87,972)	$ 27,922

Fair Value Measurements of Fi_3

Fair Value Measurements of Financial instruments - Additional Information (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
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	Mar. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	$ 1,097,572	$ 1,470,121
Investments
Variable Interest Entity [Line Items]
VIE Assets	859,494	1,216,932
Due from Affiliates
Variable Interest Entity [Line Items]
VIE Assets	202,476	143,949
Potential Clawback Obligation
Variable Interest Entity [Line Items]
VIE Liabilities	35,602	109,240
Due to Non Consolidated Entity
Variable Interest Entity [Line Items]
VIE Liabilities	$ 191	$ 231

Repurchase Agreements - Additio

Repurchase Agreements - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Securities Financing Transaction [Line Items]
Pledged securities with carrying value to collateralize its repurchase agreements	$ 132.8	$ 196.1

Schedule of Repurchase Agreemen

Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 105,133	$ 154,118
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. "Offsetting of Assets and Liabilities"	105,133	154,118
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. "Offsetting of Assets and Liabilities"	0	0
Overnight and Continuous | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	0	0
Up to 30 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	21,027	42,459
30 - 90 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	72,232	88,868
Greater than 90 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 11,874	$ 22,791

Components of Other Assets (Det

Components of Other Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Schedule of Other Assets [Line Items]
Furniture, Equipment and Leasehold Improvements	$ 159,499	$ 154,482
Prepaid Expenses	176,998	159,333
Freestanding Derivatives	189,245	54,396
Other	16,154	14,282
Total Other Assets	$ 541,896	$ 382,493

Offsetting of Assets and Liab_3

Offsetting of Assets and Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Offsetting Assets and Liabilities [Line Items]
Repurchase agreements gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	$ 105,133	$ 154,118
Repurchase agreements gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	105,133	154,118
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	141,081	164,333
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	121,049	154,498
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	18,530	9,198
Net Amount	1,502	637
Freestanding Derivatives
Offsetting Assets and Liabilities [Line Items]
Derivatives gross and Net Amounts of Assets Presented in the Statement of Financial Condition	193,649	54,479
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	15,916	380
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	115,589	0
Derivatives Net Amount	62,144	54,099
Derivatives gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	35,948	10,215
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	15,916	380
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	18,530	9,198
Derivatives Net Amount	$ 1,502	$ 637

Offsetting Of Assets And Liab_4

Offsetting Of Assets And Liabilities - Additional Information (Detail) - Cash Pooling Arrangement $ in Millions	Mar. 31, 2020USD ($)
Offsetting Assets [Line Items]
Aggregate cash balance on deposit relating to the cash pooling arrangement	$ 875.5
Overdraft facility	$ 875.5

Borrowings - Additional Informa

Borrowings - Additional Information (Detail) - USD ($) $ in Billions	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Fair value of the CLO assets	$ 6.4	$ 7.2

Carrying Value and Fair Value o

Carrying Value and Fair Value of Blackstone Issued Notes (Detail) - USD ($) $ in Thousands		Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Carrying Value		$ 4,575,201	$ 4,600,856
Debt instrument, fair value	[1]	4,645,880	5,060,570
4.750% Notes
Debt Instrument [Line Items]
Carrying Value		396,526	396,247
Debt instrument, fair value	[1]	432,080	429,280
2.000% Notes
Debt Instrument [Line Items]
Carrying Value		327,085	332,393
Debt instrument, fair value	[1]	334,339	365,521
1.000% Notes
Debt Instrument [Line Items]
Carrying Value		653,809	664,229
Debt instrument, fair value	[1]	627,376	691,012
3.150% Notes
Debt Instrument [Line Items]
Carrying Value		297,130	297,046
Debt instrument, fair value	[1]	306,210	309,540
1.500% Notes
Debt Instrument [Line Items]
Carrying Value		656,694	667,425
Debt instrument, fair value	[1]	633,665	708,841
2.500% Notes
Debt Instrument [Line Items]
Carrying Value		490,054	489,841
Debt instrument, fair value	[1]	469,450	493,500
6.250% Notes
Debt Instrument [Line Items]
Carrying Value		238,494	238,437
Debt instrument, fair value	[1]	312,875	338,200
5.000% Notes
Debt Instrument [Line Items]
Carrying Value		489,025	488,968
Debt instrument, fair value	[1]	539,550	606,700
4.450% Notes
Debt Instrument [Line Items]
Carrying Value		344,188	344,157
Debt instrument, fair value	[1]	353,605	396,235
4.000% Notes
Debt Instrument [Line Items]
Carrying Value		290,390	290,344
Debt instrument, fair value	[1]	282,690	321,780
3.500% Notes
Debt Instrument [Line Items]
Carrying Value		391,806	391,769
Debt instrument, fair value	[1]	$ 354,040	$ 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) - Senior Secured Notes	3 Months Ended
	Mar. 31, 2020
4.750% 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, interest rate	2.00%
Debt instrument, maturity date	May 19, 2025
1.000% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	1.00%
Debt instrument, maturity date	Oct. 5, 2026
3.150% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	3.15%
Debt instrument, maturity date	Oct. 2, 2027
1.500% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	1.50%
Debt instrument, maturity date	Apr. 10, 2029
2.500% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2.50%
Debt instrument, maturity date	Jan. 10, 2030
6.250% 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, interest rate	5.00%
Debt instrument, maturity date	Jun. 15, 2044
4.450% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	4.45%
Debt instrument, maturity date	Jul. 15, 2045
4.000% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	4.00%
Debt instrument, maturity date	Oct. 2, 2047
3.500% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	3.50%
Debt instrument, maturity date	Sep. 10, 2049

Partnership's Borrowings Throug

Partnership's Borrowings Through Consolidated CLO Vehicles (Detail) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Borrowing Outstanding		$ 4,575,201	$ 4,600,856
Weighted Average Remaining Maturity in Years		3 years 2 months 12 days	3 years 6 months
Liabilities of Consolidated CLO Vehicles
Debt Instrument [Line Items]
Borrowing Outstanding		$ 6,852,598	$ 6,859,535
Liabilities of Consolidated CLO Vehicles | Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding		$ 6,526,863	$ 6,527,800
Effective Interest Rate		3.39%	3.55%
Liabilities of Consolidated CLO Vehicles | Subordinated Notes
Debt Instrument [Line Items]
Borrowing Outstanding		$ 325,735	$ 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	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Borrowing Outstanding	$ 4,575,201	$ 4,600,856
Fair Value	5,906,022	6,558,006
Senior Secured Notes
Debt Instrument [Line Items]
Fair Value	5,817,291	6,512,733
Subordinated Notes
Debt Instrument [Line Items]
Fair Value	88,731	45,273
Non-Consolidated Affiliates Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding	119,984	102,484
Fair Value	88,535	78,252
Non-Consolidated Affiliates Senior Secured Notes | Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding	75,250	57,750
Fair Value	74,911	57,717
Non-Consolidated Affiliates Senior Secured Notes | Subordinated Notes
Debt Instrument [Line Items]
Borrowing Outstanding	44,734	44,734
Fair Value	$ 13,624	$ 20,535

Scheduled Principal Payments fo

Scheduled Principal Payments for Borrowings (Detail) $ in Thousands	Mar. 31, 2020USD ($)
Debt Instrument [Line Items]
2020	$ 215
2023	400,000
Thereafter	11,107,248
Total	11,507,463
Operating Borrowings
Debt Instrument [Line Items]
2023	400,000
Thereafter	4,254,650
Total	4,654,650
Blackstone Fund Facilities CLO Vehicles
Debt Instrument [Line Items]
2020	215
Thereafter	6,852,598
Total	$ 6,852,813

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax [Line Items]
Effective Income Tax Rate	5.70%	3.70%
Provision for Income Tax (Benefits) Expenses	$ (158,703)	$ 41,155

Basic and Diluted Net Income Pe

Basic and Diluted Net Income Per Common Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Line Items]
Net Income Attributable to The Blackstone Group Inc., Basic	$ (1,066,492)	$ 481,304
Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units		369,889
Net Income Attributable to The Blackstone Group Inc., Diluted	$ (1,066,492)	$ 851,193
Weighted-Average Shares of Class A Common Stock Outstanding, Basic	676,305,359	674,507,698
Weighted-Average Shares of Unvested Deferred Restricted Class A Common Stock		207,752
Weighted-Average Blackstone Holdings Partnership Units		525,764,790
Weighted-Average Shares of Class A Common Stock Outstanding, Diluted	676,305,359	1,200,480,240
Net Income Per Common Unit, Basic	$ (1.58)	$ 0.71
Net Income Per Common Unit, Diluted	(1.58)	0.71
Dividends Declared Per Share of Class A Common Stock	$ 0.61	$ 0.58

Summary of Anti-Dilutive Securi

Summary of Anti-Dilutive Securities (Detail) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Unvested Deferred Restricted Common Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-Average Units	10,465,568	0
Blackstone Partnership Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-Average Units	511,220,151

Schedule of Shares Eligible For

Schedule of Shares Eligible For Dividends and Distribution (Detail)	Mar. 31, 2020shares
Stockholders Equity [Line Items]
Common stock eligible for dividends and distributions	687,869,905
Shares eligible for dividends and distributions	1,194,970,905
Common Class A [Member]
Stockholders Equity [Line Items]
Common stock eligible for dividends and distributions	676,630,489
Unvested Participating Common Stock [Member]
Stockholders Equity [Line Items]
Common stock eligible for dividends and distributions	11,239,416
Participating Partnership Units [Member]
Stockholders Equity [Line Items]
Participating Blackstone Holdings Partnership Units	507,101,000

Earnings Per Share and Stockh_3

Earnings Per Share and Stockholder's Equity - Additional Information (Detail) - USD ($)	Jul. 01, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	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		$ 527,700,000
Common Class A
Stockholders Equity [Line Items]
Common stock par value	$ 0.00001	$ 0.00001		$ 0.00001
Common stock repurchased, units		5,000,000	1,500,000
Amount authorized to repurchase under unit repurchase program					$ 1,000,000,000
Common stock repurchased, cost		$ 253,500,000	$ 52,100,000
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 ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Jan. 01, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Partnership grant units			171,085,619
Compensation expense in relation to equity-based awards	$ 118,812	$ 121,179
Tax benefits in relation to equity-based awards	13,700	$ 18,600
Estimated unrecognized compensation expense related to unvested awards	$ 1,200,000
Weighted-average period for recognized compensation expense related to unvested awards, years	3 years 8 months 12 days
Total vested and unvested outstanding units	1,195,225,902
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total outstanding unvested phantom units	60,686

Summary of Status of Partnershi

Summary of Status of Partnership's Unvested Equity-Based Awards (Detail)	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Blackstone | Blackstone Partnership Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance | shares	32,159,218
Vested (Units) | shares	(3,603,046)
Forfeited (Units) | shares	(97,316)
Ending Balance | shares	28,458,856
Beginning Balance | $ / shares	$ 36.25
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	40.86
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	35.65
Ending Balance | $ / shares	$ 36.41
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	8,969,736
Granted (Units) | shares	3,952,232
Vested (Units) | shares	(1,788,344)
Forfeited (Units) | shares	(191,743)
Ending Balance | shares	10,941,881
Beginning Balance | $ / shares	$ 35.26
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	54.99
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	33.67
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	36.43
Ending Balance | $ / shares	$ 41.93
Blackstone Group Inc. [Member] | Cash Settled Awards Phantom Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance | shares	51,341
Granted (Units) | shares	4,745
Vested (Units) | shares	(485)
Ending Balance | shares	55,601
Beginning Balance | $ / shares	$ 52.85
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	56.03
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	56.03
Ending Balance | $ / shares	$ 55.98

Unvested Shares and Units, Afte

Unvested Shares and Units, After Expected Forfeitures (Detail) - shares	3 Months Ended
	Mar. 31, 2020	Jan. 01, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Blackstone Holdings Partnership Units		23,087,346
Deferred Restricted Shares of Class A Common Stock		9,198,282
Total Equity-Based Awards		32,285,628
Phantom Shares		44,707
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 8 months 12 days
Total Equity-Based Awards (Weighted-Average Service Period in Years)	3 years 1 month 6 days
Phantom Shares (Weighted-Average Service Period in Years)	2 years 9 months 18 days

Due from Affiliates and Due to

Due from Affiliates and Due to Affiliates (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated Entities and Portfolio Companies	$ 2,084,067	$ 1,999,568
Due from Certain Non-Controlling Interest Holders and Blackstone Employees	557,577	573,679
Accrual for Potential Clawback of Previously Distributed Performance Allocations	64,468	21,626
Due from Affiliates, total	2,706,112	2,594,873
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements	713,578	672,981
Due to Non-Consolidated Entities	108,569	100,286
Due to Note-Holders of Consolidated CLO Vehicles	88,535	78,252
Due to Certain Non-Controlling Interest Holders and Blackstone Employees	41,407	48,433
Accrual for Potential Repayment of Previously Received Performance Allocations	295,009	126,919
Due to Affiliates, total	$ 1,247,098	$ 1,026,871

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Investments	$ 16,430,701		$ 22,281,682
Cash saving in tax receivable agreements, percentage	85.00%
Expected future payments under the tax receivable agreements	$ 713,600
Expected future payments under the tax receivable agreements in years	15 years
After-tax net present value estimated payments	$ 190,700
After-tax net present value discount rate assumption	15.00%
Founder, senior managing directors, employees and certain other related parties
Related Party Transaction [Line Items]
Net Income Attributable to Non-Controlling Interests	$ (178,400)	$ 31,000
Founder, senior managing directors, employees and certain other related parties | Consolidated Blackstone Funds
Related Party Transaction [Line Items]
Investments	799,700		$ 969,300
Affiliates
Related Party Transaction [Line Items]
Interest from loans to affiliates	$ 3,000	$ 2,400

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Schedule Of Commitments And Contingencies [Line Items]
General partner capital funding	$ 3,400
Total investments at risk in respect of guarantees extended	$ 38.7
Contingent obligations currently anticipated to expire end	2029
Provision for cash clawback	$ 749.5
Contingent Obligations (Clawback)	3,800
Blackstone Holdings
Schedule Of Commitments And Contingencies [Line Items]
Loans held By employees for investment guaranteed	199.7
Contingent Obligations (Clawback)	3,500
Consolidated Blackstone Funds
Schedule Of Commitments And Contingencies [Line Items]
Funds signed investment commitments	148.8
Consolidated Blackstone Funds | Portfolio Company Acquisition
Schedule Of Commitments And Contingencies [Line Items]
Signed investment commitments for portfolio company acquisitions in process of closing	$ 56.3

Clawback Obligations by Segment

Clawback Obligations by Segment (Detail) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2020	Dec. 31, 2019
Product Liability Contingency [Line Items]
Clawback obligations		$ 295,009	$ 126,919
Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		230,541	105,293
Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[1]	64,468	21,626
Real Estate Segment
Product Liability Contingency [Line Items]
Clawback obligations		38,284	26,748
Real Estate Segment | Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		26,291	16,151
Real Estate Segment | Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[1]	11,993	10,597
Private Equity Segment
Product Liability Contingency [Line Items]
Clawback obligations		222,100	85,136
Private Equity Segment | Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		187,799	82,276
Private Equity Segment | Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[1]	34,301	2,860
Credit & Insurance
Product Liability Contingency [Line Items]
Clawback obligations		34,625	15,035
Credit & Insurance | Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		16,451	6,866
Credit & Insurance | Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[1]	$ 18,174	$ 8,169
[1]	The split of clawback between Blackstone Holdings and Current and Former Personnel is based on the performance of individual investments held by a fund rather than on a fund by fund basis.

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020Segment
Segment Reporting Information [Line Items]
Number of business segments	4

Financial Data of Segments (Det

Financial Data of Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Fee Related Performance Revenues	$ 12,466	$ 7,779
Realized Performance Revenues	179,691	254,507
Realized Performance Compensation	78,945	91,801
Segment Assets	19,495,373
Operating Segments
Segment Reporting Information [Line Items]
Base Management Fees	910,396	757,518
Transaction, Advisory and Other Fees, Net	50,665	65,150
Management Fee Offsets	(20,494)	(8,606)
Total Management and Advisory Fees, Net	940,567	814,062
Fee Related Performance Revenues	12,466	7,779
Fee Related Compensation	(346,264)	(324,031)
Other Operating Expenses	(138,885)	(123,311)
Fee Related Earnings	467,884	374,499
Realized Performance Revenues	167,233	246,769
Realized Performance Compensation	(71,302)	(85,240)
Realized Principal Investment Income (Loss)	20,290	25,908
Total Net Realizations	116,221	187,437
Total Segment Distributable Earnings	584,105	561,936
Segment Assets	19,495,373
Operating Segments | Real Estate Segment
Segment Reporting Information [Line Items]
Base Management Fees	371,438	260,245
Transaction, Advisory and Other Fees, Net	23,024	23,911
Management Fee Offsets	(8,341)	(280)
Total Management and Advisory Fees, Net	386,121	283,876
Fee Related Performance Revenues	4,551	6,676
Fee Related Compensation	(120,296)	(114,816)
Other Operating Expenses	(40,476)	(38,986)
Fee Related Earnings	229,900	136,750
Realized Performance Revenues	43,720	77,182
Realized Performance Compensation	(13,392)	(29,900)
Realized Principal Investment Income (Loss)	7,300	(2,131)
Total Net Realizations	37,628	45,151
Total Segment Distributable Earnings	267,528	181,901
Segment Assets	7,127,697
Operating Segments | Private Equity Segment
Segment Reporting Information [Line Items]
Base Management Fees	253,974	219,417
Transaction, Advisory and Other Fees, Net	21,413	37,291
Management Fee Offsets	(9,215)	(4,985)
Total Management and Advisory Fees, Net	266,172	251,723
Fee Related Compensation	(110,368)	(107,587)
Other Operating Expenses	(41,001)	(34,201)
Fee Related Earnings	114,803	109,935
Realized Performance Revenues	112,076	156,599
Realized Performance Compensation	(54,643)	(50,556)
Realized Principal Investment Income (Loss)	10,347	25,139
Total Net Realizations	67,780	131,182
Total Segment Distributable Earnings	182,583	241,117
Segment Assets	7,081,277
Operating Segments | Hedge Fund Solutions Segment
Segment Reporting Information [Line Items]
Base Management Fees	139,656	137,328
Transaction, Advisory and Other Fees, Net	758	318
Management Fee Offsets	(42)	0
Total Management and Advisory Fees, Net	140,372	137,646
Fee Related Compensation	(46,191)	(42,954)
Other Operating Expenses	(18,667)	(17,885)
Fee Related Earnings	75,514	76,807
Realized Performance Revenues	1,767	4,091
Realized Performance Compensation	(945)	(1,413)
Realized Principal Investment Income (Loss)	(609)	(283)
Total Net Realizations	213	2,395
Total Segment Distributable Earnings	75,727	79,202
Segment Assets	2,144,237
Operating Segments | Credit Segment
Segment Reporting Information [Line Items]
Base Management Fees	145,328	140,528
Transaction, Advisory and Other Fees, Net	5,470	3,630
Management Fee Offsets	(2,896)	(3,341)
Total Management and Advisory Fees, Net	147,902	140,817
Fee Related Performance Revenues	7,915	1,103
Fee Related Compensation	(69,409)	(58,674)
Other Operating Expenses	(38,741)	(32,239)
Fee Related Earnings	47,667	51,007
Realized Performance Revenues	9,670	8,897
Realized Performance Compensation	(2,322)	(3,371)
Realized Principal Investment Income (Loss)	3,252	3,183
Total Net Realizations	10,600	8,709
Total Segment Distributable Earnings	58,267	$ 59,716
Segment Assets	$ 3,142,162

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
		Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total Revenues		$ (3,075,964)	$ 2,024,871
Less: Unrealized Principal Investment (Income) Loss		(959,365)	169,044
Total Expenses		(638,075)	1,041,164
Total Other Income		(327,969)	130,325
Total Income (Loss) Before Provision (Benefit) for Taxes		(2,765,858)	1,114,032
Total Assets		26,946,494		$ 32,585,506
Total Assets		19,495,373
Less: Unrealized Principal Investment (Income) Loss		(959,365)	169,044
Operating Segments
Segment Reporting Information [Line Items]
Total Revenues	[1]	1,140,556	1,094,518
Total Expenses	[2]	556,451	532,582
Total Segment Distributable Earnings		584,105	561,936
Total Assets		19,495,373
Consolidation Adjustments and Reconciling Items
Segment Reporting Information [Line Items]
Less: Unrealized Performance Revenues	[3]	3,453,446	(664,333)
Less: Unrealized Principal Investment (Income) Loss	[4]	616,610	(139,925)
Less: Interest and Dividend Revenue	[5]	(37,599)	(46,699)
Less: Other Revenue	[6]	(138,151)	(13,189)
Impact of Consolidation	[7]	321,118	(69,849)
Amortization of Intangibles	[8]	387	387
Transaction-Related Charges	[9]	(830)	1,468
Less: Unrealized Performance Allocations Compensation	[10]	1,397,378	(287,015)
Less: Equity-Based Compensation	[11]	(87,472)	(66,776)
Less: Interest Expense	[12]	(41,540)	(41,638)
Impact of Consolidation	[7]	(11,459)	(10,861)
Amortization of Intangibles	[8]	(16,096)	(16,096)
Transaction-Related Charges	[9]	(47,824)	(87,983)
Less: Unrealized Performance Revenues	[3]	3,453,446	(664,333)
Less: Unrealized Principal Investment (Income) Loss	[4]	616,610	(139,925)
Less: Interest and Dividend Revenue	[5]	(37,599)	(46,699)
Less: Other Revenue	[6]	(138,151)	(13,189)
Plus: Unrealized Performance Allocations Compensation	[10]	(1,397,378)	287,015
Plus: Equity Based Compensation	[11]	87,472	66,776
Plus: Interest Expense	[12]	41,540	41,638
Amortization of Intangibles	[8]	16,483	16,483
Transaction-Related Charges	[9]	46,994	89,451
Segment Adjustment
Segment Reporting Information [Line Items]
Intersegment Eliminations		1,539	1,787
Intersegment Eliminations		1,539	1,787
Impact of Consolidation
Segment Reporting Information [Line Items]
Impact of Consolidation	[7]	327,969	(130,325)
Total Assets	[7]	(7,451,121)
Impact of Consolidation	[7]	$ 660,546	$ (189,313)
[1]	Total Segment Revenues is comprised of the following: Total Segment Management and Advisory Fees, Net 940,567, 814,062 Total Segment Fee Related Performance Revenues 12,466 7,779 Total Segment Realized Performance Revenues 167,233 246,769 Total Segment Realized Principal Investment Income 20,290 25,908 Total Segment Revenues 1,140,556 1,094,518
[2]	Total Segment Expenses is comprised of the following: Total Segment Fee Related Compensation 346,264 324,031 Total Segment Realized Performance Compensation 71,302 85,240 Total Segment Other Operating Expenses 138,885 123,311 Total Segment Expenses 556,451 532,582
[3]	This adjustment removes Unrealized Performance Revenues on a segment basis.
[4]	This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis.
[5]	This adjustment removes Interest and Dividend Revenue on a segment basis.
[6]	This adjustment removes Other Revenue on a segment basis. For the three months ended March 31,, 2020 and 2019, Other Revenue on a GAAP basis was $138.2 million and $10.3 million, and included $136.9 million and $12.6 million of foreign exchange gains (losses), respectively.
[7]	This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds, the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.
[8]	This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation. This amount includes amortization of intangibles associated with Blackstone’s investment in Pátria, which is accounted for under the equity method.
[9]	This adjustment removes Transaction-Related Charges, which are excluded from Blackstone’s segment presentation. Transaction-Related Charges arise from corporate actions including acquisitions, divestitures, and Blackstone’s initial public offering. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs and any gains or losses associated with these corporate actions.
[10]	This adjustment removes Unrealized Performance Allocations Compensation.
[11]	This adjustment removes Equity-Based Compensation on a segment basis.
[12]	This adjustment removes Interest Expense, excluding interest expense related to the Tax Receivable Agreement.

Reconciliation of Total Segme_2

Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Parenthetical) (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Fee Related Performance Revenues		$ 12,466	$ 7,779
Total Segment Realized Performance Revenues		179,691	254,507
Total Segment Realized Performance Compensation		(78,945)	(91,801)
Other revenue		138,180	10,250
Other Operating Income (Expense) [Member]
Segment Reporting Information [Line Items]
Foreign exchange gains (losses)		136,900	12,600
Operating Segments
Segment Reporting Information [Line Items]
Total Segment Management and Advisory Fees, Net		940,567	814,062
Fee Related Performance Revenues		12,466	7,779
Total Segment Realized Performance Revenues		167,233	246,769
Total Segment Realized Principal Investment Income		20,290	25,908
Total Revenues	[1]	1,140,556	1,094,518
Total Segment Fee Related Compensation		346,264	324,031
Total Segment Realized Performance Compensation		71,302	85,240
Total Segment Other Operating Expenses		138,885	123,311
Total Expenses	[2]	$ 556,451	$ 532,582
[1]	Total Segment Revenues is comprised of the following: Total Segment Management and Advisory Fees, Net 940,567, 814,062 Total Segment Fee Related Performance Revenues 12,466 7,779 Total Segment Realized Performance Revenues 167,233 246,769 Total Segment Realized Principal Investment Income 20,290 25,908 Total Segment Revenues 1,140,556 1,094,518
[2]	Total Segment Expenses is comprised of the following: Total Segment Fee Related Compensation 346,264 324,031 Total Segment Realized Performance Compensation 71,302 85,240 Total Segment Other Operating Expenses 138,885 123,311 Total Segment Expenses 556,451 532,582

Reconciliation of Total Segme_3

Reconciliation of Total Segments to Reported on the Consolidated Statement of Operations (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Investment Income - Realized Performance Allocations		$ 167,530	$ 242,375
Realized Performance Revenues		12,466	7,779
Compensation and Benefits Compensation		476,543	471,397
Incentive Fee Compensation		6,522	5,406
Realized Performance Allocations Compensation		72,423	86,395
Realized Performance Revenues		179,691	254,507
Total Compensation and Benefits		555,488	563,198
General, Administrative and Other		157,566	146,062
Investment Income - Realized Performance Allocations		167,530	242,375
Realized Performance Revenues		179,691	254,507
Realized Performance Compensation		78,945	91,801
Investment Income Realized		48,695	73,261
Total Segment		(78,945)	(91,801)
Management and Advisory Fees, Net
Segment Reporting Information [Line Items]
Revenues		934,832	809,726
Incentive Fees
Segment Reporting Information [Line Items]
Revenues		12,161	12,132
Operating Segments
Segment Reporting Information [Line Items]
Revenues		940,567	814,062
Realized Performance Revenues		12,466	7,779
Realized Performance Revenues		167,233	246,769
Realized Performance Revenues		(12,466)	(7,779)
General, Administrative and Other		138,885	123,311
Realized Performance Revenues		167,233	246,769
Less: Realized Performance Revenues		(167,233)	(246,769)
Realized Performance Compensation		(71,302)	(85,240)
Investment Income Realized		20,290	25,908
Less: Equity-Based Compensation - Operating Compensation		(85,334)	(63,708)
Less: Equity-Based Compensation - Performance Compensation		(2,138)	(3,068)
Total Compensation and Benefits		346,264	324,031
Less: Fee Related Performance Compensation		(5,505)	(3,493)
Less: Equity-based compensation - Performance Compensation Related		(2,138)	(3,068)
Total Segment		71,302	85,240
Operating Segments | Management and Advisory Fees, Net
Segment Reporting Information [Line Items]
Revenues		940,567	814,062
Segment Adjustment
Segment Reporting Information [Line Items]
Segment Adjustment	[1]	8	41
General, Administrative and Other	[2]	(18,681)	(22,751)
Investment Income Realized	[3]	(28,405)	(47,353)
Segment Adjustment	[4]	(50,450)	(87,151)
Segment Adjustment | Management and Advisory Fees, Net
Segment Reporting Information [Line Items]
Revenues	[5]	$ 5,735	$ 4,336
[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.