Blackstone (BX) 10-K 26 Feb 21 2020 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2020	Feb. 24, 2021	Jun. 28, 2020
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Trading Symbol	BX
Entity Registrant Name	The Blackstone Group Inc.
Entity Central Index Key	0001393818
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Document Transition Report	false
Document Annual Report	true
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Entity Shell Company	false
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity File Number	001-33551
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-8875684
Entity Address, Address Line One	345 Park Avenue
Local Phone Number	583-5000
Entity Address, State or Province	NY
Entity Address, City or Town	New York
City Area Code	212
Entity Address, Postal Zip Code	10154
Entity Public Float			$ 37.9
ICFR Auditor Attestation Flag	true
Entity Common Stock, Shares Outstanding		683,839,810

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets
Cash and Cash Equivalents	$ 1,999,484	$ 2,172,441
Cash Held by Blackstone Funds and Other	64,972	351,210
Investments (including assets pledged of $110,835 and $196,094 at December 31, 2020 and December 31, 2019, respectively)	15,617,142	22,281,682
Accounts Receivable	866,158	975,075
Due from Affiliates	3,221,515	2,594,873
Intangible Assets, Net	347,955	397,508
Goodwill	1,901,485	1,869,860
Other Assets	481,022	382,493
Right-of-Use Assets	526,943	471,059
Deferred Tax Assets	1,242,576	1,089,305
Total Assets	26,269,252	32,585,506
Liabilities and Equity
Loans Payable	5,644,653	11,080,723
Due to Affiliates	1,135,041	1,026,871
Accrued Compensation and Benefits	3,433,260	3,796,044
Securities Sold, Not Yet Purchased	51,033	75,545
Repurchase Agreements	76,808	154,118
Operating Lease Liabilities	620,844	542,994
Accounts Payable, Accrued Expenses and Other Liabilities	717,104	806,159
Total Liabilities	11,678,743	17,482,454
Commitments and Contingencies
Redeemable Non-Controlling Interests in Consolidated Entities	65,161	87,651
Stockholders' Equity of The Blackstone Group Inc.
Additional Paid-in-Capital	6,332,105	6,428,647
Retained Earnings	335,762	609,625
Accumulated Other Comprehensive Loss	(15,831)	(28,495)
Total Stockholders' Equity of The Blackstone Group Inc.	6,652,043	7,009,784
Non-Controlling Interests in Consolidated Entities	4,042,157	4,186,069
Non-Controlling Interests in Blackstone Holdings	3,831,148	3,819,548
Total Equity	14,525,348	15,015,401
Total Liabilities and Equity	26,269,252	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

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investments assets pledged	$ 110,835	$ 196,094
Assets	26,269,252	32,585,506
Liabilities	$ 11,678,743	$ 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	683,875,544	671,157,692
Common shares outstanding	683,875,544	671,157,692	[1]
Common Class B [Member]
Common stock par value	$ 0.00001
Common shares authorized	999,999,000
Common shares issued	1	1
Common shares outstanding	1	1
Common Class C [Member]
Common stock par value	$ 0.00001
Common shares authorized	1,000
Common shares issued	1	1
Common shares outstanding	1	1
Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	$ 1,649,017	$ 8,952,541
Liabilities	221,266	7,133,175
Consolidated Blackstone Funds | Repurchase Agreements | Variable Interest Entity, Primary Beneficiary
Liabilities	76,808	154,118
Consolidated Blackstone Funds | Loans Payable | Variable Interest Entity, Primary Beneficiary
Liabilities	99	6,479,867
Securities Sold, Not Yet Purchased | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Liabilities	41,709	55,289
Investments | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	1,455,008	8,371,899
Accounts Receivable | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	120,099	220,372
Cash Held by Funds and Other | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	64,972	351,210
Due from Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	8,676	7,856
Other Assets | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	262	1,204
Due to Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Liabilities	65,429	142,546
Accounts Payable, Accrued Expenses and Other Liabilities | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Liabilities	$ 37,221	$ 301,355
[1]	Following the conversion to a corporation, Blackstone also had one share outstanding of each of Class B and Class C common stock, with par value of each less than one cent. After initial issuance, there have been no changes to the amounts related to Class B and Class C common stock during the period presented.

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Performance Allocations
Realized	$ 2,106,000	$ 1,739,000	$ 1,876,507
Unrealized	(384,393)	1,126,332	561,373
Principal Investments
Realized	391,628	393,478	415,862
Unrealized	(114,607)	215,003	49,917
Total Investment Income	1,998,628	3,473,813	2,903,659
Interest and Dividend Revenue	125,231	182,398	171,947
Other	(253,142)	79,993	672,317
Total Revenues	6,101,927	7,338,270	6,833,259
Expenses
Compensation and Benefits Compensation	1,855,619	1,820,330	1,609,957
Incentive Fee Compensation	44,425	44,300	33,916
Performance Allocations Compensation
Realized	843,230	662,942	711,076
Unrealized	(154,516)	540,285	319,742
Total Compensation and Benefits	2,588,758	3,067,857	2,674,691
General, Administrative and Other	711,782	679,408	594,873
Interest Expense	166,162	199,648	163,990
Fund Expenses	12,864	17,738	78,486
Total Expenses	3,479,566	3,964,651	3,512,040
Other Income (Loss)
Change in Tax Receivable Agreement Liability	(35,383)	161,567
Net Gains from Fund Investment Activities	30,542	282,829	191,722
Total Other Income (Loss)	(4,841)	444,396	191,722
Income Before Provision (Benefit) for Taxes	2,617,520	3,818,015	3,512,941
Provision (Benefit) for Taxes	356,014	(47,952)	249,390
Net Income (Loss)	2,261,506	3,865,967	3,263,551
Net Loss Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	(13,898)	(121)	(2,104)
Net Income Attributable to Non-Controlling Interests in Consolidated Entities	217,117	476,779	358,878
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings	1,012,924	1,339,627	1,364,989
Net Income Attributable to The Blackstone Group Inc.	$ 1,045,363	$ 2,049,682	$ 1,541,788
Net Income Per Share of Class A Common Stock
Basic	$ 1.50	$ 3.03	$ 2.27
Diluted	$ 1.50	$ 3.03	$ 2.26
Weighted-Average Shares of Class A Common Stock Outstanding
Basic	696,933,548	675,900,466	678,850,245
Diluted	697,258,296	676,167,851	1,206,962,846
Management and Advisory Fees, Net
Revenues
Revenues	$ 4,092,549	$ 3,472,155	$ 3,027,796
Incentive Fees
Revenues
Revenues	$ 138,661	$ 129,911	$ 57,540

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net Income	$ 2,261,506	$ 3,865,967	$ 3,263,551
Other Comprehensive Income (Loss) - Currency Translation Adjustment	23,199	14,332	(33,506)
Comprehensive Income	2,284,705	3,880,299	3,230,045
Less: Comprehensive Loss Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	(13,898)	(121)	(2,104)
Comprehensive Income Attributable to Non-Controlling Interests in Consolidated Entities	217,117	476,779	356,488
Comprehensive Income Attributable to Non-Controlling Interests in Blackstone Holdings	1,023,459	1,345,980	1,336,331
Comprehensive Income Attributable to Non-Controlling Interests	1,226,678	1,822,638	1,690,715
Comprehensive Income Attributable to The Blackstone Group Inc.	$ 1,058,027	$ 2,057,661	$ 1,539,330

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Thousands		Total	Class A Common Stock		Common Units		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Parent		Noncontrolling InterestConsolidated Entities	Noncontrolling InterestBlackstone Holdings
Beginning Balance at Dec. 31, 2017		$ 13,512,147			$ 6,668,511						$ (34,018)		$ 6,634,493		$ 3,253,148	$ 3,624,506
Beginning Balance, Units at Dec. 31, 2017					659,526,093
Transfer Out Due to Deconsolidation of Fund Entities		(197,091)													(197,091)
Net Income (Loss)		3,265,655			$ 1,541,788								1,541,788		358,878	1,364,989
Currency Translation Adjustment		(33,506)									(2,458)		(2,458)		(2,389)	(28,659)
Capital Contributions		903,655													903,655
Capital Distributions		(3,734,027)			(1,635,921)								(1,635,921)		(687,623)	(1,410,483)
Transfer of Non-Controlling Interests in Consolidated Entities		6,541			(7,642)								(7,642)		20,188	(6,005)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders		13,907			13,907								13,907
Equity-Based Compensation		366,414			204,590								204,590			161,824
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Class A Common Stock		(25,660)			$ (20,198)								(20,198)			(5,462)
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Class A Common Stock, Units					4,114,395
Repurchase of Shares of Class A Common Stock and Blackstone Holdings Partnership Units		(541,501)			$ (541,501)								(541,501)
Repurchase of Shares of Class A Common Stock and Blackstone Holdings Partnership Units, Units					(16,000,000)
Change in The Blackstone Group Inc.'s Ownership Interest		(66,799)			$ 66,799								66,799			(66,799)
Conversion of Blackstone Holdings Partnership Units to Shares of Class A Common Stock					$ 100,397								100,397			(100,397)
Conversion of Blackstone Holdings Partnership Units to Shares of Class A Common Stock, Units					14,821,603
Issuance of Blackstone Common Units, Units					750,739
Ending Balance at Dec. 31, 2018		13,612,307			$ 6,415,700	[1]					(36,476)	[1]	6,379,224	[1]	3,648,766	3,584,317
Ending Balance, Units at Dec. 31, 2018	[1]				663,212,830
Beginning Balance at Dec. 31, 2017		210,944
Net Income (Loss)		(2,104)
Capital Contributions		12,980
Capital Distributions		(78,688)
Transfer or Repurchase of Non-Controlling Interests in Consolidated Entities		(1,353)
Ending Balance at Dec. 31, 2018		141,779
Issuance of Blackstone Common Units		75,773			$ 24,970								24,970			50,803
Net Income (Loss)		3,866,088			787,096	[1]			$ 1,262,586	[1]			2,049,682	[1]	476,779	1,339,627
Currency Translation Adjustment		14,334									7,981	[1]	7,981	[1]		6,353
Capital Contributions		775,873													775,873
Capital Distributions		(3,108,978)			(639,210)	[1]			(652,961)	[1]			(1,292,171)	[1]	(712,234)	(1,104,573)
Transfer of Non-Controlling Interests in Consolidated Entities		(3,115)													(3,115)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders		28,722			5,016	[1]	$ 23,706	[1]					28,722	[1]
Equity-Based Compensation		415,510			101,200	[1]	131,501	[1]					232,701	[1]		182,809
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Class A Common Stock		(23,440)	$ 970,995	[1]	$ (10,613)	[1]	(12,821)	[1]					(23,434)	[1]		(6)
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Class A Common Stock, Units	[1]				1,853,730
Repurchase of Shares of Class A Common Stock and Blackstone Holdings Partnership Units		(561,900)			$ (325,214)	[1]	(236,686)	[1]					(561,900)	[1]
Repurchase of Shares of Class A Common Stock and Blackstone Holdings Partnership Units, Units	[1]		(4,650,000)		(8,100,000)
Change in The Blackstone Group Inc.'s Ownership Interest		(60,344)			$ (23,270)	[1]	83,614	[1]					60,344	[1]		(60,344)
Conversion of Blackstone Holdings Partnership Units to Shares of Class A Common Stock					$ 25,192	[1]	103,443	[1]					128,635	[1]		(128,635)
Conversion of Blackstone Holdings Partnership Units to Shares of Class A Common Stock, Units	[1]		14,248,328		3,621,809
Reclassifications Resulting from Conversion to a Corporation	[1]		$ 7		$ (6,335,897)		6,335,890
Reclassifications Resulting from Conversion to Corporation Shares	[1]		660,588,369		(660,588,369)
Ending Balance at Dec. 31, 2019		15,015,401	$ 7	[1],[2]			6,428,647	[1],[2]	609,625	[1],[2]	(28,495)	[1],[2]	7,009,784	[1],[2]	4,186,069	3,819,548
Ending Balance, Units at Dec. 31, 2019	[2]		671,157,692
Equity, Ending Balance (Shares) at Dec. 31, 2019	[1]		671,157,692
Net Income (Loss)		(121)
Capital Distributions		(54,007)
Ending Balance at Dec. 31, 2019		87,651
Transfer Out Due to Deconsolidation of Fund Entities		(216,339)													(216,339)
Net Income (Loss)		2,275,404							1,045,363	[2]			1,045,363	[2]	217,117	1,012,924
Currency Translation Adjustment		23,199									12,664	[2]	12,664	[2]		10,535
Capital Contributions		605,487													600,222	5,265
Capital Distributions		(3,129,739)							(1,319,226)	[2]			(1,319,226)	[2]	(738,899)	(1,071,614)
Transfer of Non-Controlling Interests in Consolidated Entities		(6,013)													(6,013)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders		23,327					23,327	[2]					23,327	[2]
Equity-Based Compensation		439,533					250,850	[2]					250,850	[2]		188,683
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Class A Common Stock		(30,906)					(30,899)	[2]					(30,899)	[2]		(7)
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Class A Common Stock, Units	[2]		2,905,220
Repurchase of Shares of Class A Common Stock and Blackstone Holdings Partnership Units		(474,006)					(474,006)	[2]					(474,006)	[2]
Repurchase of Shares of Class A Common Stock and Blackstone Holdings Partnership Units, Units	[2]		(8,969,237)
Change in The Blackstone Group Inc.'s Ownership Interest		(10,476)					10,476	[2]					10,476	[2]		(10,476)
Conversion of Blackstone Holdings Partnership Units to Shares of Class A Common Stock							123,710	[2]					123,710	[2]		(123,710)
Conversion of Blackstone Holdings Partnership Units to Shares of Class A Common Stock, Units	[2]		18,781,869
Ending Balance at Dec. 31, 2020		14,525,348	$ 7	[2]			$ 6,332,105	[2]	$ 335,762	[2]	$ (15,831)	[2]	$ 6,652,043	[2]	$ 4,042,157	$ 3,831,148
Ending Balance, Units at Dec. 31, 2020	[2]		683,875,544
Equity, Ending Balance (Shares) at Dec. 31, 2020			683,875,544
Net Income (Loss)		(13,898)
Capital Distributions		(8,592)
Ending Balance at Dec. 31, 2020		$ 65,161
[1]	Following the conversion to a corporation, Blackstone also had 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.
[2]	Following the Conversion, Blackstone also had one share outstanding of each of Class B and Class C common stock, with par value of each less than one cent. After initial issuance, there have been no changes to the amounts related to Class B and Class C common stock during the period presented.

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Parenthetical)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Common Class B [Member]
Conversion Of Stocks	one share outstanding	one share outstanding
Common Class C [Member]
Conversion Of Stocks	one share outstanding	one share outstanding

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Activities
Net Income	$ 2,261,506	$ 3,865,967	$ 3,263,551
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities
Net Realized Gains on Investments	(2,468,801)	(2,242,227)	(2,381,683)
Changes in Unrealized (Gains) Losses on Investments	54,244	(324,448)	4,784
Non-Cash Performance Allocations	384,393	(1,126,332)	(561,373)
Non-Cash Performance Allocations and Incentive Fee Compensation	715,587	1,234,455	1,053,690
Equity-Based Compensation Expense	438,341	417,092	366,928
Amortization of Intangibles	71,053	70,999	59,021
Other Non-Cash Amounts Included in Net Income	58,854	(448,241)	45,286
Cash Flows Due to Changes in Operating Assets and Liabilities
Cash Acquired with Consolidation of Fund Entity	0	0	31,422
Cash Relinquished with Deconsolidation of Fund Entities	(257,544)	0	(899,959)
Accounts Receivable	70,053	(237,751)	43,037
Due from Affiliates	(402,488)	(451,302)	(280,674)
Other Assets	(22,704)	(50,017)	(76,596)
Accrued Compensation and Benefits	(1,077,195)	(382,120)	(729,109)
Securities Sold, Not Yet Purchased	(26,840)	(72,645)	(10,125)
Accounts Payable, Accrued Expenses and Other Liabilities	119,906	(324,358)	(357,582)
Repurchase Agreements	(77,310)	(68,084)	103,362
Due to Affiliates	32,415	(5,250)	74,108
Investments Purchased	(7,179,951)	(8,537,874)	(13,881,869)
Cash Proceeds from Sale of Investments	9,242,426	10,645,243	14,179,523
Net Cash Provided by Operating Activities	1,935,945	1,963,107	45,742
Investing Activities
Purchase of Furniture, Equipment and Leasehold Improvements	(111,650)	(60,280)	(18,377)
Net Cash Paid for Acquisitions, Net of Cash Acquired	(55,170)	0	(98,219)
Net Cash Used in Investing Activities	(166,820)	(60,280)	(116,596)
Financing Activities
Distributions to Non-Controlling Interest Holders in Consolidated Entities	(747,491)	(765,849)	(762,588)
Contributions from Non-Controlling Interest Holders in Consolidated Entities	581,077	764,863	836,922
Payments Under Tax Receivable Agreement	(73,881)	(84,640)	0
Net Settlement of Vested Class A Common stock and Repurchase of Class A Common Stock and Blackstone Holdings Partnership Units	(504,912)	(585,340)	(567,161)
Proceeds from Loans Payable	888,636	1,549,732	3,218,399
Repayment and Repurchase of Loans Payable	(1,889)	(403,401)	(1,009,354)
Dividends/Distributions to Shareholders and Unitholders	(2,385,576)	(2,396,744)	(3,046,404)
Net Cash Used in Financing Activities	(2,244,036)	(1,921,379)	(1,330,186)
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other	15,716	(2,958)	9,712
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other
Net Decrease	(459,195)	(21,510)	(1,391,328)
Beginning of Period	2,523,651	2,545,161	3,936,489
End of Period	2,064,456	2,523,651	2,545,161
Supplemental Disclosure of Cash Flows Information
Payments for Interest	176,620	167,458	169,872
Payments for Income Taxes	209,182	159,302	192,790
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Non-Cash Contributions from Non-Controlling Interest Holders	19,202	10,078	10,435
Non-Cash Distributions to Non-Controlling Interest Holders	0	(392)	(18,723)
Non-Cash Consideration for Acquisition	0	0	(50,803)
Notes Issuance Costs	8,273	0	0
Transfer of Interests to Non-Controlling Interest Holders	(6,013)	(3,115)	20,188
Change in The Blackstone Group Inc.'s Ownership Interest	10,476	60,344	66,799
Net Settlement of Vested Class A Common Stock	123,478	102,028	136,238
Conversion of Blackstone Holdings Units to Class A Common Stock	123,710	128,635	100,397
Acquisition of Ownership Interests from Non-Controlling Interest Holders
Deferred Tax Asset	(242,282)	(149,513)	(93,391)
Due to Affiliates	218,955	120,791	79,484
Equity	23,327	28,722	13,907
Issuance of New Shares/Units	$ 0	$ 0	$ 24,970

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash and Cash Equivalents	$ 1,999,484	$ 2,172,441
Cash Held by Blackstone Funds and Other	64,972	351,210
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other	$ 2,064,456	$ 2,523,651	$ 2,545,161	$ 3,936,489

Organization

Organization	12 Months Ended
	Dec. 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 common stock. All references to dividends prior to the Conversion refer to distributions. As a result of the Conversion, the financial impact to the consolidated financial statements contained herein consist of (a) a partial step-up Blackstone, together with its subsidiaries, is one of the world’s leading investment firms. Blackstone’s asset management business includes investment vehicles focused on real estate, private equity, public debt and equity, growth equity, opportunistic, non-investment 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 6 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 common stock, on a one-to-one

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements of Blackstone have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of Blackstone, its wholly owned or majority-owned subsidiaries, the consolidated entities which are considered to be variable interest entities and for which Blackstone is considered the primary beneficiary, and certain partnerships or similar entities which are not considered variable interest entities but in which the general partner is determined to have control. All intercompany balances and transactions have been eliminated in consolidation. Restructurings within consolidated collateralized loan obligations (“CLOs”) are treated as investment purchases or sales, as applicable, in the Consolidated Statements of Cash Flows. COVID-19 The ongoing novel coronavirus (“COVID-19”) non-essential Use of Estimates The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates that affect the amounts reported in the consolidated financial statements and accompanying notes. Management believes that estimates utilized in the preparation of the consolidated financial statements are prudent and reasonable. Such estimates include those used in the valuation of investments and financial instruments, the measurement of deferred tax balances (including valuation allowances) and the accounting for Goodwill and equity-based compensation. Actual results could differ from those estimates and such differences could be material. Consolidation Blackstone consolidates all entities that it controls through a majority voting interest or otherwise, including those Blackstone Funds in which the general partner has a controlling financial interest. Blackstone has a controlling financial interest in Blackstone Holdings because the limited partners do not have the right to dissolve the partnerships or have substantive kick-out non-controlling In addition, Blackstone consolidates all variable interest entities (“VIE”) for which it is the primary beneficiary. An enterprise is determined to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (a) whether an entity in which Blackstone holds a variable interest is a VIE and (b) whether Blackstone’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests, would give it a controlling financial interest. Performance of that analysis requires the exercise of judgment. Blackstone determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a variable interest entity and continuously reconsiders that conclusion. In determining whether Blackstone is the primary beneficiary, Blackstone evaluates its control rights as well as economic interests in the entity held either directly or indirectly by Blackstone. The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that Blackstone is not the primary beneficiary, a quantitative analysis may also be performed. Investments and redemptions (either by Blackstone, affiliates of Blackstone or third parties) or amendments to the governing documents of the respective Blackstone Funds could affect an entity’s status as a VIE or the determination of the primary beneficiary. At each reporting date, Blackstone assesses whether it is the primary beneficiary and will consolidate or deconsolidate accordingly. Assets of consolidated VIEs that can only be used to settle obligations of the consolidated VIE and liabilities of a consolidated VIE for which creditors (or beneficial interest holders) do not have recourse to the general credit of Blackstone are presented in a separate section in the Consolidated Statements of Financial Condition. Blackstone’s other disclosures regarding VIEs are discussed in Note 9. “Variable Interest Entities.” Revenue Recognition Revenues primarily consist of management and advisory fees, incentive fees, investment income, interest and dividend revenue and other. Management and advisory fees and incentive fees are accounted for as contracts with customers. Under the guidance for contracts with customers, an entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. See Note 20. “Segment Reporting” for a disaggregated presentation of revenues from contracts with customers. Management and Advisory Fees, Net Blackstone earns base management fees from limited partners of funds in each of its managed funds, at a fixed percentage of assets under management, net asset value, total assets, committed capital or invested capital. These customer contracts require Blackstone to provide investment management services, which represents a performance obligation that Blackstone satisfies over time. Management fees are a form of variable consideration because the fees Blackstone is entitled to vary based on fluctuations in the basis for the management fee. The amount recorded as revenue is generally determined at the end of the period because these management fees are payable on a regular basis (typically quarterly) and are not subject to clawback once paid. Transaction, advisory and other fees are principally fees charged to the limited partners of funds indirectly through the managed funds and portfolio companies. The investment advisory agreements generally require that the investment adviser reduce the amount of management fees payable by the limited partners to Blackstone (“management fee reductions”) by an amount equal to a portion of the transaction and other fees paid to Blackstone by the portfolio companies. The amount of the reduction varies by fund, the type of fee paid by the portfolio company and the previously incurred expenses of the fund. These fees and associated management fee reductions are a component of the transaction price for Blackstone’s performance obligation to provide investment management services to the limited partners of funds and are recognized as changes to the transaction price in the period in which they are charged and the services are performed. Management fee offsets are reductions to management fees payable by the limited partners of the Blackstone Funds, which are based on the amount such limited partners reimburse the Blackstone Funds or Blackstone primarily for placement fees. Providing investment management services requires Blackstone to arrange for services on behalf of its customers. In those situations where Blackstone is acting as an agent on behalf of the limited partners of funds, it presents the cost of services as net against management fee revenue. In all other situations, Blackstone is primarily responsible for fulfilling the services and is therefore acting as a principal for those arrangements. As a result, the cost of those services is presented as Compensation or General, Administrative and Other expense, as appropriate, with any reimbursement from the limited partners of the funds recorded as Management and Advisory Fees, Net. In cases where the limited partners of the funds are determined to be the customer in an arrangement, placement fees may be capitalized as a cost to acquire a customer contract. Capitalized placement fees are amortized over the life of the customer contract, are recorded within Other Assets in the Consolidated Statements of Financial Condition and amortization is recorded within General, Administrative and Other within the Consolidated Statements of Operations. Accrued but unpaid Management and Advisory Fees, net of management fee reductions and management fee offsets, as of the reporting date are included in Accounts Receivable or Due from Affiliates in the Consolidated Statements of Financial Condition. Incentive Fees — Investment Income (Loss) In carry fund structures Blackstone, through its subsidiaries, invests alongside its limited partners in a partnership and is entitled to its pro-rata “pro-rata pro-rata Performance Allocations are made to the general partner based on cumulative fund performance to date, subject to a preferred return to limited partners. At the end of each reporting period, Blackstone calculates the balance of accrued Performance Allocations (“Accrued Performance Allocations”) that would be due to Blackstone for each fund, pursuant to the fund agreements, as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. Accrued Performance Allocations as of the reporting date are reflected in Investments in the Consolidated Statements of Financial Condition. Performance Allocations are realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the preferred return or, in limited instances, after certain thresholds for return of capital are met. Performance Allocations are subject to clawback to the extent that the Performance Allocation received to date exceeds the amount due to Blackstone based on cumulative results. As such, the accrual for potential repayment of previously received Performance Allocations, which is a component of Due to Affiliates, represents all amounts previously distributed to Blackstone Holdings and non-controlling Principal Investments include the unrealized and realized gains and losses on Blackstone’s principal investments, including its investments in Blackstone Funds that are not consolidated and receive pro-rata Interest and Dividend Revenue Other Revenue Fair Value of Financial Instruments GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: • Level I — Quoted prices are available in active markets for identical financial instruments as of the reporting date. The types of financial instruments in Level I include listed equities, listed derivatives and mutual funds with quoted prices. Blackstone does not adjust the quoted price for these investments, even in situations where Blackstone holds a large position and a sale could reasonably impact the quoted price. • Level II — Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Financial instruments which are generally included in this category include corporate bonds and loans, including corporate bonds and loans held within CLO vehicles, government and agency securities, less liquid and restricted equity securities, and certain over-the-counter • Level III — Pricing inputs are unobservable for the financial instruments and includes situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category generally include general and limited partnership interests in private equity and real estate funds, credit-focused funds, distressed debt and non-investment over-the-counter In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Blackstone’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. Level II Valuation Techniques Financial instruments classified within Level II of the fair value hierarchy comprise debt instruments, including certain corporate loans and bonds held by Blackstone’s consolidated CLO vehicles and debt securities sold, not yet purchased. Certain equity securities and derivative instruments valued using observable inputs are also classified as Level II. The valuation techniques used to value financial instruments classified within Level II of the fair value hierarchy are as follows: • Debt Instruments and Equity Securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments and various relationships between investments. The valuation of certain equity securities is based on an observable price for an identical security adjusted for the effect of a restriction. • Freestanding Derivatives are valued using contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads. • Senior and subordinate notes issued by CLO vehicles are classified based on the more observable fair value of CLO assets less (a) the fair value of any beneficial interests held by Blackstone, and (b) the carrying value of any beneficial interests that represent compensation for services. Level III Valuation Techniques In the absence of observable market prices, Blackstone values its investments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist; management’s determination of fair value is then based on the best information available in the circumstances, and may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for non-performance Real Estate Investments Private Equity Investments Credit-Focused Investments The market approach is generally used to determine the enterprise value of the issuer of a credit investment, and considers valuation multiples of comparable companies or transactions. The resulting enterprise value will dictate whether or not such credit investment has adequate enterprise value coverage. In cases of distressed credit instruments, the market approach may be used to estimate a recovery value in the event of a restructuring. Investments, at Fair Value The Blackstone Funds are accounted for as investment companies under the American Institute of Certified Public Accountants Accounting and Auditing Guide, Investment Companies Blackstone’s principal investments are presented at fair value with unrealized appreciation or depreciation and realized gains and losses recognized in the Consolidated Statements of Operations within Investment Income (Loss). For certain instruments, Blackstone has elected the fair value option. Such election is irrevocable and is applied on an investment by investment basis at initial recognition. Blackstone has applied the fair value option for certain loans and receivables, 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 Consolidated Statements of Operations. Interest income on interest bearing loans and receivables and debt securities on which the fair value option has been elected is based on stated coupon rates adjusted for the accretion of purchase discounts and the amortization of purchase premiums. This interest income is recorded within Interest and Dividend Revenue. Blackstone has elected the fair value option for the assets of consolidated CLO vehicles. As permitted under GAAP, Blackstone measures the liabilities of consolidated CLO vehicles as (a) the sum of the fair value of the consolidated CLO assets and the carrying value of any non-financial Non-Controlling non-consolidated Blackstone has elected the fair value option for certain proprietary investments that would otherwise have been accounted for using the equity method of accounting. The fair value of such investments is based on quoted prices in an active market or using the discounted cash flow method. Changes in fair value are recognized in Investment Income (Loss) in the Consolidated Statements of Operations. Further disclosure on instruments for which the fair value option has been elected is presented in Note 7. “Fair Value Option.” The investments of consolidated Blackstone Funds in funds of hedge funds (“Investee Funds”) are valued at net asset value (“NAV”) per share of the Investee Fund. In limited circumstances, Blackstone may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, Blackstone will estimate the fair value in good faith and in a manner that it reasonably chooses, in accordance with the requirements of GAAP. Certain investments of Blackstone and of the consolidated Blackstone funds of hedge funds and credit-focused funds measure their investments in underlying funds at fair value using NAV per share without adjustment. The terms of the investee’s investment generally provide for minimum holding periods or lock-ups, Security and loan transactions are recorded on a trade date basis. Equity Method Investments Investments in which Blackstone is deemed to exert significant influence, but not control, are accounted for using the equity method of accounting except in cases where the fair value option has been elected. Blackstone has significant influence over all Blackstone Funds in which it invests but does not consolidate. Therefore, its investments in such Blackstone Funds, which include both a proportionate and disproportionate allocation of the profits and losses (as is the case with carry funds that include a Performance Allocation), are accounted for under the equity method. Under the equity method of accounting, Blackstone’s share of earnings (losses) from equity method investments is included in Investment Income (Loss) in the Consolidated Statements of Operations. In cases where Blackstone’s equity method investments provide for a disproportionate allocation of the profits and losses (as is the case with carry funds that include a Performance Allocation), Blackstone’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period Blackstone calculates the Accrued Performance Allocations that would be due to Blackstone for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner, or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. The carrying amounts of equity method investments are reflected in Investments in the Consolidated Statements of Financial Condition. Results 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. Cash and Cash Equivalents Cash and Cash Equivalents represents cash on hand, cash held in banks, money market funds and liquid investments with original maturities of three months or less. Interest income from cash and cash equivalents is recorded in Interest and Dividend Revenue in the Consolidated Statements of Operations. Cash Held by Blackstone Funds and Other Cash Held by Blackstone Funds and Other represents cash and cash equivalents held by consolidated Blackstone Funds and other consolidated entities. Such amounts are not available to fund the general liquidity needs of Blackstone. Accounts Receivable Accounts Receivable includes management fees receivable from limited partners, receivables from underlying funds in the fund of hedge funds business, placement and advisory fees receivables, receivables relating to unsettled sale transactions and loans extended to unaffiliated third parties. Accounts Receivable, excluding those for which the fair value option has been elected, are assessed periodically for collectability. Amounts determined to be uncollectible are charged directly to General, Administrative and Other Expenses in the Consolidated Statements of Operations. Intangibles and Goodwill Blackstone’s intangible assets consist of contractual rights to earn future fee income, including management and advisory fees, Incentive Fees and Performance Allocations. Identifiable finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from three Goodwill comprises goodwill arising from the contribution and reorganization of Blackstone’s predecessor entities in 2007 immediately prior to its initial public offering (“IPO”) and the acquisitions of GSO Capital Partners LP in 2008, Strategic Partners in 2013, Harvest Fund Advisors LLC (“Harvest”) in 2017, Clarus Ventures LLC (“Clarus”) in 2018 and DCI LLC (“DCI”) in 2020. Goodwill is reviewed for impairment at least annually utilizing a qualitative or quantitative approach, and more frequently if circumstances indicate impairment may have occurred. The impairment testing for goodwill under the qualitative approach is based first on a qualitative assessment to determine if it is more likely than not that the fair value of Blackstone’s operating segments is less than their respective carrying values. The operating segment is the reporting level for testing the impairment of goodwill. If it is determined that it is more likely than not that an operating segment’s fair value is less than its carrying value or when the quantitative approach is used, a two-step Furniture, Equipment and Leasehold Improvements Furniture, equipment and leasehold improvements consist primarily of leasehold improvements, furniture, fixtures and equipment, computer hardware and software and are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method over the assets’ estimated useful economic lives, which for leasehold improvements are the lesser of the lease terms or the life of the asset, generally ten three Foreign Currency In the normal course of business, Blackstone may enter into transactions not denominated in United States dollars. Foreign exchange gains and losses arising on such transactions are recorded as Other Revenue in the Consolidated Statements of Operations. Foreign currency transaction gains and losses arising within consolidated Blackstone Funds are recorded in Net Gains (Losses) from Fund Investment Activities. In addition, Blackstone consolidates a number of entities that have a non-U.S. Non-U.S. non-U.S. Non-Controlling Non-Controlling Comprehensive Income Comprehensive Income consists of Net Income and Other Comprehensive Income. Blackstone’s Other Comprehensive Income is comprised of foreign currency cumulative translation adjustments. Non-Controlling Non-Controlling non-controlling non-controlling Redeemable Non-Controlling Non-controlling Non-Controlling non-controlling Non-Controlling Non-Controlling Non-Controlling Certain costs and expenses are borne directly by the Holdings Partnerships. Income (Loss), excluding those costs directly borne by and attributable to the Holdings Partnerships, is attributable to Non-Controlling Compensation and Benefits Compensation and Benefits Compensation Compensation and Benefits — Incentive Fee Compensation — Compensation and Benefits — Performance Allocations Compensation — in-kind). Other Income Net Gains (Losses) from Fund Investment Activities in the Consolidated Statements of Operations include net realized gains (losses) from realizations and sales of investments, the net change in unrealized gains (losses) resulting from changes in the fair value of investments and interest income and expense and dividends attributable to the consolidated Blackstone Funds’ investments. Expenses incurred by consolidated Blackstone funds are separately presented within Fund Expenses in the Consolidated Statements of Operations. Other Income also includes amounts attributable to the Reduction of the Tax Receivable Agreement Liability. See Note 15. “Income Taxes — Other Income — Change in the Tax Receivable Agreement Liability” for additional information. Income Taxes The Blackstone Group Inc. is a corporation for U.S. federal income tax purposes and thus is subject to U.S. federal, state and local income taxes on Blackstone’s share of taxable income. The Blackstone Holdings Partnerships and certain of their subsidiaries operate in the U.S. as partnerships for U.S. federal income tax purposes and generally as corporate entities in non-U.S. non-U.S. Income taxes are accounted for using the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis, using tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current and deferred tax liabilities are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Consolidated Statements of Financial Condition. Blackstone uses the flow-through method to account for investment tax credits. Under this method, the investment tax credits are recognized as a reduction to income tax expense. Blackstone analyzes its tax filing positions in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions. Blackstone records unrecognized tax benefits on the basis of a two-step Blackstone recognizes interest on tax deficiencies as Interest Expense and income tax penalty payments and accrued interest and penalties from unrecognized tax benefits in General, Administrative, and Other expenses within the Consolidated Statement of Operations. Net Income (Loss) Per Share of Class A Common Stock Basic Income (Loss) Per Share of Class A Common Stock is calculated by dividing Net Income (Loss) Attributable to The Blackstone Group Inc. by the weighted-average number of Class A common stock, unvested participating shares of Class A common stock outstanding for the period and vested deferred restricted shares of Class A common stock that have been earned for which issuance of the related shares of Class A common stock is deferred until future periods. Diluted Income (Loss) Per Share of Class A Common Stock reflects the impact of all dilutive securities. 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 repurc

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets	3. Goodwill and Intangible Assets In December 2020, Blackstone acquired DCI, a San Francisco based systematic credit investment firm, which resulted in an increase of Goodwill of $31.6 million and an increase in Intangible Assets, primarily comprised of contractual rights to earn future fee income, of $21.5 million. Goodwill arising from the acquisition has been allocated to the Credit & Insurance segment. Amounts recorded in connection with the acquisition are provisional and are subject to adjustment upon the finalization of the acquisition accounting. In accordance with GAAP, Blackstone has one year from the date of the acquisition to finalize the recognition of Goodwill and Intangible Assets resulting from the DCI acquisition. The carrying value of Goodwill was $1.9 billion as of December 31, 2020 and 2019, respectively. At December 31, 2020 and 2019, Blackstone determined there was no evidence of Goodwill impairment. At December 31, 2020, Goodwill has been allocated to each of Blackstone’s four segments as follows: Real Estate ($421.7 million), Private Equity ($870.0 million), Hedge Fund Solutions ($172.1 million), and Credit & Insurance ($437.7 million). At December 31, 2019, Goodwill had been allocated to each of Blackstone’s four Intangible Assets, Net consists of the following: December 31, 2020 2019 Finite-Lived Intangible Assets/Contractual Rights $ 1,734,076 $ 1,712,576 Accumulated Amortization (1,386,121 ) (1,315,068 ) Intangible Assets, Net $ 347,955 $ 397,508 Changes in Blackstone’s Intangible Assets, Net consists of the following: Year Ended December 31, 2020 2019 2018 Balance, Beginning of Year $ 397,508 $ 468,507 $ 409,828 Amortization Expense (71,053 ) (70,999 ) (59,021 ) Acquisitions 21,500 — 117,700 Balance, End of Year $ 347,955 $ 397,508 $ 468,507 Amortization of Intangible Assets held at December 31, 2020 is expected to be $72.5 million, $64.8 million, $35.8 million, $28.3 million and $28.3 million for each of the years ending December 31, 2021, 2022, 2023, 2024 and 2025, respectively. Blackstone’s Intangible Assets as of December 31, 2020 are expected to amortize over a weighted-average period of 7.9 years.

Investments

Investments	12 Months Ended
	Dec. 31, 2020
Investments	4. Investments Investments consist of the following: December 31, 2020 2019 Investments of Consolidated Blackstone Funds $ 1,455,008 $ 8,380,698 Equity Method Investments Partnership Investments 4,353,234 4,035,675 Accrued Performance Allocations 6,891,262 7,180,449 Corporate Treasury Investments 2,579,716 2,419,587 Other Investments 337,922 265,273 $ 15,617,142 $ 22,281,682 During the year ended December 31, 2020, Blackstone deconsolidated nine CLO vehicles. See Note 9. “Variable Interest Entities” for additional details. Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $198.3 million and $347.4 million at December 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 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.” 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 Consolidated Statements of Operations: Year Ended December 31, 2020 2019 2018 Realized Gains (Losses) $ (126,397 ) $ 15,983 $ 74,784 Net Change in Unrealized Losses 60,363 109,445 (54,697 ) Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds (66,034 ) 125,428 20,087 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 96,576 157,401 171,635 Other Income — Net Gains from Fund Investment Activities $ 30,542 $ 282,829 $ 191,722 Equity Method Investments Blackstone’s equity method investments include Partnership Investments, which represent the pro-rata non-controlling On January 26, 2021, Pátria completed its IPO, pursuant to which Blackstone sold a portion of its interests and no longer has representatives or the right to designate representatives on Pátria’s board of directors. As a result of Pátria’s pre-IPO pre-IPO Blackstone evaluates each of its equity method investments, excluding Accrued Performance Allocations, to determine if any were significant as defined by guidance from the United States Securities and Exchange Commission (“SEC”). As of and for the years ended December 31, 2020, 2019 and 2018, no individual equity method investment held by Blackstone met the significance criteria. As such, Blackstone is not required to present separate financial statements for any of its equity method investments. Partnership Investments Blackstone recognized net gains related to its Partnership Investments accounted for under the equity method of $320.2 million, $455.8 million and $430.6 million for the years ended December 31, 2020, 2019 and 2018, respectively. The summarized financial information of Blackstone’s equity method investments for December 31, 2020 are as follows: December 31, 2020 and the Year Then Ended Real Estate Private Equity Hedge Fund Credit & Other (a) Total Statement of Financial Condition Assets Investments $ 140,317,595 $ 112,647,584 $ 32,829,525 $ 25,473,283 $ 11,915 $ 311,279,902 Other Assets 5,234,463 2,650,267 3,047,256 2,088,882 95,798 13,116,666 Total Assets $ 145,552,058 $ 115,297,851 $ 35,876,781 $ 27,562,165 $ 107,713 $ 324,396,568 Liabilities and Equity Debt $ 29,962,733 $ 15,928,802 $ 886,292 $ 7,553,301 $ — $ 54,331,128 Other Liabilities 5,777,808 1,657,846 3,320,551 1,216,354 48,275 12,020,834 Total Liabilities 35,740,541 17,586,648 4,206,843 8,769,655 48,275 66,351,962 Equity 109,811,517 97,711,203 31,669,938 18,792,510 59,438 258,044,606 Total Liabilities and Equity $ 145,552,058 $ 115,297,851 $ 35,876,781 $ 27,562,165 $ 107,713 $ 324,396,568 Statement of Operations Interest Income $ 608,120 $ 1,083,534 $ 22,157 $ 1,196,544 $ — $ 2,910,355 Other Income 1,074,818 71,219 283,250 323,577 115,504 1,868,368 Interest Expense (1,006,311 ) (345,060 ) (68,887 ) (211,507 ) — (1,631,765 ) Other Expenses (1,889,153 ) (1,405,029 ) (225,384 ) (525,456 ) (53,292 ) (4,098,314 ) Net Realized and Unrealized Gains (Losses) from Investments 5,150,127 7,638,733 2,449,079 (1,965,087 ) — 13,272,852 Net Income (Loss) $ 3,937,601 $ 7,043,397 $ 2,460,215 $ (1,181,929 ) $ 62,212 $ 12,321,496 (a) Other represents the summarized financial information of equity method investments whose results, for segment reporting purposes, have been allocated across more than one of Blackstone’s segments. The summarized financial information of Blackstone’s equity method investments for December 31, 2019 are as follows: December 31, 2019 and the Year Then Ended Real Estate Private Equity Hedge Fund Credit & Other (a) Total Statement of Financial Condition Assets Investments $ 119,951,496 $ 99,906,080 $ 26,516,304 $ 25,923,446 $ 849 $ 272,298,175 Other Assets 5,318,743 2,907,054 2,609,755 1,680,187 119,739 12,635,478 Total Assets $ 125,270,239 $ 102,813,134 $ 29,126,059 $ 27,603,633 $ 120,588 $ 284,933,653 Liabilities and Equity Debt $ 24,750,242 $ 12,399,899 $ 378,950 $ 6,687,654 $ — $ 44,216,745 Other Liabilities 6,575,483 1,124,857 2,402,920 1,535,636 24,717 11,663,613 Total Liabilities 31,325,725 13,524,756 2,781,870 8,223,290 24,717 55,880,358 Equity 93,944,514 89,288,378 26,344,189 19,380,343 95,871 229,053,295 Total Liabilities and Equity $ 125,270,239 $ 102,813,134 $ 29,126,059 $ 27,603,633 $ 120,588 $ 284,933,653 Statement of Operations Interest Income $ 535,274 $ 897,990 $ 16,708 $ 1,252,747 $ — $ 2,702,719 Other Income 1,422,711 46,126 206,630 313,009 109,692 2,098,168 Interest Expense (736,840 ) (416,603 ) (87,898 ) (250,261 ) — (1,491,602 ) Other Expenses (1,465,212 ) (1,011,584 ) (164,948 ) (470,033 ) (61,423 ) (3,173,200 ) Net Realized and Unrealized Gains (Losses) from Investments 9,671,224 9,233,285 1,700,722 (456,651 ) — 20,148,580 Net Income (Loss) $ 9,427,157 $ 8,749,214 $ 1,671,214 $ 388,811 $ 48,269 $ 20,284,665 (a) Other represents the summarized financial information of equity method investments whose results, for segment reporting purposes, have been allocated across more than one of Blackstone’s segments. The summarized financial information of Blackstone’s equity method investments for December 31, 2018 are as follows: December 31, 2018 and the Year Then Ended Real Estate Private Equity Hedge Fund Credit & Other (a) Total Statement of Financial Condition Assets Investments $ 89,742,226 $ 79,718,783 $ 26,336,573 $ 24,634,380 $ 353 $ 220,432,315 Other Assets 3,542,235 2,257,152 3,119,639 1,706,579 125,007 10,750,612 Total Assets $ 93,284,461 $ 81,975,935 $ 29,456,212 $ 26,340,959 $ 125,360 $ 231,182,927 Liabilities and Partners’ Capital Debt $ 15,081,536 $ 9,989,289 $ 350,982 $ 5,087,998 $ — $ 30,509,805 Other Liabilities 3,568,159 749,043 1,529,466 1,338,712 28,295 7,213,675 Total Liabilities 18,649,695 10,738,332 1,880,448 6,426,710 28,295 37,723,480 Partners’ Capital 74,634,766 71,237,603 27,575,764 19,914,249 97,065 193,459,447 Total Liabilities and Partners’ Capital $ 93,284,461 $ 81,975,935 $ 29,456,212 $ 26,340,959 $ 125,360 $ 231,182,927 Statement of Operations Interest Income $ 377,615 $ 1,022,387 $ 6,695 $ 1,130,490 $ — $ 2,537,187 Other Income 1,244,754 92,696 166,842 417,883 106,525 2,028,700 Interest Expense (518,137 ) (278,348 ) (17,780 ) (228,734 ) — (1,042,999 ) Other Expenses (921,990 ) (903,737 ) (150,135 ) (547,612 ) (65,249 ) (2,588,723 ) Net Realized and Unrealized Gains (Losses) from Investments 4,437,434 10,172,066 352,018 (733,747 ) — 14,227,771 Net Income (Loss) $ 4,619,676 $ 10,105,064 $ 357,640 $ 38,280 $ 41,276 $ 15,161,936 (a) Other represents the summarized financial information of equity method investments whose results, for segment reporting purposes, have been allocated across more than one of Blackstone’s segments. Accrued Performance Allocations Accrued Performance Allocations to Blackstone were as follows: Real Estate Private Equity Hedge Fund Credit & 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 343,604 1,294,878 121,923 (105,561 ) 1,654,844 Foreign Exchange Gain 59,009 — — — 59,009 Fund Distributions (1,009,006 ) (870,821 ) (103,581 ) (19,632 ) (2,003,040 ) Accrued Performance Allocations, December 31, 2020 $ 3,033,462 $ 3,487,206 $ 42,293 $ 328,301 $ 6,891,262 Corporate Treasury Investments The portion of corporate treasury investments included in Investments represents Blackstone’s investments into primarily fixed income securities, mutual fund interests, and other fund interests. These strategies are managed by a combination of Blackstone personnel and third party advisors. The following table presents the Realized and Net Change in Unrealized Gains (Losses) on these investments: Year Ended December 31, 2020 2019 2018 Realized Gains (Losses) $ 44,700 $ 28,585 $ (1,024 ) Net Change in Unrealized Gains (Losses) (91,299 ) 62,042 (38,113 ) $ (46,599 ) $ 90,627 $ (39,137 ) Other Investments Other Investments consist primarily of proprietary investment securities held by Blackstone, including subordinated notes in non-consolidated Year Ended December 31, 2020 2019 2018 Realized Gains $ 19,573 $ 46,248 $ 56,381 Net Change in Unrealized Gains (Losses) (2,647 ) 21,450 20,335 $ 16,926 $ 67,698 $ 76,716

Net Asset Value as Fair Value

Net Asset Value as Fair Value	12 Months Ended
	Dec. 31, 2020
Net Asset Value as Fair Value	5. Net Asset Value as Fair Value A summary of fair value by strategy type and ability to redeem such investments as of December 31, 2020 is presented below: Strategy (a) Fair Value Redemption (if currently eligible) Redemption Notice Period Diversified Instruments $ 3,842 (b) (b) Credit Driven 72,189 (c) (c) Equity 1,014 (d) (d) Commodities 920 (e) (e) $ 77,965 (a) As of December 31, 2020, Blackstone had no unfunded commitments. (b) Diversified Instruments include investments in funds that invest across multiple strategies. Investments representing 100% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. (c) The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. Investments representing 20% of the fair value of the investments in this category are in liquidation. The remaining 80% of investments in this category are redeemable as of the reporting date. (d) 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 74% of Blackstone’s investments in the category. (e) The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. Investments representing 100% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date.

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 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. December 31, 2020 December 31, 2019 Assets Liabilities Assets Liabilities Notional Fair Value Notional Fair Value Notional Fair Notional Fair Freestanding Derivatives Blackstone Interest Rate Contracts $ 684,320 $ 113,072 $ 862,887 $ 190,342 $ 1,256,287 $ 53,129 $ 165,852 $ 4,895 Foreign Currency Contracts 316,787 7,392 334,015 3,941 344,422 1,231 97,626 802 Credit Default Swaps 2,706 331 9,158 1,350 7,617 36 16,697 197 Other 5,000 5,227 — — — — — — 1,008,813 126,022 1,206,060 195,633 1,608,326 54,396 280,175 5,894 Investments of Consolidated Blackstone Funds Foreign Currency Contracts — — 66,431 2,651 106,906 307 40,110 1,167 Interest Rate Contracts — — 14,000 1,485 — — 33,000 1,728 Credit Default Swaps 8,282 542 41,290 1,558 5,108 58 47,405 960 Total Return Swaps — — 19,275 2,125 4,558 21 27,334 464 Other — — — — 1 4 1 2 8,282 542 140,996 7,819 116,573 390 147,850 4,321 $ 1,017,095 $ 126,564 $ 1,347,056 $ 203,452 $ 1,724,899 $ 54,786 $ 428,025 $ 10,215 The table below summarizes the impact to the Consolidated Statements of Operations from derivative financial instruments: Year Ended December 31, 2020 2019 2018 Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ (7,643 ) $ (3,570 ) $ 2,968 Foreign Currency Contracts 1,105 6,099 10,761 Credit Default Swaps (109 ) 3,209 (539 ) Total Return Swaps (1,875 ) (908 ) 145 Other 14 (286 ) (120 ) (8,508 ) 4,544 13,215 Net Change in Unrealized Gains (Losses) Interest Rate Contracts (117,145 ) 50,431 36,472 Foreign Currency Contracts 1,231 (441 ) (6,682 ) Credit Default Swaps (1,777 ) 3,400 (521 ) Total Return Swaps (1,683 ) 1,296 (2,107 ) Other 57 (36 ) — (119,317 ) 54,650 27,162 $ (127,825 ) $ 59,194 $ 40,377 As of December 31, 2020, 2019 and 2018, Blackstone had not designated any derivatives as cash flow hedges.

Fair Value Option

Fair Value Option	12 Months Ended
	Dec. 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: December 31, 2020 2019 Assets Loans and Receivables $ 581,079 $ 500,751 Equity and Preferred Securities 532,790 432,472 Debt Securities 448,352 506,924 Assets of Consolidated CLO Vehicles Corporate Loans — 6,801,691 Other — 770 $ 1,562,221 $ 8,242,608 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes Loans Payable $ — $ 6,455,016 Due to Affiliates — 57,717 Subordinated Notes Loans Payable — 24,738 Due to Affiliates — 20,535 Corporate Treasury Commitments 244 — $ 244 $ 6,558,006 During the year ended December 31, 2020, Blackstone deconsolidated nine CLO vehicles. See Note 9. “Variable Interest Entities” for additional details. The following table presents the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected: Year Ended December 31, 2020 2019 2018 Net Change Net Change Net Change Realized in Unrealized Realized in Unrealized Realized in Unrealized Gains Gains Gains Gains Gains Gains (Losses) (Losses) (Losses) (Losses) (Losses) (Losses) Assets Loans and Receivables $ (10,314 ) $ (2,011 ) $ (4,595 ) $ (6,533 ) $ 291 $ (447 ) Equity and Preferred Securities (342 ) (67,869 ) 16,493 (2,331 ) 3,451 (3,589 ) Debt Securities (22,783 ) 29,143 (7,139 ) 12,748 (1,105 ) (29,069 ) Assets of Consolidated CLO Vehicles Corporate Loans (96,194 ) (226,542 ) (29,191 ) 96,221 (8,749 ) (285,698 ) Corporate Bonds — — — — (24,056 ) 9,693 Other — (325 ) — 133 — 6 $ (129,633 ) $ (267,604 ) $ (24,432 ) $ 100,238 $ (30,168 ) $ (309,104 ) Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ — $ 199,445 $ — $ (40,050 ) $ — $ 51,048 Subordinated Notes — 30,046 — 15,017 — 254,966 Corporate Treasury Commitments — (244 ) — — — — $ — $ 229,247 $ — $ (25,033 ) $ — $ 306,014 The following table presents information for those financial instruments for which the fair value option was elected: December 31, 2020 December 31, 2019 For Financial Assets For Financial Assets Past Due (a) Past Due (a) Excess Excess Excess Excess (Deficiency) (Deficiency) (Deficiency) (Deficiency) 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 $ (7,807 ) $ — $ — $ (3,875 ) $ — $ — Debt Securities (29,359 ) — — (14,667 ) — — Assets of Consolidated CLO Vehicles Corporate Loans — — — (234,430 ) — — Other — — — 133 — — $ (37,166 ) $ — $ — $ (252,839 ) $ — $ — (a) Corporate Loans within CLO assets are classified as past due if contractual payments are more than one day past due. non-accrual non-accrual

Fair Value Measurements of Fina

Fair Value Measurements of Financial Instruments	12 Months Ended
	Dec. 31, 2020
Fair Value Measurements of Financial Instruments	8. Fair Value Measurements of Financial Instruments The following tables summarize the valuation of Blackstone’s financial assets and liabilities by the fair value hierarchy: December 31, 2020 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents $ 597,130 $ 15,606 $ — $ — $ 612,736 Investments Investments of Consolidated Blackstone Funds Investment Funds — — — 15,711 15,711 Equity Securities, Partnerships and LLC Interests 39,694 48,471 792,958 — 881,123 Debt Instruments — 492,280 65,352 — 557,632 Freestanding Derivatives — 542 — — 542 Total Investments of Consolidated Blackstone Funds 39,694 541,293 858,310 15,711 1,455,008 Corporate Treasury Investments 996,516 1,517,809 7,899 57,492 2,579,716 Other Investments 187,089 — 61,053 4,762 252,904 Total Investments 1,223,299 2,059,102 927,262 77,965 4,287,628 Accounts Receivable — Loans and Receivables — — 581,079 — 581,079 Other Assets — Freestanding Derivatives 162 125,860 — — 126,022 $ 1,820,591 $ 2,200,568 $ 1,508,341 $ 77,965 $ 5,607,465 Liabilities Securities Sold, Not Yet Purchased $ 9,324 $ 41,709 $ — $ — $ 51,033 Accounts Payable, Accrued Expenses and Other Liabilities Consolidated Blackstone Funds — Freestanding Derivatives — 7,819 — — 7,819 Freestanding Derivatives 373 195,260 — — 195,633 Corporate Treasury Commitments (a) — — 244 — 244 Total Accounts Payable, Accrued Expenses and Other Liabilities 373 203,079 244 — 203,696 $ 9,697 $ 244,788 $ 244 $ — $ 254,729 December 31, 2019 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents $ 456,784 $ — $ — $ — $ 456,784 Investments Investments of Consolidated Blackstone Funds Investment Funds — — — 23,647 23,647 Equity Securities, Partnerships and LLC Interests 31,812 53,611 674,150 — 759,573 Debt Instruments — 715,246 79,381 — 794,627 Freestanding Derivatives — 390 — — 390 Assets of Consolidated CLO Vehicles (b) — 6,505,720 296,741 — 6,802,461 Total Investments of Consolidated Blackstone Funds 31,812 7,274,967 1,050,272 23,647 8,380,698 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 502 53,894 — — 54,396 $ 1,416,214 $ 8,714,443 $ 1,580,312 $ 308,851 $ 12,019,820 Liabilities Loans Payable — Liabilities of Consolidated CLO Vehicles (b) $ — $ 6,479,754 $ — $ — $ 6,479,754 Due to Affiliates — Liabilities of Consolidated CLO Vehicles (b) — 78,252 — — 78,252 Securities Sold, Not Yet Purchased 19,977 55,569 — — 75,546 Accounts Payable, Accrued Expenses and Other Liabilities Consolidated Blackstone Funds — Freestanding Derivatives — 4,321 — — 4,321 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 LLC Limited Liability Company. (a) Corporate Treasury Commitments are measured using third party pricing. (b) During the year ended December 31, 2020, Blackstone deconsolidated nine CLO vehicles. See Note 9. “Variable Interest Entities” for additional details. 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, 2020: Impact to Valuation from an Valuation Unobservable Weighted- Increase Fair Value Techniques Inputs Ranges Average (a) in Input Financial Assets Investments of Consolidated Blackstone Funds Equity Securities, Partnership and LLC Interests $ 792,958 Discounted Cash Flows Discount Rate 3.8% - 42.1% 10.8% Lower Exit Multiple - EBITDA 1.7x 13.2x Higher Exit Capitalization Rate 2.7% - 14.9% 5.4% Lower Transaction Price N/A Other N/A Debt Instruments 65,352 Discounted Cash Flows Discount Rate 6.3 19.3 8.6% Lower Third Party Pricing N/A Total Investments of Consolidated Blackstone Funds 858,310 Corporate Treasury Investments 7,899 Discounted Cash Flows Discount Rate 3.3% - 7.4% 6.4% Lower Third Party Pricing N/A Loans and Receivables 581,079 Discounted Cash Flows Discount Rate 6.7% - 10.3% 7.8% Lower Other Investments 61,053 Third Party Pricing N/A Transaction Price N/A Other N/A $ 1,508,341 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: Impact to Valuation from an Valuation Unobservable Weighted- Increase Fair Value Techniques Inputs Ranges Average (a) in Input Financial Assets Investments of Consolidated Blackstone Funds Equity Securities, Partnership and LLC Interests $ 674,150 Discounted Cash Flows Discount Rate 0.9% - 40.2% 10.6% Lower Exit Multiple - EBITDA 0.1x - 17.0x 9.7x Higher Exit Capitalization Rate 2.0% - 27.0% 5.9% Lower Third Party Pricing N/A Transaction Price N/A Other N/A Debt Instruments 79,381 Discounted Cash Flows Discount Rate 7.1% - 58.2% 12.1% Lower Third Party Pricing N/A Transaction Price N/A Other N/A Assets of Consolidated CLO Vehicles 296,741 Third Party Pricing N/A Total Investments of Consolidated Blackstone Funds 1,050,272 Corporate Treasury Investments 29,289 Discounted Cash Flows Discount Rate 3.2% - 7.1% 5.7% Lower Market Comparable EBITDA Multiple 6.2x - 8.8x 8.1x Higher Third Party Pricing N/A Loans and Receivables 500,751 Discounted Cash Flows Discount Rate 5.2% - 9.8% 7.7% Lower Transaction Price N/A $ 1,580,312 N/A Not applicable. EBITDA Earnings before interest, taxes, depreciation and amortization. Exit Multiple Ranges include the last twelve months EBITDA and forward EBITDA multiples. Third Party Pricing Third Party Pricing is generally determined on the basis of unadjusted prices between market participants provided by reputable dealers or pricing services. Transaction Price Includes recent acquisitions or transactions. (a) Unobservable inputs were weighted based on the fair value of the investments included in the range. 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. These tables also exclude financial assets and liabilities measured at fair value on a non-recurring Level III Financial Assets at Fair Value Year Ended December 31, 2020 2019 Investments of Loans Investments of Loans Consolidated and Other Consolidated and Other Funds Receivables Investments (a) Total Funds Receivables Investments (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 (Out) Due to Deconsolidation (296,741 ) — 39,875 (256,866 ) — — — — Transfer In to Level III (b) 22,794 — 24,903 47,697 154,046 — 29,941 183,987 Transfer Out of Level III (b) (42,283 ) — (30,089 ) (72,372 ) (507,546 ) — (40,426 ) (547,972 ) Purchases 203,268 709,799 9,632 922,699 510,516 1,037,019 18,816 1,566,351 Sales (116,250 ) (647,336 ) (33,278 ) (796,864 ) (536,156 ) (834,145 ) (34,905 ) (1,405,206 ) Issuances — 64,863 — 64,863 — — — — Settlements — (40,691 ) — (40,691 ) — (21,262 ) — (21,262 ) Changes in Gains (Losses) Included in Earnings 37,250 (6,307 ) 5,826 36,769 65,396 14,966 (322 ) 80,040 Balance, End of Period $ 858,310 $ 581,079 $ 46,158 $ 1,485,547 $ 1,050,272 $ 500,751 $ 29,289 $ 1,580,312 Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ 38,678 $ (7,135 ) $ 6,783 $ 38,326 $ 33,721 $ (6,533 ) $ 588 $ 27,776 (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

Variable Interest Entities	12 Months Ended
	Dec. 31, 2020
Variable Interest Entities	9. Variable Interest Entities Pursuant to GAAP consolidation guidance, Blackstone consolidates certain VIEs for which it 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 are similar, 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. During the year ended December 31, 2020, Blackstone determined that it was no longer the primary beneficiary and deconsolidated nine CLO vehicles as a result of an ownership reorganization and the ongoing decline in Blackstone’s economic exposure to these vehicles. Following the ownership reorganization, there are no remaining consolidated CLO vehicles. As of the date of deconsolidation, Blackstone’s Total Assets, Total Liabilities and Non-Controlling 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 December 31, December 31, Investments $ 1,307,292 $ 1,216,932 Due from Affiliates 262,815 143,949 Potential Clawback Obligation 38,679 109,240 Maximum Exposure to Loss $ 1,608,786 $ 1,470,121 Amounts Due to Non-Consolidated $ 241 $ 231

Repurchase Agreements

Repurchase Agreements	12 Months Ended
	Dec. 31, 2020
Repurchase Agreements	10. Repurchase Agreements At December 31, 2020 and 2019, Blackstone pledge d The following tables provide information regarding Blackstone’s Repurchase Agreements obligation by type of collateral pledged: December 31, 2020 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 Days 30 - 90 Greater than Total Repurchase Agreements Asset-Backed Securities $ — $ 15,345 $ 32,759 $ 28,704 $ 76,808 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 12. “Offsetting of Assets and Liabilities” $ 76,808 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 12. “Offsetting of Assets and Liabilities” $ — December 31, 2019 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 Days 30 - 90 Greater than Total Repurchase Agreements Asset-Backed Securities $ — $ 42,459 $ 88,868 $ 22,791 $ 154,118 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 12. “Offsetting of Assets and Liabilities” $ 154,118 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 12. “Offsetting of Assets and Liabilities” $ —

Other Assets and Accounts Payab

Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities	12 Months Ended
	Dec. 31, 2020
Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities	11. Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities Other Assets consists of the following: December 31, 2020 2019 Furniture, Equipment and Leasehold Improvements $ 526,075 $ 417,373 Less: Accumulated Depreciation (294,268 ) (262,891 ) Furniture, Equipment and Leasehold Improvements, Net 231,807 154,482 Prepaid Expenses 105,248 159,333 Freestanding Derivatives 126,022 54,396 Other 17,945 14,282 $ 481,022 $ 382,493 Depreciation expense of $35.1 million, $26.3 million and $23.9 million related to furniture, equipment and leasehold improvements for the years ended December 31, 2020, 2019 and 2018, respectively, is included in General, Administrative and Other in the Consolidated Statements of Operations. Accounts Payable, Accrued Expenses and Other Liabilities includes $0.6 million and $2.2 million as of December 31, 2020 and 2019, respectively, relating to redemptions that were legally payable to investors of the consolidated Blackstone Funds and $33.2 million and $298.3 million, respectively, of payables relating to unsettled purchases.

Offsetting of Assets And Liabil

Offsetting of Assets And Liabilities	12 Months Ended
	Dec. 31, 2020
Offsetting of Assets and Liabilities	12. Offsetting of Assets and Liabilities The following tables present the offsetting of assets and liabilities as of December 31, 2020 and 2019: December 31, 2020 Gross and Net Amounts of Assets Presented in the Statement of Gross Amounts Not Offset in Financial Condition Financial Instruments (a) Cash Collateral Received Net Assets Freestanding Derivatives $ 126,564 $ 114,673 $ 53 $ 11,838 December 31, 2020 Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition Gross Amounts Not Offset in Financial Condition Financial Instruments (a) Cash Collateral Pledged Net Liabilities Freestanding Derivatives $ 202,188 $ 174,623 $ 19,194 $ 8,371 Repurchase Agreements 76,808 76,808 — — $ 278,996 $ 251,431 $ 19,194 $ 8,371 December 31, 2019 Gross and Net Amounts of Assets Presented in the Statement of Gross Amounts Not Offset in Financial Condition Financial Instruments (a) Cash Collateral Received Net Assets Freestanding Derivatives $ 54,479 $ 380 $ — $ 54,099 December 31, 2019 Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition Gross Amounts Not Offset in Financial Condition Financial Instruments (a) Cash Collateral Pledged Net Liabilities Freestanding Derivatives $ 10,215 $ 380 $ 9,198 $ 637 Repurchase Agreements 154,118 154,118 — — $ 164,333 $ 154,498 $ 9,198 $ 637 (a) Amounts presented are inclusive of both legally enforceable master netting agreements, and financial instruments received or pledged as collateral. Financial instruments received or pledged as collateral offset derivative counterparty risk exposure, but do not reduce net balance sheet exposure. Repurchase Agreements are presented separately on the Statements of Financial Condition. Freestanding Derivative assets are included in Other Assets in the Statements of Financial Condition. See Note 11. “Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities” for the components of Other Assets. Freestanding Derivative liabilities are included in Accounts Payable, Accrued Expenses and Other Liabilities in the Consolidated Statements of Financial Condition and are not a significant component thereof. Notional Pooling Arrangement Blackstone has a notional cash pooling arrangement with a financial institution for cash management purposes. This arrangement allows for cash withdrawals based upon aggregate cash balances on deposit at the same financial institution. Cash withdrawals cannot exceed aggregate cash balances on deposit. The net balance of cash on deposit and overdrafts is used as a basis for calculating net interest expense or income. As of December 31, 2020, the aggregate cash balance on deposit relating to the cash pooling arrangement was $918.2 million, which was offset with an accompanying overdraft of $915.8 million.

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2020
Borrowings	13. Borrowings On September 29, 2020, Blackstone, through its indirect subsidiary Blackstone Holdings Finance Co. L.L.C. (the “Issuer”), issued $500 million aggregate principal amount of senior notes due March 30, 2031 The 2031 Notes and 2050 Notes are unsecured and unsubordinated obligations of the Issuer that are fully and unconditionally guaranteed by The Blackstone Group Inc. and its indirect subsidiaries, Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. (the “Guarantors”), consistent with all of Blackstone’s senior notes. The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to the issuance of the 2031 Notes and 2050 Notes have been capitalized and are being amortized over the life of the 2031 Notes and 2050 Notes. On November 24, 2020, Blackstone, through the Issuer, entered into an amended and restated $2.25 billion revolving credit facility (the “Credit Facility”) with Citibank, N.A., as administrative agent, and the lenders party thereto. The amendment and restatement, among other things, increased the amount of available borrowings and extended the maturity date from September 21, 2023 to November 24, 2025. Included within Loans Payable and Due to Affiliates within the Consolidated Statements of Financial Condition are amounts due to holders of debt securities issued by Blackstone’s consolidated CLO vehicles. During the year ended December 31, 2020, Blackstone deconsolidated nine CLO vehicles. See Note 9. “Variable Interest Entities” for additional details. Blackstone borrows and enters into credit agreements for its general operating and investment purposes and certain Blackstone Funds borrow to meet financing needs of their operating and investing activities. Borrowing facilities have been established for the benefit of selected Blackstone Funds. When a Blackstone Fund borrows from the facility in which it participates, the proceeds from the borrowing are strictly limited for its intended use by the borrowing fund and not available for other Blackstone purposes. Blackstone’s credit facilities consist of the following: December 31, 2020 2019 Credit Borrowing Effective Credit Available Borrowing Effective Revolving Credit Facility (a) $ 2,250,000 $ — — $ 1,600,000 $ — — Blackstone Issued Senior Notes (b) 4.750%, Due 2/15/2023 400,000 400,000 5.08 % 400,000 400,000 5.08 % 2.000%, Due 5/19/2025 366,480 366,480 2.22 % 336,390 336,390 2.12 % 1.000%, Due 10/5/2026 732,960 732,960 1.18 % 672,780 672,780 1.13 % 3.150%, Due 10/2/2027 300,000 300,000 3.30 % 300,000 300,000 3.30 % 1.500%, Due 4/10/2029 732,960 732,960 1.63 % 672,780 672,780 1.70 % 2.500%, Due 1/10/2030 500,000 500,000 2.74 % 500,000 500,000 2.71 % 1.600%, Due 3/30/2031 500,000 500,000 1.70 % — — — 6.250%, Due 8/15/2042 250,000 250,000 6.65 % 250,000 250,000 6.65 % 5.000%, Due 6/15/2044 500,000 500,000 5.16 % 500,000 500,000 5.16 % 4.450%, Due 7/15/2045 350,000 350,000 4.56 % 350,000 350,000 4.56 % 4.000%, Due 10/2/2047 300,000 300,000 4.20 % 300,000 300,000 4.20 % 3.500%, Due 9/10/2049 400,000 400,000 3.61 % 400,000 400,000 3.61 % 2.800%, Due 9/30/2050 400,000 400,000 2.88 % — — — 7,982,400 5,732,400 6,281,950 4,681,950 Blackstone Fund Facilities (c) 99 99 1.63 % 113 113 3.68 % CLO Vehicles (d) — — — 6,859,535 6,859,535 3.55 % $ 7,982,499 $ 5,732,499 $ 13,141,598 $ 11,541,598 (a) The Issuer has a credit facility with Citibank, N.A., as Administrative Agent in the amount of $2.25 billion with a maturity date of November 24, 2025. Interest on the borrowings is based on an adjusted LIBOR rate or alternate base rate, in each case plus a margin, and undrawn commitments bear a commitment fee of 0.06%. The margin above adjusted LIBOR used to calculate the interest on borrowings was 0.75% as of December 31, 2020 and 2019. The margin is subject to change based on Blackstone’s credit rating. Borrowings may also be made in U.K. sterling, euros, Swiss francs, Japanese yen or Canadian dollars, in each case subject to certain sub-limits. fee-earning (b) The Issuer has issued long-term borrowings in the form of senior notes (the “Notes”). The Notes are unsecured and unsubordinated obligations of the Issuer. The Notes are fully and unconditionally guaranteed, jointly and severally, by Blackstone, Blackstone Holdings (the “Guarantors”), and the Issuer. The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to the issuance of the Notes have been deducted from the Note liability and are being amortized over the life of the Notes. The indentures include covenants, including limitations on the Issuer’s and the Guarantors’ ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The indentures also provide for events of default and further provide that the trustee or the holders of not less than 25% in aggregate principal amount of the outstanding Notes may declare the Notes immediately due and payable upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the Notes and any accrued and unpaid interest on the Notes automatically become due and payable. All or a portion of the Notes may be redeemed at the Issuer’s option in whole or in part, at any time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the Notes. If a change of control repurchase event occurs, the holders of the Notes may require the Issuer to repurchase the Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of the Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of repurchase. (c) Represents borrowing facilities for the various consolidated Blackstone Funds used to meet liquidity and investing needs. Certain borrowings under these facilities were used for bridge financing and general liquidity purposes. Other borrowings were used to finance the purchase of investments with the borrowing remaining in place until the disposition or refinancing event. Such borrowings have varying maturities and are rolled over until the disposition or a refinancing event. Because the timing of such events is unknown and may occur in the near term, these borrowings are considered short-term in nature. Borrowings bear interest at spreads to market rates. Borrowings were secured according to the terms of each facility and are generally secured by the investment purchased with the proceeds of the borrowing and/or the uncalled capital commitment of each respective fund. Certain facilities have commitment fees. When a fund borrows, the proceeds are available only for use by that fund and are not available for the benefit of other funds. Collateral within each fund is also available only against the borrowings by that fund and not against the borrowings of other funds. (d) Represents borrowings due to the holders of debt securities issued by CLO vehicles consolidated by Blackstone. These amounts are included within Loans Payable and Due to Affiliates within the Consolidated Statements of Financial Condition. The following table presents the general characteristics of each of Blackstone’s notes, as well as their carrying value and fair value. The notes are included in Loans Payable within the Consolidated Statements of Financial Condition. All of the notes were issued at a discount. All of the notes accrue interest from the issue date thereof and all pay interest in arrears on a semi-annual December 31, 2020 2019 Senior Notes Carrying Fair Value (a) Carrying Fair Value (a) 4.750%, Due 2/15/2023 $ 397,385 $ 434,400 $ 396,247 $ 429,280 2.000%, Due 5/19/2025 362,947 398,620 332,393 365,521 1.000%, Due 10/5/2026 724,646 770,707 664,229 691,012 3.150%, Due 10/2/2027 297,387 332,370 297,046 309,540 1.500%, Due 4/10/2029 728,054 805,744 667,425 708,841 2.500%, Due 1/10/2030 490,745 538,200 489,841 493,500 1.600%, Due 3/30/2031 495,100 497,950 — — 6.250%, Due 8/15/2042 238,668 372,250 238,437 338,200 5.000%, Due 6/15/2044 489,201 684,800 488,968 606,700 4.450%, Due 7/15/2045 344,282 449,645 344,157 396,235 4.000%, Due 10/2/2047 290,533 364,590 290,344 321,780 3.500%, Due 9/10/2049 391,925 460,120 391,769 399,961 2.800%, Due 9/30/2050 393,681 406,280 — — $ 5,644,554 $ 6,515,676 $ 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. Borrowings through the consolidated CLO vehicles consisted of the following: December 31, 2020 2019 Borrowing Effective Weighted- Borrowing Effective Weighted- Senior Secured Notes $ — — — $ 6,527,800 3.55 % 3.5 Subordinated Notes — — — 331,735 (b ) N/A $ — $ 6,859,535 (a) Weighted-Average Remaining Maturity in Years for Senior Secured Notes includes consideration of pre-payment (b) The Subordinated Notes do not have contractual interest rates but instead receive distributions from the excess cash flows of the CLO vehicles. Senior Secured Notes and Subordinated Notes comprise the following amounts: December 31, 2020 2019 Amounts Due to Non- Amounts Due to Non- Fair Value Borrowing Fair Fair Value Borrowing Fair Senior Secured Notes $ — $ — $ — $ 6,512,733 $ 57,750 $ 57,717 Subordinated Notes — — — 45,273 44,734 20,535 $ — $ — $ — $ 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 December 31, 2019, the fair value of the consolidated CLO assets was $7.2 billion. As part of Blackstone’s borrowing arrangements, Blackstone is subject to certain financial and operating covenants. Blackstone was in compliance with all of its loan covenants as of December 31, 2020. Scheduled principal payments for borrowings at December 31, 2020 were as follows: Operating Blackstone Fund Total Borrowings 2021 $ — $ 99 $ 99 2022 — — — 2023 400,000 — 400,000 2024 — — — 2025 366,480 — 366,480 Thereafter 4,965,920 — 4,965,920 $ 5,732,400 $ 99 $ 5,732,499

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases	14. Leases Blackston e non-cancelable The components of lease expense were as follows: Year Ended December 31, 2020 2019 Operating Lease Cost (a) Straight-Line Lease Cost (b) $ 107,970 $ 90,640 Variable Lease Cost 15,426 14,574 Sublease Income (2,191 ) (796 ) $ 121,205 $ 104,418 (a) Rent expense for the year ended December 31, 2018, was $109.9 million. (b) Straight-line lease cost includes short-term leases, which are immaterial. Supplemental cash flow information related to leases were as follows: Year Ended December 31, 2020 2019 Operating Cash Flows for Operating Leases $ 102,364 $ 94,854 Non-Cash Right-of-Use 153,433 10,053 The following table shows the undiscounted cash flows on an annual basis for Operating Lease Liabilities as of December 31, 2020: 2021 $ 91,947 2022 104,746 2023 101,963 2024 87,961 2025 91,797 Thereafter 182,422 Total Lease Payments (a) 660,836 Less: Imputed Interest (39,992 ) Present Value of Operating Lease Liabilities $ 620,844 (a) Excludes $15.9 million of lease payments for signed leases that have not yet commenced.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Taxes	15. Income Taxes The Income Before Provision (Benefit) for Taxes consists of the following: Year Ended December 31, 2020 2019 2018 Income Before Provision (Benefit) for Taxes U.S. Domestic Income $ 2,311,734 $ 3,547,292 $ 3,308,202 Foreign Income 305,786 270,723 204,739 $ 2,617,520 $ 3,818,015 $ 3,512,941 The Provision (Benefit) for Taxes consists of the following: Year Ended December 31, 2020 2019 2018 Current Federal Income Tax $ 163,227 $ 74,611 $ 73,525 Foreign Income Tax 38,914 38,098 42,128 State and Local Income Tax 66,355 19,267 53,961 268,496 131,976 169,614 Deferred Federal Income Tax 86,958 (222,790 ) 59,924 Foreign Income Tax 870 312 (2,518 ) State and Local Income Tax (310 ) 42,550 22,370 87,518 (179,928 ) 79,776 Provision (Benefit) for Taxes $ 356,014 $ (47,952 ) $ 249,390 The following table summarizes Blackstone’s tax position: Year Ended December 31, 2020 2019 2018 Income Before Provision (Benefit) for Taxes $ 2,617,520 $ 3,818,015 $ 3,512,941 Provision (Benefit) for Taxes $ 356,014 $ (47,952 ) $ 249,390 Effective Income Tax Rate 13.6 % -1.3 % 7.1 % The following table reconciles the effective income tax rate to the U.S. federal statutory tax rate: 2020 2019 Year Ended December 31, vs. vs. 2020 2019 2018 2019 2018 Statutory U.S. Federal Income Tax Rate 21.0 % 21.0 % 21.0 % — — Income Passed Through to Common Shareholders and Non-Controlling -8.6 % -13.5 % -15.5 % 4.9 % 2.0 % State and Local Income Taxes 2.4 % 1.6 % 1.8 % 0.8 % -0.2 % Foreign Income Taxes -1.2 % -0.6 % -0.3 % -0.6 % -0.3 % Change to a Taxable Corporation 1.4 % -10.3 % — 11.7 % -10.3 % Change in Valuation Allowance (b) -2.8 % -0.8 % — -2.0 % -0.8 % Other 1.4 % 1.3 % 0.1 % 0.1 % 1.2 % Effective Income Tax Rate 13.6 % -1.3 % 7.1 % 14.9 % -8.4 % (a) Includes income that was not taxable to Blackstone and its subsidiaries. Such income was directly taxable to shareholders of Blackstone’s Class A common stock for the period prior to the Conversion and remains taxable to Blackstone’s non-controlling (b) The Change in Valuation Allowance for the year ended December 31, 2019 represents the change from July 1, 2019 to December 31, 2019, following the change to a taxable corporation. Prior to the Conversion, Blackstone and certain of its subsidiaries operated in the U.S. as partnerships for income tax purposes (partnerships generally are not subject to federal income taxes) and generally as corporate entities in non-U.S. The termination of the status of Blackstone as a Partnership in the Conversion has been treated as a change in tax status under GAAP guidance on accounting for income taxes. These rules require that the deferred tax effects of a change in tax status be recorded to income from continuing operations on the date the Partnership status terminates. Blackstone has calculated the estimated effect of the change in tax status to be a tax benefit of approximately $394.8 million, net of a valuation allowance of approximately $648.2 million for the year ended December 31, 2019. The Conversion resulted in a step-up step-up U.S. federal income tax reform legislation, known as the Tax Cuts and Jobs Act, was signed into law on December 22, 2017 (the “Tax Reform Bill”). In December 2017 the SEC staff issued guidance on accounting for the tax effects of the Tax Reform Bill, which provided that the income tax effects of those aspects of the Tax Reform Bill for which Blackstone’s accounting for income taxes was complete must be reflected in that current period. The Tax Reform Bill reduced the corporate federal income tax rate from 35% to 21% effective January 1, 2018. Consequently, Blackstone recorded a decrease related to the net deferred tax assets of $500.6 million with a corresponding net adjustment to deferred income tax expense of $500.6 million for the year ended December 31, 2017. The remeasurement was partially offset by a $160.3 million tax benefit resulting from the $403.9 million reduction to the liability under the Tax Receivable Agreement resulting from the reduction of the federal income tax rate. The net impact to the 2017 effective tax rate was an 8.3% increase. During the quarter ended December 31, 2018 Blackstone completed its accounting for the income tax effects for the Tax Reform Bill, and no significant adjustments were made to the provisional amounts previously recorded. Further, the Tax Reform Bill included a one-time The Tax Reform Bill also established new tax laws that became effective with the tax year beginning January 1, 2018, including, but not limited to, a new provision designed to tax global intangible low-taxed anti-tax Deferred income taxes reflect the net tax effects of temporary differences that may exist between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes using enacted tax rates in effect for the year in which the differences are expected to reverse. A summary of the tax effects of the temporary differences is as follows: December 31, 2020 2019 Deferred Tax Assets Investment Basis Differences/Net Unrealized Gains and Losses $ 1,789,699 $ 1,712,982 Other 11,102 5,342 Total Deferred Tax Assets Before Valuation Allowance 1,800,801 1,718,324 Valuation Allowance (558,225 ) (629,019 ) Total Net Deferred Tax Assets 1,242,576 1,089,305 Deferred Tax Liabilities Investment Basis Differences/Net Unrealized Gains and Losses 18,733 20,267 Other 6,624 — Total Deferred Tax Liabilities 25,357 20,267 Net Deferred Tax Assets $ 1,217,219 $ 1,069,038 The increase in the deferred tax asset balance from the prior year end is primarily due to Blackstone recognizing an additional step-up In evaluating the ability to realize deferred tax assets, Blackstone also considers projections of taxable income (including character of such income), beginning with historic results and incorporating assumptions of the amount of future pretax operating income. These assumptions about future taxable income require significant judgment and are consistent with the plans and estimates that Blackstone uses to manage its business. Certain deferred tax assets are not considered to be more likely than not to be realized due to the character of income necessary for realization. For those deferred tax assets, valuation allowances have been recorded. Currently, Blackstone does not believe it meets the indefinite reversal criteria that would preclude Blackstone from recognizing a deferred tax liability with respect to its foreign subsidiaries. Therefore, Blackstone recorded a deferred tax liability for any outside basis difference of an investment in a foreign subsidiary. Blackstone files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, Blackstone is subject to examination by federal and certain state, local and foreign tax regulators. As of December 31, 2020, Blackstone’s U.S. federal income tax returns for the years 2017 through 2019 are open under the normal three-year statute of limitations and therefore subject to examination. State and local tax returns are generally subject to audit from 2016 through 2019. Certain subsidiaries’ tax returns for the years 2008 through 2018 are currently subject to examination by various regulators. Blackstone believes that during 2021, certain tax examinations have a reasonable possibility of being completed and does not expect the results of these examinations to have a material impact on the consolidated financial statements. Blackstone’s unrecognized tax benefits, excluding related interest and penalties, were: December 31, 2020 2019 2018 Unrecognized Tax Benefits—January 1 $ 24,958 $ 20,864 $ 11,454 Additions for Tax Positions of Prior Years 7,959 4,908 9,671 Reductions for Tax Positions of Prior Years — — (323 ) Settlements — (829 ) — Exchange Rate Fluctuations 16 15 62 Unrecognized Tax Benefits—December 31 $ 32,933 $ 24,958 $ 20,864 If recognized, the above tax benefits of $32.9 million and $25.0 million for the years ended December 31, 2020 and 2019, respectively, would reduce the annual effective rate. Blackstone does not believe that it will have a material increase or decrease in its unrecognized tax benefits during the coming year. The unrecognized tax benefits are recorded in Accounts Payable, Accrued Expense and Other Liabilities in the Consolidated Statements of Financial Condition. Blackstone recognizes interest and penalties accrued related to unrecognized tax benefits in General, Administrative and Other Expenses. During the years ended December 31, 2020, 2019 and 2018, $1.3 million, $0.5 million and $1.8 million of interest expense were accrued (reversed), respectively. During the years ended December 31, 2020, 2019 and 2018, no penalties were accrued. Other Income — Change in Tax Receivable Agreement Liability In 2020 and 2019, the $(35.4) million and $161.6 million, respectively, Change in Tax Receivable Agreement Liability was primarily attributable to a change in tax rates and the Conversion.

Earnings Per Share and Stockhol

Earnings Per Share and Stockholder's Equity	12 Months Ended
	Dec. 31, 2020
Earnings Per Share and Stockholder's Equity	16. Earnings Per Share and Stockholder’s Equity Earnings Per Share Basic and diluted net income per share of Class A common stock for the years ended December 31, 2020, 2019 and 2018 was calculated as follows: Year Ended December 31, 2020 2019 2018 Net Income for Per Share of Class A Common Stock Calculations Net Income Attributable to The Blackstone Group Inc., Basic $ 1,045,363 $ 2,049,682 $ 1,541,788 Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units — — 1,185,799 Net Income Attributable to The Blackstone Group Inc., Diluted $ 1,045,363 $ 2,049,682 $ 2,727,587 Shares/Units Outstanding Weighted-Average Shares of Class A Common Stock Outstanding, Basic 696,933,548 675,900,466 678,850,245 Weighted-Average Shares of Unvested Deferred Restricted Class A Common Stock 324,748 267,385 226,487 Weighted-Average Blackstone Holdings Partnership Units — — 527,886,114 Weighted-Average Shares of Class A Common Stock Outstanding, Diluted 697,258,296 676,167,851 1,206,962,846 Net Income Per Share of Class A Common Stock Basic $ 1.50 $ 3.03 $ 2.27 Diluted $ 1.50 $ 3.03 $ 2.26 Dividends Declared Per Share of Class A Common Stock (a) $ 1.91 $ 1.92 $ 2.42 (a) Dividends declared reflects the calendar date of the declaration for each distribution. The fourth quarter dividends, if any, for any fiscal year will be declared and paid in the subsequent fiscal year. In computing the dilutive effect that the exchange of Blackstone Holdings Partnership Units would have on Net Income Per Share of Class A Common Stock, Blackstone considered that net income available to holders of shares of Class A common stock would increase due to the elimination of non-controlling non-controlling The following table summarizes the anti-dilutive securities for the periods indicated: Year Ended December 31, 2020 2019 2018 Weighted-Average Blackstone Holdings Partnership Units 504,221,914 524,211,887 — 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. In connection with the Conversion, the Company authorized 9 billion shares of preferred stock with a par value of $0.00001. There were no shares of preferred stock issued and outstanding as of December 31, 2020. In connection with the share reclassification, effective February 2 6 Under Blackstone’s certificate of incorporation and Delaware law, holders of Blackstone’s common stock are entitled to vote, together with holders of Blackstone’s Series I preferred stock, voting as a single class, on a number of significant matters, including certain sales, exchanges or other dispositions of all or substantially all of Blackstone’s assets, a merger, consolidation or other business combination, the removal of the Series II Preferred Stockholder and forced transfer by the Series II Preferred Stockholder of its shares of Series II preferred stock and the designation of a successor Series II Preferred Stockholder. The Series II Preferred Stockholder elects the Company’s directors. Holders of Blackstone’s Series I preferred stock and Series II preferred stock are not entitled to dividends from the Company, or receipt of any of the Company’s assets in the event of any dissolution, liquidation or winding up. Blackstone Partners L.L.C. is the sole holder of the Series I preferred stock and Blackstone Group Management L.L.C. is the sole holder of the Series II preferred stock. Share Repurchase Program On July 16, 2019, Blackstone’s board of directors authorized the repurchase of up to $1.0 billion of Class A common stock and Blackstone Holdings Partnership Units. Under the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual numbers repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or discontinued at any time and does not have a specified expiration date. During the year ended December 31, 2018, Blackstone repurchased 16.0 million shares of Blackstone Class A common stock at a total cost of $541.5 million. During the year ended December 31, 2019, Blackstone repurchased 12.8 million shares of Blackstone Class A common stock at a total cost of $561.9 million. During the year ended December 31, 2020, Blackstone repurchased 9.0 million shares of Blackstone Class A common stock at a total cost of $474.0 million. As of December 31, 2020, the amount remaining available for repurchases under the program was $307.2 million. Shares Eligible for Dividends and Distributions As of December 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 683,875,544 Unvested Participating Common Stock 20,084,245 Total Participating Common Stock 703,959,789 Participating Blackstone Holdings Partnership Units 496,060,455 1,200,020,244

Equity-Based Compensation

Equity-Based Compensation	12 Months Ended
	Dec. 31, 2020
Equity-Based Compensation	17. Equity-Based Compensation Blackstone has granted equity-based compensation awards to Blackstone’s senior managing directors, non-partner non-professionals For the years ended December 31, 2020, 2019 and 2018 Blackstone recorded compensation expense of $438.3 million, $417.1 million, and $366.9 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $51.5 million, $47.8 million, and $59.0 million, respectively. As of December 31, 2020, there was $1.1 billion of estimated unrecognized compensation expense related to unvested awards. This cost is expected to be recognized over a weighted-average period of 3.5 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 1,200,240,078 as of December 31, 2020. Total outstanding phantom shares were 72,077 as of December 31, 2020. A summary of the status of Blackstone’s unvested equity-based awards as of December 31, 2020 and of changes during the period January 1, 2020 through December 31, 2020 is presented below: Blackstone Holdings The Blackstone Group Inc. Equity Settled Awards Cash Settled Awards Unvested Shares/Units Partnership Weighted- Date Fair Deferred Weighted- Date Fair Phantom Weighted- Date Fair Balance, December 31, 2019 32,159,218 $ 36.25 8,969,736 $ 35.26 51,341 $ 52.85 Granted — — 14,648,390 45.69 24,825 57.45 Vested (8,126,156 ) 38.79 (3,489,278 ) 35.39 (9,657 ) 54.15 Forfeited (261,926 ) 41.75 (616,814 ) 37.90 (1,225 ) 60.42 Balance, December 31, 2020 23,771,136 $ 36.33 19,512,034 $ 42.60 65,284 $ 60.42 Shares/Units Expected to Vest The following unvested shares and units, after expected forfeitures, as of December 31, 2020, are expected to vest: Shares/Units Weighted-Average Blackstone Holdings Partnership Units 21,536,825 2.8 Deferred Restricted Shares of Class A Common Stock 16,656,484 3.3 Total Equity-Based Awards 38,193,309 3.0 Phantom Shares 52,476 3.0 Deferred Restricted Shares of Class A Common Stock and Phantom Shares Blackstone has granted deferred restricted shares of Class A common stock to certain senior and non-senior non-senior The fair values of deferred restricted shares of Class A common stock have been derived based on the closing price of Blackstone’s Class A common stock on the date of the grant, multiplied by the number of unvested awards and expensed over the assumed service period, which ranges from 1 to 5 years. Additionally, the calculation of the compensation expense assumes forfeiture rates based on historical turnover rates, ranging from 1.0% to 12.8% annually by employee class, and a per share discount, ranging from $0.99 to $9.74. The phantom shares vest over the assumed service period, which ranges from 1 to 5 years. On each such vesting date, Blackstone delivered or will deliver cash to the holder in an amount equal to the number of phantom shares held multiplied by the then fair market value of Blackstone’s Class A common stock on such date. Additionally, the calculation of the compensation expense assumes a forfeiture rate based on a historical turnover rate of 9.5% annually by employee class. Blackstone is accounting for these cash settled awards as a liability. Blackstone paid $0.4 million, $0.4 million and $0.2 million to non-senior Blackstone Holdings Partnership Units Blackstone has granted deferred restricted Blackstone Holdings Partners Units to certain newly hired and pre-existing The fair values of deferred restricted Blackstone Holdings Partnership Units have been derived based on the closing price of Blackstone’s common units on the date of the grant, multiplied by the number of unvested awards and expensed over the assumed service period, which ranges from 1 to 5 years. Additionally, the calculation of the compensation expense assumes a forfeiture rate of 6.1%, based on historical experience.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2020
Related Party Transactions	18. Related Party Transactions Affiliate Receivables and Payables Due from Affiliates and Due to Affiliates consisted of the following: December 31, 2020 2019 Due from Affiliates Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated $ 2,637,055 $ 1,999,568 Due from Certain Non-Controlling 548,897 573,679 Accrual for Potential Clawback of Previously Distributed Performance Allocations 35,563 21,626 $ 3,221,515 $ 2,594,873 December 31, 2020 2019 Due to Affiliates Due to Certain Non-Controlling $ 857,523 $ 672,981 Due to Non-Consolidated 107,410 100,286 Due to Note-Holders of Consolidated CLO Vehicles — 78,252 Due to Certain Non-Controlling s 61,539 48,433 Accrual for Potential Repayment of Previously Received Performance Allocations 108,569 126,919 $ 1,135,041 $ 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 December 31, 2020 and 2019, such investments aggregated $1.1 billion 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 $5.5 million, $7.0 million and $5.4 million for the years ended December 31, 2020, 2019 and 2018, respectively. Contingent Repayment Guarantee Blackstone and its personnel who have received Performance Allocation distributions have guaranteed payment on a several basis (subject to a cap) to the carry funds of any clawback obligation with respect to the excess Performance Allocation allocated to the general partners of such funds and indirectly received thereby to the extent that either Blackstone or its personnel fails to fulfill its clawback obligation, if any. The Accrual for Potential Repayment of Previously Received Performance Allocations represents amounts previously paid to Blackstone Holdings and non-controlling Aircraft and Other Services In the normal course of business, Blackstone 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 are based on current market rates. In addition, on occasion, certain of Blackstone’s executive officers and employee directors and their families may make personal use of aircraft in which Blackstone owns a fractional interest, as well as other assets of Blackstone. Any such personal use of Blackstone assets is charged to the executive officer or employee director based on market rates and usage. Personal use of Blackstone resources is also reimbursed to Blackstone based on market rates. The transactions described herein are not material to the Consolidated Financial Statements. Tax Receivable Agreements Blackstone used a portion of the proceeds from the IPO and 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 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 $857.5 million over the next 15 years. The after-tax pre-IPO pre-IPO Amounts related to the deferred tax asset resulting from the increase in tax basis from the exchange of Blackstone Holdings Partnership Units to shares of Blackstone common stock, the resulting remeasurement of net deferred tax assets at the Blackstone ownership percentage at the balance sheet date, the due to affiliates for the future payments resulting from the tax receivable agreements and resulting adjustment to partners’ capital are included as Acquisition of Ownership Interests from Non-Controlling Non-Cash Other Blackstone does business with and on behalf of some of its Portfolio Companies; all such arrangements are on a negotiated basis. Additionally, please see Note 19. “Commitments and Contingencies — Contingencies — Guarantees” for information regarding guarantees provided to a lending institution for certain loans held by employees.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies	19. Commitments and Contingencies Commitments Investment Commitments Blackstone had $3.8 billion of investment commitments as of December 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 $140.2 million as of December 31, 2020 which includes $70.1 million of signed investment commitments for portfolio company acquisitions in the process of closing. Regulated Entities Certain U.S. and non-U.S. These regulatory capital requirements may restrict Blackstone’s ability to withdraw capital from its entities. At December 31, 2020, $57.8 million of net assets of consolidated entities may be restricted as to the payment of cash dividends and advances to Blackstone. Contingencies Guarantees Certain of Blackstone’s consolidated real estate funds guarantee payments to third parties in connection with the on-going The Blackstone Holdings Partnerships provided guarantees to a lending institution for certain loans held by employees either for investment in Blackstone Funds or for members’ capital contributions to The Blackstone Group International Partners LLP. The amount guaranteed as of December 31, 2020 was $218.5 million. During the period ended December 31, 2020, Blackstone provided a short-term guarantee supporting the purchase of loans from warehousing provided by third party banks related to the launch of a non-consolidated 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 named 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-Vice Chairman of Blackstone and CEO of BAAM L.P. (collectively, the “Blackstone Defendants”). Aside from the Blackstone Defendants, the action also named 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 the Blackstone Defendants, 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. On July 9, 2020, the Kentucky Supreme Court unanimously held that the plaintiffs lack constitutional standing to bring their claims and remanded the case to the Circuit Court with direction to dismiss the complaint. On July 20, 2020, the Kentucky Attorney General filed a motion to intervene and a proposed intervening complaint in the Mayberry action on behalf of the Commonwealth of Kentucky. The Blackstone Defendants filed an objection to that motion on July 30, 2020. On July 21, 2020, the Kentucky Attorney General also filed a separate action in Franklin County Circuit Court that is nearly identical to its proposed intervening complaint. In addition, on July 29, 2020, counsel for certain of the Mayberry Plaintiffs filed a motion for leave to amend their complaint, purporting to remedy the standing defects identified by the Kentucky Supreme Court. On December 28, 2020, the Circuit Court dismissed the Mayberry Plaintiffs’ complaint for lack of standing, denied the Mayberry Plaintiffs’ motion for leave to amend, and granted the Attorney General’s motion to intervene over the defendants’ objections. On January 11, 2021, the Circuit Court ordered the Attorney General to file an amended complaint in the purported derivative suit by February 1, 2021. On January 29, 2021, the Attorney General moved for an extension of time to file its amended complaint. On February 18, 2021, the Circuit Court granted the Attorney General’s request and ordered the Attorney General to file such amended complaint by April 12, 2021. On December 31, 2020, three potentially new derivative plaintiffs brought a motion in the Circuit Court for leave to file a third amended complaint. The new derivative plaintiffs allege they have standing and seek to press the Mayberry Plaintiffs’ case. On January 11, 2021, the Circuit Court concluded that the motion to amend was not ripe and ordered the three potentially new derivative plaintiffs to file a motion to intervene by no later than February 11, 2021. On February 1, 2021, the three potentially new derivative plaintiffs filed a motion to intervene in the purported derivative suit. On February 18, 2021, the Circuit Court ordered the Blackstone Defendants, along with any other party that opposes the potentially new derivative plaintiffs’ motion to intervene, to respond to the motion to intervene by March 2, 2021. On January 6, 2021, the three potentially new derivative plaintiffs also filed a separate derivative Blackstone continues to believe that these suits are totally without merit and intends to defend them 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: December 31, 2020 2019 Segment Blackstone Current and Total Blackstone Current and Total Real Estate $ 28,283 $ 17,102 $ 45,385 $ 16,151 $ 10,597 $ 26,748 Private Equity 41,722 (8,623 ) 33,099 82,276 2,860 85,136 Credit & Insurance 13,935 16,150 30,085 6,866 8,169 15,035 $ 83,940 $ 24,629 $ 108,569 $ 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. 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 Consolidated Financial Statements of Blackstone, except to the extent a portion of the assets held in the segregated accounts may be allocated to a consolidated Blackstone fund of hedge funds. At December 31, 2020, $825.1 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 December 31, 2020, all of the investments held by Blackstone’s carry funds were deemed worthless, a possibility that management views as remote, the amount of Performance Allocations subject to potential clawback would be $4.0 billion, on an after-tax

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2020
Segment Reporting	20. Segment Reporting Blackstone transacts its primary business in the United States and substantially all of its revenues are generated domestically. Blackstone conducts its alternative asset management businesses through four segments: • Real Estate – Blackstone’s Real Estate segment primarily comprises its management of global, Europe and Asia-focused opportunistic real estate funds, high-yield and high-grade real estate debt funds, liquid real estate debt funds, core+ real estate funds, which also include a non-listed REIT, and a NYSE-listed REIT. • 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 growth equity 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 Blackstone Credit, formerly known as GSO Capital Partners LP, which is organized into two overarching strategies: private credit (which includes mezzanine lending funds, middle market direct lending funds, including Blackstone’s business development company, secured lending fund, structured products group, stressed/distressed strategies and energy strategies) and liquid credit (which consists of CLOs, closed-ended funds, open-ended funds, separately managed accounts and systematic credit strategies). In addition, the segment includes a publicly traded master limited partnership investment platform, Harvest, and Blackstone’s 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 non-controlling For segment reporting purposes, Segment Distributable Earnings is presented along with its major components, Fee Related Earnings and Net Realizations. Fee Related Earnings is used to assess Blackstone’s ability to generate profits from revenues that are measured and received on a recurring basis and not subject to future realization events. Net Realizations is the sum of Realized Principal Investment Income and Realized Performance Revenues less Realized Performance Compensation. Performance Allocations and Incentive Fees are presented together and referred to collectively as Performance Revenues or Performance Compensation. Segment Presentation The following tables present the financial data for Blackstone’s four segments as of December 31, 2020 and 2019, and for the years ended December 31, 2020, 2019 and 2018. December 31, 2020 and the Year Then Ended Real Hedge Fund Credit & Estate Private Equity Solutions Insurance Total Segments Management and Advisory Fees, Net Base Management Fees $ 1,553,483 $ 1,232,028 $ 582,830 $ 603,713 $ 3,972,054 Transaction, Advisory and Other Fees, Net 98,225 82,440 5,899 21,311 207,875 Management Fee Offsets (13,020 ) (44,628 ) (650 ) (10,466 ) (68,764 ) Total Management and Advisory Fees, Net 1,638,688 1,269,840 588,079 614,558 4,111,165 Fee Related Performance Revenues 338,161 — — 40,515 378,676 Fee Related Compensation (618,105 ) (455,538 ) (161,713 ) (261,214 ) (1,496,570 ) Other Operating Expenses (183,132 ) (195,213 ) (79,758 ) (165,114 ) (623,217 ) Fee Related Earnings 1,175,612 619,089 346,608 228,745 2,370,054 Realized Performance Revenues 787,768 877,493 179,789 20,943 1,865,993 Realized Performance Compensation (312,698 ) (366,949 ) (31,224 ) (3,476 ) (714,347 ) Realized Principal Investment Income 24,764 72,089 54,110 7,970 158,933 Total Net Realizations 499,834 582,633 202,675 25,437 1,310,579 Total Segment Distributable Earnings $ 1,675,446 $ 1,201,722 $ 549,283 $ 254,182 $ 3,680,633 Segment Assets $ 8,562,294 $ 10,137,928 $ 2,472,206 $ 3,722,391 $ 24,894,819 Year Ended December 31, 2018 Real Hedge Fund Credit & Estate Private Equity Solutions Insurance Total Segments Management and Advisory Fees, Net Base Management Fees $ 985,399 $ 785,223 $ 519,782 $ 553,921 $ 2,844,325 Transaction, Advisory and Other Fees, Net 152,513 58,165 3,180 15,640 229,498 Management Fee Offsets (11,442 ) (13,504 ) (93 ) (12,332 ) (37,371 ) Total Management and Advisory Fees, Net 1,126,470 829,884 522,869 557,229 3,036,452 Fee Related Performance Revenues 124,502 — — (666 ) 123,836 Fee Related Compensation (459,430 ) (375,446 ) (162,172 ) (219,098 ) (1,216,146 ) Other Operating Expenses (146,260 ) (133,096 ) (77,772 ) (131,200 ) (488,328 ) Fee Related Earnings 645,282 321,342 282,925 206,265 1,455,814 Realized Performance Revenues 914,984 757,406 42,419 96,962 1,811,771 Realized Performance Compensation (284,319 ) (318,167 ) (21,792 ) (53,863 ) (678,141 ) Realized Principal Investment Income 92,525 109,731 17,039 16,763 236,058 Total Net Realizations 723,190 548,970 37,666 59,862 1,369,688 Total Segment Distributable Earnings $ 1,368,472 $ 870,312 $ 320,591 $ 266,127 $ 2,825,502 December 31, 2019 and the Year Then Ended Real Hedge Fund Credit & Estate Private Equity Solutions Insurance Total Segments Management and Advisory Fees, Net Base Management Fees $ 1,116,183 $ 986,482 $ 556,730 $ 586,535 $ 3,245,930 Transaction, Advisory and Other Fees, Net 175,831 115,174 3,533 19,882 314,420 Management Fee Offsets (26,836 ) (37,327 ) (138 ) (11,813 ) (76,114 ) Total Management and Advisory Fees, Net 1,265,178 1,064,329 560,125 594,604 3,484,236 Fee Related Performance Revenues 198,237 — — 13,764 212,001 Fee Related Compensation (531,259 ) (423,752 ) (151,960 ) (229,607 ) (1,336,578 ) Other Operating Expenses (168,332 ) (160,010 ) (81,999 ) (160,801 ) (571,142 ) Fee Related Earnings 763,824 480,567 326,166 217,960 1,788,517 Realized Performance Revenues 1,032,337 468,992 126,576 32,737 1,660,642 Realized Performance Compensation (374,096 ) (192,566 ) (24,301 ) (12,972 ) (603,935 ) Realized Principal Investment Income 79,733 90,249 21,707 32,466 224,155 Total Net Realizations 737,974 366,675 123,982 52,231 1,280,862 Total Segment Distributable Earnings $ 1,501,798 $ 847,242 $ 450,148 $ 270,191 $ 3,069,379 Segment Assets $ 9,023,353 $ 9,007,658 $ 2,238,048 $ 4,009,354 $ 24,278,413 Reconciliations of Total Segment Amounts The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the years ended December 31, 2020, 2019 and 2018 along with Total Assets as of December 31, 2020 and 2019: Year Ended December 31, 2020 2019 2018 Revenues Total GAAP Revenues $ 6,101,927 $ 7,338,270 $ 6,833,259 Less: Unrealized Performance Revenues (a) 384,758 (1,126,668 ) (561,163 ) Less: Unrealized Principal Investment (Income) Loss (b) 101,742 (113,327 ) 65,851 Less: Interest and Dividend Revenue (c) (130,112 ) (192,593 ) (181,763 ) Less: Other Revenue (d) 253,693 (79,447 ) (89,468 ) Impact of Consolidation (e) (234,148 ) (88,164 ) (277,406 ) Amortization of Intangibles (f) 1,548 1,548 1,548 Transaction-Related Charges (g) 29,837 (168,170 ) (588,710 ) Intersegment Eliminations 5,522 9,585 5,969 Total Segment Revenue (h) $ 6,514,767 $ 5,581,034 $ 5,208,117 Year Ended December 31, 2020 2019 2018 Expenses Total GAAP Expenses $ 3,479,566 $ 3,964,651 $ 3,512,040 Less: Unrealized Performance Allocations Compensation (i) 154,516 (540,285 ) (319,742 ) Less: Equity-Based Compensation (j) (333,767 ) (230,194 ) (158,220 ) Less: Interest Expense (k) (165,022 ) (195,034 ) (159,838 ) Impact of Consolidation (e) (26,088 ) (55,902 ) (112,354 ) Amortization of Intangibles (f) (64,436 ) (64,383 ) (58,446 ) Transaction-Related Charges (g) (210,892 ) (376,783 ) (326,794 ) Administrative Fee Adjustment (l) (5,265 ) — — Intersegment Eliminations 5,522 9,585 5,969 Total Segment Expenses (m) $ 2,834,134 $ 2,511,655 $ 2,382,615 Year Ended December 31, 2020 2019 2018 Other Income Total GAAP Other Income $ (4,841 ) $ 444,396 $ 191,722 Impact of Consolidation (e) 4,841 (444,396 ) (191,722 ) Total Segment Other Income $ — $ — $ — 21 3 Year Ended December 31, 2020 2019 2018 Income Before Provision (Benefit) for Taxes Total GAAP Income Before Provision (Benefit) for Taxes $ 2,617,520 $ 3,818,015 $ 3,512,941 Less: Unrealized Performance Revenues (a) 384,758 (1,126,668 ) (561,163 ) Less: Unrealized Principal Investment (Income) Loss (b) 101,742 (113,327 ) 65,851 Less: Interest and Dividend Revenue (c) (130,112 ) (192,593 ) (181,763 ) Less: Other Revenue (d) 253,693 (79,447 ) (89,468 ) Plus: Unrealized Performance Allocations Compensation (i) (154,516 ) 540,285 319,742 Plus: Equity-Based Compensation (j) 333,767 230,194 158,220 Plus: Interest Expense (k) 165,022 195,034 159,838 Impact of Consolidation (e) (203,219 ) (476,658 ) (356,774 ) Amortization of Intangibles (f) 65,984 65,931 59,994 Transaction-Related Charges (g) 240,729 208,613 (261,916 ) Administrative Fee Adjustment (l) 5,265 — — Total Segment Distributable Earnings $ 3,680,633 $ 3,069,379 $ 2,825,502 As of December 31, 2020 2019 Total Assets Total GAAP Assets $ 26,269,252 $ 32,585,506 Impact of Consolidation (e) (1,374,433 ) (8,307,093 ) Total Segment Assets $ 24,894,819 $ 24,278,413 Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles and Transaction-Related Charges. (a) This adjustment removes Unrealized Performance Revenues on a segment basis. (b) This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis. (c) This adjustment removes Interest and Dividend Revenue on a segment basis. (d) This adjustment removes Other Revenue on a segment basis. For the years ended December 31, 2020, 2019 and 2018, Other Revenue on a GAAP basis was $(253.1) million, $80.0 million and $672.3 million and included $(257.8) million, $76.4 million and $87.4 million of foreign exchange gains (losses), respectively. (e) This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds, the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling (f) This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation. This amount includes amortization of intangibles associated with Blackstone’s investment in Pátria, which is accounted for under the equity method. (g) This adjustment removes Transaction-Related Charges, which are excluded from Blackstone’s segment presentation. Transaction-Related Charges arise from corporate actions including acquisitions, divestitures, and Blackstone’s initial public offering. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs and any gains or losses associated with these corporate actions. (h) Total Segment Revenues is comprised of the following: Year Ended December 31, 2020 2019 2018 Total Segment Management and Advisory Fees, Net $ 4,111,165 $ 3,484,236 $ 3,036,452 Total Segment Fee Related Performance Revenues 378,676 212,001 123,836 Total Segment Realized Performance Revenues 1,865,993 1,660,642 1,811,771 Total Segment Realized Principal Investment Income 158,933 224,155 236,058 Total Segment Revenues $ 6,514,767 $ 5,581,034 $ 5,208,117 (i) This adjustment removes Unrealized Performance Allocations Compensation. (j) This adjustment removes Equity-Based Compensation on a segment basis. (k) This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement. (l) This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation. (m) Total Segment Expenses is comprised of the following: Year Ended December 31, 2020 2019 2018 Total Segment Fee Related Compensation $ 1,496,570 $ 1,336,578 $ 1,216,146 Total Segment Realized Performance Compensation 714,347 603,935 678,141 Total Segment Other Operating Expenses 623,217 571,142 488,328 Total Segment Expenses $ 2,834,134 $ 2,511,655 $ 2,382,615 Reconciliations of Total Segment Components The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported on the Consolidated Statement of Operations for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 Management and Advisory Fees, Net GAAP $ 4,092,549 $ 3,472,155 $ 3,027,796 Segment Adjustment (a) 18,616 12,081 8,656 Total Segment $ 4,111,165 $ 3,484,236 $ 3,036,452 Year Ended December 31, 2020 2019 2018 GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues GAAP Incentive Fees $ 138,661 $ 129,911 $ 57,540 Investment Income — Realized Performance Allocations 2,106,000 1,739,000 1,876,507 GAAP 2,244,661 1,868,911 1,934,047 Total Segment Less: Realized Performance Revenues (1,865,993 ) (1,660,642 ) (1,811,771 ) Segment Adjustment (b) 8 3,732 1,560 Total Segment $ 378,676 $ 212,001 $ 123,836 Year Ended December 31, 2020 2019 2018 GAAP Compensation to Total Segment Fee Related Compensation GAAP Compensation $ 1,855,619 $ 1,820,330 $ 1,609,957 Incentive Fee Compensation 44,425 44,300 33,916 Realized Performance Allocations Compensation 843,230 662,942 711,076 GAAP 2,743,274 2,527,572 2,354,949 Total Segment Less: Realized Performance Compensation (714,347 ) (603,935 ) (678,141 ) Less: Equity-Based Compensation — Operating Compensation (326,116 ) (221,684 ) (145,213 ) Less: Equity-Based Compensation — Performance Compensation (7,651 ) (8,510 ) (13,007 ) Segment Adjustment (c) (198,590 ) (356,865 ) (302,442 ) Total Segment $ 1,496,570 $ 1,336,578 $ 1,216,146 Year Ended December 31, 2020 2019 2018 GAAP General, Administrative and Other to Total Segment Other Operating Expenses GAAP $ 711,782 $ 679,408 $ 594,873 Segment Adjustment (d) (88,565 ) (108,266 ) (106,545 ) Total Segment $ 623,217 $ 571,142 $ 488,328 Year Ended December 31, 2020 2019 2018 Realized Performance Revenues GAAP Incentive Fees $ 138,661 $ 129,911 $ 57,540 Investment Income — Realized Performance Allocations 2,106,000 1,739,000 1,876,507 GAAP 2,244,661 1,868,911 1,934,047 Total Segment Less: Fee Related Performance Revenues (378,676 ) (212,001 ) (123,836 ) Segment Adjustment (b) 8 3,732 1,560 Total Segment $ 1,865,993 $ 1,660,642 $ 1,811,771 Year Ended December 31, 2020 2019 2018 Realized Performance Compensation GAAP Incentive Fee Compensation $ 44,425 $ 44,300 $ 33,916 Realized Performance Allocations Compensation 843,230 662,942 711,076 GAAP 887,655 707,242 744,992 Total Segment Less: Fee Related Performance Compensation (165,657 ) (94,797 ) (53,844 ) Less: Equity-Based Compensation — Performance Compensation (7,651 ) (8,510 ) (13,007 ) Total Segment $ 714,347 $ 603,935 $ 678,141 Year Ended December 31, 2020 2019 2018 Realized Principal Investment Income GAAP $ 391,628 $ 393,478 $ 415,862 Segment Adjustment (e) (232,695 ) (169,323 ) (179,804 ) Total Segment $ 158,933 $ 224,155 $ 236,058 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. Beginning in the year ended December 31, 2020, includes a reduction equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation. (e) Represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events	21. Subsequent Events On January 26, 2021, Pátria completed its IPO, pursuant to which a portion of Blackstone’s interests were sold. For additional information, see Note 4. “Investments — Equity Method Investments.” Effective February 2 6

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements of Blackstone have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of Blackstone, its wholly owned or majority-owned subsidiaries, the consolidated entities which are considered to be variable interest entities and for which Blackstone is considered the primary beneficiary, and certain partnerships or similar entities which are not considered variable interest entities but in which the general partner is determined to have control. All intercompany balances and transactions have been eliminated in consolidation. Restructurings within consolidated collateralized loan obligations (“CLOs”) are treated as investment purchases or sales, as applicable, in the Consolidated Statements of Cash Flows. COVID-19 The ongoing novel coronavirus (“COVID-19”) non-essential
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates that affect the amounts reported in the consolidated financial statements and accompanying notes. Management believes that estimates utilized in the preparation of the consolidated financial statements are prudent and reasonable. Such estimates include those used in the valuation of investments and financial instruments, the measurement of deferred tax balances (including valuation allowances) and the accounting for Goodwill and equity-based compensation. Actual results could differ from those estimates and such differences could be material.
Consolidation	Consolidation Blackstone consolidates all entities that it controls through a majority voting interest or otherwise, including those Blackstone Funds in which the general partner has a controlling financial interest. Blackstone has a controlling financial interest in Blackstone Holdings because the limited partners do not have the right to dissolve the partnerships or have substantive kick-out non-controlling In addition, Blackstone consolidates all variable interest entities (“VIE”) for which it is the primary beneficiary. An enterprise is determined to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (a) whether an entity in which Blackstone holds a variable interest is a VIE and (b) whether Blackstone’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests, would give it a controlling financial interest. Performance of that analysis requires the exercise of judgment. Blackstone determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a variable interest entity and continuously reconsiders that conclusion. In determining whether Blackstone is the primary beneficiary, Blackstone evaluates its control rights as well as economic interests in the entity held either directly or indirectly by Blackstone. The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that Blackstone is not the primary beneficiary, a quantitative analysis may also be performed. Investments and redemptions (either by Blackstone, affiliates of Blackstone or third parties) or amendments to the governing documents of the respective Blackstone Funds could affect an entity’s status as a VIE or the determination of the primary beneficiary. At each reporting date, Blackstone assesses whether it is the primary beneficiary and will consolidate or deconsolidate accordingly. Assets of consolidated VIEs that can only be used to settle obligations of the consolidated VIE and liabilities of a consolidated VIE for which creditors (or beneficial interest holders) do not have recourse to the general credit of Blackstone are presented in a separate section in the Consolidated Statements of Financial Condition. Blackstone’s other disclosures regarding VIEs are discussed in Note 9. “Variable Interest Entities.”
Revenue Recognition	Revenue Recognition Revenues primarily consist of management and advisory fees, incentive fees, investment income, interest and dividend revenue and other. Management and advisory fees and incentive fees are accounted for as contracts with customers. Under the guidance for contracts with customers, an entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. See Note 20. “Segment Reporting” for a disaggregated presentation of revenues from contracts with customers. Management and Advisory Fees, Net Blackstone earns base management fees from limited partners of funds in each of its managed funds, at a fixed percentage of assets under management, net asset value, total assets, committed capital or invested capital. These customer contracts require Blackstone to provide investment management services, which represents a performance obligation that Blackstone satisfies over time. Management fees are a form of variable consideration because the fees Blackstone is entitled to vary based on fluctuations in the basis for the management fee. The amount recorded as revenue is generally determined at the end of the period because these management fees are payable on a regular basis (typically quarterly) and are not subject to clawback once paid. Transaction, advisory and other fees are principally fees charged to the limited partners of funds indirectly through the managed funds and portfolio companies. The investment advisory agreements generally require that the investment adviser reduce the amount of management fees payable by the limited partners to Blackstone (“management fee reductions”) by an amount equal to a portion of the transaction and other fees paid to Blackstone by the portfolio companies. The amount of the reduction varies by fund, the type of fee paid by the portfolio company and the previously incurred expenses of the fund. These fees and associated management fee reductions are a component of the transaction price for Blackstone’s performance obligation to provide investment management services to the limited partners of funds and are recognized as changes to the transaction price in the period in which they are charged and the services are performed. Management fee offsets are reductions to management fees payable by the limited partners of the Blackstone Funds, which are based on the amount such limited partners reimburse the Blackstone Funds or Blackstone primarily for placement fees. Providing investment management services requires Blackstone to arrange for services on behalf of its customers. In those situations where Blackstone is acting as an agent on behalf of the limited partners of funds, it presents the cost of services as net against management fee revenue. In all other situations, Blackstone is primarily responsible for fulfilling the services and is therefore acting as a principal for those arrangements. As a result, the cost of those services is presented as Compensation or General, Administrative and Other expense, as appropriate, with any reimbursement from the limited partners of the funds recorded as Management and Advisory Fees, Net. In cases where the limited partners of the funds are determined to be the customer in an arrangement, placement fees may be capitalized as a cost to acquire a customer contract. Capitalized placement fees are amortized over the life of the customer contract, are recorded within Other Assets in the Consolidated Statements of Financial Condition and amortization is recorded within General, Administrative and Other within the Consolidated Statements of Operations. Accrued but unpaid Management and Advisory Fees, net of management fee reductions and management fee offsets, as of the reporting date are included in Accounts Receivable or Due from Affiliates in the Consolidated Statements of Financial Condition. Incentive Fees — Investment Income (Loss) In carry fund structures Blackstone, through its subsidiaries, invests alongside its limited partners in a partnership and is entitled to its pro-rata “pro-rata pro-rata Performance Allocations are made to the general partner based on cumulative fund performance to date, subject to a preferred return to limited partners. At the end of each reporting period, Blackstone calculates the balance of accrued Performance Allocations (“Accrued Performance Allocations”) that would be due to Blackstone for each fund, pursuant to the fund agreements, as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. Accrued Performance Allocations as of the reporting date are reflected in Investments in the Consolidated Statements of Financial Condition. Performance Allocations are realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the preferred return or, in limited instances, after certain thresholds for return of capital are met. Performance Allocations are subject to clawback to the extent that the Performance Allocation received to date exceeds the amount due to Blackstone based on cumulative results. As such, the accrual for potential repayment of previously received Performance Allocations, which is a component of Due to Affiliates, represents all amounts previously distributed to Blackstone Holdings and non-controlling Principal Investments include the unrealized and realized gains and losses on Blackstone’s principal investments, including its investments in Blackstone Funds that are not consolidated and receive pro-rata Interest and Dividend Revenue Other Revenue
Fair Value of Financial Instruments	Fair Value of Financial Instruments GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: • Level I — Quoted prices are available in active markets for identical financial instruments as of the reporting date. The types of financial instruments in Level I include listed equities, listed derivatives and mutual funds with quoted prices. Blackstone does not adjust the quoted price for these investments, even in situations where Blackstone holds a large position and a sale could reasonably impact the quoted price. • Level II — Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Financial instruments which are generally included in this category include corporate bonds and loans, including corporate bonds and loans held within CLO vehicles, government and agency securities, less liquid and restricted equity securities, and certain over-the-counter • Level III — Pricing inputs are unobservable for the financial instruments and includes situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category generally include general and limited partnership interests in private equity and real estate funds, credit-focused funds, distressed debt and non-investment over-the-counter In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Blackstone’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. Level II Valuation Techniques Financial instruments classified within Level II of the fair value hierarchy comprise debt instruments, including certain corporate loans and bonds held by Blackstone’s consolidated CLO vehicles and debt securities sold, not yet purchased. Certain equity securities and derivative instruments valued using observable inputs are also classified as Level II. The valuation techniques used to value financial instruments classified within Level II of the fair value hierarchy are as follows: • Debt Instruments and Equity Securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments and various relationships between investments. The valuation of certain equity securities is based on an observable price for an identical security adjusted for the effect of a restriction. • Freestanding Derivatives are valued using contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads. • Senior and subordinate notes issued by CLO vehicles are classified based on the more observable fair value of CLO assets less (a) the fair value of any beneficial interests held by Blackstone, and (b) the carrying value of any beneficial interests that represent compensation for services. Level III Valuation Techniques In the absence of observable market prices, Blackstone values its investments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist; management’s determination of fair value is then based on the best information available in the circumstances, and may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for non-performance Real Estate Investments Private Equity Investments Credit-Focused Investments The market approach is generally used to determine the enterprise value of the issuer of a credit investment, and considers valuation multiples of comparable companies or transactions. The resulting enterprise value will dictate whether or not such credit investment has adequate enterprise value coverage. In cases of distressed credit instruments, the market approach may be used to estimate a recovery value in the event of a restructuring.
Investments, at Fair Value	Investments, at Fair Value The Blackstone Funds are accounted for as investment companies under the American Institute of Certified Public Accountants Accounting and Auditing Guide, Investment Companies Blackstone’s principal investments are presented at fair value with unrealized appreciation or depreciation and realized gains and losses recognized in the Consolidated Statements of Operations within Investment Income (Loss). For certain instruments, Blackstone has elected the fair value option. Such election is irrevocable and is applied on an investment by investment basis at initial recognition. Blackstone has applied the fair value option for certain loans and receivables, 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 Consolidated Statements of Operations. Interest income on interest bearing loans and receivables and debt securities on which the fair value option has been elected is based on stated coupon rates adjusted for the accretion of purchase discounts and the amortization of purchase premiums. This interest income is recorded within Interest and Dividend Revenue. Blackstone has elected the fair value option for the assets of consolidated CLO vehicles. As permitted under GAAP, Blackstone measures the liabilities of consolidated CLO vehicles as (a) the sum of the fair value of the consolidated CLO assets and the carrying value of any non-financial Non-Controlling non-consolidated Blackstone has elected the fair value option for certain proprietary investments that would otherwise have been accounted for using the equity method of accounting. The fair value of such investments is based on quoted prices in an active market or using the discounted cash flow method. Changes in fair value are recognized in Investment Income (Loss) in the Consolidated Statements of Operations. Further disclosure on instruments for which the fair value option has been elected is presented in Note 7. “Fair Value Option.” The investments of consolidated Blackstone Funds in funds of hedge funds (“Investee Funds”) are valued at net asset value (“NAV”) per share of the Investee Fund. In limited circumstances, Blackstone may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, Blackstone will estimate the fair value in good faith and in a manner that it reasonably chooses, in accordance with the requirements of GAAP. Certain investments of Blackstone and of the consolidated Blackstone funds of hedge funds and credit-focused funds measure their investments in underlying funds at fair value using NAV per share without adjustment. The terms of the investee’s investment generally provide for minimum holding periods or lock-ups, Security and loan transactions are recorded on a trade date basis.
Equity Method Investments	Equity Method Investments Investments in which Blackstone is deemed to exert significant influence, but not control, are accounted for using the equity method of accounting except in cases where the fair value option has been elected. Blackstone has significant influence over all Blackstone Funds in which it invests but does not consolidate. Therefore, its investments in such Blackstone Funds, which include both a proportionate and disproportionate allocation of the profits and losses (as is the case with carry funds that include a Performance Allocation), are accounted for under the equity method. Under the equity method of accounting, Blackstone’s share of earnings (losses) from equity method investments is included in Investment Income (Loss) in the Consolidated Statements of Operations. In cases where Blackstone’s equity method investments provide for a disproportionate allocation of the profits and losses (as is the case with carry funds that include a Performance Allocation), Blackstone’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period Blackstone calculates the Accrued Performance Allocations that would be due to Blackstone for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner, or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. The carrying amounts of equity method investments are reflected in Investments in the Consolidated Statements of Financial Condition. Results 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.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and Cash Equivalents represents cash on hand, cash held in banks, money market funds and liquid investments with original maturities of three months or less. Interest income from cash and cash equivalents is recorded in Interest and Dividend Revenue in the Consolidated Statements of Operations.
Cash Held by Blackstone Funds and Other	Cash Held by Blackstone Funds and Other Cash Held by Blackstone Funds and Other represents cash and cash equivalents held by consolidated Blackstone Funds and other consolidated entities. Such amounts are not available to fund the general liquidity needs of Blackstone.
Accounts Receivable	Accounts Receivable Accounts Receivable includes management fees receivable from limited partners, receivables from underlying funds in the fund of hedge funds business, placement and advisory fees receivables, receivables relating to unsettled sale transactions and loans extended to unaffiliated third parties. Accounts Receivable, excluding those for which the fair value option has been elected, are assessed periodically for collectability. Amounts determined to be uncollectible are charged directly to General, Administrative and Other Expenses in the Consolidated Statements of Operations.
Intangibles and Goodwill	Intangibles and Goodwill Blackstone’s intangible assets consist of contractual rights to earn future fee income, including management and advisory fees, Incentive Fees and Performance Allocations. Identifiable finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from three two-step
Furniture, Equipment and Leasehold Improvements	Furniture, Equipment and Leasehold Improvements Furniture, equipment and leasehold improvements consist primarily of leasehold improvements, furniture, fixtures and equipment, computer hardware and software and are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method over the assets’ estimated useful economic lives, which for leasehold improvements are the lesser of the lease terms or the life of the asset, generally ten three
Foreign Currency	Foreign Currency In the normal course of business, Blackstone may enter into transactions not denominated in United States dollars. Foreign exchange gains and losses arising on such transactions are recorded as Other Revenue in the Consolidated Statements of Operations. Foreign currency transaction gains and losses arising within consolidated Blackstone Funds are recorded in Net Gains (Losses) from Fund Investment Activities. In addition, Blackstone consolidates a number of entities that have a non-U.S. Non-U.S. non-U.S. Non-Controlling Non-Controlling
Comprehensive Income	Comprehensive Income Comprehensive Income consists of Net Income and Other Comprehensive Income. Blackstone’s Other Comprehensive Income is comprised of foreign currency cumulative translation adjustments.
Non-Controlling Interests in Consolidated Entities	Non-Controlling Non-Controlling non-controlling non-controlling
Redeemable Non-Controlling Interests in Consolidated Entities	Redeemable Non-Controlling Non-controlling Non-Controlling non-controlling Non-Controlling
Non-Controlling Interests in Blackstone Holdings	Non-Controlling Non-Controlling Certain costs and expenses are borne directly by the Holdings Partnerships. Income (Loss), excluding those costs directly borne by and attributable to the Holdings Partnerships, is attributable to Non-Controlling
Compensation and Benefits	Compensation and Benefits Compensation and Benefits Compensation Compensation and Benefits — Incentive Fee Compensation — Compensation and Benefits — Performance Allocations Compensation — in-kind).
Other Income	Other Income Net Gains (Losses) from Fund Investment Activities in the Consolidated Statements of Operations include net realized gains (losses) from realizations and sales of investments, the net change in unrealized gains (losses) resulting from changes in the fair value of investments and interest income and expense and dividends attributable to the consolidated Blackstone Funds’ investments. Expenses incurred by consolidated Blackstone funds are separately presented within Fund Expenses in the Consolidated Statements of Operations. Other Income also includes amounts attributable to the Reduction of the Tax Receivable Agreement Liability. See Note 15. “Income Taxes — Other Income — Change in the Tax Receivable Agreement Liability” for additional information.
Income Taxes	Income Taxes The Blackstone Group Inc. is a corporation for U.S. federal income tax purposes and thus is subject to U.S. federal, state and local income taxes on Blackstone’s share of taxable income. The Blackstone Holdings Partnerships and certain of their subsidiaries operate in the U.S. as partnerships for U.S. federal income tax purposes and generally as corporate entities in non-U.S. non-U.S. Income taxes are accounted for using the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis, using tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current and deferred tax liabilities are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Consolidated Statements of Financial Condition. Blackstone uses the flow-through method to account for investment tax credits. Under this method, the investment tax credits are recognized as a reduction to income tax expense. Blackstone analyzes its tax filing positions in all of the U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions. Blackstone records unrecognized tax benefits on the basis of a two-step Blackstone recognizes interest on tax deficiencies as Interest Expense and income tax penalty payments and accrued interest and penalties from unrecognized tax benefits in General, Administrative, and Other expenses within the Consolidated Statement of Operations.
Net Income (Loss) Per Share of Class A Common Stock	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. “if-converted”
Reverse Repurchase and Repurchase Agreements	Reverse Repurchase and Repurchase Agreements Securities purchased under agreements to resell (“reverse repurchase agreements”) and securities sold under agreements to repurchase (“repurchase agreements”), comprised primarily of U.S. and non-U.S. Blackstone manages credit exposure arising from reverse repurchase agreements and repurchase agreements by, in appropriate circumstances, entering into master netting agreements and collateral arrangements with counterparties that provide Blackstone, in the event of a counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. Blackstone takes possession of securities purchased under reverse repurchase agreements and is permitted to repledge, deliver or otherwise use such securities. Blackstone also pledges its financial instruments to counterparties to collateralize repurchase agreements. Financial instruments pledged that can be repledged, delivered or otherwise used by the counterparty are recorded in Investments in the Consolidated Statements of Financial Condition. Additional disclosures relating to repurchase agreements are discussed in Note 10. “Repurchase Agreements.” Blackstone does not offset assets and liabilities relating to reverse repurchase agreements and repurchase agreements in its Consolidated Statements of Financial Condition. Additional disclosures relating to offsetting are discussed in Note 12. “Offsetting of Assets and Liabilities.”
Securities Sold, Not Yet Purchased	Securities Sold, Not Yet Purchased Securities Sold, Not Yet Purchased consist of equity and debt securities that Blackstone has borrowed and sold. Blackstone is required to “cover” its short sale in the future by purchasing the security at prevailing market prices and delivering it to the counterparty from which it borrowed the security. Blackstone is exposed to loss in the event that the price at which a security may have to be purchased to cover a short sale exceeds the price at which the borrowed security was sold short. Securities Sold, Not Yet Purchased are recorded at fair value in the Consolidated Statements of Financial Condition.
Derivative Instruments	Derivative Instruments Blackstone recognizes all derivatives as assets or liabilities on its Consolidated Statements of Financial Condition at fair value. On the date Blackstone enters into a derivative contract, it designates and documents each derivative contract as one of the following: (a) a hedge of a recognized asset or liability (“fair value hedge”), (b) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), (c) a hedge of a net investment in a foreign operation, or (d) a derivative instrument not designated as a hedging instrument (“freestanding derivative”). Gains or losses on a derivative instrument that is designated as, and is effective as, an economic hedge of a net investment in a foreign operation are reported in the cumulative translation adjustment section of other comprehensive income to the extent it is effective as a hedge. The ineffective portion of a net investment hedge is recognized in current period earnings. Blackstone formally documents at inception its hedge relationships, including identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and Blackstone’s evaluation of effectiveness of its hedged transaction. At least monthly, Blackstone also formally assesses whether the derivative it designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in estimated fair values or cash flows of the hedged items using either the regression analysis or the dollar offset method. For net investment hedges, Blackstone uses a method based on changes in spot rates to measure effectiveness. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued. The fair values of hedging derivative instruments are reflected within Other Assets in the Consolidated Statements of Financial Condition. For freestanding derivative contracts, Blackstone presents changes in fair value in current period earnings. Changes in the fair value of derivative instruments held by consolidated Blackstone Funds are reflected in Net Gains from Fund Investment Activities or, where derivative instruments are held by Blackstone, within Investment Income (Loss) in the Consolidated Statements of Operations. The fair value of freestanding derivative assets of the consolidated Blackstone Funds are recorded within Investments, the fair value of freestanding derivative assets that are not part of the consolidated Blackstone Funds are recorded within Other Assets and the fair value of freestanding derivative liabilities are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Consolidated Statements of Financial Condition. Blackstone has elected to not offset derivative assets and liabilities or financial assets in its Consolidated Statements of Financial Condition, including cash, that may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement is in place that provides Blackstone, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. Blackstone’s other disclosures regarding derivative financial instruments are discussed in Note 6. “Derivative Financial Instruments.” Blackstone’s disclosures regarding offsetting are discussed in Note 12. “Offsetting of Assets and Liabilities.”
Leases	Leases Blackstone determines if an arrangement is a lease at inception of the arrangement. Blackstone primarily enters into operating leases, as the lessee, for office space. Operating leases are included in Right-of-Use Certain leases include lease and nonlease components, which are accounted for as one single lease component. Occupancy lease agreements, in addition to contractual rent payments, generally include additional payments for certain costs incurred by the landlord, such as building expenses and utilities. To the extent these are fixed or determinable, they are included as part of the minimum lease payments used to measure the Operating Lease Liability. Operating lease expense associated with minimum lease payments is recognized on a straight-line basis over the lease term. When additional payments are based on usage or vary based on other factors, they are expensed when incurred as variable lease expense. Minimum lease payments for leases with an initial term of twelve months or less are not recorded on the Consolidated Statement of Financial Condition. Blackstone recognizes lease expense for these leases on a straight-line basis over the lease term. Additional disclosures relating to leases are discussed in Note 14. “Leases.”
Affiliates	Affiliates Blackstone considers its Founder, senior managing directors, employees, the Blackstone Funds and the Portfolio Companies to be affiliates.
Dividends	Dividends Dividends are reflected in the consolidated financial statements when declared.
Recent Accounting Developments	Recent Accounting Developments In 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 consolidated financial statements.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Intangible Assets, Net	Intangible Assets, Net consists of the following: December 31, 2020 2019 Finite-Lived Intangible Assets/Contractual Rights $ 1,734,076 $ 1,712,576 Accumulated Amortization (1,386,121 ) (1,315,068 ) Intangible Assets, Net $ 347,955 $ 397,508
Changes in Partnership's Intangible Assets, Net	Changes in Blackstone’s Intangible Assets, Net consists of the following: Year Ended December 31, 2020 2019 2018 Balance, Beginning of Year $ 397,508 $ 468,507 $ 409,828 Amortization Expense (71,053 ) (70,999 ) (59,021 ) Acquisitions 21,500 — 117,700 Balance, End of Year $ 347,955 $ 397,508 $ 468,507

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2020
Investments	Investments consist of the following: December 31, 2020 2019 Investments of Consolidated Blackstone Funds $ 1,455,008 $ 8,380,698 Equity Method Investments Partnership Investments 4,353,234 4,035,675 Accrued Performance Allocations 6,891,262 7,180,449 Corporate Treasury Investments 2,579,716 2,419,587 Other Investments 337,922 265,273 $ 15,617,142 $ 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 Consolidated Statements of Operations: Year Ended December 31, 2020 2019 2018 Realized Gains (Losses) $ (126,397 ) $ 15,983 $ 74,784 Net Change in Unrealized Losses 60,363 109,445 (54,697 ) Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds (66,034 ) 125,428 20,087 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 96,576 157,401 171,635 Other Income — Net Gains from Fund Investment Activities $ 30,542 $ 282,829 $ 191,722
Summarized Financial Information of Partnership's Equity Method Investments	The summarized financial information of Blackstone’s equity method investments for December 31, 2020 are as follows: December 31, 2020 and the Year Then Ended Real Estate Private Equity Hedge Fund Credit & Other (a) Total Statement of Financial Condition Assets Investments $ 140,317,595 $ 112,647,584 $ 32,829,525 $ 25,473,283 $ 11,915 $ 311,279,902 Other Assets 5,234,463 2,650,267 3,047,256 2,088,882 95,798 13,116,666 Total Assets $ 145,552,058 $ 115,297,851 $ 35,876,781 $ 27,562,165 $ 107,713 $ 324,396,568 Liabilities and Equity Debt $ 29,962,733 $ 15,928,802 $ 886,292 $ 7,553,301 $ — $ 54,331,128 Other Liabilities 5,777,808 1,657,846 3,320,551 1,216,354 48,275 12,020,834 Total Liabilities 35,740,541 17,586,648 4,206,843 8,769,655 48,275 66,351,962 Equity 109,811,517 97,711,203 31,669,938 18,792,510 59,438 258,044,606 Total Liabilities and Equity $ 145,552,058 $ 115,297,851 $ 35,876,781 $ 27,562,165 $ 107,713 $ 324,396,568 Statement of Operations Interest Income $ 608,120 $ 1,083,534 $ 22,157 $ 1,196,544 $ — $ 2,910,355 Other Income 1,074,818 71,219 283,250 323,577 115,504 1,868,368 Interest Expense (1,006,311 ) (345,060 ) (68,887 ) (211,507 ) — (1,631,765 ) Other Expenses (1,889,153 ) (1,405,029 ) (225,384 ) (525,456 ) (53,292 ) (4,098,314 ) Net Realized and Unrealized Gains (Losses) from Investments 5,150,127 7,638,733 2,449,079 (1,965,087 ) — 13,272,852 Net Income (Loss) $ 3,937,601 $ 7,043,397 $ 2,460,215 $ (1,181,929 ) $ 62,212 $ 12,321,496 (a) Other represents the summarized financial information of equity method investments whose results, for segment reporting purposes, have been allocated across more than one of Blackstone’s segments. The summarized financial information of Blackstone’s equity method investments for December 31, 2019 are as follows: December 31, 2019 and the Year Then Ended Real Estate Private Equity Hedge Fund Credit & Other (a) Total Statement of Financial Condition Assets Investments $ 119,951,496 $ 99,906,080 $ 26,516,304 $ 25,923,446 $ 849 $ 272,298,175 Other Assets 5,318,743 2,907,054 2,609,755 1,680,187 119,739 12,635,478 Total Assets $ 125,270,239 $ 102,813,134 $ 29,126,059 $ 27,603,633 $ 120,588 $ 284,933,653 Liabilities and Equity Debt $ 24,750,242 $ 12,399,899 $ 378,950 $ 6,687,654 $ — $ 44,216,745 Other Liabilities 6,575,483 1,124,857 2,402,920 1,535,636 24,717 11,663,613 Total Liabilities 31,325,725 13,524,756 2,781,870 8,223,290 24,717 55,880,358 Equity 93,944,514 89,288,378 26,344,189 19,380,343 95,871 229,053,295 Total Liabilities and Equity $ 125,270,239 $ 102,813,134 $ 29,126,059 $ 27,603,633 $ 120,588 $ 284,933,653 Statement of Operations Interest Income $ 535,274 $ 897,990 $ 16,708 $ 1,252,747 $ — $ 2,702,719 Other Income 1,422,711 46,126 206,630 313,009 109,692 2,098,168 Interest Expense (736,840 ) (416,603 ) (87,898 ) (250,261 ) — (1,491,602 ) Other Expenses (1,465,212 ) (1,011,584 ) (164,948 ) (470,033 ) (61,423 ) (3,173,200 ) Net Realized and Unrealized Gains (Losses) from Investments 9,671,224 9,233,285 1,700,722 (456,651 ) — 20,148,580 Net Income (Loss) $ 9,427,157 $ 8,749,214 $ 1,671,214 $ 388,811 $ 48,269 $ 20,284,665 (a) Other represents the summarized financial information of equity method investments whose results, for segment reporting purposes, have been allocated across more than one of Blackstone’s segments. The summarized financial information of Blackstone’s equity method investments for December 31, 2018 are as follows: December 31, 2018 and the Year Then Ended Real Estate Private Equity Hedge Fund Credit & Other (a) Total Statement of Financial Condition Assets Investments $ 89,742,226 $ 79,718,783 $ 26,336,573 $ 24,634,380 $ 353 $ 220,432,315 Other Assets 3,542,235 2,257,152 3,119,639 1,706,579 125,007 10,750,612 Total Assets $ 93,284,461 $ 81,975,935 $ 29,456,212 $ 26,340,959 $ 125,360 $ 231,182,927 Liabilities and Partners’ Capital Debt $ 15,081,536 $ 9,989,289 $ 350,982 $ 5,087,998 $ — $ 30,509,805 Other Liabilities 3,568,159 749,043 1,529,466 1,338,712 28,295 7,213,675 Total Liabilities 18,649,695 10,738,332 1,880,448 6,426,710 28,295 37,723,480 Partners’ Capital 74,634,766 71,237,603 27,575,764 19,914,249 97,065 193,459,447 Total Liabilities and Partners’ Capital $ 93,284,461 $ 81,975,935 $ 29,456,212 $ 26,340,959 $ 125,360 $ 231,182,927 Statement of Operations Interest Income $ 377,615 $ 1,022,387 $ 6,695 $ 1,130,490 $ — $ 2,537,187 Other Income 1,244,754 92,696 166,842 417,883 106,525 2,028,700 Interest Expense (518,137 ) (278,348 ) (17,780 ) (228,734 ) — (1,042,999 ) Other Expenses (921,990 ) (903,737 ) (150,135 ) (547,612 ) (65,249 ) (2,588,723 ) Net Realized and Unrealized Gains (Losses) from Investments 4,437,434 10,172,066 352,018 (733,747 ) — 14,227,771 Net Income (Loss) $ 4,619,676 $ 10,105,064 $ 357,640 $ 38,280 $ 41,276 $ 15,161,936 (a) Other represents the summarized financial information of equity method investments whose results, for segment reporting purposes, have been allocated across more than one of Blackstone’s segments.
Performance Fees Allocated to Funds	Accrued Performance Allocations to Blackstone were as follows: Real Estate Private Equity Hedge Fund Credit & Total Accrued Performance Allocations, December 31, 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 343,604 1,294,878 121,923 (105,561 ) 1,654,844 Foreign Exchange Gain 59,009 — — — 59,009 Fund Distributions (1,009,006 ) (870,821 ) (103,581 ) (19,632 ) (2,003,040 ) Accrued Performance Allocations, December 31, 2020 $ 3,033,462 $ 3,487,206 $ 42,293 $ 328,301 $ 6,891,262
Realized and Net Change in Unrealized Gains (Losses) on Investments	The following table presents the Realized and Net Change in Unrealized Gains (Losses) on these investments: Year Ended December 31, 2020 2019 2018 Realized Gains (Losses) $ 44,700 $ 28,585 $ (1,024 ) Net Change in Unrealized Gains (Losses) (91,299 ) 62,042 (38,113 ) $ (46,599 ) $ 90,627 $ (39,137 )
Realized and Net Change in Unrealized Gains in Other Investments	The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in Other Investments: Year Ended December 31, 2020 2019 2018 Realized Gains $ 19,573 $ 46,248 $ 56,381 Net Change in Unrealized Gains (Losses) (2,647 ) 21,450 20,335 $ 16,926 $ 67,698 $ 76,716

Net Asset Value as Fair Value (

Net Asset Value as Fair Value (Tables)	12 Months Ended
	Dec. 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 and ability to redeem such investments as of December 31, 2020 is presented below: Strategy (a) Fair Value Redemption (if currently eligible) Redemption Notice Period Diversified Instruments $ 3,842 (b) (b) Credit Driven 72,189 (c) (c) Equity 1,014 (d) (d) Commodities 920 (e) (e) $ 77,965 (a) As of December 31, 2020, Blackstone had no unfunded commitments. (b) Diversified Instruments include investments in funds that invest across multiple strategies. Investments representing 100% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. (c) The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. Investments representing 20% of the fair value of the investments in this category are in liquidation. The remaining 80% of investments in this category are redeemable as of the reporting date. (d) 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 74% of Blackstone’s investments in the category. (e) The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. Investments representing 100% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 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. December 31, 2020 December 31, 2019 Assets Liabilities Assets Liabilities Notional Fair Value Notional Fair Value Notional Fair Notional Fair Freestanding Derivatives Blackstone Interest Rate Contracts $ 684,320 $ 113,072 $ 862,887 $ 190,342 $ 1,256,287 $ 53,129 $ 165,852 $ 4,895 Foreign Currency Contracts 316,787 7,392 334,015 3,941 344,422 1,231 97,626 802 Credit Default Swaps 2,706 331 9,158 1,350 7,617 36 16,697 197 Other 5,000 5,227 — — — — — — 1,008,813 126,022 1,206,060 195,633 1,608,326 54,396 280,175 5,894 Investments of Consolidated Blackstone Funds Foreign Currency Contracts — — 66,431 2,651 106,906 307 40,110 1,167 Interest Rate Contracts — — 14,000 1,485 — — 33,000 1,728 Credit Default Swaps 8,282 542 41,290 1,558 5,108 58 47,405 960 Total Return Swaps — — 19,275 2,125 4,558 21 27,334 464 Other — — — — 1 4 1 2 8,282 542 140,996 7,819 116,573 390 147,850 4,321 $ 1,017,095 $ 126,564 $ 1,347,056 $ 203,452 $ 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 Consolidated Statements of Operations from derivative financial instruments: Year Ended December 31, 2020 2019 2018 Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ (7,643 ) $ (3,570 ) $ 2,968 Foreign Currency Contracts 1,105 6,099 10,761 Credit Default Swaps (109 ) 3,209 (539 ) Total Return Swaps (1,875 ) (908 ) 145 Other 14 (286 ) (120 ) (8,508 ) 4,544 13,215 Net Change in Unrealized Gains (Losses) Interest Rate Contracts (117,145 ) 50,431 36,472 Foreign Currency Contracts 1,231 (441 ) (6,682 ) Credit Default Swaps (1,777 ) 3,400 (521 ) Total Return Swaps (1,683 ) 1,296 (2,107 ) Other 57 (36 ) — (119,317 ) 54,650 27,162 $ (127,825 ) $ 59,194 $ 40,377

Fair Value Option (Tables)

Fair Value Option (Tables)	12 Months Ended
	Dec. 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: December 31, 2020 2019 Assets Loans and Receivables $ 581,079 $ 500,751 Equity and Preferred Securities 532,790 432,472 Debt Securities 448,352 506,924 Assets of Consolidated CLO Vehicles Corporate Loans — 6,801,691 Other — 770 $ 1,562,221 $ 8,242,608 Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes Loans Payable $ — $ 6,455,016 Due to Affiliates — 57,717 Subordinated Notes Loans Payable — 24,738 Due to Affiliates — 20,535 Corporate Treasury Commitments 244 — $ 244 $ 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: Year Ended December 31, 2020 2019 2018 Net Change Net Change Net Change Realized in Unrealized Realized in Unrealized Realized in Unrealized Gains Gains Gains Gains Gains Gains (Losses) (Losses) (Losses) (Losses) (Losses) (Losses) Assets Loans and Receivables $ (10,314 ) $ (2,011 ) $ (4,595 ) $ (6,533 ) $ 291 $ (447 ) Equity and Preferred Securities (342 ) (67,869 ) 16,493 (2,331 ) 3,451 (3,589 ) Debt Securities (22,783 ) 29,143 (7,139 ) 12,748 (1,105 ) (29,069 ) Assets of Consolidated CLO Vehicles Corporate Loans (96,194 ) (226,542 ) (29,191 ) 96,221 (8,749 ) (285,698 ) Corporate Bonds — — — — (24,056 ) 9,693 Other — (325 ) — 133 — 6 $ (129,633 ) $ (267,604 ) $ (24,432 ) $ 100,238 $ (30,168 ) $ (309,104 ) Liabilities Liabilities of Consolidated CLO Vehicles Senior Secured Notes $ — $ 199,445 $ — $ (40,050 ) $ — $ 51,048 Subordinated Notes — 30,046 — 15,017 — 254,966 Corporate Treasury Commitments — (244 ) — — — — $ — $ 229,247 $ — $ (25,033 ) $ — $ 306,014
Information for Financial Instruments on Which Fair Value Option was Elected	The following table presents information for those financial instruments for which the fair value option was elected: December 31, 2020 December 31, 2019 For Financial Assets For Financial Assets Past Due (a) Past Due (a) Excess Excess Excess Excess (Deficiency) (Deficiency) (Deficiency) (Deficiency) 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 $ (7,807 ) $ — $ — $ (3,875 ) $ — $ — Debt Securities (29,359 ) — — (14,667 ) — — Assets of Consolidated CLO Vehicles Corporate Loans — — — (234,430 ) — — Other — — — 133 — — $ (37,166 ) $ — $ — $ (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)	12 Months Ended
	Dec. 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: December 31, 2020 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents $ 597,130 $ 15,606 $ — $ — $ 612,736 Investments Investments of Consolidated Blackstone Funds Investment Funds — — — 15,711 15,711 Equity Securities, Partnerships and LLC Interests 39,694 48,471 792,958 — 881,123 Debt Instruments — 492,280 65,352 — 557,632 Freestanding Derivatives — 542 — — 542 Total Investments of Consolidated Blackstone Funds 39,694 541,293 858,310 15,711 1,455,008 Corporate Treasury Investments 996,516 1,517,809 7,899 57,492 2,579,716 Other Investments 187,089 — 61,053 4,762 252,904 Total Investments 1,223,299 2,059,102 927,262 77,965 4,287,628 Accounts Receivable — Loans and Receivables — — 581,079 — 581,079 Other Assets — Freestanding Derivatives 162 125,860 — — 126,022 $ 1,820,591 $ 2,200,568 $ 1,508,341 $ 77,965 $ 5,607,465 Liabilities Securities Sold, Not Yet Purchased $ 9,324 $ 41,709 $ — $ — $ 51,033 Accounts Payable, Accrued Expenses and Other Liabilities Consolidated Blackstone Funds — Freestanding Derivatives — 7,819 — — 7,819 Freestanding Derivatives 373 195,260 — — 195,633 Corporate Treasury Commitments (a) — — 244 — 244 Total Accounts Payable, Accrued Expenses and Other Liabilities 373 203,079 244 — 203,696 $ 9,697 $ 244,788 $ 244 $ — $ 254,729 December 31, 2019 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents $ 456,784 $ — $ — $ — $ 456,784 Investments Investments of Consolidated Blackstone Funds Investment Funds — — — 23,647 23,647 Equity Securities, Partnerships and LLC Interests 31,812 53,611 674,150 — 759,573 Debt Instruments — 715,246 79,381 — 794,627 Freestanding Derivatives — 390 — — 390 Assets of Consolidated CLO Vehicles (b) — 6,505,720 296,741 — 6,802,461 Total Investments of Consolidated Blackstone Funds 31,812 7,274,967 1,050,272 23,647 8,380,698 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 502 53,894 — — 54,396 $ 1,416,214 $ 8,714,443 $ 1,580,312 $ 308,851 $ 12,019,820 Liabilities Loans Payable — Liabilities of Consolidated CLO Vehicles (b) $ — $ 6,479,754 $ — $ — $ 6,479,754 Due to Affiliates — Liabilities of Consolidated CLO Vehicles (b) — 78,252 — — 78,252 Securities Sold, Not Yet Purchased 19,977 55,569 — — 75,546 Accounts Payable, Accrued Expenses and Other Liabilities Consolidated Blackstone Funds — Freestanding Derivatives — 4,321 — — 4,321 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 LLC Limited Liability Company. (a) Corporate Treasury Commitments are measured using third party pricing. (b) During the year ended December 31, 2020, Blackstone deconsolidated nine CLO vehicles. See Note 9. “Variable Interest Entities” for additional details.
Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy	The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of December 31, 2020: Impact to Valuation from an Valuation Unobservable Weighted- Increase Fair Value Techniques Inputs Ranges Average (a) in Input Financial Assets Investments of Consolidated Blackstone Funds Equity Securities, Partnership and LLC Interests $ 792,958 Discounted Cash Flows Discount Rate 3.8% - 42.1% 10.8% Lower Exit Multiple - EBITDA 1.7x 13.2x Higher Exit Capitalization Rate 2.7% - 14.9% 5.4% Lower Transaction Price N/A Other N/A Debt Instruments 65,352 Discounted Cash Flows Discount Rate 6.3 19.3 8.6% Lower Third Party Pricing N/A Total Investments of Consolidated Blackstone Funds 858,310 Corporate Treasury Investments 7,899 Discounted Cash Flows Discount Rate 3.3% - 7.4% 6.4% Lower Third Party Pricing N/A Loans and Receivables 581,079 Discounted Cash Flows Discount Rate 6.7% - 10.3% 7.8% Lower Other Investments 61,053 Third Party Pricing N/A Transaction Price N/A Other N/A $ 1,508,341 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: Impact to Valuation from an Valuation Unobservable Weighted- Increase Fair Value Techniques Inputs Ranges Average (a) in Input Financial Assets Investments of Consolidated Blackstone Funds Equity Securities, Partnership and LLC Interests $ 674,150 Discounted Cash Flows Discount Rate 0.9% - 40.2% 10.6% Lower Exit Multiple - EBITDA 0.1x - 17.0x 9.7x Higher Exit Capitalization Rate 2.0% - 27.0% 5.9% Lower Third Party Pricing N/A Transaction Price N/A Other N/A Debt Instruments 79,381 Discounted Cash Flows Discount Rate 7.1% - 58.2% 12.1% Lower Third Party Pricing N/A Transaction Price N/A Other N/A Assets of Consolidated CLO Vehicles 296,741 Third Party Pricing N/A Total Investments of Consolidated Blackstone Funds 1,050,272 Corporate Treasury Investments 29,289 Discounted Cash Flows Discount Rate 3.2% - 7.1% 5.7% Lower Market Comparable EBITDA Multiple 6.2x - 8.8x 8.1x Higher Third Party Pricing N/A Loans and Receivables 500,751 Discounted Cash Flows Discount Rate 5.2% - 9.8% 7.7% Lower Transaction Price N/A $ 1,580,312 N/A Not applicable. EBITDA Earnings before interest, taxes, depreciation and amortization. Exit Multiple Ranges include the last twelve months EBITDA and forward EBITDA multiples. Third Party Pricing Third Party Pricing is generally determined on the basis of unadjusted prices between market participants provided by reputable dealers or pricing services. Transaction Price Includes recent acquisitions or transactions. (a) Unobservable inputs were weighted based on the fair value of the investments included in the range.
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. These tables also exclude financial assets and liabilities measured at fair value on a non-recurring Level III Financial Assets at Fair Value Year Ended December 31, 2020 2019 Investments of Loans Investments of Loans Consolidated and Other Consolidated and Other Funds Receivables Investments (a) Total Funds Receivables Investments (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 (Out) Due to Deconsolidation (296,741 ) — 39,875 (256,866 ) — — — — Transfer In to Level III (b) 22,794 — 24,903 47,697 154,046 — 29,941 183,987 Transfer Out of Level III (b) (42,283 ) — (30,089 ) (72,372 ) (507,546 ) — (40,426 ) (547,972 ) Purchases 203,268 709,799 9,632 922,699 510,516 1,037,019 18,816 1,566,351 Sales (116,250 ) (647,336 ) (33,278 ) (796,864 ) (536,156 ) (834,145 ) (34,905 ) (1,405,206 ) Issuances — 64,863 — 64,863 — — — — Settlements — (40,691 ) — (40,691 ) — (21,262 ) — (21,262 ) Changes in Gains (Losses) Included in Earnings 37,250 (6,307 ) 5,826 36,769 65,396 14,966 (322 ) 80,040 Balance, End of Period $ 858,310 $ 581,079 $ 46,158 $ 1,485,547 $ 1,050,272 $ 500,751 $ 29,289 $ 1,580,312 Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ 38,678 $ (7,135 ) $ 6,783 $ 38,326 $ 33,721 $ (6,533 ) $ 588 $ 27,776 (a) Represents corporate treasury investments and Other Investments. (b) Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2020
Maximum Exposure to Loss Relating to Non-Consolidated VIEs	Blackstone’s maximum exposure to loss relating to non-consolidated December 31, December 31, Investments $ 1,307,292 $ 1,216,932 Due from Affiliates 262,815 143,949 Potential Clawback Obligation 38,679 109,240 Maximum Exposure to Loss $ 1,608,786 $ 1,470,121 Amounts Due to Non-Consolidated $ 241 $ 231

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	12 Months Ended
	Dec. 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: December 31, 2020 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 Days 30 - 90 Greater than Total Repurchase Agreements Asset-Backed Securities $ — $ 15,345 $ 32,759 $ 28,704 $ 76,808 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 12. “Offsetting of Assets and Liabilities” $ 76,808 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 12. “Offsetting of Assets and Liabilities” $ — December 31, 2019 Remaining Contractual Maturity of the Agreements Overnight and Up to 30 Days 30 - 90 Greater than Total Repurchase Agreements Asset-Backed Securities $ — $ 42,459 $ 88,868 $ 22,791 $ 154,118 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 12. “Offsetting of Assets and Liabilities” $ 154,118 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 12. “Offsetting of Assets and Liabilities” $ —

Other Assets and Accounts Pay_2

Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Other Assets	Other Assets consists of the following: December 31, 2020 2019 Furniture, Equipment and Leasehold Improvements $ 526,075 $ 417,373 Less: Accumulated Depreciation (294,268 ) (262,891 ) Furniture, Equipment and Leasehold Improvements, Net 231,807 154,482 Prepaid Expenses 105,248 159,333 Freestanding Derivatives 126,022 54,396 Other 17,945 14,282 $ 481,022 $ 382,493

Offsetting of Assets And Liab_2

Offsetting of Assets And Liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Offsetting of Assets	The following tables present the offsetting of assets and liabilities as of December 31, 2020 and 2019: December 31, 2020 Gross and Net Amounts of Assets Presented in the Statement of Gross Amounts Not Offset in Financial Condition Financial Instruments (a) Cash Collateral Received Net Assets Freestanding Derivatives $ 126,564 $ 114,673 $ 53 $ 11,838 December 31, 2019 Gross and Net Amounts of Assets Presented in the Statement of Gross Amounts Not Offset in Financial Condition Financial Instruments (a) Cash Collateral Received Net Assets Freestanding Derivatives $ 54,479 $ 380 $ — $ 54,099
Offsetting of Liabilities	December 31, 2020 Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition Gross Amounts Not Offset in Financial Condition Financial Instruments (a) Cash Collateral Pledged Net Liabilities Freestanding Derivatives $ 202,188 $ 174,623 $ 19,194 $ 8,371 Repurchase Agreements 76,808 76,808 — — $ 278,996 $ 251,431 $ 19,194 $ 8,371 December 31, 2019 Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition Gross Amounts Not Offset in Financial Condition Financial Instruments (a) Cash Collateral Pledged Net Liabilities Freestanding Derivatives $ 10,215 $ 380 $ 9,198 $ 637 Repurchase Agreements 154,118 154,118 — — $ 164,333 $ 154,498 $ 9,198 $ 637 (a) Amounts presented are inclusive of both legally enforceable master netting agreements, and financial instruments received or pledged as collateral. Financial instruments received or pledged as collateral offset derivative counterparty risk exposure, but do not reduce net balance sheet exposure.

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2020
Partnership's Credit Facilities	Blackstone’s credit facilities consist of the following: December 31, 2020 2019 Credit Borrowing Effective Credit Available Borrowing Effective Revolving Credit Facility (a) $ 2,250,000 $ — — $ 1,600,000 $ — — Blackstone Issued Senior Notes (b) 4.750%, Due 2/15/2023 400,000 400,000 5.08 % 400,000 400,000 5.08 % 2.000%, Due 5/19/2025 366,480 366,480 2.22 % 336,390 336,390 2.12 % 1.000%, Due 10/5/2026 732,960 732,960 1.18 % 672,780 672,780 1.13 % 3.150%, Due 10/2/2027 300,000 300,000 3.30 % 300,000 300,000 3.30 % 1.500%, Due 4/10/2029 732,960 732,960 1.63 % 672,780 672,780 1.70 % 2.500%, Due 1/10/2030 500,000 500,000 2.74 % 500,000 500,000 2.71 % 1.600%, Due 3/30/2031 500,000 500,000 1.70 % — — — 6.250%, Due 8/15/2042 250,000 250,000 6.65 % 250,000 250,000 6.65 % 5.000%, Due 6/15/2044 500,000 500,000 5.16 % 500,000 500,000 5.16 % 4.450%, Due 7/15/2045 350,000 350,000 4.56 % 350,000 350,000 4.56 % 4.000%, Due 10/2/2047 300,000 300,000 4.20 % 300,000 300,000 4.20 % 3.500%, Due 9/10/2049 400,000 400,000 3.61 % 400,000 400,000 3.61 % 2.800%, Due 9/30/2050 400,000 400,000 2.88 % — — — 7,982,400 5,732,400 6,281,950 4,681,950 Blackstone Fund Facilities (c) 99 99 1.63 % 113 113 3.68 % CLO Vehicles (d) — — — 6,859,535 6,859,535 3.55 % $ 7,982,499 $ 5,732,499 $ 13,141,598 $ 11,541,598 (a) The Issuer has a credit facility with Citibank, N.A., as Administrative Agent in the amount of $2.25 billion with a maturity date of November 24, 2025. Interest on the borrowings is based on an adjusted LIBOR rate or alternate base rate, in each case plus a margin, and undrawn commitments bear a commitment fee of 0.06%. The margin above adjusted LIBOR used to calculate the interest on borrowings was 0.75% as of December 31, 2020 and 2019. The margin is subject to change based on Blackstone’s credit rating. Borrowings may also be made in U.K. sterling, euros, Swiss francs, Japanese yen or Canadian dollars, in each case subject to certain sub-limits. fee-earning (b) The Issuer has issued long-term borrowings in the form of senior notes (the “Notes”). The Notes are unsecured and unsubordinated obligations of the Issuer. The Notes are fully and unconditionally guaranteed, jointly and severally, by Blackstone, Blackstone Holdings (the “Guarantors”), and the Issuer. The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to the issuance of the Notes have been deducted from the Note liability and are being amortized over the life of the Notes. The indentures include covenants, including limitations on the Issuer’s and the Guarantors’ ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The indentures also provide for events of default and further provide that the trustee or the holders of not less than 25% in aggregate principal amount of the outstanding Notes may declare the Notes immediately due and payable upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the Notes and any accrued and unpaid interest on the Notes automatically become due and payable. All or a portion of the Notes may be redeemed at the Issuer’s option in whole or in part, at any time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the Notes. If a change of control repurchase event occurs, the holders of the Notes may require the Issuer to repurchase the Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of the Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of repurchase. (c) Represents borrowing facilities for the various consolidated Blackstone Funds used to meet liquidity and investing needs. Certain borrowings under these facilities were used for bridge financing and general liquidity purposes. Other borrowings were used to finance the purchase of investments with the borrowing remaining in place until the disposition or refinancing event. Such borrowings have varying maturities and are rolled over until the disposition or a refinancing event. Because the timing of such events is unknown and may occur in the near term, these borrowings are considered short-term in nature. Borrowings bear interest at spreads to market rates. Borrowings were secured according to the terms of each facility and are generally secured by the investment purchased with the proceeds of the borrowing and/or the uncalled capital commitment of each respective fund. Certain facilities have commitment fees. When a fund borrows, the proceeds are available only for use by that fund and are not available for the benefit of other funds. Collateral within each fund is also available only against the borrowings by that fund and not against the borrowings of other funds. (d) Represents borrowings due to the holders of debt securities issued by CLO vehicles consolidated by Blackstone. These amounts are included within Loans Payable and Due to Affiliates within the Consolidated Statements of Financial Condition.
Carrying Value and Fair Value of Blackstone Issued Notes	The following table presents the general characteristics of each of Blackstone’s notes, as well as their carrying value and fair value. The notes are included in Loans Payable within the Consolidated Statements of Financial Condition. All of the notes were issued at a discount. All of the notes accrue interest from the issue date thereof and all pay interest in arrears on a semi-annual December 31, 2020 2019 Senior Notes Carrying Fair Value (a) Carrying Fair Value (a) 4.750%, Due 2/15/2023 $ 397,385 $ 434,400 $ 396,247 $ 429,280 2.000%, Due 5/19/2025 362,947 398,620 332,393 365,521 1.000%, Due 10/5/2026 724,646 770,707 664,229 691,012 3.150%, Due 10/2/2027 297,387 332,370 297,046 309,540 1.500%, Due 4/10/2029 728,054 805,744 667,425 708,841 2.500%, Due 1/10/2030 490,745 538,200 489,841 493,500 1.600%, Due 3/30/2031 495,100 497,950 — — 6.250%, Due 8/15/2042 238,668 372,250 238,437 338,200 5.000%, Due 6/15/2044 489,201 684,800 488,968 606,700 4.450%, Due 7/15/2045 344,282 449,645 344,157 396,235 4.000%, Due 10/2/2047 290,533 364,590 290,344 321,780 3.500%, Due 9/10/2049 391,925 460,120 391,769 399,961 2.800%, Due 9/30/2050 393,681 406,280 — — $ 5,644,554 $ 6,515,676 $ 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: December 31, 2020 2019 Borrowing Effective Weighted- Borrowing Effective Weighted- Senior Secured Notes $ — — — $ 6,527,800 3.55 % 3.5 Subordinated Notes — — — 331,735 (b ) N/A $ — $ 6,859,535 (a) Weighted-Average Remaining Maturity in Years for Senior Secured Notes includes consideration of pre-payment (b) The Subordinated Notes do not have contractual interest rates but instead receive distributions from the excess cash flows of the CLO vehicles.
Components of Senior Secured Notes and Subordinated Notes	Senior Secured Notes and Subordinated Notes comprise the following amounts: December 31, 2020 2019 Amounts Due to Non- Amounts Due to Non- Fair Value Borrowing Fair Fair Value Borrowing Fair Senior Secured Notes $ — $ — $ — $ 6,512,733 $ 57,750 $ 57,717 Subordinated Notes — — — 45,273 44,734 20,535 $ — $ — $ — $ 6,558,006 $ 102,484 $ 78,252
Scheduled Principal Payments for Borrowings	Scheduled principal payments for borrowings at December 31, 2020 were as follows: Operating Blackstone Fund Total Borrowings 2021 $ — $ 99 $ 99 2022 — — — 2023 400,000 — 400,000 2024 — — — 2025 366,480 — 366,480 Thereafter 4,965,920 — 4,965,920 $ 5,732,400 $ 99 $ 5,732,499

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Schedule of components of lease expense	The components of lease expense were as follows: Year Ended December 31, 2020 2019 Operating Lease Cost (a) Straight-Line Lease Cost (b) $ 107,970 $ 90,640 Variable Lease Cost 15,426 14,574 Sublease Income (2,191 ) (796 ) $ 121,205 $ 104,418
Schedule of Supplemental cash flow information related to leases	Supplemental cash flow information related to leases were as follows: Year Ended December 31, 2020 2019 Operating Cash Flows for Operating Leases $ 102,364 $ 94,854 Non-Cash Right-of-Use 153,433 10,053
Schedule of Undiscounted cash flows on an annual basis for Operating Lease Liabilities	The following table shows the undiscounted cash flows on an annual basis for Operating Lease Liabilities as of December 31, 2020: 2021 $ 91,947 2022 104,746 2023 101,963 2024 87,961 2025 91,797 Thereafter 182,422 Total Lease Payments (a) 660,836 Less: Imputed Interest (39,992 ) Present Value of Operating Lease Liabilities $ 620,844

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Before Provision for Taxes	The Income Before Provision (Benefit) for Taxes consists of the following: Year Ended December 31, 2020 2019 2018 Income Before Provision (Benefit) for Taxes U.S. Domestic Income $ 2,311,734 $ 3,547,292 $ 3,308,202 Foreign Income 305,786 270,723 204,739 $ 2,617,520 $ 3,818,015 $ 3,512,941
Provision (Benefit) for Income Taxes	The Provision (Benefit) for Taxes consists of the following: Year Ended December 31, 2020 2019 2018 Current Federal Income Tax $ 163,227 $ 74,611 $ 73,525 Foreign Income Tax 38,914 38,098 42,128 State and Local Income Tax 66,355 19,267 53,961 268,496 131,976 169,614 Deferred Federal Income Tax 86,958 (222,790 ) 59,924 Foreign Income Tax 870 312 (2,518 ) State and Local Income Tax (310 ) 42,550 22,370 87,518 (179,928 ) 79,776 Provision (Benefit) for Taxes $ 356,014 $ (47,952 ) $ 249,390
Summary of Blackstone's Tax Position	The following table summarizes Blackstone’s tax position: Year Ended December 31, 2020 2019 2018 Income Before Provision (Benefit) for Taxes $ 2,617,520 $ 3,818,015 $ 3,512,941 Provision (Benefit) for Taxes $ 356,014 $ (47,952 ) $ 249,390 Effective Income Tax Rate 13.6 % -1.3 % 7.1 %
Reconciliations of Effective Income Tax Rate to Federal Statutory Tax Rate	The following table reconciles the effective income tax rate to the U.S. federal statutory tax rate: 2020 2019 Year Ended December 31, vs. vs. 2020 2019 2018 2019 2018 Statutory U.S. Federal Income Tax Rate 21.0 % 21.0 % 21.0 % — — Income Passed Through to Common Shareholders and Non-Controlling -8.6 % -13.5 % -15.5 % 4.9 % 2.0 % State and Local Income Taxes 2.4 % 1.6 % 1.8 % 0.8 % -0.2 % Foreign Income Taxes -1.2 % -0.6 % -0.3 % -0.6 % -0.3 % Change to a Taxable Corporation 1.4 % -10.3 % — 11.7 % -10.3 % Change in Valuation Allowance (b) -2.8 % -0.8 % — -2.0 % -0.8 % Other 1.4 % 1.3 % 0.1 % 0.1 % 1.2 % Effective Income Tax Rate 13.6 % -1.3 % 7.1 % 14.9 % -8.4 %
Summary of Tax Effects of Temporary Differences	A summary of the tax effects of the temporary differences is as follows: December 31, 2020 2019 Deferred Tax Assets Investment Basis Differences/Net Unrealized Gains and Losses $ 1,789,699 $ 1,712,982 Other 11,102 5,342 Total Deferred Tax Assets Before Valuation Allowance 1,800,801 1,718,324 Valuation Allowance (558,225 ) (629,019 ) Total Net Deferred Tax Assets 1,242,576 1,089,305 Deferred Tax Liabilities Investment Basis Differences/Net Unrealized Gains and Losses 18,733 20,267 Other 6,624 — Total Deferred Tax Liabilities 25,357 20,267 Net Deferred Tax Assets $ 1,217,219 $ 1,069,038
Blackstone's Unrecognized Tax Benefits Excluding Related Interest and Penalties	Blackstone’s unrecognized tax benefits, excluding related interest and penalties, were: December 31, 2020 2019 2018 Unrecognized Tax Benefits—January 1 $ 24,958 $ 20,864 $ 11,454 Additions for Tax Positions of Prior Years 7,959 4,908 9,671 Reductions for Tax Positions of Prior Years — — (323 ) Settlements — (829 ) — Exchange Rate Fluctuations 16 15 62 Unrecognized Tax Benefits—December 31 $ 32,933 $ 24,958 $ 20,864

Earnings Per Share and Stockh_2

Earnings Per Share and Stockholder's Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Basic and Diluted Net Income Per Common Stock	Basic and diluted net income per share of Class A common stock for the years ended December 31, 2020, 2019 and 2018 was calculated as follows: Year Ended December 31, 2020 2019 2018 Net Income for Per Share of Class A Common Stock Calculations Net Income Attributable to The Blackstone Group Inc., Basic $ 1,045,363 $ 2,049,682 $ 1,541,788 Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units — — 1,185,799 Net Income Attributable to The Blackstone Group Inc., Diluted $ 1,045,363 $ 2,049,682 $ 2,727,587 Shares/Units Outstanding Weighted-Average Shares of Class A Common Stock Outstanding, Basic 696,933,548 675,900,466 678,850,245 Weighted-Average Shares of Unvested Deferred Restricted Class A Common Stock 324,748 267,385 226,487 Weighted-Average Blackstone Holdings Partnership Units — — 527,886,114 Weighted-Average Shares of Class A Common Stock Outstanding, Diluted 697,258,296 676,167,851 1,206,962,846 Net Income Per Share of Class A Common Stock Basic $ 1.50 $ 3.03 $ 2.27 Diluted $ 1.50 $ 3.03 $ 2.26 Dividends Declared Per Share of Class A Common Stock (a) $ 1.91 $ 1.92 $ 2.42 (a) Dividends declared reflects the calendar date of the declaration for each distribution. The fourth quarter dividends, if any, for any fiscal year will be declared and paid in the subsequent fiscal year.
Summary of Anti-Dilutive Securities	The following table summarizes the anti-dilutive securities for the periods indicated: Year Ended December 31, 2020 2019 2018 Weighted-Average Blackstone Holdings Partnership Units 504,221,914 524,211,887 —
Schedule of Shares Eligible For Dividends and Distribution	As of December 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 683,875,544 Unvested Participating Common Stock 20,084,245 Total Participating Common Stock 703,959,789 Participating Blackstone Holdings Partnership Units 496,060,455 1,200,020,244

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	12 Months Ended
	Dec. 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 December 31, 2020 and of changes during the period January 1, 2020 through December 31, 2020 is presented below: Blackstone Holdings The Blackstone Group Inc. Equity Settled Awards Cash Settled Awards Unvested Shares/Units Partnership Weighted- Date Fair Deferred Weighted- Date Fair Phantom Weighted- Date Fair Balance, December 31, 2019 32,159,218 $ 36.25 8,969,736 $ 35.26 51,341 $ 52.85 Granted — — 14,648,390 45.69 24,825 57.45 Vested (8,126,156 ) 38.79 (3,489,278 ) 35.39 (9,657 ) 54.15 Forfeited (261,926 ) 41.75 (616,814 ) 37.90 (1,225 ) 60.42 Balance, December 31, 2020 23,771,136 $ 36.33 19,512,034 $ 42.60 65,284 $ 60.42
Unvested Shares and Units, After Expected Forfeitures	The following unvested shares and units, after expected forfeitures, as of December 31, 2020, are expected to vest: Shares/Units Weighted-Average Blackstone Holdings Partnership Units 21,536,825 2.8 Deferred Restricted Shares of Class A Common Stock 16,656,484 3.3 Total Equity-Based Awards 38,193,309 3.0 Phantom Shares 52,476 3.0

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2020
Due from Affiliates and Due to Affiliates	Due from Affiliates and Due to Affiliates consisted of the following: December 31, 2020 2019 Due from Affiliates Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated $ 2,637,055 $ 1,999,568 Due from Certain Non-Controlling 548,897 573,679 Accrual for Potential Clawback of Previously Distributed Performance Allocations 35,563 21,626 $ 3,221,515 $ 2,594,873 December 31, 2020 2019 Due to Affiliates Due to Certain Non-Controlling $ 857,523 $ 672,981 Due to Non-Consolidated 107,410 100,286 Due to Note-Holders of Consolidated CLO Vehicles — 78,252 Due to Certain Non-Controlling s 61,539 48,433 Accrual for Potential Repayment of Previously Received Performance Allocations 108,569 126,919 $ 1,135,041 $ 1,026,871

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2020
Clawback Obligations by Segment	The following table presents the clawback obligations by segment: December 31, 2020 2019 Segment Blackstone Current and Total Blackstone Current and Total Real Estate $ 28,283 $ 17,102 $ 45,385 $ 16,151 $ 10,597 $ 26,748 Private Equity 41,722 (8,623 ) 33,099 82,276 2,860 85,136 Credit & Insurance 13,935 16,150 30,085 6,866 8,169 15,035 $ 83,940 $ 24,629 $ 108,569 $ 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)	12 Months Ended
	Dec. 31, 2020
Financial Data of Segments	The following tables present the financial data for Blackstone’s four segments as of December 31, 2020 and 2019, and for the years ended December 31, 2020, 2019 and 2018. December 31, 2020 and the Year Then Ended Real Hedge Fund Credit & Estate Private Equity Solutions Insurance Total Segments Management and Advisory Fees, Net Base Management Fees $ 1,553,483 $ 1,232,028 $ 582,830 $ 603,713 $ 3,972,054 Transaction, Advisory and Other Fees, Net 98,225 82,440 5,899 21,311 207,875 Management Fee Offsets (13,020 ) (44,628 ) (650 ) (10,466 ) (68,764 ) Total Management and Advisory Fees, Net 1,638,688 1,269,840 588,079 614,558 4,111,165 Fee Related Performance Revenues 338,161 — — 40,515 378,676 Fee Related Compensation (618,105 ) (455,538 ) (161,713 ) (261,214 ) (1,496,570 ) Other Operating Expenses (183,132 ) (195,213 ) (79,758 ) (165,114 ) (623,217 ) Fee Related Earnings 1,175,612 619,089 346,608 228,745 2,370,054 Realized Performance Revenues 787,768 877,493 179,789 20,943 1,865,993 Realized Performance Compensation (312,698 ) (366,949 ) (31,224 ) (3,476 ) (714,347 ) Realized Principal Investment Income 24,764 72,089 54,110 7,970 158,933 Total Net Realizations 499,834 582,633 202,675 25,437 1,310,579 Total Segment Distributable Earnings $ 1,675,446 $ 1,201,722 $ 549,283 $ 254,182 $ 3,680,633 Segment Assets $ 8,562,294 $ 10,137,928 $ 2,472,206 $ 3,722,391 $ 24,894,819 December 31, 2019 and the Year Then Ended Real Hedge Fund Credit & Estate Private Equity Solutions Insurance Total Segments Management and Advisory Fees, Net Base Management Fees $ 1,116,183 $ 986,482 $ 556,730 $ 586,535 $ 3,245,930 Transaction, Advisory and Other Fees, Net 175,831 115,174 3,533 19,882 314,420 Management Fee Offsets (26,836 ) (37,327 ) (138 ) (11,813 ) (76,114 ) Total Management and Advisory Fees, Net 1,265,178 1,064,329 560,125 594,604 3,484,236 Fee Related Performance Revenues 198,237 — — 13,764 212,001 Fee Related Compensation (531,259 ) (423,752 ) (151,960 ) (229,607 ) (1,336,578 ) Other Operating Expenses (168,332 ) (160,010 ) (81,999 ) (160,801 ) (571,142 ) Fee Related Earnings 763,824 480,567 326,166 217,960 1,788,517 Realized Performance Revenues 1,032,337 468,992 126,576 32,737 1,660,642 Realized Performance Compensation (374,096 ) (192,566 ) (24,301 ) (12,972 ) (603,935 ) Realized Principal Investment Income 79,733 90,249 21,707 32,466 224,155 Total Net Realizations 737,974 366,675 123,982 52,231 1,280,862 Total Segment Distributable Earnings $ 1,501,798 $ 847,242 $ 450,148 $ 270,191 $ 3,069,379 Segment Assets $ 9,023,353 $ 9,007,658 $ 2,238,048 $ 4,009,354 $ 24,278,413 Year Ended December 31, 2018 Real Hedge Fund Credit & Estate Private Equity Solutions Insurance Total Segments Management and Advisory Fees, Net Base Management Fees $ 985,399 $ 785,223 $ 519,782 $ 553,921 $ 2,844,325 Transaction, Advisory and Other Fees, Net 152,513 58,165 3,180 15,640 229,498 Management Fee Offsets (11,442 ) (13,504 ) (93 ) (12,332 ) (37,371 ) Total Management and Advisory Fees, Net 1,126,470 829,884 522,869 557,229 3,036,452 Fee Related Performance Revenues 124,502 — — (666 ) 123,836 Fee Related Compensation (459,430 ) (375,446 ) (162,172 ) (219,098 ) (1,216,146 ) Other Operating Expenses (146,260 ) (133,096 ) (77,772 ) (131,200 ) (488,328 ) Fee Related Earnings 645,282 321,342 282,925 206,265 1,455,814 Realized Performance Revenues 914,984 757,406 42,419 96,962 1,811,771 Realized Performance Compensation (284,319 ) (318,167 ) (21,792 ) (53,863 ) (678,141 ) Realized Principal Investment Income 92,525 109,731 17,039 16,763 236,058 Total Net Realizations 723,190 548,970 37,666 59,862 1,369,688 Total Segment Distributable Earnings $ 1,368,472 $ 870,312 $ 320,591 $ 266,127 $ 2,825,502
Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes	The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the years ended December 31, 2020, 2019 and 2018 along with Total Assets as of December 31, 2020 and 2019: Year Ended December 31, 2020 2019 2018 Revenues Total GAAP Revenues $ 6,101,927 $ 7,338,270 $ 6,833,259 Less: Unrealized Performance Revenues (a) 384,758 (1,126,668 ) (561,163 ) Less: Unrealized Principal Investment (Income) Loss (b) 101,742 (113,327 ) 65,851 Less: Interest and Dividend Revenue (c) (130,112 ) (192,593 ) (181,763 ) Less: Other Revenue (d) 253,693 (79,447 ) (89,468 ) Impact of Consolidation (e) (234,148 ) (88,164 ) (277,406 ) Amortization of Intangibles (f) 1,548 1,548 1,548 Transaction-Related Charges (g) 29,837 (168,170 ) (588,710 ) Intersegment Eliminations 5,522 9,585 5,969 Total Segment Revenue (h) $ 6,514,767 $ 5,581,034 $ 5,208,117 Year Ended December 31, 2020 2019 2018 Expenses Total GAAP Expenses $ 3,479,566 $ 3,964,651 $ 3,512,040 Less: Unrealized Performance Allocations Compensation (i) 154,516 (540,285 ) (319,742 ) Less: Equity-Based Compensation (j) (333,767 ) (230,194 ) (158,220 ) Less: Interest Expense (k) (165,022 ) (195,034 ) (159,838 ) Impact of Consolidation (e) (26,088 ) (55,902 ) (112,354 ) Amortization of Intangibles (f) (64,436 ) (64,383 ) (58,446 ) Transaction-Related Charges (g) (210,892 ) (376,783 ) (326,794 ) Administrative Fee Adjustment (l) (5,265 ) — — Intersegment Eliminations 5,522 9,585 5,969 Total Segment Expenses (m) $ 2,834,134 $ 2,511,655 $ 2,382,615 Year Ended December 31, 2020 2019 2018 Other Income Total GAAP Other Income $ (4,841 ) $ 444,396 $ 191,722 Impact of Consolidation (e) 4,841 (444,396 ) (191,722 ) Total Segment Other Income $ — $ — $ — 21 3 Year Ended December 31, 2020 2019 2018 Income Before Provision (Benefit) for Taxes Total GAAP Income Before Provision (Benefit) for Taxes $ 2,617,520 $ 3,818,015 $ 3,512,941 Less: Unrealized Performance Revenues (a) 384,758 (1,126,668 ) (561,163 ) Less: Unrealized Principal Investment (Income) Loss (b) 101,742 (113,327 ) 65,851 Less: Interest and Dividend Revenue (c) (130,112 ) (192,593 ) (181,763 ) Less: Other Revenue (d) 253,693 (79,447 ) (89,468 ) Plus: Unrealized Performance Allocations Compensation (i) (154,516 ) 540,285 319,742 Plus: Equity-Based Compensation (j) 333,767 230,194 158,220 Plus: Interest Expense (k) 165,022 195,034 159,838 Impact of Consolidation (e) (203,219 ) (476,658 ) (356,774 ) Amortization of Intangibles (f) 65,984 65,931 59,994 Transaction-Related Charges (g) 240,729 208,613 (261,916 ) Administrative Fee Adjustment (l) 5,265 — — Total Segment Distributable Earnings $ 3,680,633 $ 3,069,379 $ 2,825,502 As of December 31, 2020 2019 Total Assets Total GAAP Assets $ 26,269,252 $ 32,585,506 Impact of Consolidation (e) (1,374,433 ) (8,307,093 ) Total Segment Assets $ 24,894,819 $ 24,278,413 Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles and Transaction-Related Charges. (a) This adjustment removes Unrealized Performance Revenues on a segment basis. (b) This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis. (c) This adjustment removes Interest and Dividend Revenue on a segment basis. (d) This adjustment removes Other Revenue on a segment basis. For the years ended December 31, 2020, 2019 and 2018, Other Revenue on a GAAP basis was $(253.1) million, $80.0 million and $672.3 million and included $(257.8) million, $76.4 million and $87.4 million of foreign exchange gains (losses), respectively. (e) This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds, the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling (f) This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation. This amount includes amortization of intangibles associated with Blackstone’s investment in Pátria, which is accounted for under the equity method. (g) This adjustment removes Transaction-Related Charges, which are excluded from Blackstone’s segment presentation. Transaction-Related Charges arise from corporate actions including acquisitions, divestitures, and Blackstone’s initial public offering. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs and any gains or losses associated with these corporate actions. (h) Total Segment Revenues is comprised of the following: Year Ended December 31, 2020 2019 2018 Total Segment Management and Advisory Fees, Net $ 4,111,165 $ 3,484,236 $ 3,036,452 Total Segment Fee Related Performance Revenues 378,676 212,001 123,836 Total Segment Realized Performance Revenues 1,865,993 1,660,642 1,811,771 Total Segment Realized Principal Investment Income 158,933 224,155 236,058 Total Segment Revenues $ 6,514,767 $ 5,581,034 $ 5,208,117 (i) This adjustment removes Unrealized Performance Allocations Compensation. (j) This adjustment removes Equity-Based Compensation on a segment basis. (k) This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement. (l) This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation. (m) Total Segment Expenses is comprised of the following: Year Ended December 31, 2020 2019 2018 Total Segment Fee Related Compensation $ 1,496,570 $ 1,336,578 $ 1,216,146 Total Segment Realized Performance Compensation 714,347 603,935 678,141 Total Segment Other Operating Expenses 623,217 571,142 488,328 Total Segment Expenses $ 2,834,134 $ 2,511,655 $ 2,382,615
Reconciliation of Total Segments to Reported on the Consolidated Statement of Operations	The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported on the Consolidated Statement of Operations for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 Management and Advisory Fees, Net GAAP $ 4,092,549 $ 3,472,155 $ 3,027,796 Segment Adjustment (a) 18,616 12,081 8,656 Total Segment $ 4,111,165 $ 3,484,236 $ 3,036,452 Year Ended December 31, 2020 2019 2018 GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues GAAP Incentive Fees $ 138,661 $ 129,911 $ 57,540 Investment Income — Realized Performance Allocations 2,106,000 1,739,000 1,876,507 GAAP 2,244,661 1,868,911 1,934,047 Total Segment Less: Realized Performance Revenues (1,865,993 ) (1,660,642 ) (1,811,771 ) Segment Adjustment (b) 8 3,732 1,560 Total Segment $ 378,676 $ 212,001 $ 123,836 Year Ended December 31, 2020 2019 2018 GAAP Compensation to Total Segment Fee Related Compensation GAAP Compensation $ 1,855,619 $ 1,820,330 $ 1,609,957 Incentive Fee Compensation 44,425 44,300 33,916 Realized Performance Allocations Compensation 843,230 662,942 711,076 GAAP 2,743,274 2,527,572 2,354,949 Total Segment Less: Realized Performance Compensation (714,347 ) (603,935 ) (678,141 ) Less: Equity-Based Compensation — Operating Compensation (326,116 ) (221,684 ) (145,213 ) Less: Equity-Based Compensation — Performance Compensation (7,651 ) (8,510 ) (13,007 ) Segment Adjustment (c) (198,590 ) (356,865 ) (302,442 ) Total Segment $ 1,496,570 $ 1,336,578 $ 1,216,146 Year Ended December 31, 2020 2019 2018 GAAP General, Administrative and Other to Total Segment Other Operating Expenses GAAP $ 711,782 $ 679,408 $ 594,873 Segment Adjustment (d) (88,565 ) (108,266 ) (106,545 ) Total Segment $ 623,217 $ 571,142 $ 488,328 Year Ended December 31, 2020 2019 2018 Realized Performance Revenues GAAP Incentive Fees $ 138,661 $ 129,911 $ 57,540 Investment Income — Realized Performance Allocations 2,106,000 1,739,000 1,876,507 GAAP 2,244,661 1,868,911 1,934,047 Total Segment Less: Fee Related Performance Revenues (378,676 ) (212,001 ) (123,836 ) Segment Adjustment (b) 8 3,732 1,560 Total Segment $ 1,865,993 $ 1,660,642 $ 1,811,771 Year Ended December 31, 2020 2019 2018 Realized Performance Compensation GAAP Incentive Fee Compensation $ 44,425 $ 44,300 $ 33,916 Realized Performance Allocations Compensation 843,230 662,942 711,076 GAAP 887,655 707,242 744,992 Total Segment Less: Fee Related Performance Compensation (165,657 ) (94,797 ) (53,844 ) Less: Equity-Based Compensation — Performance Compensation (7,651 ) (8,510 ) (13,007 ) Total Segment $ 714,347 $ 603,935 $ 678,141 Year Ended December 31, 2020 2019 2018 Realized Principal Investment Income GAAP $ 391,628 $ 393,478 $ 415,862 Segment Adjustment (e) (232,695 ) (169,323 ) (179,804 ) Total Segment $ 158,933 $ 224,155 $ 236,058 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. Beginning in the year ended December 31, 2020, includes a reduction equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation. (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)	12 Months Ended
	Dec. 31, 2020SegmentPerson	Dec. 31, 2019Segment
Organization [Line Items]
Number of business segments | Segment	4	4
Number of Blackstone founders managing the Partnership | Person	1

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2020
Summary Of Significant Accounting Policies [Line Items]
Finite-lived intangible assets, useful life, years	7 years 10 months 24 days
Minimum
Summary Of Significant Accounting Policies [Line Items]
Finite-lived intangible assets, useful life, years	3 years
Minimum | Leasehold Improvements
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life, years	10 years
Minimum | Other Long Lived Assets
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life, years	3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Finite-lived intangible assets, useful life, years	20 years
Maximum | Leasehold Improvements
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life, years	15 years
Maximum | Other Long Lived Assets
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life, years	7 years

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets/Contractual Rights	$ 1,734,076	$ 1,712,576
Accumulated Amortization	(1,386,121)	(1,315,068)
Intangible Assets, Net	$ 347,955	$ 397,508	$ 468,507	$ 409,828

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Additional Information (Detail) $ in Thousands	Dec. 18, 2020USD ($)	Dec. 31, 2020USD ($)Segment	Dec. 31, 2019USD ($)Segment
Goodwill and Intangible Assets [Line Items]
Goodwill, carrying value		$ 1,901,485	$ 1,869,860
Number of business segments | Segment		4	4
Expected amortization of intangibles, 2021		$ 72,500
Expected amortization of intangibles, 2022		64,800
Expected amortization of intangibles, 2023		35,800
Expected amortization of intangibles, 2024		28,300
Expected amortization of intangibles, 2025		$ 28,300
Intangible assets expected to amortize over a weighted-average period		7 years 10 months 24 days
DCI asset management firm
Goodwill and Intangible Assets [Line Items]
Increase of goodwill	$ 31,600
Increase in intangible assets, contractual rights to earn future fee income	$ 21,500
Private Equity Segment
Goodwill and Intangible Assets [Line Items]
Goodwill, carrying value		$ 870,000	$ 870,000
Real Estate Segment
Goodwill and Intangible Assets [Line Items]
Goodwill, carrying value		421,700	421,700
Hedge Fund Solutions
Goodwill and Intangible Assets [Line Items]
Goodwill, carrying value		172,100	172,100
Credit & Insurance Segment
Goodwill and Intangible Assets [Line Items]
Goodwill, carrying value		$ 437,700	$ 406,100

Changes in Partnership's Intang

Changes in Partnership's Intangible Assets, Net (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Balance, Beginning of Year	$ 397,508	$ 468,507	$ 409,828
Amortization Expense	(71,053)	(70,999)	(59,021)
Acquisitions	21,500	0	117,700
Balance, End of Year	$ 347,955	$ 397,508	$ 468,507

Investments (Detail)

Investments (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Schedule of Investments [Line Items]
Investments	$ 15,617,142	$ 22,281,682
Partnership Investments
Schedule of Investments [Line Items]
Investments	4,353,234	4,035,675
Accrued Performance Allocations
Schedule of Investments [Line Items]
Investments	6,891,262	7,180,449
Other Investments
Schedule of Investments [Line Items]
Investments	337,922	265,273
Consolidated Blackstone Funds
Schedule of Investments [Line Items]
Investments	1,455,008	8,380,698
Corporate Treasury Investments
Schedule of Investments [Line Items]
Investments	$ 2,579,716	$ 2,419,587

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 26, 2021
Schedule of Investments [Line Items]
Investments	$ 15,617,142	$ 22,281,682
Recognized net gains related to equity method investments	320,200	455,800	$ 430,600
Equity investments, carrying value	$ 85,000
IPO | Subsequent Event
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage				10.00%
Patria Investments Limited and Patria Investimentos Ltda.
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	40.00%
Consolidated Blackstone Funds | Blackstone
Schedule of Investments [Line Items]
Investments	$ 198,300	$ 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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Gain (Loss) on Securities [Line Items]
Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds	$ 1,998,628	$ 3,473,813	$ 2,903,659
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	125,231	182,398	171,947
Other Income — Net Gains from Fund Investment Activities	30,542	282,829	191,722
Consolidated Blackstone Funds
Gain (Loss) on Securities [Line Items]
Realized Gains (Losses)	(126,397)	15,983	74,784
Net Change in Unrealized Losses	60,363	109,445	(54,697)
Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds	(66,034)	125,428	20,087
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	96,576	157,401	171,635
Other Income — Net Gains from Fund Investment Activities	$ 30,542	$ 282,829	$ 191,722

Summarized Financial Informatio

Summarized Financial Information of Partnership's Equity Method Investments (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Investments		$ 311,279,902	$ 272,298,175	$ 220,432,315
Other Assets		13,116,666	12,635,478	10,750,612
Total Assets		26,269,252	32,585,506
Debt		54,331,128	44,216,745	30,509,805
Other Liabilities		12,020,834	11,663,613	7,213,675
Total Liabilities		11,678,743	17,482,454
Equity		14,525,348	15,015,401
Total Liabilities and Equity		26,269,252	32,585,506
Interest Income		2,910,355	2,702,719	2,537,187
Other Income		1,868,368	2,098,168	2,028,700
Interest Expense		(1,631,765)	(1,491,602)	(1,042,999)
Other Expenses		(4,098,314)	(3,173,200)	(2,588,723)
Net Realized and Unrealized Gains (Losses) from Investments		13,272,852	20,148,580	14,227,771
Net Income (Loss)		2,261,506	3,865,967	3,263,551
Equity Method Investment, Nonconsolidated Investee, Other [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets		324,396,568	284,933,653	231,182,927
Total Liabilities		66,351,962	55,880,358	37,723,480
Equity		258,044,606	229,053,295	193,459,447
Total Liabilities and Equity		324,396,568	284,933,653	231,182,927
Net Income (Loss)		12,321,496	20,284,665	15,161,936
Real Estate
Schedule of Equity Method Investments [Line Items]
Investments		140,317,595	119,951,496	89,742,226
Other Assets		5,234,463	5,318,743	3,542,235
Debt		29,962,733	24,750,242	15,081,536
Other Liabilities		5,777,808	6,575,483	3,568,159
Total Liabilities				18,649,695
Interest Income		608,120	535,274	377,615
Other Income		1,074,818	1,422,711	1,244,754
Interest Expense		(1,006,311)	(736,840)	(518,137)
Other Expenses		(1,889,153)	(1,465,212)	(921,990)
Net Realized and Unrealized Gains (Losses) from Investments		5,150,127	9,671,224	4,437,434
Real Estate | Equity Method Investment, Nonconsolidated Investee, Other [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets		145,552,058	125,270,239	93,284,461
Total Liabilities		35,740,541	31,325,725
Equity		109,811,517	93,944,514	74,634,766
Total Liabilities and Equity		145,552,058	125,270,239	93,284,461
Net Income (Loss)		3,937,601	9,427,157	4,619,676
Private Equity
Schedule of Equity Method Investments [Line Items]
Investments		112,647,584	99,906,080	79,718,783
Other Assets		2,650,267	2,907,054	2,257,152
Debt		15,928,802	12,399,899	9,989,289
Other Liabilities		1,657,846	1,124,857	749,043
Interest Income		1,083,534	897,990	1,022,387
Other Income		71,219	46,126	92,696
Interest Expense		(345,060)	(416,603)	(278,348)
Other Expenses		(1,405,029)	(1,011,584)	(903,737)
Net Realized and Unrealized Gains (Losses) from Investments		7,638,733	9,233,285	10,172,066
Private Equity | Equity Method Investment, Nonconsolidated Investee, Other [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets		115,297,851	102,813,134	81,975,935
Total Liabilities		17,586,648	13,524,756	10,738,332
Equity		97,711,203	89,288,378	71,237,603
Total Liabilities and Equity		115,297,851	102,813,134	81,975,935
Net Income (Loss)		7,043,397	8,749,214	10,105,064
Hedge Fund Solutions
Schedule of Equity Method Investments [Line Items]
Investments		32,829,525	26,516,304	26,336,573
Other Assets		3,047,256	2,609,755	3,119,639
Debt		886,292	378,950	350,982
Other Liabilities		3,320,551	2,402,920	1,529,466
Interest Income		22,157	16,708	6,695
Other Income		283,250	206,630	166,842
Interest Expense		(68,887)	(87,898)	(17,780)
Other Expenses		(225,384)	(164,948)	(150,135)
Net Realized and Unrealized Gains (Losses) from Investments		2,449,079	1,700,722	352,018
Hedge Fund Solutions | Equity Method Investment, Nonconsolidated Investee, Other [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets		35,876,781	29,126,059	29,456,212
Total Liabilities		4,206,843	2,781,870	1,880,448
Equity		31,669,938	26,344,189	27,575,764
Total Liabilities and Equity		35,876,781	29,126,059	29,456,212
Net Income (Loss)		2,460,215	1,671,214	357,640
Credit & Insurance
Schedule of Equity Method Investments [Line Items]
Investments		25,473,283	25,923,446	24,634,380
Other Assets		2,088,882	1,680,187	1,706,579
Debt		7,553,301	6,687,654	5,087,998
Other Liabilities		1,216,354	1,535,636	1,338,712
Interest Income		1,196,544	1,252,747	1,130,490
Other Income		323,577	313,009	417,883
Interest Expense		(211,507)	(250,261)	(228,734)
Other Expenses		(525,456)	(470,033)	(547,612)
Net Realized and Unrealized Gains (Losses) from Investments		(1,965,087)	(456,651)	(733,747)
Credit & Insurance | Equity Method Investment, Nonconsolidated Investee, Other [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets		27,562,165	27,603,633	26,340,959
Total Liabilities		8,769,655	8,223,290	6,426,710
Equity		18,792,510	19,380,343	19,914,249
Total Liabilities and Equity		27,562,165	27,603,633	26,340,959
Net Income (Loss)		(1,181,929)	388,811	38,280
Other
Schedule of Equity Method Investments [Line Items]
Investments	[1]	11,915	849	353
Other Assets	[1]	95,798	119,739	125,007
Total Assets	[1]	107,713	120,588	125,360
Other Liabilities	[1]	48,275	24,717	28,295
Total Liabilities	[1]	48,275	24,717	28,295
Total Liabilities and Equity	[1]	107,713	120,588	125,360
Interest Income	[1]	0
Other Income	[1]	115,504	109,692	106,525
Interest Expense	[1]	0
Other Expenses	[1]	(53,292)	(61,423)	(65,249)
Net Realized and Unrealized Gains (Losses) from Investments	[1]	0
Other | Equity Method Investment, Nonconsolidated Investee, Other [Member]
Schedule of Equity Method Investments [Line Items]
Equity	[1]	59,438	95,871	97,065
Net Income (Loss)	[1]	$ 62,212	$ 48,269	$ 41,276
[1]	Other represents the summarized financial information of equity method investments whose results, for segment reporting purposes, have been allocated across more than one of Blackstone’s segments

Performance Fees Allocated to F

Performance Fees Allocated to Funds (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	$ 22,281,682
Ending Balance	15,617,142
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	1,654,844
Foreign Exchange Gain	59,009
Fund Distributions	(2,003,040)
Ending Balance	6,891,262
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	343,604
Foreign Exchange Gain	59,009
Fund Distributions	(1,009,006)
Ending Balance	3,033,462
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	1,294,878
Fund Distributions	(870,821)
Ending Balance	3,487,206
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	121,923
Fund Distributions	(103,581)
Ending Balance	42,293
Credit & Insurance 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	(105,561)
Fund Distributions	(19,632)
Ending Balance	$ 328,301

Realized and Net Change in Unre

Realized and Net Change in Unrealized Gains (Losses) on Investments Held by Blackstone's Treasury Cash Management Strategies (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Gain (Loss) on Securities [Line Items]
Total realized and net change in unrealized gains (losses)	$ 1,998,628	$ 3,473,813	$ 2,903,659
Corporate Treasury Investments
Gain (Loss) on Securities [Line Items]
Realized Gains (Losses)	44,700	28,585	(1,024)
Net Change in Unrealized Gains (Losses)	(91,299)	62,042	(38,113)
Total realized and net change in unrealized gains (losses)	$ (46,599)	$ 90,627	$ (39,137)

Realized and Net Change in Un_2

Realized and Net Change in Unrealized Gains (Losses) in Other Investments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Gain (Loss) on Securities [Line Items]
Total Investment Income	$ 1,998,628	$ 3,473,813	$ 2,903,659
Other Investments
Gain (Loss) on Securities [Line Items]
Realized Gains	19,573	46,248	56,381
Net Change in Unrealized Gains (Losses)	(2,647)	21,450	20,335
Total Investment Income	$ 16,926	$ 67,698	$ 76,716

Summary of Fair Value by Strate

Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments (Detail) $ in Thousands	Dec. 31, 2020USD ($)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 77,965
Diversified Instruments
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	3,842
Credit Driven
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	72,189
Equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	1,014
Commodities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 920

Summary of Fair Value by Stra_2

Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 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	100.00%
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	20.00%
Percentage of investments redeemable as of reporting date	80.00%
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	74.00%
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) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	$ 1,017,095	$ 1,724,899
Derivative Liabilities, Notional	1,347,056	428,025
Derivative Assets, Fair Value	126,564	54,786
Derivative Liabilities, Fair Value	203,452	10,215
Freestanding Derivatives
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	8,282	116,573
Derivative Liabilities, Notional	140,996	147,850
Derivative Assets, Fair Value	542	390
Derivative Liabilities, Fair Value	7,819	4,321
Freestanding Derivatives | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	1,008,813	1,608,326
Derivative Liabilities, Notional	1,206,060	280,175
Derivative Assets, Fair Value	126,022	54,396
Derivative Liabilities, Fair Value	195,633	5,894
Freestanding Derivatives | Blackstone | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	2,706	7,617
Derivative Liabilities, Notional	9,158	16,697
Derivative Assets, Fair Value	331	36
Derivative Liabilities, Fair Value	1,350	197
Freestanding Derivatives | Consolidated Blackstone Funds | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	8,282	5,108
Derivative Liabilities, Notional	41,290	47,405
Derivative Assets, Fair Value	542	58
Derivative Liabilities, Fair Value	1,558	960
Freestanding Derivatives | Consolidated Blackstone Funds | Total Return Swaps
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional		4,558
Derivative Liabilities, Notional	19,275	27,334
Derivative Assets, Fair Value		21
Derivative Liabilities, Fair Value	2,125	464
Freestanding Derivatives | Foreign Currency Contracts | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	316,787	344,422
Derivative Liabilities, Notional	334,015	97,626
Derivative Assets, Fair Value	7,392	1,231
Derivative Liabilities, Fair Value	3,941	802
Freestanding Derivatives | Foreign Currency Contracts | Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional		106,906
Derivative Liabilities, Notional	66,431	40,110
Derivative Assets, Fair Value		307
Derivative Liabilities, Fair Value	2,651	1,167
Freestanding Derivatives | Interest Rate Contracts | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	684,320	1,256,287
Derivative Liabilities, Notional	862,887	165,852
Derivative Assets, Fair Value	113,072	53,129
Derivative Liabilities, Fair Value	190,342	4,895
Freestanding Derivatives | Interest Rate Contracts | Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Liabilities, Notional	14,000	33,000
Derivative Liabilities, Fair Value	1,485	1,728
Freestanding Derivatives | Other | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	5,000
Derivative Assets, Fair Value	$ 5,227
Freestanding Derivatives | 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) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Unrealized Gain (Loss) on Derivatives and Commodity Contracts	$ (127,825)	$ 59,194	$ 40,377
Freestanding Derivatives
Derivative [Line Items]
Realized Gains (Losses)	(8,508)	4,544	13,215
Net Change in Unrealized Gain (Loss)	(119,317)	54,650	27,162
Freestanding Derivatives | Total Return Swaps
Derivative [Line Items]
Realized Gains (Losses)	(1,875)	(908)	145
Net Change in Unrealized Gain (Loss)	(1,683)	1,296	(2,107)
Freestanding Derivatives | Credit Default Swap
Derivative [Line Items]
Realized Gains (Losses)	(109)	3,209	(539)
Net Change in Unrealized Gain (Loss)	(1,777)	3,400	(521)
Freestanding Derivatives | Interest Rate Contracts
Derivative [Line Items]
Realized Gains (Losses)	(7,643)	(3,570)	2,968
Net Change in Unrealized Gain (Loss)	(117,145)	50,431	36,472
Freestanding Derivatives | Foreign Currency Contracts
Derivative [Line Items]
Realized Gains (Losses)	1,105	6,099	10,761
Net Change in Unrealized Gain (Loss)	1,231	(441)	(6,682)
Freestanding Derivatives | Other
Derivative [Line Items]
Realized Gains (Losses)	14	(286)	$ (120)
Net Change in Unrealized Gain (Loss)	$ 57	$ (36)

Summary of Financial Instrument

Summary of Financial Instruments for Which Fair Value Option Has Been Elected (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans and Receivables	$ 581,079	$ 500,751
Assets	1,562,221	8,242,608
Liabilities	244	6,558,006
Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments	448,352	506,924
Equity and Preferred Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments	532,790	432,472
Corporate Loans | Assets Of Consolidated CLO Vehicles
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments		6,801,691
Other | Assets Of Consolidated CLO Vehicles
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments		770
Liabilities of Consolidated CLO Vehicles
Fair Value, Option, Quantitative Disclosures [Line Items]
Corporate Treasury Commitments	$ 244
Liabilities of Consolidated CLO Vehicles | Senior Secured Notes
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of Loan payable		6,455,016
Fair value of due to Affiliates		57,717
Liabilities of Consolidated CLO Vehicles | Subordinated Notes
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of Loan payable		24,738
Fair value of due to Affiliates		$ 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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Realized Gains (Losses) | Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	$ (22,783)	$ (7,139)	$ (1,105)
Realized Gains (Losses) | Assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(129,633)	(24,432)	(30,168)
Realized Gains (Losses) | Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(10,314)	(4,595)	291
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	(342)	16,493	3,451
Realized Gains (Losses) | Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(96,194)	(29,191)	(8,749)
Realized Gains (Losses) | Corporate Bonds
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments			(24,056)
Net Change In Unrealized Gains (Losses) | Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	29,143	12,748	(29,069)
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	(267,604)	100,238	(309,104)
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	(2,011)	(6,533)	(447)
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	229,247	(25,033)	306,014
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	(67,869)	(2,331)	(3,589)
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	(226,542)	96,221	(285,698)
Net Change In Unrealized Gains (Losses) | Corporate Bonds
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments			9,693
Net Change In Unrealized Gains (Losses) | Senior Secured Notes
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	199,445	(40,050)	51,048
Net Change In Unrealized Gains (Losses) | Subordinated Notes
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	30,046	15,017	254,966
Net Change In Unrealized Gains (Losses) | Corporate Treasury Commitments
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(244)
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)	$ 133	$ 6

Information for Financial Instr

Information for Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	$ (37,166)	$ (252,839)
Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	(29,359)	(14,667)
Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	0	(234,430)
Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal		133
Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	$ (7,807)	$ (3,875)

Fair Value Option - Additional

Fair Value Option - Additional Information (Detail) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
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 ($)	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts Receivable — Loans and Receivables	$ 581,079,000	$ 500,751,000
Assets	1,562,221,000	8,242,608,000
Securities Sold, Not Yet Purchased	51,033,000	75,545,000
Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets	126,564,000	54,479,000
Derivatives liabilities	202,188,000	10,215,000
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	1,508,341,000	1,580,312,000
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	612,736,000	456,784,000
Total Investments	4,287,628,000	11,007,889,000
Accounts Receivable — Loans and Receivables	581,079,000	500,751,000
Derivatives assets		54,396,000
Assets	5,607,465,000	12,019,820,000
Fair value of Loan payable		6,479,754,000
Fair value of due to Affiliates		78,252,000
Securities Sold, Not Yet Purchased	51,033,000	75,546,000
Total Accounts Payable, Accrued Expenses and Other Liabilities	203,696,000	10,215,000
Liabilities	254,729,000	6,643,767,000
Fair Value, Measurements, Recurring | Corporate Treasury Commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Treasury Commitments	244,000
Fair Value, Measurements, Recurring | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities	195,633,000	5,894,000
Total Accounts Payable, Accrued Expenses and Other Liabilities	7,819,000
Fair Value, Measurements, Recurring | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	252,904,000	207,604,000
Fair Value, Measurements, Recurring | Net Asset Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	77,965,000	308,851,000
Assets	77,965,000
Fair Value, Measurements, Recurring | Net Asset Value | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		308,851,000
Fair Value, Measurements, Recurring | Net Asset Value | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	4,762,000	7,126,000
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	1,455,008,000	8,380,698,000
Derivatives assets	126,022
Derivatives liabilities		4,321,000
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	542,000	390
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		6,802,461
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Investment Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	15,711,000	23,647,000
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	881,123,000	759,573,000
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	557,632,000	794,627,000
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	15,711,000	23,647,000
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	15,711,000	23,647,000
Fair Value, Measurements, Recurring | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	2,579,716,000	2,419,587,000
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	57,492,000	278,078,000
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	597,130,000	456,784,000
Total Investments	1,223,299,000	958,928,000
Assets	1,820,591,000
Securities Sold, Not Yet Purchased	9,324,000	19,977,000
Total Accounts Payable, Accrued Expenses and Other Liabilities	373,000	150,000
Liabilities	9,697,000	20,127,000
Fair Value, Measurements, Recurring | Level 1 | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		502,000
Assets		1,416,214,000
Derivatives liabilities	373,000	150,000
Fair Value, Measurements, Recurring | Level 1 | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	187,089,000	200,478,000
Fair Value, Measurements, Recurring | Level 1 | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	39,694,000	31,812,000
Derivatives assets	162
Fair Value, Measurements, Recurring | Level 1 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	39,694,000	31,812,000
Fair Value, Measurements, Recurring | Level 1 | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	996,516,000	726,638,000
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	15,606,000
Total Investments	2,059,102,000	8,660,549,000
Assets	2,200,568,000
Fair value of Loan payable		6,479,754,000
Fair value of due to Affiliates		78,252,000
Securities Sold, Not Yet Purchased	41,709,000	55,569,000
Total Accounts Payable, Accrued Expenses and Other Liabilities	203,079,000	10,065,000
Liabilities	244,788,000	6,623,640,000
Fair Value, Measurements, Recurring | Level 2 | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		53,894,000
Assets		8,714,443,000
Derivatives liabilities	195,260,000	5,744,000
Total Accounts Payable, Accrued Expenses and Other Liabilities	7,819,000
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	541,293,000	7,274,967,000
Derivatives assets	125,860
Derivatives liabilities		4,321,000
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	542,000	390,000
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | 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 | Equity Securities, Partnerships and LLC Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	48,471,000	53,611,000
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	492,280,000	715,246,000
Fair Value, Measurements, Recurring | Level 2 | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	1,517,809,000	1,385,582,000
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	927,262,000	1,079,561,000
Accounts Receivable — Loans and Receivables	581,079,000	500,751,000
Assets	1,508,341,000
Total Accounts Payable, Accrued Expenses and Other Liabilities	244,000
Liabilities	244,000
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Treasury Commitments	244,000
Fair Value, Measurements, Recurring | Level 3 | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		1,580,312,000
Fair Value, Measurements, Recurring | Level 3 | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	61,053,000	0
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	858,310,000	1,050,272,000
Assets	858,310,000	1,050,272,000
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Assets Of Consolidated CLO Vehicles
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		296,741
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	792,958,000	674,150,000
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	65,352,000	79,381,000
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	$ 7,899,000	$ 29,289,000

Summary of Quantitative Inputs

Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 1,562,221	$ 8,242,608
Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		1,508,341	1,580,312
Fair Value, Measurements, Recurring
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		5,607,465	12,019,820
Fair Value, Measurements, Recurring | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		1,508,341
Fair Value, Measurements, Recurring | Level 3 | Loans and Receivables | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 581,079	$ 500,751
Fair Value, Measurements, Recurring | Level 3 | Minimum | Loans and Receivables | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		6.70%	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		10.30%	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	[1]	7.80%	7.70%
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Transaction Price Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 61,053
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		858,310	$ 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			296,741
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 792,958	$ 674,150
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Minimum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		3.80%	0.90%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Minimum | Discounted Cash Flows | Measurement Input, Cap Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate		2.70%	2.00%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Minimum | Discounted Cash Flows | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA		1.7	0.1
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | 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, Partnerships and LLC Interests | Maximum | Discounted Cash Flows | Measurement Input, Cap Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate		14.90%	27.00%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Maximum | Discounted Cash Flows | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA		24	17
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Weighted Average | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	[1]	10.80%	10.60%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Weighted Average | Discounted Cash Flows | Measurement Input, Cap Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate	[1]	5.40%	5.90%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Weighted Average | Discounted Cash Flows | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA	[1]	13.2	9.7
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 65,352	$ 79,381
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		6.30%	7.10%
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 | Weighted Average | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	[1]	8.60%	12.10%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 7,899	$ 29,289
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Minimum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		3.30%	3.20%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Minimum | Market Comparable Companies | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multilpe			6.2
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Maximum | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		7.40%	7.10%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Maximum | Market Comparable Companies | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multilpe			8.8
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Weighted Average | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	[1]	6.40%	5.70%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Weighted Average | Market Comparable Companies | EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
EBITDA Multilpe	[1]		8.1
[1]	Unobservable inputs were weighted based on the fair value of the investments included in the range.

Summary of Changes in Financial

Summary of Changes in Financial Assets Measured at Fair Value for Which Level III Inputs Were Used (Detail) - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 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 (Out) Due to Deconsolidation	(256,866)	(547,972)
Transfer Into Level III	47,697	183,987
Transfer Out of Level III	(72,372)
Purchases	922,699	1,566,351
Sales	(796,864)	(1,405,206)
Issuances	64,863
Settlements	(40,691)	(21,262)
Changes in Gains (Losses) Included in Earnings	36,769	80,040
Balance, End of Period	1,485,547	1,580,312
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	38,326	27,776
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 (Out) Due to Deconsolidation	39,875
Transfer Into Level III	24,903	29,941
Transfer Out of Level III	(30,089)	(40,426)
Purchases	9,632	18,816
Sales	(33,278)	(34,905)
Changes in Gains (Losses) Included in Earnings	5,826	(322)
Balance, End of Period	46,158	29,289
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	6,783	588
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	709,799	1,037,019
Sales	(647,336)	(834,145)
Issuances	64,863
Settlements	(40,691)	(21,262)
Changes in Gains (Losses) Included in Earnings	(6,307)	14,966
Balance, End of Period	581,079	500,751
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	(7,135)	(6,533)
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 (Out) Due to Deconsolidation	(296,741)	(507,546)
Transfer Into Level III	22,794	154,046
Transfer Out of Level III	(42,283)
Purchases	203,268	510,516
Sales	(116,250)	(536,156)
Changes in Gains (Losses) Included in Earnings	37,250	65,396
Balance, End of Period	858,310	1,050,272
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	$ 38,678	$ 33,721

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Blackstone's Total Assets	$ 26,269,252	$ 32,585,506
Total Liabilities	11,678,743	$ 17,482,454
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Blackstone's Total Assets	6,800,000
Total Liabilities	6,600,000
Non-Controlling Interests	$ 216,300

Maximum Exposure to Loss Relati

Maximum Exposure to Loss Relating to Non-Consolidated VIEs (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
VIE Assets	$ 26,269,252	$ 32,585,506
VIE Liabilities	11,678,743	17,482,454
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
VIE Assets	6,800,000
VIE Liabilities	6,600,000
Maximum Exposure to Loss	1,608,786	1,470,121
Variable Interest Entity, Not Primary Beneficiary | Investments
Variable Interest Entity [Line Items]
VIE Assets	1,307,292	1,216,932
Variable Interest Entity, Not Primary Beneficiary | Due from Affiliates
Variable Interest Entity [Line Items]
VIE Assets	262,815	143,949
Variable Interest Entity, Not Primary Beneficiary | Potential Clawback Obligation
Variable Interest Entity [Line Items]
VIE Liabilities	38,679	109,240
Variable Interest Entity, Not Primary Beneficiary | Due to Non Consolidated Entity
Variable Interest Entity [Line Items]
VIE Liabilities	$ 241	$ 231

Repurchase Agreements - Additio

Repurchase Agreements - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Securities Financing Transaction [Line Items]
Pledged securities with carrying value to collateralize its repurchase agreements	$ 110.8	$ 196.1

Schedule of Repurchase Agreemen

Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 76,808	$ 154,118
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 12. "Offsetting of Assets and Liabilities"	76,808	154,118
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 12. "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	15,345	42,459
30 - 90 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	32,759	88,868
Greater than 90 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 28,704	$ 22,791

Other Assets and Accounts Pay_3

Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of Other Assets [Line Items]
Depreciation expense	$ 35.1	$ 26.3	$ 23.9
Accounts Payable, Accrued Expenses and Other Liabilities for redemption to investors	0.6	2.2
Payables relating to unsettled purchases	$ 33.2	$ 298.3

Components of Other Assets (Det

Components of Other Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Schedule of Other Assets [Line Items]
Furniture, Equipment and Leasehold Improvements	$ 526,075	$ 417,373
Less: Accumulated Depreciation	(294,268)	(262,891)
Furniture, Equipment and Leasehold Improvements, Net	231,807	154,482
Prepaid Expenses	105,248	159,333
Freestanding Derivatives	126,022	54,396
Other	17,945	14,282
Total Other Assets	$ 481,022	$ 382,493

Offsetting of Assets and Liab_3

Offsetting of Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 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	$ 76,808	$ 154,118
Repurchase agreements gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	76,808	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	278,996	164,333
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	251,431	154,498
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	19,194	9,198
Net Amount	8,371	637
Freestanding Derivatives
Offsetting Assets and Liabilities [Line Items]
Derivatives gross and Net Amounts of Assets Presented in the Statement of Financial Condition	126,564	54,479
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	114,673	380
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	53	0
Derivatives Net Amount	11,838	54,099
Derivatives gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	202,188	10,215
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	174,623	380
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	19,194	9,198
Derivatives Net Amount	$ 8,371	$ 637

Offsetting Of Assets And Liab_4

Offsetting Of Assets And Liabilities - Additional Information (Detail) - Cash Pooling Arrangement $ in Billions	Dec. 31, 2020USD ($)
Offsetting Assets [Line Items]
Aggregate cash balance on deposit relating to the cash pooling arrangement	$ 918.2
Overdraft facility	$ 915.8

Borrowings - Additional Informa

Borrowings - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Nov. 24, 2020	Sep. 29, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 2,250	$ 2,250,000
Fair value of the CLO assets				$ 7,200,000
1.600% Notes
Debt Instrument [Line Items]
Debt instrument, face amount			$ 500,000
Debt instrument, maturity date	Sep. 30, 2050
2.800% Notes
Debt Instrument [Line Items]
Debt instrument, face amount			$ 400,000
Senior Secured Notes | 1.600% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	Mar. 30, 2031
Debt Instrument, Interest Rate, Stated Percentage	1.60%		1.60%
Senior Secured Notes | 2.800% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	Sep. 30, 2050
Debt Instrument, Interest Rate, Stated Percentage	2.80%		2.80%

Partnership Credit Facilities (

Partnership Credit Facilities (Detail) - USD ($) $ in Thousands		Dec. 31, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Credit Available		$ 7,982,499	$ 13,141,598
Borrowing Outstanding		5,732,499	11,541,598
1.500% Notes
Line of Credit Facility [Line Items]
Credit Available	[1]	732,960
Borrowing Outstanding	[1]	$ 732,960
Effective Interest Rate	[1]	1.63%
2.500% Notes
Line of Credit Facility [Line Items]
Credit Available	[1]	$ 500,000
Borrowing Outstanding	[1]	$ 500,000
Effective Interest Rate	[1]	2.74%
3.500% Notes
Line of Credit Facility [Line Items]
Credit Available	[1]	$ 400,000
Borrowing Outstanding	[1]	$ 400,000
Effective Interest Rate	[1]	3.61%
1.600% Notes
Line of Credit Facility [Line Items]
Credit Available	[1]	$ 500,000
Borrowing Outstanding	[1]	$ 500,000
Effective Interest Rate	[1]	1.70%
2.800% Notes
Line of Credit Facility [Line Items]
Credit Available	[1]	$ 400,000
Borrowing Outstanding	[1]	$ 400,000
Effective Interest Rate	[1]	2.88%
Credit Facility
Line of Credit Facility [Line Items]
Credit Available	[2]	$ 2,250,000	1,600,000
Senior Secured Note | 4.750% Notes
Line of Credit Facility [Line Items]
Credit Available	[1]	400,000	400,000
Borrowing Outstanding	[1]	$ 400,000	$ 400,000
Effective Interest Rate	[1]	5.08%	5.08%
Senior Secured Note | 2.000% Notes
Line of Credit Facility [Line Items]
Credit Available	[1]	$ 366,480	$ 336,390
Borrowing Outstanding	[1]	$ 366,480	$ 336,390
Effective Interest Rate	[1]	2.22%	2.12%
Senior Secured Note | 1.000% Notes
Line of Credit Facility [Line Items]
Credit Available	[1]	$ 732,960	$ 672,780
Borrowing Outstanding	[1]	$ 732,960	$ 672,780
Effective Interest Rate	[1]	1.18%	1.13%
Senior Secured Note | 3.150% Notes
Line of Credit Facility [Line Items]
Credit Available	[1]	$ 300,000	$ 300,000
Borrowing Outstanding	[1]	$ 300,000	$ 300,000
Effective Interest Rate	[1]	3.30%	3.30%
Senior Secured Note | 1.500% Notes
Line of Credit Facility [Line Items]
Credit Available	[1]		$ 672,780
Borrowing Outstanding	[1]		$ 672,780
Effective Interest Rate	[1]		1.70%
Senior Secured Note | 2.500% Notes
Line of Credit Facility [Line Items]
Credit Available	[1]		$ 500,000
Borrowing Outstanding	[1]		$ 500,000
Effective Interest Rate	[1]		2.71%
Senior Secured Note | 6.250% Notes
Line of Credit Facility [Line Items]
Credit Available	[1]	$ 250,000	$ 250,000
Borrowing Outstanding	[1]	$ 250,000	$ 250,000
Effective Interest Rate	[1]	6.65%	6.65%
Senior Secured Note | 5.000% Notes
Line of Credit Facility [Line Items]
Credit Available	[1]	$ 500,000	$ 500,000
Borrowing Outstanding	[1]	$ 500,000	$ 500,000
Effective Interest Rate	[1]	5.16%	5.16%
Senior Secured Note | 4.450% Notes
Line of Credit Facility [Line Items]
Credit Available	[1]	$ 350,000	$ 350,000
Borrowing Outstanding	[1]	$ 350,000	$ 350,000
Effective Interest Rate	[1]	4.56%	4.56%
Senior Secured Note | 4.000% Notes
Line of Credit Facility [Line Items]
Credit Available	[1]	$ 300,000	$ 300,000
Borrowing Outstanding	[1]	$ 300,000	$ 300,000
Effective Interest Rate	[1]	4.20%	4.20%
Senior Secured Note | 3.500% Notes
Line of Credit Facility [Line Items]
Credit Available	[1]		$ 400,000
Borrowing Outstanding	[1]		$ 400,000
Effective Interest Rate	[1]		3.61%
Partnership's Credit Facilities
Line of Credit Facility [Line Items]
Credit Available	[1]	$ 7,982,400	$ 6,281,950
Borrowing Outstanding	[1]	5,732,400	4,681,950
Blackstone Fund Facilities
Line of Credit Facility [Line Items]
Credit Available	[3]	99	113
Borrowing Outstanding	[3]	$ 99	$ 113
Effective Interest Rate	[3]	1.63%	3.68%
CLO Vehicles
Line of Credit Facility [Line Items]
Credit Available	[4]		$ 6,859,535
Borrowing Outstanding	[4]		$ 6,859,535
Effective Interest Rate	[4]		3.55%
[1]	The Issuer has issued long-term borrowings in the form of senior notes (the “Notes”). The Notes are unsecured and unsubordinated obligations of the Issuer. The Notes are fully and unconditionally guaranteed, jointly and severally, by Blackstone, Blackstone Holdings (the “Guarantors”), and the Issuer. The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to the issuance of the Notes have been deducted from the Note liability and are being amortized over the life of the Notes. The indentures include covenants, including limitations on the Issuer’s and the Guarantors’ ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The indentures also provide for events of default and further provide that the trustee or the holders of not less than 25% in aggregate principal amount of the outstanding Notes may declare the Notes immediately due and payable upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the Notes and any accrued and unpaid interest on the Notes automatically become due and payable. All or a portion of the Notes may be redeemed at the Issuer’s option in whole or in part, at any time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the Notes. If a change of control repurchase event occurs, the holders of the Notes may require the Issuer to repurchase the Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of the Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of repurchase.
[2]	The Issuer has a credit facility with Citibank, N.A., as Administrative Agent in the amount of $2.25 billion with a maturity date of November 24, 2025. Interest on the borrowings is based on an adjusted LIBOR rate or alternate base rate, in each case plus a margin, and undrawn commitments bear a commitment fee of 0.06%. The margin above adjusted LIBOR used to calculate the interest on borrowings was 0.75% as of December 31, 2020 and 2019. The margin is subject to change based on Blackstone’s credit rating. Borrowings may also be made in U.K. sterling, euros, Swiss francs, Japanese yen or Canadian dollars, in each case subject to certain sub-limits. The Credit Facility contains customary representations, covenants and events of default. Financial covenants consist of a maximum net leverage ratio and a requirement to keep a minimum amount of fee-earning assets under management, each tested quarterly. As of December 31, 2020, Blackstone had a $10.0 million outstanding but undrawn letter of credit against the Credit Facility. The amount Blackstone can draw from the Credit Facility is reduced by the undrawn letter of credit.
[3]	Represents borrowing facilities for the various consolidated Blackstone Funds used to meet liquidity and investing needs. Certain borrowings under these facilities were used for bridge financing and general liquidity purposes. Other borrowings were used to finance the purchase of investments with the borrowing remaining in place until the disposition or refinancing event. Such borrowings have varying maturities and are rolled over until the disposition or a refinancing event. Because the timing of such events is unknown and may occur in the near term, these borrowings are considered short-term in nature. Borrowings bear interest at spreads to market rates. Borrowings were secured according to the terms of each facility and are generally secured by the investment purchased with the proceeds of the borrowing and/or the uncalled capital commitment of each respective fund. Certain facilities have commitment fees. When a fund borrows, the proceeds are available only for use by that fund and are not available for the benefit of other funds. Collateral within each fund is also available only against the borrowings by that fund and not against the borrowings of other funds.
[4]	Represents borrowings due to the holders of debt securities issued by CLO vehicles consolidated by Blackstone. These amounts are included within Loans Payable and Due to Affiliates within the Consolidated Statements of Financial Condition.

Partnership Credit Facilities_2

Partnership Credit Facilities (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Nov. 24, 2020
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	$ 2,250		$ 2,250,000
Maximum percentage of aggregate principal amount of the outstanding notes	25.00%
Percentage of repurchase of note on principal amount of notes	101.00%
1.600% Notes
Line of Credit Facility [Line Items]
Debt instrument, maturity date	Sep. 30, 2050
Credit Facility
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	$ 2,250
Line of credit expiration date	Nov. 24, 2025
Credit Facility | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Commitment fee percentage	0.06%
Debt instrument, basis spread on variable rate	0.75%	0.75%
Senior Secured Note | 4.750% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	4.75%
Debt instrument, maturity date	Feb. 15, 2023
Senior Secured Note | 2.000% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	2.00%
Debt instrument, maturity date	May 19, 2025
Senior Secured Note | 1.000% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	1.00%
Debt instrument, maturity date	Oct. 5, 2026
Senior Secured Note | 3.150% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	3.15%
Debt instrument, maturity date	Oct. 2, 2027
Senior Secured Note | 1.500% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	1.50%
Debt instrument, maturity date	Apr. 10, 2029
Senior Secured Note | 2.500% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	2.50%
Debt instrument, maturity date	Jan. 10, 2030
Senior Secured Note | 1.600% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	1.60%
Debt instrument, maturity date	Mar. 30, 2031
Senior Secured Note | 6.250% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	6.25%
Debt instrument, maturity date	Aug. 15, 2042
Senior Secured Note | 5.000% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	5.00%
Debt instrument, maturity date	Jun. 15, 2044
Senior Secured Note | 4.450% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	4.45%
Debt instrument, maturity date	Jul. 15, 2045
Senior Secured Note | 4.000% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	4.00%
Debt instrument, maturity date	Oct. 2, 2047
Senior Secured Note | 3.500% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	3.50%
Debt instrument, maturity date	Sep. 10, 2049
Senior Secured Note | 2.800% Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate	2.80%
Debt instrument, maturity date	Sep. 30, 2050

Carrying Value and Fair Value o

Carrying Value and Fair Value of Blackstone Issued Notes (Detail) - USD ($) $ in Thousands		Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Carrying Value		$ 5,644,554	$ 4,600,856
Debt instrument, fair value	[1]	6,515,676	5,060,570
4.750% Notes
Debt Instrument [Line Items]
Carrying Value		397,385	396,247
Debt instrument, fair value	[1]	434,400	429,280
2.000% Notes
Debt Instrument [Line Items]
Carrying Value		362,947	332,393
Debt instrument, fair value	[1]	398,620	365,521
1.000% Notes
Debt Instrument [Line Items]
Carrying Value		724,646	664,229
Debt instrument, fair value	[1]	770,707	691,012
3.150% Notes
Debt Instrument [Line Items]
Carrying Value		297,387	297,046
Debt instrument, fair value	[1]	332,370	309,540
1.500% Notes
Debt Instrument [Line Items]
Carrying Value		728,054	667,425
Debt instrument, fair value	[1]	805,744	708,841
2.500% Notes
Debt Instrument [Line Items]
Carrying Value		490,745	489,841
Debt instrument, fair value	[1]	538,200	493,500
1.600% Notes
Debt Instrument [Line Items]
Carrying Value		495,100
Debt instrument, fair value	[1]	497,950
6.250% Notes
Debt Instrument [Line Items]
Carrying Value		238,668	238,437
Debt instrument, fair value	[1]	372,250	338,200
5.000% Notes
Debt Instrument [Line Items]
Carrying Value		489,201	488,968
Debt instrument, fair value	[1]	684,800	606,700
4.450% Notes
Debt Instrument [Line Items]
Carrying Value		344,282	344,157
Debt instrument, fair value	[1]	449,645	396,235
4.000% Notes
Debt Instrument [Line Items]
Carrying Value		290,533	290,344
Debt instrument, fair value	[1]	364,590	321,780
3.500% Notes
Debt Instrument [Line Items]
Carrying Value		391,925	391,769
Debt instrument, fair value	[1]	460,120	$ 399,961
2.800% Notes
Debt Instrument [Line Items]
Carrying Value		393,681
Debt instrument, fair value	[1]	$ 406,280
[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)	12 Months Ended
	Dec. 31, 2020	Sep. 29, 2020
4.750% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	4.75%
Debt instrument, maturity date	Feb. 15, 2023
2.000% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2.00%
Debt instrument, maturity date	May 19, 2025
1.000% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	1.00%
Debt instrument, maturity date	Oct. 5, 2026
3.150% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	3.15%
Debt instrument, maturity date	Oct. 2, 2027
1.500% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	1.50%
Debt instrument, maturity date	Apr. 10, 2029
2.500% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2.50%
Debt instrument, maturity date	Jan. 10, 2030
1.600% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	Sep. 30, 2050
1.600% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	1.60%	1.60%
Debt instrument, maturity date	Mar. 30, 2031
6.250% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	6.25%
Debt instrument, maturity date	Aug. 15, 2042
5.000% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	5.00%
Debt instrument, maturity date	Jun. 15, 2044
4.450% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	4.45%
Debt instrument, maturity date	Jul. 15, 2045
4.000% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	4.00%
Debt instrument, maturity date	Oct. 2, 2047
3.500% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	3.50%
Debt instrument, maturity date	Sep. 10, 2049
2.800% Notes | Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2.80%	2.80%
Debt instrument, maturity date	Sep. 30, 2050

Partnership's Borrowings Throug

Partnership's Borrowings Through Consolidated CLO Vehicles (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2020
Debt Instrument [Line Items]
Borrowing Outstanding		$ 4,600,856	$ 5,644,554
Weighted Average Remaining Maturity in Years	[1]	3 years 6 months
Liabilities of Consolidated CLO Vehicles
Debt Instrument [Line Items]
Borrowing Outstanding		$ 6,859,535
Liabilities of Consolidated CLO Vehicles | Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding		$ 6,527,800
Effective Interest Rate	[2]	3.55%
Liabilities of Consolidated CLO Vehicles | Subordinated Notes
Debt Instrument [Line Items]
Borrowing Outstanding		$ 331,735
Effective Interest Rate	[2]
[1]	Weighted-Average Remaining Maturity in Years for Senior Secured Notes includes consideration of pre-payment options.
[2]	The Subordinated Notes do not have contractual interest rates but instead receive distributions from the excess cash flows of the CLO vehicles.

Senior Secured Notes and Subord

Senior Secured Notes and Subordinated Notes (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Borrowing Outstanding	$ 5,644,554	$ 4,600,856
Fair Value		6,558,006
Senior Secured Notes
Debt Instrument [Line Items]
Fair Value		6,512,733
Subordinated Notes
Debt Instrument [Line Items]
Fair Value		45,273
Non-Consolidated Affiliates Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding		102,484
Fair Value		78,252
Non-Consolidated Affiliates Senior Secured Notes | Senior Secured Notes
Debt Instrument [Line Items]
Borrowing Outstanding		57,750
Fair Value		57,717
Non-Consolidated Affiliates Senior Secured Notes | Subordinated Notes
Debt Instrument [Line Items]
Borrowing Outstanding		44,734
Fair Value		$ 20,535

Scheduled Principal Payments fo

Scheduled Principal Payments for Borrowings (Detail) $ in Thousands	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
2021	$ 99
2023	400,000
2025	366,480
Thereafter	4,965,920
Total	5,732,499
Operating Borrowings
Debt Instrument [Line Items]
2023	400,000
2025	366,480
Thereafter	4,965,920
Total	5,732,400
Blackstone Fund Facilities CLO Vehicles
Debt Instrument [Line Items]
2021	99
Total	$ 99

Leases - Additional informaton

Leases - Additional informaton (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Weighted-average remaining lease term		6 years 7 months 6 days
Weighted-average discount rate		2.00%
Rent expense	$ 109.9
Lease payments		$ 15.9
Leases		$ 8.8	$ 7.5

Leases Components of leases exp

Leases Components of leases expenses (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
Operating Lease Cost
Straight-Line Lease Cost	[1],[2]	$ 107,970	$ 90,640
Variable Lease Cost	[1]	15,426	14,574
Sublease Income	[1]	(2,191)	(796)
Operating Lease Cost	[1]	$ 121,205	$ 104,418
[1]	Rent expense for the year ended December 31, 2018, was $109.9 million.
[2]	Straight-line lease cost includes short-term leases, which are immaterial.

Leases Supplemental Cash Flow I

Leases Supplemental Cash Flow Information Related Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating Cash Flows for Operating Leases	$ 102,364	$ 94,854
Non-Cash Right-of-Use Assets Obtained in Exchange for New Operating Lease, Liabilities	$ 153,433	$ 10,053

Leases Cash flows Annual Basis

Leases Cash flows Annual Basis For Operating Lease Liabilities (Detail) - USD ($) $ in Thousands		Dec. 31, 2020	Dec. 31, 2019
2021		$ 91,947
2022		104,746
2023		101,963
2024		87,961
2025		91,797
Thereafter		182,422
Total Lease Payments	[1]	660,836
Less: Imputed Interest		(39,992)
Present Value of Operating Lease Liabilities		$ 620,844	$ 542,994
[1]	Excludes $15.9 million of lease payments for signed leases that have not yet commenced.

Income Before Provision for Tax

Income Before Provision for Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes [Line Items]
Income Before Provision for Taxes	$ 2,617,520	$ 3,818,015	$ 3,512,941
Domestic Tax Authority
Income Taxes [Line Items]
Income Before Provision for Taxes	2,311,734	3,547,292	3,308,202
Foreign Tax Authority
Income Taxes [Line Items]
Income Before Provision for Taxes	$ 305,786	$ 270,723	$ 204,739

Provision (Benefit) for Income

Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes [Line Items]
Federal Income Tax	$ 163,227	$ 74,611	$ 73,525
Foreign Income Tax	38,914	38,098	42,128
State and Local Income Tax	66,355	19,267	53,961
Current Income Tax Expense (Benefit), Total	268,496	131,976	169,614
Federal Income Tax	86,958	(222,790)	59,924
Foreign Income Tax	870	312	(2,518)
State and Local Income Tax	(310)	42,550	22,370
Deferred Income Tax Expense (Benefit), Total	87,518	(179,928)	79,776
Provision for Taxes	$ 356,014	$ (47,952)	$ 249,390

Summary of Tax Positions (Detai

Summary of Tax Positions (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax [Line Items]
Income Before Provision for Taxes	$ 2,617,520	$ 3,818,015	$ 3,512,941
Provision for Taxes	$ 356,014	$ (47,952)	$ 249,390
Effective Income Tax Rate	13.60%	(1.30%)	7.10%

Reconciliations of Effective In

Reconciliations of Effective Income Tax Rate to Federal Statutory Tax Rate (Detail)		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of Effective Tax Rate Reconciliation [Line Items]
Statutory U.S. Federal Income Tax Rate		21.00%	21.00%	21.00%
Income Passed Through to Common Shareholders and Non-Controlling Interest Holders	[1]	(8.60%)	(13.50%)	(15.50%)
State and Local Income Taxes		2.40%	1.60%	1.80%
Foreign Income Taxes		(1.20%)	(0.60%)	(0.30%)
Change to a Taxable Corporation		1.40%	(10.30%)
Change in Valuation Allowance	[2]	(2.80%)	(0.80%)
Other		1.40%	1.30%	0.10%
Effective Income Tax Rate		13.60%	(1.30%)	7.10%
2020 vs. 2019
Schedule of Effective Tax Rate Reconciliation [Line Items]
Income Passed Through to Common Shareholders and Non-Controlling Interest Holders	[1]	4.90%
State and Local Income Taxes		0.80%
Foreign Income Taxes		(0.60%)
Change to a Taxable Corporation		11.70%
Change in Valuation Allowance	[2]	(2.00%)
Other		0.10%
Effective Income Tax Rate		14.90%
2019 vs. 2018
Schedule of Effective Tax Rate Reconciliation [Line Items]
Income Passed Through to Common Shareholders and Non-Controlling Interest Holders	[1]		2.00%
State and Local Income Taxes			(0.20%)
Foreign Income Taxes			(0.30%)
Change to a Taxable Corporation			(10.30%)
Change in Valuation Allowance	[2]		(0.80%)
Other			1.20%
Effective Income Tax Rate			(8.40%)
[1]	Includes income that was not taxable to Blackstone and its subsidiaries. Such income was directly taxable to shareholders of Blackstone’s common stock for the period prior to the Conversion and remains taxable to Blackstone’s non-controlling interest holders.
[2]	The Change in Valuation Allowance for the year ended December 31, 2019 represents the change from July 1, 2019 to December 31, 2019, following the change to a taxable corporation.

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax [Line Items]
Statutory U.S. Federal Income Tax Rate			21.00%	35.00%
Tax cuts and jobs act of 2017 incomplete accounting change in tax rate net deferred tax assets				$ 500,600,000
Net adjustment of deferred income tax expense				500,600,000
Tax cuts and jobs act of 2017 complete accounting change in tax rate deferred tax liability provisional income tax benefit				160,300,000
Tax cuts and jobs act of 2017 complete accounting change in tax rate deferred tax liability				$ 403,900,000
Impact of the Tax Reform Bill				8.30%
Unrecognized tax benefits that if recognized would affect the annual effective rate	$ 32,900,000	$ 25,000,000
Interest expense accrued	1,300,000	500,000	$ 1,800,000
Accrued Penalties	0	0	$ 0
Effect of the change in tax status		394,800,000
Reduction of Tax Receivable Agreement Liability	(35,383,000)	161,567,000
Deferred tax valuation allowance		648,200,000
Maximum
Income Tax [Line Items]
Amortization period for tax basis intangibles, years				40 years
Minimum
Income Tax [Line Items]
Amortization period for tax basis intangibles, years				15 years
Tax Cuts and Jobs Act
Income Tax [Line Items]
Reduction of Tax Receivable Agreement Liability	$ (35,400,000)	$ 161,600,000

Summary of Tax Effects of Tempo

Summary of Tax Effects of Temporary Differences (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred Tax Assets
Investment Basis Differences / Net Unrealized Gains and Losses	$ 1,789,699	$ 1,712,982
Other	11,102	5,342
Total Deferred Tax Assets Before Valuation Allowance	1,800,801	1,718,324
Valuation Allowance	(558,225)	(629,019)
Total Net Deferred Tax Assets	1,242,576	1,089,305
Deferred Tax Liabilities
Investment Basis Differences / Net Unrealized Gains and Losses	18,733	20,267
Other	6,624
Total Deferred Tax Liabilities	25,357	20,267
Net Deferred Tax Assets	$ 1,217,219	$ 1,069,038

Unrecognized Tax Benefits Exclu

Unrecognized Tax Benefits Excluding Related Interest and Penalties (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Contingency [Line Items]
Unrecognized Tax Benefits - January 1	$ 24,958	$ 20,864	$ 11,454
Additions for Tax Positions of Prior Years	7,959	4,908	9,671
Reductions for Tax Positions of Prior Years			(323)
Settlements		(829)
Exchange Rate Fluctuations	16	15	62
Unrecognized Tax Benefits - December 31	$ 32,933	$ 24,958	$ 20,864

Basic and Diluted Net Income Pe

Basic and Diluted Net Income Per Common Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Line Items]
Net Income Attributable to The Blackstone Group Inc., Basic		$ 1,045,363	$ 2,049,682	$ 1,541,788
Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units				1,185,799
Net Income Attributable to The Blackstone Group Inc., Diluted		$ 1,045,363	$ 2,049,682	$ 2,727,587
Weighted-Average Shares of Class A Common Stock Outstanding, Basic		696,933,548	675,900,466	678,850,245
Weighted-Average Shares of Unvested Deferred Restricted Class A Common Stock		324,748	267,385	226,487
Weighted-Average Blackstone Holdings Partnership Units				527,886,114
Weighted-Average Shares of Class A Common Stock Outstanding, Diluted		697,258,296	676,167,851	1,206,962,846
Net Income Per Common Unit, Basic		$ 1.50	$ 3.03	$ 2.27
Net Income Per Common Unit, Diluted		1.50	3.03	2.26
Dividends Declared Per Share of Class A Common Stock	[1]	$ 1.91	$ 1.92	$ 2.42
[1]	Dividends declared reflects the calendar date of the declaration for each distribution. The fourth quarter dividends, if any, for any fiscal year will be declared and paid in the subsequent fiscal year.

Summary of Anti-Dilutive Securi

Summary of Anti-Dilutive Securities (Detail) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Blackstone Partnership Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-Average Units	504,221,914	524,211,887

Schedule of Shares Eligible For

Schedule of Shares Eligible For Dividends and Distribution (Detail)	Dec. 31, 2020shares
Stockholders Equity [Line Items]
Common stock eligible for dividends and distributions	703,959,789
Shares eligible for dividends and distributions	1,200,020,244
Common Class A [Member]
Stockholders Equity [Line Items]
Common stock eligible for dividends and distributions	683,875,544
Unvested Participating Common Stock [Member]
Stockholders Equity [Line Items]
Common stock eligible for dividends and distributions	20,084,245
Participating Partnership Units [Member]
Stockholders Equity [Line Items]
Participating Blackstone Holdings Partnership Units	496,060,455

Earnings Per Share and Stockh_3

Earnings Per Share and Stockholder's Equity - Additional Information (Detail) - USD ($)	Jul. 01, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jul. 16, 2019
Stockholders Equity [Line Items]
Preferred shares authorized	9,000,000,000
Preferred shares par value	$ 0.00001
Preferred shares issued		0
Preferred shares outstanding		0
Amount remaining available for repurchases		$ 307,200,000
Common Class A
Stockholders Equity [Line Items]
Common stock par value	$ 0.00001	$ 0.00001	$ 0.00001
Common stock repurchased, units		9,000,000	12,800,000	16,000,000
Amount authorized to repurchase under unit repurchase program					$ 1,000,000,000
Common stock repurchased, cost		$ 474,000,000	$ 561,900,000	$ 541,500,000
Conversion of Stock	one issued and outstanding
Common Class B
Stockholders Equity [Line Items]
Common stock par value	$ 0.00001	$ 0.00001
Conversion of Stock	one issued and outstanding
Common Class C
Stockholders Equity [Line Items]
Common stock par value	$ 0.00001	$ 0.00001
Conversion of Stock	one issued and outstanding

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2019
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	$ 438,341	$ 417,092	$ 366,928
Tax benefits in relation to equity-based awards	51,500	47,800	59,000
Estimated unrecognized compensation expense related to unvested awards	$ 1,100
Weighted-average period for recognized compensation expense related to unvested awards, years	3 years 6 months
Total vested and unvested outstanding units	1,200,240,078
Phantom units vesting period	3 years
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total outstanding unvested phantom units	72,077
Payment in settlement of phantom units	$ 400	$ 400	$ 200
Phantom Share Units (PSUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Assumed forfeiture rate	9.50%
Phantom units vesting period	1 year
Phantom Share Units (PSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Phantom units vesting period	5 years
Equity Settled Awards Deferred Restricted Common Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Assumed service period, in years	1 year
Assumed forfeiture rate	1.00%
Per unit discount	$ 0.99
Equity Settled Awards Deferred Restricted Common Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Assumed service period, in years	5 years
Assumed forfeiture rate	12.80%
Per unit discount	$ 9.74
Blackstone Partnership Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Assumed forfeiture rate	6.10%
Blackstone Partnership Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Assumed service period, in years	1 year
Blackstone Partnership Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Assumed service period, in years	5 years

Summary of Status of Partnershi

Summary of Status of Partnership's Unvested Equity-Based Awards (Detail)	12 Months Ended
	Dec. 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	(8,126,156)
Forfeited (Units) | shares	(261,926)
Ending Balance | shares	23,771,136
Beginning Balance | $ / shares	$ 36.25
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	38.79
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	41.75
Ending Balance | $ / shares	$ 36.33
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	14,648,390
Vested (Units) | shares	(3,489,278)
Forfeited (Units) | shares	(616,814)
Ending Balance | shares	19,512,034
Beginning Balance | $ / shares	$ 35.26
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	45.69
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	35.39
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	37.90
Ending Balance | $ / shares	$ 42.60
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	24,825
Vested (Units) | shares	(9,657)
Forfeited (Units) | shares	(1,225)
Ending Balance | shares	65,284
Beginning Balance | $ / shares	$ 52.85
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	57.45
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	54.15
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	60.42
Ending Balance | $ / shares	$ 60.42

Unvested Shares and Units, Afte

Unvested Shares and Units, After Expected Forfeitures (Detail)	12 Months Ended
	Dec. 31, 2020shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Blackstone Holdings Partnership Units	21,536,825
Deferred Restricted Shares of Class A Common Stock	16,656,484
Total Equity-Based Awards	38,193,309
Phantom Shares	52,476
Blackstone Holdings Partnership Units (Weighted-Average Service Period in Years)	2 years 9 months 18 days
Deferred Restricted Shares of Class A Common Stock (Weighted-Average Service in Years)	3 years 3 months 18 days
Total Equity-Based Awards (Weighted-Average Service Period in Years)	3 years
Phantom Shares (Weighted-Average Service Period in Years)	3 years

Due from Affiliates and Due to

Due from Affiliates and Due to Affiliates (Detail) - USD ($) $ in Thousands	Dec. 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	$ 2,637,055	$ 1,999,568
Due from Certain Non-Controlling Interest Holders and Blackstone Employees	548,897	573,679
Accrual for Potential Clawback of Previously Distributed Performance Allocations	35,563	21,626
Due from Affiliates, total	3,221,515	2,594,873
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements	857,523	672,981
Due to Non-Consolidated Entities	107,410	100,286
Due to Note-Holders of Consolidated CLO Vehicles		78,252
Due to Certain Non-Controlling Interest Holders and Blackstone Employees	61,539	48,433
Accrual for Potential Repayment of Previously Received Performance Allocations	108,569	126,919
Due to Affiliates, total	$ 1,135,041	$ 1,026,871

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Investments	$ 15,617,142	$ 22,281,682
Cash saving in tax receivable agreements, percentage	85.00%
Expected future payments under the tax receivable agreements	$ 857,500
Expected future payments under the tax receivable agreements in years	15 years
After-tax net present value estimated payments	$ 249,200
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	$ 65,200	78,100	$ 63,600
Founder, senior managing directors, employees and certain other related parties | Consolidated Blackstone Funds
Related Party Transaction [Line Items]
Investments	1,100	969,300
Affiliates
Related Party Transaction [Line Items]
Interest from loans to affiliates	$ 5,500	$ 7,000	$ 5,400

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Schedule Of Commitments And Contingencies [Line Items]
General partner capital funding	$ 3,800
Consolidated entities net assets restricted as to payment of cash dividends and advances to partnership	57.8
Total investments at risk in respect of guarantees extended	$ 25.1
Contingent obligations currently anticipated to expire end	2029
Provision for cash clawback	$ 825.1
Contingent Obligations (Clawback)	4,000
Non Consolidated Credit Fund
Schedule Of Commitments And Contingencies [Line Items]
Purchase obligation	442.5
Fair value of the amount outstanding	443.8
Gain loss recognised on transaction	1.3
Blackstone Holdings
Schedule Of Commitments And Contingencies [Line Items]
Loans held By employees for investment guaranteed	218.5
Contingent Obligations (Clawback)	3,800
Consolidated Blackstone Funds
Schedule Of Commitments And Contingencies [Line Items]
Funds signed investment commitments	140.2
Consolidated Blackstone Funds | Portfolio Company Acquisition
Schedule Of Commitments And Contingencies [Line Items]
Signed investment commitments for portfolio company acquisitions in process of closing	$ 70.1

Clawback Obligations by Segment

Clawback Obligations by Segment (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
Product Liability Contingency [Line Items]
Clawback obligations		$ 108,569	$ 126,919
Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		83,940	105,293
Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[1]	24,629	21,626
Real Estate Segment
Product Liability Contingency [Line Items]
Clawback obligations		45,385	26,748
Real Estate Segment | Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		28,283	16,151
Real Estate Segment | Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[1]	17,102	10,597
Private Equity Segment
Product Liability Contingency [Line Items]
Clawback obligations		33,099	85,136
Private Equity Segment | Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		41,722	82,276
Private Equity Segment | Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[1]	(8,623)	2,860
Credit & Insurance
Product Liability Contingency [Line Items]
Clawback obligations		30,085	15,035
Credit & Insurance | Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		13,935	6,866
Credit & Insurance | Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[1]	$ 16,150	$ 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) - Segment	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Number of business segments	4	4

Financial Data of Segments (Det

Financial Data of Segments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Fee Related Performance Revenues	$ 378,676	$ 212,001	$ 123,836
Realized Performance Revenues	2,244,661	1,868,911	1,934,047
Realized Performance Compensation	887,655	707,242	744,992
Operating Segments
Segment Reporting Information [Line Items]
Base Management Fees	3,972,054	3,245,930	2,844,325
Transaction, Advisory and Other Fees, Net	207,875	314,420	229,498
Management Fee Offsets	(68,764)	(76,114)	(37,371)
Total Management and Advisory Fees, Net	4,111,165	3,484,236	3,036,452
Fee Related Performance Revenues	378,676	212,001	123,836
Fee Related Compensation	(1,496,570)	(1,336,578)	(1,216,146)
Other Operating Expenses	(623,217)	(571,142)	(488,328)
Fee Related Earnings	2,370,054	1,788,517	1,455,814
Realized Performance Revenues	1,865,993	1,660,642	1,811,771
Realized Performance Compensation	(714,347)	(603,935)	(678,141)
Realized Principal Investment Income	158,933	224,155	236,058
Total Net Realizations	1,310,579	1,280,862	1,369,688
Total Segment Distributable Earnings	3,680,633	3,069,379	2,825,502
Segment Assets	24,894,819	24,278,413
Operating Segments | Real Estate Segment
Segment Reporting Information [Line Items]
Base Management Fees	1,553,483	1,116,183	985,399
Transaction, Advisory and Other Fees, Net	98,225	175,831	152,513
Management Fee Offsets	(13,020)	(26,836)	(11,442)
Total Management and Advisory Fees, Net	1,638,688	1,265,178	1,126,470
Fee Related Performance Revenues	338,161	198,237	124,502
Fee Related Compensation	(618,105)	(531,259)	(459,430)
Other Operating Expenses	(183,132)	(168,332)	(146,260)
Fee Related Earnings	1,175,612	763,824	645,282
Realized Performance Revenues	787,768	1,032,337	914,984
Realized Performance Compensation	(312,698)	(374,096)	(284,319)
Realized Principal Investment Income	24,764	79,733	92,525
Total Net Realizations	499,834	737,974	723,190
Total Segment Distributable Earnings	1,675,446	1,501,798	1,368,472
Segment Assets	8,562,294	9,023,353
Operating Segments | Private Equity Segment
Segment Reporting Information [Line Items]
Base Management Fees	1,232,028	986,482	785,223
Transaction, Advisory and Other Fees, Net	82,440	115,174	58,165
Management Fee Offsets	(44,628)	(37,327)	(13,504)
Total Management and Advisory Fees, Net	1,269,840	1,064,329	829,884
Fee Related Compensation	(455,538)	(423,752)	(375,446)
Other Operating Expenses	(195,213)	(160,010)	(133,096)
Fee Related Earnings	619,089	480,567	321,342
Realized Performance Revenues	877,493	468,992	757,406
Realized Performance Compensation	(366,949)	(192,566)	(318,167)
Realized Principal Investment Income	72,089	90,249	109,731
Total Net Realizations	582,633	366,675	548,970
Total Segment Distributable Earnings	1,201,722	847,242	870,312
Segment Assets	10,137,928	9,007,658
Operating Segments | Hedge Fund Solutions Segment
Segment Reporting Information [Line Items]
Base Management Fees	582,830	556,730	519,782
Transaction, Advisory and Other Fees, Net	5,899	3,533	3,180
Management Fee Offsets	(650)	(138)	(93)
Total Management and Advisory Fees, Net	588,079	560,125	522,869
Fee Related Compensation	(161,713)	(151,960)	(162,172)
Other Operating Expenses	(79,758)	(81,999)	(77,772)
Fee Related Earnings	346,608	326,166	282,925
Realized Performance Revenues	179,789	126,576	42,419
Realized Performance Compensation	(31,224)	(24,301)	(21,792)
Realized Principal Investment Income	54,110	21,707	17,039
Total Net Realizations	202,675	123,982	37,666
Total Segment Distributable Earnings	549,283	450,148	320,591
Segment Assets	2,472,206	2,238,048
Operating Segments | Credit & Insurance Segment
Segment Reporting Information [Line Items]
Base Management Fees	603,713	586,535	553,921
Transaction, Advisory and Other Fees, Net	21,311	19,882	15,640
Management Fee Offsets	(10,466)	(11,813)	(12,332)
Total Management and Advisory Fees, Net	614,558	594,604	557,229
Fee Related Performance Revenues	40,515	13,764	(666)
Fee Related Compensation	(261,214)	(229,607)	(219,098)
Other Operating Expenses	(165,114)	(160,801)	(131,200)
Fee Related Earnings	228,745	217,960	206,265
Realized Performance Revenues	20,943	32,737	96,962
Realized Performance Compensation	(3,476)	(12,972)	(53,863)
Realized Principal Investment Income	7,970	32,466	16,763
Total Net Realizations	25,437	52,231	59,862
Total Segment Distributable Earnings	254,182	270,191	$ 266,127
Segment Assets	$ 3,722,391	$ 4,009,354

Reconciliation of Total Segment

Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total Revenues		$ 6,101,927	$ 7,338,270	$ 6,833,259
Less: Unrealized Principal Investment (Income) Loss		(114,607)	215,003	49,917
Total Expenses		3,479,566	3,964,651	3,512,040
Total Other Income		(4,841)	444,396	191,722
Total GAAP Income Before Provision (Benefit) for Taxes		2,617,520	3,818,015	3,512,941
Total Assets		26,269,252	32,585,506
Less: Unrealized Principal Investment (Income) Loss		(114,607)	215,003	49,917
Operating Segments
Segment Reporting Information [Line Items]
Total Revenues	[1]	6,514,767	5,581,034	5,208,117
Total Expenses	[2]	2,834,134	2,511,655	2,382,615
Total Segment Distributable Earnings		3,680,633	3,069,379	2,825,502
Total Assets		24,894,819	24,278,413
Consolidation Adjustments and Reconciling Items
Segment Reporting Information [Line Items]
Less: Unrealized Performance Revenues	[3]	384,758	(1,126,668)	(561,163)
Less: Unrealized Principal Investment (Income) Loss	[4]	101,742	(113,327)	65,851
Less: Interest and Dividend Revenue	[5]	(130,112)	(192,593)	(181,763)
Less: Other Revenue	[6]	253,693	(79,447)	(89,468)
Impact of Consolidation	[7]	(234,148)	(88,164)	(277,406)
Amortization of Intangibles	[8]	1,548	1,548	1,548
Transaction-Related Charges	[9]	29,837	(168,170)	(588,710)
Less: Unrealized Performance Allocations Compensation	[10]	154,516	(540,285)	(319,742)
Less: Equity-Based Compensation	[11]	(333,767)	(230,194)	(158,220)
Less: Interest Expense	[12]	(165,022)	(195,034)	(159,838)
Impact of Consolidation	[7]	(26,088)	(55,902)	(112,354)
Amortization of Intangibles	[8]	(64,436)	(64,383)	(58,446)
Transaction-Related Charges	[9]	(210,892)	(376,783)	(326,794)
Administrative Fee Adjustment	[13]	5,265
Less: Unrealized Performance Revenues	[3]	384,758	(1,126,668)	(561,163)
Less: Unrealized Principal Investment (Income) Loss	[4]	101,742	(113,327)	65,851
Less: Interest and Dividend Revenue	[5]	(130,112)	(192,593)	(181,763)
Less: Other Revenue	[6]	253,693	(79,447)	(89,468)
Plus: Unrealized Performance Allocations Compensation	[10]	(154,516)	540,285	319,742
Plus: Equity Based Compensation	[11]	333,767	230,194	158,220
Plus: Interest Expense	[12]	165,022	195,034	159,838
Amortization of Intangibles	[8]	65,984	65,931	59,994
Transaction-Related Charges	[9]	240,729	208,613	(261,916)
Segment Adjustment
Segment Reporting Information [Line Items]
Intersegment Eliminations		5,522	9,585	5,969
Intersegment Eliminations		5,522	9,585	5,969
Impact of Consolidation
Segment Reporting Information [Line Items]
Total Other Income	[7]	4,841	(444,396)	(191,722)
Total Assets	[14]	(1,374,433)	(8,307,093)
Impact of Consolidation	[7]	$ (203,219)	$ (476,658)	$ (356,774)
[1]	Total Segment Revenues is comprised of the following:
[2]	Total Segment Expenses is comprised of the following:
[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 years ended December 31, 2020, 2019 and 2018, Other Revenue on a GAAP basis was $(253.1) million, $80.0 million and $672.3 million and included $(257.8) million, $76.4 million and $87.4 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 adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement.
[13]	This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.
[14]	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.

Reconciliation of Total Segme_2

Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Parenthetical) (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Fee Related Performance Revenues		$ 378,676	$ 212,001	$ 123,836
Total Segment Realized Performance Revenues		2,244,661	1,868,911	1,934,047
Total Segment Realized Performance Compensation		(887,655)	(707,242)	(744,992)
Other revenue		(253,142)	79,993	672,317
Other Operating Income (Expense) [Member]
Segment Reporting Information [Line Items]
Foreign exchange gains (losses)		(257,800)	76,400	87,400
Operating Segments
Segment Reporting Information [Line Items]
Total Segment Management and Advisory Fees, Net		4,111,165	3,484,236	3,036,452
Fee Related Performance Revenues		378,676	212,001	123,836
Total Segment Realized Performance Revenues		1,865,993	1,660,642	1,811,771
Total Segment Realized Principal Investment Income		158,933	224,155	236,058
Total Revenues	[1]	6,514,767	5,581,034	5,208,117
Total Segment Fee Related Compensation		1,496,570	1,336,578	1,216,146
Total Segment Realized Performance Compensation		714,347	603,935	678,141
Total Segment Other Operating Expenses		623,217	571,142	488,328
Total Expenses	[2]	$ 2,834,134	$ 2,511,655	$ 2,382,615
[1]	Total Segment Revenues is comprised of the following:
[2]	Total Segment Expenses is comprised of the following:

Reconciliation of Total Segme_3

Reconciliation of Total Segments to Reported on the Consolidated Statement of Operations (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Revenues	[1]	$ 18,616	$ 12,081	$ 8,656
Investment Income — Realized Performance Allocations		2,106,000	1,739,000	1,876,507
Realized Performance Revenues		378,676	212,001	123,836
Compensation and Benefits Compensation		1,855,619	1,820,330	1,609,957
Incentive Fee Compensation		44,425	44,300	33,916
Realized Performance Allocations Compensation		843,230	662,942	711,076
Realized Performance Revenues		2,244,661	1,868,911	1,934,047
Segment Adjustment	[2]	8	3,732	1,560
Total Compensation and Benefits		2,743,274	2,527,572	2,354,949
General, Administrative and Other		711,782	679,408	594,873
General, Administrative and Other	[3]	(88,565)	(108,266)	(106,545)
Investment Income — Realized Performance Allocations		2,106,000	1,739,000	1,876,507
Realized Performance Revenues		2,244,661	1,868,911	1,934,047
Realized Performance Compensation		887,655	707,242	744,992
Investment Income Realized		391,628	393,478	415,862
Segment Adjustment	[4]	(198,590)	(356,865)	(302,442)
Total Segment		(887,655)	(707,242)	(744,992)
Management and Advisory Fees, Net
Segment Reporting Information [Line Items]
Revenues		4,092,549	3,472,155	3,027,796
Incentive Fees
Segment Reporting Information [Line Items]
Revenues		138,661	129,911	57,540
Operating Segments
Segment Reporting Information [Line Items]
Revenues		4,111,165	3,484,236	3,036,452
Realized Performance Revenues		378,676	212,001	123,836
Realized Performance Revenues		1,865,993	1,660,642	1,811,771
Realized Performance Revenues		(378,676)	(212,001)	(123,836)
General, Administrative and Other		623,217	571,142	488,328
Realized Performance Revenues		1,865,993	1,660,642	1,811,771
Less: Realized Performance Revenues		(1,865,993)	(1,660,642)	(1,811,771)
Realized Performance Compensation		(714,347)	(603,935)	(678,141)
Investment Income Realized		158,933	224,155	236,058
Less: Equity-Based Compensation — Operating Compensation		(326,116)	(221,684)	(145,213)
Less: Equity-Based Compensation — Performance Compensation		(7,651)	(8,510)	(13,007)
Total Compensation and Benefits		1,496,570	1,336,578	1,216,146
Less: Fee Related Performance Compensation		(165,657)	(94,797)	(53,844)
Less: Equity-Based Compensation — Performance Compensation		(7,651)	(8,510)	(13,007)
Total Segment		714,347	603,935	678,141
Operating Segments | Management and Advisory Fees, Net
Segment Reporting Information [Line Items]
Revenues		4,111,165	3,484,236	3,036,452
Segment Adjustment
Segment Reporting Information [Line Items]
Segment Adjustment	[2]	8	3,732	1,560
Investment Income Realized	[5]	$ (232,695)	$ (169,323)	$ (179,804)
[1]	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.
[2]	Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.
[3]	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. Beginning in the year ended December 31, 2020, includes a reduction equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.
[4]	Represents the removal of Transaction-Related Charges that are not recorded in the Total Segment measures.
[5]	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.