Blackstone (BX) 10-Q 4 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Oct. 29, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Trading Symbol	BX
Entity Registrant Name	Blackstone Inc.
Entity Central Index Key	0001393818
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Document Transition Report	false
Document Quarterly Report	true
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity File Number	001-33551
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-8875684
Entity Address, Address Line One	345 Park Avenue
Local Phone Number	583-5000
Entity Address, State or Province	NY
Entity Address, City or Town	New York
City Area Code	212
Entity Address, Postal Zip Code	10154
Entity Common Stock, Shares Outstanding		686,871,813

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Cash and Cash Equivalents	$ 5,011,433	$ 1,999,484
Cash Held by Blackstone Funds and Other	113,731	64,972
Investments (including assets pledged of $50,504 and $110,835 at September 30, 2021 and December 31, 2020, respectively)	25,104,195	15,617,142
Accounts Receivable	496,265	866,158
Due from Affiliates	3,718,119	3,221,515
Intangible Assets, Net	303,082	347,955
Goodwill	1,890,202	1,901,485
Other Assets	538,567	481,022
Right-of-Use Assets	745,886	526,943
Deferred Tax Assets	1,116,612	1,242,576
Total Assets	39,038,092	26,269,252
Liabilities and Equity
Loans Payable	7,527,576	5,644,653
Due to Affiliates	1,426,209	1,135,041
Accrued Compensation and Benefits	7,399,559	3,433,260
Securities Sold, Not Yet Purchased	35,657	51,033
Repurchase Agreements	36,545	76,808
Operating Lease Liabilities	863,020	620,844
Accounts Payable, Accrued Expenses and Other Liabilities	871,661	717,104
Total Liabilities	18,160,227	11,678,743
Commitments and Contingencies
Redeemable Non-Controlling Interests in Consolidated Entities	66,824	65,161
Stockholders' Equity of Blackstone Inc.
Common Stock, $0.00001 par value, 90 billion shares authorized, (693,612,698 shares issued and outstanding as of September 30, 2021; 683,875,544 shares issued and outstanding as of December 31, 2020)	7	7
Additional Paid-in-Capital	6,037,628	6,332,105
Retained Earnings	3,031,765	335,762
Accumulated Other Comprehensive Loss	(15,357)	(15,831)
Total Stockholders' Equity of Blackstone Inc.	9,054,043	6,652,043
Non-Controlling Interests in Consolidated Entities	5,638,612	4,042,157
Non-Controlling Interests in Blackstone Holdings	6,118,386	3,831,148
Total Equity	20,811,041	14,525,348
Total Liabilities and Equity	39,038,092	26,269,252
Series I Preferred Stock [Member]
Stockholders' Equity of Blackstone Inc.
Preferred Stock, Value, Issued	0	0
Series II Preferred Stock [Member]
Stockholders' Equity of Blackstone Inc.
Preferred Stock, Value, Issued	$ 0	$ 0

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Investments assets pledged	$ 50,504	$ 110,835
Assets	39,038,092	26,269,252
Liabilities	$ 18,160,227	$ 11,678,743
Common stock par value	$ 0.00001	$ 0.00001
Common shares authorized	90,000,000,000	90,000,000,000
Common shares issued	693,612,698	683,875,544
Common shares outstanding	693,612,698	683,875,544
Series I Preferred Stock
Preferred shares par value	$ 0.00001	$ 0.00001
Preferred shares authorized	999,999,000	999,999,000
Preferred shares issued	1	1
Preferred shares outstanding	1	1
Series II Preferred Stock
Preferred shares par value	$ 0.00001	$ 0.00001
Preferred shares authorized	1,000	1,000
Preferred shares issued	1	1
Preferred shares outstanding	1	1
Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	$ 2,294,094	$ 1,649,017
Liabilities	190,321	221,266
Consolidated Blackstone Funds | Repurchase Agreements | Variable Interest Entity, Primary Beneficiary
Liabilities	36,545	76,808
Consolidated Blackstone Funds | Loans Payable | Variable Interest Entity, Primary Beneficiary
Liabilities	100	99
Securities Sold, Not Yet Purchased | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Liabilities	23,745	41,709
Investments | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	2,104,705	1,455,008
Accounts Receivable | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	64,254	120,099
Cash Held by Funds and Other | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	113,731	64,972
Due from Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	11,142	8,676
Other Assets | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Assets	262	262
Due to Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Liabilities	95,062	65,429
Accounts Payable, Accrued Expenses and Other Liabilities | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary
Liabilities	$ 34,869	$ 37,221

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Performance Allocations
Realized	$ 1,522,495	$ 371,406	$ 2,865,482	$ 640,846
Unrealized	2,724,366	1,403,480	7,886,033	(981,678)
Principal Investments
Realized	325,414	61,017	832,512	170,814
Unrealized	183,754	295,308	1,151,904	(332,295)
Total Investment Income (Loss)	4,756,029	2,131,211	12,735,931	(502,313)
Interest and Dividend Revenue	35,048	26,497	97,477	85,505
Other	64,187	(192,159)	152,387	(109,559)
Total Revenues	6,224,265	3,032,898	16,814,491	2,473,003
Expenses
Compensation and Benefits Compensation	536,199	460,983	1,585,941	1,395,983
Incentive Fee Compensation	21,007	7,385	48,763	22,339
Performance Allocations Compensation
Realized	631,632	142,149	1,192,082	253,141
Unrealized	1,193,853	509,474	3,394,041	(433,091)
Total Compensation and Benefits	2,382,691	1,119,991	6,220,827	1,238,372
General, Administrative and Other	217,995	171,041	608,174	497,658
Interest Expense	52,413	39,540	141,718	120,460
Fund Expenses	1,260	2,274	7,417	10,962
Total Expenses	2,654,359	1,332,846	6,978,136	1,867,452
Other Income (Loss)
Change in Tax Receivable Agreement Liability	(37,321)	(7,693)	(34,803)	(8,212)
Net Gains (Losses) from Fund Investment Activities	132,312	108,752	379,781	(60,325)
Total Other Income (Loss)	94,991	101,059	344,978	(68,537)
Income Before Provision for Taxes	3,664,897	1,801,111	10,181,333	537,014
Provision for Taxes	458,904	100,960	746,707	89,672
Net Income	3,205,993	1,700,151	9,434,626	447,342
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	1,550	6,868	2,816	(12,027)
Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities	486,907	259,761	1,305,273	(90,938)
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings	1,315,641	638,803	3,667,618	253,814
Net Income Attributable to Blackstone Inc.	$ 1,401,895	$ 794,719	$ 4,458,919	$ 296,493
Net Income Per Share of Common Stock
Basic	$ 1.94	$ 1.14	$ 6.21	$ 0.43
Diluted	$ 1.94	$ 1.13	$ 6.21	$ 0.43
Weighted-Average Shares of Common Stock Outstanding
Basic	722,229,117	700,184,580	717,516,302	695,049,997
Diluted	722,433,099	700,527,966	717,918,415	695,337,575
Management and Advisory Fees, Net
Revenues
Revenues	$ 1,320,795	$ 1,053,851	$ 3,711,159	$ 2,958,411
Incentive Fees
Revenues
Revenues	$ 48,206	$ 13,498	$ 117,537	$ 40,959

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net Income	$ 3,205,993	$ 1,700,151	$ 9,434,626	$ 447,342
Other Comprehensive Income (Loss), Currency Translation Adjustment	(8,689)	14,791	1,366	2,888
Comprehensive Income	3,197,304	1,714,942	9,435,992	450,230
Less: Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	1,550	6,868	2,816	(12,027)
Comprehensive Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities	486,907	259,761	1,305,273	(90,938)
Comprehensive Income Attributable to Non-Controlling Interests in Blackstone Holdings	1,312,064	644,243	3,668,510	255,614
Comprehensive Income Attributable to Non-Controlling Interests	1,800,521	910,872	4,976,599	152,649
Comprehensive Income Attributable to Blackstone Inc.	$ 1,396,783	$ 804,070	$ 4,459,393	$ 297,581

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands		Total	Common Stock		Additional Paid-in Capital	[1]	Retained Earnings (Deficit)	[1]	Accumulated Other Comprehensive Income (Loss)	[1]	Parent	[1]	Noncontrolling InterestConsolidated Entities	Noncontrolling InterestBlackstone Holdings
Beginning Balance at Dec. 31, 2019		$ 15,015,401	$ 7	[1]	$ 6,428,647		$ 609,625		$ (28,495)		$ 7,009,784		$ 4,186,069	$ 3,819,548
Beginning Balance, Units at Dec. 31, 2019	[1]		671,157,692
TransferOut Due to Deconsolidation of Fund Entities		(216,339)											(216,339)
Net Income		459,369					296,493				296,493		(90,938)	253,814
Currency Translation Adjustment		2,888							1,088		1,088			1,800
Capital Contributions		450,442											447,723	2,719
Capital Distributions		(2,104,500)					(942,550)				(942,550)		(375,558)	(786,392)
Transfer of Non-Controlling Interests in Consolidated Entities		(4,767)											(4,767)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders		19,592			19,592						19,592
Equity-Based Compensation		318,289			181,377						181,377			136,912
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock		(30,076)			(30,069)						(30,069)			(7)
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock, Units	[1]		2,742,841
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units		(474,005)			(474,005)						(474,005)
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units, Units	[1]		(8,969,237)
Change in The Blackstone Group Inc.'s Ownership Interest		(14,647)			14,647						14,647			(14,647)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock					103,533						103,533			(103,533)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock, Units	[1]		15,749,452
Ending Balance at Sep. 30, 2020		13,436,294	$ 7	[1]	6,243,722		(36,432)		(27,407)		6,179,890		3,946,190	3,310,214
Ending Balance, Units at Sep. 30, 2020	[1]		680,680,748
Beginning Balance at Dec. 31, 2019		87,651
Net Income		(12,027)
Capital Distributions		(12,240)
Ending Balance at Sep. 30, 2020		63,384
Beginning Balance at Jun. 30, 2020		12,427,466	$ 7	[1]	6,272,040		(574,295)		(36,758)		5,660,994		3,900,429	2,866,043
Beginning Balance, Units at Jun. 30, 2020	[1]		676,874,583
TransferOut Due to Deconsolidation of Fund Entities		(216,339)											(216,339)
Net Income		1,693,283					794,719				794,719		259,761	638,803
Currency Translation Adjustment		14,791							9,351		9,351			5,440
Capital Contributions		77,481											74,762	2,719
Capital Distributions		(543,954)					(256,856)				(256,856)		(69,761)	(217,337)
Transfer of Non-Controlling Interests in Consolidated Entities		(2,662)											(2,662)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders		4,392			4,392						4,392
Equity-Based Compensation		99,910			57,098						57,098			42,812
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock		(12,430)			(12,430)						(12,430)
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock, Units	[1]		1,002,685
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units		(105,644)			(105,644)						(105,644)
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units, Units	[1]		(2,000,000)
Change in The Blackstone Group Inc.'s Ownership Interest					862						862			(862)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock					27,404						27,404			(27,404)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock, Units	[1]		4,803,480
Ending Balance at Sep. 30, 2020		13,436,294	$ 7	[1]	6,243,722		(36,432)		(27,407)		6,179,890		3,946,190	3,310,214
Ending Balance, Units at Sep. 30, 2020	[1]		680,680,748
Beginning Balance at Jun. 30, 2020		68,564
Net Income		6,868
Capital Distributions		(12,048)
Ending Balance at Sep. 30, 2020		63,384
Beginning Balance at Dec. 31, 2020		14,525,348	$ 7	[1]	6,332,105		335,762		(15,831)		6,652,043		4,042,157	3,831,148
Beginning Balance, Units at Dec. 31, 2020	[1]		683,875,544
Net Income		9,431,810					4,458,919				4,458,919		1,305,273	3,667,618
Currency Translation Adjustment		1,366							474		474			892
Capital Contributions		1,028,696											1,020,950	7,746
Capital Distributions		(3,937,461)					(1,762,916)				(1,762,916)		(726,075)	(1,448,470)
Transfer of Non-Controlling Interests in Consolidated Entities		(3,693)											(3,693)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders		30,448			30,448						30,448
Equity-Based Compensation		429,077			250,222						250,222			178,855
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock		(49,642)			(49,642)						(49,642)
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock, Units	[1]		3,802,879
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units		(644,908)			(644,908)						(644,908)
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units, Units	[1]		(6,049,598)
Change in The Blackstone Group Inc.'s Ownership Interest		(10,494)			10,494						10,494			(10,494)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock					108,909						108,909			(108,909)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock, Units	[1]		11,983,873
Ending Balance at Sep. 30, 2021		20,811,041	$ 7	[1]	6,037,628		3,031,765		(15,357)		9,054,043		5,638,612	6,118,386
Ending Balance, Units at Sep. 30, 2021	[1]		693,612,698
Beginning Balance at Dec. 31, 2020		65,161
Net Income		2,816
Capital Distributions		(1,153)
Ending Balance at Sep. 30, 2021		66,824
Beginning Balance at Jun. 30, 2021		18,481,446	$ 7	[1]	6,282,600		2,133,794		(10,245)		8,406,156		4,860,442	5,214,848
Beginning Balance, Units at Jun. 30, 2021	[1]		691,093,463
Net Income		3,204,443					1,401,895				1,401,895		486,907	1,315,641
Currency Translation Adjustment		(8,689)							(5,112)		(5,112)			(3,577)
Capital Contributions		611,207											608,720	2,487
Capital Distributions		(1,245,094)					(503,924)				(503,924)		(317,357)	(423,813)
Transfer of Non-Controlling Interests in Consolidated Entities		(100)											(100)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders		10,734			10,734						10,734
Equity-Based Compensation		139,530			81,616						81,616			57,914
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock		(26,583)			(26,583)						(26,583)
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock, Units	[1]		1,815,907
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units		(355,853)			(355,853)						(355,853)
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units, Units	[1]		(2,875,000)
Change in The Blackstone Group Inc.'s Ownership Interest					6,617						6,617			(6,617)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock					38,497						38,497			(38,497)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock, Units	[1]		3,578,328
Ending Balance at Sep. 30, 2021		20,811,041	$ 7	[1]	$ 6,037,628		$ 3,031,765		$ (15,357)		$ 9,054,043		$ 5,638,612	$ 6,118,386
Ending Balance, Units at Sep. 30, 2021	[1]		693,612,698
Beginning Balance at Jun. 30, 2021		65,568
Net Income		1,550
Capital Distributions		(294)
Ending Balance at Sep. 30, 2021		$ 66,824
[1]	During the period presented, Blackstone also had one share outstanding of each of Series I and Series II preferred stock, with par value of each less than one cent.

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Changes in Equity (Parenthetical)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Series I Preferred Stock [Member]
Conversion Of Stocks	one share outstanding	one share outstanding	one share outstanding	one share outstanding
Series II Preferred Stock [Member]
Conversion Of Stocks	one share outstanding	one share outstanding	one share outstanding	one share outstanding

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating Activities
Net Income	$ 9,434,626	$ 447,342
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities
Net Realized Gains on Investments	(3,851,756)	(696,453)
Changes in Unrealized (Gains) Losses on Investments	(1,411,164)	351,987
Non-Cash Performance Allocations	(7,886,033)	981,678
Non-Cash Performance Allocations and Incentive Fee Compensation	4,619,216	(168,571)
Equity-Based Compensation Expense	454,110	349,472
Amortization of Intangibles	56,174	53,250
Other Non-Cash Amounts Included in Net Income	62,730	(77,813)
Cash Flows Due to Changes in Operating Assets and Liabilities
Cash Relinquished with Deconsolidation of Fund Entities		(257,544)
Accounts Receivable	437,030	464,997
Due from Affiliates	(419,569)	(177,850)
Other Assets	(54,140)	(125,442)
Accrued Compensation and Benefits	(677,951)	(309,237)
Securities Sold, Not Yet Purchased	(14,924)	(26,840)
Accounts Payable, Accrued Expenses and Other Liabilities	(4,020)	98,983
Repurchase Agreements	(40,263)	(73,522)
Due to Affiliates	63,888	9,207
Investments Purchased	(4,175,221)	(4,947,832)
Cash Proceeds from Sale of Investments	8,207,202	5,730,106
Net Cash Provided by Operating Activities	4,799,935	1,625,918
Investing Activities
Purchase of Furniture, Equipment and Leasehold Improvements	(44,456)	(70,896)
Net Cash Used in Investing Activities	(44,456)	(70,896)
Financing Activities
Distributions to Non-Controlling Interest Holders in Consolidated Entities	(727,228)	(387,798)
Contributions from Non-Controlling Interest Holders in Consolidated Entities	1,016,285	431,874
Payments Under Tax Receivable Agreement	(51,366)	(73,881)
Net Settlement of Vested Common stock and Repurchase of Common Stock and Blackstone Holdings Partnership Units	(694,550)	(504,081)
Proceeds from Loans Payable	1,973,969	890,159
Repayment and Repurchase of Loans Payable	0	(1,890)
Dividends/Distributions to Shareholders and Unitholders	(3,203,640)	(1,726,223)
Net Cash Used in Financing Activities	(1,686,530)	(1,371,840)
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other	(8,241)	7,280
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other
Net Increase	3,060,708	190,462
Beginning of Period	2,064,456	2,523,651
End of Period	5,125,164	2,714,113
Supplemental Disclosure of Cash Flows Information
Payments for Interest	154,162	137,031
Payments for Income Taxes	454,212	115,859
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Non-Cash Contributions from Non-Controlling Interest Holders	8,636	14,557
Notes Issuance Costs	16,991	6,750
Transfer of Interests to Non-Controlling Interest Holders	(3,693)	(4,767)
Change in Blackstone Inc.'s Ownership Interest	10,494	14,647
Net Settlement of Vested Common Stock	199,325	113,368
Conversion of Blackstone Holdings Units to Common Stock	108,909	103,533
Acquisition of Ownership Interests from Non-Controlling Interest Holders
Deferred Tax Asset	(278,795)	(201,188)
Due to Affiliates	248,347	181,596
Equity	$ 30,448	$ 19,592

Condensed Consolidated Statem_8

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Cash and Cash Equivalents	$ 5,011,433	$ 1,999,484
Cash Held by Blackstone Funds and Other	113,731	64,972
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other	$ 5,125,164	$ 2,064,456	$ 2,714,113	$ 2,523,651

Organization

Organization	9 Months Ended
	Sep. 30, 2021
Organization	1. Organization Blackstone Inc., together with its consolidated subsidiaries (“Blackstone” or the “Company”), 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 August 6, 2021, The Blackstone Group Inc. changed its name to Blackstone Inc. Blackstone Inc. was initially formed as The Blackstone Group L.P., a Delaware limited partnership, on March 12, 2007. Prior to its conversion (effective July 1, 2019) to a Delaware corporation (the “Conversion”), Blackstone Inc. was managed and operated by Blackstone Group Management L.L.C., which is wholly owned by Blackstone’s senior managing directors and controlled by one of Blackstone’s founders, Stephen A. Schwarzman (the “Founder”). Effective February 26, 2021, the Certificate of Incorporation of Blackstone Inc. was amended and restated to rename Blackstone’s Class A Common stock as “common stock” and reclassify Blackstone’s Class B common stock and Class C common stock into a new Series I preferred stock and a new Series II preferred stock, respectively. All references to common stock, series I preferred stock and series II preferred stock prior to such date refer to Class A, Class B and Class C common stock, respectively. See Note 13. “Income Taxes” and Note 14. “Earnings Per Share and Stockholders’ Equity — Stockholders’ Equity.” The activities of Blackstone are conducted through its holding partnerships: Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. (collectively, “Blackstone Holdings,” “Blackstone Holdings Partnerships” or the “Holding Partnerships”). Blackstone, through its wholly owned subsidiaries, is the sole general partner of each of the 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	9 Months Ended
	Sep. 30, 2021
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Blackstone have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q. Form 10-K The condensed consolidated financial statements include the accounts of Blackstone, its wholly owned or majority owned subsidiaries, the consolidated entities which are considered to be variable interest entities and for which Blackstone is considered the primary beneficiary, and certain partnerships or similar entities which are not considered variable interest entities but in which the general partner is determined to have control. All intercompany balances and transactions have been eliminated in consolidation. Restructurings within consolidated collateralized loan obligations (“CLOs”) are treated as investment purchases or sales, as applicable, in the Condensed Consolidated Statements of Cash Flows.​​​​​​​ COVID-19 The ongoing novel coronavirus (“COVID-19”) Consolidation Blackstone consolidates all entities that it controls through a majority voting interest or otherwise, including those Blackstone Funds in which the general partner has a controlling financial interest. Blackstone has a controlling financial interest in Blackstone Holdings because the limited partners do not have the right to dissolve the partnerships or have substantive kick-out non-controlling In addition, Blackstone consolidates all variable interest entities (“VIE”) 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 Condensed Consolidated Statements of Financial Condition. Blackstone’s other disclosures regarding VIEs are discussed in Note 9. “Variable Interest Entities.” Revenue Recognition Revenues primarily consist of management and advisory fees, incentive fees, investment income, interest and dividend revenue and other. Management and advisory fees and incentive fees are accounted for as contracts with customers. Under the guidance for contracts with customers, an entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. See Note 18. “Segment Reporting” for a disaggregated presentation of revenues from contracts with customers. Management and Advisory Fees, Net Blackstone earns base management fees from the investors in its managed funds and investment vehicles, at a fixed percentage of a calculation base, which is typically 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 Condensed Consolidated Statements of Financial Condition and amortization is recorded within General, Administrative and Other within the Condensed Consolidated Statements of Operations. Accrued but unpaid Management and Advisory Fees, net of management fee reductions and management fee offsets, as of the reporting date are included in Accounts Receivable or Due from Affiliates in the Condensed Consolidated Statements of Financial Condition. Incentive Fees Investment Income (Loss) In carry fund structures, Blackstone, through its subsidiaries, invests alongside its limited partners in a partnership and is entitled to its pro-rata “pro-rata pro-rata Performance Allocations are made to the general partner based on cumulative fund performance to date, subject to a preferred return to limited partners. At the end of each reporting period, Blackstone calculates the balance of accrued Performance Allocations (“Accrued Performance Allocations”) that would be due to Blackstone for each fund, pursuant to the fund agreements, as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. Accrued Performance Allocations as of the reporting date are reflected in Investments in the Condensed Consolidated Statements of Financial Condition. Performance Allocations are realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the preferred return or, in limited instances, after certain thresholds for return of capital are met. Performance Allocations are subject to clawback to the extent that the Performance Allocation received to date exceeds the amount due to Blackstone based on cumulative results. As such, the accrual for potential repayment of previously received Performance Allocations, which is a component of Due to Affiliates, represents all amounts previously distributed to Blackstone Holdings and non-controlling Principal Investments include the unrealized and realized gains and losses on Blackstone’s principal investments, including its investments in Blackstone Funds that are not consolidated and receive pro-rata Interest and Dividend Revenue Other Revenue Fair Value of Financial Instruments GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: ● Level I – Quoted prices are available in active markets for identical financial instruments as of the reporting date. The types of financial instruments in Level I include listed equities, listed derivatives and mutual funds with quoted prices. Blackstone does not adjust the quoted price for these investments, even in situations where Blackstone holds a large position and a sale could reasonably impact the quoted price. ● Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Financial instruments which are generally included in this category include corporate bonds and loans, including corporate bonds and loans held within CLO vehicles, government and agency securities, less liquid and restricted equity securities, and certain over-the-counter ● Level III – Pricing inputs are unobservable for the financial instruments and includes situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category generally include general and limited partnership interests in private equity and real estate funds, credit-focused funds, distressed debt and non-investment over-the-counter In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Blackstone’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. Level II Valuation Techniques Financial instruments classified within Level II of the fair value hierarchy comprise debt instruments, including certain corporate loans and bonds held by Blackstone’s consolidated CLO vehicles and debt securities sold, not yet purchased. Certain equity securities and derivative instruments valued using observable inputs are also classified as Level II. The valuation techniques used to value financial instruments classified within Level II of the fair value hierarchy are as follows: ● Debt Instruments and Equity Securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments and various relationships between investments. The valuation of certain equity securities is based on an observable price for an identical security adjusted for the effect of a restriction. ● Freestanding Derivatives are valued using contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads. ● Senior and subordinate notes issued by CLO vehicles are classified based on the more observable fair value of CLO assets less (a) the fair value of any beneficial interests held by Blackstone, and (b) the carrying value of any beneficial interests that represent compensation for services. Level III Valuation Techniques In the absence of observable market prices, Blackstone values its investments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist; management’s determination of fair value is then based on the best information available in the circumstances, and may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for non-performance Real Estate Investments – Private Equity Investments – Credit-Focused Investments The market approach is generally used to determine the enterprise value of the issuer of a credit investment, and considers valuation multiples of comparable companies or transactions. The resulting enterprise value will dictate whether or not such credit investment has adequate enterprise value coverage. In cases of distressed credit instruments, the market approach may be used to estimate a recovery value in the event of a restructuring. Investments, at Fair Value The Blackstone Funds are accounted for as investment companies under the American Institute of Certified Public Accountants Accounting and Auditing Guide, Investment Companies Blackstone’s principal investments are presented at fair value with unrealized appreciation or depreciation and realized gains and losses recognized in the Condensed Consolidated Statements of Operations within Investment Income (Loss). For certain instruments, Blackstone has elected the fair value option. Such election is irrevocable and is applied on an investment by investment basis at initial recognition. Blackstone has applied the fair value option for certain loans and receivables, unfunded loan commitments and certain investments in private debt securities that otherwise would not have been carried at fair value with gains and losses recorded in net income. The methodology for measuring the fair value of such investments is consistent with the methodology applied to private equity, real estate, credit-focused and funds of hedge funds investments. Changes in the fair value of such instruments are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. Interest income on interest bearing loans and receivables and debt securities on which the fair value option has been elected is based on stated coupon rates adjusted for the accretion of purchase discounts and the amortization of purchase premiums. This interest income is recorded within Interest and Dividend Revenue. Blackstone has elected the fair value option for the assets of consolidated CLO vehicles. As permitted under GAAP, Blackstone measures the liabilities of consolidated CLO vehicles as (a) the sum of the fair value of the consolidated CLO assets and the carrying value of any non-financial Non-Controlling non-consolidated Blackstone has elected the fair value option for certain proprietary investments that would otherwise have been accounted for using the equity method of accounting. The fair value of such investments is based on quoted prices in an active market or using the discounted cash flow method. Changes in fair value are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. Further disclosure on instruments for which the fair value option has been elected is presented in Note 7. “Fair Value Option.” The investments of consolidated Blackstone Funds in funds of hedge funds (“Investee Funds”) are valued at net asset value (“NAV”) per share of the Investee Fund. In limited circumstances, Blackstone may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, Blackstone will estimate the fair value in good faith and in a manner that it reasonably chooses, in accordance with the requirements of GAAP. Certain investments of Blackstone and of the consolidated Blackstone funds of hedge funds and credit-focused funds measure their investments in underlying funds at fair value using NAV per share without adjustment. The terms of the investee’s investment generally provide for minimum holding periods or lock-ups, Security and loan transactions are recorded on a trade date basis. Equity Method Investments Investments in which Blackstone is deemed to exert significant influence, but not control, are accounted for using the equity method of accounting except in cases where the fair value option has been elected. Blackstone has significant influence over all Blackstone Funds in which it invests but does not consolidate. Therefore, its investments in such Blackstone Funds, which include both a proportionate and disproportionate allocation of the profits and losses (as is the case with carry funds that include a Performance Allocation), are accounted for under the equity method. Under the equity method of accounting, Blackstone’s share of earnings (losses) from equity method investments is included in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. In cases where Blackstone’s equity method investments provide for a disproportionate allocation of the profits and losses (as is the case with carry funds that include a Performance Allocation), Blackstone’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period, Blackstone calculates the Accrued Performance Allocations that would be due to Blackstone for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner, or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. The carrying amounts of equity method investments are reflected in Investments in the Condensed Consolidated Statements of Financial Condition. Strategic Partners’ results presented in Blackstone’s financial statements are reported on a three month lag from Strategic Partners’ fund financial statements, which report the performance of underlying investments generally on a same quarter basis, if available. Therefore, Strategic Partners’ results presented herein do not reflect the impact of economic and market activity in the current quarter. Current quarter market activity of Strategic Partners’ underlying investments is expected to affect Blackstone’s reported results in upcoming periods. Effective September 30, 2021, Strategic Partners’ fund financial reporting process was updated to report the performance of underlying fund investments generally on a same-quarter basis, if available. Previously, such fund financial reporting in Strategic Partners’ fund financial statements generally reported on a three month lag. This update to Strategic Partners’ fund financial reporting process has permitted Strategic Partners’ appreciation to be reported in Blackstone’s financial statements on a more current basis. As a result of the reporting process change, for the three months and nine months ended September 30, 2021, Strategic Partners’ results presented in Blackstone’s financial statements reflect the market activity of two quarters and four quarters, respectively. Compensation and Benefits Compensation and Benefits Compensation Compensation and Benefits — Incentive Fee Compensation — Compensation and Benefits — Performance Allocations Compensation — in-kind). Non-Controlling Non-Controlling non-controlling non-controlling Redeemable Non-Controlling Non-controlling Non-Controlling non-controlling Non-Controlling Non-Controlling Non-Controlling Certain costs and expenses are borne directly by the Holdings Partnerships. Income (Loss), excluding those costs directly borne by and attributable to the Holdings Partnerships, is attributable to Non-Controlling Net Income (Loss) Per Share of Common Stock Basic Income (Loss) Per Share of Common Stock is calculated by dividing Net Income (Loss) Attributable to Blackstone Inc. by the weighted-average shares of common stock, unvested participating shares of common stock outstanding for the period and vested deferred restricted shares of common stock that have been earned for which issuance of the related shares of common stock is deferred until future periods. Diluted Income (Loss) Per Share of Common Stock reflects the impact of all dilutive securities. Unvested participating shares of 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 shares outstanding for certain equity-based compensation awards. Blackstone applies the “if-converted” Reverse Repurchase and Repurchase Agreements Securities purchased under agreements to resell (“reverse repurchase agreements”) and securities sold under agreements to repurchase (“repurchase agreements”), comprised primarily of U.S. and non-U.S. Blackstone manages credit exposure arising from reverse repurchase agreements and repurchase agreements by, in appropriate circumstances, entering into master netting agreements and collateral arrangements with counterparties that provide Blackstone, in the event of a counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. Blackstone takes possession of securities purchased under reverse repurchase agreements and is permitted to repledge, deliver or otherwise use such securities. Blackstone also pledges its financial instruments to counterparties to collateralize repurchase agreements. Financial instruments pledged that can be repledged, delivered or otherwise used by the counterparty are recorded in Investments in the Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to repurchase agreements are discussed in Note 10. “Repurchase Agreements.” Blackstone does not offset assets and liabilities relating to reverse repurchase agreements and repurchase agreements in its Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to offsetting are discussed in Note 11. “Offsetting of Assets and Liabilities.” Securities Sold, Not Yet Purchased Securities Sold, Not Yet Purchased consist of equity and debt securities that Blackstone has borrowed and sold. Blackstone is required to “cover” its short sale in the future by purchasing the security at prevailing market prices and delivering it to the counterparty from which it borrowed the security. Blackstone is exposed to loss in the event that the price at which a security may have to be purchased to cover a short sale exceeds the price at which the borrowed security was sold short. Securities Sold, Not Yet Purchased are recorded at fair value in the Condensed Consolidated Statements of Financial Condition. Derivative Instruments Blackstone recognizes all derivatives as assets or liabilities on its Condensed Consolidated Statements of Financial Condition at fair value. On the date Blackstone enters into a derivative contract, it designates and documents each derivative contract as one of the following: (a) a hedge of a recognized asset or liability (“fair value hedge”), (b) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), (c) a hedge of a net investment in a foreign operation, or (d) a derivative instrument not designated as a hedging instrument (“freestanding derivative”). Gains or losses on a derivative instrument that is designated as, and is effective as, an economic hedge of a net investment in a foreign operation are reported in the cumulative translation adjustment section of other comprehensive income to the extent it is effective as a hedge. The ineffective portion of a net investment hedge is recognized in current period earnings. Blackstone formally documents at inception its hedge relationships, including identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and Blackstone’s evaluation of effectiveness of its hedged transaction. At least monthly, Blackstone also formally assesses whether the derivative it designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in estimated fair values or cash flows of the hedged items using either the regression analysis or the dollar offset method. For net investment hedges, Blackstone uses a method based on changes in spot rates to measure effectiveness. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued. The fair values of hedging derivative instruments are reflected within Other Assets in the Condensed Consolidated Statements of Financial Condition. For freestanding derivative contracts, Blackstone presents changes in fair value in current period earnings. Changes in the fair value of derivative instruments held by consolidated Blackstone Funds are reflected in Net Gains from Fund Investment Activities or, where derivative instruments are held by Blackstone, within Investment Income (Loss) in the Condensed Consolidated Statements of Operations. The fair value of freestanding derivative assets of the consolidated Blackstone Funds are recorded within Investments, the fair value of freestanding derivative assets that are not part of the consolidated Blackstone Funds are recorded within Other Assets and the fair value of freestanding derivative liabilities are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition. Blackstone has elected to not offset derivative assets and liabilities or financial assets in its Condensed Consolidated Statements of Financial Condition, including cash, that may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement is in place that provides Blackstone, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. Blackstone’s other disclosures regarding derivative financial instruments are discussed in Note 6. “Derivative Financial Instruments.” Blackstone’s disclosures regarding offsetting are discussed in Note 11. “Offsetting of Assets and Liabilities.” Affiliates Blackstone considers its Founder, senior managing directors, employees, the Blackstone Funds and the Portfolio Companies to be affiliates. Dividends Dividends are reflected in the condensed consolidated financial statements when declared.

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2021
Intangible Assets	3. Intangible Assets Intangible Assets, Net consists of the following: September 30, December 31, 2021 2020 Finite-Lived Intangible Assets/Contractual Rights $ 1,745,376 $ 1,734,076 Accumulated Amortization (1,442,294 ) (1,386,121 ) Intangible Assets, Net $ 303,082 $ 347,955 Amortization expense associated with Blackstone’s intangible assets was $18.7 million and $56.2 million for the three and nine month periods ended September 30, 2021, respectively, and $17.7 million and $53.2 million for the three and nine month periods ended September 30, 2020, respectively. Amortization of Intangible Assets held at September 30, 2021 is expected to be $74.9 million, $67.1 million, $38.1 million, $30.5 million, and $30.5 million for each of the years ending December 31, 2021, 2022, 2023, 2024 and 2025, respectively. Blackstone’s Intangible Assets as of September 30, 2021 are expected to amortize over a weighted-average period of 7.3 years.

Investments

Investments	9 Months Ended
	Sep. 30, 2021
Investments	4. Investments Investments consist of the following: September 30, December 31, 2021 2020 Investments of Consolidated Blackstone Funds $ 2,104,705 $ 1,455,008 Equity Method Investments Partnership Investments 5,303,334 4,353,234 Accrued Performance Allocations 15,063,648 6,891,262 Corporate Treasury Investments 1,520,426 2,579,716 Other Investments 1,112,082 337,922 $ 25,104,195 $ 15,617,142 Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $403.2 million and $198.3 million at September 30, 2021 and December 31, 2020, 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 Condensed Consolidated Statements of Operations: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Realized Gains (Losses) $ 37,697 $ 3,946 $ 99,692 $ (131,026 ) Net Change in Unrealized Gains (Losses) 86,303 97,097 259,259 (19,693 ) Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds 124,000 101,043 358,951 (150,719 ) Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 8,312 7,709 20,830 90,394 Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities $ 132,312 $ 108,752 $ 379,781 $ (60,325 ) 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 initial public offering (“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. As of and for the nine months ended September 30, 2021 and 2020, 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 $469.0 million and $305.2 million for the three months ended September 30, 2021 and 2020, respectively. Blackstone recognized net gains (losses) related to its equity method investments of $1.6 billion and $(13.5) million for the nine months ended September 30, 2021 and 2020, respectively. Accrued Performance Allocations Accrued Performance Allocations to Blackstone were as follows: Real Private Hedge Fund Credit & Estate Equity Solutions Insurance Total Accrued Performance Allocations, December 31, 2020 $ 3,033,462 $ 3,487,206 $ 42,293 $ 328,301 $ 6,891,262 Performance Allocations as a Result of Changes in Fund Fair Values 4,700,366 5,277,832 511,027 309,445 10,798,670 Foreign Exchange Loss (53,944 ) — — — (53,944 ) Fund Distributions (899,426 ) (1,571,531 ) (19,405 ) (81,978 ) (2,572,340 ) Accrued Performance Allocations, September 30, 2021 $ 6,780,458 $ 7,193,507 $ 533,915 $ 555,768 $ 15,063,648 Corporate Treasury Investments The portion of corporate treasury investments included in Investments represents Blackstone’s investments into primarily fixed income securities, mutual fund interests, and other fund interests. These strategies are managed by a combination of Blackstone personnel and third party advisors. The following table presents the Realized and Net Change in Unrealized Gains (Losses) on these investments: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Realized Gains (Losses) $ (359) $ (1,431 ) $ 5,526 $ (3,187) Net Change in Unrealized Gains (Losses) 3,196 48,480 42,648 (94,917) $ 2,837 $ 47,049 $ 48,174 $ (98,104) Other Investments Other Investments consist primarily of proprietary investment securities held by Blackstone, including subordinated notes in non-consolidated Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Realized Gains $ 100,289 $ 3,830 $ 129,711 $ 17,163 Net Change in Unrealized Gains (Losses) (51,380 ) 7,268 234,187 (66,096) $ 48,909 $ 11,098 $ 363,898 $ (48,933)

Net Asset Value as Fair Value

Net Asset Value as Fair Value	9 Months Ended
	Sep. 30, 2021
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 September 30, 2021 is presented below: Redemption Frequency Redemption Strategy (a) Fair Value (if currently eligible) Notice Period Diversified Instruments $ 33 (b) (b) Credit Driven 390,629 (c) (c) Equity 53,406 (d) (d) Commodities 971 (e) (e) $ 445,039 (a) As of September 30, 2021, 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 4% of the fair value of the investments in this category are in liquidation. The remaining 96% of investments in this category may not be redeemed at, or within three months of, the reporting date. (d) The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Investments representing 1% of the fair value of the investments in this category are in liquidation. The remaining 99% of investments in this category are redeemable as of the reporting date. As of the reporting date, the investee fund manager had elected to side-pocket 1% 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	9 Months Ended
	Sep. 30, 2021
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. September 30, 2021 December 31, 2020 Assets Liabilities Assets Liabilities Fair Fair Fair Fair Notional Value Notional Value Notional Value Notional Value Freestanding Derivatives Blackstone Interest Rate Contracts $ 685,429 $ 75,042 $ 768,260 $ 83,903 $ 684,320 $ 113,072 $ 862,887 $ 190,342 Foreign Currency Contracts 386,404 6,814 248,554 4,152 316,787 7,392 334,015 3,941 Credit Default Swaps 2,007 160 9,916 981 2,706 331 9,158 1,350 Other — — — — 5,000 5,227 — — 1,073,840 82,016 1,026,730 89,036 1,008,813 126,022 1,206,060 195,633 Investments of Consolidated Blackstone Funds Foreign Currency Contracts 75,919 1,569 — — — — 66,431 2,651 Interest Rate Contracts — — 14,000 984 — — 14,000 1,485 Credit Default Swaps 3,786 288 23,250 1,077 8,282 542 41,290 1,558 Total Return Swaps — — — — — — 19,275 2,125 79,705 1,857 37,250 2,061 8,282 542 140,996 7,819 $ 1,153,545 $ 83,873 $ 1,063,980 $ 91,097 $ 1,017,095 $ 126,564 $ 1,347,056 $ 203,452 The table below summarizes the impact to the Condensed Consolidated Statements of Operations from derivative financial instruments: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ (4,181 ) $ (221 ) $ (2,883 ) $ (8,135 ) Foreign Currency Contracts (4,812 ) 6,889 (389 ) 1,749 Credit Default Swaps 10 (8 ) (980 ) (120 ) Total Return Swaps 161 (113 ) (1,254 ) (1,644 ) Other — 26 (40 ) (12 ) (8,822 ) 6,573 (5,546 ) (8,162 ) Net Change in Unrealized Gains (Losses) Interest Rate Contracts 27,025 (124,934 ) 72,210 (44,599 ) Foreign Currency Contracts 6,807 (5,887 ) 3,431 (2,300 ) Credit Default Swaps 106 (732 ) 948 (2,103 ) Total Return Swaps — 856 2,130 (3,243 ) Other — (4 ) (20 ) 32 33,938 (130,701 ) 78,699 (52,213 ) $ 25,116 $ (124,128 ) $ 73,153 $ (60,375 ) As of September 30, 2021 and December 31, 2020, Blackstone had not designated any derivatives as cash flow hedges.

Fair Value Option

Fair Value Option	9 Months Ended
	Sep. 30, 2021
Fair Value Option	7. Fair Value Option The following table summarizes the financial instruments for which the fair value option has been elected: September 30, December 31, 2021 2020 Assets Loans and Receivables $ 239,766 $ 581,079 Equity and Preferred Securities 763,876 532,790 Debt Securities 336,360 448,352 $ 1,340,002 $ 1,562,221 Liabilities Corporate Treasury Commitments $ 366 $ 244 The following tables present the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected: Three Months Ended September 30, 2021 2020 Net Change Net Change Realized in Unrealized Realized in Unrealized Gains (Losses) Gains (Losses) Gains (Losses) Gains (Losses) Assets Loans and Receivables $ (2,631 ) $ (509 ) $ (2,443 ) $ 3,681 Equity and Preferred Securities 989 2,914 — (11,207 ) Debt Securities 909 (2,303 ) (2,807 ) 23,901 $ (733 ) $ 102 $ (5,250 ) $ 16,375 Liabilities Corporate Treasury Commitments $ — $ 80 $ — $ 1,325 Nine Months Ended September 30, 2021 2020 Net Change Net Change Realized in Unrealized Realized in Unrealized Gains (Losses) Gains (Losses) Gains (Losses) Gains (Losses) Assets Loans and Receivables $ (10,527 ) $ 4,574 $ (8,213 ) $ 3,413 Equity and Preferred Securities 19,433 43,315 (342 ) (114,954 ) Debt Securities 10,879 (6,538 ) (23,909 ) 14,772 Assets of Consolidated CLO Vehicles (a) Corporate Loans — — (96,194 ) (226,542 ) Other — — — (325 ) $ 19,785 $ 41,351 $ (128,658 ) $ (323,636 ) Liabilities Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes $ — $ — $ — $ 199,445 Subordinated Notes — — — 30,046 Corporate Treasury Commitments — (113 ) — (705 ) $ — $ (113 ) $ — $ 228,786 (a) 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 information for those financial instruments for which the fair value option was elected: September 30, 2021 December 31, 2020 For Financial Assets For Financial Assets Past Due Past Due (Deficiency) Excess (Deficiency) Excess of Fair Value Fair of Fair Value of Fair Value Fair of Fair Value Over Principal Value Over Principal Over Principal Value Over Principal Loans and Receivables $ (1,634 ) $ — $ — $ (7,807 ) $ — $ — Debt Securities (28,679 ) — — (29,359 ) — — $ (30,313 ) $ — $ — $ (37,166 ) $ — $ — As of September 30, 2021 and December 31, 2020, no Loans and Receivables for which the fair value option was elected were past due or in non-accrual

Fair Value Measurements of Fina

Fair Value Measurements of Financial Instruments	9 Months Ended
	Sep. 30, 2021
Fair Value Measurements of Financial Instruments	8. Fair Value Measurements of Financial Instruments The following tables summarize the valuation of Blackstone’s financial assets and liabilities by the fair value hierarchy: September 30, 2021 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents $ 2,251,662 $ — $ — $ — $ 2,251,662 Investments Investments of Consolidated Blackstone Funds Investment Funds — — — 15,165 15,165 Equity Securities, Partnerships and LLC Interests 32,316 190,439 1,050,488 372,301 1,645,544 Debt Instruments 656 393,017 48,466 — 442,139 Freestanding Derivatives — 1,857 — — 1,857 Total Investments of Consolidated Blackstone Funds 32,972 585,313 1,098,954 387,466 2,104,705 Corporate Treasury Investments 267,377 1,234,284 18,765 — 1,520,426 Other Investments 367,623 246,783 228,740 57,573 900,719 Total Investments 667,972 2,066,380 1,346,459 445,039 4,525,850 Accounts Receivable - Loans and Receivables — — 239,766 — 239,766 Other Assets - Freestanding Derivatives 2,365 79,651 — — 82,016 $ 2,921,999 $ 2,146,031 $ 1,586,225 $ 445,039 $ 7,099,294 Liabilities Securities Sold, Not Yet Purchased $ 11,912 $ 23,745 $ — $ — $ 35,657 Accounts Payable, Accrued Expenses and Other Liabilities Consolidated Blackstone Funds - Freestanding Derivatives — 2,061 — — 2,061 Freestanding Derivatives 219 88,817 — — 89,036 Corporate Treasury Commitments (a) — — 366 — 366 Total Accounts Payable, Accrued Expenses and Other Liabilities 219 90,878 366 — 91,463 $ 12,131 $ 114,623 $ 366 $ — $ 127,120 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 LLC Limited Liability Company. (a) Corporate Treasury Commitments are measured using third party pricing. The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of September 30, Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Impact to Financial Assets Investments of Consolidated Blackstone Funds Equity Securities, Partnership and LLC Interests $ 1,050,488 Discounted Cash Flows Discount Rate 2.9% - 44.1% 10.5% Lower Exit Multiple - EBITDA 3.7x - 31.4x 13.5x Higher Exit Capitalization Rate 2.8% - 15.0% 5.0% Lower Transaction Price n/a Debt Instruments 48,466 Discounted Cash Flows Discount Rate 6.6% - 19.3% 9.4% Lower Third Party Pricing n/a Total Investments of Consolidated Blackstone Funds 1,098,954 Corporate Treasury Investments 18,765 Discounted Cash Flows Discount Rate 5.2% - 8.2% 6.6% Lower Third Party Pricing n/a Loans and Receivables 239,766 Discounted Cash Flows Discount Rate 6.8% - 8.6% 7.6% Lower Other Investments 228,740 Third Party Pricing n/a Transaction Price n/a $ 1,586,225 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: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Impact to 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 - 24.0x 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 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, 2020, 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 Three Months Ended September 30, 2021 2020 Investments Investments of Loans Other of Loans Other Consolidated and Investments Consolidated and Investments Funds Receivables (a) Total Funds Receivables (a) Total Balance, Beginning of Period $ 982,984 $ 223,796 $ 73,475 $ 1,280,255 $ 1,215,374 $ 162,368 $ 33,697 $ 1,411,439 Transfer In (Out) Due to Deconsolidation — — — — (471,591 ) — 39,875 (431,716 ) Transfer Into Level III (b) — — 8,018 8,018 26,710 — 3,172 29,882 Transfer Out of Level III (b) (18,239 ) — (14,400 ) (32,639 ) (8,444 ) — (8,845 ) (17,289 ) Purchases 85,581 326,937 191,610 604,128 21,542 79,061 3,861 104,464 Sales (56,063 ) (333,041 ) (13,250 ) (402,354 ) (36,592 ) (59,929 ) (6,436 ) (102,957 ) Issuances — 24,138 — 24,138 — 36,171 — 36,171 Settlements — (1,093 ) — (1,093 ) — (20,705 ) — (20,705 ) Changes in Gains (Losses) Included in Earnings 104,691 (971 ) 1,950 105,670 59,300 3,074 5,656 68,030 Balance, End of Period $ 1,098,954 $ 239,766 $ 247,403 $ 1,586,123 $ 806,299 $ 200,040 $ 70,980 $ 1,077,319 Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ 96,160 $ (3,732 ) $ 1,940 $ 94,368 $ 59,693 $ 3,681 $ 7,027 $ 70,401 Level III Financial Assets at Fair Value Nine Months Ended September 30, 2021 2020 Investments Investments of Loans Other of Loans Other Consolidated and Investments Consolidated and Investments Funds Receivables (a) Total Funds Receivables (a) Total Balance, Beginning of Period $ 858,310 $ 581,079 $ 46,158 $ 1,485,547 $ 1,050,272 $ 500,751 $ 29,289 $ 1,580,312 Transfer In (Out) Due to Deconsolidation — — — — (296,741 ) — 39,875 (256,866 ) Transfer Into Level III (b) 302 — 8,018 8,320 26,176 — 23,293 49,469 Transfer Out of Level III (b) (105,547 ) — (14,400 ) (119,947 ) (27,022 ) — (23,791 ) (50,813 ) Purchases 265,947 683,700 225,070 1,174,717 142,455 249,960 9,632 402,047 Sales (178,397 ) (1,034,253 ) (19,414 ) (1,232,064 ) (80,197 ) (566,810 ) (11,797 ) (658,804 ) Issuances — 43,478 — 43,478 — 36,171 — 36,171 Settlements — (46,649 ) — (46,649 ) — (24,355 ) — (24,355 ) Changes in Gains (Losses) Included in Earnings 258,339 12,411 1,971 272,721 (8,644 ) 4,323 4,479 158 Balance, End of Period $ 1,098,954 $ 239,766 $ 247,403 $ 1,586,123 $ 806,299 $ 200,040 $ 70,980 $ 1,077,319 Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ 222,541 $ (6,842 ) $ 1,919 $ 217,618 $ (26,821 ) $ 4,824 $ 5,363 $ (16,634 ) (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	9 Months Ended
	Sep. 30, 2021
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 September 30, December 31, 2021 2020 Investments $ 2,659,578 $ 1,307,292 Due from Affiliates 172,741 262,815 Potential Clawback Obligation 44,045 38,679 Maximum Exposure to Loss $ 2,876,364 $ 1,608,786 Amounts Due to Non-Consolidated $ 157 $ 241

Repurchase Agreements

Repurchase Agreements	9 Months Ended
	Sep. 30, 2021
Repurchase Agreements	10. Repurchase Agreements At September 30, 2021 and December 31, 2020, Blackstone pledged securities with a carrying value of $50.5 million and $110.8 million, respectively, and cash to collateralize its repurchase agreements. Such securities can be repledged, delivered or otherwise used by the counterparty. The following tables provide information regarding Blackstone’s Repurchase Agreements obligation by type of collateral pledged: September 30, 2021 Remaining Contractual Maturity of the Agreements Overnight Greater and Up to 30 - 90 than Continuous 30 Days Days 90 days Total Repurchase Agreements Asset-Backed Securities $ — $ — $ 36,545 $ — $ 36,545 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 36,545 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ — December 31, 2020 Remaining Contractual Maturity of the Agreements Overnight Greater and Up to 30 - 90 than Continuous 30 Days Days 90 days Total Repurchase Agreements Asset-Backed Securities $ — $ 15,345 $ 32,759 $ 28,704 $ 76,808 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 76,808 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ —

Offsetting of Assets And Liabil

Offsetting of Assets And Liabilities	9 Months Ended
	Sep. 30, 2021
Offsetting of Assets and Liabilities	11. Offsetting of Assets and Liabilities The following tables present the offsetting of assets and liabilities as of September 30, 2021 and December 31, 2020: September 30, 2021 Gross and Net Amounts of Gross Amounts Not Offset Assets Presented in the Statement of in the Statement Financial Condition of Financial Financial Cash Collateral Condition Instruments (a) Received Net Amount Assets Freestanding Derivatives $ 83,194 $ 73,804 $ 45 $ 9,345 September 30, 2021 Gross and Net Amounts of Liabilities Gross Amounts Not Offset Presented in the in the Statement of Statement of Financial Condition Financial Financial Cash Collateral Condition Instruments (a) Pledged Net Amount Liabilities Freestanding Derivatives $ 91,097 $ 79,415 $ 7,769 $ 3,913 Repurchase Agreements 36,545 36,545 — — $ 127,642 $ 115,960 $ 7,769 $ 3,913 December 31, 2020 Gross and Net Amounts of Gross Amounts Not Offset Assets Presented in the Statement of in the Statement Financial Condition of Financial Financial Cash Collateral Condition Instruments (a) Received Net Amount Assets Freestanding Derivatives $ 126,564 $ 114,673 $ 53 $ 11,838 December 31, 2020 Gross and Net Amounts of Liabilities Gross Amounts Not Offset Presented in the in the Statement of Statement of Financial Condition Financial Financial Cash Collateral Condition Instruments (a) Pledged Net Amount Liabilities Freestanding Derivatives $ 202,188 $ 174,623 $ 19,194 $ 8,371 Repurchase Agreements 76,808 76,808 — — $ 278,996 $ 251,431 $ 19,194 $ 8,371 (a) Amounts presented are inclusive of both legally enforceable master netting agreements, and financial instruments received or pledged as collateral. Financial instruments received or pledged as collateral offset derivative counterparty risk exposure, but do not reduce net balance sheet exposure. Repurchase Agreements are presented separately on the Condensed Consolidated Statements of Financial Condition. Freestanding Derivative assets are included in Other Assets in the Condensed Consolidated Statements of Financial Condition. The following table presents the components of Other Assets:​​​​​​​ September 30, December 31, 2021 2020 Furniture, Equipment and Leasehold Improvements, Net $ 239,117 $ 231,807 Prepaid Expenses 203,123 105,248 Freestanding Derivatives 82,016 126,022 Other 14,311 17,945 $ 538,567 $ 481,022 Freestanding Derivative liabilities are included in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition and are not a significant component thereof. Notional Pooling Arrangement Blackstone has a notional cash pooling arrangement with a financial institution for cash management purposes. This arrangement allows for cash withdrawals based upon aggregate cash balances on deposit at the same financial institution. Cash withdrawals cannot exceed aggregate cash balances on deposit. The net balance of cash on deposit and overdrafts is used as a basis for calculating net interest expense or income. As of September 30, 2021, the aggregate cash balance on deposit relating to the cash pooling arrangement was $976.4 million, which was offset with an accompanying overdraft of $976.3 million.

Borrowings

Borrowings	9 Months Ended
	Sep. 30, 2021
Borrowings	12. Borrowings On August 5, 2021, Blackstone, through its indirect subsidiary Blackstone Holdings Finance Co. L.L.C. (the “Issuer”), issued $650 million aggregate principal amount of senior notes due August 5, 2028 (the “2028 Notes”), $800 million aggregate principal amount of senior notes due January 30, 2032 (the “2032 Notes”) and $550 million aggregate principal amount of senior notes due August 5, 2051 (the “2051 Notes”). The 2028 Notes have an interest rate of 1.625% per annum, the 2032 Notes have an interest rate of 2.000% per annum and the 2051 Notes have an interest rate of 2.850% per annum, in each case accruing from August 5, 2021. Interest on the 2028 Notes and the 2051 Notes is payable semi-annually in arrears on February 5 and August 5 of each year commencing on February 5, 2022. Interest on the 2032 Notes is payable semi-annually in arrears on January 30 and July 30 of each year commencing on January 30, 2022. All of Blackstone’s outstanding senior notes, including the 2028 Notes, 2032 Notes and 2051 Notes are unsecured and unsubordinated obligations of the Issuer that are fully and unconditionally guaranteed by Blackstone Inc. and its indirect subsidiaries, Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. (the “Guarantors”). The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to the issuance of the 2028 Notes, 2032 Notes and 2051 Notes have been capitalized and will be amortized over the life of the 2028 Notes, 2032 Notes and 2051 Notes. The following table presents the general characteristics of each of Blackstone’s outstanding notes as of September 30, 2021 and December 31, 2020, as well as their carrying value and fair value. The notes are included in Loans Payable within the Condensed Consolidated Statements of Financial Condition. All of the notes were issued at a discount. All of the notes accrue interest from the issue date thereof and all pay interest in arrears on a semi-annual basis or annual basis.​​​​​​​ September 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Senior Notes Value Value (a) Value Value (a) 4.750%, Due 2/15/2023 $ 398,276 $ 422,920 $ 397,385 $ 434,400 2.000%, Due 5/19/2025 376,543 373,281 362,947 398,620 1.000%, Due 10/5/2026 696,508 720,646 724,646 770,707 3.150%, Due 10/2/2027 297,649 323,520 297,387 332,370 1.625%, Due 8/5/2028 643,188 635,440 — — 1.500%, Due 4/10/2029 649,836 743,089 728,054 805,744 2.500%, Due 1/10/2030 491,431 512,600 490,745 538,200 1.600%, Due 3/30/2031 495,430 471,650 495,100 497,950 2.000%, Due 1/30/2032 786,536 770,400 — — 6.250%, Due 8/15/2042 238,851 366,000 238,668 372,250 5.000%, Due 6/15/2044 489,383 661,000 489,201 684,800 4.450%, Due 7/15/2045 344,379 431,340 344,282 449,645 4.000%, Due 10/2/2047 290,680 348,120 290,533 364,590 3.500%, Due 9/10/2049 392,048 431,280 391,925 460,120 2.800%, Due 9/30/2050 393,783 381,880 393,681 406,280 2.850%, Due 8/5/2051 542,955 527,890 — — $ 7,527,476 $ 8,121,056 $ 5,644,554 $ 6,515,676 (a) Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy. Scheduled principal payments for borrowings as of September 30, 2021 were as follows: Operating Blackstone Fund Total Borrowings Facilities Borrowings 2021 $ — $ 100 $ 100 2022 — — — 2023 400,000 — 400,000 2024 — — — 2025 347,400 — 347,400 Thereafter 6,889,600 — 6,889,600 $ 7,637,000 $ 100 $ 7,637,100

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Taxes	13. Income Taxes Prior to the Conversion, Blackstone and certain of its subsidiaries operated in the U.S. as partnerships for income tax purposes (partnerships generally are not subject to federal income taxes) and generally as corporate entities in non-U.S. The Conversion resulted in a step-up Blackstone was a cash taxpayer for the three and nine months ended September 30, 2021. Blackstone’s effective tax rate was 12.5% and 5.6% for the three months ended September 30, 2021 and 2020, respectively, and 7.3% and 16.7% for the nine months ended September 30, 2021 and 2020, respectively. Blackstone’s income tax provision was $458.9 million and $101.0 million for the three months ended September 30, 2021 and 2020, respectively, and $746.7 million and $89.7 million for the nine months ended September 30, 2021 and 2020, respectively. For the three months ended September 30, 2021, the effective tax rate differs from the statutory rate primarily due to a portion of the reported net income (loss) before taxes is attributable to non-controlling non-controlling step-up non-controlling step-up

Earnings Per Share and Stockhol

Earnings Per Share and Stockholders' Equity	9 Months Ended
	Sep. 30, 2021
Earnings Per Share and Stockholders' Equity	14. Earnings Per Share and Stockholders’ Equity Earnings Per Share Basic and diluted net income per share of common stock for the three and nine months ended September 30, 2021 and 2020 was calculated as follows: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Net Income for Per Share of Common Stock Calculations Net Income Attributable to Blackstone Inc., Basic and Diluted $ 1,401,895 $ 794,719 $ 4,458,919 $ 296,493 Shares/Units Outstanding Weighted-Average Shares of Common Stock Outstanding, Basic 722,229,117 700,184,580 717,516,302 695,049,997 Weighted-Average Shares of Unvested Deferred Restricted Common Stock 203,982 343,386 402,113 287,578 Weighted-Average Shares of Common Stock Outstanding, Diluted 722,433,099 700,527,966 717,918,415 695,337,575 Net Income Per Share of Common Stock Basic $ 1.94 $ 1.14 $ 6.21 $ 0.43 Diluted $ 1.94 $ 1.13 $ 6.21 $ 0.43 Dividends Declared Per Share of Common Stock (a) $ 0.70 $ 0.37 $ 2.48 $ 1.37 (a) Dividends declared reflects the calendar date of the declaration for each dividend. In computing the dilutive effect that the exchange of Blackstone Holdings Partnership Units would have on Net Income Per Share of Common Stock, Blackstone considered that net income available to holders of shares of common stock would increase due to the elimination of non-controlling non-controlling The following table summarizes the anti-dilutive securities for the three and nine months ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Weighted-Average Blackstone Holdings Partnership Units 484,991,263 501,898,454 488,880,363 506,274,987 Stockholders’ 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 share reclassification, effective February 26, 2021, the Certificate of Incorporation of Blackstone was amended and restated to: (a) rename the Class A common stock as “common stock,” which has the same rights and powers (including, without limitation, with respect to voting) that Blackstone’s Class A common stock formerly had, (b) reclassify the “Class B common stock” into a new “Series I preferred stock,” which has the same rights and powers that the Class B common stock formerly had, and (c) reclassify the Class C common stock into a new “Series II preferred stock,” which has the same rights and powers that the Class C common stock formerly had. In connection with such share reclassification, the Company authorized 10 billion shares of preferred stock with a par value of $0.00001, of which (a) 999,999,000 shares are designated as Series I preferred stock and (b) 1,000 shares are designated as Series II preferred stock. The remaining 9 billion shares may be designated from time to time in accordance with Blackstone’s certificate of incorporation. There was 1 share of Series I preferred stock and 1 share of Series II preferred stock issued and outstanding as of September 30, 2021. 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 May 6, 2021, Blackstone’s board of directors authorized the repurchase of up to $1.0 billion of common stock and Blackstone Holdings Partnership Units. Under the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual numbers repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or discontinued at any time and does not have a specified expiration date. During the three and nine months ended September 30, 2021, Blackstone repurchased 2.9 million and 6.0 million shares of common stock at a total cost of $355.9 million and $644.9 million, respectively. During the three and nine months ended September 30, 2020, Blackstone repurchased 2.0 million and 9.0 million shares, respectively, of common stock at a total cost of $105.6 million and $474.0 million, respectively. As of September 30, 2021, the amount remaining available for repurchases under the repurchase program was $402.6 million. Shares Eligible for Dividends and Distributions As of September 30, 2021, the total shares of common stock and Blackstone Holdings Partnership Units entitled to participate in dividends and distributions were as follows: Shares/Units Common Stock Outstanding 693,612,698 Unvested Participating Common Stock 27,756,700 Total Participating Common Stock 721,369,398 Participating Blackstone Holdings Partnership Units 483,553,949 1,204,923,347

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 30, 2021
Equity-Based Compensation	15. Equity-Based Compensation Blackstone has granted equity-based compensation awards to Blackstone’s senior managing directors, non-partner non-professionals For the three and nine months ended September 30, 2021, Blackstone recorded compensation expense of $148.7 million and $454.1 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $19.4 million and $60.1 million, respectively. For the three and nine months ended September 30, 2020, Blackstone recorded compensation expense of 110.8 million and $349.5 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $12.5 million and $40.9 million, respectively. As of September 30, 2021, there was $1.4 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 common stock, Blackstone Holdings Partnership Units and deferred restricted shares of common stock, were 1,205,088,544 as of September 30, 2021. Total outstanding phantom shares were 83,032 as of September 30, 2021. A summary of the status of Blackstone’s unvested equity-based awards as of September 30, 2021 and of changes during the period January 1, 2021 through September 30, 2021 is presented below: Blackstone Holdings Blackstone Inc. Equity Settled Awards Cash Settled Awards Weighted- Weighted- Weighted- Average Deferred Average Average Partnership Grant Date Restricted Shares Grant Date Phantom Grant Date Unvested Shares/Units Units Fair Value of Common Stock Fair Value Shares Fair Value Balance, December 31, 2020 23,771,136 $ 36.33 19,512,034 $ 42.60 65,284 $ 60.42 Granted — — 12,564,765 74.26 22,841 91.07 Vested (4,015,497 ) 33.44 (4,645,664 ) 42.91 (13,655 ) 122.42 Forfeited (684,072 ) 40.40 (650,753 ) 49.25 (526 ) 127.52 Balance, September 30, 2021 19,071,567 $ 37.11 26,780,382 $ 57.25 73,944 $ 127.52 Shares/Units Expected to Vest The following unvested shares and units, after expected forfeitures, as of September 30, 2021, are expected to vest: Weighted- Average Service Period Shares/Units in Years Blackstone Holdings Partnership Units 17,095,569 2.2 Deferred Restricted Shares of Common Stock 22,608,020 3.5 Total Equity-Based Awards 39,703,589 2.9 Phantom Shares 54,966 3.3

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions	16. Related Party Transactions Affiliate Receivables and Payables Due from Affiliates and Due to Affiliates consisted of the following: September 30, December 31, 2021 2020 Due from Affiliates Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated $ 2,953,930 $ 2,637,055 Due from Certain Non-Controlling 727,736 548,897 Accrual for Potential Clawback of Previously Distributed Performance Allocations 36,453 35,563 $ 3,718,119 $ 3,221,515 September 30, December 31, 2021 2020 Due to Affiliates Due to Certain Non-Controlling $ 1,090,164 $ 857,523 Due to Non-Consolidated 177,507 107,410 Due to Certain Non-Controlling 73,120 61,539 Accrual for Potential Repayment of Previously Received Performance Allocations 85,418 108,569 $ 1,426,209 $ 1,135,041 Interests of the Founder, Senior Managing Directors, Employees and Other Related Parties The Founder, senior managing directors, employees and certain other related parties invest on a discretionary basis in the consolidated Blackstone Funds both directly and through consolidated entities. These investments generally are subject to preferential management fee and performance allocation or incentive fee arrangements. As of September 30, 2021 and December 31, 2020, such investments aggregated $1.6 billion and $1.1 billion, respectively. Their share of the Net Income (Loss) Attributable to Redeemable Non-Controlling Non-Controlling Loans to Affiliates Loans to affiliates consist of interest bearing advances to certain Blackstone individuals to finance their investments in certain Blackstone Funds. These loans earn interest at Blackstone’s cost of borrowing and such interest totaled $1.0 million and $0.7 million for the three months ended September 30, 2021 and 2020, respectively, and $4.2 million and $4.7 million for the nine months ended September 30, 2021 and 2020, 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 Condensed Consolidated Financial Statements. Tax Receivable Agreements Blackstone used a portion of the proceeds from the IPO and other sales of shares to purchase interests in the predecessor businesses from the predecessor owners. In addition, holders of Blackstone Holdings Partnership Units may exchange their Blackstone Holdings Partnership Units for shares of Blackstone 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 $1.1 billion over the next 15 years. The after-tax pre-IPO Amounts related to the deferred tax asset resulting from the increase in tax basis from the exchange of Blackstone Holdings Partnership Units to shares of Blackstone common stock, the resulting remeasurement of net deferred tax assets at the Blackstone ownership percentage at the balance sheet date, the due to affiliates for the future payments resulting from the tax receivable agreements and resulting adjustment to partners’ capital are included as Acquisition of Ownership Interests from Non-Controlling Non-Cash Other Blackstone does business with and on behalf of some of its Portfolio Companies; all such arrangements are on a negotiated basis. Additionally, please see Note 17. “Commitments and Contingencies — Contingencies — Guarantees” for information regarding guarantees provided to a lending institution for certain loans held by employees.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies	17. Commitments and Contingencies Commitments Investment Commitments Blackstone had $3.8 billion of investment commitments as of September 30, 2021 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 $299.6 million as of September 30, 2021, which includes $181.4 million of signed investment commitments for portfolio company acquisitions in the process of closing. Contingencies Guarantees Certain of Blackstone’s consolidated real estate funds guarantee payments to third parties in connection with the ongoing business activities and/or acquisitions of their Portfolio Companies. There is no direct recourse to Blackstone to fulfill such obligations. To the extent that underlying funds are required to fulfill guarantee obligations, Blackstone’s invested capital in such funds is at risk. Total investments at risk in respect of guarantees extended by consolidated real estate funds was $15.1 million as of September 30, 2021. The Blackstone Holdings Partnerships provided guarantees to a lending institution for certain loans held by employees either for investment in Blackstone Funds or for members’ capital contributions to The Blackstone Group International Partners LLP. The amount guaranteed as of September 30, 2021 was $238.7 million. Litigation Blackstone may from time to time be involved in litigation and claims incidental to the conduct of its business. Blackstone’s businesses are also subject to extensive regulation, which may result in regulatory proceedings against Blackstone. Blackstone accrues a liability for legal proceedings only when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. Although there can be no assurance of the outcome of such legal actions, based on information known by management, Blackstone does not have a potential liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, financial position or cash flows. Blackstone continues to believe that the following suits against Blackstone are totally without merit and intends to defend them vigorously. In December 2017, a purported derivative suit (Mayberry v. KKR & Co., L.P., et al., or “Mayberry Action”) 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 (the “Mayberry Plaintiffs”) 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. (“BLP”). The suit named more than 30 defendants, including, among others, The Blackstone Group L.P.; BLP; Stephen A. Schwarzman, as Chairman and CEO of Blackstone; and J. Tomilson Hill, as then-CEO of BLP (collectively, the “Blackstone Defendants”), as well as entities and individuals that provided services to or were affiliated with KRS. In November 2018, the Circuit Court granted one defendant’s motion to dismiss and denied all other defendants’ (including the Blackstone Defendants’) motions to dismiss. In January 2019, certain defendants, including the Blackstone Defendants, filed petitions in the Kentucky Court of Appeals for a writ of prohibition against the Mayberry proceedings on the ground that the Mayberry Plaintiffs lack standing. In April 2019, the Kentucky Court of Appeals granted the Blackstone Defendants’ petition for a writ of prohibition and vacated the Circuit Court’s November 2018 denial of a motion to dismiss. The Mayberry Plaintiffs appealed that order to the Kentucky Supreme Court. In July 2020, the Kentucky Supreme Court unanimously held that the Mayberry Plaintiffs lack constitutional standing to bring their claims and remanded the case to the Circuit Court with direction to dismiss the complaint. The Kentucky Attorney General (the “AG”) subsequently 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. The AG subsequently filed a separate action in Franklin County Circuit Court that is nearly identical to the proposed intervening complaint. In addition, in July 2020, certain of the Mayberry Plaintiffs filed a motion for leave to amend their complaint. In December 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 AG’s motion to intervene. The action was recaptioned as Commonwealth of Kentucky v. KKR & Co. L.P., et al. In May 2021, the AG filed its first amended complaint, which generally asserts the same allegations and claims as the AG’s proposed intervening complaint and the Mayberry Plaintiffs’ original complaint. The Blackstone Defendants filed a motion to dismiss the first amended complaint and briefing on this motion was completed on October 29, 2021. In December 2020, three potentially new derivative plaintiffs brought a motion in the Circuit Court for leave to file a third amended complaint alleging that they had standing. They also filed a motion to intervene in February 2021. The Circuit Court denied both motions. On August 31, 2021, the Mayberry Plaintiffs and a KRS beneficiary who had not previously been involved in the suit filed another motion to intervene. The Circuit Court denied this motion. On October 19, 2021, the various purported derivative plaintiffs who had been denied a role in the AG’s litigation appealed the Circuit Court’s orders denying their motions to intervene and for leave to file amended complaints. On November 1, 2021, the Blackstone Defendants filed a cross-appeal of those orders. In January 2021, certain derivative plaintiffs who had previously attempted to intervene in the AG’s action filed a separate derivative action (Taylor et al. v. KKR & Co., L.P. et al. or “Taylor I”) in Franklin County Circuit Court that is substantially the same as the amended complaint they had sought to file in the AG’s action. In July 2021, these plaintiffs filed their first amended complaint, which is styled as a purported “class” complaint brought on behalf of certain KRS beneficiaries. The Blackstone Defendants and other defendants removed this purported class action to federal court in the United States District Court for the Eastern District of Kentucky and the plaintiffs moved to remand back to state court. Briefing on that motion was completed on September 7, 2021. On August 19, 2021, certain KRS beneficiaries (including the derivative plaintiffs whose action was removed to federal court) filed a separate action (Taylor et al. v. KKR & Co., L.P. et al. or “Taylor II”) in Franklin County Circuit Court in their capacity as beneficiaries, allegedly suing for the benefit of the pension and insurance trust funds administered by KRS. The Taylor II complaint named the same defendants who were sued in Taylor I, as well as additional current and former KRS officers and trustees. No deadline for responding to the complaint has yet been set. In April 2021, the AG filed a declaratory judgment action (Commonwealth of Kentucky v. KKR & Co. Inc. or “Declaratory Judgment Action”) in Franklin County Circuit Court on behalf of the Commonwealth of Kentucky. The AG’s complaint alleges that certain provisions in the subscription agreements between KRS and the managers of the three funds at issue in the Mayberry Action violate the Kentucky Constitution. The suit names as defendants BLP, Blackstone Inc., and others named in the Mayberry Action. On August 23, 2021, the AG filed an amended complaint that no longer stated claims against Blackstone Inc., but added claims against a BLP affiliate and a BLP-managed In July 2021, BLP filed a complaint in the Franklin County Circuit Court (Blackstone Alternative Asset Management L.P. v. Kentucky Public Pensions Authority et al. or “the Breach of Contract Action”) asserting claims for breach of contract against Kentucky Public Pensions Authority, Board of Trustees of KRS, Board of Trustees of the County Employees Retirement System (“CERS”), KRS Insurance Fund, and KRS Pension Fund. The complaint alleges that KRS’s support and prosecution of the Mayberry Action and the Declaratory Judgment Action breaches the parties’ subscription agreements governing KRS’s investment with BLP and seeks damages flowing from that breach, including legal fees and expenses incurred in defending against the above actions. The KRS defendants and CERS filed motions to dismiss BLP’s complaint. Briefing on these motions was completed on October 22, 2021. Contingent Obligations (Clawback) Performance Allocations are subject to clawback to the extent that the Performance Allocations received to date with respect to a fund exceeds the amount due to Blackstone based on cumulative results of that fund. The actual clawback liability, however, generally does not become realized until the end of a fund’s life except for certain Blackstone real estate funds, multi-asset class investment funds and credit-focused funds, which may have an interim clawback liability. The lives of the carry funds, including available contemplated extensions, for which a liability for potential clawback obligations has been recorded for financial reporting purposes, are currently anticipated to expire at various points through 2028. Further extensions of such terms may be implemented under given circumstances. For financial reporting purposes, when applicable, the general partners record a liability for potential clawback obligations to the limited partners of some of the carry funds due to changes in the unrealized value of a fund’s remaining investments and where the fund’s general partner has previously received Performance Allocation distributions with respect to such fund’s realized investments. The following table presents the clawback obligations by segment: September 30, 2021 December 31, 2020 Current and Current and Blackstone Former Blackstone Former Segment Holdings Personnel (a) Total (b) Holdings Personnel (a) Total (b) Real Estate $ 29,896 $ 18,113 $ 48,009 $ 28,283 $ 17,102 $ 45,385 Private Equity 5,213 2,337 7,550 41,722 (8,623 ) 33,099 Credit & Insurance 13,856 16,003 29,859 13,935 16,150 30,085 $ 48,965 $ 36,453 $ 85,418 $ 83,940 $ 24,629 $ 108,569 (a) The split of clawback between Blackstone Holdings and Current and Former Personnel is based on the performance of individual investments held by a fund rather than on a fund by fund basis. (b) Total is a component of Due to Affiliates. See Note 16. “Related Party Transactions — Affiliate Receivables and Payables — Due to Affiliates.” For Private Equity, Real Estate, and certain Credit & Insurance Funds, a portion of the Performance Allocations paid to current and former Blackstone personnel is held in segregated accounts in the event of a cash clawback obligation. These segregated accounts are not included in the Condensed Consolidated Financial Statements of Blackstone, except to the extent a portion of the assets held in the segregated accounts may be allocated to a consolidated Blackstone fund of hedge funds. At September 30, 2021, $917.3 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 September 30, 2021, 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 $4.8 billion, on an after-tax

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2021
Segment Reporting	18. Segment Reporting Blackstone transacts its primary business in the United States and substantially all of its revenues are generated domestically. Blackstone conducts its alternative asset management businesses through four segments: • Real Estate – Blackstone’s Real Estate segment primarily comprises its management of global, Europe and Asia-focused opportunistic real estate funds, high-yield real estate debt funds, liquid real estate debt funds, North America, Europe, Asia and life science-focused Core+ real estate funds, which also include a non-listed • 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 through daily liquidity products and invest directly. • Credit & Insurance – Blackstone’s Credit & Insurance segment consists principally of Blackstone Credit, which is organized into two overarching strategies: private credit (which includes mezzanine lending funds, middle market direct lending funds, including Blackstone’s business development companies, structured products group, stressed/distressed strategies and energy strategies) and liquid credit (which consists of CLOs, closed-ended funds, open-ended funds and separately managed accounts). In addition, the segment includes a publicly traded master limited partnership investment platform, Harvest, and 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 segments. Segment Distributable Earnings represents the net realized earnings of Blackstone’s segments and is the sum of Fee Related Earnings and Net Realizations for each segment. Blackstone’s segments are presented on a basis that deconsolidates Blackstone Funds, eliminates non-controlling For segment reporting purposes, Segment Distributable Earnings is presented along with its major components, Fee Related Earnings and Net Realizations. Fee Related Earnings is used to assess Blackstone’s ability to generate profits from revenues that are measured and received on a recurring basis and not subject to future realization events. Net Realizations is the sum of Realized Principal Investment Income and Realized Performance Revenues less Realized Performance Compensation. Performance Allocations and Incentive Fees are presented together and referred to collectively as Performance Revenues or Performance Compensation. Segment Presentation The following tables present the financial data for Blackstone’s four segments for the three months ended September 30, 2021 and 2020: Three Months Ended September 30, 2021 Real Private Hedge Fund Credit & Total Estate Equity Solutions Insurance Segments Management and Advisory Fees, Net Base Management Fees $ 485,308 $ 370,083 $ 154,884 $ 197,591 $ 1,207,866 Transaction, Advisory and Other Fees, Net 53,876 50,241 2,535 8,132 114,784 Management Fee Offsets (446 ) 10 (255 ) (1,884 ) (2,575 ) Total Management and Advisory Fees, Net 538,738 420,334 157,164 203,839 1,320,075 Fee Related Performance Revenues 35,625 — — 37,688 73,313 Fee Related Compensation (137,313 ) (139,211 ) (35,092 ) (107,865 ) (419,481 ) Other Operating Expenses (61,398 ) (56,792 ) (25,476 ) (51,276 ) (194,942 ) Fee Related Earnings 375,652 224,331 96,596 82,386 778,965 Realized Performance Revenues 495,727 988,331 7,271 6,148 1,497,477 Realized Performance Compensation (199,100 ) (417,386 ) (1,443 ) (1,145 ) (619,074 ) Realized Principal Investment Income 42,677 77,570 14,943 15,820 151,010 Total Net Realizations 339,304 648,515 20,771 20,823 1,029,413 Total Segment Distributable Earnings $ 714,956 $ 872,846 $ 117,367 $ 103,209 $ 1,808,378 Three Months Ended September 30, 2020 Real Private Hedge Fund Credit & Total Estate Equity Solutions Insurance Segments Management and Advisory Fees, Net Base Management Fees $ 392,785 $ 352,866 $ 146,082 $ 152,037 $ 1,043,770 Transaction, Advisory and Other Fees, Net 17,464 11,571 1,255 3,338 33,628 Management Fee Offsets (1,039 ) (16,264 ) (22 ) (2,233 ) (19,558 ) Total Management and Advisory Fees, Net 409,210 348,173 147,315 153,142 1,057,840 Fee Related Performance Revenues 55,327 — — 9,623 64,950 Fee Related Compensation (138,342 ) (119,301 ) (41,405 ) (61,585 ) (360,633 ) Other Operating Expenses (42,566 ) (45,702 ) (19,652 ) (43,293 ) (151,213 ) Fee Related Earnings 283,629 183,170 86,258 57,887 610,944 Realized Performance Revenues 18,872 295,239 5,618 225 319,954 Realized Performance Compensation (7,343 ) (112,713 ) (1,257 ) (417 ) (121,730 ) Realized Principal Investment Income (Loss) 4,946 10,248 (150 ) 840 15,884 Total Net Realizations 16,475 192,774 4,211 648 214,108 Total Segment Distributable Earnings $ 300,104 $ 375,944 $ 90,469 $ 58,535 $ 825,052 The following tables present the financial data for Blackstone’s four segments as of September 30, 2021 and for the nine months ended September 30, 2021 and 2020: September 30, 2021 and the Nine Months Then Ended Real Private Hedge Fund Credit & Total Estate Equity Solutions Insurance Segments Management and Advisory Fees, Net Base Management Fees $ 1,366,158 $ 1,112,349 $ 460,661 $ 526,039 $ 3,465,207 Transaction, Advisory and Other Fees, Net 117,975 125,220 8,439 19,915 271,549 Management Fee Offsets (2,562 ) (17,510 ) (516 ) (5,146 ) (25,734 ) Total Management and Advisory Fees, Net 1,481,571 1,220,059 468,584 540,808 3,711,022 Fee Related Performance Revenues 224,793 — — 66,577 291,370 Fee Related Compensation (447,762 ) (416,575 ) (112,580 ) (263,059 ) (1,239,976 ) Other Operating Expenses (160,520 ) (168,888 ) (66,521 ) (142,615 ) (538,544 ) Fee Related Earnings 1,098,082 634,596 289,483 201,711 2,223,872 Realized Performance Revenues 935,418 1,627,186 55,900 73,234 2,691,738 Realized Performance Compensation (376,790 ) (687,970 ) (13,977 ) (29,532 ) (1,108,269 ) Realized Principal Investment Income 171,626 220,769 52,618 67,285 512,298 Total Net Realizations 730,254 1,159,985 94,541 110,987 2,095,767 Total Segment Distributable Earnings $ 1,828,336 $ 1,794,581 $ 384,024 $ 312,698 $ 4,319,639 Segment Assets $ 14,186,289 $ 16,326,287 $ 2,678,251 $ 3,966,069 $ 37,156,896 Nine Months Ended September 30, 2020 Real Private Hedge Fund Credit & Total Estate Equity Solutions Insurance Segments Management and Advisory Fees, Net Base Management Fees $ 1,146,927 $ 874,910 $ 431,193 $ 442,930 $ 2,895,960 Transaction, Advisory and Other Fees, Net 72,527 42,505 2,872 14,681 132,585 Management Fee Offsets (11,816 ) (33,510 ) (60 ) (8,019 ) (53,405 ) Total Management and Advisory Fees, Net 1,207,638 883,905 434,005 449,592 2,975,140 Fee Related Performance Revenues 66,383 — — 26,066 92,449 Fee Related Compensation (375,278 ) (322,494 ) (127,949 ) (188,080 ) (1,013,801 ) Other Operating Expenses (127,567 ) (131,530 ) (56,126 ) (118,458 ) (433,681 ) Fee Related Earnings 771,176 429,881 249,930 169,120 1,620,107 Realized Performance Revenues 96,801 471,828 8,867 11,868 589,364 Realized Performance Compensation (33,282 ) (192,372 ) (2,202 ) (2,963 ) (230,819 ) Realized Principal Investment Income Income (Loss) 13,819 38,011 (1,090 ) 4,372 55,112 Total Net Realizations 77,338 317,467 5,575 13,277 413,657 Total Segment Distributable Earnings $ 848,514 $ 747,348 $ 255,505 $ 182,397 $ 2,033,764 Reconciliations of Total Segment Amounts The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the three and nine months ended September 30, 2021 and 2020 along with Total Assets as of September 30, 2021: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Revenues Total GAAP Revenues $ 6,224,265 $ 3,032,898 $ 16,814,491 $ 2,473,003 Less: Unrealized Performance Revenues (a) (2,724,366 ) (1,403,480 ) (7,886,033 ) 982,043 Less: Unrealized Principal Investment (Income) Loss (b) 2,343 (177,125 ) (526,249 ) 216,169 Less: Interest and Dividend Revenue (c) (35,535 ) (26,497 ) (99,878 ) (90,386 ) Less: Other Revenue (d) (64,109 ) 192,623 (152,252 ) 110,078 Impact of Consolidation (e) (398,786 ) (167,654 ) (980,178 ) 11,865 Amortization of Intangibles (f) — 387 — 1,161 Transaction-Related Charges (g) 36,797 6,084 33,186 3,944 Intersegment Eliminations 1,266 1,392 3,341 4,188 Total Segment Revenue (h) $ 3,041,875 $ 1,458,628 $ 7,206,428 $ 3,712,065 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Expenses Total GAAP Expenses $ 2,654,359 $ 1,332,846 $ 6,978,136 $ 1,867,452 Less: Unrealized Performance Allocations Compensation (i) (1,193,853 ) (509,474 ) (3,394,041 ) 433,091 Less: Equity-Based Compensation (j) (129,254 ) (89,862 ) (394,948 ) (266,675 ) Less: Interest Expense (k) (51,773 ) (39,228 ) (140,245 ) (119,692 ) Impact of Consolidation (e) (5,320 ) (2,084 ) (17,067 ) (22,563 ) Amortization of Intangibles (f) (17,044 ) (16,096 ) (51,212 ) (48,288 ) Transaction-Related Charges (g) (22,396 ) (41,199 ) (89,428 ) (166,493 ) Administrative Fee Adjustment (l) (2,488 ) (2,719 ) (7,747 ) (2,719 ) Intersegment Eliminations 1,266 1,392 3,341 4,188 Total Segment Expenses (m) $ 1,233,497 $ 633,576 $ 2,886,789 $ 1,678,301 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Other Income Total GAAP Other Income $ 94,991 $ 101,059 $ 344,978 $ (68,537 ) Impact of Consolidation (e) (94,991 ) (101,059 ) (344,978 ) 68,537 Total Segment Other Income $ — $ — $ — $ — Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Income Before Provision for Taxes Total GAAP Income Before Provision for Taxes $ 3,664,897 $ 1,801,111 $ 10,181,333 $ 537,014 Less: Unrealized Performance Revenues (a) (2,724,366 ) (1,403,480 ) (7,886,033 ) 982,043 Less: Unrealized Principal Investment (Income) Loss (b) 2,343 (177,125 ) (526,249 ) 216,169 Less: Interest and Dividend Revenue (c) (35,535 ) (26,497 ) (99,878 ) (90,386 ) Less: Other Revenue (d) (64,109 ) 192,623 (152,252 ) 110,078 Plus: Unrealized Performance Allocations Compensation (i) 1,193,853 509,474 3,394,041 (433,091 ) Plus: Equity-Based Compensation (j) 129,254 89,862 394,948 266,675 Plus: Interest Expense (k) 51,773 39,228 140,245 119,692 Impact of Consolidation (e) (488,457 ) (266,629 ) (1,308,089 ) 102,965 Amortization of Intangibles (f) 17,044 16,483 51,212 49,449 Transaction-Related Charges (g) 59,193 47,283 122,614 170,437 Administrative Fee Adjustment (l) 2,488 2,719 7,747 2,719 Total Segment Distributable Earnings $ 1,808,378 $ 825,052 $ 4,319,639 $ 2,033,764 As of September 30, 2021 Total Assets Total GAAP Assets $ 39,038,092 Impact of Consolidation (e) (1,881,196 ) Total Segment Assets $ 37,156,896 Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles and Transaction-Related Charges. (a) This adjustment removes Unrealized Performance Revenues on a segment basis. (b) This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis. (c) This adjustment removes Interest and Dividend Revenue on a segment basis. (d) This adjustment removes Other Revenue on a segment basis. For the three months ended September 30, 2021 and 2020, Other Revenue on a GAAP basis was $64.2 million and $(192.2) million, and included $63.5 million and $(193.5) million of foreign exchange gains (losses), respectively. For the nine months ended September 30, 2021 and 2020, Other Revenue on a GAAP basis was $152.4 million and $(109.6) million, and included $150.4 million and $(113.2) million of foreign exchange gains (losses), respectively. (e) This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds, the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling (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 was historically accounted for under the equity method. As a result of Pátria’s IPO in January 2021, equity method has been discontinued and there will no longer be amortization of intangibles associated with the investment. (g) This adjustment removes Transaction-Related Charges, which are excluded from Blackstone’s segment presentation. Transaction-Related Charges arise from corporate actions including acquisitions, divestitures, and Blackstone’s initial public offering. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs and any gains or losses associated with these corporate actions. (h) Total Segment Revenues is comprised of the following: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Total Segment Management and Advisory Fees, Net $ 1,320,075 $ 1,057,840 $ 3,711,022 $ 2,975,140 Total Segment Fee Related Performance Revenues 73,313 64,950 291,370 92,449 Total Segment Realized Performance Revenues 1,497,477 319,954 2,691,738 589,364 Total Segment Realized Principal Investment Income 151,010 15,884 512,298 55,112 Total Segment Revenues $ 3,041,875 $ 1,458,628 $ 7,206,428 $ 3,712,065 (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: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Total Segment Fee Related Compensation $ 419,481 $ 360,633 $ 1,239,976 $ 1,013,801 Total Segment Realized Performance Compensation 619,074 121,730 1,108,269 230,819 Total Segment Other Operating Expenses 194,942 151,213 538,544 433,681 Total Segment Expenses $ 1,233,497 $ 633,576 $ 2,886,789 $ 1,678,301 Reconciliations of Total Segment Components The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported on the Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Management and Advisory Fees, Net GAAP $ 1,320,795 $ 1,053,851 $ 3,711,159 $ 2,958,411 Segment Adjustment (a) (720 ) 3,989 (137 ) 16,729 Total Segment $ 1,320,075 $ 1,057,840 $ 3,711,022 $ 2,975,140 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues GAAP Incentive Fees $ 48,206 $ 13,498 $ 117,537 $ 40,959 Investment Income - Realized Performance Allocations 1,522,495 371,406 2,865,482 640,846 GAAP 1,570,701 384,904 2,983,019 681,805 Total Segment Less: Realized Performance Revenues (1,497,477 ) (319,954 ) (2,691,738 ) (589,364 ) Segment Adjustment (b) 89 — 89 8 Total Segment $ 73,313 $ 64,950 $ 291,370 $ 92,449 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 GAAP Compensation to Total Segment Fee Related Compensation GAAP Compensation $ 536,199 $ 460,983 $ 1,585,941 $ 1,395,983 Incentive Fee Compensation 21,007 7,385 48,763 22,339 Realized Performance Allocations Compensation 631,632 142,149 1,192,082 253,141 GAAP 1,188,838 610,517 2,826,786 1,671,463 Total Segment Less: Realized Performance Compensation (619,074 ) (121,730 ) (1,108,269 ) (230,819 ) Less: Equity-Based Compensation - Operating Compensation (127,442 ) (88,180 ) (388,607 ) (260,719 ) Less: Equity-Based Compensation - Performance Compensation (1,812 ) (1,682 ) (6,341 ) (5,956 ) Segment Adjustment (c) (21,029 ) (38,292 ) (83,593 ) (160,168 ) Total Segment $ 419,481 $ 360,633 $ 1,239,976 $ 1,013,801 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 GAAP General, Administrative and Other to Total Segment Other Operating Expenses GAAP $ 217,995 $ 171,041 $ 608,174 $ 497,658 Segment Adjustment (d) (23,053 ) (19,828 ) (69,630 ) (63,977 ) Total Segment $ 194,942 $ 151,213 $ 538,544 $ 433,681 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Realized Performance Revenues GAAP Incentive Fees $ 48,206 $ 13,498 $ 117,537 $ 40,959 Investment Income - Realized Performance Allocations 1,522,495 371,406 2,865,482 640,846 GAAP 1,570,701 384,904 2,983,019 681,805 Total Segment Less: Fee Related Performance Revenues (73,313 ) (64,950 ) (291,370 ) (92,449 ) Segment Adjustment (b) 89 — 89 8 Total Segment $ 1,497,477 $ 319,954 $ 2,691,738 $ 589,364 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Realized Performance Compensation GAAP Incentive Fee Compensation $ 21,007 $ 7,385 $ 48,763 $ 22,339 Realized Performance Allocation Compensation 631,632 142,149 1,192,082 253,141 GAAP 652,639 149,534 1,240,845 275,480 Total Segment Less: Fee Related Performance Compensation (31,753 ) (26,122 ) (126,235 ) (38,705 ) Less: Equity-Based Compensation - Performance Compensation (1,812 ) (1,682 ) (6,341 ) (5,956 ) Total Segment $ 619,074 $ 121,730 $ 1,108,269 $ 230,819 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Realized Principal Investment Income GAAP $ 325,414 $ 61,017 $ 832,512 $ 170,814 Segment Adjustment (e) (174,404 ) (45,133 ) (320,214 ) (115,702 ) Total Segment $ 151,010 $ 15,884 $ 512,298 $ 55,112 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. This adjustment 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	9 Months Ended
	Sep. 30, 2021
Subsequent Events	19. Subsequent Events There have been no events since September 30, 2021 that require recognition or disclosure in the Condensed Consolidated Financial Statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Blackstone have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q. Form 10-K The condensed consolidated financial statements include the accounts of Blackstone, its wholly owned or majority owned subsidiaries, the consolidated entities which are considered to be variable interest entities and for which Blackstone is considered the primary beneficiary, and certain partnerships or similar entities which are not considered variable interest entities but in which the general partner is determined to have control. All intercompany balances and transactions have been eliminated in consolidation. Restructurings within consolidated collateralized loan obligations (“CLOs”) are treated as investment purchases or sales, as applicable, in the Condensed Consolidated Statements of Cash Flows.​​​​​​​ COVID-19 The ongoing novel coronavirus (“COVID-19”)
Consolidation	Consolidation Blackstone consolidates all entities that it controls through a majority voting interest or otherwise, including those Blackstone Funds in which the general partner has a controlling financial interest. Blackstone has a controlling financial interest in Blackstone Holdings because the limited partners do not have the right to dissolve the partnerships or have substantive kick-out non-controlling In addition, Blackstone consolidates all variable interest entities (“VIE”) 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 Condensed Consolidated Statements of Financial Condition. Blackstone’s other disclosures regarding VIEs are discussed in Note 9. “Variable Interest Entities.”
Revenue Recognition	Revenue Recognition Revenues primarily consist of management and advisory fees, incentive fees, investment income, interest and dividend revenue and other. Management and advisory fees and incentive fees are accounted for as contracts with customers. Under the guidance for contracts with customers, an entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. See Note 18. “Segment Reporting” for a disaggregated presentation of revenues from contracts with customers. Management and Advisory Fees, Net Blackstone earns base management fees from the investors in its managed funds and investment vehicles, at a fixed percentage of a calculation base, which is typically 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 Condensed Consolidated Statements of Financial Condition and amortization is recorded within General, Administrative and Other within the Condensed Consolidated Statements of Operations. Accrued but unpaid Management and Advisory Fees, net of management fee reductions and management fee offsets, as of the reporting date are included in Accounts Receivable or Due from Affiliates in the Condensed Consolidated Statements of Financial Condition. Incentive Fees Investment Income (Loss) In carry fund structures, Blackstone, through its subsidiaries, invests alongside its limited partners in a partnership and is entitled to its pro-rata “pro-rata pro-rata Performance Allocations are made to the general partner based on cumulative fund performance to date, subject to a preferred return to limited partners. At the end of each reporting period, Blackstone calculates the balance of accrued Performance Allocations (“Accrued Performance Allocations”) that would be due to Blackstone for each fund, pursuant to the fund agreements, as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. Accrued Performance Allocations as of the reporting date are reflected in Investments in the Condensed Consolidated Statements of Financial Condition. Performance Allocations are realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the preferred return or, in limited instances, after certain thresholds for return of capital are met. Performance Allocations are subject to clawback to the extent that the Performance Allocation received to date exceeds the amount due to Blackstone based on cumulative results. As such, the accrual for potential repayment of previously received Performance Allocations, which is a component of Due to Affiliates, represents all amounts previously distributed to Blackstone Holdings and non-controlling Principal Investments include the unrealized and realized gains and losses on Blackstone’s principal investments, including its investments in Blackstone Funds that are not consolidated and receive pro-rata Interest and Dividend Revenue Other Revenue
Fair Value of Financial Instruments	Fair Value of Financial Instruments GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: ● Level I – Quoted prices are available in active markets for identical financial instruments as of the reporting date. The types of financial instruments in Level I include listed equities, listed derivatives and mutual funds with quoted prices. Blackstone does not adjust the quoted price for these investments, even in situations where Blackstone holds a large position and a sale could reasonably impact the quoted price. ● Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Financial instruments which are generally included in this category include corporate bonds and loans, including corporate bonds and loans held within CLO vehicles, government and agency securities, less liquid and restricted equity securities, and certain over-the-counter ● Level III – Pricing inputs are unobservable for the financial instruments and includes situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category generally include general and limited partnership interests in private equity and real estate funds, credit-focused funds, distressed debt and non-investment over-the-counter In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Blackstone’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. Level II Valuation Techniques Financial instruments classified within Level II of the fair value hierarchy comprise debt instruments, including certain corporate loans and bonds held by Blackstone’s consolidated CLO vehicles and debt securities sold, not yet purchased. Certain equity securities and derivative instruments valued using observable inputs are also classified as Level II. The valuation techniques used to value financial instruments classified within Level II of the fair value hierarchy are as follows: ● Debt Instruments and Equity Securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments and various relationships between investments. The valuation of certain equity securities is based on an observable price for an identical security adjusted for the effect of a restriction. ● Freestanding Derivatives are valued using contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads. ● Senior and subordinate notes issued by CLO vehicles are classified based on the more observable fair value of CLO assets less (a) the fair value of any beneficial interests held by Blackstone, and (b) the carrying value of any beneficial interests that represent compensation for services. Level III Valuation Techniques In the absence of observable market prices, Blackstone values its investments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist; management’s determination of fair value is then based on the best information available in the circumstances, and may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for non-performance Real Estate Investments – Private Equity Investments – Credit-Focused Investments The market approach is generally used to determine the enterprise value of the issuer of a credit investment, and considers valuation multiples of comparable companies or transactions. The resulting enterprise value will dictate whether or not such credit investment has adequate enterprise value coverage. In cases of distressed credit instruments, the market approach may be used to estimate a recovery value in the event of a restructuring.
Investments, at Fair Value	Investments, at Fair Value The Blackstone Funds are accounted for as investment companies under the American Institute of Certified Public Accountants Accounting and Auditing Guide, Investment Companies Blackstone’s principal investments are presented at fair value with unrealized appreciation or depreciation and realized gains and losses recognized in the Condensed Consolidated Statements of Operations within Investment Income (Loss). For certain instruments, Blackstone has elected the fair value option. Such election is irrevocable and is applied on an investment by investment basis at initial recognition. Blackstone has applied the fair value option for certain loans and receivables, unfunded loan commitments and certain investments in private debt securities that otherwise would not have been carried at fair value with gains and losses recorded in net income. The methodology for measuring the fair value of such investments is consistent with the methodology applied to private equity, real estate, credit-focused and funds of hedge funds investments. Changes in the fair value of such instruments are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. Interest income on interest bearing loans and receivables and debt securities on which the fair value option has been elected is based on stated coupon rates adjusted for the accretion of purchase discounts and the amortization of purchase premiums. This interest income is recorded within Interest and Dividend Revenue. Blackstone has elected the fair value option for the assets of consolidated CLO vehicles. As permitted under GAAP, Blackstone measures the liabilities of consolidated CLO vehicles as (a) the sum of the fair value of the consolidated CLO assets and the carrying value of any non-financial Non-Controlling non-consolidated Blackstone has elected the fair value option for certain proprietary investments that would otherwise have been accounted for using the equity method of accounting. The fair value of such investments is based on quoted prices in an active market or using the discounted cash flow method. Changes in fair value are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. Further disclosure on instruments for which the fair value option has been elected is presented in Note 7. “Fair Value Option.” The investments of consolidated Blackstone Funds in funds of hedge funds (“Investee Funds”) are valued at net asset value (“NAV”) per share of the Investee Fund. In limited circumstances, Blackstone may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, Blackstone will estimate the fair value in good faith and in a manner that it reasonably chooses, in accordance with the requirements of GAAP. Certain investments of Blackstone and of the consolidated Blackstone funds of hedge funds and credit-focused funds measure their investments in underlying funds at fair value using NAV per share without adjustment. The terms of the investee’s investment generally provide for minimum holding periods or lock-ups, Security and loan transactions are recorded on a trade date basis.
Equity Method Investments	Equity Method Investments Investments in which Blackstone is deemed to exert significant influence, but not control, are accounted for using the equity method of accounting except in cases where the fair value option has been elected. Blackstone has significant influence over all Blackstone Funds in which it invests but does not consolidate. Therefore, its investments in such Blackstone Funds, which include both a proportionate and disproportionate allocation of the profits and losses (as is the case with carry funds that include a Performance Allocation), are accounted for under the equity method. Under the equity method of accounting, Blackstone’s share of earnings (losses) from equity method investments is included in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. In cases where Blackstone’s equity method investments provide for a disproportionate allocation of the profits and losses (as is the case with carry funds that include a Performance Allocation), Blackstone’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period, Blackstone calculates the Accrued Performance Allocations that would be due to Blackstone for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner, or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. The carrying amounts of equity method investments are reflected in Investments in the Condensed Consolidated Statements of Financial Condition. Strategic Partners’ results presented in Blackstone’s financial statements are reported on a three month lag from Strategic Partners’ fund financial statements, which report the performance of underlying investments generally on a same quarter basis, if available. Therefore, Strategic Partners’ results presented herein do not reflect the impact of economic and market activity in the current quarter. Current quarter market activity of Strategic Partners’ underlying investments is expected to affect Blackstone’s reported results in upcoming periods. Effective September 30, 2021, Strategic Partners’ fund financial reporting process was updated to report the performance of underlying fund investments generally on a same-quarter basis, if available. Previously, such fund financial reporting in Strategic Partners’ fund financial statements generally reported on a three month lag. This update to Strategic Partners’ fund financial reporting process has permitted Strategic Partners’ appreciation to be reported in Blackstone’s financial statements on a more current basis. As a result of the reporting process change, for the three months and nine months ended September 30, 2021, Strategic Partners’ results presented in Blackstone’s financial statements reflect the market activity of two quarters and four quarters, respectively.
Compensation and Benefits	Compensation and Benefits Compensation and Benefits Compensation Compensation and Benefits — Incentive Fee Compensation — Compensation and Benefits — Performance Allocations Compensation — in-kind).
Non-Controlling Interests in Consolidated Entities	Non-Controlling Non-Controlling non-controlling non-controlling
Redeemable Non-Controlling Interests in Consolidated Entities	Redeemable Non-Controlling Non-controlling Non-Controlling non-controlling Non-Controlling
Non-Controlling Interests in Blackstone Holdings	Non-Controlling Non-Controlling Certain costs and expenses are borne directly by the Holdings Partnerships. Income (Loss), excluding those costs directly borne by and attributable to the Holdings Partnerships, is attributable to Non-Controlling
Net Income (Loss) Per Share of Common Stock	Net Income (Loss) Per Share of Common Stock Basic Income (Loss) Per Share of Common Stock is calculated by dividing Net Income (Loss) Attributable to Blackstone Inc. by the weighted-average shares of common stock, unvested participating shares of common stock outstanding for the period and vested deferred restricted shares of common stock that have been earned for which issuance of the related shares of common stock is deferred until future periods. Diluted Income (Loss) Per Share of Common Stock reflects the impact of all dilutive securities. Unvested participating shares of 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 shares outstanding for certain equity-based compensation awards. Blackstone applies the “if-converted”
Reverse Repurchase and Repurchase Agreements	Reverse Repurchase and Repurchase Agreements Securities purchased under agreements to resell (“reverse repurchase agreements”) and securities sold under agreements to repurchase (“repurchase agreements”), comprised primarily of U.S. and non-U.S. Blackstone manages credit exposure arising from reverse repurchase agreements and repurchase agreements by, in appropriate circumstances, entering into master netting agreements and collateral arrangements with counterparties that provide Blackstone, in the event of a counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. Blackstone takes possession of securities purchased under reverse repurchase agreements and is permitted to repledge, deliver or otherwise use such securities. Blackstone also pledges its financial instruments to counterparties to collateralize repurchase agreements. Financial instruments pledged that can be repledged, delivered or otherwise used by the counterparty are recorded in Investments in the Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to repurchase agreements are discussed in Note 10. “Repurchase Agreements.” Blackstone does not offset assets and liabilities relating to reverse repurchase agreements and repurchase agreements in its Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to offsetting are discussed in Note 11. “Offsetting of Assets and Liabilities.”
Securities Sold, Not Yet Purchased	Securities Sold, Not Yet Purchased Securities Sold, Not Yet Purchased consist of equity and debt securities that Blackstone has borrowed and sold. Blackstone is required to “cover” its short sale in the future by purchasing the security at prevailing market prices and delivering it to the counterparty from which it borrowed the security. Blackstone is exposed to loss in the event that the price at which a security may have to be purchased to cover a short sale exceeds the price at which the borrowed security was sold short. Securities Sold, Not Yet Purchased are recorded at fair value in the Condensed Consolidated Statements of Financial Condition.
Derivative Instruments	Derivative Instruments Blackstone recognizes all derivatives as assets or liabilities on its Condensed Consolidated Statements of Financial Condition at fair value. On the date Blackstone enters into a derivative contract, it designates and documents each derivative contract as one of the following: (a) a hedge of a recognized asset or liability (“fair value hedge”), (b) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), (c) a hedge of a net investment in a foreign operation, or (d) a derivative instrument not designated as a hedging instrument (“freestanding derivative”). Gains or losses on a derivative instrument that is designated as, and is effective as, an economic hedge of a net investment in a foreign operation are reported in the cumulative translation adjustment section of other comprehensive income to the extent it is effective as a hedge. The ineffective portion of a net investment hedge is recognized in current period earnings. Blackstone formally documents at inception its hedge relationships, including identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and Blackstone’s evaluation of effectiveness of its hedged transaction. At least monthly, Blackstone also formally assesses whether the derivative it designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in estimated fair values or cash flows of the hedged items using either the regression analysis or the dollar offset method. For net investment hedges, Blackstone uses a method based on changes in spot rates to measure effectiveness. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued. The fair values of hedging derivative instruments are reflected within Other Assets in the Condensed Consolidated Statements of Financial Condition. For freestanding derivative contracts, Blackstone presents changes in fair value in current period earnings. Changes in the fair value of derivative instruments held by consolidated Blackstone Funds are reflected in Net Gains from Fund Investment Activities or, where derivative instruments are held by Blackstone, within Investment Income (Loss) in the Condensed Consolidated Statements of Operations. The fair value of freestanding derivative assets of the consolidated Blackstone Funds are recorded within Investments, the fair value of freestanding derivative assets that are not part of the consolidated Blackstone Funds are recorded within Other Assets and the fair value of freestanding derivative liabilities are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition. Blackstone has elected to not offset derivative assets and liabilities or financial assets in its Condensed Consolidated Statements of Financial Condition, including cash, that may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement is in place that provides Blackstone, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. Blackstone’s other disclosures regarding derivative financial instruments are discussed in Note 6. “Derivative Financial Instruments.” Blackstone’s disclosures regarding offsetting are discussed in Note 11. “Offsetting of Assets and Liabilities.”
Affiliates	Affiliates Blackstone considers its Founder, senior managing directors, employees, the Blackstone Funds and the Portfolio Companies to be affiliates.
Dividends	Dividends Dividends are reflected in the condensed consolidated financial statements when declared.

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2021
Intangible Assets, Net	Intangible Assets, Net consists of the following: September 30, December 31, 2021 2020 Finite-Lived Intangible Assets/Contractual Rights $ 1,745,376 $ 1,734,076 Accumulated Amortization (1,442,294 ) (1,386,121 ) Intangible Assets, Net $ 303,082 $ 347,955

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2021
Investments	Investments consist of the following: September 30, December 31, 2021 2020 Investments of Consolidated Blackstone Funds $ 2,104,705 $ 1,455,008 Equity Method Investments Partnership Investments 5,303,334 4,353,234 Accrued Performance Allocations 15,063,648 6,891,262 Corporate Treasury Investments 1,520,426 2,579,716 Other Investments 1,112,082 337,922 $ 25,104,195 $ 15,617,142
Reconciliation of Realized and Net Change in Unrealized Gains (Losses) to Other Income (Loss) - Net Gains (Losses) from Fund Investment Activities in Consolidated Statements of Operations	The following table presents the Realized and Net Change in Unrealized Gains (Losses) on investments held by the consolidated Blackstone Funds and a reconciliation to Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities in the Condensed Consolidated Statements of Operations: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Realized Gains (Losses) $ 37,697 $ 3,946 $ 99,692 $ (131,026 ) Net Change in Unrealized Gains (Losses) 86,303 97,097 259,259 (19,693 ) Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds 124,000 101,043 358,951 (150,719 ) Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 8,312 7,709 20,830 90,394 Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities $ 132,312 $ 108,752 $ 379,781 $ (60,325 )
Performance Fees Allocated to Funds	Accrued Performance Allocations to Blackstone were as follows: Real Private Hedge Fund Credit & Estate Equity Solutions Insurance Total Accrued Performance Allocations, December 31, 2020 $ 3,033,462 $ 3,487,206 $ 42,293 $ 328,301 $ 6,891,262 Performance Allocations as a Result of Changes in Fund Fair Values 4,700,366 5,277,832 511,027 309,445 10,798,670 Foreign Exchange Loss (53,944 ) — — — (53,944 ) Fund Distributions (899,426 ) (1,571,531 ) (19,405 ) (81,978 ) (2,572,340 ) Accrued Performance Allocations, September 30, 2021 $ 6,780,458 $ 7,193,507 $ 533,915 $ 555,768 $ 15,063,648
Realized and Net Change in Unrealized Gains (Losses) on Investments	The following table presents the Realized and Net Change in Unrealized Gains (Losses) on these investments: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Realized Gains (Losses) $ (359) $ (1,431 ) $ 5,526 $ (3,187) Net Change in Unrealized Gains (Losses) 3,196 48,480 42,648 (94,917) $ 2,837 $ 47,049 $ 48,174 $ (98,104)
Realized and Net Change in Unrealized Gains in Other Investments	The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in Other Investments: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Realized Gains $ 100,289 $ 3,830 $ 129,711 $ 17,163 Net Change in Unrealized Gains (Losses) (51,380 ) 7,268 234,187 (66,096) $ 48,909 $ 11,098 $ 363,898 $ (48,933)

Net Asset Value as Fair Value (

Net Asset Value as Fair Value (Tables)	9 Months Ended
	Sep. 30, 2021
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 September 30, 2021 is presented below: Redemption Frequency Redemption Strategy (a) Fair Value (if currently eligible) Notice Period Diversified Instruments $ 33 (b) (b) Credit Driven 390,629 (c) (c) Equity 53,406 (d) (d) Commodities 971 (e) (e) $ 445,039 (a) As of September 30, 2021, 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 4% of the fair value of the investments in this category are in liquidation. The remaining 96% of investments in this category may not be redeemed at, or within three months of, the reporting date. (d) The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Investments representing 1% of the fair value of the investments in this category are in liquidation. The remaining 99% of investments in this category are redeemable as of the reporting date. As of the reporting date, the investee fund manager had elected to side-pocket 1% 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)	9 Months Ended
	Sep. 30, 2021
Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments	The table below summarizes the aggregate notional amount and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts. September 30, 2021 December 31, 2020 Assets Liabilities Assets Liabilities Fair Fair Fair Fair Notional Value Notional Value Notional Value Notional Value Freestanding Derivatives Blackstone Interest Rate Contracts $ 685,429 $ 75,042 $ 768,260 $ 83,903 $ 684,320 $ 113,072 $ 862,887 $ 190,342 Foreign Currency Contracts 386,404 6,814 248,554 4,152 316,787 7,392 334,015 3,941 Credit Default Swaps 2,007 160 9,916 981 2,706 331 9,158 1,350 Other — — — — 5,000 5,227 — — 1,073,840 82,016 1,026,730 89,036 1,008,813 126,022 1,206,060 195,633 Investments of Consolidated Blackstone Funds Foreign Currency Contracts 75,919 1,569 — — — — 66,431 2,651 Interest Rate Contracts — — 14,000 984 — — 14,000 1,485 Credit Default Swaps 3,786 288 23,250 1,077 8,282 542 41,290 1,558 Total Return Swaps — — — — — — 19,275 2,125 79,705 1,857 37,250 2,061 8,282 542 140,996 7,819 $ 1,153,545 $ 83,873 $ 1,063,980 $ 91,097 $ 1,017,095 $ 126,564 $ 1,347,056 $ 203,452
Summary of Impact of Derivative Financial Instruments to Consolidated Statements of Operations	The table below summarizes the impact to the Condensed Consolidated Statements of Operations from derivative financial instruments: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ (4,181 ) $ (221 ) $ (2,883 ) $ (8,135 ) Foreign Currency Contracts (4,812 ) 6,889 (389 ) 1,749 Credit Default Swaps 10 (8 ) (980 ) (120 ) Total Return Swaps 161 (113 ) (1,254 ) (1,644 ) Other — 26 (40 ) (12 ) (8,822 ) 6,573 (5,546 ) (8,162 ) Net Change in Unrealized Gains (Losses) Interest Rate Contracts 27,025 (124,934 ) 72,210 (44,599 ) Foreign Currency Contracts 6,807 (5,887 ) 3,431 (2,300 ) Credit Default Swaps 106 (732 ) 948 (2,103 ) Total Return Swaps — 856 2,130 (3,243 ) Other — (4 ) (20 ) 32 33,938 (130,701 ) 78,699 (52,213 ) $ 25,116 $ (124,128 ) $ 73,153 $ (60,375 )

Fair Value Option (Tables)

Fair Value Option (Tables)	9 Months Ended
	Sep. 30, 2021
Summary of Financial Instruments for Which Fair Value Option Has Been Elected	The following table summarizes the financial instruments for which the fair value option has been elected: September 30, December 31, 2021 2020 Assets Loans and Receivables $ 239,766 $ 581,079 Equity and Preferred Securities 763,876 532,790 Debt Securities 336,360 448,352 $ 1,340,002 $ 1,562,221 Liabilities Corporate Treasury Commitments $ 366 $ 244
Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected	The following tables present the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected: Three Months Ended September 30, 2021 2020 Net Change Net Change Realized in Unrealized Realized in Unrealized Gains (Losses) Gains (Losses) Gains (Losses) Gains (Losses) Assets Loans and Receivables $ (2,631 ) $ (509 ) $ (2,443 ) $ 3,681 Equity and Preferred Securities 989 2,914 — (11,207 ) Debt Securities 909 (2,303 ) (2,807 ) 23,901 $ (733 ) $ 102 $ (5,250 ) $ 16,375 Liabilities Corporate Treasury Commitments $ — $ 80 $ — $ 1,325 Nine Months Ended September 30, 2021 2020 Net Change Net Change Realized in Unrealized Realized in Unrealized Gains (Losses) Gains (Losses) Gains (Losses) Gains (Losses) Assets Loans and Receivables $ (10,527 ) $ 4,574 $ (8,213 ) $ 3,413 Equity and Preferred Securities 19,433 43,315 (342 ) (114,954 ) Debt Securities 10,879 (6,538 ) (23,909 ) 14,772 Assets of Consolidated CLO Vehicles (a) Corporate Loans — — (96,194 ) (226,542 ) Other — — — (325 ) $ 19,785 $ 41,351 $ (128,658 ) $ (323,636 ) Liabilities Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes $ — $ — $ — $ 199,445 Subordinated Notes — — — 30,046 Corporate Treasury Commitments — (113 ) — (705 ) $ — $ (113 ) $ — $ 228,786 (a) During the year ended December 31, 2020, Blackstone deconsolidated nine CLO vehicles. See Note 9. “Variable Interest Entities” for additional details.
Information for Financial Instruments on Which Fair Value Option was Elected	The following table presents information for those financial instruments for which the fair value option was elected: September 30, 2021 December 31, 2020 For Financial Assets For Financial Assets Past Due Past Due (Deficiency) Excess (Deficiency) Excess of Fair Value Fair of Fair Value of Fair Value Fair of Fair Value Over Principal Value Over Principal Over Principal Value Over Principal Loans and Receivables $ (1,634 ) $ — $ — $ (7,807 ) $ — $ — Debt Securities (28,679 ) — — (29,359 ) — — $ (30,313 ) $ — $ — $ (37,166 ) $ — $ —

Fair Value Measurements of Fi_2

Fair Value Measurements of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2021
Financial Assets and Liabilities at Fair Value	The following tables summarize the valuation of Blackstone’s financial assets and liabilities by the fair value hierarchy: September 30, 2021 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents $ 2,251,662 $ — $ — $ — $ 2,251,662 Investments Investments of Consolidated Blackstone Funds Investment Funds — — — 15,165 15,165 Equity Securities, Partnerships and LLC Interests 32,316 190,439 1,050,488 372,301 1,645,544 Debt Instruments 656 393,017 48,466 — 442,139 Freestanding Derivatives — 1,857 — — 1,857 Total Investments of Consolidated Blackstone Funds 32,972 585,313 1,098,954 387,466 2,104,705 Corporate Treasury Investments 267,377 1,234,284 18,765 — 1,520,426 Other Investments 367,623 246,783 228,740 57,573 900,719 Total Investments 667,972 2,066,380 1,346,459 445,039 4,525,850 Accounts Receivable - Loans and Receivables — — 239,766 — 239,766 Other Assets - Freestanding Derivatives 2,365 79,651 — — 82,016 $ 2,921,999 $ 2,146,031 $ 1,586,225 $ 445,039 $ 7,099,294 Liabilities Securities Sold, Not Yet Purchased $ 11,912 $ 23,745 $ — $ — $ 35,657 Accounts Payable, Accrued Expenses and Other Liabilities Consolidated Blackstone Funds - Freestanding Derivatives — 2,061 — — 2,061 Freestanding Derivatives 219 88,817 — — 89,036 Corporate Treasury Commitments (a) — — 366 — 366 Total Accounts Payable, Accrued Expenses and Other Liabilities 219 90,878 366 — 91,463 $ 12,131 $ 114,623 $ 366 $ — $ 127,120 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 LLC Limited Liability Company. (a) Corporate Treasury Commitments are measured using third party pricing.
Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy	The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of September 30, Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Impact to Financial Assets Investments of Consolidated Blackstone Funds Equity Securities, Partnership and LLC Interests $ 1,050,488 Discounted Cash Flows Discount Rate 2.9% - 44.1% 10.5% Lower Exit Multiple - EBITDA 3.7x - 31.4x 13.5x Higher Exit Capitalization Rate 2.8% - 15.0% 5.0% Lower Transaction Price n/a Debt Instruments 48,466 Discounted Cash Flows Discount Rate 6.6% - 19.3% 9.4% Lower Third Party Pricing n/a Total Investments of Consolidated Blackstone Funds 1,098,954 Corporate Treasury Investments 18,765 Discounted Cash Flows Discount Rate 5.2% - 8.2% 6.6% Lower Third Party Pricing n/a Loans and Receivables 239,766 Discounted Cash Flows Discount Rate 6.8% - 8.6% 7.6% Lower Other Investments 228,740 Third Party Pricing n/a Transaction Price n/a $ 1,586,225 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: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Impact to 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 - 24.0x 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 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	Level III Financial Assets at Fair Value Three Months Ended September 30, 2021 2020 Investments Investments of Loans Other of Loans Other Consolidated and Investments Consolidated and Investments Funds Receivables (a) Total Funds Receivables (a) Total Balance, Beginning of Period $ 982,984 $ 223,796 $ 73,475 $ 1,280,255 $ 1,215,374 $ 162,368 $ 33,697 $ 1,411,439 Transfer In (Out) Due to Deconsolidation — — — — (471,591 ) — 39,875 (431,716 ) Transfer Into Level III (b) — — 8,018 8,018 26,710 — 3,172 29,882 Transfer Out of Level III (b) (18,239 ) — (14,400 ) (32,639 ) (8,444 ) — (8,845 ) (17,289 ) Purchases 85,581 326,937 191,610 604,128 21,542 79,061 3,861 104,464 Sales (56,063 ) (333,041 ) (13,250 ) (402,354 ) (36,592 ) (59,929 ) (6,436 ) (102,957 ) Issuances — 24,138 — 24,138 — 36,171 — 36,171 Settlements — (1,093 ) — (1,093 ) — (20,705 ) — (20,705 ) Changes in Gains (Losses) Included in Earnings 104,691 (971 ) 1,950 105,670 59,300 3,074 5,656 68,030 Balance, End of Period $ 1,098,954 $ 239,766 $ 247,403 $ 1,586,123 $ 806,299 $ 200,040 $ 70,980 $ 1,077,319 Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ 96,160 $ (3,732 ) $ 1,940 $ 94,368 $ 59,693 $ 3,681 $ 7,027 $ 70,401 Level III Financial Assets at Fair Value Nine Months Ended September 30, 2021 2020 Investments Investments of Loans Other of Loans Other Consolidated and Investments Consolidated and Investments Funds Receivables (a) Total Funds Receivables (a) Total Balance, Beginning of Period $ 858,310 $ 581,079 $ 46,158 $ 1,485,547 $ 1,050,272 $ 500,751 $ 29,289 $ 1,580,312 Transfer In (Out) Due to Deconsolidation — — — — (296,741 ) — 39,875 (256,866 ) Transfer Into Level III (b) 302 — 8,018 8,320 26,176 — 23,293 49,469 Transfer Out of Level III (b) (105,547 ) — (14,400 ) (119,947 ) (27,022 ) — (23,791 ) (50,813 ) Purchases 265,947 683,700 225,070 1,174,717 142,455 249,960 9,632 402,047 Sales (178,397 ) (1,034,253 ) (19,414 ) (1,232,064 ) (80,197 ) (566,810 ) (11,797 ) (658,804 ) Issuances — 43,478 — 43,478 — 36,171 — 36,171 Settlements — (46,649 ) — (46,649 ) — (24,355 ) — (24,355 ) Changes in Gains (Losses) Included in Earnings 258,339 12,411 1,971 272,721 (8,644 ) 4,323 4,479 158 Balance, End of Period $ 1,098,954 $ 239,766 $ 247,403 $ 1,586,123 $ 806,299 $ 200,040 $ 70,980 $ 1,077,319 Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ 222,541 $ (6,842 ) $ 1,919 $ 217,618 $ (26,821 ) $ 4,824 $ 5,363 $ (16,634 ) (a) Represents corporate treasury investments and Other Investments. (b) Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2021
Maximum Exposure to Loss Relating to Non-Consolidated VIEs	Blackstone’s maximum exposure to loss relating to non-consolidated September 30, December 31, 2021 2020 Investments $ 2,659,578 $ 1,307,292 Due from Affiliates 172,741 262,815 Potential Clawback Obligation 44,045 38,679 Maximum Exposure to Loss $ 2,876,364 $ 1,608,786 Amounts Due to Non-Consolidated $ 157 $ 241

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	9 Months Ended
	Sep. 30, 2021
Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged	The following tables provide information regarding Blackstone’s Repurchase Agreements obligation by type of collateral pledged: September 30, 2021 Remaining Contractual Maturity of the Agreements Overnight Greater and Up to 30 - 90 than Continuous 30 Days Days 90 days Total Repurchase Agreements Asset-Backed Securities $ — $ — $ 36,545 $ — $ 36,545 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 36,545 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ — December 31, 2020 Remaining Contractual Maturity of the Agreements Overnight Greater and Up to 30 - 90 than Continuous 30 Days Days 90 days Total Repurchase Agreements Asset-Backed Securities $ — $ 15,345 $ 32,759 $ 28,704 $ 76,808 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 76,808 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ —

Offsetting of Assets And Liab_2

Offsetting of Assets And Liabilities (Tables)	9 Months Ended
	Sep. 30, 2021
Offsetting of Assets	The following tables present the offsetting of assets and liabilities as of September 30, 2021 and December 31, 2020: September 30, 2021 Gross and Net Amounts of Gross Amounts Not Offset Assets Presented in the Statement of in the Statement Financial Condition of Financial Financial Cash Collateral Condition Instruments (a) Received Net Amount Assets Freestanding Derivatives $ 83,194 $ 73,804 $ 45 $ 9,345 December 31, 2020 Gross and Net Amounts of Gross Amounts Not Offset Assets Presented in the Statement of in the Statement Financial Condition of Financial Financial Cash Collateral Condition Instruments (a) Received Net Amount Assets Freestanding Derivatives $ 126,564 $ 114,673 $ 53 $ 11,838
Offsetting of Liabilities	September 30, 2021 Gross and Net Amounts of Liabilities Gross Amounts Not Offset Presented in the in the Statement of Statement of Financial Condition Financial Financial Cash Collateral Condition Instruments (a) Pledged Net Amount Liabilities Freestanding Derivatives $ 91,097 $ 79,415 $ 7,769 $ 3,913 Repurchase Agreements 36,545 36,545 — — $ 127,642 $ 115,960 $ 7,769 $ 3,913 December 31, 2020 Gross and Net Amounts of Liabilities Gross Amounts Not Offset Presented in the in the Statement of Statement of Financial Condition Financial Financial Cash Collateral Condition Instruments (a) Pledged Net Amount Liabilities Freestanding Derivatives $ 202,188 $ 174,623 $ 19,194 $ 8,371 Repurchase Agreements 76,808 76,808 — — $ 278,996 $ 251,431 $ 19,194 $ 8,371 (a) Amounts presented are inclusive of both legally enforceable master netting agreements, and financial instruments received or pledged as collateral. Financial instruments received or pledged as collateral offset derivative counterparty risk exposure, but do not reduce net balance sheet exposure.
Other Assets	The following table presents the components of Other Assets: September 30, December 31, 2021 2020 Furniture, Equipment and Leasehold Improvements, Net $ 239,117 $ 231,807 Prepaid Expenses 203,123 105,248 Freestanding Derivatives 82,016 126,022 Other 14,311 17,945 $ 538,567 $ 481,022

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Sep. 30, 2021
Carrying Value and Fair Value of Blackstone Issued Notes	The following table presents the general characteristics of each of Blackstone’s outstanding notes as of September 30, 2021 and December 31, 2020, as well as their carrying value and fair value. The notes are included in Loans Payable within the Condensed Consolidated Statements of Financial Condition. All of the notes were issued at a discount. All of the notes accrue interest from the issue date thereof and all pay interest in arrears on a semi-annual basis or annual basis. September 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Senior Notes Value Value (a) Value Value (a) 4.750%, Due 2/15/2023 $ 398,276 $ 422,920 $ 397,385 $ 434,400 2.000%, Due 5/19/2025 376,543 373,281 362,947 398,620 1.000%, Due 10/5/2026 696,508 720,646 724,646 770,707 3.150%, Due 10/2/2027 297,649 323,520 297,387 332,370 1.625%, Due 8/5/2028 643,188 635,440 — — 1.500%, Due 4/10/2029 649,836 743,089 728,054 805,744 2.500%, Due 1/10/2030 491,431 512,600 490,745 538,200 1.600%, Due 3/30/2031 495,430 471,650 495,100 497,950 2.000%, Due 1/30/2032 786,536 770,400 — — 6.250%, Due 8/15/2042 238,851 366,000 238,668 372,250 5.000%, Due 6/15/2044 489,383 661,000 489,201 684,800 4.450%, Due 7/15/2045 344,379 431,340 344,282 449,645 4.000%, Due 10/2/2047 290,680 348,120 290,533 364,590 3.500%, Due 9/10/2049 392,048 431,280 391,925 460,120 2.800%, Due 9/30/2050 393,783 381,880 393,681 406,280 2.850%, Due 8/5/2051 542,955 527,890 — — $ 7,527,476 $ 8,121,056 $ 5,644,554 $ 6,515,676 (a) Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.
Scheduled Principal Payments for Borrowings	Scheduled principal payments for borrowings as of September 30, 2021 were as follows: Operating Blackstone Fund Total Borrowings Facilities Borrowings 2021 $ — $ 100 $ 100 2022 — — — 2023 400,000 — 400,000 2024 — — — 2025 347,400 — 347,400 Thereafter 6,889,600 — 6,889,600 $ 7,637,000 $ 100 $ 7,637,100

Earnings Per Share and Stockh_2

Earnings Per Share and Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Basic and Diluted Net Income Per Common Stock	Basic and diluted net income per share of common stock for the three and nine months ended September 30, 2021 and 2020 was calculated as follows: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Net Income for Per Share of Common Stock Calculations Net Income Attributable to Blackstone Inc., Basic and Diluted $ 1,401,895 $ 794,719 $ 4,458,919 $ 296,493 Shares/Units Outstanding Weighted-Average Shares of Common Stock Outstanding, Basic 722,229,117 700,184,580 717,516,302 695,049,997 Weighted-Average Shares of Unvested Deferred Restricted Common Stock 203,982 343,386 402,113 287,578 Weighted-Average Shares of Common Stock Outstanding, Diluted 722,433,099 700,527,966 717,918,415 695,337,575 Net Income Per Share of Common Stock Basic $ 1.94 $ 1.14 $ 6.21 $ 0.43 Diluted $ 1.94 $ 1.13 $ 6.21 $ 0.43 Dividends Declared Per Share of Common Stock (a) $ 0.70 $ 0.37 $ 2.48 $ 1.37 (a) Dividends declared reflects the calendar date of the declaration for each dividend.
Summary of Anti-Dilutive Securities	The following table summarizes the anti-dilutive securities for the three and nine months ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Weighted-Average Blackstone Holdings Partnership Units 484,991,263 501,898,454 488,880,363 506,274,987
Schedule of Shares Eligible For Dividends and Distribution	As of September 30, 2021, the total shares of common stock and Blackstone Holdings Partnership Units entitled to participate in dividends and distributions were as follows: Shares/Units Common Stock Outstanding 693,612,698 Unvested Participating Common Stock 27,756,700 Total Participating Common Stock 721,369,398 Participating Blackstone Holdings Partnership Units 483,553,949 1,204,923,347

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Summary of Status of Partnership's Unvested Equity-Based Awards	A summary of the status of Blackstone’s unvested equity-based awards as of September 30, 2021 and of changes during the period January 1, 2021 through September 30, 2021 is presented below: Blackstone Holdings Blackstone Inc. Equity Settled Awards Cash Settled Awards Weighted- Weighted- Weighted- Average Deferred Average Average Partnership Grant Date Restricted Shares Grant Date Phantom Grant Date Unvested Shares/Units Units Fair Value of Common Stock Fair Value Shares Fair Value Balance, December 31, 2020 23,771,136 $ 36.33 19,512,034 $ 42.60 65,284 $ 60.42 Granted — — 12,564,765 74.26 22,841 91.07 Vested (4,015,497 ) 33.44 (4,645,664 ) 42.91 (13,655 ) 122.42 Forfeited (684,072 ) 40.40 (650,753 ) 49.25 (526 ) 127.52 Balance, September 30, 2021 19,071,567 $ 37.11 26,780,382 $ 57.25 73,944 $ 127.52
Unvested Shares and Units, After Expected Forfeitures	The following unvested shares and units, after expected forfeitures, as of September 30, 2021, are expected to vest: Weighted- Average Service Period Shares/Units in Years Blackstone Holdings Partnership Units 17,095,569 2.2 Deferred Restricted Shares of Common Stock 22,608,020 3.5 Total Equity-Based Awards 39,703,589 2.9 Phantom Shares 54,966 3.3

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2021
Due from Affiliates and Due to Affiliates	Due from Affiliates and Due to Affiliates consisted of the following: September 30, December 31, 2021 2020 Due from Affiliates Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated $ 2,953,930 $ 2,637,055 Due from Certain Non-Controlling 727,736 548,897 Accrual for Potential Clawback of Previously Distributed Performance Allocations 36,453 35,563 $ 3,718,119 $ 3,221,515 September 30, December 31, 2021 2020 Due to Affiliates Due to Certain Non-Controlling $ 1,090,164 $ 857,523 Due to Non-Consolidated 177,507 107,410 Due to Certain Non-Controlling 73,120 61,539 Accrual for Potential Repayment of Previously Received Performance Allocations 85,418 108,569 $ 1,426,209 $ 1,135,041

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2021
Clawback Obligations by Segment	The following table presents the clawback obligations by segment: September 30, 2021 December 31, 2020 Current and Current and Blackstone Former Blackstone Former Segment Holdings Personnel (a) Total (b) Holdings Personnel (a) Total (b) Real Estate $ 29,896 $ 18,113 $ 48,009 $ 28,283 $ 17,102 $ 45,385 Private Equity 5,213 2,337 7,550 41,722 (8,623 ) 33,099 Credit & Insurance 13,856 16,003 29,859 13,935 16,150 30,085 $ 48,965 $ 36,453 $ 85,418 $ 83,940 $ 24,629 $ 108,569 (a) The split of clawback between Blackstone Holdings and Current and Former Personnel is based on the performance of individual investments held by a fund rather than on a fund by fund basis. (b) Total is a component of Due to Affiliates. See Note 16. “Related Party Transactions — Affiliate Receivables and Payables — Due to Affiliates.”

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2021
Financial Data of Segments	The following tables present the financial data for Blackstone’s four segments for the three months ended September 30, 2021 and 2020: Three Months Ended September 30, 2021 Real Private Hedge Fund Credit & Total Estate Equity Solutions Insurance Segments Management and Advisory Fees, Net Base Management Fees $ 485,308 $ 370,083 $ 154,884 $ 197,591 $ 1,207,866 Transaction, Advisory and Other Fees, Net 53,876 50,241 2,535 8,132 114,784 Management Fee Offsets (446 ) 10 (255 ) (1,884 ) (2,575 ) Total Management and Advisory Fees, Net 538,738 420,334 157,164 203,839 1,320,075 Fee Related Performance Revenues 35,625 — — 37,688 73,313 Fee Related Compensation (137,313 ) (139,211 ) (35,092 ) (107,865 ) (419,481 ) Other Operating Expenses (61,398 ) (56,792 ) (25,476 ) (51,276 ) (194,942 ) Fee Related Earnings 375,652 224,331 96,596 82,386 778,965 Realized Performance Revenues 495,727 988,331 7,271 6,148 1,497,477 Realized Performance Compensation (199,100 ) (417,386 ) (1,443 ) (1,145 ) (619,074 ) Realized Principal Investment Income 42,677 77,570 14,943 15,820 151,010 Total Net Realizations 339,304 648,515 20,771 20,823 1,029,413 Total Segment Distributable Earnings $ 714,956 $ 872,846 $ 117,367 $ 103,209 $ 1,808,378 Three Months Ended September 30, 2020 Real Private Hedge Fund Credit & Total Estate Equity Solutions Insurance Segments Management and Advisory Fees, Net Base Management Fees $ 392,785 $ 352,866 $ 146,082 $ 152,037 $ 1,043,770 Transaction, Advisory and Other Fees, Net 17,464 11,571 1,255 3,338 33,628 Management Fee Offsets (1,039 ) (16,264 ) (22 ) (2,233 ) (19,558 ) Total Management and Advisory Fees, Net 409,210 348,173 147,315 153,142 1,057,840 Fee Related Performance Revenues 55,327 — — 9,623 64,950 Fee Related Compensation (138,342 ) (119,301 ) (41,405 ) (61,585 ) (360,633 ) Other Operating Expenses (42,566 ) (45,702 ) (19,652 ) (43,293 ) (151,213 ) Fee Related Earnings 283,629 183,170 86,258 57,887 610,944 Realized Performance Revenues 18,872 295,239 5,618 225 319,954 Realized Performance Compensation (7,343 ) (112,713 ) (1,257 ) (417 ) (121,730 ) Realized Principal Investment Income (Loss) 4,946 10,248 (150 ) 840 15,884 Total Net Realizations 16,475 192,774 4,211 648 214,108 Total Segment Distributable Earnings $ 300,104 $ 375,944 $ 90,469 $ 58,535 $ 825,052 The following tables present the financial data for Blackstone’s four segments as of September 30, 2021 and for the nine months ended September 30, 2021 and 2020: September 30, 2021 and the Nine Months Then Ended Real Private Hedge Fund Credit & Total Estate Equity Solutions Insurance Segments Management and Advisory Fees, Net Base Management Fees $ 1,366,158 $ 1,112,349 $ 460,661 $ 526,039 $ 3,465,207 Transaction, Advisory and Other Fees, Net 117,975 125,220 8,439 19,915 271,549 Management Fee Offsets (2,562 ) (17,510 ) (516 ) (5,146 ) (25,734 ) Total Management and Advisory Fees, Net 1,481,571 1,220,059 468,584 540,808 3,711,022 Fee Related Performance Revenues 224,793 — — 66,577 291,370 Fee Related Compensation (447,762 ) (416,575 ) (112,580 ) (263,059 ) (1,239,976 ) Other Operating Expenses (160,520 ) (168,888 ) (66,521 ) (142,615 ) (538,544 ) Fee Related Earnings 1,098,082 634,596 289,483 201,711 2,223,872 Realized Performance Revenues 935,418 1,627,186 55,900 73,234 2,691,738 Realized Performance Compensation (376,790 ) (687,970 ) (13,977 ) (29,532 ) (1,108,269 ) Realized Principal Investment Income 171,626 220,769 52,618 67,285 512,298 Total Net Realizations 730,254 1,159,985 94,541 110,987 2,095,767 Total Segment Distributable Earnings $ 1,828,336 $ 1,794,581 $ 384,024 $ 312,698 $ 4,319,639 Segment Assets $ 14,186,289 $ 16,326,287 $ 2,678,251 $ 3,966,069 $ 37,156,896 Nine Months Ended September 30, 2020 Real Private Hedge Fund Credit & Total Estate Equity Solutions Insurance Segments Management and Advisory Fees, Net Base Management Fees $ 1,146,927 $ 874,910 $ 431,193 $ 442,930 $ 2,895,960 Transaction, Advisory and Other Fees, Net 72,527 42,505 2,872 14,681 132,585 Management Fee Offsets (11,816 ) (33,510 ) (60 ) (8,019 ) (53,405 ) Total Management and Advisory Fees, Net 1,207,638 883,905 434,005 449,592 2,975,140 Fee Related Performance Revenues 66,383 — — 26,066 92,449 Fee Related Compensation (375,278 ) (322,494 ) (127,949 ) (188,080 ) (1,013,801 ) Other Operating Expenses (127,567 ) (131,530 ) (56,126 ) (118,458 ) (433,681 ) Fee Related Earnings 771,176 429,881 249,930 169,120 1,620,107 Realized Performance Revenues 96,801 471,828 8,867 11,868 589,364 Realized Performance Compensation (33,282 ) (192,372 ) (2,202 ) (2,963 ) (230,819 ) Realized Principal Investment Income Income (Loss) 13,819 38,011 (1,090 ) 4,372 55,112 Total Net Realizations 77,338 317,467 5,575 13,277 413,657 Total Segment Distributable Earnings $ 848,514 $ 747,348 $ 255,505 $ 182,397 $ 2,033,764
Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes	The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the three and nine months ended September 30, 2021 and 2020 along with Total Assets as of September 30, 2021: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Revenues Total GAAP Revenues $ 6,224,265 $ 3,032,898 $ 16,814,491 $ 2,473,003 Less: Unrealized Performance Revenues (a) (2,724,366 ) (1,403,480 ) (7,886,033 ) 982,043 Less: Unrealized Principal Investment (Income) Loss (b) 2,343 (177,125 ) (526,249 ) 216,169 Less: Interest and Dividend Revenue (c) (35,535 ) (26,497 ) (99,878 ) (90,386 ) Less: Other Revenue (d) (64,109 ) 192,623 (152,252 ) 110,078 Impact of Consolidation (e) (398,786 ) (167,654 ) (980,178 ) 11,865 Amortization of Intangibles (f) — 387 — 1,161 Transaction-Related Charges (g) 36,797 6,084 33,186 3,944 Intersegment Eliminations 1,266 1,392 3,341 4,188 Total Segment Revenue (h) $ 3,041,875 $ 1,458,628 $ 7,206,428 $ 3,712,065 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Expenses Total GAAP Expenses $ 2,654,359 $ 1,332,846 $ 6,978,136 $ 1,867,452 Less: Unrealized Performance Allocations Compensation (i) (1,193,853 ) (509,474 ) (3,394,041 ) 433,091 Less: Equity-Based Compensation (j) (129,254 ) (89,862 ) (394,948 ) (266,675 ) Less: Interest Expense (k) (51,773 ) (39,228 ) (140,245 ) (119,692 ) Impact of Consolidation (e) (5,320 ) (2,084 ) (17,067 ) (22,563 ) Amortization of Intangibles (f) (17,044 ) (16,096 ) (51,212 ) (48,288 ) Transaction-Related Charges (g) (22,396 ) (41,199 ) (89,428 ) (166,493 ) Administrative Fee Adjustment (l) (2,488 ) (2,719 ) (7,747 ) (2,719 ) Intersegment Eliminations 1,266 1,392 3,341 4,188 Total Segment Expenses (m) $ 1,233,497 $ 633,576 $ 2,886,789 $ 1,678,301 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Other Income Total GAAP Other Income $ 94,991 $ 101,059 $ 344,978 $ (68,537 ) Impact of Consolidation (e) (94,991 ) (101,059 ) (344,978 ) 68,537 Total Segment Other Income $ — $ — $ — $ — Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Income Before Provision for Taxes Total GAAP Income Before Provision for Taxes $ 3,664,897 $ 1,801,111 $ 10,181,333 $ 537,014 Less: Unrealized Performance Revenues (a) (2,724,366 ) (1,403,480 ) (7,886,033 ) 982,043 Less: Unrealized Principal Investment (Income) Loss (b) 2,343 (177,125 ) (526,249 ) 216,169 Less: Interest and Dividend Revenue (c) (35,535 ) (26,497 ) (99,878 ) (90,386 ) Less: Other Revenue (d) (64,109 ) 192,623 (152,252 ) 110,078 Plus: Unrealized Performance Allocations Compensation (i) 1,193,853 509,474 3,394,041 (433,091 ) Plus: Equity-Based Compensation (j) 129,254 89,862 394,948 266,675 Plus: Interest Expense (k) 51,773 39,228 140,245 119,692 Impact of Consolidation (e) (488,457 ) (266,629 ) (1,308,089 ) 102,965 Amortization of Intangibles (f) 17,044 16,483 51,212 49,449 Transaction-Related Charges (g) 59,193 47,283 122,614 170,437 Administrative Fee Adjustment (l) 2,488 2,719 7,747 2,719 Total Segment Distributable Earnings $ 1,808,378 $ 825,052 $ 4,319,639 $ 2,033,764 As of September 30, 2021 Total Assets Total GAAP Assets $ 39,038,092 Impact of Consolidation (e) (1,881,196 ) Total Segment Assets $ 37,156,896 Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles and Transaction-Related Charges. (a) This adjustment removes Unrealized Performance Revenues on a segment basis. (b) This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis. (c) This adjustment removes Interest and Dividend Revenue on a segment basis. (d) This adjustment removes Other Revenue on a segment basis. For the three months ended September 30, 2021 and 2020, Other Revenue on a GAAP basis was $64.2 million and $(192.2) million, and included $63.5 million and $(193.5) million of foreign exchange gains (losses), respectively. For the nine months ended September 30, 2021 and 2020, Other Revenue on a GAAP basis was $152.4 million and $(109.6) million, and included $150.4 million and $(113.2) million of foreign exchange gains (losses), respectively. (e) This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds, the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling (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 was historically accounted for under the equity method. As a result of Pátria’s IPO in January 2021, equity method has been discontinued and there will no longer be amortization of intangibles associated with the investment. (g) This adjustment removes Transaction-Related Charges, which are excluded from Blackstone’s segment presentation. Transaction-Related Charges arise from corporate actions including acquisitions, divestitures, and Blackstone’s initial public offering. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs and any gains or losses associated with these corporate actions. (h) Total Segment Revenues is comprised of the following: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Total Segment Management and Advisory Fees, Net $ 1,320,075 $ 1,057,840 $ 3,711,022 $ 2,975,140 Total Segment Fee Related Performance Revenues 73,313 64,950 291,370 92,449 Total Segment Realized Performance Revenues 1,497,477 319,954 2,691,738 589,364 Total Segment Realized Principal Investment Income 151,010 15,884 512,298 55,112 Total Segment Revenues $ 3,041,875 $ 1,458,628 $ 7,206,428 $ 3,712,065 (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: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Total Segment Fee Related Compensation $ 419,481 $ 360,633 $ 1,239,976 $ 1,013,801 Total Segment Realized Performance Compensation 619,074 121,730 1,108,269 230,819 Total Segment Other Operating Expenses 194,942 151,213 538,544 433,681 Total Segment Expenses $ 1,233,497 $ 633,576 $ 2,886,789 $ 1,678,301
Reconciliation of Total Segments to Reported on the Consolidated Statement of Operations	The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported on the Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Management and Advisory Fees, Net GAAP $ 1,320,795 $ 1,053,851 $ 3,711,159 $ 2,958,411 Segment Adjustment (a) (720 ) 3,989 (137 ) 16,729 Total Segment $ 1,320,075 $ 1,057,840 $ 3,711,022 $ 2,975,140 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues GAAP Incentive Fees $ 48,206 $ 13,498 $ 117,537 $ 40,959 Investment Income - Realized Performance Allocations 1,522,495 371,406 2,865,482 640,846 GAAP 1,570,701 384,904 2,983,019 681,805 Total Segment Less: Realized Performance Revenues (1,497,477 ) (319,954 ) (2,691,738 ) (589,364 ) Segment Adjustment (b) 89 — 89 8 Total Segment $ 73,313 $ 64,950 $ 291,370 $ 92,449 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 GAAP Compensation to Total Segment Fee Related Compensation GAAP Compensation $ 536,199 $ 460,983 $ 1,585,941 $ 1,395,983 Incentive Fee Compensation 21,007 7,385 48,763 22,339 Realized Performance Allocations Compensation 631,632 142,149 1,192,082 253,141 GAAP 1,188,838 610,517 2,826,786 1,671,463 Total Segment Less: Realized Performance Compensation (619,074 ) (121,730 ) (1,108,269 ) (230,819 ) Less: Equity-Based Compensation - Operating Compensation (127,442 ) (88,180 ) (388,607 ) (260,719 ) Less: Equity-Based Compensation - Performance Compensation (1,812 ) (1,682 ) (6,341 ) (5,956 ) Segment Adjustment (c) (21,029 ) (38,292 ) (83,593 ) (160,168 ) Total Segment $ 419,481 $ 360,633 $ 1,239,976 $ 1,013,801 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 GAAP General, Administrative and Other to Total Segment Other Operating Expenses GAAP $ 217,995 $ 171,041 $ 608,174 $ 497,658 Segment Adjustment (d) (23,053 ) (19,828 ) (69,630 ) (63,977 ) Total Segment $ 194,942 $ 151,213 $ 538,544 $ 433,681 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Realized Performance Revenues GAAP Incentive Fees $ 48,206 $ 13,498 $ 117,537 $ 40,959 Investment Income - Realized Performance Allocations 1,522,495 371,406 2,865,482 640,846 GAAP 1,570,701 384,904 2,983,019 681,805 Total Segment Less: Fee Related Performance Revenues (73,313 ) (64,950 ) (291,370 ) (92,449 ) Segment Adjustment (b) 89 — 89 8 Total Segment $ 1,497,477 $ 319,954 $ 2,691,738 $ 589,364 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Realized Performance Compensation GAAP Incentive Fee Compensation $ 21,007 $ 7,385 $ 48,763 $ 22,339 Realized Performance Allocation Compensation 631,632 142,149 1,192,082 253,141 GAAP 652,639 149,534 1,240,845 275,480 Total Segment Less: Fee Related Performance Compensation (31,753 ) (26,122 ) (126,235 ) (38,705 ) Less: Equity-Based Compensation - Performance Compensation (1,812 ) (1,682 ) (6,341 ) (5,956 ) Total Segment $ 619,074 $ 121,730 $ 1,108,269 $ 230,819 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Realized Principal Investment Income GAAP $ 325,414 $ 61,017 $ 832,512 $ 170,814 Segment Adjustment (e) (174,404 ) (45,133 ) (320,214 ) (115,702 ) Total Segment $ 151,010 $ 15,884 $ 512,298 $ 55,112 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. This adjustment 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)	9 Months Ended
	Sep. 30, 2021SegmentPerson
Organization [Line Items]
Number of business segments | Segment	4
Number of Blackstone founders managing the Partnership | Person	1

Intangible Assets, Net (Detail)

Intangible Assets, Net (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets/Contractual Rights	$ 1,745,376	$ 1,734,076
Accumulated Amortization	(1,442,294)	(1,386,121)
Intangible Assets, Net	$ 303,082	$ 347,955

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Goodwill and Intangible Assets [Line Items]
Amortization Expense	$ 18,700	$ 17,700	$ 56,174	$ 53,250
Expected amortization of intangibles, 2021	74,900		74,900
Expected amortization of intangibles, 2022	67,100		67,100
Expected amortization of intangibles, 2023	38,100		38,100
Expected amortization of intangibles, 2024	30,500		30,500
Expected amortization of intangibles, 2025	$ 30,500		$ 30,500
Intangible assets expected to amortize over a weighted-average period			7 years 3 months 18 days

Investments (Detail)

Investments (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Schedule of Investments [Line Items]
Investments	$ 25,104,195	$ 15,617,142
Partnership Investments
Schedule of Investments [Line Items]
Investments	5,303,334	4,353,234
Accrued Performance Allocations
Schedule of Investments [Line Items]
Investments	15,063,648	6,891,262
Other Investments
Schedule of Investments [Line Items]
Investments	1,112,082	337,922
Consolidated Blackstone Funds
Schedule of Investments [Line Items]
Investments	2,104,705	1,455,008
Corporate Treasury Investments
Schedule of Investments [Line Items]
Investments	$ 1,520,426	$ 2,579,716

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jan. 26, 2021	Dec. 31, 2020
Schedule of Investments [Line Items]
Investments	$ 25,104,195		$ 25,104,195			$ 15,617,142
Recognized net gains (losses) related to equity method investments	469,000	$ 305,200	1,600,000	$ (13,500)
Equity investments, carrying value	$ 211,400		$ 211,400
IPO
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%		40.00%
Consolidated Blackstone Funds | Blackstone
Schedule of Investments [Line Items]
Investments	$ 403,200		$ 403,200			$ 198,300

Reconciliation of Realized and

Reconciliation of Realized and Net Change in Unrealized Gains (Losses) to Other Income (Loss) - Net Gains (Losses) from Fund Investment Activities in Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Gain (Loss) on Securities [Line Items]
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds	$ 4,756,029	$ 2,131,211	$ 12,735,931	$ (502,313)
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	35,048	26,497	97,477	85,505
Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities	132,312	108,752	379,781	(60,325)
Consolidated Blackstone Funds
Gain (Loss) on Securities [Line Items]
Realized Gains (Losses)	37,697	3,946	99,692	(131,026)
Net Change in Unrealized Gains (Losses)	86,303	97,097	259,259	(19,693)
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds	124,000	101,043	358,951	(150,719)
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	8,312	7,709	20,830	90,394
Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities	$ 132,312	$ 108,752	$ 379,781	$ (60,325)

Performance Fees Allocated to F

Performance Fees Allocated to Funds (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	$ 15,617,142
Ending Balance	25,104,195
Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	6,891,262
Performance Allocations as a Result of Changes in Fund Fair Values	10,798,670
Foreign Exchange Loss	(53,944)
Fund Distributions	(2,572,340)
Ending Balance	15,063,648
Real Estate Segment | Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	3,033,462
Performance Allocations as a Result of Changes in Fund Fair Values	4,700,366
Foreign Exchange Loss	(53,944)
Fund Distributions	(899,426)
Ending Balance	6,780,458
Private Equity Segment | Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	3,487,206
Performance Allocations as a Result of Changes in Fund Fair Values	5,277,832
Fund Distributions	(1,571,531)
Ending Balance	7,193,507
Hedge Fund Solutions Segment | Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	42,293
Performance Allocations as a Result of Changes in Fund Fair Values	511,027
Fund Distributions	(19,405)
Ending Balance	533,915
Credit & Insurance Segment | Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	328,301
Performance Allocations as a Result of Changes in Fund Fair Values	309,445
Fund Distributions	(81,978)
Ending Balance	$ 555,768

Realized and Net Change in Unre

Realized and Net Change in Unrealized Gains (Losses) on Investments Held by Blackstone's Treasury Cash Management Strategies (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Gain (Loss) on Securities [Line Items]
Total realized and net change in unrealized gains (losses)	$ 4,756,029	$ 2,131,211	$ 12,735,931	$ (502,313)
Corporate Treasury Investments
Gain (Loss) on Securities [Line Items]
Realized Gains (Losses)	(359)	(1,431)	5,526	(3,187)
Net Change in Unrealized Gains (Losses)	3,196	48,480	42,648	(94,917)
Total realized and net change in unrealized gains (losses)	$ 2,837	$ 47,049	$ 48,174	$ (98,104)

Realized and Net Change in Un_2

Realized and Net Change in Unrealized Gains (Losses) in Other Investments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Gain (Loss) on Securities [Line Items]
Total Investment Income (Loss)	$ 4,756,029	$ 2,131,211	$ 12,735,931	$ (502,313)
Other Investments
Gain (Loss) on Securities [Line Items]
Realized Gains	100,289	3,830	129,711	17,163
Net Change in Unrealized Gains (Losses)	(51,380)	7,268	234,187	(66,096)
Total Investment Income (Loss)	$ 48,909	$ 11,098	$ 363,898	$ (48,933)

Summary of Fair Value by Strate

Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments (Detail) $ in Thousands	Sep. 30, 2021USD ($)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 445,039
Diversified Instruments
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	33
Credit Driven
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	390,629
Equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	53,406
Commodities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 971

Summary of Fair Value by Stra_2

Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2021
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	4.00%
Percentage of investments redeemable as of reporting date	96.00%
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	1.00%
Percentage of investments redeemable as of reporting date	99.00%
Investee funds categorized as non redeemable, percentage	1.00%
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	Sep. 30, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	$ 1,153,545	$ 1,017,095
Derivative Liabilities, Notional	1,063,980	1,347,056
Derivative Assets, Fair Value	83,873	126,564
Derivative Liabilities, Fair Value	91,097	203,452
Freestanding Derivatives
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	79,705	8,282
Derivative Liabilities, Notional	37,250	140,996
Derivative Assets, Fair Value	1,857	542
Derivative Liabilities, Fair Value	2,061	7,819
Freestanding Derivatives | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	1,073,840	1,008,813
Derivative Liabilities, Notional	1,026,730	1,206,060
Derivative Assets, Fair Value	82,016	126,022
Derivative Liabilities, Fair Value	89,036	195,633
Freestanding Derivatives | Blackstone | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	2,007	2,706
Derivative Liabilities, Notional	9,916	9,158
Derivative Assets, Fair Value	160	331
Derivative Liabilities, Fair Value	981	1,350
Freestanding Derivatives | Consolidated Blackstone Funds | Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	3,786	8,282
Derivative Liabilities, Notional	23,250	41,290
Derivative Assets, Fair Value	288	542
Derivative Liabilities, Fair Value	1,077	1,558
Freestanding Derivatives | Consolidated Blackstone Funds | Total Return Swaps
Derivatives, Fair Value [Line Items]
Derivative Liabilities, Notional		19,275
Derivative Liabilities, Fair Value		2,125
Freestanding Derivatives | Foreign Currency Contracts | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	386,404	316,787
Derivative Liabilities, Notional	248,554	334,015
Derivative Assets, Fair Value	6,814	7,392
Derivative Liabilities, Fair Value	4,152	3,941
Freestanding Derivatives | Foreign Currency Contracts | Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	75,919
Derivative Liabilities, Notional	0	66,431
Derivative Assets, Fair Value	1,569
Derivative Liabilities, Fair Value	0	2,651
Freestanding Derivatives | Interest Rate Contracts | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	685,429	684,320
Derivative Liabilities, Notional	768,260	862,887
Derivative Assets, Fair Value	75,042	113,072
Derivative Liabilities, Fair Value	83,903	190,342
Freestanding Derivatives | Interest Rate Contracts | Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Liabilities, Notional	14,000	14,000
Derivative Liabilities, Fair Value	$ 984	1,485
Freestanding Derivatives | Other | Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional		5,000
Derivative Assets, Fair Value		$ 5,227

Summary of Impact of Derivative

Summary of Impact of Derivative Financial Instruments to Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative [Line Items]
Unrealized Gain on Derivatives and Commodity Contracts	$ 25,116	$ (124,128)	$ 73,153	$ (60,375)
Freestanding Derivatives
Derivative [Line Items]
Realized Gains (Losses)	(8,822)	6,573	(5,546)	(8,162)
Net Change in Unrealized Gain (Loss)	33,938	(130,701)	78,699	(52,213)
Freestanding Derivatives | Total Return Swaps
Derivative [Line Items]
Realized Gains (Losses)	161	(113)	(1,254)	(1,644)
Net Change in Unrealized Gain (Loss)		856	2,130	(3,243)
Freestanding Derivatives | Credit Default Swap
Derivative [Line Items]
Realized Gains (Losses)	10	(8)	(980)	(120)
Net Change in Unrealized Gain (Loss)	106	(732)	948	(2,103)
Freestanding Derivatives | Interest Rate Contracts
Derivative [Line Items]
Realized Gains (Losses)	(4,181)	(221)	(2,883)	(8,135)
Net Change in Unrealized Gain (Loss)	27,025	(124,934)	72,210	(44,599)
Freestanding Derivatives | Foreign Currency Contracts
Derivative [Line Items]
Realized Gains (Losses)	(4,812)	6,889	(389)	1,749
Net Change in Unrealized Gain (Loss)	$ 6,807	(5,887)	3,431	(2,300)
Freestanding Derivatives | Other
Derivative [Line Items]
Realized Gains (Losses)		26	(40)	(12)
Net Change in Unrealized Gain (Loss)		$ (4)	$ (20)	$ 32

Summary of Financial Instrument

Summary of Financial Instruments for Which Fair Value Option Has Been Elected (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans and Receivables	$ 239,766	$ 581,079
Assets	1,340,002	1,562,221
Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments	336,360	448,352
Equity and Preferred Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments	763,876	532,790
Liabilities of Consolidated CLO Vehicles
Fair Value, Option, Quantitative Disclosures [Line Items]
Corporate Treasury Commitments	$ 366	$ 244

Realized and Net Change in Un_3

Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Realized Gains (Losses) | Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	$ 909	$ (2,807)	$ 10,879	$ (23,909)
Realized Gains (Losses) | Assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(733)	(5,250)	19,785	(128,658)
Realized Gains (Losses) | Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(2,631)	(2,443)	(10,527)	(8,213)
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	989		19,433	(342)
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)
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	(2,303)	23,901	(6,538)	14,772
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	102	16,375	41,351	(323,636)
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	(509)	3,681	4,574	3,413
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			(113)	228,786
Net Change In Unrealized Gains (Losses) | Equity and Preferred Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	2,914	(11,207)	43,315	(114,954)
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)
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
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
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	$ 80	$ 1,325	$ (113)	(705)
Net Change In Unrealized Gains (Losses) | Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments				$ (325)

Information for Financial Instr

Information for Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Option, Quantitative Disclosures [Line Items]
(Deficiency) of fair value over uncollected principal	$ (30,313)	$ (37,166)
Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
(Deficiency) of fair value over uncollected principal	(28,679)	(29,359)
Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
(Deficiency) of fair value over uncollected principal	$ (1,634)	$ (7,807)

Fair Value Option - Additional

Fair Value Option - Additional Information (Detail) - Loans and Receivables - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of financial instruments more than one day past due	$ 0	$ 0
Fair value of financial instruments with non-accrual status	$ 0	$ 0

Financial Assets and Liabilitie

Financial Assets and Liabilities at Fair Value (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts Receivable - Loans and Receivables	$ 239,766	$ 581,079
Assets	1,340,002	1,562,221
Securities Sold, Not Yet Purchased	35,657	51,033
Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets	83,194	126,564
Derivatives liabilities	91,097	202,188
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	1,586,225	1,508,341
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	2,251,662	612,736
Total Investments	4,525,850	4,287,628
Accounts Receivable - Loans and Receivables	239,766	581,079
Assets	7,099,294	5,607,465
Securities Sold, Not Yet Purchased	35,657	51,033
Total Accounts Payable, Accrued Expenses and Other Liabilities	91,463	203,696
Liabilities	127,120	254,729
Fair Value, Measurements, Recurring | Corporate Treasury Commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Treasury Commitments	366	244
Fair Value, Measurements, Recurring | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities	89,036	195,633
Total Accounts Payable, Accrued Expenses and Other Liabilities	2,061	7,819
Fair Value, Measurements, Recurring | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	900,719	252,904
Fair Value, Measurements, Recurring | Net Asset Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	445,039	77,965
Assets	445,039	77,965
Fair Value, Measurements, Recurring | Net Asset Value | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	57,573	4,762
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	2,104,705	1,455,008
Derivatives assets	82,016	126,022
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	1,857	542
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Investment Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	15,165	15,711
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	1,645,544	881,123
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	442,139	557,632
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	387,466	15,711
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	15,165	15,711
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Net Asset Value | Equity Securities, Partnerships and LLC Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	372,301
Fair Value, Measurements, Recurring | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	1,520,426	2,579,716
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
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	2,251,662	597,130
Total Investments	667,972	1,223,299
Assets	2,921,999	1,820,591
Securities Sold, Not Yet Purchased	11,912	9,324
Total Accounts Payable, Accrued Expenses and Other Liabilities	219	373
Liabilities	12,131	9,697
Fair Value, Measurements, Recurring | Level 1 | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities	219	373
Fair Value, Measurements, Recurring | Level 1 | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	367,623	187,089
Fair Value, Measurements, Recurring | Level 1 | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	32,972	39,694
Derivatives assets	2,365	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	32,316	39,694
Fair Value, Measurements, Recurring | Level 1 | Consolidated Blackstone Funds | Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	656
Fair Value, Measurements, Recurring | Level 1 | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	267,377	996,516
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
Total Investments	2,066,380	2,059,102
Assets	2,146,031	2,200,568
Securities Sold, Not Yet Purchased	23,745	41,709
Total Accounts Payable, Accrued Expenses and Other Liabilities	90,878	203,079
Liabilities	114,623	244,788
Fair Value, Measurements, Recurring | Level 2 | Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities	88,817	195,260
Total Accounts Payable, Accrued Expenses and Other Liabilities	2,061	7,819
Fair Value, Measurements, Recurring | Level 2 | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	246,783
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	585,313	541,293
Derivatives assets	79,651	125,860
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	1,857	542
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	190,439	48,471
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	393,017	492,280
Fair Value, Measurements, Recurring | Level 2 | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	1,234,284	1,517,809
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	1,346,459	927,262
Accounts Receivable - Loans and Receivables	239,766	581,079
Assets	1,586,225	1,508,341
Total Accounts Payable, Accrued Expenses and Other Liabilities	366	244
Liabilities	366	244
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	366	244
Fair Value, Measurements, Recurring | Level 3 | Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	228,740	61,053
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	1,098,954	858,310
Assets	1,098,954	858,310
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	1,050,488	792,958
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	48,466	65,352
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	$ 18,765	$ 7,899

Summary of Quantitative Inputs

Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy (Detail) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2021	Dec. 31, 2020
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 1,340,002	$ 1,562,221
Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		1,586,225	1,508,341
Fair Value, Measurements, Recurring
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		7,099,294	5,607,465
Fair Value, Measurements, Recurring | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		1,586,225	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		$ 239,766	$ 581,079
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		6.80%	6.70%
Fair Value, Measurements, Recurring | Level 3 | Maximum | Loans and Receivables | Discounted Cash Flows | Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		8.60%	10.30%
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]	7.60%	7.80%
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Transaction Price Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 228,740	$ 61,053
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		1,098,954	858,310
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		$ 1,050,488	$ 792,958
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		2.90%	3.80%
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		2.80%	2.70%
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		3.7	1.7
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		44.10%	42.10%
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		15.00%	14.90%
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		31.4	24
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]	10.50%	10.80%
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		5.00%	5.40%
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		13.5	13.2
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 48,466	$ 65,352
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		6.60%	6.30%
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%	19.30%
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]	9.40%	8.60%
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 18,765	$ 7,899
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		5.20%	3.30%
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		8.20%	7.40%
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]	6.60%	6.40%
[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	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	$ 1,280,255	$ 1,411,439	$ 1,485,547	$ 1,580,312
Transfer In (Out) Due to Deconsolidation		(431,716)		(256,866)
Transfer Into Level III	8,018	29,882	8,320	49,469
Transfer Out of Level III	(32,639)	(17,289)	(119,947)	(50,813)
Purchases	604,128	104,464	1,174,717	402,047
Sales	(402,354)	(102,957)	(1,232,064)	(658,804)
Issuances	24,138	36,171	43,478	36,171
Settlements	(1,093)	(20,705)	(46,649)	(24,355)
Changes in Gains (Losses) Included in Earnings	105,670	68,030	272,721	158
Balance, End of Period	1,586,123	1,077,319	1,586,123	1,077,319
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	94,368	70,401	217,618	(16,634)
Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	73,475	33,697	46,158	29,289
Transfer In (Out) Due to Deconsolidation		39,875		39,875
Transfer Into Level III	8,018	3,172	8,018	23,293
Transfer Out of Level III	(14,400)	(8,845)	(14,400)	(23,791)
Purchases	191,610	3,861	225,070	9,632
Sales	(13,250)	(6,436)	(19,414)	(11,797)
Changes in Gains (Losses) Included in Earnings	1,950	5,656	1,971	4,479
Balance, End of Period	247,403	70,980	247,403	70,980
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	1,940	7,027	1,919	5,363
Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	223,796	162,368	581,079	500,751
Purchases	326,937	79,061	683,700	249,960
Sales	(333,041)	(59,929)	(1,034,253)	(566,810)
Issuances	24,138	36,171	43,478	36,171
Settlements	(1,093)	(20,705)	(46,649)	(24,355)
Changes in Gains (Losses) Included in Earnings	(971)	3,074	12,411	4,323
Balance, End of Period	239,766	200,040	239,766	200,040
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	(3,732)	3,681	(6,842)	4,824
Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	982,984	1,215,374	858,310	1,050,272
Transfer In (Out) Due to Deconsolidation		(471,591)		(296,741)
Transfer Into Level III	0	26,710	302	26,176
Transfer Out of Level III	(18,239)	(8,444)	(105,547)	(27,022)
Purchases	85,581	21,542	265,947	142,455
Sales	(56,063)	(36,592)	(178,397)	(80,197)
Changes in Gains (Losses) Included in Earnings	104,691	59,300	258,339	(8,644)
Balance, End of Period	1,098,954	806,299	1,098,954	806,299
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	$ 96,160	$ 59,693	$ 222,541	$ (26,821)

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Blackstone's Total Assets	$ 39,038,092	$ 26,269,252
Total Liabilities	$ 18,160,227	11,678,743
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	Sep. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
VIE Assets	$ 39,038,092	$ 26,269,252
VIE Liabilities	18,160,227	11,678,743
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	2,876,364	1,608,786
Variable Interest Entity, Not Primary Beneficiary | Investments
Variable Interest Entity [Line Items]
VIE Assets	2,659,578	1,307,292
Variable Interest Entity, Not Primary Beneficiary | Due from Affiliates
Variable Interest Entity [Line Items]
VIE Assets	172,741	262,815
Variable Interest Entity, Not Primary Beneficiary | Potential Clawback Obligation
Variable Interest Entity [Line Items]
VIE Liabilities	44,045	38,679
Variable Interest Entity, Not Primary Beneficiary | Due to Non Consolidated Entity
Variable Interest Entity [Line Items]
VIE Liabilities	$ 157	$ 241

Repurchase Agreements - Additio

Repurchase Agreements - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Securities Financing Transaction [Line Items]
Pledged securities with carrying value to collateralize its repurchase agreements	$ 50.5	$ 110.8

Schedule of Repurchase Agreemen

Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 36,545	$ 76,808
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. "Offsetting of Assets and Liabilities"	36,545	76,808
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. "Offsetting of Assets and Liabilities"	0	0
Overnight and Continuous | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	0	0
Up to 30 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	0	15,345
30 - 90 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	36,545	32,759
Greater than 90 Days | Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 0	$ 28,704

Offsetting of Assets and Liab_3

Offsetting of Assets and Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Offsetting Assets and Liabilities [Line Items]
Repurchase agreements gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	$ 36,545	$ 76,808
Repurchase agreements gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	36,545	76,808
Repurchase agreements gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	0	0
Repurchase agreements Net Amount	0	0
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	127,642	278,996
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	115,960	251,431
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	7,769	19,194
Net Amount	3,913	8,371
Freestanding Derivatives
Offsetting Assets and Liabilities [Line Items]
Derivatives gross and Net Amounts of Assets Presented in the Statement of Financial Condition	83,194	126,564
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	73,804	114,673
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	45	53
Derivatives Net Amount	9,345	11,838
Derivatives gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	91,097	202,188
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	79,415	174,623
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	7,769	19,194
Derivatives Net Amount	$ 3,913	$ 8,371

Offsetting Of Assets And Liab_4

Offsetting Of Assets And Liabilities - Additional Information (Detail) - Cash Pooling Arrangement $ in Millions	Sep. 30, 2021USD ($)
Offsetting Assets [Line Items]
Aggregate cash balance on deposit relating to the cash pooling arrangement	$ 976.4
Overdraft facility	$ 976.3

Components of Other Assets (Det

Components of Other Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Schedule of Other Assets [Line Items]
Furniture, Equipment and Leasehold Improvements, Net	$ 239,117	$ 231,807
Prepaid Expenses	203,123	105,248
Freestanding Derivatives	82,016	126,022
Other	14,311	17,945
Total Other Assets	$ 538,567	$ 481,022

Borrowings - Additional Informa

Borrowings - Additional Information (Detail) $ in Millions	Aug. 05, 2021USD ($)
Senior Notes Due August 5, 2028 Notes [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 650
Debt instrument, maturity date	Aug. 5, 2028
Debt instrument, interest rate	1.625%
Debt instrument, payment terms	Interest on the 2028 Notes and the 2051 Notes is payable semi-annually in arrears on February 5 and August 5 of each year commencing on February 5, 2022.
Debt instrument, frequency of periodic payment	semi-annually
Senior Notes Due January 30, 2032 Notes [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 800
Debt instrument, maturity date	Jan. 30, 2032
Debt instrument, interest rate	2.00%
Debt instrument, payment terms	Interest on the 2032 Notes is payable semi-annually in arrears on January 30 and July 30 of each year commencing on January 30, 2022.
Debt instrument, frequency of periodic payment	semi-annually
Senior Notes Due August 5, 2051 Notes [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 550
Debt instrument, maturity date	Aug. 5, 2051
Debt instrument, interest rate	2.85%
Debt instrument, payment terms	Interest on the 2028 Notes and the 2051 Notes is payable semi-annually in arrears on February 5 and August 5 of each year commencing on February 5, 2022.
Debt instrument, frequency of periodic payment	semi-annually

Carrying Value and Fair Value o

Carrying Value and Fair Value of Blackstone Issued Notes (Detail) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Carrying Value		$ 7,527,476	$ 5,644,554
Debt instrument, fair value	[1]	8,121,056	6,515,676
4.750% Notes
Debt Instrument [Line Items]
Carrying Value		398,276	397,385
Debt instrument, fair value	[1]	422,920	434,400
2.000% Notes
Debt Instrument [Line Items]
Carrying Value		376,543	362,947
Debt instrument, fair value	[1]	373,281	398,620
1.000% Notes
Debt Instrument [Line Items]
Carrying Value		696,508	724,646
Debt instrument, fair value	[1]	720,646	770,707
3.150% Notes
Debt Instrument [Line Items]
Carrying Value		297,649	297,387
Debt instrument, fair value	[1]	323,520	332,370
1.625% Notes
Debt Instrument [Line Items]
Carrying Value		643,188
Debt instrument, fair value	[1]	635,440
1.500% Notes
Debt Instrument [Line Items]
Carrying Value		649,836	728,054
Debt instrument, fair value	[1]	743,089	805,744
2.500% Notes
Debt Instrument [Line Items]
Carrying Value		491,431	490,745
Debt instrument, fair value	[1]	512,600	538,200
1.600% Notes
Debt Instrument [Line Items]
Carrying Value		495,430	495,100
Debt instrument, fair value	[1]	471,650	497,950
2.000% Notes
Debt Instrument [Line Items]
Carrying Value		786,536
Debt instrument, fair value	[1]	770,400
6.250% Notes
Debt Instrument [Line Items]
Carrying Value		238,851	238,668
Debt instrument, fair value	[1]	366,000	372,250
5.000% Notes
Debt Instrument [Line Items]
Carrying Value		489,383	489,201
Debt instrument, fair value	[1]	661,000	684,800
4.450% Notes
Debt Instrument [Line Items]
Carrying Value		344,379	344,282
Debt instrument, fair value	[1]	431,340	449,645
4.000% Notes
Debt Instrument [Line Items]
Carrying Value		290,680	290,533
Debt instrument, fair value	[1]	348,120	364,590
3.500% Notes
Debt Instrument [Line Items]
Carrying Value		392,048	391,925
Debt instrument, fair value	[1]	431,280	460,120
2.800% Notes
Debt Instrument [Line Items]
Carrying Value		393,783	393,681
Debt instrument, fair value	[1]	381,880	$ 406,280
2.850% Notes
Debt Instrument [Line Items]
Carrying Value		542,955
Debt instrument, fair value	[1]	$ 527,890
[1]	Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.

Carrying Value and Fair Value_2

Carrying Value and Fair Value of Blackstone Issued Notes (Parenthetical) (Detail) - Senior Secured Notes	9 Months Ended
	Sep. 30, 2021
4.750% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	4.75%
Debt instrument, maturity date	Feb. 15, 2023
2.000% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2.00%
Debt instrument, maturity date	May 19, 2025
1.000% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	1.00%
Debt instrument, maturity date	Oct. 5, 2026
3.150% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	3.15%
Debt instrument, maturity date	Oct. 2, 2027
1.500% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	1.50%
Debt instrument, maturity date	Apr. 10, 2029
2.500% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2.50%
Debt instrument, maturity date	Jan. 10, 2030
1.600% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	1.60%
Debt instrument, maturity date	Mar. 30, 2031
6.250% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	6.25%
Debt instrument, maturity date	Aug. 15, 2042
5.000% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	5.00%
Debt instrument, maturity date	Jun. 15, 2044
4.450% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	4.45%
Debt instrument, maturity date	Jul. 15, 2045
4.000% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	4.00%
Debt instrument, maturity date	Oct. 2, 2047
3.500% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	3.50%
Debt instrument, maturity date	Sep. 10, 2049
2.800% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2.80%
Debt instrument, maturity date	Sep. 30, 2050
1.625% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	1.625%
Debt instrument, maturity date	Aug. 5, 2028
2.850% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2.85%
Debt instrument, maturity date	Aug. 5, 2051
2.000% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2.00%
Debt instrument, maturity date	Jan. 30, 2032

Scheduled Principal Payments fo

Scheduled Principal Payments for Borrowings (Detail) $ in Thousands	Sep. 30, 2021USD ($)
Debt Instrument [Line Items]
2021	$ 100
2023	400,000
2025	347,400
Thereafter	6,889,600
Total	7,637,100
Operating Borrowings
Debt Instrument [Line Items]
2023	400,000
2025	347,400
Thereafter	6,889,600
Total	7,637,000
Blackstone Fund Facilities CLO Vehicles
Debt Instrument [Line Items]
2021	100
Total	$ 100

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax [Line Items]
Effective Income Tax Rate	12.50%	5.60%	7.30%	16.70%
Provision for Income Tax (Benefits) Expenses	$ 458,904	$ 100,960	$ 746,707	$ 89,672

Basic and Diluted Net Income Pe

Basic and Diluted Net Income Per Common Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Line Items]
Net Income Attributable to Blackstone Inc., Basic and Diluted		$ 1,401,895	$ 794,719	$ 4,458,919	$ 296,493
Weighted-Average Shares of Common Stock Outstanding, Basic		722,229,117	700,184,580	717,516,302	695,049,997
Weighted-Average Shares of Unvested Deferred Restricted Common Stock		203,982	343,386	402,113	287,578
Weighted-Average Shares of Common Stock Outstanding, Diluted		722,433,099	700,527,966	717,918,415	695,337,575
Net Income Per Share of Common Stock, Basic		$ 1.94	$ 1.14	$ 6.21	$ 0.43
Net Income Per Share of Common Stock, Diluted		1.94	1.13	6.21	0.43
Dividends Declared Per Share of Common Stock	[1]	$ 0.70	$ 0.37	$ 2.48	$ 1.37
[1]	Dividends declared reflects the calendar date of the declaration for each dividend.

Summary of Anti-Dilutive Securi

Summary of Anti-Dilutive Securities (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Blackstone Partnership Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-Average Units	484,991,263	501,898,454	488,880,363	506,274,987

Schedule of Shares Eligible For

Schedule of Shares Eligible For Dividends and Distribution (Detail)	Sep. 30, 2021shares
Stockholders Equity [Line Items]
Common stock eligible for dividends and distributions	721,369,398
Shares eligible for dividends and distributions	1,204,923,347
Common Stock [Member]
Stockholders Equity [Line Items]
Common stock eligible for dividends and distributions	693,612,698
Unvested Participating Common Stock [Member]
Stockholders Equity [Line Items]
Common stock eligible for dividends and distributions	27,756,700
Participating Partnership Units [Member]
Stockholders Equity [Line Items]
Participating Blackstone Holdings Partnership Units	483,553,949

Earnings Per Share and Stockh_3

Earnings Per Share and Stockholder's Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Jul. 01, 2019	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	May 06, 2021	Feb. 26, 2021	Dec. 31, 2020
Stockholders Equity [Line Items]
Common stock par value		$ 0.00001		$ 0.00001				$ 0.00001
Preferred shares authorized							10,000,000,000
Preferred shares par value							$ 0.00001
Amount remaining available for repurchases		$ 402.6		$ 402.6
Share Reclassification
Stockholders Equity [Line Items]
Preferred shares authorized							9,000,000,000
Common Class A
Stockholders Equity [Line Items]
Common stock par value	$ 0.00001
Conversion of Stock	one issued and outstanding
Common Class B
Stockholders Equity [Line Items]
Common stock par value	$ 0.00001
Conversion of Stock	one issued and outstanding
Common Class C
Stockholders Equity [Line Items]
Common stock par value	$ 0.00001
Conversion of Stock	one issued and outstanding
Common Stock
Stockholders Equity [Line Items]
Common stock repurchased, units		2,900,000	2,000,000	6,000,000	9,000,000
Amount authorized to repurchase under unit repurchase program						$ 1,000
Common stock repurchased, cost		$ 355.9	$ 105.6	$ 644.9	$ 474
Series I Preferred Stock
Stockholders Equity [Line Items]
Preferred shares authorized		999,999,000		999,999,000				999,999,000
Preferred shares par value		$ 0.00001		$ 0.00001				$ 0.00001
Preferred shares issued		1		1				1
Preferred shares outstanding		1		1				1
Series I Preferred Stock | Share Reclassification
Stockholders Equity [Line Items]
Preferred shares authorized							999,999,000
Preferred shares issued		1		1
Preferred shares outstanding		1		1
Series II Preferred Stock
Stockholders Equity [Line Items]
Preferred shares authorized		1,000		1,000				1,000
Preferred shares par value		$ 0.00001		$ 0.00001				$ 0.00001
Preferred shares issued		1		1				1
Preferred shares outstanding		1		1				1
Series II Preferred Stock | Share Reclassification
Stockholders Equity [Line Items]
Preferred shares authorized							1,000
Preferred shares issued		1		1
Preferred shares outstanding		1		1

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jan. 01, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Partnership grant units					171,130,080
Compensation expense in relation to equity-based awards	$ 148,700	$ 110,800	$ 454,110	$ 349,472
Tax benefits in relation to equity-based awards	19,400	$ 12,500	60,100	$ 40,900
Estimated unrecognized compensation expense related to unvested awards	$ 1,400,000		$ 1,400,000
Weighted-average period for recognized compensation expense related to unvested awards, years			3 years 6 months
Total vested and unvested outstanding units	1,205,088,544		1,205,088,544
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total outstanding unvested phantom units	83,032		83,032

Summary of Status of Partnershi

Summary of Status of Partnership's Unvested Equity-Based Awards (Detail)	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Blackstone | Blackstone Partnership Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance | shares	23,771,136
Vested (Units) | shares	(4,015,497)
Forfeited (Units) | shares	(684,072)
Ending Balance | shares	19,071,567
Beginning Balance | $ / shares	$ 36.33
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	33.44
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	40.40
Ending Balance | $ / shares	$ 37.11
Blackstone Group Inc. [Member] | Equity Settled Awards Deferred Restricted Shares Of Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance | shares	19,512,034
Granted (Units) | shares	12,564,765
Vested (Units) | shares	(4,645,664)
Forfeited (Units) | shares	(650,753)
Ending Balance | shares	26,780,382
Beginning Balance | $ / shares	$ 42.60
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	74.26
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	42.91
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	49.25
Ending Balance | $ / shares	$ 57.25
Blackstone Group Inc. [Member] | Cash Settled Awards Phantom Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance | shares	65,284
Granted (Units) | shares	22,841
Vested (Units) | shares	(13,655)
Forfeited (Units) | shares	(526)
Ending Balance | shares	73,944
Beginning Balance | $ / shares	$ 60.42
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	91.07
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	122.42
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares	127.52
Ending Balance | $ / shares	$ 127.52

Unvested Shares and Units, Afte

Unvested Shares and Units, After Expected Forfeitures (Detail)	9 Months Ended
	Sep. 30, 2021shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Blackstone Holdings Partnership Units	17,095,569
Deferred Restricted Shares of Common Stock	22,608,020
Total Equity-Based Awards	39,703,589
Phantom Shares	54,966
Blackstone Holdings Partnership Units (Weighted-Average Service Period in Years)	2 years 2 months 12 days
Deferred Restricted Shares of Common Stock (Weighted-Average Service in Years)	3 years 6 months
Total Equity-Based Awards (Weighted-Average Service Period in Years)	2 years 10 months 24 days
Phantom Shares (Weighted-Average Service Period in Years)	3 years 3 months 18 days

Due from Affiliates and Due to

Due from Affiliates and Due to Affiliates (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated Entities and Portfolio Companies	$ 2,953,930	$ 2,637,055
Due from Certain Non-Controlling Interest Holders and Blackstone Employees	727,736	548,897
Accrual for Potential Clawback of Previously Distributed Performance Allocations	36,453	35,563
Due from Affiliates, total	3,718,119	3,221,515
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements	1,090,164	857,523
Due to Non-Consolidated Entities	177,507	107,410
Due to Certain Non-Controlling Interest Holders and Blackstone Employees	73,120	61,539
Accrual for Potential Repayment of Previously Received Performance Allocations	85,418	108,569
Due to Affiliates, total	$ 1,426,209	$ 1,135,041

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Investments	$ 25,104,195		$ 25,104,195		$ 15,617,142
Cash saving in tax receivable agreements, percentage			85.00%
Expected future payments under the tax receivable agreements	1,100,000		$ 1,100,000
Expected future payments under the tax receivable agreements in years			15 years
After-tax net present value estimated payments	$ 312,200		$ 312,200
After-tax net present value discount rate assumption	15.00%		15.00%
Founder, senior managing directors, employees and certain other related parties
Related Party Transaction [Line Items]
Net Income Attributable to Non-Controlling Interests	$ 137,700	$ 94,500	$ 371,300	$ (19,800)
Founder, senior managing directors, employees and certain other related parties | Consolidated Blackstone Funds
Related Party Transaction [Line Items]
Investments	1,600,000		1,600,000		$ 1,100,000
Affiliates
Related Party Transaction [Line Items]
Interest from loans to affiliates	$ 1,000	$ 700	$ 4,200	$ 4,700

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Schedule Of Commitments And Contingencies [Line Items]
General partner capital funding	$ 3,800
Total investments at risk in respect of guarantees extended	$ 15.1
Contingent obligations currently anticipated to expire end	2028
Provision for cash clawback	$ 917.3
Contingent Obligations (Clawback)	4,800
Blackstone Holdings
Schedule Of Commitments And Contingencies [Line Items]
Loans held By employees for investment guaranteed	238.7
Contingent Obligations (Clawback)	4,400
Consolidated Blackstone Funds
Schedule Of Commitments And Contingencies [Line Items]
Funds signed investment commitments	299.6
Consolidated Blackstone Funds | Portfolio Company Acquisition
Schedule Of Commitments And Contingencies [Line Items]
Signed investment commitments for portfolio company acquisitions in process of closing	$ 181.4

Clawback Obligations by Segment

Clawback Obligations by Segment (Detail) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2021	Dec. 31, 2020
Product Liability Contingency [Line Items]
Clawback obligations	[1]	$ 85,418	$ 108,569
Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		48,965	83,940
Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[2]	36,453	24,629
Real Estate Segment
Product Liability Contingency [Line Items]
Clawback obligations	[1]	48,009	45,385
Real Estate Segment | Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		29,896	28,283
Real Estate Segment | Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[2]	18,113	17,102
Private Equity Segment
Product Liability Contingency [Line Items]
Clawback obligations	[1]	7,550	33,099
Private Equity Segment | Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		5,213	41,722
Private Equity Segment | Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[2]	2,337	(8,623)
Credit & Insurance
Product Liability Contingency [Line Items]
Clawback obligations	[1]	29,859	30,085
Credit & Insurance | Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		13,856	13,935
Credit & Insurance | Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[2]	$ 16,003	$ 16,150
[1]	Total is a component of Due to Affiliates. See Note 16. “Related Party Transactions — Affiliate Receivables and Payables — Due to Affiliates.”
[2]	The split of clawback between Blackstone Holdings and Current and Former Personnel is based on the performance of individual investments held by a fund rather than on a fund by fund basis.

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2021Segment
Segment Reporting Information [Line Items]
Number of business segments	4

Financial Data of Segments (Det

Financial Data of Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Fee Related Performance Revenues	$ 73,313	$ 64,950	$ 291,370	$ 92,449
Realized Performance Revenues	1,570,701	384,904	2,983,019	681,805
Realized Performance Compensation	652,639	149,534	1,240,845	275,480
Operating Segments
Segment Reporting Information [Line Items]
Base Management Fees	1,207,866	1,043,770	3,465,207	2,895,960
Transaction, Advisory and Other Fees, Net	114,784	33,628	271,549	132,585
Management Fee Offsets	(2,575)	(19,558)	(25,734)	(53,405)
Total Management and Advisory Fees, Net	1,320,075	1,057,840	3,711,022	2,975,140
Fee Related Performance Revenues	73,313	64,950	291,370	92,449
Fee Related Compensation	(419,481)	(360,633)	(1,239,976)	(1,013,801)
Other Operating Expenses	(194,942)	(151,213)	(538,544)	(433,681)
Fee Related Earnings	778,965	610,944	2,223,872	1,620,107
Realized Performance Revenues	1,497,477	319,954	2,691,738	589,364
Realized Performance Compensation	(619,074)	(121,730)	(1,108,269)	(230,819)
Realized Principal Investment Income	151,010	15,884	512,298	55,112
Total Net Realizations	1,029,413	214,108	2,095,767	413,657
Total Segment Distributable Earnings	1,808,378	825,052	4,319,639	2,033,764
Segment Assets	37,156,896		37,156,896
Operating Segments | Real Estate Segment
Segment Reporting Information [Line Items]
Base Management Fees	485,308	392,785	1,366,158	1,146,927
Transaction, Advisory and Other Fees, Net	53,876	17,464	117,975	72,527
Management Fee Offsets	(446)	(1,039)	(2,562)	(11,816)
Total Management and Advisory Fees, Net	538,738	409,210	1,481,571	1,207,638
Fee Related Performance Revenues	35,625	55,327	224,793	66,383
Fee Related Compensation	(137,313)	(138,342)	(447,762)	(375,278)
Other Operating Expenses	(61,398)	(42,566)	(160,520)	(127,567)
Fee Related Earnings	375,652	283,629	1,098,082	771,176
Realized Performance Revenues	495,727	18,872	935,418	96,801
Realized Performance Compensation	(199,100)	(7,343)	(376,790)	(33,282)
Realized Principal Investment Income	42,677	4,946	171,626	13,819
Total Net Realizations	339,304	16,475	730,254	77,338
Total Segment Distributable Earnings	714,956	300,104	1,828,336	848,514
Segment Assets	14,186,289		14,186,289
Operating Segments | Private Equity Segment
Segment Reporting Information [Line Items]
Base Management Fees	370,083	352,866	1,112,349	874,910
Transaction, Advisory and Other Fees, Net	50,241	11,571	125,220	42,505
Management Fee Offsets	10	(16,264)	(17,510)	(33,510)
Total Management and Advisory Fees, Net	420,334	348,173	1,220,059	883,905
Fee Related Compensation	(139,211)	(119,301)	(416,575)	(322,494)
Other Operating Expenses	(56,792)	(45,702)	(168,888)	(131,530)
Fee Related Earnings	224,331	183,170	634,596	429,881
Realized Performance Revenues	988,331	295,239	1,627,186	471,828
Realized Performance Compensation	(417,386)	(112,713)	(687,970)	(192,372)
Realized Principal Investment Income	77,570	10,248	220,769	38,011
Total Net Realizations	648,515	192,774	1,159,985	317,467
Total Segment Distributable Earnings	872,846	375,944	1,794,581	747,348
Segment Assets	16,326,287		16,326,287
Operating Segments | Hedge Fund Solutions Segment
Segment Reporting Information [Line Items]
Base Management Fees	154,884	146,082	460,661	431,193
Transaction, Advisory and Other Fees, Net	2,535	1,255	8,439	2,872
Management Fee Offsets	(255)	(22)	(516)	(60)
Total Management and Advisory Fees, Net	157,164	147,315	468,584	434,005
Fee Related Compensation	(35,092)	(41,405)	(112,580)	(127,949)
Other Operating Expenses	(25,476)	(19,652)	(66,521)	(56,126)
Fee Related Earnings	96,596	86,258	289,483	249,930
Realized Performance Revenues	7,271	5,618	55,900	8,867
Realized Performance Compensation	(1,443)	(1,257)	(13,977)	(2,202)
Realized Principal Investment Income	14,943	(150)	52,618	(1,090)
Total Net Realizations	20,771	4,211	94,541	5,575
Total Segment Distributable Earnings	117,367	90,469	384,024	255,505
Segment Assets	2,678,251		2,678,251
Operating Segments | Credit & Insurance Segment
Segment Reporting Information [Line Items]
Base Management Fees	197,591	152,037	526,039	442,930
Transaction, Advisory and Other Fees, Net	8,132	3,338	19,915	14,681
Management Fee Offsets	(1,884)	(2,233)	(5,146)	(8,019)
Total Management and Advisory Fees, Net	203,839	153,142	540,808	449,592
Fee Related Performance Revenues	37,688	9,623	66,577	26,066
Fee Related Compensation	(107,865)	(61,585)	(263,059)	(188,080)
Other Operating Expenses	(51,276)	(43,293)	(142,615)	(118,458)
Fee Related Earnings	82,386	57,887	201,711	169,120
Realized Performance Revenues	6,148	225	73,234	11,868
Realized Performance Compensation	(1,145)	(417)	(29,532)	(2,963)
Realized Principal Investment Income	15,820	840	67,285	4,372
Total Net Realizations	20,823	648	110,987	13,277
Total Segment Distributable Earnings	103,209	$ 58,535	312,698	$ 182,397
Segment Assets	$ 3,966,069		$ 3,966,069

Reconciliation of Total Segment

Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total Revenues		$ 6,224,265	$ 3,032,898	$ 16,814,491	$ 2,473,003
Less: Unrealized Principal Investment (Income) Loss		183,754	295,308	1,151,904	(332,295)
Total Expenses		2,654,359	1,332,846	6,978,136	1,867,452
Total Other Income		94,991	101,059	344,978	(68,537)
Total GAAP Income Before Provision for Taxes		3,664,897	1,801,111	10,181,333	537,014
Total Assets		39,038,092		39,038,092		$ 26,269,252
Less: Unrealized Principal Investment (Income) Loss		183,754	295,308	1,151,904	(332,295)
Operating Segments
Segment Reporting Information [Line Items]
Total Revenues	[1]	3,041,875	1,458,628	7,206,428	3,712,065
Total Expenses	[2]	1,233,497	633,576	2,886,789	1,678,301
Total Segment Distributable Earnings		1,808,378	825,052	4,319,639	2,033,764
Total Assets		37,156,896		37,156,896
Consolidation Adjustments and Reconciling Items
Segment Reporting Information [Line Items]
Less: Unrealized Performance Revenues	[3]	(2,724,366)	(1,403,480)	(7,886,033)	982,043
Less: Unrealized Principal Investment (Income) Loss	[4]	2,343	(177,125)	(526,249)	216,169
Less: Interest and Dividend Revenue	[5]	(35,535)	(26,497)	(99,878)	(90,386)
Less: Other Revenue	[6]	(64,109)	192,623	(152,252)	110,078
Impact of Consolidation	[7]	(398,786)	(167,654)	(980,178)	11,865
Amortization of Intangibles	[8]		387		1,161
Transaction-Related Charges	[9]	36,797	6,084	33,186	3,944
Total Expenses		2,654,359	1,332,846	6,978,136	1,867,452
Less: Unrealized Performance Allocations Compensation	[10]	(1,193,853)	(509,474)	(3,394,041)	433,091
Less: Equity-Based Compensation	[11]	(129,254)	(89,862)	(394,948)	(266,675)
Less: Interest Expense	[12]	(51,773)	(39,228)	(140,245)	(119,692)
Impact of Consolidation	[7]	(5,320)	(2,084)	(17,067)	(22,563)
Amortization of Intangibles	[8]	(17,044)	(16,096)	(51,212)	(48,288)
Transaction-Related Charges	[9]	(22,396)	(41,199)	(89,428)	(166,493)
Administrative Fee Adjustment	[13]	(2,488)	(2,719)	(7,747)	(2,719)
Less: Unrealized Performance Revenues	[3]	(2,724,366)	(1,403,480)	(7,886,033)	982,043
Less: Unrealized Principal Investment (Income) Loss	[4]	2,343	(177,125)	(526,249)	216,169
Less: Interest and Dividend Revenue	[5]	(35,535)	(26,497)	(99,878)	(90,386)
Less: Other Revenue	[6]	(64,109)	192,623	(152,252)	110,078
Plus: Unrealized Performance Allocations Compensation	[10]	1,193,853	509,474	3,394,041	(433,091)
Plus: Equity Based Compensation	[11]	129,254	89,862	394,948	266,675
Plus: Interest Expense	[12]	51,773	39,228	140,245	119,692
Impact of Consolidation	[7]	(488,457)	(266,629)	(1,308,089)	102,965
Amortization of Intangibles	[8]	17,044	16,483	51,212	49,449
Transaction-Related Charges	[9]	59,193	47,283	122,614	170,437
Administrative Fee Adjustment	[13]	2,488	2,719	7,747	2,719
Segment Adjustment
Segment Reporting Information [Line Items]
Intersegment Eliminations		1,266	1,392	3,341	4,188
Intersegment Eliminations		1,266	1,392	3,341	4,188
Impact of Consolidation
Segment Reporting Information [Line Items]
Total Other Income	[7]	(94,991)	$ (101,059)	(344,978)	$ 68,537
Total Assets	[7]	$ (1,881,196)		$ (1,881,196)
[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 three months ended September 30, 2021 and 2020, Other Revenue on a GAAP basis was $64.2 million and $(192.2) million, and included $63.5 million and $(193.5) million of foreign exchange gains (losses), respectively. For the nine months ended September 30, 2021 and 2020, Other Revenue on a GAAP basis was $152.4 million and $(109.6) million, and included $150.4 million and $(113.2) 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 was historically accounted for under the equity method. As a result of Pátria’s IPO in January 2021, equity method has been discontinued and there will no longer be amortization of intangibles associated with the investment.
[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.

Reconciliation of Total Segme_2

Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Parenthetical) (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Total Segment Fee Related Performance Revenues		$ 73,313	$ 64,950	$ 291,370	$ 92,449
Total Segment Realized Performance Revenues		1,570,701	384,904	2,983,019	681,805
Total Segment Realized Performance Compensation		(652,639)	(149,534)	(1,240,845)	(275,480)
Other revenue		64,187	(192,159)	152,387	(109,559)
Other Operating Income (Expense) [Member]
Segment Reporting Information [Line Items]
Foreign exchange gains (losses)		63,500	(193,500)	150,400	(113,200)
Operating Segments
Segment Reporting Information [Line Items]
Total Segment Management and Advisory Fees, Net		1,320,075	1,057,840	3,711,022	2,975,140
Total Segment Fee Related Performance Revenues		73,313	64,950	291,370	92,449
Total Segment Realized Performance Revenues		1,497,477	319,954	2,691,738	589,364
Total Segment Realized Principal Investment Income		151,010	15,884	512,298	55,112
Total Revenues	[1]	3,041,875	1,458,628	7,206,428	3,712,065
Total Segment Fee Related Compensation		419,481	360,633	1,239,976	1,013,801
Total Segment Realized Performance Compensation		619,074	121,730	1,108,269	230,819
Total Segment Other Operating Expenses		194,942	151,213	538,544	433,681
Total Expenses	[2]	$ 1,233,497	$ 633,576	$ 2,886,789	$ 1,678,301
[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		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Revenues	[1]	$ (720)	$ 3,989	$ (137)	$ 16,729
Investment Income - Realized Performance Allocations		1,522,495	371,406	2,865,482	640,846
Realized Performance Revenues		73,313	64,950	291,370	92,449
Compensation and Benefits Compensation		536,199	460,983	1,585,941	1,395,983
Incentive Fee Compensation		21,007	7,385	48,763	22,339
Realized Performance Allocations Compensation		631,632	142,149	1,192,082	253,141
Realized Performance Revenues		1,570,701	384,904	2,983,019	681,805
Segment Adjustment	[2]	89		89	8
Total Compensation and Benefits		1,188,838	610,517	2,826,786	1,671,463
General, Administrative and Other		217,995	171,041	608,174	497,658
General, Administrative and Other	[3]	(23,053)	(19,828)	(69,630)	(63,977)
Investment Income - Realized Performance Allocations		1,522,495	371,406	2,865,482	640,846
Realized Performance Revenues		1,570,701	384,904	2,983,019	681,805
Realized Performance Compensation		652,639	149,534	1,240,845	275,480
Investment Income Realized		325,414	61,017	832,512	170,814
Segment Adjustment	[4]	(21,029)	(38,292)	(83,593)	(160,168)
Total Segment		(652,639)	(149,534)	(1,240,845)	(275,480)
Management and Advisory Fees, Net
Segment Reporting Information [Line Items]
Revenues		1,320,795	1,053,851	3,711,159	2,958,411
Incentive Fees
Segment Reporting Information [Line Items]
Revenues		48,206	13,498	117,537	40,959
Operating Segments
Segment Reporting Information [Line Items]
Revenues		1,320,075	1,057,840	3,711,022	2,975,140
Realized Performance Revenues		73,313	64,950	291,370	92,449
Realized Performance Revenues		1,497,477	319,954	2,691,738	589,364
Realized Performance Revenues		(73,313)	(64,950)	(291,370)	(92,449)
General, Administrative and Other		194,942	151,213	538,544	433,681
Realized Performance Revenues		1,497,477	319,954	2,691,738	589,364
Less: Realized Performance Revenues		(1,497,477)	(319,954)	(2,691,738)	(589,364)
Realized Performance Compensation		(619,074)	(121,730)	(1,108,269)	(230,819)
Investment Income Realized		151,010	15,884	512,298	55,112
Less: Equity-Based Compensation - Operating Compensation		(127,442)	(88,180)	(388,607)	(260,719)
Less: Equity-Based Compensation - Performance Compensation		(1,812)	(1,682)	(6,341)	(5,956)
Total Compensation and Benefits		419,481	360,633	1,239,976	1,013,801
Less: Fee Related Performance Compensation		(31,753)	(26,122)	(126,235)	(38,705)
Less: Equity-Based Compensation - Performance Compensation		(1,812)	(1,682)	(6,341)	(5,956)
Total Segment		619,074	121,730	1,108,269	230,819
Operating Segments | Management and Advisory Fees, Net
Segment Reporting Information [Line Items]
Revenues		1,320,075	1,057,840	3,711,022	2,975,140
Segment Adjustment
Segment Reporting Information [Line Items]
Segment Adjustment	[2]	89		89	8
Investment Income Realized	[5]	$ (174,404)	$ (45,133)	$ (320,214)	$ (115,702)
[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. This adjustment 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.