Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 28, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
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 | 701,780,900 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and Cash Equivalents | $ 3,480,003 | $ 2,119,738 |
Cash Held by Blackstone Funds and Other | 94,358 | 79,994 |
Investments (including assets pledged of $313,138 and $63,044 at September 30, 2022 and December 31, 2021, respectively) | 26,256,148 | 28,665,043 |
Accounts Receivable | 835,529 | 636,616 |
Due from Affiliates | 4,029,490 | 4,656,867 |
Intangible Assets, Net | 232,096 | 284,384 |
Goodwill | 1,890,202 | 1,890,202 |
Other Assets | 785,794 | 492,936 |
Right-of-Use Assets | 887,832 | 788,991 |
Deferred Tax Assets | 1,767,869 | 1,581,637 |
Total Assets | 40,259,321 | 41,196,408 |
Liabilities and Equity | ||
Loans Payable | 9,263,080 | 7,748,163 |
Due to Affiliates | 2,060,891 | 1,906,098 |
Accrued Compensation and Benefits | 6,732,507 | 7,905,070 |
Securities Sold, Not Yet Purchased | 26,783 | 27,849 |
Repurchase Agreements | 313,138 | 57,980 |
Operating Lease Liabilities | 985,632 | 908,033 |
Accounts Payable, Accrued Expenses and Other Liabilities | 1,141,905 | 937,169 |
Total Liabilities | 20,523,936 | 19,490,362 |
Commitments and Contingencies | ||
Redeemable Non-Controlling Interests in Consolidated Entities | 1,344,188 | 68,028 |
Stockholders' Equity of Blackstone Inc. | ||
Common Stock, $0.00001 par value, 90 billion shares authorized, (709,040,610 shares issued and outstanding as of September 30, 2022; 704,339,774 shares issued and outstanding as of December 31, 2021) | 7 | 7 |
Additional Paid-in-Capital | 5,791,006 | 5,794,727 |
Retained Earnings | 1,869,463 | 3,647,785 |
Accumulated Other Comprehensive Loss | (74,800) | (19,626) |
Total Stockholders' Equity of Blackstone Inc. | 7,585,676 | 9,422,893 |
Non-Controlling Interests in Consolidated Entities | 5,357,148 | 5,600,653 |
Non-Controlling Interests in Blackstone Holdings | 5,448,373 | 6,614,472 |
Total Equity | 18,391,197 | 21,638,018 |
Total Liabilities and Equity | 40,259,321 | 41,196,408 |
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, 2022 | Dec. 31, 2021 |
Investments assets pledged | $ 313,138 | $ 63,044 |
Assets | 40,259,321 | 41,196,408 |
Liabilities | $ 20,523,936 | $ 19,490,362 |
Common stock par value | $ 0.00001 | $ 0.00001 |
Common shares authorized | 90,000,000,000 | 90,000,000,000 |
Common shares issued | 709,040,610 | 704,339,774 |
Common shares outstanding | 709,040,610 | 704,339,774 |
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 | $ 4,027,294 | $ 2,177,502 |
Liabilities | 147,878 | 145,262 |
Consolidated Blackstone Funds | Repurchase Agreements | Variable Interest Entity, Primary Beneficiary | ||
Liabilities | 0 | 15,980 |
Consolidated Blackstone Funds | Loans Payable | Variable Interest Entity, Primary Beneficiary | ||
Liabilities | 30,627 | 101 |
Securities Sold, Not Yet Purchased | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary | ||
Liabilities | 22,971 | 23,557 |
Investments | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary | ||
Assets | 3,828,497 | 2,018,829 |
Accounts Receivable | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary | ||
Assets | 92,499 | 64,680 |
Cash Held by Funds and Other | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary | ||
Assets | 94,358 | 79,994 |
Due from Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary | ||
Assets | 11,655 | 13,748 |
Other Assets | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary | ||
Assets | 285 | 251 |
Due to Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary | ||
Liabilities | 69,715 | 95,204 |
Accounts Payable, Accrued Expenses and Other Liabilities | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary | ||
Liabilities | $ 24,565 | $ 10,420 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Performance Allocations | ||||
Realized | $ 725,888 | $ 1,522,495 | $ 4,946,043 | $ 2,865,482 |
Unrealized | (771,637) | 2,724,366 | (2,946,255) | 7,886,033 |
Principal Investments | ||||
Realized | 193,228 | 325,414 | 743,493 | 832,512 |
Unrealized | (1,069,697) | 183,754 | (1,496,226) | 1,151,904 |
Total Investment Income (Loss) | (922,218) | 4,756,029 | 1,247,055 | 12,735,931 |
Interest and Dividend Revenue | 52,420 | 35,048 | 168,980 | 97,477 |
Other | 199,382 | 64,187 | 427,839 | 152,387 |
Total Revenues | 1,058,114 | 6,224,265 | 6,813,614 | 16,814,491 |
Expenses | ||||
Compensation and Benefits Compensation | 600,273 | 536,199 | 1,942,790 | 1,585,941 |
Incentive Fee Compensation | 50,355 | 21,007 | 136,737 | 48,763 |
Performance Allocations Compensation | ||||
Realized | 313,930 | 631,632 | 2,067,447 | 1,192,082 |
Unrealized | (359,590) | 1,193,853 | (1,273,849) | 3,394,041 |
Total Compensation and Benefits | 604,968 | 2,382,691 | 2,873,125 | 6,220,827 |
General, Administrative and Other | 270,369 | 217,995 | 800,331 | 608,174 |
Interest Expense | 80,507 | 52,413 | 216,896 | 141,718 |
Fund Expenses | 5,517 | 1,260 | 12,144 | 7,417 |
Total Expenses | 961,361 | 2,654,359 | 3,902,496 | 6,978,136 |
Other Income (Loss) | ||||
Change in Tax Receivable Agreement Liability | 0 | (37,321) | 748 | (34,803) |
Net Gains (Losses) from Fund Investment Activities | 1,178 | 132,312 | (52,272) | 379,781 |
Total Other Income (Loss) | 1,178 | 94,991 | (51,524) | 344,978 |
Income Before Provision for Taxes | 97,931 | 3,664,897 | 2,859,594 | 10,181,333 |
Provision for Taxes | 94,231 | 458,904 | 614,026 | 746,707 |
Net Income | 3,700 | 3,205,993 | 2,245,568 | 9,434,626 |
Net Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities | 25,773 | 1,550 | 56,700 | 2,816 |
Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities | (62,093) | 486,907 | (62,425) | 1,305,273 |
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings | 37,724 | 1,315,641 | 1,061,516 | 3,667,618 |
Net Income Attributable to Blackstone Inc. | $ 2,296 | $ 1,401,895 | $ 1,189,777 | $ 4,458,919 |
Net Income Per Share of Common Stock | ||||
Basic | $ 0 | $ 1.94 | $ 1.61 | $ 6.21 |
Diluted | $ 0 | $ 1.94 | $ 1.61 | $ 6.21 |
Weighted-Average Shares of Common Stock Outstanding | ||||
Basic | 742,345,646 | 722,229,117 | 739,963,370 | 717,516,302 |
Diluted | 742,495,532 | 722,433,099 | 740,272,247 | 717,918,415 |
Management and Advisory Fees, Net | ||||
Revenues | ||||
Revenues | $ 1,617,754 | $ 1,320,795 | $ 4,654,877 | $ 3,711,159 |
Incentive Fees | ||||
Revenues | ||||
Revenues | $ 110,776 | $ 48,206 | $ 314,863 | $ 117,537 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net Income | $ 3,700 | $ 3,205,993 | $ 2,245,568 | $ 9,434,626 |
Other Comprehensive Income (Loss), Currency Translation Adjustment | (156,610) | (8,689) | (226,076) | 1,366 |
Comprehensive Income (Loss) | (152,910) | 3,197,304 | 2,019,492 | 9,435,992 |
Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities | (76,820) | 1,550 | (78,623) | 2,816 |
Comprehensive Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities | (62,093) | 486,907 | (62,425) | 1,305,273 |
Comprehensive Income Attributable to Non-Controlling Interests in Blackstone Holdings | 16,282 | 1,312,064 | 1,025,937 | 3,668,510 |
Comprehensive Income (Loss) Attributable to Non-Controlling Interests | (122,631) | 1,800,521 | 884,889 | 4,976,599 |
Comprehensive Income (Loss) Attributable to Blackstone Inc. | $ (30,279) | $ 1,396,783 | $ 1,134,603 | $ 4,459,393 |
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 Interest Consolidated Entities | Noncontrolling Interest Blackstone Holdings | ||
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 (Loss) | $ 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 Blackstone 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 (Loss) | 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 (Loss) | $ 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 Blackstone 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 (Loss) | 1,550 | |||||||||||||
Capital Distributions | (294) | |||||||||||||
Ending Balance at Sep. 30, 2021 | 66,824 | |||||||||||||
Beginning Balance at Dec. 31, 2021 | 21,638,018 | $ 7 | [1] | 5,794,727 | 3,647,785 | (19,626) | 9,422,893 | 5,600,653 | 6,614,472 | |||||
Beginning Balance, Units at Dec. 31, 2021 | [1] | 704,339,774 | ||||||||||||
Net Income (Loss) | 2,188,868 | 1,189,777 | 1,189,777 | (62,425) | 1,061,516 | |||||||||
Currency Translation Adjustment | (90,753) | (55,174) | (55,174) | (35,579) | ||||||||||
Capital Contributions | 728,353 | 720,930 | 7,423 | |||||||||||
Capital Distributions | (6,244,077) | (2,968,099) | (2,968,099) | (905,773) | (2,370,205) | |||||||||
Transfer of Non-Controlling Interests in Consolidated Entities | 3,763 | 3,763 | ||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders | 13,091 | 13,091 | 13,091 | |||||||||||
Equity-Based Compensation | 615,693 | 370,519 | 370,519 | 245,174 | ||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock | (69,791) | (69,791) | (69,791) | |||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock, Units | [1] | 5,203,342 | ||||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units | (391,968) | (391,968) | (391,968) | |||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units, Units | [1] | (3,804,545) | ||||||||||||
Change in Blackstone Inc.'s Ownership Interest | (28,846) | 28,846 | 28,846 | (28,846) | ||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock | 45,582 | 45,582 | (45,582) | |||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock, Units | [1] | 3,302,039 | ||||||||||||
Ending Balance at Sep. 30, 2022 | 18,391,197 | $ 7 | [1] | 5,791,006 | 1,869,463 | (74,800) | 7,585,676 | 5,357,148 | 5,448,373 | |||||
Ending Balance, Units at Sep. 30, 2022 | [1] | 709,040,610 | ||||||||||||
Beginning Balance at Dec. 31, 2021 | 68,028 | |||||||||||||
Transfer In Due to Consolidation of Fund Entities | 1,146,410 | |||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities | (13,343) | |||||||||||||
Net Income (Loss) | 56,700 | |||||||||||||
Currency Translation Adjustment | (135,323) | |||||||||||||
Capital Contributions | 285,767 | |||||||||||||
Capital Distributions | (64,051) | |||||||||||||
Ending Balance at Sep. 30, 2022 | 1,344,188 | |||||||||||||
Beginning Balance at Jun. 30, 2022 | 20,058,607 | $ 7 | [1] | 5,870,285 | 2,803,100 | (42,225) | 8,631,167 | 5,281,244 | 6,146,196 | |||||
Beginning Balance, Units at Jun. 30, 2022 | [1] | 706,476,877 | ||||||||||||
Net Income (Loss) | (22,073) | 2,296 | 2,296 | (62,093) | 37,724 | |||||||||
Currency Translation Adjustment | (54,017) | (32,575) | (32,575) | (21,442) | ||||||||||
Capital Contributions | 270,625 | 268,165 | 2,460 | |||||||||||
Capital Distributions | (1,854,305) | (935,933) | (935,933) | (142,675) | (775,697) | |||||||||
Transfer of Non-Controlling Interests in Consolidated Entities | 12,507 | 12,507 | ||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders | 5,562 | 5,562 | 5,562 | |||||||||||
Equity-Based Compensation | 201,351 | 121,264 | 121,264 | 80,087 | ||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock | (30,418) | (30,418) | (30,418) | |||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock, Units | [1] | 2,938,303 | ||||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units | (196,642) | (196,642) | (196,642) | |||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units, Units | [1] | (1,954,545) | ||||||||||||
Change in Blackstone Inc.'s Ownership Interest | 80 | 80 | (80) | |||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock | 20,875 | 20,875 | (20,875) | |||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock, Units | [1] | 1,579,975 | ||||||||||||
Ending Balance at Sep. 30, 2022 | 18,391,197 | $ 7 | [1] | $ 5,791,006 | $ 1,869,463 | $ (74,800) | $ 7,585,676 | $ 5,357,148 | $ 5,448,373 | |||||
Ending Balance, Units at Sep. 30, 2022 | [1] | 709,040,610 | ||||||||||||
Beginning Balance at Jun. 30, 2022 | 1,275,491 | |||||||||||||
Transfer In Due to Consolidation of Fund Entities | 0 | |||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities | (13,343) | |||||||||||||
Net Income (Loss) | 25,773 | |||||||||||||
Currency Translation Adjustment | (102,593) | |||||||||||||
Capital Contributions | 180,300 | |||||||||||||
Capital Distributions | (21,440) | |||||||||||||
Ending Balance at Sep. 30, 2022 | $ 1,344,188 | |||||||||||||
[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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
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, 2022 | Sep. 30, 2021 | |
Operating Activities | ||
Net Income | $ 2,245,568 | $ 9,434,626 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities | ||
Net Realized Gains on Investments | (5,869,897) | (3,851,756) |
Changes in Unrealized (Gains) Losses on Investments | 1,712,735 | (1,411,164) |
Non-Cash Performance Allocations | 2,946,255 | (7,886,033) |
Non-Cash Performance Allocations and Incentive Fee Compensation | 914,965 | 4,619,216 |
Equity-Based Compensation Expense | 636,454 | 454,110 |
Amortization of Intangibles | 52,288 | 56,174 |
Other Non-Cash Amounts Included in Net Income | (923,678) | 62,730 |
Cash Flows Due to Changes in Operating Assets and Liabilities | ||
Cash Acquired with Consolidation of Fund Entities | 31,791 | 0 |
Accounts Receivable | (190,786) | 437,030 |
Due from Affiliates | 661,934 | (419,569) |
Other Assets | (142,410) | (54,140) |
Accrued Compensation and Benefits | (1,562,779) | (677,951) |
Securities Sold, Not Yet Purchased | 30 | (14,924) |
Accounts Payable, Accrued Expenses and Other Liabilities | 149,678 | (4,020) |
Repurchase Agreements | 255,159 | (40,263) |
Due to Affiliates | 93,669 | 63,888 |
Investments Purchased | (3,783,564) | (4,175,221) |
Cash Proceeds from Sale of Investments | 8,393,706 | 8,207,202 |
Net Cash Provided by Operating Activities | 5,621,118 | 4,799,935 |
Investing Activities | ||
Purchase of Furniture, Equipment and Leasehold Improvements | (186,783) | (44,456) |
Net Cash Used in Investing Activities | (186,783) | (44,456) |
Financing Activities | ||
Distributions to Non-Controlling Interest Holders in Consolidated Entities | (969,606) | (727,228) |
Contributions from Non-Controlling Interest Holders in Consolidated Entities | 989,963 | 1,016,285 |
Payments Under Tax Receivable Agreement | (46,880) | (51,366) |
Net Settlement of Vested Common stock and Repurchase of Common Stock and Blackstone Holdings Partnership Units | (461,759) | (694,550) |
Proceeds from Loans Payable | 2,036,264 | 1,973,969 |
Repayment and Repurchase of Loans Payable | (250,101) | 0 |
Dividends/Distributions to Shareholders and Unitholders | (5,330,882) | (3,203,640) |
Net Cash Used in Financing Activities | (4,033,001) | (1,686,530) |
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other | (26,705) | (8,241) |
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other | ||
Net Increase | 1,374,629 | 3,060,708 |
Beginning of Period | 2,199,732 | 2,064,456 |
End of Period | 3,574,361 | 5,125,164 |
Supplemental Disclosure of Cash Flows Information | ||
Payments for Interest | 221,155 | 154,162 |
Payments for Income Taxes | 604,137 | 454,212 |
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||
Non-Cash Contributions from Non-Controlling Interest Holders | 14,410 | 8,636 |
Notes Issuance Costs | 18,423 | 16,991 |
Transfer of Interests to Non-Controlling Interest Holders | 3,764 | (3,693) |
Change in Blackstone Inc.'s Ownership Interest | 28,846 | 10,494 |
Net Settlement of Vested Common Stock | 364,976 | 199,325 |
Conversion of Blackstone Holdings Units to Common Stock | 45,582 | 108,909 |
Acquisition of Ownership Interests from Non-Controlling Interest Holders | ||
Deferred Tax Asset | (102,947) | (278,795) |
Due to Affiliates | 89,856 | 248,347 |
Equity | $ 13,091 | $ 30,448 |
Condensed Consolidated Statem_8
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents | $ 3,480,003 | $ 2,119,738 | ||
Cash Held by Blackstone Funds and Other | 94,358 | 79,994 | ||
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other | $ 3,574,361 | $ 2,199,732 | $ 5,125,164 | $ 2,064,456 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2022 | |
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, infrastructure, life sciences, growth equity, credit, real assets and secondary funds, all on a global basis. “Blackstone Funds” refers to the funds and other vehicles that are managed by Blackstone. Blackstone’s business is organized into four segments: Real Estate, Private Equity, Hedge Fund Solutions and Credit & Insurance. 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, 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, 2022 | |
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. 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 its customers, at a fixed percentage of a calculation base which is typically assets under management, net asset value, gross asset value, total assets, committed capital or invested capital. Blackstone identifies its customers on a fund by fund basis in accordance with the terms and circumstances of the individual fund. Generally, the customer is identified as the investors in its managed funds and investment vehicles, but for certain widely held funds or vehicles, the fund or vehicle itself may be identified as the customer. 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 investors 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 investors 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 investors 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 investors of the Blackstone Funds, which are based on the amount such investors 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 investors 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 investors of the funds recorded as Management and Advisory Fees, Net. Accrued but unpaid Management and Advisory Fees, net of management fee reductions and management fee offsets, as of the reporting date are included in Accounts Receivable or Due from Affiliates in the Condensed Consolidated Statements of Financial Condition. Incentive Fees Investment Income (Loss) In 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 certain 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 of debt instruments, including debt securities sold, not yet purchased and certain equity securities and derivative instruments valued using observable inputs. 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. 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 Investments, at Fair Value Generally, 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 or other eligible election dates. 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 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.” Blackstone may elect to measure certain proprietary investments in equity securities without readily determinable fair values under the measurement alternative, which reflects cost less impairment, with adjustments in value resulting from observable price changes arising from orderly transactions of the same or a similar security from the same issuer. If the measurement alternative election is not made, the equity security is measured at fair value. The measurement alternative election is made on an instrument by instrument basis. The election is reassessed each reporting period to determine whether investments under the measurement alternative have readily determinable fair values, in which case they would no longer be eligible for this election. 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 Strategic Partners’ results presented in Blackstone’s financial statements are reported on a three month 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 Redeemable Non-Controlling Investors in certain consolidated funds may be granted redemption rights that allow for quarterly or monthly redemption, as outlined in the relevant fund governing documents. Such redemption rights may include limitations on the amounts that may be redeemed in a given period, may only allow for redemption following the expiration of a specified period of time, or may be withdrawn subject to a redemption fee during the period when capital may not be withdrawn. As a result, amounts relating to third party interests in such consolidated funds are presented as Redeemable 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 Non-Controlling Income Taxes Provision of Income Taxes Income taxes are provided for using the asset and liability method under which deferred tax assets and liabilities are recognized for temporary Deferred Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities. These temporary differences result in taxable or deductible amounts in future years and are measured using the tax rates and laws that will be in effect when such differences are expected to reverse. Valuation allowances are established to reduce the deferred tax assets to the amount that is more likely than not to be realized. Deferred tax assets are separately stated, and deferred tax liabilities are included in Accounts Payable, Accrued Expenses, and Other Liabilities in the financial statements. Unrecognized Tax Benefits Blackstone recognizes tax positions in the condensed consolidated financial statements when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit what will more likely than not be realized on settlement. A liability is established for differences between positions taken in the return and amounts recognized in the condensed consolidated financial statements. 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 “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”). 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, 2022 | |
Intangible Assets | 3. Intangible Assets Intangible Assets, Net consists of the following: September 30, December 31, 2022 2021 Finite-Lived Intangible Assets/Contractual Rights $ 1,745,376 $ 1,745,376 Accumulated Amortization (1,513,280 ) (1,460,992 ) Intangible Assets, Net $ 232,096 $ 284,384 Amortization expense associated with Blackstone’s intangible assets was $14.9 million and $52.3 million for the three and nine month periods ended September 30, 2022, respectively, and $18.7 million and $56.2 million for the three and nine month periods ended September 30, 2021, respectively. Amortization of Intangible Assets held at September 30, 2022 is expected to be $67.1 million, $38.1 million, $30.5 million, $30.5 million, and $30.4 million for each of the years ending December 31, 2022, 2023, 2024, 2025 and 2026, respectively. Blackstone’s Intangible Assets as of September 30, 2022 are expected to amortize over a weighted-average period of 7.2 years. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2022 | |
Investments | 4. Investments Investments consist of the following: September 30, December 31, 2022 2021 Investments of Consolidated Blackstone Funds $ 3,828,497 $ 2,018,829 Equity Method Investments Partnership Investments 5,566,645 5,635,212 Accrued Performance Allocations 12,938,888 17,096,873 Corporate Treasury Investments 799,016 658,066 Other Investments 3,123,102 3,256,063 $ 26,256,148 $ 28,665,043 Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $444.5 million and $375.8 million at September 30, 2022 and December 31, 2021, 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, 2022 2021 2022 2021 Realized Gains $ 17,083 $ 37,697 $ 128,952 $ 99,692 Net Change in Unrealized Gains (Losses) (30,603 ) 86,303 (216,198 ) 259,259 Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds (13,520 ) 124,000 (87,246 ) 358,951 Interest and Dividend Revenue and Foreign Exchange Gains Attributable to Consolidated Blackstone Funds 14,698 8,312 34,974 20,830 Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities $ 1,178 $ 132,312 $ (52,272 ) $ 379,781 Equity Method Investments Blackstone’s equity method investments include Partnership Investments, which represent the pro-rata Partnership Investments Blackstone recognized net gains (losses) related to its Partnership Investments accounted for under the equity method of $19.8 million and $469.0 million for the three months ended September 30, 2022 and 2021, respectively. Blackstone recognized net gains (losses) related to its equity method investments of $217.4 m 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, 2021 $ 8,471,754 $ 7,550,468 $ 456,405 $ 618,246 $ 17,096,873 Performance Allocations as a Result of Changes in Fund Fair Values 2,576,432 (544,705 ) 82,702 74,207 2,188,636 Foreign Exchange Loss (187,767 ) — — — (187,767 ) Impact of Consolidation 2,066 — — — 2,066 Fund Distributions (4,855,678 ) (1,095,032 ) (61,347 ) (148,863 ) (6,160,920 ) Accrued Performance Allocations, September 30, 2022 $ 6,006,807 $ 5,910,731 $ 477,760 $ 543,590 $ 12,938,888 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, 2022 2021 2022 2021 Realized Gains (Losses) $ (2,857 ) $ (359 ) $ (23,474 ) $ 5,526 Net Change in Unrealized Gains (Losses) (16,196 ) 3,196 (63,779 ) 42,648 $ (19,053 ) $ 2,837 $ (87,253 ) $ 48,174 Other Investments Other Investments consist of equity method investments where Blackstone has elected the fair value option and other proprietary investment securities held by Blackstone, including equity securities carried at fair value, equity investments without readily determinable fair values, and subordinated notes in non-consolidated lock-up carrying value of $362.7 million as of September 30, 2022. In the period of acquisition and upon remeasurement in connection with an observable transaction, such investments are reported at fair value. See Note 8. “Fair Value Measurements of Financial Instruments” for additional detail. 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, 2022 2021 2022 2021 Realized Gains $ 83,269 $ 100,289 $ 200,610 $ 129,711 Net Change in Unrealized Gains (Losses) (970,654 ) (51,380 ) (1,121,924 ) 234,187 $ (887,385 ) $ 48,909 $ (921,314 ) $ 363,898 |
Net Asset Value as Fair Value
Net Asset Value as Fair Value | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 is presented below: Redemption Frequency Redemption Strategy (a) Fair Value (if currently eligible) Notice Period Equity $ 414,240 (b) (b) Real Estate 113,527 (c) (c) Credit Driven 26,790 (d) (d) Commodities 1,119 (e) (e) Diversified Instruments 17 (f) (f) $ 555,693 (a) As of September 30, 2022, Blackstone had no unfunded commitments. (b) The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Investments representing of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. Investments representing 52% of the fair value of the investments in this category are redeemable as of the reporting date. Investments representing less than 1% of the fair value of the investments in this category are in liquidation. As of the reporting date, the investee fund manager had elected to side of Blackstone’s investments in the category. (c) The Real Estate category includes investments in funds that primarily invest in real estate assets. Investments representing 100% of fair value of the investments in this category are redeemable as of the reporting date. (d) The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. Investments representing 84% of the fair value of the investments in this category are in liquidation. The remaining 16% of investments in this category may not be redeemed at, or within three months of, the reporting date. (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. (f) 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. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 December 31, 2021 Assets Liabilities Assets Liabilities Fair Fair Fair Fair Notional Value Notional Value Notional Value Notional Value Freestanding Derivatives Blackstone Interest Rate Contracts $ 768,540 $ 235,304 $ 613,000 $ 72,813 $ 609,132 $ 143,349 $ 692,442 $ 138,677 Foreign Currency Contracts 350,407 20,472 518,732 20,804 217,161 1,858 572,643 6,143 Total Return Swaps 31,665 1,092 — — — — — — Credit Default Swaps 2,007 396 9,463 1,487 2,007 194 9,916 1,055 1,152,619 257,264 1,141,195 95,104 828,300 145,401 1,275,001 145,875 Investments of Consolidated Blackstone Funds Foreign Currency Contracts 115,331 3,094 — — 20,764 339 54,300 370 Interest Rate Contracts 551,842 78,200 — — — — 14,000 764 Credit Default Swaps 132 23 3,545 615 3,401 321 22,865 799 667,305 81,317 3,545 615 24,165 660 91,165 1,933 $ 1,819,924 $ 338,581 $ 1,144,740 $ 95,719 $ 852,465 $ 146,061 $ 1,366,166 $ 147,808 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, 2022 2021 2022 2021 Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ 7,740 $ (4,181 ) $ 13,018 $ (2,883 ) Foreign Currency Contracts (2,206 ) (4,812 ) (6,981 ) (389 ) Credit Default Swaps (115 ) 10 13 (980 ) Total Return Swaps — 161 — (1,254 ) Other — — — (40 ) 5,419 (8,822 ) 6,050 (5,546 ) Net Change in Unrealized Gains (Losses) Interest Rate Contracts 113,623 27,025 221,300 72,210 Foreign Currency Contracts (22,626 ) 6,807 (25,232 ) 3,431 Credit Default Swaps 131 106 (289 ) 948 Total Return Swaps 526 — 526 2,130 Other — — — (20 ) 91,654 33,938 196,305 78,699 $ 97,073 $ 25,116 $ 202,355 $ 73,153 As of September 30, 2022 and December 31, 2021, Blackstone had not designated any derivatives as fair value, cash flow or net investment hedges. |
Fair Value Option
Fair Value Option | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 2021 Assets Loans and Receivables $ 543,397 $ 392,732 Equity and Preferred Securities 1,551,593 516,539 Debt Securities 144,010 183,877 $ 2,239,000 $ 1,093,148 Liabilities Corporate Treasury Commitments $ 9,872 $ 636 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, 2022 2021 Net Change Net Change Realized in Unrealized Realized in Unrealized Gains (Losses) Gains (Losses) Gains (Losses) Gains (Losses) Assets Loans and Receivables $ (3,246 ) $ 1,050 $ (2,631 ) $ (509 ) Equity and Preferred Securities 3,719 (45,301 ) 989 2,914 Debt Securities (5,056 ) (4,418 ) 909 (2,303 ) $ (4,583 ) $ (48,669 ) $ (733 ) $ 102 Liabilities Corporate Treasury Commitments $ — $ (1,175 ) $ — $ 80 Nine Months Ended September 30, 2022 2021 Net Change Net Change Realized in Unrealized Realized in Unrealized Gains (Losses) Gains (Losses) Gains (Losses) Gains (Losses) Assets Loans and Receivables $ (6,663 ) $ (4,309 ) $ (10,527 ) $ 4,574 Equity and Preferred Securities 16,020 (58,239 ) 19,433 43,315 Debt Securities (9,423 ) (32,627 ) 10,879 (6,538 ) $ (66 ) $ (95,175 ) $ 19,785 $ 41,351 Liabilities Corporate Treasury Commitments $ — $ (9,236 ) $ — $ (113 ) The following table presents information for those financial instruments for which the fair value option was elected: September 30, 2022 December 31, 2021 For Financial Assets For Financial Assets Past Due Past Due (Deficiency) (Deficiency) (Deficiency) Excess of Fair Value Fair of Fair Value of Fair Value Fair of Fair Value Over Principal Value Over Principal Over Principal Value Over Principal Loans and Receivables $ (7,061 ) $ — $ — $ (2,748 ) $ — $ — Debt Securities (63,609 ) 1,830 (244 ) (29,475 ) — — $ (70,670 ) $ 1,830 $ (244 ) $ (32,223 ) $ — $ — As of September 30, 2022 and December 31, 2021, 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, 2022 | |
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, 2022 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents $ 296,066 $ — $ — $ — $ 296,066 Investments Investments of Consolidated Blackstone Funds Equity Securities, Partnerships and LLC Interests (a) 44,358 113,964 2,670,684 550,304 3,379,310 Debt Instruments 936 214,839 152,095 — 367,870 Freestanding Derivatives — 81,317 — — 81,317 Total Investments of Consolidated Blackstone Funds 45,294 410,120 2,822,779 550,304 3,828,497 Corporate Treasury Investments 113,924 680,925 4,167 — 799,016 Other Investments (b) 1,460,605 1,272,568 35,028 5,389 2,773,590 Total Investments 1,619,823 2,363,613 2,861,974 555,693 7,401,103 Accounts Receivable - Loans and Receivables — — 543,397 — 543,397 Other Assets - Freestanding Derivatives 2,084 254,088 1,092 — 257,264 $ 1,917,973 $ 2,617,701 $ 3,406,463 $ 555,693 $ 8,497,830 Liabilities Securities Sold, Not Yet Purchased $ 3,812 $ 22,971 $ — $ — $ 26,783 Accounts Payable, Accrued Expenses and Other Liabilities Consolidated Blackstone Funds - Freestanding Derivatives — 615 — — 615 Freestanding Derivatives 260 94,844 — — 95,104 Corporate Treasury Commitments (c) — — 9,872 — 9,872 Total Accounts Payable, Accrued Expenses and Other Liabilities 260 95,459 9,872 — 105,591 $ 4,072 $ 118,430 $ 9,872 $ — $ 132,374 December 31, 2021 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents $ 173,408 $ — $ — $ — $ 173,408 Investments Investments of Consolidated Blackstone Funds Equity Securities, Partnerships and LLC Interests (a) 70,484 122,068 1,170,362 382,267 1,745,181 Debt Instruments 642 242,393 29,953 — 272,988 Freestanding Derivatives — 660 — — 660 Total Investments of Consolidated Blackstone Funds 71,126 365,121 1,200,315 382,267 2,018,829 Corporate Treasury Investments 86,877 570,712 477 — 658,066 Other Investments (b) 478,892 210,752 2,518,032 4,845 3,212,521 Total Investments 636,895 1,146,585 3,718,824 387,112 5,889,416 Accounts Receivable - Loans and Receivables — — 392,732 — 392,732 Other Assets - Freestanding Derivatives 113 145,288 — — 145,401 $ 810,416 $ 1,291,873 $ 4,111,556 $ 387,112 $ 6,600,957 Liabilities Securities Sold, Not Yet Purchased $ 4,292 $ 23,557 $ — $ — $ 27,849 Accounts Payable, Accrued Expenses and Other Liabilities Consolidated Blackstone Funds - Freestanding Derivatives — 1,933 — — 1,933 Freestanding Derivatives 323 145,552 — — 145,875 Corporate Treasury Commitments (c) — — 636 — 636 Total Accounts Payable, Accrued Expenses and Other Liabilities 323 147,485 636 — 148,444 $ 4,615 $ 171,042 $ 636 $ — $ 176,293 LLC Limited Liability Company. (a) Equity Securities, Partnership and LLC Interest includes investments in investment funds. Prior period amounts have been reclassified to this presentation. (b) Other Investments includes Blackstone’s ownership of common stock of (c) 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, 2022: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Impact to Financial Assets Investments of Consolidated Equity Securities, Partnership and LLC Interests $ 2,670,684 Discounted Cash Flows Discount Rate 4.1 % - 37.9 % 8.6 % Lower Exit Multiple - EBITDA 4.0 x - 31.4 x 15.1 x Higher Exit Capitalization Rate 2.8 % - 14.5 % 4.5 % Lower Debt Instruments 152,095 Third Party Pricing n/a Transaction Price n/a Total Investments of Consolidated Blackstone Funds 2,822,779 Corporate Treasury Investments 4,167 Third Party Pricing n/a Loans and Receivables 543,397 Discounted Cash Flows Discount Rate 6.6 % - 11.6 % 9.6 % Lower Other Investments (b) 36,120 Third Party Pricing n/a Transaction Price n/a $ 3,406,463 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, 2021: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Impact to Financial Assets Investments of Consolidated Blackstone Funds Equity Securities, Partnership and LLC Interests $ 1,170,362 Discounted Cash Flows Discount Rate 1.3% - 43.3% 10.4% Lower Exit Multiple - EBITDA 3.7x - 31.4x 14.7x Higher Exit Capitalization Rate 1.3% - 17.3% 4.9% Lower Debt Instruments 29,953 Discounted Cash Flows Discount Rate 6.5% - 19.3% 9.0% Lower Third Party Pricing n/a Total Investments of Consolidated Blackstone Funds 1,200,315 Corporate Treasury Investments 477 Discounted Cash Flows Discount Rate 9.4% n/a Lower Third Party Pricing n/a Loans and Receivables 392,732 Discounted Cash Flows Discount Rate 6.5% - 12.2% 7.6% Lower Other Investments 2,518,032 Third Party Pricing n/a Transaction Price n/a $ 4,111,556 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. (b) As of September 30, 2022, Other Investments includes Level III Freestanding Derivatives. For the nine months ended September 30, 2022, 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 ha non-recurring Level III Financial Assets at Fair Value Three Months Ended September 30, 2022 2021 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 $ 2,791,812 $ 534,105 $ 38,603 $ 3,364,520 $ 982,984 $ 223,796 $ 73,475 $ 1,280,255 Transfer In Due to Consolidation and Acquisition — — — — — — — — Transfer Into Level III (b) 2,466 — 1,610 4,076 — — 8,018 8,018 Transfer Out of Level III (b) (6,293 ) — (4,043 ) (10,336 ) (18,239 ) — (14,400 ) (32,639 ) Purchases 195,133 229,502 1,124 425,759 85,581 326,937 191,610 604,128 Sales (2,280 ) (217,173 ) (51 ) (219,504 ) (56,063 ) (333,041 ) (13,250 ) (402,354 ) Issuances — 6,437 — 6,437 — 24,138 — 24,138 Settlements — (12,688 ) 566 (12,122 ) — (1,093 ) — (1,093 ) Changes in Gains (Losses) Included in Earnings (158,059 ) 3,214 1,577 (153,268 ) 104,691 (971 ) 1,950 105,670 Balance, End of Period $ 2,822,779 $ 543,397 $ 39,386 $ 3,405,562 $ 1,098,954 $ 239,766 $ 247,403 $ 1,586,123 Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ (53,588 ) $ (3,010 ) $ 1,591 $ (55,007 ) $ 96,160 $ (3,732 ) $ 1,940 $ 94,368 Level III Financial Assets at Fair Value Nine Months Ended September 30, 2022 2021 Investments Investments of Loans Other of Loans Other Consolidated and Investments Consolidated and Investments Funds Receivables (a) Total Funds Receivables (a) Total Balance, Beginning of Period $ 1,200,315 $ 392,732 $ 43,987 $ 1,637,034 $ 858,310 $ 581,079 $ 46,158 $ 1,485,547 Transfer In Due to Consolidation and Acquisition 1,535,171 — — 1,535,171 — — — — Transfer Into Level III (b) 2,518 — 2,517 5,035 302 — 8,018 8,320 Transfer Out of Level III (b) (111,824 ) — (4,043 ) (115,867 ) (105,547 ) — (14,400 ) (119,947 ) Purchases 522,941 674,286 8,622 1,205,849 265,947 683,700 225,070 1,174,717 Sales (169,710 ) (522,198 ) (2,864 ) (694,772 ) (178,397 ) (1,034,253 ) (19,414 ) (1,232,064 ) Issuances — 30,336 — 30,336 — 43,478 — 43,478 Settlements (c) — (34,706 ) 566 (34,140 ) — (46,649 ) — (46,649 ) Changes in Gains (Losses) Included in Earnings (156,632 ) 2,947 (9,399 ) (163,084 ) 258,339 12,411 1,971 272,721 Balance, End of Period $ 2,822,779 $ 543,397 $ 39,386 $ 3,405,562 $ 1,098,954 $ 239,766 $ 247,403 $ 1,586,123 Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ (41,596 ) $ (10,940 ) $ (9,476 ) $ (62,012 ) $ 222,541 $ (6,842 ) $ 1,919 $ 217,618 (a) Represents freestanding derivatives, 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. (c) For Freestanding Derivatives included within Other Investments, Settlements includes all ongoing contractual cash payments made or received over the life of the instrument. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2022 | |
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. Blackstone holds variable interests in certain VIEs which are not lo non-consolidated erfo non-consolidated September 30, December 31, 2022 2021 Investments $ 3,290,254 $ 3,337,757 Due from Affiliates 374,215 179,939 Potential Clawback Obligation 53,776 44,327 Maximum Exposure to Loss $ 3,718,245 $ 3,562,023 Amounts Due to Non-Consolidated $ 107 $ 105 |
Repurchase Agreements
Repurchase Agreements | 9 Months Ended |
Sep. 30, 2022 | |
Repurchase Agreements | 10. Repurchase Agreements At September 30, 2022 and December 31, 2021, Blackstone pledged securities with a carrying value of $313.1 million and $63.0 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, 2022 Remaining Contractual Maturity of the Agreements Overnight Greater and Up to 30 - 90 than Continuous 30 Days Days 90 days Total Repurchase Agreements Loans $ — $ 170,879 $ 142,259 $ — $ 313,138 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 313,138 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ — December 31, 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 $ — $ 15,980 $ — $ — $ 15,980 Loans — — 42,000 — 42,000 $ — $ 15,980 $ 42,000 $ — $ 57,980 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 57,980 Amounts Related to Agreements Not $ — |
Offsetting of Assets And Liabil
Offsetting of Assets And Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 and December 31, 2021: September 30, 2022 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 $ 338,336 $ 153,019 $ 163,357 $ 21,960 September 30, 2022 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 $ 95,719 $ 78,779 $ 2,082 $ 14,858 Repurchase Agreements 313,138 313,138 — — $ 408,857 $ 391,917 $ 2,082 $ 14,858 December 31, 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 $ 146,061 $ 137,265 $ 41 $ 8,755 December 31, 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 $ 147,666 $ 118,552 $ 1,347 $ 27,767 Repurchase Agreements 57,980 57,980 — — $ 205,646 $ 176,532 $ 1,347 $ 27,767 (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 in 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, 2022 2021 Furniture, Equipment and Leasehold Improvements, Net $ 387,066 $ 244,608 Prepaid Expenses 123,646 92,359 Freestanding Derivatives 257,264 145,401 Other 17,818 10,568 $ 785,794 $ 492,936 Freestanding Derivative liabilities are included in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition. Notional Pooling Arrangements Blackstone has notional cash pooling arrangements with financial institutions for cash management purposes. These arrangements allow 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, 2022, the aggregate cash balance on deposit relating to the cash pooling arrangements was $1.3 billion, which was offset and reported net of the accompanying overdraft of $1.3 billion. |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2022 | |
Borrowings | 12. Borrowings On November 3, 2022, Blackstone, through its indirect subsidiary Blackstone Holdings Finance Co. L.L.C. (the “Issuer”), issued $600 million aggregate principal amount of 5.900% 6.200% (the “2033 Notes” and, together with the 2027 Notes, the “Notes”). The Notes accrue All of Blackstone’s outstanding senior notes, including the 2027 Notes and the 2033 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 senior note issuances are capitalized and are amortized over the life of each respective note. Blackstone, through the Issuer, has a billion revolving credit facility with Citibank, N.A., as administrative agent, and the lenders party thereto that matures on The following table presents the general characteristics of each of Blackstone’s notes as of September 30, 2022 and December 31, 2021, as well as their carrying value and fair value. The notes are included in Loans Payable within the Condensed Consolidated Statements of Financial Condition. Each of the notes were issued at a discount, accrue interest from the issue date thereof, and pay interest in arrears on a semi-annual basis or annual basis. September 30, 2022 December 31, 2021 Carrying Fair Carrying Fair Senior Notes Value Value (a) Value Value (a) 4.750%, Due 2/15/2023 $ 399,518 $ 400,004 $ 398,581 $ 415,880 2.000%, Due 5/19/2025 297,850 284,103 338,275 362,078 1.000%, Due 10/5/2026 588,643 527,555 675,867 700,892 3.150%, Due 10/2/2027 298,009 269,586 297,738 317,610 1.625%, Due 8/5/2028 644,221 526,682 643,251 629,265 1.500%, Due 4/10/2029 591,300 498,802 678,085 720,062 2.500%, Due 1/10/2030 492,367 408,570 491,662 507,350 1.600%, Due 3/30/2031 495,877 368,685 495,541 467,750 2.000%, Due 1/30/2032 787,785 592,639 786,690 767,920 2.550%, Due 3/30/2032 495,093 393,590 — — 3.500%, Due 6/1/2034 461,319 429,450 — — 6.250%, Due 8/15/2042 239,109 251,298 238,914 361,775 5.000%, Due 6/15/2044 489,638 446,945 489,446 648,500 4.450%, Due 7/15/2045 344,514 289,174 344,412 426,195 4.000%, Due 10/2/2047 290,883 235,596 290,730 347,370 3.500%, Due 9/10/2049 392,216 286,052 392,089 431,240 2.800%, Due 9/30/2050 393,923 240,148 393,818 382,880 2.850%, Due 8/5/2051 543,123 334,945 542,963 531,355 3.200%, Due 1/30/2052 987,065 647,630 — — $ 9,232,453 $ 7,431,454 $ 7,498,062 $ 8,018,122 (a) Effective September 30, 2022, fair value is determined by third party pricing services. Prior to this date, fair value was determined by broker quote and under both techniques, these notes would be classified as Level II within the fair value hierarchy. Scheduled principal payments for borrowings as of September 30, 2022 were as follows: Operating Blackstone Fund Total Borrowings Facilities Borrowings 2022 $ — $ — $ — 2023 400,000 — 400,000 2024 — — — 2025 294,060 30,627 324,687 2026 588,120 — 588,120 Thereafter 8,078,220 — 8,078,220 $ 9,360,400 $ 30,627 $ 9,391,027 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Taxes | 13. Income Taxes Blackstone’s net deferred tax assets relate primarily to basis differences resulting from a step-up Blackstone is subject to examination by the U.S. Internal Revenue Service and other taxing authorities where Blackstone has significant business operations such as the United Kingdom, and various state and local jurisdictions such as New York State and New York City. The tax years under examination vary by jurisdiction. Blackstone does not expect the completion of these audits to have a material impact on its financial condition, but it may be material to operating results for a particular period, depending on the operating results for that period. Blackstone believes the liability established for unrecognized tax benefits is adequate in relation to the potential for additional assessments. It is reasonably possible that changes in the balance of unrecognized tax benefits may occur within the next 12 months; however, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits and the impact on Blackstone’s effective tax rate over the next 12 months. As of September 30, 2022, the major jurisdictions and the earliest tax years that remain subject to examination are U.S. federal 2018, New York State 2015, New York City 2009, and the United Kingdom 2011. |
Earnings Per Share and Stockhol
Earnings Per Share and Stockholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 and 2021 was calculated as follows: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Net Income for Per Share of Common Stock Calculations Net Income Attributable to Blackstone Inc., Basic and Diluted $ 2,296 $ 1,401,895 $ 1,189,777 $ 4,458,919 Shares/Units Outstanding Weighted-Average Shares of Common Stock Outstanding, Basic 742,345,646 722,229,117 739,963,370 717,516,302 Weighted-Average Shares of Unvested Deferred Restricted Common Stock 149,886 203,982 308,877 402,113 Weighted-Average Shares of Common Stock Outstanding, Diluted 742,495,532 722,433,099 740,272,247 717,918,415 Net Income Per Share of Common Stock Basic $ — $ 1.94 $ 1.61 $ 6.21 Diluted $ — $ 1.94 $ 1.61 $ 6.21 Dividends Declared Per Share of Common Stock (a) $ 1.27 $ 0.70 $ 4.04 $ 2.48 (a) Dividends declared reflects the calendar date of the declaration for each distribution. 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, 2022 and 2021: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Weighted-Average Blackstone Holdings Partnership Units 465,522,745 484,991,263 466,703,389 488,880,363 Stockholders’ Equity 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, Blackstone 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, 2022. 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 Blackstone’s directors. Holders of Blackstone’s Series I preferred stock and Series II preferred stock are not entitled to dividends from Blackstone, or receipt of any of Blackstone’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 December 7, 2021, Blackstone’s board of directors authorized the repurchase of up to $2.0 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, 2022, Blackstone repurchased 2.0 million and 3.9 million shares of common stock at a total cost of $196.6 million and $392.0 million, respectively. During the three and nine months ended September 30, 2021, Blackstone repurchased 2.9 million and 6.0 million million and $644.9 million, respectively. Shares Eligible for Dividends and Distributions As of September 30, 2022, the total shares of common stock and Blackstone Holdings Partnership Units entitled distributions Shares/Units Common Stock Outstanding (a) 708,995,155 Unvested Participating Common Stock 32,557,230 Total Participating Common Stock 741,552,385 Participating Blackstone Holdings Partnership Units 464,951,386 1,206,503,771 (a) Common Stock Outstanding differs from the Condensed Consolidated Statement of Financial Condition due to effect of share repurchases that were initiated before September 30, 2022, but were not retired until after September 30, 2022. |
Equity-Based Compensation
Equity-Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022, Blackstone recorded compensation expense of $206.6 million and $636.5 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $54.6 million and $127.5 million, respectively. 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. As of September 30, 2022, there was $2.0 billion of estimated unrecognized compensation expense related to unvested awards, including compensation with performance conditions where it is probable that the performance condition will be met. This cost is expected to be recognized over a weighted-average period of 3.7 years. Total vested and unvested outstanding shares, including common stock, Blackstone Holdings Partnership Units and deferred restricted shares of common stock, were 1,206,688,359 as of September 30, 2022. Total outstanding phantom shares were 60,899 as of September 30, 2022. A summary of the status of Blackstone’s unvested equity-based awards as of September 30, 2022 and of changes during the period January 1, 2022 through September 30, 2022 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, 2021 17,344,328 $ 37.37 26,537,813 $ 58.34 73,581 $ 137.65 Granted — — 11,465,069 126.99 28,130 125.93 Vested (4,784,333 ) 36.35 (5,973,900 ) 61.10 (4,111 ) 62.72 Forfeited (116,197 ) 38.24 (808,862 ) 75.67 (46,412 ) 130.22 Balance, September 30, 2022 12,443,798 $ 37.71 31,220,120 $ 82.66 51,188 $ 94.15 Shares/Units Expected to Vest The following unvested shares and units, after expected forfeitures, as of September 30, 2022, are expected to vest: Weighted- Average Service Period Shares/Units in Years Blackstone Holdings Partnership Units 11,968,951 1.4 Deferred Restricted Shares of Common Stock 27,060,245 3.2 Total Equity-Based Awards 39,029,196 2.7 Phantom Shares 41,021 3.2 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 2021 Due from Affiliates Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated $ 3,160,945 $ 3,519,945 Due from Certain Non-Controlling 824,535 1,099,899 Accrual for Potential Clawback of Previously Distributed Performance Allocations 44,010 37,023 $ 4,029,490 $ 4,656,867 September 30, December 31, 2022 2021 Due to Affiliates Due to Certain Non-Controlling $ 1,600,749 $ 1,558,393 Due to Non-Consolidated 166,191 181,341 Due to Certain Non-Controlling 191,135 77,664 Accrual for Potential Repayment of Previously Received Performance Allocations 102,816 88,700 $ 2,060,891 $ 1,906,098 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, 2022 and December 31, 2021, such investments aggregated $1.6 billion and $1.6 billion, respectively. Their share of the Net Income Attributable to Redeemable Non-Controlling Non-Controlling Loans to Affiliates Loans to affiliates consist of interest bearing advances to certain Blackstone individuals to finance their investments in certain Blackstone Funds. These loans earn interest at Blackstone’s cost of borrowing and such interest totaled $1.9 million and $1.0 million for the three months ended September 30, 2022 and 2021, respectively, and $5.7 million and $4.2 million for the nine months ended September 30, 2022 and 2021, 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 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 $1.6 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, 2022 | |
Commitments and Contingencies | 17. Commitments and Contingencies Commitments Investment Commitments Blackstone had $5.0 billion of investment commitments as of September 30, 2022 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 $198.2 million as of September 30, 2022, which includes $49.8 million of signed investment commitments for fund investments 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 $16.7 million as of September 30, 2022. 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, 2022 was $82.5 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, eight pension plan members of the Kentucky Retirement System (“KRS”) filed a derivative lawsuit on behalf of KRS in the Franklin County Circuit Court of the Commonwealth of Kentucky (the “Mayberry Action”). The Mayberry Action alleged 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. (now Blackstone Inc.); BLP; Stephen A. Schwarzman, as Chairman and CEO of Blackstone; and J. Tomilson Hill, as then-CEO Over the objection of the Blackstone Defendants and others, in December 2020, the Circuit Court permitted the Attorney General of the Commonwealth of Kentucky (the “AG”) to intervene in the Mayberry Action. Motions to dismiss are currently pending in the Mayberry Action and discovery has begun. The Blackstone Defendants and others are also pursuing an interlocutory appeal asserting that the Circuit Court did not have jurisdiction to continue the Mayberry Action after the ruling of the Kentucky Supreme Court. On August 25, 2022, KRS was ordered to disclose, and on September 6, 2022, did disclose, a report prepared in 2021 by a law firm retained by KRS to conduct an investigation into the investment activities underlying the lawsuit. According to the report, the investigators “did not find any violations of fiduciary duty or illegal activity by [BLP]” related to KRS’s due diligence and retention of BLP or KRS’s continued investment with BLP. The report quotes contemporaneous communications by KRS staff during the period of the investment recognizing that BLP was exceeding KRS’s returns benchmark, that BLP was providing KRS with “far fewer negative months than any liquid market comparable,” and that BLP “[h]as killed it.” In January 2021, certain former plaintiffs in the Mayberry Action filed a separate action (“Taylor I”), against the Blackstone Defendants and other defendants named in the Mayberry Action, asserting allegations substantially similar to those made in the Mayberry Action, and in July 2021 they amended their complaint to add class action allegations. Defendants removed Taylor I to the U.S. District Court for the Eastern District of Kentucky, and in March 2022, the District Court stayed Taylor I pending the resolution of the AG’s suit in the Mayberry Action. In In May 2022, the presiding judge recused himself from the Mayberry Action and Taylor II and the cases were reassigned to another judge in the Franklin County Circuit Court. In April 2021, the AG filed an action (the “Declaratory Judgment Action”), against BLP and the other fund manager defendants from the Mayberry Action in Franklin County Circuit Court. The action sought to have certain provisions in the subscription agreements between KRS and the fund managers declared to be in violation of the Kentucky Constitution. In March 2022, the Circuit Court granted summary judgment to the AG. BLP’s appeal is currently pending. In July 2021, BLP filed a breach of contract action against defendants affiliated with KRS alleging that the Mayberry Action and the Declaratory Judgment Action breach the parties’ subscription agreements governing KRS’s investment with BLP. The action seeks damages, including legal fees and expenses incurred in defending against the above actions. In April 2022, the Circuit Court dismissed BLP’s complaint without prejudice to refiling, on the grounds that the action was not yet ripe for adjudication. BLP’s appeal is currently pending. 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 2032. 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 s u investments. The following table presents the clawback obligations by segment: September 30, 2022 December 31, 2021 Current and Current and Blackstone Former Blackstone Former Segment Holdings Personnel (a) Total (b) Holdings Personnel (a) Total (b) Real Estate $ 32,831 $ 19,106 $ 51,937 $ 34,080 $ 20,186 $ 54,266 Private Equity 13,401 10,142 23,543 5,158 2,196 7,354 Credit & Insurance 12,605 14,731 27,336 12,439 14,641 27,080 $ 58,837 $ 43,979 $ 102,816 $ 51,677 $ 37,023 $ 88,700 (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, 2022, $1.2 billion 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, 2022, 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 $6.0 billion, on an after-tax remote. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting | 18. Segment Reporting Blackstone conducts its alternative asset management businesses through four segments: • Real Estate – Blackstone’s Real Estate segment primarily comprises its management • Private Equity – Blackstone’s Private Equity segment includes its management of flagship corporate private equity funds, sector and geographically-focused corporate private equity funds, core private equity funds, an opportunistic investment platform, a secondary fund of funds business, infrastructure-focused funds, a life sciences 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 a GP Stakes business and investment platforms that invest directly, as well as investment platforms that seed new hedge fund businesses and create alternative solutions through daily liquidity products. • Credit & Insurance – Blackstone’s Credit & Insurance segment consists principally of Blackstone Credit, which is organized into two overarching strategies: private credit (which includes mezzanine and direct lending funds, private placement strategies and energy strategies, including Blackstone’s These business segments are differentiated by their various investment strategies. Each of the segments primarily earns its 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 Segment Presentation The following tables present the financial data for Blackstone’s four segments for the three months ended Three Months Ended September 30, 2022 Real Private Hedge Fund Credit & Total Estate Equity Solutions Insurance Segments Management and Advisory Fees, Net Base Management Fees $ 610,606 $ 466,474 $ 138,818 $ 312,663 $ 1,528,561 Transaction, Advisory and Other Fees, Net 54,342 24,313 581 10,629 89,865 Management Fee Offsets (1,842 ) (3,634 ) (57 ) (1,323 ) (6,856 ) Total Management and Advisory Fees, Net 663,106 487,153 139,342 321,969 1,611,570 Fee Related Performance Revenues 260,003 — — 112,128 372,131 Fee Related Compensation (239,572 ) (142,381 ) (40,895 ) (135,420 ) (558,268 ) Other Operating Expenses (74,701 ) (76,138 ) (26,599 ) (68,696 ) (246,134 ) Fee Related Earnings 608,836 268,634 71,848 229,981 1,179,299 Realized Performance Revenues 142,794 309,326 4,430 12,459 469,009 Realized Performance Compensation (33,464 ) (164,531 ) (3,237 ) (4,992 ) (206,224 ) Realized Principal Investment Income 45,297 38,015 9,460 46,993 139,765 Total Net Realizations 154,627 182,810 10,653 54,460 402,550 Total Segment Distributable Earnings $ 763,463 $ 451,444 $ 82,501 $ 284,441 $ 1,581,849 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 The following tables present the financial data for Blackstone’s four segments as of September 30, 2022 and for the nine months ended September 30, 2022 and 2021: September 30, 2022 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 $ 1,802,543 $ 1,321,405 $ 428,941 $ 911,697 $ 4,464,586 Transaction, Advisory and Other Fees, Net 141,801 64,522 5,500 27,143 238,966 Management Fee Offsets (3,491 ) (53,933 ) (166 ) (4,107 ) (61,697 ) Total Management and Advisory Fees, Net 1,940,853 1,331,994 434,275 934,733 4,641,855 Fee Related Performance Revenues 1,017,027 (648 ) — 260,410 1,276,789 Fee Related Compensation (858,307 ) (446,053 ) (145,993 ) (399,799 ) (1,850,152 ) Other Operating Expenses (229,033 ) (227,115 ) (75,849 ) (189,745 ) (721,742 ) Fee Related Earnings 1,870,540 658,178 212,433 605,599 3,346,750 Realized Performance Revenues 2,943,430 882,448 40,540 122,175 3,988,593 Realized Performance Compensation (1,154,897 ) (428,614 ) (14,320 ) (54,487 ) (1,652,318 ) Realized Principal Investment Income 128,388 112,357 22,831 76,793 340,369 Total Net Realizations 1,916,921 566,191 49,051 144,481 2,676,644 Total Segment Distributable Earnings $ 3,787,461 $ 1,224,369 $ 261,484 $ 750,080 $ 6,023,394 Segment Assets $ 14,156,922 $ 14,185,968 $ 2,709,389 $ 6,147,667 $ 37,199,946 Nine Months Ended September 30, 2021 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 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, 2022 and 2021 along with Total Assets as of September 30, 2022: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Revenues Total GAAP Revenues $ 1,058,114 $ 6,224,265 $ 6,813,614 $ 16,814,491 Less: Unrealized Performance Revenues (a) 771,637 (2,724,366 ) 2,946,255 (7,886,033 ) Less: Unrealized Principal Investment Loss (b) 996,105 2,343 1,172,635 (526,249 ) Less: Interest and Dividend Revenue (c) (57,462 ) (35,535 ) (178,090 ) (99,878 ) Less: Other Revenue (d) (198,546 ) (64,109 ) (427,069 ) (152,252 ) Impact of Consolidation (e) 23,373 (398,786 ) (79,124 ) (980,178 ) Transaction-Related Charges (f) (1,264 ) 36,797 (2,714 ) 33,186 Intersegment Eliminations 518 1,266 2,099 3,341 Total Segment Revenue (g) $ 2,592,475 $ 3,041,875 $ 10,247,606 $ 7,206,428 Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Expenses Total GAAP Expenses $ 961,361 $ 2,654,359 $ 3,902,496 $ 6,978,136 Less: Unrealized Performance Allocations Compensation (h) 359,590 (1,193,853 ) 1,273,849 (3,394,041 ) Less: Equity-Based Compensation (i) (190,197 ) (129,254 ) (587,386 ) (394,948 ) Less: Interest Expense (j) (80,312 ) (51,773 ) (216,339 ) (140,245 ) Impact of Consolidation (e) (14,125 ) (5,320 ) (33,325 ) (17,067 ) Amortization of Intangibles (k) (13,238 ) (17,044 ) (47,326 ) (51,212 ) Transaction-Related Charges (f) (10,511 ) (22,396 ) (62,435 ) (89,428 ) Administrative Fee Adjustment (l) (2,460 ) (2,488 ) (7,421 ) (7,747 ) Intersegment Eliminations 518 1,266 2,099 3,341 Total Segment Expenses (m) $ 1,010,626 $ 1,233,497 $ 4,224,212 $ 2,886,789 Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Other Income Total GAAP Other Income $ 1,178 $ 94,991 $ (51,524 ) $ 344,978 Impact of Consolidation (e) (1,178 ) (94,991 ) 51,524 (344,978 ) Total Segment Other Income $ — $ — $ — $ — Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Income Before Provision for Taxes Total GAAP Income Before Provision for Taxes $ 97,931 $ 3,664,897 $ 2,859,594 $ 10,181,333 Less: Unrealized Performance Revenues (a) 771,637 (2,724,366 ) 2,946,255 (7,886,033 ) Less: Unrealized Principal Investment Loss (b) 996,105 2,343 1,172,635 (526,249 ) Less: Interest and Dividend Revenue (c) (57,462 ) (35,535 ) (178,090 ) (99,878 ) Less: Other Revenue (d) (198,546 ) (64,109 ) (427,069 ) (152,252 ) Plus: Unrealized Performance Allocations Compensation (h) (359,590 ) 1,193,853 (1,273,849 ) 3,394,041 Plus: Equity-Based Compensation (i) 190,197 129,254 587,386 394,948 Plus: Interest Expense (j) 80,312 51,773 216,339 140,245 Impact of Consolidation (e) 36,320 (488,457 ) 5,725 (1,308,089 ) Amortization of Intangibles (k) 13,238 17,044 47,326 51,212 Transaction-Related Charges (f) 9,247 59,193 59,721 122,614 Administrative Fee Adjustment (l) 2,460 2,488 7,421 7,747 Total Segment Distributable Earnings $ 1,581,849 $ 1,808,378 $ 6,023,394 $ 4,319,639 As of September 30, 2022 Total Assets Total GAAP Assets $ 40,259,321 Impact of Consolidation (e) (3,059,375 ) Total Segment Assets $ 37,199,946 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, 2022 and 2021, Other Revenue on a GAAP basis was $199.4 million and $64.2 million, and included $198.4 million and $63.5 million of foreign exchange gains, respectively. For the nine months ended September 30, 2022 and 2021, Other Revenue on a GAAP basis was $427.8 million and $152.4 million, and included $426.7 million and $150.4 million of foreign exchange gains, 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 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. (g) Total Segment Revenues is comprised of the following: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Total Segment Management and Advisory Fees, Net $ 1,611,570 $ 1,320,075 $ 4,641,855 $ 3,711,022 Total Segment Fee Related Performance Revenues 372,131 73,313 1,276,789 291,370 Total Segment Realized Performance Revenues 469,009 1,497,477 3,988,593 2,691,738 Total Segment Realized Principal Investment Income 139,765 151,010 340,369 512,298 Total Segment Revenues $ 2,592,475 $ 3,041,875 $ 10,247,606 $ 7,206,428 (h) This adjustment removes Unrealized Performance Allocations Compensation. (i) This adjustment removes Equity-Based Compensation on a segment basis. (j) This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement. (k) This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation. (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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Total Segment Fee Related Compensation $ 558,268 $ 419,481 $ 1,850,152 $ 1,239,976 Total Segment Realized Performance Compensation 206,224 619,074 1,652,318 1,108,269 Total Segment Other Operating Expenses 246,134 194,942 721,742 538,544 Total Segment Expenses $ 1,010,626 $ 1,233,497 $ 4,224,212 $ 2,886,789 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 s Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Management and Advisory Fees, Net GAAP $ 1,617,754 $ 1,320,795 $ 4,654,877 $ 3,711,159 Segment Adjustment (a) (6,184 ) (720 ) (13,022 ) (137 ) Total Segment $ 1,611,570 $ 1,320,075 $ 4,641,855 $ 3,711,022 Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues GAAP Incentive Fees $ 110,776 $ 48,206 $ 314,863 $ 117,537 Investment Income - Realized Performance Allo c 725,888 1,522,495 4,946,043 2,865,482 GAAP 836,664 1,570,701 5,260,906 2,983,019 Total Segment Less: Realized Performance Revenues (469,009 ) (1,497,477 ) (3,988,593 ) (2,691,738 ) Segment Adjustment 4,476 89 4,476 89 Total Segment $ 372,131 $ 73,313 $ 1,276,789 $ 291,370 Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 GAAP Compensation to Total Segment Fee Related Compensation GAAP Compensation 600,273 536,199 1,942,790 1,585,941 Incentive Fee Compensation 50,355 21,007 136,737 48,763 Realized Performance Allocations Compensation 313,930 631,632 2,067,447 1,192,082 GAAP 964,558 1,188,838 4,146,974 2,826,786 Total Segment Less: Realized Performance Compensation (206,224 ) (619,074 ) (1,652,318 ) (1,108,269 ) Less: Equity-Based Compensation - Fee Related Compensation (187,873 ) (127,442 ) (580,029 ) (388,607 ) Less: Equity-Based Compensation - Performance Compensation (2,324 ) (1,812 ) (7,357 ) (6,341 ) Segment Adjustment (b) (9,869 ) (21,029 ) (57,118 ) (83,593 ) Total Segment 558,268 419,481 1,850,152 1,239,976 Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 GAAP General, Administrative and Other to Total Segment Other Operating Expenses GAAP 270,369 217,995 800,331 608,174 Segment Adjustment (c) (24,235 ) (23,053 ) (78,589 ) (69,630 ) Total Segment 246,134 194,942 721,742 538,544 Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Realized Performance Revenues GAAP Incentive Fees 110,776 48,206 314,863 117,537 Investment Income - Realized Performance Allocations 725,888 1,522,495 4,946,043 2,865,482 GAAP 836,664 1,570,701 5,260,906 2,983,019 Total Segment Less: Fee Related Performance Revenu e (372,131 ) (73,313 ) (1,276,789 ) (291,370 ) Segment Adjustme n 4,476 89 4,476 89 Total Segment 469,009 1,497,477 3,988,593 2,691,738 Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Realized Performance Compensation GAAP Incentive Fee Compensation 50,355 21,007 136,737 48,763 Realized Performance Allocation Compensation 313,930 631,632 2,067,447 1,192,082 GAAP 364,285 652,639 2,204,184 1,240,845 Total Segment Less: Fee Related Performance Compensation (d) (155,737 ) (31,753 ) (544,509 ) (126,235 ) Less: Equity-Based Compensation - Performance Compensation (2,324 ) (1,812 ) (7,357 ) (6,341 ) Total Segment 206,224 619,074 1,652,318 1,108,269 Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Realized Principal Investment Income GAAP 193,228 325,414 743,493 832,512 Segment Adjustment (e) (53,463 ) (174,404 ) (403,124 ) (320,214 ) Total Segment 139,765 151,010 340,369 512,298 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 removal of Transaction-Related Charges that are not recorded in the Total Segment measures. (c) Represents the (1) removal of amortization of transaction-related intangibles, (2) removal of 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, and (3) 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. (d) Fee related performance compensation may include equity-based compensation based on fee related performance revenues. (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, 2022 | |
Subsequent Events | 19. Subsequent Events On November 3, 2022, Blackstone issued $600 million aggregate principal amount of 5.900% 6.200% |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
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. |
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 its customers, at a fixed percentage of a calculation base which is typically assets under management, net asset value, gross asset value, total assets, committed capital or invested capital. Blackstone identifies its customers on a fund by fund basis in accordance with the terms and circumstances of the individual fund. Generally, the customer is identified as the investors in its managed funds and investment vehicles, but for certain widely held funds or vehicles, the fund or vehicle itself may be identified as the customer. 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 investors 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 investors 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 investors 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 investors of the Blackstone Funds, which are based on the amount such investors 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 investors 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 investors of the funds recorded as Management and Advisory Fees, Net. Accrued but unpaid Management and Advisory Fees, net of management fee reductions and management fee offsets, as of the reporting date are included in Accounts Receivable or Due from Affiliates in the Condensed Consolidated Statements of Financial Condition. Incentive Fees Investment Income (Loss) In 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 certain 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 of debt instruments, including debt securities sold, not yet purchased and certain equity securities and derivative instruments valued using observable inputs. 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. 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 |
Investments, at Fair Value | Investments, at Fair Value Generally, 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 or other eligible election dates. 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 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.” Blackstone may elect to measure certain proprietary investments in equity securities without readily determinable fair values under the measurement alternative, which reflects cost less impairment, with adjustments in value resulting from observable price changes arising from orderly transactions of the same or a similar security from the same issuer. If the measurement alternative election is not made, the equity security is measured at fair value. The measurement alternative election is made on an instrument by instrument basis. The election is reassessed each reporting period to determine whether investments under the measurement alternative have readily determinable fair values, in which case they would no longer be eligible for this election. 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 Strategic Partners’ results presented in Blackstone’s financial statements are reported on a three month |
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 |
Redeemable Non-Controlling Interests in Consolidated Entities | Redeemable Non-Controlling Investors in certain consolidated funds may be granted redemption rights that allow for quarterly or monthly redemption, as outlined in the relevant fund governing documents. Such redemption rights may include limitations on the amounts that may be redeemed in a given period, may only allow for redemption following the expiration of a specified period of time, or may be withdrawn subject to a redemption fee during the period when capital may not be withdrawn. As a result, amounts relating to third party interests in such consolidated funds are presented as Redeemable 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 Non-Controlling |
Income Taxes | Income Taxes Provision of Income Taxes Income taxes are provided for using the asset and liability method under which deferred tax assets and liabilities are recognized for temporary Deferred Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities. These temporary differences result in taxable or deductible amounts in future years and are measured using the tax rates and laws that will be in effect when such differences are expected to reverse. Valuation allowances are established to reduce the deferred tax assets to the amount that is more likely than not to be realized. Deferred tax assets are separately stated, and deferred tax liabilities are included in Accounts Payable, Accrued Expenses, and Other Liabilities in the financial statements. Unrecognized Tax Benefits Blackstone recognizes tax positions in the condensed consolidated financial statements when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit what will more likely than not be realized on settlement. A liability is established for differences between positions taken in the return and amounts recognized in the condensed consolidated financial statements. |
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 “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”). 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, 2022 | |
Intangible Assets, Net | Intangible Assets, Net consists of the following: September 30, December 31, 2022 2021 Finite-Lived Intangible Assets/Contractual Rights $ 1,745,376 $ 1,745,376 Accumulated Amortization (1,513,280 ) (1,460,992 ) Intangible Assets, Net $ 232,096 $ 284,384 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments | Investments consist of the following: September 30, December 31, 2022 2021 Investments of Consolidated Blackstone Funds $ 3,828,497 $ 2,018,829 Equity Method Investments Partnership Investments 5,566,645 5,635,212 Accrued Performance Allocations 12,938,888 17,096,873 Corporate Treasury Investments 799,016 658,066 Other Investments 3,123,102 3,256,063 $ 26,256,148 $ 28,665,043 |
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, 2022 2021 2022 2021 Realized Gains $ 17,083 $ 37,697 $ 128,952 $ 99,692 Net Change in Unrealized Gains (Losses) (30,603 ) 86,303 (216,198 ) 259,259 Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds (13,520 ) 124,000 (87,246 ) 358,951 Interest and Dividend Revenue and Foreign Exchange Gains Attributable to Consolidated Blackstone Funds 14,698 8,312 34,974 20,830 Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities $ 1,178 $ 132,312 $ (52,272 ) $ 379,781 |
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, 2021 $ 8,471,754 $ 7,550,468 $ 456,405 $ 618,246 $ 17,096,873 Performance Allocations as a Result of Changes in Fund Fair Values 2,576,432 (544,705 ) 82,702 74,207 2,188,636 Foreign Exchange Loss (187,767 ) — — — (187,767 ) Impact of Consolidation 2,066 — — — 2,066 Fund Distributions (4,855,678 ) (1,095,032 ) (61,347 ) (148,863 ) (6,160,920 ) Accrued Performance Allocations, September 30, 2022 $ 6,006,807 $ 5,910,731 $ 477,760 $ 543,590 $ 12,938,888 |
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, 2022 2021 2022 2021 Realized Gains (Losses) $ (2,857 ) $ (359 ) $ (23,474 ) $ 5,526 Net Change in Unrealized Gains (Losses) (16,196 ) 3,196 (63,779 ) 42,648 $ (19,053 ) $ 2,837 $ (87,253 ) $ 48,174 |
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, 2022 2021 2022 2021 Realized Gains $ 83,269 $ 100,289 $ 200,610 $ 129,711 Net Change in Unrealized Gains (Losses) (970,654 ) (51,380 ) (1,121,924 ) 234,187 $ (887,385 ) $ 48,909 $ (921,314 ) $ 363,898 |
Net Asset Value as Fair Value (
Net Asset Value as Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 is presented below: Redemption Frequency Redemption Strategy (a) Fair Value (if currently eligible) Notice Period Equity $ 414,240 (b) (b) Real Estate 113,527 (c) (c) Credit Driven 26,790 (d) (d) Commodities 1,119 (e) (e) Diversified Instruments 17 (f) (f) $ 555,693 (a) As of September 30, 2022, Blackstone had no unfunded commitments. (b) The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Investments representing of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. Investments representing 52% of the fair value of the investments in this category are redeemable as of the reporting date. Investments representing less than 1% of the fair value of the investments in this category are in liquidation. As of the reporting date, the investee fund manager had elected to side of Blackstone’s investments in the category. (c) The Real Estate category includes investments in funds that primarily invest in real estate assets. Investments representing 100% of fair value of the investments in this category are redeemable as of the reporting date. (d) The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. Investments representing 84% of the fair value of the investments in this category are in liquidation. The remaining 16% of investments in this category may not be redeemed at, or within three months of, the reporting date. (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. (f) 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. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 December 31, 2021 Assets Liabilities Assets Liabilities Fair Fair Fair Fair Notional Value Notional Value Notional Value Notional Value Freestanding Derivatives Blackstone Interest Rate Contracts $ 768,540 $ 235,304 $ 613,000 $ 72,813 $ 609,132 $ 143,349 $ 692,442 $ 138,677 Foreign Currency Contracts 350,407 20,472 518,732 20,804 217,161 1,858 572,643 6,143 Total Return Swaps 31,665 1,092 — — — — — — Credit Default Swaps 2,007 396 9,463 1,487 2,007 194 9,916 1,055 1,152,619 257,264 1,141,195 95,104 828,300 145,401 1,275,001 145,875 Investments of Consolidated Blackstone Funds Foreign Currency Contracts 115,331 3,094 — — 20,764 339 54,300 370 Interest Rate Contracts 551,842 78,200 — — — — 14,000 764 Credit Default Swaps 132 23 3,545 615 3,401 321 22,865 799 667,305 81,317 3,545 615 24,165 660 91,165 1,933 $ 1,819,924 $ 338,581 $ 1,144,740 $ 95,719 $ 852,465 $ 146,061 $ 1,366,166 $ 147,808 |
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, 2022 2021 2022 2021 Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ 7,740 $ (4,181 ) $ 13,018 $ (2,883 ) Foreign Currency Contracts (2,206 ) (4,812 ) (6,981 ) (389 ) Credit Default Swaps (115 ) 10 13 (980 ) Total Return Swaps — 161 — (1,254 ) Other — — — (40 ) 5,419 (8,822 ) 6,050 (5,546 ) Net Change in Unrealized Gains (Losses) Interest Rate Contracts 113,623 27,025 221,300 72,210 Foreign Currency Contracts (22,626 ) 6,807 (25,232 ) 3,431 Credit Default Swaps 131 106 (289 ) 948 Total Return Swaps 526 — 526 2,130 Other — — — (20 ) 91,654 33,938 196,305 78,699 $ 97,073 $ 25,116 $ 202,355 $ 73,153 |
Fair Value Option (Tables)
Fair Value Option (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 2021 Assets Loans and Receivables $ 543,397 $ 392,732 Equity and Preferred Securities 1,551,593 516,539 Debt Securities 144,010 183,877 $ 2,239,000 $ 1,093,148 Liabilities Corporate Treasury Commitments $ 9,872 $ 636 |
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, 2022 2021 Net Change Net Change Realized in Unrealized Realized in Unrealized Gains (Losses) Gains (Losses) Gains (Losses) Gains (Losses) Assets Loans and Receivables $ (3,246 ) $ 1,050 $ (2,631 ) $ (509 ) Equity and Preferred Securities 3,719 (45,301 ) 989 2,914 Debt Securities (5,056 ) (4,418 ) 909 (2,303 ) $ (4,583 ) $ (48,669 ) $ (733 ) $ 102 Liabilities Corporate Treasury Commitments $ — $ (1,175 ) $ — $ 80 Nine Months Ended September 30, 2022 2021 Net Change Net Change Realized in Unrealized Realized in Unrealized Gains (Losses) Gains (Losses) Gains (Losses) Gains (Losses) Assets Loans and Receivables $ (6,663 ) $ (4,309 ) $ (10,527 ) $ 4,574 Equity and Preferred Securities 16,020 (58,239 ) 19,433 43,315 Debt Securities (9,423 ) (32,627 ) 10,879 (6,538 ) $ (66 ) $ (95,175 ) $ 19,785 $ 41,351 Liabilities Corporate Treasury Commitments $ — $ (9,236 ) $ — $ (113 ) |
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, 2022 December 31, 2021 For Financial Assets For Financial Assets Past Due Past Due (Deficiency) (Deficiency) (Deficiency) Excess of Fair Value Fair of Fair Value of Fair Value Fair of Fair Value Over Principal Value Over Principal Over Principal Value Over Principal Loans and Receivables $ (7,061 ) $ — $ — $ (2,748 ) $ — $ — Debt Securities (63,609 ) 1,830 (244 ) (29,475 ) — — $ (70,670 ) $ 1,830 $ (244 ) $ (32,223 ) $ — $ — |
Fair Value Measurements of Fi_2
Fair Value Measurements of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents $ 296,066 $ — $ — $ — $ 296,066 Investments Investments of Consolidated Blackstone Funds Equity Securities, Partnerships and LLC Interests (a) 44,358 113,964 2,670,684 550,304 3,379,310 Debt Instruments 936 214,839 152,095 — 367,870 Freestanding Derivatives — 81,317 — — 81,317 Total Investments of Consolidated Blackstone Funds 45,294 410,120 2,822,779 550,304 3,828,497 Corporate Treasury Investments 113,924 680,925 4,167 — 799,016 Other Investments (b) 1,460,605 1,272,568 35,028 5,389 2,773,590 Total Investments 1,619,823 2,363,613 2,861,974 555,693 7,401,103 Accounts Receivable - Loans and Receivables — — 543,397 — 543,397 Other Assets - Freestanding Derivatives 2,084 254,088 1,092 — 257,264 $ 1,917,973 $ 2,617,701 $ 3,406,463 $ 555,693 $ 8,497,830 Liabilities Securities Sold, Not Yet Purchased $ 3,812 $ 22,971 $ — $ — $ 26,783 Accounts Payable, Accrued Expenses and Other Liabilities Consolidated Blackstone Funds - Freestanding Derivatives — 615 — — 615 Freestanding Derivatives 260 94,844 — — 95,104 Corporate Treasury Commitments (c) — — 9,872 — 9,872 Total Accounts Payable, Accrued Expenses and Other Liabilities 260 95,459 9,872 — 105,591 $ 4,072 $ 118,430 $ 9,872 $ — $ 132,374 December 31, 2021 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents $ 173,408 $ — $ — $ — $ 173,408 Investments Investments of Consolidated Blackstone Funds Equity Securities, Partnerships and LLC Interests (a) 70,484 122,068 1,170,362 382,267 1,745,181 Debt Instruments 642 242,393 29,953 — 272,988 Freestanding Derivatives — 660 — — 660 Total Investments of Consolidated Blackstone Funds 71,126 365,121 1,200,315 382,267 2,018,829 Corporate Treasury Investments 86,877 570,712 477 — 658,066 Other Investments (b) 478,892 210,752 2,518,032 4,845 3,212,521 Total Investments 636,895 1,146,585 3,718,824 387,112 5,889,416 Accounts Receivable - Loans and Receivables — — 392,732 — 392,732 Other Assets - Freestanding Derivatives 113 145,288 — — 145,401 $ 810,416 $ 1,291,873 $ 4,111,556 $ 387,112 $ 6,600,957 Liabilities Securities Sold, Not Yet Purchased $ 4,292 $ 23,557 $ — $ — $ 27,849 Accounts Payable, Accrued Expenses and Other Liabilities Consolidated Blackstone Funds - Freestanding Derivatives — 1,933 — — 1,933 Freestanding Derivatives 323 145,552 — — 145,875 Corporate Treasury Commitments (c) — — 636 — 636 Total Accounts Payable, Accrued Expenses and Other Liabilities 323 147,485 636 — 148,444 $ 4,615 $ 171,042 $ 636 $ — $ 176,293 LLC Limited Liability Company. (a) Equity Securities, Partnership and LLC Interest includes investments in investment funds. Prior period amounts have been reclassified to this presentation. (b) Other Investments includes Blackstone’s ownership of common stock of (c) 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, 2022: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Impact to Financial Assets Investments of Consolidated Equity Securities, Partnership and LLC Interests $ 2,670,684 Discounted Cash Flows Discount Rate 4.1 % - 37.9 % 8.6 % Lower Exit Multiple - EBITDA 4.0 x - 31.4 x 15.1 x Higher Exit Capitalization Rate 2.8 % - 14.5 % 4.5 % Lower Debt Instruments 152,095 Third Party Pricing n/a Transaction Price n/a Total Investments of Consolidated Blackstone Funds 2,822,779 Corporate Treasury Investments 4,167 Third Party Pricing n/a Loans and Receivables 543,397 Discounted Cash Flows Discount Rate 6.6 % - 11.6 % 9.6 % Lower Other Investments (b) 36,120 Third Party Pricing n/a Transaction Price n/a $ 3,406,463 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, 2021: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Impact to Financial Assets Investments of Consolidated Blackstone Funds Equity Securities, Partnership and LLC Interests $ 1,170,362 Discounted Cash Flows Discount Rate 1.3% - 43.3% 10.4% Lower Exit Multiple - EBITDA 3.7x - 31.4x 14.7x Higher Exit Capitalization Rate 1.3% - 17.3% 4.9% Lower Debt Instruments 29,953 Discounted Cash Flows Discount Rate 6.5% - 19.3% 9.0% Lower Third Party Pricing n/a Total Investments of Consolidated Blackstone Funds 1,200,315 Corporate Treasury Investments 477 Discounted Cash Flows Discount Rate 9.4% n/a Lower Third Party Pricing n/a Loans and Receivables 392,732 Discounted Cash Flows Discount Rate 6.5% - 12.2% 7.6% Lower Other Investments 2,518,032 Third Party Pricing n/a Transaction Price n/a $ 4,111,556 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. (b) As of September 30, 2022, Other Investments includes Level III Freestanding Derivatives. |
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, 2022 2021 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 $ 2,791,812 $ 534,105 $ 38,603 $ 3,364,520 $ 982,984 $ 223,796 $ 73,475 $ 1,280,255 Transfer In Due to Consolidation and Acquisition — — — — — — — — Transfer Into Level III (b) 2,466 — 1,610 4,076 — — 8,018 8,018 Transfer Out of Level III (b) (6,293 ) — (4,043 ) (10,336 ) (18,239 ) — (14,400 ) (32,639 ) Purchases 195,133 229,502 1,124 425,759 85,581 326,937 191,610 604,128 Sales (2,280 ) (217,173 ) (51 ) (219,504 ) (56,063 ) (333,041 ) (13,250 ) (402,354 ) Issuances — 6,437 — 6,437 — 24,138 — 24,138 Settlements — (12,688 ) 566 (12,122 ) — (1,093 ) — (1,093 ) Changes in Gains (Losses) Included in Earnings (158,059 ) 3,214 1,577 (153,268 ) 104,691 (971 ) 1,950 105,670 Balance, End of Period $ 2,822,779 $ 543,397 $ 39,386 $ 3,405,562 $ 1,098,954 $ 239,766 $ 247,403 $ 1,586,123 Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ (53,588 ) $ (3,010 ) $ 1,591 $ (55,007 ) $ 96,160 $ (3,732 ) $ 1,940 $ 94,368 Level III Financial Assets at Fair Value Nine Months Ended September 30, 2022 2021 Investments Investments of Loans Other of Loans Other Consolidated and Investments Consolidated and Investments Funds Receivables (a) Total Funds Receivables (a) Total Balance, Beginning of Period $ 1,200,315 $ 392,732 $ 43,987 $ 1,637,034 $ 858,310 $ 581,079 $ 46,158 $ 1,485,547 Transfer In Due to Consolidation and Acquisition 1,535,171 — — 1,535,171 — — — — Transfer Into Level III (b) 2,518 — 2,517 5,035 302 — 8,018 8,320 Transfer Out of Level III (b) (111,824 ) — (4,043 ) (115,867 ) (105,547 ) — (14,400 ) (119,947 ) Purchases 522,941 674,286 8,622 1,205,849 265,947 683,700 225,070 1,174,717 Sales (169,710 ) (522,198 ) (2,864 ) (694,772 ) (178,397 ) (1,034,253 ) (19,414 ) (1,232,064 ) Issuances — 30,336 — 30,336 — 43,478 — 43,478 Settlements (c) — (34,706 ) 566 (34,140 ) — (46,649 ) — (46,649 ) Changes in Gains (Losses) Included in Earnings (156,632 ) 2,947 (9,399 ) (163,084 ) 258,339 12,411 1,971 272,721 Balance, End of Period $ 2,822,779 $ 543,397 $ 39,386 $ 3,405,562 $ 1,098,954 $ 239,766 $ 247,403 $ 1,586,123 Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ (41,596 ) $ (10,940 ) $ (9,476 ) $ (62,012 ) $ 222,541 $ (6,842 ) $ 1,919 $ 217,618 (a) Represents freestanding derivatives, 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. (c) For Freestanding Derivatives included within Other Investments, Settlements includes all ongoing contractual cash payments made or received over the life of the instrument. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Maximum Exposure to Loss Relating to Non-Consolidated VIEs | Blackstone’s maximum exposure to loss relating to non-consolidated September 30, December 31, 2022 2021 Investments $ 3,290,254 $ 3,337,757 Due from Affiliates 374,215 179,939 Potential Clawback Obligation 53,776 44,327 Maximum Exposure to Loss $ 3,718,245 $ 3,562,023 Amounts Due to Non-Consolidated $ 107 $ 105 |
Repurchase Agreements (Tables)
Repurchase Agreements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 Remaining Contractual Maturity of the Agreements Overnight Greater and Up to 30 - 90 than Continuous 30 Days Days 90 days Total Repurchase Agreements Loans $ — $ 170,879 $ 142,259 $ — $ 313,138 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 313,138 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ — December 31, 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 $ — $ 15,980 $ — $ — $ 15,980 Loans — — 42,000 — 42,000 $ — $ 15,980 $ 42,000 $ — $ 57,980 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 57,980 Amounts Related to Agreements Not $ — |
Offsetting of Assets And Liab_2
Offsetting of Assets And Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Offsetting of Assets | The following tables present the offsetting of assets and liabilities as of September 30, 2022 and December 31, 2021: September 30, 2022 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 $ 338,336 $ 153,019 $ 163,357 $ 21,960 December 31, 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 $ 146,061 $ 137,265 $ 41 $ 8,755 |
Offsetting of Liabilities | September 30, 2022 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 $ 95,719 $ 78,779 $ 2,082 $ 14,858 Repurchase Agreements 313,138 313,138 — — $ 408,857 $ 391,917 $ 2,082 $ 14,858 December 31, 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 $ 147,666 $ 118,552 $ 1,347 $ 27,767 Repurchase Agreements 57,980 57,980 — — $ 205,646 $ 176,532 $ 1,347 $ 27,767 (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 | Repurchase Agreements are presented separately in 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, 2022 2021 Furniture, Equipment and Leasehold Improvements, Net $ 387,066 $ 244,608 Prepaid Expenses 123,646 92,359 Freestanding Derivatives 257,264 145,401 Other 17,818 10,568 $ 785,794 $ 492,936 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Carrying Value and Fair Value of Blackstone Issued Notes | The following table presents the general characteristics of each of Blackstone’s notes as of September 30, 2022 and December 31, 2021, as well as their carrying value and fair value. The notes are included in Loans Payable within the Condensed Consolidated Statements of Financial Condition. Each of the notes were issued at a discount, accrue interest from the issue date thereof, and pay interest in arrears on a semi-annual basis or annual basis. September 30, 2022 December 31, 2021 Carrying Fair Carrying Fair Senior Notes Value Value (a) Value Value (a) 4.750%, Due 2/15/2023 $ 399,518 $ 400,004 $ 398,581 $ 415,880 2.000%, Due 5/19/2025 297,850 284,103 338,275 362,078 1.000%, Due 10/5/2026 588,643 527,555 675,867 700,892 3.150%, Due 10/2/2027 298,009 269,586 297,738 317,610 1.625%, Due 8/5/2028 644,221 526,682 643,251 629,265 1.500%, Due 4/10/2029 591,300 498,802 678,085 720,062 2.500%, Due 1/10/2030 492,367 408,570 491,662 507,350 1.600%, Due 3/30/2031 495,877 368,685 495,541 467,750 2.000%, Due 1/30/2032 787,785 592,639 786,690 767,920 2.550%, Due 3/30/2032 495,093 393,590 — — 3.500%, Due 6/1/2034 461,319 429,450 — — 6.250%, Due 8/15/2042 239,109 251,298 238,914 361,775 5.000%, Due 6/15/2044 489,638 446,945 489,446 648,500 4.450%, Due 7/15/2045 344,514 289,174 344,412 426,195 4.000%, Due 10/2/2047 290,883 235,596 290,730 347,370 3.500%, Due 9/10/2049 392,216 286,052 392,089 431,240 2.800%, Due 9/30/2050 393,923 240,148 393,818 382,880 2.850%, Due 8/5/2051 543,123 334,945 542,963 531,355 3.200%, Due 1/30/2052 987,065 647,630 — — $ 9,232,453 $ 7,431,454 $ 7,498,062 $ 8,018,122 (a) Effective September 30, 2022, fair value is determined by third party pricing services. Prior to this date, fair value was determined by broker quote and under both techniques, 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, 2022 were as follows: Operating Blackstone Fund Total Borrowings Facilities Borrowings 2022 $ — $ — $ — 2023 400,000 — 400,000 2024 — — — 2025 294,060 30,627 324,687 2026 588,120 — 588,120 Thereafter 8,078,220 — 8,078,220 $ 9,360,400 $ 30,627 $ 9,391,027 |
Earnings Per Share and Stockh_2
Earnings Per Share and Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 and 2021 was calculated as follows: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Net Income for Per Share of Common Stock Calculations Net Income Attributable to Blackstone Inc., Basic and Diluted $ 2,296 $ 1,401,895 $ 1,189,777 $ 4,458,919 Shares/Units Outstanding Weighted-Average Shares of Common Stock Outstanding, Basic 742,345,646 722,229,117 739,963,370 717,516,302 Weighted-Average Shares of Unvested Deferred Restricted Common Stock 149,886 203,982 308,877 402,113 Weighted-Average Shares of Common Stock Outstanding, Diluted 742,495,532 722,433,099 740,272,247 717,918,415 Net Income Per Share of Common Stock Basic $ — $ 1.94 $ 1.61 $ 6.21 Diluted $ — $ 1.94 $ 1.61 $ 6.21 Dividends Declared Per Share of Common Stock (a) $ 1.27 $ 0.70 $ 4.04 $ 2.48 (a) Dividends declared reflects the calendar date of the declaration for each distribution. |
Summary of Anti-Dilutive Securities | The following table summarizes the anti-dilutive securities for the three and nine months ended September 30, 2022 and 2021: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Weighted-Average Blackstone Holdings Partnership Units 465,522,745 484,991,263 466,703,389 488,880,363 |
Schedule of Shares Eligible For Dividends and Distribution | As of September 30, 2022, the total shares of common stock and Blackstone Holdings Partnership Units entitled distributions Shares/Units Common Stock Outstanding (a) 708,995,155 Unvested Participating Common Stock 32,557,230 Total Participating Common Stock 741,552,385 Participating Blackstone Holdings Partnership Units 464,951,386 1,206,503,771 (a) Common Stock Outstanding differs from the Condensed Consolidated Statement of Financial Condition due to effect of share repurchases that were initiated before September 30, 2022, but were not retired until after September 30, 2022. |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 and of changes during the period January 1, 2022 through September 30, 2022 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, 2021 17,344,328 $ 37.37 26,537,813 $ 58.34 73,581 $ 137.65 Granted — — 11,465,069 126.99 28,130 125.93 Vested (4,784,333 ) 36.35 (5,973,900 ) 61.10 (4,111 ) 62.72 Forfeited (116,197 ) 38.24 (808,862 ) 75.67 (46,412 ) 130.22 Balance, September 30, 2022 12,443,798 $ 37.71 31,220,120 $ 82.66 51,188 $ 94.15 |
Unvested Shares and Units, After Expected Forfeitures | The following unvested shares and units, after expected forfeitures, as of September 30, 2022, are expected to vest: Weighted- Average Service Period Shares/Units in Years Blackstone Holdings Partnership Units 11,968,951 1.4 Deferred Restricted Shares of Common Stock 27,060,245 3.2 Total Equity-Based Awards 39,029,196 2.7 Phantom Shares 41,021 3.2 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Due from Affiliates and Due to Affiliates | Due from Affiliates and Due to Affiliates consisted of the following: September 30, December 31, 2022 2021 Due from Affiliates Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated $ 3,160,945 $ 3,519,945 Due from Certain Non-Controlling 824,535 1,099,899 Accrual for Potential Clawback of Previously Distributed Performance Allocations 44,010 37,023 $ 4,029,490 $ 4,656,867 September 30, December 31, 2022 2021 Due to Affiliates Due to Certain Non-Controlling $ 1,600,749 $ 1,558,393 Due to Non-Consolidated 166,191 181,341 Due to Certain Non-Controlling 191,135 77,664 Accrual for Potential Repayment of Previously Received Performance Allocations 102,816 88,700 $ 2,060,891 $ 1,906,098 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Clawback Obligations by Segment | The following table presents the clawback obligations by segment: September 30, 2022 December 31, 2021 Current and Current and Blackstone Former Blackstone Former Segment Holdings Personnel (a) Total (b) Holdings Personnel (a) Total (b) Real Estate $ 32,831 $ 19,106 $ 51,937 $ 34,080 $ 20,186 $ 54,266 Private Equity 13,401 10,142 23,543 5,158 2,196 7,354 Credit & Insurance 12,605 14,731 27,336 12,439 14,641 27,080 $ 58,837 $ 43,979 $ 102,816 $ 51,677 $ 37,023 $ 88,700 (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, 2022 | |
Financial Data of Segments | The following tables present the financial data for Blackstone’s four segments for the three months ended Three Months Ended September 30, 2022 Real Private Hedge Fund Credit & Total Estate Equity Solutions Insurance Segments Management and Advisory Fees, Net Base Management Fees $ 610,606 $ 466,474 $ 138,818 $ 312,663 $ 1,528,561 Transaction, Advisory and Other Fees, Net 54,342 24,313 581 10,629 89,865 Management Fee Offsets (1,842 ) (3,634 ) (57 ) (1,323 ) (6,856 ) Total Management and Advisory Fees, Net 663,106 487,153 139,342 321,969 1,611,570 Fee Related Performance Revenues 260,003 — — 112,128 372,131 Fee Related Compensation (239,572 ) (142,381 ) (40,895 ) (135,420 ) (558,268 ) Other Operating Expenses (74,701 ) (76,138 ) (26,599 ) (68,696 ) (246,134 ) Fee Related Earnings 608,836 268,634 71,848 229,981 1,179,299 Realized Performance Revenues 142,794 309,326 4,430 12,459 469,009 Realized Performance Compensation (33,464 ) (164,531 ) (3,237 ) (4,992 ) (206,224 ) Realized Principal Investment Income 45,297 38,015 9,460 46,993 139,765 Total Net Realizations 154,627 182,810 10,653 54,460 402,550 Total Segment Distributable Earnings $ 763,463 $ 451,444 $ 82,501 $ 284,441 $ 1,581,849 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 The following tables present the financial data for Blackstone’s four segments as of September 30, 2022 and for the nine months ended September 30, 2022 and 2021: September 30, 2022 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 $ 1,802,543 $ 1,321,405 $ 428,941 $ 911,697 $ 4,464,586 Transaction, Advisory and Other Fees, Net 141,801 64,522 5,500 27,143 238,966 Management Fee Offsets (3,491 ) (53,933 ) (166 ) (4,107 ) (61,697 ) Total Management and Advisory Fees, Net 1,940,853 1,331,994 434,275 934,733 4,641,855 Fee Related Performance Revenues 1,017,027 (648 ) — 260,410 1,276,789 Fee Related Compensation (858,307 ) (446,053 ) (145,993 ) (399,799 ) (1,850,152 ) Other Operating Expenses (229,033 ) (227,115 ) (75,849 ) (189,745 ) (721,742 ) Fee Related Earnings 1,870,540 658,178 212,433 605,599 3,346,750 Realized Performance Revenues 2,943,430 882,448 40,540 122,175 3,988,593 Realized Performance Compensation (1,154,897 ) (428,614 ) (14,320 ) (54,487 ) (1,652,318 ) Realized Principal Investment Income 128,388 112,357 22,831 76,793 340,369 Total Net Realizations 1,916,921 566,191 49,051 144,481 2,676,644 Total Segment Distributable Earnings $ 3,787,461 $ 1,224,369 $ 261,484 $ 750,080 $ 6,023,394 Segment Assets $ 14,156,922 $ 14,185,968 $ 2,709,389 $ 6,147,667 $ 37,199,946 Nine Months Ended September 30, 2021 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 |
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, 2022 and 2021 along with Total Assets as of September 30, 2022: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Revenues Total GAAP Revenues $ 1,058,114 $ 6,224,265 $ 6,813,614 $ 16,814,491 Less: Unrealized Performance Revenues (a) 771,637 (2,724,366 ) 2,946,255 (7,886,033 ) Less: Unrealized Principal Investment Loss (b) 996,105 2,343 1,172,635 (526,249 ) Less: Interest and Dividend Revenue (c) (57,462 ) (35,535 ) (178,090 ) (99,878 ) Less: Other Revenue (d) (198,546 ) (64,109 ) (427,069 ) (152,252 ) Impact of Consolidation (e) 23,373 (398,786 ) (79,124 ) (980,178 ) Transaction-Related Charges (f) (1,264 ) 36,797 (2,714 ) 33,186 Intersegment Eliminations 518 1,266 2,099 3,341 Total Segment Revenue (g) $ 2,592,475 $ 3,041,875 $ 10,247,606 $ 7,206,428 Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Expenses Total GAAP Expenses $ 961,361 $ 2,654,359 $ 3,902,496 $ 6,978,136 Less: Unrealized Performance Allocations Compensation (h) 359,590 (1,193,853 ) 1,273,849 (3,394,041 ) Less: Equity-Based Compensation (i) (190,197 ) (129,254 ) (587,386 ) (394,948 ) Less: Interest Expense (j) (80,312 ) (51,773 ) (216,339 ) (140,245 ) Impact of Consolidation (e) (14,125 ) (5,320 ) (33,325 ) (17,067 ) Amortization of Intangibles (k) (13,238 ) (17,044 ) (47,326 ) (51,212 ) Transaction-Related Charges (f) (10,511 ) (22,396 ) (62,435 ) (89,428 ) Administrative Fee Adjustment (l) (2,460 ) (2,488 ) (7,421 ) (7,747 ) Intersegment Eliminations 518 1,266 2,099 3,341 Total Segment Expenses (m) $ 1,010,626 $ 1,233,497 $ 4,224,212 $ 2,886,789 Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Other Income Total GAAP Other Income $ 1,178 $ 94,991 $ (51,524 ) $ 344,978 Impact of Consolidation (e) (1,178 ) (94,991 ) 51,524 (344,978 ) Total Segment Other Income $ — $ — $ — $ — Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Income Before Provision for Taxes Total GAAP Income Before Provision for Taxes $ 97,931 $ 3,664,897 $ 2,859,594 $ 10,181,333 Less: Unrealized Performance Revenues (a) 771,637 (2,724,366 ) 2,946,255 (7,886,033 ) Less: Unrealized Principal Investment Loss (b) 996,105 2,343 1,172,635 (526,249 ) Less: Interest and Dividend Revenue (c) (57,462 ) (35,535 ) (178,090 ) (99,878 ) Less: Other Revenue (d) (198,546 ) (64,109 ) (427,069 ) (152,252 ) Plus: Unrealized Performance Allocations Compensation (h) (359,590 ) 1,193,853 (1,273,849 ) 3,394,041 Plus: Equity-Based Compensation (i) 190,197 129,254 587,386 394,948 Plus: Interest Expense (j) 80,312 51,773 216,339 140,245 Impact of Consolidation (e) 36,320 (488,457 ) 5,725 (1,308,089 ) Amortization of Intangibles (k) 13,238 17,044 47,326 51,212 Transaction-Related Charges (f) 9,247 59,193 59,721 122,614 Administrative Fee Adjustment (l) 2,460 2,488 7,421 7,747 Total Segment Distributable Earnings $ 1,581,849 $ 1,808,378 $ 6,023,394 $ 4,319,639 As of September 30, 2022 Total Assets Total GAAP Assets $ 40,259,321 Impact of Consolidation (e) (3,059,375 ) Total Segment Assets $ 37,199,946 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, 2022 and 2021, Other Revenue on a GAAP basis was $199.4 million and $64.2 million, and included $198.4 million and $63.5 million of foreign exchange gains, respectively. For the nine months ended September 30, 2022 and 2021, Other Revenue on a GAAP basis was $427.8 million and $152.4 million, and included $426.7 million and $150.4 million of foreign exchange gains, 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 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. (g) Total Segment Revenues is comprised of the following: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Total Segment Management and Advisory Fees, Net $ 1,611,570 $ 1,320,075 $ 4,641,855 $ 3,711,022 Total Segment Fee Related Performance Revenues 372,131 73,313 1,276,789 291,370 Total Segment Realized Performance Revenues 469,009 1,497,477 3,988,593 2,691,738 Total Segment Realized Principal Investment Income 139,765 151,010 340,369 512,298 Total Segment Revenues $ 2,592,475 $ 3,041,875 $ 10,247,606 $ 7,206,428 (h) This adjustment removes Unrealized Performance Allocations Compensation. (i) This adjustment removes Equity-Based Compensation on a segment basis. (j) This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement. (k) This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation. (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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Total Segment Fee Related Compensation $ 558,268 $ 419,481 $ 1,850,152 $ 1,239,976 Total Segment Realized Performance Compensation 206,224 619,074 1,652,318 1,108,269 Total Segment Other Operating Expenses 246,134 194,942 721,742 538,544 Total Segment Expenses $ 1,010,626 $ 1,233,497 $ 4,224,212 $ 2,886,789 |
Reconciliation of Total Segments to Reported on the Consolidated Statements of Operations | The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported on the Condensed Consolidated Statement s Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Management and Advisory Fees, Net GAAP $ 1,617,754 $ 1,320,795 $ 4,654,877 $ 3,711,159 Segment Adjustment (a) (6,184 ) (720 ) (13,022 ) (137 ) Total Segment $ 1,611,570 $ 1,320,075 $ 4,641,855 $ 3,711,022 Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues GAAP Incentive Fees $ 110,776 $ 48,206 $ 314,863 $ 117,537 Investment Income - Realized Performance Allo c 725,888 1,522,495 4,946,043 2,865,482 GAAP 836,664 1,570,701 5,260,906 2,983,019 Total Segment Less: Realized Performance Revenues (469,009 ) (1,497,477 ) (3,988,593 ) (2,691,738 ) Segment Adjustment 4,476 89 4,476 89 Total Segment $ 372,131 $ 73,313 $ 1,276,789 $ 291,370 Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 GAAP Compensation to Total Segment Fee Related Compensation GAAP Compensation 600,273 536,199 1,942,790 1,585,941 Incentive Fee Compensation 50,355 21,007 136,737 48,763 Realized Performance Allocations Compensation 313,930 631,632 2,067,447 1,192,082 GAAP 964,558 1,188,838 4,146,974 2,826,786 Total Segment Less: Realized Performance Compensation (206,224 ) (619,074 ) (1,652,318 ) (1,108,269 ) Less: Equity-Based Compensation - Fee Related Compensation (187,873 ) (127,442 ) (580,029 ) (388,607 ) Less: Equity-Based Compensation - Performance Compensation (2,324 ) (1,812 ) (7,357 ) (6,341 ) Segment Adjustment (b) (9,869 ) (21,029 ) (57,118 ) (83,593 ) Total Segment 558,268 419,481 1,850,152 1,239,976 Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 GAAP General, Administrative and Other to Total Segment Other Operating Expenses GAAP 270,369 217,995 800,331 608,174 Segment Adjustment (c) (24,235 ) (23,053 ) (78,589 ) (69,630 ) Total Segment 246,134 194,942 721,742 538,544 Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Realized Performance Revenues GAAP Incentive Fees 110,776 48,206 314,863 117,537 Investment Income - Realized Performance Allocations 725,888 1,522,495 4,946,043 2,865,482 GAAP 836,664 1,570,701 5,260,906 2,983,019 Total Segment Less: Fee Related Performance Revenu e (372,131 ) (73,313 ) (1,276,789 ) (291,370 ) Segment Adjustme n 4,476 89 4,476 89 Total Segment 469,009 1,497,477 3,988,593 2,691,738 Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Realized Performance Compensation GAAP Incentive Fee Compensation 50,355 21,007 136,737 48,763 Realized Performance Allocation Compensation 313,930 631,632 2,067,447 1,192,082 GAAP 364,285 652,639 2,204,184 1,240,845 Total Segment Less: Fee Related Performance Compensation (d) (155,737 ) (31,753 ) (544,509 ) (126,235 ) Less: Equity-Based Compensation - Performance Compensation (2,324 ) (1,812 ) (7,357 ) (6,341 ) Total Segment 206,224 619,074 1,652,318 1,108,269 Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Realized Principal Investment Income GAAP 193,228 325,414 743,493 832,512 Segment Adjustment (e) (53,463 ) (174,404 ) (403,124 ) (320,214 ) Total Segment 139,765 151,010 340,369 512,298 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 removal of Transaction-Related Charges that are not recorded in the Total Segment measures. (c) Represents the (1) removal of amortization of transaction-related intangibles, (2) removal of 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, and (3) 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. (d) Fee related performance compensation may include equity-based compensation based on fee related performance revenues. (e) Represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling |
Organization - Additional Infor
Organization - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 Segment | Sep. 30, 2021 Segment | Sep. 30, 2022 Segment Person | |
Organization [Line Items] | |||
Number of business segments | Segment | 4 | 4 | 4 |
Number of Blackstone founders managing the Partnership | Person | 1 |
Intangible Assets, Net (Detail)
Intangible Assets, Net (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets/Contractual Rights | $ 1,745,376 | $ 1,745,376 |
Accumulated Amortization | (1,513,280) | (1,460,992) |
Intangible Assets, Net | $ 232,096 | $ 284,384 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Goodwill and Intangible Assets [Line Items] | ||||
Amortization Expense | $ 14,900 | $ 18,700 | $ 52,288 | $ 56,174 |
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 | ||
Expected amortization of intangibles, 2026 | $ 30,400 | $ 30,400 | ||
Intangible assets expected to amortize over a weighted-average period | 7 years 2 months 12 days |
Investments (Detail)
Investments (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Investments [Line Items] | ||
Investments | $ 26,256,148 | $ 28,665,043 |
Partnership Investments | ||
Schedule of Investments [Line Items] | ||
Investments | 5,566,645 | 5,635,212 |
Accrued Performance Allocations | ||
Schedule of Investments [Line Items] | ||
Investments | 12,938,888 | 17,096,873 |
Other Investments | ||
Schedule of Investments [Line Items] | ||
Investments | 3,123,102 | 3,256,063 |
Consolidated Blackstone Funds | ||
Schedule of Investments [Line Items] | ||
Investments | 3,828,497 | 2,018,829 |
Corporate Treasury Investments | ||
Schedule of Investments [Line Items] | ||
Investments | $ 799,016 | $ 658,066 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Schedule of Investments [Line Items] | |||||
Investments | $ 26,256,148 | $ 26,256,148 | $ 28,665,043 | ||
Recognized net gains (losses) related to equity method investments | 19,800 | $ 469,000 | 217,400 | $ 1,600,000 | |
Equity investments, carrying value | 362,700 | $ 362,700 | |||
Investment Maturity terms | five years | ||||
Consolidated Blackstone Funds | Blackstone | |||||
Schedule of Investments [Line Items] | |||||
Investments | $ 444,500 | $ 444,500 | $ 375,800 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Gain (Loss) on Securities [Line Items] | ||||
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds | $ (922,218) | $ 4,756,029 | $ 1,247,055 | $ 12,735,931 |
Interest and Dividend Revenue and Foreign Exchange Gains Attributable to Consolidated Blackstone Funds | 52,420 | 35,048 | 168,980 | 97,477 |
Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities | 1,178 | 132,312 | (52,272) | 379,781 |
Consolidated Blackstone Funds | ||||
Gain (Loss) on Securities [Line Items] | ||||
Realized Gains | 17,083 | 37,697 | 128,952 | 99,692 |
Net Change in Unrealized Gains (Losses) | (30,603) | 86,303 | (216,198) | 259,259 |
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds | (13,520) | 124,000 | (87,246) | 358,951 |
Interest and Dividend Revenue and Foreign Exchange Gains Attributable to Consolidated Blackstone Funds | 14,698 | 8,312 | 34,974 | 20,830 |
Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities | $ 1,178 | $ 132,312 | $ (52,272) | $ 379,781 |
Performance Fees Allocated to F
Performance Fees Allocated to Funds (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Schedule of Performance Fees and Allocations to the General Partner [Line Items] | |
Beginning Balance | $ 28,665,043 |
Ending Balance | 26,256,148 |
Performance Fees | |
Schedule of Performance Fees and Allocations to the General Partner [Line Items] | |
Beginning Balance | 17,096,873 |
Performance Allocations as a Result of Changes in Fund Fair Values | 2,188,636 |
Foreign Exchange Loss | (187,767) |
Impact of Consolidation | 2,066 |
Fund Distributions | (6,160,920) |
Ending Balance | 12,938,888 |
Real Estate Segment | Performance Fees | |
Schedule of Performance Fees and Allocations to the General Partner [Line Items] | |
Beginning Balance | 8,471,754 |
Performance Allocations as a Result of Changes in Fund Fair Values | 2,576,432 |
Foreign Exchange Loss | (187,767) |
Impact of Consolidation | 2,066 |
Fund Distributions | (4,855,678) |
Ending Balance | 6,006,807 |
Private Equity Segment | Performance Fees | |
Schedule of Performance Fees and Allocations to the General Partner [Line Items] | |
Beginning Balance | 7,550,468 |
Performance Allocations as a Result of Changes in Fund Fair Values | (544,705) |
Fund Distributions | (1,095,032) |
Ending Balance | 5,910,731 |
Hedge Fund Solutions Segment | Performance Fees | |
Schedule of Performance Fees and Allocations to the General Partner [Line Items] | |
Beginning Balance | 456,405 |
Performance Allocations as a Result of Changes in Fund Fair Values | 82,702 |
Fund Distributions | (61,347) |
Ending Balance | 477,760 |
Credit & Insurance Segment | Performance Fees | |
Schedule of Performance Fees and Allocations to the General Partner [Line Items] | |
Beginning Balance | 618,246 |
Performance Allocations as a Result of Changes in Fund Fair Values | 74,207 |
Fund Distributions | (148,863) |
Ending Balance | $ 543,590 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Gain (Loss) on Securities [Line Items] | ||||
Total realized and net change in unrealized gains (losses) | $ (922,218) | $ 4,756,029 | $ 1,247,055 | $ 12,735,931 |
Corporate Treasury Investments | ||||
Gain (Loss) on Securities [Line Items] | ||||
Realized Gains (Losses) | (2,857) | (359) | (23,474) | 5,526 |
Net Change in Unrealized Gains (Losses) | (16,196) | 3,196 | (63,779) | 42,648 |
Total realized and net change in unrealized gains (losses) | $ (19,053) | $ 2,837 | $ (87,253) | $ 48,174 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Gain (Loss) on Securities [Line Items] | ||||
Total Investment Income (Loss) | $ (922,218) | $ 4,756,029 | $ 1,247,055 | $ 12,735,931 |
Other Investments | ||||
Gain (Loss) on Securities [Line Items] | ||||
Realized Gains | 83,269 | 100,289 | 200,610 | 129,711 |
Net Change in Unrealized Gains (Losses) | (970,654) | (51,380) | (1,121,924) | 234,187 |
Total Investment Income (Loss) | $ (887,385) | $ 48,909 | $ (921,314) | $ 363,898 |
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, 2022 USD ($) |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair Value | $ 555,693 |
Equity | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair Value | 414,240 |
Real Estate | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair Value | 113,527 |
Credit Driven | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair Value | 26,790 |
Commodities | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair Value | 1,119 |
Diversified Instruments | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair Value | $ 17 |
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, 2022 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Percentage of investments redeemable as of reporting date | 52% |
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% |
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 | 84% |
Percentage of investments redeemable as of reporting date | 16% |
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 | 48% |
Investee funds categorized as non redeemable, percentage | 1% |
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% |
Real Estate | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Percentage of investments redeemable as of reporting date | 100% |
Summary of Aggregate Notional A
Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Notional | $ 1,819,924 | $ 852,465 |
Derivative Liabilities, Notional | 1,144,740 | 1,366,166 |
Derivative Assets, Fair Value | 338,581 | 146,061 |
Derivative Liabilities, Fair Value | 95,719 | 147,808 |
Freestanding Derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Notional | 667,305 | 24,165 |
Derivative Liabilities, Notional | 3,545 | 91,165 |
Derivative Assets, Fair Value | 81,317 | 660 |
Derivative Liabilities, Fair Value | 615 | 1,933 |
Freestanding Derivatives | Blackstone | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Notional | 1,152,619 | 828,300 |
Derivative Liabilities, Notional | 1,141,195 | 1,275,001 |
Derivative Assets, Fair Value | 257,264 | 145,401 |
Derivative Liabilities, Fair Value | 95,104 | 145,875 |
Freestanding Derivatives | Blackstone | Total Return Swaps | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Notional | 31,665 | |
Derivative Assets, Fair Value | 1,092 | |
Freestanding Derivatives | Blackstone | Credit Default Swap | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Notional | 2,007 | 2,007 |
Derivative Liabilities, Notional | 9,463 | 9,916 |
Derivative Assets, Fair Value | 396 | 194 |
Derivative Liabilities, Fair Value | 1,487 | 1,055 |
Freestanding Derivatives | Consolidated Blackstone Funds | Credit Default Swap | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Notional | 132 | 3,401 |
Derivative Liabilities, Notional | 3,545 | 22,865 |
Derivative Assets, Fair Value | 23 | 321 |
Derivative Liabilities, Fair Value | 615 | 799 |
Freestanding Derivatives | Foreign Currency Contracts | Blackstone | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Notional | 350,407 | 217,161 |
Derivative Liabilities, Notional | 518,732 | 572,643 |
Derivative Assets, Fair Value | 20,472 | 1,858 |
Derivative Liabilities, Fair Value | 20,804 | 6,143 |
Freestanding Derivatives | Foreign Currency Contracts | Consolidated Blackstone Funds | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Notional | 115,331 | 20,764 |
Derivative Liabilities, Notional | 54,300 | |
Derivative Assets, Fair Value | 3,094 | 339 |
Derivative Liabilities, Fair Value | 370 | |
Freestanding Derivatives | Interest Rate Contracts | Blackstone | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Notional | 768,540 | 609,132 |
Derivative Liabilities, Notional | 613,000 | 692,442 |
Derivative Assets, Fair Value | 235,304 | 143,349 |
Derivative Liabilities, Fair Value | 72,813 | 138,677 |
Freestanding Derivatives | Interest Rate Contracts | Consolidated Blackstone Funds | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Notional | 551,842 | |
Derivative Liabilities, Notional | 14,000 | |
Derivative Assets, Fair Value | $ 78,200 | |
Derivative Liabilities, Fair Value | $ 764 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative [Line Items] | ||||
Unrealized Gain on Derivatives and Commodity Contracts | $ 97,073 | $ 25,116 | $ 202,355 | $ 73,153 |
Freestanding Derivatives | ||||
Derivative [Line Items] | ||||
Realized Gains (Losses) | 5,419 | (8,822) | 6,050 | (5,546) |
Net Change in Unrealized Gains (Losses) | 91,654 | 33,938 | 196,305 | 78,699 |
Freestanding Derivatives | Total Return Swaps | ||||
Derivative [Line Items] | ||||
Realized Gains (Losses) | 161 | (1,254) | ||
Net Change in Unrealized Gains (Losses) | 526 | 526 | 2,130 | |
Freestanding Derivatives | Credit Default Swap | ||||
Derivative [Line Items] | ||||
Realized Gains (Losses) | (115) | 10 | 13 | (980) |
Net Change in Unrealized Gains (Losses) | 131 | 106 | (289) | 948 |
Freestanding Derivatives | Interest Rate Contracts | ||||
Derivative [Line Items] | ||||
Realized Gains (Losses) | 7,740 | (4,181) | 13,018 | (2,883) |
Net Change in Unrealized Gains (Losses) | 113,623 | 27,025 | 221,300 | 72,210 |
Freestanding Derivatives | Foreign Currency Contracts | ||||
Derivative [Line Items] | ||||
Realized Gains (Losses) | (2,206) | (4,812) | (6,981) | (389) |
Net Change in Unrealized Gains (Losses) | $ (22,626) | $ 6,807 | $ (25,232) | 3,431 |
Freestanding Derivatives | Other | ||||
Derivative [Line Items] | ||||
Realized Gains (Losses) | (40) | |||
Net Change in Unrealized Gains (Losses) | $ (20) |
Summary of Financial Instrument
Summary of Financial Instruments for Which Fair Value Option Has Been Elected (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans and Receivables | $ 543,397 | $ 392,732 |
Assets | 2,239,000 | 1,093,148 |
Debt Securities | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Investments | 144,010 | 183,877 |
Equity and Preferred Securities | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Investments | 1,551,593 | 516,539 |
Liabilities of Consolidated CLO Vehicles | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Corporate Treasury Commitments | $ 9,872 | $ 636 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Realized Gains (Losses) | Debt Securities | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Realized and net change in unrealized gains (losses) on financial instruments | $ (5,056) | $ 909 | $ (9,423) | $ 10,879 |
Realized Gains (Losses) | Assets | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Realized and net change in unrealized gains (losses) on financial instruments | (4,583) | (733) | (66) | 19,785 |
Realized Gains (Losses) | Loans and Receivables | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Realized and net change in unrealized gains (losses) on financial instruments | (3,246) | (2,631) | (6,663) | (10,527) |
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 | 3,719 | 989 | 16,020 | 19,433 |
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 | (4,418) | (2,303) | (32,627) | (6,538) |
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 | (48,669) | 102 | (95,175) | 41,351 |
Net Change In Unrealized Gains (Losses) | Loans and Receivables | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Realized and net change in unrealized gains (losses) on financial instruments | 1,050 | (509) | (4,309) | 4,574 |
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 | (45,301) | 2,914 | (58,239) | 43,315 |
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 | $ (1,175) | $ 80 | $ (9,236) | $ (113) |
Information for Financial Instr
Information for Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
(Deficiency) of fair value over uncollected principal | $ (70,670) | $ (32,223) |
Fair value of financial instruments more than one day past due | 1,830 | |
(Deficiency) of fair value more than one day past due over uncollected principal | (244) | |
Debt Securities | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
(Deficiency) of fair value over uncollected principal | (63,609) | (29,475) |
Fair value of financial instruments more than one day past due | 1,830 | |
(Deficiency) of fair value more than one day past due over uncollected principal | (244) | |
Loans and Receivables | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
(Deficiency) of fair value over uncollected principal | (7,061) | (2,748) |
Fair value of financial instruments more than one day past due | $ 0 | $ 0 |
Fair Value Option - Additional
Fair Value Option - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value of financial instruments more than one day past due | $ 1,830 | |
Loans and Receivables | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Fair value of financial instruments more than one day past due | 0 | $ 0 |
Fair value of financial instruments with non-accrual status | $ 0 | $ 0 |
Financial Assets and Liabilitie
Financial Assets and Liabilities at Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Accounts Receivable - Loans and Receivables | $ 543,397 | $ 392,732 | |
Assets | 2,239,000 | 1,093,148 | |
Securities Sold, Not Yet Purchased | 26,783 | 27,849 | |
Freestanding Derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivatives assets | 338,336 | 146,061 | |
Derivatives liabilities | 95,719 | 147,666 | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 3,406,463 | 4,111,556 | |
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents | 296,066 | 173,408 | |
Total Investments | 7,401,103 | 5,889,416 | |
Accounts Receivable - Loans and Receivables | 543,397 | 392,732 | |
Assets | 8,497,830 | 6,600,957 | |
Securities Sold, Not Yet Purchased | 26,783 | 27,849 | |
Total Accounts Payable, Accrued Expenses and Other Liabilities | 105,591 | 148,444 | |
Liabilities | 132,374 | 176,293 | |
Fair Value, Measurements, Recurring | Corporate Treasury Commitments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Corporate Treasury Commitments | [1] | 9,872 | 636 |
Fair Value, Measurements, Recurring | Freestanding Derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivatives liabilities | 95,104 | 145,875 | |
Total Accounts Payable, Accrued Expenses and Other Liabilities | 615 | 1,933 | |
Fair Value, Measurements, Recurring | Other Investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Investments | [2] | 2,773,590 | 3,212,521 |
Fair Value, Measurements, Recurring | Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Investments | 555,693 | 387,112 | |
Assets | 555,693 | 387,112 | |
Fair Value, Measurements, Recurring | Net Asset Value | Other Investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Investments | [2] | 5,389 | 4,845 |
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Investments | 3,828,497 | 2,018,829 | |
Derivatives assets | 257,264 | 145,401 | |
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Freestanding Derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Investments | 81,317 | 660 | |
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 | [3] | 3,379,310 | 1,745,181 |
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Debt Instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Investments | 367,870 | 272,988 | |
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 | 550,304 | 382,267 | |
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 | [3] | 550,304 | 382,267 |
Fair Value, Measurements, Recurring | Corporate Treasury Investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Investments | 799,016 | 658,066 | |
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 | 0 | ||
Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents | 296,066 | 173,408 | |
Total Investments | 1,619,823 | 636,895 | |
Assets | 1,917,973 | 810,416 | |
Securities Sold, Not Yet Purchased | 3,812 | 4,292 | |
Total Accounts Payable, Accrued Expenses and Other Liabilities | 260 | 323 | |
Liabilities | 4,072 | 4,615 | |
Fair Value, Measurements, Recurring | Level 1 | Freestanding Derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivatives liabilities | 260 | 323 | |
Fair Value, Measurements, Recurring | Level 1 | Other Investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Investments | [2] | 1,460,605 | 478,892 |
Fair Value, Measurements, Recurring | Level 1 | Consolidated Blackstone Funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Investments | 45,294 | 71,126 | |
Derivatives assets | 2,084 | 113 | |
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 | [3] | 44,358 | 70,484 |
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 | 936 | 642 | |
Fair Value, Measurements, Recurring | Level 1 | Corporate Treasury Investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Investments | 113,924 | 86,877 | |
Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents | 0 | ||
Total Investments | 2,363,613 | 1,146,585 | |
Assets | 2,617,701 | 1,291,873 | |
Securities Sold, Not Yet Purchased | 22,971 | 23,557 | |
Total Accounts Payable, Accrued Expenses and Other Liabilities | 95,459 | 147,485 | |
Liabilities | 118,430 | 171,042 | |
Fair Value, Measurements, Recurring | Level 2 | Freestanding Derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivatives liabilities | 94,844 | 145,552 | |
Total Accounts Payable, Accrued Expenses and Other Liabilities | 615 | 1,933 | |
Fair Value, Measurements, Recurring | Level 2 | Other Investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Investments | [2] | 1,272,568 | 210,752 |
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Investments | 410,120 | 365,121 | |
Derivatives assets | 254,088 | 145,288 | |
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 | 81,317 | 660 | |
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 | [3] | 113,964 | 122,068 |
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 | 214,839 | 242,393 | |
Fair Value, Measurements, Recurring | Level 2 | Corporate Treasury Investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Investments | 680,925 | 570,712 | |
Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Investments | 2,861,974 | 3,718,824 | |
Accounts Receivable - Loans and Receivables | 543,397 | 392,732 | |
Assets | 3,406,463 | 4,111,556 | |
Total Accounts Payable, Accrued Expenses and Other Liabilities | 9,872 | 636 | |
Liabilities | 9,872 | 636 | |
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 | [1] | 9,872 | 636 |
Fair Value, Measurements, Recurring | Level 3 | Other Investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Investments | [2] | 35,028 | 2,518,032 |
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Investments | 2,822,779 | 1,200,315 | |
Derivatives assets | 1,092 | ||
Assets | 2,822,779 | 1,200,315 | |
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 | [3] | 2,670,684 | 1,170,362 |
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 | 152,095 | 29,953 | |
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Investments | $ 4,167 | $ 477 | |
[1]Corporate Treasury Commitments are measured using third party pricing.[2]Other Investments includes Blackstone’s ownership of common stock of Corebridge. Following Corebridge’s IPO in September 2022, a quoted price for Corebridge’s common shares exists and as such the investment will be measured at fair value on a recurring basis as a Level I investment. Blackstone’s investment in Corebridge was previously valued as a Level III investment on a nonrecurring basis using the measurement alternative.[3]Equity Securities, Partnership and LLC Interest includes investments in investment funds. Prior period amounts have been reclassified to this presentation. |
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, 2022 | Dec. 31, 2021 | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair value assets | $ 2,239,000 | $ 1,093,148 | ||
Level 3 | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair value assets | 3,406,463 | 4,111,556 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair value assets | 8,497,830 | 6,600,957 | ||
Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair value assets | 3,406,463 | 4,111,556 | ||
Fair Value, Measurements, Recurring | Level 3 | Loans and Receivables | Discounted Cash Flows | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair value assets | $ 543,397 | $ 392,732 | ||
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 | 6.60% | 6.50% | ||
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 | 11.60% | 12.20% | ||
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] | 9.60% | 7.60% | |
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Transaction Price Valuation Technique | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair value assets | $ 36,120 | [2] | $ 2,518,032 | |
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair value assets | 2,822,779 | 1,200,315 | ||
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 | $ 2,670,684 | $ 1,170,362 | ||
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 | 4.10% | 1.30% | ||
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% | 1.30% | ||
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 | 4 | 3.7 | ||
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 | 37.90% | 43.30% | ||
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Maximum | Discounted Cash Flows | Measurement Input, Cap Rate [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Exit Capitalization Rate | 14.50% | 17.30% | ||
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 | 31.4 | ||
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] | 8.60% | 10.40% | |
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Weighted Average | Discounted Cash Flows | Measurement Input, Cap Rate [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Exit Capitalization Rate | [1] | 4.50% | 4.90% | |
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Weighted Average | Discounted Cash Flows | EBITDA Multiple Market | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Exit Multiple - EBITDA | [1] | 15.1 | 14.7 | |
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Discounted Cash Flows | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair value assets | $ 152,095 | $ 29,953 | ||
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 | 6.50% | |||
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Maximum | Discounted Cash Flows | Measurement Input, Discount Rate | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Unobservable inputs, rate | 19.30% | |||
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Weighted Average | Discounted Cash Flows | Measurement Input, Discount Rate | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Unobservable inputs, rate | [1] | 9% | ||
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Discounted Cash Flows | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair value assets | $ 4,167 | $ 477 | ||
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Discounted Cash Flows | Measurement Input, Discount Rate | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Unobservable inputs, rate | 9.40% | |||
[1]Unobservable inputs were weighted based on the fair value of the investments included in the range.[2]As of September 30, 2022, Other Investments includes Level III Freestanding Derivatives. |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Balance, Beginning of Period | $ 3,364,520 | $ 1,280,255 | $ 1,637,034 | $ 1,485,547 |
Transfer In Due to Consolidation and Acquisition | 1,535,171 | |||
Transfer Into Level III | 4,076 | 8,018 | 5,035 | 8,320 |
Transfer Out of Level III | (10,336) | (32,639) | (115,867) | (119,947) |
Purchases | 425,759 | 604,128 | 1,205,849 | 1,174,717 |
Sales | (219,504) | (402,354) | (694,772) | (1,232,064) |
Issuances | 6,437 | 24,138 | 30,336 | 43,478 |
Settlements | (12,122) | (1,093) | (34,140) | (46,649) |
Changes in Gains (Losses) Included in Earnings | (153,268) | 105,670 | (163,084) | 272,721 |
Balance, End of Period | 3,405,562 | 1,586,123 | 3,405,562 | 1,586,123 |
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date | (55,007) | 94,368 | (62,012) | 217,618 |
Other Investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Balance, Beginning of Period | 38,603 | 73,475 | 43,987 | 46,158 |
Transfer Into Level III | 1,610 | 8,018 | 2,517 | 8,018 |
Transfer Out of Level III | (4,043) | (14,400) | (4,043) | (14,400) |
Purchases | 1,124 | 191,610 | 8,622 | 225,070 |
Sales | (51) | (13,250) | (2,864) | (19,414) |
Settlements | 566 | 566 | ||
Changes in Gains (Losses) Included in Earnings | 1,577 | 1,950 | (9,399) | 1,971 |
Balance, End of Period | 39,386 | 247,403 | 39,386 | 247,403 |
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date | 1,591 | 1,940 | (9,476) | 1,919 |
Loans and Receivables | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Balance, Beginning of Period | 534,105 | 223,796 | 392,732 | 581,079 |
Purchases | 229,502 | 326,937 | 674,286 | 683,700 |
Sales | (217,173) | (333,041) | (522,198) | (1,034,253) |
Issuances | 6,437 | 24,138 | 30,336 | 43,478 |
Settlements | (12,688) | (1,093) | (34,706) | (46,649) |
Changes in Gains (Losses) Included in Earnings | 3,214 | (971) | 2,947 | 12,411 |
Balance, End of Period | 543,397 | 239,766 | 543,397 | 239,766 |
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date | (3,010) | (3,732) | (10,940) | (6,842) |
Consolidated Blackstone Funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Balance, Beginning of Period | 2,791,812 | 982,984 | 1,200,315 | 858,310 |
Transfer In Due to Consolidation and Acquisition | 1,535,171 | |||
Transfer Into Level III | 2,466 | 2,518 | 302 | |
Transfer Out of Level III | (6,293) | (18,239) | (111,824) | (105,547) |
Purchases | 195,133 | 85,581 | 522,941 | 265,947 |
Sales | (2,280) | (56,063) | (169,710) | (178,397) |
Changes in Gains (Losses) Included in Earnings | (158,059) | 104,691 | (156,632) | 258,339 |
Balance, End of Period | 2,822,779 | 1,098,954 | 2,822,779 | 1,098,954 |
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date | $ (53,588) | $ 96,160 | $ (41,596) | $ 222,541 |
Maximum Exposure to Loss Relati
Maximum Exposure to Loss Relating to Non-Consolidated VIEs (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | ||
VIE Assets | $ 40,259,321 | $ 41,196,408 |
VIE Liabilities | 20,523,936 | 19,490,362 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss | 3,718,245 | 3,562,023 |
Variable Interest Entity, Not Primary Beneficiary | Investments | ||
Variable Interest Entity [Line Items] | ||
VIE Assets | 3,290,254 | 3,337,757 |
Variable Interest Entity, Not Primary Beneficiary | Due from Affiliates | ||
Variable Interest Entity [Line Items] | ||
VIE Assets | 374,215 | 179,939 |
Variable Interest Entity, Not Primary Beneficiary | Potential Clawback Obligation | ||
Variable Interest Entity [Line Items] | ||
VIE Liabilities | 53,776 | 44,327 |
Variable Interest Entity, Not Primary Beneficiary | Amounts Due to Non-Consolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
VIE Liabilities | $ 107 | $ 105 |
Repurchase Agreements - Additio
Repurchase Agreements - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Securities Financing Transaction [Line Items] | ||
Pledged securities with carrying value to collateralize its repurchase agreements | $ 313.1 | $ 63 |
Schedule of Repurchase Agreemen
Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase Agreements | $ 313,138 | $ 57,980 |
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. "Offsetting of Assets and Liabilities" | 313,138 | 57,980 |
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. "Offsetting of Assets and Liabilities" | 0 | 0 |
Asset-backed Securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase Agreements | 15,980 | |
Loans | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase Agreements | 313,138 | 42,000 |
Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase Agreements | 0 | |
Overnight and Continuous | Asset-backed Securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase Agreements | 0 | |
Overnight and Continuous | Loans | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase Agreements | 0 | 0 |
Up to 30 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase Agreements | 15,980 | |
Up to 30 Days | Asset-backed Securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase Agreements | 15,980 | |
Up to 30 Days | Loans | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase Agreements | 170,879 | 0 |
30 - 90 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase Agreements | 42,000 | |
30 - 90 Days | Asset-backed Securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase Agreements | 0 | |
30 - 90 Days | Loans | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase Agreements | 142,259 | 42,000 |
Greater than 90 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase Agreements | 0 | |
Greater than 90 Days | Asset-backed Securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase Agreements | 0 | |
Greater than 90 Days | Loans | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase Agreements | $ 0 | $ 0 |
Offsetting of Assets and Liab_3
Offsetting of Assets and Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Offsetting Assets and Liabilities [Line Items] | ||
Repurchase agreements gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition | $ 313,138 | $ 57,980 |
Repurchase agreements gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments | 313,138 | 57,980 |
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 | 408,857 | 205,646 |
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments | 391,917 | 176,532 |
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received | 2,082 | 1,347 |
Net Amount | 14,858 | 27,767 |
Freestanding Derivatives | ||
Offsetting Assets and Liabilities [Line Items] | ||
Derivatives gross and Net Amounts of Assets Presented in the Statement of Financial Condition | 338,336 | 146,061 |
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments | 153,019 | 137,265 |
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received | 163,357 | 41 |
Derivatives Net Amount | 21,960 | 8,755 |
Derivatives gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition | 95,719 | 147,666 |
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments | 78,779 | 118,552 |
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received | 2,082 | 1,347 |
Derivatives Net Amount | $ 14,858 | $ 27,767 |
Offsetting Of Assets And Liab_4
Offsetting Of Assets And Liabilities - Additional Information (Detail) - Cash Pooling Arrangement $ in Billions | Sep. 30, 2022 USD ($) |
Offsetting Assets [Line Items] | |
Aggregate cash balance on deposit relating to the cash pooling arrangement | $ 1.3 |
Overdraft facility | $ 1.3 |
Components of Other Assets (Det
Components of Other Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Other Assets [Line Items] | ||
Furniture, Equipment and Leasehold Improvements, Net | $ 387,066 | $ 244,608 |
Prepaid Expenses | 123,646 | 92,359 |
Freestanding Derivatives | 257,264 | 145,401 |
Other | 17,818 | 10,568 |
Total Other Assets | $ 785,794 | $ 492,936 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) $ in Millions | Nov. 03, 2022 | Jun. 03, 2022 |
Amended and Restated [Member] | Credit Facility | ||
Debt Instrument [Line Items] | ||
Credit facility, maximum borrowing capacity | $ 4,100 | |
Amended and Restated [Member] | Maximum [Member] | Credit Facility | ||
Debt Instrument [Line Items] | ||
Line of credit expiration date | Jun. 03, 2027 | |
Subsequent Event [Member] | Senior Notes Due November 3, 2027 Note [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 600 | |
Debt instrument, maturity date | Nov. 03, 2027 | |
Debt instrument, interest rate | 5.90% | |
Debt instrument, payment terms | Interest on the 2027 Notes is payable semi-annually in arrears on May 3 and November 3 of each year commencing on May 3, 2023 | |
Debt instrument, frequency of periodic payment | semi-annually | |
Subsequent Event [Member] | Senior Notes Due April 22, 2033 Note [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 900 | |
Debt instrument, maturity date | Apr. 22, 2033 | |
Debt instrument, interest rate | 6.20% | |
Debt instrument, payment terms | Interest on the 2033 Notes is payable semi-annually in arrears on April 22 and October 22 of each year commencing on April 22, 2023 | |
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, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Carrying Value | $ 9,232,453 | $ 7,498,062 | |
Debt instrument, fair value | [1] | 7,431,454 | 8,018,122 |
4.750% Notes | |||
Debt Instrument [Line Items] | |||
Carrying Value | 399,518 | 398,581 | |
Debt instrument, fair value | [1] | 400,004 | 415,880 |
2.000% Notes | |||
Debt Instrument [Line Items] | |||
Carrying Value | 297,850 | 338,275 | |
Debt instrument, fair value | [1] | 284,103 | 362,078 |
1.000% Notes | |||
Debt Instrument [Line Items] | |||
Carrying Value | 588,643 | 675,867 | |
Debt instrument, fair value | [1] | 527,555 | 700,892 |
3.150% Notes | |||
Debt Instrument [Line Items] | |||
Carrying Value | 298,009 | 297,738 | |
Debt instrument, fair value | [1] | 269,586 | 317,610 |
1.625% Notes | |||
Debt Instrument [Line Items] | |||
Carrying Value | 644,221 | 643,251 | |
Debt instrument, fair value | [1] | 526,682 | 629,265 |
1.500% Notes | |||
Debt Instrument [Line Items] | |||
Carrying Value | 591,300 | 678,085 | |
Debt instrument, fair value | [1] | 498,802 | 720,062 |
2.500% Notes | |||
Debt Instrument [Line Items] | |||
Carrying Value | 492,367 | 491,662 | |
Debt instrument, fair value | [1] | 408,570 | 507,350 |
1.600% Notes | |||
Debt Instrument [Line Items] | |||
Carrying Value | 495,877 | 495,541 | |
Debt instrument, fair value | [1] | 368,685 | 467,750 |
2.000% Notes | |||
Debt Instrument [Line Items] | |||
Carrying Value | 787,785 | 786,690 | |
Debt instrument, fair value | [1] | 592,639 | 767,920 |
2.550% Note | |||
Debt Instrument [Line Items] | |||
Carrying Value | 495,093 | ||
Debt instrument, fair value | [1] | 393,590 | |
3.500% Notes | |||
Debt Instrument [Line Items] | |||
Carrying Value | 461,319 | ||
Debt instrument, fair value | [1] | 429,450 | |
6.250% Notes | |||
Debt Instrument [Line Items] | |||
Carrying Value | 239,109 | 238,914 | |
Debt instrument, fair value | [1] | 251,298 | 361,775 |
5.000% Notes | |||
Debt Instrument [Line Items] | |||
Carrying Value | 489,638 | 489,446 | |
Debt instrument, fair value | [1] | 446,945 | 648,500 |
4.450% Notes | |||
Debt Instrument [Line Items] | |||
Carrying Value | 344,514 | 344,412 | |
Debt instrument, fair value | [1] | 289,174 | 426,195 |
4.000% Notes | |||
Debt Instrument [Line Items] | |||
Carrying Value | 290,883 | 290,730 | |
Debt instrument, fair value | [1] | 235,596 | 347,370 |
3.500% One Notes | |||
Debt Instrument [Line Items] | |||
Carrying Value | 392,216 | 392,089 | |
Debt instrument, fair value | [1] | 286,052 | 431,240 |
2.800% Notes | |||
Debt Instrument [Line Items] | |||
Carrying Value | 393,923 | 393,818 | |
Debt instrument, fair value | [1] | 240,148 | 382,880 |
2.850% Notes | |||
Debt Instrument [Line Items] | |||
Carrying Value | 543,123 | 542,963 | |
Debt instrument, fair value | [1] | 334,945 | $ 531,355 |
3.200% Note | |||
Debt Instrument [Line Items] | |||
Carrying Value | 987,065 | ||
Debt instrument, fair value | [1] | $ 647,630 | |
[1]Effective September 30, 2022, fair value is determined by third party pricing services. Prior to this date, fair value was determined by broker quote and under both techniques, 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, 2022 | |
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% |
Debt instrument, maturity date | May 19, 2025 |
1.000% Notes | |
Debt Instrument [Line Items] | |
Debt instrument, interest rate | 1% |
Debt instrument, maturity date | Oct. 05, 2026 |
3.150% Notes | |
Debt Instrument [Line Items] | |
Debt instrument, interest rate | 3.15% |
Debt instrument, maturity date | Oct. 02, 2027 |
1.625% Notes | |
Debt Instrument [Line Items] | |
Debt instrument, interest rate | 1.625% |
Debt instrument, maturity date | Aug. 05, 2028 |
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 |
2.000% Notes | |
Debt Instrument [Line Items] | |
Debt instrument, interest rate | 2% |
Debt instrument, maturity date | Jan. 30, 2032 |
2.550% Note | |
Debt Instrument [Line Items] | |
Debt instrument, interest rate | 2.55% |
Debt instrument, maturity date | Mar. 30, 2032 |
3.500% Notes | |
Debt Instrument [Line Items] | |
Debt instrument, interest rate | 3.50% |
Debt instrument, maturity date | Jun. 01, 2034 |
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% |
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% |
Debt instrument, maturity date | Oct. 02, 2047 |
3.500% One 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 |
2.850% Notes | |
Debt Instrument [Line Items] | |
Debt instrument, interest rate | 2.85% |
Debt instrument, maturity date | Aug. 05, 2051 |
3.200% Note | |
Debt Instrument [Line Items] | |
Debt instrument, interest rate | 3.20% |
Debt instrument, maturity date | Jan. 30, 2052 |
Scheduled Principal Payments fo
Scheduled Principal Payments for Borrowings (Detail) $ in Thousands | Sep. 30, 2022 USD ($) |
Debt Instrument [Line Items] | |
2022 | $ 0 |
2023 | 400,000 |
2024 | 0 |
2025 | 324,687 |
2026 | 588,120 |
Thereafter | 8,078,220 |
Total | 9,391,027 |
Operating Borrowings | |
Debt Instrument [Line Items] | |
2022 | 0 |
2023 | 400,000 |
2024 | 0 |
2025 | 294,060 |
2026 | 588,120 |
Thereafter | 8,078,220 |
Total | 9,360,400 |
Blackstone Fund Facilities CLO Vehicles | |
Debt Instrument [Line Items] | |
2022 | 0 |
2023 | 0 |
2024 | 0 |
2025 | 30,627 |
2026 | 0 |
Thereafter | 0 |
Total | $ 30,627 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2022 | |
U.S. Federal | Tax Year 2018 | |
Income Tax [Line Items] | |
Open Tax Year | 2018 |
New York State | Tax Year 2015 | |
Income Tax [Line Items] | |
Open Tax Year | 2015 |
New York City | Tax Year 2009 | |
Income Tax [Line Items] | |
Open Tax Year | 2009 |
United Kingdom | Tax Year 2011 | |
Income Tax [Line Items] | |
Open Tax Year | 2011 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Earnings Per Share [Line Items] | |||||
Net Income Attributable to Blackstone Inc., Basic and Diluted | $ 2,296 | $ 1,401,895 | $ 1,189,777 | $ 4,458,919 | |
Weighted-Average Shares of Common Stock Outstanding, Basic | 742,345,646 | 722,229,117 | 739,963,370 | 717,516,302 | |
Weighted-Average Shares of Unvested Deferred Restricted Common Stock | 149,886 | 203,982 | 308,877 | 402,113 | |
Weighted-Average Shares of Common Stock Outstanding, Diluted | 742,495,532 | 722,433,099 | 740,272,247 | 717,918,415 | |
Net Income Per Share of Common Stock, Basic | $ 0 | $ 1.94 | $ 1.61 | $ 6.21 | |
Net Income Per Share of Common Stock, Diluted | 0 | 1.94 | 1.61 | 6.21 | |
Dividends Declared Per Share of Common Stock | [1] | $ 1.27 | $ 0.7 | $ 4.04 | $ 2.48 |
[1]Dividends declared reflects the calendar date of the declaration for each distribution. |
Summary of Anti-Dilutive Securi
Summary of Anti-Dilutive Securities (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Blackstone Partnership Units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Weighted-Average Units | 465,522,745 | 484,991,263 | 466,703,389 | 488,880,363 |
Schedule of Shares Eligible For
Schedule of Shares Eligible For Dividends and Distribution (Detail) | Sep. 30, 2022 shares | |
Stockholders Equity [Line Items] | ||
Common stock eligible for dividends and distributions | 741,552,385 | |
Shares eligible for dividends and distributions | 1,206,503,771 | |
Common Stock [Member] | ||
Stockholders Equity [Line Items] | ||
Common stock eligible for dividends and distributions | 708,995,155 | [1] |
Unvested Participating Common Stock [Member] | ||
Stockholders Equity [Line Items] | ||
Common stock eligible for dividends and distributions | 32,557,230 | |
Participating Partnership Units [Member] | ||
Stockholders Equity [Line Items] | ||
Participating Blackstone Holdings Partnership Units | 464,951,386 | |
[1]Common Stock Outstanding differs from the Condensed Consolidated Statement of Financial Condition due to effect of share repurchases that were initiated before September 30, 2022, but were not retired until after September 30, 2022. |
Earnings Per Share and Stockh_3
Earnings Per Share and Stockholder's Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 07, 2021 | Feb. 26, 2021 | |
Stockholders Equity [Line Items] | |||||||
Preferred shares authorized | 10,000,000,000 | ||||||
Preferred shares par value | $ 0.00001 | ||||||
Amount remaining available for repurchases | $ 1,100 | $ 1,100 | |||||
Share Reclassification | |||||||
Stockholders Equity [Line Items] | |||||||
Preferred shares authorized | 9,000,000,000 | ||||||
Common Stock | |||||||
Stockholders Equity [Line Items] | |||||||
Common stock repurchased values | $ 196.6 | $ 355.9 | $ 392 | $ 644.9 | |||
Common stock repurchased, units | 2,000,000 | 2,900,000 | 3,900,000 | 6,000,000 | |||
Amount authorized to repurchase under unit repurchase program | $ 2,000 | ||||||
Common stock repurchased, cost | $ 196.6 | $ 355.9 | $ 392 | $ 644.9 | |||
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jan. 01, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Partnership grant units | 171,096,250 | ||||
Compensation expense in relation to equity-based awards | $ 206,600 | $ 148,700 | $ 636,454 | $ 454,110 | |
Tax benefits in relation to equity-based awards | 54,600 | $ 19,400 | 127,500 | $ 60,100 | |
Estimated unrecognized compensation expense related to unvested awards | $ 2,000,000 | $ 2,000,000 | |||
Weighted-average period for recognized compensation expense related to unvested awards, years | 3 years 8 months 12 days | ||||
Total vested and unvested outstanding units | 1,206,688,359 | 1,206,688,359 | |||
Phantom Share Units (PSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total outstanding unvested phantom units | 60,899 | 60,899 |
Summary of Status of Partnershi
Summary of Status of Partnership's Unvested Equity-Based Awards (Detail) | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Blackstone | Blackstone Partnership Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning Balance | shares | 17,344,328 |
Vested (Units) | shares | (4,784,333) |
Forfeited (Units) | shares | (116,197) |
Ending Balance | shares | 12,443,798 |
Beginning Balance | $ / shares | $ 37.37 |
Vested (Weighted-Average Grant Date Fair Value) | $ / shares | 36.35 |
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares | 38.24 |
Ending Balance | $ / shares | $ 37.71 |
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 | 26,537,813 |
Granted (Units) | shares | 11,465,069 |
Vested (Units) | shares | (5,973,900) |
Forfeited (Units) | shares | (808,862) |
Ending Balance | shares | 31,220,120 |
Beginning Balance | $ / shares | $ 58.34 |
Granted (Weighted-Average Grant Date Fair Value) | $ / shares | 126.99 |
Vested (Weighted-Average Grant Date Fair Value) | $ / shares | 61.1 |
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares | 75.67 |
Ending Balance | $ / shares | $ 82.66 |
Blackstone Group Inc. [Member] | Cash Settled Awards Phantom Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning Balance | shares | 73,581 |
Granted (Units) | shares | 28,130 |
Vested (Units) | shares | (4,111) |
Forfeited (Units) | shares | (46,412) |
Ending Balance | shares | 51,188 |
Beginning Balance | $ / shares | $ 137.65 |
Granted (Weighted-Average Grant Date Fair Value) | $ / shares | 125.93 |
Vested (Weighted-Average Grant Date Fair Value) | $ / shares | 62.72 |
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares | 130.22 |
Ending Balance | $ / shares | $ 94.15 |
Unvested Shares and Units, Afte
Unvested Shares and Units, After Expected Forfeitures (Detail) | 9 Months Ended |
Sep. 30, 2022 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Blackstone Holdings Partnership Units | 11,968,951 |
Deferred Restricted Shares of Common Stock | 27,060,245 |
Total Equity-Based Awards | 39,029,196 |
Phantom Shares | 41,021 |
Blackstone Holdings Partnership Units (Weighted-Average Service Period in Years) | 1 year 4 months 24 days |
Deferred Restricted Shares of Common Stock (Weighted-Average Service in Years) | 3 years 2 months 12 days |
Total Equity-Based Awards (Weighted-Average Service Period in Years) | 2 years 8 months 12 days |
Phantom Shares (Weighted-Average Service Period in Years) | 3 years 2 months 12 days |
Due from Affiliates and Due to
Due from Affiliates and Due to Affiliates (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Related Party Transaction [Line Items] | ||
Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated Entities and Portfolio Companies | $ 3,160,945 | $ 3,519,945 |
Due from Certain Non-Controlling Interest Holders and Blackstone Employees | 824,535 | 1,099,899 |
Accrual for Potential Clawback of Previously Distributed Performance Allocations | 44,010 | 37,023 |
Due from Affiliates, total | 4,029,490 | 4,656,867 |
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements | 1,600,749 | 1,558,393 |
Due to Non-Consolidated Entities | 166,191 | 181,341 |
Due to Certain Non-Controlling Interest Holders and Blackstone Employees | 191,135 | 77,664 |
Accrual for Potential Repayment of Previously Received Performance Allocations | 102,816 | 88,700 |
Due to Affiliates, total | $ 2,060,891 | $ 1,906,098 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||||
Investments | $ 26,256,148 | $ 26,256,148 | $ 28,665,043 | ||
Cash saving in tax receivable agreements, percentage | 85% | ||||
Expected future payments under the tax receivable agreements | 1,600,000 | $ 1,600,000 | |||
Expected future payments under the tax receivable agreements in years | 15 years | ||||
After-tax net present value estimated payments | $ 461,300 | $ 461,300 | |||
After-tax net present value discount rate assumption | 15% | 15% | |||
Founder, senior managing directors, employees and certain other related parties | |||||
Related Party Transaction [Line Items] | |||||
Net Income Attributable to Non-Controlling Interests | $ (10,000) | $ 137,700 | $ (20,400) | $ 371,300 | |
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 | $ 1,600,000 | ||
Affiliates | |||||
Related Party Transaction [Line Items] | |||||
Interest from loans to affiliates | $ 1,900 | $ 1,000 | $ 5,700 | $ 4,200 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Schedule Of Commitments And Contingencies [Line Items] | |
General partner capital funding | $ 5,000 |
Total investments at risk in respect of guarantees extended | $ 16.7 |
Contingent obligations currently anticipated to expire end | 2032 |
Provision for cash clawback | $ 1,200 |
Contingent Obligations (Clawback) | 6,000 |
Blackstone Holdings | |
Schedule Of Commitments And Contingencies [Line Items] | |
Loans held By employees for investment guaranteed | 82.5 |
Contingent Obligations (Clawback) | 5,600 |
Consolidated Blackstone Funds | |
Schedule Of Commitments And Contingencies [Line Items] | |
Funds signed investment commitments | 198.2 |
Consolidated Blackstone Funds | Portfolio Company Acquisition | |
Schedule Of Commitments And Contingencies [Line Items] | |
Signed investment commitments for portfolio company acquisitions in process of closing | $ 49.8 |
Clawback Obligations by Segment
Clawback Obligations by Segment (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Product Liability Contingency [Line Items] | ||
Clawback obligations | $ 102,816 | $ 88,700 |
Blackstone Holdings | ||
Product Liability Contingency [Line Items] | ||
Clawback obligations | 58,837 | 51,677 |
Current And Former Blackstone Personnel | ||
Product Liability Contingency [Line Items] | ||
Clawback obligations | 43,979 | 37,023 |
Real Estate Segment | ||
Product Liability Contingency [Line Items] | ||
Clawback obligations | 51,937 | 54,266 |
Real Estate Segment | Blackstone Holdings | ||
Product Liability Contingency [Line Items] | ||
Clawback obligations | 32,831 | 34,080 |
Real Estate Segment | Current And Former Blackstone Personnel | ||
Product Liability Contingency [Line Items] | ||
Clawback obligations | 19,106 | 20,186 |
Private Equity Segment | ||
Product Liability Contingency [Line Items] | ||
Clawback obligations | 23,543 | 7,354 |
Private Equity Segment | Blackstone Holdings | ||
Product Liability Contingency [Line Items] | ||
Clawback obligations | 13,401 | 5,158 |
Private Equity Segment | Current And Former Blackstone Personnel | ||
Product Liability Contingency [Line Items] | ||
Clawback obligations | 10,142 | 2,196 |
Credit & Insurance | ||
Product Liability Contingency [Line Items] | ||
Clawback obligations | 27,336 | 27,080 |
Credit & Insurance | Blackstone Holdings | ||
Product Liability Contingency [Line Items] | ||
Clawback obligations | 12,605 | 12,439 |
Credit & Insurance | Current And Former Blackstone Personnel | ||
Product Liability Contingency [Line Items] | ||
Clawback obligations | $ 14,731 | $ 14,641 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) - Segment | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | |||
Number of business segments | 4 | 4 | 4 |
Financial Data of Segments (Det
Financial Data of Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Fee Related Performance Revenues | $ 372,131 | $ 73,313 | $ 1,276,789 | $ 291,370 |
Realized Performance Revenues | 836,664 | 1,570,701 | 5,260,906 | 2,983,019 |
Realized Performance Compensation | 364,285 | 652,639 | 2,204,184 | 1,240,845 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Base Management Fees | 1,528,561 | 1,207,866 | 4,464,586 | 3,465,207 |
Transaction, Advisory and Other Fees, Net | 89,865 | 114,784 | 238,966 | 271,549 |
Management Fee Offsets | (6,856) | (2,575) | (61,697) | (25,734) |
Total Management and Advisory Fees, Net | 1,611,570 | 1,320,075 | 4,641,855 | 3,711,022 |
Fee Related Performance Revenues | 372,131 | 73,313 | 1,276,789 | 291,370 |
Fee Related Compensation | (558,268) | (419,481) | (1,850,152) | (1,239,976) |
Other Operating Expenses | (246,134) | (194,942) | (721,742) | (538,544) |
Fee Related Earnings | 1,179,299 | 778,965 | 3,346,750 | 2,223,872 |
Realized Performance Revenues | 469,009 | 1,497,477 | 3,988,593 | 2,691,738 |
Realized Performance Compensation | (206,224) | (619,074) | (1,652,318) | (1,108,269) |
Realized Principal Investment Income (Loss) | 139,765 | 151,010 | 340,369 | 512,298 |
Total Net Realizations | 402,550 | 1,029,413 | 2,676,644 | 2,095,767 |
Total Segment Distributable Earnings | 1,581,849 | 1,808,378 | 6,023,394 | 4,319,639 |
Segment Assets | 37,199,946 | 37,199,946 | ||
Operating Segments | Real Estate Segment | ||||
Segment Reporting Information [Line Items] | ||||
Base Management Fees | 610,606 | 485,308 | 1,802,543 | 1,366,158 |
Transaction, Advisory and Other Fees, Net | 54,342 | 53,876 | 141,801 | 117,975 |
Management Fee Offsets | (1,842) | (446) | (3,491) | (2,562) |
Total Management and Advisory Fees, Net | 663,106 | 538,738 | 1,940,853 | 1,481,571 |
Fee Related Performance Revenues | 260,003 | 35,625 | 1,017,027 | 224,793 |
Fee Related Compensation | (239,572) | (137,313) | (858,307) | (447,762) |
Other Operating Expenses | (74,701) | (61,398) | (229,033) | (160,520) |
Fee Related Earnings | 608,836 | 375,652 | 1,870,540 | 1,098,082 |
Realized Performance Revenues | 142,794 | 495,727 | 2,943,430 | 935,418 |
Realized Performance Compensation | (33,464) | (199,100) | (1,154,897) | (376,790) |
Realized Principal Investment Income (Loss) | 45,297 | 42,677 | 128,388 | 171,626 |
Total Net Realizations | 154,627 | 339,304 | 1,916,921 | 730,254 |
Total Segment Distributable Earnings | 763,463 | 714,956 | 3,787,461 | 1,828,336 |
Segment Assets | 14,156,922 | 14,156,922 | ||
Operating Segments | Private Equity Segment | ||||
Segment Reporting Information [Line Items] | ||||
Base Management Fees | 466,474 | 370,083 | 1,321,405 | 1,112,349 |
Transaction, Advisory and Other Fees, Net | 24,313 | 50,241 | 64,522 | 125,220 |
Management Fee Offsets | (3,634) | 10 | (53,933) | (17,510) |
Total Management and Advisory Fees, Net | 487,153 | 420,334 | 1,331,994 | 1,220,059 |
Fee Related Performance Revenues | (648) | |||
Fee Related Compensation | (142,381) | (139,211) | (446,053) | (416,575) |
Other Operating Expenses | (76,138) | (56,792) | (227,115) | (168,888) |
Fee Related Earnings | 268,634 | 224,331 | 658,178 | 634,596 |
Realized Performance Revenues | 309,326 | 988,331 | 882,448 | 1,627,186 |
Realized Performance Compensation | (164,531) | (417,386) | (428,614) | (687,970) |
Realized Principal Investment Income (Loss) | 38,015 | 77,570 | 112,357 | 220,769 |
Total Net Realizations | 182,810 | 648,515 | 566,191 | 1,159,985 |
Total Segment Distributable Earnings | 451,444 | 872,846 | 1,224,369 | 1,794,581 |
Segment Assets | 14,185,968 | 14,185,968 | ||
Operating Segments | Hedge Fund Solutions Segment | ||||
Segment Reporting Information [Line Items] | ||||
Base Management Fees | 138,818 | 154,884 | 428,941 | 460,661 |
Transaction, Advisory and Other Fees, Net | 581 | 2,535 | 5,500 | 8,439 |
Management Fee Offsets | (57) | (255) | (166) | (516) |
Total Management and Advisory Fees, Net | 139,342 | 157,164 | 434,275 | 468,584 |
Fee Related Compensation | (40,895) | (35,092) | (145,993) | (112,580) |
Other Operating Expenses | (26,599) | (25,476) | (75,849) | (66,521) |
Fee Related Earnings | 71,848 | 96,596 | 212,433 | 289,483 |
Realized Performance Revenues | 4,430 | 7,271 | 40,540 | 55,900 |
Realized Performance Compensation | (3,237) | (1,443) | (14,320) | (13,977) |
Realized Principal Investment Income (Loss) | 9,460 | 14,943 | 22,831 | 52,618 |
Total Net Realizations | 10,653 | 20,771 | 49,051 | 94,541 |
Total Segment Distributable Earnings | 82,501 | 117,367 | 261,484 | 384,024 |
Segment Assets | 2,709,389 | 2,709,389 | ||
Operating Segments | Credit & Insurance Segment | ||||
Segment Reporting Information [Line Items] | ||||
Base Management Fees | 312,663 | 197,591 | 911,697 | 526,039 |
Transaction, Advisory and Other Fees, Net | 10,629 | 8,132 | 27,143 | 19,915 |
Management Fee Offsets | (1,323) | (1,884) | (4,107) | (5,146) |
Total Management and Advisory Fees, Net | 321,969 | 203,839 | 934,733 | 540,808 |
Fee Related Performance Revenues | 112,128 | 37,688 | 260,410 | 66,577 |
Fee Related Compensation | (135,420) | (107,865) | (399,799) | (263,059) |
Other Operating Expenses | (68,696) | (51,276) | (189,745) | (142,615) |
Fee Related Earnings | 229,981 | 82,386 | 605,599 | 201,711 |
Realized Performance Revenues | 12,459 | 6,148 | 122,175 | 73,234 |
Realized Performance Compensation | (4,992) | (1,145) | (54,487) | (29,532) |
Realized Principal Investment Income (Loss) | 46,993 | 15,820 | 76,793 | 67,285 |
Total Net Realizations | 54,460 | 20,823 | 144,481 | 110,987 |
Total Segment Distributable Earnings | 284,441 | $ 103,209 | 750,080 | $ 312,698 |
Segment Assets | $ 6,147,667 | $ 6,147,667 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | ||
Segment Reporting Information [Line Items] | ||||||
Total Revenues | $ 1,058,114 | $ 6,224,265 | $ 6,813,614 | $ 16,814,491 | ||
Less: Unrealized Principal Investment Loss | (1,069,697) | 183,754 | (1,496,226) | 1,151,904 | ||
Total Expenses | 961,361 | 2,654,359 | 3,902,496 | 6,978,136 | ||
Total Other Income | 1,178 | 94,991 | (51,524) | 344,978 | ||
Total Other Income | 0 | 0 | 0 | 0 | ||
Total GAAP Income (Loss) Before Provision for Taxes | 97,931 | 3,664,897 | 2,859,594 | 10,181,333 | ||
Total Assets | 40,259,321 | 40,259,321 | $ 41,196,408 | |||
Less: Unrealized Principal Investment Loss | (1,069,697) | 183,754 | (1,496,226) | 1,151,904 | ||
Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Revenues | [1] | 2,592,475 | 3,041,875 | 10,247,606 | 7,206,428 | |
Total Expenses | [2] | 1,010,626 | 1,233,497 | 4,224,212 | 2,886,789 | |
Total Segment Distributable Earnings | 1,581,849 | 1,808,378 | 6,023,394 | 4,319,639 | ||
Total Assets | 37,199,946 | 37,199,946 | ||||
Segment Distributable Earnings | 1,581,849 | 1,808,378 | 6,023,394 | 4,319,639 | ||
Consolidation Adjustments and Reconciling Items | ||||||
Segment Reporting Information [Line Items] | ||||||
Less: Unrealized Performance Revenues | [3] | 771,637 | (2,724,366) | 2,946,255 | (7,886,033) | |
Less: Unrealized Principal Investment Loss | [4] | 996,105 | 2,343 | 1,172,635 | (526,249) | |
Less: Interest and Dividend Revenue | [5] | (57,462) | (35,535) | (178,090) | (99,878) | |
Less: Other Revenue | [6] | (198,546) | (64,109) | (427,069) | (152,252) | |
Impact of Consolidation | [7] | 23,373 | (398,786) | (79,124) | (980,178) | |
Transaction-Related Charges | [8] | (1,264) | 36,797 | (2,714) | 33,186 | |
Less: Unrealized Performance Allocations Compensation | [9] | 359,590 | (1,193,853) | 1,273,849 | (3,394,041) | |
Less: Equity-Based Compensation | [10] | (190,197) | (129,254) | (587,386) | (394,948) | |
Less: Interest Expense | [11] | (80,312) | (51,773) | (216,339) | (140,245) | |
Impact of Consolidation | [7] | (14,125) | (5,320) | (33,325) | (17,067) | |
Amortization of Intangibles | [12] | (13,238) | (17,044) | (47,326) | (51,212) | |
Transaction-Related Charges | [8] | (10,511) | (22,396) | (62,435) | (89,428) | |
Administrative Fee Adjustment | [13] | 2,460 | 2,488 | (7,421) | (7,747) | |
Less: Unrealized Performance Revenues | [3] | 771,637 | (2,724,366) | 2,946,255 | (7,886,033) | |
Less: Unrealized Principal Investment Loss | [4] | 996,105 | 2,343 | 1,172,635 | (526,249) | |
Less: Interest and Dividend Revenue | [5] | (57,462) | (35,535) | (178,090) | (99,878) | |
Less: Other Revenue | [6] | (198,546) | (64,109) | (427,069) | (152,252) | |
Plus: Unrealized Performance Allocations Compensation | [9] | (359,590) | 1,193,853 | (1,273,849) | 3,394,041 | |
Plus: Equity Based Compensation | [10] | 190,197 | 129,254 | 587,386 | 394,948 | |
Plus: Interest Expense | [11] | 80,312 | 51,773 | 216,339 | 140,245 | |
Amortization of Intangibles | [12] | 13,238 | 17,044 | 47,326 | 51,212 | |
Transaction-Related Charges | [8] | 9,247 | 59,193 | 59,721 | 122,614 | |
Administrative Fee Adjustment | [13] | 2,460 | 2,488 | 7,421 | 7,747 | |
Segment Adjustment | ||||||
Segment Reporting Information [Line Items] | ||||||
Intersegment Eliminations | 518 | 1,266 | 2,099 | 3,341 | ||
Intersegment Eliminations | 518 | 1,266 | 2,099 | 3,341 | ||
Impact of Consolidation | ||||||
Segment Reporting Information [Line Items] | ||||||
Total Other Income | [7] | (1,178) | (94,991) | 51,524 | (344,978) | |
Total Assets | [7] | (3,059,375) | (3,059,375) | |||
Impact of Consolidation | [7] | $ 36,320 | $ (488,457) | $ 5,725 | $ (1,308,089) | |
[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, 2022 and 2021, Other Revenue on a GAAP basis was $199.4 million and $64.2 million, and included $198.4 million and $63.5 million of foreign exchange gains, respectively. For the nine months ended September 30, 2022 and 2021, Other Revenue on a GAAP basis was $427.8 million and $152.4 million, and included $426.7 million and $150.4 million of foreign exchange gains, 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 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.[9]This adjustment removes Unrealized Performance Allocations Compensation.[10]This adjustment removes Equity-Based Compensation on a segment basis.[11]This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement.[12]This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation.[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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Segment Reporting Information [Line Items] | |||||
Total Segment Fee Related Performance Revenues | $ 372,131 | $ 73,313 | $ 1,276,789 | $ 291,370 | |
Total Segment Realized Performance Revenues | 836,664 | 1,570,701 | 5,260,906 | 2,983,019 | |
Total Segment Realized Performance Compensation | (364,285) | (652,639) | (2,204,184) | (1,240,845) | |
Other revenue | 199,382 | 64,187 | 427,839 | 152,387 | |
Foreign exchange gains | 198,400 | 63,500 | 426,700 | 150,400 | |
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Total Segment Management and Advisory Fees, Net | 1,611,570 | 1,320,075 | 4,641,855 | 3,711,022 | |
Total Segment Fee Related Performance Revenues | 372,131 | 73,313 | 1,276,789 | 291,370 | |
Total Segment Realized Performance Revenues | 469,009 | 1,497,477 | 3,988,593 | 2,691,738 | |
Total Segment Realized Principal Investment Income | 139,765 | 151,010 | 340,369 | 512,298 | |
Total Revenues | [1] | 2,592,475 | 3,041,875 | 10,247,606 | 7,206,428 |
Total Segment Fee Related Compensation | 558,268 | 419,481 | 1,850,152 | 1,239,976 | |
Total Segment Realized Performance Compensation | 206,224 | 619,074 | 1,652,318 | 1,108,269 | |
Total Segment Other Operating Expenses | 246,134 | 194,942 | 721,742 | 538,544 | |
Total Expenses | [2] | $ 1,010,626 | $ 1,233,497 | $ 4,224,212 | $ 2,886,789 |
[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 Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Segment Reporting Information [Line Items] | |||||
Revenues | [1] | $ (6,184) | $ (720) | $ (13,022) | $ (137) |
Investment Income - Realized Performance Allocations | 725,888 | 1,522,495 | 4,946,043 | 2,865,482 | |
Realized Performance Revenues | 372,131 | 73,313 | 1,276,789 | 291,370 | |
Compensation and Benefits Compensation | 600,273 | 536,199 | 1,942,790 | 1,585,941 | |
Incentive Fee Compensation | 50,355 | 21,007 | 136,737 | 48,763 | |
Realized Performance Allocations Compensation | 313,930 | 631,632 | 2,067,447 | 1,192,082 | |
Realized Performance Revenues | 836,664 | 1,570,701 | 5,260,906 | 2,983,019 | |
Segment Adjustment | 4,476 | 89 | 4,476 | 89 | |
Total Compensation and Benefits | 964,558 | 1,188,838 | 4,146,974 | 2,826,786 | |
General, Administrative and Other | 270,369 | 217,995 | 800,331 | 608,174 | |
General, Administrative and Other | [2] | (24,235) | (23,053) | (78,589) | (69,630) |
Investment Income - Realized Performance Allocations | 725,888 | 1,522,495 | 4,946,043 | 2,865,482 | |
Realized Performance Revenues | 836,664 | 1,570,701 | 5,260,906 | 2,983,019 | |
Realized Performance Compensation | 364,285 | 652,639 | 2,204,184 | 1,240,845 | |
Investment Income Realized | 193,228 | 325,414 | 743,493 | 832,512 | |
Investment Income Realized | [3] | (53,463) | (174,404) | (403,124) | (320,214) |
Segment Adjustment | [4] | (9,869) | (21,029) | (57,118) | (83,593) |
Less: Fee Related Performance Compensation | [5] | (155,737) | (31,753) | (544,509) | (126,235) |
Total Segment | (364,285) | (652,639) | (2,204,184) | (1,240,845) | |
Management and Advisory Fees, Net | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,617,754 | 1,320,795 | 4,654,877 | 3,711,159 | |
Incentive Fees | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 110,776 | 48,206 | 314,863 | 117,537 | |
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,611,570 | 1,320,075 | 4,641,855 | 3,711,022 | |
Realized Performance Revenues | 372,131 | 73,313 | 1,276,789 | 291,370 | |
Realized Performance Revenues | 469,009 | 1,497,477 | 3,988,593 | 2,691,738 | |
Realized Performance Revenues | (372,131) | (73,313) | (1,276,789) | (291,370) | |
General, Administrative and Other | 246,134 | 194,942 | 721,742 | 538,544 | |
Realized Performance Revenues | 469,009 | 1,497,477 | 3,988,593 | 2,691,738 | |
Less: Realized Performance Revenues | (469,009) | (1,497,477) | (3,988,593) | (2,691,738) | |
Realized Performance Compensation | (206,224) | (619,074) | (1,652,318) | (1,108,269) | |
Investment Income Realized | 139,765 | 151,010 | 340,369 | 512,298 | |
Less: Equity-Based Compensation - Operating Compensation | (187,873) | (127,442) | (580,029) | (388,607) | |
Less: Equity-Based Compensation - Performance Compensation | (2,324) | (1,812) | (7,357) | (6,341) | |
Total Compensation and Benefits | 558,268 | 419,481 | 1,850,152 | 1,239,976 | |
Less: Equity-Based Compensation - Performance Compensation | (2,324) | (1,812) | (7,357) | (6,341) | |
Total Segment | 206,224 | 619,074 | 1,652,318 | 1,108,269 | |
Operating Segments | Management and Advisory Fees, Net | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 1,611,570 | $ 1,320,075 | $ 4,641,855 | $ 3,711,022 | |
[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 (1) removal of amortization of transaction-related intangibles, (2) removal of 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, and (3) 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.[3]Represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.[4]Represents the removal of Transaction-Related Charges that are not recorded in the Total Segment measures.[5]Fee related performance compensation may include equity-based compensation based on fee related performance revenues. |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event - Senior Notes [Member] $ in Millions | Nov. 03, 2022 USD ($) |
Senior Notes Due 2027 Notes [Member] | |
Subsequent Event [Line Items] | |
Debt instrument, face amount | $ 600 |
Debt instrument, interest rate | 5.90% |
Senior Notes Due 2033 Notes [Member] | |
Subsequent Event [Line Items] | |
Debt instrument, face amount | $ 900 |
Debt instrument, interest rate | 6.20% |