Blackstone (BX) 10-Q5 May 232023 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	Apr. 28, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
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		706,084,809

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and Cash Equivalents	$ 2,830,971	$ 4,252,003
Cash Held by Blackstone Funds and Other	190,322	241,712
Investments	26,985,951	27,553,251
Accounts Receivable	924,934	462,904
Due from Affiliates	4,099,765	4,146,707
Intangible Assets, Net	230,295	217,287
Goodwill	1,890,202	1,890,202
Other Assets	833,232	800,458
Right-of-Use Assets	894,067	896,981
Deferred Tax Assets	2,206,700	2,062,722
Total Assets	41,086,439	42,524,227
Liabilities and Equity
Loans Payable	12,311,469	12,349,584
Due to Affiliates	1,974,182	2,118,481
Accrued Compensation and Benefits	5,470,773	6,101,801
Securities Sold, Not Yet Purchased	3,881	3,825
Repurchase Agreements	19,563	89,944
Operating Lease Liabilities	1,016,808	1,021,454
Accounts Payable, Accrued Expenses and Other Liabilities	1,575,938	1,158,071
Total Liabilities	22,372,614	22,843,160
Commitments and Contingencies
Redeemable Non-Controlling Interests in Consolidated Entities	1,644,697	1,715,006
Stockholders' Equity of Blackstone Inc.
Common Stock, $0.00001 par value, 90 billion shares authorized, (712,794,968 shares issued and outstanding as of March 31, 2023; 710,276,923 shares issued and outstanding as of December 31, 2022)	7	7
Additional Paid-in-Capital	5,957,054	5,935,273
Retained Earnings	1,156,109	1,748,106
Accumulated Other Comprehensive Loss	(22,333)	(27,475)
Total Stockholders' Equity of Blackstone Inc.	7,090,837	7,655,911
Non-Controlling Interests in Consolidated Entities	5,058,090	5,056,480
Non-Controlling Interests in Blackstone Holdings	4,920,201	5,253,670
Total Equity	17,069,128	17,966,061
Total Liabilities and Equity	41,086,439	42,524,227
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	Mar. 31, 2023	Dec. 31, 2022
Assets	$ 41,086,439	$ 42,524,227
Liabilities	$ 22,372,614	$ 22,843,160
Common stock par value	$ 0.00001	$ 0.00001
Common shares authorized	90,000,000,000	90,000,000,000
Common shares issued	712,794,968	710,276,923
Common shares outstanding	712,794,968	710,276,923
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	$ 5,698,759	$ 5,442,788
Liabilities	1,954,633	1,558,203
Consolidated Blackstone Funds \| Loans Payable \| Variable Interest Entity, Primary Beneficiary
Liabilities	1,742,452	1,450,000
Investments \| Consolidated Blackstone Funds \| Variable Interest Entity, Primary Beneficiary
Assets	5,443,867	5,136,542
Accounts Receivable \| Consolidated Blackstone Funds \| Variable Interest Entity, Primary Beneficiary
Assets	39,006	55,223
Cash Held by Funds and Other \| Consolidated Blackstone Funds \| Variable Interest Entity, Primary Beneficiary
Assets	190,322	241,712
Due from Affiliates \| Consolidated Blackstone Funds \| Variable Interest Entity, Primary Beneficiary
Assets	23,041	7,152
Other Assets \| Consolidated Blackstone Funds \| Variable Interest Entity, Primary Beneficiary
Assets	2,523	2,159
Due to Affiliates \| Consolidated Blackstone Funds \| Variable Interest Entity, Primary Beneficiary
Liabilities	87,523	82,345
Accounts Payable, Accrued Expenses and Other Liabilities \| Consolidated Blackstone Funds \| Variable Interest Entity, Primary Beneficiary
Liabilities	$ 124,658	$ 25,858

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Performance Allocations
Realized	$ 646,894	$ 1,766,386
Unrealized	(759,212)	1,293,050
Principal Investments
Realized	108,058	285,104
Unrealized	(491,417)	73,961
Total Investment Income (Loss)	(495,677)	3,418,501
Interest and Dividend Revenue	90,485	54,485
Other	(14,154)	72,869
Total Revenues	1,381,845	5,126,280
Expenses
Compensation	716,285	656,505
Incentive Fee Compensation	63,281	41,019
Performance Allocations Compensation
Realized	296,794	717,601
Unrealized	(313,249)	472,284
Total Compensation and Benefits	763,111	1,887,409
General, Administrative and Other	273,394	240,674
Interest Expense	104,441	66,747
Fund Expenses	48,399	2,192
Total Expenses	1,189,345	2,197,022
Other Income
Change in Tax Receivable Agreement Liability	(5,208)	761
Net Gains from Fund Investment Activities	71,064	50,876
Total Other Income	65,856	51,637
Income Before Provision for Taxes	258,356	2,980,895
Provision for Taxes	47,675	483,281
Net Income	210,681	2,497,614
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	(6,700)	5,052
Net Income Attributable to Non-Controlling Interests in Consolidated Entities	74,869	216,375
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings	56,700	1,059,313
Net Income Attributable to Blackstone Inc.	$ 85,812	$ 1,216,874
Net Income Per Share of Common Stock
Basic	$ 0.12	$ 1.66
Diluted	$ 0.11	$ 1.66
Weighted-Average Shares of Common Stock Outstanding
Basic	746,064,922	734,327,015
Diluted	746,643,929	734,966,915
Management and Advisory Fees, Net
Revenues
Revenues	$ 1,658,315	$ 1,475,936
Incentive Fees
Revenues
Revenues	$ 142,876	$ 104,489

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net Income	$ 210,681	$ 2,497,614
Other Comprehensive Income (Loss) – Currency Translation Adjustment	29,400	(9,399)
Comprehensive Income	240,081	2,488,215
Comprehensive Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	14,010	5,052
Comprehensive Income Attributable to Non-Controlling Interests in Consolidated Entities	74,869	216,375
Comprehensive Income Attributable to Non-Controlling Interests in Blackstone Holdings	60,248	1,056,042
Comprehensive Income Attributable to Non-Controlling Interests	149,127	1,277,469
Comprehensive Income Attributable to Blackstone Inc.	$ 90,954	$ 1,210,746

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands		Total	Common Stock	[1]	Common Units	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, 2021		$ 21,638,018	$ 7			$ 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)		2,492,562						1,216,874				1,216,874		216,375	1,059,313
Currency Translation Adjustment		(9,399)								(6,128)		(6,128)			(3,271)
Capital Contributions		194,824												192,338	2,486
Capital Distributions		(2,213,376)						(1,058,741)				(1,058,741)		(252,846)	(901,789)
Transfer of Non-Controlling Interests in Consolidated Entities		(8,822)												(8,822)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders		3,272				3,272						3,272
Equity-Based Compensation		134,579				80,901						80,901			53,678
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock		(32,061)				(32,061)						(32,061)
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock, Units	[1]				1,892,172
Change in Blackstone Inc.'s Ownership Interest		(19,519)				19,519						19,519			(19,519)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock						13,438						13,438			(13,438)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock, Units	[1]				948,884
Ending Balance at Mar. 31, 2022		22,199,597	7			5,879,796		3,805,918		(25,754)		9,659,967		5,747,698	6,791,932
Ending Balance, Units at Mar. 31, 2022	[1]				707,180,830
Beginning Balance at Dec. 31, 2021		68,028
Net Income (Loss)		5,052
Capital Distributions		(31,650)
Ending Balance at Mar. 31, 2022		41,430
Beginning Balance at Dec. 31, 2022		17,966,061	7			5,935,273		1,748,106		(27,475)		7,655,911		5,056,480	5,253,670
Beginning Balance, Units at Dec. 31, 2022	[1]				710,276,923
Net Income (Loss)		217,381						85,812				85,812		74,869	56,700
Currency Translation Adjustment		8,690								5,142		5,142			3,548
Capital Contributions		126,399												123,952	2,447
Capital Distributions		(1,334,653)						(677,809)				(677,809)		(194,866)	(461,978)
Transfer of Non-Controlling Interests in Consolidated Entities		(2,345)												(2,345)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders		2,001				2,001						2,001
Equity-Based Compensation		193,695				117,227						117,227			76,468
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock		(18,004)				(18,004)						(18,004)
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock, Units	[1]				2,143,256
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units		(90,097)				(90,097)						(90,097)
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units, Units	[1]				(1,000,000)
Change in Blackstone Inc.'s Ownership Interest		4,927				(4,927)						(4,927)			4,927
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock						15,581						15,581			(15,581)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock, Units	[1]				1,374,789
Ending Balance at Mar. 31, 2023		17,069,128	$ 7			$ 5,957,054		$ 1,156,109		$ (22,333)		$ 7,090,837		$ 5,058,090	$ 4,920,201
Ending Balance, Units at Mar. 31, 2023	[1]				712,794,968
Beginning Balance at Dec. 31, 2022		1,715,006
Transfer In Due to Consolidation of Fund Entities		(53,713)
Net Income (Loss)		(6,700)
Currency Translation Adjustment		20,710
Capital Contributions		51,092
Capital Distributions		(81,698)
Ending Balance at Mar. 31, 2023		$ 1,644,697

[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
	Mar. 31, 2023	Mar. 31, 2022
Series I Preferred Stock [Member]
Conversion Of Stocks	one share outstanding	one share outstanding
Series II Preferred Stock [Member]
Conversion Of Stocks	one share outstanding	one share outstanding

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Activities
Net Income	$ 210,681	$ 2,497,614
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities
Net Realized Gains on Investments	(924,643)	(2,154,499)
Changes in Unrealized (Gains) Losses on Investments	508,398	(101,802)
Non-Cash Performance Allocations	759,212	(1,293,050)
Non-Cash Performance Allocations and Incentive Fee Compensation	46,827	1,230,904
Equity-Based Compensation Expense	277,431	219,083
Amortization of Intangibles	12,996	18,698
Other Non-Cash Amounts Included in Net Income	(348,203)	(215,753)
Cash Flows Due to Changes in Operating Assets and Liabilities
Cash Relinquished with Deconsolidation of Fund Entities	(113,588)	0
Accounts Receivable	(470,691)	169,644
Due from Affiliates	151,635	722,779
Other Assets	12,284	118,945
Accrued Compensation and Benefits	(483,939)	(1,079,703)
Securities Sold, Not Yet Purchased	(3)	16
Accounts Payable, Accrued Expenses and Other Liabilities	233,965	52,257
Repurchase Agreements	(70,381)	19,310
Due to Affiliates	(65,276)	22,831
Investments Purchased	(1,130,045)	(773,867)
Cash Proceeds from Sale of Investments	1,746,068	3,295,094
Net Cash Provided by Operating Activities	352,728	2,748,501
Investing Activities
Purchase of Furniture, Equipment and Leasehold Improvements	(69,557)	(56,152)
Net Cash Paid for Acquisitions, Net of Cash Acquired	(5,413)	0
Net Cash Used in Investing Activities	(74,970)	(56,152)
Financing Activities
Distributions to Non-Controlling Interest Holders in Consolidated Entities	(215,124)	(284,496)
Contributions from Non-Controlling Interest Holders in Consolidated Entities	173,657	181,824
Payments Under Tax Receivable Agreement	(64,634)	(46,880)
Net Settlement of Vested Common Stock and Repurchase of Common Stock and Blackstone Holdings Partnership Units	(108,101)	(32,061)
Proceeds from Loans Payable	78	1,481,644
Repayment and Repurchase of Loans Payable	(400,000)	(250,101)
Dividends/Distributions to Stockholders and Unitholders	(1,137,340)	(1,958,044)
Net Cash Used in Financing Activities	(1,751,464)	(908,114)
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other	1,284	(4,752)
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other
Net Increase (Decrease)	(1,472,422)	1,779,483
Beginning of Period	4,493,715	2,199,732
End of Period	3,021,293	3,979,215
Supplemental Disclosure of Cash Flows Information
Payments for Interest	99,096	75,184
Payments for Income Taxes	53,504	41,394
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Non-Cash Contributions from Non-Controlling Interest Holders	2,447	4,227
Non-Cash Distributions to Non-Controlling Interest Holders	(61,440)	0
Notes Issuance Costs	0	14,226
Transfer of Interests to Non-Controlling Interest Holders	(2,345)	(8,822)
Change in Blackstone Inc.'s Ownership Interest	(4,927)	19,519
Net Settlement of Vested Common Stock	191,144	131,087
Conversion of Blackstone Holdings Units to Common Stock	15,581	13,438
Acquisition of Ownership Interests from Non-Controlling Interest Holders
Deferred Tax Asset	(33,492)	(33,503)
Due to Affiliates	31,491	30,231
Equity	$ 2,001	$ 3,272

Condensed Consolidated Statem_8

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents	$ 2,830,971	$ 4,252,003
Cash Held by Blackstone Funds and Other	190,322	241,712
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other	$ 3,021,293	$ 4,493,715	$ 3,979,215	$ 2,199,732

Organization

Organization	3 Months Ended
Organization	Mar. 31, 2023
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, Credit & Insurance and Hedge Fund Solutions. 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”). 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	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2023
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. In cases where the investors of the funds are determined to be the customer in an arrangement, placement fees may be capitalized as a cost to acquire a customer contract. Capitalized placement fees are amortized over the life of the customer contract, are recorded within Other Assets in the Consolidated Statements of Financial Condition and amortization is recorded within General, Administrative and Other within the Consolidated Statements of Operations. Accrued but unpaid Management and Advisory Fees, net of management fee reductions and management fee offsets, as of the reporting date are included in Accounts Receivable or Due from Affiliates in the Condensed Consolidated Statements of Financial Condition. Incentive Fees Investment Income (Loss) In carry fund structures and certain open-ended 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 in carry fund structures are made to the general partner based on cumulative fund performance to date, subject to a preferred return to limited partners. Performance Allocations in open-ended structures are based on vehicle performance over a period of time, subject to a high water mark and preferred return to investors. 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 in carry fund structures 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 in carry fund structures are subject to clawback to the extent that the Performance Allocation received to date exceeds the amount due to Blackstone based on cumulative results. As such, the accrual for potential repayment of previously received Performance Allocations, which is a component of Due to Affiliates, represents all amounts previously distributed to Blackstone Holdings and non-controlling Principal Investments include the unrealized and realized gains and losses on Blackstone’s principal investments, including its investments in Blackstone Funds that are not consolidated and receive pro-rata Interest and Dividend Revenue Other Revenue Fair Value of Financial Instruments GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: ● Level I – Quoted prices are available in active markets for identical financial instruments as of the reporting date. The types of financial instruments in Level I include listed equities, listed derivatives and mutual funds with quoted prices. Blackstone does not adjust the quoted price for these investments, even in situations where Blackstone holds a large position and a sale could reasonably impact the quoted price. ● Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Financial instruments which are generally included in this category include corporate bonds and loans, including corporate bonds and loans held within consolidated collateralized loan obligations (“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 non-consolidated over-the-counter In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Blackstone’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. Level II Valuation Techniques Financial instruments classified within Level II of the fair value hierarchy comprise debt instruments, debt securities sold, not yet purchased and certain equity securities and derivative instruments valued using observable inputs are also classified as Level II. The valuation techniques used to value financial instruments classified within Level II of the fair value hierarchy are as follows: ● Debt Instruments and Equity Securities are valued on the basis of prices from an orderly transaction between market participants including those 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. ● Notes issued by consolidated CLO vehicles are measured based on the more observable fair value of CLO assets less (a) the fair value of any beneficial interests held by Blackstone, and (b) the carrying value of any beneficial interests that represent compensation for services. Level III Valuation Techniques In the absence of observable market prices, Blackstone values its investments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist; management’s determination of fair value is then based on the best information available in the circumstances, and may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for non-performance non-consolidated Real Estate Investments Private Equity Investments Credit-Focused Investments The market approach is generally used to determine the enterprise value of the issuer of a credit investment, and considers valuation multiples of comparable companies or transactions. The resulting enterprise value will dictate whether or not such credit investment has adequate enterprise value coverage. In cases of distressed credit instruments, the market approach may be used to estimate a recovery value in the event of a restructuring. Investments, at Fair Value Generally, the Blackstone Funds are accounted for as investment companies under the American Institute of Certified Public Accountants Accounting and Auditing Guide, Investment Companies, and in accordance with the GAAP guidance on investment companies and reflect their investments, including majority-owned and controlled investments (the “Portfolio Companies”), at fair value. Such consolidated funds’ investments are reflected in Investments on the Condensed Consolidated Statements of Financial Condition at fair value, with unrealized gains and losses resulting from changes in fair value reflected as a component of Net Gains (Losses) from Fund Investment Activities in the Condensed Consolidated Statements of Operations. Fair value is the amount that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants at the measurement date, at current market conditions (i.e., the exit price). 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 the assets of consolidated CLO vehicles. As permitted under GAAP, Blackstone measures notes issued by consolidated CLO vehicles as (a) the sum of the fair value of the consolidated CLO assets and the carrying value of any non-financial Non-Controlling 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 generally include both a proportionate and disproportionate allocation of the profits and losses (as is the case with carry funds that include a Performance Allocation), are accounted for under the equity method. Under the equity method of accounting, Blackstone’s share of earnings (losses) from equity method investments is included in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. In cases where Blackstone’s equity method investments provide for a disproportionate allocation of the profits and losses (as is the case with carry funds that include a Performance Allocation), Blackstone’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period, Blackstone calculates the Accrued Performance Allocations that would be due to Blackstone for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner, or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. The carrying amounts of equity method investments are reflected in Investments in the Condensed Consolidated Statements of Financial Condition. Strategic Partners’ results presented in Blackstone’s condensed consolidated financial statements are reported on a three month lag from Strategic Partners’ fund financial statements, which report the performance of underlying investments generally on a same quarter basis, if available. Therefore, Strategic Partners’ results presented herein do not reflect the impact of economic and market activity in the current quarter. Current quarter market activity of Strategic Partners’ underlying investments is expected to affect Blackstone’s reported results in upcoming periods. 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 vehicles may be granted redemption rights that allow for quarterly or monthly redemption, as outlined in the relevant governing documents. Such redemption rights may be subject to certain limitations, including limits on the aggregate amount of interests 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 vehicles 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 borne by and attributable to the Holdings Partnerships, is attributable to 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 differences between the financial reporting and tax bases of assets and liabilities, resulting in all pretax amounts being appropriately tax effected in the period, irrespective of which tax return year items will be reflected. Blackstone reports interest expense and tax penalties related to income tax matters in provision for income taxes. 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 condensed consolidated 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 that 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 for certain equity-based compensation awards. Blackstone applies the “if-converted” Reverse Repurchase and Repurchase Agreements Securities purchased under agreements to resell (“reverse repurchase agreements”) and securities sold under agreements to repurchase (“repurchase agreements”), comprised primarily of U.S. and non-U.S. Blackstone manages credit exposure arising from reverse repurchase agreements and repurchase agreements by, in appropriate circumstances, entering into master netting agreements and collateral arrangements with counterparties that provide Blackstone, in the event of a counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. Blackstone takes possession of securities purchased under reverse repurchase agreements and is permitted to repledge, deliver or otherwise use such securities. Blackstone also pledges its financial instruments to counterparties to collateralize repurchase agreements. Financial instruments pledged that can be repledged, delivered or otherwise used by the counterparty are recorded in Investments in the Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to repurchase agreements are discussed in Note 10. “Repurchase Agreements.” Blackstone does not offset assets and liabilities relating to reverse repurchase agreements and repurchase agreements in its Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to offsetting are discussed in Note 11. “Offsetting of Assets and Liabilities.” Securities Sold, Not Yet Purchased Securities Sold, Not Yet Purchased consist of equity and debt securities that Blackstone has borrowed and sold. Blackstone is required to “cover” its short sale in the future by purchasing the security at prevailing market prices and delivering it to the counterparty from which it borrowed the security. Blackstone is exposed to loss in the event that the price at which a security may have to be purchased to cover a short sale exceeds the price at which the borrowed security was sold short. Securities Sold, Not Yet Purchased are recorded at fair value in the Condensed Consolidated Statements of Financial Condition. Derivative Instruments Blackstone recognizes all derivatives as assets or liabilities on its Condensed Consolidated Statements of Financial Condition at fair value. On the date Blackstone enters into a derivative contract, it designates and documents each derivative contract as one of the following: (a) a hedge of a recognized asset or liability (“fair value hedge”), (b) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), (c) a hedge of a net investment in a foreign operation, or (d) a derivative instrument not designated as a hedging instrument (“freestanding derivative”). 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 deriva

Intangible Assets

Intangible Assets	3 Months Ended
Intangible Assets	Mar. 31, 2023
Intangible Assets	3. Intangible Assets Intangible Assets, Net consists of the following: March 31, December 31, 2023 2022 Finite-Lived Intangible Assets/Contractual Rights $ 1,771,380 $ 1,745,376 Accumulated Amortization (1,541,085 ) (1,528,089 ) Intangible Assets, Net $ 230,295 $ 217,287 Amortization expense associated with Blackstone’s intangible assets was $13.0 million and $18.7 million for the three months ended March 31, 2023 and 2022, respectively. Amortization of Intangible Assets held at March 31, 2023 is expected to be $39.5 million, $35.3 million, $35.3 million, $35.1 million and $34.0 million for each of the years ending December 31, 2023, 2024, 2025, 2026, and 2027, respectively. Blackstone’s Intangible Assets as of March 31, 2023 are expected to amortize over a weighted-average period of 6.3 years.

Investments

Investments	3 Months Ended
Investments	Mar. 31, 2023
Investments	4. Investments Investments consist of the following: March 31, December 31, 2023 2022 Investments of Consolidated Blackstone Funds $ 5,443,867 $ 5,136,966 Equity Method Investments Partnership Investments 5,598,552 5,530,419 Accrued Performance Allocations 11,517,750 12,360,684 Corporate Treasury Investments 958,632 1,053,540 Other Investments 3,467,150 3,471,642 $ 26,985,951 $ 27,553,251 Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $289.2 million and $393.9 million at March 31, 2023 and December 31, 2022, 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 March 31, 2023 2022 Realized Gains $ 17,155 $ 17,688 Net Change in Unrealized Gains (Losses) (17,154 ) 27,841 Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds 1 45,529 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 71,063 5,347 Other Income – Net Gains from Fund Investment Activities $ 71,064 $ 50,876 Equity Method Investments Blackstone’s equity method investments include Partnership Investments, which represent the pro-rata Partnership Investments Blackstone recognized net gains related to its Partnership Investments accounted for under the equity method of $69.2 million and $336.3 million for the three months ended March 31, 2023 and 2022, respectively. Accrued Performance Allocations Accrued Performance Allocations to Blackstone were as follows: Real Private Credit & Hedge Fund Estate Equity Insurance Solutions Total Accrued Performance Allocations, December 31, 2022 $ 5,334,117 $ 6,037,575 $ 569,898 $ 419,094 $ 12,360,684 Performance Allocations as a Result of Changes in Fund Fair Values (449,418 ) 243,978 45,304 33,373 (126,763 ) Foreign Exchange Gain 7,906 — — — 7,906 Fund Distributions (404,077 ) (252,348 ) (61,719 ) (5,933 ) (724,077 ) Accrued Performance Allocations, March 31, 2023 $ 4,488,528 $ 6,029,205 $ 553,483 $ 446,534 $ 11,517,750 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 March 31, 2023 2022 Realized Gains (Losses) $ 2,374 $ (1,962 ) Net Change in Unrealized Gains (Losses) 7,795 (27,603 ) $ 10,169 $ (29,565 ) 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 senior secured and subordinated notes in non-consolidated lock-up Three Months Ended March 31, 2023 2022 Realized Gains $ 1,924 $ 101,349 Net Change in Unrealized Losses (313,153 ) (80,485 ) $ (311,229 ) $ 20,864

Net Asset Value as Fair Value

Net Asset Value as Fair Value	3 Months Ended
Net Asset Value as Fair Value	Mar. 31, 2023
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 March 31, 2023 is presented below: Redemption Frequency Redemption Strategy (a) Fair Value (if currently eligible) Notice Period Equity $ 457,664 (b) (b) Real Estate 121,172 (c) (c) Credit Driven 26,845 (d) (d) Commodities 1,080 (e) (e) Diversified Instruments 17 (f) (f) $ 606,778 (a) As of March 31, 2023, 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 24% 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 76% 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-pocket less than 1 (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 81% of the fair value of the investments in this category are in liquidation. The remaining 19% 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	3 Months Ended
Derivative Financial Instruments	Mar. 31, 2023
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 and business purposes. Blackstone may enter into derivative contracts in order to hedge its interest rate risk exposure against the effects of interest rate changes. Additionally, Blackstone may also enter into derivative contracts in order to hedge its foreign currency risk exposure against the effects of a portion of its non-U.S. Freestanding Derivatives Freestanding derivatives are instruments that Blackstone and certain of the consolidated Blackstone Funds have entered into as part of their overall risk management and investment strategies. These derivative contracts are not designated as hedging instruments for accounting purposes. Such contracts may include interest rate swaps, foreign exchange contracts, equity swaps, options, futures and other derivative contracts. The table below summarizes the aggregate notional amount and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts. March 31, 2023 December 31, 2022 Assets Liabilities Assets Liabilities Fair Fair Fair Fair Notional Value Notional Value Notional Value Notional Value Freestanding Derivatives Blackstone Interest Rate Contracts $ 719,640 $ 176,132 $ 688,800 $ 62,096 $ 789,540 $ 188,043 $ 621,700 $ 83,331 Foreign Currency Contracts 270,614 3,944 251,568 2,628 541,238 8,040 190,774 3,542 Credit Default Swaps 2,105 522 7,931 1,626 2,007 384 8,768 1,309 Total Return Swaps 34,529 4,206 — — 42,233 6,210 — — Equity Options — — 1,111,046 203,419 — — 996,592 48,581 1,026,888 184,804 2,059,345 269,769 1,375,018 202,677 1,817,834 136,763 Investments of Consolidated Blackstone Funds Interest Rate Contracts 836,637 57,593 — — 931,752 74,926 — — Foreign Currency Contracts — — — — — — 5,133 284 836,637 57,593 — — 931,752 74,926 5,133 284 $ 1,863,525 $ 242,397 $ 2,059,345 $ 269,769 $ 2,306,770 $ 277,603 $ 1,822,967 $ 137,047 The table below summarizes the impact to the Condensed Consolidated Statements of Operations from derivative Three Months Ended March 31, 2023 2022 Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ 336 $ 3,899 Foreign Currency Contracts 5,590 3,992 Credit Default Swaps (51 ) 95 Total Return Swaps 4,652 — 10,527 7,986 Net Change in Unrealized Gains (Losses) Interest Rate Contracts (2,120 ) 34,956 Foreign Currency Contracts (3,183 ) (9,372 ) Credit Default Swaps (228 ) 13 Total Return Swaps (13 ) — Equity Options (154,838 ) — (160,382 ) 25,597 $ (149,855 ) $ 33,583 As of March 31, 2023 and December 31, 2022, Blackstone had not designated any derivatives as fair value, cash flow or net investment hedges.

Fair Value Option

Fair Value Option	3 Months Ended
Fair Value Option	Mar. 31, 2023
Fair Value Option	7. Fair Value Option The following table summarizes the financial instruments for which the fair value option has been elected: March 31, December 31, 2023 2022 Assets Loans and Receivables $ 307,288 $ 315,039 Equity and Preferred Securities 2,082,976 1,868,192 Debt Securities 65,077 24,784 Assets of Consolidated CLO Vehicles Corporate Loans 256,310 — $ 2,711,651 $ 2,208,015 Liabilities CLO Notes Payable $ 292,374 $ — Corporate Treasury Commitments 5,918 8,144 $ 298,292 $ 8,144 The following table presents the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected: Three Months Ended March 31, 2023 2022 Net Change Net Change Realized in Unrealized Realized in Unrealized Gains (Losses) Gains (Losses) Gains (Losses) Gains (Losses) Assets Loans and Receivables $ (763 ) $ (303 ) $ (1,453 ) $ 1,446 Equity and Preferred Securities 1,696 (45,113 ) (722 6,836 Debt Securities — (1,831 ) (952 ) (8,982 ) Assets of Consolidated CLO Vehicles Corporate Loans (3,129 ) 482 — — $ (2,196 ) $ (46,765 ) $ (3,127 $ (700 ) Liabilities CLO Notes Payable $ — $ 2,464 $ — $ — Corporate Treasury Commitments — 2,226 — (1,193 ) $ — $ 4,690 $ — $ (1,193 ) The following table presents information for those financial instruments for which the fair value option was elected: March 31, 2023 December 31, 2022 For Financial Assets For Financial Assets Past Due (a) Past Due (a) (Deficiency) Excess (Deficiency) Excess of Fair Value Fair of Fair Value of Fair Value Fair of Fair Value Over Principal Value Over Principal Over Principal Value Over Principal Loans and Receivables $ (4,533 ) $ — $ — $ (2,861 ) $ — $ — Debt Securities (53,024 ) — — (48,670 ) — — Assets of Consolidated CLO Vehicles Corporate Loans (11,509 ) — — — — — $ (69,066 ) $ — $ — $ (51,531 ) $ — $ — (a) Assets are classified as past due if contractual payments are more than 90 days past due. As of March 31, 2023 and December 31, 2022, no Loans and Receivables for which the fair value option was elected were past due or in non-accrual non-accrual

Fair Value Measurements of Fina

Fair Value Measurements of Financial Instruments	3 Months Ended
Fair Value Measurements of Financial Instruments	Mar. 31, 2023
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: March 31, 2023 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents $ 136,224 $ — $ — $ — $ 136,224 Investments Investments of Consolidated Blackstone Funds Equity Securities, Partnerships and LLC Interests (a) 11,120 129,963 4,301,218 600,700 5,043,001 Debt Instruments — 305,982 37,291 — 343,273 Freestanding Derivatives — 57,593 — — 57,593 Total Investments of Consolidated Blackstone Funds 11,120 493,538 4,338,509 600,700 5,443,867 Corporate Treasury Investments 120,739 830,804 5,321 — 956,864 Other Investments 1,206,468 1,818,053 65,077 6,078 3,095,676 Total Investments 1,338,327 3,142,395 4,408,907 606,778 9,496,407 Accounts Receivable - Loans and Receivables — — 307,288 — 307,288 Other Assets - Freestanding Derivatives 132 180,466 4,206 — 184,804 $ 1,474,683 $ 3,322,861 $ 4,720,401 $ 606,778 $ 10,124,723 Liabilities Loans Payable - CLO Notes Payable $ — $ 292,374 $ — $ — $ 292,374 Securities Sold, Not Yet Purchased 3,881 — — — 3,881 Accounts Payable, Accrued Expenses and Other Liabilities Freestanding Derivatives (b) 1,027 65,323 203,419 — 269,769 Contingent Consideration (c) — — 2,300 — 2,300 Corporate Treasury Commitments (d) — — 5,918 — 5,918 Total Accounts Payable, Accrued Expenses and Other Liabilities 1,027 65,323 211,637 — 277,987 $ 4,908 $ 357,697 $ 211,637 $ — $ 574,242 December 31, 2022 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents $ 1,134,733 $ — $ — $ — $ 1,134,733 Investments Investments of Consolidated Blackstone Funds Equity Securities, Partnerships and LLC Interests (a) 12,024 149,689 4,195,859 596,708 4,954,280 Debt Instruments — 53,787 53,973 — 107,760 Freestanding Derivatives — 74,926 — — 74,926 Total Investments of Consolidated Blackstone Funds 12,024 278,402 4,249,832 596,708 5,136,966 Corporate Treasury Investments 116,266 931,406 5,868 — 1,053,540 Other Investments 1,473,611 1,597,696 51,155 5,985 3,128,447 Total Investments 1,601,901 2,807,504 4,306,855 602,693 9,318,953 Accounts Receivable - Loans and Receivables — — 315,039 — 315,039 Other Assets - Freestanding Derivatives 279 196,188 6,210 — 202,677 $ 2,736,913 $ 3,003,692 $ 4,628,104 $ 602,693 $ 10,971,402 Liabilities Securities Sold, Not Yet Purchased $ 3,825 $ — $ — $ — $ 3,825 Accounts Payable, Accrued Expenses and Other Liabilities Consolidated Blackstone Funds - Freestanding Derivatives — 284 — — 284 Freestanding Derivatives (b) 21 88,161 48,581 — 136,763 Corporate Treasury Commitments (d) — — 8,144 — 8,144 Total Accounts Payable, Accrued Expenses and Other Liabilities 21 88,445 56,725 — 145,191 $ 3,846 $ 88,445 $ 56,725 $ — $ 149,016 LLC Limited Liability Company. (a) Equity Securities, Partnership and LLC Interest includes investments in investment funds. (b) Level III freestanding derivatives are valued using an option pricing model where the significant inputs include the expected return and expected volatility. (c) Level III contingent consideration liabilities are valued using a discounted cash flow model where the significant inputs include the discount rates. (d) 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 March 31, 2023: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Impact to Financial Assets Investments of Consolidated Equity Securities, Partnership and LLC Interests $ 4,301,218 Discounted Cash Flows Discount Rate 4.1% - 35.5% 7.6% Lower Exit Multiple - EBITDA 4.0x - 30.6x 14.8x Higher Exit Capitalization Rate 2.8% - 14.3% 4.8% Lower Transaction Price n/a Debt Instruments 37,291 Transaction Price n/a Total Investments of Consolidated Blackstone Funds 4,338,509 Corporate Treasury Investments 5,321 Third Party Pricing n/a Loans and Receivables 307,288 Discounted Cash Flows Discount Rate 8.5% - 12.6% 9.8% Lower Other Investments (b) 69,283 Transaction Price n/a Third Party Pricing n/a $ 4,720,401 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, 2022: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Impact to Financial Assets Investments of Consolidated Blackstone Funds Equity Securities, Partnership and LLC Interests $ 4,195,859 Discounted Cash Flows Discount Rate 4.1% - 34.5% 8.8% Lower Exit Multiple - EBITDA 4.0x - 30.6x 14.7x Higher Exit Capitalization Rate 2.6% - 14.4% 4.7% Lower Transaction Price n/a Debt Instruments 53,973 Transaction Price n/a Third Party Pricing n/a Total Investments of Consolidated Blackstone Funds 4,249,832 Corporate Treasury Investments 5,868 Third Party Pricing n/a Loans and Receivables 315,039 Discounted Cash Flows Discount Rate 7.6% - 11.5% 9.8% Lower Other Investments (b) 57,365 Transaction Price n/a Third Party Pricing n/a $ 4,628,104 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 March 31, 2023 and December 31, 2022, Other Investments includes Level III Freestanding Derivatives. For the three months ended March 31, 2023, there have been no changes in valuation techniques within Level II and Level III that have had a material impact on the valuation of financial instruments. The following tables summarize the changes in financial assets and liabilities measured at fair value for which Blackstone has used Level III inputs to determine fair value and does not include gains or losses that were reported in Level III in prior years or for instruments that were transferred out of Level III prior to the end of the respective reporting period. These tables also exclude financial assets and liabilities measured at fair value on a non-recurring Level III Financial Assets at Fair Value Three Months Ended March 31, 2023 2022 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 $ 4,249,832 $ 315,039 $ 30,971 $ 4,595,842 $ 1,200,315 $ 392,732 $ 43,987 $ 1,637,034 Transfer Out Due to Deconsolidation (3,837 ) — — (3,837 ) — — — — Transfer Into Level III (b) 13,873 — 898 14,771 4 — — 4 Transfer Out of Level III (b) (313 ) — (2,726 ) (3,039 ) (53,907 ) — — (53,907 ) Purchases 299,948 55,070 49,404 404,422 58,021 3,097 2,746 63,864 Sales (319,161 ) (86,725 ) (180 ) (406,066 ) (64,312 ) (118,493 ) (64 ) (182,869 ) Issuances — 50,689 — 50,689 — 9,774 — 9,774 Settlements — (33,796 ) 528 (33,268 ) — (4,854 ) — (4,854 ) Changes in Gains (Losses) Included in Earnings 98,167 7,011 (4,291 ) 100,887 68,131 3,943 (3,455 ) 68,619 Balance, End of Period $ 4,338,509 $ 307,288 $ 74,604 $ 4,720,401 $ 1,208,252 $ 286,199 $ 43,214 $ 1,537,665 Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ 72,029 $ 1,737 $ 534 $ 74,300 $ 61,154 $ 215 $ (3,457 ) $ 57,912 (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.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
Variable Interest Entities	Mar. 31, 2023
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 consolidated as it is determined that Blackstone is not the primary beneficiary. Blackstone’s involvement with such entities is in the form of direct and indirect equity interests and fee arrangements. The maximum exposure to loss represents the loss of assets recognized by Blackstone relating to non-consolidated non-consolidated March 31, December 31, 2023 2022 Investments $ 3,117,201 $ 3,326,669 Due from Affiliates 176,338 189,240 Potential Clawback Obligation 67,549 384,926 Maximum Exposure to Loss $ 3,361,088 $ 3,900,835 Amounts Due to Non-Consolidated $ 137 $ 6

Repurchase Agreements

Repurchase Agreements	3 Months Ended
Repurchase Agreements	Mar. 31, 2023
Repurchase Agreements	10. Repurchase Agreements At March 31, 2023 and December 31, 2022, Blackstone pledged securities with a carrying value of $19.6 million and $89.9 million, respectively, and cash to collateralize its repurchase agreements. Such securities can be repledged, delivered or otherwise used by the counterparty. The following tables provide information regarding Blackstone’s Repurchase Agreements obligation by type of collateral pledged: March 31, 2023 Remaining Contractual Maturity of the Agreements Overnight Greater and Up to 30 - 90 than Continuous 30 Days Days 90 days Total Repurchase Agreements Loans $ — $ 19,563 $ — $ — $ 19,563 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 19,563 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ — December 31, 2022 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 $ — $ — $ — $ — $ — Loans — 70,776 — 19,168 89,944 $ — $ 70,776 $ — $ 19,168 $ 89,944 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 89,944 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ —

Offsetting of Assets And Liabil

Offsetting of Assets And Liabilities	3 Months Ended
Offsetting of Assets And Liabilities	Mar. 31, 2023
Offsetting of Assets and Liabilities	11. Offsetting of Assets and Liabilities The following tables present the offsetting of assets and liabilities as of March 31, 2023 and December 31, 2022: March 31, 2023 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 $ 242,397 $ 120,732 $ 102,664 $ 19,001 March 31, 2023 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 $ 66,349 $ 61,960 $ 1,851 $ 2,538 Repurchase Agreements 19,563 19,563 — — $ 85,912 $ 81,523 $ 1,851 $ 2,538 December 31, 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 $ 277,603 $ 165,897 $ 96,436 $ 15,270 December 31, 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 $ 88,182 $ 85,366 $ 1,345 $ 1,471 Repurchase Agreements 89,944 89,944 — — $ 178,126 $ 175,310 $ 1,345 $ 1,471 (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: March 31, December 31, 2023 2022 Furniture, Equipment and Leasehold Improvements $ 797,106 $ 748,334 Less: Accumulated Depreciation (338,777 ) (336,621 ) Furniture, Equipment and Leasehold Improvements, Net 458,329 411,713 Prepaid Expenses 168,701 165,079 Freestanding Derivatives 184,804 202,677 Other 21,398 20,989 $ 833,232 $ 800,458 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 March 31, 2023, the aggregate cash balance on deposit relating to the cash pooling arrangements was $905.2 million, which was offset and reported net of the accompanying overdraft of $905.1 million.

Borrowings

Borrowings	3 Months Ended
Borrowings	Mar. 31, 2023
Borrowings	12. Borrowings The following table presents each of Blackstone’s borrowings as of March 31, 2023 and December 31, 2022, as well as their carrying value and fair value. The borrowings are included in Loans Payable within the Condensed Consolidated Statements of Financial Condition. Each of the Senior Notes were issued at a discount through Blackstone’s indirect subsidiary, Blackstone Holdings Finance Co. L.L.C. The Senior Notes accrue interest from the issue date thereof and pay interest in arrears on a semi-annual basis or annual basis. The Secured Borrowings were issued at par, accrue interest from the issue date thereof and pay interest in arrears on a quarterly basis. CLO Notes Payable pay interest in arrears on a quarterly basis. March 31, 2023 December 31, 2022 Carrying Fair Carrying Fair Description Value Value Value Value Blackstone Operating Borrowings Senior Notes (a) 4.750%, Due 2/15/2023 $ — $ — $ 399,838 $ 399,776 2.000%, Due 5/19/2025 329,494 309,116 325,292 305,754 1.000%, Due 10/5/2026 651,266 579,648 642,968 568,525 3.150%, Due 10/2/2027 298,194 276,684 298,101 271,284 5.900%, Due 11/3/2027 594,632 614,430 594,381 606,450 1.625%, Due 8/5/2028 644,692 541,580 644,456 530,933 1.500%, Due 4/10/2029 654,063 551,755 645,819 532,043 2.500%, Due 1/10/2030 492,844 418,645 492,604 405,965 1.600%, Due 3/30/2031 496,103 378,050 495,990 365,380 2.000%, Due 1/30/2032 788,379 612,040 788,082 589,407 2.550%, Due 3/30/2032 495,322 400,425 495,207 390,370 6.200%, Due 4/22/2033 891,429 943,911 891,277 907,965 3.500%, Due 6/1/2034 511,317 459,590 504,695 452,934 6.250%, Due 8/15/2042 239,245 260,855 239,176 251,480 5.000%, Due 6/15/2044 489,770 442,719 489,704 441,355 4.450%, Due 7/15/2045 344,584 280,714 344,549 287,242 4.000%, Due 10/2/2047 290,988 227,610 290,935 227,946 3.500%, Due 9/10/2049 392,303 275,784 392,259 275,588 2.800%, Due 9/30/2050 393,994 242,052 393,958 237,552 2.850%, Due 8/5/2051 543,200 320,870 543,162 323,527 3.200%, Due 1/30/2052 987,198 640,780 987,131 646,880 10,529,017 8,777,258 10,899,584 9,018,356 Other (b) Secured Borrowing, Due 10/27/2033 20,000 20,000 — — Secured Borrowing, Due 1/29/2035 20,000 20,000 — — 10,569,017 8,817,258 10,899,584 9,018,356 Borrowings of Consolidated Blackstone Funds Blackstone Fund Facilities (c) 1,450,078 1,450,078 1,450,000 1,450,000 CLO Notes Payable (d) 292,374 292,374 — — 1,742,452 1,742,452 1,450,000 1,450,000 $ 12,311,469 $ 10,559,710 $ 12,349,584 $ 10,468,356 (a) Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy. (b) The Secured Borrowing, Due 10/27/2033 has an interest rate of 6.97% and the Secured Borrowing, Due 1/29/2035 has an interest rate of 3.72 %. Prepayments of these borrowings may occur prior to maturity based on performance of the assets securing these borrowings. (c) Blackstone Fund Facilities represents borrowing facilities for the various consolidated Blackstone Funds used to meet liquidity and investing needs. Such borrowings have varying maturities and may be rolled over until the disposition or refinancing event. Borrowings bear interest at spreads to market rates or at stated fixed rates that can vary over the borrowing term. Interest may be subject to the performance of the assets within the fund and therefore, the stated interest rate and effective interest rate may differ. (d) CLO Notes Payable are due 10/15/2029 and have an effective interest rate of 6.97% as of March 31, 2023 . Scheduled principal payments for borrowings as of March 31, 2023 were as follows: Blackstone Borrowings of Operating Borrowings Consolidated Blackstone Funds Total Borrowings 2023 $ — $ — $ — 2024 — — — 2025 325,170 — 325,170 2026 650,340 — 650,340 2027 900,000 — 900,000 Thereafter 8,832,290 1,754,992 10,587,282 $ 10,707,800 $ 1,754,992 $ 12,462,792

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
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 12 As of March 31, 2023, the following are the major filing jurisdictions and their respective earliest open tax period subject to examination: Jurisdiction Year Federal 2019 New York City 2009 New York State 2016 United Kingdom 2011

Earnings Per Share and Stockhol

Earnings Per Share and Stockholders' Equity	3 Months Ended
Earnings Per Share and Stockholders' Equity	Mar. 31, 2023
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 months ended March 31, 2023 and March 31, 2022 was calculated as follows: Three Months Ended March 31, 2023 2022 Net Income for Per Share of Common Stock Calculations Net Income Attributable to Blackstone Inc., Basic and Diluted $ 85,812 $ 1,216,874 Share/Units Outstanding Weighted-Average Shares of Common Stock Outstanding, Basic 746,064,922 734,327,015 Weighted-Average Shares of Unvested Deferred Restricted Common Stock 579,007 639,900 Weighted-Average Shares of Common Stock Outstanding, Diluted 746,643,929 734,966,915 Net Income Per Share of Common Stock Basic $ 0.12 $ 1.66 Diluted $ 0.11 $ 1.66 Dividends Declared Per Share of Common Stock (a) $ 0.91 $ 1.45 (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 months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Weighted-Average Blackstone Holdings Partnership Units 462,949,870 467,794,861 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 months ended March 31, 2023, Blackstone repurchased 1.0 million shares of common stock at a total cost of $90.1 million. During the three months Shares Eligible for Dividends and Distributions As of March 31, 2023, the total shares of common stock and Blackstone Holdings Partnership Units entitled to participate in dividends and distributions were as follows: Shares/Units Common Stock Outstanding 712,794,968 Unvested Participating Common Stock 33,121,860 Total Participating Common Stock 745,916,828 Participating Blackstone Holdings Partnership Units 462,366,799 1,208,283,627

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
Equity-Based Compensation	Mar. 31, 2023
Equity-Based Compensation	15. Equity-Based Compensation Blackstone has granted equity-based compensation awards to Blackstone’s senior managing directors, non-partner non-professionals For the three months ended March 31, 2023 and March 31, 2022, Blackstone recorded compensation expense of $277.4 million and $219.1 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $39.3 million and $60.7 million, respectively. As of March 31, 2023, there was $2.6 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 3.5 years. Total vested and unvested outstanding shares, including common stock, Blackstone Holdings Partnership Units and deferred restricted shares of common stock, were 1,208,354,642 as of March 31, 2023. Total outstanding phantom shares were 60,965 as of March 31, 2023. A 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, 2022 11,029,996 $ 38.02 31,001,563 $ 82.94 48,886 $ 85.04 Granted — — 3,170,790 74.71 12,043 89.78 Vested (912,145 ) 35.74 (2,308,783 ) 82.79 (3,461 ) 89.78 Forfeited (43,502 ) 42.73 (152,610 ) 79.80 — — Balance, March 31, 2023 10,074,349 $ 38.20 31,710,960 $ 82.15 57,468 $ 89.78 Shares/Units Expected to Vest The following unvested shares and units, after expected forfeitures, as of March 31, 2023, are expected to vest: Weighted- Average Service Period Shares/Units in Years Blackstone Holdings Partnership Units 9,954,549 1.1 Deferred Restricted Shares of Common Stock 28,287,573 2.8 Total Equity-Based Awards 38,242,122 2.4 Phantom Shares 47,270 3.0

Related Party Transactions

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2023
Related Party Transactions	16. Related Party Transactions Affiliate Receivables and Payables Due from Affiliates and Due to Affiliates consisted of the following: March 31, December 31, 2023 2022 Due from Affiliates Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated $ 3,314,962 $ 3,344,813 Due from Certain Non-Controlling 726,830 741,319 Accrual for Potential Clawback of Previously Distributed Performance Allocations 57,973 60,575 $ 4,099,765 $ 4,146,707 March 31, December 31, 2023 2022 Due to Affiliates Due to Certain Non-Controlling $ 1,574,727 $ 1,602,933 Due to Non-Consolidated 156,934 157,982 Due to Certain Non-Controlling 97,901 198,875 Accrual for Potential Repayment of Previously Received Performance Allocations 144,620 158,691 $ 1,974,182 $ 2,118,481 Interests of the Founder, Senior Managing Directors, Employees and Other Related Parties The Founder, senior managing directors, employees and certain other related parties invest on a discretionary basis in the consolidated Blackstone Funds both directly and through consolidated entities. These investments generally are subject to preferential management fee and performance allocation or incentive fee arrangements. As of March 31, 2023 and December 31, 2022, such investments aggregated $1.6 billion and $1.6 billion, respectively. Their share of the Net Income Attributable to Redeemable Non-Controlling Non-Controlling 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 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 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	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies	17. Commitments and Contingencies Commitments Investment Commitments Blackstone had $4.8 billion of investment commitments as of March 31, 2023 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 $244.5 million as of March 31, 2023, which includes $116.8 million of signed investment commitments for portfolio company acquisitions in the process of closing. Contingencies Guarantees Certain of Blackstone’s consolidated real estate funds guarantee payments to third parties in connection with the ongoing business activities and/or acquisitions of their Portfolio Companies. There is no direct recourse to Blackstone to fulfill such obligations. To the extent that underlying funds are required to fulfill guarantee obligations, Blackstone’s invested capital in such funds is at risk. Total investments at risk in respect of guarantees extended by consolidated real estate funds was $19.8 million as of March 31, 2023. The Blackstone Holdings Partnerships provided guarantees to a lending institution for certain loans held by employees either for investment in Blackstone Funds or for members’ capital contributions to The Blackstone Group International Partners LLP. The amount guaranteed as of March 31, 2023 was $77.7 million. Strategic Ventures In December 2022 and January 2023, Blackstone entered into long-term target annualized and upside from its investment. This target return, while not guaranteed, is Litigation Blackstone may from time to time be involved in litigation and claims incidental to the conduct of its business. Blackstone’s businesses are also subject to extensive regulation, which may result in regulatory proceedings against Blackstone. Blackstone accrues a liability for legal proceedings only when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. Although there can be no assurance of the outcome of such legal actions, based on information known by management, Blackstone does not have a potential liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, financial position or cash flows. In December 2017, 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. On December 9, 2022, the Mayberry Action was stayed pending resolution of an interlocutory appeal in which the Blackstone Defendants and others argued that the Circuit Court did not have jurisdiction to continue the Mayberry Action after the ruling of the Kentucky Supreme Court. On April 14, 2023, the Kentucky Court of Appeals agreed with the defendants’ position, holding that the Circuit Court exceeded its authority in permitting the AG’s intervention despite the Kentucky Supreme Court’s instruction to dismiss. Accordingly, the Kentucky Court of Appeals vacated all orders entered by the Circuit Court other than the order dismissing the original derivative complaint in the Mayberry Action. On May 4, 2023, the AG filed a petition for rehearing in the Kentucky Court of Appeals. Additionally, around the time it moved to intervene in 2020, the AG separately filed an additional back-up complaint asserting substantially identical claims that the AG has not prosecuted while focusing on the Mayberry Action. While BLP has strong arguments that the Mayberry Action is time-barred, should the AG pursue the later-filed action in light of the Court of Appeals decision, we believe that action — initiated some nine years after BLP was engaged by KRS — would be even more clearly barred by the statute of limitations. In August 2022, KRS was 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 August 2021, a group of KRS members—including those that filed Taylor I—filed a new action in Franklin County Circuit Court (“Taylor II”), against the Blackstone Defendants, other defendants named in the Mayberry Action, and other KRS officials. The filed complaint is substantially similar to that filed in Taylor I and the Mayberry Action. Motions to dismiss are pending. The Blackstone Defendants believe they have strong defenses on statute of limitations grounds, among others, to both Taylor I and Taylor II. 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. Blackstone continues to believe that the preceding lawsuits against Blackstone are totally without merit and intends to defend them vigorously. 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. In October 2022, as part of a sweep of private equity and other investment advisory firms, the SEC sent us a request for information relating to the retention of certain types of electronic business communications, including text messages, that may be required to be preserved under certain SEC rules. We are cooperating with the SEC’s inquiry. 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 such fund’s realized investments. The following table presents the clawback obligations by segment: March 31, 2023 December 31, 2022 Current and Current and Blackstone Former Blackstone Former Segment Holdings Personnel (a) Total (b) Holdings Personnel (a) Total (b) Real Estate $ 76,600 $ 49,546 $ 126,146 $ 78,644 $ 51,771 $ 130,415 Private Equity 9,828 8,168 17,996 19,279 8,569 27,848 Credit & Insurance 224 254 478 223 205 428 $ 86,652 $ 57,968 $ 144,620 $ 98,146 $ 60,545 $ 158,691 (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.” During the three months ended March 31, 2023, the Blackstone general partners paid an interim cash clawback obligation of $ For Private Equity, Real Estate, and certain Credit & Insurance Funds, a portion of the Performance Allocations paid to current and former Blackstone personnel is held in segregated accounts in the event of a cash clawback obligation. These segregated accounts are not included in the Condensed Consolidated Financial Statements of Blackstone, except to the extent a portion of the assets held in the segregated accounts may be allocated to a consolidated Blackstone fund of hedge funds. At March 31, 2023, $1.1 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 March 31, 2023, 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 $6.3 billion, on an after-tax

Segment Reporting

Segment Reporting	3 Months Ended
Segment Reporting	Mar. 31, 2023
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 of opportunistic real estate funds, Core+ real estate funds, and real estate debt and credit strategies. • 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. • 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, stressed/distressed strategies and energy strategies) and liquid credit (which consists of CLOs, closed-ended funds, open-ended funds and separately managed accounts). In addition, the segment includes an insurer-focused platform, an asset-based finance platform and publicly traded master limited partnership investment platform. • 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. 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 ownership interests in Blackstone’s consolidated operating partnerships, removes the amortization of intangible assets and removes Transaction-Related Charges. 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. For segment reporting purposes, Segment Distributable Earnings is presented along with its major components, Fee Related Earnings and Net Realizations. Fee Related Earnings is used to assess Blackstone’s ability to generate profits from revenues that are measured and received on a recurring basis and not subject to future realization events. Net Realizations is the sum of Realized Principal Investment Income and Realized Performance Revenues less Realized Performance Compensation. Performance Allocations and Incentive Fees are presented together and referred to collectively as Performance Revenues or Performance Compensation. Segment Presentation The following tables present the financial data for Blackstone’s four segments as of March 31, 2023 and for the three months ended March 31, 2023 and 2022. March 31, 2023 and the Three Months Then Ended Real Private Credit & Hedge Fund Total Estate Equity Insurance Solutions Segments Management and Advisory Fees, Net Base Management Fees $ 705,387 $ 451,610 $ 326,779 $ 135,771 $ 1,619,547 Transaction, Advisory and Other Fees, Net 20,561 14,784 8,451 1,914 45,710 Management Fee Offsets (10,457 ) (1,310 ) (1,101 ) (2 ) (12,870 ) Total Management and Advisory Fees, Net 715,491 465,084 334,129 137,683 1,652,387 Fee Related Performance Revenues 20,748 — 127,496 — 148,244 Fee Related Compensation (137,610 ) (161,626 ) (163,999 ) (45,736 ) (508,971 ) Other Operating Expenses (74,181 ) (76,763 ) (74,238 ) (26,466 ) (251,648 ) Fee Related Earnings 524,448 226,695 223,388 65,481 1,040,012 Realized Performance Revenues 11,096 499,322 125,181 5,927 641,526 Realized Performance Compensation (3,165 ) (232,934 ) (56,772 ) (3,153 ) (296,024 ) Realized Principal Investment Income 2,224 32,889 6,009 2,569 43,691 Total Net Realizations 10,155 299,277 74,418 5,343 389,193 Total Segment Distributable Earnings $ 534,603 $ 525,972 $ 297,806 $ 70,824 $ 1,429,205 Segment Assets $ 13,328,803 $ 13,414,726 $ 6,811,414 $ 2,615,977 $ 36,170,920 Three Months Ended March 31, 2022 Real Private Credit & Hedge Fund Total Estate Equity Insurance Solutions Segments Management and Advisory Fees, Net Base Management Fees $ 580,186 $ 421,472 $ 292,445 $ 145,046 $ 1,439,149 Transaction, Advisory and Other Fees, Net 40,485 12,658 9,397 1,469 64,009 Management Fee Offsets (960 ) (27,142 ) (1,619 ) (69 ) (29,790 ) Total Management and Advisory Fees, Net 619,711 406,988 300,223 146,446 1,473,368 Fee Related Performance Revenues 491,517 (648 ) 67,196 — 558,065 Fee Related Compensation (344,842 ) (151,050 ) (127,344 ) (47,235 ) (670,471 ) Other Operating Expenses (66,003 ) (67,744 ) (57,167 ) (23,184 ) (214,098 ) Fee Related Earnings 700,383 187,546 182,908 76,027 1,146,864 Realized Performance Revenues 802,916 450,238 30,743 28,913 1,312,810 Realized Performance Compensation (290,031 ) (206,703 ) (13,386 ) (9,000 ) (519,120 ) Realized Principal Investment Income 53,975 65,438 22,781 14,901 157,095 Total Net Realizations 566,860 308,973 40,138 34,814 950,785 Total Segment Distributable Earnings $ 1,267,243 $ 496,519 $ 223,046 $ 110,841 $ 2,097,649 Reconciliations of Total Segment Amounts The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the three months ended March 31, 2023 and 2022 along with Total Assets as of March 31, 2023: Three Months Ended March 31, 2023 2022 Revenues Total GAAP Revenues $ 1,381,845 $ 5,126,280 Less: Unrealized Performance Revenues (a) 759,316 (1,293,050 ) Less: Unrealized Principal Investment (Income) Loss (b) 479,120 (26,758 ) Less: Interest and Dividend Revenue (c) (95,101 ) (54,485 ) Less: Other Revenue (d) 14,180 (72,819 ) Impact of Consolidation (e) (58,987 ) (177,596 ) Transaction-Related Charges (g) 4,788 (1,213 ) Intersegment Eliminations 687 979 Total Segment Revenue (h) $ 2,485,848 $ 3,501,338 Three Months Ended March 31, 2023 2022 Expenses Total GAAP Expenses $ 1,189,345 $ 2,197,022 Less: Unrealized Performance Allocations Compensation (i) 313,249 (472,284 ) Less: Equity-Based Compensation (j) (268,134 ) (201,545 ) Less: Interest Expense (k) (104,209 ) (66,602 ) Impact of Consolidation (e) (56,674 ) (7,806 ) Amortization of Intangibles (f) (11,341 ) (17,044 ) Transaction-Related Charges (g) (3,833 ) (26,546 ) Administrative Fee Adjustment (l) (2,447 ) (2,485 ) Intersegment Eliminations 687 979 Total Segment Expenses (m) $ 1,056,643 $ 1,403,689 Three Months Ended March 31, 2023 2022 Other Income Total GAAP Other Income $ 65,856 $ 51,637 Impact of Consolidation (e) (65,856 ) (51,637 ) Total Segment Other Income $ — $ — Three Months Ended March 31, 2023 2022 Income Before Provision for Taxes Total GAAP Income Before Provision for Taxes $ 258,356 $ 2,980,895 Less: Unrealized Performance Revenues (a) 759,316 (1,293,050 ) Less: Unrealized Principal Investment (Income) Loss (b) 479,120 (26,758 ) Less: Interest and Dividend Revenue (c) (95,101 ) (54,485 ) Less: Other Revenue (d) 14,180 (72,819 ) Plus: Unrealized Performance Allocations Compensation (i) (313,249 ) 472,284 Plus: Equity-Based Compensation (j) 268,134 201,545 Plus: Interest Expense (k) 104,209 66,602 Impact of Consolidation (e) (68,169 ) (221,427 ) Amortization of Intangibles (f) 11,341 17,044 Transaction-Related Charges (g) 8,621 25,333 Administrative Fee Adjustment (l) 2,447 2,485 Total Segment Distributable Earnings $ 1,429,205 $ 2,097,649 As of March 31, 2023 Total Assets Total GAAP Assets $ 41,086,439 Impact of Consolidation (e) (4,915,519 ) Total Segment Assets $ 36,170,920 Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles and Transaction-Related Charges. (a) This adjustment removes Unrealized Performance Revenues on a segment basis. (b) This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis. (c) This adjustment removes Interest and Dividend Revenue on a segment basis. (d) This adjustment removes Other Revenue on a segment basis. For the three months ended March 31, 2023 and 2022, Other Revenue on a GAAP basis was $(14.2) million and $72.9 million, and included $(14.7) million and $72.8 million of foreign exchange gains (losses), respectively. (e) This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds, the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling (f) This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation. (g) This adjustment removes Transaction-Related Charges, which are excluded from Blackstone’s segment presentation. Transaction-Related Charges arise from corporate actions including acquisitions, divestitures, and Blackstone’s initial public offering. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs and any gains or losses associated with these corporate actions. (h) Total Segment Revenues is comprised of the following: Three Months Ended March 31, 2023 2022 Total Segment Management and Advisory Fees, Net $ 1,652,387 $ 1,473,368 Total Segment Fee Related Performance Revenues 148,244 558,065 Total Segment Realized Performance Revenues 641,526 1,312,810 Total Segment Realized Principal Investment Income 43,691 157,095 Total Segment Revenues $ 2,485,848 $ 3,501,338 (i) This adjustment removes Unrealized Performance Allocations Compensation. (j) This adjustment removes Equity-Based Compensation on a segment basis. (k) This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement. (l) This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation. (m) Total Segment Expenses is comprised of the following: Three Months Ended March 31, 2023 2022 Total Segment Fee Related Compensation $ 508,971 $ 670,471 Total Segment Realized Performance Compensation 296,024 519,120 Total Segment Other Operating Expenses 251,648 214,098 Total Segment Expenses $ 1,056,643 $ 1,403,689 Reconciliations of Total Segment Components The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported on the Condensed Consolidated Statement of Operations for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Management and Advisory Fees, Net GAAP $ 1,658,315 $ 1,475,936 Segment Adjustment (a) (5,928 ) (2,568 ) Total Segment $ 1,652,387 $ 1,473,368 Three Months Ended March 31, 2023 2022 GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues GAAP Incentive Fees $ 142,876 $ 104,489 Investment Income - Realized Performance Allocations 646,894 1,766,386 GAAP 789,770 1,870,875 Total Segment Less: Realized Performance Revenues (641,526 ) (1,312,810 ) Total Segment $ 148,244 $ 558,065 Three Months Ended March 31, 2023 2022 GAAP Compensation to Total Segment Fee Related Compensation GAAP Compensation $ 716,285 $ 656,505 Incentive Fee Compensation 63,281 41,019 Realized Performance Allocations Compensation 296,794 717,601 GAAP 1,076,360 1,415,125 Total Segment Less: Realized Performance Compensation (296,024 ) (519,120 ) Less: Equity-Based Compensation - Fee Related Compensation (265,154 ) (200,387 ) Less: Equity-Based Compensation - Performance Compensation (2,980 ) (1,158 ) Segment Adjustment (b) (3,231 ) (23,989 ) Total Segment $ 508,971 $ 670,471 Three Months Ended March 31, 2023 2022 GAAP General, Administrative and Other to Total Segment Other Operating Expenses GAAP $ 273,394 $ 240,674 Segment Adjustment (c) (21,746 ) (26,576 ) Total Segment $ 251,648 $ 214,098 Three Months Ended March 31, 2023 2022 Realized Performance Revenues GAAP Incentive Fees $ 142,876 $ 104,489 Investment Income - Realized Performance Allocations 646,894 1,766,386 GAAP 789,770 1,870,875 Total Segment Less: Fee Related Performance Revenues (148,244 ) (558,065 ) Total Segment $ 641,526 $ 1,312,810 Three Months Ended March 31, 2023 2022 Realized Performance Compensation GAAP Incentive Fee Compensation $ 63,281 $ 41,019 Realized Performance Allocation Compensation 296,794 717,601 GAAP 360,075 758,620 Total Segment Less: Fee Related Performance Compensation (d) (61,071 ) (238,342 ) Less: Equity-Based Compensation - Performance Compensation (2,980 ) (1,158 ) Total Segment $ 296,024 $ 519,120 Three Months Ended March 31, 2023 2022 Realized Principal Investment Income GAAP $ 108,058 $ 285,104 Segment Adjustment (e) (64,367 ) (128,009 ) Total Segment $ 43,691 $ 157,095 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	3 Months Ended
Subsequent Events	Mar. 31, 2023
Subsequent Events	19. Subsequent Events There have been no events since March 31, 2023 Fi

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2023
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Blackstone have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q. Form 10-K The condensed consolidated financial statements include the accounts of Blackstone, its wholly owned or majority-owned subsidiaries, the consolidated entities which are considered to be variable interest entities and for which Blackstone is considered the primary beneficiary, and certain partnerships or similar entities which are not considered variable interest entities but in which the general partner is determined to have control. All intercompany balances and transactions have been eliminated in consolidation.
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. In cases where the investors of the funds are determined to be the customer in an arrangement, placement fees may be capitalized as a cost to acquire a customer contract. Capitalized placement fees are amortized over the life of the customer contract, are recorded within Other Assets in the Consolidated Statements of Financial Condition and amortization is recorded within General, Administrative and Other within the Consolidated Statements of Operations. Accrued but unpaid Management and Advisory Fees, net of management fee reductions and management fee offsets, as of the reporting date are included in Accounts Receivable or Due from Affiliates in the Condensed Consolidated Statements of Financial Condition. Incentive Fees Investment Income (Loss) In carry fund structures and certain open-ended 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 in carry fund structures are made to the general partner based on cumulative fund performance to date, subject to a preferred return to limited partners. Performance Allocations in open-ended structures are based on vehicle performance over a period of time, subject to a high water mark and preferred return to investors. 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 in carry fund structures 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 in carry fund structures are subject to clawback to the extent that the Performance Allocation received to date exceeds the amount due to Blackstone based on cumulative results. As such, the accrual for potential repayment of previously received Performance Allocations, which is a component of Due to Affiliates, represents all amounts previously distributed to Blackstone Holdings and non-controlling Principal Investments include the unrealized and realized gains and losses on Blackstone’s principal investments, including its investments in Blackstone Funds that are not consolidated and receive pro-rata Interest and Dividend Revenue Other Revenue
Fair Value of Financial Instruments	Fair Value of Financial Instruments GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: ● Level I – Quoted prices are available in active markets for identical financial instruments as of the reporting date. The types of financial instruments in Level I include listed equities, listed derivatives and mutual funds with quoted prices. Blackstone does not adjust the quoted price for these investments, even in situations where Blackstone holds a large position and a sale could reasonably impact the quoted price. ● Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Financial instruments which are generally included in this category include corporate bonds and loans, including corporate bonds and loans held within consolidated collateralized loan obligations (“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 non-consolidated over-the-counter In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Blackstone’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. Level II Valuation Techniques Financial instruments classified within Level II of the fair value hierarchy comprise debt instruments, debt securities sold, not yet purchased and certain equity securities and derivative instruments valued using observable inputs are also classified as Level II. The valuation techniques used to value financial instruments classified within Level II of the fair value hierarchy are as follows: ● Debt Instruments and Equity Securities are valued on the basis of prices from an orderly transaction between market participants including those 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. ● Notes issued by consolidated CLO vehicles are measured based on the more observable fair value of CLO assets less (a) the fair value of any beneficial interests held by Blackstone, and (b) the carrying value of any beneficial interests that represent compensation for services. Level III Valuation Techniques In the absence of observable market prices, Blackstone values its investments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist; management’s determination of fair value is then based on the best information available in the circumstances, and may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for non-performance non-consolidated Real Estate Investments Private Equity Investments Credit-Focused Investments The market approach is generally used to determine the enterprise value of the issuer of a credit investment, and considers valuation multiples of comparable companies or transactions. The resulting enterprise value will dictate whether or not such credit investment has adequate enterprise value coverage. In cases of distressed credit instruments, the market approach may be used to estimate a recovery value in the event of a restructuring.
Investments, at Fair Value	Investments, at Fair Value Generally, the Blackstone Funds are accounted for as investment companies under the American Institute of Certified Public Accountants Accounting and Auditing Guide, Investment Companies, and in accordance with the GAAP guidance on investment companies and reflect their investments, including majority-owned and controlled investments (the “Portfolio Companies”), at fair value. Such consolidated funds’ investments are reflected in Investments on the Condensed Consolidated Statements of Financial Condition at fair value, with unrealized gains and losses resulting from changes in fair value reflected as a component of Net Gains (Losses) from Fund Investment Activities in the Condensed Consolidated Statements of Operations. Fair value is the amount that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants at the measurement date, at current market conditions (i.e., the exit price). 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 the assets of consolidated CLO vehicles. As permitted under GAAP, Blackstone measures notes issued by consolidated CLO vehicles as (a) the sum of the fair value of the consolidated CLO assets and the carrying value of any non-financial Non-Controlling 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 generally include both a proportionate and disproportionate allocation of the profits and losses (as is the case with carry funds that include a Performance Allocation), are accounted for under the equity method. Under the equity method of accounting, Blackstone’s share of earnings (losses) from equity method investments is included in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. In cases where Blackstone’s equity method investments provide for a disproportionate allocation of the profits and losses (as is the case with carry funds that include a Performance Allocation), Blackstone’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period, Blackstone calculates the Accrued Performance Allocations that would be due to Blackstone for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner, or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. The carrying amounts of equity method investments are reflected in Investments in the Condensed Consolidated Statements of Financial Condition. Strategic Partners’ results presented in Blackstone’s condensed consolidated financial statements are reported on a three month lag from Strategic Partners’ fund financial statements, which report the performance of underlying investments generally on a same quarter basis, if available. Therefore, Strategic Partners’ results presented herein do not reflect the impact of economic and market activity in the current quarter. Current quarter market activity of Strategic Partners’ underlying investments is expected to affect Blackstone’s reported results in upcoming periods.
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 vehicles may be granted redemption rights that allow for quarterly or monthly redemption, as outlined in the relevant governing documents. Such redemption rights may be subject to certain limitations, including limits on the aggregate amount of interests 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 vehicles 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 borne by and attributable to the Holdings Partnerships, is attributable to 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 differences between the financial reporting and tax bases of assets and liabilities, resulting in all pretax amounts being appropriately tax effected in the period, irrespective of which tax return year items will be reflected. Blackstone reports interest expense and tax penalties related to income tax matters in provision for income taxes. 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 condensed consolidated 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 that 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 for certain equity-based compensation awards. Blackstone applies the “if-converted”
Reverse Repurchase and Repurchase Agreements	Reverse Repurchase and Repurchase Agreements Securities purchased under agreements to resell (“reverse repurchase agreements”) and securities sold under agreements to repurchase (“repurchase agreements”), comprised primarily of U.S. and non-U.S. Blackstone manages credit exposure arising from reverse repurchase agreements and repurchase agreements by, in appropriate circumstances, entering into master netting agreements and collateral arrangements with counterparties that provide Blackstone, in the event of a counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. Blackstone takes possession of securities purchased under reverse repurchase agreements and is permitted to repledge, deliver or otherwise use such securities. Blackstone also pledges its financial instruments to counterparties to collateralize repurchase agreements. Financial instruments pledged that can be repledged, delivered or otherwise used by the counterparty are recorded in Investments in the Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to repurchase agreements are discussed in Note 10. “Repurchase Agreements.” Blackstone does not offset assets and liabilities relating to reverse repurchase agreements and repurchase agreements in its Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to offsetting are discussed in Note 11. “Offsetting of Assets and Liabilities.”
Securities Sold, Not Yet Purchased	Securities Sold, Not Yet Purchased Securities Sold, Not Yet Purchased consist of equity and debt securities that Blackstone has borrowed and sold. Blackstone is required to “cover” its short sale in the future by purchasing the security at prevailing market prices and delivering it to the counterparty from which it borrowed the security. Blackstone is exposed to loss in the event that the price at which a security may have to be purchased to cover a short sale exceeds the price at which the borrowed security was sold short. Securities Sold, Not Yet Purchased are recorded at fair value in the Condensed Consolidated Statements of Financial Condition.
Derivative Instruments	Derivative Instruments Blackstone recognizes all derivatives as assets or liabilities on its Condensed Consolidated Statements of Financial Condition at fair value. On the date Blackstone enters into a derivative contract, it designates and documents each derivative contract as one of the following: (a) a hedge of a recognized asset or liability (“fair value hedge”), (b) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), (c) a hedge of a net investment in a foreign operation, or (d) a derivative instrument not designated as a hedging instrument (“freestanding derivative”). 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)	3 Months Ended
Intangible Assets (Tables)	Mar. 31, 2023
Intangible Assets, Net	Intangible Assets, Net consists of the following: March 31, December 31, 2023 2022 Finite-Lived Intangible Assets/Contractual Rights $ 1,771,380 $ 1,745,376 Accumulated Amortization (1,541,085 ) (1,528,089 ) Intangible Assets, Net $ 230,295 $ 217,287

Investments (Tables)

Investments (Tables)	3 Months Ended
Investments (Tables)	Mar. 31, 2023
Investments	Investments consist of the following: March 31, December 31, 2023 2022 Investments of Consolidated Blackstone Funds $ 5,443,867 $ 5,136,966 Equity Method Investments Partnership Investments 5,598,552 5,530,419 Accrued Performance Allocations 11,517,750 12,360,684 Corporate Treasury Investments 958,632 1,053,540 Other Investments 3,467,150 3,471,642 $ 26,985,951 $ 27,553,251
Reconciliation of Realized and Net Change in Unrealized Gains (Losses) to Other Income (Loss) - Net Gains (Losses) from Fund Investment Activities in Condensed 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 March 31, 2023 2022 Realized Gains $ 17,155 $ 17,688 Net Change in Unrealized Gains (Losses) (17,154 ) 27,841 Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds 1 45,529 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 71,063 5,347 Other Income – Net Gains from Fund Investment Activities $ 71,064 $ 50,876
Performance Fees Allocated to Funds	Accrued Performance Allocations to Blackstone were as follows: Real Private Credit & Hedge Fund Estate Equity Insurance Solutions Total Accrued Performance Allocations, December 31, 2022 $ 5,334,117 $ 6,037,575 $ 569,898 $ 419,094 $ 12,360,684 Performance Allocations as a Result of Changes in Fund Fair Values (449,418 ) 243,978 45,304 33,373 (126,763 ) Foreign Exchange Gain 7,906 — — — 7,906 Fund Distributions (404,077 ) (252,348 ) (61,719 ) (5,933 ) (724,077 ) Accrued Performance Allocations, March 31, 2023 $ 4,488,528 $ 6,029,205 $ 553,483 $ 446,534 $ 11,517,750
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 March 31, 2023 2022 Realized Gains (Losses) $ 2,374 $ (1,962 ) Net Change in Unrealized Gains (Losses) 7,795 (27,603 ) $ 10,169 $ (29,565 )
Realized and Net Change in Unrealized Gains in Other Investments	The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in Other Investments: Three Months Ended March 31, 2023 2022 Realized Gains $ 1,924 $ 101,349 Net Change in Unrealized Losses (313,153 ) (80,485 ) $ (311,229 ) $ 20,864

Net Asset Value as Fair Value (

Net Asset Value as Fair Value (Tables)	3 Months Ended
Net Asset Value as Fair Value (Tables)	Mar. 31, 2023
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 March 31, 2023 is presented below: Redemption Frequency Redemption Strategy (a) Fair Value (if currently eligible) Notice Period Equity $ 457,664 (b) (b) Real Estate 121,172 (c) (c) Credit Driven 26,845 (d) (d) Commodities 1,080 (e) (e) Diversified Instruments 17 (f) (f) $ 606,778 (a) As of March 31, 2023, 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 24% 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 76% 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-pocket less than 1 (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 81% of the fair value of the investments in this category are in liquidation. The remaining 19% 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)	3 Months Ended
Derivative Financial Instruments (Tables)	Mar. 31, 2023
Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments	The table below summarizes the aggregate notional amount and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts. March 31, 2023 December 31, 2022 Assets Liabilities Assets Liabilities Fair Fair Fair Fair Notional Value Notional Value Notional Value Notional Value Freestanding Derivatives Blackstone Interest Rate Contracts $ 719,640 $ 176,132 $ 688,800 $ 62,096 $ 789,540 $ 188,043 $ 621,700 $ 83,331 Foreign Currency Contracts 270,614 3,944 251,568 2,628 541,238 8,040 190,774 3,542 Credit Default Swaps 2,105 522 7,931 1,626 2,007 384 8,768 1,309 Total Return Swaps 34,529 4,206 — — 42,233 6,210 — — Equity Options — — 1,111,046 203,419 — — 996,592 48,581 1,026,888 184,804 2,059,345 269,769 1,375,018 202,677 1,817,834 136,763 Investments of Consolidated Blackstone Funds Interest Rate Contracts 836,637 57,593 — — 931,752 74,926 — — Foreign Currency Contracts — — — — — — 5,133 284 836,637 57,593 — — 931,752 74,926 5,133 284 $ 1,863,525 $ 242,397 $ 2,059,345 $ 269,769 $ 2,306,770 $ 277,603 $ 1,822,967 $ 137,047
Summary of Impact of Derivative Financial Instruments to Condensed Consolidated Statements of Operations	The table below summarizes the impact to the Condensed Consolidated Statements of Operations from derivative Three Months Ended March 31, 2023 2022 Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ 336 $ 3,899 Foreign Currency Contracts 5,590 3,992 Credit Default Swaps (51 ) 95 Total Return Swaps 4,652 — 10,527 7,986 Net Change in Unrealized Gains (Losses) Interest Rate Contracts (2,120 ) 34,956 Foreign Currency Contracts (3,183 ) (9,372 ) Credit Default Swaps (228 ) 13 Total Return Swaps (13 ) — Equity Options (154,838 ) — (160,382 ) 25,597 $ (149,855 ) $ 33,583

Fair Value Option (Tables)

Fair Value Option (Tables)	3 Months Ended
Fair Value Option (Tables)	Mar. 31, 2023
Summary of Financial Instruments for Which Fair Value Option Has Been Elected	The following table summarizes the financial instruments for which the fair value option has been elected: March 31, December 31, 2023 2022 Assets Loans and Receivables $ 307,288 $ 315,039 Equity and Preferred Securities 2,082,976 1,868,192 Debt Securities 65,077 24,784 Assets of Consolidated CLO Vehicles Corporate Loans 256,310 — $ 2,711,651 $ 2,208,015 Liabilities CLO Notes Payable $ 292,374 $ — Corporate Treasury Commitments 5,918 8,144 $ 298,292 $ 8,144
Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected	The following table presents the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected: Three Months Ended March 31, 2023 2022 Net Change Net Change Realized in Unrealized Realized in Unrealized Gains (Losses) Gains (Losses) Gains (Losses) Gains (Losses) Assets Loans and Receivables $ (763 ) $ (303 ) $ (1,453 ) $ 1,446 Equity and Preferred Securities 1,696 (45,113 ) (722 6,836 Debt Securities — (1,831 ) (952 ) (8,982 ) Assets of Consolidated CLO Vehicles Corporate Loans (3,129 ) 482 — — $ (2,196 ) $ (46,765 ) $ (3,127 $ (700 ) Liabilities CLO Notes Payable $ — $ 2,464 $ — $ — Corporate Treasury Commitments — 2,226 — (1,193 ) $ — $ 4,690 $ — $ (1,193 )
Information for Financial Instruments on Which Fair Value Option was Elected	The following table presents information for those financial instruments for which the fair value option was elected: March 31, 2023 December 31, 2022 For Financial Assets For Financial Assets Past Due (a) Past Due (a) (Deficiency) Excess (Deficiency) Excess of Fair Value Fair of Fair Value of Fair Value Fair of Fair Value Over Principal Value Over Principal Over Principal Value Over Principal Loans and Receivables $ (4,533 ) $ — $ — $ (2,861 ) $ — $ — Debt Securities (53,024 ) — — (48,670 ) — — Assets of Consolidated CLO Vehicles Corporate Loans (11,509 ) — — — — — $ (69,066 ) $ — $ — $ (51,531 ) $ — $ — (a) Assets are classified as past due if contractual payments are more than 90 days past due.

Fair Value Measurements of Fi_2

Fair Value Measurements of Financial Instruments (Tables)	3 Months Ended
Fair Value Measurements of Financial Instruments (Tables)	Mar. 31, 2023
Financial Assets and Liabilities at Fair Value	The following tables summarize the valuation of Blackstone’s financial assets and liabilities by the fair value hierarchy: March 31, 2023 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents $ 136,224 $ — $ — $ — $ 136,224 Investments Investments of Consolidated Blackstone Funds Equity Securities, Partnerships and LLC Interests (a) 11,120 129,963 4,301,218 600,700 5,043,001 Debt Instruments — 305,982 37,291 — 343,273 Freestanding Derivatives — 57,593 — — 57,593 Total Investments of Consolidated Blackstone Funds 11,120 493,538 4,338,509 600,700 5,443,867 Corporate Treasury Investments 120,739 830,804 5,321 — 956,864 Other Investments 1,206,468 1,818,053 65,077 6,078 3,095,676 Total Investments 1,338,327 3,142,395 4,408,907 606,778 9,496,407 Accounts Receivable - Loans and Receivables — — 307,288 — 307,288 Other Assets - Freestanding Derivatives 132 180,466 4,206 — 184,804 $ 1,474,683 $ 3,322,861 $ 4,720,401 $ 606,778 $ 10,124,723 Liabilities Loans Payable - CLO Notes Payable $ — $ 292,374 $ — $ — $ 292,374 Securities Sold, Not Yet Purchased 3,881 — — — 3,881 Accounts Payable, Accrued Expenses and Other Liabilities Freestanding Derivatives (b) 1,027 65,323 203,419 — 269,769 Contingent Consideration (c) — — 2,300 — 2,300 Corporate Treasury Commitments (d) — — 5,918 — 5,918 Total Accounts Payable, Accrued Expenses and Other Liabilities 1,027 65,323 211,637 — 277,987 $ 4,908 $ 357,697 $ 211,637 $ — $ 574,242 December 31, 2022 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents $ 1,134,733 $ — $ — $ — $ 1,134,733 Investments Investments of Consolidated Blackstone Funds Equity Securities, Partnerships and LLC Interests (a) 12,024 149,689 4,195,859 596,708 4,954,280 Debt Instruments — 53,787 53,973 — 107,760 Freestanding Derivatives — 74,926 — — 74,926 Total Investments of Consolidated Blackstone Funds 12,024 278,402 4,249,832 596,708 5,136,966 Corporate Treasury Investments 116,266 931,406 5,868 — 1,053,540 Other Investments 1,473,611 1,597,696 51,155 5,985 3,128,447 Total Investments 1,601,901 2,807,504 4,306,855 602,693 9,318,953 Accounts Receivable - Loans and Receivables — — 315,039 — 315,039 Other Assets - Freestanding Derivatives 279 196,188 6,210 — 202,677 $ 2,736,913 $ 3,003,692 $ 4,628,104 $ 602,693 $ 10,971,402 Liabilities Securities Sold, Not Yet Purchased $ 3,825 $ — $ — $ — $ 3,825 Accounts Payable, Accrued Expenses and Other Liabilities Consolidated Blackstone Funds - Freestanding Derivatives — 284 — — 284 Freestanding Derivatives (b) 21 88,161 48,581 — 136,763 Corporate Treasury Commitments (d) — — 8,144 — 8,144 Total Accounts Payable, Accrued Expenses and Other Liabilities 21 88,445 56,725 — 145,191 $ 3,846 $ 88,445 $ 56,725 $ — $ 149,016 LLC Limited Liability Company. (a) Equity Securities, Partnership and LLC Interest includes investments in investment funds. (b) Level III freestanding derivatives are valued using an option pricing model where the significant inputs include the expected return and expected volatility. (c) Level III contingent consideration liabilities are valued using a discounted cash flow model where the significant inputs include the discount rates. (d) 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 March 31, 2023: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Impact to Financial Assets Investments of Consolidated Equity Securities, Partnership and LLC Interests $ 4,301,218 Discounted Cash Flows Discount Rate 4.1% - 35.5% 7.6% Lower Exit Multiple - EBITDA 4.0x - 30.6x 14.8x Higher Exit Capitalization Rate 2.8% - 14.3% 4.8% Lower Transaction Price n/a Debt Instruments 37,291 Transaction Price n/a Total Investments of Consolidated Blackstone Funds 4,338,509 Corporate Treasury Investments 5,321 Third Party Pricing n/a Loans and Receivables 307,288 Discounted Cash Flows Discount Rate 8.5% - 12.6% 9.8% Lower Other Investments (b) 69,283 Transaction Price n/a Third Party Pricing n/a $ 4,720,401 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, 2022: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Impact to Financial Assets Investments of Consolidated Blackstone Funds Equity Securities, Partnership and LLC Interests $ 4,195,859 Discounted Cash Flows Discount Rate 4.1% - 34.5% 8.8% Lower Exit Multiple - EBITDA 4.0x - 30.6x 14.7x Higher Exit Capitalization Rate 2.6% - 14.4% 4.7% Lower Transaction Price n/a Debt Instruments 53,973 Transaction Price n/a Third Party Pricing n/a Total Investments of Consolidated Blackstone Funds 4,249,832 Corporate Treasury Investments 5,868 Third Party Pricing n/a Loans and Receivables 315,039 Discounted Cash Flows Discount Rate 7.6% - 11.5% 9.8% Lower Other Investments (b) 57,365 Transaction Price n/a Third Party Pricing n/a $ 4,628,104 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 March 31, 2023 and December 31, 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	The following tables summarize the changes in financial assets and liabilities measured at fair value for which Blackstone has used Level III inputs to determine fair value and does not include gains or losses that were reported in Level III in prior years or for instruments that were transferred out of Level III prior to the end of the respective reporting period. These tables also exclude financial assets and liabilities measured at fair value on a non-recurring Level III Financial Assets at Fair Value Three Months Ended March 31, 2023 2022 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 $ 4,249,832 $ 315,039 $ 30,971 $ 4,595,842 $ 1,200,315 $ 392,732 $ 43,987 $ 1,637,034 Transfer Out Due to Deconsolidation (3,837 ) — — (3,837 ) — — — — Transfer Into Level III (b) 13,873 — 898 14,771 4 — — 4 Transfer Out of Level III (b) (313 ) — (2,726 ) (3,039 ) (53,907 ) — — (53,907 ) Purchases 299,948 55,070 49,404 404,422 58,021 3,097 2,746 63,864 Sales (319,161 ) (86,725 ) (180 ) (406,066 ) (64,312 ) (118,493 ) (64 ) (182,869 ) Issuances — 50,689 — 50,689 — 9,774 — 9,774 Settlements — (33,796 ) 528 (33,268 ) — (4,854 ) — (4,854 ) Changes in Gains (Losses) Included in Earnings 98,167 7,011 (4,291 ) 100,887 68,131 3,943 (3,455 ) 68,619 Balance, End of Period $ 4,338,509 $ 307,288 $ 74,604 $ 4,720,401 $ 1,208,252 $ 286,199 $ 43,214 $ 1,537,665 Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ 72,029 $ 1,737 $ 534 $ 74,300 $ 61,154 $ 215 $ (3,457 ) $ 57,912 (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.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
Variable Interest Entities (Tables)	Mar. 31, 2023
Maximum Exposure to Loss Relating to Non-Consolidated VIEs	Blackstone’s maximum exposure to loss relating to non-consolidated March 31, December 31, 2023 2022 Investments $ 3,117,201 $ 3,326,669 Due from Affiliates 176,338 189,240 Potential Clawback Obligation 67,549 384,926 Maximum Exposure to Loss $ 3,361,088 $ 3,900,835 Amounts Due to Non-Consolidated $ 137 $ 6

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	3 Months Ended
Repurchase Agreements (Tables)	Mar. 31, 2023
Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged	The following tables provide information regarding Blackstone’s Repurchase Agreements obligation by type of collateral pledged: March 31, 2023 Remaining Contractual Maturity of the Agreements Overnight Greater and Up to 30 - 90 than Continuous 30 Days Days 90 days Total Repurchase Agreements Loans $ — $ 19,563 $ — $ — $ 19,563 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 19,563 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ — December 31, 2022 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 $ — $ — $ — $ — $ — Loans — 70,776 — 19,168 89,944 $ — $ 70,776 $ — $ 19,168 $ 89,944 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 89,944 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ —

Offsetting of Assets And Liab_2

Offsetting of Assets And Liabilities (Tables)	3 Months Ended
Offsetting of Assets And Liabilities (Tables)	Mar. 31, 2023
Offsetting of Assets	The following tables present the offsetting of assets and liabilities as of March 31, 2023 and December 31, 2022: March 31, 2023 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 $ 242,397 $ 120,732 $ 102,664 $ 19,001 March 31, 2023 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 $ 66,349 $ 61,960 $ 1,851 $ 2,538 Repurchase Agreements 19,563 19,563 — — $ 85,912 $ 81,523 $ 1,851 $ 2,538
Offsetting of Liabilities	December 31, 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 $ 277,603 $ 165,897 $ 96,436 $ 15,270 December 31, 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 $ 88,182 $ 85,366 $ 1,345 $ 1,471 Repurchase Agreements 89,944 89,944 — — $ 178,126 $ 175,310 $ 1,345 $ 1,471 (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: March 31, December 31, 2023 2022 Furniture, Equipment and Leasehold Improvements $ 797,106 $ 748,334 Less: Accumulated Depreciation (338,777 ) (336,621 ) Furniture, Equipment and Leasehold Improvements, Net 458,329 411,713 Prepaid Expenses 168,701 165,079 Freestanding Derivatives 184,804 202,677 Other 21,398 20,989 $ 833,232 $ 800,458

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
Borrowings (Tables)	Mar. 31, 2023
Carrying Value and Fair Value of Blackstone Issued Notes	The following table presents each of Blackstone’s borrowings as of March 31, 2023 and December 31, 2022, as well as their carrying value and fair value. The borrowings are included in Loans Payable within the Condensed Consolidated Statements of Financial Condition. Each of the Senior Notes were issued at a discount through Blackstone’s indirect subsidiary, Blackstone Holdings Finance Co. L.L.C. The Senior Notes accrue interest from the issue date thereof and pay interest in arrears on a semi-annual basis or annual basis. The Secured Borrowings were issued at par, accrue interest from the issue date thereof and pay interest in arrears on a quarterly basis. CLO Notes Payable pay interest in arrears on a quarterly basis. March 31, 2023 December 31, 2022 Carrying Fair Carrying Fair Description Value Value Value Value Blackstone Operating Borrowings Senior Notes (a) 4.750%, Due 2/15/2023 $ — $ — $ 399,838 $ 399,776 2.000%, Due 5/19/2025 329,494 309,116 325,292 305,754 1.000%, Due 10/5/2026 651,266 579,648 642,968 568,525 3.150%, Due 10/2/2027 298,194 276,684 298,101 271,284 5.900%, Due 11/3/2027 594,632 614,430 594,381 606,450 1.625%, Due 8/5/2028 644,692 541,580 644,456 530,933 1.500%, Due 4/10/2029 654,063 551,755 645,819 532,043 2.500%, Due 1/10/2030 492,844 418,645 492,604 405,965 1.600%, Due 3/30/2031 496,103 378,050 495,990 365,380 2.000%, Due 1/30/2032 788,379 612,040 788,082 589,407 2.550%, Due 3/30/2032 495,322 400,425 495,207 390,370 6.200%, Due 4/22/2033 891,429 943,911 891,277 907,965 3.500%, Due 6/1/2034 511,317 459,590 504,695 452,934 6.250%, Due 8/15/2042 239,245 260,855 239,176 251,480 5.000%, Due 6/15/2044 489,770 442,719 489,704 441,355 4.450%, Due 7/15/2045 344,584 280,714 344,549 287,242 4.000%, Due 10/2/2047 290,988 227,610 290,935 227,946 3.500%, Due 9/10/2049 392,303 275,784 392,259 275,588 2.800%, Due 9/30/2050 393,994 242,052 393,958 237,552 2.850%, Due 8/5/2051 543,200 320,870 543,162 323,527 3.200%, Due 1/30/2052 987,198 640,780 987,131 646,880 10,529,017 8,777,258 10,899,584 9,018,356 Other (b) Secured Borrowing, Due 10/27/2033 20,000 20,000 — — Secured Borrowing, Due 1/29/2035 20,000 20,000 — — 10,569,017 8,817,258 10,899,584 9,018,356 Borrowings of Consolidated Blackstone Funds Blackstone Fund Facilities (c) 1,450,078 1,450,078 1,450,000 1,450,000 CLO Notes Payable (d) 292,374 292,374 — — 1,742,452 1,742,452 1,450,000 1,450,000 $ 12,311,469 $ 10,559,710 $ 12,349,584 $ 10,468,356 (a) Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy. (b) The Secured Borrowing, Due 10/27/2033 has an interest rate of 6.97% and the Secured Borrowing, Due 1/29/2035 has an interest rate of 3.72 %. Prepayments of these borrowings may occur prior to maturity based on performance of the assets securing these borrowings. (c) Blackstone Fund Facilities represents borrowing facilities for the various consolidated Blackstone Funds used to meet liquidity and investing needs. Such borrowings have varying maturities and may be rolled over until the disposition or refinancing event. Borrowings bear interest at spreads to market rates or at stated fixed rates that can vary over the borrowing term. Interest may be subject to the performance of the assets within the fund and therefore, the stated interest rate and effective interest rate may differ. (d) CLO Notes Payable are due 10/15/2029 and have an effective interest rate of 6.97% as of March 31, 2023 .
Scheduled Principal Payments for Borrowings	Scheduled principal payments for borrowings as of March 31, 2023 were as follows: Blackstone Borrowings of Operating Borrowings Consolidated Blackstone Funds Total Borrowings 2023 $ — $ — $ — 2024 — — — 2025 325,170 — 325,170 2026 650,340 — 650,340 2027 900,000 — 900,000 Thereafter 8,832,290 1,754,992 10,587,282 $ 10,707,800 $ 1,754,992 $ 12,462,792

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
Income Taxes (Tables)	Mar. 31, 2023
Schedule of Major Filing Jurisdictions and Open Period Subject to Examinations	As of March 31, 2023, the following are the major filing jurisdictions and their respective earliest open tax period subject to examination: Jurisdiction Year Federal 2019 New York City 2009 New York State 2016 United Kingdom 2011

Earnings Per Share and Stockh_2

Earnings Per Share and Stockholders' Equity (Tables)	3 Months Ended
Earnings Per Share and Stockholders' Equity (Tables)	Mar. 31, 2023
Basic and Diluted Net Income Per Common Stock	Basic and diluted net income per share of common stock for the three months ended March 31, 2023 and March 31, 2022 was calculated as follows: Three Months Ended March 31, 2023 2022 Net Income for Per Share of Common Stock Calculations Net Income Attributable to Blackstone Inc., Basic and Diluted $ 85,812 $ 1,216,874 Share/Units Outstanding Weighted-Average Shares of Common Stock Outstanding, Basic 746,064,922 734,327,015 Weighted-Average Shares of Unvested Deferred Restricted Common Stock 579,007 639,900 Weighted-Average Shares of Common Stock Outstanding, Diluted 746,643,929 734,966,915 Net Income Per Share of Common Stock Basic $ 0.12 $ 1.66 Diluted $ 0.11 $ 1.66 Dividends Declared Per Share of Common Stock (a) $ 0.91 $ 1.45 (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 months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Weighted-Average Blackstone Holdings Partnership Units 462,949,870 467,794,861
Schedule of Shares Eligible For Dividends and Distribution	As of March 31, 2023, the total shares of common stock and Blackstone Holdings Partnership Units entitled to participate in dividends and distributions were as follows: Shares/Units Common Stock Outstanding 712,794,968 Unvested Participating Common Stock 33,121,860 Total Participating Common Stock 745,916,828 Participating Blackstone Holdings Partnership Units 462,366,799 1,208,283,627

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
Equity-Based Compensation (Tables)	Mar. 31, 2023
Summary of Status of Partnership's Unvested Equity-Based Awards	A 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, 2022 11,029,996 $ 38.02 31,001,563 $ 82.94 48,886 $ 85.04 Granted — — 3,170,790 74.71 12,043 89.78 Vested (912,145 ) 35.74 (2,308,783 ) 82.79 (3,461 ) 89.78 Forfeited (43,502 ) 42.73 (152,610 ) 79.80 — — Balance, March 31, 2023 10,074,349 $ 38.20 31,710,960 $ 82.15 57,468 $ 89.78
Unvested Shares and Units, After Expected Forfeitures	The following unvested shares and units, after expected forfeitures, as of March 31, 2023, are expected to vest: Weighted- Average Service Period Shares/Units in Years Blackstone Holdings Partnership Units 9,954,549 1.1 Deferred Restricted Shares of Common Stock 28,287,573 2.8 Total Equity-Based Awards 38,242,122 2.4 Phantom Shares 47,270 3.0

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
Related Party Transactions (Tables)	Mar. 31, 2023
Due from Affiliates and Due to Affiliates	Due from Affiliates and Due to Affiliates consisted of the following: March 31, December 31, 2023 2022 Due from Affiliates Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated $ 3,314,962 $ 3,344,813 Due from Certain Non-Controlling 726,830 741,319 Accrual for Potential Clawback of Previously Distributed Performance Allocations 57,973 60,575 $ 4,099,765 $ 4,146,707 March 31, December 31, 2023 2022 Due to Affiliates Due to Certain Non-Controlling $ 1,574,727 $ 1,602,933 Due to Non-Consolidated 156,934 157,982 Due to Certain Non-Controlling 97,901 198,875 Accrual for Potential Repayment of Previously Received Performance Allocations 144,620 158,691 $ 1,974,182 $ 2,118,481

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
Commitments and Contingencies (Tables)	Mar. 31, 2023
Clawback Obligations by Segment	The following table presents the clawback obligations by segment: March 31, 2023 December 31, 2022 Current and Current and Blackstone Former Blackstone Former Segment Holdings Personnel (a) Total (b) Holdings Personnel (a) Total (b) Real Estate $ 76,600 $ 49,546 $ 126,146 $ 78,644 $ 51,771 $ 130,415 Private Equity 9,828 8,168 17,996 19,279 8,569 27,848 Credit & Insurance 224 254 478 223 205 428 $ 86,652 $ 57,968 $ 144,620 $ 98,146 $ 60,545 $ 158,691 (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)	3 Months Ended
Segment Reporting (Tables)	Mar. 31, 2023
Financial Data of Segments	The following tables present the financial data for Blackstone’s four segments as of March 31, 2023 and for the three months ended March 31, 2023 and 2022. March 31, 2023 and the Three Months Then Ended Real Private Credit & Hedge Fund Total Estate Equity Insurance Solutions Segments Management and Advisory Fees, Net Base Management Fees $ 705,387 $ 451,610 $ 326,779 $ 135,771 $ 1,619,547 Transaction, Advisory and Other Fees, Net 20,561 14,784 8,451 1,914 45,710 Management Fee Offsets (10,457 ) (1,310 ) (1,101 ) (2 ) (12,870 ) Total Management and Advisory Fees, Net 715,491 465,084 334,129 137,683 1,652,387 Fee Related Performance Revenues 20,748 — 127,496 — 148,244 Fee Related Compensation (137,610 ) (161,626 ) (163,999 ) (45,736 ) (508,971 ) Other Operating Expenses (74,181 ) (76,763 ) (74,238 ) (26,466 ) (251,648 ) Fee Related Earnings 524,448 226,695 223,388 65,481 1,040,012 Realized Performance Revenues 11,096 499,322 125,181 5,927 641,526 Realized Performance Compensation (3,165 ) (232,934 ) (56,772 ) (3,153 ) (296,024 ) Realized Principal Investment Income 2,224 32,889 6,009 2,569 43,691 Total Net Realizations 10,155 299,277 74,418 5,343 389,193 Total Segment Distributable Earnings $ 534,603 $ 525,972 $ 297,806 $ 70,824 $ 1,429,205 Segment Assets $ 13,328,803 $ 13,414,726 $ 6,811,414 $ 2,615,977 $ 36,170,920 Three Months Ended March 31, 2022 Real Private Credit & Hedge Fund Total Estate Equity Insurance Solutions Segments Management and Advisory Fees, Net Base Management Fees $ 580,186 $ 421,472 $ 292,445 $ 145,046 $ 1,439,149 Transaction, Advisory and Other Fees, Net 40,485 12,658 9,397 1,469 64,009 Management Fee Offsets (960 ) (27,142 ) (1,619 ) (69 ) (29,790 ) Total Management and Advisory Fees, Net 619,711 406,988 300,223 146,446 1,473,368 Fee Related Performance Revenues 491,517 (648 ) 67,196 — 558,065 Fee Related Compensation (344,842 ) (151,050 ) (127,344 ) (47,235 ) (670,471 ) Other Operating Expenses (66,003 ) (67,744 ) (57,167 ) (23,184 ) (214,098 ) Fee Related Earnings 700,383 187,546 182,908 76,027 1,146,864 Realized Performance Revenues 802,916 450,238 30,743 28,913 1,312,810 Realized Performance Compensation (290,031 ) (206,703 ) (13,386 ) (9,000 ) (519,120 ) Realized Principal Investment Income 53,975 65,438 22,781 14,901 157,095 Total Net Realizations 566,860 308,973 40,138 34,814 950,785 Total Segment Distributable Earnings $ 1,267,243 $ 496,519 $ 223,046 $ 110,841 $ 2,097,649
Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes	The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the three months ended March 31, 2023 and 2022 along with Total Assets as of March 31, 2023: Three Months Ended March 31, 2023 2022 Revenues Total GAAP Revenues $ 1,381,845 $ 5,126,280 Less: Unrealized Performance Revenues (a) 759,316 (1,293,050 ) Less: Unrealized Principal Investment (Income) Loss (b) 479,120 (26,758 ) Less: Interest and Dividend Revenue (c) (95,101 ) (54,485 ) Less: Other Revenue (d) 14,180 (72,819 ) Impact of Consolidation (e) (58,987 ) (177,596 ) Transaction-Related Charges (g) 4,788 (1,213 ) Intersegment Eliminations 687 979 Total Segment Revenue (h) $ 2,485,848 $ 3,501,338 Three Months Ended March 31, 2023 2022 Expenses Total GAAP Expenses $ 1,189,345 $ 2,197,022 Less: Unrealized Performance Allocations Compensation (i) 313,249 (472,284 ) Less: Equity-Based Compensation (j) (268,134 ) (201,545 ) Less: Interest Expense (k) (104,209 ) (66,602 ) Impact of Consolidation (e) (56,674 ) (7,806 ) Amortization of Intangibles (f) (11,341 ) (17,044 ) Transaction-Related Charges (g) (3,833 ) (26,546 ) Administrative Fee Adjustment (l) (2,447 ) (2,485 ) Intersegment Eliminations 687 979 Total Segment Expenses (m) $ 1,056,643 $ 1,403,689 Three Months Ended March 31, 2023 2022 Other Income Total GAAP Other Income $ 65,856 $ 51,637 Impact of Consolidation (e) (65,856 ) (51,637 ) Total Segment Other Income $ — $ — Three Months Ended March 31, 2023 2022 Income Before Provision for Taxes Total GAAP Income Before Provision for Taxes $ 258,356 $ 2,980,895 Less: Unrealized Performance Revenues (a) 759,316 (1,293,050 ) Less: Unrealized Principal Investment (Income) Loss (b) 479,120 (26,758 ) Less: Interest and Dividend Revenue (c) (95,101 ) (54,485 ) Less: Other Revenue (d) 14,180 (72,819 ) Plus: Unrealized Performance Allocations Compensation (i) (313,249 ) 472,284 Plus: Equity-Based Compensation (j) 268,134 201,545 Plus: Interest Expense (k) 104,209 66,602 Impact of Consolidation (e) (68,169 ) (221,427 ) Amortization of Intangibles (f) 11,341 17,044 Transaction-Related Charges (g) 8,621 25,333 Administrative Fee Adjustment (l) 2,447 2,485 Total Segment Distributable Earnings $ 1,429,205 $ 2,097,649 As of March 31, 2023 Total Assets Total GAAP Assets $ 41,086,439 Impact of Consolidation (e) (4,915,519 ) Total Segment Assets $ 36,170,920 Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles and Transaction-Related Charges. (a) This adjustment removes Unrealized Performance Revenues on a segment basis. (b) This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis. (c) This adjustment removes Interest and Dividend Revenue on a segment basis. (d) This adjustment removes Other Revenue on a segment basis. For the three months ended March 31, 2023 and 2022, Other Revenue on a GAAP basis was $(14.2) million and $72.9 million, and included $(14.7) million and $72.8 million of foreign exchange gains (losses), respectively. (e) This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds, the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling (f) This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation. (g) This adjustment removes Transaction-Related Charges, which are excluded from Blackstone’s segment presentation. Transaction-Related Charges arise from corporate actions including acquisitions, divestitures, and Blackstone’s initial public offering. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs and any gains or losses associated with these corporate actions. (h) Total Segment Revenues is comprised of the following: Three Months Ended March 31, 2023 2022 Total Segment Management and Advisory Fees, Net $ 1,652,387 $ 1,473,368 Total Segment Fee Related Performance Revenues 148,244 558,065 Total Segment Realized Performance Revenues 641,526 1,312,810 Total Segment Realized Principal Investment Income 43,691 157,095 Total Segment Revenues $ 2,485,848 $ 3,501,338 (i) This adjustment removes Unrealized Performance Allocations Compensation. (j) This adjustment removes Equity-Based Compensation on a segment basis. (k) This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement. (l) This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation. (m) Total Segment Expenses is comprised of the following: Three Months Ended March 31, 2023 2022 Total Segment Fee Related Compensation $ 508,971 $ 670,471 Total Segment Realized Performance Compensation 296,024 519,120 Total Segment Other Operating Expenses 251,648 214,098 Total Segment Expenses $ 1,056,643 $ 1,403,689
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 of Operations for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Management and Advisory Fees, Net GAAP $ 1,658,315 $ 1,475,936 Segment Adjustment (a) (5,928 ) (2,568 ) Total Segment $ 1,652,387 $ 1,473,368 Three Months Ended March 31, 2023 2022 GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues GAAP Incentive Fees $ 142,876 $ 104,489 Investment Income - Realized Performance Allocations 646,894 1,766,386 GAAP 789,770 1,870,875 Total Segment Less: Realized Performance Revenues (641,526 ) (1,312,810 ) Total Segment $ 148,244 $ 558,065 Three Months Ended March 31, 2023 2022 GAAP Compensation to Total Segment Fee Related Compensation GAAP Compensation $ 716,285 $ 656,505 Incentive Fee Compensation 63,281 41,019 Realized Performance Allocations Compensation 296,794 717,601 GAAP 1,076,360 1,415,125 Total Segment Less: Realized Performance Compensation (296,024 ) (519,120 ) Less: Equity-Based Compensation - Fee Related Compensation (265,154 ) (200,387 ) Less: Equity-Based Compensation - Performance Compensation (2,980 ) (1,158 ) Segment Adjustment (b) (3,231 ) (23,989 ) Total Segment $ 508,971 $ 670,471 Three Months Ended March 31, 2023 2022 GAAP General, Administrative and Other to Total Segment Other Operating Expenses GAAP $ 273,394 $ 240,674 Segment Adjustment (c) (21,746 ) (26,576 ) Total Segment $ 251,648 $ 214,098 Three Months Ended March 31, 2023 2022 Realized Performance Revenues GAAP Incentive Fees $ 142,876 $ 104,489 Investment Income - Realized Performance Allocations 646,894 1,766,386 GAAP 789,770 1,870,875 Total Segment Less: Fee Related Performance Revenues (148,244 ) (558,065 ) Total Segment $ 641,526 $ 1,312,810 Three Months Ended March 31, 2023 2022 Realized Performance Compensation GAAP Incentive Fee Compensation $ 63,281 $ 41,019 Realized Performance Allocation Compensation 296,794 717,601 GAAP 360,075 758,620 Total Segment Less: Fee Related Performance Compensation (d) (61,071 ) (238,342 ) Less: Equity-Based Compensation - Performance Compensation (2,980 ) (1,158 ) Total Segment $ 296,024 $ 519,120 Three Months Ended March 31, 2023 2022 Realized Principal Investment Income GAAP $ 108,058 $ 285,104 Segment Adjustment (e) (64,367 ) (128,009 ) Total Segment $ 43,691 $ 157,095 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
Organization - Additional Information (Detail)	Mar. 31, 2023 Segment Person	Mar. 31, 2022 Segment
Organization [Line Items]
Number of business segments \| Segment	4	4
Number of Blackstone founders managing the Partnership \| Person	1

Intangible Assets, Net (Detail)

Intangible Assets, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets/Contractual Rights	$ 1,771,380	$ 1,745,376
Accumulated Amortization	(1,541,085)	(1,528,089)
Intangible Assets, Net	$ 230,295	$ 217,287

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets [Line Items]
Amortization Expense	$ 12,996	$ 18,698
Expected amortization of intangibles, 2022	39,500
Expected amortization of intangibles, 2023	35,300
Expected amortization of intangibles, 2024	35,300
Expected amortization of intangibles, 2025	35,100
Expected amortization of intangibles, 2026	$ 34,000
Intangible assets expected to amortize over a weighted-average period	6 years 3 months 18 days

Investments (Detail)

Investments (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Investments	$ 26,985,951	$ 27,553,251
Partnership Investments
Schedule of Investments [Line Items]
Investments	5,598,552	5,530,419
Accrued Performance Allocations
Schedule of Investments [Line Items]
Investments	11,517,750	12,360,684
Other Investments
Schedule of Investments [Line Items]
Investments	3,467,150	3,471,642
Consolidated Blackstone Funds
Schedule of Investments [Line Items]
Investments	5,443,867	5,136,966
Corporate Treasury Investments
Schedule of Investments [Line Items]
Investments	$ 958,632	$ 1,053,540

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Schedule of Investments [Line Items]
Investments	$ 26,985,951		$ 27,553,251
Recognized net gains related to equity method investments	69,200	$ 336,300
Equity investments, carrying value	$ 371,500
Investment Maturity Terms	five years
Consolidated Blackstone Funds \| Blackstone
Schedule of Investments [Line Items]
Investments	$ 289,200		$ 393,900

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 Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Gain (Loss) on Securities [Line Items]
Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds	$ (495,677)	$ 3,418,501
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	90,485	54,485
Other Income – Net Gains from Fund Investment Activities	71,064	50,876
Consolidated Blackstone Funds
Gain (Loss) on Securities [Line Items]
Realized Gains	17,155	17,688
Net Change in Unrealized Gains (Losses)	(17,154)	27,841
Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds	1	45,529
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	71,063	5,347
Other Income – Net Gains from Fund Investment Activities	$ 71,064	$ 50,876

Performance Fees Allocated to F

Performance Fees Allocated to Funds (Detail) $ in Thousands	3 Months Ended
Performance Fees Allocated to Funds (Detail) $ in Thousands	Mar. 31, 2023 USD ($)
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	$ 27,553,251
Ending Balance	26,985,951
Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	12,360,684
Performance Allocations as a Result of Changes in Fund Fair Values	(126,763)
Foreign Exchange Gain	7,906
Fund Distributions	(724,077)
Ending Balance	11,517,750
Real Estate Segment \| Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	5,334,117
Performance Allocations as a Result of Changes in Fund Fair Values	(449,418)
Foreign Exchange Gain	7,906
Fund Distributions	(404,077)
Ending Balance	4,488,528
Private Equity Segment \| Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	6,037,575
Performance Allocations as a Result of Changes in Fund Fair Values	243,978
Fund Distributions	(252,348)
Ending Balance	6,029,205
Credit & Insurance Segment \| Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	569,898
Performance Allocations as a Result of Changes in Fund Fair Values	45,304
Fund Distributions	(61,719)
Ending Balance	553,483
Hedge Fund Solutions Segment \| Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	419,094
Performance Allocations as a Result of Changes in Fund Fair Values	33,373
Fund Distributions	(5,933)
Ending Balance	$ 446,534

Realized and Net Change in Unre

Realized and Net Change in Unrealized Gains (Losses) on Investments Held by Blackstone's Treasury Cash Management Strategies (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Gain (Loss) on Securities [Line Items]
Total realized and net change in unrealized gains (losses)	$ (495,677)	$ 3,418,501
Corporate Treasury Investments
Gain (Loss) on Securities [Line Items]
Realized Gains (Losses)	2,374	(1,962)
Net Change in Unrealized Gains (Losses)	7,795	(27,603)
Total realized and net change in unrealized gains (losses)	$ 10,169	$ (29,565)

Realized and Net Change in Un_2

Realized and Net Change in Unrealized Gains (Losses) in Other Investments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Gain (Loss) on Securities [Line Items]
Total Investment Income (Loss)	$ (495,677)	$ 3,418,501
Other Investments
Gain (Loss) on Securities [Line Items]
Realized Gains	1,924	101,349
Net Change in Unrealized Losses	(313,153)	(80,485)
Total Investment Income (Loss)	$ (311,229)	$ 20,864

Summary of Fair Value by Strate

Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments (Detail) $ in Thousands	Mar. 31, 2023 USD ($)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 606,778
Equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	457,664
Real Estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	121,172
Credit Driven
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	26,845
Commodities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	1,080
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)	3 Months Ended
	Mar. 31, 2023
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	81%
Percentage of investments redeemable as of reporting date	19%
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	24%
Percentage of investments redeemable as of reporting date	76%
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	Mar. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	$ 1,863,525	$ 2,306,770
Derivative Liabilities, Notional	2,059,345	1,822,967
Derivative Assets, Fair Value	242,397	277,603
Derivative Liabilities, Fair Value	269,769	137,047
Freestanding Derivatives
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	836,637	931,752
Derivative Liabilities, Notional		5,133
Derivative Assets, Fair Value	57,593	74,926
Derivative Liabilities, Fair Value		284
Freestanding Derivatives \| Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	1,026,888	1,375,018
Derivative Liabilities, Notional	2,059,345	1,817,834
Derivative Assets, Fair Value	184,804	202,677
Derivative Liabilities, Fair Value	269,769	136,763
Freestanding Derivatives \| Blackstone \| Total Return Swaps
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	34,529	42,233
Derivative Assets, Fair Value	4,206	6,210
Freestanding Derivatives \| Blackstone \| Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	2,105	2,007
Derivative Liabilities, Notional	7,931	8,768
Derivative Assets, Fair Value	522	384
Derivative Liabilities, Fair Value	1,626	1,309
Freestanding Derivatives \| Foreign Currency Contracts \| Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	270,614	541,238
Derivative Liabilities, Notional	251,568	190,774
Derivative Assets, Fair Value	3,944	8,040
Derivative Liabilities, Fair Value	2,628	3,542
Freestanding Derivatives \| Foreign Currency Contracts \| Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Liabilities, Notional		5,133
Derivative Liabilities, Fair Value		284
Freestanding Derivatives \| Interest Rate Contracts \| Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	719,640	789,540
Derivative Liabilities, Notional	688,800	621,700
Derivative Assets, Fair Value	176,132	188,043
Derivative Liabilities, Fair Value	62,096	83,331
Freestanding Derivatives \| Interest Rate Contracts \| Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	836,637	931,752
Derivative Assets, Fair Value	57,593	74,926
Freestanding Derivatives \| Equity Options \| Blackstone
Derivatives, Fair Value [Line Items]
Derivative Liabilities, Notional	1,111,046	996,592
Derivative Liabilities, Fair Value	$ 203,419	$ 48,581

Summary of Impact of Derivative

Summary of Impact of Derivative Financial Instruments to Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative [Line Items]
Unrealized Gain (Loss) on Derivatives and Commodity Contracts	$ (149,855)	$ 33,583
Freestanding Derivatives
Derivative [Line Items]
Realized Gains (Losses)	10,527	7,986
Net Change in Unrealized Gains (Losses)	(160,382)	25,597
Freestanding Derivatives \| Total Return Swaps
Derivative [Line Items]
Realized Gains (Losses)	4,652	0
Net Change in Unrealized Gains (Losses)	(13)
Freestanding Derivatives \| Credit Default Swap
Derivative [Line Items]
Realized Gains (Losses)	(51)	95
Net Change in Unrealized Gains (Losses)	(228)	13
Freestanding Derivatives \| Interest Rate Contracts
Derivative [Line Items]
Realized Gains (Losses)	336	3,899
Net Change in Unrealized Gains (Losses)	(2,120)	34,956
Freestanding Derivatives \| Foreign Currency Contracts
Derivative [Line Items]
Realized Gains (Losses)	5,590	3,992
Net Change in Unrealized Gains (Losses)	(3,183)	$ (9,372)
Freestanding Derivatives \| Other
Derivative [Line Items]
Net Change in Unrealized Gains (Losses)	$ (154,838)

Summary of Financial Instrument

Summary of Financial Instruments for Which Fair Value Option Has Been Elected (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans and Receivables	$ 307,288	$ 315,039
Assets	2,711,651	2,208,015
Liabilities	298,292	8,144
Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments	65,077	24,784
Equity and Preferred Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments	2,082,976	1,868,192
Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets	256,310	0
CLO Notes Payable
Fair Value, Option, Quantitative Disclosures [Line Items]
Liabilities	292,374	0
Corporate Treasury Commitments
Fair Value, Option, Quantitative Disclosures [Line Items]
Liabilities	$ 5,918	$ 8,144

Realized and Net Change in Un_3

Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Realized Gains (Losses) \| Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	$ 0	$ (952)
Realized Gains (Losses) \| Assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(2,196)	(3,127)
Realized Gains (Losses) \| Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(763)	(1,453)
Realized Gains (Losses) \| Equity and Preferred Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	1,696	(722)
Realized Gains (Losses) \| Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(3,129)
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	(1,831)	(8,982)
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	(46,765)	(700)
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	(303)	1,446
Net Change In Unrealized Gains (Losses) \| Liabilities
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	4,690	(1,193)
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	(45,113)	6,836
Net Change In Unrealized Gains (Losses) \| Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	482
Net Change In Unrealized Gains (Losses) \| CLO Notes Payable
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	2,464
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	$ 2,226	$ (1,193)

Information for Financial Instr

Information for Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	$ (69,066)	$ (51,531)
Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	(11,509)	0
Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	(53,024)	(48,670)
Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	$ (4,533)	$ (2,861)

Fair Value Option - Additional

Fair Value Option - Additional Information (Detail) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of financial instruments more than one day past due	$ 0	$ 0
Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of financial instruments more than one day past due	0	0
Fair value of financial instruments with non-accrual status	$ 0	$ 0

Financial Assets and Liabilitie

Financial Assets and Liabilities at Fair Value (Detail) - USD ($) $ in Thousands		Mar. 31, 2023		Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts Receivable - Loans and Receivables		$ 307,288		$ 315,039
Assets		2,711,651		2,208,015
Loans Payable - CLO Notes Payable		12,311,469		12,349,584
Securities Sold, Not Yet Purchased		3,881		3,825
Corporate Treasury Commitments		$ 298,292		$ 8,144
Derivative Asset, Statement of Financial Position [Extensible Enumeration]		Other Assets		Other Assets
Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		$ 242,397		$ 277,603
Derivatives liabilities		66,349		88,182
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		4,720,401		4,628,104
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents		136,224		1,134,733
Total Investments		9,496,407		9,318,953
Accounts Receivable - Loans and Receivables		307,288		315,039
Assets		10,124,723		10,971,402
Loans Payable - CLO Notes Payable		292,374
Securities Sold, Not Yet Purchased		3,881		3,825
Contingent Consideration	[1]	2,300
Total Accounts Payable, Accrued Expenses and Other Liabilities		277,987		145,191
Liabilities		574,242		149,016
Fair Value, Measurements, Recurring \| Corporate Treasury Commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Treasury Commitments		5,918	[2]	8,144
Fair Value, Measurements, Recurring \| Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities	[3]	269,769		136,763
Total Accounts Payable, Accrued Expenses and Other Liabilities				284
Fair Value, Measurements, Recurring \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		3,095,676		3,128,447
Fair Value, Measurements, Recurring \| Net Asset Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		606,778		602,693
Assets		606,778		602,693
Fair Value, Measurements, Recurring \| Net Asset Value \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		6,078		5,985
Fair Value, Measurements, Recurring \| Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		5,443,867		5,136,966
Derivatives assets		184,804		202,677
Fair Value, Measurements, Recurring \| Consolidated Blackstone Funds \| Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		57,593		74,926
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	[4]	5,043,001		4,954,280
Fair Value, Measurements, Recurring \| Consolidated Blackstone Funds \| Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		343,273		107,760
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		600,700		596,708
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	[4]	600,700		596,708
Fair Value, Measurements, Recurring \| Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		956,864		1,053,540
Fair Value, Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents		136,224		1,134,733
Total Investments		1,338,327		1,601,901
Assets		1,474,683		2,736,913
Securities Sold, Not Yet Purchased		3,881		3,825
Total Accounts Payable, Accrued Expenses and Other Liabilities		1,027		21
Liabilities		4,908		3,846
Fair Value, Measurements, Recurring \| Level 1 \| Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities	[3]	1,027		21
Fair Value, Measurements, Recurring \| Level 1 \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		1,206,468		1,473,611
Fair Value, Measurements, Recurring \| Level 1 \| Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		11,120		12,024
Derivatives assets		132		279
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	[4]	11,120		12,024
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		0		0
Fair Value, Measurements, Recurring \| Level 1 \| Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		120,739		116,266
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		3,142,395		2,807,504
Assets		3,322,861		3,003,692
Loans Payable - CLO Notes Payable		292,374
Securities Sold, Not Yet Purchased				0
Total Accounts Payable, Accrued Expenses and Other Liabilities		65,323		88,445
Liabilities		357,697		88,445
Fair Value, Measurements, Recurring \| Level 2 \| Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities	[3]	65,323		88,161
Total Accounts Payable, Accrued Expenses and Other Liabilities				284
Fair Value, Measurements, Recurring \| Level 2 \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		1,818,053		1,597,696
Fair Value, Measurements, Recurring \| Level 2 \| Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		493,538		278,402
Derivatives assets		180,466		196,188
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		57,593		74,926
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	[4]	129,963		149,689
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		305,982		53,787
Fair Value, Measurements, Recurring \| Level 2 \| Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		830,804		931,406
Fair Value, Measurements, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		4,408,907		4,306,855
Accounts Receivable - Loans and Receivables		307,288		315,039
Assets		4,720,401		4,628,104
Contingent Consideration	[1]	2,300
Total Accounts Payable, Accrued Expenses and Other Liabilities		211,637		56,725
Liabilities		211,637		56,725
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		5,918	[2]	8,144
Fair Value, Measurements, Recurring \| Level 3 \| Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities	[3]	203,419		48,581
Fair Value, Measurements, Recurring \| Level 3 \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		65,077		51,155
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		4,338,509		4,249,832
Derivatives assets		4,206		6,210
Assets		4,338,509		4,249,832
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	[4]	4,301,218		4,195,859
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		37,291		53,973
Fair Value, Measurements, Recurring \| Level 3 \| Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		$ 5,321		$ 5,868

[1]Level III contingent consideration liabilities are valued using a discounted cash flow model where the significant inputs include the discount rates.[2]Corporate Treasury Commitments are measured using third party pricing.[3]Level III freestanding derivatives are valued using an option pricing model where the significant inputs include the expected return and expected volatility.[4]Equity Securities, Partnership and LLC Interest includes investments in investment funds.

Summary of Quantitative Inputs

Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 2,711,651		$ 2,208,015
Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		4,720,401		4,628,104
Fair Value, Measurements, Recurring
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		10,124,723		10,971,402
Fair Value, Measurements, Recurring \| Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		4,720,401		4,628,104
Fair Value, Measurements, Recurring \| Level 3 \| Loans and Receivables \| Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 307,288		315,039
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		8.50%	7.60%
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		12.60%	11.50%
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]	9.80%	9.80%
Fair Value, Measurements, Recurring \| Level 3 \| Other Investments \| Transaction Price Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	[2]	$ 69,283		57,365
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		4,338,509		4,249,832
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		$ 4,301,218		4,195,859
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds \| Equity Securities, Partnerships and LLC Interests \| Minimum \| Measurement Input, Cap Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate		2.80%	2.60%
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds \| Equity Securities, Partnerships and LLC Interests \| Minimum \| EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA		4
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%	4.10%
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
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds \| Equity Securities, Partnerships and LLC Interests \| Maximum \| Measurement Input, Cap Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate		14.30%	14.40%
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds \| Equity Securities, Partnerships and LLC Interests \| Maximum \| EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA		30.6
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		35.50%	34.50%
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			30.6
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds \| Equity Securities, Partnerships and LLC Interests \| Weighted Average \| Measurement Input, Cap Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate	[1]	4.80%	4.70%
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds \| Equity Securities, Partnerships and LLC Interests \| Weighted Average \| EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA	[1]	14.8
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]	7.60%	8.80%
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]		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				53,973
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds \| Debt Instruments \| Transaction Price Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 37,291
Fair Value, Measurements, Recurring \| Level 3 \| Corporate Treasury Investments \| Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets				$ 5,868
Fair Value, Measurements, Recurring \| Level 3 \| Corporate Treasury Investments \| Third Party Pricing Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 5,321

[1]Unobservable inputs were weighted based on the fair value of the investments included in the range.[2]As of March 31, 2023 and December 31, 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
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	$ 4,595,842	$ 1,637,034
Transfer In (Out) Due to Deconsolidation	(3,837)
Transfer Into Level III	14,771	4
Transfer Out of Level III	(3,039)	(53,907)
Purchases	404,422	63,864
Sales	(406,066)	(182,869)
Issuances	50,689	9,774
Settlements	(33,268)	(4,854)
Changes in Gains (Losses) Included in Earnings	100,887	68,619
Balance, End of Period	4,720,401	1,537,665
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date	74,300	57,912
Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	30,971	43,987
Transfer Into Level III	898
Transfer Out of Level III	(2,726)
Purchases	49,404	2,746
Sales	(180)	(64)
Settlements	528
Changes in Gains (Losses) Included in Earnings	(4,291)	(3,455)
Balance, End of Period	74,604	43,214
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date	534	(3,457)
Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	315,039	392,732
Purchases	55,070	3,097
Sales	(86,725)	(118,493)
Issuances	50,689	9,774
Settlements	(33,796)	(4,854)
Changes in Gains (Losses) Included in Earnings	7,011	3,943
Balance, End of Period	307,288	286,199
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date	1,737	215
Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	4,249,832	1,200,315
Transfer In (Out) Due to Deconsolidation	(3,837)
Transfer Into Level III	13,873	4
Transfer Out of Level III	(313)	(53,907)
Purchases	299,948	58,021
Sales	(319,161)	(64,312)
Changes in Gains (Losses) Included in Earnings	98,167	68,131
Balance, End of Period	4,338,509	1,208,252
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date	$ 72,029	$ 61,154

Maximum Exposure to Loss Relati

Maximum Exposure to Loss Relating to Non-Consolidated VIEs (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
VIE Assets	$ 41,086,439	$ 42,524,227
VIE Liabilities	22,372,614	22,843,160
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	3,361,088	3,900,835
Variable Interest Entity, Not Primary Beneficiary \| Investments
Variable Interest Entity [Line Items]
VIE Assets	3,117,201	3,326,669
Variable Interest Entity, Not Primary Beneficiary \| Due from Affiliates
Variable Interest Entity [Line Items]
VIE Assets	176,338	189,240
Variable Interest Entity, Not Primary Beneficiary \| Potential Clawback Obligation
Variable Interest Entity [Line Items]
VIE Liabilities	67,549	384,926
Variable Interest Entity, Not Primary Beneficiary \| Amounts Due to Non-Consolidated VIEs
Variable Interest Entity [Line Items]
VIE Liabilities	$ 137	$ 6

Repurchase Agreements - Additio

Repurchase Agreements - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Securities Financing Transaction [Line Items]
Pledged securities with carrying value to collateralize its repurchase agreements	$ 19.6	$ 89.9

Schedule of Repurchase Agreemen

Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 19,563	$ 89,944
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. "Offsetting of Assets and Liabilities"	19,563	89,944
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		0
Loans
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	19,563	89,944
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		70,776
Up to 30 Days \| Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements		0
Up to 30 Days \| Loans
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	19,563	70,776
30 - 90 Days
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements		0
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	0	0
Greater than 90 Days
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements		19,168
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	$ 19,168

Offsetting of Assets and Liab_3

Offsetting of Assets and Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Offsetting Assets and Liabilities [Line Items]
Repurchase agreements gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	$ 19,563	$ 89,944
Repurchase agreements gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	19,563	89,944
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	85,912	178,126
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	81,523	175,310
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	1,851	1,345
Net Amount	2,538	1,471
Freestanding Derivatives
Offsetting Assets and Liabilities [Line Items]
Derivatives gross and Net Amounts of Assets Presented in the Statement of Financial Condition	242,397	277,603
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	120,732	165,897
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	102,664	96,436
Derivatives Net Amount	19,001	15,270
Derivatives gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	66,349	88,182
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	61,960	85,366
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	1,851	1,345
Derivatives Net Amount	$ 2,538	$ 1,471

Offsetting Of Assets And Liab_4

Offsetting Of Assets And Liabilities - Additional Information (Detail) - Cash Pooling Arrangement $ in Millions	Mar. 31, 2023 USD ($)
Offsetting Assets [Line Items]
Aggregate cash balance on deposit relating to the cash pooling arrangement	$ 905.2
Overdraft facility	$ 905.1

Components of Other Assets (Det

Components of Other Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Schedule of Other Assets [Line Items]
Furniture, Equipment and Leasehold Improvements	$ 797,106	$ 748,334
Less: Accumulated Depreciation	(338,777)	(336,621)
Furniture, Equipment and Leasehold Improvements, Net	458,329	411,713
Prepaid Expenses	168,701	165,079
Freestanding Derivatives	184,804	202,677
Other	21,398	20,989
Total Other Assets	$ 833,232	$ 800,458

Borrowings - Additional Informa

Borrowings - Additional Information (Detail)	3 Months Ended
Borrowings - Additional Information (Detail)	Mar. 31, 2023
Liabilities Of Consolidated Clo Vehicles Notes Payable [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date	Oct. 15, 2029
Debt instrument, interest rate	6.97%
Secured Borrowings One [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date	Oct. 27, 2033	[1]
Debt instrument, interest rate	6.97%
Secured Borrowings Two [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date	Jan. 29, 2035	[1]
Debt instrument, interest rate	3.72%

[1]The Secured Borrowing, Due 10/27/2033 has an interest rate of 6.97% and the Secured Borrowing, Due 1/29/2035 has an interest rate of 3.72%.

Carrying Value and Fair Value o

Carrying Value and Fair Value of Blackstone Issued Notes (Detail) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Carrying Value		$ 12,311,469	$ 12,349,584
Debt instrument, fair value		10,559,710	10,468,356
Senior Secured Notes
Debt Instrument [Line Items]
Carrying Value	[1]	10,529,017	10,899,584
Debt instrument, fair value	[1]	8,777,258	9,018,356
Other [Member]
Debt Instrument [Line Items]
Carrying Value	[2]	10,569,017	10,899,584
Debt instrument, fair value	[2]	8,817,258	9,018,356
Borrowings of Consolidated Blackstone Funds [Member]
Debt Instrument [Line Items]
Carrying Value		1,742,452	1,450,000
Debt instrument, fair value		1,742,452	1,450,000
Borrowings of Consolidated Blackstone Funds [Member] \| Liabilities Of Consolidated Clo Vehicles Notes Payable [Member]
Debt Instrument [Line Items]
Carrying Value	[3]	292,374	0
Debt instrument, fair value	[3]	292,374	0
Borrowings of Consolidated Blackstone Funds [Member] \| Blackstone Fund Facilities [Member]
Debt Instrument [Line Items]
Carrying Value	[4]	1,450,078	1,450,000
Debt instrument, fair value	[4]	1,450,078	1,450,000
4.750% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	0	399,838
Debt instrument, fair value	[1]	0	399,776
2.000% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	329,494	325,292
Debt instrument, fair value	[1]	309,116	305,754
1.000% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	651,266	642,968
Debt instrument, fair value	[1]	579,648	568,525
3.150% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	298,194	298,101
Debt instrument, fair value	[1]	276,684	271,284
5.900% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	594,632	594,381
Debt instrument, fair value	[1]	614,430	606,450
1.625% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	644,692	644,456
Debt instrument, fair value	[1]	541,580	530,933
1.500% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	654,063	645,819
Debt instrument, fair value	[1]	551,755	532,043
2.500% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	492,844	492,604
Debt instrument, fair value	[1]	418,645	405,965
1.600% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	496,103	495,990
Debt instrument, fair value	[1]	378,050	365,380
2.000% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	788,379	788,082
Debt instrument, fair value	[1]	612,040	589,407
2.550% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	495,322	495,207
Debt instrument, fair value	[1]	400,425	390,370
6.200% Note
Debt Instrument [Line Items]
Carrying Value	[1]	891,429	891,277
Debt instrument, fair value	[1]	943,911	907,965
3.500% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	511,317	504,695
Debt instrument, fair value	[1]	459,590	452,934
6.250% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	239,245	239,176
Debt instrument, fair value	[1]	260,855	251,480
5.000% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	489,770	489,704
Debt instrument, fair value	[1]	442,719	441,355
4.450% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	344,584	344,549
Debt instrument, fair value	[1]	280,714	287,242
4.000% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	290,988	290,935
Debt instrument, fair value	[1]	227,610	227,946
3.500% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	392,303	392,259
Debt instrument, fair value	[1]	275,784	275,588
2.800% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	393,994	393,958
Debt instrument, fair value	[1]	242,052	237,552
2.850% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	543,200	543,162
Debt instrument, fair value	[1]	320,870	323,527
3.200% Notes
Debt Instrument [Line Items]
Carrying Value	[1]	987,198	987,131
Debt instrument, fair value	[1]	640,780	646,880
Secured Borrowings One [Member] \| Other [Member]
Debt Instrument [Line Items]
Carrying Value	[2]	20,000	0
Debt instrument, fair value	[2]	20,000	0
Secured Borrowings Two [Member] \| Other [Member]
Debt Instrument [Line Items]
Carrying Value	[2]	20,000	0
Debt instrument, fair value	[2]	$ 20,000	$ 0

[1]Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.[2]The Secured Borrowing, Due 10/27/2033 has an interest rate of 6.97% and the Secured Borrowing, Due 1/29/2035 has an interest rate of 3.72%.[3]CLO Notes Payable are due 10/15/2029 and have an effective interest rate of 6.97% as of March 31, 2023.[4]Blackstone Fund Facilities represents borrowing facilities for the various consolidated Blackstone Funds used to meet liquidity and investing needs. Such borrowings have varying maturities and may be rolled over until the disposition or refinancing event. Borrowings bear interest at spreads to market rates or at stated fixed rates that can vary over the borrowing term. Interest may be subject to the performance of the assets within the fund and therefore, the stated interest rate and effective interest rate may differ.

Carrying Value and Fair Value_2

Carrying Value and Fair Value of Blackstone Issued Notes (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2023
4.750% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	4.75%	[1]
Debt instrument, maturity date	Feb. 15, 2023	[1]
2.000% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2%	[1]
Debt instrument, maturity date	May 19, 2025	[1]
1.000% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	1%	[1]
Debt instrument, maturity date	Oct. 05, 2026	[1]
3.150% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	3.15%	[1]
Debt instrument, maturity date	Oct. 02, 2027	[1]
1.625% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	1.625%	[1]
Debt instrument, maturity date	Aug. 05, 2028	[1]
1.500% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	1.50%	[1]
Debt instrument, maturity date	Apr. 10, 2029	[1]
2.500% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2.50%	[1]
Debt instrument, maturity date	Jan. 10, 2030	[1]
1.600% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	1.60%	[1]
Debt instrument, maturity date	Mar. 30, 2031	[1]
2.000% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2%	[1]
Debt instrument, maturity date	Jan. 30, 2032	[1]
2.550% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2.55%	[1]
Debt instrument, maturity date	Mar. 30, 2032	[1]
6.200% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	6.20%	[1]
Debt instrument, maturity date	Apr. 22, 2033	[1]
3.500% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	3.50%	[1]
Debt instrument, maturity date	Jun. 01, 2034	[1]
6.250% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	6.25%	[1]
Debt instrument, maturity date	Aug. 15, 2042	[1]
5.000% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	5%	[1]
Debt instrument, maturity date	Jun. 15, 2044	[1]
4.450% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	4.45%	[1]
Debt instrument, maturity date	Jul. 15, 2045	[1]
4.000% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	4%	[1]
Debt instrument, maturity date	Oct. 02, 2047	[1]
3.500% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	3.50%	[1]
Debt instrument, maturity date	Sep. 10, 2049	[1]
2.800% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2.80%	[1]
Debt instrument, maturity date	Sep. 30, 2050	[1]
2.850% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2.85%	[1]
Debt instrument, maturity date	Aug. 05, 2051	[1]
3.200% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	3.20%	[1]
Debt instrument, maturity date	Jan. 30, 2052	[1]
5.900% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	5.90%	[1]
Debt instrument, maturity date	Nov. 03, 2027	[1]
Secured Borrowings One [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	6.97%
Debt instrument, maturity date	Oct. 27, 2033	[2]
Secured Borrowings Two [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	3.72%
Debt instrument, maturity date	Jan. 29, 2035	[2]

[1]Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.[2]The Secured Borrowing, Due 10/27/2033 has an interest rate of 6.97% and the Secured Borrowing, Due 1/29/2035 has an interest rate of 3.72%.

Scheduled Principal Payments fo

Scheduled Principal Payments for Borrowings (Detail) $ in Thousands	Mar. 31, 2023 USD ($)
Debt Instrument [Line Items]
2023	$ 0
2024	0
2025	325,170
2026	650,340
2027	900,000
Thereafter	10,587,282
Total	12,462,792
Operating Borrowings
Debt Instrument [Line Items]
2023	0
2024	0
2025	325,170
2026	650,340
2027	900,000
Thereafter	8,832,290
Total	10,707,800
Blackstone Fund Facilities CLO Vehicles
Debt Instrument [Line Items]
2023	0
2024	0
2025	0
2026	0
2027	0
Thereafter	1,754,992
Total	$ 1,754,992

Summary of Earliest Tax Years t

Summary of Earliest Tax Years that Remain Subject to Examination in Major Jurisdictions (Detail)	3 Months Ended
	Mar. 31, 2023
Federal \| Tax Year 2019
Income Tax Contingency [Line Items]
Open Tax Year	2019
New York City \| Tax Year 2009
Income Tax Contingency [Line Items]
Open Tax Year	2009
New York State \| Tax Year 2016
Income Tax Contingency [Line Items]
Open Tax Year	2016
United Kingdom \| Tax Year 2011
Income Tax Contingency [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
		Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Line Items]
Net Income Attributable to Blackstone Inc., Basic and Diluted		$ 85,812	$ 1,216,874
Weighted-Average Shares of Common Stock Outstanding, Basic		746,064,922	734,327,015
Weighted-Average Shares of Unvested Deferred Restricted Common Stock		579,007	639,900
Weighted-Average Shares of Common Stock Outstanding, Diluted		746,643,929	734,966,915
Net Income Per Share of Common Stock, Basic		$ 0.12	$ 1.66
Net Income Per Share of Common Stock, Diluted		0.11	1.66
Dividends Declared Per Share of Common Stock	[1]	$ 0.91	$ 1.45

[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
Summary of Anti-Dilutive Securities (Detail) - shares	Mar. 31, 2023	Mar. 31, 2022
Blackstone Partnership Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-Average Units	462,949,870	467,794,861

Schedule of Shares Eligible For

Schedule of Shares Eligible For Dividends and Distribution (Detail)	Mar. 31, 2023 shares
Stockholders Equity [Line Items]
Common stock eligible for dividends and distributions	745,916,828
Shares eligible for dividends and distributions	1,208,283,627
Common Stock [Member]
Stockholders Equity [Line Items]
Common stock eligible for dividends and distributions	712,794,968
Unvested Participating Common Stock [Member]
Stockholders Equity [Line Items]
Common stock eligible for dividends and distributions	33,121,860
Participating Partnership Units [Member]
Stockholders Equity [Line Items]
Participating Blackstone Holdings Partnership Units	462,366,799

Earnings Per Share and Stockh_3

Earnings Per Share and Stockholder's Equity - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 07, 2021
Stockholders Equity [Line Items]
Amount remaining available for repurchases	$ 1,000
Common Stock
Stockholders Equity [Line Items]
Common stock repurchased, units	1,000,000
Amount authorized to repurchase under unit repurchase program			$ 2,000
Common stock repurchased, cost	$ 90.1	$ 0

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Jan. 01, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Partnership grant units				172,161,191
Compensation expense in relation to equity-based awards	$ 277,431	$ 219,083	$ 219,100
Tax benefits in relation to equity-based awards	39,300		$ 60,700
Estimated unrecognized compensation expense related to unvested awards	$ 2,600,000
Weighted-average period for recognized compensation expense related to unvested awards, years	3 years 6 months
Total vested and unvested outstanding units	1,208,354,642
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total outstanding unvested phantom units	60,965

Summary of Status of Partnershi

Summary of Status of Partnership's Unvested Equity-Based Awards (Detail)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Blackstone \| Blackstone Partnership Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance \| shares	11,029,996
Vested (Units) \| shares	(912,145)
Forfeited (Units) \| shares	(43,502)
Ending Balance \| shares	10,074,349
Beginning Balance \| $ / shares	$ 38.02
Vested (Weighted-Average Grant Date Fair Value) \| $ / shares	35.74
Forfeited (Weighted-Average Grant Date Fair Value) \| $ / shares	42.73
Ending Balance \| $ / shares	$ 38.2
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	31,001,563
Granted (Units) \| shares	3,170,790
Vested (Units) \| shares	(2,308,783)
Forfeited (Units) \| shares	(152,610)
Ending Balance \| shares	31,710,960
Beginning Balance \| $ / shares	$ 82.94
Granted (Weighted-Average Grant Date Fair Value) \| $ / shares	74.71
Vested (Weighted-Average Grant Date Fair Value) \| $ / shares	82.79
Forfeited (Weighted-Average Grant Date Fair Value) \| $ / shares	79.8
Ending Balance \| $ / shares	$ 82.15
Blackstone Group Inc. [Member] \| Cash Settled Awards Phantom Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance \| shares	48,886
Granted (Units) \| shares	12,043
Vested (Units) \| shares	(3,461)
Forfeited (Units) \| shares	0
Ending Balance \| shares	57,468
Beginning Balance \| $ / shares	$ 85.04
Granted (Weighted-Average Grant Date Fair Value) \| $ / shares	89.78
Vested (Weighted-Average Grant Date Fair Value) \| $ / shares	89.78
Forfeited (Weighted-Average Grant Date Fair Value) \| $ / shares	0
Ending Balance \| $ / shares	$ 89.78

Unvested Shares and Units, Afte

Unvested Shares and Units, After Expected Forfeitures (Detail)	3 Months Ended
	Mar. 31, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Blackstone Holdings Partnership Units	9,954,549
Deferred Restricted Shares of Common Stock	28,287,573
Total Equity-Based Awards	38,242,122
Phantom Shares	47,270
Blackstone Holdings Partnership Units (Weighted-Average Service Period in Years)	1 year 1 month 6 days
Deferred Restricted Shares of Common Stock (Weighted-Average Service in Years)	2 years 9 months 18 days
Total Equity-Based Awards (Weighted-Average Service Period in Years)	2 years 4 months 24 days
Phantom Shares (Weighted-Average Service Period in Years)	3 years

Due from Affiliates and Due to

Due from Affiliates and Due to Affiliates (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated Entities and Portfolio Companies	$ 3,314,962	$ 3,344,813
Due from Certain Non-Controlling Interest Holders and Blackstone Employees	726,830	741,319
Accrual for Potential Clawback of Previously Distributed Performance Allocations	57,973	60,575
Due from Affiliates, total	4,099,765	4,146,707
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements	1,574,727	1,602,933
Due to Non-Consolidated Entities	156,934	157,982
Due to Certain Non-Controlling Interest Holders and Blackstone Employees	97,901	198,875
Accrual for Potential Repayment of Previously Received Performance Allocations	144,620	158,691
Due to Affiliates, total	$ 1,974,182	$ 2,118,481

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Investments	$ 26,985,951		$ 27,553,251
Cash saving in tax receivable agreements, percentage	85%
Expected future payments under the tax receivable agreements	$ 1,600,000
Expected future payments under the tax receivable agreements in years	15 years
After-tax net present value estimated payments	$ 446,800
After-tax net present value discount rate assumption	15%
Founder, senior managing directors, employees and certain other related parties
Related Party Transaction [Line Items]
Net Income Attributable to Non-Controlling Interests	$ 22,200	$ 64,400
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

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Schedule Of Commitments And Contingencies [Line Items]
General partner capital funding	$ 4,800
Total investments at risk in respect of guarantees extended	$ 19.8
Contingent obligations currently anticipated to expire end	2032
Provision for cash clawback	$ 1,100
Contingent Obligations (Clawback)	6,300
Loss contingency accrual, payments	6.4
Blackstone Real Estate Investment Trust or BREIT [Member]
Schedule Of Commitments And Contingencies [Line Items]
Common stock, value, subscriptions	4,500
Investments Pledged fair value	$ 1,100
Percentage of incremental cash payment In excess of target return	5%
Security owned and pledged as collateral, associated liabilities, fair value	$ 203.4
Blackstone Real Estate Investment Trust or BREIT [Member] \| University of California [Member]
Schedule Of Commitments And Contingencies [Line Items]
Percentage of targeted annualized net return	11.25%
Cost of the investment	$ 4,500
Blackstone Holdings
Schedule Of Commitments And Contingencies [Line Items]
Loans held By employees for investment guaranteed	77.7
Contingent Obligations (Clawback)	5,700
Loss contingency accrual, payments	4.1
Current And Former Blackstone Personnel
Schedule Of Commitments And Contingencies [Line Items]
Loss contingency accrual, payments	2.3
Consolidated Blackstone Funds
Schedule Of Commitments And Contingencies [Line Items]
Funds signed investment commitments	244.5
Consolidated Blackstone Funds \| Portfolio Company Acquisition
Schedule Of Commitments And Contingencies [Line Items]
Signed investment commitments for portfolio company acquisitions in process of closing	$ 116.8

Clawback Obligations by Segment

Clawback Obligations by Segment (Detail) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2023	Dec. 31, 2022
Product Liability Contingency [Line Items]
Clawback obligations	[1]	$ 144,620	$ 158,691
Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		86,652	98,146
Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[2]	57,968	60,545
Real Estate Segment
Product Liability Contingency [Line Items]
Clawback obligations	[1]	126,146	130,415
Real Estate Segment \| Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		76,600	78,644
Real Estate Segment \| Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[2]	49,546	51,771
Private Equity Segment
Product Liability Contingency [Line Items]
Clawback obligations	[1]	17,996	27,848
Private Equity Segment \| Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		9,828	19,279
Private Equity Segment \| Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[2]	8,168	8,569
Credit & Insurance
Product Liability Contingency [Line Items]
Clawback obligations	[1]	478	428
Credit & Insurance \| Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		224	223
Credit & Insurance \| Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[2]	$ 254	$ 205

[1]Total is a component of Due to Affiliates. See Note 16. “Related Party Transactions — Affiliate Receivables and Payables — Due to Affiliates.”[2]The split of clawback between Blackstone Holdings and Current and Former Personnel is based on the performance of individual investments held by a fund rather than on a fund by fund basis.

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail) - Segment	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Number of business segments	4	4

Financial Data of Segments (Det

Financial Data of Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Fee Related Performance Revenues	$ 148,244	$ 558,065
Realized Performance Revenues	789,770	1,870,875
Realized Performance Compensation	360,075	758,620
Operating Segments
Segment Reporting Information [Line Items]
Base Management Fees	1,619,547	1,439,149
Transaction, Advisory and Other Fees, Net	45,710	64,009
Management Fee Offsets	(12,870)	(29,790)
Total Management and Advisory Fees, Net	1,652,387	1,473,368
Fee Related Performance Revenues	148,244	558,065
Fee Related Compensation	(508,971)	(670,471)
Other Operating Expenses	(251,648)	(214,098)
Fee Related Earnings	1,040,012	1,146,864
Realized Performance Revenues	641,526	1,312,810
Realized Performance Compensation	(296,024)	(519,120)
Realized Principal Investment Income	43,691	157,095
Total Net Realizations	389,193	950,785
Total Segment Distributable Earnings	1,429,205	2,097,649
Segment Assets	36,170,920
Operating Segments \| Real Estate Segment
Segment Reporting Information [Line Items]
Base Management Fees	705,387	580,186
Transaction, Advisory and Other Fees, Net	20,561	40,485
Management Fee Offsets	(10,457)	(960)
Total Management and Advisory Fees, Net	715,491	619,711
Fee Related Performance Revenues	20,748	491,517
Fee Related Compensation	(137,610)	(344,842)
Other Operating Expenses	(74,181)	(66,003)
Fee Related Earnings	524,448	700,383
Realized Performance Revenues	11,096	802,916
Realized Performance Compensation	(3,165)	(290,031)
Realized Principal Investment Income	2,224	53,975
Total Net Realizations	10,155	566,860
Total Segment Distributable Earnings	534,603	1,267,243
Segment Assets	13,328,803
Operating Segments \| Private Equity Segment
Segment Reporting Information [Line Items]
Base Management Fees	451,610	421,472
Transaction, Advisory and Other Fees, Net	14,784	12,658
Management Fee Offsets	(1,310)	(27,142)
Total Management and Advisory Fees, Net	465,084	406,988
Fee Related Performance Revenues	0	(648)
Fee Related Compensation	(161,626)	(151,050)
Other Operating Expenses	(76,763)	(67,744)
Fee Related Earnings	226,695	187,546
Realized Performance Revenues	499,322	450,238
Realized Performance Compensation	(232,934)	(206,703)
Realized Principal Investment Income	32,889	65,438
Total Net Realizations	299,277	308,973
Total Segment Distributable Earnings	525,972	496,519
Segment Assets	13,414,726
Operating Segments \| Hedge Fund Solutions Segment
Segment Reporting Information [Line Items]
Base Management Fees	135,771	145,046
Transaction, Advisory and Other Fees, Net	1,914	1,469
Management Fee Offsets	(2)	(69)
Total Management and Advisory Fees, Net	137,683	146,446
Fee Related Performance Revenues	0	0
Fee Related Compensation	(45,736)	(47,235)
Other Operating Expenses	(26,466)	(23,184)
Fee Related Earnings	65,481	76,027
Realized Performance Revenues	5,927	28,913
Realized Performance Compensation	(3,153)	(9,000)
Realized Principal Investment Income	2,569	14,901
Total Net Realizations	5,343	34,814
Total Segment Distributable Earnings	70,824	110,841
Segment Assets	2,615,977
Operating Segments \| Credit & Insurance Segment
Segment Reporting Information [Line Items]
Base Management Fees	326,779	292,445
Transaction, Advisory and Other Fees, Net	8,451	9,397
Management Fee Offsets	(1,101)	(1,619)
Total Management and Advisory Fees, Net	334,129	300,223
Fee Related Performance Revenues	127,496	67,196
Fee Related Compensation	(163,999)	(127,344)
Other Operating Expenses	(74,238)	(57,167)
Fee Related Earnings	223,388	182,908
Realized Performance Revenues	125,181	30,743
Realized Performance Compensation	(56,772)	(13,386)
Realized Principal Investment Income	6,009	22,781
Total Net Realizations	74,418	40,138
Total Segment Distributable Earnings	297,806	$ 223,046
Segment Assets	$ 6,811,414

Reconciliation of Total Segment

Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total Revenues		$ 1,381,845	$ 5,126,280
Less: Unrealized Principal Investment (Income) Loss		(491,417)	73,961
Total Expenses		1,189,345	2,197,022
Total Other Income		65,856	51,637
Total Other Income		0	0
Total GAAP Income (Loss) Before Provision for Taxes		258,356	2,980,895
Less: Unrealized Principal Investment (Income) Loss		(491,417)	73,961
Total Assets		41,086,439		$ 42,524,227
Operating Segments
Segment Reporting Information [Line Items]
Total Revenues	[1]	2,485,848	3,501,338
Total Expenses	[2]	1,056,643	1,403,689
Total Segment Distributable Earnings		1,429,205	2,097,649
Total Assets		36,170,920
Consolidation Adjustments and Reconciling Items
Segment Reporting Information [Line Items]
Less: Unrealized Performance Revenues	[3]	759,316	(1,293,050)
Less: Unrealized Principal Investment (Income) Loss	[4]	479,120	(26,758)
Less: Interest and Dividend Revenue	[5]	(95,101)	(54,485)
Less: Other Revenue	[6]	14,180	(72,819)
Impact of Consolidation	[7]	(58,987)	(177,596)
Transaction-Related Charges	[8]	4,788	(1,213)
Less: Unrealized Performance Allocations Compensation	[9]	313,249	(472,284)
Less: Equity-Based Compensation	[10]	(268,134)	(201,545)
Less: Interest Expense	[11]	(104,209)	(66,602)
Impact of Consolidation	[7]	(56,674)	(7,806)
Amortization of Intangibles	[12]	(11,341)	(17,044)
Transaction-Related Charges	[8]	(3,833)	(26,546)
Administrative Fee Adjustment	[9]	2,447	2,485
Less: Unrealized Performance Revenues	[3]	759,316	(1,293,050)
Less: Unrealized Principal Investment (Income) Loss	[4]	479,120	(26,758)
Less: Interest and Dividend Revenue	[5]	(95,101)	(54,485)
Less: Other Revenue	[6]	14,180	(72,819)
Plus: Unrealized Performance Allocations Compensation	[9]	(313,249)	472,284
Plus: Equity Based Compensation	[10]	268,134	201,545
Plus: Interest Expense	[11]	104,209	66,602
Amortization of Intangibles	[12]	11,341	17,044
Transaction-Related Charges	[8]	8,621	25,333
Administrative Fee Adjustment	[13]	2,447	2,485
Segment Adjustment
Segment Reporting Information [Line Items]
Intersegment Eliminations		687	979
Intersegment Eliminations		687	979
Impact of Consolidation
Segment Reporting Information [Line Items]
Total Other Income	[7]	(65,856)	(51,637)
Impact of Consolidation	[7]	(68,169)	$ (221,427)
Total Assets	[7]	$ (4,915,519)

[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 March 31, 2023 and 2022, Other Revenue on a GAAP basis was $(14.2) million and $72.9 million, and included $(14.7) million and $72.8 million of foreign exchange gains (losses), respectively.[7]This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds, the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.[8]This adjustment removes 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
		Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Total Segment Fee Related Performance Revenues		$ 148,244	$ 558,065
Total Segment Realized Performance Revenues		789,770	1,870,875
Total Segment Realized Performance Compensation		(360,075)	(758,620)
Total Segment Other Operating Expenses		(14,154)	72,869
Foreign exchange gains (losses)		(14,700)	72,800
Operating Segments
Segment Reporting Information [Line Items]
Total Segment Management and Advisory Fees, Net		1,652,387	1,473,368
Total Segment Fee Related Performance Revenues		148,244	558,065
Total Segment Realized Performance Revenues		641,526	1,312,810
Total Segment Realized Principal Investment Income		43,691	157,095
Total Revenues	[1]	2,485,848	3,501,338
Total Segment Fee Related Compensation		508,971	670,471
Total Segment Realized Performance Compensation		296,024	519,120
Total Segment Other Operating Expenses		251,648	214,098
Total Expenses	[2]	$ 1,056,643	$ 1,403,689

[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
		Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Revenues	[1]	$ (5,928)	$ (2,568)
Investment Income - Realized Performance Allocations		646,894	1,766,386
Realized Performance Revenues		148,244	558,065
Compensation and Benefits Compensation		716,285	656,505
Incentive Fee Compensation		63,281	41,019
Realized Performance Allocations Compensation		296,794	717,601
Realized Performance Revenues		789,770	1,870,875
Total Compensation and Benefits		1,076,360	1,415,125
General, Administrative and Other		273,394	240,674
General, Administrative and Other	[2]	(21,746)	(26,576)
Investment Income - Realized Performance Allocations		646,894	1,766,386
Realized Performance Revenues		789,770	1,870,875
Realized Performance Compensation		360,075	758,620
Investment Income Realized		108,058	285,104
Investment Income Realized	[3]	(64,367)	(128,009)
Segment Adjustment	[4]	(3,231)	(23,989)
Less: Fee Related Performance Compensation	[5]	(61,071)	(238,342)
Total Segment		(360,075)	(758,620)
Management and Advisory Fees, Net
Segment Reporting Information [Line Items]
Revenues		1,658,315	1,475,936
Incentive Fees
Segment Reporting Information [Line Items]
Revenues		142,876	104,489
Operating Segments
Segment Reporting Information [Line Items]
Revenues		1,652,387	1,473,368
Realized Performance Revenues		148,244	558,065
Realized Performance Revenues		641,526	1,312,810
Realized Performance Revenues		(148,244)	(558,065)
General, Administrative and Other		251,648	214,098
Realized Performance Revenues		641,526	1,312,810
Less: Realized Performance Revenues		(641,526)	(1,312,810)
Realized Performance Compensation		(296,024)	(519,120)
Investment Income Realized		43,691	157,095
Less: Equity-Based Compensation - Operating Compensation		(265,154)	(200,387)
Less: Equity-Based Compensation - Performance Compensation		(2,980)	(1,158)
Total Compensation and Benefits		508,971	670,471
Less: Equity-Based Compensation - Performance Compensation		(2,980)	(1,158)
Total Segment		296,024	519,120
Operating Segments \| Management and Advisory Fees, Net
Segment Reporting Information [Line Items]
Revenues		$ 1,652,387	$ 1,473,368

[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