BLACKSTONE INC., 10-K filed on 2/23/2024
Annual Report
v3.24.0.1
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2023
Feb. 16, 2024
Jun. 30, 2023
Document Information [Line Items]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2023    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Trading Symbol BX    
Entity Registrant Name Blackstone Inc    
Entity Central Index Key 0001393818    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer Yes    
Entity Current Reporting Status Yes    
Entity Filer Category Large Accelerated Filer    
Entity Emerging Growth Company false    
Entity Small Business false    
Document Transition Report false    
Document Annual Report true    
Title of 12(b) Security Common Stock    
Security Exchange Name NYSE    
Entity Shell Company false    
Entity Voluntary Filers No    
Entity Interactive Data Current Yes    
Entity File Number 001-33551    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 20-8875684    
Entity Address, Address Line One 345 Park Avenue    
Local Phone Number 583-5000    
Entity Address, State or Province NY    
Entity Address, City or Town New York    
City Area Code 212    
Entity Address, Postal Zip Code 10154    
Entity Public Float     $ 65.5
ICFR Auditor Attestation Flag true    
Entity Common Stock, Shares Outstanding   714,644,445  
Auditor Name DELOITTE & TOUCHE LLP    
Auditor Firm ID 34    
Auditor Location New York    
Document Financial Statement Error Correction [Flag] false    
v3.24.0.1
Consolidated Statements of Financial Condition - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Assets    
Cash and Cash Equivalents $ 2,955,866 $ 4,252,003
Cash Held by Blackstone Funds and Other 316,197 241,712
Investments 26,146,622 27,553,251
Accounts Receivable 193,365 462,904
Due from Affiliates $ 4,466,521 $ 4,146,707
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration] Related Party [Member] Related Party [Member]
Intangible Assets, Net $ 201,208 $ 217,287
Goodwill 1,890,202 1,890,202
Other Assets 944,848 800,458
Right-of-Use Assets 841,307 896,981
Deferred Tax Assets 2,331,394 2,062,722
Total Assets 40,287,530 42,524,227
Liabilities and Equity    
Loans Payable 11,304,059 12,349,584
Due to Affiliates $ 2,393,410 $ 2,118,481
Other Liability, Related Party, Type [Extensible Enumeration] Related Party [Member] Related Party [Member]
Accrued Compensation and Benefits $ 5,247,766 $ 6,101,801
Operating Lease Liabilities 989,823 1,021,454
Accounts Payable, Accrued Expenses and Other Liabilities 2,277,258 1,251,840
Total Liabilities 22,212,316 22,843,160
Commitments and Contingencies
Redeemable Non-Controlling Interests in Consolidated Entities 1,179,073 1,715,006
Stockholders' Equity of Blackstone Inc.    
Common Stock, $0.00001 par value, 90 billion shares authorized, (719,358,114 shares issued and outstanding as of December 31, 2023; 710,276,923 shares issued and outstanding as of December 31, 2022) 7 7
Additional Paid-in-Capital 6,175,190 5,935,273
Retained Earnings 660,734 1,748,106
Accumulated Other Comprehensive Loss (19,133) (27,475)
Total Stockholders' Equity of Blackstone Inc. 6,816,798 7,655,911
Non-Controlling Interests in Consolidated Entities 5,177,255 5,056,480
Non-Controlling Interests in Blackstone Holdings 4,902,088 5,253,670
Total Equity 16,896,141 17,966,061
Total Liabilities and Equity 40,287,530 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
v3.24.0.1
Consolidated Statements of Financial Condition (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Assets $ 40,287,530 $ 42,524,227
Liabilities $ 22,212,316 $ 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 719,358,114 710,276,923
Common shares outstanding 719,358,114 710,276,923
Preferred shares par value $ 0.00001  
Preferred shares authorized 10,000,000,000  
Series I Preferred Stock [Member]    
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 [Member]    
Preferred shares par value $ 0.00001  
Preferred shares authorized 1,000 1,000
Preferred shares issued 1  
Preferred shares outstanding 1 1
Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary    
Assets $ 4,656,207 $ 5,442,788
Liabilities 1,202,203 1,558,203
Consolidated Blackstone Funds | Loans Payable | Variable Interest Entity, Primary Beneficiary    
Liabilities 687,122 1,450,000
Investments | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary    
Assets 4,319,483 5,136,542
Accounts Receivable | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary    
Assets 6,995 55,223
Cash Held by Funds and Other | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary    
Assets 316,197 241,712
Due from Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary    
Assets 12,762 7,152
Other Assets | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary    
Assets 770 2,159
Due to Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary    
Liabilities 123,909 82,345
Accounts Payable, Accrued Expenses and Other Liabilities | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary    
Liabilities $ 391,172 $ 25,858
v3.24.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Performance Allocations      
Realized $ 2,223,841 $ 5,381,640 $ 5,653,452
Unrealized (1,691,668) (3,435,056) 8,675,246
Principal Investments      
Realized 303,823 850,327 1,003,822
Unrealized (603,154) (1,563,849) 1,456,201
Total Investment Income (Loss) 232,842 1,233,062 16,788,721
Interest and Dividend Revenue 516,497 271,612 160,643
Other (92,929) 184,557 203,086
Total Revenues 8,022,841 8,517,673 22,577,148
Expenses      
Compensation and Benefits Compensation 2,785,447 2,569,780 2,161,973
Incentive Fee Compensation 281,067 207,998 98,112
Performance Allocations Compensation      
Realized 900,859 2,225,264 2,311,993
Unrealized (654,403) (1,470,588) 3,778,048
Total Compensation and Benefits 3,312,970 3,532,454 8,350,126
General, Administrative and Other 1,117,305 1,092,671 917,847
Interest Expense 431,868 317,225 198,268
Fund Expenses 118,987 30,675 10,376
Total Expenses 4,981,130 4,973,025 9,476,617
Other Income (Loss)      
Change in Tax Receivable Agreement Liability (27,196) 22,283 (2,759)
Net Gains (Losses) from Fund Investment Activities (56,801) (105,142) 461,624
Total Other Income (Loss) (83,997) (82,859) 458,865
Income Before Provision for Taxes 2,957,714 3,461,789 13,559,396
Provision for Taxes 513,461 472,880 1,184,401
Net Income (Loss) 2,444,253 2,988,909 12,374,995
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities (245,518) (142,890) 5,740
Net Income Attributable to Non-Controlling Interests in Consolidated Entities 224,155 107,766 1,625,306
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings 1,074,736 1,276,402 4,886,552
Net Income Attributable to Blackstone Inc. $ 1,390,880 $ 1,747,631 $ 5,857,397
Net Income Per Share of Common Stock      
Basic $ 1.84 $ 2.36 $ 8.14
Diluted $ 1.84 $ 2.36 $ 8.13
Weighted-Average Shares of Common Stock Outstanding      
Basic 755,204,556 740,664,038 719,766,879
Diluted 755,419,936 740,942,399 720,125,043
Management and Advisory Fees, Net      
Revenues      
Revenues $ 6,671,260 $ 6,303,315 $ 5,170,707
Incentive Fees      
Revenues      
Revenues $ 695,171 $ 525,127 $ 253,991
v3.24.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Net Income $ 2,444,253 $ 2,988,909 $ 12,374,995
Other Comprehensive Income (Loss) - Currency Translation Adjustment 59,698 (32,523) (5,814)
Comprehensive Income 2,503,951 2,956,386 12,369,181
Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities (199,998) (163,263) 5,740
Comprehensive Income Attributable to Non-Controlling Interests in Consolidated Entities 224,155 107,766 1,625,306
Comprehensive Income Attributable to Non-Controlling Interests in Blackstone Holdings 1,080,572 1,272,101 4,884,533
Comprehensive Income Attributable to Non-Controlling Interests 1,104,729 1,216,604 6,515,579
Comprehensive Income Attributable to Blackstone Inc. $ 1,399,222 $ 1,739,782 $ 5,853,602
v3.24.0.1
Consolidated Statement of Changes in Equity - USD ($)
$ in Thousands
Total
Common Units
Common Stock
Additional Paid-in Capital
 [1]
Retained Earnings (Deficit)
 [1]
Accumulated Other Comprehensive Income (Loss)
 [1]
Parent
 [1]
Noncontrolling Interest
Consolidated Entities
Noncontrolling Interest
Blackstone Holdings
Beginning Balance at Dec. 31, 2020 $ 14,525,348   $ 7 [1] $ 6,332,105 $ 335,762 $ (15,831) $ 6,652,043 $ 4,042,157 $ 3,831,148
Beginning Balance, Units at Dec. 31, 2020 [1]   683,875,544              
Beginning Balance at Dec. 31, 2020 65,161                
Net Income (Loss) 12,369,255       5,857,397   5,857,397 1,625,306 4,886,552
Net Income (Loss) 5,740                
Currency Translation Adjustment (5,814)         (3,795) (3,795)   (2,019)
Capital Contributions 1,291,125             1,280,938 10,187
Capital Distributions (5,957,515)       (2,545,374)   (2,545,374) (1,344,754) (2,067,387)
Capital Distributions (2,873)                
Transfer of Non-Controlling Interests in Consolidated Entities (2,994)             (2,994)  
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders 58,788     58,788     58,788    
Equity-Based Compensation 632,599     369,517     369,517   263,082
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock (56,120)     (56,120)     (56,120)   0
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock, Units [1]   3,982,712              
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units (1,216,654)     (1,216,654)     (1,216,654)    
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units, Units [1]   (10,268,444)              
Change in Blackstone Inc.'s Ownership Interest (10,494)     10,494     10,494   (10,494)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock       296,597     296,597   (296,597)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock, Units [1]   26,749,962              
Ending Balance at Dec. 31, 2021 21,638,018   7 [1] 5,794,727 3,647,785 (19,626) 9,422,893 5,600,653 6,614,472
Ending Balance, Units at Dec. 31, 2021 [1]   704,339,774              
Ending Balance at Dec. 31, 2021 68,028                
Transfer In Due To Consolidation Of Fund Entities 1,146,410                
Net Income (Loss) 3,131,799       1,747,631   1,747,631 107,766 1,276,402
Net Income (Loss) (142,890)                
Currency Translation Adjustment (12,150)         (7,849) (7,849)   (4,301)
Currency Translation Adjustment (20,373)                
Capital Contributions 555,693                
Capital Contributions 749,528             739,660 9,868
Capital Distributions (7,620,451)       (3,647,310)   (3,647,310) (1,091,798) (2,881,343)
Capital Distributions (180,200)                
Transfer of Non-Controlling Interests in Consolidated Entities (299,801)             (299,801)  
Transfer of Non-Controlling Interests in Consolidated Entities 288,338                
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders 6,690     6,690     6,690    
Equity-Based Compensation 838,383     504,738     504,738   333,645
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock (73,987)     (73,987)     (73,987)   0
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock, Units [1]   5,407,340              
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units (391,968)     (391,968)     (391,968)    
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units, Units [1]   (3,850,000)              
Change in Blackstone Inc.'s Ownership Interest (36,824)     36,824     36,824   (36,824)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock       58,249     58,249   (58,249)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock, Units [1]   4,379,809              
Ending Balance at Dec. 31, 2022 17,966,061   $ 7 [1] 5,935,273 1,748,106 (27,475) 7,655,911 5,056,480 5,253,670
Ending Balance, Units at Dec. 31, 2022 [1]   710,276,923 710,276,923            
Ending Balance at Dec. 31, 2022 1,715,006                
Transfer In Due To Consolidation Of Fund Entities (53,713)                
Net Income (Loss) 2,689,771       1,390,880   1,390,880 224,155 1,074,736
Net Income (Loss) (245,518)                
Currency Translation Adjustment 14,178         8,342 8,342   5,836
Currency Translation Adjustment 45,520                
Capital Contributions 150,533                
Capital Contributions 581,265             571,559 9,706
Capital Distributions (4,944,821)       (2,478,252)   (2,478,252) (666,668) (1,799,901)
Capital Distributions (432,755)                
Transfer of Non-Controlling Interests in Consolidated Entities (8,231)     40     40 (8,271)  
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders 2,467     2,467     2,467    
Equity-Based Compensation 1,013,475     614,645     614,645   398,830
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock (66,762)     (66,762)     (66,762)   0
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock, Units [1]     7,745,355            
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units (351,262)     (351,262)     (351,262)    
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units, Units [1]     (3,718,169)            
Change in Blackstone Inc.'s Ownership Interest 15,047     (15,047)     (15,047)   15,047
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock       55,836     55,836   (55,836)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock, Units [1]     5,054,005            
Ending Balance at Dec. 31, 2023 16,896,141   $ 7 [1] $ 6,175,190 $ 660,734 $ (19,133) $ 6,816,798 $ 5,177,255 $ 4,902,088
Ending Balance, Units at Dec. 31, 2023 [1]     719,358,114            
Ending Balance at Dec. 31, 2023 $ 1,179,073                
[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.
v3.24.0.1
Consolidated Statement of Changes in Equity (Parenthetical)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Series I Preferred Stock [Member]      
Conversion Of Stocks one share outstanding one share outstanding one share outstanding
Series II Preferred Stock [Member]      
Conversion Of Stocks one share outstanding   one share outstanding
v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities      
Net Income $ 2,444,253 $ 2,988,909 $ 12,374,995
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities      
Net Realized Gains on Investments (2,989,636) (6,474,051) (6,949,544)
Changes in Unrealized (Gains) Losses on Investments 683,715 1,828,364 (1,748,824)
Non-Cash Performance Allocations 1,691,668 3,435,055 (8,675,246)
Non-Cash Performance Allocations and Incentive Fee Compensation 473,364 931,288 6,159,529
Equity-Based Compensation Expense 987,549 846,349 637,441
Amortization of Intangibles 40,075 67,097 74,871
Other Non-Cash Amounts Included in Net Income (835,230) (1,341,059) (77,849)
Cash Flows Due to Changes in Operating Assets and Liabilities      
Cash Acquired with Consolidation of Fund Entity 0 31,791 0
Cash Relinquished with Deconsolidation of Fund Entities (113,589) 0 0
Accounts Receivable 237,623 177,832 288,306
Due from Affiliates 331,623 654,290 (1,124,667)
Other Assets (47,299) (26,853) (4,792)
Accrued Compensation and Benefits (1,071,559) (2,197,446) (1,692,562)
Accounts Payable, Accrued Expenses and Other Liabilities (40,283) 158,019 110,963
Due to Affiliates 85,733 117,219 81,922
Investments Purchased (5,010,341) (5,228,723) (7,439,964)
Cash Proceeds from Sale of Investments 7,189,240 10,368,172 11,971,409
Net Cash Provided by Operating Activities 4,056,906 6,336,253 3,985,988
Investing Activities      
Purchase of Furniture, Equipment and Leasehold Improvements (224,231) (235,497) (64,316)
Net Cash Paid for Acquisitions, Net of Cash Acquired (5,420) 0 0
Net Cash Used in Investing Activities (229,651) (235,497) (64,316)
Financing Activities      
Distributions to Non-Controlling Interest Holders in Consolidated Entities (1,003,715) (1,271,907) (1,347,631)
Contributions from Non-Controlling Interest Holders in Consolidated Entities 708,410 1,268,297 1,275,211
Payments Under Tax Receivable Agreement (64,634) (46,880) (51,366)
Net Settlement of Vested Common Stock and Repurchase of Common Stock and Blackstone Holdings Partnership Units (418,024) (465,956) (1,272,774)
Proceeds from Loans Payable 494,975 3,521,544 2,222,544
Repayment and Repurchase of Loans Payable (502,460) (280,768) 0
Dividends/Distributions to Stockholders and Unitholders (4,268,447) (6,518,785) (4,602,574)
Net Cash Used in Financing Activities (5,053,895) (3,794,455) (3,776,590)
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other 4,988 (12,318) (9,806)
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other      
Net Increase (Decrease) (1,221,652) 2,293,983 135,276
Beginning of Period 4,493,715 2,199,732 2,064,456
End of Period 3,272,063 4,493,715 2,199,732
Supplemental Disclosure of Cash Flows Information      
Payments for Interest 400,333 261,886 194,166
Payments for Income Taxes 569,381 683,171 700,690
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Non-Cash Contributions from Non-Controlling Interest Holders 22,049 34,286 11,647
Non-Cash Distributions to Non-Controlling Interest Holders (105,414) 0 0
Notes Issuance Costs 0 30,240 16,991
Transfer of Interests to Non-Controlling Interest Holders (8,231) (11,463) (2,994)
Change in Blackstone Inc.'s Ownership Interest (15,047) 36,824 10,494
Net Settlement of Vested Common Stock 681,004 387,332 219,558
Conversion of Blackstone Holdings Units to Common Stock 55,836 58,249 296,597
Acquisition of Ownership Interests from Non-Controlling Interest Holders      
Deferred Tax Asset (117,459) (120,167) (807,309)
Due to Affiliates 114,992 113,477 748,521
Equity $ 2,467 $ 6,690 $ 58,788
v3.24.0.1
Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash and Cash Equivalents $ 2,955,866 $ 4,252,003    
Cash Held by Blackstone Funds and Other 316,197 241,712    
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other $ 3,272,063 $ 4,493,715 $ 2,199,732 $ 2,064,456
v3.24.0.1
Organization
 12 Months Ended
Dec. 31, 2023
Organization
1. Organization
Blackstone Inc., together with its consolidated subsidiaries (“Blackstone” or the “Company”), is the world’s largest alternative asset manager. Blackstone’s asset management business includes global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. “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 on 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 basis, exchanging one Partnership Unit from each of the Holding Partnerships for one share of Blackstone common stock.
v3.24.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2023
Summary of Significant Accounting Policies
2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying consolidated financial statements of Blackstone have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
The consolidated financial statements include the accounts of Blackstone, its wholly owned or majority-owned subsidiaries, the consolidated entities which are considered to be variable interest entities and for which Blackstone is considered the primary beneficiary, and certain partnerships or similar entities which are not considered variable interest entities but in which the general partner is determined to have control.
All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates
The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates that affect the amounts reported in the consolidated financial statements and accompanying notes. Management believes that estimates utilized in the preparation of the consolidated financial statements are prudent and reasonable. Such estimates include those used in the valuation of investments and financial instruments, the measurement of deferred tax balances (including valuation allowances) and the accounting for Goodwill and equity-based compensation. Actual results could differ from those estimates and such differences could be material.
Consolidation
Blackstone consolidates all entities that it controls through a majority voting interest or otherwise, including those Blackstone Funds in which the general partner has a controlling financial interest. Blackstone has a controlling financial interest in Blackstone Holdings because the limited partners do not have the right to dissolve the partnerships or have substantive kick-out rights or participating rights that would overcome the control held by Blackstone. Accordingly, Blackstone consolidates Blackstone Holdings and records non-controlling interests to reflect the economic interests of the limited partners of Blackstone Holdings.
 
 
In addition, Blackstone consolidates all variable interest entities (“VIE”) for which it is the primary beneficiary. An enterprise is determined to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (a) whether an entity in which Blackstone holds a variable interest is a VIE and (b) whether Blackstone’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests, would give it a controlling financial interest. Performance of that analysis requires the exercise of judgment.
Blackstone determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a variable interest entity and continuously reconsiders that conclusion. In determining whether Blackstone is the primary beneficiary, Blackstone evaluates its control rights as well as economic interests in the entity held either directly or indirectly by Blackstone. The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that Blackstone is not the primary beneficiary, a quantitative analysis may also be performed. Investments and redemptions (either by Blackstone, affiliates of Blackstone or third parties) or amendments to the governing documents of the respective Blackstone Funds could affect an entity’s status as a VIE or the determination of the primary beneficiary. At each reporting date, Blackstone assesses whether it is the primary beneficiary and will consolidate or deconsolidate accordingly.
Assets of consolidated VIEs that can only be used to settle obligations of the consolidated VIE and liabilities of a consolidated VIE for which creditors (or beneficial interest holders) do not have recourse to the general credit of Blackstone are presented in a separate section in the Consolidated Statements of Financial Condition.
Blackstone’s other disclosures regarding VIEs are discussed in Note 9. “Variable Interest Entities.”
Revenue Recognition
Revenues primarily consist of management and advisory fees, incentive fees, investment income, interest and dividend revenue and other.
Management and advisory fees and incentive fees are accounted for as contracts with customers. Under the guidance for contracts with customers, an entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. See Note 20. “Segment Reporting” for a disaggregated presentation of revenues from contracts with customers.
Management and Advisory Fees, Net
— Management and Advisory Fees, Net are comprised of management fees, including base management fees, transaction, advisory and other fees net of management fee reductions and offsets.
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 Due from Affiliates in the Consolidated Statements of Financial Condition.
Incentive Fees —
Contractual fees earned based on the performance of Blackstone vehicles (“Incentive Fees”) are a form of variable consideration in Blackstone’s contracts with customers to provide investment management services. Incentive Fees are earned based on performance of the vehicle during the period, subject to the achievement of minimum return levels, or high water marks, in accordance with the respective terms set out in each vehicle’s governing agreements. Incentive Fees will not be recognized as revenue until (a) it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur, or (b) the uncertainty associated with the variable consideration is subsequently resolved. Incentive Fees are typically recognized as revenue when realized at the end of the measurement period. Once realized, such fees are not subject to clawback or reversal. Accrued but unpaid Incentive Fees charged directly to investors in Blackstone vehicles as of the reporting date are recorded within Due from Affiliates in the Consolidated Statements of Financial Condition.
Investment Income (Loss)
— Investment Income (Loss) represents the unrealized and realized gains and losses on Blackstone’s Performance Allocations and Principal Investments.
 
 
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 share of the results of the fund vehicle (a “pro-rata allocation”). In addition to a pro-rata allocation, and assuming certain investment returns are achieved, Blackstone is entitled to a disproportionate allocation of the income otherwise allocable to the limited partners, commonly referred to as carried interest (“Performance Allocations”).
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 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 interest holders that would need to be repaid to the Blackstone carry funds if the Blackstone carry funds were to be liquidated based on the current fair value of the underlying funds’ investments as of the reporting date. The actual clawback liability, however, generally does not become realized until the end of a fund’s life except for certain funds, which may have an interim clawback liability. Performance Allocations in open-ended structures are realized based on the stated time period in the agreements and are generally not subject to clawback once paid.
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 allocations, its equity method investments, and other principal investments. Income (Loss) on Principal Investments is realized when Blackstone redeems all or a portion of its investment or when Blackstone receives cash income, such as dividends or distributions. Unrealized Income (Loss) on Principal Investments results from changes in the fair value of the underlying investment as well as the reversal of unrealized gain (loss) at the time an investment is realized.
Interest and Dividend Revenue
— Interest and Dividend Revenue comprises primarily interest and dividend income earned on principal investments not accounted for under the equity method held by Blackstone.
 
 
Other Revenue
— Other Revenue consists of miscellaneous income and foreign exchange gains and losses arising on transactions denominated in currencies other than U.S. dollars.
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 a
s of the report
ing 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 derivatives where the fair value is based on observable inputs. Notes issued by consolidated CLO vehicles are classified within Level II of the fair value hierarchy.
 
•
  
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, real estate funds and credit-focused funds, distressed debt and non-investment grade residual interests in securitizations, investments in non-consolidated CLOs and certain over-the-counter derivatives where the fair value is based on unobservable inputs.
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.
 
 
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 and liquidity risks. Investments for which market prices are not observable include private investments in the equity of operating companies, real estate properties, investments in non-consolidated CLO vehicles, certain funds of hedge funds and credit-focused investments.
Real Estate Investments
— The fair values of real estate investments are determined by considering projected operating cash flows, sales of comparable assets, if any, and replacement costs, among other measures and considerations. The methods used to estimate the fair value of real estate investments include the discounted cash flow method, where value is calculated by discounting the estimated cash flows and the estimated terminal value of the subject investment by the assumed buyer’s weighted-average cost of capital. A terminal value is derived by reference to an exit multiple, such as for estimates of earnings before interest, taxes, depreciation and amortization (“EBITDA”), or a capitalization rate, such as for estimates of net operating income (“NOI”). Valuations may also be derived by the performance multiple or market approach, by reference to observable valuation measures for comparable companies or assets (for example, dividing NOI by a relevant capitalization rate observed for comparable companies or transactions), adjusted by management for differences between the investment and the referenced comparables.
Private Equity Investments
— The fair values of private equity investments are determined by reference to projected net earnings, EBITDA, the discounted cash flow method, public market or private transactions, valuations for comparable companies and other measures which, in many cases, are based on unaudited information at the time received. Where a discounted cash flow method is used, a terminal value is derived by reference to EBITDA or price/earnings exit multiples. Valuations may also be derived by reference to observable valuation measures for comparable companies or transactions (for example, multiplying a key performance metric of the investee company such as EBITDA by a relevant valuation multiple observed in the range of comparable companies or transactions), adjusted by management for differences between the investment and the referenced comparables, and in some instances by reference to option pricing models or other similar methods.
Credit-Focused Investments
— The fair values of credit-focused investments are generally determined on the basis of prices between market participants provided by reputable dealers or pricing services. For credit-focused investments that are not publicly traded or whose market prices are not readily available, Blackstone may utilize
 
 
other valuation techniques, including the discounted cash flow method or a market approach. The discounted cash flow method projects the expected cash flows of the debt instrument based on contractual terms, and discounts such cash flows back to the valuation date using a market-based yield. The market-based yield is generally estimated using yields of publicly traded debt instruments issued by companies operating in similar industries as the subject investment or based on changes in credit spreads of a broader benchmark index applicable to a subject investment.
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 Audit and Accounting 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 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 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 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 that otherwise would not have been carried at fair value with gains and losses recorded in net income. The methodology for measuring the fair value of such investments is consistent with the methodology applied to private equity, real estate, credit-focused and funds of hedge funds investments. Changes in the fair value of such instruments are recognized in Investment Income (Loss) in the Consolidated Statements of Operations. Interest income on interest bearing loans and receivables and debt securities on which the fair value option has been elected is based on stated coupon rates adjusted for the accretion of purchase discounts and the amortization of purchase premiums. This interest income is recorded within Interest and Dividend Revenue.
Blackstone has elected the fair value option for the assets of consolidated CLO vehicles. As permitted under GAAP, Blackstone measures 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 assets held temporarily, less (b) the sum of the fair value of any beneficial interests retained by Blackstone (other than those that represent compensation for services) and Blackstone’s carrying value of any beneficial interests that represent compensation for services. As a result of this measurement alternative, there is no attribution of amounts to Non-Controlling Interests for consolidated CLO vehicles. Assets of the consolidated CLOs are presented within Investments within the Consolidated Statements of Financial Condition and notes payable within Loans Payable for the amounts due to unaffiliated third parties. Changes in the fair value of consolidated CLO assets and liabilities and related interest, dividend and other income are presented within Net Gains (Losses) from Fund Investment Activities. Expenses of consolidated CLO vehicles are presented in Fund Expenses.
 
 
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, quoted prices that are published on a regular basis and are the basis for current transactions or using the discounted cash flow method. Changes in fair value are recognized in Investment Income (Loss) in the Consolidated Statements of Operations.
Further disclosure on instruments for which the fair value option has been elected is presented in Note 7. “Fair Value Option.”
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, the institution of gates on redemptions or the suspension of redemptions or an ability to side pocket investments, at the discretion of the investee’s fund manager, and as a result, investments may not be redeemable at, or within three months of, the reporting date. A side-pocket is used by hedge funds and funds of hedge funds to separate investments that may lack a readily ascertainable value, are illiquid or are subject to liquidity restriction. Redemptions are generally not permitted until the investments within a side-pocket are liquidated or it is deemed that the conditions existing at the time that required the investment to be included in the side-pocket no longer exist. As the timing of either of these events is uncertain, the timing at which Blackstone may redeem an investment held in a side-pocket cannot be estimated. Further disclosure on instruments for which fair value is measured using NAV per share is presented in Note 5. “Net Asset Value as Fair Value.”
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 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 funds that include a Performance Allocation), Blackstone’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period Blackstone calculates the Accrued Performance Allocations that would be due to Blackstone for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner, or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. The carrying amounts of equity method investments are reflected in Investments in the Consolidated Statements of Financial Condition.
Strategic Partners’ results presented in Blackstone’s 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.
Cash and Cash Equivalents
Cash and Cash Equivalents represents cash on hand, cash held in banks, money market funds and liquid investments with original maturities of three months or less. Interest income from cash and cash equivalents is recorded in Interest and Dividend Revenue in the Consolidated Statements of Operations.
Cash Held by Blackstone Funds and Other
Cash Held by Blackstone Funds and Other represents cash and cash equivalents held by consolidated Blackstone Funds and other consolidated entities. Such amounts are not available to fund the general liquidity needs of Blackstone.
Accounts Receivable and Due from Affiliates
Accounts Receivable and Due from Affiliates is comprised of management and incentive fees receivable from limited partners, receivables from managed investment vehicles and portfolio companies, placement and advisory fees receivables, receivables relating to unsettled sale transactions and loans extended to affiliates and to unaffiliated third parties. Accounts Receivable, excluding those for which the fair value option has been elected, are assessed periodically for collectability. Amounts determined to be uncollectible are charged directly to General, Administrative and Other Expenses in the Consolidated Statements of Operations.
Intangibles and Goodwill
Blackstone’s intangible assets consist of contractual rights to earn future fee income, including management and advisory fees, Incentive Fees and Performance Allocations. Identifiable finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from
three
to twenty years, reflecting the contractual lives of such assets. Amortization expense is included within General, Administrative and Other in the Consolidated Statements of Operations. Intangible assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable.
 
 
Goodwill
comprises goodwill arising from the contribution and reorganization of Blackstone’s predecessor entities in 2007 immediately prior to its initial public offering (“IPO”) and the acquisitions of GSO Capital Partners LP in 2008, Strategic Partners in 2013, Harvest Fund Advisors LLC (“Harvest”) in 2017, Clarus Ventures LLC (“Clarus”) in 2018 and DCI LLC (“DCI”) in 2020. Goodwill is reviewed for impairment at least annually utilizing a qualitative or quantitative approach, and more frequently if circumstances indicate impairment may have occurred. The impairment testing for goodwill under the qualitative approach is based first on a qualitative assessment to determine if it is more likely than not that the fair value of Blackstone’s operating segments is less than their respective carrying values. The operating segments are considered the reporting units for testing the impairment of goodwill. If it is determined that it is more likely than not that an operating segment’s fair value is less than its carrying value or when the quantitative approach is used, an impairment loss is recognized to the extent by which the carrying value exceeds the fair value, not to exceed the total amount of goodwill allocated to that reporting unit.
Furniture, Equipment and Leasehold Improvements
Furniture, equipment and leasehold improvements consist primarily of leasehold improvements, furniture, fixtures and equipment, computer hardware and software and are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method over the assets’ estimated useful economic lives, which for leasehold improvements, furniture and fittings and other fixed assets were the lesser of the lease term or the life of the asset, the lesser of seven years or the lease term, or
three
to five years, respectively. Blackstone evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
Foreign Currency
In the normal course of business, Blackstone may enter into transactions denominated in currencies other than United States dollars. Foreign exchange gains and losses arising on such transactions are recorded as Other Revenue in the Consolidated Statements of Operations. Foreign currency transaction gains and losses arising within consolidated Blackstone Funds are recorded in Net Gains (Losses) from Fund Investment Activities. In addition, Blackstone consolidates a number of entities that have a non-U.S. dollar functional currency. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and income, expenses, gains and losses are translated at the prevailing exchange rate on the dates that they were recorded. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated operations are recorded in Other Comprehensive Income and allocated to Non-Controlling Interests in Consolidated Entities and Non-Controlling Interests in Blackstone Holdings, as applicable.
Comprehensive Income
Comprehensive Income consists of Net Income and Other Comprehensive Income. Blackstone’s Other Comprehensive Income is comprised of foreign currency cumulative translation adjustments.
Compensation and Benefits
Compensation and Benefits
—
Compensation
— Compensation consists of (a) salary and bonus, and benefits paid and payable to employees and senior managing directors and (b) equity-based compensation associated with the grants of equity-based awards to employees and senior managing directors. Compensation cost relating to the issuance of equity-based awards to senior managing directors and employees is measured at fair value at the grant date, and expensed over the vesting period on a straight-line basis, taking into consideration expected forfeitures,
 
 
except in the case of (a) equity-based awards that do not require future service, which are expensed immediately, and (b) certain awards to recipients that meet criteria making them eligible for retirement (allowing such recipient to keep a percentage of those awards upon departure from Blackstone after becoming eligible for retirement), for which the expense for the portion of the award that would be retained in the event of retirement is either expensed immediately or amortized to the retirement date. Cash settled equity-based awards and awards settled in a variable number of shares are classified as liabilities and are remeasured at the end of each reporting period.
Compensation and Benefits — Incentive Fee Compensation —
Incentive Fee Compensation consists of compensation paid based on Incentive Fees.
Compensation and Benefits — Performance Allocations Compensation —
Performance Allocation Compensation consists of compensation paid based on Performance Allocations (which may be distributed in cash or in-kind). Such compensation expense is subject to both positive and negative adjustments. Performance Allocations Compensation is generally based on the performance of individual investments held by a fund rather than on a fund by fund basis. These amounts may also include allocations of investment income from Blackstone’s principal investments, to senior managing directors and employees participating in certain profit sharing initiatives.
Non-Controlling Interests in Consolidated Entities
Non-Controlling Interests in Consolidated Entities represent the component of Equity in general partner entities and consolidated Blackstone Funds held by third party investors and employees. The percentage interests in consolidated Blackstone Funds held by third parties and employees is adjusted for general partner allocations and by subscriptions and redemptions in funds of hedge funds and certain credit-focused funds which occur during the reporting period. Income (Loss) and other comprehensive income, if applicable, arising from the respective entities is allocated to non-controlling interests in consolidated entities based on the relative ownership interests of third party investors and employees after considering any contractual arrangements that govern the allocation of income (loss) such as fees allocable to Blackstone Inc.
Redeemable Non-Controlling Interests in Consolidated Entities
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 Interests in Consolidated Entities within the Consolidated Statements of Financial Condition. When redeemable amounts become legally payable to investors, they are classified as a liability and included in Accounts Payable, Accrued Expenses and Other Liabilities in the Consolidated Statements of Financial Condition. For all consolidated vehicles in which redemption rights have not been granted, non-controlling interests are presented within Equity in the Consolidated Statements of Financial Condition as Non-Controlling Interests in Consolidated Entities.
Non-Controlling Interests in Blackstone Holdings
Non-Controlling Interests in Blackstone Holdings represent the component of Equity in the consolidated Blackstone Holdings Partnerships held by Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships.
 
 
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 Interests in Blackstone Holdings. This residual attribution is based on the year to date average percentage of Blackstone Holdings Partnership Units and unvested participating Holdings Partnership Units held by Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. Unvested participating Holdings Partnership Units are excluded from the attribution in periods of loss as they are not contractually obligated to share in losses of the Holdings Partnerships.
Other Income
Net Gains (Losses) from Fund Investment Activities in the Consolidated Statements of Operations include net realized gains (losses) from realizations and sales
of
investments, the net change in unrealized gains (losses) resulting from changes in the fair value of investments and interest income and expense and dividends attributable to the consolidated Blackstone Funds’ investments.
Expenses incurred by consolidated Blackstone funds are separately presented within Fund Expenses in the Consolidated Statements
of
Operations.
Other Income also includes amounts attributable to the Reduction of the Tax Receivable Agreement Liability. See Note 15. “Income Taxes — Other Income — Change in the Tax Receivable Agreement Liability” for additional information.
Income Taxes
Blackstone Inc. is a corporation for U.S. federal income tax purposes and thus is subject to U.S. federal, state and local income taxes on Blackstone’s share of taxable income. The Blackstone Holdings Partnerships and certain of their subsidiaries operate in the U.S. as partnerships for U.S. federal income tax purposes and generally as corporate entities in non-U.S. jurisdictions. Accordingly, these entities in some cases are subject to New York City unincorporated business taxes or non-U.S. income taxes. In addition, certain of the wholly owned subsidiaries of Blackstone and the Blackstone Holdings Partnerships will be subject to federal, state and local corporate income taxes at the entity level and the related tax provision attributable to Blackstone’s share of this income tax is reflected in the consolidated financial statements. Cash paid for transferrable tax credits is reflected in Payments for Income Taxes in the Consolidated Statements of Cash Flows.
Provision for 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 consolidated financial statements.
 
 
Unrecognized Tax Benefits
Blackstone recognizes tax positions in the 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 consolidated financial statements. Accrued interest and penalties related to unrecognized tax benefits are reported on the related liability line in the 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” method to the Blackstone Holdings Partnership Units to determine the dilutive impact, if any, of the exchange right included in the Blackstone Holdings Partnership Units. Blackstone applies the contingently issuable share model to contracts that may require the issuance of shares.
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. government and agency securities, asset-backed securities and corporate debt, represent collateralized financing transactions. Such transactions are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Consolidated Statements of Financial Condition at their contractual amounts and include accrued interest. The carrying value of reverse repurchase and repurchase agreements approximates fair value.
Blackstone manages credit exposure arising from reverse repurchase agreements and repurchase agreements by, in appropriate circumstances, entering into master netting agreements and collateral arrangements with counterparties that provide Blackstone, in the event of a counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations.
Blackstone takes possession of securities purchased under reverse repurchase agreements and is permitted to repledge, deliver or otherwise use such securities. Blackstone also pledges its financial instruments to counterparties to collateralize repurchase agreements. Financial instruments pledged that can be repledged, delivered or otherwise used by the counterparty are recorded in Investments in the Consolidated Statements of Financial Condition. Additional disclosures relating to repurchase agreements are discussed in Note 10. “Repurchase Agreements.”
Blackstone does not offset assets and liabilities relating to reverse repurchase agreements and repurchase agreements in its Consolidated Statements of Financial Condition. Additional disclosures relating to offsetting are discussed in Note 12. “Offsetting of Assets and Liabilities.”
 
 
Securities Sold, Not Yet Purchased
Securities Sold, Not Yet Purchased 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 within Accounts Payable, Accrued Expenses and Other Liabilities in the Consolidated Statements of Financial Condition.
Derivative Instruments
Blackstone recognizes all derivatives as assets or liabilities on its Consolidated Statements of Financial Condition at fair value. On the date Blackstone enters into a derivative contract, it designates and documents each derivative contract as one of the following: (a) a hedge of a recognized asset or liability (“fair value hedge”), (b) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), (c) a hedge of a net investment in a foreign operation, or (d) a derivative instrument not designated as a hedging instrument (“freestanding derivative”).
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 (Losses) from Fund Investment Activities or, where derivative instruments are held by Blackstone, within Investment Income (Loss) in the Consolidated Statements of Operations. The fair value of freestanding derivative assets of the consolidated Blackstone Funds are recorded within Investments, the fair value of freestanding derivative assets that are not part of the consolidated Blackstone Funds are recorded within Other Assets and the fair value of freestanding derivative liabilities are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Consolidated Statements of Financial Condition.
Blackstone has elected to not offset derivative assets and liabilities or financial assets in its Consolidated Statements of Financial Condition, including cash, that may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement is in place that provides Blackstone, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations.
Blackstone’s other disclosures regarding derivative financial instruments are discussed in Note 6. “Derivative Financial Instruments.”
Blackstone’s disclosures regarding offsetting are discussed in Note 12. “Offsetting of Assets and Liabilities.”
Leases
Blackstone determines if an arrangement is a lease at inception of the arrangement. Blackstone primarily enters into operating leases, as the lessee, for office space. Operating leases are included in Right-of-Use (“ROU”) Assets and Operating Lease Liabilities in the Consolidated Statement of Financial Condition. ROU Assets and Operating Lease Liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Blackstone determines the present value of the lease payments using an incremental borrowing rate based on information available at the inception date. Leases may include options to extend or terminate the lease which are included in the ROU Assets and Operating Lease Liability when they are reasonably certain of exercise.
 
Certain leases include lease and nonlease components, which are accounted for as one single lease component. Occupancy lease agreements, in addition to contractual rent payments, generally include additional payments for certain costs incurred by the landlord, such as building expenses and utilities. To the extent these are fixed or determinable, they are included as part of the minimum lease payments used to measure the Operating Lease Liability. Operating lease expense associated with minimum lease payments is recognized on a straight-line basis over the lease term. When additional payments are based on usage or vary based on other factors, they are expensed when incurred as variable lease expense.
Minimum lease payments for leases with an initial term of twelve months or less are not recorded on the Consolidated Statement of Financial Condition. Blackstone recognizes lease expense for these leases on a straight-line basis over the lease term.
Additional disclosures relating to leases are discussed in Note 14. “Leases.”
Affiliates
Blackstone considers its Founder, senior managing directors, employees, the Blackstone Funds and the Portfolio Companies to be affiliates.
Dividends
Dividends are reflected in the consolidated financial statements when declared.
Recent Accounting Developments
In June 2022, the Financial Accounting Standards Board issued amended guidance addressing certain sale restrictions on equity securities measured at fair value. The guidance requires that reporting entities not consider contractual sale restrictions that prohibit the sale of equity securities when measuring fair value and introduces new disclosure requirements for equity securities subject to contractual sale restrictions. The guidance is effective January 1, 2024 and adoption will be on a prospective basis. Upon adoption, Blackstone does not expect a material impact on the consolidated financial statements or any measurement impacts, but will update disclosures to comply with the new requirements.
 
v3.24.0.1
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets
3.
Goodwill and Intangible Assets
The carrying value of Goodwill was $1.9 billion as of December 31, 2023 and 2022. At December 31, 2023 and 2022, Blackstone determined there was no evidence of Goodwill impairment.
At December 31, 2023 and 2022, Goodwill has been allocated to each of Blackstone’s four segments as follows: Real Estate ($421.7 million), Private Equity ($870.0 million), Credit & Insurance ($426.4 million) and Hedge Fund Solutions ($172.1 million).
Intangible Assets, Net consists of the following:
 
                                     
    
December 31,
    
2023
   
2022
Finite-Lived Intangible Assets/Contractual Rights
   
$
1,769,372
 
   
$
1,745,376
 
Accumulated Amortization
   
 
(1,568,164
) 
   
 
(1,528,089
) 
  
 
 
 
   
 
 
 
Intangible Assets, Net
   
$
201,208
 
   
$
217,287
 
  
 
 
 
   
 
 
 
 
 
Changes in Blackstone’s Intangible Assets, Net consists of the following:
 
                                         
    
Year Ended December 31,
    
2023
   
2022
   
2021
Balance, Beginning of Year
   
$
217,287
 
   
$
284,384
 
   
$
347,955
 
Amortization Expense
   
 
(40,075
) 
   
 
(67,097
) 
   
 
(74,871
) 
Acquisitions
   
 
23,996
 
   
 
—
 
   
 
11,300
 
  
 
 
 
   
 
 
 
   
 
 
 
Balance, End of Year
   
$
 201,208
 
   
$
 217,287
 
   
$
 284,384
 
  
 
 
 
   
 
 
 
   
 
 
 
Amortization of Intangible Assets held at December 31, 2023 is expected to be $35.9 million, $35.9 million, $35.7 million, $34.6 million and $17.8 million for each of the years ending December 31, 2024, 2025, 2026, 2027 and 2028, respectively. Blackstone’s Intangible Assets as of December 31, 2023 are expected to amortize over a weighted-average period of 6.2 years.
v3.24.0.1
Investments
 12 Months Ended
Dec. 31, 2023
Investments
4.
Investments
Investments consist of the following:
 
                                     
    
December 31,
    
2023
   
2022
Investments of Consolidated Blackstone Funds
   
$
4,319,483
 
   
$
5,136,966
 
Equity Method Investments
      
Partnership Investments
   
 
5,924,275
 
   
 
5,530,419
 
Accrued Performance Allocations
   
 
10,775,355
 
   
 
12,360,684
 
Corporate Treasury Investments
   
 
803,870
 
   
 
1,053,540
 
Other Investments
   
 
4,323,639
 
   
 
3,471,642
 
  
 
 
 
   
 
 
 
  
$
26,146,622
 
   
$
27,553,251
 
  
 
 
 
   
 
 
 
Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $1.0 billion and $393.9 million at December 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
discus
sed in more detail in Note 8. “Fair Value Measurements of Financial Instruments.”
 
 
Investments of Consolidated Blackstone Funds
The following table presents the Realized and Net Change in Unrealized Gains (Losses) on investments held by the consolidated Blackstone Funds and a reconciliation to Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities in the Consolidated Statements of Operations:
 
                                         
    
Year Ended December 31,
    
2023
   
2022
   
2021
Realized Gains (Losses)
   
$
(42,756
) 
   
$
99,457
 
   
$
145,305
 
Net Change in Unrealized Gains (Losses)
   
 
(80,416
) 
   
 
(264,204
) 
   
 
289,938
 
  
 
 
 
   
 
 
 
   
 
 
 
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds
   
 
(123,172
) 
   
 
(164,747
) 
   
 
435,243
  
Interest and Dividend Revenue and Foreign Exchange Gains Attributable to Consolidated Blackstone Funds
   
 
66,371
 
   
 
59,605
 
   
 
26,381
 
  
 
 
 
   
 
 
 
   
 
 
 
Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities
   
$
(56,801
) 
   
$
(105,142
) 
   
$
461,624
 
  
 
 
 
   
 
 
 
   
 
 
 
Equity Method Investments
Blackstone’s equity method investments include Partnership Investments, which represent the pro-rata investments, and any associated Accrued Performance Allocations, in Blackstone Funds, excluding any equity method investments for which the fair value option has been elected. Blackstone evaluates each of its equity method investments, excluding Accrued Performance Allocations, to determine if any were significant as defined by guidance from the United States Securities and Exchange Commission. As of and for the years ended December 31, 2023, 2022 and 2021, no individual equity method investment held by Blackstone met the significance criteria.
Partnership Investments
Blackstone recognized net gains related to its Partnership Investments accounted for under the equity method of $245.8 million, $292.1 million and $1.9 billion for the years ended December 31, 2023, 2022 and 2021, respectively.
 
 
The summarized financial information of Blackstone’s equity method investments for December 31, 2023 are as follows:
 
                                                                                              
    
December 31, 2023 and the Year Then Ended
    
Real
Estate
  
Private
Equity
  
Credit &
Insurance
  
Hedge Fund
Solutions
  
Total
Statement of Financial Condition
           
Assets
           
Investments
   
$
283,919,193
 
  
$
188,647,324
 
  
$
91,574,839
 
  
$
38,818,152
 
  
$
602,959,508
 
Other Assets
   
 
12,496,703
 
  
 
5,179,667
 
  
 
4,995,562
 
  
 
4,689,405
 
  
 
27,361,337
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Assets
   
$
296,415,896
 
  
$
193,826,991
 
  
$
96,570,401
 
  
$
43,507,557
 
  
$
630,320,845
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Liabilities and Equity
           
Debt
   
$
113,462,431
 
  
$
21,920,796
 
  
$
37,327,026
 
  
$
464,138
 
  
$
173,174,391
 
Other Liabilities
   
 
7,365,824
 
  
 
2,126,739
 
  
 
4,008,215
 
  
 
3,809,685
 
  
 
17,310,463
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Liabilities
   
 
120,828,255
 
  
 
24,047,535
 
  
 
41,335,241
 
  
 
4,273,823
 
  
 
190,484,854
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Equity
   
 
175,587,641
 
  
 
169,779,456
 
  
 
55,235,160
 
  
 
39,233,734
 
  
 
439,835,991
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Liabilities and Equity
   
$
296,415,896
 
  
$
193,826,991
 
  
$
96,570,401
 
  
$
43,507,557
 
  
$
630,320,845
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Statement of Operations
           
Interest Income
   
$
4,673,775
 
  
$
1,773,062
 
  
$
8,890,426
 
  
$
27,904
 
  
$
15,365,167
 
Other Income
   
 
10,786,480
 
  
 
531,842
 
  
 
324,061
 
  
 
981,839
 
  
 
12,624,222
 
Interest Expense
   
 
(6,614,272
)
  
 
(1,303,673
)
 
  
 
(2,583,654
)
 
 
 
 
(42,721
)
 
  
 
(10,544,320
)
 
Other Expenses
   
 
(11,705,874
)
 
  
 
(2,040,168
)
  
 
(1,691,066
)
  
 
(864,941
)
  
 
(16,302,049
)
Net Realized and Unrealized Gain (Loss) from Investments
   
 
(7,330,220
)
  
 
12,458,943
 
  
 
1,124,916
 
  
 
3,076,084
 
  
 
9,329,723
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net Income
   
$
(10,190,111
)
  
$
11,420,006
 
  
$
6,064,683
 
  
$
3,178,165
 
  
$
10,472,743
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
The summarized financial information of Blackstone’s equity method investments for December 31, 2022 are as follows:
 
                                                                                              
    
December 31, 2022 and the Year Then Ended
    
Real
Estate
  
Private
Equity
  
Credit &
Insurance
  
Hedge Fund
Solutions
  
Total
Statement of Financial Condition
           
Assets
           
Investments
   
$
295,985,447
 
  
$
182,732,362
 
  
$
87,362,311
 
  
$
38,209,892
 
  
$
604,290,012
 
Other Assets
   
 
13,601,083
 
  
 
3,194,088
 
  
 
6,345,260
 
  
 
4,079,065
 
  
 
27,219,496
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Assets
   
$
309,586,530
 
  
$
185,926,450
 
  
$
93,707,571
 
  
$
42,288,957
 
  
$
631,509,508
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Liabilities and Equity
           
Debt
   
$
118,075,949
 
  
$
22,779,131
 
  
$
39,049,599
 
  
$
662,805
 
  
$
180,567,484
 
Other Liabilities
   
 
7,735,780
 
  
 
1,310,998
 
  
 
5,644,625
 
  
 
2,092,757
 
  
 
16,784,160
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Liabilities
   
 
125,811,729
 
  
 
24,090,129
 
  
 
44,694,224
 
  
 
2,755,562
 
  
 
197,351,644
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Equity
   
 
183,774,801
 
  
 
161,836,321
 
  
 
49,013,347
 
  
 
39,533,395
 
  
 
434,157,864
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Liabilities and Equity
   
$
309,586,530
 
  
$
185,926,450
 
  
$
93,707,571
 
  
$
42,288,957
 
  
$
631,509,508
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Statement of Operations
           
Interest Income
   
$
2,917,115
 
  
$
2,012,916
 
  
$
5,764,150
 
  
$
16,069
 
  
$
10,710,250
 
Other Income
   
 
9,432,802
 
  
 
824,779
 
  
 
690,193
 
  
 
286,444
 
  
 
11,234,218
 
Interest Expense
   
 
(3,644,118
) 
  
 
(722,626
) 
  
 
(1,450,447
) 
  
 
(41,522
) 
  
 
(5,858,713
) 
Other Expenses
   
 
(11,089,520
) 
  
 
(2,132,320
) 
  
 
(1,303,902
) 
  
 
(255,459
) 
  
 
(14,781,201
) 
Net Realized and Unrealized Gain (Losses) from Investments
   
 
7,807,056
 
  
 
2,146,281
 
  
 
(1,330,895
) 
  
 
483,946
 
  
 
9,106,388
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net Income
   
$
5,423,335
 
  
$
2,129,030
 
  
$
2,369,099
 
  
$
489,478
 
  
$
10,410,942
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
The summarized financial information of Blackstone’s equity method investments for December 31, 2021 are as follows:
 
                                                                                              
    
December 31, 2021 and the Year Then Ended
    
Real
Estate
  
Private
Equity
  
Credit &
Insurance
  
Hedge Fund
Solutions
  
Total
Statement of Financial Condition
           
Assets
           
Investments
   
$
241,808,879
 
  
$
175,726,829
 
  
$
68,426,090
 
  
$
39,691,668
 
  
$
525,653,466
 
Other Assets
   
 
13,463,009
 
  
 
5,776,462
 
  
 
5,412,041
 
  
 
3,020,159
 
  
 
27,671,671
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Assets
   
$
255,271,888
 
  
$
181,503,291
 
  
$
73,838,131
 
  
$
42,711,827
 
  
$
553,325,137
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Liabilities and Equity
           
Debt
   
$
76,760,932
 
  
$
20,434,354
 
  
$
30,792,984
 
  
$
1,243,453
 
  
$
129,231,723
 
Other Liabilities
   
 
6,999,032
 
  
 
2,153,071
 
  
 
3,159,548
 
  
 
3,084,558
 
  
 
15,396,209
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Liabilities
   
 
83,759,964
 
  
 
22,587,425
 
  
 
33,952,532
 
  
 
4,328,011
 
  
 
144,627,932
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Equity
   
 
171,511,924
 
  
 
158,915,866
 
  
 
39,885,599
 
  
 
38,383,816
 
  
 
408,697,205
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Liabilities and Equity
   
$
255,271,888
 
  
$
181,503,291
 
  
$
73,838,131
 
  
$
42,711,827
 
  
$
553,325,137
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Statement of Operations
           
Interest Income
   
$
1,422,743
 
  
$
1,640,402
 
  
$
2,584,486
 
  
$
3,563
 
  
$
5,651,194
 
Other Income
   
 
6,115,960
 
  
 
318,485
 
  
 
306,490
 
  
 
315,894
 
  
 
7,056,829
 
Interest Expense
   
 
(1,475,065
) 
  
 
(331,350
) 
  
 
(427,459
) 
  
 
(30,073
) 
  
 
(2,263,947
) 
Other Expenses
   
 
(6,847,739
) 
  
 
(1,666,930
) 
  
 
(828,689
) 
  
 
(282,474
) 
  
 
(9,625,832
) 
Net Realized and Unrealized Gain from Investments
   
 
31,078,396
 
  
 
43,895,781
 
  
 
3,562,579
 
  
 
4,605,235
 
  
 
83,141,991
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net Income (Loss)
   
$
30,294,295
 
  
$
43,856,388
 
  
$
5,197,407
 
  
$
4,612,145
 
  
$
83,960,235
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Accrued Performance Allocations
Accrued Performance Allocations to Blackstone were as follows:
 
                                                                                              
    
Real

Estate
  
Private

Equity
  
Credit &
Insurance
  
Hedge Fund
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
   
 
(1,582,400
) 
  
 
1,753,730
 
  
 
278,655
 
  
 
173,502
 
  
 
623,487
 
Foreign Exchange Gain
   
 
9,069
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
9,069
 
Fund Distributions
   
 
(770,184
) 
  
 
(1,084,061
) 
  
 
(248,774
) 
  
 
(114,866
) 
  
 
(2,217,885
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Accrued Performance Allocations, December 31, 2023
   
$
  2,990,602
 
  
$
  6,707,244
 
  
$
  599,779
 
  
$
   477,730
 
  
$
 10,775,355
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
Corporate Treasury Investments
The portion of corporate treasury investments included in Investments represents Blackstone’s investments into primarily fixed income securities, mutual fund interests, and other fund interests. These strategies are managed by a combination of Blackstone personnel and third party advisors. The following table presents the Realized and Net Change in Unrealized Gains (Losses) on these investments:
 
                  
                  
                  
 
  
Year Ended December 31,
 
  
2023
  
2022
  
2021
Realized Gains (Losses)
   
$
(4,881
) 
   
$
(21,511
) 
   
$
741
 
Net Change in Unrealized Gains (Losses)
   
 
17,392
 
   
 
(57,426
) 
   
 
39,549
 
  
 
 
 
   
 
 
 
   
 
 
 
  
$
  12,511
 
   
$
(78,937
) 
   
$
40,290
 
  
 
 
 
   
 
 
 
   
 
 
 
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 CLO vehicles. Equity securities carried at fair value include the ownership of common stock of Corebridge Financial, Inc., formerly known as American International Group, Inc.’s Life and Retirement business (“Corebridge”). Such common stock is subject to certain phased lock-up restrictions that expire over time through five years after the initial public offering (“IPO”) of Corebridge. Equity investments without a readily determinable fair value had a carrying value of $333.3 million as of December 31, 2023. In the period of acquisition and upon remeasurement in connection with an observable transaction, such investments are reported at fair value. See Note 8. “Fair Value Measurements of Financial Instruments” for additional detail. Upward and downward adjustments related to such investments held as of December 31, 2023 were $4.3 million and $62.3 million, respectively, during the year ended December 31, 2023, and $184.6 million and $6.2 million on a cumulative basis since the inception of the investments, respectively. The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in Other Investments:
 
                                                        
    
Year Ended December 31,
    
2023
   
2022
   
2021
Realized Gains (Losses)
   
$
(19,346
) 
   
$
203,327
 
   
$
163,199
 
Net Change in Unrealized Gains (Losses)
   
 
(47,017
) 
   
 
(1,128,244
) 
   
 
340,867
 
  
 
 
 
   
 
 
 
   
 
 
 
  
$
(66,363
) 
   
$
(924,917
) 
   
$
504,066
 
  
 
 
 
   
 
 
 
   
 
 
 
v3.24.0.1
Net Asset Value as Fair Value
 12 Months Ended
Dec. 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 December 31, 2023 is presented below:
 
                                                        
Strategy (a)
   
Fair Value
   
Redemption
Frequency
(if currently eligible)
   
Redemption
Notice Period
Equity
   
$
445,626
 
   
(b)
   
(b)
Real Estate
   
 
112,633
 
   
(c)
   
(c)
Other
   
 
7,275
 
   
(d)
   
(d)
  
 
 
 
      
  
$
565,534
 
      
  
 
 
 
      
(a)
As of December 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 40% 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 60% of the fair value of the investments in this category are redeemable as of the reporting date.
(c)
The Real Estate category includes investments in funds that primarily invest in real estate assets. All investments in this category are redeemable as of the reporting date.
(d)
Other is composed of the Credit Driven category, the Commodities category and the Diversified Instruments category. The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. The Diversified Instruments category includes investments in funds that invest across multiple strategies. All investments in these categories may not be redeemed at, or within three months of, the reporting date.
v3.24.0.1
Derivative Financial Instruments
 12 Months Ended
Dec. 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. dollar denominated currency net investments. As a result of the use of derivative contracts, Blackstone and the consolidated Blackstone Funds are exposed to the risk that counterparties will fail to fulfill their contractual obligations. To mitigate such counterparty risk, Blackstone and the consolidated Blackstone Funds enter into contracts with certain major financial institutions, all of which have investment grade ratings. Counterparty credit risk is evaluated in determining the fair value of derivative instruments.
Freestanding Derivatives
Freestanding derivatives are instruments that Blackstone and certain of the consolidated Blackstone Funds have entered into as part of their overall risk management and investment strategies. These derivative contracts are not designated as hedging instruments for accounting purposes. Such contracts may include interest rate swaps, foreign exchange contracts, equity swaps, options, futures and other derivative contracts.
 
 
The table below summarizes the aggregate notional amount and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts.
 
                                                                                                                                                                               
   
December 31, 2023
  
December 31, 2022
   
Assets
  
Liabilities
  
Assets
  
Liabilities
   
Notional
  
Fair

Value
  
Notional
  
Fair
Value
  
Notional
  
Fair
Value
  
Notional
  
Fair
Value
Freestanding Derivatives
                
Blackstone
                
Interest Rate Contracts
  
$
634,840
 
  
$
145,798
 
  
$
607,000
 
  
$
86,589
 
  
$
789,540
 
  
$
188,043
 
  
$
621,700
 
  
$
83,331
 
Foreign Currency Contracts
  
 
387,102
 
  
 
11,442
 
  
 
334,228
 
  
 
3,538
 
  
 
541,238
 
  
 
8,040
 
  
 
190,774
 
  
 
3,542
 
Credit Default Swaps
  
 
3,108
 
  
 
479
 
  
 
3,748
 
  
 
508
 
  
 
2,007
 
  
 
384
 
  
 
8,768
 
  
 
1,309
 
Total Return Swaps
  
 
63,158
 
  
 
13,171
 
  
 
—
 
  
 
—
 
  
 
42,233
 
  
 
6,210
 
  
 
—
 
  
 
—
 
Equity Options
  
 
—
 
  
 
—
 
  
 
1,110,490
 
  
 
563,986
 
  
 
—
 
  
 
—
 
  
 
996,592
 
  
 
48,581
 
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
1,088,208
 
  
 
170,890
 
  
 
2,055,466
 
  
 
654,621
 
  
 
1,375,018
 
  
 
202,677
 
  
 
1,817,834
 
  
 
136,763
 
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Investments of Consolidated Blackstone Funds
                
Interest Rate Contracts
  
 
855,683
 
  
 
19,189
 
  
 
—
 
  
 
—
 
  
 
931,752
 
  
 
74,926
 
  
 
—
 
  
 
—
 
Foreign Currency Contracts
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
5,133
 
  
 
284
 
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
855,683
 
  
 
19,189
 
  
 
—
 
  
 
—
 
  
 
931,752
 
  
 
74,926
 
  
 
5,133
 
  
 
284
 
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
$
1,943,891
 
  
$
190,079
 
  
$
2,055,466
 
  
$
654,621
 
  
$
2,306,770
 
  
$
277,603
 
  
$
1,822,967
 
  
$
137,047
 
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
The table below summarizes the impact to the Consolidated Statements of Operations from derivative financial instruments:
 
                                                        
    
Year Ended December 31,
    
2023
  
2022
  
2021
Freestanding Derivatives
       
Realized Gains (Losses)
       
Interest Rate Contracts
   
$
24,291
 
  
$
15,319
 
  
$
1,727
 
Foreign Currency Contracts
   
 
443
 
  
 
(8,520
) 
  
 
(1,152
) 
Credit Default Swaps
   
 
(413
) 
  
 
(231
) 
  
 
(1,488
) 
Total Return Swaps
   
 
15,775
 
  
 
1,654
 
  
 
(1,254
) 
Other
   
 
—
 
  
 
—
 
  
 
(40
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
40,096
 
  
 
8,222
 
  
 
(2,207
) 
  
 
 
 
  
 
 
 
  
 
 
 
Net Change in Unrealized Gains (Losses)
       
Interest Rate Contracts
   
 
(87,177
) 
  
 
167,706
 
  
 
89,702
 
Foreign Currency Contracts
   
 
3,288
 
  
 
9,666
 
  
 
608
 
Credit Default Swaps
   
 
363
 
  
 
73
 
  
 
1,112
 
Total Return Swaps
   
 
6,381
 
  
 
5,290
 
  
 
2,130
 
Equity Options
   
 
(515,405
) 
  
 
(48,581
) 
  
 
—
 
Other
   
 
—
 
  
 
—
 
  
 
(20
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
(592,550
) 
  
 
134,154
 
  
 
93,532
 
  
 
 
 
  
 
 
 
  
 
 
 
  
$
(552,454
) 
  
$
142,376
 
  
$
91,325
 
  
 
 
 
  
 
 
 
  
 
 
 
 
1
8
8
 
As of December 31, 2023, 2022 and 2021, Blackstone had not designated any derivatives as fair value, cash flow or net investment hedges.
v3.24.0.1
Fair Value Option
 12 Months Ended
Dec. 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:
 
                                     
    
December 31,
    
2023
   
2022
Assets
      
Loans and Receivables
   
$
60,738
 
   
$
315,039
 
Equity and Preferred Securities
   
 
2,894,302
 
   
 
1,868,192
 
Debt Securities
   
 
63,486
 
   
 
24,784
 
Assets of Consolidated CLO Vehicles
 
 
 
 
 
 
 
 
Corporate Loans
   
 
938,801
 
   
 
—
 
  
 
 
 
   
 
 
 
  
$
3,957,327
 
   
$
2,208,015
 
  
 
 
 
   
 
 
 
Liabilities
      
CLO Notes Payable
   
$
687,122
 
   
$
—
 
Corporate Treasury Commitments
   
 
1,264
 
   
 
8,144
 
  
 
 
 
   
 
 
 
  
$
688,386
 
   
$
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:
 
                       
                       
                       
                       
                       
                       
    
Year Ended December 31,
    
2023
  
2022
  
2021
        
Net Change
      
Net Change
      
Net Change
    
Realized
  
in Unrealized
  
Realized
  
in Unrealized
  
Realized
  
in Unrealized
    
Gains
  
Gains
  
Gains
  
Gains
  
Gains
  
Gains
    
(Losses)
  
(Losses)
  
(Losses)
  
(Losses)
  
(Losses)
  
(Losses)
Assets
             
Loans and Receivables
   
$
(8,053
) 
  
$
4,886
 
  
$
(10,733
) 
  
$
(464
) 
  
$
(11,661
) 
  
$
3,481
 
Equity and Preferred Securities
   
 
(1,439
) 
  
 
(122,605
) 
  
 
22,285
 
  
 
(91,338
) 
  
 
42,791
 
  
 
53,157
 
Debt Securities
   
 
—
 
  
 
(3,884
) 
  
 
(22,240
) 
  
 
(19,490
) 
  
 
14,399
 
  
 
(14,210
) 
Assets of Consolidated CLO Vehicles
             
Corporate Loans
   
 
(6,063
) 
  
 
8,728
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
$
(15,555
) 
  
$
(112,875
) 
  
$
(10,688
) 
  
$
(111,292
) 
  
$
45,529
 
  
$
42,428
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Liabilities
             
CLO Notes Payable
   
$
—
 
  
$
282
 
  
$
—
 
  
$
—
 
  
$
—
 
  
$
—
 
Corporate Treasury Commitments
   
 
—
 
  
 
6,880
 
  
 
—
 
  
 
(7,508
) 
  
 
—
 
  
 
(383
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
$
—
 
  
$
7,162
 
  
$
—
 
  
$
(7,508
) 
  
$
—
 
  
$
(383
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
The following table presents information for those financial instruments for which the fair value option was elected:
 
                       
                       
                       
                       
                       
                       
    
December 31, 2023
  
December 31, 2022
        
For Financial Assets

Past Due (a)
      
For Financial Assets
Past Due (a)
    
Excess
      
Excess
  
Excess
      
Excess
    
(Deficiency)
      
(Deficiency)
  
(Deficiency)
      
(Deficiency)
    
of Fair Value
  
Fair
  
of Fair Value
  
of Fair Value
  
Fair
  
of Fair Value
    
Over Principal
  
Value
  
Over Principal
  
Over Principal
  
Value
  
Over Principal
Loans and Receivables
   
$
675
 
  
$
—
 
  
$
—
 
  
$
(2,861
) 
  
$
—
 
  
$
—
 
Debt Securities
   
 
(52,577
) 
  
 
—
 
  
 
—
 
  
 
(48,670
) 
  
 
—
 
  
 
—
 
Assets of Consolidated CLO Vehicles
             
Corporate Loans
   
 
(8,751
) 
  
 
1,345
  
  
 
—
  
  
 
—
 
  
 
—
  
  
 
—
  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
$
(60,653
) 
  
$
1,345
 
  
$
—
 
  
$
(51,531
) 
  
$
—
 
  
$
—
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(a)
Assets are classified as past due if contractual payments are more than 90 days past due.
As of December 31, 2023 and 2022, no Loans and Receivables for which the fair value option was elected were past due or in non-accrual status. As of December 31, 2023, there were two Corporate Loans included within the Assets of Consolidated CLO Vehicles for which the fair value option was elected that were past due but was not in non-accrual status. As of December 31, 2022, no Corporate Loans included within the Assets of Consolidated CLO Vehicles for which the fair value option was elected were past due or in non-accrual
status
.
v3.24.0.1
Fair Value Measurements of Financial Instruments
 12 Months Ended
Dec. 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:
 
                  
                  
                  
                  
                  
 
  
December 31, 202
3
 
  
Level I
  
Level II
  
Level III
  
NAV
  
Total
Assets
  
  
  
  
  
Cash and Cash Equivalents
   
$
263,574
 
   
$
—
 
   
$
—
 
   
$
—
 
   
$
263,574
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Investments
               
Investments of Consolidated Blackstone Funds
               
Equity Securities, Partnerships and LLC Interests (a)
   
 
11,118
 
   
 
123,022
 
   
 
2,653,246
 
   
 
558,259
 
   
 
3,345,645
 
Debt Instruments
   
 
—
 
   
 
924,264
 
   
 
30,385
 
   
 
—
 
   
 
954,649
 
Freestanding Derivatives
   
 
—
 
   
 
19,189
 
   
 
—
 
   
 
—
 
   
 
19,189
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total Investments of Consolidated Blackstone Funds
   
 
11,118
 
   
 
1,066,475
 
   
 
2,683,631
 
   
 
558,259
 
   
 
4,319,483
 
Corporate Treasury Investments
   
 
72,071
 
   
 
435,430
 
   
 
296,369
 
   
 
—
 
   
 
803,870
 
Other Investments
   
 
1,564,112
 
   
 
2,355,423
 
   
 
223,441
 
   
 
7,275
 
   
 
4,150,251
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total Investments
   
 
1,647,301
 
   
 
3,857,328
 
   
 
3,203,441
 
   
 
565,534
 
   
 
9,273,604
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Accounts Receivable — Loans and Receivables
   
 
—
 
   
 
—
 
   
 
60,738
 
   
 
—
 
   
 
60,738
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Other Assets — Freestanding Derivatives
   
 
90
 
   
 
157,629
 
   
 
13,171
 
   
 
—
 
   
 
170,890
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
1,910,965
 
   
$
4,014,957
 
   
$
3,277,350
 
   
$
565,534
 
   
$
9,768,806
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Liabilities
               
Loans Payable — CLO Notes Payable
   
$
—
 
   
$
687,122
 
   
$
—
 
   
$
—
 
   
$
687,122
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Accounts Payable, Accrued Expenses and Other Liabilities
               
Freestanding Derivatives
   
 
436
 
   
 
90,199
 
   
 
563,986
 
   
 
—
 
   
 
654,621
 
Contingent Consideration
   
 
—
 
   
 
—
 
   
 
387
 
   
 
—
 
   
 
387
 
Corporate Treasury Commitments
   
 
—
 
   
 
—
 
   
 
1,264
 
   
 
—
 
   
 
1,264
 
Securities Sold, Not Yet Purchased
   
 
3,886
 
   
 
—
 
   
 
—
 
   
 
—
 
   
 
3,886
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total Accounts Payable, Accrued Expenses and Other Liabilities
   
 
4,322
 
   
 
90,199
 
   
 
565,637
 
   
 
—
 
   
 
660,158
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
4,322
 
   
$
777,321
 
   
$
565,637
 
   
$
—
 
   
$
1,347,280
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
 
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
 
  
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
               
Accounts Payable, Accrued Expenses and Other Liabilities
               
Consolidated Blackstone Funds — Freestanding Derivatives
   
$
—
 
   
$
284
 
   
$
—
 
   
$
—
 
   
$
284
 
Freestanding Derivatives
   
 
21
 
   
 
88,161
 
   
 
48,581
 
   
 
—
 
   
 
136,763
 
Corporate Treasury Commitments
   
 
—
 
   
 
—
 
   
 
8,144
 
   
 
—
 
   
 
8,144
 
Securities Sold, Not Yet Purchased
   
 
3,825
 
   
 
—
 
   
 
—
 
   
 
—
 
   
 
3,825
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total Accounts Payable, Accrued Expenses and Other Liabilities
   
 
3,846
 
   
 
88,445
 
   
 
56,725
 
   
 
—
 
   
 
149,016
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
3,846
 
   
$
88,445
 
   
$
56,725
 
   
$
—
 
   
$
149,016
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
LLC Limited Liability Company.
(a)
Equity Securities, Partnership and LLC Interest includes investments in investment funds.
 
 
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, 2023. Consistent with presentation in these Notes to Consolidated Financial Statements, this table presents the Level III Investments only of Consolidated Blackstone Funds and therefore does not reflect any other Blackstone Funds.
 
                                                                                                                 
                       
Impact to
                       
Valuation
                       
from an
       
Valuation
  
Unobservable
      
Weighted-
  
Increase
   
Fair Value
  
Techniques
  
Inputs
  
Ranges
  
Average (a)
  
in Input
Financial Assets
            
Investments of Consolidated Blackstone Funds
            
Equity Securities, Partnership and LLC Interests
  
$
2,653,246
 
  
 
Discounted Cash Flows
 
  
 
Discount Rate
 
  
3.3% - 38.0%
  
9.7%
  
Lower
     
 
Exit Multiple - EBITDA
 
  
4.0x - 30.6x
  
15.0x
  
Higher
     
 
Exit Capitalization Rate
 
  
3.1% - 12.8%
  
5.1%
  
Lower
Debt Instruments
  
 
30,385
 
  
 
Third Party Pricing
 
  
 
n/a
 
      
 
 
 
 
          
Total Investments of Consolidated Blackstone Funds
  
 
2,683,631
 
          
Corporate Treasury Investments
  
 
296,369
 
  
 
Discounted Cash Flows
 
  
 
Discount Rate
 
  
11.2% - 22.4%
  
17.1%
  
Lower
   
 
Transaction Price
 
  
 
n/a
 
      
Loans and Receivables
  
 
60,738
 
  
 
Discounted Cash Flows
 
  
 
Discount Rate
 
  
8.8% - 14.9%
  
10.3%
  
Lower
Other Investments (b)
  
 
236,612
 
  
 
Third Party Pricing
 
  
 
n/a
 
      
   
 
Transaction Price
 
  
 
n/a
 
      
 
 
 
 
          
 
$
3,277,350
 
          
 
 
 
 
          
Financial Liabilities
            
Freestanding Derivatives (c)
  
$
563,986
 
  
 
Option Pricing Model
 
  
 
Volatility
 
  
6.3%
  
n/a
  
Higher
Other Liabilities (d)
  
 
1,651
 
  
 
Third Party Pricing
 
  
 
n/a
 
      
   
 
Other
 
  
 
n/a
 
      
 
 
 
 
          
 
$
565,637
 
          
 
 
 
 
          
 
 
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:
 
                                                                                                                 
                          
Impact to
                          
Valuation
                          
from an
        
Valuation
   
Unobservable
       
Weighted-
  
Increase
   
Fair Value
   
Techniques
   
Inputs
   
Ranges
  
Average (a)
  
in Input
Financial Assets
               
Investments of Consolidated Blackstone Funds
               
Equity Securities, Partnership and LLC Interests
  
$
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
 
             
 
 
 
 
             
Financial Liabilities
               
Freestanding Derivatives (c)
  
$
48,581
 
   
 
Option Pricing Model
 
   
 
Volatility
 
   
6.1%
  
n/a
  
Higher
Other Liabilities (d)
  
 
8,144
 
   
 
Third Party Pricing
 
   
 
n/a
 
       
 
 
 
 
             
 
$
56,725
 
             
 
 
 
 
             
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 December 31, 2023 and 2022, Other Investments includes Level III Freestanding Derivatives.
(c)
  
The volatility of the historical performance of the underlying reference entity is used to project the expected returns relevant for the fair value of the derivative.
(d)
  
As of December 31, 2023, Other Liabilities includes Level III Contingent Consideration and Level III Corporate Treasury Commitments. As of December 31, 2022, Other Liabilities is comprised only of Level III Corporate Treasury Commitments.
 
 
During the year ended December 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 basis. Total realized and unrealized gains and losses recorded for Level III investments are reported in either Investment Income (Loss) or Net Gains (Losses) from Fund Investment Activities in the Consolidated Statements of Operations.
 
                                                                                                                       
    
Level III Financial Assets at Fair Value
    
Year Ended December 31,
    
2023
  
2022
    
Investments of
Consolidated
Funds
  
Loans

and

Receivables
  
Other
Investments (a)
  
Total
  
Investments of
Consolidated
Funds
  
Loans

and

Receivables
  
Other
Investments (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 In Due to Consolidation and Acquisition
   
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
2,985,171
 
  
 
—
 
  
 
—
 
  
 
2,985,171
 
Transfer Out Due to Deconsolidation
   
 
(1,453,837
) 
  
 
—
 
  
 
—
 
  
 
(1,453,837
) 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
Transfer In to Level III (b)
   
 
28,190
 
  
 
—
 
  
 
898
 
  
 
29,088
 
  
 
2,040
 
  
 
—
 
  
 
2,517
 
  
 
4,557
 
Transfer Out of Level III (b)
   
 
(18,197
) 
  
 
—
 
  
 
(3,374
) 
  
 
(21,571
) 
  
 
(76,621
) 
  
 
—
 
  
 
(19,597
) 
  
 
(96,218
) 
Purchases
   
 
294,789
 
  
 
284,002
 
  
 
354,202
 
  
 
932,993
 
  
 
636,338
 
  
 
805,375
 
  
 
14,524
 
  
 
1,456,237
 
Sales
   
 
(289,721
) 
  
 
(563,732
) 
  
 
(14,542
) 
  
 
(867,995
) 
  
 
(428,379
) 
  
 
(882,668
) 
  
 
(3,797
) 
  
 
(1,314,844
) 
Issuances
   
 
—
 
  
 
68,450
 
  
 
—
 
  
 
68,450
 
  
 
—
 
  
 
39,514
 
  
 
—
 
  
 
39,514
 
Settlements (c)
   
 
—
 
  
 
(70,419
) 
  
 
(8,252
) 
  
 
(78,671
) 
  
 
—
 
  
 
(55,308
) 
  
 
(4,433
) 
  
 
(59,741
) 
Changes in Gains (Losses) Included in Earnings
   
 
(127,425
) 
  
 
27,398
 
  
 
13,121
 
  
 
(86,906
) 
  
 
(69,032
) 
  
 
15,394
 
  
 
(2,230
) 
  
 
(55,868
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Balance, End of Period
   
$
2,683,631
 
  
$
60,738
 
  
$
373,024
 
  
$
3,117,393
 
  
$
4,249,832
 
  
$
315,039
 
  
$
30,971
 
  
$
4,595,842
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Changes in Unrealized Gains (Losses) Included in Earnings
Related to Financial Assets Still Held at the Reporting Date
   
$
(94,828
) 
  
$
2,227
 
  
$
7,725
 
  
$
(84,876
) 
  
$
(136,037
) 
  
$
(13,384
) 
  
$
(11,271
) 
  
$
(160,692
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
                                                                                                                 
    
Level III Financial Liabilities at Fair Value
    
Year Ended December 31,
    
2023
  
2022
    
Freestanding
Derivatives
   
Other
Liabilities (d)
  
Total
  
Freestanding
Derivatives
   
Other
Liabilities (d)
   
Total
Balance, Beginning of Period
   
$
48,581
 
   
$
8,144
 
  
$
56,725
 
  
$
—
 
   
$
636
 
   
$
636
 
Transfer In Due to Consolidation and Acquisition
   
 
—
 
   
 
800
 
  
 
800
 
  
 
—
 
   
 
—
 
   
 
—
 
Sales
   
 
—
 
   
 
(413
) 
  
 
(413
) 
  
 
—
 
   
 
—
 
   
 
—
 
Changes in Losses (Gains) Included in Earnings
   
 
515,405
 
   
 
(6,880
) 
  
 
508,525
 
  
 
48,581
 
   
 
7,508
 
   
 
56,089
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
   
 
 
 
   
 
 
 
Balance, End of Period
   
$
563,986
 
   
$
1,651
 
  
$
565,637
 
  
$
48,581
 
   
$
8,144
 
   
$
56,725
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
   
 
 
 
   
 
 
 
Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date
   
$
515,405
 
   
$
(6,880
) 
  
$
508,525
 
  
$
48,581
 
   
$
7,508
 
   
$
56,089
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
   
 
 
 
   
 
 
 
 
(a)
Represents freestanding derivatives, corporate treasury investments and Other Investments.
 
 
(b)
Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities.
(c)
For Freestanding Derivatives included within Other Investments, Settlements includes all ongoing contractual cash payments made or received over the life of the instrument.
(d)
As of December 31, 2023, Other Liabilities includes Level III Contingent Consideration and Level III Corporate Treasury Commitments. As of December 31, 2022, Other Liabilities is comprised only of Level III Corporate Treasury Commitments.
v3.24.0.1
Variable Interest Entities
 12 Months Ended
Dec. 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 VIEs and any clawback obligation relating to previously distributed Performance Allocations. Blackstone’s maximum exposure to loss relating to non-consolidated VIEs were as follows:
 
                                     
    
December 31,
2023
   
December 31,
2022
Investments
   
$
3,751,591
 
   
$
3,326,669
 
Due from Affiliates
   
 
203,187
 
   
 
189,240
 
Potential Clawback Obligation
   
 
72,119
 
   
 
384,926
 
  
 
 
 
   
 
 
 
Maximum Exposure to Loss
   
$
4,026,897
 
   
$
3,900,835
 
  
 
 
 
   
 
 
 
Amounts Due to Non-Consolidated VIEs
   
$
223
 
   
$
6
 
  
 
 
 
   
 
 
 
v3.24.0.1
Repurchase Agreements
 12 Months Ended
Dec. 31, 2023
Repurchase Agreements
10.
Repurchase Agreements
At December 31, 2023, Blackstone had no Repurchase Agreements and hence no pledged securities or cash. At December 31, 2022, Blackstone pledged securities with a carrying value of $89.9 million and cash to collateralize its repurchase agreements. Such securities can be repledged, delivered or otherwise used by the counterparty.

 
The following table provides information regarding Blackstone’s Repurchase Agreements obligation by type of collateral pledged as of December 31, 2022. At December 31, 2023, Blackstone had no Repurchase Agreements and hence no collateral outstanding.
 
                                                                                              
    
December 31, 2022
    
Remaining Contractual Maturity of the Agreements
    
Overnight and
Continuous
   
Up to
30 Days
   
30 - 90
Days
   
Greater than
90 days
   
Total
Repurchase Agreements
               
Loans
   
 
—
 
   
 
70,776
 
   
 
—
 
   
 
19,168
 
   
 
89,944
 
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 12. “Offsetting of Assets and Liabilities”
 
   
$
89,944
 
        
 
 
 
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 12. “Offsetting of Assets and Liabilities”
 
   
$
—
 
        
 
 
 
v3.24.0.1
Other Assets
 12 Months Ended
Dec. 31, 2023
Other Assets
11.
Other Assets
Other Assets consists of the following:
 
                                     
    
December 31,
    
2023
   
2022
Furniture, Equipment and Leasehold Improvements
   
$
937,355
 
   
$
748,334
 
Less: Accumulated Depreciation
   
 
(394,602
) 
   
 
(336,621
) 
  
 
 
 
   
 
 
 
Furniture, Equipment and Leasehold Improvements, Net
   
 
542,753
 
   
 
411,713
 
Prepaid Expenses
   
 
207,886
 
   
 
165,079
 
Freestanding Derivatives
   
 
170,890
 
   
 
202,677
 
Other
   
 
23,319
 
   
 
20,989
 
  
 
 
 
   
 
 
 
  
$
944,848
 
   
$
800,458
 
  
 
 
 
   
 
 
 
Depreciation expense of $94.1 million, $69.2 million and $52.2 million related to furniture, equipment and leasehold improvements for the years ended December 31, 2023, 2022 and 2021, respectively, is included in General, Administrative and Other in the Consolidated Statements of Operations.
v3.24.0.1
Offsetting of Assets And Liabilities
 12 Months Ended
Dec. 31, 2023
Offsetting of Assets and Liabilities
12.
Offsetting of Assets and Liabilities
The following tables present the offsetting of assets and liabilities as of December 31, 2023 and 2022:
 
                                                                                                                                                                           
    
December 31, 2023
    
Gross and Net

Amounts of Assets
Presented in the
Statement of
Financial Condition
   
Gross Amounts Not Offset in

the Statement of

Financial Condition
     
    
Financial
Instruments (a)
   
Cash Collateral
Received
   
Net
Amount
Assets
            
Freestanding Derivatives
   
$
190,079
 
   
$
107,330
 
   
$
49,532
 
   
$
33,217
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 

                                                                                                                                                                           
    
December 31, 2023
    
Gross and Net
Amounts of Liabilities
Presented in the
Statement of

Financial Condition
   
Gross Amounts Not Offset in

the Statement of

Financial Condition
     
    
Financial
Instruments (a)
   
Cash Collateral
Pledged
   
Net
Amount
Liabilities
            
Freestanding Derivatives
   
$
90,635
 
   
$
87,777
 
   
$
625
 
   
$
2,233
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
                                                                                                                                                                           
    
December 31, 2022
    
Gross and Net
Amounts of Assets
Presented in the
Statement of
Financial Condition
   
Gross Amounts Not Offset in

the Statement of

Financial Condition
     
    
Financial
Instruments (a)
   
Cash Collateral
Received
   
Net
Amount
Assets
            
Freestanding Derivatives
   
$
277,603
 
   
$
165,897
 
   
$
96,436
 
   
$
15,270
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
                                                                                                                                                                           
    
December 31, 2022
    
Gross and Net
Amounts of Liabilities
Presented in the
Statement of

Financial Condition
   
Gross Amounts Not Offset in

the Statement of

Financial Condition
   
Net
Amount
  
Financial
Instruments (a)
   
Cash Collateral
Pledged
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 and Freestanding Derivative liabilities are included in Accounts Payable, Accrued Expenses and Other Liabilities in the Consolidated Statements of Financial Condition. Freestanding Derivative assets are included in Other Assets in the Consolidated Statements of Financial Condition. See Note 11. “Other Assets” for the components of Other Assets.
 
 
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 December 31, 2023, the aggregate cash balance on deposit relating to the cash pooling arrangements was $870.4 million, which was offset and reported net of the accompanying overdraft of $870.4 million.
v3.24.0.1
Borrowings
 12 Months Ended
Dec. 31, 2023
Borrowings
13.
Borrowings
On December 15, 2023, Blackstone, through its indirect subsidiary Blackstone Holdings Finance Co. L.L.C (the “Issuer”), entered into an amended and restated $4.325 billion revolving credit facility with Citibank, N.A., as administrative agent, and the lenders party thereto. The amendment and restatement, among other things, increased the amount of available borrowings from $4.135 billion to $
4.325
 
billion and extended the maturity date from June 3, 2027 to December 15, 2028.
All of Blackstone’s outstanding senior notes as of December 31, 2023 are unsecured and unsubordinated obligations of the Issuer that are fully and unconditionally guaranteed by Blackstone Inc. and its indirect subsidiaries, Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. (the “Guarantors”). The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to senior note issuances have been capitalized and are amortized over the life of each respective note.
 
 
Blackstone borrows and enters into credit agreements for its general operating and investment purposes and certain Blackstone Funds borrow to meet financing needs of their operating and investing activities. Borrowing facilities have been established for the benefit of selected Blackstone Funds. When a Blackstone Fund borrows from the facility in which it participates, the proceeds from the borrowing are strictly limited for its intended use by the borrowing fund and not available for other Blackstone purposes. Blackstone’s credit facilities consist of the following:
 
                 
                 
                 
                 
                 
                 
 
  
December 31,
 
  
2023
 
2022
 
  
Credit
Available
  
Borrowing
Outstanding
  
Effective
Interest
Rate
 
Credit
Available
  
Borrowing
Outstanding
  
Effective
Interest
Rate
Revolving Credit Facility (a)
   
$
4,325,000
 
   
$
—
 
   
 
-
 
  
$
4,135,000
 
   
$
—
 
   
 
-
 
Blackstone Issued Senior Notes (b)
                 
4.750%, Due 2/15/2023
   
 
—
 
   
 
—
 
   
 
-
 
  
 
400,000
 
   
 
400,000
 
   
 
5.07
% 
2.000%, Due 5/19/2025
   
 
331,170
 
   
 
331,170
 
   
 
2.16
% 
  
 
321,150
 
   
 
321,150
 
   
 
2.19
% 
1.000%, Due 10/5/2026
   
 
662,340
 
   
 
662,340
 
   
 
1.16
% 
  
 
642,300
 
   
 
642,300
 
   
 
1.16
% 
3.150%, Due 10/2/2027
   
 
300,000
 
   
 
300,000
 
   
 
3.30
% 
  
 
300,000
 
   
 
300,000
 
   
 
3.29
% 
5.900%, Due 11/3/2027
   
 
600,000
 
   
 
600,000
 
   
 
6.13
% 
  
 
600,000
 
   
 
600,000
 
   
 
6.19
% 
1.625%, Due 8/5/2028
   
 
650,000
 
   
 
650,000
 
   
 
1.79
% 
  
 
650,000
 
   
 
650,000
 
   
 
1.83
% 
1.500%, Due 4/10/2029
   
 
662,340
 
   
 
662,340
 
   
 
1.60
% 
  
 
642,300
 
   
 
642,300
 
   
 
1.61
% 
2.500%, Due 1/10/2030
   
 
500,000
 
   
 
500,000
 
   
 
2.73
% 
  
 
500,000
 
   
 
500,000
 
   
 
2.73
% 
1.600%, Due 3/30/2031
   
 
500,000
 
   
 
500,000
 
   
 
1.71
% 
  
 
500,000
 
   
 
500,000
 
   
 
1.70
% 
2.000%, Due 1/30/2032
   
 
800,000
 
   
 
800,000
 
   
 
2.18
% 
  
 
800,000
 
   
 
800,000
 
   
 
2.18
% 
2.550%, Due 3/30/2032
   
 
500,000
 
   
 
500,000
 
   
 
2.67
% 
  
 
500,000
 
   
 
500,000
 
   
 
2.66
% 
6.200%, Due 4/22/2033
   
 
900,000
 
   
 
900,000
 
   
 
6.33
% 
  
 
900,000
 
   
 
900,000
 
   
 
6.40
% 
3.500%, Due 6/1/2034
   
 
551,950
 
   
 
551,950
 
   
 
3.90
% 
  
 
535,250
 
   
 
535,250
 
   
 
3.79
% 
6.250%, Due 8/15/2042
   
 
250,000
 
   
 
250,000
 
   
 
6.65
% 
  
 
250,000
 
   
 
250,000
 
   
 
6.65
% 
5.000%, Due 6/15/2044
   
 
500,000
 
   
 
500,000
 
   
 
5.16
% 
  
 
500,000
 
   
 
500,000
 
   
 
5.16
% 
4.450%, Due 7/15/2045
   
 
350,000
 
   
 
350,000
 
   
 
4.56
% 
  
 
350,000
 
   
 
350,000
 
   
 
4.56
% 
4.000%, Due 10/2/2047
   
 
300,000
 
   
 
300,000
 
   
 
4.20
% 
  
 
300,000
 
   
 
300,000
 
   
 
4.20
% 
3.500%, Due 9/10/2049
   
 
400,000
 
   
 
400,000
 
   
 
3.61
% 
  
 
400,000
 
   
 
400,000
 
   
 
3.61
% 
2.800%, Due 9/30/2050
   
 
400,000
 
   
 
400,000
 
   
 
2.88
% 
  
 
400,000
 
   
 
400,000
 
   
 
2.88
% 
2.850%, Due 8/5/2051
   
 
550,000
 
   
 
550,000
 
   
 
2.91
% 
  
 
550,000
 
   
 
550,000
 
   
 
2.92
% 
3.200%, Due 1/30/2052
   
 
1,000,000
 
   
 
1,000,000
 
   
 
3.27
% 
  
 
1,000,000
 
   
 
1,000,000
 
   
 
3.26
% 
  
 
 
 
   
 
 
 
     
 
 
 
   
 
 
 
   
  
 
15,032,800
 
   
 
10,707,800
 
     
 
15,176,000
 
   
 
11,041,000
 
   
Other (c)
                 
Secured Borrowing, Due 10/27/2033
   
 
19,949
 
   
 
19,949
 
   
 
7.69
% 
  
 
—
 
   
 
—
 
   
 
-
 
Secured Borrowing, Due 1/29/2035
   
 
20,000
 
   
 
20,000
 
   
 
3.72
% 
  
 
—
 
   
 
—
 
   
 
-
 
  
 
 
 
   
 
 
 
     
 
 
 
   
 
 
 
   
  
 
15,072,749
 
   
 
10,747,749
 
     
 
15,176,000
 
   
 
11,041,000
 
   
  
 
 
 
   
 
 
 
     
 
 
 
   
 
 
 
   
Borrowings of Consolidated Blackstone Funds
                 
Blackstone Fund Facilities (d)
   
 
—
 
   
 
—
 
   
 
-
 
  
 
1,450,000
 
   
 
1,450,000
 
   
 
-
 
CLO Notes Payable (e)
   
 
858,133
 
   
 
858,133
 
   
 
7.57
% 
  
 
—
 
   
 
—
 
   
 
-
 
  
 
 
 
   
 
 
 
     
 
 
 
   
 
 
 
   
  
 
858,133
 
   
 
858,133
 
     
 
1,450,000
 
   
 
1,450,000
 
   
  
 
 
 
   
 
 
 
     
 
 
 
   
 
 
 
   
  
$
15,930,882
 
   
$
11,605,882
 
     
$
16,626,000
 
   
$
12,491,000
 
   
  
 
 
 
   
 
 
 
     
 
 
 
   
 
 
 
   
(a)
Represents the Credit Facility of Blackstone, through the Issuer. Interest on the borrowings is based on an adjusted Secured Overnight Finance Rate (“SOFR”) or alternate base rate, in each case plus a margin, and undrawn commitments bear a commitment fee
 

 
of 0.06%. The margin above adjusted SOFR used to calculate interest on borrowings was 0.75% plus an additional credit spread adjustment of 0.10% to account for the difference between London Interbank Offered Rate (“LIBOR”) and SOFR. The margin is subject to change based on Blackstone’s credit rating. Borrowings may also be made in U.K. sterling, euros, Swiss francs, Japanese yen or Canadian dollars, in each case subject to certain sub-limits. The Credit Facility contains customary representations, covenants and events of default. Financial covenants consist of a maximum net leverage ratio and a requirement to keep a minimum amount of fee-earning assets under management, each tested quarterly. As of December 31, 2023 and 2022, Blackstone had outstanding but undrawn letters of credit against the Credit Facility of $40.3 million and $11.2 million, respectively. The amount Blackstone can draw from the Credit Facility is reduced by the undrawn letters of credit, however the Credit Available presented herein is not reduced by the undrawn letters of credit.
(b)
The Issuer has issued long-term borrowings in the form of senior notes (the “Notes”). The Notes are unsecured and unsubordinated obligations of the Issuer. The Notes are fully and unconditionally guaranteed, jointly and severally, by Blackstone, the Guarantors and the Issuer. The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to the issuance of the Notes have been deducted from the Note liability and are being amortized over the life of the Notes. The indentures include covenants, including limitations on the Issuer’s and the Guarantors’ ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The indentures also provide for events of default and further provide that the trustee or the holders of not less than 25% in aggregate principal amount of the outstanding Notes may declare the Notes immediately due and payable upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the Notes and any accrued and unpaid interest on the Notes automatically become due and payable. All or a portion of the Notes may be redeemed at the Issuer’s option in whole or in part, at any time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the Notes. If a change of control repurchase event occurs, the holders of the Notes may require the Issuer to repurchase the Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of the Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of repurchase.
(c)
Principal on the Secured Borrowings will be paid over the term with repayment amounts dependent on the performance of the underlying assets securing each borrowing. Repayment amounts from the underlying assets are restricted to solely satisfy the Secured Borrowings obligations. As of December 31, 2023, the fair value of the assets securing both Secured Borrowings equaled $49.0 million.
(d)
Represents borrowing facilities for the various consolidated Blackstone Funds used to meet liquidity and investing needs. Certain borrowings under these facilities were used for bridge financing and general liquidity purposes. Other borrowings were used to finance the purchase of investments with the borrowing remaining in place until the disposition or refinancing event. Such borrowings have varying maturities and may be rolled over until the disposition or refinancing event. Because the timing of such events is unknown and may occur in the near term, these borrowings are considered short-term in nature. Borrowings bear interest at spreads to market rates or at stated fixed rates that can vary over the borrowing term. Interest may be subject to the performance of the asset and therefore, the stated interest rate and effective interest rate may differ. Borrowings were secured according to the terms of each facility and are generally secured by the investment purchased with the proceeds of the borrowing and/or the uncalled capital commitment of each respective fund. Certain facilities have commitment fees. When a fund borrows, the proceeds are available only for use by that fund and are not available for the benefit of other funds. Collateral within each fund is also available only against the borrowings by that fund and not against the borrowings of other funds. These funds have been deconsolidated as of December 31, 2023.
(e)
CLO Notes Payable have maturity dates ranging from June 2025 to January 2037. A portion of the borrowing outstanding is comprised of subordinated notes which do not have contractual interest rates but instead pay distributions from the excess cash flows of the CLO vehicles.
 

 
The following table presents the general characteristics of each of Blackstone’s notes, as well as their carrying value and fair value. The borrowings are included in Loans Payable within the 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.
 
 
                  
                  
                  
                  
 
  
December 31,
 
  
2023
  
2022
Description
  
Carrying

Value
  
Fair Value
  
Carrying

Value
  
Fair Value
Blackstone Operating Borrowings
  
  
  
  
Senior Notes (a)
            
4.750%, Due 2/15/2023
   
$
—
 
   
$
—
 
   
$
399,838
 
   
$
399,776
 
2.000%, Due 5/19/2025
   
 
336,005
 
   
 
324,778
 
   
 
325,292
 
   
 
305,754
 
1.000%, Due 10/5/2026
   
 
664,085
 
   
 
620,864
 
   
 
642,968
 
   
 
568,525
 
3.150%, Due 10/2/2027
   
 
298,476
 
   
 
283,059
 
   
 
298,101
 
   
 
271,284
 
5.900%, Due 11/3/2027
   
 
595,411
 
   
 
625,158
 
   
 
594,381
 
   
 
606,450
 
1.625%, Due 8/5/2028
   
 
645,406
 
   
 
566,508
 
   
 
644,456
 
   
 
530,933
 
1.500%, Due 4/10/2029
   
 
666,655
 
   
 
601,272
 
   
 
645,819
 
   
 
532,043
 
2.500%, Due 1/10/2030
   
 
493,573
 
   
 
431,005
 
   
 
492,604
 
   
 
405,965
 
1.600%, Due 3/30/2031
   
 
496,447
 
   
 
391,955
 
   
 
495,990
 
   
 
365,380
 
2.000%, Due 1/30/2032
   
 
789,283
 
   
 
633,153
 
   
 
788,082
 
   
 
589,407
 
2.550%, Due 3/30/2032
   
 
495,670
 
   
 
410,755
 
   
 
495,207
 
   
 
390,370
 
6.200%, Due 4/22/2033
   
 
891,899
 
   
 
962,037
 
   
 
891,277
 
   
 
907,965
 
3.500%, Due 6/1/2034
   
 
521,549
 
   
 
536,319
 
   
 
504,695
 
   
 
452,934
 
6.250%, Due 8/15/2042
   
 
239,457
 
   
 
263,270
 
   
 
239,176
 
   
 
251,480
 
5.000%, Due 6/15/2044
   
 
489,975
 
   
 
464,560
 
   
 
489,704
 
   
 
441,355
 
4.450%, Due 7/15/2045
   
 
344,691
 
   
 
297,486
 
   
 
344,549
 
   
 
287,242
 
4.000%, Due 10/2/2047
   
 
291,149
 
   
 
233,685
 
   
 
290,935
 
   
 
227,946
 
3.500%, Due 9/10/2049
   
 
392,436
 
   
 
294,608
 
   
 
392,259
 
   
 
275,588
 
2.800%, Due 9/30/2050
   
 
394,103
 
   
 
252,008
 
   
 
393,958
 
   
 
237,552
 
2.850%, Due 8/5/2051
   
 
543,317
 
   
 
352,457
 
   
 
543,162
 
   
 
323,527
 
3.200%, Due 1/30/2052
   
 
987,401
 
   
 
696,740
 
   
 
987,131
 
   
 
646,880
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
 
10,576,988
 
   
 
9,241,677
 
   
 
10,899,584
 
   
 
9,018,356
 
Other
            
Secured Borrowing, Due 10/27/2033
   
 
19,949
 
   
 
19,949
 
   
 
—
 
   
 
—
 
Secured Borrowing, Due 1/29/2035
   
 
20,000
 
   
 
20,000
 
   
 
—
 
   
 
—
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
 
10,616,937
 
   
 
9,281,626
 
   
 
10,899,584
 
   
 
9,018,356
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Borrowings of Consolidated Blackstone Funds
            
Blackstone Fund Facilities
   
 
—
 
   
 
—
 
   
 
1,450,000
 
   
 
1,450,000
 
CLO Notes Payable
   
 
687,122
 
   
 
687,122
 
   
 
—
 
   
 
—
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
 
687,122
 
   
 
687,122
 
   
 
1,450,000
 
   
 
1,450,000
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
11,304,059
 
   
$
9,968,748
 
   
$
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.
 

Scheduled principal payments for borrowings at December 31, 2023 were as follows:
 
                                                        
    
Blackstone
Operating
Borrowings
   
Borrowings of
Consolidated
Blackstone Funds
   
Total
Borrowings
2024
   
$
17
 
   
$
—
 
   
$
17
 
2025
   
 
339,393
 
   
 
—
 
   
 
339,393
 
2026
   
 
668,387
 
   
 
—
 
   
 
668,387
 
2027
   
 
911,572
 
   
 
—
 
   
 
911,572
 
2028
   
 
664,090
 
   
 
—
 
   
 
664,090
 
Thereafter
   
 
8,164,290
 
   
 
858,133
 
   
 
9,022,423
 
  
 
 
 
   
 
 
 
   
 
 
 
  
$
10,747,749
 
   
$
858,133
 
   
$
11,605,882
 
  
 
 
 
   
 
 
 
   
 
 
 
v3.24.0.1
Leases
 12 Months Ended
Dec. 31, 2023
Leases
14. Leases
Blackstone enters into non-cancelable lease and sublease agreements primarily for office space, which expire on various dates through 2043. Occupancy lease agreements, in addition to base rentals, generally are subject to escalation provisions based on certain costs incurred by the landlord, and are recognized on a straight-line basis over the term of the lease agreement. Rent expense includes base contractual rent and variable costs such as building expenses, utilities, taxes and insurance. At December 31, 2023 and 2022, Blackstone maintained irrevocable standby letters of credit and cash deposits as security for the leases of $14.7 million and $12.3 million, respectively. As of December 31, 2023, the weighted-average remaining lease term was 6.0 years, and the weighted-average discount rate was 1.8%.
The components of lease expense were as follows:


                  
                  
                  
 
  
Year Ended December 31,
 
  
2023
  
2022
  
2021
Operating Lease Cost
         
Straight-Line Lease Cost (a)
   
$
160,534
 
   
$
139,740
 
   
$
115,875
 
Variable Lease Cost (b)
   
 
15,268
 
   
 
12,072
 
   
 
10,959
 
Sublease Income
   
 
(63
)
   
 
(888
) 
   
 
(1,695
) 
  
 
 
 
   
 
 
 
   
 
 
 
  
$
175,739
 
   
$
150,924
 
   
$
125,139
 
  
 
 
 
   
 
 
 
   
 
 
 
 
(a)
Straight-line lease cost includes short-term leases, which are immaterial.
(b)
Variable lease cost approximates variable lease cash payments.
Supplemental cash flow information related to leases were as follows:
 
                                                        
    
Year Ended December 31,
    
2023
   
2022
   
2021
Operating Cash Flows for Operating Lease Liabilities
   
$
127,183
 
   
$
107,249
 
   
$
96,007
 
Non-Cash Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities
   
$
117,155
 
   
$
278,010
 
   
$
352,298
 
 

 
The following table shows the undiscounted cash flows on an annual basis for Operating Lease Liabilities as of December 31, 2023:
 
                  
2024
   
$
163,003
 
2025
   
 
180,732
 
2026
   
 
179,046
 
2027
   
 
175,916
 
2028
   
 
169,824
 
Thereafter
   
 
180,540
 
  
 
 
 
Total Lease Payments (a)
   
 
1,049,061
 
Less: Imputed Interest
   
 
(59,238
) 
  
 
 
 
Present Value of Operating Lease Liabilities
   
$
989,823
 
  
 
 
 
(a)
Excludes signed leases that have not yet commenced.
v3.24.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Taxes
15. Income Taxes
The Income Before Provision for Taxes consists of the following:
 
                                                              
    
Year Ended December 31,
    
2023
   
2022
   
2021
Income Before Provision (Benefit) for Taxes
         
U.S. Domestic Income
   
$
2,577,184
 
   
$
3,023,588
 
   
$
13,275,132
 
Foreign Income
   
 
380,530
 
   
 
438,201
 
   
 
284,264
 
  
 
 
 
   
 
 
 
   
 
 
 
  
$
2,957,714
 
   
$
3,461,789
 
   
$
13,559,396
 
  
 
 
 
   
 
 
 
   
 
 
 
The Provision for Taxes consists of the following:
 
                                                              
    
Year Ended December 31,
    
2023
   
2022
   
2021
Current
         
Federal Income Tax
   
$
362,144
 
   
$
503,075
 
   
$
507,648
 
Foreign Income Tax
   
 
112,861
 
   
 
75,859
 
   
 
55,376
 
State and Local Income Tax
   
 
186,851
 
   
 
255,421
 
   
 
156,735
 
  
 
 
 
   
 
 
 
   
 
 
 
  
 
661,856
 
   
 
834,355
 
   
 
719,759
 
  
 
 
 
   
 
 
 
   
 
 
 
Deferred
         
Federal Income Tax
   
 
(94,732
) 
   
 
(312,961
) 
   
 
373,223
 
Foreign Income Tax
   
 
(7,020
) 
   
 
(3,048
) 
   
 
(2,654
) 
State and Local Income Tax
   
 
(46,643
) 
   
 
(45,466
) 
   
 
94,073
 
  
 
 
 
   
 
 
 
   
 
 
 
  
 
(148,395
) 
   
 
(361,475
) 
   
 
464,642
 
  
 
 
 
   
 
 
 
   
 
 
 
Provision for Taxes
   
$
 513,461
 
   
$
 472,880
 
   
$
 1,184,401
 
  
 
 
 
   
 
 
 
   
 
 
 
 

 
The following table summarizes Blackstone’s tax position:
 
                                                              
    
Year Ended December 31,
    
2023
  
2022
  
2021
Income Before Provision for Taxes
   
$
2,957,714
 
  
$
3,461,789
 
  
$
13,559,396
 
Provision for Taxes
   
$
513,461
 
  
$
472,880
 
  
$
1,184,401
 
Effective Income Tax Rate
   
 
17.4
% 
  
 
13.7
% 
  
 
8.7
% 
The following table reconciles the effective income tax rate to the U.S. federal statutory tax rate:
 
                                                                                              
                
2023
  
2022
    
Year Ended December 31,
  
vs.
  
vs.
    
2023
  
2022
  
2021
  
2022
  
2021
Statutory U.S. Federal Income Tax Rate
   
 
21.0
% 
  
 
21.0
% 
  
 
21.0
% 
  
 
—
 
  
 
—
 
Income Passed Through to Non-Controlling Interest Holders
   
 
-8.2
% 
  
 
-8.1
% 
  
 
-10.2
% 
  
 
-0.1
% 
  
 
2.1
% 
State and Local Income Taxes
   
 
4.3
% 
  
 
6.0
% 
  
 
2.1
% 
  
 
-1.7
% 
  
 
3.9
% 
Change in Valuation Allowance
   
 
—
 
  
 
—
 
  
 
-4.1
% 
  
 
—
 
  
 
4.1
% 
Basis Adjustment (a)
   
 
—
 
  
 
-4.6
% 
  
 
—
 
  
 
4.6
% 
  
 
-4.6
% 
Other
   
 
0.3
% 
  
 
-0.6
% 
  
 
-0.1
% 
  
 
0.9
% 
  
 
-0.5
% 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Effective Income Tax Rate
   
 
17.4
% 
  
 
13.7
% 
  
 
8.7
% 
  
 
3.7
% 
  
 
5.0
% 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
(a)
Represents the impact of the out-of-period adjustment made during the year ended December 31, 2022 to revise the book investment basis used to calculate deferred tax assets and the deferred tax provision.
Deferred income taxes reflect the net tax effects of temporary differences that may exist between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes using enacted tax rates in effect for the year in which the differences are expected to reverse. A summary of the tax effects of the temporary differences is as follows:
 
                                     
    
December 31,
    
2023
   
2022
Deferred Tax Assets
      
Investment Basis Differences/Net Unrealized Gains and Losses
   
$
2,210,974
 
   
$
2,031,002
 
Other
   
 
120,420
 
   
 
31,720
 
  
 
 
 
   
 
 
 
Total Deferred Tax Assets
   
 
2,331,394
 
   
 
2,062,722
 
  
 
 
 
   
 
 
 
Deferred Tax Liabilities
      
Investment Basis Differences/Net Unrealized Gains and Losses
   
 
18,333
 
   
 
15,409
 
Other
   
 
2,163
 
   
 
31,498
 
  
 
 
 
   
 
 
 
Total Deferred Tax Liabilities
   
 
20,496
 
   
 
46,907
 
  
 
 
 
   
 
 
 
Net Deferred Tax Assets
   
$
2,310,898
 
   
$
2,015,815
 
  
 
 
 
   
 
 
 
The net increase in the deferred tax asset for the year ended December 31, 2023, compared to the year ended December 31, 2022, is primarily due to recognition of additional tax basis in certain assets and recording corresponding deferred tax benefits related to quarterly exchanges of Blackstone Holdings Partnership units for common shares of Blackstone Inc. Realization of deferred tax assets depends on the expectation and character of future taxable income. In addition, Blackstone has no significant net operating losses carryforward at December 31, 2023.
 

 
In evaluating the ability to realize deferred tax assets, Blackstone among other things, considers projections of taxable income (including character of such income), beginning with historic results and incorporating assumptions of the amount of future pretax operating income. These assumptions about future taxable income require significant judgment and are consistent with the plans and estimates that Blackstone uses to manage its business. To the extent any portion of the deferred tax assets are not considered to be more likely than not to be realized, valuation allowances are recorded.
Currently, Blackstone does not believe it meets the indefinite reversal criteria that would preclude Blackstone from recognizing a deferred tax liability with respect to its foreign subsidiaries. Therefore, if applicable Blackstone recorded a deferred tax liability for any outside basis difference of an investment in a foreign subsidiary.
Blackstone files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, Blackstone is subject to examination by federal and certain state, local and foreign tax authorities. As of December 31, 2023, the most material jurisdictions where Blackstone entities are under active examination are New York State and City. The following are the major filing jurisdictions and their respective earliest open period subject to examination:
 
                  
Jurisdiction
   
Year
Federal
   
 
2020
 
New York City
   
 
2009
 
New York State
   
 
2016
 
United Kingdom
   
 
2011
 
Blackstone’s unrecognized tax benefits, excluding related interest and penalties, were:
 
                                                        
    
December 31,
    
2023
   
2022
   
2021
Unrecognized Tax Benefits — January 1
   
$
153,624
 
   
$
47,501
 
   
$
32,933
 
Additions Based on Tax Positions Related to Current Year
   
 
19,807
 
   
 
—
 
   
 
—
 
Reductions for Tax Positions of Current Year
   
 
(19,737
) 
   
 
—
 
   
 
—
 
Additions for Tax Positions of Prior Years
   
 
57,081
 
   
 
106,059
 
   
 
14,557
 
Exchange Rate Fluctuations
   
 
3
 
   
 
64
 
   
 
11
 
  
 
 
 
   
 
 
 
   
 
 
 
Unrecognized Tax Benefits — December 31
   
$
210,778
 
   
$
153,624
 
   
$
47,501
 
  
 
 
 
   
 
 
 
   
 
 
 
If recognized, the above tax benefits would reduce the annual effective rate. Blackstone believes the liability established for unrecognized tax benefits is adequate in relation to the potential for additional assessments. It is reasonably possible that significant changes in the balance of unrecognized tax benefits may occur during the twelve months subsequent to December 31, 2023; however, it is not possible to estimate the expected change to the total unrecognized tax benefits and its impact on Blackstone’s effective tax rate during the twelve months subsequent to December 31, 2023.
The unrecognized tax benefits are recorded in Accounts Payable, Accrued Expenses and Other Liabilities in the Consolidated Statements of Financial Condition.
During the years ended December 31, 2023, 2022 and 2021, Blackstone accrued no penalties and accrued interest expense related to unrecognized tax benefits of $22.8 million, $32.6 million and $1.5 million, respectively.
 

 
Other Income — Change in Tax Receivable Agreement Liability
In 2023 and 2022, the $(27.2) million and $22.3 million, respectively, Change in Tax Receivable Agreement Liability was primarily attributable to a change in our state tax apportionment.
v3.24.0.1
Earnings Per Share and Stockholders' Equity
 12 Months Ended
Dec. 31, 2023
Earnings Per Share and Stockholders' Equity
16. Earnings Per Share and Stockholders’ Equity
Earnings Per Share
Basic and diluted net income per share of common stock for the years ended December 31, 2023, 2022 and 2021 was calculated as follows:
 
                                                        
    
Year Ended December 31,
    
2023
   
2022
   
2021
Net Income for Per Share of Common Stock Calculations
         
Net Income Attributable to Blackstone Inc., Basic and Diluted
   
$
1,390,880
 
   
$
1,747,631
 
   
$
5,857,397
 
  
 
 
 
   
 
 
 
   
 
 
 
Shares/Units Outstanding
         
Weighted-Average Shares of Common Stock Outstanding, Basic
   
 
755,204,556
 
   
 
740,664,038
 
   
 
719,766,879
 
Weighted-Average Shares of Unvested Deferred Restricted Common Stock (a)
   
 
215,380
 
   
 
278,361
 
   
 
358,164
 
  
 
 
 
   
 
 
 
   
 
 
 
Weighted-Average Shares of Common Stock Outstanding, Diluted
   
 
755,419,936
 
   
 
740,942,399
 
   
 
720,125,043
 
  
 
 
 
   
 
 
 
   
 
 
 
Net Income Per Share of Common Stock
         
Basic
   
$
1.84
 
   
$
2.36
 
   
$
8.14
 
  
 
 
 
   
 
 
 
   
 
 
 
Diluted
   
$
1.84
 
   
$
2.36
 
   
$
8.13
 
  
 
 
 
   
 
 
 
   
 
 
 
Dividends Declared Per Share of Common Stock (b)
   
$
3.32
 
   
$
4.94
 
   
$
3.57
 
  
 
 
 
   
 
 
 
   
 
 
 
 
(a)
For the year ended December 31, 2023, this includes shares to be issued under the contingently issuable share model for an acquisition-related compensation arrangement.
(b)
Dividends declared reflects the calendar date of the declaration for each distribution. The fourth quarter dividends, if any, for any fiscal year will be declared and paid in the subsequent fiscal year.
In computing the dilutive effect that the exchange of Blackstone Holdings Partnership Units would have on Net Income Per Share of Common Stock, Blackstone considered that net income available to holders of shares of common stock would increase due to the elimination of non-controlling interests in Blackstone Holdings, inclusive of any tax impact. The hypothetical conversion may be dilutive to the extent there is activity at Blackstone Inc. level that has not previously been attributed to the non-controlling interests or if there is a change in tax rate as a result of a hypothetical conversion.
The following table summarizes the anti-dilutive securities for the periods indicated:
 
                                                        
    
Year Ended December 31,
    
2023
   
2022
   
2021
Weighted-Average Blackstone Holdings Partnership Units
   
 
  460,897,953
 
   
 
  466,083,269
 
   
 
  486,157,205
 
Stockholders’ Equity
As of December 31, 2023,
Blackstone had 
10 billion shares of preferred stock authorized with a par value of $0.00001
 per share
,
 of which (a) 999,999,000 shares are designated as Series I preferred stock and (b) 1,000 shares are designated as Series II preferred stock. The remaining nine billion shares may be designated from time to time in accordance with Blackstone’s certificate of incorporation. There was one share of Series I preferred stock and one share of Series II preferred stock issued and outstanding as of December 31, 2023.
 

 
Under
Blackstone’s certificate of incorporation and Delaware law, holders of Blackstone’s common stock are entitled to vote, together with holders of Blackstone’s Series I preferred stock, voting as a single class, on a number of significant matters, including certain sales, exchanges or other dispositions of all or substantially all of Blackstone’s assets, a merger, consolidation or other business combination, the removal of the Series II Preferred Stockholder and forced transfer by the Series II Preferred Stockholder of its shares of Series II preferred stock and the designation of a successor Series II Preferred Stockholder. The Series II Preferred Stockholder elects Blackstone’s directors. Holders of Blackstone’s Series I preferred stock and Series II preferred stock are not entitled to dividends from Blackstone, or receipt of any of Blackstone’s assets in the event of any dissolution, liquidation or winding up. Blackstone Partners L.L.C. is the sole holder of the Series I preferred stock and Blackstone Group Management L.L.C. is the sole holder of the Series II preferred stock.
Share Repurchase Program
On December 7, 2021, Blackstone’s board of directors authorized the repurchase of up to $2.0 billion of common stock and Blackstone Holdings Partnership Units. Under the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual numbers repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or discontinued at any time and does not have a specified expiration date.
During the year ended December 31, 2021, Blackstone repurchased 10.3 million shares of common stock at a total cost of $1.2 billion. During the year ended December 31, 2022, Blackstone repurchased 3.9 million shares of common stock at a total cost of $392.0 million. During the year ended December 31, 2023, Blackstone repurchased 3.7 million shares of common stock at a total cost of $351.3 million. As of December 31, 2023, the amount remaining available for repurchases under the program was $756.8 million.
Shares Eligible for Dividends and Distributions
As of December 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
   
 
719,358,114
 
Unvested Participating Common Stock
   
 
38,680,985
 
  
 
 
 
Total Participating Common Stock
   
 
758,039,099
 
Participating Blackstone Holdings Partnership Units
   
 
458,544,363
 
  
 
 
 
  
 
1,216,583,462
 
  
 
 
 
v3.24.0.1
Equity-Based Compensation
 12 Months Ended
Dec. 31, 2023
Equity-Based Compensation
17.
Equity-Based Compensation
Blackstone has granted equity-based compensation awards to Blackstone’s senior managing directors, non-partner professionals, non-professionals and selected external advisers under Blackstone’s Amended and Restated 2007 Equity Incentive Plan (the “Equity Plan”). The Equity Plan allows for the granting of options, share appreciation rights or other share-based awards (shares, restricted shares, restricted shares of common stock, deferred restricted shares of common stock, phantom restricted shares of common stock or other share-based awards based in whole or in part on the fair value of shares of common stock or Blackstone Holdings Partnership Units) which may contain certain service or performance requirements. As of January 1, 2023, Blackstone had the ability to grant 172,161,191 shares under the Equity Plan.
 

 
For the years ended December 31, 2023, 2022 and 2021 Blackstone recorded compensation expense of $987.5 million, $846.3 million, and $637.4 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $183.4 million, $135.9 million, and $84.3 million, respectively.
As of December 31, 2023, there was $2.3 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 3.4 years.
Total vested and unvested outstanding shares, including common stock, Blackstone Holdings Partnership Units and deferred restricted shares of common stock, were 1,216,569,512 as of December 31, 2023. Total outstanding phantom shares were 91,648 as of December 31, 2023.
A summary of the status of Blackstone’s unvested equity-based awards as of December 31, 2023 and of changes during the period January 1, 2023 through December 31, 2023 is presented below:
 
                                                                                                                 
    
Blackstone Holdings
   
Blackstone Inc.
             
Equity Settled Awards
   
Cash Settled Awards
Unvested Shares/Units
   
Partnership
Units
  
Weighted-
Average
Grant
Date Fair
Value
   
Deferred
Restricted
Shares of
Common
Stock
  
Weighted-
Average
Grant
Date Fair
Value
   
Phantom
Shares
  
Weighted-
Average
Grant
Date Fair
Value
Balance, December 31, 2022
   
 
11,029,996
 
  
$
38.02
 
   
 
31,001,563
 
  
$
82.94
 
   
 
48,886
 
  
$
85.04
 
Granted
   
 
209,498
 
  
 
33.73
 
   
 
15,590,890
 
  
 
85.21
 
   
 
69,267
 
  
 
93.20
 
Vested
   
 
(6,305,456
) 
  
 
37.25
 
   
 
(9,179,271
) 
  
 
74.20
 
   
 
(13,840
) 
  
 
103.38
 
Forfeited
   
 
(348,145
) 
  
 
38.30
 
   
 
(956,538
) 
  
 
87.22
 
   
 
(18,866
) 
  
 
68.63
 
  
 
 
 
     
 
 
 
     
 
 
 
  
Balance, December 31, 2023
   
 
4,585,893
 
  
$
38.94
 
   
 
36,456,644
 
  
$
86.05
 
   
 
85,447
 
  
$
114.50
 
  
 
 
 
     
 
 
 
     
 
 
 
  
Shares/Units Expected to Vest
The following unvested shares and units, after expected forfeitures, as of December 31, 2023, are expected to vest:
 
                                     
    
Shares/Units
   
Weighted-Average

Service Period in
Years
Blackstone Holdings Partnership Units
   
 
4,646,877
 
   
0.8
Deferred Restricted Shares of Common Stock
   
 
32,671,159
 
   
2.9
  
 
 
 
   
 
Total Equity-Based Awards
   
 
37,318,036
 
   
2.6
  
 
 
 
   
 
Phantom Shares
   
 
71,674
 
   
3.0
  
 
 
 
   
 
Deferred Restricted Shares of Common Stock and Phantom Shares
Blackstone has granted deferred restricted shares of common stock to certain senior and non-senior managing director professionals, analysts and senior finance and administrative personnel and selected external advisers and phantom shares (cash settled equity-based awards) to other senior and non-senior managing director employees. Holders of deferred restricted shares of common stock and phantom shares are not entitled to any voting rights. Only phantom shares are to be settled in cash. Deferred restricted shares of common stock where the number of shares have not been set are liability classified and excluded from the above tables.
 
 
The fair values of deferred restricted shares of common stock have been derived based on the closing price of common stock on the date of the grant, multiplied by the number of unvested awards and expensed over the assumed service period, which ranges from 1 to 5 years. Additionally, the calculation of the compensation expense assumes forfeiture rates based on historical turnover rates, ranging from 1.0% to 13.0% annually by employee class, and a per share discount, ranging from $1.46 to $21.53.
The phantom shares vest over the assumed service period, which ranges from 1 to 5 years. On each such vesting date, Blackstone delivered or will deliver cash to the holder in an amount equal to the number of phantom shares held multiplied by the then fair market value of Blackstone’s common stock on such date. Additionally, the calculation of the compensation expense assumes a forfeiture rate based on historical turnover rates, ranging from 6.7% to 13.0% annually by employee class. Blackstone is accounting for these cash settled awards as a liability.
Blackstone paid $1.7 million, $0.6 million and $1.1 million to employees in settlement of phantom shares for the years ended December 31, 2023, 2022 and 2021, respectively.
Performance-Based Compensation
During the year ended December 31, 2021, Blackstone issued performance-based compensation, the dollar value of which is based on the future achievement of established business performance conditions. The number of vested shares of common stock to be issued is variable based on the 30-day volume weighted-average price at the end of the performance period. Due to the nature of settlement, the performance-based compensation is classified as a liability. Compensation expense is recognized over the performance period based upon the probable outcome of the performance condition. Due to the variable share settlement, the tables above exclude the impact of this performance-based compensation, as the number of shares to be issued is based on the probability of achieving the performance condition and not yet set.
Blackstone Holdings Partnership Units
Blackstone has granted deferred restricted Blackstone Holdings Partnership Units to certain current and former senior managing directors. Holders of deferred restricted Blackstone Holdings Partnership Units are not entitled to any voting rights.
The fair values of deferred restricted Blackstone Holdings Partnership Units have been derived based on the closing price of Blackstone’s common units on the date of the grant, multiplied by the number of unvested awards and expensed over the assumed service period, which ranges from 1 to 2 years. Additionally, the calculation of the compensation expense assumes a forfeiture rate of 6.7%, based on historical experience.
v3.24.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2023
Related Party Transactions
18. Related Party Transactions
Affiliate Receivables and Payables
Due from Affiliates and Due to Affiliates consisted of the following:
 
                                     
    
December 31,
    
2023
   
2022
Due from Affiliates
      
Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated Entities and Portfolio Companies
   
$
3,638,948
 
   
$
3,344,813
 
Due from Certain Non-Controlling Interest Holders and Blackstone Employees
   
 
720,743
 
   
 
741,319
 
Accrual for Potential Clawback of Previously Distributed Performance Allocations
   
 
106,830
 
   
 
60,575
 
  
 
 
 
   
 
 
 
  
$
4,466,521
 
   
$
4,146,707
 
  
 
 
 
   
 
 
 
 
                                     
    
December 31,
    
2023
   
2022
Due to Affiliates
      
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements
   
$
1,681,516
 
   
$
1,602,933
 
Due to Non-Consolidated Entities
   
 
124,560
 
   
 
157,982
 
Due to Certain Non-Controlling Interest Holders and Blackstone Employees
   
 
305,816
 
   
 
198,875
 
Accrual for Potential Repayment of Previously Received Performance Allocations
   
 
281,518
 
   
 
158,691
 
  
 
 
 
   
 
 
 
  
$
2,393,410
 
   
$
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 December 31, 2023 and 2022, such investments aggregated $1.7 billion and $1.6 billion, respectively. Their share of the Net Income Attributable to Redeemable Non-Controlling and Non-Controlling Interests in Consolidated Entities aggregated $87.8 million, $10.9 million and $471.5 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Contingent Repayment Guarantee
Blackstone and its personnel who have received Performance Allocation distributions have guaranteed payment on a several basis (subject to a cap) to the carry funds of any clawback obligation with respect to the excess Performance Allocation allocated to the general partners of such funds and indirectly received thereby to the extent that either Blackstone or its personnel fails to fulfill its clawback obligation, if any. The Accrual for Potential Repayment of Previously Received Performance Allocations represents amounts previously paid to Blackstone Holdings and non-controlling interest holders that would need to be repaid to the Blackstone Funds if the carry funds were to be liquidated based on the fair value of their underlying investments as of December 31, 2023. See Note 19. “Commitments and Contingencies — Contingencies — Contingent Obligations (Clawback).”
 

 
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 basis. The purchase and subsequent exchanges are expected to result in increases in the tax basis of the tangible and intangible assets of Blackstone Holdings and therefore reduce the amount of tax that Blackstone would otherwise be required to pay in the future.
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 no future material changes in the relevant tax law and that the corporate taxpayers earn sufficient taxable income to realize the full tax benefit of the increased amortization of the assets, the expected future payments under the tax receivable agreements (which are taxable to the recipients) will aggregate $1.7 billion over the next 15 years. The after-tax net present value of these estimated payments totals $522.6 million assuming a 15% discount rate and using Blackstone’s most recent projections relating to the estimated timing of the benefit to be received. Future payments under the tax receivable agreements in respect of subsequent exchanges would be in addition to these amounts. The payments under the tax receivable agreements are not conditioned upon continued ownership of Blackstone equity interests by the pre-IPO owners and the others mentioned above. Subsequent to December 31, 2023, payments totaling $92.4 million were made to certain pre-IPO owners and others mentioned above in accordance with the tax receivable agreement and related to tax benefits Blackstone received for the 2022 taxable year.
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 Interest Holders in the Supplemental Disclosure of Non-Cash Investing and Financing Activities in the Consolidated Statements of Cash Flows.
Other
Blackstone does business with and on behalf of some of its Portfolio Companies; all such arrangements are on a negotiated basis.
Additionally, please see Note 19. “Commitments and Contingencies — Contingencies — Guarantees” for information regarding guarantees provided to a lending institution for certain loans held by employees.
 
v3.24.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies
19. Commitments and Contingencies
Commitments
Investment Commitments
Blackstone had $5.0 billion of investment commitments as of December 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 $364.4 million as of December 31, 2023 which includes $210.6 million of signed investment commitments for portfolio company acquisitions in the process of closing.
Regulated Entities
Certain U.S. and non-U.S. entities are subject to various investment adviser and other financial regulatory rules and requirements that may include minimum net capital requirements. These entities have continuously operated in excess of these requirements. This includes a number of U.S. entities that are registered as investment advisers with the SEC.
These regulatory capital requirements may restrict Blackstone’s ability to withdraw capital from its entities. At December 31, 2023, $106.6 million of net assets of consolidated entities may be restricted as to the payment of cash dividends and advances to Blackstone.
Contingencies
Guarantees
Certain of Blackstone’s consolidated real estate funds guarantee payments to third parties in connection with the 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 $27.9 million as of December 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 December 31, 2023 was $79.8 million.
 

 
Strategic Venture
In December 2022 and January 2023, Blackstone entered into
long‐te
rm
strategic ventures
(“UC strategic ventures”) 
with the Regents of the University of California (“UC Investments”), an institutional investor that subscribed for $4.5 billion of Blackstone Real Estate Income Trust, Inc. (“BREIT”) Class I shares during the three months ended March 31, 2023.
The UC strategic ventures provide
 a waterfall structure with UC Investments receiving an 11.25% target annualized net return on its $4.5 billion investment in BREIT shares and upside from its investment. This target return, while not guaranteed, is supported by a pledge by Blackstone of $1.1 billion of its holdings in BREIT as of the subscription dates, including any appreciation or dividends received by Blackstone in respect thereof. Pursuant to the
 
UC 
strategic
ventures
, Blackstone is entitled to receive an incremental 5% cash payment from UC Investments on any returns received in excess of the target return. An asset or liability is recognized based on fair value with the maximum potential future obligation capped at the fair value of the assets pledged by Blackstone in connection with the above arrangements. As of December 31, 2023, the fair value of the assets pledged was $1.1 billion and the total liability recognized was $564.0 million.
Litigation
Blackstone may from time to time be involved in litigation and claims incidental to the conduct of its business. Blackstone’s businesses are also subject to extensive regulation, which may result in regulatory proceedings against Blackstone.
Blackstone accrues a liability for legal proceedings only when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. Although there can be no assurance of the outcome of such legal actions, based on information known by management, Blackstone does not have a potential liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, financial position or cash flows.
In December 2017, 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 of BLP (collectively, the “Blackstone Defendants”). In July 2020, the Kentucky Supreme Court directed the Circuit Court to dismiss the action due to the plaintiffs’ lack of standing.
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. In December 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. In April 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. In July 2023, the AG filed a motion for discretionary review of the Court of Appeals’ decision by the Kentucky Supreme Court, which was denied on January 10, 2024. Additionally, around the time the AG moved to intervene in 2020, the AG separately filed an additional back-up complaint asserting substantially identical claims against largely the same defendants as the Mayberry Action, including Stephen A. Schwarzman, J. Tomilson Hill and Blackstone Inc. (the “July 2020 Action”). The AG did not pursue the July 2020 Action until August 2023,
 

 
when the AG served a substantially identical amended complaint which, in September 2023, the named defendants moved to dismiss. Concurrently, out of an abundance of caution, BLP filed a motion to dismiss and a motion to strike references to BLP as a purported defendant, even though the July 2020 Action, as amended, did not name BLP as a defendant. The AG then added BLP as a party on November 20, 2023, and BLP subsequently filed a motion to dismiss on December 21, 2023. We believe that the July 2020 Action—initiated some nine years after BLP was engaged by KRS—is even more clearly barred by the statute of limitations than the Mayberry Action.
In August 2022, KRS was ordered to disclose, and in September 2022, did disclose, a report prepared in 2021 by a law firm retained by KRS to conduct an investigation into the investment activities underlying the lawsuit. According to the report, the investigators “did not find any violations of fiduciary duty or illegal activity by [BLP]” related to KRS’s due diligence and retention of BLP or KRS’s continued investment with BLP. The report quotes contemporaneous communications by KRS staff during the period of the investment recognizing that BLP was exceeding KRS’s returns benchmark, that BLP was providing KRS with “far fewer negative months than any liquid market comparable,” and that BLP “[h]as killed it.”
In January 2021, certain former plaintiffs in the Mayberry Action filed a separate action (“Taylor I”) against the Blackstone Defendants and other defendants named in the Mayberry Action, asserting allegations substantially similar to those 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 sui
t.
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 and the Court of Appeals affirmed on December 1, 2023. On February 5, 2024, BLP’s petition for rehearing before the Court of Appeals was denied. BLP’s motion for discretionary review of the Court of Appeals’ decision by the Kentucky Supreme Court is due March 6, 2024.
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. In May 2023, the Court of Appeals affirmed the Circuit Court’s dismissal, without prejudice, of BLP’s complaint on ripeness grounds. In August 2023, BLP filed a motion with the Kentucky Supreme Court for discretionary review, which was granted on February 7, 2024.
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 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:
 
                                                                                                                 
    
December 31,
    
2023
   
2022
Segment
   
Blackstone
Holdings
   
Current and
Former
Personnel (a)
   
Total (b)
   
Blackstone
Holdings
   
Current and
Former
Personnel (a)
   
Total (b)
Real Estate
   
$
145,435
 
   
$
90,337
 
   
$
235,772
 
   
$
78,644
 
   
$
51,771
 
   
$
130,415
 
Private Equity
   
 
29,046
 
   
 
16,231
 
   
 
45,277
 
   
 
19,279
 
   
 
8,569
 
   
 
27,848
 
Credit & Insurance
   
 
207
 
   
 
262
 
   
 
469
 
   
 
223
 
   
 
205
 
   
 
428
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
174,688
 
   
$
106,830
 
   
$
281,518
 
   
$
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 18. “Related Party Transactions — Affiliate Receivables and Payables — Due to Affiliates.”
During the year ended December 31, 2023, the Blackstone general partners paid a cash clawback obligation of $14.3 million, primarily related to funds in the Private Equity and Real Estate
segments
of which $9.3 million was paid by Blackstone Holdings and $5.0 million by current and former Blackstone personnel.
For Private Equity, Real Estate, and certain Credit & Insurance Funds, a portion of the Performance Allocations paid to current and former Blackstone personnel is held in segregated accounts in the event of a cash clawback obligation. These segregated accounts are not included in the Consolidated Financial Statements of Blackstone, except to the extent a portion of the assets held in the segregated accounts may be allocated to a consolidated Blackstone fund of hedge funds. At December 31, 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 December 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 $6.4 billion, on an after-tax basis where applicable, of which Blackstone Holdings is potentially liable for $6.0 billion if current and former Blackstone personnel default on their share of the liability, a possibility that management also views as remote.
v3.24.0.1
Segment Reporting
 12 Months Ended
Dec. 31, 2023
Segment Reporting
20. 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 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, an investment platform offering eligible individual investors access to Blackstone’s private equity capabilities, 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 & Insurance, which is organized into three overarching strategies: private corporate credit, liquid corporate credit and infrastructure and asset based credit. In addition, the segment includes our insurer-focused platform and a publicly traded energy infrastructure, renewables and 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 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 and Non-Recurring Items. Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering and non-recurring gains, losses, or other charges, if any. 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, gains or losses associated with these corporate actions and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of Blackstone’s operational performance.

 

 
F
or 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.
Geographic Information
Blackstone conducts its business primarily in the United States with domestically generated revenues making up 70%, 77% and 65% of total GAAP revenues for the years ended December 31, 2023, 2022 and 2021, respectively. The table below presents the percentage of total GAAP revenues generated by Blackstone by geographic region. Revenues attributed to a geographic region are generally based on the geography of investments held by Blackstone and Blackstone Funds. The geography of
an investment
is generally the country of domicile for an asset or where a portfolio company is headquartered.
 
                                                        
    
Year Ended December 31,
    
2023
  
2022
  
2021
Americas
   
 
78
% 
  
 
83
% 
  
 
71
% 
Europe, Middle East and Africa
   
 
15
% 
  
 
15
% 
  
 
18
% 
Asia-Pacific
   
 
7
% 
  
 
2
% 
  
 
11
% 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
100
% 
  
 
100
% 
  
 
100
% 
  
 
 
 
  
 
 
 
  
 
 
 
Blackstone’s long-lived assets are comprised of Right-of-Use Assets and Furniture, Equipment and Leasehold Improvements, Net. As of December 31, 2023 and 2022, Blackstone held long-lived assets in the United States of $1.1 billion and $1.0 billion, respectively. As of December 31, 2023, Blackstone held long-lived assets in the United Kingdom of $141.7 million. No individual foreign country constituted more than 10% of Blackstone’s total long-lived assets as of December 31, 2022.
Major Customer Information
For the year ended December 31, 2023, BREIT accounted for $839.9 million of Blackstone’s Management and Advisory Fees, Net. For the year ended December 31, 2023, Blackstone Private Credit Fund (“BCRED”) accounted for an aggregate of $762.6 million of Management and Advisory Fees, Net and Incentive Fees. For the year ended December 31, 2022, BREIT accounted for $841.3 million of Blackstone’s Management and Advisory Fees, Net. No individual customer constituted more than 10% of Blackstone’s Management and Advisory Fees, Net and Incentive Fees for the year ended December 31, 2021. BREIT and BCRED are vehicles in Blackstone’s Real Estate segment and Credit & Insurance segment, respectively. Generally, for purposes of major customer analysis, Blackstone identifies the customer as the investors in its managed investment vehicles. For certain widely held vehicles like BREIT and BCRED, however, the investment vehicle is determined to be the customer. Blackstone evaluates the major customer disclosure in the context of its revenue streams as determined under the GAAP guidance for contracts with customers which includes Management and Advisory Fees, Net and Incentive Fees.
 

 
Segment Presentation
The following tables present the financial data for Blackstone’s four segments as of December 31, 2023 and 2022, and for the years ended December 31, 2023, 2022 and 2021.
 
                                                                                              
    
December 31, 2023 and the Year Then Ended
    
Real

Estate
  
Private Equity
  
Credit &

Insurance
  
Hedge Fund

Solutions
  
Total Segments
Management and Advisory Fees, Net
           
Base Management Fees
   
$
2,794,232
 
  
$
1,807,906
 
  
$
1,335,408
 
  
$
528,301
 
  
$
6,465,847
 
Transaction, Advisory and Other Fees, Net
   
 
78,483
 
  
 
105,640
 
  
 
44,560
 
  
 
7,209
 
  
 
235,892
 
Management Fee Offsets
   
 
(29,357
) 
  
 
(5,182
) 
  
 
(3,907
) 
  
 
(49
) 
  
 
(38,495
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Management and Advisory Fees, Net
   
 
2,843,358
 
  
 
1,908,364
 
  
 
1,376,061
 
  
 
535,461
 
  
 
6,663,244
 
Fee Related Performance Revenues
   
 
294,240
 
  
 
—
 
  
 
564,287
 
  
 
—
 
  
 
858,527
 
Fee Related Compensation
   
 
(675,880
) 
  
 
(595,669
) 
  
 
(640,190
) 
  
 
(176,371
) 
  
 
(2,088,110
) 
Other Operating Expenses
   
 
(325,050
) 
  
 
(316,741
) 
  
 
(327,734
) 
  
 
(114,808
) 
  
 
(1,084,333
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fee Related Earnings
   
 
2,136,668
 
  
 
995,954
 
  
 
972,424
 
  
 
244,282
 
  
 
4,349,328
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Realized Performance Revenues
   
 
244,358
 
  
 
1,268,483
 
  
 
317,760
 
  
 
230,501
 
  
 
2,061,102
 
Realized Performance Compensation
   
 
(123,299
) 
  
 
(558,645
) 
  
 
(140,490
) 
  
 
(73,583
) 
  
 
(896,017
) 
Realized Principal Investment Income
   
 
7,628
 
  
 
67,133
 
  
 
21,897
 
  
 
14,274
 
  
 
110,932
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Net Realizations
   
 
128,687
 
  
 
776,971
 
  
 
199,167
 
  
 
171,192
 
  
 
1,276,017
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Distributable Earnings
   
$
2,265,355
 
  
$
1,772,925
 
  
$
1,171,591
 
  
$
415,474
 
  
$
5,625,345
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Segment Assets
   
$
13,016,980
 
  
$
13,914,844
 
  
$
6,919,377
 
  
$
2,592,710
 
  
$
36,443,911
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 

 
                  
                  
                  
                  
                  
 
  
December 31, 2022 and the Year Then Ended
 
  
Real

Estate
 
Private Equity
 
Credit &

Insurance
 
Hedge Fund

Solutions
 
Total Segments
Management and Advisory Fees, Net
  
 
 
 
 
Base Management Fees
   
$
2,462,179
 
  
$
1,786,923
 
  
$
1,230,710
 
  
$
565,226
 
  
$
6,045,038
 
Transaction, Advisory and Other Fees, Net
   
 
171,424
 
  
 
97,876
 
  
 
34,624
 
  
 
6,193
 
  
 
310,117
 
Management Fee Offsets
   
 
(10,538
) 
  
 
(56,062
) 
  
 
(5,432
) 
  
 
(177
) 
  
 
(72,209
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Management and Advisory Fees, Net
   
 
2,623,065
 
  
 
1,828,737
 
  
 
1,259,902
 
  
 
571,242
 
  
 
6,282,946
 
Fee Related Performance Revenues
   
 
1,075,424
 
  
 
(648
) 
  
 
374,721
 
  
 
—
 
  
 
1,449,497
 
Fee Related Compensation
   
 
(1,039,125
) 
  
 
(575,194
) 
  
 
(529,784
) 
  
 
(186,672
) 
  
 
(2,330,775
) 
Other Operating Expenses
   
 
(315,331
) 
  
 
(304,177
) 
  
 
(264,181
) 
  
 
(105,334
) 
  
 
(989,023
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fee Related Earnings
   
 
2,344,033
 
  
 
948,718
 
  
 
840,658
 
  
 
279,236
 
  
 
4,412,645
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Realized Performance Revenues
   
 
2,985,713
 
  
 
1,191,028
 
  
 
147,413
 
  
 
137,184
 
  
 
4,461,338
 
Realized Performance Compensation
   
 
(1,168,045
) 
  
 
(544,229
) 
  
 
(63,846
) 
  
 
(37,977
) 
  
 
(1,814,097
) 
Realized Principal Investment Income
   
 
150,790
 
  
 
139,767
 
  
 
80,993
 
  
 
24,706
 
  
 
396,256
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Net Realizations
   
 
1,968,458
 
  
 
786,566
 
  
 
164,560
 
  
 
123,913
 
  
 
3,043,497
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Distributable Earnings
   
$
4,312,491
 
  
$
1,735,284
 
  
$
1,005,218
 
  
$
403,149
 
  
$
7,456,142
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Segment Assets
   
$
14,637,693
 
  
$
14,142,313
 
  
$
6,346,001
 
  
$
2,821,753
 
  
$
37,947,760
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
                                                                                              
    
Year Ended December 31, 2021
    
Real

Estate
  
Private Equity
  
Credit &

Insurance
  
Hedge Fund

Solutions
  
Total Segments
Management and Advisory Fees, Net
           
Base Management Fees
   
$
1,895,412
 
  
$
1,521,273
 
  
$
765,905
 
  
$
636,685
 
  
$
4,819,275
 
Transaction, Advisory and Other Fees, Net
   
 
160,395
 
  
 
174,905
 
  
 
44,868
 
  
 
11,770
 
  
 
391,938
 
Management Fee Offsets
   
 
(3,499
) 
  
 
(33,247
) 
  
 
(6,653
) 
  
 
(572
) 
  
 
(43,971
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Management and Advisory Fees, Net
   
 
2,052,308
 
  
 
1,662,931
 
  
 
804,120
 
  
 
647,883
 
  
 
5,167,242
 
Fee Related Performance Revenues
   
 
1,695,019
 
  
 
212,128
 
  
 
118,097
 
  
 
—
 
  
 
2,025,244
 
Fee Related Compensation
   
 
(1,161,349
) 
  
 
(662,824
) 
  
 
(367,322
) 
  
 
(156,515
) 
  
 
(2,348,010
) 
Other Operating Expenses
   
 
(234,505
) 
  
 
(264,468
) 
  
 
(199,912
) 
  
 
(94,792
) 
  
 
(793,677
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fee Related Earnings
   
 
2,351,473
 
  
 
947,767
 
  
 
354,983
 
  
 
396,576
 
  
 
4,050,799
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Realized Performance Revenues
   
 
1,119,612
 
  
 
2,263,099
 
  
 
209,421
 
  
 
290,980
 
  
 
3,883,112
 
Realized Performance Compensation
   
 
(443,220
) 
  
 
(943,199
) 
  
 
(94,450
) 
  
 
(76,701
) 
  
 
(1,557,570
) 
Realized Principal Investment Income
   
 
196,869
 
  
 
263,368
 
  
 
70,796
 
  
 
56,733
 
  
 
587,766
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Net Realizations
   
 
873,261
 
  
 
1,583,268
 
  
 
185,767
 
  
 
271,012
 
  
 
2,913,308
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Distributable Earnings
   
$
 3,224,734
 
  
$
 2,531,035
 
  
$
  540,750
 
  
$
  667,588
 
  
$
 6,964,107
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 

 
Reconciliations of Total Segment Amounts 
The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the years ended December 31, 2023, 2022 and 2021 along with Total Assets as of December 31, 2023 and 2022:
 
                                                        
    
Year Ended December 31,
    
2023
  
2022
  
2021
Revenues
       
Total GAAP Revenues
   
$
8,022,841
 
  
$
8,517,673
 
  
$
22,577,148
 
Less: Unrealized Performance Revenues (a)
   
 
1,691,788
 
  
 
3,436,978
 
  
 
(8,675,246
) 
Less: Unrealized Principal Investment (Income) Loss (b)
   
 
593,301
 
  
 
1,235,529
 
  
 
(679,767
) 
Less: Interest and Dividend Revenue (c)
   
 
(535,641
) 
  
 
(285,075
) 
  
 
(163,044
) 
Less: Other Revenue (d)
   
 
93,083
 
  
 
(183,754
) 
  
 
(202,885
) 
Impact of Consolidation (e)
   
 
(200,237
) 
  
 
(109,379
) 
  
 
(1,197,854
) 
Transaction-Related and Non-Recurring Items (f)
   
 
25,672
 
  
 
(24,656
) 
  
 
660
 
Intersegment Eliminations
   
 
2,998
 
  
 
2,721
 
  
 
4,352
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Revenue (g)
   
$
  9,693,805
 
  
$
 12,590,037
 
  
$
 11,663,364
 
  
 
 
 
  
 
 
 
  
 
 
 
 
                                                        
    
Year Ended December 31,
    
2023
  
2022
  
2021
Expenses
       
Total GAAP Expenses
   
$
4,981,130
 
  
$
4,973,025
 
  
$
9,476,617
 
Less: Unrealized Performance Allocations Compensation (h)
   
 
654,403
 
  
 
1,470,588
 
  
 
(3,778,048
) 
Less: Equity-Based Compensation (i)
   
 
(959,474
) 
  
 
(782,090
) 
  
 
(559,537
) 
Less: Interest Expense (j)
   
 
(429,521
) 
  
 
(316,569
) 
  
 
(196,632
) 
Impact of Consolidation (e)
   
 
(137,603
) 
  
 
(61,644
) 
  
 
(25,673
) 
Amortization of Intangibles (k)
   
 
(33,457
) 
  
 
(60,481
) 
  
 
(68,256
) 
Transaction-Related and Non-Recurring Items (f)
   
 
(309
) 
  
 
(81,789
) 
  
 
(143,378
) 
Administrative Fee Adjustment (l)
   
 
(9,707
) 
  
 
(9,866
) 
  
 
(10,188
) 
Intersegment Eliminations
   
 
2,998
 
  
 
2,721
 
  
 
4,352
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Expenses (m)
   
$
  4,068,460
 
  
$
  5,133,895
 
  
$
 4,699,257
 
  
 
 
 
  
 
 
 
  
 
 
 
 
                  
                  
                  
 
  
Year Ended December 31,
 
  
2023
 
2022
 
2021
Other Income
  
 
 
Total GAAP Other Income
  
$
(83,997
) 
 
$
      (82,859
) 
 
$
   458,865
 
Impact of Consolidation (e)
  
 
83,997
 
 
 
82,859
 
 
 
(458,865
) 
  
 
 
 
 
 
 
 
 
 
 
 
Total Segment Other Income
  
$
     —
 
 
$
—
 
 
$
—
 
  
 
 
 
 
 
 
 
 
 
 
 

 
                  
                  
                  
 
  
Year Ended December 31,
 
  
2023
 
2022
 
2021
Income Before Provision for Taxes
  
 
 
Total GAAP Income Before Provision for Taxes
   
$
2,957,714
 
  
$
3,461,789
 
  
$
13,559,396
 
Less: Unrealized Performance Revenues (a)
   
 
1,691,788
 
  
 
3,436,978
 
  
 
(8,675,246
) 
Less: Unrealized Principal Investment (Income) Loss (b)
   
 
593,301
 
  
 
1,235,529
 
  
 
(679,767
) 
Less: Interest and Dividend Revenue (c)
   
 
(535,641
) 
  
 
(285,075
) 
  
 
(163,044
) 
Less: Other Revenue (d)
   
 
93,083
 
  
 
(183,754
) 
  
 
(202,885
) 
Plus: Unrealized Performance Allocations Compensation (h)
   
 
(654,403
) 
  
 
(1,470,588
) 
  
 
3,778,048
 
Plus: Equity-Based Compensation (i)
   
 
959,474
 
  
 
782,090
 
  
 
559,537
 
Plus: Interest Expense (j)
   
 
429,521
 
  
 
316,569
 
  
 
196,632
 
Impact of Consolidation (e)
   
 
21,363
 
  
 
35,124
 
  
 
(1,631,046
) 
Amortization of Intangibles (k)
   
 
33,457
 
  
 
60,481
 
  
 
68,256
 
Transaction-Related and Non-Recurring Items (f)
   
 
25,981
 
  
 
57,133
 
  
 
144,038
 
Administrative Fee Adjustment (l)
   
 
9,707
 
  
 
9,866
 
  
 
10,188
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Distributable Earnings
   
$
5,625,345
 
  
$
7,456,142
 
  
$
6,964,107
 
  
 
 
 
  
 
 
 
  
 
 
 
 
                                     
    
As of December 31,
    
2023
  
2022
Total Assets
     
Total GAAP Assets
   
$
40,287,530
 
  
$
42,524,227
 
Impact of Consolidation (e)
   
 
(3,843,619
) 
  
 
(4,576,467
) 
  
 
 
 
  
 
 
 
Total Segment Assets
   
$
36,443,911
 
  
$
37,947,760
 
  
 
 
 
  
 
 
 
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 and Non-Recurring Items.
(a)
This adjustment removes Unrealized Performance Revenues on a segment basis.
(b)
This adjustment removes Unrealized Principal Investment Income on a segment basis.
(c)
This adjustment removes Interest and Dividend Revenue on a segment basis.
(d)
This adjustment removes Other Revenue on a segment basis. For the years ended December 31, 2023, 2022 and 2021, Other Revenue on a GAAP basis was $(92.9) million, $184.6 million and $203.1 million and included $(94.7) million, $182.9 million and $200.6 million of foreign exchange gains (losses), respectively.
(e)
This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds, the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.
(f)
This adjustment removes Transaction-Related and Non-Recurring Items, which are excluded from Blackstone’s segment presentation. Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering and non-recurring gains, losses, or other charges, if any. 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, gains or losses associated with these corporate actions and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of Blackstone’s operational performance.
 

 
(g)
Total Segment Revenues is comprised of the following:

                  
                  
                  
 
  
Year Ended December 31,
 
  
2023
 
2022
 
2021
Total Segment Management and Advisory Fees, Net
   
$
6,663,244
 
   
$
6,282,946
 
   
$
5,167,242
 
Total Segment Fee Related Performance Revenues
   
 
858,527
  
   
 
1,449,497
 
   
 
2,025,244
  
Total Segment Realized Performance Revenues
   
 
2,061,102
 
   
 
4,461,338
  
   
 
3,883,112
 
Total Segment Realized Principal Investment Income
   
 
110,932
 
   
 
396,256
 
   
 
587,766
 
  
 
 
 
   
 
 
 
   
 
 
 
Total Segment Revenues
   
$
9,693,805
 
   
$
12,590,037
 
   
$
11,663,364
 
  
 
 
 
   
 
 
 
   
 
 
 
 
(h)
This adjustment removes Unrealized Performance Allocations Compensation.
(i)
This adjustment removes Equity-Based Compensation on a segment basis.
(j)
This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement.
(k)
This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation.
(l)
This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.
(m)
Total Segment Expenses is comprised of the following:
 
                  
                  
                  
 
  
Year Ended December 31,
 
  
2023
 
2022
 
2021
Total Segment Fee Related Compensation
   
$
2,088,110
 
   
$
2,330,775
 
   
$
2,348,010
 
Total Segment Realized Performance Compensation
   
 
896,017
  
   
 
1,814,097
  
   
 
1,557,570
  
Total Segment Other Operating Expenses
   
 
1,084,333
 
   
 
989,023
 
   
 
793,677
 
  
 
 
 
   
 
 
 
   
 
 
 
Total Segment Expenses
   
$
4,068,460
 
   
$
 5,133,895
 
   
$
 4,699,257
 
  
 
 
 
   
 
 
 
   
 
 
 
Reconciliations of Total Segment Components
The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported on the Consolidated Statement of Operations for the years ended December 31, 2023, 2022 and 2021:
 
                  
                  
                  
 
  
Year Ended December 31,
 
  
2023
 
2022
 
2021
Management and Advisory Fees, Net
  
 
 
GAAP
   
$
6,671,260
 
  
$
6,303,315
 
  
$
5,170,707
 
Segment Adjustment (a)
   
 
(8,016
) 
  
 
(20,369
) 
  
 
(3,465
) 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
   
$
6,663,244
 
  
$
 6,282,946
 
  
$
 5,167,242
 
  
 
 
 
  
 
 
 
  
 
 
 
 
                  
                  
                  
 
  
Year Ended December 31,
 
  
2023
 
2022
 
2021
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues
  
 
 
GAAP
  
 
 
Incentive Fees
   
$
695,171
 
  
$
525,127
 
  
$
253,991
 
Investment Income — Realized Performance Allocations
   
 
2,223,841
 
  
 
5,381,640
 
  
 
5,653,452
 
  
 
 
 
  
 
 
 
  
 
 
 
GAAP
   
 
2,919,012
 
  
 
5,906,767
 
  
 
5,907,443
 
Total Segment
       
Less: Realized Performance Revenues
   
 
(2,061,102
) 
  
 
(4,461,338
) 
  
 
(3,883,112
) 
Segment Adjustment (b)
   
 
617
 
  
 
4,068
 
  
 
913
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
   
$
858,527
 
  
$
1,449,497
 
  
$
2,025,244
 
  
 
 
 
  
 
 
 
  
 
 
 
 
                  
                  
                  
 
  
Year Ended December 31,
 
  
2023
 
2022
 
2021
GAAP Compensation to Total Segment Fee Related Compensation
  
 
 
GAAP
  
 
 
Compensation
  
$
 2,785,447
 
 
$
2,569,780
 
 
$
2,161,973
 
Incentive Fee Compensation
  
 
281,067
 
 
 
207,998
 
 
 
98,112
 
Realized Performance Allocations Compensation
  
 
900,859
 
 
 
2,225,264
 
 
 
2,311,993
 
  
 
 
 
 
 
 
 
 
 
 
 
GAAP
  
 
3,967,373
 
 
 
5,003,042
 
 
 
4,572,078
 
Total Segment
  
 
 
Less: Realized Performance Compensation
  
 
(896,017
) 
 
 
(1,814,097
) 
 
 
(1,557,570
) 
Less: Equity-Based Compensation — Fee Related Compensation
  
 
(946,575
) 
 
 
(772,170
) 
 
 
(551,263
) 
Less: Equity-Based Compensation — Performance Compensation
  
 
(12,899
) 
 
 
(9,920
) 
 
 
(8,274
) 
Segment Adjustment (c)
  
 
(23,772
) 
 
 
(76,080
) 
 
 
(106,961
) 
  
 
 
 
 
 
 
 
 
 
 
 
Total Segment
  
$
2,088,110
 
 
$
2,330,775
 
 
$
2,348,010
 
  
 
 
 
 
 
 
 
 
 
 
 
 
                  
                  
                  
 
  
Year Ended December 31,
 
  
2023
 
2022
 
2021
GAAP General, Administrative and Other to Total Segment Other Operating Expenses
  
 
 
GAAP
  
$
1,117,305
 
 
$
 1,092,671
 
 
$
917,847
 
Segment Adjustment (d)
  
 
(32,972
) 
 
 
(103,648
) 
 
 
  (124,170
) 
  
 
 
 
 
 
 
 
 
 
 
 
Total Segment
  
$
 1,084,333
 
 
$
989,023
 
 
$
  793,677
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
                  
                  
                  
 
  
Year Ended December 31,
 
  
2023
 
2022
 
2021
Realized Performance Revenues
  
 
 
GAAP
  
 
 
Incentive Fees
   
$
695,171
 
  
$
525,127
 
  
$
253,991
 
Investment Income — Realized Performance Allocations
   
 
2,223,841
 
  
 
5,381,640
 
  
 
5,653,452
 
  
 
 
 
  
 
 
 
  
 
 
 
GAAP
   
 
2,919,012
 
  
 
5,906,767
 
  
 
5,907,443
 
Total Segment
       
Less: Fee Related Performance Revenues
   
 
(858,527
) 
  
 
(1,449,497
) 
  
 
(2,025,244
) 
Segment Adjustment (b)
   
 
617
 
  
 
4,068
 
  
 
913
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
   
$
2,061,102
 
  
$
4,461,338
 
  
$
3,883,112
 
  
 
 
 
  
 
 
 
  
 
 
 
                  
                  
                  
 
  
Year Ended December 31,
 
  
2023
 
2022
 
2021
Realized Performance Compensation
  
 
 
GAAP
  
 
 
Incentive Fee Compensation
  
$
281,067
 
 
$
207,998
 
 
$
98,112
 
Realized Performance Allocations Compensation
  
 
900,859
 
 
 
 2,225,264
 
 
 
 2,311,993
 
  
 
 
 
 
 
 
 
 
 
 
 
GAAP
  
 
1,181,926
 
 
 
2,433,262
 
 
 
2,410,105
 
Total Segment
  
 
 
Less: Fee Related Performance Compensation (e)
  
 
(273,010
) 
 
 
(609,245
) 
 
 
(844,261
) 
Less: Equity-Based Compensation — Performance Compensation
  
 
(12,899
) 
 
 
(9,920
) 
 
 
(8,274
) 
  
 
 
 
 
 
 
 
 
 
 
 
Total Segment
  
$
896,017
 
 
$
1,814,097
 
 
$
1,557,570
 
  
 
 
 
 
 
 
 
 
 
 
 
 
                  
                  
                  
 
  
Year Ended December 31,
 
  
2023
 
2022
 
2021
Realized Principal Investment Income
  
 
 
GAAP
  
$
303,823
 
 
$
850,327
 
 
$
 1,003,822
 
Segment Adjustment (f)
  
 
(192,891
) 
 
 
(454,071
) 
 
 
(416,056
) 
  
 
 
 
 
 
 
 
 
 
 
 
Total Segment
  
$
  110,932
 
 
$
   396,256
 
 
$
587,766
 
  
 
 
 
 
 
 
 
 
 
 
 
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 and Non-Recurring Items.
(a)
Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures.
(b)
Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.
(c)
Represents the removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures.
(d)
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.
 

 
(e)
Fee related performance compensation may include equity-based compensation based on fee related performance revenues.
(f)
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.
v3.24.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2023
Subsequent Events
21. Subsequent Events
There have been no events since December 31, 2023 that require recognition or disclosure in the Consolidated Financial Statements.
v3.24.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2023
Basis of Presentation
Basis of Presentation
The accompanying consolidated financial statements of Blackstone have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
The consolidated financial statements include the accounts of Blackstone, its wholly owned or majority-owned subsidiaries, the consolidated entities which are considered to be variable interest entities and for which Blackstone is considered the primary beneficiary, and certain partnerships or similar entities which are not considered variable interest entities but in which the general partner is determined to have control.
All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates
Use of Estimates
The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates that affect the amounts reported in the consolidated financial statements and accompanying notes. Management believes that estimates utilized in the preparation of the consolidated financial statements are prudent and reasonable. Such estimates include those used in the valuation of investments and financial instruments, the measurement of deferred tax balances (including valuation allowances) and the accounting for Goodwill and equity-based compensation. Actual results could differ from those estimates and such differences could be material.
Consolidation
Consolidation
Blackstone consolidates all entities that it controls through a majority voting interest or otherwise, including those Blackstone Funds in which the general partner has a controlling financial interest. Blackstone has a controlling financial interest in Blackstone Holdings because the limited partners do not have the right to dissolve the partnerships or have substantive kick-out rights or participating rights that would overcome the control held by Blackstone. Accordingly, Blackstone consolidates Blackstone Holdings and records non-controlling interests to reflect the economic interests of the limited partners of Blackstone Holdings.
 
 
In addition, Blackstone consolidates all variable interest entities (“VIE”) for which it is the primary beneficiary. An enterprise is determined to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (a) whether an entity in which Blackstone holds a variable interest is a VIE and (b) whether Blackstone’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests, would give it a controlling financial interest. Performance of that analysis requires the exercise of judgment.
Blackstone determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a variable interest entity and continuously reconsiders that conclusion. In determining whether Blackstone is the primary beneficiary, Blackstone evaluates its control rights as well as economic interests in the entity held either directly or indirectly by Blackstone. The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that Blackstone is not the primary beneficiary, a quantitative analysis may also be performed. Investments and redemptions (either by Blackstone, affiliates of Blackstone or third parties) or amendments to the governing documents of the respective Blackstone Funds could affect an entity’s status as a VIE or the determination of the primary beneficiary. At each reporting date, Blackstone assesses whether it is the primary beneficiary and will consolidate or deconsolidate accordingly.
Assets of consolidated VIEs that can only be used to settle obligations of the consolidated VIE and liabilities of a consolidated VIE for which creditors (or beneficial interest holders) do not have recourse to the general credit of Blackstone are presented in a separate section in the Consolidated Statements of Financial Condition.
Blackstone’s other disclosures regarding VIEs are discussed in Note 9. “Variable Interest Entities.”
Revenue Recognition
Revenue Recognition
Revenues primarily consist of management and advisory fees, incentive fees, investment income, interest and dividend revenue and other.
Management and advisory fees and incentive fees are accounted for as contracts with customers. Under the guidance for contracts with customers, an entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. See Note 20. “Segment Reporting” for a disaggregated presentation of revenues from contracts with customers.
Management and Advisory Fees, Net
— Management and Advisory Fees, Net are comprised of management fees, including base management fees, transaction, advisory and other fees net of management fee reductions and offsets.
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 Due from Affiliates in the Consolidated Statements of Financial Condition.
Incentive Fees —
Contractual fees earned based on the performance of Blackstone vehicles (“Incentive Fees”) are a form of variable consideration in Blackstone’s contracts with customers to provide investment management services. Incentive Fees are earned based on performance of the vehicle during the period, subject to the achievement of minimum return levels, or high water marks, in accordance with the respective terms set out in each vehicle’s governing agreements. Incentive Fees will not be recognized as revenue until (a) it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur, or (b) the uncertainty associated with the variable consideration is subsequently resolved. Incentive Fees are typically recognized as revenue when realized at the end of the measurement period. Once realized, such fees are not subject to clawback or reversal. Accrued but unpaid Incentive Fees charged directly to investors in Blackstone vehicles as of the reporting date are recorded within Due from Affiliates in the Consolidated Statements of Financial Condition.
Investment Income (Loss)
— Investment Income (Loss) represents the unrealized and realized gains and losses on Blackstone’s Performance Allocations and Principal Investments.
 
 
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 share of the results of the fund vehicle (a “pro-rata allocation”). In addition to a pro-rata allocation, and assuming certain investment returns are achieved, Blackstone is entitled to a disproportionate allocation of the income otherwise allocable to the limited partners, commonly referred to as carried interest (“Performance Allocations”).
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 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 interest holders that would need to be repaid to the Blackstone carry funds if the Blackstone carry funds were to be liquidated based on the current fair value of the underlying funds’ investments as of the reporting date. The actual clawback liability, however, generally does not become realized until the end of a fund’s life except for certain funds, which may have an interim clawback liability. Performance Allocations in open-ended structures are realized based on the stated time period in the agreements and are generally not subject to clawback once paid.
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 allocations, its equity method investments, and other principal investments. Income (Loss) on Principal Investments is realized when Blackstone redeems all or a portion of its investment or when Blackstone receives cash income, such as dividends or distributions. Unrealized Income (Loss) on Principal Investments results from changes in the fair value of the underlying investment as well as the reversal of unrealized gain (loss) at the time an investment is realized.
Interest and Dividend Revenue
— Interest and Dividend Revenue comprises primarily interest and dividend income earned on principal investments not accounted for under the equity method held by Blackstone.
 
 
Other Revenue
— Other Revenue consists of miscellaneous income and foreign exchange gains and losses arising on transactions denominated in currencies other than U.S. dollars.
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 a
s of the report
ing 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 derivatives where the fair value is based on observable inputs. Notes issued by consolidated CLO vehicles are classified within Level II of the fair value hierarchy.
 
•
  
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, real estate funds and credit-focused funds, distressed debt and non-investment grade residual interests in securitizations, investments in non-consolidated CLOs and certain over-the-counter derivatives where the fair value is based on unobservable inputs.
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.
 
 
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 and liquidity risks. Investments for which market prices are not observable include private investments in the equity of operating companies, real estate properties, investments in non-consolidated CLO vehicles, certain funds of hedge funds and credit-focused investments.
Real Estate Investments
— The fair values of real estate investments are determined by considering projected operating cash flows, sales of comparable assets, if any, and replacement costs, among other measures and considerations. The methods used to estimate the fair value of real estate investments include the discounted cash flow method, where value is calculated by discounting the estimated cash flows and the estimated terminal value of the subject investment by the assumed buyer’s weighted-average cost of capital. A terminal value is derived by reference to an exit multiple, such as for estimates of earnings before interest, taxes, depreciation and amortization (“EBITDA”), or a capitalization rate, such as for estimates of net operating income (“NOI”). Valuations may also be derived by the performance multiple or market approach, by reference to observable valuation measures for comparable companies or assets (for example, dividing NOI by a relevant capitalization rate observed for comparable companies or transactions), adjusted by management for differences between the investment and the referenced comparables.
Private Equity Investments
— The fair values of private equity investments are determined by reference to projected net earnings, EBITDA, the discounted cash flow method, public market or private transactions, valuations for comparable companies and other measures which, in many cases, are based on unaudited information at the time received. Where a discounted cash flow method is used, a terminal value is derived by reference to EBITDA or price/earnings exit multiples. Valuations may also be derived by reference to observable valuation measures for comparable companies or transactions (for example, multiplying a key performance metric of the investee company such as EBITDA by a relevant valuation multiple observed in the range of comparable companies or transactions), adjusted by management for differences between the investment and the referenced comparables, and in some instances by reference to option pricing models or other similar methods.
Credit-Focused Investments
— The fair values of credit-focused investments are generally determined on the basis of prices between market participants provided by reputable dealers or pricing services. For credit-focused investments that are not publicly traded or whose market prices are not readily available, Blackstone may utilize
 
 
other valuation techniques, including the discounted cash flow method or a market approach. The discounted cash flow method projects the expected cash flows of the debt instrument based on contractual terms, and discounts such cash flows back to the valuation date using a market-based yield. The market-based yield is generally estimated using yields of publicly traded debt instruments issued by companies operating in similar industries as the subject investment or based on changes in credit spreads of a broader benchmark index applicable to a subject investment.
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 Audit and Accounting 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 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 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 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 that otherwise would not have been carried at fair value with gains and losses recorded in net income. The methodology for measuring the fair value of such investments is consistent with the methodology applied to private equity, real estate, credit-focused and funds of hedge funds investments. Changes in the fair value of such instruments are recognized in Investment Income (Loss) in the Consolidated Statements of Operations. Interest income on interest bearing loans and receivables and debt securities on which the fair value option has been elected is based on stated coupon rates adjusted for the accretion of purchase discounts and the amortization of purchase premiums. This interest income is recorded within Interest and Dividend Revenue.
Blackstone has elected the fair value option for the assets of consolidated CLO vehicles. As permitted under GAAP, Blackstone measures 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 assets held temporarily, less (b) the sum of the fair value of any beneficial interests retained by Blackstone (other than those that represent compensation for services) and Blackstone’s carrying value of any beneficial interests that represent compensation for services. As a result of this measurement alternative, there is no attribution of amounts to Non-Controlling Interests for consolidated CLO vehicles. Assets of the consolidated CLOs are presented within Investments within the Consolidated Statements of Financial Condition and notes payable within Loans Payable for the amounts due to unaffiliated third parties. Changes in the fair value of consolidated CLO assets and liabilities and related interest, dividend and other income are presented within Net Gains (Losses) from Fund Investment Activities. Expenses of consolidated CLO vehicles are presented in Fund Expenses.
 
 
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, quoted prices that are published on a regular basis and are the basis for current transactions or using the discounted cash flow method. Changes in fair value are recognized in Investment Income (Loss) in the Consolidated Statements of Operations.
Further disclosure on instruments for which the fair value option has been elected is presented in Note 7. “Fair Value Option.”
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, the institution of gates on redemptions or the suspension of redemptions or an ability to side pocket investments, at the discretion of the investee’s fund manager, and as a result, investments may not be redeemable at, or within three months of, the reporting date. A side-pocket is used by hedge funds and funds of hedge funds to separate investments that may lack a readily ascertainable value, are illiquid or are subject to liquidity restriction. Redemptions are generally not permitted until the investments within a side-pocket are liquidated or it is deemed that the conditions existing at the time that required the investment to be included in the side-pocket no longer exist. As the timing of either of these events is uncertain, the timing at which Blackstone may redeem an investment held in a side-pocket cannot be estimated. Further disclosure on instruments for which fair value is measured using NAV per share is presented in Note 5. “Net Asset Value as Fair Value.”
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 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 funds that include a Performance Allocation), Blackstone’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period Blackstone calculates the Accrued Performance Allocations that would be due to Blackstone for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner, or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. The carrying amounts of equity method investments are reflected in Investments in the Consolidated Statements of Financial Condition.
Strategic Partners’ results presented in Blackstone’s 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.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and Cash Equivalents represents cash on hand, cash held in banks, money market funds and liquid investments with original maturities of three months or less. Interest income from cash and cash equivalents is recorded in Interest and Dividend Revenue in the Consolidated Statements of Operations.
Cash Held by Blackstone Funds and Other
Cash Held by Blackstone Funds and Other
Cash Held by Blackstone Funds and Other represents cash and cash equivalents held by consolidated Blackstone Funds and other consolidated entities. Such amounts are not available to fund the general liquidity needs of Blackstone.
Accounts Receivable and Due from Affiliates
Accounts Receivable and Due from Affiliates
Accounts Receivable and Due from Affiliates is comprised of management and incentive fees receivable from limited partners, receivables from managed investment vehicles and portfolio companies, placement and advisory fees receivables, receivables relating to unsettled sale transactions and loans extended to affiliates and to unaffiliated third parties. Accounts Receivable, excluding those for which the fair value option has been elected, are assessed periodically for collectability. Amounts determined to be uncollectible are charged directly to General, Administrative and Other Expenses in the Consolidated Statements of Operations.
Intangibles and Goodwill
Intangibles and Goodwill
Blackstone’s intangible assets consist of contractual rights to earn future fee income, including management and advisory fees, Incentive Fees and Performance Allocations. Identifiable finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from
three
to twenty years, reflecting the contractual lives of such assets. Amortization expense is included within General, Administrative and Other in the Consolidated Statements of Operations. Intangible assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable.
 
 
Goodwill
comprises goodwill arising from the contribution and reorganization of Blackstone’s predecessor entities in 2007 immediately prior to its initial public offering (“IPO”) and the acquisitions of GSO Capital Partners LP in 2008, Strategic Partners in 2013, Harvest Fund Advisors LLC (“Harvest”) in 2017, Clarus Ventures LLC (“Clarus”) in 2018 and DCI LLC (“DCI”) in 2020. Goodwill is reviewed for impairment at least annually utilizing a qualitative or quantitative approach, and more frequently if circumstances indicate impairment may have occurred. The impairment testing for goodwill under the qualitative approach is based first on a qualitative assessment to determine if it is more likely than not that the fair value of Blackstone’s operating segments is less than their respective carrying values. The operating segments are considered the reporting units for testing the impairment of goodwill. If it is determined that it is more likely than not that an operating segment’s fair value is less than its carrying value or when the quantitative approach is used, an impairment loss is recognized to the extent by which the carrying value exceeds the fair value, not to exceed the total amount of goodwill allocated to that reporting unit.
Furniture, Equipment and Leasehold Improvements
Furniture, Equipment and Leasehold Improvements
Furniture, equipment and leasehold improvements consist primarily of leasehold improvements, furniture, fixtures and equipment, computer hardware and software and are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method over the assets’ estimated useful economic lives, which for leasehold improvements, furniture and fittings and other fixed assets were the lesser of the lease term or the life of the asset, the lesser of seven years or the lease term, or
three
to five years, respectively. Blackstone evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
Foreign Currency
Foreign Currency
In the normal course of business, Blackstone may enter into transactions denominated in currencies other than United States dollars. Foreign exchange gains and losses arising on such transactions are recorded as Other Revenue in the Consolidated Statements of Operations. Foreign currency transaction gains and losses arising within consolidated Blackstone Funds are recorded in Net Gains (Losses) from Fund Investment Activities. In addition, Blackstone consolidates a number of entities that have a non-U.S. dollar functional currency. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and income, expenses, gains and losses are translated at the prevailing exchange rate on the dates that they were recorded. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated operations are recorded in Other Comprehensive Income and allocated to Non-Controlling Interests in Consolidated Entities and Non-Controlling Interests in Blackstone Holdings, as applicable.
Comprehensive Income
Comprehensive Income
Comprehensive Income consists of Net Income and Other Comprehensive Income. Blackstone’s Other Comprehensive Income is comprised of foreign currency cumulative translation adjustments.
Non-Controlling Interests in Consolidated Entities
Non-Controlling Interests in Consolidated Entities
Non-Controlling Interests in Consolidated Entities represent the component of Equity in general partner entities and consolidated Blackstone Funds held by third party investors and employees. The percentage interests in consolidated Blackstone Funds held by third parties and employees is adjusted for general partner allocations and by subscriptions and redemptions in funds of hedge funds and certain credit-focused funds which occur during the reporting period. Income (Loss) and other comprehensive income, if applicable, arising from the respective entities is allocated to non-controlling interests in consolidated entities based on the relative ownership interests of third party investors and employees after considering any contractual arrangements that govern the allocation of income (loss) such as fees allocable to Blackstone Inc.
Redeemable Non-Controlling Interests in Consolidated Entities
Redeemable Non-Controlling Interests in Consolidated Entities
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 Interests in Consolidated Entities within the Consolidated Statements of Financial Condition. When redeemable amounts become legally payable to investors, they are classified as a liability and included in Accounts Payable, Accrued Expenses and Other Liabilities in the Consolidated Statements of Financial Condition. For all consolidated vehicles in which redemption rights have not been granted, non-controlling interests are presented within Equity in the Consolidated Statements of Financial Condition as Non-Controlling Interests in Consolidated Entities.
Non-Controlling Interests in Blackstone Holdings
Non-Controlling Interests in Blackstone Holdings
Non-Controlling Interests in Blackstone Holdings represent the component of Equity in the consolidated Blackstone Holdings Partnerships held by Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships.
 
 
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 Interests in Blackstone Holdings. This residual attribution is based on the year to date average percentage of Blackstone Holdings Partnership Units and unvested participating Holdings Partnership Units held by Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. Unvested participating Holdings Partnership Units are excluded from the attribution in periods of loss as they are not contractually obligated to share in losses of the Holdings Partnerships.
Compensation and Benefits
Compensation and Benefits
Compensation and Benefits
—
Compensation
— Compensation consists of (a) salary and bonus, and benefits paid and payable to employees and senior managing directors and (b) equity-based compensation associated with the grants of equity-based awards to employees and senior managing directors. Compensation cost relating to the issuance of equity-based awards to senior managing directors and employees is measured at fair value at the grant date, and expensed over the vesting period on a straight-line basis, taking into consideration expected forfeitures,
 
 
except in the case of (a) equity-based awards that do not require future service, which are expensed immediately, and (b) certain awards to recipients that meet criteria making them eligible for retirement (allowing such recipient to keep a percentage of those awards upon departure from Blackstone after becoming eligible for retirement), for which the expense for the portion of the award that would be retained in the event of retirement is either expensed immediately or amortized to the retirement date. Cash settled equity-based awards and awards settled in a variable number of shares are classified as liabilities and are remeasured at the end of each reporting period.
Compensation and Benefits — Incentive Fee Compensation —
Incentive Fee Compensation consists of compensation paid based on Incentive Fees.
Compensation and Benefits — Performance Allocations Compensation —
Performance Allocation Compensation consists of compensation paid based on Performance Allocations (which may be distributed in cash or in-kind). Such compensation expense is subject to both positive and negative adjustments. Performance Allocations Compensation is generally based on the performance of individual investments held by a fund rather than on a fund by fund basis. These amounts may also include allocations of investment income from Blackstone’s principal investments, to senior managing directors and employees participating in certain profit sharing initiatives.
Other Income
Other Income
Net Gains (Losses) from Fund Investment Activities in the Consolidated Statements of Operations include net realized gains (losses) from realizations and sales
of
investments, the net change in unrealized gains (losses) resulting from changes in the fair value of investments and interest income and expense and dividends attributable to the consolidated Blackstone Funds’ investments.
Expenses incurred by consolidated Blackstone funds are separately presented within Fund Expenses in the Consolidated Statements
of
Operations.
Other Income also includes amounts attributable to the Reduction of the Tax Receivable Agreement Liability. See Note 15. “Income Taxes — Other Income — Change in the Tax Receivable Agreement Liability” for additional information.
Income Taxes
Income Taxes
Blackstone Inc. is a corporation for U.S. federal income tax purposes and thus is subject to U.S. federal, state and local income taxes on Blackstone’s share of taxable income. The Blackstone Holdings Partnerships and certain of their subsidiaries operate in the U.S. as partnerships for U.S. federal income tax purposes and generally as corporate entities in non-U.S. jurisdictions. Accordingly, these entities in some cases are subject to New York City unincorporated business taxes or non-U.S. income taxes. In addition, certain of the wholly owned subsidiaries of Blackstone and the Blackstone Holdings Partnerships will be subject to federal, state and local corporate income taxes at the entity level and the related tax provision attributable to Blackstone’s share of this income tax is reflected in the consolidated financial statements. Cash paid for transferrable tax credits is reflected in Payments for Income Taxes in the Consolidated Statements of Cash Flows.
Provision for 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 consolidated financial statements.
 
 
Unrecognized Tax Benefits
Blackstone recognizes tax positions in the 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 consolidated financial statements. Accrued interest and penalties related to unrecognized tax benefits are reported on the related liability line in the 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” method to the Blackstone Holdings Partnership Units to determine the dilutive impact, if any, of the exchange right included in the Blackstone Holdings Partnership Units. Blackstone applies the contingently issuable share model to contracts that may require the issuance of shares.
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. government and agency securities, asset-backed securities and corporate debt, represent collateralized financing transactions. Such transactions are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Consolidated Statements of Financial Condition at their contractual amounts and include accrued interest. The carrying value of reverse repurchase and repurchase agreements approximates fair value.
Blackstone manages credit exposure arising from reverse repurchase agreements and repurchase agreements by, in appropriate circumstances, entering into master netting agreements and collateral arrangements with counterparties that provide Blackstone, in the event of a counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations.
Blackstone takes possession of securities purchased under reverse repurchase agreements and is permitted to repledge, deliver or otherwise use such securities. Blackstone also pledges its financial instruments to counterparties to collateralize repurchase agreements. Financial instruments pledged that can be repledged, delivered or otherwise used by the counterparty are recorded in Investments in the Consolidated Statements of Financial Condition. Additional disclosures relating to repurchase agreements are discussed in Note 10. “Repurchase Agreements.”
Blackstone does not offset assets and liabilities relating to reverse repurchase agreements and repurchase agreements in its Consolidated Statements of Financial Condition. Additional disclosures relating to offsetting are discussed in Note 12. “Offsetting of Assets and Liabilities.”
Securities Sold, Not Yet Purchased
Securities Sold, Not Yet Purchased
Securities Sold, Not Yet Purchased consist of equity and debt securities that Blackstone has borrowed and sold. Blackstone is required to “cover” its short sale in the future by purchasing the security at prevailing market prices and delivering it to the counterparty from which it borrowed the security. Blackstone is exposed to loss in the event that the price at which a security may have to be purchased to cover a short sale exceeds the price at which the borrowed security was sold short.
Securities Sold, Not Yet Purchased are recorded at fair value within Accounts Payable, Accrued Expenses and Other Liabilities in the Consolidated Statements of Financial Condition.
Derivative Instruments
Derivative Instruments
Blackstone recognizes all derivatives as assets or liabilities on its Consolidated Statements of Financial Condition at fair value. On the date Blackstone enters into a derivative contract, it designates and documents each derivative contract as one of the following: (a) a hedge of a recognized asset or liability (“fair value hedge”), (b) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), (c) a hedge of a net investment in a foreign operation, or (d) a derivative instrument not designated as a hedging instrument (“freestanding derivative”).
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 (Losses) from Fund Investment Activities or, where derivative instruments are held by Blackstone, within Investment Income (Loss) in the Consolidated Statements of Operations. The fair value of freestanding derivative assets of the consolidated Blackstone Funds are recorded within Investments, the fair value of freestanding derivative assets that are not part of the consolidated Blackstone Funds are recorded within Other Assets and the fair value of freestanding derivative liabilities are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Consolidated Statements of Financial Condition.
Blackstone has elected to not offset derivative assets and liabilities or financial assets in its Consolidated Statements of Financial Condition, including cash, that may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement is in place that provides Blackstone, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations.
Blackstone’s other disclosures regarding derivative financial instruments are discussed in Note 6. “Derivative Financial Instruments.”
Blackstone’s disclosures regarding offsetting are discussed in Note 12. “Offsetting of Assets and Liabilities.”
Leases
Leases
Blackstone determines if an arrangement is a lease at inception of the arrangement. Blackstone primarily enters into operating leases, as the lessee, for office space. Operating leases are included in Right-of-Use (“ROU”) Assets and Operating Lease Liabilities in the Consolidated Statement of Financial Condition. ROU Assets and Operating Lease Liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Blackstone determines the present value of the lease payments using an incremental borrowing rate based on information available at the inception date. Leases may include options to extend or terminate the lease which are included in the ROU Assets and Operating Lease Liability when they are reasonably certain of exercise.
 
Certain leases include lease and nonlease components, which are accounted for as one single lease component. Occupancy lease agreements, in addition to contractual rent payments, generally include additional payments for certain costs incurred by the landlord, such as building expenses and utilities. To the extent these are fixed or determinable, they are included as part of the minimum lease payments used to measure the Operating Lease Liability. Operating lease expense associated with minimum lease payments is recognized on a straight-line basis over the lease term. When additional payments are based on usage or vary based on other factors, they are expensed when incurred as variable lease expense.
Minimum lease payments for leases with an initial term of twelve months or less are not recorded on the Consolidated Statement of Financial Condition. Blackstone recognizes lease expense for these leases on a straight-line basis over the lease term.
Additional disclosures relating to leases are discussed in Note 14. “Leases.”
Affiliates
Affiliates
Blackstone considers its Founder, senior managing directors, employees, the Blackstone Funds and the Portfolio Companies to be affiliates.
Dividends
Dividends
Dividends are reflected in the consolidated financial statements when declared.
Recent Accounting Developments
Recent Accounting Developments
In June 2022, the Financial Accounting Standards Board issued amended guidance addressing certain sale restrictions on equity securities measured at fair value. The guidance requires that reporting entities not consider contractual sale restrictions that prohibit the sale of equity securities when measuring fair value and introduces new disclosure requirements for equity securities subject to contractual sale restrictions. The guidance is effective January 1, 2024 and adoption will be on a prospective basis. Upon adoption, Blackstone does not expect a material impact on the consolidated financial statements or any measurement impacts, but will update disclosures to comply with the new requirements.
v3.24.0.1
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Intangible Assets, Net
Intangible Assets, Net consists of the following:
 
                                     
    
December 31,
    
2023
   
2022
Finite-Lived Intangible Assets/Contractual Rights
   
$
1,769,372
 
   
$
1,745,376
 
Accumulated Amortization
   
 
(1,568,164
) 
   
 
(1,528,089
) 
  
 
 
 
   
 
 
 
Intangible Assets, Net
   
$
201,208
 
   
$
217,287
 
  
 
 
 
   
 
 
 
Changes in Partnership's Intangible Assets, Net
Changes in Blackstone’s Intangible Assets, Net consists of the following:
 
                                         
    
Year Ended December 31,
    
2023
   
2022
   
2021
Balance, Beginning of Year
   
$
217,287
 
   
$
284,384
 
   
$
347,955
 
Amortization Expense
   
 
(40,075
) 
   
 
(67,097
) 
   
 
(74,871
) 
Acquisitions
   
 
23,996
 
   
 
—
 
   
 
11,300
 
  
 
 
 
   
 
 
 
   
 
 
 
Balance, End of Year
   
$
 201,208
 
   
$
 217,287
 
   
$
 284,384
 
  
 
 
 
   
 
 
 
   
 
 
 
v3.24.0.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2023
Investments
Investments consist of the following:
 
                                     
    
December 31,
    
2023
   
2022
Investments of Consolidated Blackstone Funds
   
$
4,319,483
 
   
$
5,136,966
 
Equity Method Investments
      
Partnership Investments
   
 
5,924,275
 
   
 
5,530,419
 
Accrued Performance Allocations
   
 
10,775,355
 
   
 
12,360,684
 
Corporate Treasury Investments
   
 
803,870
 
   
 
1,053,540
 
Other Investments
   
 
4,323,639
 
   
 
3,471,642
 
  
 
 
 
   
 
 
 
  
$
26,146,622
 
   
$
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 Consolidated Statements of Operations
The following table presents the Realized and Net Change in Unrealized Gains (Losses) on investments held by the consolidated Blackstone Funds and a reconciliation to Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities in the Consolidated Statements of Operations:
 
                                         
    
Year Ended December 31,
    
2023
   
2022
   
2021
Realized Gains (Losses)
   
$
(42,756
) 
   
$
99,457
 
   
$
145,305
 
Net Change in Unrealized Gains (Losses)
   
 
(80,416
) 
   
 
(264,204
) 
   
 
289,938
 
  
 
 
 
   
 
 
 
   
 
 
 
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds
   
 
(123,172
) 
   
 
(164,747
) 
   
 
435,243
  
Interest and Dividend Revenue and Foreign Exchange Gains Attributable to Consolidated Blackstone Funds
   
 
66,371
 
   
 
59,605
 
   
 
26,381
 
  
 
 
 
   
 
 
 
   
 
 
 
Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities
   
$
(56,801
) 
   
$
(105,142
) 
   
$
461,624
 
  
 
 
 
   
 
 
 
   
 
 
 
Summarized Financial Information of Partnership's Equity Method Investments
The summarized financial information of Blackstone’s equity method investments for December 31, 2023 are as follows:
 
                                                                                              
    
December 31, 2023 and the Year Then Ended
    
Real
Estate
  
Private
Equity
  
Credit &
Insurance
  
Hedge Fund
Solutions
  
Total
Statement of Financial Condition
           
Assets
           
Investments
   
$
283,919,193
 
  
$
188,647,324
 
  
$
91,574,839
 
  
$
38,818,152
 
  
$
602,959,508
 
Other Assets
   
 
12,496,703
 
  
 
5,179,667
 
  
 
4,995,562
 
  
 
4,689,405
 
  
 
27,361,337
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Assets
   
$
296,415,896
 
  
$
193,826,991
 
  
$
96,570,401
 
  
$
43,507,557
 
  
$
630,320,845
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Liabilities and Equity
           
Debt
   
$
113,462,431
 
  
$
21,920,796
 
  
$
37,327,026
 
  
$
464,138
 
  
$
173,174,391
 
Other Liabilities
   
 
7,365,824
 
  
 
2,126,739
 
  
 
4,008,215
 
  
 
3,809,685
 
  
 
17,310,463
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Liabilities
   
 
120,828,255
 
  
 
24,047,535
 
  
 
41,335,241
 
  
 
4,273,823
 
  
 
190,484,854
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Equity
   
 
175,587,641
 
  
 
169,779,456
 
  
 
55,235,160
 
  
 
39,233,734
 
  
 
439,835,991
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Liabilities and Equity
   
$
296,415,896
 
  
$
193,826,991
 
  
$
96,570,401
 
  
$
43,507,557
 
  
$
630,320,845
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Statement of Operations
           
Interest Income
   
$
4,673,775
 
  
$
1,773,062
 
  
$
8,890,426
 
  
$
27,904
 
  
$
15,365,167
 
Other Income
   
 
10,786,480
 
  
 
531,842
 
  
 
324,061
 
  
 
981,839
 
  
 
12,624,222
 
Interest Expense
   
 
(6,614,272
)
  
 
(1,303,673
)
 
  
 
(2,583,654
)
 
 
 
 
(42,721
)
 
  
 
(10,544,320
)
 
Other Expenses
   
 
(11,705,874
)
 
  
 
(2,040,168
)
  
 
(1,691,066
)
  
 
(864,941
)
  
 
(16,302,049
)
Net Realized and Unrealized Gain (Loss) from Investments
   
 
(7,330,220
)
  
 
12,458,943
 
  
 
1,124,916
 
  
 
3,076,084
 
  
 
9,329,723
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net Income
   
$
(10,190,111
)
  
$
11,420,006
 
  
$
6,064,683
 
  
$
3,178,165
 
  
$
10,472,743
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
The summarized financial information of Blackstone’s equity method investments for December 31, 2022 are as follows:
 
                                                                                              
    
December 31, 2022 and the Year Then Ended
    
Real
Estate
  
Private
Equity
  
Credit &
Insurance
  
Hedge Fund
Solutions
  
Total
Statement of Financial Condition
           
Assets
           
Investments
   
$
295,985,447
 
  
$
182,732,362
 
  
$
87,362,311
 
  
$
38,209,892
 
  
$
604,290,012
 
Other Assets
   
 
13,601,083
 
  
 
3,194,088
 
  
 
6,345,260
 
  
 
4,079,065
 
  
 
27,219,496
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Assets
   
$
309,586,530
 
  
$
185,926,450
 
  
$
93,707,571
 
  
$
42,288,957
 
  
$
631,509,508
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Liabilities and Equity
           
Debt
   
$
118,075,949
 
  
$
22,779,131
 
  
$
39,049,599
 
  
$
662,805
 
  
$
180,567,484
 
Other Liabilities
   
 
7,735,780
 
  
 
1,310,998
 
  
 
5,644,625
 
  
 
2,092,757
 
  
 
16,784,160
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Liabilities
   
 
125,811,729
 
  
 
24,090,129
 
  
 
44,694,224
 
  
 
2,755,562
 
  
 
197,351,644
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Equity
   
 
183,774,801
 
  
 
161,836,321
 
  
 
49,013,347
 
  
 
39,533,395
 
  
 
434,157,864
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Liabilities and Equity
   
$
309,586,530
 
  
$
185,926,450
 
  
$
93,707,571
 
  
$
42,288,957
 
  
$
631,509,508
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Statement of Operations
           
Interest Income
   
$
2,917,115
 
  
$
2,012,916
 
  
$
5,764,150
 
  
$
16,069
 
  
$
10,710,250
 
Other Income
   
 
9,432,802
 
  
 
824,779
 
  
 
690,193
 
  
 
286,444
 
  
 
11,234,218
 
Interest Expense
   
 
(3,644,118
) 
  
 
(722,626
) 
  
 
(1,450,447
) 
  
 
(41,522
) 
  
 
(5,858,713
) 
Other Expenses
   
 
(11,089,520
) 
  
 
(2,132,320
) 
  
 
(1,303,902
) 
  
 
(255,459
) 
  
 
(14,781,201
) 
Net Realized and Unrealized Gain (Losses) from Investments
   
 
7,807,056
 
  
 
2,146,281
 
  
 
(1,330,895
) 
  
 
483,946
 
  
 
9,106,388
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net Income
   
$
5,423,335
 
  
$
2,129,030
 
  
$
2,369,099
 
  
$
489,478
 
  
$
10,410,942
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
The summarized financial information of Blackstone’s equity method investments for December 31, 2021 are as follows:
 
                                                                                              
    
December 31, 2021 and the Year Then Ended
    
Real
Estate
  
Private
Equity
  
Credit &
Insurance
  
Hedge Fund
Solutions
  
Total
Statement of Financial Condition
           
Assets
           
Investments
   
$
241,808,879
 
  
$
175,726,829
 
  
$
68,426,090
 
  
$
39,691,668
 
  
$
525,653,466
 
Other Assets
   
 
13,463,009
 
  
 
5,776,462
 
  
 
5,412,041
 
  
 
3,020,159
 
  
 
27,671,671
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Assets
   
$
255,271,888
 
  
$
181,503,291
 
  
$
73,838,131
 
  
$
42,711,827
 
  
$
553,325,137
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Liabilities and Equity
           
Debt
   
$
76,760,932
 
  
$
20,434,354
 
  
$
30,792,984
 
  
$
1,243,453
 
  
$
129,231,723
 
Other Liabilities
   
 
6,999,032
 
  
 
2,153,071
 
  
 
3,159,548
 
  
 
3,084,558
 
  
 
15,396,209
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Liabilities
   
 
83,759,964
 
  
 
22,587,425
 
  
 
33,952,532
 
  
 
4,328,011
 
  
 
144,627,932
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Equity
   
 
171,511,924
 
  
 
158,915,866
 
  
 
39,885,599
 
  
 
38,383,816
 
  
 
408,697,205
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Liabilities and Equity
   
$
255,271,888
 
  
$
181,503,291
 
  
$
73,838,131
 
  
$
42,711,827
 
  
$
553,325,137
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Statement of Operations
           
Interest Income
   
$
1,422,743
 
  
$
1,640,402
 
  
$
2,584,486
 
  
$
3,563
 
  
$
5,651,194
 
Other Income
   
 
6,115,960
 
  
 
318,485
 
  
 
306,490
 
  
 
315,894
 
  
 
7,056,829
 
Interest Expense
   
 
(1,475,065
) 
  
 
(331,350
) 
  
 
(427,459
) 
  
 
(30,073
) 
  
 
(2,263,947
) 
Other Expenses
   
 
(6,847,739
) 
  
 
(1,666,930
) 
  
 
(828,689
) 
  
 
(282,474
) 
  
 
(9,625,832
) 
Net Realized and Unrealized Gain from Investments
   
 
31,078,396
 
  
 
43,895,781
 
  
 
3,562,579
 
  
 
4,605,235
 
  
 
83,141,991
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net Income (Loss)
   
$
30,294,295
 
  
$
43,856,388
 
  
$
5,197,407
 
  
$
4,612,145
 
  
$
83,960,235
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Performance Fees Allocated to Funds
Accrued Performance Allocations to Blackstone were as follows:
 
                                                                                              
    
Real

Estate
  
Private

Equity
  
Credit &
Insurance
  
Hedge Fund
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
   
 
(1,582,400
) 
  
 
1,753,730
 
  
 
278,655
 
  
 
173,502
 
  
 
623,487
 
Foreign Exchange Gain
   
 
9,069
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
9,069
 
Fund Distributions
   
 
(770,184
) 
  
 
(1,084,061
) 
  
 
(248,774
) 
  
 
(114,866
) 
  
 
(2,217,885
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Accrued Performance Allocations, December 31, 2023
   
$
  2,990,602
 
  
$
  6,707,244
 
  
$
  599,779
 
  
$
   477,730
 
  
$
 10,775,355
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Realized and Net Change in Unrealized Gains (Losses) on Investments The following table presents the Realized and Net Change in Unrealized Gains (Losses) on these investments:
 
                  
                  
                  
 
  
Year Ended December 31,
 
  
2023
  
2022
  
2021
Realized Gains (Losses)
   
$
(4,881
) 
   
$
(21,511
) 
   
$
741
 
Net Change in Unrealized Gains (Losses)
   
 
17,392
 
   
 
(57,426
) 
   
 
39,549
 
  
 
 
 
   
 
 
 
   
 
 
 
  
$
  12,511
 
   
$
(78,937
) 
   
$
40,290
 
  
 
 
 
   
 
 
 
   
 
 
 
Realized and Net Change in Unrealized Gains in Other Investments The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in Other Investments:
 
                                                        
    
Year Ended December 31,
    
2023
   
2022
   
2021
Realized Gains (Losses)
   
$
(19,346
) 
   
$
203,327
 
   
$
163,199
 
Net Change in Unrealized Gains (Losses)
   
 
(47,017
) 
   
 
(1,128,244
) 
   
 
340,867
 
  
 
 
 
   
 
 
 
   
 
 
 
  
$
(66,363
) 
   
$
(924,917
) 
   
$
504,066
 
  
 
 
 
   
 
 
 
   
 
 
 
v3.24.0.1
Net Asset Value as Fair Value (Tables)
 12 Months Ended
Dec. 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 December 31, 2023 is presented below:
 
                                                        
Strategy (a)
   
Fair Value
   
Redemption
Frequency
(if currently eligible)
   
Redemption
Notice Period
Equity
   
$
445,626
 
   
(b)
   
(b)
Real Estate
   
 
112,633
 
   
(c)
   
(c)
Other
   
 
7,275
 
   
(d)
   
(d)
  
 
 
 
      
  
$
565,534
 
      
  
 
 
 
      
(a)
As of December 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 40% 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 60% of the fair value of the investments in this category are redeemable as of the reporting date.
(c)
The Real Estate category includes investments in funds that primarily invest in real estate assets. All investments in this category are redeemable as of the reporting date.
(d)
Other is composed of the Credit Driven category, the Commodities category and the Diversified Instruments category. The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. The Diversified Instruments category includes investments in funds that invest across multiple strategies. All investments in these categories may not be redeemed at, or within three months of, the reporting date.
v3.24.0.1
Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 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.
 
                                                                                                                                                                               
   
December 31, 2023
  
December 31, 2022
   
Assets
  
Liabilities
  
Assets
  
Liabilities
   
Notional
  
Fair

Value
  
Notional
  
Fair
Value
  
Notional
  
Fair
Value
  
Notional
  
Fair
Value
Freestanding Derivatives
                
Blackstone
                
Interest Rate Contracts
  
$
634,840
 
  
$
145,798
 
  
$
607,000
 
  
$
86,589
 
  
$
789,540
 
  
$
188,043
 
  
$
621,700
 
  
$
83,331
 
Foreign Currency Contracts
  
 
387,102
 
  
 
11,442
 
  
 
334,228
 
  
 
3,538
 
  
 
541,238
 
  
 
8,040
 
  
 
190,774
 
  
 
3,542
 
Credit Default Swaps
  
 
3,108
 
  
 
479
 
  
 
3,748
 
  
 
508
 
  
 
2,007
 
  
 
384
 
  
 
8,768
 
  
 
1,309
 
Total Return Swaps
  
 
63,158
 
  
 
13,171
 
  
 
—
 
  
 
—
 
  
 
42,233
 
  
 
6,210
 
  
 
—
 
  
 
—
 
Equity Options
  
 
—
 
  
 
—
 
  
 
1,110,490
 
  
 
563,986
 
  
 
—
 
  
 
—
 
  
 
996,592
 
  
 
48,581
 
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
1,088,208
 
  
 
170,890
 
  
 
2,055,466
 
  
 
654,621
 
  
 
1,375,018
 
  
 
202,677
 
  
 
1,817,834
 
  
 
136,763
 
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Investments of Consolidated Blackstone Funds
                
Interest Rate Contracts
  
 
855,683
 
  
 
19,189
 
  
 
—
 
  
 
—
 
  
 
931,752
 
  
 
74,926
 
  
 
—
 
  
 
—
 
Foreign Currency Contracts
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
5,133
 
  
 
284
 
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
855,683
 
  
 
19,189
 
  
 
—
 
  
 
—
 
  
 
931,752
 
  
 
74,926
 
  
 
5,133
 
  
 
284
 
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
$
1,943,891
 
  
$
190,079
 
  
$
2,055,466
 
  
$
654,621
 
  
$
2,306,770
 
  
$
277,603
 
  
$
1,822,967
 
  
$
137,047
 
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Summary of Impact of Derivative Financial Instruments to Consolidated Statements of Operations
The table below summarizes the impact to the Consolidated Statements of Operations from derivative financial instruments:
 
                                                        
    
Year Ended December 31,
    
2023
  
2022
  
2021
Freestanding Derivatives
       
Realized Gains (Losses)
       
Interest Rate Contracts
   
$
24,291
 
  
$
15,319
 
  
$
1,727
 
Foreign Currency Contracts
   
 
443
 
  
 
(8,520
) 
  
 
(1,152
) 
Credit Default Swaps
   
 
(413
) 
  
 
(231
) 
  
 
(1,488
) 
Total Return Swaps
   
 
15,775
 
  
 
1,654
 
  
 
(1,254
) 
Other
   
 
—
 
  
 
—
 
  
 
(40
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
40,096
 
  
 
8,222
 
  
 
(2,207
) 
  
 
 
 
  
 
 
 
  
 
 
 
Net Change in Unrealized Gains (Losses)
       
Interest Rate Contracts
   
 
(87,177
) 
  
 
167,706
 
  
 
89,702
 
Foreign Currency Contracts
   
 
3,288
 
  
 
9,666
 
  
 
608
 
Credit Default Swaps
   
 
363
 
  
 
73
 
  
 
1,112
 
Total Return Swaps
   
 
6,381
 
  
 
5,290
 
  
 
2,130
 
Equity Options
   
 
(515,405
) 
  
 
(48,581
) 
  
 
—
 
Other
   
 
—
 
  
 
—
 
  
 
(20
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
(592,550
) 
  
 
134,154
 
  
 
93,532
 
  
 
 
 
  
 
 
 
  
 
 
 
  
$
(552,454
) 
  
$
142,376
 
  
$
91,325
 
  
 
 
 
  
 
 
 
  
 
 
 
v3.24.0.1
Fair Value Option (Tables)
 12 Months Ended
Dec. 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:
 
                                     
    
December 31,
    
2023
   
2022
Assets
      
Loans and Receivables
   
$
60,738
 
   
$
315,039
 
Equity and Preferred Securities
   
 
2,894,302
 
   
 
1,868,192
 
Debt Securities
   
 
63,486
 
   
 
24,784
 
Assets of Consolidated CLO Vehicles
 
 
 
 
 
 
 
 
Corporate Loans
   
 
938,801
 
   
 
—
 
  
 
 
 
   
 
 
 
  
$
3,957,327
 
   
$
2,208,015
 
  
 
 
 
   
 
 
 
Liabilities
      
CLO Notes Payable
   
$
687,122
 
   
$
—
 
Corporate Treasury Commitments
   
 
1,264
 
   
 
8,144
 
  
 
 
 
   
 
 
 
  
$
688,386
 
   
$
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:
 
                       
                       
                       
                       
                       
                       
    
Year Ended December 31,
    
2023
  
2022
  
2021
        
Net Change
      
Net Change
      
Net Change
    
Realized
  
in Unrealized
  
Realized
  
in Unrealized
  
Realized
  
in Unrealized
    
Gains
  
Gains
  
Gains
  
Gains
  
Gains
  
Gains
    
(Losses)
  
(Losses)
  
(Losses)
  
(Losses)
  
(Losses)
  
(Losses)
Assets
             
Loans and Receivables
   
$
(8,053
) 
  
$
4,886
 
  
$
(10,733
) 
  
$
(464
) 
  
$
(11,661
) 
  
$
3,481
 
Equity and Preferred Securities
   
 
(1,439
) 
  
 
(122,605
) 
  
 
22,285
 
  
 
(91,338
) 
  
 
42,791
 
  
 
53,157
 
Debt Securities
   
 
—
 
  
 
(3,884
) 
  
 
(22,240
) 
  
 
(19,490
) 
  
 
14,399
 
  
 
(14,210
) 
Assets of Consolidated CLO Vehicles
             
Corporate Loans
   
 
(6,063
) 
  
 
8,728
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
$
(15,555
) 
  
$
(112,875
) 
  
$
(10,688
) 
  
$
(111,292
) 
  
$
45,529
 
  
$
42,428
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Liabilities
             
CLO Notes Payable
   
$
—
 
  
$
282
 
  
$
—
 
  
$
—
 
  
$
—
 
  
$
—
 
Corporate Treasury Commitments
   
 
—
 
  
 
6,880
 
  
 
—
 
  
 
(7,508
) 
  
 
—
 
  
 
(383
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
$
—
 
  
$
7,162
 
  
$
—
 
  
$
(7,508
) 
  
$
—
 
  
$
(383
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Information for Financial Instruments on Which Fair Value Option was Elected
The following table presents information for those financial instruments for which the fair value option was elected:
 
                       
                       
                       
                       
                       
                       
    
December 31, 2023
  
December 31, 2022
        
For Financial Assets

Past Due (a)
      
For Financial Assets
Past Due (a)
    
Excess
      
Excess
  
Excess
      
Excess
    
(Deficiency)
      
(Deficiency)
  
(Deficiency)
      
(Deficiency)
    
of Fair Value
  
Fair
  
of Fair Value
  
of Fair Value
  
Fair
  
of Fair Value
    
Over Principal
  
Value
  
Over Principal
  
Over Principal
  
Value
  
Over Principal
Loans and Receivables
   
$
675
 
  
$
—
 
  
$
—
 
  
$
(2,861
) 
  
$
—
 
  
$
—
 
Debt Securities
   
 
(52,577
) 
  
 
—
 
  
 
—
 
  
 
(48,670
) 
  
 
—
 
  
 
—
 
Assets of Consolidated CLO Vehicles
             
Corporate Loans
   
 
(8,751
) 
  
 
1,345
  
  
 
—
  
  
 
—
 
  
 
—
  
  
 
—
  
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
$
(60,653
) 
  
$
1,345
 
  
$
—
 
  
$
(51,531
) 
  
$
—
 
  
$
—
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(a)
Assets are classified as past due if contractual payments are more than 90 days past due.
v3.24.0.1
Fair Value Measurements of Financial Instruments (Tables)
 12 Months Ended
Dec. 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:
 
                  
                  
                  
                  
                  
 
  
December 31, 202
3
 
  
Level I
  
Level II
  
Level III
  
NAV
  
Total
Assets
  
  
  
  
  
Cash and Cash Equivalents
   
$
263,574
 
   
$
—
 
   
$
—
 
   
$
—
 
   
$
263,574
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Investments
               
Investments of Consolidated Blackstone Funds
               
Equity Securities, Partnerships and LLC Interests (a)
   
 
11,118
 
   
 
123,022
 
   
 
2,653,246
 
   
 
558,259
 
   
 
3,345,645
 
Debt Instruments
   
 
—
 
   
 
924,264
 
   
 
30,385
 
   
 
—
 
   
 
954,649
 
Freestanding Derivatives
   
 
—
 
   
 
19,189
 
   
 
—
 
   
 
—
 
   
 
19,189
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total Investments of Consolidated Blackstone Funds
   
 
11,118
 
   
 
1,066,475
 
   
 
2,683,631
 
   
 
558,259
 
   
 
4,319,483
 
Corporate Treasury Investments
   
 
72,071
 
   
 
435,430
 
   
 
296,369
 
   
 
—
 
   
 
803,870
 
Other Investments
   
 
1,564,112
 
   
 
2,355,423
 
   
 
223,441
 
   
 
7,275
 
   
 
4,150,251
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total Investments
   
 
1,647,301
 
   
 
3,857,328
 
   
 
3,203,441
 
   
 
565,534
 
   
 
9,273,604
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Accounts Receivable — Loans and Receivables
   
 
—
 
   
 
—
 
   
 
60,738
 
   
 
—
 
   
 
60,738
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Other Assets — Freestanding Derivatives
   
 
90
 
   
 
157,629
 
   
 
13,171
 
   
 
—
 
   
 
170,890
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
1,910,965
 
   
$
4,014,957
 
   
$
3,277,350
 
   
$
565,534
 
   
$
9,768,806
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Liabilities
               
Loans Payable — CLO Notes Payable
   
$
—
 
   
$
687,122
 
   
$
—
 
   
$
—
 
   
$
687,122
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Accounts Payable, Accrued Expenses and Other Liabilities
               
Freestanding Derivatives
   
 
436
 
   
 
90,199
 
   
 
563,986
 
   
 
—
 
   
 
654,621
 
Contingent Consideration
   
 
—
 
   
 
—
 
   
 
387
 
   
 
—
 
   
 
387
 
Corporate Treasury Commitments
   
 
—
 
   
 
—
 
   
 
1,264
 
   
 
—
 
   
 
1,264
 
Securities Sold, Not Yet Purchased
   
 
3,886
 
   
 
—
 
   
 
—
 
   
 
—
 
   
 
3,886
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total Accounts Payable, Accrued Expenses and Other Liabilities
   
 
4,322
 
   
 
90,199
 
   
 
565,637
 
   
 
—
 
   
 
660,158
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
4,322
 
   
$
777,321
 
   
$
565,637
 
   
$
—
 
   
$
1,347,280
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
 
                  
                  
                  
                  
                  
                  
                  
                  
                  
                  
 
  
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
               
Accounts Payable, Accrued Expenses and Other Liabilities
               
Consolidated Blackstone Funds — Freestanding Derivatives
   
$
—
 
   
$
284
 
   
$
—
 
   
$
—
 
   
$
284
 
Freestanding Derivatives
   
 
21
 
   
 
88,161
 
   
 
48,581
 
   
 
—
 
   
 
136,763
 
Corporate Treasury Commitments
   
 
—
 
   
 
—
 
   
 
8,144
 
   
 
—
 
   
 
8,144
 
Securities Sold, Not Yet Purchased
   
 
3,825
 
   
 
—
 
   
 
—
 
   
 
—
 
   
 
3,825
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total Accounts Payable, Accrued Expenses and Other Liabilities
   
 
3,846
 
   
 
88,445
 
   
 
56,725
 
   
 
—
 
   
 
149,016
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
3,846
 
   
$
88,445
 
   
$
56,725
 
   
$
—
 
   
$
149,016
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
LLC Limited Liability Company.
(a)
Equity Securities, Partnership and LLC Interest includes investments in investment funds.
Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy
The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of December 31, 2023. Consistent with presentation in these Notes to Consolidated Financial Statements, this table presents the Level III Investments only of Consolidated Blackstone Funds and therefore does not reflect any other Blackstone Funds.
 
                                                                                                                 
                       
Impact to
                       
Valuation
                       
from an
       
Valuation
  
Unobservable
      
Weighted-
  
Increase
   
Fair Value
  
Techniques
  
Inputs
  
Ranges
  
Average (a)
  
in Input
Financial Assets
            
Investments of Consolidated Blackstone Funds
            
Equity Securities, Partnership and LLC Interests
  
$
2,653,246
 
  
 
Discounted Cash Flows
 
  
 
Discount Rate
 
  
3.3% - 38.0%
  
9.7%
  
Lower
     
 
Exit Multiple - EBITDA
 
  
4.0x - 30.6x
  
15.0x
  
Higher
     
 
Exit Capitalization Rate
 
  
3.1% - 12.8%
  
5.1%
  
Lower
Debt Instruments
  
 
30,385
 
  
 
Third Party Pricing
 
  
 
n/a
 
      
 
 
 
 
          
Total Investments of Consolidated Blackstone Funds
  
 
2,683,631
 
          
Corporate Treasury Investments
  
 
296,369
 
  
 
Discounted Cash Flows
 
  
 
Discount Rate
 
  
11.2% - 22.4%
  
17.1%
  
Lower
   
 
Transaction Price
 
  
 
n/a
 
      
Loans and Receivables
  
 
60,738
 
  
 
Discounted Cash Flows
 
  
 
Discount Rate
 
  
8.8% - 14.9%
  
10.3%
  
Lower
Other Investments (b)
  
 
236,612
 
  
 
Third Party Pricing
 
  
 
n/a
 
      
   
 
Transaction Price
 
  
 
n/a
 
      
 
 
 
 
          
 
$
3,277,350
 
          
 
 
 
 
          
Financial Liabilities
            
Freestanding Derivatives (c)
  
$
563,986
 
  
 
Option Pricing Model
 
  
 
Volatility
 
  
6.3%
  
n/a
  
Higher
Other Liabilities (d)
  
 
1,651
 
  
 
Third Party Pricing
 
  
 
n/a
 
      
   
 
Other
 
  
 
n/a
 
      
 
 
 
 
          
 
$
565,637
 
          
 
 
 
 
          
 
 
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:
 
                                                                                                                 
                          
Impact to
                          
Valuation
                          
from an
        
Valuation
   
Unobservable
       
Weighted-
  
Increase
   
Fair Value
   
Techniques
   
Inputs
   
Ranges
  
Average (a)
  
in Input
Financial Assets
               
Investments of Consolidated Blackstone Funds
               
Equity Securities, Partnership and LLC Interests
  
$
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
 
             
 
 
 
 
             
Financial Liabilities
               
Freestanding Derivatives (c)
  
$
48,581
 
   
 
Option Pricing Model
 
   
 
Volatility
 
   
6.1%
  
n/a
  
Higher
Other Liabilities (d)
  
 
8,144
 
   
 
Third Party Pricing
 
   
 
n/a
 
       
 
 
 
 
             
 
$
56,725
 
             
 
 
 
 
             
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 December 31, 2023 and 2022, Other Investments includes Level III Freestanding Derivatives.
(c)
  
The volatility of the historical performance of the underlying reference entity is used to project the expected returns relevant for the fair value of the derivative.
(d)
  
As of December 31, 2023, Other Liabilities includes Level III Contingent Consideration and Level III Corporate Treasury Commitments. As of December 31, 2022, Other Liabilities is comprised only of Level III Corporate Treasury Commitments.
Summary of Changes in Financial Assets and Liabilities 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 basis. Total realized and unrealized gains and losses recorded for Level III investments are reported in either Investment Income (Loss) or Net Gains (Losses) from Fund Investment Activities in the Consolidated Statements of Operations.
 
                                                                                                                       
    
Level III Financial Assets at Fair Value
    
Year Ended December 31,
    
2023
  
2022
    
Investments of
Consolidated
Funds
  
Loans

and

Receivables
  
Other
Investments (a)
  
Total
  
Investments of
Consolidated
Funds
  
Loans

and

Receivables
  
Other
Investments (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 In Due to Consolidation and Acquisition
   
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
2,985,171
 
  
 
—
 
  
 
—
 
  
 
2,985,171
 
Transfer Out Due to Deconsolidation
   
 
(1,453,837
) 
  
 
—
 
  
 
—
 
  
 
(1,453,837
) 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
Transfer In to Level III (b)
   
 
28,190
 
  
 
—
 
  
 
898
 
  
 
29,088
 
  
 
2,040
 
  
 
—
 
  
 
2,517
 
  
 
4,557
 
Transfer Out of Level III (b)
   
 
(18,197
) 
  
 
—
 
  
 
(3,374
) 
  
 
(21,571
) 
  
 
(76,621
) 
  
 
—
 
  
 
(19,597
) 
  
 
(96,218
) 
Purchases
   
 
294,789
 
  
 
284,002
 
  
 
354,202
 
  
 
932,993
 
  
 
636,338
 
  
 
805,375
 
  
 
14,524
 
  
 
1,456,237
 
Sales
   
 
(289,721
) 
  
 
(563,732
) 
  
 
(14,542
) 
  
 
(867,995
) 
  
 
(428,379
) 
  
 
(882,668
) 
  
 
(3,797
) 
  
 
(1,314,844
) 
Issuances
   
 
—
 
  
 
68,450
 
  
 
—
 
  
 
68,450
 
  
 
—
 
  
 
39,514
 
  
 
—
 
  
 
39,514
 
Settlements (c)
   
 
—
 
  
 
(70,419
) 
  
 
(8,252
) 
  
 
(78,671
) 
  
 
—
 
  
 
(55,308
) 
  
 
(4,433
) 
  
 
(59,741
) 
Changes in Gains (Losses) Included in Earnings
   
 
(127,425
) 
  
 
27,398
 
  
 
13,121
 
  
 
(86,906
) 
  
 
(69,032
) 
  
 
15,394
 
  
 
(2,230
) 
  
 
(55,868
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Balance, End of Period
   
$
2,683,631
 
  
$
60,738
 
  
$
373,024
 
  
$
3,117,393
 
  
$
4,249,832
 
  
$
315,039
 
  
$
30,971
 
  
$
4,595,842
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Changes in Unrealized Gains (Losses) Included in Earnings
Related to Financial Assets Still Held at the Reporting Date
   
$
(94,828
) 
  
$
2,227
 
  
$
7,725
 
  
$
(84,876
) 
  
$
(136,037
) 
  
$
(13,384
) 
  
$
(11,271
) 
  
$
(160,692
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
                                                                                                                 
    
Level III Financial Liabilities at Fair Value
    
Year Ended December 31,
    
2023
  
2022
    
Freestanding
Derivatives
   
Other
Liabilities (d)
  
Total
  
Freestanding
Derivatives
   
Other
Liabilities (d)
   
Total
Balance, Beginning of Period
   
$
48,581
 
   
$
8,144
 
  
$
56,725
 
  
$
—
 
   
$
636
 
   
$
636
 
Transfer In Due to Consolidation and Acquisition
   
 
—
 
   
 
800
 
  
 
800
 
  
 
—
 
   
 
—
 
   
 
—
 
Sales
   
 
—
 
   
 
(413
) 
  
 
(413
) 
  
 
—
 
   
 
—
 
   
 
—
 
Changes in Losses (Gains) Included in Earnings
   
 
515,405
 
   
 
(6,880
) 
  
 
508,525
 
  
 
48,581
 
   
 
7,508
 
   
 
56,089
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
   
 
 
 
   
 
 
 
Balance, End of Period
   
$
563,986
 
   
$
1,651
 
  
$
565,637
 
  
$
48,581
 
   
$
8,144
 
   
$
56,725
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
   
 
 
 
   
 
 
 
Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date
   
$
515,405
 
   
$
(6,880
) 
  
$
508,525
 
  
$
48,581
 
   
$
7,508
 
   
$
56,089
 
  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
 
   
 
 
 
   
 
 
 
 
(a)
Represents freestanding derivatives, corporate treasury investments and Other Investments.
 
 
(b)
Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities.
(c)
For Freestanding Derivatives included within Other Investments, Settlements includes all ongoing contractual cash payments made or received over the life of the instrument.
(d)
As of December 31, 2023, Other Liabilities includes Level III Contingent Consideration and Level III Corporate Treasury Commitments. As of December 31, 2022, Other Liabilities is comprised only of Level III Corporate Treasury Commitments.
v3.24.0.1
Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2023
Maximum Exposure to Loss Relating to Non-Consolidated VIEs Blackstone’s maximum exposure to loss relating to non-consolidated VIEs were as follows:
 
                                     
    
December 31,
2023
   
December 31,
2022
Investments
   
$
3,751,591
 
   
$
3,326,669
 
Due from Affiliates
   
 
203,187
 
   
 
189,240
 
Potential Clawback Obligation
   
 
72,119
 
   
 
384,926
 
  
 
 
 
   
 
 
 
Maximum Exposure to Loss
   
$
4,026,897
 
   
$
3,900,835
 
  
 
 
 
   
 
 
 
Amounts Due to Non-Consolidated VIEs
   
$
223
 
   
$
6
 
  
 
 
 
   
 
 
 
v3.24.0.1
Repurchase Agreements (Tables)
 12 Months Ended
Dec. 31, 2023
Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged
The following table provides information regarding Blackstone’s Repurchase Agreements obligation by type of collateral pledged as of December 31, 2022. At December 31, 2023, Blackstone had no Repurchase Agreements and hence no collateral outstanding.
 
                                                                                              
    
December 31, 2022
    
Remaining Contractual Maturity of the Agreements
    
Overnight and
Continuous
   
Up to
30 Days
   
30 - 90
Days
   
Greater than
90 days
   
Total
Repurchase Agreements
               
Loans
   
 
—
 
   
 
70,776
 
   
 
—
 
   
 
19,168
 
   
 
89,944
 
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 12. “Offsetting of Assets and Liabilities”
 
   
$
89,944
 
        
 
 
 
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 12. “Offsetting of Assets and Liabilities”
 
   
$
—
 
        
 
 
 
v3.24.0.1
Other Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Other Assets
Other Assets consists of the following:
 
                                     
    
December 31,
    
2023
   
2022
Furniture, Equipment and Leasehold Improvements
   
$
937,355
 
   
$
748,334
 
Less: Accumulated Depreciation
   
 
(394,602
) 
   
 
(336,621
) 
  
 
 
 
   
 
 
 
Furniture, Equipment and Leasehold Improvements, Net
   
 
542,753
 
   
 
411,713
 
Prepaid Expenses
   
 
207,886
 
   
 
165,079
 
Freestanding Derivatives
   
 
170,890
 
   
 
202,677
 
Other
   
 
23,319
 
   
 
20,989
 
  
 
 
 
   
 
 
 
  
$
944,848
 
   
$
800,458
 
  
 
 
 
   
 
 
 
v3.24.0.1
Offsetting of Assets And Liabilities (Tables)
 12 Months Ended
Dec. 31, 2023
Offsetting of Assets
The following tables present the offsetting of assets and liabilities as of December 31, 2023 and 2022:
 
                                                                                                                                                                           
    
December 31, 2023
    
Gross and Net

Amounts of Assets
Presented in the
Statement of
Financial Condition
   
Gross Amounts Not Offset in

the Statement of

Financial Condition
     
    
Financial
Instruments (a)
   
Cash Collateral
Received
   
Net
Amount
Assets
            
Freestanding Derivatives
   
$
190,079
 
   
$
107,330
 
   
$
49,532
 
   
$
33,217
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 

                                                                                                                                                                           
    
December 31, 2023
    
Gross and Net
Amounts of Liabilities
Presented in the
Statement of

Financial Condition
   
Gross Amounts Not Offset in

the Statement of

Financial Condition
     
    
Financial
Instruments (a)
   
Cash Collateral
Pledged
   
Net
Amount
Liabilities
            
Freestanding Derivatives
   
$
90,635
 
   
$
87,777
 
   
$
625
 
   
$
2,233
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Offsetting of Liabilities
                                                                                                                                                                           
    
December 31, 2022
    
Gross and Net
Amounts of Assets
Presented in the
Statement of
Financial Condition
   
Gross Amounts Not Offset in

the Statement of

Financial Condition
     
    
Financial
Instruments (a)
   
Cash Collateral
Received
   
Net
Amount
Assets
            
Freestanding Derivatives
   
$
277,603
 
   
$
165,897
 
   
$
96,436
 
   
$
15,270
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
 
                                                                                                                                                                           
    
December 31, 2022
    
Gross and Net
Amounts of Liabilities
Presented in the
Statement of

Financial Condition
   
Gross Amounts Not Offset in

the Statement of

Financial Condition
   
Net
Amount
  
Financial
Instruments (a)
   
Cash Collateral
Pledged
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 and Freestanding Derivative liabilities are included in Accounts Payable, Accrued Expenses and Other Liabilities in the Consolidated Statements of Financial Condition. Freestanding Derivative assets are included in Other Assets in the Consolidated Statements of Financial Condition. See Note 11. “Other Assets” for the components of Other Assets.
 
v3.24.0.1
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2023
Partnership's Credit Facilities
 
                 
                 
                 
                 
                 
                 
 
  
December 31,
 
  
2023
 
2022
 
  
Credit
Available
  
Borrowing
Outstanding
  
Effective
Interest
Rate
 
Credit
Available
  
Borrowing
Outstanding
  
Effective
Interest
Rate
Revolving Credit Facility (a)
   
$
4,325,000
 
   
$
—
 
   
 
-
 
  
$
4,135,000
 
   
$
—
 
   
 
-
 
Blackstone Issued Senior Notes (b)
                 
4.750%, Due 2/15/2023
   
 
—
 
   
 
—
 
   
 
-
 
  
 
400,000
 
   
 
400,000
 
   
 
5.07
% 
2.000%, Due 5/19/2025
   
 
331,170
 
   
 
331,170
 
   
 
2.16
% 
  
 
321,150
 
   
 
321,150
 
   
 
2.19
% 
1.000%, Due 10/5/2026
   
 
662,340
 
   
 
662,340
 
   
 
1.16
% 
  
 
642,300
 
   
 
642,300
 
   
 
1.16
% 
3.150%, Due 10/2/2027
   
 
300,000
 
   
 
300,000
 
   
 
3.30
% 
  
 
300,000
 
   
 
300,000
 
   
 
3.29
% 
5.900%, Due 11/3/2027
   
 
600,000
 
   
 
600,000
 
   
 
6.13
% 
  
 
600,000
 
   
 
600,000
 
   
 
6.19
% 
1.625%, Due 8/5/2028
   
 
650,000
 
   
 
650,000
 
   
 
1.79
% 
  
 
650,000
 
   
 
650,000
 
   
 
1.83
% 
1.500%, Due 4/10/2029
   
 
662,340
 
   
 
662,340
 
   
 
1.60
% 
  
 
642,300
 
   
 
642,300
 
   
 
1.61
% 
2.500%, Due 1/10/2030
   
 
500,000
 
   
 
500,000
 
   
 
2.73
% 
  
 
500,000
 
   
 
500,000
 
   
 
2.73
% 
1.600%, Due 3/30/2031
   
 
500,000
 
   
 
500,000
 
   
 
1.71
% 
  
 
500,000
 
   
 
500,000
 
   
 
1.70
% 
2.000%, Due 1/30/2032
   
 
800,000
 
   
 
800,000
 
   
 
2.18
% 
  
 
800,000
 
   
 
800,000
 
   
 
2.18
% 
2.550%, Due 3/30/2032
   
 
500,000
 
   
 
500,000
 
   
 
2.67
% 
  
 
500,000
 
   
 
500,000
 
   
 
2.66
% 
6.200%, Due 4/22/2033
   
 
900,000
 
   
 
900,000
 
   
 
6.33
% 
  
 
900,000
 
   
 
900,000
 
   
 
6.40
% 
3.500%, Due 6/1/2034
   
 
551,950
 
   
 
551,950
 
   
 
3.90
% 
  
 
535,250
 
   
 
535,250
 
   
 
3.79
% 
6.250%, Due 8/15/2042
   
 
250,000
 
   
 
250,000
 
   
 
6.65
% 
  
 
250,000
 
   
 
250,000
 
   
 
6.65
% 
5.000%, Due 6/15/2044
   
 
500,000
 
   
 
500,000
 
   
 
5.16
% 
  
 
500,000
 
   
 
500,000
 
   
 
5.16
% 
4.450%, Due 7/15/2045
   
 
350,000
 
   
 
350,000
 
   
 
4.56
% 
  
 
350,000
 
   
 
350,000
 
   
 
4.56
% 
4.000%, Due 10/2/2047
   
 
300,000
 
   
 
300,000
 
   
 
4.20
% 
  
 
300,000
 
   
 
300,000
 
   
 
4.20
% 
3.500%, Due 9/10/2049
   
 
400,000
 
   
 
400,000
 
   
 
3.61
% 
  
 
400,000
 
   
 
400,000
 
   
 
3.61
% 
2.800%, Due 9/30/2050
   
 
400,000
 
   
 
400,000
 
   
 
2.88
% 
  
 
400,000
 
   
 
400,000
 
   
 
2.88
% 
2.850%, Due 8/5/2051
   
 
550,000
 
   
 
550,000
 
   
 
2.91
% 
  
 
550,000
 
   
 
550,000
 
   
 
2.92
% 
3.200%, Due 1/30/2052
   
 
1,000,000
 
   
 
1,000,000
 
   
 
3.27
% 
  
 
1,000,000
 
   
 
1,000,000
 
   
 
3.26
% 
  
 
 
 
   
 
 
 
     
 
 
 
   
 
 
 
   
  
 
15,032,800
 
   
 
10,707,800
 
     
 
15,176,000
 
   
 
11,041,000
 
   
Other (c)
                 
Secured Borrowing, Due 10/27/2033
   
 
19,949
 
   
 
19,949
 
   
 
7.69
% 
  
 
—
 
   
 
—
 
   
 
-
 
Secured Borrowing, Due 1/29/2035
   
 
20,000
 
   
 
20,000
 
   
 
3.72
% 
  
 
—
 
   
 
—
 
   
 
-
 
  
 
 
 
   
 
 
 
     
 
 
 
   
 
 
 
   
  
 
15,072,749
 
   
 
10,747,749
 
     
 
15,176,000
 
   
 
11,041,000
 
   
  
 
 
 
   
 
 
 
     
 
 
 
   
 
 
 
   
Borrowings of Consolidated Blackstone Funds
                 
Blackstone Fund Facilities (d)
   
 
—
 
   
 
—
 
   
 
-
 
  
 
1,450,000
 
   
 
1,450,000
 
   
 
-
 
CLO Notes Payable (e)
   
 
858,133
 
   
 
858,133
 
   
 
7.57
% 
  
 
—
 
   
 
—
 
   
 
-
 
  
 
 
 
   
 
 
 
     
 
 
 
   
 
 
 
   
  
 
858,133
 
   
 
858,133
 
     
 
1,450,000
 
   
 
1,450,000
 
   
  
 
 
 
   
 
 
 
     
 
 
 
   
 
 
 
   
  
$
15,930,882
 
   
$
11,605,882
 
     
$
16,626,000
 
   
$
12,491,000
 
   
  
 
 
 
   
 
 
 
     
 
 
 
   
 
 
 
   
(a)
Represents the Credit Facility of Blackstone, through the Issuer. Interest on the borrowings is based on an adjusted Secured Overnight Finance Rate (“SOFR”) or alternate base rate, in each case plus a margin, and undrawn commitments bear a commitment fee
 

 
of 0.06%. The margin above adjusted SOFR used to calculate interest on borrowings was 0.75% plus an additional credit spread adjustment of 0.10% to account for the difference between London Interbank Offered Rate (“LIBOR”) and SOFR. The margin is subject to change based on Blackstone’s credit rating. Borrowings may also be made in U.K. sterling, euros, Swiss francs, Japanese yen or Canadian dollars, in each case subject to certain sub-limits. The Credit Facility contains customary representations, covenants and events of default. Financial covenants consist of a maximum net leverage ratio and a requirement to keep a minimum amount of fee-earning assets under management, each tested quarterly. As of December 31, 2023 and 2022, Blackstone had outstanding but undrawn letters of credit against the Credit Facility of $40.3 million and $11.2 million, respectively. The amount Blackstone can draw from the Credit Facility is reduced by the undrawn letters of credit, however the Credit Available presented herein is not reduced by the undrawn letters of credit.
(b)
The Issuer has issued long-term borrowings in the form of senior notes (the “Notes”). The Notes are unsecured and unsubordinated obligations of the Issuer. The Notes are fully and unconditionally guaranteed, jointly and severally, by Blackstone, the Guarantors and the Issuer. The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to the issuance of the Notes have been deducted from the Note liability and are being amortized over the life of the Notes. The indentures include covenants, including limitations on the Issuer’s and the Guarantors’ ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The indentures also provide for events of default and further provide that the trustee or the holders of not less than 25% in aggregate principal amount of the outstanding Notes may declare the Notes immediately due and payable upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the Notes and any accrued and unpaid interest on the Notes automatically become due and payable. All or a portion of the Notes may be redeemed at the Issuer’s option in whole or in part, at any time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the Notes. If a change of control repurchase event occurs, the holders of the Notes may require the Issuer to repurchase the Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of the Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of repurchase.
(c)
Principal on the Secured Borrowings will be paid over the term with repayment amounts dependent on the performance of the underlying assets securing each borrowing. Repayment amounts from the underlying assets are restricted to solely satisfy the Secured Borrowings obligations. As of December 31, 2023, the fair value of the assets securing both Secured Borrowings equaled $49.0 million.
(d)
Represents borrowing facilities for the various consolidated Blackstone Funds used to meet liquidity and investing needs. Certain borrowings under these facilities were used for bridge financing and general liquidity purposes. Other borrowings were used to finance the purchase of investments with the borrowing remaining in place until the disposition or refinancing event. Such borrowings have varying maturities and may be rolled over until the disposition or refinancing event. Because the timing of such events is unknown and may occur in the near term, these borrowings are considered short-term in nature. Borrowings bear interest at spreads to market rates or at stated fixed rates that can vary over the borrowing term. Interest may be subject to the performance of the asset and therefore, the stated interest rate and effective interest rate may differ. Borrowings were secured according to the terms of each facility and are generally secured by the investment purchased with the proceeds of the borrowing and/or the uncalled capital commitment of each respective fund. Certain facilities have commitment fees. When a fund borrows, the proceeds are available only for use by that fund and are not available for the benefit of other funds. Collateral within each fund is also available only against the borrowings by that fund and not against the borrowings of other funds. These funds have been deconsolidated as of December 31, 2023.
(e)
CLO Notes Payable have maturity dates ranging from June 2025 to January 2037. A portion of the borrowing outstanding is comprised of subordinated notes which do not have contractual interest rates but instead pay distributions from the excess cash flows of the CLO vehicles.
Carrying Value and Fair Value of Blackstone Issued Notes
The following table presents the general characteristics of each of Blackstone’s notes, as well as their carrying value and fair value. The borrowings are included in Loans Payable within the 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.
 
 
                  
                  
                  
                  
 
  
December 31,
 
  
2023
  
2022
Description
  
Carrying

Value
  
Fair Value
  
Carrying

Value
  
Fair Value
Blackstone Operating Borrowings
  
  
  
  
Senior Notes (a)
            
4.750%, Due 2/15/2023
   
$
—
 
   
$
—
 
   
$
399,838
 
   
$
399,776
 
2.000%, Due 5/19/2025
   
 
336,005
 
   
 
324,778
 
   
 
325,292
 
   
 
305,754
 
1.000%, Due 10/5/2026
   
 
664,085
 
   
 
620,864
 
   
 
642,968
 
   
 
568,525
 
3.150%, Due 10/2/2027
   
 
298,476
 
   
 
283,059
 
   
 
298,101
 
   
 
271,284
 
5.900%, Due 11/3/2027
   
 
595,411
 
   
 
625,158
 
   
 
594,381
 
   
 
606,450
 
1.625%, Due 8/5/2028
   
 
645,406
 
   
 
566,508
 
   
 
644,456
 
   
 
530,933
 
1.500%, Due 4/10/2029
   
 
666,655
 
   
 
601,272
 
   
 
645,819
 
   
 
532,043
 
2.500%, Due 1/10/2030
   
 
493,573
 
   
 
431,005
 
   
 
492,604
 
   
 
405,965
 
1.600%, Due 3/30/2031
   
 
496,447
 
   
 
391,955
 
   
 
495,990
 
   
 
365,380
 
2.000%, Due 1/30/2032
   
 
789,283
 
   
 
633,153
 
   
 
788,082
 
   
 
589,407
 
2.550%, Due 3/30/2032
   
 
495,670
 
   
 
410,755
 
   
 
495,207
 
   
 
390,370
 
6.200%, Due 4/22/2033
   
 
891,899
 
   
 
962,037
 
   
 
891,277
 
   
 
907,965
 
3.500%, Due 6/1/2034
   
 
521,549
 
   
 
536,319
 
   
 
504,695
 
   
 
452,934
 
6.250%, Due 8/15/2042
   
 
239,457
 
   
 
263,270
 
   
 
239,176
 
   
 
251,480
 
5.000%, Due 6/15/2044
   
 
489,975
 
   
 
464,560
 
   
 
489,704
 
   
 
441,355
 
4.450%, Due 7/15/2045
   
 
344,691
 
   
 
297,486
 
   
 
344,549
 
   
 
287,242
 
4.000%, Due 10/2/2047
   
 
291,149
 
   
 
233,685
 
   
 
290,935
 
   
 
227,946
 
3.500%, Due 9/10/2049
   
 
392,436
 
   
 
294,608
 
   
 
392,259
 
   
 
275,588
 
2.800%, Due 9/30/2050
   
 
394,103
 
   
 
252,008
 
   
 
393,958
 
   
 
237,552
 
2.850%, Due 8/5/2051
   
 
543,317
 
   
 
352,457
 
   
 
543,162
 
   
 
323,527
 
3.200%, Due 1/30/2052
   
 
987,401
 
   
 
696,740
 
   
 
987,131
 
   
 
646,880
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
 
10,576,988
 
   
 
9,241,677
 
   
 
10,899,584
 
   
 
9,018,356
 
Other
            
Secured Borrowing, Due 10/27/2033
   
 
19,949
 
   
 
19,949
 
   
 
—
 
   
 
—
 
Secured Borrowing, Due 1/29/2035
   
 
20,000
 
   
 
20,000
 
   
 
—
 
   
 
—
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
 
10,616,937
 
   
 
9,281,626
 
   
 
10,899,584
 
   
 
9,018,356
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Borrowings of Consolidated Blackstone Funds
            
Blackstone Fund Facilities
   
 
—
 
   
 
—
 
   
 
1,450,000
 
   
 
1,450,000
 
CLO Notes Payable
   
 
687,122
 
   
 
687,122
 
   
 
—
 
   
 
—
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
 
687,122
 
   
 
687,122
 
   
 
1,450,000
 
   
 
1,450,000
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
11,304,059
 
   
$
9,968,748
 
   
$
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.
Scheduled Principal Payments for Borrowings
Scheduled principal payments for borrowings at December 31, 2023 were as follows:
 
                                                        
    
Blackstone
Operating
Borrowings
   
Borrowings of
Consolidated
Blackstone Funds
   
Total
Borrowings
2024
   
$
17
 
   
$
—
 
   
$
17
 
2025
   
 
339,393
 
   
 
—
 
   
 
339,393
 
2026
   
 
668,387
 
   
 
—
 
   
 
668,387
 
2027
   
 
911,572
 
   
 
—
 
   
 
911,572
 
2028
   
 
664,090
 
   
 
—
 
   
 
664,090
 
Thereafter
   
 
8,164,290
 
   
 
858,133
 
   
 
9,022,423
 
  
 
 
 
   
 
 
 
   
 
 
 
  
$
10,747,749
 
   
$
858,133
 
   
$
11,605,882
 
  
 
 
 
   
 
 
 
   
 
 
 
v3.24.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of components of lease expense
The components of lease expense were as follows:


                  
                  
                  
 
  
Year Ended December 31,
 
  
2023
  
2022
  
2021
Operating Lease Cost
         
Straight-Line Lease Cost (a)
   
$
160,534
 
   
$
139,740
 
   
$
115,875
 
Variable Lease Cost (b)
   
 
15,268
 
   
 
12,072
 
   
 
10,959
 
Sublease Income
   
 
(63
)
   
 
(888
) 
   
 
(1,695
) 
  
 
 
 
   
 
 
 
   
 
 
 
  
$
175,739
 
   
$
150,924
 
   
$
125,139
 
  
 
 
 
   
 
 
 
   
 
 
 
 
(a)
Straight-line lease cost includes short-term leases, which are immaterial.
(b)
Variable lease cost approximates variable lease cash payments.
Schedule of Supplemental cash flow information related to leases
Supplemental cash flow information related to leases were as follows:
 
                                                        
    
Year Ended December 31,
    
2023
   
2022
   
2021
Operating Cash Flows for Operating Lease Liabilities
   
$
127,183
 
   
$
107,249
 
   
$
96,007
 
Non-Cash Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities
   
$
117,155
 
   
$
278,010
 
   
$
352,298
 
Schedule of Undiscounted cash flows on an annual basis for Operating Lease Liabilities
The following table shows the undiscounted cash flows on an annual basis for Operating Lease Liabilities as of December 31, 2023:
 
                  
2024
   
$
163,003
 
2025
   
 
180,732
 
2026
   
 
179,046
 
2027
   
 
175,916
 
2028
   
 
169,824
 
Thereafter
   
 
180,540
 
  
 
 
 
Total Lease Payments (a)
   
 
1,049,061
 
Less: Imputed Interest
   
 
(59,238
) 
  
 
 
 
Present Value of Operating Lease Liabilities
   
$
989,823
 
  
 
 
 
(a)
Excludes signed leases that have not yet commenced.
v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Before Provision for Taxes
The Income Before Provision for Taxes consists of the following:
 
                                                              
    
Year Ended December 31,
    
2023
   
2022
   
2021
Income Before Provision (Benefit) for Taxes
         
U.S. Domestic Income
   
$
2,577,184
 
   
$
3,023,588
 
   
$
13,275,132
 
Foreign Income
   
 
380,530
 
   
 
438,201
 
   
 
284,264
 
  
 
 
 
   
 
 
 
   
 
 
 
  
$
2,957,714
 
   
$
3,461,789
 
   
$
13,559,396
 
  
 
 
 
   
 
 
 
   
 
 
 
Provision (Benefit) for Income Taxes
The Provision for Taxes consists of the following:
 
                                                              
    
Year Ended December 31,
    
2023
   
2022
   
2021
Current
         
Federal Income Tax
   
$
362,144
 
   
$
503,075
 
   
$
507,648
 
Foreign Income Tax
   
 
112,861
 
   
 
75,859
 
   
 
55,376
 
State and Local Income Tax
   
 
186,851
 
   
 
255,421
 
   
 
156,735
 
  
 
 
 
   
 
 
 
   
 
 
 
  
 
661,856
 
   
 
834,355
 
   
 
719,759
 
  
 
 
 
   
 
 
 
   
 
 
 
Deferred
         
Federal Income Tax
   
 
(94,732
) 
   
 
(312,961
) 
   
 
373,223
 
Foreign Income Tax
   
 
(7,020
) 
   
 
(3,048
) 
   
 
(2,654
) 
State and Local Income Tax
   
 
(46,643
) 
   
 
(45,466
) 
   
 
94,073
 
  
 
 
 
   
 
 
 
   
 
 
 
  
 
(148,395
) 
   
 
(361,475
) 
   
 
464,642
 
  
 
 
 
   
 
 
 
   
 
 
 
Provision for Taxes
   
$
 513,461
 
   
$
 472,880
 
   
$
 1,184,401
 
  
 
 
 
   
 
 
 
   
 
 
 
Summary of Blackstone's Tax Position
The following table summarizes Blackstone’s tax position:
 
                                                              
    
Year Ended December 31,
    
2023
  
2022
  
2021
Income Before Provision for Taxes
   
$
2,957,714
 
  
$
3,461,789
 
  
$
13,559,396
 
Provision for Taxes
   
$
513,461
 
  
$
472,880
 
  
$
1,184,401
 
Effective Income Tax Rate
   
 
17.4
% 
  
 
13.7
% 
  
 
8.7
% 
Reconciliations of Effective Income Tax Rate to Federal Statutory Tax Rate
The following table reconciles the effective income tax rate to the U.S. federal statutory tax rate:
 
                                                                                              
                
2023
  
2022
    
Year Ended December 31,
  
vs.
  
vs.
    
2023
  
2022
  
2021
  
2022
  
2021
Statutory U.S. Federal Income Tax Rate
   
 
21.0
% 
  
 
21.0
% 
  
 
21.0
% 
  
 
—
 
  
 
—
 
Income Passed Through to Non-Controlling Interest Holders
   
 
-8.2
% 
  
 
-8.1
% 
  
 
-10.2
% 
  
 
-0.1
% 
  
 
2.1
% 
State and Local Income Taxes
   
 
4.3
% 
  
 
6.0
% 
  
 
2.1
% 
  
 
-1.7
% 
  
 
3.9
% 
Change in Valuation Allowance
   
 
—
 
  
 
—
 
  
 
-4.1
% 
  
 
—
 
  
 
4.1
% 
Basis Adjustment (a)
   
 
—
 
  
 
-4.6
% 
  
 
—
 
  
 
4.6
% 
  
 
-4.6
% 
Other
   
 
0.3
% 
  
 
-0.6
% 
  
 
-0.1
% 
  
 
0.9
% 
  
 
-0.5
% 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Effective Income Tax Rate
   
 
17.4
% 
  
 
13.7
% 
  
 
8.7
% 
  
 
3.7
% 
  
 
5.0
% 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
(a)
Represents the impact of the out-of-period adjustment made during the year ended December 31, 2022 to revise the book investment basis used to calculate deferred tax assets and the deferred tax provision.
Summary of Tax Effects of Temporary Differences A summary of the tax effects of the temporary differences is as follows:
 
                                     
    
December 31,
    
2023
   
2022
Deferred Tax Assets
      
Investment Basis Differences/Net Unrealized Gains and Losses
   
$
2,210,974
 
   
$
2,031,002
 
Other
   
 
120,420
 
   
 
31,720
 
  
 
 
 
   
 
 
 
Total Deferred Tax Assets
   
 
2,331,394
 
   
 
2,062,722
 
  
 
 
 
   
 
 
 
Deferred Tax Liabilities
      
Investment Basis Differences/Net Unrealized Gains and Losses
   
 
18,333
 
   
 
15,409
 
Other
   
 
2,163
 
   
 
31,498
 
  
 
 
 
   
 
 
 
Total Deferred Tax Liabilities
   
 
20,496
 
   
 
46,907
 
  
 
 
 
   
 
 
 
Net Deferred Tax Assets
   
$
2,310,898
 
   
$
2,015,815
 
  
 
 
 
   
 
 
 
Schedule of Major Filing Jurisdictions and Open Period Subject to Examinations The following are the major filing jurisdictions and their respective earliest open period subject to examination:
 
                  
Jurisdiction
   
Year
Federal
   
 
2020
 
New York City
   
 
2009
 
New York State
   
 
2016
 
United Kingdom
   
 
2011
 
Blackstone's Unrecognized Tax Benefits Excluding Related Interest and Penalties
Blackstone’s unrecognized tax benefits, excluding related interest and penalties, were:
 
                                                        
    
December 31,
    
2023
   
2022
   
2021
Unrecognized Tax Benefits — January 1
   
$
153,624
 
   
$
47,501
 
   
$
32,933
 
Additions Based on Tax Positions Related to Current Year
   
 
19,807
 
   
 
—
 
   
 
—
 
Reductions for Tax Positions of Current Year
   
 
(19,737
) 
   
 
—
 
   
 
—
 
Additions for Tax Positions of Prior Years
   
 
57,081
 
   
 
106,059
 
   
 
14,557
 
Exchange Rate Fluctuations
   
 
3
 
   
 
64
 
   
 
11
 
  
 
 
 
   
 
 
 
   
 
 
 
Unrecognized Tax Benefits — December 31
   
$
210,778
 
   
$
153,624
 
   
$
47,501
 
  
 
 
 
   
 
 
 
   
 
 
 
v3.24.0.1
Earnings Per Share and Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2023
Basic and Diluted Net Income Per Common Stock
Basic and diluted net income per share of common stock for the years ended December 31, 2023, 2022 and 2021 was calculated as follows:
 
                                                        
    
Year Ended December 31,
    
2023
   
2022
   
2021
Net Income for Per Share of Common Stock Calculations
         
Net Income Attributable to Blackstone Inc., Basic and Diluted
   
$
1,390,880
 
   
$
1,747,631
 
   
$
5,857,397
 
  
 
 
 
   
 
 
 
   
 
 
 
Shares/Units Outstanding
         
Weighted-Average Shares of Common Stock Outstanding, Basic
   
 
755,204,556
 
   
 
740,664,038
 
   
 
719,766,879
 
Weighted-Average Shares of Unvested Deferred Restricted Common Stock (a)
   
 
215,380
 
   
 
278,361
 
   
 
358,164
 
  
 
 
 
   
 
 
 
   
 
 
 
Weighted-Average Shares of Common Stock Outstanding, Diluted
   
 
755,419,936
 
   
 
740,942,399
 
   
 
720,125,043
 
  
 
 
 
   
 
 
 
   
 
 
 
Net Income Per Share of Common Stock
         
Basic
   
$
1.84
 
   
$
2.36
 
   
$
8.14
 
  
 
 
 
   
 
 
 
   
 
 
 
Diluted
   
$
1.84
 
   
$
2.36
 
   
$
8.13
 
  
 
 
 
   
 
 
 
   
 
 
 
Dividends Declared Per Share of Common Stock (b)
   
$
3.32
 
   
$
4.94
 
   
$
3.57
 
  
 
 
 
   
 
 
 
   
 
 
 
 
(a)
For the year ended December 31, 2023, this includes shares to be issued under the contingently issuable share model for an acquisition-related compensation arrangement.
(b)
Dividends declared reflects the calendar date of the declaration for each distribution. The fourth quarter dividends, if any, for any fiscal year will be declared and paid in the subsequent fiscal year.
In computing the dilutive effect that the exchange of Blackstone Holdings Partnership Units would have on Net Income Per Share of Common Stock, Blackstone considered that net income available to holders of shares of common stock would increase due to the elimination of non-controlling interests in Blackstone Holdings, inclusive of any tax impact. The hypothetical conversion may be dilutive to the extent there is activity at Blackstone Inc. level that has not previously been attributed to the non-controlling interests or if there is a change in tax rate as a result of a hypothetical conversion.
Summary of Anti-Dilutive Securities
The following table summarizes the anti-dilutive securities for the periods indicated:
 
                                                        
    
Year Ended December 31,
    
2023
   
2022
   
2021
Weighted-Average Blackstone Holdings Partnership Units
   
 
  460,897,953
 
   
 
  466,083,269
 
   
 
  486,157,205
 
Schedule of Shares Eligible For Dividends and Distribution
As of December 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
   
 
719,358,114
 
Unvested Participating Common Stock
   
 
38,680,985
 
  
 
 
 
Total Participating Common Stock
   
 
758,039,099
 
Participating Blackstone Holdings Partnership Units
   
 
458,544,363
 
  
 
 
 
  
 
1,216,583,462
 
  
 
 
 
v3.24.0.1
Equity-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Summary of Status of Partnership's Unvested Equity-Based Awards
A summary of the status of Blackstone’s unvested equity-based awards as of December 31, 2023 and of changes during the period January 1, 2023 through December 31, 2023 is presented below:
 
                                                                                                                 
    
Blackstone Holdings
   
Blackstone Inc.
             
Equity Settled Awards
   
Cash Settled Awards
Unvested Shares/Units
   
Partnership
Units
  
Weighted-
Average
Grant
Date Fair
Value
   
Deferred
Restricted
Shares of
Common
Stock
  
Weighted-
Average
Grant
Date Fair
Value
   
Phantom
Shares
  
Weighted-
Average
Grant
Date Fair
Value
Balance, December 31, 2022
   
 
11,029,996
 
  
$
38.02
 
   
 
31,001,563
 
  
$
82.94
 
   
 
48,886
 
  
$
85.04
 
Granted
   
 
209,498
 
  
 
33.73
 
   
 
15,590,890
 
  
 
85.21
 
   
 
69,267
 
  
 
93.20
 
Vested
   
 
(6,305,456
) 
  
 
37.25
 
   
 
(9,179,271
) 
  
 
74.20
 
   
 
(13,840
) 
  
 
103.38
 
Forfeited
   
 
(348,145
) 
  
 
38.30
 
   
 
(956,538
) 
  
 
87.22
 
   
 
(18,866
) 
  
 
68.63
 
  
 
 
 
     
 
 
 
     
 
 
 
  
Balance, December 31, 2023
   
 
4,585,893
 
  
$
38.94
 
   
 
36,456,644
 
  
$
86.05
 
   
 
85,447
 
  
$
114.50
 
  
 
 
 
     
 
 
 
     
 
 
 
  
Unvested Shares and Units, After Expected Forfeitures
The following unvested shares and units, after expected forfeitures, as of December 31, 2023, are expected to vest:
 
                                     
    
Shares/Units
   
Weighted-Average

Service Period in
Years
Blackstone Holdings Partnership Units
   
 
4,646,877
 
   
0.8
Deferred Restricted Shares of Common Stock
   
 
32,671,159
 
   
2.9
  
 
 
 
   
 
Total Equity-Based Awards
   
 
37,318,036
 
   
2.6
  
 
 
 
   
 
Phantom Shares
   
 
71,674
 
   
3.0
  
 
 
 
   
 
v3.24.0.1
Related Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2023
Due from Affiliates and Due to Affiliates
Due from Affiliates and Due to Affiliates consisted of the following:
 
                                     
    
December 31,
    
2023
   
2022
Due from Affiliates
      
Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated Entities and Portfolio Companies
   
$
3,638,948
 
   
$
3,344,813
 
Due from Certain Non-Controlling Interest Holders and Blackstone Employees
   
 
720,743
 
   
 
741,319
 
Accrual for Potential Clawback of Previously Distributed Performance Allocations
   
 
106,830
 
   
 
60,575
 
  
 
 
 
   
 
 
 
  
$
4,466,521
 
   
$
4,146,707
 
  
 
 
 
   
 
 
 
 
                                     
    
December 31,
    
2023
   
2022
Due to Affiliates
      
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements
   
$
1,681,516
 
   
$
1,602,933
 
Due to Non-Consolidated Entities
   
 
124,560
 
   
 
157,982
 
Due to Certain Non-Controlling Interest Holders and Blackstone Employees
   
 
305,816
 
   
 
198,875
 
Accrual for Potential Repayment of Previously Received Performance Allocations
   
 
281,518
 
   
 
158,691
 
  
 
 
 
   
 
 
 
  
$
2,393,410
 
   
$
2,118,481
 
  
 
 
 
   
 
 
 
v3.24.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2023
Clawback Obligations by Segment
The following table presents the clawback obligations by segment:
 
                                                                                                                 
    
December 31,
    
2023
   
2022
Segment
   
Blackstone
Holdings
   
Current and
Former
Personnel (a)
   
Total (b)
   
Blackstone
Holdings
   
Current and
Former
Personnel (a)
   
Total (b)
Real Estate
   
$
145,435
 
   
$
90,337
 
   
$
235,772
 
   
$
78,644
 
   
$
51,771
 
   
$
130,415
 
Private Equity
   
 
29,046
 
   
 
16,231
 
   
 
45,277
 
   
 
19,279
 
   
 
8,569
 
   
 
27,848
 
Credit & Insurance
   
 
207
 
   
 
262
 
   
 
469
 
   
 
223
 
   
 
205
 
   
 
428
 
  
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
  
$
174,688
 
   
$
106,830
 
   
$
281,518
 
   
$
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 18. “Related Party Transactions — Affiliate Receivables and Payables — Due to Affiliates.”
v3.24.0.1
Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2023
Summary of Revenue from External Customers by Geographic Areas The table below presents the percentage of total GAAP revenues generated by Blackstone by geographic region
                                                        
    
Year Ended December 31,
    
2023
  
2022
  
2021
Americas
   
 
78
% 
  
 
83
% 
  
 
71
% 
Europe, Middle East and Africa
   
 
15
% 
  
 
15
% 
  
 
18
% 
Asia-Pacific
   
 
7
% 
  
 
2
% 
  
 
11
% 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
100
% 
  
 
100
% 
  
 
100
% 
  
 
 
 
  
 
 
 
  
 
 
 
Financial Data of Segments
The following tables present the financial data for Blackstone’s four segments as of December 31, 2023 and 2022, and for the years ended December 31, 2023, 2022 and 2021.
 
                                                                                              
    
December 31, 2023 and the Year Then Ended
    
Real

Estate
  
Private Equity
  
Credit &

Insurance
  
Hedge Fund

Solutions
  
Total Segments
Management and Advisory Fees, Net
           
Base Management Fees
   
$
2,794,232
 
  
$
1,807,906
 
  
$
1,335,408
 
  
$
528,301
 
  
$
6,465,847
 
Transaction, Advisory and Other Fees, Net
   
 
78,483
 
  
 
105,640
 
  
 
44,560
 
  
 
7,209
 
  
 
235,892
 
Management Fee Offsets
   
 
(29,357
) 
  
 
(5,182
) 
  
 
(3,907
) 
  
 
(49
) 
  
 
(38,495
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Management and Advisory Fees, Net
   
 
2,843,358
 
  
 
1,908,364
 
  
 
1,376,061
 
  
 
535,461
 
  
 
6,663,244
 
Fee Related Performance Revenues
   
 
294,240
 
  
 
—
 
  
 
564,287
 
  
 
—
 
  
 
858,527
 
Fee Related Compensation
   
 
(675,880
) 
  
 
(595,669
) 
  
 
(640,190
) 
  
 
(176,371
) 
  
 
(2,088,110
) 
Other Operating Expenses
   
 
(325,050
) 
  
 
(316,741
) 
  
 
(327,734
) 
  
 
(114,808
) 
  
 
(1,084,333
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fee Related Earnings
   
 
2,136,668
 
  
 
995,954
 
  
 
972,424
 
  
 
244,282
 
  
 
4,349,328
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Realized Performance Revenues
   
 
244,358
 
  
 
1,268,483
 
  
 
317,760
 
  
 
230,501
 
  
 
2,061,102
 
Realized Performance Compensation
   
 
(123,299
) 
  
 
(558,645
) 
  
 
(140,490
) 
  
 
(73,583
) 
  
 
(896,017
) 
Realized Principal Investment Income
   
 
7,628
 
  
 
67,133
 
  
 
21,897
 
  
 
14,274
 
  
 
110,932
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Net Realizations
   
 
128,687
 
  
 
776,971
 
  
 
199,167
 
  
 
171,192
 
  
 
1,276,017
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Distributable Earnings
   
$
2,265,355
 
  
$
1,772,925
 
  
$
1,171,591
 
  
$
415,474
 
  
$
5,625,345
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Segment Assets
   
$
13,016,980
 
  
$
13,914,844
 
  
$
6,919,377
 
  
$
2,592,710
 
  
$
36,443,911
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 

 
                  
                  
                  
                  
                  
 
  
December 31, 2022 and the Year Then Ended
 
  
Real

Estate
 
Private Equity
 
Credit &

Insurance
 
Hedge Fund

Solutions
 
Total Segments
Management and Advisory Fees, Net
  
 
 
 
 
Base Management Fees
   
$
2,462,179
 
  
$
1,786,923
 
  
$
1,230,710
 
  
$
565,226
 
  
$
6,045,038
 
Transaction, Advisory and Other Fees, Net
   
 
171,424
 
  
 
97,876
 
  
 
34,624
 
  
 
6,193
 
  
 
310,117
 
Management Fee Offsets
   
 
(10,538
) 
  
 
(56,062
) 
  
 
(5,432
) 
  
 
(177
) 
  
 
(72,209
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Management and Advisory Fees, Net
   
 
2,623,065
 
  
 
1,828,737
 
  
 
1,259,902
 
  
 
571,242
 
  
 
6,282,946
 
Fee Related Performance Revenues
   
 
1,075,424
 
  
 
(648
) 
  
 
374,721
 
  
 
—
 
  
 
1,449,497
 
Fee Related Compensation
   
 
(1,039,125
) 
  
 
(575,194
) 
  
 
(529,784
) 
  
 
(186,672
) 
  
 
(2,330,775
) 
Other Operating Expenses
   
 
(315,331
) 
  
 
(304,177
) 
  
 
(264,181
) 
  
 
(105,334
) 
  
 
(989,023
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fee Related Earnings
   
 
2,344,033
 
  
 
948,718
 
  
 
840,658
 
  
 
279,236
 
  
 
4,412,645
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Realized Performance Revenues
   
 
2,985,713
 
  
 
1,191,028
 
  
 
147,413
 
  
 
137,184
 
  
 
4,461,338
 
Realized Performance Compensation
   
 
(1,168,045
) 
  
 
(544,229
) 
  
 
(63,846
) 
  
 
(37,977
) 
  
 
(1,814,097
) 
Realized Principal Investment Income
   
 
150,790
 
  
 
139,767
 
  
 
80,993
 
  
 
24,706
 
  
 
396,256
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Net Realizations
   
 
1,968,458
 
  
 
786,566
 
  
 
164,560
 
  
 
123,913
 
  
 
3,043,497
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Distributable Earnings
   
$
4,312,491
 
  
$
1,735,284
 
  
$
1,005,218
 
  
$
403,149
 
  
$
7,456,142
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Segment Assets
   
$
14,637,693
 
  
$
14,142,313
 
  
$
6,346,001
 
  
$
2,821,753
 
  
$
37,947,760
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
                                                                                              
    
Year Ended December 31, 2021
    
Real

Estate
  
Private Equity
  
Credit &

Insurance
  
Hedge Fund

Solutions
  
Total Segments
Management and Advisory Fees, Net
           
Base Management Fees
   
$
1,895,412
 
  
$
1,521,273
 
  
$
765,905
 
  
$
636,685
 
  
$
4,819,275
 
Transaction, Advisory and Other Fees, Net
   
 
160,395
 
  
 
174,905
 
  
 
44,868
 
  
 
11,770
 
  
 
391,938
 
Management Fee Offsets
   
 
(3,499
) 
  
 
(33,247
) 
  
 
(6,653
) 
  
 
(572
) 
  
 
(43,971
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Management and Advisory Fees, Net
   
 
2,052,308
 
  
 
1,662,931
 
  
 
804,120
 
  
 
647,883
 
  
 
5,167,242
 
Fee Related Performance Revenues
   
 
1,695,019
 
  
 
212,128
 
  
 
118,097
 
  
 
—
 
  
 
2,025,244
 
Fee Related Compensation
   
 
(1,161,349
) 
  
 
(662,824
) 
  
 
(367,322
) 
  
 
(156,515
) 
  
 
(2,348,010
) 
Other Operating Expenses
   
 
(234,505
) 
  
 
(264,468
) 
  
 
(199,912
) 
  
 
(94,792
) 
  
 
(793,677
) 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Fee Related Earnings
   
 
2,351,473
 
  
 
947,767
 
  
 
354,983
 
  
 
396,576
 
  
 
4,050,799
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Realized Performance Revenues
   
 
1,119,612
 
  
 
2,263,099
 
  
 
209,421
 
  
 
290,980
 
  
 
3,883,112
 
Realized Performance Compensation
   
 
(443,220
) 
  
 
(943,199
) 
  
 
(94,450
) 
  
 
(76,701
) 
  
 
(1,557,570
) 
Realized Principal Investment Income
   
 
196,869
 
  
 
263,368
 
  
 
70,796
 
  
 
56,733
 
  
 
587,766
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Net Realizations
   
 
873,261
 
  
 
1,583,268
 
  
 
185,767
 
  
 
271,012
 
  
 
2,913,308
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Distributable Earnings
   
$
 3,224,734
 
  
$
 2,531,035
 
  
$
  540,750
 
  
$
  667,588
 
  
$
 6,964,107
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes
The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the years ended December 31, 2023, 2022 and 2021 along with Total Assets as of December 31, 2023 and 2022:
 
                                                        
    
Year Ended December 31,
    
2023
  
2022
  
2021
Revenues
       
Total GAAP Revenues
   
$
8,022,841
 
  
$
8,517,673
 
  
$
22,577,148
 
Less: Unrealized Performance Revenues (a)
   
 
1,691,788
 
  
 
3,436,978
 
  
 
(8,675,246
) 
Less: Unrealized Principal Investment (Income) Loss (b)
   
 
593,301
 
  
 
1,235,529
 
  
 
(679,767
) 
Less: Interest and Dividend Revenue (c)
   
 
(535,641
) 
  
 
(285,075
) 
  
 
(163,044
) 
Less: Other Revenue (d)
   
 
93,083
 
  
 
(183,754
) 
  
 
(202,885
) 
Impact of Consolidation (e)
   
 
(200,237
) 
  
 
(109,379
) 
  
 
(1,197,854
) 
Transaction-Related and Non-Recurring Items (f)
   
 
25,672
 
  
 
(24,656
) 
  
 
660
 
Intersegment Eliminations
   
 
2,998
 
  
 
2,721
 
  
 
4,352
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Revenue (g)
   
$
  9,693,805
 
  
$
 12,590,037
 
  
$
 11,663,364
 
  
 
 
 
  
 
 
 
  
 
 
 
 
                                                        
    
Year Ended December 31,
    
2023
  
2022
  
2021
Expenses
       
Total GAAP Expenses
   
$
4,981,130
 
  
$
4,973,025
 
  
$
9,476,617
 
Less: Unrealized Performance Allocations Compensation (h)
   
 
654,403
 
  
 
1,470,588
 
  
 
(3,778,048
) 
Less: Equity-Based Compensation (i)
   
 
(959,474
) 
  
 
(782,090
) 
  
 
(559,537
) 
Less: Interest Expense (j)
   
 
(429,521
) 
  
 
(316,569
) 
  
 
(196,632
) 
Impact of Consolidation (e)
   
 
(137,603
) 
  
 
(61,644
) 
  
 
(25,673
) 
Amortization of Intangibles (k)
   
 
(33,457
) 
  
 
(60,481
) 
  
 
(68,256
) 
Transaction-Related and Non-Recurring Items (f)
   
 
(309
) 
  
 
(81,789
) 
  
 
(143,378
) 
Administrative Fee Adjustment (l)
   
 
(9,707
) 
  
 
(9,866
) 
  
 
(10,188
) 
Intersegment Eliminations
   
 
2,998
 
  
 
2,721
 
  
 
4,352
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Expenses (m)
   
$
  4,068,460
 
  
$
  5,133,895
 
  
$
 4,699,257
 
  
 
 
 
  
 
 
 
  
 
 
 
 
                  
                  
                  
 
  
Year Ended December 31,
 
  
2023
 
2022
 
2021
Other Income
  
 
 
Total GAAP Other Income
  
$
(83,997
) 
 
$
      (82,859
) 
 
$
   458,865
 
Impact of Consolidation (e)
  
 
83,997
 
 
 
82,859
 
 
 
(458,865
) 
  
 
 
 
 
 
 
 
 
 
 
 
Total Segment Other Income
  
$
     —
 
 
$
—
 
 
$
—
 
  
 
 
 
 
 
 
 
 
 
 
 

 
                  
                  
                  
 
  
Year Ended December 31,
 
  
2023
 
2022
 
2021
Income Before Provision for Taxes
  
 
 
Total GAAP Income Before Provision for Taxes
   
$
2,957,714
 
  
$
3,461,789
 
  
$
13,559,396
 
Less: Unrealized Performance Revenues (a)
   
 
1,691,788
 
  
 
3,436,978
 
  
 
(8,675,246
) 
Less: Unrealized Principal Investment (Income) Loss (b)
   
 
593,301
 
  
 
1,235,529
 
  
 
(679,767
) 
Less: Interest and Dividend Revenue (c)
   
 
(535,641
) 
  
 
(285,075
) 
  
 
(163,044
) 
Less: Other Revenue (d)
   
 
93,083
 
  
 
(183,754
) 
  
 
(202,885
) 
Plus: Unrealized Performance Allocations Compensation (h)
   
 
(654,403
) 
  
 
(1,470,588
) 
  
 
3,778,048
 
Plus: Equity-Based Compensation (i)
   
 
959,474
 
  
 
782,090
 
  
 
559,537
 
Plus: Interest Expense (j)
   
 
429,521
 
  
 
316,569
 
  
 
196,632
 
Impact of Consolidation (e)
   
 
21,363
 
  
 
35,124
 
  
 
(1,631,046
) 
Amortization of Intangibles (k)
   
 
33,457
 
  
 
60,481
 
  
 
68,256
 
Transaction-Related and Non-Recurring Items (f)
   
 
25,981
 
  
 
57,133
 
  
 
144,038
 
Administrative Fee Adjustment (l)
   
 
9,707
 
  
 
9,866
 
  
 
10,188
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Distributable Earnings
   
$
5,625,345
 
  
$
7,456,142
 
  
$
6,964,107
 
  
 
 
 
  
 
 
 
  
 
 
 
 
                                     
    
As of December 31,
    
2023
  
2022
Total Assets
     
Total GAAP Assets
   
$
40,287,530
 
  
$
42,524,227
 
Impact of Consolidation (e)
   
 
(3,843,619
) 
  
 
(4,576,467
) 
  
 
 
 
  
 
 
 
Total Segment Assets
   
$
36,443,911
 
  
$
37,947,760
 
  
 
 
 
  
 
 
 
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 and Non-Recurring Items.
(a)
This adjustment removes Unrealized Performance Revenues on a segment basis.
(b)
This adjustment removes Unrealized Principal Investment Income on a segment basis.
(c)
This adjustment removes Interest and Dividend Revenue on a segment basis.
(d)
This adjustment removes Other Revenue on a segment basis. For the years ended December 31, 2023, 2022 and 2021, Other Revenue on a GAAP basis was $(92.9) million, $184.6 million and $203.1 million and included $(94.7) million, $182.9 million and $200.6 million of foreign exchange gains (losses), respectively.
(e)
This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds, the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.
(f)
This adjustment removes Transaction-Related and Non-Recurring Items, which are excluded from Blackstone’s segment presentation. Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering and non-recurring gains, losses, or other charges, if any. 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, gains or losses associated with these corporate actions and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of Blackstone’s operational performance.
 

 
(g)
Total Segment Revenues is comprised of the following:

                  
                  
                  
 
  
Year Ended December 31,
 
  
2023
 
2022
 
2021
Total Segment Management and Advisory Fees, Net
   
$
6,663,244
 
   
$
6,282,946
 
   
$
5,167,242
 
Total Segment Fee Related Performance Revenues
   
 
858,527
  
   
 
1,449,497
 
   
 
2,025,244
  
Total Segment Realized Performance Revenues
   
 
2,061,102
 
   
 
4,461,338
  
   
 
3,883,112
 
Total Segment Realized Principal Investment Income
   
 
110,932
 
   
 
396,256
 
   
 
587,766
 
  
 
 
 
   
 
 
 
   
 
 
 
Total Segment Revenues
   
$
9,693,805
 
   
$
12,590,037
 
   
$
11,663,364
 
  
 
 
 
   
 
 
 
   
 
 
 
 
(h)
This adjustment removes Unrealized Performance Allocations Compensation.
(i)
This adjustment removes Equity-Based Compensation on a segment basis.
(j)
This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement.
(k)
This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation.
(l)
This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.
(m)
Total Segment Expenses is comprised of the following:
 
                  
                  
                  
 
  
Year Ended December 31,
 
  
2023
 
2022
 
2021
Total Segment Fee Related Compensation
   
$
2,088,110
 
   
$
2,330,775
 
   
$
2,348,010
 
Total Segment Realized Performance Compensation
   
 
896,017
  
   
 
1,814,097
  
   
 
1,557,570
  
Total Segment Other Operating Expenses
   
 
1,084,333
 
   
 
989,023
 
   
 
793,677
 
  
 
 
 
   
 
 
 
   
 
 
 
Total Segment Expenses
   
$
4,068,460
 
   
$
 5,133,895
 
   
$
 4,699,257
 
  
 
 
 
   
 
 
 
   
 
 
 
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 Consolidated Statement of Operations for the years ended December 31, 2023, 2022 and 2021:
 
                  
                  
                  
 
  
Year Ended December 31,
 
  
2023
 
2022
 
2021
Management and Advisory Fees, Net
  
 
 
GAAP
   
$
6,671,260
 
  
$
6,303,315
 
  
$
5,170,707
 
Segment Adjustment (a)
   
 
(8,016
) 
  
 
(20,369
) 
  
 
(3,465
) 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
   
$
6,663,244
 
  
$
 6,282,946
 
  
$
 5,167,242
 
  
 
 
 
  
 
 
 
  
 
 
 
 
                  
                  
                  
 
  
Year Ended December 31,
 
  
2023
 
2022
 
2021
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues
  
 
 
GAAP
  
 
 
Incentive Fees
   
$
695,171
 
  
$
525,127
 
  
$
253,991
 
Investment Income — Realized Performance Allocations
   
 
2,223,841
 
  
 
5,381,640
 
  
 
5,653,452
 
  
 
 
 
  
 
 
 
  
 
 
 
GAAP
   
 
2,919,012
 
  
 
5,906,767
 
  
 
5,907,443
 
Total Segment
       
Less: Realized Performance Revenues
   
 
(2,061,102
) 
  
 
(4,461,338
) 
  
 
(3,883,112
) 
Segment Adjustment (b)
   
 
617
 
  
 
4,068
 
  
 
913
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
   
$
858,527
 
  
$
1,449,497
 
  
$
2,025,244
 
  
 
 
 
  
 
 
 
  
 
 
 
 
                  
                  
                  
 
  
Year Ended December 31,
 
  
2023
 
2022
 
2021
GAAP Compensation to Total Segment Fee Related Compensation
  
 
 
GAAP
  
 
 
Compensation
  
$
 2,785,447
 
 
$
2,569,780
 
 
$
2,161,973
 
Incentive Fee Compensation
  
 
281,067
 
 
 
207,998
 
 
 
98,112
 
Realized Performance Allocations Compensation
  
 
900,859
 
 
 
2,225,264
 
 
 
2,311,993
 
  
 
 
 
 
 
 
 
 
 
 
 
GAAP
  
 
3,967,373
 
 
 
5,003,042
 
 
 
4,572,078
 
Total Segment
  
 
 
Less: Realized Performance Compensation
  
 
(896,017
) 
 
 
(1,814,097
) 
 
 
(1,557,570
) 
Less: Equity-Based Compensation — Fee Related Compensation
  
 
(946,575
) 
 
 
(772,170
) 
 
 
(551,263
) 
Less: Equity-Based Compensation — Performance Compensation
  
 
(12,899
) 
 
 
(9,920
) 
 
 
(8,274
) 
Segment Adjustment (c)
  
 
(23,772
) 
 
 
(76,080
) 
 
 
(106,961
) 
  
 
 
 
 
 
 
 
 
 
 
 
Total Segment
  
$
2,088,110
 
 
$
2,330,775
 
 
$
2,348,010
 
  
 
 
 
 
 
 
 
 
 
 
 
 
                  
                  
                  
 
  
Year Ended December 31,
 
  
2023
 
2022
 
2021
GAAP General, Administrative and Other to Total Segment Other Operating Expenses
  
 
 
GAAP
  
$
1,117,305
 
 
$
 1,092,671
 
 
$
917,847
 
Segment Adjustment (d)
  
 
(32,972
) 
 
 
(103,648
) 
 
 
  (124,170
) 
  
 
 
 
 
 
 
 
 
 
 
 
Total Segment
  
$
 1,084,333
 
 
$
989,023
 
 
$
  793,677
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
                  
                  
                  
 
  
Year Ended December 31,
 
  
2023
 
2022
 
2021
Realized Performance Revenues
  
 
 
GAAP
  
 
 
Incentive Fees
   
$
695,171
 
  
$
525,127
 
  
$
253,991
 
Investment Income — Realized Performance Allocations
   
 
2,223,841
 
  
 
5,381,640
 
  
 
5,653,452
 
  
 
 
 
  
 
 
 
  
 
 
 
GAAP
   
 
2,919,012
 
  
 
5,906,767
 
  
 
5,907,443
 
Total Segment
       
Less: Fee Related Performance Revenues
   
 
(858,527
) 
  
 
(1,449,497
) 
  
 
(2,025,244
) 
Segment Adjustment (b)
   
 
617
 
  
 
4,068
 
  
 
913
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment
   
$
2,061,102
 
  
$
4,461,338
 
  
$
3,883,112
 
  
 
 
 
  
 
 
 
  
 
 
 
                  
                  
                  
 
  
Year Ended December 31,
 
  
2023
 
2022
 
2021
Realized Performance Compensation
  
 
 
GAAP
  
 
 
Incentive Fee Compensation
  
$
281,067
 
 
$
207,998
 
 
$
98,112
 
Realized Performance Allocations Compensation
  
 
900,859
 
 
 
 2,225,264
 
 
 
 2,311,993
 
  
 
 
 
 
 
 
 
 
 
 
 
GAAP
  
 
1,181,926
 
 
 
2,433,262
 
 
 
2,410,105
 
Total Segment
  
 
 
Less: Fee Related Performance Compensation (e)
  
 
(273,010
) 
 
 
(609,245
) 
 
 
(844,261
) 
Less: Equity-Based Compensation — Performance Compensation
  
 
(12,899
) 
 
 
(9,920
) 
 
 
(8,274
) 
  
 
 
 
 
 
 
 
 
 
 
 
Total Segment
  
$
896,017
 
 
$
1,814,097
 
 
$
1,557,570
 
  
 
 
 
 
 
 
 
 
 
 
 
 
                  
                  
                  
 
  
Year Ended December 31,
 
  
2023
 
2022
 
2021
Realized Principal Investment Income
  
 
 
GAAP
  
$
303,823
 
 
$
850,327
 
 
$
 1,003,822
 
Segment Adjustment (f)
  
 
(192,891
) 
 
 
(454,071
) 
 
 
(416,056
) 
  
 
 
 
 
 
 
 
 
 
 
 
Total Segment
  
$
  110,932
 
 
$
   396,256
 
 
$
587,766
 
  
 
 
 
 
 
 
 
 
 
 
 
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 and Non-Recurring Items.
(a)
Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures.
(b)
Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.
(c)
Represents the removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures.
(d)
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.
 

 
(e)
Fee related performance compensation may include equity-based compensation based on fee related performance revenues.
(f)
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.
v3.24.0.1
Organization - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2023
Segment
Person
Dec. 31, 2022
Segment
Organization [Line Items]    
Number of business segments | Segment 4 4
Number of Blackstone founders managing the Partnership | Person 1  
v3.24.0.1
Summary of Significant Accounting Policies - Additional Information (Detail)
Dec. 31, 2023
Summary Of Significant Accounting Policies [Line Items]  
Finite-lived intangible assets, useful life, years 6 years 2 months 12 days
Leasehold Improvements  
Summary Of Significant Accounting Policies [Line Items]  
Property, plant and equipment, useful life, years 7 years
Minimum  
Summary Of Significant Accounting Policies [Line Items]  
Finite-lived intangible assets, useful life, years 3 years
Minimum | Furniture Fittings And Other Assets [Member]  
Summary Of Significant Accounting Policies [Line Items]  
Property, plant and equipment, useful life, years 3 years
Maximum  
Summary Of Significant Accounting Policies [Line Items]  
Finite-lived intangible assets, useful life, years 20 years
Maximum | Furniture Fittings And Other Assets [Member]  
Summary Of Significant Accounting Policies [Line Items]  
Property, plant and equipment, useful life, years 5 years
v3.24.0.1
Goodwill and Intangible Assets, Net (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]        
Finite-Lived Intangible Assets/Contractual Rights $ 1,769,372 $ 1,745,376    
Accumulated Amortization (1,568,164) (1,528,089)    
Intangible Assets, Net $ 201,208 $ 217,287 $ 284,384 $ 347,955
v3.24.0.1
Goodwill and Intangible Assets - Additional Information (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Segment
Dec. 31, 2022
USD ($)
Segment
Goodwill and Intangible Assets [Line Items]    
Goodwill, carrying value $ 1,890,202 $ 1,890,202
Number of business segments | Segment 4 4
Expected amortization of intangibles, 2023 $ 35,900  
Expected amortization of intangibles, 2024 35,900  
Expected amortization of intangibles, 2025 35,700  
Expected amortization of intangibles, 2026 34,600  
Expected amortization of intangibles, 2027 $ 17,800  
Intangible assets expected to amortize over a weighted-average period 6 years 2 months 12 days  
Private Equity Segment    
Goodwill and Intangible Assets [Line Items]    
Goodwill, carrying value $ 870,000 $ 870,000
Real Estate Segment    
Goodwill and Intangible Assets [Line Items]    
Goodwill, carrying value 421,700 421,700
Hedge Fund Solutions    
Goodwill and Intangible Assets [Line Items]    
Goodwill, carrying value 172,100 172,100
Credit & Insurance Segment    
Goodwill and Intangible Assets [Line Items]    
Goodwill, carrying value $ 426,400 $ 426,400
v3.24.0.1
Changes in Partnership's Intangible Assets, Net (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]      
Balance, Beginning of Year $ 217,287 $ 284,384 $ 347,955
Amortization Expense (40,075) (67,097) (74,871)
Acquisitions 23,996 0 11,300
Balance, End of Year $ 201,208 $ 217,287 $ 284,384
v3.24.0.1
Investments (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Schedule of Investments [Line Items]    
Investments $ 26,146,622 $ 27,553,251
Partnership Investments    
Schedule of Investments [Line Items]    
Investments 5,924,275 5,530,419
Accrued Performance Allocations    
Schedule of Investments [Line Items]    
Investments 10,775,355 12,360,684
Other Investments    
Schedule of Investments [Line Items]    
Investments 4,323,639 3,471,642
Consolidated Blackstone Funds    
Schedule of Investments [Line Items]    
Investments 4,319,483 5,136,966
Corporate Treasury Investments    
Schedule of Investments [Line Items]    
Investments $ 803,870 $ 1,053,540
v3.24.0.1
Investments - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Schedule of Investments [Line Items]      
Investments $ 26,146,622 $ 27,553,251  
Recognized net gains related to equity method investments 245,800 292,100 $ 1,900,000
Equity investments, carrying value 333,300    
Equity securities without readily determinable fair value downward price adjustment cumulative amount 6,200    
Equity securities without readily determinable fair value downward price adjustment $ 62,300    
Investment Maturity Terms five years    
American International Group, Incs Life and Retirement [Member]      
Schedule of Investments [Line Items]      
Equity investments, carrying value $ 4,300    
Equity method investment, aggregate cost 184,600    
Consolidated Blackstone Funds | Blackstone      
Schedule of Investments [Line Items]      
Investments $ 1,000,000 $ 393,900  
v3.24.0.1
Reconciliation of Realized and Net Change in Unrealized Gains (Losses) to Other Income (Loss) - Net Gains (Losses) from Fund Investment Activities in Consolidated Statements of Operations (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Gain (Loss) on Securities [Line Items]      
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds $ 232,842 $ 1,233,062 $ 16,788,721
Interest and Dividend Revenue and Foreign Exchange Gains Attributable to Consolidated Blackstone Funds 516,497 271,612 160,643
Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities (56,801) (105,142) 461,624
Consolidated Blackstone Funds      
Gain (Loss) on Securities [Line Items]      
Realized Gains (Losses) (42,756) 99,457 145,305
Net Change in Unrealized Gains (Losses) (80,416) (264,204) 289,938
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds (123,172) (164,747) 435,243
Interest and Dividend Revenue and Foreign Exchange Gains Attributable to Consolidated Blackstone Funds 66,371 59,605 26,381
Other Income (Loss) — Net Gains (Losses) from Fund Investment Activities $ (56,801) $ (105,142) $ 461,624
v3.24.0.1
Summarized Financial Information of Partnership's Equity Method Investments (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]      
Investments $ 602,959,508 $ 604,290,012 $ 525,653,466
Other Assets 27,361,337 27,219,496 27,671,671
Total Assets 40,287,530 42,524,227  
Debt 173,174,391 180,567,484 129,231,723
Other Liabilities 17,310,463 16,784,160 15,396,209
Total Liabilities 22,212,316 22,843,160  
Equity 16,896,141 17,966,061  
Total Liabilities and Equity 40,287,530 42,524,227  
Interest Income 15,365,167 10,710,250 5,651,194
Other Income 12,624,222 11,234,218 7,056,829
Interest Expense (10,544,320) (5,858,713) (2,263,947)
Other Expenses (16,302,049) (14,781,201) (9,625,832)
Net Realized and Unrealized Gain (Losses) from Investments 9,329,723 9,106,388 83,141,991
Net Income (Loss) 2,444,253 2,988,909 12,374,995
Equity Method Investment, Nonconsolidated Investee, Other [Member]      
Schedule of Equity Method Investments [Line Items]      
Total Assets 630,320,845 631,509,508 553,325,137
Total Liabilities 190,484,854 197,351,644 144,627,932
Equity 439,835,991 434,157,864 408,697,205
Total Liabilities and Equity 630,320,845 631,509,508 553,325,137
Net Income (Loss) 10,472,743 10,410,942 83,960,235
RealEstateFunds      
Schedule of Equity Method Investments [Line Items]      
Investments 283,919,193 295,985,447 241,808,879
Other Assets 12,496,703 13,601,083 13,463,009
Debt 113,462,431 118,075,949 76,760,932
Other Liabilities 7,365,824 7,735,780 6,999,032
Interest Income 4,673,775 2,917,115 1,422,743
Other Income 10,786,480 9,432,802 6,115,960
Interest Expense (6,614,272) (3,644,118) (1,475,065)
Other Expenses (11,705,874) (11,089,520) (6,847,739)
Net Realized and Unrealized Gain (Losses) from Investments (7,330,220) 7,807,056 31,078,396
RealEstateFunds | Equity Method Investment, Nonconsolidated Investee, Other [Member]      
Schedule of Equity Method Investments [Line Items]      
Total Assets 296,415,896 309,586,530 255,271,888
Total Liabilities 120,828,255 125,811,729 83,759,964
Equity 175,587,641 183,774,801 171,511,924
Total Liabilities and Equity 296,415,896 309,586,530 255,271,888
Net Income (Loss) (10,190,111) 5,423,335 30,294,295
Private Equity      
Schedule of Equity Method Investments [Line Items]      
Investments 188,647,324 182,732,362 175,726,829
Other Assets 5,179,667 3,194,088 5,776,462
Debt 21,920,796 22,779,131 20,434,354
Other Liabilities 2,126,739 1,310,998 2,153,071
Interest Income 1,773,062 2,012,916 1,640,402
Other Income 531,842 824,779 318,485
Interest Expense (1,303,673) (722,626) (331,350)
Other Expenses (2,040,168) (2,132,320) (1,666,930)
Net Realized and Unrealized Gain (Losses) from Investments 12,458,943 2,146,281 43,895,781
Private Equity | Equity Method Investment, Nonconsolidated Investee, Other [Member]      
Schedule of Equity Method Investments [Line Items]      
Total Assets 193,826,991 185,926,450 181,503,291
Total Liabilities 24,047,535 24,090,129 22,587,425
Equity 169,779,456 161,836,321 158,915,866
Total Liabilities and Equity 193,826,991 185,926,450 181,503,291
Net Income (Loss) 11,420,006 2,129,030 43,856,388
Credit & Insurance      
Schedule of Equity Method Investments [Line Items]      
Investments 91,574,839 87,362,311 68,426,090
Other Assets 4,995,562 6,345,260 5,412,041
Debt 37,327,026 39,049,599 30,792,984
Other Liabilities 4,008,215 5,644,625 3,159,548
Interest Income 8,890,426 5,764,150 2,584,486
Other Income 324,061 690,193 306,490
Interest Expense (2,583,654) (1,450,447) (427,459)
Other Expenses (1,691,066) (1,303,902) (828,689)
Net Realized and Unrealized Gain (Losses) from Investments 1,124,916 (1,330,895) 3,562,579
Credit & Insurance | Equity Method Investment, Nonconsolidated Investee, Other [Member]      
Schedule of Equity Method Investments [Line Items]      
Total Assets 96,570,401 93,707,571 73,838,131
Total Liabilities 41,335,241 44,694,224 33,952,532
Equity 55,235,160 49,013,347 39,885,599
Total Liabilities and Equity 96,570,401 93,707,571 73,838,131
Net Income (Loss) 6,064,683 2,369,099 5,197,407
Hedge Fund Solutions      
Schedule of Equity Method Investments [Line Items]      
Investments 38,818,152 38,209,892 39,691,668
Other Assets 4,689,405 4,079,065 3,020,159
Debt 464,138 662,805 1,243,453
Other Liabilities 3,809,685 2,092,757 3,084,558
Interest Income 27,904 16,069 3,563
Other Income 981,839 286,444 315,894
Interest Expense (42,721) (41,522) (30,073)
Other Expenses (864,941) (255,459) (282,474)
Net Realized and Unrealized Gain (Losses) from Investments 3,076,084 483,946 4,605,235
Hedge Fund Solutions | Equity Method Investment, Nonconsolidated Investee, Other [Member]      
Schedule of Equity Method Investments [Line Items]      
Total Assets 43,507,557 42,288,957 42,711,827
Total Liabilities 4,273,823 2,755,562 4,328,011
Equity 39,233,734 39,533,395 38,383,816
Total Liabilities and Equity 43,507,557 42,288,957 42,711,827
Net Income (Loss) $ 3,178,165 $ 489,478 $ 4,612,145
v3.24.0.1
Performance Fees Allocated to Funds (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Schedule of Performance Fees and Allocations to the General Partner [Line Items]  
Beginning Balance $ 27,553,251
Ending Balance 26,146,622
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 623,487
Foreign Exchange Gain 9,069
Fund Distributions (2,217,885)
Ending Balance 10,775,355
Real Estate Segment  
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 (1,582,400)
Foreign Exchange Gain 9,069
Fund Distributions (770,184)
Ending Balance 2,990,602
Private Equity Segment  
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 1,753,730
Fund Distributions (1,084,061)
Ending Balance 6,707,244
Credit & Insurance Segment  
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 278,655
Fund Distributions (248,774)
Ending Balance 599,779
Hedge Fund Solutions Segment  
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 173,502
Fund Distributions (114,866)
Ending Balance $ 477,730
v3.24.0.1
Realized and Net Change in Unrealized Gains (Losses) on Investments Held by Blackstone's Treasury Cash Management Strategies (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Gain (Loss) on Securities [Line Items]      
Total realized and net change in unrealized gains (losses) $ 232,842 $ 1,233,062 $ 16,788,721
Corporate Treasury Investments      
Gain (Loss) on Securities [Line Items]      
Realized Gains (Losses) (4,881) (21,511) 741
Net Change in Unrealized Gains (Losses) 17,392 (57,426) 39,549
Total realized and net change in unrealized gains (losses) $ 12,511 $ (78,937) $ 40,290
v3.24.0.1
Realized and Net Change in Unrealized Gains (Losses) in Other Investments (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Gain (Loss) on Securities [Line Items]      
Total Investment Income (Loss) $ 232,842 $ 1,233,062 $ 16,788,721
Other Investments      
Gain (Loss) on Securities [Line Items]      
Realized Gains (Losses) (19,346) 203,327 163,199
Net Change in Unrealized Gains (Losses) (47,017) (1,128,244) 340,867
Total Investment Income (Loss) $ (66,363) $ (924,917) $ 504,066
v3.24.0.1
Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments (Detail)
$ in Thousands
Dec. 31, 2023
USD ($)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]  
Fair Value $ 565,534
Equity  
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]  
Fair Value 445,626
Real Estate  
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]  
Fair Value 112,633
Other  
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]  
Fair Value $ 7,275
v3.24.0.1
Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments (Parenthetical) (Detail) - Equity
Dec. 31, 2023
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 40.00%
Percentage of investments redeemable as of reporting date 60.00%
v3.24.0.1
Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Derivatives, Fair Value [Line Items]    
Derivative Assets, Notional $ 1,943,891 $ 2,306,770
Derivative Liabilities, Notional 2,055,466 1,822,967
Derivative Assets, Fair Value 190,079 277,603
Derivative Liabilities, Fair Value 654,621 137,047
Freestanding Derivatives    
Derivatives, Fair Value [Line Items]    
Derivative Assets, Notional 855,683 931,752
Derivative Liabilities, Notional   5,133
Derivative Assets, Fair Value 19,189 74,926
Derivative Liabilities, Fair Value   284
Freestanding Derivatives | Blackstone    
Derivatives, Fair Value [Line Items]    
Derivative Assets, Notional 1,088,208 1,375,018
Derivative Liabilities, Notional 2,055,466 1,817,834
Derivative Assets, Fair Value 170,890 202,677
Derivative Liabilities, Fair Value 654,621 136,763
Freestanding Derivatives | Blackstone | Total Return Swaps    
Derivatives, Fair Value [Line Items]    
Derivative Assets, Notional 63,158 42,233
Derivative Assets, Fair Value 13,171 6,210
Freestanding Derivatives | Blackstone | Credit Default Swap    
Derivatives, Fair Value [Line Items]    
Derivative Assets, Notional 3,108 2,007
Derivative Liabilities, Notional 3,748 8,768
Derivative Assets, Fair Value 479 384
Derivative Liabilities, Fair Value 508 1,309
Freestanding Derivatives | Foreign Currency Contracts | Blackstone    
Derivatives, Fair Value [Line Items]    
Derivative Assets, Notional 387,102 541,238
Derivative Liabilities, Notional 334,228 190,774
Derivative Assets, Fair Value 11,442 8,040
Derivative Liabilities, Fair Value 3,538 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 634,840 789,540
Derivative Liabilities, Notional 607,000 621,700
Derivative Assets, Fair Value 145,798 188,043
Derivative Liabilities, Fair Value 86,589 83,331
Freestanding Derivatives | Interest Rate Contracts | Consolidated Blackstone Funds    
Derivatives, Fair Value [Line Items]    
Derivative Assets, Notional 855,683 931,752
Derivative Assets, Fair Value 19,189 74,926
Freestanding Derivatives | Equity Options | Blackstone    
Derivatives, Fair Value [Line Items]    
Derivative Liabilities, Notional 1,110,490 996,592
Derivative Liabilities, Fair Value $ 563,986 $ 48,581
v3.24.0.1
Summary of Impact of Derivative Financial Instruments to Consolidated Statements of Operations (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Derivative [Line Items]      
Unrealized Gain (Loss) on Derivatives and Commodity Contracts $ (552,454) $ 142,376 $ 91,325
Freestanding Derivatives      
Derivative [Line Items]      
Realized Gains (Losses) 40,096 8,222 (2,207)
Net Change in Unrealized Gains (Losses) (592,550) 134,154 93,532
Freestanding Derivatives | Total Return Swaps      
Derivative [Line Items]      
Realized Gains (Losses) 15,775 1,654 (1,254)
Net Change in Unrealized Gains (Losses) 6,381 5,290 2,130
Freestanding Derivatives | Credit Default Swap      
Derivative [Line Items]      
Realized Gains (Losses) (413) (231) (1,488)
Net Change in Unrealized Gains (Losses) 363 73 1,112
Freestanding Derivatives | Interest Rate Contracts      
Derivative [Line Items]      
Realized Gains (Losses) 24,291 15,319 1,727
Net Change in Unrealized Gains (Losses) (87,177) 167,706 89,702
Freestanding Derivatives | Foreign Currency Contracts      
Derivative [Line Items]      
Realized Gains (Losses) 443 (8,520) (1,152)
Net Change in Unrealized Gains (Losses) 3,288 9,666 608
Freestanding Derivatives | Equity Options      
Derivative [Line Items]      
Net Change in Unrealized Gains (Losses) $ (515,405) $ (48,581)  
Freestanding Derivatives | Other      
Derivative [Line Items]      
Realized Gains (Losses)     (40)
Net Change in Unrealized Gains (Losses)     $ (20)
v3.24.0.1
Summary of Financial Instruments for Which Fair Value Option Has Been Elected (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Option, Quantitative Disclosures [Line Items]    
Loans and Receivables $ 60,738 $ 315,039
Assets 3,957,327 2,208,015
Liabilities 688,386 8,144
Debt Securities    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Investments 63,486 24,784
Equity and Preferred Securities    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Investments 2,894,302 1,868,192
Corporate Loans    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Assets 938,801 0
CLO Notes Payable    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Liabilities 687,122 0
Corporate Treasury Commitments    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Liabilities $ 1,264 $ 8,144
v3.24.0.1
Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Realized Gains (Losses) | Debt Securities      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Realized and net change in unrealized gains (losses) on financial instruments $ 0 $ (22,240) $ 14,399
Realized Gains (Losses) | Assets      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Realized and net change in unrealized gains (losses) on financial instruments (15,555) (10,688) 45,529
Realized Gains (Losses) | Loans and Receivables      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Realized and net change in unrealized gains (losses) on financial instruments (8,053) (10,733) (11,661)
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 (1,439) 22,285 42,791
Realized Gains (Losses) | Corporate Loans      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Realized and net change in unrealized gains (losses) on financial instruments (6,063)    
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 (3,884) (19,490) (14,210)
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 (112,875) (111,292) 42,428
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 4,886 (464) 3,481
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 7,162 (7,508) (383)
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 (122,605) (91,338) 53,157
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 8,728    
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 282    
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 $ 6,880 $ (7,508) $ (383)
v3.24.0.1
Information for Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Option, Quantitative Disclosures [Line Items]    
Excess (Deficiency) of fair value over uncollected principal $ (60,653) $ (51,531)
Fair value of financial instruments more than one day past due 1,345  
Debt Securities    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Excess (Deficiency) of fair value over uncollected principal (52,577) (48,670)
Corporate Loans    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Excess (Deficiency) of fair value over uncollected principal (8,751) 0
Fair value of financial instruments more than one day past due 1,345 0
Loans and Receivables    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Excess (Deficiency) of fair value over uncollected principal 675 (2,861)
Fair value of financial instruments more than one day past due $ 0 $ 0
v3.24.0.1
Fair Value Option - Additional Information (Detail)
$ in Thousands
Dec. 31, 2023
USD ($)
Loans
Dec. 31, 2022
USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value of financial instruments more than one day past due $ 1,345  
Corporate Loans    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value of financial instruments more than one day past due $ 1,345 $ 0
Corporate Loans | Not In Non Accrual Status [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Number of loans for which fair value option was elected past due | Loans 2  
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
v3.24.0.1
Financial Assets and Liabilities at Fair Value (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Accounts Receivable — Loans and Receivables $ 60,738 $ 315,039
Assets 3,957,327 2,208,015
Loans Payable — CLO Notes Payable 11,304,059 12,349,584
Corporate Treasury Commitments $ 688,386 $ 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 $ 190,079 $ 277,603
Derivatives liabilities 90,635 88,182
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 3,277,350 4,628,104
Liabilities 565,637 56,725
Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and Cash Equivalents 263,574 1,134,733
Total Investments 9,273,604 9,318,953
Accounts Receivable — Loans and Receivables 60,738 315,039
Assets 9,768,806 10,971,402
Securities Sold, Not Yet Purchased 3,886 3,825
Contingent Consideration 387  
Total Accounts Payable, Accrued Expenses and Other Liabilities 660,158 149,016
Liabilities 1,347,280 149,016
Fair Value, Measurements, Recurring | Corporate Treasury Commitments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Corporate Treasury Commitments 1,264 8,144
Fair Value, Measurements, Recurring | CLO Notes Payable    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans Payable — CLO Notes Payable 687,122  
Fair Value, Measurements, Recurring | Freestanding Derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives liabilities 654,621 136,763
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 4,150,251 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 565,534 602,693
Assets 565,534 602,693
Fair Value, Measurements, Recurring | Net Asset Value | Other Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 7,275 5,985
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 4,319,483 5,136,966
Derivatives assets 170,890 202,677
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Freestanding Derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 19,189 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 [1] 3,345,645 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 954,649 107,760
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 558,259 596,708
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 [1] 558,259 596,708
Fair Value, Measurements, Recurring | Corporate Treasury Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 803,870 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 263,574 1,134,733
Total Investments 1,647,301 1,601,901
Assets 1,910,965 2,736,913
Securities Sold, Not Yet Purchased 3,886 3,825
Total Accounts Payable, Accrued Expenses and Other Liabilities 4,322 3,846
Liabilities 4,322 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 436 21
Fair Value, Measurements, Recurring | Level 1 | Other Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 1,564,112 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 11,118 12,024
Derivatives assets 90 279
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 [1] 11,118 12,024
Fair Value, Measurements, Recurring | Level 1 | Corporate Treasury Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 72,071 116,266
Fair Value, Measurements, Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 3,857,328 2,807,504
Assets 4,014,957 3,003,692
Total Accounts Payable, Accrued Expenses and Other Liabilities 90,199 88,445
Liabilities 777,321 88,445
Fair Value, Measurements, Recurring | Level 2 | CLO Notes Payable    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans Payable — CLO Notes Payable 687,122  
Fair Value, Measurements, Recurring | Level 2 | Freestanding Derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives liabilities 90,199 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 2,355,423 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 1,066,475 278,402
Derivatives assets 157,629 196,188
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 19,189 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 [1] 123,022 149,689
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 924,264 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 435,430 931,406
Fair Value, Measurements, Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 3,203,441 4,306,855
Accounts Receivable — Loans and Receivables 60,738 315,039
Assets 3,277,350 4,628,104
Contingent Consideration 387  
Total Accounts Payable, Accrued Expenses and Other Liabilities 565,637 56,725
Liabilities 565,637 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 1,264 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 563,986 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 223,441 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 2,683,631 4,249,832
Derivatives assets 13,171 6,210
Assets 2,683,631 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 [1] 2,653,246 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 30,385 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 $ 296,369 $ 5,868
[1] Equity Securities, Partnership and LLC Interest includes investments in investment funds
v3.24.0.1
Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets $ 3,957,327 $ 2,208,015
Level 3    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets 3,277,350 4,628,104
Fair value liabilities 565,637 56,725
Fair Value, Measurements, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets 9,768,806 10,971,402
Fair value liabilities 1,347,280 149,016
Fair Value, Measurements, Recurring | Level 3    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets 3,277,350 4,628,104
Fair value liabilities 565,637 56,725
Fair Value, Measurements, Recurring | Level 3 | Loans and Receivables | Discounted Cash Flows    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets $ 60,738 $ 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 8.80% 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 14.90% 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] 10.30% 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]   $ 57,365
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Third Party Pricing Valuation Technique    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets [2] $ 236,612  
Fair Value, Measurements, Recurring | Level 3 | Freestanding Derivatives | Valuation Technique, Option Pricing Model    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value liabilities [3] $ 563,986 $ 48,581
Fair Value, Measurements, Recurring | Level 3 | Freestanding Derivatives | Valuation Technique, Option Pricing Model | Measurement Input, Price Volatility [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Volatility 6.3 6.1
Fair Value, Measurements, Recurring | Level 3 | Other Liabilities | Third Party Pricing Valuation Technique    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value liabilities [4] $ 1,651 $ 8,144
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets 2,683,631 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 $ 2,653,246 $ 4,195,859
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 4
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 3.10% 2.60%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Minimum | Discounted Cash Flows | Measurement Input, Discount Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Unobservable inputs, rate 3.30% 4.10%
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 30.6
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 12.80% 14.40%
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 38.00% 34.50%
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] 15 14.7
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] 5.10% 4.70%
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] 9.70% 8.80%
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   $ 53,973
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Debt Instruments | Third Party Pricing Valuation Technique    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets $ 30,385  
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Discounted Cash Flows    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets $ 296,369  
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Third Party Pricing Valuation Technique    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets   $ 5,868
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Minimum | Discounted Cash Flows | Measurement Input, Discount Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Unobservable inputs, rate 11.20%  
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Maximum | Discounted Cash Flows | Measurement Input, Discount Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Unobservable inputs, rate 22.40%  
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Weighted Average | Discounted Cash Flows | Measurement Input, Discount Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Unobservable inputs, rate [1] 17.10%  
[1] Unobservable inputs were weighted based on the fair value of the investments included in the range.
[2] As of December 31, 2023 and 2022, Other Investments includes Level III Freestanding Derivatives.
[3] The volatility of the historical performance of the underlying reference entity is used to project the expected returns relevant for the fair value of the derivative.
[4] As of December 31, 2023, Other Liabilities includes Level III Contingent Consideration and Level III Corporate Treasury Commitments. As of December 31, 2022, Other Liabilities is comprised only of Level III Corporate Treasury Commitments.
v3.24.0.1
Summary of Changes in Financial Assets and Liabilities Measured at Fair Value for Which Level III Inputs Were Used (Detail) - Level 3 - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 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 Due to Consolidation and Acquisition   2,985,171
Transfer Out Due to Deconsolidation (1,453,837)  
Transfer Into Level III 29,088 4,557
Transfer Out of Level III (21,571) (96,218)
Purchases 932,993 1,456,237
Sales (867,995) (1,314,844)
Issuances 68,450 39,514
Settlements (78,671) (59,741)
Changes in Gains (Losses) Included in Earnings (86,906) (55,868)
Balance, End of Period 3,117,393 4,595,842
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ (84,876) $ (160,692)
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Unrealized Gain (Loss) on Investments Unrealized Gain (Loss) on Investments
Balance, Beginning of Period $ 56,725 $ 636
Transfer In Due to Consolidation and Acquisition 800  
Sales (413)  
Changes in Losses (Gains) Included in Earnings 508,525 56,089
Balance, End of Period 565,637 56,725
Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date 508,525 56,089
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 2,517
Transfer Out of Level III (3,374) (19,597)
Purchases 354,202 14,524
Sales (14,542) (3,797)
Settlements (8,252) (4,433)
Changes in Gains (Losses) Included in Earnings 13,121 (2,230)
Balance, End of Period 373,024 30,971
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date 7,725 (11,271)
Other Liabilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Balance, Beginning of Period 8,144 636
Transfer In Due to Consolidation and Acquisition 800  
Sales (413)  
Changes in Losses (Gains) Included in Earnings (6,880) 7,508
Balance, End of Period 1,651 8,144
Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date (6,880) 7,508
Freestanding Derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Balance, Beginning of Period 48,581  
Changes in Losses (Gains) Included in Earnings 515,405 48,581
Balance, End of Period 563,986 48,581
Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date 515,405 48,581
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 284,002 805,375
Sales (563,732) (882,668)
Issuances 68,450 39,514
Settlements (70,419) (55,308)
Changes in Gains (Losses) Included in Earnings 27,398 15,394
Balance, End of Period 60,738 315,039
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date 2,227 (13,384)
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 Due to Consolidation and Acquisition   2,985,171
Transfer Out Due to Deconsolidation (1,453,837)  
Transfer Into Level III 28,190 2,040
Transfer Out of Level III (18,197) (76,621)
Purchases 294,789 636,338
Sales (289,721) (428,379)
Changes in Gains (Losses) Included in Earnings (127,425) (69,032)
Balance, End of Period 2,683,631 4,249,832
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ (94,828) $ (136,037)
v3.24.0.1
Maximum Exposure to Loss Relating to Non-Consolidated VIEs (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Variable Interest Entity [Line Items]    
VIE Assets $ 40,287,530 $ 42,524,227
VIE Liabilities 22,212,316 22,843,160
Due from Affiliates    
Variable Interest Entity [Line Items]    
VIE Assets 203,187 189,240
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Maximum Exposure to Loss 4,026,897 3,900,835
Variable Interest Entity, Not Primary Beneficiary | Potential Clawback Obligation    
Variable Interest Entity [Line Items]    
VIE Liabilities 72,119 384,926
Variable Interest Entity, Not Primary Beneficiary | Amounts Due to Non-Consolidated VIEs    
Variable Interest Entity [Line Items]    
VIE Liabilities 223 6
Variable Interest Entity, Not Primary Beneficiary | Investments    
Variable Interest Entity [Line Items]    
VIE Assets $ 3,751,591 $ 3,326,669
v3.24.0.1
Repurchase Agreements - Additional Information (Detail) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Securities Financing Transaction [Line Items]    
Pledged securities with carrying value to collateralize its repurchase agreements $ 0.0 $ 89.9
v3.24.0.1
Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged (Detail)
$ in Thousands
Dec. 31, 2022
USD ($)
Assets Sold under Agreements to Repurchase [Line Items]  
Repurchase Agreements $ 89,944
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 12. "Offsetting of Assets and Liabilities" 89,944
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 12. "Offsetting of Assets and Liabilities" 0
Loans  
Assets Sold under Agreements to Repurchase [Line Items]  
Repurchase Agreements 89,944
Overnight and Continuous | Loans  
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 70,776
30 - 90 Days | Loans  
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 $ 19,168
v3.24.0.1
Other Assets - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Schedule of Other Assets [Line Items]      
Depreciation expense $ 94.1 $ 69.2 $ 52.2
v3.24.0.1
Components of Other Assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Schedule of Other Assets [Line Items]    
Furniture, Equipment and Leasehold Improvements $ 937,355 $ 748,334
Less: Accumulated Depreciation (394,602) (336,621)
Furniture, Equipment and Leasehold Improvements, Net 542,753 411,713
Prepaid Expenses 207,886 165,079
Freestanding Derivatives 170,890 202,677
Other 23,319 20,989
Total Other Assets $ 944,848 $ 800,458
v3.24.0.1
Offsetting of Assets and Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 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   $ 89,944
Repurchase agreements gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments   89,944
Repurchase agreements gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received   0
Repurchase agreements Net Amount   0
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition   178,126
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments   175,310
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received   1,345
Net Amount   1,471
Freestanding Derivatives    
Offsetting Assets and Liabilities [Line Items]    
Derivatives gross and Net Amounts of Assets Presented in the Statement of Financial Condition $ 190,079 277,603
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments 107,330 165,897
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received 49,532 96,436
Derivatives Net Amount 33,217 15,270
Derivatives gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition 90,635 88,182
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments 87,777 85,366
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received 625 1,345
Derivatives Net Amount $ 2,233 $ 1,471
v3.24.0.1
Offsetting Of Assets And Liabilities - Additional Information (Detail) - Cash Pooling Arrangement
$ in Millions
Dec. 31, 2023
USD ($)
Offsetting Assets [Line Items]  
Aggregate cash balance on deposit relating to the cash pooling arrangement $ 870.4
Overdraft facility $ 870.4
v3.24.0.1
Borrowings - Additional Information (Detail) - Revolving Credit Facility [Member]
$ in Millions
Dec. 15, 2023
USD ($)
Maximum [Member]  
Debt Instrument [Line Items]  
Line Of Credit Facility Increase Decrease $ 4,325
Minimum [Member]  
Debt Instrument [Line Items]  
Line Of Credit Facility Increase Decrease 4,135
Amended And Restated [Member]  
Debt Instrument [Line Items]  
Credit facility, maximum borrowing capacity $ 4,325
Amended And Restated [Member] | Maximum [Member]  
Debt Instrument [Line Items]  
Line of credit expiration date Dec. 15, 2028
Amended And Restated [Member] | Minimum [Member]  
Debt Instrument [Line Items]  
Line of credit expiration date Jun. 03, 2027
v3.24.0.1
Partnership Credit Facilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Line of Credit Facility [Line Items]    
Credit Available $ 15,930,882 $ 16,626,000
Borrowing Outstanding 11,605,882 12,491,000
Borrowings Of Consolidated Blackstone Funds    
Line of Credit Facility [Line Items]    
Credit Available 858,133 1,450,000
Borrowing Outstanding 858,133 1,450,000
Credit Facility    
Line of Credit Facility [Line Items]    
Credit Available [1] 4,325,000 4,135,000
Borrowing Outstanding [1] $ 0 $ 0
Effective Interest Rate [1] 0.00% 0.00%
Partnership's Credit Facilities | Senior Secured Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 15,032,800 $ 15,176,000
Borrowing Outstanding [2] 10,707,800 11,041,000
Blackstone Fund Facilities | Borrowings Of Consolidated Blackstone Funds    
Line of Credit Facility [Line Items]    
Credit Available [3] 0 1,450,000
Borrowing Outstanding [3] $ 0 $ 1,450,000
Effective Interest Rate [3] 0.00% 0.00%
4.750% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 0 $ 400,000
Borrowing Outstanding [2] $ 0 $ 400,000
Effective Interest Rate [2] 0.00% 5.07%
2.000% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 331,170 $ 321,150
Borrowing Outstanding [2] $ 331,170 $ 321,150
Effective Interest Rate [2] 2.16% 2.19%
1.000% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 662,340 $ 642,300
Borrowing Outstanding [2] $ 662,340 $ 642,300
Effective Interest Rate [2] 1.16% 1.16%
3.150% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 300,000 $ 300,000
Borrowing Outstanding [2] $ 300,000 $ 300,000
Effective Interest Rate [2] 3.30% 3.29%
5.900% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 600,000 $ 600,000
Borrowing Outstanding [2] $ 600,000 $ 600,000
Effective Interest Rate [2] 6.13% 6.19%
1.625% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 650,000 $ 650,000
Borrowing Outstanding [2] $ 650,000 $ 650,000
Effective Interest Rate [2] 1.79% 1.83%
1.500% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 662,340 $ 642,300
Borrowing Outstanding [2] $ 662,340 $ 642,300
Effective Interest Rate [2] 1.60% 1.61%
2.500% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 500,000 $ 500,000
Borrowing Outstanding [2] $ 500,000 $ 500,000
Effective Interest Rate [2] 2.73% 2.73%
1.600% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 500,000 $ 500,000
Borrowing Outstanding [2] $ 500,000 $ 500,000
Effective Interest Rate [2] 1.71% 1.70%
2.000% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 800,000 $ 800,000
Borrowing Outstanding [2] $ 800,000 $ 800,000
Effective Interest Rate [2] 2.18% 2.18%
2.550% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 500,000 $ 500,000
Borrowing Outstanding [2] $ 500,000 $ 500,000
Effective Interest Rate [2] 2.67% 2.66%
6.200% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 900,000 $ 900,000
Borrowing Outstanding [2] $ 900,000 $ 900,000
Effective Interest Rate [2] 6.33% 6.40%
3.500% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 551,950 $ 535,250
Borrowing Outstanding [2] $ 551,950 $ 535,250
Effective Interest Rate [2] 3.90% 3.79%
6.250% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 250,000 $ 250,000
Borrowing Outstanding [2] $ 250,000 $ 250,000
Effective Interest Rate [2] 6.65% 6.65%
5.000% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 500,000 $ 500,000
Borrowing Outstanding [2] $ 500,000 $ 500,000
Effective Interest Rate [2] 5.16% 5.16%
4.450% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 350,000 $ 350,000
Borrowing Outstanding [2] $ 350,000 $ 350,000
Effective Interest Rate [2] 4.56% 4.56%
4.000% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 300,000 $ 300,000
Borrowing Outstanding [2] $ 300,000 $ 300,000
Effective Interest Rate [2] 4.20% 4.20%
3.500% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 400,000 $ 400,000
Borrowing Outstanding [2] $ 400,000 $ 400,000
Effective Interest Rate [2] 3.61% 3.61%
2.800% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 400,000 $ 400,000
Borrowing Outstanding [2] $ 400,000 $ 400,000
Effective Interest Rate [2] 2.88% 2.88%
2.850% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 550,000 $ 550,000
Borrowing Outstanding [2] $ 550,000 $ 550,000
Effective Interest Rate [2] 2.91% 2.92%
3.200% Notes    
Line of Credit Facility [Line Items]    
Credit Available [2] $ 1,000,000 $ 1,000,000
Borrowing Outstanding [2] $ 1,000,000 $ 1,000,000
Effective Interest Rate [2] 3.27% 3.26%
Secured Borrowings One | Other    
Line of Credit Facility [Line Items]    
Credit Available [4] $ 19,949 $ 0
Borrowing Outstanding [4] $ 19,949 $ 0
Effective Interest Rate [4] 7.69% 0.00%
Secured Borrowings Two | Other    
Line of Credit Facility [Line Items]    
Credit Available [4] $ 20,000 $ 0
Borrowing Outstanding [4] $ 20,000 $ 0
Effective Interest Rate [4] 3.72% 0.00%
Blackstone Operating Borrowings [Member] | Other    
Line of Credit Facility [Line Items]    
Credit Available [4] $ 15,072,749 $ 15,176,000
Borrowing Outstanding [4] 10,747,749 11,041,000
CLO Notes Payable [Member] | Borrowings Of Consolidated Blackstone Funds    
Line of Credit Facility [Line Items]    
Credit Available [5] 858,133 0
Borrowing Outstanding [5] $ 858,133 $ 0
Effective Interest Rate [5] 7.57% 0.00%
[1] Represents the Credit Facility of Blackstone, through the Issuer. Interest on the borrowings is based on an adjusted Secured Overnight Finance Rate (“SOFR”) rate or alternate base rate, in each case plus a margin, and undrawn commitments bear a commitment fee of 0.06%. The margin above adjusted SOFR used to calculate interest on borrowings was 0.75% plus an additional credit spread adjustment of 0.10% to account for the difference between London Interbank Offered Rate (“LIBOR”) and SOFR. The margin is subject to change based on Blackstone’s credit rating. Borrowings may also be made in U.K. sterling, euros, Swiss francs, Japanese yen or Canadian dollars, in each case subject to certain sub-limits. The Credit Facility contains customary representations, covenants and events of default. Financial covenants consist of a maximum net leverage ratio and a requirement to keep a minimum amount of fee-earning assets under management, each tested quarterly. As of December 31, 2023 and 2022, Blackstone had outstanding but undrawn letters of credit against the Credit Facility of $40.3 million and $11.2 million, respectively. The amount Blackstone can draw from the Credit Facility is reduced by the undrawn letters of credit, however the Credit Available presented herein is not reduced by the undrawn letters of credit.
[2] The Issuer has issued long-term borrowings in the form of senior notes (the “Notes”). The Notes are unsecured and unsubordinated obligations of the Issuer. The Notes are fully and unconditionally guaranteed, jointly and severally, by Blackstone, the Guarantors and the Issuer. The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to the issuance of the Notes have been deducted from the Note liability and are being amortized over the life of the Notes. The indentures include covenants, including limitations on the Issuer’s and the Guarantors’ ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The indentures also provide for events of default and further provide that the trustee or the holders of not less than 25% in aggregate principal amount of the outstanding Notes may declare the Notes immediately due and payable upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the Notes and any accrued and unpaid interest on the Notes automatically become due and payable. All or a portion of the Notes may be redeemed at the Issuer’s option in whole or in part, at any time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the Notes. If a change of control repurchase event occurs, the holders of the Notes may require the Issuer to repurchase the Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of the Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of repurchase.
[3] Represents borrowing facilities for the various consolidated Blackstone Funds used to meet liquidity and investing needs. Certain borrowings under these facilities were used for bridge financing and general liquidity purposes. Other borrowings were used to finance the purchase of investments with the borrowing remaining in place until the disposition or refinancing event. Such borrowings have varying maturities and may be rolled over until the disposition or refinancing event. Because the timing of such events is unknown and may occur in the near term, these borrowings are considered short-term in nature. Borrowings bear interest at spreads to market rates or at stated fixed rates that can vary over the borrowing term. Interest may be subject to the performance of the asset and therefore, the stated interest rate and effective interest rate may differ. Borrowings were secured according to the terms of each facility and are generally secured by the investment purchased with the proceeds of the borrowing and/or the uncalled capital commitment of each respective fund. Certain facilities have commitment fees. When a fund borrows, the proceeds are available only for use by that fund and are not available for the benefit of other funds. Collateral within each fund is also available only against the borrowings by that fund and not against the borrowings of other funds. These funds have been deconsolidated as of December 31, 2023.
[4] Principal on the Secured Borrowings will be paid over the term with repayment amounts dependent on the performance of the underlying assets securing each borrowing. Repayment amounts from the underlying assets are restricted to solely satisfy the Secured Borrowings obligations. As of December 31, 2023, the fair value of the assets securing both Secured Borrowings equaled $48.5 million. Principal on the Secured Borrowings will be paid over the term with repayment amounts dependent on the performance of the underlying assets securing each borrowing. Repayment amounts from the underlying assets are restricted to solely satisfy the Secured Borrowings obligations. As of December 31, 2023, the fair value of the assets securing both Secured Borrowings equaled $48.5 million.
[5] CLO Notes Payable have maturity dates ranging from June 2025 to January 2037. A portion of the borrowing outstanding is comprised of subordinated notes which do not have contractual interest rates but instead pay distributions from the excess cash flows of the CLO vehicles.
v3.24.0.1
Partnership Credit Facilities (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Line of Credit Facility [Line Items]    
Maximum percentage of aggregate principal amount of the outstanding notes 25.00%  
Percentage of repurchase of note on principal amount of notes 101.00%  
4.750% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, maturity date Feb. 15, 2023  
2.000% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, maturity date May 19, 2025  
1.000% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, maturity date Oct. 05, 2026  
3.150% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, maturity date Oct. 02, 2027  
5.900% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, maturity date Nov. 03, 2027  
1.625% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, maturity date Aug. 05, 2028  
2.500% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, maturity date Jan. 10, 2030  
1.600% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, maturity date Mar. 30, 2031  
2.000% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, maturity date Jan. 30, 2032  
2.550% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, maturity date Mar. 30, 2032  
6.200% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, maturity date Apr. 22, 2033  
3.500% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, maturity date Jun. 01, 2034  
6.250% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, maturity date Aug. 15, 2042  
5.000% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, maturity date Jun. 15, 2044  
4.450% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, maturity date Jul. 15, 2045  
4.000% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, maturity date Oct. 02, 2047  
2.800% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, maturity date Sep. 30, 2050  
2.850% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, maturity date Aug. 05, 2051  
3.200% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, maturity date Jan. 30, 2052  
Secured Borrowings One    
Line of Credit Facility [Line Items]    
Debt instrument, maturity date Oct. 27, 2033  
Secured Borrowings Two    
Line of Credit Facility [Line Items]    
Debt instrument, maturity date Jan. 29, 2035  
Secured Debt    
Line of Credit Facility [Line Items]    
Secured Debt $ 49.0  
Credit Facility    
Line of Credit Facility [Line Items]    
Debt Instrument Additional Credit Spread Adjustment 0.10%  
Credit Facility | London Interbank Offered Rate (LIBOR) [Member]    
Line of Credit Facility [Line Items]    
Commitment fee percentage 0.06%  
Debt instrument, basis spread on variable rate 0.75% 0.75%
Senior Secured Note | 4.750% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, interest rate 4.75%  
Debt instrument, maturity date Feb. 15, 2023  
Senior Secured Note | 2.000% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, interest rate 2.00%  
Debt instrument, maturity date May 19, 2025  
Senior Secured Note | 1.000% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, interest rate 1.00%  
Debt instrument, maturity date Oct. 05, 2026  
Senior Secured Note | 3.150% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, interest rate 3.15%  
Debt instrument, maturity date Oct. 02, 2027  
Senior Secured Note | 5.900% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, interest rate 5.90%  
Debt instrument, maturity date Nov. 03, 2027  
Senior Secured Note | 1.625% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, interest rate 1.625%  
Debt instrument, maturity date Aug. 05, 2028  
Senior Secured Note | 1.500% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, interest rate 1.50%  
Debt instrument, maturity date Apr. 10, 2029  
Senior Secured Note | 2.500% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, interest rate 2.50%  
Debt instrument, maturity date Jan. 10, 2030  
Senior Secured Note | 1.600% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, interest rate 1.60%  
Debt instrument, maturity date Mar. 30, 2031  
Senior Secured Note | 2.000% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, interest rate 2.00%  
Debt instrument, maturity date Jan. 30, 2032  
Senior Secured Note | 2.550% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, interest rate 2.55%  
Debt instrument, maturity date Mar. 30, 2032  
Senior Secured Note | 6.200% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, interest rate 6.20%  
Debt instrument, maturity date Apr. 22, 2033  
Senior Secured Note | 3.500% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, interest rate 3.50%  
Debt instrument, maturity date Jun. 01, 2034  
Senior Secured Note | 6.250% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, interest rate 6.25%  
Debt instrument, maturity date Aug. 15, 2042  
Senior Secured Note | 5.000% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, interest rate 5.00%  
Debt instrument, maturity date Jun. 15, 2044  
Senior Secured Note | 4.450% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, interest rate 4.45%  
Debt instrument, maturity date Jul. 15, 2045  
Senior Secured Note | 4.000% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, interest rate 4.00%  
Debt instrument, maturity date Oct. 02, 2047  
Senior Secured Note | 3.500% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, interest rate 3.50%  
Debt instrument, maturity date Sep. 10, 2049  
Senior Secured Note | 2.800% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, interest rate 2.80%  
Debt instrument, maturity date Sep. 30, 2050  
Senior Secured Note | 2.850% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, interest rate 2.85%  
Debt instrument, maturity date Aug. 05, 2051  
Senior Secured Note | 3.200% Notes    
Line of Credit Facility [Line Items]    
Debt instrument, interest rate 3.20%  
Debt instrument, maturity date Jan. 30, 2052  
Letter of Credit    
Line of Credit Facility [Line Items]    
Credit facility, maximum borrowing capacity $ 40.3 $ 11.2
v3.24.0.1
Carrying Value and Fair Value of Blackstone Issued Notes (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Carrying Value $ 11,304,059 $ 12,349,584
Debt instrument, fair value 9,968,748 10,468,356
Senior Secured Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 10,576,988 10,899,584
Debt instrument, fair value [1] 9,241,677 9,018,356
Borrowings Of Consolidated Blackstone Funds    
Debt Instrument [Line Items]    
Carrying Value 687,122 1,450,000
Debt instrument, fair value 687,122 1,450,000
Borrowings Of Consolidated Blackstone Funds | Blackstone Fund Facilities [Member]    
Debt Instrument [Line Items]    
Carrying Value 0 1,450,000
Debt instrument, fair value 0 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] 336,005 325,292
Debt instrument, fair value [1] 324,778 305,754
1.000% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 664,085 642,968
Debt instrument, fair value [1] 620,864 568,525
3.150% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 298,476 298,101
Debt instrument, fair value [1] 283,059 271,284
5.900% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 595,411 594,381
Debt instrument, fair value [1] 625,158 606,450
1.625% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 645,406 644,456
Debt instrument, fair value [1] 566,508 530,933
1.500% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 666,655 645,819
Debt instrument, fair value [1] 601,272 532,043
2.500% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 493,573 492,604
Debt instrument, fair value [1] 431,005 405,965
1.600% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 496,447 495,990
Debt instrument, fair value [1] 391,955 365,380
2.000% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 789,283 788,082
Debt instrument, fair value [1] 633,153 589,407
2.550% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 495,670 495,207
Debt instrument, fair value [1] 410,755 390,370
6.200% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 891,899 891,277
Debt instrument, fair value [1] 962,037 907,965
3.500% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 521,549 504,695
Debt instrument, fair value [1] 536,319 452,934
6.250% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 239,457 239,176
Debt instrument, fair value [1] 263,270 251,480
5.000% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 489,975 489,704
Debt instrument, fair value [1] 464,560 441,355
4.450% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 344,691 344,549
Debt instrument, fair value [1] 297,486 287,242
4.000% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 291,149 290,935
Debt instrument, fair value [1] 233,685 227,946
3.500% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 392,436 392,259
Debt instrument, fair value [1] 294,608 275,588
2.800% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 394,103 393,958
Debt instrument, fair value [1] 252,008 237,552
2.850% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 543,317 543,162
Debt instrument, fair value [1] 352,457 323,527
3.200% Notes    
Debt Instrument [Line Items]    
Carrying Value [1] 987,401 987,131
Debt instrument, fair value [1] 696,740 646,880
Secured Borrowings One | Other    
Debt Instrument [Line Items]    
Carrying Value 19,949 0
Debt instrument, fair value 19,949 0
Secured Borrowings Two | Other    
Debt Instrument [Line Items]    
Carrying Value 20,000 0
Debt instrument, fair value 20,000 0
Blackstone Operating Borrowings | Other    
Debt Instrument [Line Items]    
Carrying Value 10,616,937 10,899,584
Debt instrument, fair value 9,281,626 9,018,356
CLO Notes Payable | Borrowings Of Consolidated Blackstone Funds    
Debt Instrument [Line Items]    
Carrying Value 687,122 0
Debt instrument, fair value $ 687,122 $ 0
[1] Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.
v3.24.0.1
Carrying Value and Fair Value of Blackstone Issued Notes (Parenthetical) (Detail)
 12 Months Ended
Dec. 31, 2023
4.750% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Feb. 15, 2023
4.750% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 4.75%
2.000% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date May 19, 2025
2.000% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 2.00%
1.000% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Oct. 05, 2026
1.000% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 1.00%
3.150% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Oct. 02, 2027
3.150% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 3.15%
5.900% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Nov. 03, 2027
5.900% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 5.90%
1.625% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Aug. 05, 2028
1.625% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 1.625%
1.500% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Apr. 10, 2029
1.500% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 1.50%
2.500% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Jan. 10, 2030
2.500% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 2.50%
1.600% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Mar. 30, 2031
1.600% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 1.60%
2.000% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Jan. 30, 2032
2.000% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 2.00%
2.550% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Mar. 30, 2032
2.550% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 2.55%
6.200% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Apr. 22, 2033
6.200% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 6.20%
3.500% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Jun. 01, 2034
3.500% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 3.50%
6.250% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Aug. 15, 2042
6.250% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 6.25%
5.000% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Jun. 15, 2044
5.000% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 5.00%
4.450% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Jul. 15, 2045
4.450% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 4.45%
4.000% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Oct. 02, 2047
4.000% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 4.00%
3.500% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Sep. 10, 2049
3.500% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 3.50%
2.800% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Sep. 30, 2050
2.800% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 2.80%
2.850% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Aug. 05, 2051
2.850% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 2.85%
3.200% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Jan. 30, 2052
3.200% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 3.20%
Secured Borrowings One  
Debt Instrument [Line Items]  
Debt instrument, maturity date Oct. 27, 2033
Secured Borrowings Two  
Debt Instrument [Line Items]  
Debt instrument, maturity date Jan. 29, 2035
v3.24.0.1
Scheduled Principal Payments for Borrowings (Detail)
$ in Thousands
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]  
2024 $ 17
2025 339,393
2026 668,387
2027 911,572
2028 664,090
Thereafter 9,022,423
Total 11,605,882
Blackstone Operating Borrowings  
Debt Instrument [Line Items]  
2024 17
2025 339,393
2026 668,387
2027 911,572
2028 664,090
Thereafter 8,164,290
Total 10,747,749
Borrowings of Consolidated Blackstone Funds  
Debt Instrument [Line Items]  
2024 0
2025 0
2026 0
2027 0
2028 0
Thereafter 858,133
Total $ 858,133
v3.24.0.1
Leases - Additional informaton (Detail) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
Weighted-average remaining lease term 6 years  
Weighted-average discount rate 1.80%  
Leases $ 14.7 $ 12.3
v3.24.0.1
Leases Components of leases expenses (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Lease Cost      
Straight-Line Lease Cost [1] $ 160,534 $ 139,740 $ 115,875
Variable Lease Cost [2] 15,268 12,072 10,959
Sublease Income (63) (888) (1,695)
Operating Lease Cost $ 175,739 $ 150,924 $ 125,139
[1] Straight-line lease cost includes short-term leases, which are immaterial.
[2] Variable lease cost approximates variable lease cash payments.
v3.24.0.1
Leases Supplemental Cash Flow Information Related Leases (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]      
Operating Cash Flows for Operating Lease Liabilities $ 127,183 $ 107,249 $ 96,007
Non-Cash Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities $ 117,155 $ 278,010 $ 352,298
v3.24.0.1
Leases Cash flows Annual Basis For Operating Lease Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
2024 $ 163,003  
2025 180,732  
2026 179,046  
2027 175,916  
2028 169,824  
Thereafter 180,540  
Total Lease Payments [1] 1,049,061  
Less: Imputed Interest (59,238)  
Present Value of Operating Lease Liabilities $ 989,823 $ 1,021,454
[1] Excludes signed leases that have not yet commenced.
v3.24.0.1
Income Before Provision for Taxes (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Taxes [Line Items]      
Income Before Provision (Benefit) for Taxes $ 2,957,714 $ 3,461,789 $ 13,559,396
Domestic Tax Authority      
Income Taxes [Line Items]      
Income Before Provision (Benefit) for Taxes 2,577,184 3,023,588 13,275,132
Foreign Tax Authority      
Income Taxes [Line Items]      
Income Before Provision (Benefit) for Taxes $ 380,530 $ 438,201 $ 284,264
v3.24.0.1
Provision (Benefit) for Income Taxes (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Taxes [Line Items]      
Federal Income Tax $ 362,144 $ 503,075 $ 507,648
Foreign Income Tax 112,861 75,859 55,376
State and Local Income Tax 186,851 255,421 156,735
Current Income Tax Expense (Benefit), Total 661,856 834,355 719,759
Federal Income Tax (94,732) (312,961) 373,223
Foreign Income Tax (7,020) (3,048) (2,654)
State and Local Income Tax (46,643) (45,466) 94,073
Deferred Income Tax Expense (Benefit), Total (148,395) (361,475) 464,642
Provision for Taxes $ 513,461 $ 472,880 $ 1,184,401
v3.24.0.1
Summary of Tax Positions (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax [Line Items]      
Income Before Provision for Taxes $ 2,957,714 $ 3,461,789 $ 13,559,396
Provision for Taxes $ 513,461 $ 472,880 $ 1,184,401
Effective Income Tax Rate 17.40% 13.70% 8.70%
v3.24.0.1
Reconciliations of Effective Income Tax Rate to Federal Statutory Tax Rate (Detail)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Schedule of Effective Tax Rate Reconciliation [Line Items]      
Statutory U.S. Federal Income Tax Rate 21.00% 21.00% 21.00%
Income Passed Through to Non-Controlling Interest Holders (8.20%) (8.10%) (10.20%)
State and Local Income Taxes 4.30% 6.00% 2.10%
Change in Valuation Allowance 0.00% 0.00% (4.10%)
Basis Adjustment [1] 0.00% (4.60%) 0.00%
Other 0.30% (0.60%) (0.10%)
Effective Income Tax Rate 17.40% 13.70% 8.70%
2022 vs. 2021      
Schedule of Effective Tax Rate Reconciliation [Line Items]      
Income Passed Through to Non-Controlling Interest Holders   2.10%  
State and Local Income Taxes   3.90%  
Change in Valuation Allowance   4.10%  
Basis Adjustment [1]   (4.60%)  
Other   (0.50%)  
Effective Income Tax Rate   5.00%  
2023 vs. 2022      
Schedule of Effective Tax Rate Reconciliation [Line Items]      
Income Passed Through to Non-Controlling Interest Holders (0.10%)    
State and Local Income Taxes (1.70%)    
Change in Valuation Allowance 0.00%    
Basis Adjustment [1] 4.60%    
Other 0.90%    
Effective Income Tax Rate 3.70%    
[1] Represents the impact of the out-of-period adjustment made during the year ended December 31, 2022 to revise the book investment basis used to calculate deferred tax assets and the deferred tax provision.
v3.24.0.1
Income Taxes - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax [Line Items]      
Taxable loss of partnership $ 0    
Interest expense accrued 22,800 $ 32,600 $ 1,500
Reduction of Tax Receivable Agreement Liability (27,196) 22,283 $ (2,759)
Tax Cuts and Jobs Act      
Income Tax [Line Items]      
Reduction of Tax Receivable Agreement Liability $ (27,200) $ 22,300  
v3.24.0.1
Summary of Tax Effects of Temporary Differences (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Deferred Tax Assets    
Investment Basis Differences/Net Unrealized Gains and Losses $ 2,210,974 $ 2,031,002
Other 120,420 31,720
Total Deferred Tax Assets 2,331,394 2,062,722
Deferred Tax Liabilities    
Investment Basis Differences/Net Unrealized Gains and Losses 18,333 15,409
Other 2,163 31,498
Total Deferred Tax Liabilities 20,496 46,907
Net Deferred Tax Assets $ 2,310,898 $ 2,015,815
v3.24.0.1
Schedule of Major Filing Jurisdictions and Open Period Subject to Examinations (Detail)
 12 Months Ended
Dec. 31, 2023
Federal | Tax Year 2020 [Member]  
Income Tax Examination [Line Items]  
Open Tax Year 2020
New York City | Tax Year 2009 [Member]  
Income Tax Examination [Line Items]  
Open Tax Year 2009
New York State | Tax Year 2016 [Member]  
Income Tax Examination [Line Items]  
Open Tax Year 2016
United Kingdom | Tax Year 2011 [Member]  
Income Tax Examination [Line Items]  
Open Tax Year 2011
v3.24.0.1
Unrecognized Tax Benefits Excluding Related Interest and Penalties (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Contingency [Line Items]      
Unrecognized Tax Benefits — January 1 $ 153,624 $ 47,501 $ 32,933
Additions based on Tax Positions Related to Current Year 19,807 0 0
Reductions for Tax Positions of Current Year (19,737) 0 0
Additions for Tax Positions of Prior Years 57,081 106,059 14,557
Exchange Rate Fluctuations 3 64 11
Unrecognized Tax Benefits — December 31 $ 210,778 $ 153,624 $ 47,501
v3.24.0.1
Basic and Diluted Net Income Per Common Stock (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Earnings Per Share [Line Items]      
Net Income Attributable to Blackstone Inc., Basic and Diluted $ 1,390,880 $ 1,747,631 $ 5,857,397
Weighted-Average Shares of Common Stock Outstanding, Basic 755,204,556 740,664,038 719,766,879
Weighted-Average Shares of Unvested Deferred Restricted Common Stock 215,380 278,361 358,164
Weighted-Average Shares of Common Stock Outstanding, Diluted 755,419,936 740,942,399 720,125,043
Net Income Per Share of Common Stock, Basic $ 1.84 $ 2.36 $ 8.14
Net Income Per Share of Common Stock, Diluted 1.84 2.36 8.13
Dividends Declared Per Share of Common Stock $ 3.32 $ 4.94 $ 3.57
v3.24.0.1
Summary of Anti-Dilutive Securities (Detail) - shares
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2019
Blackstone Partnership Units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Weighted-Average Units 466,083,269 486,157,205 460,897,953
v3.24.0.1
Schedule of Shares Eligible For Dividends and Distribution (Detail)
Dec. 31, 2023
shares
Stockholders Equity [Line Items]  
Common stock eligible for dividends and distributions 758,039,099
Shares eligible for dividends and distributions 1,216,583,462
Common Stock [Member]  
Stockholders Equity [Line Items]  
Common stock eligible for dividends and distributions 719,358,114
Unvested Participating Common Stock [Member]  
Stockholders Equity [Line Items]  
Common stock eligible for dividends and distributions 38,680,985
Participating Partnership Units [Member]  
Stockholders Equity [Line Items]  
Participating Blackstone Holdings Partnership Units 458,544,363
v3.24.0.1
Earnings Per Share and Stockholder's Equity - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 07, 2021
Stockholders Equity [Line Items]        
Preferred shares authorized 10,000,000,000      
Preferred shares par value $ 0.00001      
Amount remaining available for repurchases $ 756.8      
Share Reclassification        
Stockholders Equity [Line Items]        
Preferred shares authorized 9,000,000,000      
Common Stock        
Stockholders Equity [Line Items]        
Common stock repurchased, units 3,700,000 3,900,000 10,300,000  
Amount authorized to repurchase under unit repurchase program       $ 2,000.0
Common stock repurchased, cost $ 351.3 $ 392.0 $ 1,200.0  
Series I Preferred Stock        
Stockholders Equity [Line Items]        
Preferred shares authorized 999,999,000 999,999,000    
Preferred shares par value $ 0.00001 $ 0.00001    
Preferred shares issued 1 1    
Preferred shares outstanding 1 1    
Series I Preferred Stock | Share Reclassification        
Stockholders Equity [Line Items]        
Preferred shares authorized 999,999,000      
Preferred shares issued 1      
Preferred shares outstanding 1      
Series II Preferred Stock        
Stockholders Equity [Line Items]        
Preferred shares authorized 1,000 1,000    
Preferred shares par value $ 0.00001      
Preferred shares issued 1   1  
Preferred shares outstanding 1 1    
Series II Preferred Stock | Share Reclassification        
Stockholders Equity [Line Items]        
Preferred shares authorized 1,000      
Preferred shares issued 1      
Preferred shares outstanding 1      
v3.24.0.1
Equity-Based Compensation - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Jan. 01, 2021
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 $ 987,549 $ 846,349 $ 637,441  
Tax benefits in relation to equity-based awards 183,400 135,900 84,300  
Estimated unrecognized compensation expense related to unvested awards $ 2,300,000      
Weighted-average period for recognized compensation expense related to unvested awards, years 3 years 4 months 24 days      
Total vested and unvested outstanding units 1,216,569,512      
Phantom units vesting period 3 years      
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period 30 days      
Phantom Share Units (PSUs)        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total outstanding unvested phantom units 91,648      
Payment in settlement of phantom units $ 1,700 $ 600 $ 1,100  
Phantom Share Units (PSUs) | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Assumed forfeiture rate 6.70%      
Phantom units vesting period 1 year      
Phantom Share Units (PSUs) | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Assumed forfeiture rate 13.00%      
Phantom units vesting period 5 years      
Equity Settled Awards Deferred Restricted Common Units | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Assumed service period, in years 1 year      
Assumed forfeiture rate 1.00%      
Per unit discount $ 1.46      
Equity Settled Awards Deferred Restricted Common Units | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Assumed service period, in years 5 years      
Assumed forfeiture rate 13.00%      
Per unit discount $ 21.53      
Blackstone Partnership Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Assumed forfeiture rate 6.70%      
Blackstone Partnership Units | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Assumed service period, in years 1 year      
Blackstone Partnership Units | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Assumed service period, in years 2 years      
v3.24.0.1
Summary of Status of Partnership's Unvested Equity-Based Awards (Detail)
 12 Months Ended
Dec. 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
Granted (Units) | shares 209,498
Vested (Units) | shares (6,305,456)
Forfeited (Units) | shares (348,145)
Ending Balance | shares 4,585,893
Beginning Balance | $ / shares $ 38.02
Granted (Weighted-Average Grant Date Fair Value) | $ / shares 33.73
Vested (Weighted-Average Grant Date Fair Value) | $ / shares 37.25
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares 38.3
Ending Balance | $ / shares $ 38.94
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 15,590,890
Vested (Units) | shares (9,179,271)
Forfeited (Units) | shares (956,538)
Ending Balance | shares 36,456,644
Beginning Balance | $ / shares $ 82.94
Granted (Weighted-Average Grant Date Fair Value) | $ / shares 85.21
Vested (Weighted-Average Grant Date Fair Value) | $ / shares 74.2
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares 87.22
Ending Balance | $ / shares $ 86.05
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 69,267
Vested (Units) | shares (13,840)
Forfeited (Units) | shares (18,866)
Ending Balance | shares 85,447
Beginning Balance | $ / shares $ 85.04
Granted (Weighted-Average Grant Date Fair Value) | $ / shares 93.2
Vested (Weighted-Average Grant Date Fair Value) | $ / shares 103.38
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares 68.63
Ending Balance | $ / shares $ 114.5
v3.24.0.1
Unvested Shares and Units, After Expected Forfeitures (Detail)
 12 Months Ended
Dec. 31, 2023
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Blackstone Holdings Partnership Units 4,646,877
Deferred Restricted Shares of Common Stock 32,671,159
Total Equity-Based Awards 37,318,036
Phantom Shares 71,674
Blackstone Holdings Partnership Units (Weighted-Average Service Period in Years) 9 months 18 days
Deferred Restricted Shares of Common Stock (Weighted-Average Service in Years) 2 years 10 months 24 days
Total Equity-Based Awards (Weighted-Average Service Period in Years) 2 years 7 months 6 days
Phantom Shares (Weighted-Average Service Period in Years) 3 years
v3.24.0.1
Due from Affiliates and Due to Affiliates (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Related Party Transaction [Line Items]      
Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated Entities and Portfolio Companies $ 3,638,948 $ 3,344,813  
Due from Certain Non-Controlling Interest Holders and Blackstone Employees 720,743 741,319  
Accrual for Potential Clawback of Previously Distributed Performance Allocations 106,830 60,575  
Due from Affiliates, total 4,466,521 4,146,707  
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements 1,681,516   $ 1,602,933
Due to Non-Consolidated Entities 124,560   157,982
Due to Certain Non-Controlling Interest Holders and Blackstone Employees 305,816   198,875
Accrual for Potential Repayment of Previously Received Performance Allocations 281,518   158,691
Due to Affiliates, total 2,393,410 2,118,481  
Related Party [Member]      
Related Party Transaction [Line Items]      
Due from Affiliates, total 4,466,521 $ 4,146,707  
Due to Affiliates, total $ 2,393,410   $ 2,118,481
v3.24.0.1
Related Party Transactions - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Related Party Transaction [Line Items]      
Investments $ 26,146,622 $ 27,553,251  
Cash saving in tax receivable agreements, percentage 85.00%    
Expected future payments under the tax receivable agreements $ 1,700,000    
Expected future payments under the tax receivable agreements in years 15 years    
After-tax net present value estimated payments $ 522,600    
After-tax net present value discount rate assumption 15.00%    
After tax net estimated payments made $ 92,400    
Founder, senior managing directors, employees and certain other related parties      
Related Party Transaction [Line Items]      
Net Income Attributable to Non-Controlling Interests 87,800 10,900 $ 471,500
Founder, senior managing directors, employees and certain other related parties | Consolidated Blackstone Funds      
Related Party Transaction [Line Items]      
Investments $ 1,700,000 $ 1,600,000  
v3.24.0.1
Commitments and Contingencies - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2023
Schedule Of Commitments And Contingencies [Line Items]    
General partner capital funding $ 5,000.0  
Consolidated entities net assets restricted as to payment of cash dividends and advances to partnership 106.6  
Total investments at risk in respect of guarantees extended $ 27.9  
Contingent obligations currently anticipated to expire end 2032  
Provision for cash clawback $ 1,100.0  
Contingent Obligations (Clawback) 6,400.0  
Loss Contingency Accrual, Payments $ 14.3  
Blackstone Real Estate Investment Trust or BREIT [Member]    
Schedule Of Commitments And Contingencies [Line Items]    
Percentage Of Incremental Cash Payment In Excess Of Target Return 5.00%  
Security Owned and Pledged as Collateral, Associated Liabilities, Fair Value $ 564.0  
Investments Pledged fair value $ 1,100.0  
Common stock, value, subscriptions   $ 4,500.0
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 $ 4,500.0  
Blackstone Holdings    
Schedule Of Commitments And Contingencies [Line Items]    
Loans held By employees for investment guaranteed 79.8  
Contingent Obligations (Clawback) 6,000.0  
Loss Contingency Accrual, Payments 9.3  
Current And Former Blackstone Personnel    
Schedule Of Commitments And Contingencies [Line Items]    
Loss Contingency Accrual, Payments 5.0  
Consolidated Blackstone Funds    
Schedule Of Commitments And Contingencies [Line Items]    
Funds signed investment commitments 364.4  
Consolidated Blackstone Funds | Portfolio Company Acquisition    
Schedule Of Commitments And Contingencies [Line Items]    
Signed investment commitments for portfolio company acquisitions in process of closing $ 210.6  
v3.24.0.1
Clawback Obligations by Segment (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Product Liability Contingency [Line Items]    
Clawback obligations [1] $ 281,518 $ 158,691
Blackstone Holdings    
Product Liability Contingency [Line Items]    
Clawback obligations 174,688 98,146
Current And Former Blackstone Personnel    
Product Liability Contingency [Line Items]    
Clawback obligations [2] 106,830 60,545
Real Estate Segment    
Product Liability Contingency [Line Items]    
Clawback obligations [1] 235,772 130,415
Real Estate Segment | Blackstone Holdings    
Product Liability Contingency [Line Items]    
Clawback obligations 145,435 78,644
Real Estate Segment | Current And Former Blackstone Personnel    
Product Liability Contingency [Line Items]    
Clawback obligations [2] 90,337 51,771
Private Equity Segment    
Product Liability Contingency [Line Items]    
Clawback obligations [1] 45,277 27,848
Private Equity Segment | Blackstone Holdings    
Product Liability Contingency [Line Items]    
Clawback obligations 29,046 19,279
Private Equity Segment | Current And Former Blackstone Personnel    
Product Liability Contingency [Line Items]    
Clawback obligations [2] 16,231 8,569
Credit & Insurance    
Product Liability Contingency [Line Items]    
Clawback obligations [1] 469 428
Credit & Insurance | Blackstone Holdings    
Product Liability Contingency [Line Items]    
Clawback obligations 207 223
Credit & Insurance | Current And Former Blackstone Personnel    
Product Liability Contingency [Line Items]    
Clawback obligations [2] $ 262 $ 205
[1] Total is a component of Due to Affiliates. See Note 18. “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.
v3.24.0.1
Segment Reporting - Additional Information (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Segment
Dec. 31, 2022
USD ($)
Segment
Dec. 31, 2021
USD ($)
Segment Reporting Information [Line Items]      
Number of business segments | Segment 4 4  
Investment Advice [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer, excluding assessed tax $ 6,671,260 $ 6,303,315 $ 5,170,707
Investment Advice [Member] | Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | No Major Customer [Member]      
Segment Reporting Information [Line Items]      
Concentration risk, percentage     10.00%
Blackstone Real Estate Investment Trust or BREIT [Member] | Investment Advice [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer, excluding assessed tax 839,900 841,300  
Blackstone Private Credit Fund [Member] | Investment Advice [Member]      
Segment Reporting Information [Line Items]      
Revenue from contract with customer, excluding assessed tax 762,600    
UNITED STATES      
Segment Reporting Information [Line Items]      
Long lived assets $ 1,100,000 $ 1,000,000  
Percentage of revenue 70.00% 77.00% 65.00%
UNITED KINGDOM      
Segment Reporting Information [Line Items]      
Long lived assets $ 141,700    
v3.24.0.1
Summary of Revenue from External Customers by Geographic Areas (Detail)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]      
Percentage of revenue from external customers 100.00% 100.00% 100.00%
Americas      
Segment Reporting Information [Line Items]      
Percentage of revenue from external customers 78.00% 83.00% 71.00%
Europe, Middle East and Africa      
Segment Reporting Information [Line Items]      
Percentage of revenue from external customers 15.00% 15.00% 18.00%
Asia-Pacific      
Segment Reporting Information [Line Items]      
Percentage of revenue from external customers 7.00% 2.00% 11.00%
v3.24.0.1
Financial Data of Segments (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]      
Fee Related Performance Revenues $ 858,527 $ 1,449,497 $ 2,025,244
Realized Performance Revenues 2,919,012 5,906,767 5,907,443
Realized Performance Compensation (1,181,926) (2,433,262) (2,410,105)
Realized Principal Investment Income 110,932 396,256 587,766
Operating Segments      
Segment Reporting Information [Line Items]      
Base Management Fees 6,465,847 6,045,038 4,819,275
Transaction, Advisory and Other Fees, Net 235,892 310,117 391,938
Management Fee Offsets (38,495) (72,209) (43,971)
Total Management and Advisory Fees, Net 6,663,244 6,282,946 5,167,242
Fee Related Performance Revenues 858,527 1,449,497 2,025,244
Fee Related Compensation (2,088,110) (2,330,775) (2,348,010)
Other Operating Expenses (1,084,333) (989,023) (793,677)
Fee Related Earnings 4,349,328 4,412,645 4,050,799
Realized Performance Revenues 2,061,102 4,461,338 3,883,112
Realized Performance Compensation (896,017) (1,814,097) (1,557,570)
Realized Principal Investment Income 110,932 396,256 587,766
Total Net Realizations 1,276,017 3,043,497 2,913,308
Total Segment Distributable Earnings 5,625,345 7,456,142 6,964,107
Segment Assets 36,443,911 37,947,760 6,964,107
Operating Segments | Real Estate Segment      
Segment Reporting Information [Line Items]      
Base Management Fees 2,794,232 2,462,179 1,895,412
Transaction, Advisory and Other Fees, Net 78,483 171,424 160,395
Management Fee Offsets (29,357) (10,538) (3,499)
Total Management and Advisory Fees, Net 2,843,358 2,623,065 2,052,308
Fee Related Performance Revenues 294,240 1,075,424 1,695,019
Fee Related Compensation (675,880) (1,039,125) (1,161,349)
Other Operating Expenses (325,050) (315,331) (234,505)
Fee Related Earnings 2,136,668 2,344,033 2,351,473
Realized Performance Revenues 244,358 2,985,713 1,119,612
Realized Performance Compensation (123,299) (1,168,045) (443,220)
Realized Principal Investment Income 7,628 150,790 196,869
Total Net Realizations 128,687 1,968,458 873,261
Total Segment Distributable Earnings 2,265,355 4,312,491  
Segment Assets 13,016,980 14,637,693 3,224,734
Operating Segments | Private Equity Segment      
Segment Reporting Information [Line Items]      
Base Management Fees 1,807,906 1,786,923 1,521,273
Transaction, Advisory and Other Fees, Net 105,640 97,876 174,905
Management Fee Offsets (5,182) (56,062) (33,247)
Total Management and Advisory Fees, Net 1,908,364 1,828,737 1,662,931
Fee Related Performance Revenues 0 (648) 212,128
Fee Related Compensation (595,669) (575,194) (662,824)
Other Operating Expenses (316,741) (304,177) (264,468)
Fee Related Earnings 995,954 948,718 947,767
Realized Performance Revenues 1,268,483 1,191,028 2,263,099
Realized Performance Compensation (558,645) (544,229) (943,199)
Realized Principal Investment Income 67,133 139,767 263,368
Total Net Realizations 776,971 786,566 1,583,268
Total Segment Distributable Earnings 1,772,925 1,735,284  
Segment Assets 13,914,844 14,142,313 2,531,035
Operating Segments | Credit & Insurance Segment      
Segment Reporting Information [Line Items]      
Base Management Fees 1,335,408 1,230,710 765,905
Transaction, Advisory and Other Fees, Net 44,560 34,624 44,868
Management Fee Offsets (3,907) (5,432) (6,653)
Total Management and Advisory Fees, Net 1,376,061 1,259,902 804,120
Fee Related Performance Revenues 564,287 374,721 118,097
Fee Related Compensation (640,190) (529,784) (367,322)
Other Operating Expenses (327,734) (264,181) (199,912)
Fee Related Earnings 972,424 840,658 354,983
Realized Performance Revenues 317,760 147,413 209,421
Realized Performance Compensation (140,490) (63,846) (94,450)
Realized Principal Investment Income 21,897 80,993 70,796
Total Net Realizations 199,167 164,560 185,767
Total Segment Distributable Earnings 1,171,591 1,005,218  
Segment Assets 6,919,377 6,346,001 540,750
Operating Segments | Hedge Fund Solutions Segment      
Segment Reporting Information [Line Items]      
Base Management Fees 528,301 565,226 636,685
Transaction, Advisory and Other Fees, Net 7,209 6,193 11,770
Management Fee Offsets (49) (177) (572)
Total Management and Advisory Fees, Net 535,461 571,242 647,883
Fee Related Performance Revenues 0 0 0
Fee Related Compensation (176,371) (186,672) (156,515)
Other Operating Expenses (114,808) (105,334) (94,792)
Fee Related Earnings 244,282 279,236 396,576
Realized Performance Revenues 230,501 137,184 290,980
Realized Performance Compensation (73,583) (37,977) (76,701)
Realized Principal Investment Income 14,274 24,706 56,733
Total Net Realizations 171,192 123,913 271,012
Total Segment Distributable Earnings 415,474 403,149  
Segment Assets $ 2,592,710 $ 2,821,753 $ 667,588
v3.24.0.1
Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]      
Total Revenues $ 8,022,841 $ 8,517,673 $ 22,577,148
Less: Unrealized Principal Investment (Income) Loss (603,154) (1,563,849) 1,456,201
Total Expenses 4,981,130 4,973,025 9,476,617
Total Other Income (83,997) (82,859) 458,865
Total Other Income 0 0 0
Total GAAP Income Before Provision for Taxes 2,957,714 3,461,789 13,559,396
Less: Unrealized Principal Investment (Income) Loss (603,154) (1,563,849) 1,456,201
Total Assets 40,287,530 42,524,227  
Operating Segments      
Segment Reporting Information [Line Items]      
Total Revenues [1] 9,693,805 12,590,037 11,663,364
Total Expenses [2] 4,068,460 5,133,895 4,699,257
Total Segment Distributable Earnings 5,625,345 7,456,142 6,964,107
Total Assets 36,443,911 37,947,760 6,964,107
Consolidation Adjustments and Reconciling Items      
Segment Reporting Information [Line Items]      
Less: Unrealized Performance Revenues [3] 1,691,788 3,436,978 (8,675,246)
Less: Unrealized Principal Investment (Income) Loss [4] 593,301 1,235,529 (679,767)
Less: Interest and Dividend Revenue [5] (535,641) (285,075) (163,044)
Less: Other Revenue [6] 93,083 (183,754) (202,885)
Impact of Consolidation [7] (200,237) (109,379) (1,197,854)
Transaction-Related and Non-Recurring Items [8] 25,672 (24,656) 660
Less: Unrealized Performance Allocations Compensation [9] 654,403 1,470,588 (3,778,048)
Less: Equity-Based Compensation [10] (959,474) (782,090) (559,537)
Less: Interest Expense [11] (429,521) (316,569) (196,632)
Impact of Consolidation [7] (137,603) (61,644) (25,673)
Amortization of Intangibles [12] (33,457) (60,481) (68,256)
Transaction-Related and Non-Recurring Items [8] (309) (81,789) (143,378)
Administrative Fee Adjustment [13] 9,707 9,866 10,188
Less: Unrealized Performance Revenues [3] 1,691,788 3,436,978 (8,675,246)
Less: Unrealized Principal Investment (Income) Loss [4] 593,301 1,235,529 (679,767)
Less: Interest and Dividend Revenue [5] (535,641) (285,075) (163,044)
Less: Other Revenue [6] 93,083 (183,754) (202,885)
Plus: Unrealized Performance Allocations Compensation [9] (654,403) (1,470,588) 3,778,048
Plus: Equity-Based Compensation [10] 959,474 782,090 559,537
Plus: Interest Expense [11] 429,521 316,569 196,632
Amortization of Intangibles [12] 33,457 60,481 68,256
Administrative Fee Adjustment [13] 9,707 9,866 10,188
Transaction-Related Charges [8] 25,981 57,133 144,038
Segment Adjustment      
Segment Reporting Information [Line Items]      
Intersegment Eliminations 2,998 2,721 4,352
Intersegment Eliminations 2,998 2,721 4,352
Impact of Consolidation      
Segment Reporting Information [Line Items]      
Total Other Income [7] 83,997 82,859 (458,865)
Impact of Consolidation [7] 21,363 35,124 $ (1,631,046)
Total Assets [7] $ (3,843,619) $ (4,576,467)  
[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 on a segment basis.
[5] This adjustment removes Interest and Dividend Revenue on a segment basis.
[6] This adjustment removes Other Revenue on a segment basis. For the years ended December 31, 2023, 2022 and 2021, Other Revenue on a GAAP basis was $(92.9) million, $184.6 million and $203.1 million and included $(94.7) million, $182.9 million and $200.6 million of foreign exchange gains (losses), respectively.
[7] This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds, the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.
[8] This adjustment removes Transaction-Related and Non-Recurring Items, which are excluded from Blackstone’s segment presentation. Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering and non-recurring gains, losses, or other charges, if any. 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, gains or losses associated with these corporate actions and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of Blackstone’s operational performance.
[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.
v3.24.0.1
Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Parenthetical) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]      
Total Segment Fee Related Performance Revenues $ 858,527 $ 1,449,497 $ 2,025,244
Total Segment Realized Performance Revenues 2,919,012 5,906,767 5,907,443
Total Segment Realized Principal Investment Income 110,932 396,256 587,766
Total Segment Realized Performance Compensation 1,181,926 2,433,262 2,410,105
Total Segment Other Operating Expenses (92,929) 184,557 203,086
Foreign exchange gains (losses) (94,700) 182,900 200,600
Operating Segments      
Segment Reporting Information [Line Items]      
Total Segment Management and Advisory Fees, Net 6,663,244 6,282,946 5,167,242
Total Segment Fee Related Performance Revenues 858,527 1,449,497 2,025,244
Total Segment Realized Performance Revenues 2,061,102 4,461,338 3,883,112
Total Segment Realized Principal Investment Income 110,932 396,256 587,766
Total Revenues [1] 9,693,805 12,590,037 11,663,364
Total Segment Fee Related Compensation 2,088,110 2,330,775 2,348,010
Total Segment Realized Performance Compensation 896,017 1,814,097 1,557,570
Total Segment Other Operating Expenses 1,084,333 989,023 793,677
Total Expenses [2] $ 4,068,460 $ 5,133,895 $ 4,699,257
[1] Total Segment Revenues is comprised of the following:
[2] Total Segment Expenses is comprised of the following:
v3.24.0.1
Reconciliation of Total Segments to Reported on the Consolidated Statements of Operations (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]      
Revenues [1] $ (8,016) $ (20,369) $ (3,465)
Investment Income — Realized Performance Allocations 2,223,841 5,381,640 5,653,452
Realized Performance Revenues 858,527 1,449,497 2,025,244
Compensation and Benefits Compensation 2,785,447 2,569,780 2,161,973
Incentive Fee Compensation 281,067 207,998 98,112
Realized Performance Allocations Compensation 900,859 2,225,264 2,311,993
Realized Performance Revenues 2,919,012 5,906,767 5,907,443
Segment Adjustment [2] 617 4,068 913
Total Compensation and Benefits 3,967,373 5,003,042 4,572,078
General, Administrative and Other 1,117,305 1,092,671 917,847
General, Administrative and Other [3] (32,972) (103,648) (124,170)
Investment Income — Realized Performance Allocations 2,223,841 5,381,640 5,653,452
Realized Performance Revenues 2,919,012 5,906,767 5,907,443
Realized Performance Compensation (1,181,926) (2,433,262) (2,410,105)
Investment Income Realized 303,823 850,327 1,003,822
Investment Income Realized [4] (192,891) (454,071) (416,056)
Investment Income Realized 110,932 396,256 587,766
Segment Adjustment [5] (23,772) (76,080) (106,961)
Less: Fee Related Performance Compensation [6] (273,010) (609,245) (844,261)
Total Segment 1,181,926 2,433,262 2,410,105
Management and Advisory Fees, Net      
Segment Reporting Information [Line Items]      
Revenues 6,671,260 6,303,315 5,170,707
Incentive Fees      
Segment Reporting Information [Line Items]      
Revenues 695,171 525,127 253,991
Operating Segments      
Segment Reporting Information [Line Items]      
Revenues 6,663,244 6,282,946 5,167,242
Realized Performance Revenues 858,527 1,449,497 2,025,244
Realized Performance Revenues 2,061,102 4,461,338 3,883,112
Realized Performance Revenues (858,527) (1,449,497) (2,025,244)
General, Administrative and Other 1,084,333 989,023 793,677
Realized Performance Revenues 2,061,102 4,461,338 3,883,112
Less: Realized Performance Revenues (2,061,102) (4,461,338) (3,883,112)
Realized Performance Compensation (896,017) (1,814,097) (1,557,570)
Investment Income Realized 110,932 396,256 587,766
Less: Equity-Based Compensation — Operating Compensation (946,575) (772,170) (551,263)
Less: Equity-Based Compensation — Performance Compensation (12,899) (9,920) (8,274)
Total Compensation and Benefits 2,088,110 2,330,775 2,348,010
Less: Equity-Based Compensation — Performance Compensation (12,899) (9,920) (8,274)
Total Segment 896,017 1,814,097 1,557,570
Operating Segments | Management and Advisory Fees, Net      
Segment Reporting Information [Line Items]      
Revenues $ 6,663,244 $ 6,282,946 $ 5,167,242
[1] Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures.
[2] Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.
[3] Represents the (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.
[4] 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.
[5] Represents the removal of Transaction-Related Charges that are not recorded in the Total Segment measures.
[6] Fee related performance compensation may include equity-based compensation based on fee related performance revenues.