BLACKSTONE INC., 10-Q filed on 5/3/2024
Quarterly Report
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Cover Page - shares
3 Months Ended
Mar. 31, 2024
Apr. 26, 2024
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2024  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Trading Symbol BX  
Entity Registrant Name Blackstone Inc  
Entity Central Index Key 0001393818  
Current Fiscal Year End Date --12-31  
Entity Current Reporting Status Yes  
Entity Filer Category Large Accelerated Filer  
Entity Emerging Growth Company false  
Entity Small Business false  
Document Transition Report false  
Document Quarterly Report true  
Title of 12(b) Security Common Stock  
Security Exchange Name NYSE  
Entity Shell Company false  
Entity Interactive Data Current Yes  
Entity File Number 001-33551  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 20-8875684  
Entity Address, Address Line One 345 Park Avenue  
Local Phone Number 583-5000  
Entity Address, State or Province NY  
Entity Address, City or Town New York  
City Area Code 212  
Entity Address, Postal Zip Code 10154  
Entity Common Stock, Shares Outstanding   714,645,995
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Condensed Consolidated Statements of Financial Condition - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Assets    
Cash and Cash Equivalents $ 2,504,471 $ 2,955,866
Cash Held by Blackstone Funds and Other 167,711 316,197
Investments 25,922,290 26,146,622
Accounts Receivable 199,302 193,365
Due from Affiliates $ 4,695,224 $ 4,466,521
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration] Related Party [Member] Related Party [Member]
Intangible Assets, Net $ 192,227 $ 201,208
Goodwill 1,890,202 1,890,202
Other Assets 1,072,627 944,848
Right-of-Use Assets 805,454 841,307
Deferred Tax Assets 2,256,794 2,331,394
Total Assets 39,706,302 40,287,530
Liabilities and Equity    
Loans Payable 10,740,171 11,304,059
Due to Affiliates $ 2,135,478 $ 2,393,410
Other Liability, Related Party, Type [Extensible Enumeration] Related Party [Member] Related Party [Member]
Accrued Compensation and Benefits $ 5,378,212 $ 5,247,766
Operating Lease Liabilities 951,648 989,823
Accounts Payable, Accrued Expenses and Other Liabilities 2,023,359 2,277,258
Total Liabilities 21,228,868 22,212,316
Commitments and Contingencies
Redeemable Non-Controlling Interests in Consolidated Entities 935,005 1,179,073
Stockholders' Equity of Blackstone Inc.    
Common Stock, $0.00001 par value, 90 billion shares authorized, (722,263,433 shares issued and outstanding as of March 31, 2024; 719,358,114 shares issued and outstanding as of December 31, 2023) 7 7
Additional Paid-in-Capital 6,190,142 6,175,190
Retained Earnings 796,201 660,734
Accumulated Other Comprehensive Loss (31,282) (19,133)
Total Stockholders' Equity of Blackstone Inc. 6,955,068 6,816,798
Non-Controlling Interests in Consolidated Entities 5,381,678 5,177,255
Non-Controlling Interests in Blackstone Holdings 5,205,683 4,902,088
Total Equity 17,542,429 16,896,141
Total Liabilities and Equity 39,706,302 40,287,530
Series I Preferred Stock    
Stockholders' Equity of Blackstone Inc.    
Preferred Stock, Value, Issued 0 0
Series II Preferred Stock    
Stockholders' Equity of Blackstone Inc.    
Preferred Stock, Value, Issued $ 0 $ 0
v3.24.1.u1
Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Assets $ 39,706,302 $ 40,287,530
Liabilities $ 21,228,868 $ 22,212,316
Common stock par value $ 0.00001 $ 0.00001
Common shares authorized 90,000,000,000 90,000,000,000
Common shares issued 722,263,433 719,358,114
Common shares outstanding 722,263,433 719,358,114
Series I Preferred Stock    
Preferred shares par value $ 0.00001 $ 0.00001
Preferred shares authorized 999,999,000 999,999,000
Preferred shares issued 1 1
Preferred shares outstanding 1 1
Series II Preferred Stock    
Preferred shares par value $ 0.00001 $ 0.00001
Preferred shares authorized 1,000 1,000
Preferred shares issued 1 1
Preferred shares outstanding 1 1
Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary    
Assets $ 3,645,963 $ 4,656,207
Liabilities 350,761 1,202,203
Consolidated Blackstone Funds | Loans Payable | Variable Interest Entity, Primary Beneficiary    
Liabilities 169,835 687,122
Investments | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary    
Assets 3,458,911 4,319,483
Accounts Receivable | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary    
Assets 4,928 6,995
Cash Held by Funds and Other | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary    
Assets 167,711 316,197
Due from Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary    
Assets 14,089 12,762
Other Assets | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary    
Assets 324 770
Due to Affiliates | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary    
Liabilities 111,948 123,909
Accounts Payable, Accrued Expenses and Other Liabilities | Consolidated Blackstone Funds | Variable Interest Entity, Primary Beneficiary    
Liabilities $ 68,978 $ 391,172
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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Performance Allocations    
Realized $ 652,517 $ 646,894
Unrealized 445,943 (759,212)
Principal Investments    
Realized 78,597 108,058
Unrealized 461,623 (491,417)
Total Investment Income (Loss) 1,638,680 (495,677)
Interest and Dividend Revenue 97,839 90,485
Other 44,820 (14,154)
Total Revenues 3,687,828 1,381,845
Expenses    
Compensation 794,803 716,285
Incentive Fee Compensation 73,707 63,281
Performance Allocations Compensation    
Realized 258,894 296,794
Unrealized 180,900 (313,249)
Total Compensation and Benefits 1,308,304 763,111
General, Administrative and Other 369,950 273,394
Interest Expense 108,203 104,441
Fund Expenses 3,950 48,399
Total Expenses 1,790,407 1,189,345
Other Income (Loss)    
Change in Tax Receivable Agreement Liability 0 (5,208)
Net Gains (Losses) from Fund Investment Activities (17,767) 71,064
Total Other Income (Loss) (17,767) 65,856
Income Before Provision for Taxes 1,879,654 258,356
Provision for Taxes 283,671 47,675
Net Income 1,595,983 210,681
Net Loss Attributable to Redeemable Non-Controlling Interests in Consolidated Entities (39,669) (6,700)
Net Income Attributable to Non-Controlling Interests in Consolidated Entities 102,827 74,869
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings 685,439 56,700
Net Income Attributable to Blackstone Inc. $ 847,386 $ 85,812
Net Income Per Share of Common Stock    
Basic $ 1.12 $ 0.12
Diluted $ 1.11 $ 0.11
Weighted-Average Shares of Common Stock Outstanding    
Basic 759,798,537 746,064,922
Diluted 760,257,644 746,643,929
Management and Advisory Fees, Net    
Revenues    
Revenues $ 1,727,148 $ 1,658,315
Incentive Fees    
Revenues    
Revenues $ 179,341 $ 142,876
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Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Net Income $ 1,595,983 $ 210,681
Other Comprehensive Income (Loss) – Currency Translation Adjustment (36,565) 29,400
Comprehensive Income 1,559,418 240,081
Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities (56,485) 14,010
Comprehensive Income Attributable to Non-Controlling Interests in Consolidated Entities 102,827 74,869
Comprehensive Income Attributable to Non-Controlling Interests in Blackstone Holdings 677,839 60,248
Comprehensive Income Attributable to Non-Controlling Interests 724,181 149,127
Comprehensive Income Attributable to Blackstone Inc. $ 835,237 $ 90,954
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Condensed Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands
Total
Common Units
Common Stock
[1]
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, 2022 $ 17,966,061   $ 7 $ 5,935,273 $ 1,748,106 $ (27,475) $ 7,655,911 $ 5,056,480 $ 5,253,670
Beginning Balance, Units at Dec. 31, 2022 [1]   710,276,923              
Beginning Balance at Dec. 31, 2022 1,715,006                
Transfer Out Due to Consolidation of Fund Entities (53,713)                
Net Income (Loss) 217,381       85,812   85,812 74,869 56,700
Net Income (Loss) (6,700)                
Currency Translation Adjustment 8,690         5,142 5,142   3,548
Currency Translation Adjustment 20,710                
Capital Contributions 126,399             123,952 2,447
Capital Contributions 51,092                
Capital Distributions (1,334,653)       (677,809)   (677,809) (194,866) (461,978)
Capital Distributions (81,698)                
Transfer and Repurchase of Non-Controlling Interests in Consolidated Entities (2,345)             (2,345)  
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders 2,001     2,001     2,001    
Equity-Based Compensation 193,695     117,227     117,227   76,468
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock (18,004)     (18,004)     (18,004)    
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock, Units [1]   2,143,256              
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units (90,097)     (90,097)     (90,097)    
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units, Units [1]   (1,000,000)              
Change in Blackstone Inc.'s Ownership Interest 4,927     (4,927)     (4,927)   4,927
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock       15,581     15,581   (15,581)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock, Units [1]   1,374,789              
Ending Balance at Mar. 31, 2023 17,069,128   7 5,957,054 1,156,109 (22,333) 7,090,837 5,058,090 4,920,201
Ending Balance, Units at Mar. 31, 2023 [1]   712,794,968              
Ending Balance at Mar. 31, 2023 1,644,697                
Beginning Balance at Dec. 31, 2023 16,896,141   7 6,175,190 660,734 (19,133) 6,816,798 5,177,255 4,902,088
Beginning Balance, Units at Dec. 31, 2023 [1]   719,358,114              
Beginning Balance at Dec. 31, 2023 1,179,073                
Net Income (Loss) 1,635,652       847,386   847,386 102,827 685,439
Net Income (Loss) (39,669)                
Currency Translation Adjustment (19,749)         (12,149) (12,149)   (7,600)
Currency Translation Adjustment (16,816)                
Capital Contributions 170,246             167,769 2,477
Capital Contributions 4,501                
Capital Distributions (1,307,412)       (711,919)   (711,919) (128,400) (467,093)
Capital Distributions (122,993)                
Transfer and Repurchase of Non-Controlling Interests in Consolidated Entities 62,075     (152)     (152) 62,227  
Transfer and Repurchase of Non-Controlling Interests in Consolidated Entities (69,091)                
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders 7,569     7,569     7,569    
Equity-Based Compensation 234,275     143,257     143,257   91,018
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock (47,963)     (47,963)     (47,963)   0
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock, Units [1]   2,619,653              
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units (88,405)     (88,405)     (88,405)    
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units, Units [1]   (700,000)              
Change in Blackstone Inc.'s Ownership Interest 9,891     (9,891)     (9,891)   9,891
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock       10,537     10,537   (10,537)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock, Units [1]   985,666              
Ending Balance at Mar. 31, 2024 17,542,429   $ 7 $ 6,190,142 $ 796,201 $ (31,282) $ 6,955,068 $ 5,381,678 $ 5,205,683
Ending Balance, Units at Mar. 31, 2024 [1]   722,263,433              
Ending Balance at Mar. 31, 2024 $ 935,005                
[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.
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Condensed Consolidated Statements of Changes in Equity (Parenthetical)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Series I Preferred Stock    
Conversion of stocks one share outstanding one share outstanding
Series II Preferred Stock    
Conversion of stocks one share outstanding one share outstanding
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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating Activities    
Net Income $ 1,595,983 $ 210,681
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities    
Net Realized Gains on Investments (849,072) (924,643)
Changes in Unrealized (Gains) Losses on Investments (496,568) 508,398
Non-Cash Performance Allocations (446,065) 759,212
Non-Cash Performance Allocations and Incentive Fee Compensation 513,205 46,827
Equity-Based Compensation Expense 320,653 277,431
Amortization of Intangibles 8,981 12,996
Other Non-Cash Amounts Included in Net Income (121,452) (348,203)
Cash Flows Due to Changes in Operating Assets and Liabilities    
Cash Relinquished with Deconsolidation of Fund Entities (113,224) (113,588)
Accounts Receivable (18,097) (470,691)
Due from Affiliates (73,889) 151,635
Other Assets (134,866) 12,284
Accrued Compensation and Benefits (437,344) (483,939)
Accounts Payable, Accrued Expenses and Other Liabilities 308,133 163,581
Due to Affiliates (150,230) (65,276)
Investments Purchased (459,464) (1,130,045)
Cash Proceeds from Sale of Investments 1,493,162 1,746,068
Net Cash Provided by Operating Activities 939,846 352,728
Investing Activities    
Purchase of Furniture, Equipment and Leasehold Improvements (17,756) (69,557)
Net Cash Paid for Acquisitions, Net of Cash Acquired 0 (5,413)
Net Cash Used in Investing Activities (17,756) (74,970)
Financing Activities    
Distributions to Non-Controlling Interest Holders in Consolidated Entities (258,400) (215,124)
Contributions from Non-Controlling Interest Holders in Consolidated Entities 165,253 173,657
Payments Under Tax Receivable Agreement (87,508) (64,634)
Net Settlement of Vested Common Stock and Repurchase of Common Stock and Blackstone Holdings Partnership Units (136,368) (108,101)
Proceeds from Loans Payable 0 78
Repayment and Repurchase of Loans Payable (22,451) (400,000)
Dividends/Distributions to Stockholders and Unitholders (1,176,535) (1,137,340)
Net Cash Used in Financing Activities (1,516,009) (1,751,464)
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other (5,962) 1,284
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other    
Net Decrease (599,881) (1,472,422)
Beginning of Period 3,272,063 4,493,715
End of Period 2,672,182 3,021,293
Supplemental Disclosure of Cash Flows Information    
Payments for Interest 76,486 99,096
Payments for Income Taxes 172,346 53,504
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Non-Cash Contributions from Non-Controlling Interest Holders 2,477 2,447
Non-Cash Distributions to Non-Controlling Interest Holders 4,530 (61,440)
Transfer of Interests to Non-Controlling Interest Holders (6,864) (2,345)
Change in Blackstone Inc.'s Ownership Interest (9,891) (4,927)
Net Settlement of Vested Common Stock 251,422 191,144
Conversion of Blackstone Holdings Units to Common Stock 10,537 15,581
Acquisition of Ownership Interests from Non-Controlling Interest Holders    
Deferred Tax Asset (37,832) (33,492)
Due to Affiliates 30,263 31,491
Equity $ 7,569 $ 2,001
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Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Cash and Cash Equivalents $ 2,504,471 $ 2,955,866    
Cash Held by Blackstone Funds and Other 167,711 316,197    
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other $ 2,672,182 $ 3,272,063 $ 3,021,293 $ 4,493,715
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Organization
3 Months Ended
Mar. 31, 2024
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 Multi-Asset Investing.
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.
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Summary of Significant Accounting Policies
3 Months Ended
Mar. 31, 2024
Summary of Significant Accounting Policies
2.   Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of Blackstone have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to
Form 10-Q.
The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in Blackstone’s Annual Report on
Form 10-K
for the year ended December 31, 2023 filed with the Securities and Exchange Commission.
The condensed consolidated financial statements include the accounts of Blackstone, its wholly owned or majority-owned subsidiaries, the consolidated entities which are considered to be variable interest entities and for which Blackstone is considered the primary beneficiary, and certain partnerships or similar entities which are not considered variable interest entities but in which the general partner is determined to have control.
All intercompany balances and transactions have been eliminated in consolidation.
Consolidation
Blackstone consolidates all entities that it controls through a majority voting interest or otherwise, including those Blackstone Funds in which the general partner has a controlling financial interest. Blackstone has a controlling financial interest in Blackstone Holdings because the limited partners do not have the right to dissolve the partnerships or have substantive
kick-out
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 Condensed Consolidated Statements of Financial Condition.
Blackstone’s other disclosures regarding VIEs are discussed in Note 9. “Variable Interest Entities.”
Revenue Recognition
Revenues primarily consist of management and advisory fees, incentive fees, investment income, interest and dividend revenue and other.
Management and advisory fees and incentive fees are accounted for as contracts with customers. Under the guidance for contracts with customers, an entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. See Note 17. “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 Condensed 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 Condensed 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 Condensed Consolidated Statements of Financial Condition.
Performance Allocations in carry fund structures are realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the preferred return or, in limited instances, after certain thresholds for return of capital are met. Performance Allocations in carry fund structures are subject to clawback to the extent that the Performance Allocation received to date exceeds the amount due to Blackstone based on cumulative results. As such, the accrual for potential repayment of previously received Performance Allocations, which is a component of Due to Affiliates, represents all amounts previously distributed to Blackstone Holdings and
non-controlling
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 as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Financial instruments which are generally included in this category include corporate bonds and loans, including corporate bonds and loans held within consolidated collateralized loan obligations (“CLO”) vehicles, government and agency securities, less liquid and restricted equity securities, and certain
over-the-counter
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 Condensed Consolidated Statements of Financial Condition at fair value, with unrealized gains and losses resulting from changes in fair value reflected as a component of Net Gains (Losses) from Fund Investment Activities in the Condensed Consolidated Statements of Operations. Fair value is the amount that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants at the measurement date, at current market conditions (i.e., the exit price).
Blackstone’s principal investments are presented at fair value with unrealized appreciation or depreciation and realized gains and losses recognized in the Condensed Consolidated Statements of Operations within Investment Income (Loss).
For certain instruments, Blackstone has elected the fair value option. Such election is irrevocable and is applied on an investment by investment basis at initial recognition or other eligible election dates. Blackstone has applied the fair value option for certain loans and receivables, unfunded loan commitments and certain investments that otherwise would not have been carried at fair value with gains and losses recorded in net income. The methodology for measuring the fair value of such investments is consistent with the methodology applied to private equity, real estate, credit-focused and funds of hedge funds investments. Changes in the fair value of such instruments are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. Interest income on interest bearing loans and receivables and debt securities on which the fair value option has been elected is based on stated coupon rates adjusted for the accretion of purchase discounts and the amortization of purchase premiums. This interest income is recorded within Interest and Dividend Revenue.
Blackstone has elected the fair value option for the assets of consolidated CLO vehicles. As permitted under GAAP, Blackstone measures notes issued by consolidated CLO vehicles as (a) the sum of the fair value of the consolidated CLO assets and the carrying value of any
non-financial
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
Condensed 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 Condensed Consolidated Statements of Operations.
Further disclosure on instruments for which the fair value option has been elected is presented in Note 7. “Fair Value Option.”
Blackstone may elect to measure certain proprietary investments in equity securities without readily determinable fair values under the measurement alternative, which reflects cost less impairment, with adjustments in value resulting from observable price changes arising from orderly transactions of the same or a similar security from the same issuer. If the measurement alternative election is not made, the equity security is measured at fair value. The measurement alternative election is made on an instrument by instrument basis. The election is reassessed each reporting period to determine whether investments under the measurement alternative have readily determinable fair values, in which case they would no longer be eligible for this election.
The investments of consolidated Blackstone Funds in funds of hedge funds (“Investee Funds”) are valued at net asset value (“NAV”) per share of the Investee Fund. In limited circumstances, Blackstone may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, Blackstone will estimate the fair value in good faith and in a manner that it reasonably chooses, in accordance with the requirements of GAAP.
Certain investments of Blackstone and of the consolidated Blackstone funds of hedge funds and credit-focused funds measure their investments in underlying funds at fair value using NAV per share without adjustment. The terms of the investee’s investment generally provide for minimum holding periods or
lock-ups,
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 Condensed Consolidated Statements of Operations.
 
In cases where Blackstone’s equity method investments provide for a disproportionate allocation of the profits and losses (as is the case with funds that include a Performance Allocation), Blackstone’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period, Blackstone calculates the Accrued Performance Allocations that would be due to Blackstone for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner, or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. The carrying amounts of equity method investments are reflected in Investments in the Condensed Consolidated Statements of Financial Condition.
Strategic Partners’ results presented in Blackstone’s condensed consolidated financial statements are reported on a three-month lag from Strategic Partners’ fund financial statements, which report the performance of underlying investments generally on a same quarter basis, if available. Therefore, Strategic Partners’ results presented herein do not reflect the impact of economic and market activity in the current quarter. Current quarter market activity of Strategic Partners’ underlying investments is expected to affect Blackstone’s reported results in upcoming periods.
Compensation and Benefits
Compensation and Benefits 
Compensation
 — Compensation 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 Condensed 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 Condensed 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 Condensed 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.
Income Taxes
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 condensed consolidated financial statements.
Unrecognized Tax Benefits
Blackstone recognizes tax positions in the condensed consolidated financial statements when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in the return and amounts recognized in the condensed consolidated financial statements. Accrued interest and penalties related to unrecognized tax benefits are reported on the related liability line in the condensed consolidated financial statements.
Net Income (Loss) Per Share of Common Stock
Basic Income (Loss) Per Share of Common Stock is calculated by dividing Net Income (Loss) Attributable to Blackstone Inc. by the weighted-average shares of common stock, unvested participating shares of common stock outstanding for the period and vested deferred restricted shares of common stock that have been earned for which issuance of the related shares of common stock is deferred until future periods. Diluted Income (Loss) Per Share of Common Stock reflects the impact of all dilutive securities. Unvested participating shares of common stock are excluded from the computation in periods of loss as they are not contractually obligated to share in losses.
Blackstone applies the treasury stock method to determine the dilutive weighted-average common shares outstanding for certain equity-based compensation awards. Blackstone applies the
“if-converted”
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”), generally comprised 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 Condensed 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 Condensed Consolidated Statements of Financial Condition.
Blackstone does not offset assets and liabilities relating to reverse repurchase agreements and repurchase agreements in its Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to offsetting are discussed in Note 10. “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 Condensed Consolidated Statements of Financial Condition.
Derivative Instruments
Blackstone recognizes all derivatives as assets or liabilities on its Condensed Consolidated Statements of Financial Condition at fair value. On the date Blackstone enters into a derivative contract, it designates and documents each derivative contract as one of the following: (a) a hedge of a recognized asset or liability (“fair value hedge”), (b) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), (c) a hedge of a net investment in a foreign operation, or (d) a derivative instrument not designated as a hedging instrument (“freestanding derivative”).
For freestanding derivative contracts, Blackstone presents changes in fair value in current period earnings. Changes in the fair value of derivative instruments held by consolidated Blackstone Funds are reflected in Net Gains (Losses) from Fund Investment Activities or, where derivative instruments are held by Blackstone, within Investment Income (Loss) in the Condensed Consolidated Statements of Operations. The fair value of freestanding derivative assets of the consolidated Blackstone Funds are recorded within Investments, the fair value of freestanding derivative assets that are not part of the consolidated Blackstone Funds are recorded within Other Assets and the fair value of freestanding derivative liabilities are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition.
Blackstone has elected to not offset derivative assets and liabilities or financial assets in its Condensed Consolidated Statements of Financial Condition, including cash, that may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement is in place that provides Blackstone, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations.
Blackstone’s other disclosures regarding derivative financial instruments are discussed in Note 6. “Derivative Financial Instruments.”
Blackstone’s disclosures regarding offsetting are discussed in Note 10. “Offsetting of Assets and Liabilities.”
 
Affiliates
Blackstone considers its Founder, senior managing directors, employees, the Blackstone Funds and the Portfolio Companies to be affiliates.
Dividends
Dividends are reflected in the condensed consolidated financial statements when declared.
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 new guidance was effective for Blackstone beginning January 1, 2024 and was adopted on a prospective basis. There was no impact on the condensed consolidated financial statements upon adoption.
v3.24.1.u1
Intangible Assets
3 Months Ended
Mar. 31, 2024
Intangible Assets
3. Intangible Assets
Intangible Assets, Net consists of the following:
 
                                                 
    
March 31,
 
December 31,
    
2024
 
2023
Finite-Lived Intangible Assets/Contractual Rights
  
$
1,769,372
 
 
$
1,769,372
 
Accumulated Amortization
  
 
(1,577,145
 
 
(1,568,164
  
 
 
 
 
 
 
 
Intangible Assets, Net
  
$
192,227
 
 
$
201,208
 
  
 
 
 
 
 
 
 
Amortization expense associated with Blackstone’s intangible assets was $9.0 million and $13.0 million for the three months ended March 31, 2024 and 2023, respectively.
Amortization of Intangible Assets held at March 31, 2024 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 March 31, 2024 are expected to amortize over a weighted-average period of 5.9 years.
v3.24.1.u1
Investments
3 Months Ended
Mar. 31, 2024
Investments
4. Investments
Investments consist of the following:

 
                        
                        
 
  
March 31,
  
December 31,
 
  
2024
  
2023
Investments of Consolidated Blackstone Funds
  
$
3,458,911
 
  
$
4,319,483
 
Equity Method Investments
     
Partnership Investments
  
 
6,100,640
 
  
 
5,924,275
 
Accrued Performance Allocations
  
 
11,163,116
 
  
 
10,775,355
 
Corporate Treasury Investments
  
 
197,976
 
  
 
803,870
 
Other Investments
  
 
5,001,647
 
  
 
4,323,639
 
  
 
 
 
  
 
 
 
  
$
25,922,290
 
  
$
26,146,622
 
  
 
 
 
  
 
 
 
 
Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $241.1 million and $1.0 billion at March 31, 2024 and December 31, 2023, respectively.
Where appropriate, the accounting for Blackstone’s investments incorporates the changes in fair value of those investments as determined under GAAP. The significant inputs and assumptions required to determine the change in fair value of the investments of Consolidated Blackstone Funds, Corporate Treasury Investments and Other Investments are discussed in more detail in Note 8. “Fair Value Measurements of Financial Instruments.”
Investments of Consolidated Blackstone Funds
The following table presents the Realized and Net Change in Unrealized Gains (Losses) on investments held by the consolidated Blackstone Funds and a reconciliation to Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities in the Condensed Consolidated Statements of Operations:

 
 
  
Three Months Ended
March 31,
 
 
  
2024
 
  
2023
 
Realized Gains (Losses)
  
$
(58,412
  
$
17,155
 
Net Change in Unrealized Gains (Losses)
  
 
35,125
 
  
 
(17,154
  
 
 
  
 
 
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds
  
 
(23,287
  
 
1
 
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds
  
 
5,520
 
  
 
71,063
 
  
 
 
  
 
 
Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities
  
$
(17,767
  
$
71,064
 
  
 
 
  
 
 
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 three months ended March 31, 2024 and 2023, 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 $156.0 million and $69.2 million for the three months ended March 31, 2024 and 2023, respectively.
 
Accrued Performance Allocations
Accrued Performance Allocations to Blackstone were as follows:
 
                                                                                                                            
    
Real
 
Private
 
Credit &
 
Multi-Asset
   
    
Estate
 
Equity
 
Insurance
 
Investing
 
Total
Accrued Performance Allocations, December 31, 2023
  
$
2,990,602
 
 
$
6,707,244
 
 
$
599,779
 
 
$
477,730
 
 
$
10,775,355
 
Performance Allocations as a Result of Changes in Fund Fair Values
  
 
83,357
 
 
 
690,844
 
 
 
120,988
 
 
 
155,775
 
 
 
1,050,964
 
Foreign Exchange Loss
  
 
(5,711
 
 
 
 
 
 
 
 
 
 
 
(5,711
Fund Distributions
  
 
(183,108
 
 
(348,875
 
 
(50,449
 
 
(75,060
 
 
(657,492
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accrued Performance Allocations, March 31, 2024
  
$
2,885,140
 
 
$
7,049,213
 
 
$
670,318
 
 
$
558,445
 
 
$
11,163,116
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate Treasury Investments
The portion of corporate treasury investments included in Investments represents Blackstone’s investments into primarily fixed income securities, mutual fund interests, and other fund interests. These strategies are managed by a combination of Blackstone personnel and third party advisors. The following table presents the Realized and Net Change in Unrealized Gains (Losses) on these investments:

 
 
  
Three Months
Ended March 31,
 
 
  
2024
 
  
2023
 
Realized Gains (Losses)
  
$
(1,621
  
$
2,374
 
Net Change in Unrealized Gains (Losses)
  
 
(1,260
  
 
7,795
 
  
 
 
  
 
 
  
$
(2,881
  
$
10,169
 
  
 
 
  
 
 
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 investments without a readily determinable fair value had a carrying value of $333.9 million as of March 31, 2024. In the period of acquisition and upon remeasurement in connection with an observable transaction, such investments are reported at fair value. See Note 8. “Fair Value Measurements of Financial Instruments” for additional detail. The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in Other Investments:

 
 
  
Three Months Ended
March 31,
 
 
  
2024
 
  
2023
 
Realized Gains
  
$
2,467
 
  
$
1,924
 
Net Change in Unrealized Gains (Losses)
  
 
455,800
 
  
 
(313,153
  
 
 
  
 
 
  
$
458,267
 
  
$
(311,229
  
 
 
  
 
 
v3.24.1.u1
Net Asset Value as Fair Value
3 Months Ended
Mar. 31, 2024
Net Asset Value as Fair Value
5.  Net Asset Value as Fair Value
A summary of fair value by strategy type and ability to redeem such investments as of March 31, 2024 is presented below:
 
                                                                          
         
Redemption
   
         
Frequency
 
Redemption
Strategy (a)
  
Fair Value
  
 (if currently eligible) 
 
Notice Period
Equity
  
$
356,173
 
  
 
(b)
 
 
 
(b)
 
Real Estate
  
 
112,839
 
  
 
(c)
 
 
 
(c)
 
Other
  
 
7,081
 
  
 
(d)
 
 
 
(d)
 
  
 
 
 
    
  
$
   476,093
 
    
  
 
 
 
    
 
(a)
As of March 31, 2024, 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 76% 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 24% 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.
v3.24.1.u1
Derivative Financial Instruments
3 Months Ended
Mar. 31, 2024
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.
 
                                                                                                                               
   
March 31, 2024
 
December 31, 2023
   
Assets
 
Liabilities
 
Assets
 
Liabilities
       
Fair
     
Fair
     
Fair
     
Fair
   
Notional
 
Value
 
Notional
 
Value
 
Notional
 
Value
 
Notional
 
Value
Freestanding Derivatives
               
Blackstone
               
Interest Rate Contracts
 
 $
626,740
 
 
 $
157,387
 
 
 $
600,000
 
 
 $
97,066
 
 
 $
634,840
 
 
 $
145,798
 
 
 $
607,000
 
 
 $
86,589
 
Foreign Currency Contracts
 
 
167,391
 
 
 
465
 
 
 
337,017
 
 
 
901
 
 
 
387,102
 
 
 
11,442
 
 
 
334,228
 
 
 
3,538
 
Credit Default Swaps
 
 
 
 
 
 
 
 
640
 
 
 
8
 
 
 
3,108
 
 
 
479
 
 
 
3,748
 
 
 
508
 
Total Return Swaps
 
 
39,956
 
 
 
5,812
 
 
 
 
 
 
 
 
 
63,158
 
 
 
13,171
 
 
 
 
 
 
 
Equity Options
 
 
 
 
 
 
 
 
1,131,872
 
 
 
646,002
 
 
 
 
 
 
 
 
 
1,110,490
 
 
 
563,986
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
834,087
 
 
 
163,664
 
 
 
2,069,529
 
 
 
743,977
 
 
 
1,088,208
 
 
 
170,890
 
 
 
2,055,466
 
 
 
654,621
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments of Consolidated Blackstone Funds
               
Interest Rate Contracts
 
 
839,931
 
 
 
26,800
 
 
 
 
 
 
 
 
 
855,683
 
 
 
19,189
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
839,931
 
 
 
26,800
 
 
 
 
 
 
 
 
 
855,683
 
 
 
19,189
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 $
 1,674,018
 
 
 $
 190,464
 
 
 $
 2,069,529
 
 
 $
 743,977
 
 
 $
 1,943,891
 
 
 $
 190,079
 
 
 $
 2,055,466
 
 
 $
 654,621
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The table below summarizes the impact to the Condensed Consolidated Statements of Operations from derivative financial instruments:
 
 
 
 
 
 
 
 
 
 
 
  
Three Months Ended
March 31,
 
 
  
2024
 
  
2023
 
Freestanding Derivatives
  
     
  
     
Realized Gains (Losses)
  
     
  
     
Interest Rate Contracts
  
$
(614
  
$
336
 
Foreign Currency Contracts
  
 
5,525
 
  
 
5,590
 
Credit Default Swaps
  
 
75
 
  
 
(51
Total Return Swaps
  
 
8,320
 
  
 
4,652
 
 
  
 
 
 
  
 
 
 
 
  
 
13,306
 
  
 
10,527
 
 
  
 
 
 
  
 
 
 
     
Net Change in Unrealized Gains (Losses)
  
     
  
     
Interest Rate Contracts
  
 
1,024
 
  
 
(2,120
Foreign Currency Contracts
  
 
(8,222
  
 
(3,183
Credit Default Swaps
  
 
(54
  
 
(228
Total Return Swaps
  
 
(5,519
  
 
(13
Equity Options
  
 
(82,016
  
 
(154,838
 
  
 
 
 
  
 
 
 
 
  
 
(94,787
  
 
(160,382
 
  
 
 
 
  
 
 
 
 
  
$
 (81,481
  
$
  (149,855
 
  
 
 
 
  
 
 
 
As of March 31, 2024 and December 31, 2023, Blackstone had not designated any derivatives as fair value, cash flow or net investment hedges.
v3.24.1.u1
Fair Value Option
3 Months Ended
Mar. 31, 2024
Fair Value Option
7.  Fair Value Option
The following table summarizes the financial instruments for which the fair value option has been elected:
 
                                                 
    
March 31,
  
December 31,
    
2024
  
2023
Assets
     
Loans and Receivables
  
$
95,532
 
  
$
60,738
 
Equity and Preferred Securities
  
 
2,850,339
 
  
 
2,894,302
 
Debt Securities
  
 
62,757
 
  
 
63,486
 
Assets of Consolidated CLO Vehicles
     
Corporate Loans
  
 
129,381
 
  
 
938,801
 
  
 
 
 
  
 
 
 
  
$
  3,138,009
 
  
$
  3,957,327
 
  
 
 
 
  
 
 
 
Liabilities
     
CLO Notes Payable
  
$
169,835
 
  
$
687,122
 
Corporate Treasury Commitments
  
 
887
 
  
 
1,264
 
  
 
 
 
  
 
 
 
  
$
170,722
 
  
$
688,386
 
  
 
 
 
  
 
 
 
The following table presents the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected:
 
                                                                                                   
    
Three Months Ended March 31,
    
2024
 
2023
        
Net Change
     
Net Change
    
Realized
 
in Unrealized
 
Realized
 
in Unrealized
    
Gains (Losses)
 
Gains (Losses)
 
Gains (Losses)
 
Gains (Losses)
Assets
        
Loans and Receivables
  
$
(1,604
 
$
(408
 
$
(763
 
$
(303
Equity and Preferred Securities
  
 
2,281
 
 
 
17,729
 
 
 
1,696
 
 
 
(45,113
Debt Securities
  
 
 
 
 
(729
 
 
 
 
 
(1,831
Assets of Consolidated CLO Vehicles
        
Corporate Loans
  
 
(2,846
 
 
2,456
 
 
 
(3,129
 
 
482
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
$
(2,169
 
$
19,048
 
 
$
(2,196
 
$
(46,765
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
        
CLO Notes Payable
  
$
 
 
$
600
 
 
$
 
 
$
2,464
 
Corporate Treasury Commitments
  
 
 
 
 
377
 
 
 
 
 
 
2,226
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
$
 
 
$
977
 
 
$
 
 
$
4,690
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following table presents information for those financial instruments for which the fair value option was elected:


                        
                        
                        
                        
                        
                        
 
  
March 31, 2024
  
December 31, 2023
 
  
 
 
For Financial Assets
  
 
 
For Financial Assets
 
  
 
 
Past Due (a)
  
 
 
Past Due (a)
 
  
Excess
(Deficiency)
 
 
  
Excess
  
Excess
(Deficiency)
 
 
  
Excess
 
  
of Fair Value
 
Fair
  
of Fair Value
  
of Fair Value
 
Fair
  
of Fair Value
 
  
Over Principal
 
  Value  
  
Over Principal
  
Over Principal
 
  Value  
  
Over Principal
Loans and Receivables
  
$
252
 
 
$
 
  
$
 
  
$
675
 
 
$
 
  
$
 
Debt Securities
  
 
(54,072
 
 
 
  
 
 
  
 
(52,577
 
 
 
  
 
 
Assets of Consolidated CLO Vehicles
               
Corporate Loans
  
 
(3,495
 
 
1,313
 
  
 
 
  
 
(8,751
 
 
1,345
 
  
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
$
(57,315
 
$
1,313
 
  
$
 
  
$
(60,653
 
$
1,345
 
  
$
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
(a)
Assets are classified as past due if contractual payments are more than 90 days past due.
As of March 31, 2024 and December 31, 2023, no Loans and Receivables for which the fair value option was elected were past due or in
non-accrual
status and 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.
v3.24.1.u1
Fair Value Measurements of Financial Instruments
3 Months Ended
Mar. 31, 2024
Fair Value Measurements of Financial Instruments
8.  Fair Value Measurements of Financial Instruments
The following tables summarize the valuation of Blackstone’s financial assets and liabilities by the fair value hierarchy:

 
                     
                     
                     
                     
                     
 
  
March 31, 2024
 
  
Level I
  
Level II
  
Level III
  
NAV
  
Total
Assets
              
Cash and Cash Equivalents
  
 $
214,997
 
  
 $
 
  
$
 
  
$
 
  
$
214,997
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Investments
              
Investments of Consolidated Blackstone Funds
              
Equity Securities, Partnerships and LLC Interests (a)
  
 
10,259
 
  
 
119,238
 
  
 
2,688,028
 
  
 
469,012
 
  
 
3,286,537
 
Debt Instruments
  
 
 
  
 
130,010
 
  
 
15,564
 
  
 
 
  
 
145,574
 
Freestanding Derivatives
  
 
 
  
 
26,800
 
  
 
 
  
 
 
  
 
26,800
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Investments of Consolidated Blackstone Funds
  
 
10,259
 
  
 
276,048
 
  
 
2,703,592
 
  
 
469,012
 
  
 
3,458,911
 
Corporate Treasury Investments
  
 
67,688
 
  
 
121,712
 
  
 
8,576
 
  
 
 
  
 
197,976
 
Other Investments
  
 
2,006,970
 
  
 
2,590,956
 
  
 
72,555
 
  
 
7,081
 
  
 
4,677,562
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Investments
  
 
2,084,917
 
  
 
2,988,716
 
  
 
2,784,723
 
  
 
476,093
 
  
 
8,334,449
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Accounts Receivable - Loans and Receivables
  
 
 
  
 
 
  
 
95,532
 
  
 
 
  
 
95,532
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
O
ther
Assets - Freestanding Derivatives
  
 
 
  
 
157,852
 
  
 
5,812
 
  
 
 
  
 
163,664
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 $
2,299,914
 
  
 $
3,146,568
 
  
 $
2,886,067
 
  
 $
476,093
 
  
 $
8,808,642
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Liabilities
              
Loans Payable - CLO Notes Payable
  
 $
 
  
$
169,835
 
  
 $
 
  
$
 
  
$
169,835
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Accounts Payable, Accrued Expenses and Other Liabilities
              
Freestanding Derivatives
  
 
 
  
 
97,975
 
  
 
646,002
 
  
 
 
  
 
743,977
 
Contingent Consideration
  
 
 
  
 
 
  
 
504
 
  
 
 
  
 
504
 
Corporate Treasury Commitments
  
 
 
  
 
 
  
 
887
 
  
 
 
  
 
887
 
Securities Sold, Not Yet Purchased
  
 
3,867
 
  
 
 
  
 
 
  
 
 
  
 
3,867
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Accounts Payable, Accrued Expenses and Other Liabilities
  
 
3,867
 
  
 
97,975
 
  
 
647,393
 
  
 
 
  
 
749,235
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 $
3,867
 
  
 $
267,810
 
  
 $
647,393
 
  
 $
 
  
$
919,070
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
                     
                     
                     
                     
                     
 
  
December 31, 2023
 
  
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
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
O
ther
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
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
LLC Limited Liability Company.
(a)
Equity Securities, Partnership and LLC Interest includes investments in investment funds.
Within Investments of Consolidated Blackstone Funds and Other Investments, Blackstone held equity securities subject to sale restrictions with a fair value of
$1.4 
billion a
s of
 March 31, 2024. The nature of such restrictions are contractual or legal in nature and deemed an attribute of the holder rather than the investment. Contractual restrictions include certain phased restrictions on sale or transfer, underwriter lock-ups and sale or transfer restrictions applicable to certain Investments of Consolidated Blackstone Funds pledged as collateral. Restrictions will generally lapse over time or after a predetermined date and the weighted-average remaining duration of such restrictions is
 1.6 years.
Level III equity securities included in Investments of Consolidated Blackstone Funds are illiquid and privately negotiated in nature and may also be subject to contractual sale or transfer restrictions including those pursuant to their respective governing or similar agreements. Investments within Other Investments subject to restrictions on sale or transfer as a result of pledge arrangements are discussed in Note 16. “Commitments and Contingencies — Contingencies — Strategic Ventures.”
 
 
The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of March 31, 2024. Consistent with presentation in these Notes to Condensed Consolidated Financial Statements, this table presents the Level III Investments only of Consolidated Blackstone Funds and therefore does not reflect any other Blackstone Funds.
 
                                                                                                                 
   
Fair Value
 
Valuation

Techniques
 
Unobservable

Inputs
 
Ranges
 
Weighted-
Average (a)
 
Impact to
Valuation
from an
Increase
in Input
Financial Assets
           
Investments of Consolidated Blackstone Funds
           
Equity Securities, Partnership and LLC Interests
 
$
2,688,028
 
 
 
Discounted Cash Flows
 
 
 
Discount Rate
 
 
 
3.3% - 38.6%
 
 
 
10.1%
 
 
 
Lower
 
     
 
Exit Multiple - EBITDA
 
 
 
4.0x - 30.6x
 
 
 
15.0x
 
 
 
Higher
 
     
 
Exit Capitalization Rate
 
 
 
3.1% - 13.2%
 
 
 
5.1%
 
 
 
Lower
 
Debt Instruments
 
 
15,564
 
 
 
Third Party Pricing
 
 
 
n/a
 
     
 
 
 
 
         
Total Investments of Consolidated Blackstone Funds
 
 
2,703,592
 
         
Corporate Treasury Investments
 
 
8,576
 
 
 
Transaction Price
 
 
 
n/a
 
     
Loans and Receivables
 
 
95,532
 
 
 
Discounted Cash Flows
 
 
 
Discount Rate
 
 
 
8.8% - 14.0%
 
 
 
10.3%
 
 
 
Lower
 
Other Investments (b)
 
 
78,367
 
 
 
Third Party Pricing
 
 
 
n/a
 
     
 
 
 
 
         
 
$
2,886,067
 
         
 
 
 
 
         
Financial Liabilities
           
Freestanding Derivatives (c)
 
$
646,002
 
 
 
Option Pricing Model
 
 
 
Volatility
 
 
 
6.2%
 
 
 
n/a
 
 
 
Higher
 
Other Liabilities (d)
 
 
1,391
 
 
 
Third Party Pricing
 
 
 
n/a
 
     
   
 
Other
 
 
 
n/a
 
     
 
 
 
 
         
 
$
647,393
 
         
 
 
 
 
         
 
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:
 
                                                                                                                 
   
Fair Value
 
Valuation

Techniques
 
Unobservable

Inputs
 
Ranges
 
Weighted-
Average (a)
 
Impact to
Valuation
from an
Increase
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
 
         
 
 
 
 
         
 
n/a
  
Not applicable.
EBITDA
  
Earnings before interest, taxes, depreciation and amortization.
Exit Multiple
  
Ranges include the last twelve months EBITDA and forward EBITDA multiples.
Third Party Pricing
  
Third Party Pricing is generally determined on the basis of unadjusted prices between market participants provided by reputable dealers or pricing services.
Transaction Price
  
Includes recent acquisitions or transactions.
(a)
  
Unobservable inputs were weighted based on the fair value of the investments included in the range.
(b)
  
As of March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023, Other Liabilities includes Level III Contingent Consideration and Level III Corporate Treasury Commitments.
For the three months ended March 31, 2024, 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 from Fund Investment Activities in the Condensed Consolidated Statements of Operations.


                                                                                                       
   
Level III Financial Assets at Fair Value

Three Months Ended March 31,
   
2024
 
2023
   
Investments
             
Investments
           
   
of
 
Loans
 
Other
     
of
 
Loans
 
Other
   
   
Consolidated
 
and
 
Investments
     
Consolidated
 
and
 
Investments
   
   
Funds
 
Receivables
 
(a)
 
Total
 
Funds
 
Receivables
 
(a)
 
Total
Balance, Beginning of Period
 
 $
2,683,631
 
 
 $
60,738
 
 
 $
373,024
 
 
 $
3,117,393
 
 
 $
4,249,832
 
 
$
315,039
 
 
 $
30,971
 
 
 $
4,595,842
 
Transfer Out Due to Deconsolidation
 
 
(14,237
 
 
 
 
 
 
 
 
(14,237
 
 
(3,837
 
 
 
 
 
 
 
 
(3,837
Transfer Into Level III (b)
 
 
3,434
 
 
 
 
 
 
 
 
 
3,434
 
 
 
13,873
 
 
 
 
 
 
898
 
 
 
14,771
 
Transfer Out of Level III (b)
 
 
(2,546
 
 
 
 
 
 
 
 
(2,546
 
 
(313
 
 
 
 
 
(2,726
 
 
(3,039
Purchases
 
 
133,116
 
 
 
149,639
 
 
 
5,675
 
 
 
288,430
 
 
 
299,948
 
 
 
55,070
 
 
 
49,404
 
 
 
404,422
 
Sales
 
 
(34,315
 
 
(111,167
 
 
(289,993
 
 
(435,475
 
 
(319,161
 
 
(86,725
 
 
(180
 
 
(406,066
Issuances
 
 
 
 
 
9,561
 
 
 
 
 
 
9,561
 
 
 
 
 
 
50,689
 
 
 
 
 
 
50,689
 
Settlements (c)
 
 
 
 
 
(14,110
 
 
(10,160
 
 
(24,270
 
 
 
 
 
(33,796
 
 
528
 
 
 
(33,268
Changes in Gains (Losses) Includedin Earnings
 
 
(65,491
 
 
871
 
 
 
(1,404
 
 
(66,024
 
 
98,167
 
 
 
7,011
 
 
 
(4,291
 
 
100,887
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, End of Period
 
 $
2,703,592
 
 
 $
95,532
 
 
 $
77,142
 
 
 $
2,876,266
 
 
 $
4,338,509
 
 
 $
307,288
 
 
 $
74,604
 
 
 $
4,720,401
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Changes in Unreali
zed Gains (Losses) Included
in Earnings
Related to Financial Assets Still Held at the Reporting Date
 
 $
(39,295
 
 $
(793
 
 $
(3,305
 
 $
(43,393
 
 $
72,029
 
 
 $
1,737
 
 
 $
534
 
 
 $
74,300
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
            
            
            
            
            
            
 
 
Level III Financial Liabilities at Fair Value

Three Months Ended March 31,
 
 
2024
 
2023
 
 
Freestanding
 
Other
 
 
 
Freestanding
 
Other
 
 
 
 
Derivatives
 
Liabilities
 
Total
 
Derivatives
 
Liabilities
 
Total
                                                                             
Balance, Beginning of Period
 
 $
563,986
 
 
 $
1,651
 
 
 $
565,637
 
 
 $
48,581
 
 
 $
8,144
 
 
 $
56,725
 
Transfer In Due to Consolidation and Acquisition
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,300
 
 
 
2,300
 
Changes in Losses (Gains) Included in Earnings
 
 
82,016
 
 
 
(260
 
 
81,756
 
 
 
154,838
 
 
 
(2,226
 
 
152,612
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, End of Period
 
 $
646,002
 
 
 $
1,391
 
 
 $
647,393
 
 
 $
203,419
 
 
 $
8,218
 
 
 $
211,637
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date
 
 $
82,016
 
 
 $
(260
 
 $
81,756
 
 
 $
154,838
 
 
 $
(2,226
 
 $
152,612
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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.
v3.24.1.u1
Variable Interest Entities
3 Months Ended
Mar. 31, 2024
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:
 
    
March 31,
    
December 31,
 
    
2024
    
2023
 
Investments
  
 $
3,905,515
 
  
 $
3,751,591
 
Due from Affiliates
  
 
266,394
 
  
 
203,187
 
Potential Clawback Obligation
  
 
78,823
 
  
 
72,119
 
  
 
 
    
 
 
 
Maximum Exposure to Loss
  
 $
 4,250,732
 
  
 $
 4,026,897
 
  
 
 
    
 
 
 
Amounts Due to
Non-Consolidated
VIEs
  
 $
557
 
  
 $
223
 
  
 
 
    
 
 
 
v3.24.1.u1
Offsetting of Assets And Liabilities
3 Months Ended
Mar. 31, 2024
Offsetting of Assets and Liabilities
10. Offsetting of Assets and Liabilities
The following tables present the offsetting of assets and liabilities as of March 31, 2024 and December 31, 2023:
 
                                                                                                   
    
March 31, 2024
    
Gross and Net
              
    
Amounts of
  
Gross Amounts Not Offset
    
    
Assets Presented
  
in the Statement of
    
    
in the Statement
  
Financial Condition
    
    
of Financial
  
Financial
  
Cash Collateral
    
    
Condition
  
Instruments (a)
  
Received
  
Net Amount
Assets
           
Freestanding Derivatives
  
 $
190,464
 
  
 $
124,134
 
  
 $
55,854
 
  
 $
10,476
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
                                                                                                   
    
March 31, 2024
    
Gross and Net
              
    
Amounts of
              
    
Liabilities
  
Gross Amounts Not Offset
    
    
Presented in the
  
in the Statement of
    
    
Statement of
  
Financial Condition
    
    
Financial
  
Financial
  
Cash Collateral
    
    
Condition
  
Instruments (a)
  
Pledged
  
Net Amount
Liabilities
           
Freestanding Derivatives
  
$
97,974
 
  
$
97,300
 
  
$
8
 
  
$
666
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
                                                                                                   
    
December 31, 2023
    
Gross and Net
              
    
Amounts of
  
Gross Amounts Not Offset
    
    
Assets Presented
  
in the Statement of
    
    
in the Statement
  
Financial Condition
    
    
of Financial
  
Financial
  
Cash Collateral
    
    
Condition
  
Instruments (a)
  
Received
  
Net Amount
Assets
           
Freestanding Derivatives
  
$
190,079
 
  
$
107,330
 
  
$
49,532
 
  
$
33,217
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
                                                                                                   
    
December 31, 2023
    
Gross and Net
              
    
Amounts of
              
    
Liabilities
  
Gross Amounts Not Offset
    
    
Presented in the
  
in the Statement of
    
    
Statement of
  
Financial Condition
    
    
Financial
  
Financial
  
Cash Collateral
    
    
Condition
  
Instruments (a)
  
Pledged
  
Net Amount
Liabilities
           
Freestanding Derivatives
  
$
90,635
 
  
$
87,777
 
  
$
625
 
  
$
2,233
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(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.
 
Freestanding Derivative liabilities are included in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition. Freestanding Derivative assets are included in Other Assets in the Condensed Consolidated Statements of Financial Condition. The following table presents the components of Other Assets:
 
 
 
 
 
 
 
 
 
 
 
  
March 31,
 
  
December 31,
 
 
  
2024
 
  
2023
 
Furniture, Equipment and Leasehold Improvements
  
 $
952,577
 
  
 $
937,355
 
Less: Accumulated Depreciation
  
 
(417,903
  
 
(394,602
 
  
 
 
 
  
 
 
 
Furniture, Equipment and Leasehold Improvements, Net
  
 
534,674
 
  
 
542,753
 
Prepaid Expenses
  
 
314,873
 
  
 
207,886
 
Freestanding Derivatives
  
 
163,664
 
  
 
170,890
 
Other
  
 
59,416
 
  
 
23,319
 
 
  
 
 
 
  
 
 
 
 
  
 $
  1,072,627
 
  
 $
  944,848
 
 
  
 
 
 
  
 
 
 
Notional Pooling Arrangements
Blackstone has notional cash pooling arrangements with financial institutions for cash management purposes. These arrangements allow for cash withdrawals based upon aggregate cash balances on deposit at the same financial institution. Cash withdrawals cannot exceed aggregate cash balances on deposit. The net balance of cash on deposit and overdrafts is used as a basis for calculating net interest expense or income. As of March 31, 2024, the aggregate cash balance on deposit relating to the cash pooling arrangements was $995.3 million, which was offset and reported net of the accompanying overdraft of $959.3 million.
v3.24.1.u1
Borrowings
3 Months Ended
Mar. 31, 2024
Borrowings
11. Borrowings
The following table presents each of Blackstone’s borrowings as of March 31, 2024 and December 31, 2023, as well as their carrying value and fair value. The borrowings are included in Loans Payable within the Condensed Consolidated Statements of Financial Condition. Each of the Senior Notes were issued at a discount through Blackstone’s indirect subsidiary, Blackstone Holdings Finance Co. L.L.C. The Senior Notes accrue interest from the issue date thereof and pay interest in arrears on a semi-annual basis or annual basis. The Secured Borrowings were issued at par, accrue interest from the issue date thereof and pay interest in arrears on a quarterly basis. CLO Notes Payable pay interest in arrears on a quarterly basis.
 
40
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
March 31,2024
 
  
December 31, 2023
 
 
  
Carrying
 
  
Fair
 
  
Carrying
 
  
Fair
 
Description
  
Value
 
  
Value
 
  
Value
 
  
Value
 
Blackstone Operating Borrowings
  
     
  
     
  
     
  
     
Senior Notes (a)
  
     
  
     
  
     
  
     
2.000%, Due 5/19/2025
  
 $
328,618
 
  
 $
317,401
 
  
 $
336,005
 
  
 $
324,778
 
1.000%, Due 10/5/2026
  
 
649,429
 
  
 
607,196
 
  
 
664,085
 
  
 
620,864
 
3.150%, Due 10/2/2027
  
 
298,572
 
  
 
281,337
 
  
 
298,476
 
  
 
283,059
 
5.900%, Due 11/3/2027
  
 
595,678
 
  
 
616,194
 
  
 
595,411
 
  
 
625,158
 
1.625%, Due 8/5/2028
  
 
645,646
 
  
 
566,209
 
  
 
645,406
 
  
 
566,508
 
1.500%, Due 4/10/2029
  
 
651,823
 
  
 
590,558
 
  
 
666,655
 
  
 
601,272
 
2.500%, Due 1/10/2030
  
 
493,819
 
  
 
434,280
 
  
 
493,573
 
  
 
431,005
 
1.600%, Due 3/30/2031
  
 
496,562
 
  
 
390,120
 
  
 
496,447
 
  
 
391,955
 
2.000%, Due 1/30/2032
  
 
789,587
 
  
 
628,088
 
  
 
789,283
 
  
 
633,153
 
2.550%, Due 3/30/2032
  
 
495,788
 
  
 
413,915
 
  
 
495,670
 
  
 
410,755
 
6.200%, Due 4/22/2033
  
 
892,061
 
  
 
948,303
 
  
 
891,899
 
  
 
962,037
 
3.500%, Due 6/1/2034
  
 
509,849
 
  
 
541,291
 
  
 
521,549
 
  
 
536,319
 
6.250%, Due 8/15/2042
  
 
239,530
 
  
 
260,620
 
  
 
239,457
 
  
 
263,270
 
5.000%, Due 6/15/2044
  
 
490,045
 
  
 
458,045
 
  
 
489,975
 
  
 
464,560
 
4.450%, Due 7/15/2045
  
 
344,728
 
  
 
295,243
 
  
 
344,691
 
  
 
297,486
 
4.000%, Due 10/2/2047
  
 
291,204
 
  
 
229,914
 
  
 
291,149
 
  
 
233,685
 
3.500%, Due 9/10/2049
  
 
392,481
 
  
 
288,116
 
  
 
392,436
 
  
 
294,608
 
2.800%, Due 9/30/2050
  
 
394,140
 
  
 
247,376
 
  
 
394,103
 
  
 
252,008
 
2.850%, Due 8/5/2051
  
 
543,357
 
  
 
344,674
 
  
 
543,317
 
  
 
352,457
 
3.200%, Due 1/30/2052
  
 
987,470
 
  
 
686,310
 
  
 
987,401
 
  
 
696,740
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
  
 
10,530,387
 
  
 
9,145,190
 
  
 
10,576,988
 
  
 
9,241,677
 
Other (b)
  
     
  
     
  
     
  
     
Secured Borrowing, Due 10/27/2033
  
 
19,949
 
  
 
19,949
 
  
 
19,949
 
  
 
19,949
 
Secured Borrowing, Due 1/29/2035
  
 
20,000
 
  
 
20,000
 
  
 
20,000
 
  
 
20,000
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
  
 
10,570,336
 
  
 
9,185,139
 
  
 
10,616,937
 
  
 
9,281,626
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Borrowings of Consolidated Blackstone Funds
  
     
  
     
  
     
  
     
CLO Notes Payable (c)
  
 
169,835
 
  
 
169,835
 
  
 
687,122
 
  
 
687,122
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
  
 
169,835
 
  
 
169,835
 
  
 
687,122
 
  
 
687,122
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
  
 $
10,740,171
 
  
 $
9,354,974
 
  
 $
11,304,059
 
  
 $
9,968,748
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(a)
Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.
(b)
The Secured Borrowing, Due 10/27/2033 has an interest rate of 7.64% and the Secured Borrowing, Due 1/29/2035 has an interest rate of 7.64%. 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 March 31, 2024, the fair value of the assets securing both Secured Borrowings equaled $48.5 million.
(c)
CLO Notes Payable have maturity dates ranging from June 2025 to January 2037 and have an effective interest rate of 8.25% as of March 31, 2024. 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.
 
Scheduled principal payments for borrowings as of March 31, 2024 were as follows:
 
    
Blackstone
  
 Borrowings of 
    
    
Operating

 Borrowings 
  
Consolidated

Blackstone Funds
  
Total

 Borrowings 
2024
  
 $
 
  
$
 
  
$
 
2025
  
 
331,924
 
  
 
 
  
 
331,924
 
2026
  
 
653,447
 
  
 
 
  
 
653,447
 
2027
  
 
911,589
 
  
 
 
  
 
911,589
 
2028
  
 
664,090
 
  
 
 
  
 
664,090
 
Thereafter
  
 
8,136,900
 
  
 
180,131
 
  
 
8,317,031
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 $
10,697,950
 
  
 $
180,131
 
  
 $
10,878,081
 
  
 
 
 
  
 
 
 
  
 
 
 
v3.24.1.u1
Income Taxes
3 Months Ended
Mar. 31, 2024
Income Taxes
12. Income Taxes
Blackstone’s net deferred tax assets relate primarily to basis differences resulting from a
step-up
in tax basis of certain assets at the time of its conversion to a corporation, as well as ongoing exchanges of units for common shares by founders and partners. As of March 31, 2024, Blackstone had no material valuation allowance recorded against deferred tax assets.
Blackstone is subject to examination by the U.S. Internal Revenue Service and other taxing authorities where Blackstone has significant business operations such as the United Kingdom, and various state and local jurisdictions such as New York State and New York City. The tax years under examination vary by jurisdiction. Blackstone does not expect the completion of these audits to have a material impact on its financial condition, but it may be material to operating results for a particular period, depending on the operating results for that period. Blackstone believes the liability established for unrecognized tax benefits is adequate in relation to the potential for additional assessments. It is reasonably possible that changes in the balance of unrecognized tax benefits may occur within the next 12 months; however, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits and the impact on Blackstone’s effective tax rate over the next 12 months.
As of March 31, 2024, the following are the major filing jurisdictions and their respective earliest open tax period subject to examination:
 
Jurisdiction
  
Year
 
Federal
  
 
2020
 
New York City
  
 
2009
 
New York State
  
 
2016
 
United Kingdom
  
 
2011
 
v3.24.1.u1
Earnings Per Share and Stockholders' Equity
3 Months Ended
Mar. 31, 2024
Earnings Per Share and Stockholders' Equity
13. Earnings Per Share and Stockholders’ Equity
Earnings Per Share
Basic and diluted net income per share of common stock for the three months ended March 31, 2024 and March 31, 2023 was calculated as follows:
 
                        
                        
 
  
Three Months Ended
 
  
March 31,
 
  
2024
  
2023
                                                 
Net Income for Per Share of Common Stock Calculations
     
Net Income Attributable to Blackstone Inc., Basic and Diluted
  
 $
847,386
 
  
 $
85,812
 
  
 
 
 
  
 
 
 
Share/Units Outstanding
     
Weighted-Average Shares of Common Stock Outstanding, Basic
  
 
759,798,537
 
  
 
746,064,922
 
Weighted-Average Shares of Unvested Deferred Restricted Common Stock
  
 
459,107
 
  
 
579,007
 
  
 
 
 
  
 
 
 
Weighted-Average Shares of Common Stock Outstanding, Diluted
  
 
 760,257,644
 
  
 
 746,643,929
 
  
 
 
 
  
 
 
 
Net Income Per Share of Common Stock
     
Basic
  
 $
1.12
 
  
 $
0.12
 
  
 
 
 
  
 
 
 
Diluted
  
 $
1.11
 
  
 $
0.11
 
  
 
 
 
  
 
 
 
Dividends Declared Per Share of Common Stock (a)
  
 $
0.94
 
  
 $
0.91
 
  
 
 
 
  
 
 
 
 
(a)
Dividends declared reflects the calendar date of the declaration for each distribution.
In computing the dilutive effect that the exchange of Blackstone Holdings Partnership Units would have on Net Income Per Share of Common Stock, Blackstone considered that net income available to holders of shares of common stock would increase due to the elimination of
non-controlling
interests in Blackstone Holdings, inclusive of any tax impact. The hypothetical conversion may be dilutive to the extent there is activity at the 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 three months ended March 31, 2024 and 2023:
 
                                                 
    
Three Months Ended

March 31,
    
2024
  
2023
Weighted-Average Blackstone Holdings Partnership Units
  
 
 457,917,611
 
  
 
 462,949,870
 
Share Repurchase Program
On December 7, 2021, Blackstone’s board of directors authorized the repurchase of up to $2.0 billion of common stock and Blackstone Holdings Partnership Units. Under the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual numbers repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or discontinued at any time and does not have a specified expiration date.
 
 
During the three months ended March 31, 2024, Blackstone repurchased 0.7 million shares of common stock at a total cost of $88.4 million. During the three months ended March 31, 2023, Blackstone repurchased 1.0 million shares of common stock at a total cost of $90.1 million. As of March 31, 2024, the amount remaining available for repurchases under the program was $668.4 million.
Shares Eligible for Dividends and Distributions
As of March 31, 2024, 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
  
 
722,263,433
 
Unvested Participating Common Stock
  
 
36,912,993
 
  
 
 
 
Total Participating Common Stock
  
 
759,176,426
 
Participating Blackstone Holdings Partnership Units
  
 
457,490,143
 
  
 
 
 
  
 
 1,216,666,569
 
  
 
 
 
v3.24.1.u1
Equity-Based Compensation
3 Months Ended
Mar. 31, 2024
Equity-Based Compensation
14. 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, 2024, Blackstone had the ability to grant 173,443,452 shares under the Equity Plan.
For the three months ended March 31, 2024 and March 31, 2023, Blackstone recorded compensation expense of $320.7 million and $277.4 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $65.3 million and $39.3 million, respectively.
As of March 31, 2024, there was $2.8 billion of estimated unrecognized compensation expense related to unvested awards, including compensation with performance conditions where it is probable that the performance condition will be met. This cost is expected to be recognized over a weighted-average period of 3.7 years.
Total vested and unvested outstanding shares, including common stock, Blackstone Holdings Partnership Units and deferred restricted shares of common stock, were 1,216,634,747 as of March 31, 2024. Total outstanding phantom shares were 77,083 as of March 31, 2024.
 
 
A summary of the status of Blackstone’s unvested equity-based awards as of March 31, 2024 and of changes during the period January 1, 2024 through March 31, 2024 is presented below:
 
     
                        
     
                        
     
                        
     
                        
     
                        
     
                        
 
 
  
Blackstone Holdings
  
Blackstone Inc.
 
  
 
 
 
  
Equity Settled Awards
  
Cash Settled Awards
 
  
 
 
Weighted-
  
 
 
Weighted-
  
 
 
Weighted-
 
  
 
 
Average
  
Deferred
 
Average
  
 
 
Average
 
  
Partnership
 
Grant Date
  
Restricted Shares
 
Grant Date
  
Phantom
 
Grant Date
Unvested Shares/Units
  
Units
 
Fair Value
  
of Common Stock
 
Fair Value
  
Shares
 
Fair Value
Balance, December 31, 2023
  
 
4,585,893
 
 
$
38.94
 
  
 
36,456,644
 
 
$
86.05
 
  
 
85,447
 
 
$
114.50
 
Granted
  
 
 
 
 
 
  
 
1,708,994
 
 
 
130.25
 
  
 
7,362
 
 
 
128.09
 
Vested
  
 
(268,682
 
 
33.25
 
  
 
(2,839,811
 
 
88.53
 
  
 
(7,100
 
 
128.09
 
Forfeited
  
 
(35,431
 
 
46.58
 
  
 
(597,142
 
 
88.20
 
  
 
(15,130
 
 
128.09
 
 
  
 
 
 
 
     
  
 
 
 
 
     
  
 
 
 
 
     
Balance, March 31, 2024
  
 
4,281,780
 
 
$
39.23
 
  
 
34,728,685
 
 
$
88.04
 
  
 
70,579
 
 
$
128.49
 
 
  
 
 
 
 
     
  
 
 
 
 
     
  
 
 
 
 
     
Shares/Units Expected to Vest
The following unvested shares and units, after expected forfeitures, as of March 31, 2024, are expected to vest:
 
           
Weighted-
           
Average
           
Service Period
    
Shares/Units
    
in Years
Blackstone Holdings Partnership Units
  
 
4,430,851
 
  
0.5
Deferred Restricted Shares of Common Stock
  
 
31,480,104
 
  
2.7
  
 
 
    
 
Total Equity-Based Awards
  
 
  35,910,955
 
  
2.5
  
 
 
    
 
Phantom Shares
  
 
60,171
 
  
2.8
  
 
 
    
 
v3.24.1.u1
Related Party Transactions
3 Months Ended
Mar. 31, 2024
Related Party Transactions
15. Related Party Transactions
Affiliate Receivables and Payables
Due from Affiliates and Due to Affiliates consisted of the following:
 
                                                 
    
March 31,
  
December 31,
    
2024
  
2023
Due from Affiliates
     
Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from
Non-Consolidated
Entities and Portfolio Companies
  
 $
3,824,853
 
  
 $
3,638,948
 
Due from Certain
Non-Controlling
Interest Holders and Blackstone Employees
  
 
794,877
 
  
 
720,743
 
Accrual for Potential Clawback of Previously Distributed Performance Allocations
  
 
75,494
 
  
 
106,830
 
  
 
 
 
  
 
 
 
  
 $
4,695,224
 
  
 $
4,466,521
 
  
 
 
 
  
 
 
 
 
                        
                        
 
  
March 31,
  
December 31,
 
  
2024
  
2023
Due to Affiliates
  
 
  
 
Due to Certain
Non-Controlling
Interest Holders in Connection with the Tax Receivable Agreements
  
 $
1,622,694
 
  
 $
1,681,516
 
Due to
Non-Consolidated
Entities
  
 
104,066
 
  
 
124,560
 
Due to Certain
Non-Controlling
Interest Holders and Blackstone Employees
  
 
177,654
 
  
 
305,816
 
Accrual for Potential Repayment of Previously Received Performance Allocations
  
 
231,064
 
  
 
281,518
 
  
 
 
 
  
 
 
 
  
 $
2,135,478
 
  
 $
2,393,410
 
  
 
 
 
  
 
 
 
Interests of the Founder, Senior Managing Directors, Employees and Other Related Parties
The Founder, senior managing directors, employees and certain other related parties invest on a discretionary basis in the consolidated Blackstone Funds both directly and through consolidated entities. These investments generally are subject to preferential management fee and performance allocation or incentive fee arrangements. As of March 31, 2024 and December 31, 2023, such investments aggregated $1.7 billion and $1.7 billion, respectively. Their share of the Net Income Attributable to Redeemable
Non-Controlling
and
Non-Controlling
Interests in Consolidated Entities aggregated to $31.9 million and $22.2 million for the three months ended March 31, 2024 and 2023, 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 March 31, 2024. See Note 16. “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 $1.6 billion over the next 15 years. The
after-tax
net present value of these estimated payments totals $488.8 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.
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 16. “Commitments and Contingencies — Contingencies — Guarantees” for information regarding guarantees provided to a lending institution for certain loans held by employees.
v3.24.1.u1
Commitments and Contingencies
3 Months Ended
Mar. 31, 2024
Commitments and Contingencies
16. Commitments and Contingencies
Commitments
Investment Commitments
Blackstone had $4.7 billion of investment commitments as of March 31, 2024 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 $324.2 million as of March 31, 2024, which includes $206.5 million of signed investment commitments for portfolio company acquisitions in the process of closing.
Contingencies
Guarantees
Certain of Blackstone’s consolidated real estate funds guarantee payments to third parties in connection with the ongoing business activities and/or acquisitions of their Portfolio Companies. There is no direct recourse to Blackstone to fulfill such obligations. To the extent that underlying funds are required to fulfill guarantee obligations, Blackstone’s invested capital in such funds is at risk. Total investments at risk in respect of guarantees extended by consolidated real estate funds was $32.0 million as of March 31, 2024.
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 Blackstone Europe LLP, formerly named The Blackstone Group International Partners LLP. The amount guaranteed as of March 31, 2024 was $76.0 million.
 
Strategic Ventures
In December 2022 and January 2023, Blackstone entered into
long-term
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 March 31, 2024, the fair value of the assets pledged was $
1.1
 billion and the total liability recognized was $
646.0
 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 any unaccrued 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 April 2023, the Kentucky Court of Appeals held 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. The AG’s motion for discretionary review of the Court of Appeals’ decision by the Kentucky Supreme Court was denied and, in February 2024, the Kentucky Circuit Court officially dismissed the Mayberry Action.
 
 
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. In November 2023, the AG amended its complaint again to add BLP—which had not previously been named in the July 2020 Action—as an additional defendant, and BLP subsequently filed a motion to dismiss in December 2023.
On March 31, 2024, while the motions to dismiss were pending, the AG moved to amend its complaint for the third time, seeking for the first time in this litigation to assert a breach of contract claim against the Blackstone Defendants. On April 8, 2024, the Court granted the AG’s motion to amend. Defendants filed a motion to strike the third amended complaint on April 23, 2024. On May 1, 2024, the Court denied the Blackstone Defendants’ motion to dismiss, as well as most other defendants’ motions to dismiss, and defendants’ motion to strike the third amended complaint.
Also on April 8, 2024, the AG filed a new action against the same defendants for the stated purpose of satisfying a limitations statute (the “April 2024 Action”) asserting substantively the same breach of contract claim as the third amended complaint in the July 2020 Action. On May 1, 2024, the Court consolidated the July 2020 Action and the April 2024 Action upon the AG’s motion.
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 suit.
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. In July 2022, most defendants (including the Blackstone Defendants) moved to dismiss. On May 1, 2024, the Court denied the Blackstone Defendants’ motion to dismiss, as well as most other defendants’ motions to dismiss.
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 in December 2023. On March 6, 2024, BLP filed a motion for discretionary review by the Kentucky Supreme Court, which is pending.
Blackstone continues to believe that the preceding lawsuits against Blackstone are totally without merit and intends to defend them vigorously.
 
 
In July 2021, BLP filed a breach of contract action against defendants affiliated with KRS alleging that the Mayberry Action and the Declaratory Judgment Action breach the parties’ subscription agreements governing KRS’s investment with BLP. The action seeks damages, including legal fees and expenses incurred in defending against the above actions. In April 2022, the Circuit Court dismissed BLP’s complaint without prejudice to refiling, on the grounds that the action was not yet ripe for adjudication. 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 in February 2024. Briefing is expected to conclude in June 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 continuing to cooperate with the SEC and have begun discussions with the SEC staff about a potential resolution of this inquiry. Our financial results for the three months ended March 31, 2024 include an accrual for the estimated liability related to this matter.
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:
 
                     
                     
                     
                     
                     
                     
 
  
March 31, 2024
  
December 31, 2023
 
  
 
  
Current and
  
 
  
 
  
Current and
  
 
 
  
Blackstone
  
Former
  
 
  
Blackstone
  
Former
  
 
Segment
  
Holdings
  
Personnel (a)
  
Total (b)
  
Holdings
  
Personnel (a)
  
Total (b)
                                                                                                                                   
Real Estate
  
 $
128,972
 
  
 $
62,812
 
  
 $
191,784
 
  
 $
145,435
 
  
 $
90,337
 
  
 $
235,772
 
Private Equity
  
 
26,387
 
  
 
12,415
 
  
 
38,802
 
  
 
29,046
 
  
 
16,231
 
  
 
45,277
 
Credit & Insurance
  
 
211
 
  
 
267
 
  
 
478
 
  
 
207
 
  
 
262
 
  
 
469
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 $
155,570
 
  
 $
75,494
 
  
 $
231,064
 
  
 $
174,688
 
  
 $
106,830
 
  
 $
281,518
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(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 15. “Related Party Transactions —Affiliate Receivables and Payables — Due to Affiliates.”
For Private Equity, Real Estate, and certain Credit & Insurance Funds, a portion of the Performance Allocations paid to current and former Blackstone personnel is held in segregated accounts in the event of a cash clawback obligation. These segregated accounts are not included in the Condensed
Consolidated Financial Statements of
 
Blackstone
, except to the extent a portion of the assets held in the segregated accounts may be allocated to a consolidated Blackstone fund of hedge funds. At March 31, 2024, $1.0 billion was held in segregated accounts for the purpose of meeting any clawback obligations of current and former personnel if such payments are
required.
In 
the Credit & Insurance segment, payment of Performance Allocations to Blackstone by the majority of the stressed/distressed, mezzanine and credit alpha strategies funds are substantially deferred under the terms of the partnership agreements. This deferral mitigates the need to hold funds in segregated accounts in the event of a cash clawback obligation.
If, at March 31, 2024, 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 $6.5 billion, on an
after-tax
basis where applicable, of which Blackstone Holdings is potentially liable for $6.1 billion if current and former Blackstone personnel default on their share of the liability, a possibility that management also views as remote.
v3.24.1.u1
Segment Reporting
3 Months Ended
Mar. 31, 2024
Segment Reporting
17.  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 an insurer-focused platform and a publicly traded energy infrastructure, renewables and master limited partnership investment platform.
 
 
Multi-Asset Investing – Effective the first quarter of 2024, our Hedge Fund Solutions segment was renamed to “Multi-Asset Investing.” Multi-Asset Investing is organized into two primary platforms: Absolute Return and Multi-Strategy. In addition, the segment also includes a GP Stakes business.
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.
For segment reporting purposes, Segment Distributable Earnings is presented along with its major components, Fee Related Earnings and Net Realizations. Fee Related Earnings is used to assess Blackstone’s ability to generate profits from revenues that are measured and received on a recurring basis and not subject to future realization events. Net Realizations is the sum of Realized Principal Investment Income and Realized Performance Revenues less Realized Performance Compensation. Performance Allocations and Incentive Fees are presented together and referred to collectively as Performance Revenues or Performance Compensation.
Segment Presentation
The following tables present the financial data for Blackstone’s four segments as of March 31, 2024 and for the three months ended March 31, 2024 and 2023.
 
                                                                                              
    
March 31, 2024 and the Three Months Then Ended
    
Real
 
Private
 
Credit &
 
Multi-Asset
 
Total
    
Estate
 
Equity
 
Insurance
 
Investing
 
Segments
Management and Advisory Fees, Net
          
Base Management Fees
  
  $
694,179
 
 
  $
450,283
 
 
  $
370,998
 
 
  $
129,270
 
 
  $
1,644,730
 
Transaction, Advisory and Other Fees, Net
  
 
29,190
 
 
 
26,149
 
 
 
9,790
 
 
 
1,809
 
 
 
66,938
 
Management Fee Offsets
  
 
(2,930
 
 
(267
 
 
(892
 
 
(8
 
 
(4,097
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Management and Advisory Fees, Net
  
 
720,439
 
 
 
476,165
 
 
 
379,896
 
 
 
131,071
 
 
 
1,707,571
 
Fee Related Performance Revenues
  
 
129,958
 
 
 
 
 
 
165,543
 
 
 
 
 
 
295,501
 
Fee Related Compensation
  
 
(174,569
 
 
(157,392
 
 
(181,337
 
 
(40,779
 
 
(554,077
Other Operating Expenses
  
 
(89,762
 
 
(86,879
 
 
(85,530
 
 
(26,807
 
 
(288,978
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee Related Earnings
  
 
586,066
 
 
 
231,894
 
 
 
278,572
 
 
 
63,485
 
 
 
1,160,017
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized Performance Revenues
  
 
49,967
 
 
 
446,455
 
 
 
15,120
 
 
 
24,851
 
 
 
536,393
 
Realized Performance Compensation
  
 
(21,863
 
 
(218,938
 
 
(5,445
 
 
(6,778
 
 
(253,024
Realized Principal Investment Income (Loss)
  
 
2,193
 
 
 
22,208
 
 
 
3,597
 
 
 
(18,060
 
 
9,938
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Net Realizations
  
 
30,297
 
 
 
249,725
 
 
 
13,272
 
 
 
13
 
 
 
293,307
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Segment Distributable Earnings
  
  $
616,363
 
 
  $
481,619
 
 
  $
291,844
 
 
  $
63,498
 
 
  $
1,453,324
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Segment Assets
  
  $
12,846,955
 
 
  $
13,761,878
 
 
  $
7,607,377
 
 
  $
2,615,141
 
 
  $
36,831,351
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                                                              
    
Three Months Ended March 31, 2023
    
Real
 
Private
 
Credit &
 
Multi-Asset
 
Total
    
Estate
 
Equity
 
Insurance
 
Investing
 
Segments
Management and Advisory Fees, Net
          
Base Management Fees
  
  $
705,387
 
 
  $
451,610
 
 
  $
326,779
 
 
  $
135,771
 
 
  $
1,619,547
 
Transaction, Advisory and Other Fees, Net
  
 
20,561
 
 
 
14,784
 
 
 
8,451
 
 
 
1,914
 
 
 
45,710
 
Management Fee Offsets
  
 
(10,457
 
 
(1,310
 
 
(1,101
 
 
(2
 
 
(12,870
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Management and Advisory Fees, Net
  
 
715,491
 
 
 
465,084
 
 
 
334,129
 
 
 
137,683
 
 
 
1,652,387
 
Fee Related Performance Revenues
  
 
20,748
 
 
 
 
 
 
127,496
 
 
 
 
 
 
148,244
 
Fee Related Compensation
  
 
(137,610
 
 
(161,626
 
 
(163,999
 
 
(45,736
 
 
(508,971
Other Operating Expenses
  
 
(74,181
 
 
(76,763
 
 
(74,238
 
 
(26,466
 
 
(251,648
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee Related Earnings
  
 
524,448
 
 
 
226,695
 
 
 
223,388
 
 
 
65,481
 
 
 
1,040,012
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized Performance Revenues
  
 
11,096
 
 
 
499,322
 
 
 
125,181
 
 
 
5,927
 
 
 
641,526
 
Realized Performance Compensation
  
 
(3,165
 
 
(232,934
 
 
(56,772
 
 
(3,153
 
 
(296,024
Realized Principal Investment Income
  
 
2,224
 
 
 
32,889
 
 
 
6,009
 
 
 
2,569
 
 
 
43,691
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Net Realizations
  
 
10,155
 
 
 
299,277
 
 
 
74,418
 
 
 
5,343
 
 
 
389,193
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Segment Distributable Earnings
  
 
$
534,603
 
 
  $
525,972
 
 
  $
297,806
 
 
  $
70,824
 
 
  $
1,429,205
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reconciliations of Total Segment Amounts
The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the three months ended March 31, 2024 and 2023 along with Total Assets as of March 31, 2024:
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
 
2023
Revenues
    
Total GAAP Revenues
  
  $
3,687,828
 
 
  $
1,381,845
 
Less: Unrealized Performance Revenues (a)
  
 
(445,936
 
 
759,316
 
Less: Unrealized Principal Investment (Income) Loss (b)
  
 
(442,976
 
 
479,120
 
Less: Interest and Dividend Revenue (c)
  
 
(97,839
 
 
(95,101
Less: Other Revenue (d)
  
 
(44,747
 
 
14,180
 
Impact of Consolidation (e)
  
 
(106,874
 
 
(58,987
Transaction-Related and
Non-Recurring
Items (f)
  
 
(449
 
 
4,788
 
Intersegment Eliminations
  
 
396
 
 
 
687
 
  
 
 
 
 
 
 
 
Total Segment Revenue (g)
  
  $
2,549,403
 
 
  $
2,485,848
 
  
 
 
 
 
 
 
 
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
 
2023
Expenses
    
Total GAAP Expenses
  
  $
1,790,407
 
 
  $
1,189,345
 
Less: Unrealized Performance Allocations Compensation (h)
  
 
(180,900
 
 
313,249
 
Less: Equity-Based Compensation (i)
  
 
(317,779
 
 
(268,134
Less: Interest Expense (j)
  
 
(107,640
 
 
(104,209
Impact of Consolidation (e)
  
 
(25,949
 
 
(56,674
Amortization of Intangibles (k)
  
 
(7,333
 
 
(11,341
Transaction-Related and
Non-Recurring
Items (f)
  
 
(52,646
 
 
(3,833
Administrative Fee Adjustment (l)
  
 
(2,477
 
 
(2,447
Intersegment Eliminations
  
 
396
 
 
 
687
 
  
 
 
 
 
 
 
 
Total Segment Expenses (m)
  
  $
1,096,079
 
 
  $
1,056,643
 
  
 
 
 
 
 
 
 
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
 
2023
Other Income
    
Total GAAP Other Income
  
  $
(17,767
 
  $
65,856
 
Impact of Consolidation (e)
  
 
17,767
 
 
 
(65,856
  
 
 
 
 
 
 
 
Total Segment Other Income
  
 
$
 
 
  $
 
  
 
 
 
 
 
 
 
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
 
2023
Income Before Provision for Taxes
    
Total GAAP Income Before Provision for Taxes
  
  $
1,879,654
 
 
  $
258,356
 
Less: Unrealized Performance Revenues (a)
  
 
(445,936
 
 
759,316
 
Less: Unrealized Principal Investment (Income) Loss (b)
  
 
(442,976
 
 
479,120
 
Less: Interest and Dividend Revenue (c)
  
 
(97,839
 
 
(95,101
Less: Other Revenue (d)
  
 
(44,747
 
 
14,180
 
Plus: Unrealized Performance Allocations Compensation (h)
  
 
180,900
 
 
 
(313,249
Plus: Equity-Based Compensation (i)
  
 
317,779
 
 
 
268,134
 
Plus: Interest Expense (j)
  
 
107,640
 
 
 
104,209
 
Impact of Consolidation (e)
  
 
(63,158
 
 
(68,169
Amortization of Intangibles (k)
  
 
7,333
 
 
 
11,341
 
Transaction-Related and
Non-Recurring
Items (f)
  
 
52,197
 
 
 
8,621
 
Administrative Fee Adjustment (l)
  
 
2,477
 
 
 
2,447
 
  
 
 
 
 
 
 
 
Total Segment Distributable Earnings
  
  $
1,453,324
 
 
  $
1,429,205
 
  
 
 
 
 
 
 
 
 
 
                        
    
As of
    
 March 31, 
    
2024
Total Assets
  
Total GAAP Assets
  
  $
39,706,302
 
Impact of Consolidation (e)
  
 
(2,874,951
  
 
 
 
Total Segment Assets
  
  $
36,831,351
 
  
 
 
 
 
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 (Loss) on a segment basis.
(c)
This adjustment removes Interest and Dividend Revenue on a segment basis.
(d)
This adjustment removes Other Revenue on a segment basis. For the three months ended March 31, 2024 and 2023, Other Revenue on a GAAP basis was $44.8 million and $(14.2
) million, and included $44.5 million and $(14.7) 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. For the three months ended March 31, 2024, this adjustment includes removal of an accrual for an estimated liability for a legal matter.
(g)
Total Segment Revenues is comprised of the following:
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
  
2023
Total Segment Management and Advisory Fees, Net
  
  $
1,707,571
 
  
  $
1,652,387
 
Total Segment Fee Related Performance Revenues
  
 
295,501
 
  
 
148,244
 
Total Segment Realized Performance Revenues
  
 
536,393
 
  
 
641,526
 
Total Segment Realized Principal Investment Income
  
 
9,938
 
  
 
43,691
 
  
 
 
 
  
 
 
 
Total Segment Revenues
  
  $
2,549,403
 
  
  $
2,485,848
 
  
 
 
 
  
 
 
 
 
(h)
This adjustment removes Unrealized Performance Allocations Compensation.
(i)
This adjustment removes Equity-Based Compensation on a segment basis.
(j)
This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement.
(k)
This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation.
 
(l)
This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.
(m)
Total Segment Expenses is comprised of the following:
 
                        
                        
 
  
Three Months Ended
 
  
March 31,
 
  
2024
  
2023
                                                 
Total Segment Fee Related Compensation
  
  $
554,077
 
 
  $
508,971
 
Total Segment Realized Performance Compensation
  
 
253,024
 
 
 
296,024
 
Total Segment Other Operating Expenses
  
 
288,978
 
 
 
251,648
 
  
 
 
 
 
 
 
 
Total Segment Expenses
  
  $
1,096,079
 
 
  $
1,056,643
 
  
 
 
 
 
 
 
 
Reconciliations of Total Segment Components
The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported on the Condensed Consolidated Statement of Operations for the three months ended March 31, 2024 and 2023:
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
 
2023
Management and Advisory Fees, Net
    
GAAP
  
  $
1,727,148
 
 
  $
1,658,315
 
Segment Adjustment (a)
  
 
(19,577
 
 
(5,928
  
 
 
 
 
 
 
 
Total Segment
  
  $
1,707,571
 
 
  $
1,652,387
 
  
 
 
 
 
 
 
 
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
 
2023
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues
    
GAAP
    
Incentive Fees
  
  $
179,341
 
 
  $
142,876
 
Investment Income - Realized Performance Allocations
  
 
652,517
 
 
 
646,894
 
  
 
 
 
 
 
 
 
GAAP
  
 
831,858
 
 
 
789,770
 
Total Segment
    
Less: Realized Performance Revenues
  
 
(536,393
 
 
(641,526
Segment Adjustment (b)
  
 
36
 
 
 
 
  
 
 
 
 
 
 
 
Total Segment
  
  $
295,501
 
 
  $
148,244
 
  
 
 
 
 
 
 
 
 
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
 
2023
GAAP Compensation to Total Segment Fee Related Compensation
    
GAAP
    
Compensation
  
  $
794,803
 
 
  $
716,285
 
Incentive Fee Compensation
  
 
73,707
 
 
 
63,281
 
Realized Performance Allocations Compensation
  
 
258,894
 
 
 
296,794
 
  
 
 
 
 
 
 
 
GAAP
  
 
1,127,404
 
 
 
1,076,360
 
Total Segment
    
Less: Realized Performance Compensation
  
 
(253,024
 
 
(296,024
Less: Equity-Based Compensation - Fee Related Compensation
  
 
(313,400
 
 
(265,154
Less: Equity-Based Compensation - Performance Compensation
  
 
(4,379
 
 
(2,980
Segment Adjustment (c)
  
 
(2,524
 
 
(3,231
  
 
 
 
 
 
 
 
Total Segment
  
  $
554,077
 
 
  $
508,971
 
  
 
 
 
 
 
 
 
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
 
2023
GAAP General, Administrative and Other to Total Segment Other Operating Expenses
    
GAAP
  
  $
369,950
 
 
  $
273,394
 
Segment Adjustment (d)
  
 
(80,972
 
 
(21,746
  
 
 
 
 
 
 
 
Total Segment
  
  $
288,978
 
 
  $
251,648
 
  
 
 
 
 
 
 
 
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
 
2023
Realized Performance Revenues
    
GAAP
    
Incentive Fees
  
  $
179,341
 
 
  $
142,876
 
Investment Income - Realized Performance Allocations
  
 
652,517
 
 
 
646,894
 
  
 
 
 
 
 
 
 
GAAP
  
 
831,858
 
 
 
789,770
 
Total Segment
    
Less: Fee Related Performance Revenues
  
 
(295,501
 
 
(148,244
Segment Adjustment (b)
  
 
36
 
 
 
 
  
 
 
 
 
 
 
 
Total Segment
  
  $
536,393
 
 
  $
641,526
 
  
 
 
 
 
 
 
 
 
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
 
2023
Realized Performance Compensation
    
GAAP
    
Incentive Fee Compensation
  
 $
73,707
 
 
 $
63,281
 
Realized Performance Allocations Compensation
  
 
258,894
 
 
 
296,794
 
  
 
 
 
 
 
 
 
GAAP
  
 
332,601
 
 
 
360,075
 
Total Segment
    
Less: Fee Related Performance Compensation (e)
  
 
(75,198
 
 
(61,071
Less: Equity-Based Compensation—Performance Compensation
  
 
(4,379
 
 
(2,980
  
 
 
 
 
 
 
 
Total Segment
  
 $
253,024
 
 
 $
296,024
 
  
 
 
 
 
 
 
 
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
 
2023
Realized Principal Investment Income
    
GAAP
  
 $
78,597
 
 
 $
108,058
 
Segment Adjustment (f)
  
 
(68,659
 
 
(64,367
  
 
 
 
 
 
 
 
Total Segment
  
 $
9,938
 
 
 $
43,691
 
  
 
 
 
 
 
 
 
 
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 Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures, (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. For the three months ended March 31, 2024, this adjustment includes removal of an accrual for an estimated liability for a legal matter.
(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.
v3.24.1.u1
Subsequent Events
3 Months Ended
Mar. 31, 2024
Subsequent Events
 
18. Subsequent Events
There have been no events since March 31, 2024 that require recognition or disclosure in the Condensed Consolidated Financial Statements.
v3.24.1.u1
Summary of Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2024
Basis of Presentation
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of Blackstone have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to
Form 10-Q.
The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in Blackstone’s Annual Report on
Form 10-K
for the year ended December 31, 2023 filed with the Securities and Exchange Commission.
The condensed consolidated financial statements include the accounts of Blackstone, its wholly owned or majority-owned subsidiaries, the consolidated entities which are considered to be variable interest entities and for which Blackstone is considered the primary beneficiary, and certain partnerships or similar entities which are not considered variable interest entities but in which the general partner is determined to have control.
All intercompany balances and transactions have been eliminated in consolidation.
Consolidation
Consolidation
Blackstone consolidates all entities that it controls through a majority voting interest or otherwise, including those Blackstone Funds in which the general partner has a controlling financial interest. Blackstone has a controlling financial interest in Blackstone Holdings because the limited partners do not have the right to dissolve the partnerships or have substantive
kick-out
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 Condensed Consolidated Statements of Financial Condition.
Blackstone’s other disclosures regarding VIEs are discussed in Note 9. “Variable Interest Entities.”
Revenue Recognition
Revenue Recognition
Revenues primarily consist of management and advisory fees, incentive fees, investment income, interest and dividend revenue and other.
Management and advisory fees and incentive fees are accounted for as contracts with customers. Under the guidance for contracts with customers, an entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. See Note 17. “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 Condensed 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 Condensed 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 Condensed Consolidated Statements of Financial Condition.
Performance Allocations in carry fund structures are realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the preferred return or, in limited instances, after certain thresholds for return of capital are met. Performance Allocations in carry fund structures are subject to clawback to the extent that the Performance Allocation received to date exceeds the amount due to Blackstone based on cumulative results. As such, the accrual for potential repayment of previously received Performance Allocations, which is a component of Due to Affiliates, represents all amounts previously distributed to Blackstone Holdings and
non-controlling
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 as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Financial instruments which are generally included in this category include corporate bonds and loans, including corporate bonds and loans held within consolidated collateralized loan obligations (“CLO”) vehicles, government and agency securities, less liquid and restricted equity securities, and certain
over-the-counter
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 Condensed Consolidated Statements of Financial Condition at fair value, with unrealized gains and losses resulting from changes in fair value reflected as a component of Net Gains (Losses) from Fund Investment Activities in the Condensed Consolidated Statements of Operations. Fair value is the amount that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants at the measurement date, at current market conditions (i.e., the exit price).
Blackstone’s principal investments are presented at fair value with unrealized appreciation or depreciation and realized gains and losses recognized in the Condensed Consolidated Statements of Operations within Investment Income (Loss).
For certain instruments, Blackstone has elected the fair value option. Such election is irrevocable and is applied on an investment by investment basis at initial recognition or other eligible election dates. Blackstone has applied the fair value option for certain loans and receivables, unfunded loan commitments and certain investments that otherwise would not have been carried at fair value with gains and losses recorded in net income. The methodology for measuring the fair value of such investments is consistent with the methodology applied to private equity, real estate, credit-focused and funds of hedge funds investments. Changes in the fair value of such instruments are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. Interest income on interest bearing loans and receivables and debt securities on which the fair value option has been elected is based on stated coupon rates adjusted for the accretion of purchase discounts and the amortization of purchase premiums. This interest income is recorded within Interest and Dividend Revenue.
Blackstone has elected the fair value option for the assets of consolidated CLO vehicles. As permitted under GAAP, Blackstone measures notes issued by consolidated CLO vehicles as (a) the sum of the fair value of the consolidated CLO assets and the carrying value of any
non-financial
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
Condensed 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 Condensed Consolidated Statements of Operations.
Further disclosure on instruments for which the fair value option has been elected is presented in Note 7. “Fair Value Option.”
Blackstone may elect to measure certain proprietary investments in equity securities without readily determinable fair values under the measurement alternative, which reflects cost less impairment, with adjustments in value resulting from observable price changes arising from orderly transactions of the same or a similar security from the same issuer. If the measurement alternative election is not made, the equity security is measured at fair value. The measurement alternative election is made on an instrument by instrument basis. The election is reassessed each reporting period to determine whether investments under the measurement alternative have readily determinable fair values, in which case they would no longer be eligible for this election.
The investments of consolidated Blackstone Funds in funds of hedge funds (“Investee Funds”) are valued at net asset value (“NAV”) per share of the Investee Fund. In limited circumstances, Blackstone may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, Blackstone will estimate the fair value in good faith and in a manner that it reasonably chooses, in accordance with the requirements of GAAP.
Certain investments of Blackstone and of the consolidated Blackstone funds of hedge funds and credit-focused funds measure their investments in underlying funds at fair value using NAV per share without adjustment. The terms of the investee’s investment generally provide for minimum holding periods or
lock-ups,
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 Condensed Consolidated Statements of Operations.
 
In cases where Blackstone’s equity method investments provide for a disproportionate allocation of the profits and losses (as is the case with funds that include a Performance Allocation), Blackstone’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period, Blackstone calculates the Accrued Performance Allocations that would be due to Blackstone for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner, or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. The carrying amounts of equity method investments are reflected in Investments in the Condensed Consolidated Statements of Financial Condition.
Strategic Partners’ results presented in Blackstone’s condensed consolidated financial statements are reported on a three-month lag from Strategic Partners’ fund financial statements, which report the performance of underlying investments generally on a same quarter basis, if available. Therefore, Strategic Partners’ results presented herein do not reflect the impact of economic and market activity in the current quarter. Current quarter market activity of Strategic Partners’ underlying investments is expected to affect Blackstone’s reported results in upcoming periods.
Compensation and Benefits
Compensation and Benefits
Compensation and Benefits 
Compensation
 — Compensation 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
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 Condensed 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 Condensed 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 Condensed 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.
Income Taxes
Income Taxes
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 condensed consolidated financial statements.
Unrecognized Tax Benefits
Blackstone recognizes tax positions in the condensed consolidated financial statements when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in the return and amounts recognized in the condensed consolidated financial statements. Accrued interest and penalties related to unrecognized tax benefits are reported on the related liability line in the condensed consolidated financial statements.
Net Income (Loss) Per Share of Common Stock
Net Income (Loss) Per Share of Common Stock
Basic Income (Loss) Per Share of Common Stock is calculated by dividing Net Income (Loss) Attributable to Blackstone Inc. by the weighted-average shares of common stock, unvested participating shares of common stock outstanding for the period and vested deferred restricted shares of common stock that have been earned for which issuance of the related shares of common stock is deferred until future periods. Diluted Income (Loss) Per Share of Common Stock reflects the impact of all dilutive securities. Unvested participating shares of common stock are excluded from the computation in periods of loss as they are not contractually obligated to share in losses.
Blackstone applies the treasury stock method to determine the dilutive weighted-average common shares outstanding for certain equity-based compensation awards. Blackstone applies the
“if-converted”
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”), generally comprised 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 Condensed 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 Condensed Consolidated Statements of Financial Condition.
Blackstone does not offset assets and liabilities relating to reverse repurchase agreements and repurchase agreements in its Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to offsetting are discussed in Note 10. “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 Condensed Consolidated Statements of Financial Condition.
Derivative Instruments
Derivative Instruments
Blackstone recognizes all derivatives as assets or liabilities on its Condensed Consolidated Statements of Financial Condition at fair value. On the date Blackstone enters into a derivative contract, it designates and documents each derivative contract as one of the following: (a) a hedge of a recognized asset or liability (“fair value hedge”), (b) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), (c) a hedge of a net investment in a foreign operation, or (d) a derivative instrument not designated as a hedging instrument (“freestanding derivative”).
For freestanding derivative contracts, Blackstone presents changes in fair value in current period earnings. Changes in the fair value of derivative instruments held by consolidated Blackstone Funds are reflected in Net Gains (Losses) from Fund Investment Activities or, where derivative instruments are held by Blackstone, within Investment Income (Loss) in the Condensed Consolidated Statements of Operations. The fair value of freestanding derivative assets of the consolidated Blackstone Funds are recorded within Investments, the fair value of freestanding derivative assets that are not part of the consolidated Blackstone Funds are recorded within Other Assets and the fair value of freestanding derivative liabilities are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition.
Blackstone has elected to not offset derivative assets and liabilities or financial assets in its Condensed Consolidated Statements of Financial Condition, including cash, that may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement is in place that provides Blackstone, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations.
Blackstone’s other disclosures regarding derivative financial instruments are discussed in Note 6. “Derivative Financial Instruments.”
Blackstone’s disclosures regarding offsetting are discussed in Note 10. “Offsetting of Assets and Liabilities.”
Affiliates
Affiliates
Blackstone considers its Founder, senior managing directors, employees, the Blackstone Funds and the Portfolio Companies to be affiliates.
Dividends
Dividends
Dividends are reflected in the condensed consolidated financial statements when declared.
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 new guidance was effective for Blackstone beginning January 1, 2024 and was adopted on a prospective basis. There was no impact on the condensed consolidated financial statements upon adoption.
v3.24.1.u1
Intangible Assets (Tables)
3 Months Ended
Mar. 31, 2024
Intangible Assets, Net
Intangible Assets, Net consists of the following:
 
                                                 
    
March 31,
 
December 31,
    
2024
 
2023
Finite-Lived Intangible Assets/Contractual Rights
  
$
1,769,372
 
 
$
1,769,372
 
Accumulated Amortization
  
 
(1,577,145
 
 
(1,568,164
  
 
 
 
 
 
 
 
Intangible Assets, Net
  
$
192,227
 
 
$
201,208
 
  
 
 
 
 
 
 
 
v3.24.1.u1
Investments (Tables)
3 Months Ended
Mar. 31, 2024
Investments
Investments consist of the following:

 
                        
                        
 
  
March 31,
  
December 31,
 
  
2024
  
2023
Investments of Consolidated Blackstone Funds
  
$
3,458,911
 
  
$
4,319,483
 
Equity Method Investments
     
Partnership Investments
  
 
6,100,640
 
  
 
5,924,275
 
Accrued Performance Allocations
  
 
11,163,116
 
  
 
10,775,355
 
Corporate Treasury Investments
  
 
197,976
 
  
 
803,870
 
Other Investments
  
 
5,001,647
 
  
 
4,323,639
 
  
 
 
 
  
 
 
 
  
$
25,922,290
 
  
$
26,146,622
 
  
 
 
 
  
 
 
 
Reconciliation of Realized and Net Change in Unrealized Gains (Losses) to Other Income (Loss) - Net Gains (Losses) from Fund Investment Activities in Consolidated Statements of Operations
The following table presents the Realized and Net Change in Unrealized Gains (Losses) on investments held by the consolidated Blackstone Funds and a reconciliation to Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities in the Condensed Consolidated Statements of Operations:

 
 
  
Three Months Ended
March 31,
 
 
  
2024
 
  
2023
 
Realized Gains (Losses)
  
$
(58,412
  
$
17,155
 
Net Change in Unrealized Gains (Losses)
  
 
35,125
 
  
 
(17,154
  
 
 
  
 
 
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds
  
 
(23,287
  
 
1
 
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds
  
 
5,520
 
  
 
71,063
 
  
 
 
  
 
 
Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities
  
$
(17,767
  
$
71,064
 
  
 
 
  
 
 
Performance Fees Allocated to Funds
Accrued Performance Allocations to Blackstone were as follows:
 
                                                                                                                            
    
Real
 
Private
 
Credit &
 
Multi-Asset
   
    
Estate
 
Equity
 
Insurance
 
Investing
 
Total
Accrued Performance Allocations, December 31, 2023
  
$
2,990,602
 
 
$
6,707,244
 
 
$
599,779
 
 
$
477,730
 
 
$
10,775,355
 
Performance Allocations as a Result of Changes in Fund Fair Values
  
 
83,357
 
 
 
690,844
 
 
 
120,988
 
 
 
155,775
 
 
 
1,050,964
 
Foreign Exchange Loss
  
 
(5,711
 
 
 
 
 
 
 
 
 
 
 
(5,711
Fund Distributions
  
 
(183,108
 
 
(348,875
 
 
(50,449
 
 
(75,060
 
 
(657,492
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accrued Performance Allocations, March 31, 2024
  
$
2,885,140
 
 
$
7,049,213
 
 
$
670,318
 
 
$
558,445
 
 
$
11,163,116
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized and Net Change in Unrealized Gains (Losses) on Investments The following table presents the Realized and Net Change in Unrealized Gains (Losses) on these investments:
 
 
  
Three Months
Ended March 31,
 
 
  
2024
 
  
2023
 
Realized Gains (Losses)
  
$
(1,621
  
$
2,374
 
Net Change in Unrealized Gains (Losses)
  
 
(1,260
  
 
7,795
 
  
 
 
  
 
 
  
$
(2,881
  
$
10,169
 
  
 
 
  
 
 
Realized and Net Change in Unrealized Gains (Losses) in Other Investments The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in Other Investments:
 
 
  
Three Months Ended
March 31,
 
 
  
2024
 
  
2023
 
Realized Gains
  
$
2,467
 
  
$
1,924
 
Net Change in Unrealized Gains (Losses)
  
 
455,800
 
  
 
(313,153
  
 
 
  
 
 
  
$
458,267
 
  
$
(311,229
  
 
 
  
 
 
v3.24.1.u1
Net Asset Value as Fair Value (Tables)
3 Months Ended
Mar. 31, 2024
Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments
A summary of fair value by strategy type and ability to redeem such investments as of March 31, 2024 is presented below:
 
                                                                          
         
Redemption
   
         
Frequency
 
Redemption
Strategy (a)
  
Fair Value
  
 (if currently eligible) 
 
Notice Period
Equity
  
$
356,173
 
  
 
(b)
 
 
 
(b)
 
Real Estate
  
 
112,839
 
  
 
(c)
 
 
 
(c)
 
Other
  
 
7,081
 
  
 
(d)
 
 
 
(d)
 
  
 
 
 
    
  
$
   476,093
 
    
  
 
 
 
    
 
(a)
As of March 31, 2024, 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 76% 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 24% 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.
v3.24.1.u1
Derivative Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2024
Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments
The table below summarizes the aggregate notional amount and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts.
 
                                                                                                                               
   
March 31, 2024
 
December 31, 2023
   
Assets
 
Liabilities
 
Assets
 
Liabilities
       
Fair
     
Fair
     
Fair
     
Fair
   
Notional
 
Value
 
Notional
 
Value
 
Notional
 
Value
 
Notional
 
Value
Freestanding Derivatives
               
Blackstone
               
Interest Rate Contracts
 
 $
626,740
 
 
 $
157,387
 
 
 $
600,000
 
 
 $
97,066
 
 
 $
634,840
 
 
 $
145,798
 
 
 $
607,000
 
 
 $
86,589
 
Foreign Currency Contracts
 
 
167,391
 
 
 
465
 
 
 
337,017
 
 
 
901
 
 
 
387,102
 
 
 
11,442
 
 
 
334,228
 
 
 
3,538
 
Credit Default Swaps
 
 
 
 
 
 
 
 
640
 
 
 
8
 
 
 
3,108
 
 
 
479
 
 
 
3,748
 
 
 
508
 
Total Return Swaps
 
 
39,956
 
 
 
5,812
 
 
 
 
 
 
 
 
 
63,158
 
 
 
13,171
 
 
 
 
 
 
 
Equity Options
 
 
 
 
 
 
 
 
1,131,872
 
 
 
646,002
 
 
 
 
 
 
 
 
 
1,110,490
 
 
 
563,986
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
834,087
 
 
 
163,664
 
 
 
2,069,529
 
 
 
743,977
 
 
 
1,088,208
 
 
 
170,890
 
 
 
2,055,466
 
 
 
654,621
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments of Consolidated Blackstone Funds
               
Interest Rate Contracts
 
 
839,931
 
 
 
26,800
 
 
 
 
 
 
 
 
 
855,683
 
 
 
19,189
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
839,931
 
 
 
26,800
 
 
 
 
 
 
 
 
 
855,683
 
 
 
19,189
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 $
 1,674,018
 
 
 $
 190,464
 
 
 $
 2,069,529
 
 
 $
 743,977
 
 
 $
 1,943,891
 
 
 $
 190,079
 
 
 $
 2,055,466
 
 
 $
 654,621
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Summary of Impact of Derivative Financial Instruments to Consolidated Statements of Operations
The table below summarizes the impact to the Condensed Consolidated Statements of Operations from derivative financial instruments:
 
 
 
 
 
 
 
 
 
 
 
  
Three Months Ended
March 31,
 
 
  
2024
 
  
2023
 
Freestanding Derivatives
  
     
  
     
Realized Gains (Losses)
  
     
  
     
Interest Rate Contracts
  
$
(614
  
$
336
 
Foreign Currency Contracts
  
 
5,525
 
  
 
5,590
 
Credit Default Swaps
  
 
75
 
  
 
(51
Total Return Swaps
  
 
8,320
 
  
 
4,652
 
 
  
 
 
 
  
 
 
 
 
  
 
13,306
 
  
 
10,527
 
 
  
 
 
 
  
 
 
 
     
Net Change in Unrealized Gains (Losses)
  
     
  
     
Interest Rate Contracts
  
 
1,024
 
  
 
(2,120
Foreign Currency Contracts
  
 
(8,222
  
 
(3,183
Credit Default Swaps
  
 
(54
  
 
(228
Total Return Swaps
  
 
(5,519
  
 
(13
Equity Options
  
 
(82,016
  
 
(154,838
 
  
 
 
 
  
 
 
 
 
  
 
(94,787
  
 
(160,382
 
  
 
 
 
  
 
 
 
 
  
$
 (81,481
  
$
  (149,855
 
  
 
 
 
  
 
 
 
v3.24.1.u1
Fair Value Option (Tables)
3 Months Ended
Mar. 31, 2024
Summary of Financial Instruments for Which Fair Value Option Has Been Elected
The following table summarizes the financial instruments for which the fair value option has been elected:
 
                                                 
    
March 31,
  
December 31,
    
2024
  
2023
Assets
     
Loans and Receivables
  
$
95,532
 
  
$
60,738
 
Equity and Preferred Securities
  
 
2,850,339
 
  
 
2,894,302
 
Debt Securities
  
 
62,757
 
  
 
63,486
 
Assets of Consolidated CLO Vehicles
     
Corporate Loans
  
 
129,381
 
  
 
938,801
 
  
 
 
 
  
 
 
 
  
$
  3,138,009
 
  
$
  3,957,327
 
  
 
 
 
  
 
 
 
Liabilities
     
CLO Notes Payable
  
$
169,835
 
  
$
687,122
 
Corporate Treasury Commitments
  
 
887
 
  
 
1,264
 
  
 
 
 
  
 
 
 
  
$
170,722
 
  
$
688,386
 
  
 
 
 
  
 
 
 
Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected
The following table presents the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected:
 
                                                                                                   
    
Three Months Ended March 31,
    
2024
 
2023
        
Net Change
     
Net Change
    
Realized
 
in Unrealized
 
Realized
 
in Unrealized
    
Gains (Losses)
 
Gains (Losses)
 
Gains (Losses)
 
Gains (Losses)
Assets
        
Loans and Receivables
  
$
(1,604
 
$
(408
 
$
(763
 
$
(303
Equity and Preferred Securities
  
 
2,281
 
 
 
17,729
 
 
 
1,696
 
 
 
(45,113
Debt Securities
  
 
 
 
 
(729
 
 
 
 
 
(1,831
Assets of Consolidated CLO Vehicles
        
Corporate Loans
  
 
(2,846
 
 
2,456
 
 
 
(3,129
 
 
482
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
$
(2,169
 
$
19,048
 
 
$
(2,196
 
$
(46,765
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
        
CLO Notes Payable
  
$
 
 
$
600
 
 
$
 
 
$
2,464
 
Corporate Treasury Commitments
  
 
 
 
 
377
 
 
 
 
 
 
2,226
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
$
 
 
$
977
 
 
$
 
 
$
4,690
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Information for Financial Instruments on Which Fair Value Option was Elected
The following table presents information for those financial instruments for which the fair value option was elected:


                        
                        
                        
                        
                        
                        
 
  
March 31, 2024
  
December 31, 2023
 
  
 
 
For Financial Assets
  
 
 
For Financial Assets
 
  
 
 
Past Due (a)
  
 
 
Past Due (a)
 
  
Excess
(Deficiency)
 
 
  
Excess
  
Excess
(Deficiency)
 
 
  
Excess
 
  
of Fair Value
 
Fair
  
of Fair Value
  
of Fair Value
 
Fair
  
of Fair Value
 
  
Over Principal
 
  Value  
  
Over Principal
  
Over Principal
 
  Value  
  
Over Principal
Loans and Receivables
  
$
252
 
 
$
 
  
$
 
  
$
675
 
 
$
 
  
$
 
Debt Securities
  
 
(54,072
 
 
 
  
 
 
  
 
(52,577
 
 
 
  
 
 
Assets of Consolidated CLO Vehicles
               
Corporate Loans
  
 
(3,495
 
 
1,313
 
  
 
 
  
 
(8,751
 
 
1,345
 
  
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
$
(57,315
 
$
1,313
 
  
$
 
  
$
(60,653
 
$
1,345
 
  
$
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
(a)
Assets are classified as past due if contractual payments are more than 90 days past due.
v3.24.1.u1
Fair Value Measurements of Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2024
Financial Assets and Liabilities at Fair Value
The following tables summarize the valuation of Blackstone’s financial assets and liabilities by the fair value hierarchy:

 
                     
                     
                     
                     
                     
 
  
March 31, 2024
 
  
Level I
  
Level II
  
Level III
  
NAV
  
Total
Assets
              
Cash and Cash Equivalents
  
 $
214,997
 
  
 $
 
  
$
 
  
$
 
  
$
214,997
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Investments
              
Investments of Consolidated Blackstone Funds
              
Equity Securities, Partnerships and LLC Interests (a)
  
 
10,259
 
  
 
119,238
 
  
 
2,688,028
 
  
 
469,012
 
  
 
3,286,537
 
Debt Instruments
  
 
 
  
 
130,010
 
  
 
15,564
 
  
 
 
  
 
145,574
 
Freestanding Derivatives
  
 
 
  
 
26,800
 
  
 
 
  
 
 
  
 
26,800
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Investments of Consolidated Blackstone Funds
  
 
10,259
 
  
 
276,048
 
  
 
2,703,592
 
  
 
469,012
 
  
 
3,458,911
 
Corporate Treasury Investments
  
 
67,688
 
  
 
121,712
 
  
 
8,576
 
  
 
 
  
 
197,976
 
Other Investments
  
 
2,006,970
 
  
 
2,590,956
 
  
 
72,555
 
  
 
7,081
 
  
 
4,677,562
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Investments
  
 
2,084,917
 
  
 
2,988,716
 
  
 
2,784,723
 
  
 
476,093
 
  
 
8,334,449
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Accounts Receivable - Loans and Receivables
  
 
 
  
 
 
  
 
95,532
 
  
 
 
  
 
95,532
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
O
ther
Assets - Freestanding Derivatives
  
 
 
  
 
157,852
 
  
 
5,812
 
  
 
 
  
 
163,664
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 $
2,299,914
 
  
 $
3,146,568
 
  
 $
2,886,067
 
  
 $
476,093
 
  
 $
8,808,642
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Liabilities
              
Loans Payable - CLO Notes Payable
  
 $
 
  
$
169,835
 
  
 $
 
  
$
 
  
$
169,835
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Accounts Payable, Accrued Expenses and Other Liabilities
              
Freestanding Derivatives
  
 
 
  
 
97,975
 
  
 
646,002
 
  
 
 
  
 
743,977
 
Contingent Consideration
  
 
 
  
 
 
  
 
504
 
  
 
 
  
 
504
 
Corporate Treasury Commitments
  
 
 
  
 
 
  
 
887
 
  
 
 
  
 
887
 
Securities Sold, Not Yet Purchased
  
 
3,867
 
  
 
 
  
 
 
  
 
 
  
 
3,867
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Accounts Payable, Accrued Expenses and Other Liabilities
  
 
3,867
 
  
 
97,975
 
  
 
647,393
 
  
 
 
  
 
749,235
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 $
3,867
 
  
 $
267,810
 
  
 $
647,393
 
  
 $
 
  
$
919,070
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
                     
                     
                     
                     
                     
 
  
December 31, 2023
 
  
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
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
O
ther
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
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
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 March 31, 2024. Consistent with presentation in these Notes to Condensed Consolidated Financial Statements, this table presents the Level III Investments only of Consolidated Blackstone Funds and therefore does not reflect any other Blackstone Funds.
 
                                                                                                                 
   
Fair Value
 
Valuation

Techniques
 
Unobservable

Inputs
 
Ranges
 
Weighted-
Average (a)
 
Impact to
Valuation
from an
Increase
in Input
Financial Assets
           
Investments of Consolidated Blackstone Funds
           
Equity Securities, Partnership and LLC Interests
 
$
2,688,028
 
 
 
Discounted Cash Flows
 
 
 
Discount Rate
 
 
 
3.3% - 38.6%
 
 
 
10.1%
 
 
 
Lower
 
     
 
Exit Multiple - EBITDA
 
 
 
4.0x - 30.6x
 
 
 
15.0x
 
 
 
Higher
 
     
 
Exit Capitalization Rate
 
 
 
3.1% - 13.2%
 
 
 
5.1%
 
 
 
Lower
 
Debt Instruments
 
 
15,564
 
 
 
Third Party Pricing
 
 
 
n/a
 
     
 
 
 
 
         
Total Investments of Consolidated Blackstone Funds
 
 
2,703,592
 
         
Corporate Treasury Investments
 
 
8,576
 
 
 
Transaction Price
 
 
 
n/a
 
     
Loans and Receivables
 
 
95,532
 
 
 
Discounted Cash Flows
 
 
 
Discount Rate
 
 
 
8.8% - 14.0%
 
 
 
10.3%
 
 
 
Lower
 
Other Investments (b)
 
 
78,367
 
 
 
Third Party Pricing
 
 
 
n/a
 
     
 
 
 
 
         
 
$
2,886,067
 
         
 
 
 
 
         
Financial Liabilities
           
Freestanding Derivatives (c)
 
$
646,002
 
 
 
Option Pricing Model
 
 
 
Volatility
 
 
 
6.2%
 
 
 
n/a
 
 
 
Higher
 
Other Liabilities (d)
 
 
1,391
 
 
 
Third Party Pricing
 
 
 
n/a
 
     
   
 
Other
 
 
 
n/a
 
     
 
 
 
 
         
 
$
647,393
 
         
 
 
 
 
         
 
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:
 
                                                                                                                 
   
Fair Value
 
Valuation

Techniques
 
Unobservable

Inputs
 
Ranges
 
Weighted-
Average (a)
 
Impact to
Valuation
from an
Increase
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
 
         
 
 
 
 
         
 
n/a
  
Not applicable.
EBITDA
  
Earnings before interest, taxes, depreciation and amortization.
Exit Multiple
  
Ranges include the last twelve months EBITDA and forward EBITDA multiples.
Third Party Pricing
  
Third Party Pricing is generally determined on the basis of unadjusted prices between market participants provided by reputable dealers or pricing services.
Transaction Price
  
Includes recent acquisitions or transactions.
(a)
  
Unobservable inputs were weighted based on the fair value of the investments included in the range.
(b)
  
As of March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023, Other Liabilities includes Level III Contingent Consideration and 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 from Fund Investment Activities in the Condensed Consolidated Statements of Operations.


                                                                                                       
   
Level III Financial Assets at Fair Value

Three Months Ended March 31,
   
2024
 
2023
   
Investments
             
Investments
           
   
of
 
Loans
 
Other
     
of
 
Loans
 
Other
   
   
Consolidated
 
and
 
Investments
     
Consolidated
 
and
 
Investments
   
   
Funds
 
Receivables
 
(a)
 
Total
 
Funds
 
Receivables
 
(a)
 
Total
Balance, Beginning of Period
 
 $
2,683,631
 
 
 $
60,738
 
 
 $
373,024
 
 
 $
3,117,393
 
 
 $
4,249,832
 
 
$
315,039
 
 
 $
30,971
 
 
 $
4,595,842
 
Transfer Out Due to Deconsolidation
 
 
(14,237
 
 
 
 
 
 
 
 
(14,237
 
 
(3,837
 
 
 
 
 
 
 
 
(3,837
Transfer Into Level III (b)
 
 
3,434
 
 
 
 
 
 
 
 
 
3,434
 
 
 
13,873
 
 
 
 
 
 
898
 
 
 
14,771
 
Transfer Out of Level III (b)
 
 
(2,546
 
 
 
 
 
 
 
 
(2,546
 
 
(313
 
 
 
 
 
(2,726
 
 
(3,039
Purchases
 
 
133,116
 
 
 
149,639
 
 
 
5,675
 
 
 
288,430
 
 
 
299,948
 
 
 
55,070
 
 
 
49,404
 
 
 
404,422
 
Sales
 
 
(34,315
 
 
(111,167
 
 
(289,993
 
 
(435,475
 
 
(319,161
 
 
(86,725
 
 
(180
 
 
(406,066
Issuances
 
 
 
 
 
9,561
 
 
 
 
 
 
9,561
 
 
 
 
 
 
50,689
 
 
 
 
 
 
50,689
 
Settlements (c)
 
 
 
 
 
(14,110
 
 
(10,160
 
 
(24,270
 
 
 
 
 
(33,796
 
 
528
 
 
 
(33,268
Changes in Gains (Losses) Includedin Earnings
 
 
(65,491
 
 
871
 
 
 
(1,404
 
 
(66,024
 
 
98,167
 
 
 
7,011
 
 
 
(4,291
 
 
100,887
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, End of Period
 
 $
2,703,592
 
 
 $
95,532
 
 
 $
77,142
 
 
 $
2,876,266
 
 
 $
4,338,509
 
 
 $
307,288
 
 
 $
74,604
 
 
 $
4,720,401
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Changes in Unreali
zed Gains (Losses) Included
in Earnings
Related to Financial Assets Still Held at the Reporting Date
 
 $
(39,295
 
 $
(793
 
 $
(3,305
 
 $
(43,393
 
 $
72,029
 
 
 $
1,737
 
 
 $
534
 
 
 $
74,300
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
            
            
            
            
            
            
 
 
Level III Financial Liabilities at Fair Value

Three Months Ended March 31,
 
 
2024
 
2023
 
 
Freestanding
 
Other
 
 
 
Freestanding
 
Other
 
 
 
 
Derivatives
 
Liabilities
 
Total
 
Derivatives
 
Liabilities
 
Total
                                                                             
Balance, Beginning of Period
 
 $
563,986
 
 
 $
1,651
 
 
 $
565,637
 
 
 $
48,581
 
 
 $
8,144
 
 
 $
56,725
 
Transfer In Due to Consolidation and Acquisition
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,300
 
 
 
2,300
 
Changes in Losses (Gains) Included in Earnings
 
 
82,016
 
 
 
(260
 
 
81,756
 
 
 
154,838
 
 
 
(2,226
 
 
152,612
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, End of Period
 
 $
646,002
 
 
 $
1,391
 
 
 $
647,393
 
 
 $
203,419
 
 
 $
8,218
 
 
 $
211,637
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date
 
 $
82,016
 
 
 $
(260
 
 $
81,756
 
 
 $
154,838
 
 
 $
(2,226
 
 $
152,612
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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.
v3.24.1.u1
Variable Interest Entities (Tables)
3 Months Ended
Mar. 31, 2024
Maximum Exposure to Loss Relating to Non-Consolidated VIEs Blackstone’s maximum exposure to loss relating to
non-consolidated
VIEs were as follows:
 
    
March 31,
    
December 31,
 
    
2024
    
2023
 
Investments
  
 $
3,905,515
 
  
 $
3,751,591
 
Due from Affiliates
  
 
266,394
 
  
 
203,187
 
Potential Clawback Obligation
  
 
78,823
 
  
 
72,119
 
  
 
 
    
 
 
 
Maximum Exposure to Loss
  
 $
 4,250,732
 
  
 $
 4,026,897
 
  
 
 
    
 
 
 
Amounts Due to
Non-Consolidated
VIEs
  
 $
557
 
  
 $
223
 
  
 
 
    
 
 
 
v3.24.1.u1
Offsetting of Assets And Liabilities (Tables)
3 Months Ended
Mar. 31, 2024
Offsetting of Assets
The following tables present the offsetting of assets and liabilities as of March 31, 2024 and December 31, 2023:
 
                                                                                                   
    
March 31, 2024
    
Gross and Net
              
    
Amounts of
  
Gross Amounts Not Offset
    
    
Assets Presented
  
in the Statement of
    
    
in the Statement
  
Financial Condition
    
    
of Financial
  
Financial
  
Cash Collateral
    
    
Condition
  
Instruments (a)
  
Received
  
Net Amount
Assets
           
Freestanding Derivatives
  
 $
190,464
 
  
 $
124,134
 
  
 $
55,854
 
  
 $
10,476
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
                                                                                                   
    
March 31, 2024
    
Gross and Net
              
    
Amounts of
              
    
Liabilities
  
Gross Amounts Not Offset
    
    
Presented in the
  
in the Statement of
    
    
Statement of
  
Financial Condition
    
    
Financial
  
Financial
  
Cash Collateral
    
    
Condition
  
Instruments (a)
  
Pledged
  
Net Amount
Liabilities
           
Freestanding Derivatives
  
$
97,974
 
  
$
97,300
 
  
$
8
 
  
$
666
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Offsetting of Liabilities
                                                                                                   
    
December 31, 2023
    
Gross and Net
              
    
Amounts of
  
Gross Amounts Not Offset
    
    
Assets Presented
  
in the Statement of
    
    
in the Statement
  
Financial Condition
    
    
of Financial
  
Financial
  
Cash Collateral
    
    
Condition
  
Instruments (a)
  
Received
  
Net Amount
Assets
           
Freestanding Derivatives
  
$
190,079
 
  
$
107,330
 
  
$
49,532
 
  
$
33,217
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
                                                                                                   
    
December 31, 2023
    
Gross and Net
              
    
Amounts of
              
    
Liabilities
  
Gross Amounts Not Offset
    
    
Presented in the
  
in the Statement of
    
    
Statement of
  
Financial Condition
    
    
Financial
  
Financial
  
Cash Collateral
    
    
Condition
  
Instruments (a)
  
Pledged
  
Net Amount
Liabilities
           
Freestanding Derivatives
  
$
90,635
 
  
$
87,777
 
  
$
625
 
  
$
2,233
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(a)
Amounts presented are inclusive of both legally enforceable master netting agreements, and financial instruments received or pledged as collateral. Financial instruments received or pledged as collateral offset derivative counterparty risk exposure, but do not reduce net balance sheet exposure.
Other Assets The following table presents the components of Other Assets:
 
 
 
 
 
 
 
 
 
 
 
  
March 31,
 
  
December 31,
 
 
  
2024
 
  
2023
 
Furniture, Equipment and Leasehold Improvements
  
 $
952,577
 
  
 $
937,355
 
Less: Accumulated Depreciation
  
 
(417,903
  
 
(394,602
 
  
 
 
 
  
 
 
 
Furniture, Equipment and Leasehold Improvements, Net
  
 
534,674
 
  
 
542,753
 
Prepaid Expenses
  
 
314,873
 
  
 
207,886
 
Freestanding Derivatives
  
 
163,664
 
  
 
170,890
 
Other
  
 
59,416
 
  
 
23,319
 
 
  
 
 
 
  
 
 
 
 
  
 $
  1,072,627
 
  
 $
  944,848
 
 
  
 
 
 
  
 
 
 
v3.24.1.u1
Borrowings (Tables)
3 Months Ended
Mar. 31, 2024
Carrying Value and Fair Value of Blackstone Issued Notes
The following table presents each of Blackstone’s borrowings as of March 31, 2024 and December 31, 2023, as well as their carrying value and fair value. The borrowings are included in Loans Payable within the Condensed Consolidated Statements of Financial Condition. Each of the Senior Notes were issued at a discount through Blackstone’s indirect subsidiary, Blackstone Holdings Finance Co. L.L.C. The Senior Notes accrue interest from the issue date thereof and pay interest in arrears on a semi-annual basis or annual basis. The Secured Borrowings were issued at par, accrue interest from the issue date thereof and pay interest in arrears on a quarterly basis. CLO Notes Payable pay interest in arrears on a quarterly basis.
 
40
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
March 31,2024
 
  
December 31, 2023
 
 
  
Carrying
 
  
Fair
 
  
Carrying
 
  
Fair
 
Description
  
Value
 
  
Value
 
  
Value
 
  
Value
 
Blackstone Operating Borrowings
  
     
  
     
  
     
  
     
Senior Notes (a)
  
     
  
     
  
     
  
     
2.000%, Due 5/19/2025
  
 $
328,618
 
  
 $
317,401
 
  
 $
336,005
 
  
 $
324,778
 
1.000%, Due 10/5/2026
  
 
649,429
 
  
 
607,196
 
  
 
664,085
 
  
 
620,864
 
3.150%, Due 10/2/2027
  
 
298,572
 
  
 
281,337
 
  
 
298,476
 
  
 
283,059
 
5.900%, Due 11/3/2027
  
 
595,678
 
  
 
616,194
 
  
 
595,411
 
  
 
625,158
 
1.625%, Due 8/5/2028
  
 
645,646
 
  
 
566,209
 
  
 
645,406
 
  
 
566,508
 
1.500%, Due 4/10/2029
  
 
651,823
 
  
 
590,558
 
  
 
666,655
 
  
 
601,272
 
2.500%, Due 1/10/2030
  
 
493,819
 
  
 
434,280
 
  
 
493,573
 
  
 
431,005
 
1.600%, Due 3/30/2031
  
 
496,562
 
  
 
390,120
 
  
 
496,447
 
  
 
391,955
 
2.000%, Due 1/30/2032
  
 
789,587
 
  
 
628,088
 
  
 
789,283
 
  
 
633,153
 
2.550%, Due 3/30/2032
  
 
495,788
 
  
 
413,915
 
  
 
495,670
 
  
 
410,755
 
6.200%, Due 4/22/2033
  
 
892,061
 
  
 
948,303
 
  
 
891,899
 
  
 
962,037
 
3.500%, Due 6/1/2034
  
 
509,849
 
  
 
541,291
 
  
 
521,549
 
  
 
536,319
 
6.250%, Due 8/15/2042
  
 
239,530
 
  
 
260,620
 
  
 
239,457
 
  
 
263,270
 
5.000%, Due 6/15/2044
  
 
490,045
 
  
 
458,045
 
  
 
489,975
 
  
 
464,560
 
4.450%, Due 7/15/2045
  
 
344,728
 
  
 
295,243
 
  
 
344,691
 
  
 
297,486
 
4.000%, Due 10/2/2047
  
 
291,204
 
  
 
229,914
 
  
 
291,149
 
  
 
233,685
 
3.500%, Due 9/10/2049
  
 
392,481
 
  
 
288,116
 
  
 
392,436
 
  
 
294,608
 
2.800%, Due 9/30/2050
  
 
394,140
 
  
 
247,376
 
  
 
394,103
 
  
 
252,008
 
2.850%, Due 8/5/2051
  
 
543,357
 
  
 
344,674
 
  
 
543,317
 
  
 
352,457
 
3.200%, Due 1/30/2052
  
 
987,470
 
  
 
686,310
 
  
 
987,401
 
  
 
696,740
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
  
 
10,530,387
 
  
 
9,145,190
 
  
 
10,576,988
 
  
 
9,241,677
 
Other (b)
  
     
  
     
  
     
  
     
Secured Borrowing, Due 10/27/2033
  
 
19,949
 
  
 
19,949
 
  
 
19,949
 
  
 
19,949
 
Secured Borrowing, Due 1/29/2035
  
 
20,000
 
  
 
20,000
 
  
 
20,000
 
  
 
20,000
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
  
 
10,570,336
 
  
 
9,185,139
 
  
 
10,616,937
 
  
 
9,281,626
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Borrowings of Consolidated Blackstone Funds
  
     
  
     
  
     
  
     
CLO Notes Payable (c)
  
 
169,835
 
  
 
169,835
 
  
 
687,122
 
  
 
687,122
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
  
 
169,835
 
  
 
169,835
 
  
 
687,122
 
  
 
687,122
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
  
 $
10,740,171
 
  
 $
9,354,974
 
  
 $
11,304,059
 
  
 $
9,968,748
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(a)
Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.
(b)
The Secured Borrowing, Due 10/27/2033 has an interest rate of 7.64% and the Secured Borrowing, Due 1/29/2035 has an interest rate of 7.64%. 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 March 31, 2024, the fair value of the assets securing both Secured Borrowings equaled $48.5 million.
(c)
CLO Notes Payable have maturity dates ranging from June 2025 to January 2037 and have an effective interest rate of 8.25% as of March 31, 2024. 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.
Scheduled Principal Payments for Borrowings
Scheduled principal payments for borrowings as of March 31, 2024 were as follows:
 
    
Blackstone
  
 Borrowings of 
    
    
Operating

 Borrowings 
  
Consolidated

Blackstone Funds
  
Total

 Borrowings 
2024
  
 $
 
  
$
 
  
$
 
2025
  
 
331,924
 
  
 
 
  
 
331,924
 
2026
  
 
653,447
 
  
 
 
  
 
653,447
 
2027
  
 
911,589
 
  
 
 
  
 
911,589
 
2028
  
 
664,090
 
  
 
 
  
 
664,090
 
Thereafter
  
 
8,136,900
 
  
 
180,131
 
  
 
8,317,031
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 $
10,697,950
 
  
 $
180,131
 
  
 $
10,878,081
 
  
 
 
 
  
 
 
 
  
 
 
 
v3.24.1.u1
Income Taxes (Tables)
3 Months Ended
Mar. 31, 2024
Schedule of Major Filing Jurisdictions and Open Period Subject to Examinations
As of March 31, 2024, the following are the major filing jurisdictions and their respective earliest open tax period subject to examination:
 
Jurisdiction
  
Year
 
Federal
  
 
2020
 
New York City
  
 
2009
 
New York State
  
 
2016
 
United Kingdom
  
 
2011
 
v3.24.1.u1
Earnings Per Share and Stockholders' Equity (Tables)
3 Months Ended
Mar. 31, 2024
Basic and Diluted Net Income Per Common Stock
Basic and diluted net income per share of common stock for the three months ended March 31, 2024 and March 31, 2023 was calculated as follows:
 
                        
                        
 
  
Three Months Ended
 
  
March 31,
 
  
2024
  
2023
                                                 
Net Income for Per Share of Common Stock Calculations
     
Net Income Attributable to Blackstone Inc., Basic and Diluted
  
 $
847,386
 
  
 $
85,812
 
  
 
 
 
  
 
 
 
Share/Units Outstanding
     
Weighted-Average Shares of Common Stock Outstanding, Basic
  
 
759,798,537
 
  
 
746,064,922
 
Weighted-Average Shares of Unvested Deferred Restricted Common Stock
  
 
459,107
 
  
 
579,007
 
  
 
 
 
  
 
 
 
Weighted-Average Shares of Common Stock Outstanding, Diluted
  
 
 760,257,644
 
  
 
 746,643,929
 
  
 
 
 
  
 
 
 
Net Income Per Share of Common Stock
     
Basic
  
 $
1.12
 
  
 $
0.12
 
  
 
 
 
  
 
 
 
Diluted
  
 $
1.11
 
  
 $
0.11
 
  
 
 
 
  
 
 
 
Dividends Declared Per Share of Common Stock (a)
  
 $
0.94
 
  
 $
0.91
 
  
 
 
 
  
 
 
 
 
(a)
Dividends declared reflects the calendar date of the declaration for each distribution.
In computing the dilutive effect that the exchange of Blackstone Holdings Partnership Units would have on Net Income Per Share of Common Stock, Blackstone considered that net income available to holders of shares of common stock would increase due to the elimination of
non-controlling
interests in Blackstone Holdings, inclusive of any tax impact. The hypothetical conversion may be dilutive to the extent there is activity at the 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 three months ended March 31, 2024 and 2023:
 
                                                 
    
Three Months Ended

March 31,
    
2024
  
2023
Weighted-Average Blackstone Holdings Partnership Units
  
 
 457,917,611
 
  
 
 462,949,870
 
Schedule of Shares Eligible For Dividends and Distribution
As of March 31, 2024, 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
  
 
722,263,433
 
Unvested Participating Common Stock
  
 
36,912,993
 
  
 
 
 
Total Participating Common Stock
  
 
759,176,426
 
Participating Blackstone Holdings Partnership Units
  
 
457,490,143
 
  
 
 
 
  
 
 1,216,666,569
 
  
 
 
 
v3.24.1.u1
Equity-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2024
Summary of Status of Partnership's Unvested Equity-Based Awards
A summary of the status of Blackstone’s unvested equity-based awards as of March 31, 2024 and of changes during the period January 1, 2024 through March 31, 2024 is presented below:
 
     
                        
     
                        
     
                        
     
                        
     
                        
     
                        
 
 
  
Blackstone Holdings
  
Blackstone Inc.
 
  
 
 
 
  
Equity Settled Awards
  
Cash Settled Awards
 
  
 
 
Weighted-
  
 
 
Weighted-
  
 
 
Weighted-
 
  
 
 
Average
  
Deferred
 
Average
  
 
 
Average
 
  
Partnership
 
Grant Date
  
Restricted Shares
 
Grant Date
  
Phantom
 
Grant Date
Unvested Shares/Units
  
Units
 
Fair Value
  
of Common Stock
 
Fair Value
  
Shares
 
Fair Value
Balance, December 31, 2023
  
 
4,585,893
 
 
$
38.94
 
  
 
36,456,644
 
 
$
86.05
 
  
 
85,447
 
 
$
114.50
 
Granted
  
 
 
 
 
 
  
 
1,708,994
 
 
 
130.25
 
  
 
7,362
 
 
 
128.09
 
Vested
  
 
(268,682
 
 
33.25
 
  
 
(2,839,811
 
 
88.53
 
  
 
(7,100
 
 
128.09
 
Forfeited
  
 
(35,431
 
 
46.58
 
  
 
(597,142
 
 
88.20
 
  
 
(15,130
 
 
128.09
 
 
  
 
 
 
 
     
  
 
 
 
 
     
  
 
 
 
 
     
Balance, March 31, 2024
  
 
4,281,780
 
 
$
39.23
 
  
 
34,728,685
 
 
$
88.04
 
  
 
70,579
 
 
$
128.49
 
 
  
 
 
 
 
     
  
 
 
 
 
     
  
 
 
 
 
     
Unvested Shares and Units, After Expected Forfeitures
The following unvested shares and units, after expected forfeitures, as of March 31, 2024, are expected to vest:
 
           
Weighted-
           
Average
           
Service Period
    
Shares/Units
    
in Years
Blackstone Holdings Partnership Units
  
 
4,430,851
 
  
0.5
Deferred Restricted Shares of Common Stock
  
 
31,480,104
 
  
2.7
  
 
 
    
 
Total Equity-Based Awards
  
 
  35,910,955
 
  
2.5
  
 
 
    
 
Phantom Shares
  
 
60,171
 
  
2.8
  
 
 
    
 
v3.24.1.u1
Related Party Transactions (Tables)
3 Months Ended
Mar. 31, 2024
Due from Affiliates and Due to Affiliates
Due from Affiliates and Due to Affiliates consisted of the following:
 
                                                 
    
March 31,
  
December 31,
    
2024
  
2023
Due from Affiliates
     
Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from
Non-Consolidated
Entities and Portfolio Companies
  
 $
3,824,853
 
  
 $
3,638,948
 
Due from Certain
Non-Controlling
Interest Holders and Blackstone Employees
  
 
794,877
 
  
 
720,743
 
Accrual for Potential Clawback of Previously Distributed Performance Allocations
  
 
75,494
 
  
 
106,830
 
  
 
 
 
  
 
 
 
  
 $
4,695,224
 
  
 $
4,466,521
 
  
 
 
 
  
 
 
 
 
                        
                        
 
  
March 31,
  
December 31,
 
  
2024
  
2023
Due to Affiliates
  
 
  
 
Due to Certain
Non-Controlling
Interest Holders in Connection with the Tax Receivable Agreements
  
 $
1,622,694
 
  
 $
1,681,516
 
Due to
Non-Consolidated
Entities
  
 
104,066
 
  
 
124,560
 
Due to Certain
Non-Controlling
Interest Holders and Blackstone Employees
  
 
177,654
 
  
 
305,816
 
Accrual for Potential Repayment of Previously Received Performance Allocations
  
 
231,064
 
  
 
281,518
 
  
 
 
 
  
 
 
 
  
 $
2,135,478
 
  
 $
2,393,410
 
  
 
 
 
  
 
 
 
v3.24.1.u1
Commitments and Contingencies (Tables)
3 Months Ended
Mar. 31, 2024
Clawback Obligations by Segment
The following table presents the clawback obligations by segment:
 
                     
                     
                     
                     
                     
                     
 
  
March 31, 2024
  
December 31, 2023
 
  
 
  
Current and
  
 
  
 
  
Current and
  
 
 
  
Blackstone
  
Former
  
 
  
Blackstone
  
Former
  
 
Segment
  
Holdings
  
Personnel (a)
  
Total (b)
  
Holdings
  
Personnel (a)
  
Total (b)
                                                                                                                                   
Real Estate
  
 $
128,972
 
  
 $
62,812
 
  
 $
191,784
 
  
 $
145,435
 
  
 $
90,337
 
  
 $
235,772
 
Private Equity
  
 
26,387
 
  
 
12,415
 
  
 
38,802
 
  
 
29,046
 
  
 
16,231
 
  
 
45,277
 
Credit & Insurance
  
 
211
 
  
 
267
 
  
 
478
 
  
 
207
 
  
 
262
 
  
 
469
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 $
155,570
 
  
 $
75,494
 
  
 $
231,064
 
  
 $
174,688
 
  
 $
106,830
 
  
 $
281,518
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(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 15. “Related Party Transactions —Affiliate Receivables and Payables — Due to Affiliates.”
v3.24.1.u1
Segment Reporting (Tables)
3 Months Ended
Mar. 31, 2024
Financial Data of Segments
The following tables present the financial data for Blackstone’s four segments as of March 31, 2024 and for the three months ended March 31, 2024 and 2023.
 
                                                                                              
    
March 31, 2024 and the Three Months Then Ended
    
Real
 
Private
 
Credit &
 
Multi-Asset
 
Total
    
Estate
 
Equity
 
Insurance
 
Investing
 
Segments
Management and Advisory Fees, Net
          
Base Management Fees
  
  $
694,179
 
 
  $
450,283
 
 
  $
370,998
 
 
  $
129,270
 
 
  $
1,644,730
 
Transaction, Advisory and Other Fees, Net
  
 
29,190
 
 
 
26,149
 
 
 
9,790
 
 
 
1,809
 
 
 
66,938
 
Management Fee Offsets
  
 
(2,930
 
 
(267
 
 
(892
 
 
(8
 
 
(4,097
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Management and Advisory Fees, Net
  
 
720,439
 
 
 
476,165
 
 
 
379,896
 
 
 
131,071
 
 
 
1,707,571
 
Fee Related Performance Revenues
  
 
129,958
 
 
 
 
 
 
165,543
 
 
 
 
 
 
295,501
 
Fee Related Compensation
  
 
(174,569
 
 
(157,392
 
 
(181,337
 
 
(40,779
 
 
(554,077
Other Operating Expenses
  
 
(89,762
 
 
(86,879
 
 
(85,530
 
 
(26,807
 
 
(288,978
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee Related Earnings
  
 
586,066
 
 
 
231,894
 
 
 
278,572
 
 
 
63,485
 
 
 
1,160,017
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized Performance Revenues
  
 
49,967
 
 
 
446,455
 
 
 
15,120
 
 
 
24,851
 
 
 
536,393
 
Realized Performance Compensation
  
 
(21,863
 
 
(218,938
 
 
(5,445
 
 
(6,778
 
 
(253,024
Realized Principal Investment Income (Loss)
  
 
2,193
 
 
 
22,208
 
 
 
3,597
 
 
 
(18,060
 
 
9,938
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Net Realizations
  
 
30,297
 
 
 
249,725
 
 
 
13,272
 
 
 
13
 
 
 
293,307
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Segment Distributable Earnings
  
  $
616,363
 
 
  $
481,619
 
 
  $
291,844
 
 
  $
63,498
 
 
  $
1,453,324
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Segment Assets
  
  $
12,846,955
 
 
  $
13,761,878
 
 
  $
7,607,377
 
 
  $
2,615,141
 
 
  $
36,831,351
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                                                              
    
Three Months Ended March 31, 2023
    
Real
 
Private
 
Credit &
 
Multi-Asset
 
Total
    
Estate
 
Equity
 
Insurance
 
Investing
 
Segments
Management and Advisory Fees, Net
          
Base Management Fees
  
  $
705,387
 
 
  $
451,610
 
 
  $
326,779
 
 
  $
135,771
 
 
  $
1,619,547
 
Transaction, Advisory and Other Fees, Net
  
 
20,561
 
 
 
14,784
 
 
 
8,451
 
 
 
1,914
 
 
 
45,710
 
Management Fee Offsets
  
 
(10,457
 
 
(1,310
 
 
(1,101
 
 
(2
 
 
(12,870
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Management and Advisory Fees, Net
  
 
715,491
 
 
 
465,084
 
 
 
334,129
 
 
 
137,683
 
 
 
1,652,387
 
Fee Related Performance Revenues
  
 
20,748
 
 
 
 
 
 
127,496
 
 
 
 
 
 
148,244
 
Fee Related Compensation
  
 
(137,610
 
 
(161,626
 
 
(163,999
 
 
(45,736
 
 
(508,971
Other Operating Expenses
  
 
(74,181
 
 
(76,763
 
 
(74,238
 
 
(26,466
 
 
(251,648
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee Related Earnings
  
 
524,448
 
 
 
226,695
 
 
 
223,388
 
 
 
65,481
 
 
 
1,040,012
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized Performance Revenues
  
 
11,096
 
 
 
499,322
 
 
 
125,181
 
 
 
5,927
 
 
 
641,526
 
Realized Performance Compensation
  
 
(3,165
 
 
(232,934
 
 
(56,772
 
 
(3,153
 
 
(296,024
Realized Principal Investment Income
  
 
2,224
 
 
 
32,889
 
 
 
6,009
 
 
 
2,569
 
 
 
43,691
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Net Realizations
  
 
10,155
 
 
 
299,277
 
 
 
74,418
 
 
 
5,343
 
 
 
389,193
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Segment Distributable Earnings
  
 
$
534,603
 
 
  $
525,972
 
 
  $
297,806
 
 
  $
70,824
 
 
  $
1,429,205
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes
The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the three months ended March 31, 2024 and 2023 along with Total Assets as of March 31, 2024:
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
 
2023
Revenues
    
Total GAAP Revenues
  
  $
3,687,828
 
 
  $
1,381,845
 
Less: Unrealized Performance Revenues (a)
  
 
(445,936
 
 
759,316
 
Less: Unrealized Principal Investment (Income) Loss (b)
  
 
(442,976
 
 
479,120
 
Less: Interest and Dividend Revenue (c)
  
 
(97,839
 
 
(95,101
Less: Other Revenue (d)
  
 
(44,747
 
 
14,180
 
Impact of Consolidation (e)
  
 
(106,874
 
 
(58,987
Transaction-Related and
Non-Recurring
Items (f)
  
 
(449
 
 
4,788
 
Intersegment Eliminations
  
 
396
 
 
 
687
 
  
 
 
 
 
 
 
 
Total Segment Revenue (g)
  
  $
2,549,403
 
 
  $
2,485,848
 
  
 
 
 
 
 
 
 
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
 
2023
Expenses
    
Total GAAP Expenses
  
  $
1,790,407
 
 
  $
1,189,345
 
Less: Unrealized Performance Allocations Compensation (h)
  
 
(180,900
 
 
313,249
 
Less: Equity-Based Compensation (i)
  
 
(317,779
 
 
(268,134
Less: Interest Expense (j)
  
 
(107,640
 
 
(104,209
Impact of Consolidation (e)
  
 
(25,949
 
 
(56,674
Amortization of Intangibles (k)
  
 
(7,333
 
 
(11,341
Transaction-Related and
Non-Recurring
Items (f)
  
 
(52,646
 
 
(3,833
Administrative Fee Adjustment (l)
  
 
(2,477
 
 
(2,447
Intersegment Eliminations
  
 
396
 
 
 
687
 
  
 
 
 
 
 
 
 
Total Segment Expenses (m)
  
  $
1,096,079
 
 
  $
1,056,643
 
  
 
 
 
 
 
 
 
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
 
2023
Other Income
    
Total GAAP Other Income
  
  $
(17,767
 
  $
65,856
 
Impact of Consolidation (e)
  
 
17,767
 
 
 
(65,856
  
 
 
 
 
 
 
 
Total Segment Other Income
  
 
$
 
 
  $
 
  
 
 
 
 
 
 
 
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
 
2023
Income Before Provision for Taxes
    
Total GAAP Income Before Provision for Taxes
  
  $
1,879,654
 
 
  $
258,356
 
Less: Unrealized Performance Revenues (a)
  
 
(445,936
 
 
759,316
 
Less: Unrealized Principal Investment (Income) Loss (b)
  
 
(442,976
 
 
479,120
 
Less: Interest and Dividend Revenue (c)
  
 
(97,839
 
 
(95,101
Less: Other Revenue (d)
  
 
(44,747
 
 
14,180
 
Plus: Unrealized Performance Allocations Compensation (h)
  
 
180,900
 
 
 
(313,249
Plus: Equity-Based Compensation (i)
  
 
317,779
 
 
 
268,134
 
Plus: Interest Expense (j)
  
 
107,640
 
 
 
104,209
 
Impact of Consolidation (e)
  
 
(63,158
 
 
(68,169
Amortization of Intangibles (k)
  
 
7,333
 
 
 
11,341
 
Transaction-Related and
Non-Recurring
Items (f)
  
 
52,197
 
 
 
8,621
 
Administrative Fee Adjustment (l)
  
 
2,477
 
 
 
2,447
 
  
 
 
 
 
 
 
 
Total Segment Distributable Earnings
  
  $
1,453,324
 
 
  $
1,429,205
 
  
 
 
 
 
 
 
 
 
 
                        
    
As of
    
 March 31, 
    
2024
Total Assets
  
Total GAAP Assets
  
  $
39,706,302
 
Impact of Consolidation (e)
  
 
(2,874,951
  
 
 
 
Total Segment Assets
  
  $
36,831,351
 
  
 
 
 
 
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 (Loss) on a segment basis.
(c)
This adjustment removes Interest and Dividend Revenue on a segment basis.
(d)
This adjustment removes Other Revenue on a segment basis. For the three months ended March 31, 2024 and 2023, Other Revenue on a GAAP basis was $44.8 million and $(14.2
) million, and included $44.5 million and $(14.7) 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. For the three months ended March 31, 2024, this adjustment includes removal of an accrual for an estimated liability for a legal matter.
(g)
Total Segment Revenues is comprised of the following:
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
  
2023
Total Segment Management and Advisory Fees, Net
  
  $
1,707,571
 
  
  $
1,652,387
 
Total Segment Fee Related Performance Revenues
  
 
295,501
 
  
 
148,244
 
Total Segment Realized Performance Revenues
  
 
536,393
 
  
 
641,526
 
Total Segment Realized Principal Investment Income
  
 
9,938
 
  
 
43,691
 
  
 
 
 
  
 
 
 
Total Segment Revenues
  
  $
2,549,403
 
  
  $
2,485,848
 
  
 
 
 
  
 
 
 
 
(h)
This adjustment removes Unrealized Performance Allocations Compensation.
(i)
This adjustment removes Equity-Based Compensation on a segment basis.
(j)
This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement.
(k)
This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation.
 
(l)
This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.
(m)
Total Segment Expenses is comprised of the following:
 
                        
                        
 
  
Three Months Ended
 
  
March 31,
 
  
2024
  
2023
                                                 
Total Segment Fee Related Compensation
  
  $
554,077
 
 
  $
508,971
 
Total Segment Realized Performance Compensation
  
 
253,024
 
 
 
296,024
 
Total Segment Other Operating Expenses
  
 
288,978
 
 
 
251,648
 
  
 
 
 
 
 
 
 
Total Segment Expenses
  
  $
1,096,079
 
 
  $
1,056,643
 
  
 
 
 
 
 
 
 
Reconciliation of Total Segments to Reported on the Consolidated Statements of Operations
The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported on the Condensed Consolidated Statement of Operations for the three months ended March 31, 2024 and 2023:
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
 
2023
Management and Advisory Fees, Net
    
GAAP
  
  $
1,727,148
 
 
  $
1,658,315
 
Segment Adjustment (a)
  
 
(19,577
 
 
(5,928
  
 
 
 
 
 
 
 
Total Segment
  
  $
1,707,571
 
 
  $
1,652,387
 
  
 
 
 
 
 
 
 
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
 
2023
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues
    
GAAP
    
Incentive Fees
  
  $
179,341
 
 
  $
142,876
 
Investment Income - Realized Performance Allocations
  
 
652,517
 
 
 
646,894
 
  
 
 
 
 
 
 
 
GAAP
  
 
831,858
 
 
 
789,770
 
Total Segment
    
Less: Realized Performance Revenues
  
 
(536,393
 
 
(641,526
Segment Adjustment (b)
  
 
36
 
 
 
 
  
 
 
 
 
 
 
 
Total Segment
  
  $
295,501
 
 
  $
148,244
 
  
 
 
 
 
 
 
 
 
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
 
2023
GAAP Compensation to Total Segment Fee Related Compensation
    
GAAP
    
Compensation
  
  $
794,803
 
 
  $
716,285
 
Incentive Fee Compensation
  
 
73,707
 
 
 
63,281
 
Realized Performance Allocations Compensation
  
 
258,894
 
 
 
296,794
 
  
 
 
 
 
 
 
 
GAAP
  
 
1,127,404
 
 
 
1,076,360
 
Total Segment
    
Less: Realized Performance Compensation
  
 
(253,024
 
 
(296,024
Less: Equity-Based Compensation - Fee Related Compensation
  
 
(313,400
 
 
(265,154
Less: Equity-Based Compensation - Performance Compensation
  
 
(4,379
 
 
(2,980
Segment Adjustment (c)
  
 
(2,524
 
 
(3,231
  
 
 
 
 
 
 
 
Total Segment
  
  $
554,077
 
 
  $
508,971
 
  
 
 
 
 
 
 
 
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
 
2023
GAAP General, Administrative and Other to Total Segment Other Operating Expenses
    
GAAP
  
  $
369,950
 
 
  $
273,394
 
Segment Adjustment (d)
  
 
(80,972
 
 
(21,746
  
 
 
 
 
 
 
 
Total Segment
  
  $
288,978
 
 
  $
251,648
 
  
 
 
 
 
 
 
 
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
 
2023
Realized Performance Revenues
    
GAAP
    
Incentive Fees
  
  $
179,341
 
 
  $
142,876
 
Investment Income - Realized Performance Allocations
  
 
652,517
 
 
 
646,894
 
  
 
 
 
 
 
 
 
GAAP
  
 
831,858
 
 
 
789,770
 
Total Segment
    
Less: Fee Related Performance Revenues
  
 
(295,501
 
 
(148,244
Segment Adjustment (b)
  
 
36
 
 
 
 
  
 
 
 
 
 
 
 
Total Segment
  
  $
536,393
 
 
  $
641,526
 
  
 
 
 
 
 
 
 
 
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
 
2023
Realized Performance Compensation
    
GAAP
    
Incentive Fee Compensation
  
 $
73,707
 
 
 $
63,281
 
Realized Performance Allocations Compensation
  
 
258,894
 
 
 
296,794
 
  
 
 
 
 
 
 
 
GAAP
  
 
332,601
 
 
 
360,075
 
Total Segment
    
Less: Fee Related Performance Compensation (e)
  
 
(75,198
 
 
(61,071
Less: Equity-Based Compensation—Performance Compensation
  
 
(4,379
 
 
(2,980
  
 
 
 
 
 
 
 
Total Segment
  
 $
253,024
 
 
 $
296,024
 
  
 
 
 
 
 
 
 
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
 
2023
Realized Principal Investment Income
    
GAAP
  
 $
78,597
 
 
 $
108,058
 
Segment Adjustment (f)
  
 
(68,659
 
 
(64,367
  
 
 
 
 
 
 
 
Total Segment
  
 $
9,938
 
 
 $
43,691
 
  
 
 
 
 
 
 
 
 
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 Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures, (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. For the three months ended March 31, 2024, this adjustment includes removal of an accrual for an estimated liability for a legal matter.
(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.
v3.24.1.u1
Organization - Additional Information (Detail)
3 Months Ended
Mar. 31, 2024
Segment
Person
Mar. 31, 2023
Segment
Organization [Line Items]    
Number of business segments | Segment 4 4
Number of Blackstone founders managing the Partnership | Person 1  
v3.24.1.u1
Intangible Assets (Detail) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Finite-Lived Intangible Assets/Contractual Rights $ 1,769,372 $ 1,769,372
Accumulated Amortization (1,577,145) (1,568,164)
Intangible Assets, Net $ 192,227 $ 201,208
v3.24.1.u1
Intangible Assets - Additional Information (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Goodwill and Intangible Assets [Line Items]    
Amortization expense $ 8,981 $ 12,996
Expected amortization of intangibles, 2024 35,900  
Expected amortization of intangibles, 2025 35,900  
Expected amortization of intangibles, 2026 35,700  
Expected amortization of intangibles, 2027 34,600  
Expected amortization of intangibles, 2028 $ 17,800  
Intangible assets expected to amortize over a weighted-average period 5 years 10 months 24 days  
v3.24.1.u1
Investments (Detail) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Schedule of Investments [Line Items]    
Investments $ 25,922,290 $ 26,146,622
Partnership Investments    
Schedule of Investments [Line Items]    
Investments 6,100,640 5,924,275
Accrued Performance Allocations    
Schedule of Investments [Line Items]    
Investments 11,163,116 10,775,355
Other Investments    
Schedule of Investments [Line Items]    
Investments 5,001,647 4,323,639
Consolidated Blackstone Funds    
Schedule of Investments [Line Items]    
Investments 3,458,911 4,319,483
Corporate Treasury Investments    
Schedule of Investments [Line Items]    
Investments $ 197,976 $ 803,870
v3.24.1.u1
Investments - Additional Information (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Schedule of Investments [Line Items]      
Investments $ 25,922,290   $ 26,146,622
Recognized net gains related to equity method investments 156,000 $ 69,200  
Equity investments, carrying value 333,900    
Consolidated Blackstone Funds | Blackstone      
Schedule of Investments [Line Items]      
Investments $ 241,100   $ 1,000,000
v3.24.1.u1
Reconciliation of Realized and Net Change in Unrealized Gains (Losses) to Other Income (Loss) - Net Gains (Losses) from Fund Investment Activities in Consolidated Statements of Operations (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Gain (Loss) on Securities [Line Items]    
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds $ 1,638,680 $ (495,677)
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 97,839 90,485
Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities (17,767) 71,064
Consolidated Blackstone Funds    
Gain (Loss) on Securities [Line Items]    
Realized Gains (Losses) (58,412) 17,155
Net Change in Unrealized Gains (Losses) 35,125 (17,154)
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds (23,287) 1
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 5,520 71,063
Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities $ (17,767) $ 71,064
v3.24.1.u1
Performance Fees Allocated to Funds (Detail)
$ in Thousands
3 Months Ended
Mar. 31, 2024
USD ($)
Schedule of Performance Fees and Allocations to the General Partner [Line Items]  
Beginning Balance $ 26,146,622
Ending Balance 25,922,290
Performance Fees  
Schedule of Performance Fees and Allocations to the General Partner [Line Items]  
Beginning Balance 10,775,355
Performance Allocations as a Result of Changes in Fund Fair Values 1,050,964
Foreign Exchange Loss (5,711)
Fund Distributions (657,492)
Ending Balance 11,163,116
Real Estate Segment  
Schedule of Performance Fees and Allocations to the General Partner [Line Items]  
Beginning Balance 2,990,602
Performance Allocations as a Result of Changes in Fund Fair Values 83,357
Foreign Exchange Loss (5,711)
Fund Distributions (183,108)
Ending Balance 2,885,140
Private Equity Segment  
Schedule of Performance Fees and Allocations to the General Partner [Line Items]  
Beginning Balance 6,707,244
Performance Allocations as a Result of Changes in Fund Fair Values 690,844
Fund Distributions (348,875)
Ending Balance 7,049,213
Credit & Insurance Segment  
Schedule of Performance Fees and Allocations to the General Partner [Line Items]  
Beginning Balance 599,779
Performance Allocations as a Result of Changes in Fund Fair Values 120,988
Fund Distributions (50,449)
Ending Balance 670,318
Multi-Asset Investing | Performance Fees  
Schedule of Performance Fees and Allocations to the General Partner [Line Items]  
Beginning Balance 477,730
Performance Allocations as a Result of Changes in Fund Fair Values 155,775
Fund Distributions (75,060)
Ending Balance $ 558,445
v3.24.1.u1
Realized and Net Change in Unrealized Gains (Losses) on Investments (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Gain (Loss) on Securities [Line Items]    
Total realized and net change in unrealized gains (losses) $ 1,638,680 $ (495,677)
Corporate Treasury Investments    
Gain (Loss) on Securities [Line Items]    
Realized Gains (Losses) (1,621) 2,374
Net Change in Unrealized Gains (Losses) (1,260) 7,795
Total realized and net change in unrealized gains (losses) $ (2,881) $ 10,169
v3.24.1.u1
Realized and Net Change in Unrealized Gains (Losses) in Other Investments (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Gain (Loss) on Securities [Line Items]    
Total Investment Income (Loss) $ 1,638,680 $ (495,677)
Other Investments    
Gain (Loss) on Securities [Line Items]    
Realized Gains 2,467 1,924
Net Change in Unrealized Gains (Losses) 455,800 (313,153)
Total Investment Income (Loss) $ 458,267 $ (311,229)
v3.24.1.u1
Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments (Detail)
$ in Thousands
Mar. 31, 2024
USD ($)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]  
Fair Value $ 476,093
Equity  
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]  
Fair Value 356,173
Real Estate  
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]  
Fair Value 112,839
Other  
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]  
Fair Value $ 7,081
v3.24.1.u1
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
Mar. 31, 2024
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 76.00%
Percentage of investments redeemable as of reporting date 24.00%
v3.24.1.u1
Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments (Detail) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]    
Derivative Assets, Notional $ 1,674,018 $ 1,943,891
Derivative Liabilities, Notional 2,069,529 2,055,466
Derivative Assets, Fair Value 190,464 190,079
Derivative Liabilities, Fair Value 743,977 654,621
Freestanding Derivatives    
Derivatives, Fair Value [Line Items]    
Derivative Assets, Notional 839,931 855,683
Derivative Assets, Fair Value 26,800 19,189
Freestanding Derivatives | Blackstone    
Derivatives, Fair Value [Line Items]    
Derivative Assets, Notional 834,087 1,088,208
Derivative Liabilities, Notional 2,069,529 2,055,466
Derivative Assets, Fair Value 163,664 170,890
Derivative Liabilities, Fair Value 743,977 654,621
Freestanding Derivatives | Blackstone | Total Return Swaps    
Derivatives, Fair Value [Line Items]    
Derivative Assets, Notional 39,956 63,158
Derivative Assets, Fair Value 5,812 13,171
Freestanding Derivatives | Blackstone | Credit Default Swap    
Derivatives, Fair Value [Line Items]    
Derivative Assets, Notional   3,108
Derivative Liabilities, Notional 640 3,748
Derivative Assets, Fair Value   479
Derivative Liabilities, Fair Value 8 508
Freestanding Derivatives | Foreign Currency Contracts | Blackstone    
Derivatives, Fair Value [Line Items]    
Derivative Assets, Notional 167,391 387,102
Derivative Liabilities, Notional 337,017 334,228
Derivative Assets, Fair Value 465 11,442
Derivative Liabilities, Fair Value 901 3,538
Freestanding Derivatives | Interest Rate Contracts | Blackstone    
Derivatives, Fair Value [Line Items]    
Derivative Assets, Notional 626,740 634,840
Derivative Liabilities, Notional 600,000 607,000
Derivative Assets, Fair Value 157,387 145,798
Derivative Liabilities, Fair Value 97,066 86,589
Freestanding Derivatives | Interest Rate Contracts | Consolidated Blackstone Funds    
Derivatives, Fair Value [Line Items]    
Derivative Assets, Notional 839,931 855,683
Derivative Assets, Fair Value 26,800 19,189
Freestanding Derivatives | Equity Options | Blackstone    
Derivatives, Fair Value [Line Items]    
Derivative Liabilities, Notional 1,131,872 1,110,490
Derivative Liabilities, Fair Value $ 646,002 $ 563,986
v3.24.1.u1
Summary of Impact of Derivative Financial Instruments to Consolidated Statements of Operations (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Derivative [Line Items]    
Unrealized Gain (Loss) on Derivatives and Commodity Contracts $ (81,481) $ (149,855)
Freestanding Derivatives    
Derivative [Line Items]    
Realized Gains (Losses) 13,306 10,527
Net Change in Unrealized Gains (Losses) (94,787) (160,382)
Freestanding Derivatives | Total Return Swaps    
Derivative [Line Items]    
Realized Gains (Losses) 8,320 4,652
Net Change in Unrealized Gains (Losses) (5,519) (13)
Freestanding Derivatives | Credit Default Swap    
Derivative [Line Items]    
Realized Gains (Losses) 75 (51)
Net Change in Unrealized Gains (Losses) (54) (228)
Freestanding Derivatives | Interest Rate Contracts    
Derivative [Line Items]    
Realized Gains (Losses) (614) 336
Net Change in Unrealized Gains (Losses) 1,024 (2,120)
Freestanding Derivatives | Foreign Currency Contracts    
Derivative [Line Items]    
Realized Gains (Losses) 5,525 5,590
Net Change in Unrealized Gains (Losses) (8,222) (3,183)
Freestanding Derivatives | Equity Options    
Derivative [Line Items]    
Net Change in Unrealized Gains (Losses) $ (82,016) $ (154,838)
v3.24.1.u1
Summary of Financial Instruments for Which Fair Value Option Has Been Elected (Detail) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Fair Value, Option, Quantitative Disclosures [Line Items]    
Loans and Receivables $ 95,532 $ 60,738
Assets 3,138,009 3,957,327
Liabilities 170,722 688,386
Debt Securities    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Investments 62,757 63,486
Equity and Preferred Securities    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Investments 2,850,339 2,894,302
Corporate Loans    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Assets 129,381 938,801
CLO Notes Payable    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Liabilities 169,835 687,122
Corporate Treasury Commitments    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Liabilities $ 887 $ 1,264
v3.24.1.u1
Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Realized Gains (Losses) | Assets    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Realized and net change in unrealized gains (losses) on financial instruments $ (2,169) $ (2,196)
Realized Gains (Losses) | Loans and Receivables    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Realized and net change in unrealized gains (losses) on financial instruments (1,604) (763)
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 2,281 1,696
Realized Gains (Losses) | Corporate Loans    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Realized and net change in unrealized gains (losses) on financial instruments (2,846) (3,129)
Net Change In Unrealized Gains (Losses) | Debt Securities    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Realized and net change in unrealized gains (losses) on financial instruments (729) (1,831)
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 19,048 (46,765)
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 (408) (303)
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 977 4,690
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 17,729 (45,113)
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 2,456 482
Net Change In Unrealized Gains (Losses) | CLO Notes Payable    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Realized and net change in unrealized gains (losses) on financial instruments 600 2,464
Net Change In Unrealized Gains (Losses) | Corporate Treasury Commitments    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Realized and net change in unrealized gains (losses) on financial instruments $ 377 $ 2,226
v3.24.1.u1
Information for Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Fair Value, Option, Quantitative Disclosures [Line Items]    
Excess (Deficiency) of fair value over uncollected principal $ (57,315) $ (60,653)
Fair value of financial instruments more than one day past due 1,313 1,345
Debt Securities    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Excess (Deficiency) of fair value over uncollected principal (54,072) (52,577)
Corporate Loans    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Excess (Deficiency) of fair value over uncollected principal (3,495) (8,751)
Fair value of financial instruments more than one day past due 1,313 1,345
Loans and Receivables    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Excess (Deficiency) of fair value over uncollected principal 252 675
Fair value of financial instruments more than one day past due $ 0 $ 0
v3.24.1.u1
Fair Value Option - Additional Information (Detail)
$ in Thousands
Mar. 31, 2024
USD ($)
Loans
Dec. 31, 2023
USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value of financial instruments more than one day past due $ 1,313 $ 1,345
Corporate Loans    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value of financial instruments more than one day past due $ 1,313 1,345
Corporate Loans | Not In Non Accrual Status    
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
v3.24.1.u1
Financial Assets and Liabilities at Fair Value (Detail) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Accounts Receivable - Loans and Receivables $ 95,532 $ 60,738
Assets 3,138,009 3,957,327
Loans Payable - CLO Notes Payable 10,740,171 11,304,059
Corporate Treasury Commitments $ 170,722 $ 688,386
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 $ 190,464 $ 190,079
Derivatives liabilities 97,974 90,635
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 2,886,067 3,277,350
Liabilities 647,393 565,637
Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and Cash Equivalents 214,997 263,574
Total Investments 8,334,449 9,273,604
Accounts Receivable - Loans and Receivables 95,532 60,738
Assets 8,808,642 9,768,806
Securities Sold, Not Yet Purchased 3,867 3,886
Contingent Consideration 504 387
Total Accounts Payable, Accrued Expenses and Other Liabilities 749,235 660,158
Liabilities 919,070 1,347,280
Fair Value, Measurements, Recurring | Corporate Treasury Commitments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Corporate Treasury Commitments 887 1,264
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 169,835 687,122
Fair Value, Measurements, Recurring | Freestanding Derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives liabilities 743,977 654,621
Fair Value, Measurements, Recurring | Other Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 4,677,562 4,150,251
Fair Value, Measurements, Recurring | Net Asset Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 476,093 565,534
Assets 476,093 565,534
Fair Value, Measurements, Recurring | Net Asset Value | Other Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 7,081 7,275
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 3,458,911 4,319,483
Derivatives assets 163,664 170,890
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Freestanding Derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 26,800 19,189
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] 3,286,537 3,345,645
Fair Value, Measurements, Recurring | Consolidated Blackstone Funds | Debt Instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 145,574 954,649
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 469,012 558,259
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] 469,012 558,259
Fair Value, Measurements, Recurring | Corporate Treasury Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 197,976 803,870
Fair Value, Measurements, Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and Cash Equivalents 214,997 263,574
Total Investments 2,084,917 1,647,301
Assets 2,299,914 1,910,965
Securities Sold, Not Yet Purchased 3,867 3,886
Total Accounts Payable, Accrued Expenses and Other Liabilities 3,867 4,322
Liabilities 3,867 4,322
Fair Value, Measurements, Recurring | Level 1 | Freestanding Derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives liabilities 0 436
Fair Value, Measurements, Recurring | Level 1 | Other Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 2,006,970 1,564,112
Fair Value, Measurements, Recurring | Level 1 | Consolidated Blackstone Funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 10,259 11,118
Derivatives assets 0 90
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] 10,259 11,118
Fair Value, Measurements, Recurring | Level 1 | Corporate Treasury Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 67,688 72,071
Fair Value, Measurements, Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 2,988,716 3,857,328
Assets 3,146,568 4,014,957
Total Accounts Payable, Accrued Expenses and Other Liabilities 97,975 90,199
Liabilities 267,810 777,321
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 169,835 687,122
Fair Value, Measurements, Recurring | Level 2 | Freestanding Derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives liabilities 97,975 90,199
Fair Value, Measurements, Recurring | Level 2 | Other Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 2,590,956 2,355,423
Fair Value, Measurements, Recurring | Level 2 | Consolidated Blackstone Funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 276,048 1,066,475
Derivatives assets 157,852 157,629
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 26,800 19,189
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] 119,238 123,022
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 130,010 924,264
Fair Value, Measurements, Recurring | Level 2 | Corporate Treasury Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 121,712 435,430
Fair Value, Measurements, Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 2,784,723 3,203,441
Accounts Receivable - Loans and Receivables 95,532 60,738
Assets 2,886,067 3,277,350
Contingent Consideration 504 387
Total Accounts Payable, Accrued Expenses and Other Liabilities 647,393 565,637
Liabilities 647,393 565,637
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 887 1,264
Fair Value, Measurements, Recurring | Level 3 | Freestanding Derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives liabilities 646,002 563,986
Fair Value, Measurements, Recurring | Level 3 | Other Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 72,555 223,441
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments 2,703,592 2,683,631
Derivatives assets 5,812 13,171
Assets 2,703,592 2,683,631
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] 2,688,028 2,653,246
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 15,564 30,385
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Investments $ 8,576 $ 296,369
[1] Equity Securities, Partnership and LLC Interest includes investments in investment funds.
v3.24.1.u1
Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy (Detail)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets $ 3,138,009 $ 3,957,327
Level 3    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets 2,886,067 3,277,350
Fair value liabilities 647,393 565,637
Fair Value, Measurements, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets 8,808,642 9,768,806
Fair value liabilities 919,070 1,347,280
Fair Value, Measurements, Recurring | Level 3    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets 2,886,067 3,277,350
Fair value liabilities 647,393 565,637
Fair Value, Measurements, Recurring | Level 3 | Loans and Receivables | Discounted Cash Flows    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets $ 95,532 $ 60,738
Fair Value, Measurements, Recurring | Level 3 | Minimum | Loans and Receivables | Measurement Input, Discount Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Unobservable inputs, rate   8.80%
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%  
Fair Value, Measurements, Recurring | Level 3 | Maximum | Loans and Receivables | Measurement Input, Discount Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Unobservable inputs, rate   14.90%
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 14.00%  
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Loans and Receivables | Measurement Input, Discount Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Unobservable inputs, rate [1]   10.30%
Fair Value, Measurements, Recurring | Level 3 | Weighted Average | Loans and Receivables | Discounted Cash Flows | Measurement Input, Discount Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Unobservable inputs, rate [1] 10.30%  
Fair Value, Measurements, Recurring | Level 3 | Other Investments | Third Party Pricing Valuation Technique    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets [2] $ 78,367 $ 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] $ 646,002 $ 563,986
Fair Value, Measurements, Recurring | Level 3 | Freestanding Derivatives | Valuation Technique, Option Pricing Model | Measurement Input, Price Volatility    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Volatility 6.2 6.3 [3]
Fair Value, Measurements, Recurring | Level 3 | Other Liabilities | Third Party Pricing Valuation Technique    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value liabilities [4] $ 1,391 $ 1,651
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets 2,703,592 2,683,631
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 $ 2,688,028 $ 2,653,246
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Minimum | Measurement Input, Discount Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Unobservable inputs, rate   3.30%
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    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Exit Capitalization Rate 3.10% 3.10%
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%  
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Maximum | Measurement Input, Discount Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Unobservable inputs, rate   38.00%
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    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Exit Capitalization Rate 13.20% 12.80%
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 38.60%  
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Weighted Average | Measurement Input, Discount Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Unobservable inputs, rate [1]   9.70%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Weighted Average | EBITDA Multiple Market    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Exit Multiple - EBITDA [1] 15 15
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Weighted Average | Measurement Input, Cap Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Exit Capitalization Rate [1] 5.10% 5.10%
Fair Value, Measurements, Recurring | Level 3 | Consolidated Blackstone Funds | Equity Securities, Partnerships and LLC Interests | Weighted Average | Discounted Cash Flows | Measurement Input, Discount Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Unobservable inputs, rate [1] 10.10%  
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 $ 15,564 $ 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 | Transaction Price Valuation Technique    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair value assets $ 8,576  
Fair Value, Measurements, Recurring | Level 3 | Corporate Treasury Investments | Minimum | 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 | 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 | 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 March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023, Other Liabilities includes Level III Contingent Consideration and Level III Corporate Treasury Commitments.
v3.24.1.u1
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
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Balance, Beginning of Period $ 3,117,393 $ 4,595,842
Transfer Out Due to Deconsolidation (14,237) (3,837)
Transfer Into Level III 3,434 14,771
Transfer Out of Level III (2,546) (3,039)
Purchases 288,430 404,422
Sales (435,475) (406,066)
Issuances 9,561 50,689
Settlements (24,270) (33,268)
Changes in Gains (Losses) In cludedin Earnings (66,024) 100,887
Balance, End of Period 2,876,266 4,720,401
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ (43,393) $ 74,300
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 $ 565,637 $ 56,725
Transfer In Due to Consolidation and Acquisition 0 2,300
Changes in Losses (Gains) Included in Earnings 81,756 152,612
Balance, End of Period 647,393 211,637
Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date 81,756 152,612
Other Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Balance, Beginning of Period 373,024 30,971
Transfer Into Level III 0 898
Transfer Out of Level III 0 (2,726)
Purchases 5,675 49,404
Sales (289,993) (180)
Settlements (10,160) 528
Changes in Gains (Losses) In cludedin Earnings (1,404) (4,291)
Balance, End of Period 77,142 74,604
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date (3,305) 534
Other Liabilities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Balance, Beginning of Period 1,651 8,144
Transfer In Due to Consolidation and Acquisition 0 2,300
Changes in Losses (Gains) Included in Earnings (260) (2,226)
Balance, End of Period 1,391 8,218
Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date (260) (2,226)
Freestanding Derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Balance, Beginning of Period 563,986 48,581
Changes in Losses (Gains) Included in Earnings 82,016 154,838
Balance, End of Period 646,002 203,419
Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date 82,016 154,838
Loans and Receivables    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Balance, Beginning of Period 60,738 315,039
Purchases 149,639 55,070
Sales (111,167) (86,725)
Issuances 9,561 50,689
Settlements (14,110) (33,796)
Changes in Gains (Losses) In cludedin Earnings 871 7,011
Balance, End of Period 95,532 307,288
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date (793) 1,737
Consolidated Blackstone Funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Balance, Beginning of Period 2,683,631 4,249,832
Transfer Out Due to Deconsolidation (14,237) (3,837)
Transfer Into Level III 3,434 13,873
Transfer Out of Level III (2,546) (313)
Purchases 133,116 299,948
Sales (34,315) (319,161)
Changes in Gains (Losses) In cludedin Earnings (65,491) 98,167
Balance, End of Period 2,703,592 4,338,509
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ (39,295) $ 72,029
v3.24.1.u1
Fair Value Measurements of Financial instruments - Additional Information (Detail) - Blackstone [Member] - Consolidated Blackstone Funds [Member] - Fair Value, Measurements, Recurring - USD ($)
$ in Billions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial investment weighted average remaining term   1 year 7 months 6 days
Investments fair value disclosure $ 1.4  
v3.24.1.u1
Maximum Exposure to Loss Relating to Non-Consolidated VIEs (Detail) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]    
VIE Assets $ 39,706,302 $ 40,287,530
VIE Liabilities 21,228,868 22,212,316
Due from Affiliates    
Variable Interest Entity [Line Items]    
VIE Assets 266,394 203,187
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Maximum Exposure to Loss 4,250,732 4,026,897
Variable Interest Entity, Not Primary Beneficiary | Potential Clawback Obligation    
Variable Interest Entity [Line Items]    
VIE Liabilities 78,823 72,119
Variable Interest Entity, Not Primary Beneficiary | Amounts Due to Non-Consolidated VIEs    
Variable Interest Entity [Line Items]    
VIE Liabilities 557 223
Variable Interest Entity, Not Primary Beneficiary | Investments    
Variable Interest Entity [Line Items]    
VIE Assets $ 3,905,515 $ 3,751,591
v3.24.1.u1
Offsetting of Assets and Liabilities (Detail) - Freestanding Derivatives - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Offsetting Assets and Liabilities [Line Items]    
Derivatives Gross and Net Amounts of Assets Presented in the Statement of Financial Condition $ 190,464 $ 190,079
Derivatives Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments 124,134 107,330
Derivatives Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received 55,854 49,532
Derivatives Net Amount 10,476 33,217
Derivatives Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition 97,974 90,635
Derivatives Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments 97,300 87,777
Derivatives Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received 8 625
Derivatives Net Amount $ 666 $ 2,233
v3.24.1.u1
Components of Other Assets (Detail) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Schedule of Other Assets [Line Items]    
Furniture, Equipment and Leasehold Improvements $ 952,577 $ 937,355
Less: Accumulated Depreciation (417,903) (394,602)
Furniture, Equipment and Leasehold Improvements, Net 534,674 542,753
Prepaid Expenses 314,873 207,886
Freestanding Derivatives 163,664 170,890
Other 59,416 23,319
Total Other Assets $ 1,072,627 $ 944,848
v3.24.1.u1
Offsetting Of Assets And Liabilities - Additional Information (Detail) - Cash Pooling Arrangement
$ in Millions
Mar. 31, 2024
USD ($)
Offsetting Assets [Line Items]  
Aggregate cash balance on deposit relating to the cash pooling arrangement $ 995.3
Overdraft facility $ 959.3
v3.24.1.u1
Carrying Value and Fair Value of Blackstone Issued Notes (Detail) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Carrying Value [1] $ 10,740,171 $ 11,304,059
Debt instrument, fair value [1] 9,354,974 9,968,748
Senior Secured Notes    
Debt Instrument [Line Items]    
Carrying Value [2] 10,530,387 10,576,988
Debt instrument, fair value [2] 9,145,190 9,241,677
Borrowings Of Consolidated Blackstone Funds    
Debt Instrument [Line Items]    
Carrying Value [1] 169,835 687,122
Debt instrument, fair value [1] 169,835 687,122
2.000% Notes    
Debt Instrument [Line Items]    
Carrying Value [2] 328,618 336,005
Debt instrument, fair value [2] 317,401 324,778
1.000% Notes    
Debt Instrument [Line Items]    
Carrying Value [2] 649,429 664,085
Debt instrument, fair value [2] 607,196 620,864
3.150% Notes    
Debt Instrument [Line Items]    
Carrying Value [2] 298,572 298,476
Debt instrument, fair value [2] 281,337 283,059
5.900% Notes    
Debt Instrument [Line Items]    
Carrying Value [2] 595,678 595,411
Debt instrument, fair value [2] 616,194 625,158
1.625% Notes    
Debt Instrument [Line Items]    
Carrying Value [2] 645,646 645,406
Debt instrument, fair value [2] 566,209 566,508
1.500% Notes    
Debt Instrument [Line Items]    
Carrying Value [2] 651,823 666,655
Debt instrument, fair value [2] 590,558 601,272
2.500% Notes    
Debt Instrument [Line Items]    
Carrying Value [2] 493,819 493,573
Debt instrument, fair value [2] 434,280 431,005
1.600% Notes    
Debt Instrument [Line Items]    
Carrying Value [2] 496,562 496,447
Debt instrument, fair value [2] 390,120 391,955
2.000% Notes    
Debt Instrument [Line Items]    
Carrying Value [2] 789,587 789,283
Debt instrument, fair value [2] 628,088 633,153
2.550% Notes    
Debt Instrument [Line Items]    
Carrying Value [2] 495,788 495,670
Debt instrument, fair value [2] 413,915 410,755
6.200% Notes    
Debt Instrument [Line Items]    
Carrying Value [2] 892,061 891,899
Debt instrument, fair value [2] 948,303 962,037
3.500% Notes    
Debt Instrument [Line Items]    
Carrying Value [2] 509,849 521,549
Debt instrument, fair value [2] 541,291 536,319
6.250% Notes    
Debt Instrument [Line Items]    
Carrying Value [2] 239,530 239,457
Debt instrument, fair value [2] 260,620 263,270
5.000% Notes    
Debt Instrument [Line Items]    
Carrying Value [2] 490,045 489,975
Debt instrument, fair value [2] 458,045 464,560
4.450% Notes    
Debt Instrument [Line Items]    
Carrying Value [2] 344,728 344,691
Debt instrument, fair value [2] 295,243 297,486
4.000% Notes    
Debt Instrument [Line Items]    
Carrying Value [2] 291,204 291,149
Debt instrument, fair value [2] 229,914 233,685
3.500% Notes    
Debt Instrument [Line Items]    
Carrying Value [2] 392,481 392,436
Debt instrument, fair value [2] 288,116 294,608
2.800% Notes    
Debt Instrument [Line Items]    
Carrying Value [2] 394,140 394,103
Debt instrument, fair value [2] 247,376 252,008
2.850% Notes    
Debt Instrument [Line Items]    
Carrying Value [2] 543,357 543,317
Debt instrument, fair value [2] 344,674 352,457
3.200% Notes    
Debt Instrument [Line Items]    
Carrying Value [2] 987,470 987,401
Debt instrument, fair value [2] 686,310 696,740
Secured Borrowings One | Other    
Debt Instrument [Line Items]    
Carrying Value [3] 19,949 19,949
Debt instrument, fair value [3] 19,949 19,949
Secured Borrowings Two | Other    
Debt Instrument [Line Items]    
Carrying Value [3] 20,000 20,000
Debt instrument, fair value [3] 20,000 20,000
Blackstone Operating Borrowings | Other    
Debt Instrument [Line Items]    
Carrying Value [3] 10,570,336 10,616,937
Debt instrument, fair value [3] 9,185,139 9,281,626
CLO Notes Payable | Borrowings Of Consolidated Blackstone Funds    
Debt Instrument [Line Items]    
Carrying Value [1] 169,835 687,122
Debt instrument, fair value [1] $ 169,835 $ 687,122
[1] CLO Notes Payable have maturity dates ranging from June 2025 to January 2037 and have an effective interest rate of 8.25% as of March 31, 2024. 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.
[2] Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.
[3] The Secured Borrowing, Due 10/27/2033 has an interest rate of 7.64% and the Secured Borrowing, Due 1/29/2035 has an interest rate of 7.64%. 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 March 31, 2024, the fair value of the assets securing both Secured Borrowings equaled $48.5 million.
v3.24.1.u1
Carrying Value and Fair Value of Blackstone Issued Notes (Parenthetical) (Detail)
$ in Millions
3 Months Ended
Mar. 31, 2024
USD ($)
Debt Instrument [Line Items]  
Fair Value of assets secured for secured borrowings $ 48.5
Liabilities Of Consolidated Clo Vehicles Notes Payable  
Debt Instrument [Line Items]  
Debt instrument, interest rate 8.25%
Debt instrument, maturity date, description June 2025 to January 2037
2.000% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date May 19, 2025 [1]
2.000% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 2.00% [1]
1.000% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Oct. 05, 2026 [1]
1.000% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 1.00% [1]
3.150% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Oct. 02, 2027 [1]
3.150% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 3.15% [1]
5.900% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Nov. 03, 2027 [1]
5.900% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 5.90% [1]
1.625% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Aug. 05, 2028 [1]
1.625% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 1.625% [1]
1.500% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Apr. 10, 2029 [1]
1.500% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 1.50% [1]
2.500% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Jan. 10, 2030 [1]
2.500% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 2.50% [1]
1.600% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Mar. 30, 2031 [1]
1.600% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 1.60% [1]
2.000% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Jan. 30, 2032 [1]
2.000% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 2.00% [1]
2.550% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Mar. 30, 2032 [1]
2.550% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 2.55% [1]
6.200% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Apr. 22, 2033 [1]
6.200% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 6.20% [1]
3.500% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Jun. 01, 2034 [1]
3.500% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 3.50% [1]
6.250% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Aug. 15, 2042 [1]
6.250% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 6.25% [1]
5.000% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Jun. 15, 2044 [1]
5.000% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 5.00% [1]
4.450% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Jul. 15, 2045 [1]
4.450% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 4.45% [1]
4.000% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Oct. 02, 2047 [1]
4.000% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 4.00% [1]
3.500% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Sep. 10, 2049 [1]
3.500% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 3.50% [1]
2.800% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Sep. 30, 2050 [1]
2.800% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 2.80% [1]
2.850% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Aug. 05, 2051 [1]
2.850% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 2.85% [1]
3.200% Notes  
Debt Instrument [Line Items]  
Debt instrument, maturity date Jan. 30, 2052 [1]
3.200% Notes | Senior Secured Notes  
Debt Instrument [Line Items]  
Debt instrument, interest rate 3.20% [1]
Secured Borrowings One  
Debt Instrument [Line Items]  
Debt instrument, interest rate 7.64%
Debt instrument, maturity date Oct. 27, 2033 [2]
Secured Borrowings Two  
Debt Instrument [Line Items]  
Debt instrument, interest rate 7.64%
Debt instrument, maturity date Jan. 29, 2035 [2]
[1] Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.
[2] The Secured Borrowing, Due 10/27/2033 has an interest rate of 7.64% and the Secured Borrowing, Due 1/29/2035 has an interest rate of 7.64%. 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 March 31, 2024, the fair value of the assets securing both Secured Borrowings equaled $48.5 million.
v3.24.1.u1
Scheduled Principal Payments for Borrowings (Detail)
$ in Thousands
Mar. 31, 2024
USD ($)
Debt Instrument [Line Items]  
2024 $ 0
2025 331,924
2026 653,447
2027 911,589
2028 664,090
Thereafter 8,317,031
Total 10,878,081
Blackstone Operating Borrowings  
Debt Instrument [Line Items]  
2024 0
2025 331,924
2026 653,447
2027 911,589
2028 664,090
Thereafter 8,136,900
Total 10,697,950
Borrowings of Consolidated Blackstone Funds  
Debt Instrument [Line Items]  
2024 0
2025 0
2026 0
2027 0
2028 0
Thereafter 180,131
Total $ 180,131
v3.24.1.u1
Schedule of Major Filing Jurisdictions and Open Period Subject to Examinations (Detail)
3 Months Ended
Mar. 31, 2024
Federal | Tax Year 2020  
Income Tax Examination [Line Items]  
Open Tax Year 2020
New York City | Tax Year 2009  
Income Tax Examination [Line Items]  
Open Tax Year 2009
New York State | Tax Year 2016  
Income Tax Examination [Line Items]  
Open Tax Year 2016
United Kingdom | Tax Year 2011  
Income Tax Examination [Line Items]  
Open Tax Year 2011
v3.24.1.u1
Basic and Diluted Net Income Per Common Stock (Detail) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Earnings Per Share [Line Items]    
Net Income Attributable to Blackstone Inc., Basic and Diluted $ 847,386 $ 85,812
Weighted-Average Shares of Common Stock Outstanding, Basic 759,798,537 746,064,922
Weighted-Average Shares of Unvested Deferred Restricted Common Stock 459,107 579,007
Weighted-Average Shares of Common Stock Outstanding, Diluted 760,257,644 746,643,929
Net Income Per Share of Common Stock, Basic $ 1.12 $ 0.12
Net Income Per Share of Common Stock, Diluted 1.11 0.11
Dividends Declared Per Share of Common Stock $ 0.94 $ 0.91
v3.24.1.u1
Summary of Anti-Dilutive Securities (Detail) - shares
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Blackstone Partnership Units    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Weighted-Average Units 457,917,611 462,949,870
v3.24.1.u1
Schedule of Shares Eligible For Dividends and Distribution (Detail)
Mar. 31, 2024
shares
Stockholders Equity [Line Items]  
Common stock eligible for dividends and distributions 759,176,426
Shares eligible for dividends and distributions 1,216,666,569
Common Stock  
Stockholders Equity [Line Items]  
Common stock eligible for dividends and distributions 722,263,433
Unvested Participating Common Stock  
Stockholders Equity [Line Items]  
Common stock eligible for dividends and distributions 36,912,993
Participating Partnership Units  
Stockholders Equity [Line Items]  
Participating Blackstone Holdings Partnership Units 457,490,143
v3.24.1.u1
Earnings Per Share and Stockholder's Equity - Additional Information (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 07, 2021
Stockholders Equity [Line Items]      
Amount remaining available for repurchases $ 668.4    
Common Stock      
Stockholders Equity [Line Items]      
Common stock repurchased, units 700,000 1,000,000  
Amount authorized to repurchase under unit repurchase program     $ 2,000.0
Common stock repurchased, cost $ 88.4 $ 90.1  
v3.24.1.u1
Equity-Based Compensation - Additional Information (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Jan. 01, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Partnership grant units     173,443,452
Compensation expense in relation to equity-based awards $ 320,653 $ 277,431  
Tax benefits in relation to equity-based awards 65,300 $ 39,300  
Estimated unrecognized compensation expense related to unvested awards $ 2,800,000    
Weighted-average period for recognized compensation expense related to unvested awards, years 3 years 8 months 12 days    
Total vested and unvested outstanding units 1,216,634,747    
Phantom Share Units (PSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total outstanding unvested phantom units 77,083    
v3.24.1.u1
Summary of Status of Partnership's Unvested Equity-Based Awards (Detail)
3 Months Ended
Mar. 31, 2024
$ / shares
shares
Blackstone | Blackstone Partnership Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Beginning Balance | shares 4,585,893
Granted (Units) | shares 0
Vested (Units) | shares (268,682)
Forfeited (Units) | shares (35,431)
Ending Balance | shares 4,281,780
Beginning Balance | $ / shares $ 38.94
Granted (Weighted-Average Grant Date Fair Value) | $ / shares 0
Vested (Weighted-Average Grant Date Fair Value) | $ / shares 33.25
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares 46.58
Ending Balance | $ / shares $ 39.23
Blackstone Group Inc. | Equity Settled Awards Deferred Restricted Shares Of Common Stock  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Beginning Balance | shares 36,456,644
Granted (Units) | shares 1,708,994
Vested (Units) | shares (2,839,811)
Forfeited (Units) | shares (597,142)
Ending Balance | shares 34,728,685
Beginning Balance | $ / shares $ 86.05
Granted (Weighted-Average Grant Date Fair Value) | $ / shares 130.25
Vested (Weighted-Average Grant Date Fair Value) | $ / shares 88.53
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares 88.2
Ending Balance | $ / shares $ 88.04
Blackstone Group Inc. | Cash Settled Awards Phantom Shares  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Beginning Balance | shares 85,447
Granted (Units) | shares 7,362
Vested (Units) | shares (7,100)
Forfeited (Units) | shares (15,130)
Ending Balance | shares 70,579
Beginning Balance | $ / shares $ 114.5
Granted (Weighted-Average Grant Date Fair Value) | $ / shares 128.09
Vested (Weighted-Average Grant Date Fair Value) | $ / shares 128.09
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares 128.09
Ending Balance | $ / shares $ 128.49
v3.24.1.u1
Unvested Shares and Units, After Expected Forfeitures (Detail)
3 Months Ended
Mar. 31, 2024
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Blackstone Holdings Partnership Units 4,430,851
Deferred Restricted Shares of Common Stock 31,480,104
Total Equity-Based Awards 35,910,955
Phantom Shares 60,171
Blackstone Holdings Partnership Units (Weighted-Average Service Period in Years) 6 months
Deferred Restricted Shares of Common Stock (Weighted-Average Service in Years) 2 years 8 months 12 days
Total Equity-Based Awards (Weighted-Average Service Period in Years) 2 years 6 months
Phantom Shares (Weighted-Average Service Period in Years) 2 years 9 months 18 days
v3.24.1.u1
Due from Affiliates and Due to Affiliates (Detail) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]    
Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated Entities and Portfolio Companies $ 3,824,853 $ 3,638,948
Due from Certain Non-Controlling Interest Holders and Blackstone Employees 794,877 720,743
Accrual for Potential Clawback of Previously Distributed Performance Allocations 75,494 106,830
Due from Affiliates, total 4,695,224 4,466,521
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements 1,622,694 1,681,516
Due to Non-Consolidated Entities 104,066 124,560
Due to Certain Non-Controlling Interest Holders and Blackstone Employees 177,654 305,816
Accrual for Potential Repayment of Previously Received Performance Allocations 231,064 281,518
Due to Affiliates, total 2,135,478 2,393,410
Related Party    
Related Party Transaction [Line Items]    
Due from Affiliates, total 4,695,224 4,466,521
Due to Affiliates, total $ 2,135,478 $ 2,393,410
v3.24.1.u1
Related Party Transactions - Additional Information (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Related Party Transaction [Line Items]      
Investments $ 25,922,290   $ 26,146,622
Cash saving in tax receivable agreements, percentage 85.00%    
Expected future payments under the tax receivable agreements $ 1,600,000    
Expected future payments under the tax receivable agreements in years 15 years    
After-tax net present value estimated payments $ 488,800    
After-tax net present value discount rate assumption 15.00%    
Founder, senior managing directors, employees and certain other related parties      
Related Party Transaction [Line Items]      
Net Income Attributable to Non-Controlling Interests $ 31,900 $ 22,200  
Founder, senior managing directors, employees and certain other related parties | Consolidated Blackstone Funds      
Related Party Transaction [Line Items]      
Investments $ 1,700,000   $ 1,700,000
v3.24.1.u1
Commitments and Contingencies - Additional Information (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Jan. 01, 2023
Schedule Of Commitments And Contingencies [Line Items]      
General partner capital funding $ 4,700.0    
Total investments at risk in respect of guarantees extended $ 32.0    
Contingent obligations currently anticipated to expire end 2032    
Provision for cash clawback $ 1,000.0    
Contingent Obligations (Clawback) 6,500.0    
Blackstone Real Estate Investment Trust or BREIT      
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 646.0    
Investments Pledged fair value 1,100.0 $ 1,100.0  
Common stock, value, subscriptions     $ 4,500.0
Blackstone Real Estate Investment Trust or BREIT | University of California      
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 76.0    
Contingent Obligations (Clawback) 6,100.0    
Consolidated Blackstone Funds      
Schedule Of Commitments And Contingencies [Line Items]      
Funds signed investment commitments 324.2    
Consolidated Blackstone Funds | Portfolio Company Acquisition      
Schedule Of Commitments And Contingencies [Line Items]      
Signed investment commitments for portfolio company acquisitions in process of closing $ 206.5    
v3.24.1.u1
Clawback Obligations by Segment (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Product Liability Contingency [Line Items]    
Clawback obligations [1] $ 231,064 $ 281,518
Blackstone Holdings    
Product Liability Contingency [Line Items]    
Clawback obligations 155,570 174,688
Current And Former Blackstone Personnel    
Product Liability Contingency [Line Items]    
Clawback obligations [2] 75,494 106,830
Real Estate Segment    
Product Liability Contingency [Line Items]    
Clawback obligations [1] 191,784 235,772
Real Estate Segment | Blackstone Holdings    
Product Liability Contingency [Line Items]    
Clawback obligations 128,972 145,435
Real Estate Segment | Current And Former Blackstone Personnel    
Product Liability Contingency [Line Items]    
Clawback obligations [2] 62,812 90,337
Private Equity Segment    
Product Liability Contingency [Line Items]    
Clawback obligations [1] 38,802 45,277
Private Equity Segment | Blackstone Holdings    
Product Liability Contingency [Line Items]    
Clawback obligations 26,387 29,046
Private Equity Segment | Current And Former Blackstone Personnel    
Product Liability Contingency [Line Items]    
Clawback obligations [2] 12,415 16,231
Credit & Insurance    
Product Liability Contingency [Line Items]    
Clawback obligations [1] 478 469
Credit & Insurance | Blackstone Holdings    
Product Liability Contingency [Line Items]    
Clawback obligations 211 207
Credit & Insurance | Current And Former Blackstone Personnel    
Product Liability Contingency [Line Items]    
Clawback obligations [2] $ 267 $ 262
[1] Total is a component of Due to Affiliates. See Note 15. “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.
v3.24.1.u1
Segment Reporting - Additional Information (Detail) - Segment
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Segment Reporting Information [Line Items]    
Number of business segments 4 4
v3.24.1.u1
Financial Data of Segments (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Segment Reporting Information [Line Items]    
Fee Related Performance Revenues $ 295,501 $ 148,244
Realized Performance Revenues 831,858 789,770
Realized Performance Compensation (332,601) (360,075)
Realized Principal Investment Income 9,938 43,691
Operating Segments    
Segment Reporting Information [Line Items]    
Base Management Fees 1,644,730 1,619,547
Transaction, Advisory and Other Fees, Net 66,938 45,710
Management Fee Offsets (4,097) (12,870)
Total Management and Advisory Fees, Net 1,707,571 1,652,387
Fee Related Performance Revenues 295,501 148,244
Fee Related Compensation (554,077) (508,971)
Other Operating Expenses (288,978) (251,648)
Fee Related Earnings 1,160,017 1,040,012
Realized Performance Revenues 536,393 641,526
Realized Performance Compensation (253,024) (296,024)
Realized Principal Investment Income 9,938 43,691
Total Net Realizations 293,307 389,193
Total Segment Distributable Earnings 1,453,324 1,429,205
Segment Assets 36,831,351  
Operating Segments | Real Estate Segment    
Segment Reporting Information [Line Items]    
Base Management Fees 694,179 705,387
Transaction, Advisory and Other Fees, Net 29,190 20,561
Management Fee Offsets (2,930) (10,457)
Total Management and Advisory Fees, Net 720,439 715,491
Fee Related Performance Revenues 129,958 20,748
Fee Related Compensation (174,569) (137,610)
Other Operating Expenses (89,762) (74,181)
Fee Related Earnings 586,066 524,448
Realized Performance Revenues 49,967 11,096
Realized Performance Compensation (21,863) (3,165)
Realized Principal Investment Income 2,193 2,224
Total Net Realizations 30,297 10,155
Total Segment Distributable Earnings 616,363 534,603
Segment Assets 12,846,955  
Operating Segments | Private Equity Segment    
Segment Reporting Information [Line Items]    
Base Management Fees 450,283 451,610
Transaction, Advisory and Other Fees, Net 26,149 14,784
Management Fee Offsets (267) (1,310)
Total Management and Advisory Fees, Net 476,165 465,084
Fee Related Performance Revenues 0 0
Fee Related Compensation (157,392) (161,626)
Other Operating Expenses (86,879) (76,763)
Fee Related Earnings 231,894 226,695
Realized Performance Revenues 446,455 499,322
Realized Performance Compensation (218,938) (232,934)
Realized Principal Investment Income 22,208 32,889
Total Net Realizations 249,725 299,277
Total Segment Distributable Earnings 481,619 525,972
Segment Assets 13,761,878  
Operating Segments | Credit & Insurance Segment    
Segment Reporting Information [Line Items]    
Base Management Fees 370,998 326,779
Transaction, Advisory and Other Fees, Net 9,790 8,451
Management Fee Offsets (892) (1,101)
Total Management and Advisory Fees, Net 379,896 334,129
Fee Related Performance Revenues 165,543 127,496
Fee Related Compensation (181,337) (163,999)
Other Operating Expenses (85,530) (74,238)
Fee Related Earnings 278,572 223,388
Realized Performance Revenues 15,120 125,181
Realized Performance Compensation (5,445) (56,772)
Realized Principal Investment Income 3,597 6,009
Total Net Realizations 13,272 74,418
Total Segment Distributable Earnings 291,844 297,806
Segment Assets 7,607,377  
Operating Segments | Multi Assets Investing Segment    
Segment Reporting Information [Line Items]    
Base Management Fees 129,270 135,771
Transaction, Advisory and Other Fees, Net 1,809 1,914
Management Fee Offsets (8) (2)
Total Management and Advisory Fees, Net 131,071 137,683
Fee Related Performance Revenues 0 0
Fee Related Compensation (40,779) (45,736)
Other Operating Expenses (26,807) (26,466)
Fee Related Earnings 63,485 65,481
Realized Performance Revenues 24,851 5,927
Realized Performance Compensation (6,778) (3,153)
Realized Principal Investment Income (18,060) 2,569
Total Net Realizations 13 5,343
Total Segment Distributable Earnings 63,498 $ 70,824
Segment Assets $ 2,615,141  
v3.24.1.u1
Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Total Revenues $ 3,687,828 $ 1,381,845  
Less: Unrealized Principal Investment (Income) Loss 461,623 (491,417)  
Total Expenses 1,790,407 1,189,345  
Total Other Income (17,767) 65,856  
Total Other Income 0 0  
Total GAAP Income Before Provision for Taxes 1,879,654 258,356  
Less: Unrealized Principal Investment (Income) Loss 461,623 (491,417)  
Total Assets 39,706,302   $ 40,287,530
Operating Segments      
Segment Reporting Information [Line Items]      
Total Revenues [1] 2,549,403 2,485,848  
Total Expenses [2] 1,096,079 1,056,643  
Total Segment Distributable Earnings 1,453,324 1,429,205  
Total Assets 36,831,351    
Consolidation Adjustments and Reconciling Items      
Segment Reporting Information [Line Items]      
Less: Unrealized Performance Revenues [3] (445,936) 759,316  
Less: Unrealized Principal Investment (Income) Loss [4] (442,976) 479,120  
Less: Interest and Dividend Revenue [5] (97,839) (95,101)  
Less: Other Revenue [6] (44,747) 14,180  
Impact of Consolidation [7] (106,874) (58,987)  
Transaction-Related and Non-Recurring Items [8] (449) 4,788  
Less: Unrealized Performance Allocations Compensation [9] (180,900) 313,249  
Less: Equity-Based Compensation [10] (317,779) (268,134)  
Less: Interest Expense [11] (107,640) (104,209)  
Impact of Consolidation [7] (25,949) (56,674)  
Amortization of Intangibles [12] (7,333) (11,341)  
Transaction-Related and Non-Recurring Items [8] (52,646) (3,833)  
Administrative Fee Adjustment [13] 2,477 2,447  
Less: Unrealized Performance Revenues [3] (445,936) 759,316  
Less: Unrealized Principal Investment (Income) Loss [4] (442,976) 479,120  
Less: Interest and Dividend Revenue [5] (97,839) (95,101)  
Less: Other Revenue [6] (44,747) 14,180  
Plus: Unrealized Performance Allocations Compensation [9] 180,900 (313,249)  
Plus: Equity-Based Compensation [10] 317,779 268,134  
Plus: Interest Expense [11] 107,640 104,209  
Amortization of Intangibles [12] 7,333 11,341  
Administrative Fee Adjustment [13] 2,477 2,447  
Transaction-Related Charges [8] 52,197 8,621  
Segment Adjustment      
Segment Reporting Information [Line Items]      
Intersegment Eliminations 396 687  
Intersegment Eliminations 396 687  
Impact of Consolidation      
Segment Reporting Information [Line Items]      
Total Other Income 17,767 (65,856)  
Impact of Consolidation [7] (63,158) $ (68,169)  
Total Assets [7] $ (2,874,951)    
[1] Total Segment Revenues is comprised of the following:
[2] Total Segment Expenses is comprised of the following:
[3] This adjustment removes Unrealized Performance Revenues on a segment basis.
[4] This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis.
[5] This adjustment removes Interest and Dividend Revenue on a segment basis.
[6] This adjustment removes Other Revenue on a segment basis. For the three months ended March 31, 2024 and 2023, Other Revenue on a GAAP basis was $44.8 million and $(14.2) million, and included $44.5 million and $(14.7) 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. For the three months ended March 31, 2024, this adjustment includes removal of an accrual for an estimated liability for a legal matter.
[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.
v3.24.1.u1
Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Parenthetical) (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Segment Reporting Information [Line Items]    
Total Segment Fee Related Performance Revenues $ 295,501 $ 148,244
Total Segment Realized Performance Revenues 831,858 789,770
Total Segment Realized Principal Investment Income 9,938 43,691
Total Segment Realized Performance Compensation 332,601 360,075
Total Segment Other Operating Expenses 44,820 (14,154)
Foreign exchange gains (losses) 44,500 (14,700)
Operating Segments    
Segment Reporting Information [Line Items]    
Total Segment Management and Advisory Fees, Net 1,707,571 1,652,387
Total Segment Fee Related Performance Revenues 295,501 148,244
Total Segment Realized Performance Revenues 536,393 641,526
Total Segment Realized Principal Investment Income 9,938 43,691
Total Revenues [1] 2,549,403 2,485,848
Total Segment Fee Related Compensation 554,077 508,971
Total Segment Realized Performance Compensation 253,024 296,024
Total Segment Other Operating Expenses 288,978 251,648
Total Expenses [2] $ 1,096,079 $ 1,056,643
[1] Total Segment Revenues is comprised of the following:
[2] Total Segment Expenses is comprised of the following:
v3.24.1.u1
Reconciliation of Total Segments to Reported on the Consolidated Statements of Operations (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Segment Reporting Information [Line Items]    
Revenues [1] $ (19,577) $ (5,928)
Investment Income — Realized Performance Allocations 652,517 646,894
Realized Performance Revenues 295,501 148,244
Compensation 794,803 716,285
Incentive Fee Compensation 73,707 63,281
Realized Performance Allocations Compensation 258,894 296,794
Realized Performance Revenues 831,858 789,770
Segment Adjustment [2] 36 0
Total Compensation and Benefits 1,127,404 1,076,360
General, Administrative and Other 369,950 273,394
General, Administrative and Other [3] (80,972) (21,746)
Investment Income — Realized Performance Allocations 652,517 646,894
Realized Performance Revenues 831,858 789,770
Realized Performance Compensation (332,601) (360,075)
Investment Income Realized 78,597 108,058
Investment Income Realized [4] (68,659) (64,367)
Investment Income Realized 9,938 43,691
Segment Adjustment [5] (2,524) (3,231)
Less: Fee Related Performance Compensation [6] (75,198) (61,071)
Total Segment 332,601 360,075
Management and Advisory Fees, Net    
Segment Reporting Information [Line Items]    
Revenues 1,727,148 1,658,315
Incentive Fees    
Segment Reporting Information [Line Items]    
Revenues 179,341 142,876
Operating Segments    
Segment Reporting Information [Line Items]    
Revenues 1,707,571 1,652,387
Realized Performance Revenues 295,501 148,244
Realized Performance Revenues 536,393 641,526
Realized Performance Revenues (295,501) (148,244)
General, Administrative and Other 288,978 251,648
Realized Performance Revenues 536,393 641,526
Less: Realized Performance Revenues (536,393) (641,526)
Realized Performance Compensation (253,024) (296,024)
Investment Income Realized 9,938 43,691
Less: Equity-Based Compensation — Operating Compensation (313,400) (265,154)
Less: Equity-Based Compensation — Performance Compensation (4,379) (2,980)
Total Compensation and Benefits 554,077 508,971
Less: Equity-Based Compensation — Performance Compensation (4,379) (2,980)
Total Segment 253,024 296,024
Operating Segments | Management and Advisory Fees, Net    
Segment Reporting Information [Line Items]    
Revenues $ 1,707,571 $ 1,652,387
[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 Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures, (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. For the three months ended March 31, 2024, this adjustment includes removal of an accrual for an estimated liability for a legal matter.
[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 and Non-Recurring Items 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.