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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 11/03/23 Blackstone Inc. 10-Q 9/30/23 115:32M Donnelley … Solutions/FA |
Document/Exhibit Description Pages Size
1: 10-Q Quarterly Report HTML 7.90M
2: 10-Q Quarterly Report -- d547912d10q1 PDF 3.33M
3: EX-10.1 Material Contract HTML 423K
4: EX-10.2 Material Contract HTML 447K
5: EX-10.3 Material Contract HTML 436K
6: EX-10.4 Material Contract HTML 455K
7: EX-10.5 Material Contract HTML 433K
8: EX-10.6 Material Contract HTML 437K
13: EX-99.1 Miscellaneous Exhibit HTML 31K
9: EX-31.1 Certification -- §302 - SOA'02 HTML 37K
10: EX-31.2 Certification -- §302 - SOA'02 HTML 37K
11: EX-32.1 Certification -- §906 - SOA'02 HTML 33K
12: EX-32.2 Certification -- §906 - SOA'02 HTML 33K
19: R1 Cover Page HTML 84K
20: R2 Condensed Consolidated Statements of Financial HTML 147K
Condition
21: R3 Condensed Consolidated Statements of Financial HTML 89K
Condition (Parenthetical)
22: R4 Condensed Consolidated Statements of Operations HTML 159K
23: R5 Condensed Consolidated Statements of Comprehensive HTML 64K
Income
24: R6 Condensed Consolidated Statements of Changes in HTML 150K
Equity
25: R7 Condensed Consolidated Statements of Changes in HTML 35K
Equity (Parenthetical)
26: R8 Condensed Consolidated Statements of Cash Flows HTML 151K
27: R9 Condensed Consolidated Statements of Cash Flows HTML 38K
(Parenthetical)
28: R10 Organization HTML 35K
29: R11 Summary of Significant Accounting Policies HTML 113K
30: R12 Intangible Assets HTML 42K
31: R13 Investments HTML 134K
32: R14 Net Asset Value as Fair Value HTML 54K
33: R15 Derivative Financial Instruments HTML 163K
34: R16 Fair Value Option HTML 165K
35: R17 Fair Value Measurements of Financial Instruments HTML 487K
36: R18 Variable Interest Entities HTML 46K
37: R19 Repurchase Agreements HTML 53K
38: R20 Offsetting of Assets And Liabilities HTML 118K
39: R21 Borrowings HTML 146K
40: R22 Income Taxes HTML 41K
41: R23 Earnings Per Share and Stockholders' Equity HTML 89K
42: R24 Equity-Based Compensation HTML 80K
43: R25 Related Party Transactions HTML 68K
44: R26 Commitments and Contingencies HTML 88K
45: R27 Segment Reporting HTML 710K
46: R28 Subsequent Events HTML 33K
47: R29 Summary of Significant Accounting Policies HTML 151K
(Policies)
48: R30 Intangible Assets (Tables) HTML 41K
49: R31 Investments (Tables) HTML 134K
50: R32 Net Asset Value as Fair Value (Tables) HTML 54K
51: R33 Derivative Financial Instruments (Tables) HTML 164K
52: R34 Fair Value Option (Tables) HTML 164K
53: R35 Fair Value Measurements of Financial Instruments HTML 491K
(Tables)
54: R36 Variable Interest Entities (Tables) HTML 47K
55: R37 Repurchase Agreements (Tables) HTML 51K
56: R38 Offsetting of Assets And Liabilities (Tables) HTML 120K
57: R39 Borrowings (Tables) HTML 144K
58: R40 Income Taxes (Tables) HTML 37K
59: R41 Earnings Per Share and Stockholders' Equity HTML 90K
(Tables)
60: R42 Equity-Based Compensation (Tables) HTML 76K
61: R43 Related Party Transactions (Tables) HTML 56K
62: R44 Commitments and Contingencies (Tables) HTML 66K
63: R45 Segment Reporting (Tables) HTML 700K
64: R46 Organization - Additional Information (Detail) HTML 36K
65: R47 Intangible Assets, Net (Detail) HTML 39K
66: R48 Intangible Assets - Additional Information HTML 49K
(Detail)
67: R49 Investments (Detail) HTML 64K
68: R50 Investments - Additional Information (Detail) HTML 66K
69: R51 Reconciliation of Realized and Net Change in HTML 48K
Unrealized Gains (Losses) to Other Income (Loss) -
Net Gains (Losses) from Fund Investment Activities
in Condensed Consolidated Statements of Operations
(Detail)
70: R52 Performance Fees Allocated to Funds (Detail) HTML 53K
71: R53 Realized and Net Change in Unrealized Gains HTML 42K
(Losses) on Investments Held by Blackstone's
Treasury Cash Management Strategies (Detail)
72: R54 Realized and Net Change in Unrealized Gains HTML 42K
(Losses) in Other Investments (Detail)
73: R55 Summary of Fair Value by Strategy Type Alongside HTML 44K
Consolidated Funds of Hedge Funds' Remaining
Unfunded Commitments and Ability to Redeem Such
Investments (Detail)
74: R56 Summary of Fair Value by Strategy Type Alongside HTML 37K
Consolidated Funds of Hedge Funds' Remaining
Unfunded Commitments and Ability to Redeem Such
Investments (Parenthetical) (Detail)
75: R57 Summary of Aggregate Notional Amount and Fair HTML 71K
Value of Derivative Financial Instruments (Detail)
76: R58 Summary of Impact of Derivative Financial HTML 57K
Instruments to Condensed Consolidated Statements
of Operations (Detail)
77: R59 Summary of Financial Instruments for Which Fair HTML 51K
Value Option Has Been Elected (Detail)
78: R60 Realized and Net Change in Unrealized Gains HTML 63K
(Losses) on Financial Instruments on Financial
Instruments on Which Fair Value Option was Elected
(Detail)
79: R61 Information for Financial Instruments on Which HTML 44K
Fair Value Option was Elected (Detail)
80: R62 Fair Value Option - Additional Information HTML 41K
(Detail)
81: R63 Financial Assets and Liabilities at Fair Value HTML 148K
(Detail)
82: R64 Summary of Quantitative Inputs and Assumptions for HTML 90K
Items Categorized in Level III of Fair Value
Hierarchy (Detail)
83: R65 Summary of Changes in Financial Assets Measured at HTML 79K
Fair Value for Which Level III Inputs Were Used
(Detail)
84: R66 Maximum Exposure to Loss Relating to HTML 64K
Non-Consolidated VIEs (Detail)
85: R67 Repurchase Agreements - Additional Information HTML 37K
(Detail)
86: R68 Schedule of Repurchase Agreements Obligation by HTML 53K
Type of Collateral Pledged (Detail)
87: R69 Offsetting of Assets and Liabilities (Detail) HTML 93K
88: R70 Offsetting Of Assets And Liabilities - Additional HTML 38K
Information (Detail)
89: R71 Components of Other Assets (Detail) HTML 49K
90: R72 Borrowings - Additional Information (Detail) HTML 50K
91: R73 Carrying Value and Fair Value of Blackstone Issued HTML 119K
Notes (Detail)
92: R74 Carrying Value and Fair Value of Blackstone Issued HTML 100K
Notes (Parenthetical) (Detail)
93: R75 Scheduled Principal Payments for Borrowings HTML 66K
(Detail)
94: R76 Summary of Earliest Tax Years that Remain Subject HTML 45K
to Examination in Major Jurisdictions (Detail)
95: R77 Basic and Diluted Net Income Per Common Stock HTML 68K
(Detail)
96: R78 Summary of Anti-Dilutive Securities (Detail) HTML 36K
97: R79 Schedule of Shares Eligible For Dividends and HTML 42K
Distribution (Detail)
98: R80 Earnings Per Share and Stockholder's Equity - HTML 46K
Additional Information (Detail)
99: R81 Equity-Based Compensation - Additional Information HTML 59K
(Detail)
100: R82 Summary of Status of Partnership's Unvested HTML 75K
Equity-Based Awards (Detail)
101: R83 Unvested Shares and Units, After Expected HTML 53K
Forfeitures (Detail)
102: R84 Due from Affiliates and Due to Affiliates (Detail) HTML 54K
103: R85 Related Party Transactions - Additional HTML 53K
Information (Detail)
104: R86 Commitments and Contingencies - Additional HTML 76K
Information (Detail)
105: R87 Clawback Obligations by Segment (Detail) HTML 59K
106: R88 Segment Reporting - Additional Information HTML 34K
(Detail)
107: R89 Financial Data of Segments (Detail) HTML 91K
108: R90 Reconciliation of Total Segments to Income (Loss) HTML 126K
Before Provision for Taxes and Total Assets
(Detail)
109: R91 Reconciliation of Total Segments to Income (Loss) HTML 58K
Before Provision for Taxes and Total Assets
(Parenthetical) (Detail)
110: R92 Reconciliation of Total Segments to Reported on HTML 99K
the Consolidated Statements of Operations (Detail)
113: XML IDEA XML File -- Filing Summary XML 203K
111: XML XBRL Instance -- d547912d10q_htm XML 7.33M
112: EXCEL IDEA Workbook of Financial Report Info XLSX 249K
15: EX-101.CAL XBRL Calculations -- bx-20230930_cal XML 214K
16: EX-101.DEF XBRL Definitions -- bx-20230930_def XML 1.77M
17: EX-101.LAB XBRL Labels -- bx-20230930_lab XML 1.79M
18: EX-101.PRE XBRL Presentations -- bx-20230930_pre XML 1.78M
14: EX-101.SCH XBRL Schema -- bx-20230930 XSD 316K
114: JSON XBRL Instance as JSON Data -- MetaLinks 656± 1.02M
115: ZIP XBRL Zipped Folder -- 0001193125-23-270358-xbrl Zip 1.87M
| 10-Q |
i ☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED i SEPTEMBER 30, i 2023 /
|
i ☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO |
| i Delaware (State or other jurisdiction of incorporation or organization) |
i 20-8875684 (I.R.S. Employer Identification No.) |
| Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
i Common Stock |
i BX |
i New York Stock Exchange |
| i Large accelerated filer ☒ |
Accelerated filer ☐ | |||||
| Non-accelerated filer ☐ |
Smaller reporting company i ☐ | |||||
Emerging growth company i ☐ | ||||||
Page |
||||||
Part I. |
||||||
Item 1. |
6 |
|||||
Unaudited Condensed Consolidated Financial Statements: |
||||||
6 |
||||||
8 |
||||||
9 |
||||||
10 |
||||||
14 |
||||||
16 |
||||||
Item 1A. |
68 |
|||||
Item 2. |
70 |
|||||
Item 3. |
143 |
|||||
Item 4. |
143 |
|||||
Part II. |
||||||
Item 1. |
144 |
|||||
Item 1A. |
144 |
|||||
Item 2. |
145 |
|||||
Item 3. |
145 |
|||||
Item 4. |
145 |
|||||
Item 5. |
145 |
|||||
Item 6. |
146 |
|||||
148 |
||||||
(a) |
the fair value of the investments held by our carry funds and our side-by-side co-investment entities managed by us plus the capital that we are entitled to call from investors in those funds and entities pursuant to the terms of their respective capital commitments, including capital commitments to funds that have yet to commence their investment periods, |
(b) |
the net asset value of (1) our hedge funds, real estate debt carry funds, BPP, certain co-investments managed by us, certain credit-focused funds, and our Hedge Fund Solutions drawdown funds (plus, in each case, the capital that we are entitled to call from investors in those funds, including commitments yet to commence their investment periods), and (2) our funds of hedge funds, our Hedge Fund Solutions registered investment companies, BREIT, and BEPIF, |
(c) |
the invested capital, fair value or net asset value of assets we manage pursuant to separately managed accounts, |
(d) |
the amount of debt and equity outstanding for our collateralized loan obligations (“CLO”) during the reinvestment period, |
(e) |
the aggregate par amount of collateral assets, including principal cash, for our CLOs after the reinvestment period, |
(f) |
the gross or net amount of assets (including leverage where applicable) for our credit-focused registered investment companies and BDCs, |
(g) |
the fair value of common stock, preferred stock, convertible debt, term loans or similar instruments issued by BXMT, and |
(h) |
borrowings under and any amounts available to be borrowed under certain credit facilities of our funds. |
(a) |
for our Private Equity segment funds, Real Estate segment carry funds including certain BREDS funds, and certain Hedge Fund Solutions funds, the amount of capital commitments, remaining invested capital, fair value, net asset value or par value of assets held, depending on the fee terms of the fund, |
(b) |
for our credit-focused carry funds, the amount of remaining invested capital (which may include leverage) or net asset value, depending on the fee terms of the fund, |
(c) |
the remaining invested capital or fair value of assets held in co-investment vehicles managed by us on which we receive fees, |
(d) |
the net asset value of our funds of hedge funds, hedge funds, BPP, certain co-investments managed by us, certain registered investment companies, BREIT, BEPIF, and certain of our Hedge Fund Solutions drawdown funds, |
(e) |
the invested capital, fair value of assets or the net asset value we manage pursuant to separately managed accounts, |
(f) |
the net proceeds received from equity offerings and accumulated distributable earnings of BXMT, subject to certain adjustments, |
(g) |
the aggregate par amount of collateral assets, including principal cash, of our CLOs, and |
(h) |
the gross amount of assets (including leverage) or the net assets (plus leverage where applicable) for certain of our credit-focused registered investment companies and BDCs. |
Item 1. |
Financial Statements |
September 30, |
||||||||
2022 | ||||||||
Assets |
||||||||
Cash and Cash Equivalents |
$ |
i 2,971,614 |
$ |
i 4,252,003 |
||||
Cash Held by Blackstone Funds and Other |
i 138,181 |
i 241,712 |
||||||
Investments |
i 27,339,857 |
i 27,553,251 |
||||||
Accounts Receivable |
i 693,786 |
i 462,904 |
||||||
Due from Affiliates |
i 4,398,333 |
i 4,146,707 |
||||||
Intangible Assets, Net |
i 210,210 |
i 217,287 |
||||||
Goodwill |
i 1,890,202 |
i 1,890,202 |
||||||
Other Assets |
i 972,069 |
i 800,458 |
||||||
Right-of-Use |
i 864,691 |
i 896,981 |
||||||
Deferred Tax Assets |
i 2,184,880 |
i 2,062,722 |
||||||
Total Assets |
$ |
i 41,663,823 |
$ |
i 42,524,227 |
||||
Liabilities and Equity |
||||||||
Loans Payable |
$ |
i 12,111,377 |
$ |
i 12,349,584 |
||||
Due to Affiliates |
i 2,188,224 |
i 2,118,481 |
||||||
Accrued Compensation and Benefits |
i 5,983,137 |
i 6,101,801 |
||||||
Operating Lease Liabilities |
i 981,616 |
i 1,021,454 |
||||||
Accounts Payable, Accrued Expenses and Other Liabilities |
i 1,588,748 |
i 1,251,840 |
||||||
Total Liabilities |
i 22,853,102 |
i 22,843,160 |
||||||
Commitments and Contingencies |
i | i | ||||||
Redeemable Non-Controlling Interests in Consolidated Entities |
i 1,349,060 |
i 1,715,006 |
||||||
Equity |
||||||||
Stockholders’ Equity of Blackstone Inc. |
||||||||
Common Stock, $ i i 0.00001 /
par value, i i 90 / billion shares authorized, ( i i 718,442,863 /
shares issued and outstanding as of September 30, 2023; i i 710,276,923 /
shares issued and outstanding as of December 31, 2022) |
i 7 |
i 7 |
||||||
Series I Preferred Stock, $ i i 0.00001 /
par value, i i 999,999,000 /
shares authorized, ( i i i i 1 / / /
share issued and outstanding as of September 30, 2023 and December 31, 2022) |
i — |
i — |
||||||
Series II Preferred Stock, $ i i 0.00001 /
par value, i i 1,000 /
shares authorized, ( i i i i 1 / / /
share issued and outstanding as of September 30, 2023 and December 31, 2022) |
i — |
i — |
||||||
Additional Paid-in-Capital |
i 6,057,065 |
i 5,935,273 |
||||||
Retained Earnings |
i 1,114,009 |
i 1,748,106 |
||||||
Accumulated Other Comprehensive Loss |
( i 38,258 |
) |
( i 27,475 |
) | ||||
Total Stockholders’ Equity of Blackstone Inc. |
i 7,132,823 |
i 7,655,911 |
||||||
Non-Controlling Interests in Consolidated Entities |
i 5,174,473 |
i 5,056,480 |
||||||
Non-Controlling Interests in Blackstone Holdings |
i 5,154,365 |
i 5,253,670 |
||||||
Total Equity |
i 17,461,661 |
i 17,966,061 |
||||||
Total Liabilities and Equity |
$ |
i 41,663,823 |
$ |
i 42,524,227 |
||||
September 30, |
||||||||
2022 | ||||||||
Assets |
||||||||
Cash Held by Blackstone Funds and Other |
$ |
i 138,181 |
$ |
i 241,712 |
||||
Investments |
i 5,224,104 |
i 5,136,542 |
||||||
Accounts Receivable |
i 6,732 |
i 55,223 |
||||||
Due from Affiliates |
i 8,185 |
i 7,152 |
||||||
Other Assets |
i 358 |
i 2,159 |
||||||
Total Assets |
$ |
i 5,377,560 |
$ |
i 5,442,788 |
||||
Liabilities |
||||||||
Loans Payable |
$ |
i 1,589,649 |
$ |
i 1,450,000 |
||||
Due to Affiliates |
i 94,807 |
i 82,345 |
||||||
Accounts Payable, Accrued Expenses and Other Liabilities |
i 171,887 |
i 25,858 |
||||||
Total Liabilities |
$ |
i 1,856,343 |
$ |
i 1,558,203 |
||||
Three Months Ended |
Nine Months Ended | |||||||||||||||
September 30, |
||||||||||||||||
2022 |
2023 |
2022 | ||||||||||||||
| Revenues |
||||||||||||||||
| Management and Advisory Fees, Net |
$ |
i 1,655,443 |
$ |
i 1,617,754 |
$ |
i 5,023,128 |
$ |
i 4,654,877 |
||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Incentive Fees |
i 158,801 |
i 110,776 |
i 454,754 |
i 314,863 |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Investment Income (Loss) |
||||||||||||||||
| Performance Allocations |
||||||||||||||||
| Realized |
i 453,690 |
i 725,888 |
i 1,602,668 |
i 4,946,043 |
||||||||||||
| Unrealized |
( i 63,204 |
) |
( i 771,637 |
) |
( i 708,021 |
) |
( i 2,946,255 |
) | ||||||||
| Principal Investments |
||||||||||||||||
| Realized |
i 94,313 |
i 193,228 |
i 257,206 |
i 743,493 |
||||||||||||
| Unrealized |
i 69,340 |
( i 1,069,697 |
) |
( i 257,988 |
) |
( i 1,496,226 |
) | |||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Total Investment Income (Loss) |
i 554,139 |
( i 922,218 |
) |
i 893,865 |
i 1,247,055 |
|||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Interest and Dividend Revenue |
i 109,133 |
i 52,420 |
i 348,123 |
i 168,980 |
||||||||||||
| Other |
i 63,769 |
i 199,382 |
i 17,951 |
i 427,839 |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Total Revenues |
i 2,541,285 |
i 1,058,114 |
i 6,737,821 |
i 6,813,614 |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Expenses |
||||||||||||||||
| Compensation and Benefits |
||||||||||||||||
| Compensation |
i 700,268 |
i 600,273 |
i 2,153,570 |
i 1,942,790 |
||||||||||||
| Incentive Fee Compensation |
i 65,432 |
i 50,355 |
i 192,940 |
i 136,737 |
||||||||||||
| Performance Allocations Compensation |
||||||||||||||||
| Realized |
i 168,620 |
i 313,930 |
i 670,610 |
i 2,067,447 |
||||||||||||
| Unrealized |
i 11,866 |
( i 359,590 |
) |
( i 247,228 |
) |
( i 1,273,849 |
) | |||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Total Compensation and Benefits |
i 946,186 |
i 604,968 |
i 2,769,892 |
i 2,873,125 |
||||||||||||
| General, Administrative and Other |
i 279,186 |
i 270,369 |
i 827,614 |
i 800,331 |
||||||||||||
| Interest Expense |
i 110,599 |
i 80,507 |
i 323,136 |
i 216,896 |
||||||||||||
| Fund Expenses |
i 38,934 |
i 5,517 |
i 118,918 |
i 12,144 |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Total Expenses |
i 1,374,905 |
i 961,361 |
i 4,039,560 |
i 3,902,496 |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Other Income (Loss) |
||||||||||||||||
| Change in Tax Receivable Agreement Liability |
i — |
i — |
i 1,887 |
i 748 |
||||||||||||
| Net Gains (Losses) from Fund Investment Activities |
( i 49,078 |
) |
i 1,178 |
i 102,486 |
( i 52,272 |
) | ||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Total Other Income (Loss) |
( i 49,078 |
) |
i 1,178 |
i 104,373 |
( i 51,524 |
) | ||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Income Before Provision for Taxes |
i 1,117,302 |
i 97,931 |
i 2,802,634 |
i 2,859,594 |
||||||||||||
| Provision for Taxes |
i 196,560 |
i 94,231 |
i 467,504 |
i 614,026 |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Net Income |
i 920,742 |
i 3,700 |
i 2,335,130 |
i 2,245,568 |
||||||||||||
| Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities |
( i 92,577 |
) |
i 25,773 |
( i 81,589 |
) |
i 56,700 |
||||||||||
| Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities |
i 20,716 |
( i 62,093 |
) |
i 185,021 |
( i 62,425 |
) | ||||||||||
| Net Income Attributable to Non-Controlling Interests in Blackstone Holdings |
i 440,609 |
i 37,724 |
i 992,618 |
i 1,061,516 |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Net Income Attributable to Blackstone Inc. |
$ |
i 551,994 |
$ |
i 2,296 |
$ |
i 1,239,080 |
$ |
i 1,189,777 |
||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Net Income Per Share of Common Stock |
||||||||||||||||
| Basic |
$ |
i 0.73 |
$ |
i — |
$ |
i 1.64 |
$ |
i 1.61 |
||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Diluted |
$ |
i 0.73 |
$ |
i — |
$ |
i 1.64 |
$ |
i 1.61 |
||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Weighted-Average Shares of Common Stock Outstanding |
||||||||||||||||
| Basic |
i 757,958,602 |
i 742,345,646 |
i 754,211,390 |
i 739,963,370 |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Diluted |
i 758,046,096 |
i 742,495,532 |
i 754,456,326 |
i 740,272,247 |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
Three Months Ended |
Nine Months Ended | |||||||||||||||
September 30, |
||||||||||||||||
2022 |
2023 |
2022 | ||||||||||||||
Net Income |
$ |
i 920,742 |
$ |
i 3,700 |
$ |
i 2,335,130 |
$ |
i 2,245,568 |
||||||||
Other Comprehensive Loss, Currency Translation Adjustment |
( i 67,046 |
) |
( i 156,610 |
) |
( i 20,754 |
) |
( i 226,076 |
) | ||||||||
Comprehensive Income (Loss) |
i 853,696 |
( i 152,910 |
) |
i 2,314,376 |
i 2,019,492 |
|||||||||||
Less: |
||||||||||||||||
Comprehensive Loss Attributable to Redeemable Non-Controlling Interests in Consolidated Entities |
( i 129,432 |
) |
( i 76,820 |
) |
( i 84,903 |
) |
( i 78,623 |
) | ||||||||
Comprehensive Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities |
i 20,716 |
( i 62,093 |
) |
i 185,021 |
( i 62,425 |
) | ||||||||||
Comprehensive Income Attributable to Non-Controlling Interests in Blackstone Holdings |
i 431,471 |
i 16,282 |
i 985,961 |
i 1,025,937 |
||||||||||||
Comprehensive Income (Loss) Attributable to Non-Controlling Interests |
i 322,755 |
( i 122,631 |
) |
i 1,086,079 |
i 884,889 |
|||||||||||
Comprehensive Income (Loss) Attributable to Blackstone Inc. |
$ |
i 530,941 |
$ |
( i 30,279) |
$ |
i 1,228,297 |
$ |
i 1,134,603 |
||||||||
Shares of Blackstone Inc. (a) |
Blackstone Inc. (a) |
|||||||||||||||||||||||||||||||||||||||
Accumulated |
Redeemable | |||||||||||||||||||||||||||||||||||||||
Other |
Non- |
Non- |
Non- | |||||||||||||||||||||||||||||||||||||
Compre- |
Controlling |
Controlling |
Controlling | |||||||||||||||||||||||||||||||||||||
Additional |
Retained |
hensive |
Total |
Interests in |
Interests in |
Interests in | ||||||||||||||||||||||||||||||||||
Common |
Common |
Paid-in- |
Earnings |
Income |
Stockholders’ |
Consolidated |
Blackstone |
Total |
Consolidated | |||||||||||||||||||||||||||||||
Stock |
Stock |
Capital |
(Deficit) |
(Loss) |
Equity |
Entities |
Holdings |
Equity |
Entities | |||||||||||||||||||||||||||||||
Balance at June 30, 2023 |
i 713,551,859 |
$ |
i 7 |
$ |
i 6,076,367 |
$ |
i 1,160,278 |
$ |
( i 17,205 |
) |
$ |
i 7,219,447 |
$ |
i 5,174,961 |
$ |
i 5,069,722 |
$ |
i 17,464,130 |
$ |
i 1,626,349 |
||||||||||||||||||||
Net Income (Loss) |
— |
— |
— |
i 551,994 |
— |
i 551,994 |
i 20,716 |
i 440,609 |
i 1,013,319 |
( i 92,577 |
) | |||||||||||||||||||||||||||||
Currency Translation Adjustment |
— |
— |
— |
— |
( i 21,053 |
) |
( i 21,053 |
) |
— |
( i 9,138 |
) |
( i 30,191 |
) |
( i 36,855 |
) | |||||||||||||||||||||||||
Capital Contributions |
— |
— |
— |
— |
— |
— |
i 156,074 |
i 2,425 |
i 158,499 |
i 48,560 |
||||||||||||||||||||||||||||||
Capital Distributions |
— |
— |
— |
( i 598,263 |
) |
— |
( i 598,263 |
) |
( i 177,001 |
) |
( i 443,207 |
) |
( i 1,218,471 |
) |
( i 196,417 |
) | ||||||||||||||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities |
— |
— |
— |
— |
— |
— |
( i 277 |
) |
— |
( i 277 |
) |
— |
||||||||||||||||||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders |
— |
— |
i 2,938 |
— |
— |
i 2,938 |
— |
— |
i 2,938 |
— |
||||||||||||||||||||||||||||||
Equity-Based Compensation |
— |
— |
i 149,843 |
— |
— |
i 149,843 |
— |
i 97,040 |
i 246,883 |
— |
||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock |
i 4,759,543 |
— |
( i 40,897 |
) |
— |
— |
( i 40,897 |
) |
— |
— |
( i 40,897 |
) |
— |
|||||||||||||||||||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units |
( i 1,318,175 |
) |
— |
( i 134,272 |
) |
— |
— |
( i 134,272 |
) |
— |
— |
( i 134,272 |
) |
— |
||||||||||||||||||||||||||
Change in Blackstone Inc.’s Ownership Interest |
— |
— |
( i 12,858 |
) |
— |
— |
( i 12,858 |
) |
— |
i 12,858 |
— |
— |
||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock |
i 1,449,636 |
— |
i 15,944 |
— |
— |
i 15,944 |
— |
( i 15,944 |
) |
— |
— |
|||||||||||||||||||||||||||||
Balance at September 30, 2023 |
i 718,442,863 |
$ |
i 7 |
$ |
i 6,057,065 |
$ |
i 1,114,009 |
$ |
( i 38,258 |
) |
$ |
i 7,132,823 |
$ |
i 5,174,473 |
$ |
i 5,154,365 |
$ |
i 17,461,661 |
$ |
i 1,349,060 |
||||||||||||||||||||
(a) |
During the period presented, Blackstone also had i i one share outstanding / of each of Series I and Series II preferred stock, with par value of each less than one cent. |
Shares of Blackstone Inc. (a) |
Blackstone Inc. (a) |
|||||||||||||||||||||||||||||||||||||||
Accumulated |
Redeemable | |||||||||||||||||||||||||||||||||||||||
Other |
Non- |
Non- |
Non- | |||||||||||||||||||||||||||||||||||||
Compre- |
Controlling |
Controlling |
Controlling | |||||||||||||||||||||||||||||||||||||
Additional |
Retained |
hensive |
Total |
Interests in |
Interests in |
Interests in | ||||||||||||||||||||||||||||||||||
Common |
Common |
Paid-in- |
Earnings |
Income |
Stockholders’ |
Consolidated |
Blackstone |
Total |
Consolidated | |||||||||||||||||||||||||||||||
Stock |
Stock |
Capital |
(Deficit) |
(Loss) |
Equity |
Entities |
Holdings |
Equity |
Entities | |||||||||||||||||||||||||||||||
Balance at June 30, 2022 |
i 706,476,877 |
$ |
i 7 |
$ |
i 5,870,285 |
$ |
i 2,803,100 |
$ |
( i 42,225 |
) |
$ |
i 8,631,167 |
$ |
i 5,281,244 |
$ |
i 6,146,196 |
$ |
i 20,058,607 |
$ |
i 1,275,491 |
||||||||||||||||||||
Net Income (Loss) |
— |
— |
— |
i 2,296 |
— |
i 2,296 |
( i 62,093 |
) |
i 37,724 |
( i 22,073 |
) |
i 25,773 |
||||||||||||||||||||||||||||
Currency Translation Adjustment |
— |
— |
— |
— |
( i 32,575 |
) |
( i 32,575 |
) |
— |
( i 21,442 |
) |
( i 54,017 |
) |
( i 102,593 |
) | |||||||||||||||||||||||||
Capital Contributions |
— |
— |
— |
— |
— |
— |
i 268,165 |
i 2,460 |
i 270,625 |
i 180,300 |
||||||||||||||||||||||||||||||
Capital Distributions |
— |
— |
— |
( i 935,933 |
) |
— |
( i 935,933 |
) |
( i 142,675 |
) |
( i 775,697 |
) |
( i 1,854,305 |
) |
( i 21,440 |
) | ||||||||||||||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities |
— |
— |
— |
— |
— |
— |
i 12,507 |
— |
i 12,507 |
( i 13,343 |
) | |||||||||||||||||||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders |
— |
— |
i 5,562 |
— |
— |
i 5,562 |
— |
— |
i 5,562 |
— |
||||||||||||||||||||||||||||||
Equity-Based Compensation |
— |
— |
i 121,264 |
— |
— |
i 121,264 |
— |
i 80,087 |
i 201,351 |
— |
||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock |
i 2,938,303 |
— |
( i 30,418 |
) |
— |
— |
( i 30,418 |
) |
— |
— |
( i 30,418 |
) |
— |
|||||||||||||||||||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units |
( i 1,954,545 |
) |
— |
( i 196,642 |
) |
— |
— |
( i 196,642 |
) |
— |
— |
( i 196,642 |
) |
— |
||||||||||||||||||||||||||
Change in Blackstone Inc.’s Ownership Interest |
— |
— |
i 80 |
— |
— |
i 80 |
— |
( i 80 |
) |
— |
— |
|||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock |
i 1,579,975 |
— |
i 20,875 |
— |
— |
i 20,875 |
— |
( i 20,875 |
) |
— |
— |
|||||||||||||||||||||||||||||
Balance at September 30, 2022 |
i 709,040,610 |
$ |
i 7 |
$ |
i 5,791,006 |
$ |
i 1,869,463 |
$ |
( i 74,800 |
) |
$ |
i 7,585,676 |
$ |
i 5,357,148 |
$ |
i 5,448,373 |
$ |
i 18,391,197 |
$ |
i 1,344,188 |
||||||||||||||||||||
(a) |
During the period presented, Blackstone also had i i one share outstanding / of each of Series I and Series II preferred stock, with par value of each less than one cent. |
Shares of Blackstone Inc. (a) |
Blackstone Inc. (a) |
|||||||||||||||||||||||||||||||||||||||
Accumulated |
Redeemable | |||||||||||||||||||||||||||||||||||||||
Other |
Non- |
Non- |
Non- | |||||||||||||||||||||||||||||||||||||
Compre- |
Controlling |
Controlling |
Controlling | |||||||||||||||||||||||||||||||||||||
Additional |
Retained |
hensive |
Total |
Interests in |
Interests in |
Interests in | ||||||||||||||||||||||||||||||||||
Common |
Common |
Paid-in- |
Earnings |
Income |
Stockholders’ |
Consolidated |
Blackstone |
Total |
Consolidated | |||||||||||||||||||||||||||||||
Stock |
Stock |
Capital |
(Deficit) |
(Loss) |
Equity |
Entities |
Holdings |
Equity |
Entities | |||||||||||||||||||||||||||||||
Balance at December 31, 2022 |
i 710,276,923 |
$ |
i 7 |
$ |
i 5,935,273 |
$ |
i 1,748,106 |
$ |
( i 27,475 |
) |
$ |
i 7,655,911 |
$ |
i 5,056,480 |
$ |
i 5,253,670 |
$ |
i 17,966,061 |
$ |
i 1,715,006 |
||||||||||||||||||||
Transfer Out Due to Deconsolidation of Fund Entities |
— |
— |
— |
— |
— |
— |
— |
— |
— |
( i 53,713 |
) | |||||||||||||||||||||||||||||
Net Income (Loss) |
— |
— |
— |
i 1,239,080 |
— |
i 1,239,080 |
i 185,021 |
i 992,618 |
i 2,416,719 |
( i 81,589 |
) | |||||||||||||||||||||||||||||
Currency Translation Adjustment |
— |
— |
— |
— |
( i 10,783 |
) |
( i 10,783 |
) |
— |
( i 6,657 |
) |
( i 17,440 |
) |
( i 3,314 |
) | |||||||||||||||||||||||||
Capital Contributions |
— |
— |
— |
— |
— |
— |
i 463,377 |
i 7,284 |
i 470,661 |
i 140,840 |
||||||||||||||||||||||||||||||
Capital Distributions |
— |
— |
— |
( i 1,873,177 |
) |
— |
( i 1,873,177 |
) |
( i 527,333 |
) |
( i 1,363,233 |
) |
( i 3,763,743 |
) |
( i 368,170 |
) | ||||||||||||||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities |
— |
— |
— |
— |
— |
— |
( i 3,072 |
) |
— |
( i 3,072 |
) |
— |
||||||||||||||||||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders |
— |
— |
i 6,857 |
— |
— |
i 6,857 |
— |
— |
i 6,857 |
— |
||||||||||||||||||||||||||||||
Equity-Based Compensation |
— |
— |
i 460,615 |
— |
— |
i 460,615 |
— |
i 299,404 |
i 760,019 |
— |
||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock |
i 7,432,747 |
— |
( i 63,998 |
) |
— |
— |
( i 63,998 |
) |
— |
— |
( i 63,998 |
) |
— |
|||||||||||||||||||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units |
( i 3,318,175 |
) |
— |
( i 310,403 |
) |
— |
— |
( i 310,403 |
) |
— |
— |
( i 310,403 |
) |
— |
||||||||||||||||||||||||||
Change in Blackstone Inc.’s Ownership Interest |
— |
— |
( i 15,867 |
) |
— |
— |
( i 15,867 |
) |
— |
i 15,867 |
— |
— |
||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock |
i 4,051,368 |
— |
i 44,588 |
— |
— |
i 44,588 |
— |
( i 44,588 |
) |
— |
— |
|||||||||||||||||||||||||||||
Balance at September 30, 2023 |
i 718,442,863 |
$ |
i 7 |
$ |
i 6,057,065 |
$ |
i 1,114,009 |
$ |
( i 38,258 |
) |
$ |
i 7,132,823 |
$ |
i 5,174,473 |
$ |
i 5,154,365 |
$ |
i 17,461,661 |
$ |
i 1,349,060 |
||||||||||||||||||||
(a) |
During the period presented, Blackstone also had i i one share outstanding / of each of Series I and Series II preferred stock, with par value of each less than one cent. |
Shares of Blackstone Inc. (a) |
Blackstone Inc. (a) |
|||||||||||||||||||||||||||||||||||||||
Accumulated |
Redeemable | |||||||||||||||||||||||||||||||||||||||
Other |
Non- |
Non- |
Non- | |||||||||||||||||||||||||||||||||||||
Compre- |
Controlling |
Controlling |
Controlling | |||||||||||||||||||||||||||||||||||||
Additional |
Retained |
hensive |
Total |
Interests in |
Interests in |
Interests in | ||||||||||||||||||||||||||||||||||
Common |
Common |
Paid-in- |
Earnings |
Income |
Stockholders’ |
Consolidated |
Blackstone |
Total |
Consolidated | |||||||||||||||||||||||||||||||
Stock |
Stock |
Capital |
(Deficit) |
(Loss) |
Equity |
Entities |
Holdings |
Equity |
Entities | |||||||||||||||||||||||||||||||
Balance at December 31, 2021 |
i 704,339,774 |
$ |
i 7 |
$ |
i 5,794,727 |
$ |
i 3,647,785 |
$ |
( i 19,626 |
) |
$ |
i 9,422,893 |
$ |
i 5,600,653 |
$ |
i 6,614,472 |
$ |
i 21,638,018 |
$ |
i 68,028 |
||||||||||||||||||||
Transfer in Due to Consolidation of Fund Entities |
— |
— |
— |
— |
— |
— |
— |
— |
— |
i 1,146,410 |
||||||||||||||||||||||||||||||
Net Income (Loss) |
— |
— |
— |
i 1,189,777 |
— |
i 1,189,777 |
( i 62,425 |
) |
i 1,061,516 |
i 2,188,868 |
i 56,700 |
|||||||||||||||||||||||||||||
Currency Translation Adjustment |
— |
— |
— |
— |
( i 55,174 |
) |
( i 55,174 |
) |
— |
( i 35,579 |
) |
( i 90,753 |
) |
( i 135,323 |
) | |||||||||||||||||||||||||
Capital Contributions |
— |
— |
— |
— |
— |
— |
i 720,930 |
i 7,423 |
i 728,353 |
i 285,767 |
||||||||||||||||||||||||||||||
Capital Distributions |
— |
— |
— |
( i 2,968,099 |
) |
— |
( i 2,968,099 |
) |
( i 905,773 |
) |
( i 2,370,205 |
) |
( i 6,244,077 |
) |
( i 64,051 |
) | ||||||||||||||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities |
— |
— |
— |
— |
— |
— |
i 3,763 |
— |
i 3,763 |
( i 13,343 |
) | |||||||||||||||||||||||||||||
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders |
— |
— |
i 13,091 |
— |
— |
i 13,091 |
— |
— |
i 13,091 |
— |
||||||||||||||||||||||||||||||
Equity-Based Compensation |
— |
— |
i 370,519 |
— |
— |
i 370,519 |
— |
i 245,174 |
i 615,693 |
— |
||||||||||||||||||||||||||||||
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock |
i 5,203,342 |
— |
( i 69,791 |
) |
— |
— |
( i 69,791 |
) |
— |
— |
( i 69,791 |
) |
— |
|||||||||||||||||||||||||||
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units |
( i 3,804,545 |
) |
— |
( i 391,968 |
) |
— |
— |
( i 391,968 |
) |
— |
— |
( i 391,968 |
) |
— |
||||||||||||||||||||||||||
Change in Blackstone Inc.’s Ownership Interest |
— |
— |
i 28,846 |
— |
— |
i 28,846 |
— |
( i 28,846 |
) |
— |
— |
|||||||||||||||||||||||||||||
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock |
i 3,302,039 |
— |
i 45,582 |
— |
— |
i 45,582 |
— |
( i 45,582 |
) |
— |
— |
|||||||||||||||||||||||||||||
Balance at September 30, 2022 |
i 709,040,610 |
$ |
i 7 |
$ |
i 5,791,006 |
$ |
i 1,869,463 |
$ |
( i 74,800 |
) |
$ |
i 7,585,676 |
$ |
i 5,357,148 |
$ |
i 5,448,373 |
$ |
i 18,391,197 |
$ |
i 1,344,188 |
||||||||||||||||||||
(a) |
During the period presented, Blackstone also had i i one share outstanding / of each of Series I and Series II preferred stock, with par value of each less than one cent. |
Nine Months Ended September 30, | ||||||||
2022 | ||||||||
| Operating Activities |
||||||||
| Net Income |
$ |
i 2,335,130 |
$ |
i 2,245,568 |
||||
| Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities |
||||||||
| Blackstone Funds Related |
||||||||
| Net Realized Gains on Investments |
( i 2,171,161 |
) |
( i 5,869,897 |
) | ||||
| Changes in Unrealized Losses on Investments |
i 236,161 |
i 1,712,735 |
||||||
| Non-Cash Performance Allocations |
i 708,021 |
i 2,946,255 |
||||||
| Non-Cash Performance Allocations and Incentive Fee Compensation |
i 612,097 |
i 914,965 |
||||||
| Equity-Based Compensation Expense |
i 797,762 |
i 636,454 |
||||||
| Amortization of Intangibles |
i 31,073 |
i 52,288 |
||||||
| Other Non-Cash Amounts Included in Net Income |
( i 691,415 |
) |
( i 923,678 |
) | ||||
| Cash Flows Due to Changes in Operating Assets and Liabilities |
||||||||
| Cash Acquired with Consolidation of Fund Entities |
i — |
i 31,791 |
||||||
| Cash Relinquished with Deconsolidation of Fund Entities |
( i 113,588 |
) |
i — |
|||||
| Accounts Receivable |
( i 236,453 |
) |
( i 190,786 |
) | ||||
| Due from Affiliates |
i 101,157 |
i 661,934 |
||||||
| Other Assets |
( i 44,728 |
) |
( i 142,410 |
) | ||||
| Accrued Compensation and Benefits |
( i 510,514 |
) |
( i 1,562,779 |
) | ||||
| Accounts Payable, Accrued Expenses and Other Liabilities |
i 88,010 |
i 404,867 |
||||||
| Due to Affiliates |
( i 3,955 |
) |
i 93,669 |
|||||
| Investments Purchased |
( i 2,437,975 |
) |
( i 3,783,564 |
) | ||||
| Cash Proceeds from Sale of Investments |
i 4,461,596 |
i 8,393,706 |
||||||
| |
|
|
|
|
| |||
| Net Cash Provided by Operating Activities |
i 3,161,218 |
i 5,621,118 |
||||||
| |
|
|
|
|
| |||
| Investing Activities |
||||||||
| Purchase of Furniture, Equipment and Leasehold Improvements |
( i 192,904 |
) |
( i 186,783 |
) | ||||
| Net Cash Paid for Acquisitions, Net of Cash Acquired |
( i 5,420 |
) |
i — |
|||||
| |
|
|
|
|
| |||
| Net Cash Used in Investing Activities |
( i 198,324 |
) |
( i 186,783 |
) | ||||
| |
|
|
|
|
| |||
| Financing Activities |
||||||||
| Distributions to Non-Controlling Interest Holders in Consolidated Entities |
( i 795,554 |
) |
( i 969,606 |
) | ||||
| Contributions from Non-Controlling Interest Holders in Consolidated Entities |
i 591,547 |
i 989,963 |
||||||
| Payments Under Tax Receivable Agreement |
( i 64,634 |
) |
( i 46,880 |
) | ||||
| Net Settlement of Vested Common Stock and Repurchase of Common Stock and Blackstone Holdings Partnership Units |
( i 374,401 |
) |
( i 461,759 |
) | ||||
| Proceeds from Loans Payable |
i — |
i 2,036,264 |
||||||
Nine Months Ended September 30, | ||||||||
2022 | ||||||||
Financing Activities (Continued) |
||||||||
Repayment and Repurchase of Loans Payable |
$ |
( i 469,460 |
) |
$ |
( i 250,101 |
) | ||
Dividends/Distributions to Stockholders and Unitholders |
( i 3,229,127 |
) |
( i 5,330,882 |
) | ||||
Net Cash Used in Financing Activities |
( i 4,341,629 |
) |
( i 4,033,001 |
) | ||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other |
( i 5,185 |
) |
( i 26,705 |
) | ||||
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other |
||||||||
Net Increase (Decrease) |
( i 1,383,920 |
) |
i 1,374,629 |
|||||
Beginning of Period |
i 4,493,715 |
i 2,199,732 |
||||||
End of Period |
$ |
i 3,109,795 |
$ |
i 3,574,361 |
||||
Supplemental Disclosure of Cash Flows Information |
||||||||
Payments for Interest |
$ |
i 292,525 |
$ |
i 221,155 |
||||
Payments for Income Taxes |
$ |
i 460,531 |
$ |
i 604,137 |
||||
Supplemental Disclosure of Non-Cash Investing and Financing Activities |
||||||||
Non-Cash Contributions from Non-Controlling Interest Holders |
$ |
i 18,566 |
$ |
i 14,410 |
||||
Non-Cash Distributions to Non-Controlling Interest Holders |
$ |
( i 107,232 |
) |
$ |
i — |
|||
Notes Issuance Costs |
$ |
i — |
$ |
i 18,423 |
||||
Transfer of Interests to Non-Controlling Interest Holders |
$ |
( i 3,072 |
) |
$ |
i 3,764 |
|||
Change in Blackstone Inc.’s Ownership Interest |
$ |
( i 15,867 |
) |
$ |
i 28,846 |
|||
Net Settlement of Vested Common Stock |
$ |
i 617,197 |
$ |
i 364,976 |
||||
Conversion of Blackstone Holdings Units to Common Stock |
$ |
i 44,588 |
$ |
i 45,582 |
||||
Acquisition of Ownership Interests from Non-Controlling Interest Holders |
||||||||
Deferred Tax Asset |
$ |
( i 98,627 |
) |
$ |
( i 102,947 |
) | ||
Due to Affiliates |
$ |
i 91,770 |
$ |
i 89,856 |
||||
Equity |
$ |
i 6,857 |
$ |
i 13,091 |
||||
September 30, |
||||||||
2022 | ||||||||
| Cash and Cash Equivalents |
$ |
i 2,971,614 |
$ |
i 4,252,003 |
||||
| Cash Held by Blackstone Funds and Other |
i 138,181 |
i 241,712 |
||||||
| |
|
|
|
|
| |||
$ |
i 3,109,795 |
$ |
i 4,493,715 |
|||||
| |
|
|
|
|
| |||
● |
Level I – Quoted prices are available in active markets for identical financial instruments as of the reporting date. The types of financial instruments in Level I include listed equities, listed derivatives and mutual funds with quoted prices. Blackstone does not adjust the quoted price for these investments, even in situations where Blackstone holds a large position and a sale could reasonably impact the quoted price. |
● |
Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Financial instruments which are generally included in this category include corporate bonds and loans, including corporate bonds and loans held within consolidated collateralized loan obligations (“CLO”) vehicles, government and agency securities, less liquid and restricted equity securities, and certain over-the-counter |
● |
Level III – Pricing inputs are unobservable for the financial instruments and includes situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category generally include general and limited partnership interests in private equity and real estate funds, credit-focused funds, distressed debt and non-investment grade residual interests in securitizations, investments in non-consolidated CLOs and certain over-the-counter |
● |
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. |
September 30, |
||||||||
2022 | ||||||||
| Finite-Lived Intangible Assets/Contractual Rights |
$ |
i 1,769,372 |
$ |
i 1,745,376 |
||||
| Accumulated Amortization |
( i 1,559,162 |
) |
( i 1,528,089 |
) | ||||
| |
|
|
|
|
| |||
| Intangible Assets, Net |
$ |
i 210,210 |
$ |
i 217,287 |
||||
| |
|
|
|
|
| |||
September 30, |
||||||||
2022 | ||||||||
| Investments of Consolidated Blackstone Funds |
$ |
i 5,224,104 |
$ |
i 5,136,966 |
||||
| Equity Method Investments |
||||||||
| Partnership Investments |
i 5,588,222 |
i 5,530,419 |
||||||
| Accrued Performance Allocations |
i 11,606,901 |
i 12,360,684 |
||||||
| Corporate Treasury Investments |
i 763,515 |
i 1,053,540 |
||||||
| Other Investments |
i 4,157,115 |
i 3,471,642 |
||||||
| |
|
|
|
|
| |||
$ |
i 27,339,857 |
$ |
i 27,553,251 |
|||||
| |
|
|
|
|
| |||
Three Months Ended |
Nine Months Ended | |||||||||||||||
September 30, |
||||||||||||||||
2022 |
2023 |
2022 | ||||||||||||||
| Realized Gains (Losses) |
$ |
( i 2,624 |
) |
$ |
i 17,083 |
$ |
i 18,184 |
$ |
i 128,952 |
|||||||
| Net Change in Unrealized Gains (Losses) |
( i 19,145 |
) |
( i 30,603 |
) |
i 21,805 |
( i 216,198 |
) | |||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds |
( i 21,769 |
) |
( i 13,520 |
) |
i 39,989 |
( i 87,246 |
) | |||||||||
| Interest and Dividend Revenue and Foreign Exchange Gains Attributable to Consolidated Blackstone Funds |
( i 27,309 |
) |
i 14,698 |
i 62,497 |
i 34,974 |
|||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities |
$ |
( i 49,078 |
) |
$ |
i 1,178 |
$ |
i 102,486 |
$ |
( i 52,272 |
) | ||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
Real |
Private |
Credit & |
Hedge Fund |
|||||||||||||||||
Estate |
Equity |
Insurance |
Solutions |
Total | ||||||||||||||||
Accrued Performance Allocations, December 31, 2022 |
$ |
i 5,334,117 |
$ |
i 6,037,575 |
$ |
i 569,898 |
$ |
i 419,094 |
$ |
i 12,360,684 |
||||||||||
Performance Allocations as a Result of Changes in Fund Fair Values |
( i 771,235 |
) |
i 1,441,800 |
i 169,754 |
i 85,859 |
i 926,178 |
||||||||||||||
Foreign Exchange Loss |
( i 512 |
) |
— |
— |
— |
( i 512 |
) | |||||||||||||
Fund Distributions |
( i 686,861 |
) |
( i 701,561 |
) |
( i 204,937 |
) |
( i 86,090 |
) |
( i 1,679,449 |
) | ||||||||||
Accrued Performance Allocations, September 30, 2023 |
$ |
i 3,875,509 |
$ |
i 6,777,814 |
$ |
i 534,715 |
$ |
i 418,863 |
$ |
i 11,606,901 |
||||||||||
Three Months Ended |
Nine Months Ended | |||||||||||||||
September 30, |
||||||||||||||||
2022 |
2023 |
2022 | ||||||||||||||
Realized Losses |
$ |
( i 2,283 |
) |
$ |
( i 2,857 |
) |
$ |
( i 2,206 |
) |
$ |
( i 23,474 |
) | ||||
Net Change in Unrealized Gains (Losses) |
( i 7,425 |
) |
( i 16,196 |
) |
i 1,161 |
( i 63,779 |
) | |||||||||
$ |
( i 9,708 |
) |
$ |
( i 19,053 |
) |
$ |
( i 1,045 |
) |
$ |
( i 87,253 |
) | |||||
Three Months Ended |
Nine Months Ended | |||||||||||||||
September 30, |
||||||||||||||||
2022 |
2023 |
2022 | ||||||||||||||
Realized Gains (Losses) |
$ |
i 2,305 |
$ |
i 83,269 |
$ |
( i 13,880 |
) |
$ |
i 200,610 |
|||||||
Net Change in Unrealized Gains (Losses) |
i 149,851 |
( i 970,654 |
) |
( i 5,334 |
) |
( i 1,121,924 |
) | |||||||||
$ |
i 152,156 |
$ |
( i 887,385 |
) |
$ |
( i 19,214 |
) |
$ |
( i 921,314 |
) | ||||||
Redemption |
||||||||||||
Frequency |
Redemption | |||||||||||
Strategy (a) |
Fair Value |
(if currently eligible) |
Notice Period | |||||||||
Equity |
$ |
i 447,923 |
(b) |
(b) |
||||||||
Real Estate |
i 115,850 |
(c) |
(c) |
|||||||||
Credit Driven |
i 5,758 |
(d) |
(d) |
|||||||||
Commodities |
i 1,038 |
(e) |
(e) |
|||||||||
Diversified Instruments |
i 16 |
(f) |
(f) |
|||||||||
$ |
i 570,585 |
|||||||||||
(a) |
As of September 30, 2023, Blackstone had no unfunded commitments. |
(b) |
The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Investments representing i 39% 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 i 61% 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) |
The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. All investments in this category may not be redeemed at, or within three months of, the reporting date. |
(e) |
The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. All investments in this category may not be redeemed at, or within three months of, the reporting date. |
(f) |
Diversified Instruments include investments in funds that invest across multiple strategies. All investments in this category may not be redeemed at, or within three months of, the reporting date. |
Assets |
Liabilities |
Assets |
Liabilities | |||||||||||||||||||||||||||||
Fair |
Fair |
Fair |
Fair | |||||||||||||||||||||||||||||
Notional |
Value |
Notional |
Value |
Notional |
Value |
Notional |
Value | |||||||||||||||||||||||||
| Freestanding Derivatives |
||||||||||||||||||||||||||||||||
| Blackstone |
||||||||||||||||||||||||||||||||
| Interest Rate Contracts |
$ |
i 768,990 |
$ |
i 213,737 |
$ |
i 604,200 |
$ |
i 119,274 |
$ |
i 789,540 |
$ |
i 188,043 |
$ |
i 621,700 |
$ |
i 83,331 |
||||||||||||||||
| Foreign Currency Contracts |
i 140,256 |
i 3,328 |
i 427,596 |
i 10,042 |
i 541,238 |
i 8,040 |
i 190,774 |
i 3,542 |
||||||||||||||||||||||||
| Credit Default Swaps |
i 3,108 |
i 589 |
i 3,748 |
i 616 |
i 2,007 |
i 384 |
i 8,768 |
i 1,309 |
||||||||||||||||||||||||
| Total Return Swaps |
i 31,916 |
i 4,349 |
— |
— |
i 42,233 |
i 6,210 |
— |
— |
||||||||||||||||||||||||
| Equity Options |
— |
— |
i 1,155,320 |
i 260,167 |
— |
— |
i 996,592 |
i 48,581 |
||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
i 944,270 |
i 222,003 |
i 2,190,864 |
i 390,099 |
i 1,375,018 |
i 202,677 |
i 1,817,834 |
i 136,763 |
|||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
| Investments of Consolidated Blackstone Funds |
||||||||||||||||||||||||||||||||
| Interest Rate Contracts |
i 819,679 |
i 73,120 |
— |
— |
i 931,752 |
i 74,926 |
— |
— |
||||||||||||||||||||||||
| Foreign Currency Contracts |
— |
— |
— |
— |
— |
— |
i 5,133 |
i 284 |
||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
i 819,679 |
i 73,120 |
— |
— |
i 931,752 |
i 74,926 |
i 5,133 |
i 284 |
|||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
$ |
i 1,763,949 |
$ |
i 295,123 |
$ |
i 2,190,864 |
$ |
i 390,099 |
$ |
i 2,306,770 |
$ |
i 277,603 |
$ |
i 1,822,967 |
$ |
i 137,047 |
|||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, | |||||||||||||||
2022 |
2023 |
2022 | ||||||||||||||
| Freestanding Derivatives |
||||||||||||||||
| Realized Gains (Losses) |
||||||||||||||||
| Interest Rate Contracts |
$ |
i 2,213 |
$ |
i 7,740 |
$ |
i 2,360 |
$ |
i 13,018 |
||||||||
| Foreign Currency Contracts |
( i 3,072 |
) |
( i 2,206 |
) |
i 6,951 |
( i 6,981 |
) | |||||||||
| Credit Default Swaps |
— |
( i 115 |
) |
( i 413 |
) |
i 13 |
||||||||||
| Total Return Swaps |
i 3,436 |
— |
i 14,461 |
— |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
i 2,577 |
i 5,419 |
i 23,359 |
i 6,050 |
|||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Net Change in Unrealized Gains (Losses) |
||||||||||||||||
| Interest Rate Contracts |
( i 3,148 |
) |
i 113,623 |
( i 371 |
) |
i 221,300 |
||||||||||
| Foreign Currency Contracts |
( i 3,375 |
) |
( i 22,626 |
) |
( i 11,213 |
) |
( i 25,232 |
) | ||||||||
| Credit Default Swaps |
i 2 |
i 131 |
i 366 |
( i 289 |
) | |||||||||||
| Total Return Swaps |
i 884 |
i 526 |
( i 1,293 |
) |
i 526 |
|||||||||||
| Equity Options |
( i 38,710 |
) |
— |
( i 211,586 |
) |
— |
||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
( i 44,347 |
) |
i 91,654 |
( i 224,097 |
) |
i 196,305 |
|||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
$ |
( i 41,770 |
) |
$ |
i 97,073 |
$ |
( i 200,738 |
) |
$ |
i 202,355 |
|||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
September 30, |
||||||||
2022 | ||||||||
Assets |
||||||||
Loans and Receivables |
$ |
i 79,339 |
$ |
i 315,039 |
||||
Equity and Preferred Securities |
i 2,530,474 |
i 1,868,192 |
||||||
Debt Securities |
i 63,776 |
i 24,784 |
||||||
Assets of Consolidated CLO Vehicles |
||||||||
Corporate Loans |
i 189,111 |
i — |
||||||
$ |
i 2,862,700 |
$ |
i 2,208,015 |
|||||
Liabilities |
||||||||
CLO Notes Payable |
$ |
i 225,396 |
$ |
i — |
||||
Corporate Treasury Commitments |
i 1,558 |
i 8,144 |
||||||
$ |
i 226,954 |
$ |
i 8,144 |
|||||
Three Months Ended September 30, | ||||||||||||||||
2022 | ||||||||||||||||
Net Change |
Net Change | |||||||||||||||
Realized |
in Unrealized |
Realized |
in Unrealized | |||||||||||||
Gains (Losses) |
Gains (Losses) |
Gains (Losses) |
Gains (Losses) | |||||||||||||
Assets |
||||||||||||||||
Loans and Receivables |
$ |
( i 520 |
) |
$ |
i 406 |
$ |
( i 3,246 |
) |
$ |
i 1,050 |
||||||
Equity and Preferred Securities |
i 406 |
i 11,538 |
i 3,719 |
( i 45,301 |
) | |||||||||||
Debt Securities |
— |
( i 904 |
) |
( i 5,056 |
) |
( i 4,418 |
) | |||||||||
Assets of Consolidated CLO Vehicles |
||||||||||||||||
Corporate Loans |
i 47 |
i 703 |
— |
— |
||||||||||||
$ |
( i 67 |
) |
$ |
i 11,743 |
$ |
( i 4,583 |
) |
$ |
( i 48,669 |
) | ||||||
Liabilities |
||||||||||||||||
CLO Notes Payable |
$ |
— |
$ |
( i 907 |
) |
$ |
— |
$ |
— |
|||||||
Corporate Treasury Commitments |
— |
i 2,213 |
— |
( i 1,175 |
) | |||||||||||
$ |
— |
$ |
i 1,306 |
$ |
— |
$ |
( i 1,175 |
) | ||||||||
Nine Months Ended September 30, | ||||||||||||||||
2022 | ||||||||||||||||
Net Change |
Net Change | |||||||||||||||
Realized |
in Unrealized |
Realized |
in Unrealized | |||||||||||||
Gains (Losses) |
Gains (Losses) |
Gains (Losses) |
Gains (Losses) | |||||||||||||
Assets |
||||||||||||||||
Loans and Receivables |
$ |
( i 6,515 |
) |
$ |
i 4,330 |
$ |
( i 6,663 |
) |
$ |
( i 4,309 |
) | |||||
Equity and Preferred Securities |
( i 776 |
) |
( i 6,763 |
) |
i 16,020 |
( i 58,239 |
) | |||||||||
Debt Securities |
— |
( i 3,611 |
) |
( i 9,423 |
) |
( i 32,627 |
) | |||||||||
Assets of Consolidated CLO Vehicles |
||||||||||||||||
Corporate Loans |
( i 6,152 |
) |
i 5,335 |
— |
— |
|||||||||||
$ |
( i 13,443 |
) |
$ |
( i 709 |
) |
$ |
( i 66 |
) |
$ |
( i 95,175 |
) | |||||
Liabilities |
||||||||||||||||
CLO Notes Payable |
$ |
— |
$ |
i 16 |
$ |
— |
$ |
— |
||||||||
Corporate Treasury Commitments |
— |
i 6,586 |
— |
( i 9,236 |
) | |||||||||||
$ |
— |
$ |
i 6,602 |
$ |
— |
$ |
( i 9,236 |
) | ||||||||
For Financial Assets |
For Financial Assets | |||||||||||||||||||||||
Past Due (a) |
Past Due (a) | |||||||||||||||||||||||
(Deficiency) |
Excess |
(Deficiency) |
Excess | |||||||||||||||||||||
of Fair Value |
Fair |
of Fair Value |
of Fair Value |
Fair |
of Fair Value | |||||||||||||||||||
Over Principal |
Value |
Over Principal |
Over Principal |
Value |
Over Principal | |||||||||||||||||||
Loans and Receivables |
$ |
( i 466 |
) |
$ |
— |
$ |
— |
$ |
( i 2,861 |
) |
$ |
— |
$ |
— |
||||||||||
Debt Securities |
( i 54,292 |
) |
— |
— |
( i 48,670 |
) |
— |
— |
||||||||||||||||
Assets of Consolidated CLO Vehicles |
||||||||||||||||||||||||
Corporate Loans |
( i 7,303 |
) |
i 1,338 |
— |
i — |
— |
— |
|||||||||||||||||
$ |
( i 62,061 |
) |
$ |
i 1,338 |
$ |
— |
$ |
( i 51,531 |
) |
$ |
— |
$ |
— |
|||||||||||
(a) |
Assets are classified as past due if contractual payments are more than 90 days past due. |
Level I |
Level II |
Level III |
NAV |
Total | ||||||||||||||||
| Assets |
||||||||||||||||||||
| Cash and Cash Equivalents |
$ |
i 127,047 |
$ |
— |
$ |
— |
$ |
— |
$ |
i 127,047 |
||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Investments |
||||||||||||||||||||
| Investments of Consolidated Blackstone Funds |
||||||||||||||||||||
| Equity Securities, Partnerships and LLC Interests (a) |
i 7,855 |
i 130,881 |
i 4,237,717 |
i 563,773 |
i 4,940,226 |
|||||||||||||||
| Debt Instruments |
— |
i 199,567 |
i 11,191 |
— |
i 210,758 |
|||||||||||||||
| Freestanding Derivatives |
— |
i 73,120 |
— |
— |
i 73,120 |
|||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Total Investments of Consolidated Blackstone Funds |
i 7,855 |
i 403,568 |
i 4,248,908 |
i 563,773 |
i 5,224,104 |
|||||||||||||||
| Corporate Treasury Investments |
i 76,838 |
i 678,552 |
i 8,125 |
— |
i 763,515 |
|||||||||||||||
| Other Investments |
i 1,458,415 |
i 2,247,894 |
i 70,191 |
i 6,812 |
i 3,783,312 |
|||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Total Investments |
i 1,543,108 |
i 3,330,014 |
i 4,327,224 |
i 570,585 |
i 9,770,931 |
|||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Accounts Receivable - Loans and Receivables |
— |
— |
i 79,339 |
— |
i 79,339 |
|||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Other Assets - Freestanding Derivatives |
i 754 |
i 216,900 |
i 4,349 |
— |
i 222,003 |
|||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
$ |
i 1,670,909 |
$ |
i 3,546,914 |
$ |
i 4,410,912 |
$ |
i 570,585 |
$ |
i 10,199,320 |
|||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Liabilities |
||||||||||||||||||||
| Loans Payable - CLO Notes Payable |
$ |
— |
$ |
i 225,396 |
$ |
— |
$ |
— |
$ |
i 225,396 |
||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Accounts Payable, Accrued Expenses and Other Liabilities |
||||||||||||||||||||
| Freestanding Derivatives (b) |
i 49 |
i 129,883 |
i 260,167 |
— |
i 390,099 |
|||||||||||||||
| Contingent Consideration (c) |
— |
— |
i 800 |
— |
i 800 |
|||||||||||||||
| Corporate Treasury Commitments (d) |
— |
— |
i 1,558 |
— |
i 1,558 |
|||||||||||||||
| Securities Sold, Not Yet Purchased |
i 3,789 |
— |
— |
— |
i 3,789 |
|||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Total Accounts Payable, Accrued Expenses and Other Liabilities |
i 3,838 |
i 129,883 |
i 262,525 |
— |
i 396,246 |
|||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
$ |
i 3,838 |
$ |
i 355,279 |
$ |
i 262,525 |
$ |
— |
$ |
i 621,642 |
|||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Level I |
Level II |
Level III |
NAV |
Total | ||||||||||||||||
| Assets |
||||||||||||||||||||
| Cash and Cash Equivalents |
$ |
i 1,134,733 |
$ |
— |
$ |
— |
$ |
— |
$ |
i 1,134,733 |
||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Investments |
||||||||||||||||||||
| Investments of Consolidated Blackstone Funds |
||||||||||||||||||||
| Equity Securities, Partnerships and LLC Interests (a) |
i 12,024 |
i 149,689 |
i 4,195,859 |
i 596,708 |
i 4,954,280 |
|||||||||||||||
| Debt Instruments |
— |
i 53,787 |
i 53,973 |
— |
i 107,760 |
|||||||||||||||
| Freestanding Derivatives |
— |
i 74,926 |
— |
— |
i 74,926 |
|||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Total Investments of Consolidated Blackstone Funds |
i 12,024 |
i 278,402 |
i 4,249,832 |
i 596,708 |
i 5,136,966 |
|||||||||||||||
| Corporate Treasury Investments |
i 116,266 |
i 931,406 |
i 5,868 |
— |
i 1,053,540 |
|||||||||||||||
| Other Investments |
i 1,473,611 |
i 1,597,696 |
i 51,155 |
i 5,985 |
i 3,128,447 |
|||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Total Investments |
i 1,601,901 |
i 2,807,504 |
i 4,306,855 |
i 602,693 |
i 9,318,953 |
|||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Accounts Receivable - Loans and Receivables |
— |
— |
i 315,039 |
— |
i 315,039 |
|||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Other Assets - Freestanding Derivatives |
i 279 |
i 196,188 |
i 6,210 |
— |
i 202,677 |
|||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
$ |
i 2,736,913 |
$ |
i 3,003,692 |
$ |
i 4,628,104 |
$ |
i 602,693 |
$ |
i 10,971,402 |
|||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Liabilities |
||||||||||||||||||||
| Accounts Payable, Accrued Expenses and Other Liabilities |
||||||||||||||||||||
| Consolidated Blackstone Funds - Freestanding Derivatives |
$ |
— |
$ |
i 284 |
$ |
— |
$ |
— |
$ |
i 284 |
||||||||||
| Freestanding Derivatives (b) |
i 21 |
i 88,161 |
i 48,581 |
— |
i 136,763 |
|||||||||||||||
| Corporate Treasury Commitments (d) |
— |
— |
i 8,144 |
— |
i 8,144 |
|||||||||||||||
| Securities Sold, Not Yet Purchased |
i 3,825 |
— |
— |
— |
i 3,825 |
|||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Total Accounts Payable, Accrued Expenses and Other Liabilities |
i 3,846 |
i 88,445 |
i 56,725 |
— |
i 149,016 |
|||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
$ |
i 3,846 |
$ |
i 88,445 |
$ |
i 56,725 |
$ |
— |
$ |
i 149,016 |
|||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
(a) |
Equity Securities, Partnership and LLC Interest includes investments in investment funds. |
(b) |
Level III freestanding derivatives are valued using an option pricing model where the significant inputs include the expected return and expected volatility. |
(c) |
Level III contingent consideration liabilities are valued using a discounted cash flow model where the significant inputs include the discount rates. |
(d) |
Corporate Treasury Commitments are measured using third party pricing. |
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 |
$ |
i 4,237,717 |
Discounted Cash Flows |
Discount Rate |
i 2.5% - i 36.0% |
i 7.9% |
Lower |
|||||||||||||||||
Exit Multiple - EBITDA |
i 4.0x - i 30.6x |
i 14.9x |
Higher |
|||||||||||||||||||||
Exit Capitalization Rate |
i 1.6% - i 13.0% |
i 5.0% |
Lower |
|||||||||||||||||||||
Transaction Price |
n/a |
|||||||||||||||||||||||
| Debt Instruments |
i 11,191 |
Other |
n/a |
|||||||||||||||||||||
| |
|
|
||||||||||||||||||||||
| Total Investments of Consolidated Blackstone Funds |
i 4,248,908 |
|||||||||||||||||||||||
| Corporate Treasury Investments |
i 8,125 |
Third Party Pricing |
n/a |
|||||||||||||||||||||
| Loans and Receivables |
i 79,339 |
Discounted Cash Flows |
Discount Rate |
i 10.1% - i 12.4% |
i 10.7% |
Lower |
||||||||||||||||||
| Other Investments (b) |
i 74,540 |
Third Party Pricing |
n/a |
|||||||||||||||||||||
| |
|
|
||||||||||||||||||||||
$ |
i 4,410,912 |
|||||||||||||||||||||||
| |
|
|
||||||||||||||||||||||
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 |
$ |
i 4,195,859 |
Discounted Cash Flows |
Discount Rate |
i 4.1% - i 34.5% |
i 8.8% |
Lower |
|||||||||||||||||
Exit Multiple - EBITDA |
i 4.0x - i 30.6x |
i 14.7x |
Higher |
|||||||||||||||||||||
Exit Capitalization Rate |
i 2.6% - i 14.4% |
i 4.7% |
Lower |
|||||||||||||||||||||
Transaction Price |
n/a |
|||||||||||||||||||||||
| Debt Instruments |
i 53,973 |
Transaction Price |
n/a |
|||||||||||||||||||||
Third Party Pricing |
n/a |
|||||||||||||||||||||||
| |
|
|
||||||||||||||||||||||
| Total Investments of Consolidated Blackstone Funds |
i 4,249,832 |
|||||||||||||||||||||||
| Corporate Treasury Investments |
i 5,868 |
Third Party Pricing |
n/a |
|||||||||||||||||||||
| Loans and Receivables |
i 315,039 |
Discounted Cash Flows |
Discount Rate |
i 7.6% - i 11.5% |
i 9.8% |
Lower |
||||||||||||||||||
| Other Investments (b) |
i 57,365 |
Transaction Price |
n/a |
|||||||||||||||||||||
Third Party Pricing |
n/a |
|||||||||||||||||||||||
| |
|
|
||||||||||||||||||||||
$ |
i 4,628,104 |
|||||||||||||||||||||||
| |
|
|
||||||||||||||||||||||
n/a |
Not applicable. | |
EBITDA |
Earnings before interest, taxes, depreciation and amortization. | |
Exit Multiple |
Ranges include the last twelve months EBITDA and forward EBITDA multiples. | |
Third Party Pricing |
Third Party Pricing is generally determined on the basis of unadjusted prices between market participants provided by reputable dealers or pricing services. | |
Transaction Price |
Includes recent acquisitions or transactions. | |
(a) |
Unobservable inputs were weighted based on the fair value of the investments included in the range. | |
(b) |
As of September 30, 2023 and December 31, 2022, Other Investments includes Level III Freestanding Derivatives. |
Level III Financial Assets at Fair Value Three Months Ended September 30, | ||||||||||||||||||||||||||||||||
2022 | ||||||||||||||||||||||||||||||||
Investments |
Investments |
|||||||||||||||||||||||||||||||
of |
Loans |
Other |
of |
Loans |
Other |
|||||||||||||||||||||||||||
Consolidated |
and |
Investments |
Consolidated |
and |
Investments |
|||||||||||||||||||||||||||
Funds |
Receivables |
(a) |
Total |
Funds |
Receivables |
(a) |
Total | |||||||||||||||||||||||||
Balance, Beginning of Period |
$ |
i 4,439,851 |
$ |
i 76,861 |
$ |
i 73,612 |
$ |
i 4,590,324 |
$ |
i 2,791,812 |
$ |
i 534,105 |
$ |
i 38,603 |
$ |
i 3,364,520 |
||||||||||||||||
Transfer Into Level III (b) |
i 12,858 |
— |
— |
i 12,858 |
i 2,466 |
— |
i 1,610 |
i 4,076 |
||||||||||||||||||||||||
Transfer Out of Level III (b) |
( i 11,544 |
) |
— |
( i 649 |
) |
( i 12,193 |
) |
( i 6,293 |
) |
— |
( i 4,043 |
) |
( i 10,336 |
) | ||||||||||||||||||
Purchases |
i 43,208 |
i 28,823 |
i 4,913 |
i 76,944 |
i 195,133 |
i 229,502 |
i 1,124 |
i 425,759 |
||||||||||||||||||||||||
Sales |
( i 51,735 |
) |
( i 23,312 |
) |
( i 1,573 |
) |
( i 76,620 |
) |
( i 2,280 |
) |
( i 217,173 |
) |
( i 51 |
) |
( i 219,504 |
) | ||||||||||||||||
Issuances |
— |
— |
— |
— |
— |
i 6,437 |
— |
i 6,437 |
||||||||||||||||||||||||
Settlements (c) |
— |
( i 4,117 |
) |
( i 3,389 |
) |
( i 7,506 |
) |
— |
( i 12,688 |
) |
i 566 |
( i 12,122 |
) | |||||||||||||||||||
Changes in Gains (Losses) Included in Earnings |
( i 183,730 |
) |
i 1,084 |
i 3,332 |
( i 179,314 |
) |
( i 158,059 |
) |
i 3,214 |
i 1,577 |
( i 153,268 |
) | ||||||||||||||||||||
Balance, End of Period |
$ |
i 4,248,908 |
$ |
i 79,339 |
$ |
i 76,246 |
$ |
i 4,404,493 |
$ |
i 2,822,779 |
$ |
i 543,397 |
$ |
i 39,386 |
$ |
i 3,405,562 |
||||||||||||||||
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date |
$ |
( i 88,307 |
) |
$ |
( i 52 |
) |
$ |
( i 1,891 |
) |
$ |
( i 90,250 |
) |
$ |
( i 53,588 |
) |
$ |
( i 3,010 |
) |
$ |
i 1,591 |
$ |
( i 55,007 |
) | |||||||||
Level III Financial Assets at Fair Value Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2022 | ||||||||||||||||||||||||||||||||
Investments |
Investments |
|||||||||||||||||||||||||||||||
of |
Loans |
Other |
of |
Loans |
Other |
|||||||||||||||||||||||||||
Consolidated |
and |
Investments |
Consolidated |
and |
Investments |
|||||||||||||||||||||||||||
Funds |
Receivables |
(a) |
Total |
Funds |
Receivables |
(a) |
Total | |||||||||||||||||||||||||
Balance, Beginning of Period |
$ |
i 4,249,832 |
$ |
i 315,039 |
$ |
i 30,971 |
$ |
i 4,595,842 |
$ |
i 1,200,315 |
$ |
i 392,732 |
$ |
i 43,987 |
$ |
i 1,637,034 |
||||||||||||||||
Transfer In Due to Consolidation and Acquisition |
— |
— |
— |
— |
i 1,535,171 |
— |
— |
i 1,535,171 |
||||||||||||||||||||||||
Transfer Out Due to Deconsolidation |
( i 3,837 |
) |
— |
— |
( i 3,837 |
) |
— |
— |
— |
— |
||||||||||||||||||||||
Transfer Into Level III (b) |
i 26,856 |
— |
i 898 |
i 27,754 |
i 2,518 |
— |
i 2,517 |
i 5,035 |
||||||||||||||||||||||||
Transfer Out of Level III (b) |
( i 16,608 |
) |
— |
( i 3,374 |
) |
( i 19,982 |
) |
( i 111,824 |
) |
— |
( i 4,043 |
) |
( i 115,867 |
) | ||||||||||||||||||
Purchases |
i 214,076 |
i 200,791 |
i 56,589 |
i 471,456 |
i 522,941 |
i 674,286 |
i 8,622 |
i 1,205,849 |
||||||||||||||||||||||||
Sales |
( i 173,442 |
) |
( i 459,825 |
) |
( i 3,258 |
) |
( i 636,525 |
) |
( i 169,710 |
) |
( i 522,198 |
) |
( i 2,864 |
) |
( i 694,772 |
) | ||||||||||||||||
Issuances |
— |
i 57,008 |
— |
i 57,008 |
— |
i 30,336 |
— |
i 30,336 |
||||||||||||||||||||||||
Settlements (c) |
— |
( i 57,205 |
) |
( i 8,086 |
) |
( i 65,291 |
) |
— |
( i 34,706 |
) |
i 566 |
( i 34,140 |
) | |||||||||||||||||||
Changes in Gains (Losses) Included in Earnings |
( i 47,969 |
) |
i 23,531 |
i 2,506 |
( i 21,932 |
) |
( i 156,632 |
) |
i 2,947 |
( i 9,399 |
) |
( i 163,084 |
) | |||||||||||||||||||
Balance, End of Period |
$ |
i 4,248,908 |
$ |
i 79,339 |
$ |
i 76,246 |
$ |
i 4,404,493 |
$ |
i 2,822,779 |
$ |
i 543,397 |
$ |
i 39,386 |
$ |
i 3,405,562 |
||||||||||||||||
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date |
$ |
( i 48,875 |
) |
$ |
i 2,391 |
$ |
i 2,869 |
$ |
( i 43,615 |
) |
$ |
( i 41,596 |
) |
$ |
( i 10,940 |
) |
$ |
( i 9,476 |
) |
$ |
( i 62,012 |
) | ||||||||||
(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. |
September 30, |
||||||||
2022 |
||||||||
Investments |
$ |
i 3,286,386 |
$ |
i 3,326,669 |
||||
Due from Affiliates |
i 184,778 |
i 189,240 |
||||||
Potential Clawback Obligation |
i 72,058 |
i 384,926 |
||||||
Maximum Exposure to Loss |
$ |
i 3,543,222 |
$ |
i 3,900,835 |
||||
Amounts Due to Non-Consolidated VIEs |
$ |
i 24 |
$ |
i 6 |
||||
Remaining Contractual Maturity of the Agreements | ||||||||||||||||||||
Overnight |
Greater |
|||||||||||||||||||
and |
Up to |
30 - 90 |
than |
|||||||||||||||||
Continuous |
30 Days |
Days |
90 days |
Total | ||||||||||||||||
Repurchase Agreements |
||||||||||||||||||||
Loans |
$ |
i — |
$ |
i 70,776 |
$ |
i — |
$ |
i 19,168 |
$ |
i 89,944 |
||||||||||
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” |
$ |
i 89,944 |
||||||||||||||||||
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” |
$ |
i — |
||||||||||||||||||
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 |
$ |
i 295,123 |
$ |
i 194,042 |
$ |
i 86,991 |
$ |
i 14,090 |
||||||||
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 |
$ |
i 129,931 |
$ |
i 120,633 |
$ |
i 616 |
$ |
i 8,682 |
||||||||
Repurchase Agreements |
i — |
i — |
i — |
i — |
||||||||||||
$ |
i 129,931 |
$ |
i 120,633 |
$ |
i 616 |
$ |
i 8,682 |
|||||||||
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 |
$ |
i 277,603 |
$ |
i 165,897 |
$ |
i 96,436 |
$ |
i 15,270 |
||||||||
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 |
$ |
i 88,182 |
$ |
i 85,366 |
$ |
i 1,345 |
$ |
i 1,471 |
||||||||
Repurchase Agreements |
i 89,944 |
i 89,944 |
i — |
i — |
||||||||||||
$ |
i 178,126 |
$ |
i 175,310 |
$ |
i 1,345 |
$ |
i 1,471 |
|||||||||
(a) |
Amounts presented are inclusive of both legally enforceable master netting agreements, and financial instruments received or pledged as collateral. Financial instruments received or pledged as collateral offset derivative counterparty risk exposure, but do not reduce net balance sheet exposure. |
September 30, |
||||||||
2022 |
||||||||
Furniture, Equipment and Leasehold Improvements |
$ |
i 908,676 |
$ |
i 748,334 |
||||
Less: Accumulated Depreciation |
( i 372,231 |
) |
( i 336,621 |
) | ||||
Furniture, Equipment and Leasehold Improvements, Net |
i 536,445 |
i 411,713 |
||||||
Prepaid Expenses |
i 190,392 |
i 165,079 |
||||||
Freestanding Derivatives |
i 222,003 |
i 202,677 |
||||||
Other |
i 23,229 |
i 20,989 |
||||||
$ |
i 972,069 |
$ |
i 800,458 |
|||||
Carrying |
Fair |
Carrying |
Fair |
|||||||||||||
Description |
Value |
Value |
Value |
Value |
||||||||||||
Blackstone Operating Borrowings |
||||||||||||||||
Senior Notes (a) |
||||||||||||||||
i 4.750%, Due i 2/15/2023 |
$ |
i — |
$ |
i — |
$ |
i 399,838 |
$ |
i 399,776 |
||||||||
i 2.000%, Due i 5/19/2025 |
i 321,745 |
i 305,197 |
i 325,292 |
i 305,754 |
||||||||||||
i 1.000%, Due i 10/5/2026 |
i 635,870 |
i 578,320 |
i 642,968 |
i 568,525 |
||||||||||||
i 3.150%, Due i 10/2/2027 |
i 298,381 |
i 272,340 |
i 298,101 |
i 271,284 |
||||||||||||
i 5.900%, Due i 11/3/2027 |
i 595,147 |
i 600,144 |
i 594,381 |
i 606,450 |
||||||||||||
i 1.625%, Due i 8/5/2028 |
i 645,167 |
i 536,621 |
i 644,456 |
i 530,933 |
||||||||||||
i 1.500%, Due i 4/10/2029 |
i 638,389 |
i 543,816 |
i 645,819 |
i 532,043 |
||||||||||||
i 2.500%, Due i 1/10/2030 |
i 493,328 |
i 407,660 |
i 492,604 |
i 405,965 |
||||||||||||
i 1.600%, Due i 3/30/2031 |
i 496,332 |
i 363,495 |
i 495,990 |
i 365,380 |
||||||||||||
i 2.000%, Due i 1/30/2032 |
i 788,978 |
i 585,423 |
i 788,082 |
i 589,407 |
||||||||||||
i 2.550%, Due i 3/30/2032 |
i 495,553 |
i 380,395 |
i 495,207 |
i 390,370 |
||||||||||||
i 6.200%, Due i 4/22/2033 |
i 891,740 |
i 896,382 |
i 891,277 |
i 907,965 |
||||||||||||
i 3.500%, Due i 6/1/2034 |
i 499,022 |
i 459,952 |
i 504,695 |
i 452,934 |
||||||||||||
i 6.250%, Due i 8/15/2042 |
i 239,385 |
i 229,193 |
i 239,176 |
i 251,480 |
||||||||||||
i 5.000%, Due i 6/15/2044 |
i 489,906 |
i 408,990 |
i 489,704 |
i 441,355 |
||||||||||||
i 4.450%, Due i 7/15/2045 |
i 344,655 |
i 260,946 |
i 344,549 |
i 287,242 |
||||||||||||
i 4.000%, Due i 10/2/2047 |
i 291,095 |
i 205,593 |
i 290,935 |
i 227,946 |
||||||||||||
i 3.500%, Due i 9/10/2049 |
i 392,391 |
i 252,984 |
i 392,259 |
i 275,588 |
||||||||||||
i 2.800%, Due i 9/30/2050 |
i 394,067 |
i 217,988 |
i 393,958 |
i 237,552 |
||||||||||||
i 2.850%, Due i 8/5/2051 |
i 543,278 |
i 304,695 |
i 543,162 |
i 323,527 |
||||||||||||
i 3.200%, Due i 1/30/2052 |
i 987,333 |
i 599,690 |
i 987,131 |
i 646,880 |
||||||||||||
i 10,481,762 |
i 8,409,824 |
i 10,899,584 |
i 9,018,356 |
|||||||||||||
Other (b) |
||||||||||||||||
Secured Borrowing, Due i 10/27/2033 |
i 19,966 |
i 19,966 |
i — |
i — |
||||||||||||
Secured Borrowing, Due i 1/29/2035 |
i 20,000 |
i 20,000 |
i — |
i — |
||||||||||||
i 10,521,728 |
i 8,449,790 |
i 10,899,584 |
i 9,018,356 |
|||||||||||||
Borrowings of Consolidated Blackstone Funds |
||||||||||||||||
Blackstone Fund Facilities (c) |
i 1,364,253 |
i 1,364,253 |
i 1,450,000 |
i 1,450,000 |
||||||||||||
CLO Notes Payable (d) |
i 225,396 |
i 225,396 |
i — |
i — |
||||||||||||
i 1,589,649 |
i 1,589,649 |
i 1,450,000 |
i 1,450,000 |
|||||||||||||
$ |
i 12,111,377 |
$ |
i 10,039,439 |
$ |
i 12,349,584 |
$ |
i 10,468,356 |
|||||||||
(a) |
Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy. |
(b) |
The Secured Borrowing, Due i 10/27/2033 has an interest rate of i 7.66% and the Secured Borrowing, Due i 1/29/2035
has an interest rate of i 3.72%. Principal on these borrowings will be paid over the term with repayment amounts dependent on the performance of the underlying assets securing each borrowing. |
(c) |
Blackstone Fund Facilities represents borrowing facilities for the various consolidated Blackstone Funds used to meet liquidity and investing needs. Such borrowings have varying maturities and may be rolled over until the disposition or refinancing event. Borrowings bear interest at spreads to market rates or at stated fixed rates that can vary over the borrowing term. Interest may be subject to the performance of the assets within the fund and therefore, the stated interest rate and effective interest rate may differ. |
(d) |
CLO Notes Payable are due i 10/15/2029 and have an effective interest rate of i 7.90%
as of September 30, 2023. |
Blackstone |
Borrowings of |
|||||||||||
Operating Borrowings |
Consolidated Blackstone Funds |
Total Borrowings | ||||||||||
2023 |
$ |
i 34 |
$ |
i — |
$ |
i 34 |
||||||
2024 |
i — |
i — |
i — |
|||||||||
2025 |
i 325,413 |
i — |
i 325,413 |
|||||||||
2026 |
i 640,427 |
i — |
i 640,427 |
|||||||||
2027 |
i 911,572 |
i — |
i 911,572 |
|||||||||
Thereafter |
i 8,777,120 |
i 1,685,566 |
i 10,462,686 |
|||||||||
$ |
i 10,654,566 |
$ |
i 1,685,566 |
$ |
i 12,340,132 |
|||||||
Jurisdiction |
Year |
|||
Federal |
i 2019 |
|||
New York City |
i 2009 |
|||
New York State |
i 2016 |
|||
United Kingdom |
i 2011 |
|||
Three Months Ended |
Nine Months Ended | |||||||||||||||
September 30, |
||||||||||||||||
2022 |
2023 |
2022 | ||||||||||||||
Net Income for Per Share of Common Stock Calculations |
||||||||||||||||
Net Income Attributable to Blackstone Inc., Basic and Diluted |
$ |
i 551,994 |
$ |
i 2,296 |
$ |
i 1,239,080 |
$ |
i 1,189,777 |
||||||||
Shares/Units Outstanding |
||||||||||||||||
Weighted-Average Shares of Common Stock Outstanding, Basic |
i 757,958,602 |
i 742,345,646 |
i 754,211,390 |
i 739,963,370 |
||||||||||||
Weighted-Average Shares of Unvested Deferred Restricted Common Stock |
i 87,494 |
i 149,886 |
i 244,936 |
i 308,877 |
||||||||||||
Weighted-Average Shares of Common Stock Outstanding, Diluted |
i 758,046,096 |
i 742,495,532 |
i 754,456,326 |
i 740,272,247 |
||||||||||||
Net Income Per Share of Common Stock |
||||||||||||||||
Basic |
$ |
i 0.73 |
$ |
i — |
$ |
i 1.64 |
$ |
i 1.61 |
||||||||
Diluted |
$ |
i 0.73 |
$ |
i — |
$ |
i 1.64 |
$ |
i 1.61 |
||||||||
Dividends Declared Per Share of Common Stock (a) |
$ |
i 0.79 |
$ |
i 1.27 |
$ |
i 2.52 |
$ |
i 4.04 |
||||||||
(a) |
Dividends declared reflects the calendar date of the declaration for each distribution. |
Three Months Ended |
Nine Months Ended | |||||||||||||||
September 30, |
||||||||||||||||
2022 |
2023 |
2022 | ||||||||||||||
Weighted-Average Blackstone Holdings Partnership Units |
i 460,160,593 |
i 465,522,745 |
i 461,549,778 |
i 466,703,389 |
||||||||||||
Shares/Units | ||||
Common Stock Outstanding |
i 718,442,863 |
|||
Unvested Participating Common Stock |
i 39,338,248 |
|||
Total Participating Common Stock |
i 757,781,111 |
|||
Participating Blackstone Holdings Partnership Units |
i 459,651,045 |
|||
i 1,217,432,156 |
||||
Blackstone Holdings |
Blackstone Inc. | |||||||||||||||||||||||
Equity Settled Awards |
Cash Settled Awards | |||||||||||||||||||||||
Weighted- |
Weighted- |
Weighted- | ||||||||||||||||||||||
Average |
Deferred |
Average |
Average | |||||||||||||||||||||
Partnership |
Grant Date |
Restricted Shares |
Grant Date |
Phantom |
Grant Date | |||||||||||||||||||
Unvested Shares/Units |
Units |
Fair Value |
of Common Stock |
Fair Value |
Shares |
Fair Value | ||||||||||||||||||
Balance, December 31, 2022 |
i 11,029,996 |
$ |
i 38.02 |
i 31,001,563 |
$ |
i 82.94 |
i 48,886 |
$ |
i 85.04 |
|||||||||||||||
Granted |
— |
— |
i 15,541,313 |
i 85.15 |
i 69,267 |
i 93.20 |
||||||||||||||||||
Vested |
( i 5,974,487 |
) |
i 37.49 |
( i 8,362,042 |
) |
i 73.81 |
( i 10,204 |
) |
i 99.50 |
|||||||||||||||
Forfeited |
( i 48,299 |
) |
i 42.65 |
( i 602,684 |
) |
i 89.92 |
( i 18,866 |
) |
i 68.63 |
|||||||||||||||
Balance, September 30, 2023 |
i 5,007,210 |
$ |
i 38.69 |
i 37,578,150 |
$ |
i 85.82 |
i 89,083 |
$ |
i 104.62 |
|||||||||||||||
Weighted- | ||||||
Average | ||||||
Service Period | ||||||
Shares/Units |
in Years | |||||
Blackstone Holdings Partnership Units |
i 4,916,949 |
i 1.1 | ||||
Deferred Restricted Shares of Common Stock |
i 32,867,925 |
i 3.1 | ||||
Total Equity-Based Awards |
i 37,784,874 |
i 2.9 | ||||
Phantom Shares |
i 73,413 |
i 3.2 | ||||
September 30, |
||||||||
2022 | ||||||||
Due from Affiliates |
||||||||
Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated Entities and Portfolio Companies |
$ |
i 3,555,322 |
$ |
i 3,344,813 |
||||
Due from Certain Non-Controlling Interest Holders and Blackstone Employees |
i 764,012 |
i 741,319 |
||||||
Accrual for Potential Clawback of Previously Distributed Performance Allocations |
i 78,999 |
i 60,575 |
||||||
$ |
i 4,398,333 |
$ |
i 4,146,707 |
|||||
September 30, |
||||||||
2022 | ||||||||
Due to Affiliates |
||||||||
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements |
$ |
i 1,628,268 |
$ |
i 1,602,933 |
||||
Due to Non-Consolidated Entities |
i 106,972 |
i 157,982 |
||||||
Due to Certain Non-Controlling Interest Holders and Blackstone Employees |
i 230,713 |
i 198,875 |
||||||
Accrual for Potential Repayment of Previously Received Performance Allocations |
i 222,271 |
i 158,691 |
||||||
$ |
i 2,188,224 |
$ |
i 2,118,481 |
|||||
Current and |
Current and |
|||||||||||||||||||||||
Blackstone |
Former |
Blackstone |
Former |
|||||||||||||||||||||
| Segment |
Holdings |
Personnel (a) |
Total (b) |
Holdings |
Personnel (a) |
Total (b) | ||||||||||||||||||
| Real Estate |
$ |
i 87,842 |
$ |
i 54,506 |
$ |
i 142,348 |
$ |
i 78,644 |
$ |
i 51,771 |
$ |
i 130,415 |
||||||||||||
| Private Equity |
i 38,384 |
i 24,235 |
i 62,619 |
i 19,279 |
i 8,569 |
i 27,848 |
||||||||||||||||||
| Credit & Insurance |
i 204 |
i 258 |
i 462 |
i 223 |
i 205 |
i 428 |
||||||||||||||||||
| Hedge Fund Solutions |
i 17,399 |
( i 557 |
) |
i 16,842 |
i — |
i — |
i — |
|||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
$ |
i 143,829 |
$ |
i 78,442 |
$ |
i 222,271 |
$ |
i 98,146 |
$ |
i 60,545 |
$ |
i 158,691 |
|||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
(a) |
The split of clawback between Blackstone Holdings and Current and Former Personnel is based on the performance of individual investments held by a fund rather than on a fund by fund basis. |
(b) |
Total is a component of Due to Affiliates. See Note 16. “Related Party Transactions — Affiliate Receivables and Payables — Due to Affiliates.” |
• |
Real Estate – Blackstone’s Real Estate segment primarily comprises its management of opportunistic real estate funds, Core+ real estate funds, and real estate debt and credit strategies. |
• |
Private Equity – Blackstone’s Private Equity segment includes its management of flagship corporate private equity funds, sector and geographically-focused corporate private equity funds, core private equity funds, an opportunistic investment platform, a secondary fund of funds business, infrastructure-focused funds, a life sciences investment platform, a growth equity investment platform, a multi-asset investment program for eligible high net worth investors and a capital markets services business. |
• |
Credit & Insurance – Blackstone’s Credit & Insurance segment consists principally of Blackstone Credit, which is organized into two overarching strategies: private credit (which includes mezzanine and direct lending funds, private placement strategies, stressed/distressed strategies and energy strategies) and liquid credit (which consists of CLOs, closed-ended funds, open-ended funds and separately managed accounts). In addition, the segment includes an insurer-focused platform, an asset-based finance platform and publicly traded master limited partnership investment platform. |
• |
Hedge Fund Solutions – The largest component of Blackstone’s Hedge Fund Solutions segment is Blackstone Alternative Asset Management, which manages a broad range of commingled and customized hedge fund of fund solutions. The segment also includes a GP Stakes business and investment platforms that invest directly, as well as investment platforms that seed new hedge fund businesses and create alternative solutions through daily liquidity products. |
Three Months Ended September 30, 2023 | ||||||||||||||||||||
Real |
Private |
Credit & |
Hedge Fund |
Total | ||||||||||||||||
Estate |
Equity |
Insurance |
Solutions |
Segments | ||||||||||||||||
Management and Advisory Fees, Net |
||||||||||||||||||||
Base Management Fees |
$ |
i 697,561 |
$ |
i 457,008 |
$ |
i 333,828 |
$ |
i 131,346 |
$ |
i 1,619,743 |
||||||||||
Transaction, Advisory and Other Fees, Net |
i 10,686 |
i 21,780 |
i 10,362 |
i 1,783 |
i 44,611 |
|||||||||||||||
Management Fee Offsets |
( i 7,616 |
) |
( i 1,982 |
) |
( i 898 |
) |
( i 18 |
) |
( i 10,514 |
) | ||||||||||
Total Management and Advisory Fees, Net |
i 700,631 |
i 476,806 |
i 343,292 |
i 133,111 |
i 1,653,840 |
|||||||||||||||
Fee Related Performance Revenues |
i 127,841 |
i — |
i 146,710 |
i — |
i 274,551 |
|||||||||||||||
Fee Related Compensation |
( i 199,384 |
) |
( i 145,987 |
) |
( i 148,056 |
) |
( i 46,496 |
) |
( i 539,923 |
) | ||||||||||
Other Operating Expenses |
( i 83,074 |
) |
( i 78,547 |
) |
( i 76,147 |
) |
( i 26,677 |
) |
( i 264,445 |
) | ||||||||||
Fee Related Earnings |
i 546,014 |
i 252,272 |
i 265,799 |
i 59,938 |
i 1,124,023 |
|||||||||||||||
Realized Performance Revenues |
i 17,419 |
i 299,272 |
i 14,349 |
i 6,900 |
i 337,940 |
|||||||||||||||
Realized Performance Compensation |
( i 7,813 |
) |
( i 117,814 |
) |
( i 5,451 |
) |
( i 2,917 |
) |
( i 133,995 |
) | ||||||||||
Realized Principal Investment Income |
i 1,565 |
i 22,497 |
i 29,213 |
i 2,225 |
i 55,500 |
|||||||||||||||
Total Net Realizations |
i 11,171 |
i 203,955 |
i 38,111 |
i 6,208 |
i 259,445 |
|||||||||||||||
Total Segment Distributable Earnings |
$ |
i 557,185 |
$ |
i 456,227 |
$ |
i 303,910 |
$ |
i 66,146 |
$ |
i 1,383,468 |
||||||||||
Three Months Ended September 30, 2022 | ||||||||||||||||||||
Real |
Private |
Credit & |
Hedge Fund |
Total | ||||||||||||||||
Estate |
Equity |
Insurance |
Solutions |
Segments | ||||||||||||||||
| Management and Advisory Fees, Net |
||||||||||||||||||||
| Base Management Fees |
$ |
i 610,606 |
$ |
i 466,474 |
$ |
i 312,663 |
$ |
i 138,818 |
$ |
i 1,528,561 |
||||||||||
| Transaction, Advisory and Other Fees, Net |
i 54,342 |
i 24,313 |
i 10,629 |
i 581 |
i 89,865 |
|||||||||||||||
| Management Fee Offsets |
( i 1,842 |
) |
( i 3,634 |
) |
( i 1,323 |
) |
( i 57 |
) |
( i 6,856 |
) | ||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Total Management and Advisory Fees, Net |
i 663,106 |
i 487,153 |
i 321,969 |
i 139,342 |
i 1,611,570 |
|||||||||||||||
| Fee Related Performance Revenues |
i 260,003 |
i — |
i 112,128 |
i — |
i 372,131 |
|||||||||||||||
| Fee Related Compensation |
( i 239,572 |
) |
( i 142,381 |
) |
( i 135,420 |
) |
( i 40,895 |
) |
( i 558,268 |
) | ||||||||||
| Other Operating Expenses |
( i 74,701 |
) |
( i 76,138 |
) |
( i 68,696 |
) |
( i 26,599 |
) |
( i 246,134 |
) | ||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Fee Related Earnings |
i 608,836 |
i 268,634 |
i 229,981 |
i 71,848 |
i 1,179,299 |
|||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Realized Performance Revenues |
i 142,794 |
i 309,326 |
i 12,459 |
i 4,430 |
i 469,009 |
|||||||||||||||
| Realized Performance Compensation |
( i 33,464 |
) |
( i 164,531 |
) |
( i 4,992 |
) |
( i 3,237 |
) |
( i 206,224 |
) | ||||||||||
| Realized Principal Investment Income |
i 45,297 |
i 38,015 |
i 46,993 |
i 9,460 |
i 139,765 |
|||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Total Net Realizations |
i 154,627 |
i 182,810 |
i 54,460 |
i 10,653 |
i 402,550 |
|||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Total Segment Distributable Earnings |
$ |
i 763,463 |
$ |
i 451,444 |
$ |
i 284,441 |
$ |
i 82,501 |
$ |
i 1,581,849 |
||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
September 30, 2023 and the Nine Months Then Ended | ||||||||||||||||||||
Real |
Private |
Credit & |
Hedge Fund |
Total | ||||||||||||||||
Estate |
Equity |
Insurance |
Solutions |
Segments | ||||||||||||||||
| Management and Advisory Fees, Net |
||||||||||||||||||||
| Base Management Fees |
$ |
i 2,112,925 |
$ |
i 1,351,630 |
$ |
i 995,915 |
$ |
i 399,429 |
$ |
i 4,859,899 |
||||||||||
| Transaction, Advisory and Other Fees, Net |
i 58,313 |
i 85,389 |
i 33,815 |
i 5,539 |
i 183,056 |
|||||||||||||||
| Management Fee Offsets |
( i 26,380 |
) |
( i 4,058 |
) |
( i 3,055 |
) |
( i 49 |
) |
( i 33,542 |
) | ||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Total Management and Advisory Fees, Net |
i 2,144,858 |
i 1,432,961 |
i 1,026,675 |
i 404,919 |
i 5,009,413 |
|||||||||||||||
| Fee Related Performance Revenues |
i 279,888 |
i — |
i 409,645 |
i — |
i 689,533 |
|||||||||||||||
| Fee Related Compensation |
( i 536,000 |
) |
( i 463,293 |
) |
( i 480,289 |
) |
( i 138,120 |
) |
( i 1,617,702 |
) | ||||||||||
| Other Operating Expenses |
( i 229,204 |
) |
( i 229,713 |
) |
( i 231,760 |
) |
( i 82,782 |
) |
( i 773,459 |
) | ||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Fee Related Earnings |
i 1,659,542 |
i 739,955 |
i 724,271 |
i 184,017 |
i 3,307,785 |
|||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Realized Performance Revenues |
i 148,236 |
i 945,770 |
i 181,874 |
i 92,009 |
i 1,367,889 |
|||||||||||||||
| Realized Performance Compensation |
( i 80,571 |
) |
( i 413,389 |
) |
( i 79,794 |
) |
( i 34,635 |
) |
( i 608,389 |
) | ||||||||||
| Realized Principal Investment Income |
i 3,719 |
i 59,353 |
i 15,866 |
i 12,792 |
i 91,730 |
|||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Total Net Realizations |
i 71,384 |
i 591,734 |
i 117,946 |
i 70,166 |
i 851,230 |
|||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Total Segment Distributable Earnings |
$ |
i 1,730,926 |
$ |
i 1,331,689 |
$ |
i 842,217 |
$ |
i 254,183 |
$ |
i 4,159,015 |
||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Segment Assets |
$ |
i 13,683,819 |
$ |
i 14,152,032 |
$ |
i 6,683,449 |
$ |
i 2,516,441 |
$ |
i 37,035,741 |
||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Nine Months Ended September 30, 2022 | ||||||||||||||||||||
Real |
Private |
Credit & |
Hedge Fund |
Total | ||||||||||||||||
Estate |
Equity |
Insurance |
Solutions |
Segments | ||||||||||||||||
Management and Advisory Fees, Net |
||||||||||||||||||||
Base Management Fees |
$ |
i 1,802,543 |
$ |
i 1,321,405 |
$ |
i 911,697 |
$ |
i 428,941 |
$ |
i 4,464,586 |
||||||||||
Transaction, Advisory and Other Fees, Net |
i 141,801 |
i 64,522 |
i 27,143 |
i 5,500 |
i 238,966 |
|||||||||||||||
Management Fee Offsets |
( i 3,491 |
) |
( i 53,933 |
) |
( i 4,107 |
) |
( i 166 |
) |
( i 61,697 |
) | ||||||||||
Total Management and Advisory Fees, Net |
i 1,940,853 |
i 1,331,994 |
i 934,733 |
i 434,275 |
i 4,641,855 |
|||||||||||||||
Fee Related Performance Revenues |
i 1,017,027 |
( i 648 |
) |
i 260,410 |
i — |
i 1,276,789 |
||||||||||||||
Fee Related Compensation |
( i 858,307 |
) |
( i 446,053 |
) |
( i 399,799 |
) |
( i 145,993 |
) |
( i 1,850,152 |
) | ||||||||||
Other Operating Expenses |
( i 229,033 |
) |
( i 227,115 |
) |
( i 189,745 |
) |
( i 75,849 |
) |
( i 721,742 |
) | ||||||||||
Fee Related Earnings |
i 1,870,540 |
i 658,178 |
i 605,599 |
i 212,433 |
i 3,346,750 |
|||||||||||||||
Realized Performance Revenues |
i 2,943,430 |
i 882,448 |
i 122,175 |
i 40,540 |
i 3,988,593 |
|||||||||||||||
Realized Performance Compensation |
( i 1,154,897 |
) |
( i 428,614 |
) |
( i 54,487 |
) |
( i 14,320 |
) |
( i 1,652,318 |
) | ||||||||||
Realized Principal Investment Income |
i 128,388 |
i 112,357 |
i 76,793 |
i 22,831 |
i 340,369 |
|||||||||||||||
Total Net Realizations |
i 1,916,921 |
i 566,191 |
i 144,481 |
i 49,051 |
i 2,676,644 |
|||||||||||||||
Total Segment Distributable Earnings |
$ |
i 3,787,461 |
$ |
i 1,224,369 |
$ |
i 750,080 |
$ |
i 261,484 |
$ |
i 6,023,394 |
||||||||||
Three Months Ended |
Nine Months Ended | |||||||||||||||
September 30, |
||||||||||||||||
2022 |
2023 |
2022 | ||||||||||||||
Revenues |
||||||||||||||||
Total GAAP Revenues |
$ |
i 2,541,285 |
$ |
i 1,058,114 |
$ |
i 6,737,821 |
$ |
i 6,813,614 |
||||||||
Less: Unrealized Performance Revenues (a) |
i 63,209 |
i 771,637 |
i 708,146 |
i 2,946,255 |
||||||||||||
Less: Unrealized Principal Investment (Income) Loss (b) |
( i 84,780 |
) |
i 996,105 |
i 233,638 |
i 1,172,635 |
|||||||||||
Less: Interest and Dividend Revenue (c) |
( i 113,904 |
) |
( i 57,462 |
) |
( i 362,245 |
) |
( i 178,090 |
) | ||||||||
Less: Other Revenue (d) |
( i 63,748 |
) |
( i 198,546 |
) |
( i 17,850 |
) |
( i 427,069 |
) | ||||||||
Impact of Consolidation (e) |
( i 20,389 |
) |
i 23,373 |
( i 139,784 |
) |
( i 79,124 |
) | |||||||||
Transaction-Related and Non-Recurring Items (f) |
( i 420 |
) |
( i 1,264 |
) |
( i 3,093 |
) |
( i 2,714 |
) | ||||||||
Intersegment Eliminations |
i 578 |
i 518 |
i 1,932 |
i 2,099 |
||||||||||||
Total Segment Revenue (g) |
$ |
i 2,321,831 |
$ |
i 2,592,475 |
$ |
i 7,158,565 |
$ |
i 10,247,606 |
||||||||
Three Months Ended |
Nine Months Ended | |||||||||||||||
September 30, |
||||||||||||||||
2022 |
2023 |
2022 | ||||||||||||||
Expenses |
||||||||||||||||
Total GAAP Expenses |
$ |
i 1,374,905 |
$ |
i 961,361 |
$ |
i 4,039,560 |
$ |
i 3,902,496 |
||||||||
Less: Unrealized Performance Allocations Compensation (h) |
( i 11,866 |
) |
i 359,590 |
i 247,228 |
i 1,273,849 |
|||||||||||
Less: Equity-Based Compensation (i) |
( i 255,616 |
) |
( i 190,197 |
) |
( i 773,505 |
) |
( i 587,386 |
) | ||||||||
Less: Interest Expense (j) |
( i 110,014 |
) |
( i 80,312 |
) |
( i 321,353 |
) |
( i 216,339 |
) | ||||||||
Impact of Consolidation (e) |
( i 43,172 |
) |
( i 14,125 |
) |
( i 140,725 |
) |
( i 33,325 |
) | ||||||||
Amortization of Intangibles (k) |
( i 7,357 |
) |
( i 13,238 |
) |
( i 26,110 |
) |
( i 47,326 |
) | ||||||||
Transaction-Related and Non-Recurring Items (f) |
( i 6,670 |
) |
( i 10,511 |
) |
( i 20,192 |
) |
( i 62,435 |
) | ||||||||
Administrative Fee Adjustment (l) |
( i 2,425 |
) |
( i 2,460 |
) |
( i 7,285 |
) |
( i 7,421 |
) | ||||||||
Intersegment Eliminations |
i 578 |
i 518 |
i 1,932 |
i 2,099 |
||||||||||||
Total Segment Expenses (m) |
$ |
i 938,363 |
$ |
i 1,010,626 |
$ |
i 2,999,550 |
$ |
i 4,224,212 |
||||||||
Three Months Ended |
Nine Months Ended | |||||||||||||||
September 30, |
||||||||||||||||
2022 |
2023 |
2022 | ||||||||||||||
Other Income |
||||||||||||||||
Total GAAP Other Income (Loss) |
$ |
( i 49,078 |
) |
$ |
i 1,178 |
$ |
i 104,373 |
$ |
( i 51,524 |
) | ||||||
Impact of Consolidation (e) |
i 49,078 |
( i 1,178 |
) |
( i 104,373 |
) |
i 51,524 |
||||||||||
Total Segment Other Income |
$ |
i — |
$ |
i — |
$ |
i — |
$ |
i — |
||||||||
Three Months Ended |
Nine Months Ended | |||||||||||||||
September 30, |
||||||||||||||||
2022 |
2023 |
2022 | ||||||||||||||
Income Before Provision for Taxes |
||||||||||||||||
Total GAAP Income Before Provision for Taxes |
$ |
i 1,117,302 |
$ |
i 97,931 |
$ |
i 2,802,634 |
$ |
i 2,859,594 |
||||||||
Less: Unrealized Performance Revenues (a) |
i 63,209 |
i 771,637 |
i 708,146 |
i 2,946,255 |
||||||||||||
Less: Unrealized Principal Investment (Income) Loss (b) |
( i 84,780 |
) |
i 996,105 |
i 233,638 |
i 1,172,635 |
|||||||||||
Less: Interest and Dividend Revenue (c) |
( i 113,904 |
) |
( i 57,462 |
) |
( i 362,245 |
) |
( i 178,090 |
) | ||||||||
Less: Other Revenue (d) |
( i 63,748 |
) |
( i 198,546 |
) |
( i 17,850 |
) |
( i 427,069 |
) | ||||||||
Plus: Unrealized Performance Allocations Compensation (h) |
i 11,866 |
( i 359,590 |
) |
( i 247,228 |
) |
( i 1,273,849 |
) | |||||||||
Plus: Equity-Based Compensation (i) |
i 255,616 |
i 190,197 |
i 773,505 |
i 587,386 |
||||||||||||
Plus: Interest Expense (j) |
i 110,014 |
i 80,312 |
i 321,353 |
i 216,339 |
||||||||||||
Impact of Consolidation (e) |
i 71,861 |
i 36,320 |
( i 103,432 |
) |
i 5,725 |
|||||||||||
Amortization of Intangibles (k) |
i 7,357 |
i 13,238 |
i 26,110 |
i 47,326 |
||||||||||||
Transaction-Related and Non-Recurring Items (f) |
i 6,250 |
i 9,247 |
i 17,099 |
i 59,721 |
||||||||||||
Administrative Fee Adjustment (l) |
i 2,425 |
i 2,460 |
i 7,285 |
i 7,421 |
||||||||||||
Total Segment Distributable Earnings |
$ |
i 1,383,468 |
$ |
i 1,581,849 |
$ |
i 4,159,015 |
$ |
i 6,023,394 |
||||||||
As of | ||||
Total Assets |
||||
Total GAAP Assets |
$ |
i 41,663,823 |
||
Impact of Consolidation (e) |
( i 4,628,082 |
) | ||
Total Segment Assets |
$ |
i 37,035,741 |
||
(a) |
This adjustment removes Unrealized Performance Revenues on a segment basis. |
(b) |
This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis. |
(c) |
This adjustment removes Interest and Dividend Revenue on a segment basis. |
(d) |
This adjustment removes Other Revenue on a segment basis. For the three months ended September 30, 2023 and 2022, Other Revenue on a GAAP basis was $ i 63.8 million and $ i 199.4 million,
and included $ i 63.2 million and $ i 198.4 million of foreign exchange gains (losses), respectively. For the nine months ended September 30, 2023
and 2022, Other Revenue on a GAAP basis was $ i 18.0 million and $ i 427.8 million, and included $ i 16.4 million
and $ i 426.7 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 or 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 |
(g) |
Total Segment Revenues is comprised of the following: |
Three Months Ended |
Nine Months Ended | |||||||||||||||
September 30, |
||||||||||||||||
2022 |
2023 |
2022 | ||||||||||||||
Total Segment Management and Advisory Fees, Net |
$ |
i 1,653,840 |
$ |
i 1,611,570 |
$ |
i 5,009,413 |
$ |
i 4,641,855 |
||||||||
Total Segment Fee Related Performance Revenues |
i 274,551 |
i 372,131 |
i 689,533 |
i 1,276,789 |
||||||||||||
Total Segment Realized Performance Revenues |
i 337,940 |
i 469,009 |
i 1,367,889 |
i 3,988,593 |
||||||||||||
Total Segment Realized Principal Investment Income |
i 55,500 |
i 139,765 |
i 91,730 |
i 340,369 |
||||||||||||
Total Segment Revenues |
$ |
i 2,321,831 |
$ |
i 2,592,475 |
$ |
i 7,158,565 |
$ |
i 10,247,606 |
||||||||
(h) |
This adjustment removes Unrealized Performance Allocations Compensation. |
(i) |
This adjustment removes Equity-Based Compensation on a segment basis. |
(j) |
This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement. |
(k) |
This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation. |
(l) |
This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation. |
(m) |
Total Segment Expenses is comprised of the following: |
Three Months Ended September 30, |
Nine Months Ended September 30, | |||||||||||||||
2022 |
2023 |
2022 | ||||||||||||||
Total Segment Fee Related Compensation |
$ |
i 539,923 |
$ |
i 558,268 |
$ |
i 1,617,702 |
$ |
i 1,850,152 |
||||||||
Total Segment Realized Performance Compensation |
i 133,995 |
i 206,224 |
i 608,389 |
i 1,652,318 |
||||||||||||
Total Segment Other Operating Expenses |
i 264,445 |
i 246,134 |
i 773,459 |
i 721,742 |
||||||||||||
Total Segment Expenses |
$ |
i 938,363 |
$ |
i 1,010,626 |
$ |
i 2,999,550 |
$ |
i 4,224,212 |
||||||||
Three Months Ended |
Nine Months Ended | |||||||||||||||
September 30, |
||||||||||||||||
2022 |
2023 |
2022 | ||||||||||||||
Management and Advisory Fees, Net |
||||||||||||||||
GAAP |
$ |
i 1,655,443 |
$ |
i 1,617,754 |
$ |
i 5,023,128 |
$ |
i 4,654,877 |
||||||||
Segment Adjustment (a) |
( i 1,603 |
) |
( i 6,184 |
) |
( i 13,715 |
) |
( i 13,022 |
) | ||||||||
Total Segment |
$ |
i 1,653,840 |
$ |
i 1,611,570 |
$ |
i 5,009,413 |
$ |
i 4,641,855 |
||||||||
Three Months Ended |
Nine Months Ended | |||||||||||||||
September 30, |
||||||||||||||||
2022 |
2023 |
2022 | ||||||||||||||
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues |
||||||||||||||||
GAAP |
||||||||||||||||
Incentive Fees |
$ |
i 158,801 |
$ |
i 110,776 |
$ |
i 454,754 |
$ |
i 314,863 |
||||||||
Investment Income - Realized Performance Allocations |
i 453,690 |
i 725,888 |
i 1,602,668 |
i 4,946,043 |
||||||||||||
GAAP |
i 612,491 |
i 836,664 |
i 2,057,422 |
i 5,260,906 |
||||||||||||
Total Segment |
||||||||||||||||
Less: Realized Performance Revenues |
( i 337,940 |
) |
( i 469,009 |
) |
( i 1,367,889 |
) |
( i 3,988,593 |
) | ||||||||
Segment Adjustment (b) |
i — |
i 4,476 |
i — |
i 4,476 |
||||||||||||
Total Segment |
$ |
i 274,551 |
$ |
i 372,131 |
$ |
i 689,533 |
$ |
i 1,276,789 |
||||||||
Three Months Ended |
Nine Months Ended | |||||||||||||||
September 30, |
||||||||||||||||
2022 |
2023 |
2022 | ||||||||||||||
GAAP Compensation to Total Segment Fee Related Compensation |
||||||||||||||||
GAAP |
||||||||||||||||
Compensation |
$ |
i 700,268 |
$ |
i 600,273 |
$ |
i 2,153,570 |
$ |
i 1,942,790 |
||||||||
Incentive Fee Compensation |
i 65,432 |
i 50,355 |
i 192,940 |
i 136,737 |
||||||||||||
Realized Performance Allocations Compensation |
i 168,620 |
i 313,930 |
i 670,610 |
i 2,067,447 |
||||||||||||
GAAP |
i 934,320 |
i 964,558 |
i 3,017,120 |
i 4,146,974 |
||||||||||||
Total Segment |
||||||||||||||||
Less: Realized Performance Compensation |
( i 133,995 |
) |
( i 206,224 |
) |
( i 608,389 |
) |
( i 1,652,318 |
) | ||||||||
Less: Equity-Based Compensation - Fee Related Compensation |
( i 252,928 |
) |
( i 187,873 |
) |
( i 764,527 |
) |
( i 580,029 |
) | ||||||||
Less: Equity-Based Compensation - Performance Compensation |
( i 2,688 |
) |
( i 2,324 |
) |
( i 8,978 |
) |
( i 7,357 |
) | ||||||||
Segment Adjustment (c) |
( i 4,786 |
) |
( i 9,869 |
) |
( i 17,524 |
) |
( i 57,118 |
) | ||||||||
Total Segment |
$ |
i 539,923 |
$ |
i 558,268 |
$ |
i 1,617,702 |
$ |
i 1,850,152 |
||||||||
Three Months Ended |
Nine Months Ended | |||||||||||||||
September 30, |
||||||||||||||||
2022 |
2023 |
2022 | ||||||||||||||
GAAP General, Administrative and Other to Total Segment Other Operating Expenses |
||||||||||||||||
GAAP |
$ |
i 279,186 |
$ |
i 270,369 |
$ |
i 827,614 |
$ |
i 800,331 |
||||||||
Segment Adjustment (d) |
( i 14,741 |
) |
( i 24,235 |
) |
( i 54,155 |
) |
( i 78,589 |
) | ||||||||
Total Segment |
$ |
i 264,445 |
$ |
i 246,134 |
$ |
i 773,459 |
$ |
i 721,742 |
||||||||
Three Months Ended |
Nine Months Ended | |||||||||||||||
September 30, |
||||||||||||||||
2022 |
2023 |
2022 | ||||||||||||||
Realized Performance Revenues |
||||||||||||||||
GAAP |
||||||||||||||||
Incentive Fees |
$ |
i 158,801 |
$ |
i 110,776 |
$ |
i 454,754 |
$ |
i 314,863 |
||||||||
Investment Income - Realized Performance Allocations |
i 453,690 |
i 725,888 |
i 1,602,668 |
i 4,946,043 |
||||||||||||
GAAP |
i 612,491 |
i 836,664 |
i 2,057,422 |
i 5,260,906 |
||||||||||||
Total Segment |
||||||||||||||||
Less: Fee Related Performance Revenues |
( i 274,551 |
) |
( i 372,131 |
) |
( i 689,533 |
) |
( i 1,276,789 |
) | ||||||||
Segment Adjustment (b) |
i — |
i 4,476 |
i — |
i 4,476 |
||||||||||||
Total Segment |
$ |
i 337,940 |
$ |
i 469,009 |
$ |
i 1,367,889 |
$ |
i 3,988,593 |
||||||||
Three Months Ended |
Nine Months Ended | |||||||||||||||
September 30, |
||||||||||||||||
2022 |
2023 |
2022 | ||||||||||||||
Realized Performance Compensation |
||||||||||||||||
GAAP |
||||||||||||||||
Incentive Fee Compensation |
$ |
i 65,432 |
$ |
i 50,355 |
$ |
i 192,940 |
$ |
i 136,737 |
||||||||
Realized Performance Allocation Compensation |
i 168,620 |
i 313,930 |
i 670,610 |
i 2,067,447 |
||||||||||||
GAAP |
i 234,052 |
i 364,285 |
i 863,550 |
i 2,204,184 |
||||||||||||
Total Segment |
||||||||||||||||
Less: Fee Related Performance Compensation (e) |
( i 97,369 |
) |
( i 155,737 |
) |
( i 246,183 |
) |
( i 544,509 |
) | ||||||||
Less: Equity-Based Compensation - Performance Compensation |
( i 2,688 |
) |
( i 2,324 |
) |
( i 8,978 |
) |
( i 7,357 |
) | ||||||||
Total Segment |
$ |
i 133,995 |
$ |
i 206,224 |
$ |
i 608,389 |
$ |
i 1,652,318 |
||||||||
Three Months Ended |
Nine Months Ended | |||||||||||||||
September 30, |
||||||||||||||||
2022 |
2023 |
2022 | ||||||||||||||
Realized Principal Investment Income |
||||||||||||||||
GAAP |
$ |
i 94,313 |
$ |
i 193,228 |
$ |
i 257,206 |
$ |
i 743,493 |
||||||||
Segment Adjustment (f) |
( i 38,813 |
) |
( i 53,463 |
) |
( i 165,476 |
) |
( i 403,124 |
) | ||||||||
Total Segment |
$ |
i 55,500 |
$ |
i 139,765 |
$ |
i 91,730 |
$ |
i 340,369 |
||||||||
(a) |
Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures. |
(b) |
Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation. |
(c) |
Represents the removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures. |
(d) |
Represents the (1) removal of amortization of transaction-related intangibles, (2) removal of certain expenses reimbursed by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation. |
(e) |
Fee related performance compensation may include equity-based compensation based on fee related performance revenues. |
(f) |
Represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests. |
Consolidated |
Consolidated |
|||||||||||||||
Operating |
Blackstone |
Reclasses and |
||||||||||||||
Partnerships |
Funds (a) |
Eliminations |
Consolidated | |||||||||||||
Assets |
||||||||||||||||
Cash and Cash Equivalents |
$ |
2,971,614 |
$ |
— |
$ |
— |
$ |
2,971,614 |
||||||||
Cash Held by Blackstone Funds and Other |
— |
138,181 |
— |
138,181 |
||||||||||||
Investments |
22,822,913 |
5,224,104 |
(707,160 |
) |
27,339,857 |
|||||||||||
Accounts Receivable |
687,054 |
6,732 |
— |
693,786 |
||||||||||||
Due from Affiliates |
4,432,466 |
9,354 |
(43,487 |
) |
4,398,333 |
|||||||||||
Intangible Assets, Net |
210,210 |
— |
— |
210,210 |
||||||||||||
Goodwill |
1,890,202 |
— |
— |
1,890,202 |
||||||||||||
Other Assets |
971,711 |
358 |
— |
972,069 |
||||||||||||
Right-of-Use |
864,691 |
— |
— |
864,691 |
||||||||||||
Deferred Tax Assets |
2,184,880 |
— |
— |
2,184,880 |
||||||||||||
Total Assets |
$ |
37,035,741 |
$ |
5,378,729 |
$ |
(750,647 |
) |
$ |
41,663,823 |
|||||||
Liabilities and Equity |
||||||||||||||||
Loans Payable |
$ |
10,521,728 |
$ |
1,589,649 |
$ |
— |
$ |
12,111,377 |
||||||||
Due to Affiliates |
2,096,929 |
136,967 |
(45,672 |
) |
2,188,224 |
|||||||||||
Accrued Compensation and Benefits |
5,983,137 |
— |
— |
5,983,137 |
||||||||||||
Operating Lease Liabilities |
981,616 |
— |
— |
981,616 |
||||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities |
1,416,861 |
171,887 |
— |
1,588,748 |
||||||||||||
Total Liabilities |
21,000,271 |
1,898,503 |
(45,672 |
) |
22,853,102 |
|||||||||||
Redeemable Non-Controlling Interests in Consolidated Entities |
1 |
1,349,059 |
— |
1,349,060 |
||||||||||||
Equity |
||||||||||||||||
Common Stock |
7 |
— |
— |
7 |
||||||||||||
Series I Preferred Stock |
— |
— |
— |
— |
||||||||||||
Series II Preferred Stock |
— |
— |
— |
— |
||||||||||||
Additional Paid-in-Capital |
6,057,065 |
684,836 |
(684,836 |
) |
6,057,065 |
|||||||||||
Retained Earnings |
1,114,009 |
20,139 |
(20,139 |
) |
1,114,009 |
|||||||||||
Accumulated Other Comprehensive Loss |
(34,278 |
) |
(3,980 |
) |
— |
(38,258 |
) | |||||||||
Non-Controlling Interests in Consolidated Entities |
3,744,301 |
1,430,172 |
— |
5,174,473 |
||||||||||||
Non-Controlling Interests in Blackstone Holdings |
5,154,365 |
— |
— |
5,154,365 |
||||||||||||
Total Equity |
16,035,469 |
2,131,167 |
(704,975 |
) |
17,461,661 |
|||||||||||
Total Liabilities and Equity |
$ |
37,035,741 |
$ |
5,378,729 |
$ |
(750,647 |
) |
$ |
41,663,823 |
|||||||
Consolidated |
Consolidated |
|||||||||||||||
Operating |
Blackstone |
Reclasses and |
||||||||||||||
Partnerships |
Funds (a) |
Eliminations |
Consolidated | |||||||||||||
Assets |
||||||||||||||||
Cash and Cash Equivalents |
$ |
4,252,003 |
$ |
— |
$ |
— |
$ |
4,252,003 |
||||||||
Cash Held by Blackstone Funds and Other |
— |
241,712 |
— |
241,712 |
||||||||||||
Investments |
23,236,603 |
5,136,542 |
(819,894 |
) |
27,553,251 |
|||||||||||
Accounts Receivable |
407,681 |
55,223 |
— |
462,904 |
||||||||||||
Due from Affiliates |
4,185,982 |
8,417 |
(47,692 |
) |
4,146,707 |
|||||||||||
Intangible Assets, Net |
217,287 |
— |
— |
217,287 |
||||||||||||
Goodwill |
1,890,202 |
— |
— |
1,890,202 |
||||||||||||
Other Assets |
798,299 |
2,159 |
— |
800,458 |
||||||||||||
Right-of-Use |
896,981 |
— |
— |
896,981 |
||||||||||||
Deferred Tax Assets |
2,062,722 |
— |
— |
2,062,722 |
||||||||||||
Total Assets |
$ |
37,947,760 |
$ |
5,444,053 |
$ |
(867,586 |
) |
$ |
42,524,227 |
|||||||
Liabilities and Equity |
||||||||||||||||
Loans Payable |
$ |
10,899,584 |
$ |
1,450,000 |
$ |
— |
$ |
12,349,584 |
||||||||
Due to Affiliates |
2,039,549 |
128,681 |
(49,749 |
) |
2,118,481 |
|||||||||||
Accrued Compensation and Benefits |
6,101,801 |
— |
— |
6,101,801 |
||||||||||||
Operating Lease Liabilities |
1,021,454 |
— |
— |
1,021,454 |
||||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities |
1,225,982 |
25,858 |
— |
1,251,840 |
||||||||||||
Total Liabilities |
21,288,370 |
1,604,539 |
(49,749 |
) |
22,843,160 |
|||||||||||
Redeemable Non-Controlling Interests in Consolidated Entities |
3 |
1,715,003 |
— |
1,715,006 |
||||||||||||
Equity |
||||||||||||||||
Common Stock |
7 |
— |
— |
7 |
||||||||||||
Series I Preferred Stock |
— |
— |
— |
— |
||||||||||||
Series II Preferred Stock |
— |
— |
— |
— |
||||||||||||
Additional Paid-in-Capital |
5,935,273 |
800,381 |
(800,381 |
) |
5,935,273 |
|||||||||||
Retained Earnings |
1,748,106 |
17,456 |
(17,456 |
) |
1,748,106 |
|||||||||||
Accumulated Other Comprehensive Income (Loss) |
(35,346 |
) |
7,871 |
— |
(27,475 |
) | ||||||||||
Non-Controlling Interests in Consolidated Entities |
3,757,677 |
1,298,803 |
— |
5,056,480 |
||||||||||||
Non-Controlling Interests in Blackstone Holdings |
5,253,670 |
— |
— |
5,253,670 |
||||||||||||
Total Equity |
16,659,387 |
2,124,511 |
(817,837 |
) |
17,966,061 |
|||||||||||
Total Liabilities and Equity |
$ |
37,947,760 |
$ |
5,444,053 |
$ |
(867,586 |
) |
$ |
42,524,227 |
|||||||
(a) |
The Consolidated Blackstone Funds consisted of the following: |
(a) |
the fair value of the investments held by our carry funds and our side-by-side co-investment entities managed by us plus the capital that we are entitled to call from investors in those funds and entities pursuant to the terms of their respective capital commitments, including capital commitments to funds that have yet to commence their investment periods, |
(b) |
the net asset value of (1) our hedge funds, real estate debt carry funds, BPP, certain co-investments managed by us, certain credit-focused funds, and our Hedge Fund Solutions drawdown funds (plus, in each case, the capital that we are entitled to call from investors in those funds, including commitments yet to commence their investment periods), and (2) our funds of hedge funds, our Hedge Fund Solutions registered investment companies, BREIT, and BEPIF, |
(c) |
the invested capital, fair value or net asset value of assets we manage pursuant to separately managed accounts, |
(d) |
the amount of debt and equity outstanding for our CLOs during the reinvestment period, |
(e) |
the aggregate par amount of collateral assets, including principal cash, for our CLOs after the reinvestment period, |
(f) |
the gross or net amount of assets (including leverage where applicable) for our credit-focused registered investment companies and BDCs, |
(g) |
the fair value of common stock, preferred stock, convertible debt, term loans or similar instruments issued by BXMT, and |
(h) |
borrowings under and any amounts available to be borrowed under certain credit facilities of our funds. |
(a) |
for our Private Equity segment funds, Real Estate segment carry funds including certain BREDS funds, and certain Hedge Fund Solutions funds, the amount of capital commitments, remaining invested capital, fair value, net asset value or par value of assets held, depending on the fee terms of the fund, |
(b) |
for our credit-focused carry funds, the amount of remaining invested capital (which may include leverage) or net asset value, depending on the fee terms of the fund, |
(c) |
the remaining invested capital or fair value of assets held in co-investment vehicles managed by us on which we receive fees, |
(d) |
the net asset value of our funds of hedge funds, hedge funds, BPP, certain co-investments managed by us, certain registered investment companies, BREIT, BEPIF, and certain of our Hedge Fund Solutions drawdown funds, |
(e) |
the invested capital, fair value of assets or the net asset value we manage pursuant to separately managed accounts, |
(f) |
the net proceeds received from equity offerings and accumulated distributable earnings of BXMT, subject to certain adjustments, |
(g) |
the aggregate par amount of collateral assets, including principal cash, of our CLOs, and |
(h) |
the gross amount of assets (including leverage) or the net assets (plus leverage where applicable) for certain of our credit-focused registered investment companies and BDCs. |
Three Months Ended |
Nine Months Ended |
|||||||||||||||||||||||||||||||
2023 vs. 2022 |
2023 vs. 2022 | |||||||||||||||||||||||||||||||
2023 |
2022 |
$ |
% |
2023 |
2022 |
$ |
% | |||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||
Revenues |
||||||||||||||||||||||||||||||||
Management and Advisory Fees, Net |
$ |
1,655,443 |
$ |
1,617,754 |
$ |
37,689 |
2 |
% |
$ |
5,023,128 |
$ |
4,654,877 |
$ |
368,251 |
8 |
% | ||||||||||||||||
Incentive Fees |
158,801 |
110,776 |
48,025 |
43 |
% |
454,754 |
314,863 |
139,891 |
44 |
% | ||||||||||||||||||||||
Investment Income (Loss) |
||||||||||||||||||||||||||||||||
Performance Allocations |
||||||||||||||||||||||||||||||||
Realized |
453,690 |
725,888 |
(272,198 |
) |
-37 |
% |
1,602,668 |
4,946,043 |
(3,343,375 |
) |
-68 |
% | ||||||||||||||||||||
Unrealized |
(63,204 |
) |
(771,637 |
) |
708,433 |
-92 |
% |
(708,021 |
) |
(2,946,255 |
) |
2,238,234 |
-76 |
% | ||||||||||||||||||
Principal Investments |
||||||||||||||||||||||||||||||||
Realized |
94,313 |
193,228 |
(98,915 |
) |
-51 |
% |
257,206 |
743,493 |
(486,287 |
) |
-65 |
% | ||||||||||||||||||||
Unrealized |
69,340 |
(1,069,697 |
) |
1,139,037 |
n/m |
(257,988 |
) |
(1,496,226 |
) |
1,238,238 |
-83 |
% | ||||||||||||||||||||
Total Investment Income (Loss) |
554,139 |
(922,218 |
) |
1,476,357 |
n/m |
893,865 |
1,247,055 |
(353,190 |
) |
-28 |
% | |||||||||||||||||||||
Interest and Dividend Revenue |
109,133 |
52,420 |
56,713 |
108 |
% |
348,123 |
168,980 |
179,143 |
106 |
% | ||||||||||||||||||||||
Other |
63,769 |
199,382 |
(135,613 |
) |
-68 |
% |
17,951 |
427,839 |
(409,888 |
) |
-96 |
% | ||||||||||||||||||||
Total Revenues |
2,541,285 |
1,058,114 |
1,483,171 |
140 |
% |
6,737,821 |
6,813,614 |
(75,793 |
) |
-1 |
% | |||||||||||||||||||||
Expenses |
||||||||||||||||||||||||||||||||
Compensation and Benefits |
||||||||||||||||||||||||||||||||
Compensation |
700,268 |
600,273 |
99,995 |
17 |
% |
2,153,570 |
1,942,790 |
210,780 |
11 |
% | ||||||||||||||||||||||
Incentive Fee Compensation |
65,432 |
50,355 |
15,077 |
30 |
% |
192,940 |
136,737 |
56,203 |
41 |
% | ||||||||||||||||||||||
Performance Allocations Compensation |
||||||||||||||||||||||||||||||||
Realized |
168,620 |
313,930 |
(145,310 |
) |
-46 |
% |
670,610 |
2,067,447 |
(1,396,837 |
) |
-68 |
% | ||||||||||||||||||||
Unrealized |
11,866 |
(359,590 |
) |
371,456 |
n/m |
(247,228 |
) |
(1,273,849 |
) |
1,026,621 |
-81 |
% | ||||||||||||||||||||
Total Compensation and Benefits |
946,186 |
604,968 |
341,218 |
56 |
% |
2,769,892 |
2,873,125 |
(103,233 |
) |
-4 |
% | |||||||||||||||||||||
General, Administrative and Other |
279,186 |
270,369 |
8,817 |
3 |
% |
827,614 |
800,331 |
27,283 |
3 |
% | ||||||||||||||||||||||
Interest Expense |
110,599 |
80,507 |
30,092 |
37 |
% |
323,136 |
216,896 |
106,240 |
49 |
% | ||||||||||||||||||||||
Fund Expenses |
38,934 |
5,517 |
33,417 |
606 |
% |
118,918 |
12,144 |
106,774 |
879 |
% | ||||||||||||||||||||||
Total Expenses |
1,374,905 |
961,361 |
413,544 |
43 |
% |
4,039,560 |
3,902,496 |
137,064 |
4 |
% | ||||||||||||||||||||||
Other Income (Loss) |
||||||||||||||||||||||||||||||||
Change in Tax Receivable Agreement Liability |
— |
— |
— |
n/m |
1,887 |
748 |
1,139 |
152 |
% | |||||||||||||||||||||||
Net Gains (Losses) from Fund Investment Activities |
(49,078 |
) |
1,178 |
(50,256 |
) |
n/m |
102,486 |
(52,272 |
) |
154,758 |
n/m |
|||||||||||||||||||||
Total Other Income (Loss) |
(49,078 |
) |
1,178 |
(50,256 |
) |
n/m |
104,373 |
(51,524 |
) |
155,897 |
n/m |
|||||||||||||||||||||
Income Before Provision for Taxes |
1,117,302 |
97,931 |
1,019,371 |
n/m |
2,802,634 |
2,859,594 |
(56,960 |
) |
-2 |
% | ||||||||||||||||||||||
Provision for Taxes |
196,560 |
94,231 |
102,329 |
109 |
% |
467,504 |
614,026 |
(146,522 |
) |
-24 |
% | |||||||||||||||||||||
Net Income |
920,742 |
3,700 |
917,042 |
n/m |
2,335,130 |
2,245,568 |
89,562 |
4 |
% | |||||||||||||||||||||||
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities |
(92,577 |
) |
25,773 |
(118,350 |
) |
n/m |
(81,589 |
) |
56,700 |
(138,289 |
) |
n/m |
||||||||||||||||||||
Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities |
20,716 |
(62,093 |
) |
82,809 |
n/m |
185,021 |
(62,425 |
) |
247,446 |
n/m |
||||||||||||||||||||||
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings |
440,609 |
37,724 |
402,885 |
n/m |
992,618 |
1,061,516 |
(68,898 |
) |
-6 |
% | ||||||||||||||||||||||
Net Income Attributable to Blackstone Inc. |
$ |
551,994 |
$ |
2,296 |
$ |
549,698 |
n/m |
$ |
1,239,080 |
$ |
1,189,777 |
$ |
49,303 |
4 |
% | |||||||||||||||||
• |
An increase of $1.1 billion in our Credit & Insurance segment, primarily attributable to lower net unrealized depreciation of investments in BIS in the three months ended September 30, 2023 compared to the three months ended September 30, 2022. |
• |
An increase of $868.9 million in our Private Equity segment, primarily attributable to net unrealized appreciation of investments in corporate private equity, Tactical Opportunities, Strategic Partners and BIP in the three months ended September 30, 2023 compared to net unrealized depreciation of investments in corporate private equity, Tactical Opportunities and Strategic Partners and lower net unrealized appreciation of investments in BIP in the three months ended September 30, 2022. The carrying values of corporate private equity, Tactical Opportunities, Strategic Partners and BIP increased 2.4%, 0.1%, 0.4% and 11.0%, respectively, in the three months ended September 30, 2023 compared to decreases of 0.3%, 1.7% and 3.5% and an increase of 6.8%, respectively, in the three months
ended September 30, 2022. |
• |
A decrease of $152.7 million in our Real Estate segment, primarily attributable to lower appreciation in BREP and Core+ in the three months ended September 30, 2023 compared to the three months ended September 30, 2022. The carrying values of BREP and Core+ decreased 2.0% and increased 0.3%, respectively, in the three months ended September 30, 2023 compared to a decrease of 0.6% and an increase of 2.3%, respectively, in the three months ended September 30, 2022. |
• |
An increase of $2.0 billion in our Private Equity segment, primarily attributable to net unrealized appreciation of investments in corporate private equity in the nine months ended September 30, 2023, compared to net unrealized depreciation of investments in the nine months ended September 30, 2022. The carrying value of corporate private equity increased 8.6% in the nine months ended September 30, 2023 compared to a decrease of 4.3% in the nine months ended September 30, 2022. |
• |
An increase of $990.8 million in our Credit & Insurance segment, primarily attributable to lower net unrealized depreciation of investments in BIS in the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022. |
• |
An increase of $221.4 million in our Real Estate segment, primarily attributable to increased asset sales in BREP in the nine months ended September 30, 2022 compared to the nine months ended September 30, 2023. |
• |
A decrease of $52.4 million in our Hedge Fund Solutions segment, primarily attributable to lower net unrealized appreciation of investment holdings in liquid and specialized solutions in the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022. |
Note: |
Totals may not add due to rounding. |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||
Private |
Credit & |
Hedge Fund |
Private |
Credit & |
Hedge Fund |
|||||||||||||||||||||||||||||||||||
Real Estate |
Equity |
Insurance |
Solutions |
Total |
Real Estate |
Equity |
Insurance |
Solutions |
Total | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||
Fee-Earning Assets Under Management |
||||||||||||||||||||||||||||||||||||||||
Balance, Beginning of Period |
$ |
287,556,241 |
$ |
165,642,235 |
$ |
208,367,109 |
$ |
69,579,480 |
$ |
731,145,065 |
$ |
252,125,870 |
$ |
163,521,507 |
$ |
195,548,963 |
$ |
72,629,621 |
$ |
683,825,961 |
||||||||||||||||||||
Inflows (a) |
10,868,551 |
2,283,157 |
9,607,146 |
2,005,240 |
24,764,094 |
35,565,611 |
5,720,545 |
9,236,906 |
956,594 |
51,479,656 |
||||||||||||||||||||||||||||||
Outflows (b) |
(7,228,016 |
) |
(91,048 |
) |
(2,802,460 |
) |
(1,525,471 |
) |
(11,646,995 |
) |
(8,845,200 |
) |
(443,618 |
) |
(6,325,326 |
) |
(1,614,636 |
) |
(17,228,780 |
) | ||||||||||||||||||||
Net Inflows (Outflows) |
3,640,535 |
2,192,109 |
6,804,686 |
479,769 |
13,117,099 |
26,720,411 |
5,276,927 |
2,911,580 |
(658,042 |
) |
34,250,876 |
|||||||||||||||||||||||||||||
Realizations (c) |
(4,631,227 |
) |
(2,147,394 |
) |
(3,568,454 |
) |
(378,909 |
) |
(10,725,984 |
) |
(4,238,668 |
) |
(1,932,887 |
) |
(1,457,210 |
) |
(431,322 |
) |
(8,060,087 |
) | ||||||||||||||||||||
Market Activity (d)(g) |
(1,628,646 |
) |
2,102,988 |
(913,991 |
) |
1,445,072 |
1,005,423 |
(1,159,763 |
) |
407,777 |
(3,297,392 |
) |
(102,021 |
) |
(4,151,399 |
) | ||||||||||||||||||||||||
Balance, End of Period (e) |
$ |
284,936,903 |
$ |
167,789,938 |
$ |
210,689,350 |
$ |
71,125,412 |
$ |
734,541,603 |
$ |
273,447,850 |
$ |
167,273,324 |
$ |
193,705,941 |
$ |
71,438,236 |
$ |
705,865,351 |
||||||||||||||||||||
Increase (Decrease) |
$ |
(2,619,338 |
) |
$ |
2,147,703 |
$ |
2,322,241 |
$ |
1,545,932 |
$ |
3,396,538 |
$ |
21,321,980 |
$ |
3,751,817 |
$ |
(1,843,022 |
) |
$ |
(1,191,385 |
) |
$ |
22,039,390 |
|||||||||||||||||
Increase (Decrease) |
-1 |
% |
1 |
% |
1 |
% |
2 |
% |
— |
8 |
% |
2 |
% |
-1 |
% |
-2 |
% |
3 |
% | |||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||
Private |
Credit & |
Hedge Fund |
Private |
Credit & |
Hedge Fund |
|||||||||||||||||||||||||||||||||||
Real Estate |
Equity |
Insurance |
Solutions |
Total |
Real Estate |
Equity |
Insurance |
Solutions |
Total | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||
Fee-Earning Assets Under Management |
||||||||||||||||||||||||||||||||||||||||
Balance, Beginning of Period |
$ |
281,967,153 |
$ |
167,082,852 |
$ |
198,162,931 |
$ |
71,173,952 |
$ |
718,386,888 |
$ |
221,476,699 |
$ |
156,556,959 |
$ |
197,900,832 |
$ |
74,034,568 |
$ |
649,969,058 |
||||||||||||||||||||
Inflows (a) |
33,698,852 |
5,449,389 |
30,379,567 |
5,193,581 |
74,721,389 |
83,072,471 |
17,201,200 |
34,262,589 |
6,736,594 |
141,272,854 |
||||||||||||||||||||||||||||||
Outflows (b) |
(14,801,926 |
) |
(357,026 |
) |
(10,898,559 |
) |
(5,720,618 |
) |
(31,778,129 |
) |
(16,659,446 |
) |
(1,359,978 |
) |
(16,116,378 |
) |
(7,402,333 |
) |
(41,538,135 |
) | ||||||||||||||||||||
Net Inflows (Outflows) |
18,896,926 |
5,092,363 |
19,481,008 |
(527,037 |
) |
42,943,260 |
66,413,025 |
15,841,222 |
18,146,211 |
(665,739 |
) |
99,734,719 |
||||||||||||||||||||||||||||
Realizations (c) |
(14,583,553 |
) |
(6,684,441 |
) |
(10,295,758 |
) |
(2,521,855 |
) |
(34,085,607 |
) |
(18,443,319 |
) |
(7,585,363 |
) |
(6,717,555 |
) |
(1,255,419 |
) |
(34,001,656 |
) | ||||||||||||||||||||
Market Activity (d)(h) |
(1,343,623 |
) |
2,299,164 |
3,341,169 |
3,000,352 |
7,297,062 |
4,001,445 |
2,460,506 |
(15,623,547 |
) |
(675,174 |
) |
(9,836,770 |
) | ||||||||||||||||||||||||||
Balance, End of Period (e) |
$ |
284,936,903 |
$ |
167,789,938 |
$ |
210,689,350 |
$ |
71,125,412 |
$ |
734,541,603 |
$ |
273,447,850 |
$ |
167,273,324 |
$ |
193,705,941 |
$ |
71,438,236 |
$ |
705,865,351 |
||||||||||||||||||||
Increase (Decrease) |
$ |
2,969,750 |
$ |
707,086 |
$ |
12,526,419 |
$ |
(48,540 |
) |
$ |
16,154,715 |
$ |
51,971,151 |
$ |
10,716,365 |
$ |
(4,194,891 |
) |
$ |
(2,596,332 |
) |
$ |
55,896,293 |
|||||||||||||||||
Increase (Decrease) |
1 |
% |
— |
6 |
% |
— |
2 |
% |
23 |
% |
7 |
% |
-2 |
% |
-4 |
% |
9 |
% | ||||||||||||||||||||||
Annualized Base Management Fee Rate (f) |
0.99 |
% |
1.08 |
% |
0.64 |
% |
0.75 |
% |
0.89 |
% |
0.97 |
% |
1.09 |
% |
0.62 |
% |
0.78 |
% |
0.88 |
% | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||
Private |
Credit & |
Hedge Fund |
Private |
Credit & |
Hedge Fund |
|||||||||||||||||||||||||||||||||||
Real Estate |
Equity |
Insurance |
Solutions |
Total |
Real Estate |
Equity |
Insurance |
Solutions |
Total | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||
Total Assets Under Management |
||||||||||||||||||||||||||||||||||||||||
Balance, Beginning of Period |
$ |
333,241,514 |
$ |
295,293,356 |
$ |
294,580,360 |
$ |
78,240,729 |
$ |
1,001,355,959 |
$ |
320,038,428 |
$ |
275,886,414 |
$ |
264,829,491 |
$ |
80,051,408 |
$ |
940,805,741 |
||||||||||||||||||||
Inflows (a) |
9,080,894 |
3,551,775 |
10,447,636 |
2,262,973 |
25,343,278 |
10,106,034 |
14,490,688 |
19,092,560 |
1,154,963 |
44,844,245 |
||||||||||||||||||||||||||||||
Outflows (b) |
(3,666,574 |
) |
(790,417 |
) |
(3,018,396 |
) |
(1,677,783 |
) |
(9,153,170 |
) |
(3,832,277 |
) |
(891,533 |
) |
(6,419,532 |
) |
(1,494,809 |
) |
(12,638,151 |
) | ||||||||||||||||||||
Net Inflows (Outflows) |
5,414,320 |
2,761,358 |
7,429,240 |
585,190 |
16,190,108 |
6,273,757 |
13,599,155 |
12,673,028 |
(339,846 |
) |
32,206,094 |
|||||||||||||||||||||||||||||
Realizations (c) |
(4,210,722 |
) |
(5,145,059 |
) |
(5,033,967 |
) |
(386,233 |
) |
(14,775,981 |
) |
(4,077,373 |
) |
(5,306,409 |
) |
(5,913,377 |
) |
(448,706 |
) |
(15,745,865 |
) | ||||||||||||||||||||
Market Activity (d)(i) |
(2,944,415 |
) |
5,733,818 |
236,785 |
1,557,184 |
4,583,372 |
(2,888,406 |
) |
(911,462 |
) |
(2,530,364 |
) |
10,776 |
(6,319,456 |
) | |||||||||||||||||||||||||
Balance, End of Period (e) |
$ |
331,500,697 |
$ |
298,643,473 |
$ |
297,212,418 |
$ |
79,996,870 |
$ |
1,007,353,458 |
$ |
319,346,406 |
$ |
283,267,698 |
$ |
269,058,778 |
$ |
79,273,632 |
$ |
950,946,514 |
||||||||||||||||||||
Increase (Decrease) |
$ |
(1,740,817 |
) |
$ |
3,350,117 |
$ |
2,632,058 |
$ |
1,756,141 |
$ |
5,997,499 |
$ |
(692,022 |
) |
$ |
7,381,284 |
$ |
4,229,287 |
$ |
(777,776 |
) |
$ |
10,140,773 |
|||||||||||||||||
Increase (Decrease) |
-1 |
% |
1 |
% |
1 |
% |
2 |
% |
1 |
% |
— |
3 |
% |
2 |
% |
-1 |
% |
1 |
% | |||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||
Private |
Credit & |
Hedge Fund |
Private |
Credit & |
Hedge Fund |
|||||||||||||||||||||||||||||||||||
Real Estate |
Equity |
Insurance |
Solutions |
Total |
Real Estate |
Equity |
Insurance |
Solutions |
Total | |||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||
Total Assets Under Management |
||||||||||||||||||||||||||||||||||||||||
Balance, Beginning of Period |
$ |
326,146,904 |
$ |
288,902,142 |
$ |
279,908,030 |
$ |
79,716,001 |
$ |
974,673,077 |
$ |
279,474,105 |
$ |
261,471,007 |
$ |
258,622,467 |
$ |
81,334,141 |
$ |
880,901,720 |
||||||||||||||||||||
Inflows (a) |
34,017,611 |
16,646,720 |
39,340,217 |
5,813,626 |
95,818,174 |
76,028,056 |
43,964,395 |
55,808,400 |
7,177,191 |
182,978,042 |
||||||||||||||||||||||||||||||
Outflows (b) |
(11,593,028 |
) |
(1,947,838 |
) |
(13,381,979 |
) |
(5,940,344 |
) |
(32,863,189 |
) |
(9,969,465 |
) |
(2,869,020 |
) |
(16,635,968 |
) |
(7,524,173 |
) |
(36,998,626 |
) | ||||||||||||||||||||
Net Inflows (Outflows) |
22,424,583 |
14,698,882 |
25,958,238 |
(126,718 |
) |
62,954,985 |
66,058,591 |
41,095,375 |
39,172,432 |
(346,982 |
) |
145,979,416 |
||||||||||||||||||||||||||||
Realizations (c) |
(14,177,010 |
) |
(17,840,879 |
) |
(15,211,905 |
) |
(2,676,198 |
) |
(49,905,992 |
) |
(33,462,061 |
) |
(18,611,016 |
) |
(14,853,399 |
) |
(1,364,756 |
) |
(68,291,232 |
) | ||||||||||||||||||||
Market Activity (d)(j) |
(2,893,780 |
) |
12,883,328 |
6,558,055 |
3,083,785 |
19,631,388 |
7,275,771 |
(687,668 |
) |
(13,882,722 |
) |
(348,771 |
) |
(7,643,390 |
) | |||||||||||||||||||||||||
Balance, End of Period (e) |
$ |
331,500,697 |
$ |
298,643,473 |
$ |
297,212,418 |
$ |
79,996,870 |
$ |
1,007,353,458 |
$ |
319,346,406 |
$ |
283,267,698 |
$ |
269,058,778 |
$ |
79,273,632 |
$ |
950,946,514 |
||||||||||||||||||||
Increase (Decrease) |
$ |
5,353,793 |
$ |
9,741,331 |
$ |
17,304,388 |
$ |
280,869 |
$ |
32,680,381 |
$ |
39,872,301 |
$ |
21,796,691 |
$ |
10,436,311 |
$ |
(2,060,509 |
) |
$ |
70,044,794 |
|||||||||||||||||||
Increase (Decrease) |
2 |
% |
3 |
% |
6 |
% |
— |
3 |
% |
14 |
% |
8 |
% |
4 |
% |
-3 |
% |
8 |
% | |||||||||||||||||||||
(a) |
Inflows include contributions, capital raised, other increases in available capital (recallable capital and increased side-by-side |
(b) |
Outflows represent redemptions, client withdrawals and decreases in available capital (expired capital, expense drawdowns and decreased side-by-side |
(c) |
Realizations represent realization proceeds from the disposition or other monetization of assets, current income or capital returned to investors from CLOs. |
(d) |
Market Activity includes realized and unrealized gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations. |
(e) |
Total and Fee-Earning Assets Under Management are reported in the segment where the assets are managed. |
(f) |
Annualized Base Management Fee Rate represents annualized year to date Base Management Fee divided by the average of the beginning of year and each quarter end’s Fee-Earning Assets Under Management in the reporting period. |
(g) |
For the three months ended September 30, 2023, the impact to Fee-Earning Assets Under Management due to foreign exchange rate fluctuations was $(1.6) billion, $(117.9) million, $(630.5) million, $(213.5) million and $(2.6) billion for the Real Estate, Private Equity, Credit & Insurance, Hedge Fund Solutions and Total segments, respectively. For the three months ended September 30, 2022, the impact to Fee-Earning Assets Under Management due to foreign exchange rate fluctuations was $(3.7) billion, $(135.5) million, $(1.5) billion, $(556.0) million and $(5.9) billion for the Real Estate, Private Equity, Credit & Insurance, Hedge Fund Solutions and Total segments, respectively. |
(h) |
For the nine months ended September 30, 2023, the impact to Fee-Earning Assets Under Management due to foreign exchange rate fluctuations was $(617.3) million, $(61.2) million, $98.9 million, $(453.8) million and $(1.0) billion for the Real Estate, Private Equity, Credit & Insurance, Hedge Fund Solutions and Total segments, respectively. For the nine months ended September 30, 2022, the impact to Fee-Earning Assets Under Management due to foreign exchange rate fluctuations was $(7.5) billion, $(331.4) million, $(3.4) billion, $(556.0) million and $(11.8) billion for the Real Estate, Private Equity, Credit & Insurance, Hedge Fund Solutions and Total segments, respectively. |
(i) |
For the three months ended September 30, 2023, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $(2.6) billion, $(822.0) million, $(693.5) million, $(213.8) million and $(4.3) billion for the Real Estate, Private Equity, Credit & Insurance, Hedge Fund Solutions and Total segments, respectively. For the three months ended September 30, 2022, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $(5.7) billion, $(1.3) billion, $(1.6) billion, $(556.0) million and $(9.1) billion for the Real Estate, Private Equity, Credit & Insurance, Hedge Fund Solutions and Total segments, respectively. |
(j) |
For the nine months ended September 30, 2023, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $(1.3) billion, $28.6 million, $130.8 million, $(446.5) million and $(1.6) billion for the Real Estate, Private Equity, Credit & Insurance, Hedge Fund Solutions and Total segments, respectively. For the nine months ended September 30, 2022, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $(12.4) billion, $(3.2) billion, $(3.8) billion, $(556.0) million and $(19.9) billion for the Real Estate, Private Equity, Credit & Insurance, Hedge Fund Solutions and Total segments, respectively. |
• |
In our Real Estate segment, a decrease of $2.6 billion from $287.6 billion at June 30, 2023 to $284.9 billion at September 30, 2023. The net decrease was due to outflows of $7.2 billion, realizations of $4.6 billion and market depreciation of $1.6 billion, offset by inflows of $10.9 billion. |
o |
Outflows were driven by $3.6 billion from BREP and co-investment, due to remaining uninvested reserves at the end of BREP Europe VI’s investment period, and $3.3 billion from BREIT, reflecting repurchases. |
o |
Realizations were driven by $2.5 billion from BREIT and $1.2 billion from BREDS. |
o |
Market depreciation was driven by depreciation of $1.8 billion from BPP and co-investment (which reflected $1.1 billion of foreign exchange depreciation), $544.4 million from BREDS (which reflected $36.9 million of foreign exchange depreciation) and $430.7 million from BREP and co-investment (all of which reflected foreign exchange depreciation), partially offset by appreciation of $1.3 billion from BREIT (which reflected $74.3 million of foreign exchange depreciation). |
o |
Inflows were driven by $5.2 billion from BREP and co-investment, primarily from the commencement of the investment period for the seventh European opportunistic fund, $2.8 billion from BREDS, primarily due to allocations of insurance capital, and $2.8 billion from BREIT. |
• |
In our Private Equity segment, an increase of $2.1 billion from $165.6 billion at June 30, 2023 to $167.8 billion at September 30, 2023. The net increase was due to inflows of $2.3 billion and market appreciation of $2.1 billion, offset by realizations of $2.1 billion and outflows of $91.0 million. |
o |
Inflows were driven by $933.6 million from Tactical Opportunities, $692.9 million from BIP and $573.2 million from Strategic Partners. |
o |
Market appreciation was driven by appreciation of $2.2 billion from BIP (which reflected $115.7 million of foreign exchange depreciation), partially offset by depreciation of $127.3 million from Strategic Partners. |
o |
Realizations were driven by $1.3 billion from corporate private equity and $405.7 million from Strategic Partners. |
o |
Outflows were driven by $78.3 million from BTAS. |
• |
In our Credit & Insurance segment, an increase of $2.3 billion from $208.4 billion at June 30, 2023 to $210.7 billion at September 30, 2023. The net increase was due to inflows of $9.6 billion, offset by realizations of $3.6 billion, outflows of $2.8 billion and market depreciation of $914.0 million. |
o |
Inflows were driven by $4.1 billion from direct lending, $1.6 billion from liquid credit strategies, $1.2 billion from asset-based finance and $863.6 million from private placement credit. |
o |
Realizations were driven by $1.4 billion from direct lending and $1.3 billion from liquid credit strategies. |
o |
Outflows were driven by $1.1 billion from liquid credit strategies, $963.6 million from direct lending and $432.2 million from BIS. |
o |
Market depreciation was driven by depreciation of $1.1 billion from liquid credit strategies (which reflected $487.7 million of foreign exchange depreciation), $423.3 million from private placement credit and $404.9 million from asset-based finance, partially offset by appreciation of $1.1 billion from direct lending (which reflected $142.6 million of foreign exchange depreciation). |
• |
In our Hedge Fund Solutions segment, an increase of $1.5 billion from $69.6 billion at June 30, 2023 to $71.1 billion at September 30, 2023. The net increase was due to inflows of $2.0 billion and market appreciation of $1.4 billion, offset by outflows of $1.5 billion and realizations of $378.9 million. |
o |
Inflows were driven by $952.3 million from customized solutions, $919.4 million from liquid and specialized solutions and $133.5 million from commingled products. |
o |
Market appreciation was driven by appreciation of $957.2 million from customized solutions (which reflected $107.4 million of foreign exchange depreciation), $351.0 million from liquid and specialized solutions (which reflected $18.3 million of foreign exchange depreciation) and $136.9 million from commingled products (which reflected $87.8 million of foreign exchange depreciation). |
o |
Outflows were driven by $781.1 million from customized solutions, $682.0 million from liquid and specialized solutions and $62.3 million from commingled products. |
o |
Realizations were driven by $320.5 million from liquid and specialized solutions. |
• |
In our Real Estate segment, an increase of $3.0 billion from $282.0 billion at December 31, 2022 to $284.9 billion at September 30, 2023. The net increase was due to inflows of $33.7 billion, offset by outflows of $14.8 billion, realizations of $14.6 billion and market depreciation of $1.3 billion. |
o |
Inflows were driven by $13.0 billion from BREIT, including $4.5 billion from the Regents of the University of California (“UC Investments”) in the first quarter of 2023, $11.2 billion from BREDS, primarily due to allocations of insurance capital and BREDS IV, and $7.6 billion from BREP and co-investment, primarily from the commencement of the investment period for the seventh European opportunistic fund and from BREP X. |
o |
Outflows were driven by $10.1 billion from BREIT, reflecting repurchases, and $3.6 billion from BREP and co-investment, due to remaining uninvested reserves at the end of BREP Europe VI’s investment period. |
o |
Realizations were driven by $7.4 billion from BREIT and $3.5 billion from BREDS. |
o |
Market depreciation was driven by depreciation of $2.6 billion from BPP and co-investment (which reflected $402.3 million of foreign exchange depreciation) and $510.6 million from BREDS (which reflected $4.2 million of foreign exchange appreciation), partially offset by appreciation of $2.1 billion from BREIT (which reflected $11.3 million of foreign exchange depreciation). |
• |
In our Private Equity segment, an increase of $707.1 million from $167.1 billion at December 31, 2022 to $167.8 billion at September 30, 2023. The net increase was due to inflows of $5.4 billion and market appreciation of $2.3 billion, offset by realizations of $6.7 billion and outflows of $357.0 million. |
o |
Inflows were driven by $2.3 billion from BIP and $1.8 billion from Tactical Opportunities. |
o |
Market appreciation was driven by appreciation of $2.2 billion from BIP (which reflected $48.1 million of foreign exchange depreciation). |
o |
Realizations were driven by $2.9 billion from corporate private equity, $1.5 billion from Strategic Partners and $1.4 billion from Tactical Opportunities. |
o |
Outflows were driven by $259.0 million from Tactical Opportunities and $79.3 million from BTAS. |
• |
In our Credit & Insurance segment, an increase of $12.5 billion from $198.2 billion at December 31, 2022 to $210.7 billion at September 30, 2023. The net increase was due to inflows of $30.4 billion and market appreciation of $3.3 billion, offset by outflows of $10.9 billion and realizations of $10.3 billion. |
o |
Inflows were driven by $10.8 billion from liquid credit strategies, $9.3 billion from direct lending and $3.2 billion from asset-based finance. |
o |
Market appreciation was driven by appreciation of $2.9 billion from direct lending (which reflected $2.9 million of foreign exchange depreciation). |
o |
Outflows were driven by $5.2 billion from liquid credit strategies and $3.6 billion from direct lending. |
o |
Realizations were driven by $4.1 billion from direct lending, $2.4 billion from liquid credit strategies and $1.7 billion from mezzanine funds. |
• |
In our Hedge Fund Solutions segment, a decrease of $48.5 million from $71.2 billion at December 31, 2022 to $71.1 billion at September 30, 2023. The net decrease was due to outflows of $5.7 billion and realizations of $2.5 billion, offset by inflows of $5.2 billion and market appreciation of $3.0 billion. |
o |
Outflows were driven by $2.2 billion from customized solutions, $1.8 billion from commingled products and $1.7 billion from liquid and specialized solutions. |
o |
Realizations were driven by $2.4 billion from liquid and specialized solutions. |
o |
Inflows were driven by $2.5 billion from liquid and specialized solutions, $2.4 billion from customized solutions and $351.7 million from commingled products. |
o |
Market appreciation was driven by appreciation of $1.5 billion from customized solutions (which reflected $261.0 million of foreign exchange depreciation), $1.1 billion from liquid and specialized solutions (which reflected $49.3 million of foreign exchange depreciation) and $352.2 million from commingled products (which reflected $143.4 million of foreign exchange depreciation). |
• |
In our Real Estate segment, a decrease of $1.7 billion from $333.2 billion at June 30, 2023 to $331.5 billion at September 30, 2023. The net decrease was due to realizations of $4.2 billion, outflows of $3.7 billion and market depreciation of $2.9 billion, offset by inflows of $9.1 billion. |
o |
Realizations were driven by $2.5 billion from BREIT and $916.9 million from BREDS. |
o |
Outflows were driven by $3.3 billion from BREIT, reflecting repurchases. |
o |
Market depreciation was driven by depreciation of $2.1 billion from BREP and co-investment (which reflected $1.3 billion of foreign exchange depreciation) and $1.9 billion from BPP and co-investment (which reflected $1.1 billion of foreign exchange depreciation), partially offset by appreciation of $1.3 billion from BREIT (which reflected $74.3 million of foreign exchange depreciation). |
o |
Inflows were driven by $3.2 billion from BREP and co-investment, primarily from fundraising for the seventh European opportunistic fund, $2.9 billion from BREDS, primarily due to allocations of insurance capital, and $2.8 billion from BREIT. |
• |
In our Private Equity segment, an increase of $3.4 billion from $295.3 billion at June 30, 2023 to $298.6 billion at September 30, 2023. The net increase was due to market appreciation of $5.7 billion and inflows of $3.6 billion, offset by realizations of $5.1 billion and outflows of $790.4 million. |
o |
Market appreciation was driven by appreciation of $2.6 billion from BIP (which reflected $187.9 million of foreign exchange depreciation) and $2.3 billion from corporate private equity (which reflected $575.6 million of foreign exchange depreciation). |
o |
Inflows were driven by $1.2 billion from Tactical Opportunities, $1.1 billion from Strategic Partners and $829.6 million from corporate private equity. |
o |
Realizations were driven by $2.9 billion from corporate private equity and $1.3 billion from Strategic Partners. |
o |
Outflows were driven by $555.7 million from Strategic Partners and $82.7 million from corporate private equity. |
• |
In our Credit & Insurance segment, an increase of $2.6 billion from $294.6 billion at June 30, 2023 to $297.2 billion at September 30, 2023. The net increase was due to inflows of $10.4 billion and market appreciation of $236.8 million, offset by realizations of $5.0 billion and outflows of $3.0 billion. |
o |
Inflows were driven by $5.0 billion from direct lending, $1.9 billion from liquid credit strategies and $1.2 billion from asset-based finance. |
o |
Market appreciation was driven by appreciation of $1.4 billion from direct lending (which reflected $167.9 million of foreign exchange depreciation), partially offset by depreciation of $1.1 billion from liquid credit strategies (which reflected $520.6 million of foreign exchange depreciation). |
o |
Realizations were driven by $2.1 billion from direct lending, $1.3 billion from liquid credit strategies and $451.6 million from our energy strategies. |
o |
Outflows were driven by $1.2 billion from liquid credit strategies and $1.0 billion from direct lending. |
• |
In our Hedge Fund Solutions segment, an increase of $1.8 billion from $78.2 billion at June 30, 2023 to $80.0 billion at September 30, 2023. The net increase was due to inflows of $2.3 billion and market appreciation of $1.6 billion, offset by outflows of $1.7 billion and realizations of $386.2 million. |
o |
Inflows were driven by $1.2 billion from customized solutions, $865.9 million from liquid and specialized solutions and $196.8 million from commingled products. |
o |
Market appreciation was driven by appreciation of $951.3 million from customized solutions (which reflected $107.4 million of foreign exchange depreciation), $387.9 million from liquid and specialized solutions (which reflected $18.6 million of foreign exchange depreciation) and $218.0 million from commingled products (which reflected $87.8 million of foreign exchange depreciation). |
o |
Outflows were driven by $820.4 million from customized solutions, $784.0 million from liquid and specialized solutions and $73.3 million from commingled products. |
o |
Realizations were driven by $327.8 million from liquid and specialized solutions. |
• |
In our Real Estate segment, an increase of $5.4 billion from $326.1 billion at December 31, 2022 to $331.5 billion at September 30, 2023. The net increase was due to inflows of $34.0 billion, offset by realizations of $14.2 billion, outflows of $11.6 billion and market depreciation of $2.9 billion. |
o |
Inflows were driven by $13.3 billion from BREDS, primarily due to allocations of insurance capital and fundraising for the fifth real estate debt strategies fund, $13.0 billion from BREIT, including $4.5 billion from UC Investments in the first quarter of 2023, and $6.7 billion from BREP and co-investment, primarily from fundraising for the seventh European opportunistic fund and BREP X. |
o |
Realizations were driven by $7.4 billion from BREIT, $2.5 billion from BREP and co-investment and $2.5 billion from BREDS. |
o |
Outflows were driven by $10.1 billion from BREIT, reflecting repurchases. |
o |
Market depreciation was primarily driven by depreciation of $2.6 billion from BPP and co-investment (which reflected $401.2 million of foreign exchange depreciation) and $2.1 billion from BREP and co-investment (which reflected $883.9 million of foreign exchange depreciation), partially offset by appreciation of $2.1 billion from BREIT (which reflected $11.3 million of foreign exchange depreciation). |
• |
In our Private Equity segment, an increase of $9.7 billion from $288.9 billion at December 31, 2022 to $298.6 billion at September 30, 2023. The net increase was due to inflows of $16.6 billion and market appreciation of $12.9 billion, offset by realizations of $17.8 billion and outflows of $1.9 billion. |
o |
Inflows were driven by $8.0 billion from corporate private equity, $2.9 billion from Tactical Opportunities, $2.7 billion from BIP and $2.4 billion from Strategic Partners. |
o |
Market appreciation was driven by appreciation of $7.2 billion from corporate private equity (which reflected $7.6 million of foreign exchange appreciation) and $2.7 billion from BIP (which reflected $81.2 million of foreign exchange depreciation). |
o |
Realizations were driven by $9.9 billion from corporate private equity, $3.8 billion from Strategic Partners and $2.9 billion from Tactical Opportunities. |
o |
Outflows were driven by $853.7 million from Strategic Partners, $538.4 million from corporate private equity and $257.3 million from Tactical Opportunities. |
• |
In our Credit & Insurance segment, an increase of $17.3 billion from $279.9 billion at December 31, 2022 to $297.2 billion at September 30, 2023. The net increase was due to inflows of $39.3 billion and market appreciation of $6.6 billion, offset by realizations of $15.2 billion and outflows of $13.4 billion. |
o |
Inflows were driven by $17.0 billion from direct lending, $9.7 billion from liquid credit strategies and $4.4 billion from asset-based finance. |
o |
Market appreciation was driven by appreciation of $3.8 billion from direct lending (which reflected $13.7 million of foreign exchange depreciation) and $1.3 billion from liquid credit strategies (which reflected $103.6 million of foreign exchange appreciation). |
o |
Realizations were driven by $6.4 billion from direct lending, $3.0 billion from mezzanine funds and $2.4 billion from liquid credit strategies. |
o |
Outflows were driven by $5.8 billion from liquid credit strategies and $4.8 billion from direct lending. |
• |
In our Hedge Fund Solutions segment, an increase of $280.9 million from $79.7 billion at December 31, 2022 to $80.0 billion at September 30, 2023. The net increase was due to inflows of $5.8 billion and market appreciation of $3.1 billion, offset by outflows of $5.9 billion and realizations of $2.7 billion. |
o |
Inflows were driven by $2.7 billion from liquid and specialized solutions, $2.6 billion from customized solutions and $471.3 million from commingled products. |
o |
Market appreciation was driven by appreciation of $1.5 billion from customized solutions (which reflected $262.3 million of foreign exchange depreciation), $1.1 billion from liquid and specialized solutions (which reflected $50.5 million of foreign exchange depreciation) and $474.6 million from commingled products (which reflected $133.7 million of foreign exchange depreciation). |
o |
Outflows were driven by $2.2 billion from customized solutions, $1.9 billion from liquid and specialized solutions and $1.9 billion from commingled products. |
o |
Realizations were driven by $2.6 billion from liquid and specialized solutions. |
Note: |
Totals may not add due to rounding. |
(a) |
Represents illiquid drawdown funds, a component of Perpetual Capital and fee-paying co-investments; includes fee-paying third party capital as well as general partner and employee capital that does not earn fees. Amounts are reduced by outstanding capital commitments, for which capital has not yet been invested. |
2022 |
||||||||
(Dollars in Millions) |
||||||||
Real Estate |
||||||||
BREP IV |
$ |
6 |
$ |
7 |
||||
BREP V |
4 |
3 |
||||||
BREP VI |
20 |
24 |
||||||
BREP VII |
22 |
145 |
||||||
BREP VIII |
657 |
830 |
||||||
BREP IX |
916 |
1,002 |
||||||
BREP Europe IV |
23 |
68 |
||||||
BREP Europe V |
— |
96 |
||||||
BREP Europe VI |
109 |
74 |
||||||
BREP Asia I |
93 |
105 |
||||||
BREP Asia II |
— |
119 |
||||||
BPP |
387 |
735 |
||||||
BREDS |
30 |
14 |
||||||
BTAS |
18 |
37 |
||||||
Total Real Estate (a) |
2,285 |
3,258 |
||||||
Private Equity |
||||||||
BCP IV |
6 |
7 |
||||||
BCP V |
17 |
8 |
||||||
BCP VI |
365 |
463 |
||||||
BCP VII |
810 |
870 |
||||||
BCP VIII |
345 |
227 |
||||||
BCP Asia I |
113 |
137 |
||||||
BEP I |
29 |
33 |
||||||
BEP II |
143 |
— |
||||||
BEP III |
215 |
86 |
||||||
BCEP I |
220 |
219 |
||||||
Tactical Opportunities |
235 |
233 |
||||||
Strategic Partners |
512 |
548 |
||||||
BIP |
324 |
126 |
||||||
BXLS |
62 |
26 |
||||||
BTAS/Other |
176 |
202 |
||||||
Total Private Equity (a) |
3,569 |
3,186 |
||||||
Credit & Insurance |
292 |
297 |
||||||
Hedge Fund Solutions |
289 |
320 |
||||||
Total Blackstone Net Accrued Performance Revenues |
$ |
6,435 |
$ |
7,060 |
||||
Note: |
Totals may not add due to rounding. |
(a) |
Real Estate and Private Equity include co-investments, as applicable. |
Note: |
Totals may not add due to rounding. |
Note: |
Totals may not add due to rounding. |
• |
In our Private Equity segment, growth in BIP resulted in an increase of $2.8 billion. |
• |
In our Credit & Insurance segment, growth in BCRED and insurance capital managed in the Credit & Insurance segment resulted in increases of $2.3 billion and $1.2 billion, respectively. |
• |
In our Credit & Insurance segment, growth in insurance capital managed in the Credit & Insurance segment and BCRED resulted in increases of $8.1 billion and $2.7 billion, respectively. |
• |
In our Private Equity segment, growth in BIP resulted in an increase of $4.7 billion. |
Unrealized Investments |
Realized Investments |
Total Investments |
||||||||||||||||||||||||||||||||
Fund (Investment Period |
Committed |
Available |
% |
Net IRRs (d) | ||||||||||||||||||||||||||||||
Beginning Date / Ending Date) (a) |
Capital |
Capital (b) |
Value |
MOIC (c) |
Public |
Value |
MOIC (c) |
Value |
MOIC (c) |
Realized |
Total | |||||||||||||||||||||||
(Dollars/Euros in Thousands, Except Where Noted) | ||||||||||||||||||||||||||||||||||
Real Estate |
||||||||||||||||||||||||||||||||||
Pre-BREP |
$ 140,714 |
$ — |
$ — |
n/a |
— |
$ 345,190 |
2.5x |
$ 345,190 |
2.5x |
33 |
% |
33 |
% | |||||||||||||||||||||
BREP I (Sep 1994 / Oct 1996) |
380,708 |
— |
— |
n/a |
— |
1,327,708 |
2.8x |
1,327,708 |
2.8x |
40 |
% |
40 |
% | |||||||||||||||||||||
BREP II (Oct 1996 / Mar 1999) |
1,198,339 |
— |
— |
n/a |
— |
2,531,614 |
2.1x |
2,531,614 |
2.1x |
19 |
% |
19 |
% | |||||||||||||||||||||
BREP III (Apr 1999 / Apr 2003) |
1,522,708 |
— |
— |
n/a |
— |
3,330,406 |
2.4x |
3,330,406 |
2.4x |
21 |
% |
21 |
% | |||||||||||||||||||||
BREP IV (Apr 2003 / Dec 2005) |
2,198,694 |
— |
19,990 |
n/a |
— |
4,641,310 |
1.7x |
4,661,300 |
1.7x |
12 |
% |
12 |
% | |||||||||||||||||||||
BREP V (Dec 2005 / Feb 2007) |
5,539,418 |
— |
6,226 |
n/a |
— |
13,463,448 |
2.3x |
13,469,674 |
2.3x |
11 |
% |
11 |
% | |||||||||||||||||||||
BREP VI (Feb 2007 / Aug 2011) |
11,060,122 |
550,788 |
177,175 |
2.1x |
73 |
% |
27,555,714 |
2.5x |
27,732,889 |
2.5x |
13 |
% |
13 |
% | ||||||||||||||||||||
BREP VII (Aug 2011 / Apr 2015) |
13,501,324 |
1,440,070 |
2,251,607 |
0.6x |
5 |
% |
28,259,297 |
2.4x |
30,510,904 |
2.0x |
21 |
% |
14 |
% | ||||||||||||||||||||
BREP VIII (Apr 2015 / Jun 2019) |
16,597,812 |
2,172,541 |
13,402,672 |
1.5x |
1 |
% |
21,694,783 |
2.5x |
35,097,455 |
2.0x |
28 |
% |
15 |
% | ||||||||||||||||||||
BREP IX (Jun 2019 / Aug 2022) |
21,340,670 |
3,404,572 |
26,429,803 |
1.5x |
1 |
% |
8,490,679 |
2.2x |
34,920,482 |
1.6x |
61 |
% |
21 |
% | ||||||||||||||||||||
*BREP X (Aug 2022 / Feb 2028) |
30,498,731 |
28,585,335 |
2,023,421 |
1.1x |
37 |
% |
— |
n/a |
2,023,421 |
1.1x |
n/a |
n/m |
||||||||||||||||||||||
Total Global BREP |
$ 103,979,240 |
$ 36,153,306 |
$ 44,310,894 |
1.4x |
3 |
% |
$ 111,640,149 |
2.4x |
$ 155,951,043 |
2.0x |
18 |
% |
16 |
% | ||||||||||||||||||||
BREP Int’l (Jan 2001 / Sep 2005) |
€ 824,172 |
€ — |
€ — |
n/a |
— |
€ 1,373,170 |
2.1x |
€ 1,373,170 |
2.1x |
23 |
% |
23 |
% | |||||||||||||||||||||
BREP Int’l II (Sep 2005 / Jun 2008) (e) |
1,629,748 |
— |
— |
n/a |
— |
2,583,032 |
1.8x |
2,583,032 |
1.8x |
8 |
% |
8 |
% | |||||||||||||||||||||
BREP Europe III (Jun 2008 / Sep 2013) |
3,205,420 |
398,122 |
196,294 |
0.4x |
— |
5,854,592 |
2.4x |
6,050,886 |
2.0x |
18 |
% |
13 |
% | |||||||||||||||||||||
BREP Europe IV (Sep 2013 / Dec 2016) |
6,674,949 |
1,310,820 |
1,234,020 |
0.9x |
— |
9,972,153 |
1.9x |
11,206,173 |
1.7x |
19 |
% |
12 |
% | |||||||||||||||||||||
BREP Europe V (Dec 2016 / Oct 2019) |
7,979,853 |
1,146,014 |
4,967,635 |
0.9x |
— |
6,694,372 |
3.9x |
11,662,007 |
1.7x |
41 |
% |
10 |
% | |||||||||||||||||||||
BREP Europe VI (Oct 2019 / Sep 2023) |
10,033,576 |
3,578,573 |
7,906,179 |
1.2x |
— |
3,424,218 |
2.6x |
11,330,397 |
1.4x |
72 |
% |
18 |
% | |||||||||||||||||||||
*BREP Europe VII (Sep 2023 / Mar 2029) |
4,055,206 |
4,055,206 |
— |
n/a |
— |
— |
n/a |
— |
n/a |
n/a |
n/a |
|||||||||||||||||||||||
Total BREP Europe |
€ 34,402,924 |
€ 10,488,735 |
€ 14,304,128 |
1.0x |
— |
€ 29,901,537 |
2.3x |
€ 44,205,665 |
1.7x |
17 |
% |
12 |
% | |||||||||||||||||||||
Unrealized Investments |
Realized Investments |
Total Investments |
||||||||||||||||||||||||||||||||||||||||||
Fund (Investment Period |
Committed |
Available |
% |
Net IRRs (d) | ||||||||||||||||||||||||||||||||||||||||
| Beginning Date / Ending Date) (a) |
Capital |
Capital (b) |
Value |
MOIC (c) |
Public |
Value |
MOIC (c) |
Value |
MOIC (c) |
Realized |
Total | |||||||||||||||||||||||||||||||||
(Dollars/Euros in Thousands, Except Where Noted) | ||||||||||||||||||||||||||||||||||||||||||||
| Real Estate (continued) |
| |||||||||||||||||||||||||||||||||||||||||||
| BREP Asia I (Jun 2013 / Dec 2017) |
$ |
4,262,075 |
$ |
898,383 |
$ |
1,666,676 |
1.6x |
28 |
% |
$ |
6,927,744 |
1.9x |
$ |
8,594,420 |
1.9x |
16% |
12% |
|||||||||||||||||||||||||||
| BREP Asia II (Dec 2017 / Mar 2022) |
7,353,190 |
1,345,680 |
6,659,758 |
1.2x |
4 |
% |
1,617,659 |
1.9x |
8,277,417 |
1.3x |
32% |
6% |
||||||||||||||||||||||||||||||||
| *BREP Asia III (Mar 2022 / Sep 2027) |
8,225,044 |
7,104,528 |
996,803 |
0.9x |
— |
— |
n/a |
996,803 |
0.9x |
n/a |
-26% |
|||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| Total BREP Asia |
19,840,309 |
9,348,591 |
9,323,237 |
1.2x |
8 |
% |
8,545,403 |
1.9x |
17,868,640 |
1.5x |
17% |
9% |
||||||||||||||||||||||||||||||||
| BREP Co-Investment (f) |
7,298,717 |
31,955 |
1,009,091 |
2.2x |
— |
15,150,534 |
2.2x |
16,159,625 |
2.2x |
16% |
16% |
|||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| Total BREP |
$ |
171,601,150 |
$ |
56,688,317 |
$ |
70,819,791 |
1.3x |
3 |
% |
$ |
171,890,997 |
2.3x |
$ |
242,710,788 |
1.9x |
17% |
15% |
|||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| *BREDS High-Yield (Various) (g) |
$ |
23, 82 6,197 |
$ |
7,740,038 |
$ |
6,078,085 |
1.0x |
— |
$ |
18,306,169 |
1.3x |
$ |
24,384,254 |
1.2x |
10% |
9% |
||||||||||||||||||||||||||||
| Private Equity |
||||||||||||||||||||||||||||||||||||||||||||
| Corporate Private Equity |
||||||||||||||||||||||||||||||||||||||||||||
| BCP I (Oct 1987 / Oct 1993) |
$ |
859,081 |
$ |
— |
$ |
— |
n/a |
— |
$ |
1,741,738 |
2.6x |
$ |
1,741,738 |
2.6x |
19% |
19% |
||||||||||||||||||||||||||||
| BCP II (Oct 1993 / Aug 1997) |
1,361,100 |
— |
— |
n/a |
— |
3,268,627 |
2.5x |
3,268,627 |
2.5x |
32% |
32% |
|||||||||||||||||||||||||||||||||
| BCP III (Aug 1997 / Nov 2002) |
3,967,422 |
— |
— |
n/a |
— |
9,228,707 |
2.3x |
9,228,707 |
2.3x |
14% |
14% |
|||||||||||||||||||||||||||||||||
| BCOM (Jun 2000 / Jun 2006) |
2,137,330 |
24,575 |
15,819 |
n/a |
— |
2,981,999 |
1.4x |
2,997,818 |
1.4x |
6% |
6% |
|||||||||||||||||||||||||||||||||
| BCP IV (Nov 2002 / Dec 2005) |
6,773,182 |
195,824 |
27,813 |
n/a |
— |
21,694,051 |
2.9x |
21,721,864 |
2.9x |
36% |
36% |
|||||||||||||||||||||||||||||||||
| BCP V (Dec 2005 / Jan 2011) |
21,009,112 |
1,035,259 |
69,929 |
4.7x |
100 |
% |
38,790,444 |
1.9x |
38,860,373 |
1.9x |
8% |
8% |
||||||||||||||||||||||||||||||||
| BCP VI (Jan 2011 / May 2016) |
15,195,536 |
1,341,319 |
5,225,663 |
2.0x |
28 |
% |
27,574,219 |
2.2x |
32,799,882 |
2.2x |
14% |
13% |
||||||||||||||||||||||||||||||||
| BCP VII (May 2016 / Feb 2020) |
18,856,748 |
1,693,546 |
18,896,671 |
1.6x |
21 |
% |
15,254,119 |
2.5x |
34,150,790 |
1.9x |
30% |
13% |
||||||||||||||||||||||||||||||||
| *BCP VIII (Feb 2020 / Feb 2026) |
25,651,696 |
11,181,728 |
19,590,887 |
1.3x |
7 |
% |
1,179,647 |
2.4x |
20,770,534 |
1.4x |
n/m |
12% |
||||||||||||||||||||||||||||||||
| BCP IX (TBD) |
17,097,378 |
17,097,378 |
— |
n/a |
— |
— |
n/a |
— |
n/a |
n/a |
n/a |
|||||||||||||||||||||||||||||||||
| Energy I (Aug 2011 / Feb 2015) |
2,441,558 |
174,492 |
513,784 |
1.6x |
58 |
% |
4,169,241 |
2.0x |
4,683,025 |
2.0x |
14% |
11% |
||||||||||||||||||||||||||||||||
| Energy II (Feb 2015 / Feb 2020) |
4,628,418 |
866,986 |
4,356,903 |
1.8x |
67 |
% |
3,463,693 |
1.6x |
7,820,596 |
1.7x |
13% |
8% |
||||||||||||||||||||||||||||||||
| *Energy III (Feb 2020 / Feb 2026) |
4,364,432 |
1,951,764 |
4,555,423 |
2.0x |
20 |
% |
1,139,860 |
2.3x |
5,695,283 |
2.0x |
61% |
39% |
||||||||||||||||||||||||||||||||
| Energy Transition IV (TBD) |
2,317,245 |
2,317,245 |
— |
n/a |
— |
— |
n/a |
— |
n/a |
n/a |
n/a |
|||||||||||||||||||||||||||||||||
| BCP Asia I (Dec 2017 / Sep 2021) |
2,438,028 |
418,459 |
2,969,214 |
1.6x |
28 |
% |
1,787,587 |
4.9x |
4,756,801 |
2.2x |
96% |
27% |
||||||||||||||||||||||||||||||||
| *BCP Asia II (Sep 2021 / Sep 2027) |
6,656,786 |
4,945,392 |
1,878,551 |
1.2x |
10 |
% |
25 |
n/a |
1,878,576 |
1.2x |
n/a |
n/m |
||||||||||||||||||||||||||||||||
| Core Private Equity I (Jan 2017 / Mar 2021) (h) |
4,761,601 |
1,164,732 |
7,320,559 |
1.9x |
— |
2,440,551 |
4.4x |
9,761,110 |
2.2x |
56% |
18% |
|||||||||||||||||||||||||||||||||
| *Core Private Equity II (Mar 2021 / Mar 2026) (h) |
8,205,237 |
5,721,426 |
3,182,425 |
1.3x |
— |
68,770 |
n/a |
3,251,195 |
1.4x |
n/a |
13% |
|||||||||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| Total Corporate Private Equity |
$ |
148,721,890 |
$ |
50,130,125 |
$ |
68,603,641 |
1.6x |
17 |
% |
$ |
134,783,278 |
2.2x |
$ |
203,386,919 |
1.9x |
16% |
15% |
|||||||||||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Unrealized Investments |
Realized Investments |
Total Investments |
||||||||||||||||||||||||||||||||||||||||||
Fund (Investment Period |
Committed |
Available |
% |
Net IRRs (d) | ||||||||||||||||||||||||||||||||||||||||
Beginning Date / Ending Date) (a) |
Capital |
Capital (b) |
Value |
MOIC (c) |
Public |
Value |
MOIC (c) |
Value |
MOIC (c) |
Realized |
Total | |||||||||||||||||||||||||||||||||
(Dollars/Euros in Thousands, Except Where Noted) | ||||||||||||||||||||||||||||||||||||||||||||
Private Equity (continued) |
||||||||||||||||||||||||||||||||||||||||||||
Tactical Opportunities |
||||||||||||||||||||||||||||||||||||||||||||
*Tactical Opportunities (Various) |
$ |
30,364,340 |
$ |
15,896,639 |
$ |
11,532,042 |
1.2x |
8 |
% |
$ |
22,701,599 |
1.8x |
$ |
34,233,641 |
1.6x |
16% |
11% |
|||||||||||||||||||||||||||
*Tactical Opportunities Co-Investment and Other (Various) |
10,029,256 |
1,411,126 |
4,675,833 |
1.7x |
5 |
% |
8,853,429 |
1.6x |
13,529,262 |
1.6x |
18% |
16% |
||||||||||||||||||||||||||||||||
Total Tactical Opportunities |
$ |
40,393,596 |
$ |
17,307,765 |
$ |
16,207,875 |
1.3x |
7 |
% |
$ |
31,555,028 |
1.8x |
$ |
47,762,903 |
1.6x |
17% |
12% |
|||||||||||||||||||||||||||
Growth |
||||||||||||||||||||||||||||||||||||||||||||
*BXG I (Jul 2020 / Jul 2025) |
$ |
5,056,267 |
$ |
1,256,237 |
$ |
3,447,373 |
1.0x |
2 |
% |
$ |
484,034 |
2.7x |
$ |
3,931,407 |
1.0x |
n/m |
-3% |
|||||||||||||||||||||||||||
BXG II (TBD) |
4,093,732 |
4,093,732 |
— |
n/a |
— |
— |
n/a |
— |
n/a |
n/a |
n/a |
|||||||||||||||||||||||||||||||||
Total Growth |
$ |
9,149,999 |
$ |
5,349,969 |
$ |
3,447,373 |
1.0x |
2 |
% |
$ |
484,034 |
2.7x |
$ |
3,931,407 |
1.0x |
n/m |
-3% |
|||||||||||||||||||||||||||
Strategic Partners (Secondaries) |
||||||||||||||||||||||||||||||||||||||||||||
Strategic Partners I-V (Various) (i) |
$ |
11,035,527 |
$ |
616,300 |
$ |
330,662 |
n/a |
— |
$ |
16,562,619 |
n/a |
$ |
16,893,281 |
1.7x |
n/a |
13% |
||||||||||||||||||||||||||||
Strategic Partners VI (Apr 2014 / Apr 2016) (i) |
4,362,772 |
617,474 |
901,474 |
n/a |
— |
4,160,215 |
n/a |
5,061,689 |
1.7x |
n/a |
14% |
|||||||||||||||||||||||||||||||||
Strategic Partners VII (May 2016 / Mar 2019) (i) |
7,489,970 |
1,635,172 |
4,273,087 |
n/a |
— |
6,418,775 |
n/a |
10,691,862 |
2.0x |
n/a |
18% |
|||||||||||||||||||||||||||||||||
Strategic Partners Real Assets II (May 2017 / Jun 2020) (i) |
1,749,807 |
487,992 |
1,207,710 |
n/a |
— |
1,113,866 |
n/a |
2,321,576 |
1.7x |
n/a |
17% |
|||||||||||||||||||||||||||||||||
Strategic Partners VIII (Mar 2019 / Oct 2021) (i) |
10,763,600 |
4,540,254 |
8,336,051 |
n/a |
— |
5,946,803 |
n/a |
14,282,854 |
1.8x |
n/a |
32% |
|||||||||||||||||||||||||||||||||
*Strategic Partners Real Estate, SMA and Other (Various) (i) |
6,530,642 |
2,256,022 |
2,007,881 |
n/a |
— |
2,003,485 |
n/a |
4,011,366 |
1.6x |
n/a |
15% |
|||||||||||||||||||||||||||||||||
*Strategic Partners Infrastructure III (Jun 2020 / Jul 2024) (i) |
3,250,100 |
891,683 |
1,429,920 |
n/a |
— |
239,153 |
n/a |
1,669,073 |
1.5x |
n/a |
32% |
|||||||||||||||||||||||||||||||||
*Strategic Partners IX (Oct 2021 / Jan 2027) (i) |
19,492,126 |
12,116,523 |
4,890,255 |
n/a |
— |
538,872 |
n/a |
5,429,127 |
1.4x |
n/a |
24% |
|||||||||||||||||||||||||||||||||
*Strategic Partners GP Solutions (Jun 2021 / / Dec 2026) (i) |
2,045,211 |
966,522 |
722,901 |
n/a |
— |
— |
n/a |
722,901 |
1.1x |
n/a |
4% |
|||||||||||||||||||||||||||||||||
Total Strategic Partners (Secondaries) |
$ |
66,719,755 |
$ |
24,127,942 |
$ |
24,099,941 |
n/a |
— |
$ |
36,983,788 |
n/a |
$ |
61,083,729 |
1.7x |
n/a |
15% |
||||||||||||||||||||||||||||
Life Sciences |
||||||||||||||||||||||||||||||||||||||||||||
Clarus IV (Jan 2018 / Jan 2020) |
$ |
910,000 |
$ |
92,300 |
$ |
825,214 |
1.5x |
1 |
% |
$ |
337,376 |
1.9x |
$ |
1,162,590 |
1.6x |
23% |
10% |
|||||||||||||||||||||||||||
*BXLS V (Jan 2020 / Jan 2025) |
4,915,804 |
3,118,269 |
2,251,754 |
1.6x |
2 |
% |
139,281 |
1.1x |
2,391,035 |
1.5x |
n/m |
10% |
||||||||||||||||||||||||||||||||
Unrealized Investments |
Realized Investments |
Total Investments |
||||||||||||||||||||||||||||||||||||||||||
Fund (Investment Period |
Committed |
Available |
% |
Net IRRs (d) | ||||||||||||||||||||||||||||||||||||||||
Beginning Date / Ending Date) (a) |
Capital |
Capital (b) |
Value |
MOIC (c) |
Public |
Value |
MOIC (c) |
Value |
MOIC (c) |
Realized |
Total | |||||||||||||||||||||||||||||||||
(Dollars/Euros in Thousands, Except Where Noted) | ||||||||||||||||||||||||||||||||||||||||||||
Credit |
||||||||||||||||||||||||||||||||||||||||||||
Mezzanine / Opportunistic I (Jul 2007 / Oct 2011) |
$ |
2,000,000 |
$ |
97,114 |
$ |
— |
n/a |
— |
$ |
4,809,097 |
1.6x |
$ |
4,809,097 |
1.6x |
n/a |
17 |
% | |||||||||||||||||||||||||||
Mezzanine / Opportunistic II (Nov 2011 / Nov 2016) |
4,120,000 |
993,248 |
165,527 |
0.4x |
— |
6,589,943 |
1.4x |
6,755,470 |
1.4x |
n/a |
10 |
% | ||||||||||||||||||||||||||||||||
Mezzanine / Opportunistic III (Sep 2016 / Jan 2021) |
6,639,133 |
1,036,502 |
2,556,242 |
1.0x |
— |
7,323,798 |
1.6x |
9,880,040 |
1.4x |
n/a |
11 |
% | ||||||||||||||||||||||||||||||||
*Mezzanine / Opportunistic IV (Jan 2021 / Jan 2026) |
5,016,771 |
2,779,863 |
3,082,289 |
1.1x |
— |
568,391 |
1.9x |
3,650,680 |
1.1x |
n/a |
11 |
% | ||||||||||||||||||||||||||||||||
Stressed / Distressed I (Sep 2009 / May 2013) |
3,253,143 |
— |
— |
n/a |
— |
5,777,098 |
1.3x |
5,777,098 |
1.3x |
n/a |
9 |
% | ||||||||||||||||||||||||||||||||
Stressed / Distressed II (Jun 2013 / Jun 2018) |
5,125,000 |
547,430 |
273,036 |
0.4x |
— |
5,312,944 |
1.2x |
5,585,980 |
1.1x |
n/a |
1 |
% | ||||||||||||||||||||||||||||||||
Stressed / Distressed III (Dec 2017 / Dec 2022) |
7,356,380 |
1,946,417 |
2,843,752 |
1.0x |
— |
3,278,224 |
1.4x |
6,121,976 |
1.2x |
n/a |
8 |
% | ||||||||||||||||||||||||||||||||
Energy I (Nov 2015 / Nov 2018) |
2,856,867 |
1,134,875 |
492,250 |
0.7x |
— |
3,022,524 |
1.8x |
3,514,774 |
1.5x |
n/a |
10 |
% | ||||||||||||||||||||||||||||||||
Energy II (Feb 2019 / Jun 2023) |
3,616,081 |
1,566,007 |
1,811,154 |
1.0x |
— |
1,713,153 |
1.6x |
3,524,307 |
1.3x |
n/a |
17 |
% | ||||||||||||||||||||||||||||||||
*Green Energy III (May 2023 / May 2028) |
6,477,000 |
6,294,372 |
183,395 |
1.0x |
— |
4,910 |
n/a |
188,305 |
1.0x |
n/a |
n/m |
|||||||||||||||||||||||||||||||||
European Senior Debt I (Feb 2015 / Feb 2019) |
€ |
1,964,689 |
€ |
287,688 |
€ |
525,783 |
0.7x |
— |
€ |
2,668,448 |
1.3x |
€ |
3,194,231 |
1.2x |
n/a |
2 |
% | |||||||||||||||||||||||||||
European Senior Debt II (Jun 2019 / Jun 2023) (j) |
€ |
4,088,344 |
€ |
983,930 |
€ |
4,399,254 |
1.0x |
— |
€ |
1,882,079 |
2.0x |
€ |
6,281,333 |
1.2x |
n/a |
10 |
% | |||||||||||||||||||||||||||
Total Credit Drawdown Funds (k) |
$ |
53,366,033 |
$ |
17,742,168 |
$ |
16,622,026 |
0.9x |
— |
$ |
43,657,741 |
1.5x |
$ |
60,279,767 |
1.3x |
n/a |
10 |
% | |||||||||||||||||||||||||||
Fund (Inception Year) (a) |
Investment Strategy |
Total AUM |
Total Net Return (m) |
|||||||||
(Dollars in Thousands, Except Where Noted) |
||||||||||||
Real Estate |
||||||||||||
BPP - Blackstone Property Partners Platform (2013) (n) |
Core+ Real Estate |
$ |
68,708,288 |
8 |
% | |||||||
BREIT - Blackstone Real Estate Income Trust (2017) (o) |
Core+ Real Estate |
66,009,910 |
11 |
% | ||||||||
BREIT - Class I (p) |
Core+ Real Estate |
12 |
% | |||||||||
BXMT - Blackstone Mortgage Trust (2013) (q) |
Real Estate Debt |
6,419,843 |
7 |
% | ||||||||
Private Equity |
||||||||||||
BIP - Blackstone Infrastructure Partners (2019) (r) |
Infrastructure |
31,418,214 |
17 |
% | ||||||||
Credit |
||||||||||||
BXSL - Blackstone Secured Lending Fund (2018) (s) |
U.S. Direct Lending |
11,065,490 |
11 |
% | ||||||||
BCRED - Blackstone Private Credit Fund (2021) (t) |
U.S. Direct Lending |
61,283,160 |
10 |
% | ||||||||
BCRED - Class I (u) |
U.S. Direct Lending |
10 |
% | |||||||||
Hedge Fund Solutions |
||||||||||||
BSCH - Blackstone Strategic Capital Holdings (2014) (v) |
GP Stakes |
9,038,198 |
10 |
% | ||||||||
n/m |
Not meaningful generally due to the limited time since initial investment. |
n/a |
Not applicable. |
SMA |
Separately managed account. |
* |
Represents funds that are currently in their investment period. |
(a) |
Excludes investment vehicles where Blackstone does not earn fees. |
(b) |
Available Capital represents total investable capital commitments, including side-by-side, |
(c) |
Multiple of Invested Capital (“MOIC”) represents carrying value, before management fees, expenses and Performance Revenues, divided by invested capital. |
(d) |
Unless otherwise indicated, Net Internal Rate of Return (“IRR”) represents the annualized inception to September 30, 2023 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of limited partner cash flows. Initial inception date of cash flows may differ from the Investment Period Beginning Date. |
(e) |
The 8% Realized Net IRR and 8% Total Net IRR exclude investors that opted out of the Hilton investment opportunity. Overall BREP International II performance reflects a 7% Realized Net IRR and a 7% Total Net IRR. |
(f) |
BREP Co-Investment represents co-investment capital raised for various BREP investments. The Net IRR reflected is calculated by aggregating each co-investment’s realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. |
(g) |
BREDS High-Yield represents the flagship real estate debt drawdown funds only. |
(h) |
Blackstone Core Equity Partners is a core private equity strategy which invests with a more modest risk profile and longer hold period than traditional private equity. |
(i) |
Strategic Partners’ Unrealized Investment Value, Realized Investment Value, Total Investment Value, Total MOIC and Total Net IRRs are reported on a three-month lag and therefore do not include the impact of economic and market activities in the current quarter. Prior to June 30, 2023, the calculation of such metrics also incorporated investor cash flow information from the current quarter to the extent available. Effective June 30, 2023, such current quarter cash flow information is no longer incorporated. Committed |
Capital and Available Capital continue to be presented as of the current quarter. We believe the updated presentation is more reflective of the Strategic Partners’ investor experience. Realizations are treated as returns of capital until fully recovered and therefore Unrealized and Realized MOICs and Realized Net IRRs are not applicable. Effective June 30, 2023, Strategic Partners I-V and Strategic Partners Real Estate, SMA and Other exclude investment vehicles where Blackstone does not earn fees, which were previously included. |
(j) |
European Senior Debt II Levered has a net return of 16%, European Senior Debt II Unlevered has a net return of 8%. |
(k) |
Funds presented represent the flagship credit drawdown funds only. The Total Credit Net IRR is the combined IRR of the credit drawdown funds presented. |
(l) |
Represents the performance for select Perpetual Capital Strategies; strategies excluded consist primarily of (1) investment strategies that have been investing for less than one year, (2) perpetual capital assets managed for certain insurance clients, and (3) investment vehicles where Blackstone does not earn fees. |
(m) |
Unless otherwise indicated, Total Net Return represents the annualized inception to September 30, 2023 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of investor cash flows. Initial inception date of cash flows occurred during the Inception Year. |
(n) |
BPP represents the aggregate Total Assets Under Management and Total Net Return of the BPP Platform, which comprises over 30 funds, co-investment and separately managed account vehicles. It includes certain vehicles managed as part of the BPP Platform but not classified as Perpetual Capital. As of September 30, 2023, these vehicles represented $2.8 billion of Total Assets Under Management. |
(o) |
The BREIT Total Net Return reflects a per share blended return, assuming BREIT had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from January 1, 2017. |
(p) |
Represents the Total Net Return for BREIT’s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT, Class I Total Net Return is presented on an annualized basis and is from January 1, 2017. |
(q) |
The BXMT Total Net Return reflects annualized market return of a shareholder invested in BXMT since inception, May 22, 2013, through September 30, 2023, assuming reinvestment of all dividends received during the period. |
(r) |
Including co-investment vehicles, BIP Total Assets Under Management is $39.8 billion. |
(s) |
The BXSL Total Assets Under Management and Total Net Return are presented as of June 30, 2023. Refer to BXSL public filings for current quarter results. BXSL Total Net Return reflects the change in Net Asset Value (“NAV”) per share, plus distributions per share (assuming dividends and distributions are reinvested in accordance with BXSL’s dividend reinvestment plan) divided by the beginning NAV per share. Total Net Returns are presented on an annualized basis and are from November 20, 2018. |
(t) |
The BCRED Total Net Return reflects a per share blended return, assuming BCRED had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from January 7, 2021. Total Assets Under Management reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. BCRED net asset value as of September 30, 2023 was $26.2 billion. |
(u) |
Represents the Total Net Return for BCRED’s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. Class I Total Net Return is presented on an annualized basis and is from January 7, 2021. |
(v) |
BSCH represents the aggregate Total Assets Under Management and Total Net Return of BSCH I and BSCH II funds that invest as part of the GP Stakes strategy, which targets minority investments in the general partners of private equity and other private-market alternative asset management firms globally. Including co-investment vehicles that do not pay fees, BSCH Total Assets Under Management is $9.9 billion. |
Three Months Ended |
Nine Months Ended |
|||||||||||||||||||||||||||||||
2023 vs. 2022 |
2023 vs. 2022 | |||||||||||||||||||||||||||||||
2023 |
2022 |
$ |
% |
2023 |
2022 |
$ |
% | |||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||
Management Fees, Net |
||||||||||||||||||||||||||||||||
Base Management Fees |
$ |
697,561 |
$ |
610,606 |
$ |
86,955 |
14% |
$ |
2,112,925 |
$ |
1,802,543 |
$ |
310,382 |
17% |
||||||||||||||||||
Transaction and Other Fees, Net |
10,686 |
54,342 |
(43,656 |
) |
-80% |
58,313 |
141,801 |
(83,488 |
) |
-59% |
||||||||||||||||||||||
Management Fee Offsets |
(7,616 |
) |
(1,842 |
) |
(5,774 |
) |
313% |
(26,380 |
) |
(3,491 |
) |
(22,889 |
) |
656% |
||||||||||||||||||
Total Management Fees, Net |
700,631 |
663,106 |
37,525 |
6% |
2,144,858 |
1,940,853 |
204,005 |
11% |
||||||||||||||||||||||||
Fee Related Performance Revenues |
127,841 |
260,003 |
(132,162 |
) |
-51% |
279,888 |
1,017,027 |
(737,139 |
) |
-72% |
||||||||||||||||||||||
Fee Related Compensation |
(199,384 |
) |
(239,572 |
) |
40,188 |
-17% |
(536,000 |
) |
(858,307 |
) |
322,307 |
-38% |
||||||||||||||||||||
Other Operating Expenses |
(83,074 |
) |
(74,701 |
) |
(8,373 |
) |
11% |
(229,204 |
) |
(229,033 |
) |
(171 |
) |
- |
||||||||||||||||||
Fee Related Earnings |
546,014 |
608,836 |
(62,822 |
) |
-10% |
1,659,542 |
1,870,540 |
(210,998 |
) |
-11% |
||||||||||||||||||||||
Realized Performance Revenues |
17,419 |
142,794 |
(125,375 |
) |
-88% |
148,236 |
2,943,430 |
(2,795,194 |
) |
-95% |
||||||||||||||||||||||
Realized Performance Compensation |
(7,813 |
) |
(33,464 |
) |
25,651 |
-77% |
(80,571 |
) |
(1,154,897 |
) |
1,074,326 |
-93% |
||||||||||||||||||||
Realized Principal Investment Income |
1,565 |
45,297 |
(43,732 |
) |
-97% |
3,719 |
128,388 |
(124,669 |
) |
-97% |
||||||||||||||||||||||
Net Realizations |
11,171 |
154,627 |
(143,456 |
) |
-93% |
71,384 |
1,916,921 |
(1,845,537 |
) |
-96% |
||||||||||||||||||||||
Segment Distributable Earnings |
$ |
557,185 |
$ |
763,463 |
$ |
(206,278 |
) |
-27% |
$ |
1,730,926 |
$ |
3,787,461 |
$ |
(2,056,535 |
) |
-54% |
||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||||||||||||||||||||||||||||||||||
September 30, |
September 30, |
Inception to Date | ||||||||||||||||||||||||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
Realized |
Total | |||||||||||||||||||||||||||||||||||||||||||
Fund (a) |
Gross |
Net |
Gross |
Net |
Gross |
Net |
Gross |
Net |
Gross |
Net |
Gross |
Net | ||||||||||||||||||||||||||||||||||||
BREP VII |
-11% |
-10% |
-4% |
-3% |
-24% |
-21% |
8% |
6% |
29% |
21% |
21% |
14% |
||||||||||||||||||||||||||||||||||||
BREP VIII |
-3% |
-3% |
- |
- |
-5% |
-5% |
13% |
10% |
35% |
28% |
21% |
15% |
||||||||||||||||||||||||||||||||||||
BREP IX |
-2% |
-2% |
- |
- |
-1% |
-2% |
17% |
13% |
89% |
61% |
30% |
21% |
||||||||||||||||||||||||||||||||||||
BREP Europe IV (b) |
-7% |
-6% |
-4% |
-4% |
-12% |
-11% |
-2% |
-3% |
26% |
19% |
18% |
12% |
||||||||||||||||||||||||||||||||||||
BREP Europe V (b) |
-4% |
-3% |
-2% |
-2% |
-7% |
-6% |
5% |
4% |
50% |
41% |
15% |
10% |
||||||||||||||||||||||||||||||||||||
BREP Europe VI (b) |
3% |
2% |
-3% |
-3% |
11% |
7% |
10% |
6% |
97% |
72% |
29% |
18% |
||||||||||||||||||||||||||||||||||||
BREP Asia I |
2% |
2% |
-3% |
-2% |
1% |
- |
-3% |
-3% |
24% |
16% |
18% |
12% |
||||||||||||||||||||||||||||||||||||
BREP Asia II |
-2% |
-3% |
-1% |
-1% |
-4% |
-2% |
-1% |
-1% |
47% |
32% |
10% |
6% |
||||||||||||||||||||||||||||||||||||
BREP Asia III |
-9% |
-13% |
n/m |
n/m |
-8% |
-20% |
n/m |
n/m |
n/a |
n/a |
-9% |
-26% |
||||||||||||||||||||||||||||||||||||
BREP Co-Investment (c) |
1% |
1% |
- |
- |
4% |
3% |
22% |
21% |
18% |
16% |
18% |
16% |
||||||||||||||||||||||||||||||||||||
BPP (d) |
-2% |
-2% |
2% |
2% |
-3% |
-4% |
14% |
12% |
n/a |
n/a |
10% |
8% |
||||||||||||||||||||||||||||||||||||
BREIT (e) |
n/a |
2% |
n/a |
2% |
n/a |
3% |
n/a |
9% |
n/a |
n/a |
n/a |
11% |
||||||||||||||||||||||||||||||||||||
BREIT - Class I (f) |
n/a |
2% |
n/a |
2% |
n/a |
3% |
n/a |
9% |
n/a |
n/a |
n/a |
12% |
||||||||||||||||||||||||||||||||||||
BREDS High-Yield (g) |
4% |
2% |
2% |
2% |
8% |
5% |
2% |
- |
14% |
10% |
13% |
9% |
||||||||||||||||||||||||||||||||||||
BXMT (h) |
n/a |
7% |
n/a |
-13% |
n/a |
13% |
n/a |
-19% |
n/a |
n/a |
n/a |
7% |
||||||||||||||||||||||||||||||||||||
n/m |
Not meaningful generally due to the limited time since initial investment. |
n/a |
Not applicable. |
(a) |
Net returns are based on the change in carrying value (realized and unrealized) after management fees, expenses and Performance Revenues. Excludes investment vehicles where Blackstone does not earn fees. |
(b) |
Euro-based internal rates of return. |
(c) |
BREP Co-Investment represents co-investment capital raised for various BREP investments. The Net IRR reflected is calculated by aggregating each co-investment’s realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. |
(d) |
The BPP platform, which comprises over 30 funds, co-investment and separately managed account vehicles, represents the Core+ real estate funds which invest with a more modest risk profile and lower leverage. |
(e) |
Reflects a per share blended return for each respective period, assuming BREIT had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. These returns are not representative of the returns experienced by any particular investor or share class. Inception to date returns are presented on an annualized basis and are from January 1, 2017. |
(f) |
Represents the Total Net Return for BREIT’s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. Inception to date return is from January 1, 2017. |
(g) |
BREDS High-Yield represents the flagship real estate debt drawdown funds only. Inception to date returns are from July 1, 2009. |
(h) |
Reflects annualized return of a shareholder invested in BXMT as of the beginning of each period presented, assuming reinvestment of all dividends received during the period, and net of all fees and expenses incurred by BXMT. Return incorporates the closing NYSE stock price as of each period end. Inception to date returns are from May 22, 2013. |
Three Months Ended |
Nine Months Ended |
|||||||||||||||||||||||||||||||
2023 vs. 2022 |
2023 vs. 2022 | |||||||||||||||||||||||||||||||
2023 |
2022 |
$ |
% |
2023 |
2022 |
$ |
% | |||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||
Management and Advisory Fees, Net |
||||||||||||||||||||||||||||||||
Base Management Fees |
$ |
457,008 |
$ |
466,474 |
$ |
(9,466) |
-2% |
$ |
1,351,630 |
$ |
1,321,405 |
$ |
30,225 |
2% |
||||||||||||||||||
Transaction, Advisory and Other Fees, Net |
21,780 |
24,313 |
(2,533) |
-10% |
85,389 |
64,522 |
20,867 |
32% |
||||||||||||||||||||||||
Management Fee Offsets |
(1,982) |
(3,634) |
1,652 |
-45% |
(4,058) |
(53,933) |
49,875 |
-92% |
||||||||||||||||||||||||
Total Management and Advisory Fees, Net |
476,806 |
487,153 |
(10,347) |
-2% |
1,432,961 |
1,331,994 |
100,967 |
8% |
||||||||||||||||||||||||
Fee Related Performance Revenues |
- |
- |
- |
n/m |
- |
(648) |
648 |
-100% |
||||||||||||||||||||||||
Fee Related Compensation |
(145,987) |
(142,381) |
(3,606) |
3% |
(463,293) |
(446,053) |
(17,240) |
4% |
||||||||||||||||||||||||
Other Operating Expenses |
(78,547) |
(76,138) |
(2,409) |
3% |
(229,713) |
(227,115) |
(2,598) |
1% |
||||||||||||||||||||||||
Fee Related Earnings |
252,272 |
268,634 |
(16,362) |
-6% |
739,955 |
658,178 |
81,777 |
12% |
||||||||||||||||||||||||
Realized Performance Revenues |
299,272 |
309,326 |
(10,054) |
-3% |
945,770 |
882,448 |
63,322 |
7% |
||||||||||||||||||||||||
Realized Performance Compensation |
(117,814) |
(164,531) |
46,717 |
-28% |
(413,389) |
(428,614) |
15,225 |
-4% |
||||||||||||||||||||||||
Realized Principal Investment Income |
22,497 |
38,015 |
(15,518) |
-41% |
59,353 |
112,357 |
(53,004) |
-47% |
||||||||||||||||||||||||
Net Realizations |
203,955 |
182,810 |
21,145 |
12% |
591,734 |
566,191 |
25,543 |
5% |
||||||||||||||||||||||||
Segment Distributable Earnings |
$ |
456,227 |
$ |
451,444 |
$ |
4,783 |
1% |
$ |
1,331,689 |
$ |
1,224,369 |
$ |
107,320 |
9% |
||||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||||||||||||||||||||||||||||||||||
September 30, |
September 30, |
Inception to Date | ||||||||||||||||||||||||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
Realized |
Total | |||||||||||||||||||||||||||||||||||||||||||
Fund (a) |
Gross |
Net |
Gross |
Net |
Gross |
Net |
Gross |
Net |
Gross |
Net |
Gross |
Net | ||||||||||||||||||||||||||||||||||||
BCP VI |
2% |
1% |
7% |
6% |
6% |
5% |
3% |
3% |
19% |
14% |
17% |
13% |
||||||||||||||||||||||||||||||||||||
BCP VII |
-1% |
-1% |
-4% |
-4% |
9% |
7% |
-13% |
-12% |
38% |
30% |
19% |
13% |
||||||||||||||||||||||||||||||||||||
BCP VIII |
3% |
2% |
- |
-1% |
8% |
5% |
-1% |
-3% |
n/m |
n/m |
22% |
12% |
||||||||||||||||||||||||||||||||||||
BEP I |
- |
- |
9% |
8% |
-10% |
-8% |
45% |
36% |
18% |
14% |
15% |
11% |
||||||||||||||||||||||||||||||||||||
BEP II |
6% |
3% |
2% |
2% |
13% |
7% |
28% |
27% |
14% |
13% |
12% |
8% |
||||||||||||||||||||||||||||||||||||
BEP III |
4% |
3% |
9% |
6% |
28% |
21% |
15% |
10% |
82% |
61% |
59% |
39% |
||||||||||||||||||||||||||||||||||||
BCP Asia I |
7% |
5% |
-8% |
-7% |
4% |
2% |
-39% |
-36% |
128% |
96% |
39% |
27% |
||||||||||||||||||||||||||||||||||||
BCEP I (b) |
1% |
1% |
1% |
1% |
- |
- |
6% |
5% |
62% |
56% |
21% |
18% |
||||||||||||||||||||||||||||||||||||
BCEP II (b) |
12% |
10% |
- |
-1% |
20% |
15% |
4% |
1% |
n/a |
n/a |
20% |
13% |
||||||||||||||||||||||||||||||||||||
Tactical Opportunities |
- |
-1% |
-3% |
-3% |
5% |
2% |
-2% |
-2% |
20% |
16% |
15% |
11% |
||||||||||||||||||||||||||||||||||||
Tactical Opportunities Co-Investment and Other |
- |
1% |
-2% |
1% |
4% |
4% |
-1% |
2% |
19% |
18% |
19% |
16% |
||||||||||||||||||||||||||||||||||||
BXG I |
-2% |
-3% |
-1% |
-2% |
-4% |
-6% |
-14% |
-14% |
n/m |
n/m |
2% |
-3% |
||||||||||||||||||||||||||||||||||||
Strategic Partners VI (c) |
- |
- |
-6% |
-7% |
-1% |
-1% |
-6% |
-7% |
n/a |
n/a |
18% |
14% |
||||||||||||||||||||||||||||||||||||
Strategic Partners VII (c) |
1% |
1% |
-6% |
-6% |
2% |
2% |
-1% |
-2% |
n/a |
n/a |
23% |
18% |
||||||||||||||||||||||||||||||||||||
Strategic Partners Real Assets II (c) |
1% |
- |
-1% |
-1% |
19% |
16% |
12% |
11% |
n/a |
n/a |
20% |
17% |
||||||||||||||||||||||||||||||||||||
Strategic Partners VIII (c) |
- |
-1% |
-5% |
-5% |
1% |
- |
6% |
5% |
n/a |
n/a |
41% |
32% |
||||||||||||||||||||||||||||||||||||
Strategic Partners Real Estate, SMA and Other (c) |
-1% |
-2% |
6% |
6% |
-4% |
-5% |
31% |
29% |
n/a |
n/a |
16% |
15% |
||||||||||||||||||||||||||||||||||||
Strategic Partners Infrastructure III (c) |
1% |
1% |
3% |
2% |
6% |
3% |
43% |
33% |
n/a |
n/a |
51% |
32% |
||||||||||||||||||||||||||||||||||||
Strategic Partners IX (c) |
1% |
- |
n/m |
n/m |
16% |
9% |
n/m |
n/m |
n/a |
n/a |
41% |
24% |
||||||||||||||||||||||||||||||||||||
Strategic Partners GP Solutions (c) |
-3% |
-2% |
1% |
1% |
-9% |
-9% |
44% |
35% |
n/a |
n/a |
9% |
4% |
||||||||||||||||||||||||||||||||||||
BIP |
11% |
9% |
8% |
6% |
12% |
9% |
18% |
14% |
n/a |
n/a |
22% |
17% |
||||||||||||||||||||||||||||||||||||
Clarus IV |
-2% |
-2% |
3% |
3% |
- |
-1% |
6% |
4% |
28% |
23% |
17% |
10% |
||||||||||||||||||||||||||||||||||||
BXLS V |
21% |
14% |
4% |
2% |
29% |
18% |
6% |
-1% |
n/m |
n/m |
24% |
10% |
||||||||||||||||||||||||||||||||||||
n/m |
Not meaningful generally due to the limited time since initial investment. |
n/a |
Not applicable. |
SMA |
Separately managed account. |
(a) |
Net returns are based on the change in carrying value (realized and unrealized) after management fees, expenses and Performance Revenues. Excludes investment vehicles where Blackstone does not earn fees. |
(b) |
BCEP is a core private equity strategy which invests with a more modest risk profile and longer hold period than traditional private equity. |
(c) |
Gross and net returns are reported on a three-month lag and therefore do not include the impact of economic and market activities in the current quarter. Prior to June 30, 2023, the calculation of such metrics also incorporated investor cash flow information from the current quarter to the extent available. Effective June 30, 2023, such current quarter cash flow information is no longer incorporated. We believe the updated presentation is more reflective of the Strategic Partners’ investor experience. Prior periods have been recast. Realizations are treated as returns of capital until fully recovered and therefore Realized IRRs are not applicable. Effective June 30, 2023, Strategic Partners I-V and Strategic Partners Real Estate, SMA and Other exclude investment
vehicles where Blackstone does not earn fees, which were previously included. |
Three Months Ended |
Nine Months Ended |
|||||||||||||||||||||||||||||||
2023 vs. 2022 |
2023 vs. 2022 | |||||||||||||||||||||||||||||||
2023 |
2022 |
$ |
% |
2023 |
2022 |
$ |
% | |||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||
Management Fees, Net |
||||||||||||||||||||||||||||||||
Base Management Fees |
$ |
333,828 |
$ |
312,663 |
$ |
21,165 |
7% |
$ |
995,915 |
$ |
911,697 |
$ |
84,218 |
9% |
||||||||||||||||||
Transaction and Other Fees, Net |
10,362 |
10,629 |
(267 |
) |
-3% |
33,815 |
27,143 |
6,672 |
25% |
|||||||||||||||||||||||
Management Fee Offsets |
(898 |
) |
(1,323 |
) |
425 |
-32% |
(3,055 |
) |
(4,107 |
) |
1,052 |
-26% |
||||||||||||||||||||
Total Management Fees, Net |
343,292 |
321,969 |
21,323 |
7% |
1,026,675 |
934,733 |
91,942 |
10% |
||||||||||||||||||||||||
Fee Related Performance Revenues |
146,710 |
112,128 |
34,582 |
31% |
409,645 |
260,410 |
149,235 |
57% |
||||||||||||||||||||||||
Fee Related Compensation |
(148,056 |
) |
(135,420 |
) |
(12,636 |
) |
9% |
(480,289 |
) |
(399,799 |
) |
(80,490 |
) |
20% |
||||||||||||||||||
Other Operating Expenses |
(76,147 |
) |
(68,696 |
) |
(7,451 |
) |
11% |
(231,760 |
) |
(189,745 |
) |
(42,015 |
) |
22% |
||||||||||||||||||
Fee Related Earnings |
265,799 |
229,981 |
35,818 |
16% |
724,271 |
605,599 |
118,672 |
20% |
||||||||||||||||||||||||
Realized Performance Revenues |
14,349 |
12,459 |
1,890 |
15% |
181,874 |
122,175 |
59,699 |
49% |
||||||||||||||||||||||||
Realized Performance Compensation |
(5,451 |
) |
(4,992 |
) |
(459 |
) |
9% |
(79,794 |
) |
(54,487 |
) |
(25,307 |
) |
46% |
||||||||||||||||||
Realized Principal Investment Income |
29,213 |
46,993 |
(17,780 |
) |
-38% |
15,866 |
76,793 |
(60,927 |
) |
-79% |
||||||||||||||||||||||
Net Realizations |
38,111 |
54,460 |
(16,349 |
) |
-30% |
117,946 |
144,481 |
(26,535 |
) |
-18% |
||||||||||||||||||||||
Segment Distributable Earnings |
$ |
303,910 |
$ |
284,441 |
$ |
19,469 |
7% |
$ |
842,217 |
$ |
750,080 |
$ |
92,137 |
12% |
||||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||||||||||||||||||||||||||
September 30, |
September 30, |
|||||||||||||||||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
Inception to Date | ||||||||||||||||||||||||||||||||||||
Composite (a) |
Gross |
Net |
Gross |
Net |
Gross |
Net |
Gross |
Net |
Gross |
Net | ||||||||||||||||||||||||||||||
Private Credit (b) |
5% |
3% |
3% |
2% |
12% |
9% |
5% |
2% |
12% |
7% |
||||||||||||||||||||||||||||||
Liquid Credit (b) |
3% |
3% |
1% |
1% |
9% |
9% |
-5% |
-6% |
5% |
4% |
||||||||||||||||||||||||||||||
(a) |
Net returns are based on the change in carrying value (realized and unrealized) after management fees, expenses and Performance Allocations, net of tax advances. |
(b) |
Private Credit returns include mezzanine lending funds and middle market direct lending funds (including BXSL and BCRED), stressed/distressed strategies (including stressed/distressed funds and credit alpha strategies) and energy strategies. Liquid Credit returns include CLOs, closed-ended funds, open-ended funds and separately managed accounts. Only fee-earning funds exceeding $100 million of fair value at the beginning of each respective quarter-end are included. Funds in liquidation, funds investing primarily in investment grade corporate credit and asset-based finance funds are excluded. Blackstone Funds that were contributed to BXC as part of Blackstone’s acquisition of BXC in March 2008 and the pre-acquisition date performance for funds and vehicles acquired by BXC subsequent to March 2008, are also excluded. Private Credit and Liquid Credit’s inception to
date returns are from December 31, 2005. |
Invested Performance Eligible Assets Under Management |
Estimated % Above High Water Mark/ Hurdle (a) | |||||||||||
As of September 30, |
As of September 30, | |||||||||||
2022 |
2023 |
2022 | ||||||||||
(Dollars in Thousands) |
||||||||||||
Credit & Insurance (b) |
$ |
86,462,059 |
$ |
85,164,349 |
96% |
93% | ||||||
(a) |
Estimated % Above High Water Mark/Hurdle represents the percentage of Invested Performance Eligible Assets Under Management that as of the dates presented would earn performance fees when the applicable Credit & Insurance managed fund has positive investment performance relative to a hurdle, where applicable. Incremental positive performance in the applicable Blackstone Funds may cause additional assets to reach their respective High Water Mark or clear a hurdle return, thereby resulting in an increase in Estimated % Above High Water Mark/Hurdle. |
(b) |
For the Credit & Insurance managed funds, at September 30, 2023, the incremental appreciation needed for the 4% of Invested Performance Eligible Assets Under Management below their respective High Water Marks/Hurdles to reach their respective High Water Marks/Hurdles was $2.0 billion, a decrease of $(163.6) million, compared to $2.1 billion at September 30, 2022. Of the Invested Performance Eligible Assets Under Management below their respective High Water Marks/Hurdles as of September 30, 2023, 5% were within 5% of reaching their respective High Water Mark. |
Three Months Ended |
Nine Months Ended |
|||||||||||||||||||||||||||||||
2023 vs. 2022 |
2023 vs. 2022 | |||||||||||||||||||||||||||||||
2023 |
2022 |
$ |
% |
2023 |
2022 |
$ |
% | |||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||
Management Fees, Net |
||||||||||||||||||||||||||||||||
Base Management Fees |
$ |
131,346 |
$ |
138,818 |
$ |
(7,472 |
) |
-5% |
$ |
399,429 |
$ |
428,941 |
$ |
(29,512 |
) |
-7% |
||||||||||||||||
Transaction and Other Fees, Net |
1,783 |
581 |
1,202 |
207% |
5,539 |
5,500 |
39 |
1% |
||||||||||||||||||||||||
Management Fee Offsets |
(18 |
) |
(57 |
) |
39 |
-68% |
(49 |
) |
(166 |
) |
117 |
-70% |
||||||||||||||||||||
Total Management Fees, Net |
133,111 |
139,342 |
(6,231 |
) |
-4% |
404,919 |
434,275 |
(29,356 |
) |
-7% |
||||||||||||||||||||||
Fee Related Compensation |
(46,496 |
) |
(40,895 |
) |
(5,601 |
) |
14% |
(138,120 |
) |
(145,993 |
) |
7,873 |
-5% |
|||||||||||||||||||
Other Operating Expenses |
(26,677 |
) |
(26,599 |
) |
(78 |
) |
- |
(82,782 |
) |
(75,849 |
) |
(6,933 |
) |
9% |
||||||||||||||||||
Fee Related Earnings |
59,938 |
71,848 |
(11,910 |
) |
-17% |
184,017 |
212,433 |
(28,416 |
) |
-13% |
||||||||||||||||||||||
Realized Performance Revenues |
6,900 |
4,430 |
2,470 |
56% |
92,009 |
40,540 |
51,469 |
127% |
||||||||||||||||||||||||
Realized Performance Compensation |
(2,917 |
) |
(3,237 |
) |
320 |
-10% |
(34,635 |
) |
(14,320 |
) |
(20,315 |
) |
142% |
|||||||||||||||||||
Realized Principal Investment Income |
2,225 |
9,460 |
(7,235 |
) |
-76% |
12,792 |
22,831 |
(10,039 |
) |
-44% |
||||||||||||||||||||||
Net Realizations |
6,208 |
10,653 |
(4,445 |
) |
-42% |
70,166 |
49,051 |
21,115 |
43% |
|||||||||||||||||||||||
Segment Distributable Earnings |
$ |
66,146 |
$ |
82,501 |
$ |
(16,355 |
) |
-20% |
$ |
254,183 |
$ |
261,484 |
$ |
(7,301 |
) |
-3% |
||||||||||||||||
Three |
Nine |
Average Annual Returns (a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Months Ended |
Months Ended |
Periods Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, |
September 30, |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 |
2022 |
2023 |
2022 |
One Year |
Three Year |
Five Year |
Historical | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composite |
Gross |
Net |
Gross |
Net |
Gross |
Net |
Gross |
Net |
Gross |
Net |
Gross |
Net |
Gross |
Net |
Gross |
Net | ||||||||||||||||||||||||||||||||||||||||||||||||
BAAM Principal Solutions Composite (b) |
2 |
% |
2 |
% |
1 |
% |
1 |
% |
5 |
% |
5 |
% |
3 |
% |
2 |
% |
8 |
% |
7 |
% |
8 |
% |
7 |
% |
6 |
% |
5 |
% |
7 |
% |
6 |
% | ||||||||||||||||||||||||||||||||
(a) |
Composite returns present a summarized asset-weighted return measure to evaluate the overall performance of the applicable class of Blackstone Funds. |
(b) |
BAAM’s Principal Solutions (“BPS”) Composite covers the period from January 2000 to present, although BAAM’s inception date is September 1990. The BPS Composite includes only BAAM-managed commingled and customized multi-manager funds and accounts and does not include BAAM’s individual investor solutions (liquid alternatives), strategic capital (seeding and GP minority stakes), strategic opportunities (co-invests), and advisory (non-discretionary) platforms, except for investments by BPS funds directly into those platforms. BAAM-managed funds in liquidation and, in the case of net returns, non-fee-paying |
Invested Performance Eligible Assets Under Management |
Estimated % Above High Water Mark/ Benchmark (a) | |||||||||||
As of September 30, |
As of September 30, | |||||||||||
2022 |
2023 |
2022 | ||||||||||
(Dollars in Thousands) |
||||||||||||
Hedge Fund Solutions Managed Funds (b) |
$ |
51,268,712 |
$ |
48,764,525 |
87% |
77% | ||||||
(a) |
Estimated % Above High Water Mark/Benchmark represents the percentage of Invested Performance Eligible Assets Under Management that as of the dates presented would earn performance fees when the applicable Hedge Fund Solutions managed fund has positive investment performance relative to a benchmark, where applicable. Incremental positive performance in the applicable Blackstone Funds may cause additional assets to reach their respective High Water Mark or clear a benchmark return, thereby resulting in an increase in Estimated % Above High Water Mark/Benchmark. |
(b) |
For the Hedge Fund Solutions managed funds, at September 30, 2023, the incremental appreciation needed for the 13% of Invested Performance Eligible Assets Under Management below their respective High Water Marks/Benchmarks to reach their respective High Water Marks/Benchmarks was $637.5 million, a decrease of $(209.1) million, compared to $846.6 million at September 30, 2022. Of the Invested Performance Eligible Assets Under Management below their respective High Water Marks/Benchmarks as of September 30, 2023, 61% were within 5% of reaching their respective High Water Mark. |
Three Months Ended |
Nine Months Ended | |||||||||||||||
September 30, |
||||||||||||||||
2022 |
2023 |
2022 | ||||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Net Income Attributable to Blackstone Inc. |
$ |
551,994 |
$ |
2,296 |
$ |
1,239,080 |
$ |
1,189,777 |
||||||||
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings |
440,609 |
37,724 |
992,618 |
1,061,516 |
||||||||||||
Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities |
20,716 |
(62,093 |
) |
185,021 |
(62,425 |
) | ||||||||||
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities |
(92,577 |
) |
25,773 |
(81,589 |
) |
56,700 |
||||||||||
Net Income |
920,742 |
3,700 |
2,335,130 |
2,245,568 |
||||||||||||
Provision for Taxes |
196,560 |
94,231 |
467,504 |
614,026 |
||||||||||||
Net Income Before Provision for Taxes |
1,117,302 |
97,931 |
2,802,634 |
2,859,594 |
||||||||||||
Transaction-Related and Non-Recurring Items (a) |
6,250 |
9,247 |
17,099 |
59,721 |
||||||||||||
Amortization of Intangibles (b) |
7,357 |
13,238 |
26,110 |
47,326 |
||||||||||||
Impact of Consolidation (c) |
71,861 |
36,320 |
(103,432 |
) |
5,725 |
|||||||||||
Unrealized Performance Revenues (d) |
63,209 |
771,637 |
708,146 |
2,946,255 |
||||||||||||
Unrealized Performance Allocations Compensation (e) |
11,866 |
(359,590 |
) |
(247,228 |
) |
(1,273,849 |
) | |||||||||
Unrealized Principal Investment (Income) Loss (f) |
(84,780 |
) |
996,105 |
233,638 |
1,172,635 |
|||||||||||
Other Revenues (g) |
(63,748 |
) |
(198,546 |
) |
(17,850 |
) |
(427,069 |
) | ||||||||
Equity-Based Compensation (h) |
255,616 |
190,197 |
773,505 |
587,386 |
||||||||||||
Administrative Fee Adjustment (i) |
2,425 |
2,460 |
7,285 |
7,421 |
||||||||||||
Taxes and Related Payables (j) |
(175,747 |
) |
(184,130 |
) |
(527,132 |
) |
(686,571 |
) | ||||||||
Distributable Earnings |
1,211,611 |
1,374,869 |
3,672,775 |
5,298,574 |
||||||||||||
Taxes and Related Payables (j) |
175,747 |
184,130 |
527,132 |
686,571 |
||||||||||||
Net Interest and Dividend (Income) Loss (k) |
(3,890 |
) |
22,850 |
(40,892 |
) |
38,249 |
||||||||||
Total Segment Distributable Earnings |
1,383,468 |
1,581,849 |
4,159,015 |
6,023,394 |
||||||||||||
Realized Performance Revenues (l) |
(337,940 |
) |
(469,009 |
) |
(1,367,889 |
) |
(3,988,593 |
) | ||||||||
Realized Performance Compensation (m) |
133,995 |
206,224 |
608,389 |
1,652,318 |
||||||||||||
Realized Principal Investment Income (n) |
(55,500 |
) |
(139,765 |
) |
(91,730 |
) |
(340,369 |
) | ||||||||
Fee Related Earnings |
$ |
1,124,023 |
$ |
1,179,299 |
$ |
3,307,785 |
$ |
3,346,750 |
||||||||
Adjusted EBITDA Reconciliation |
||||||||||||||||
Distributable Earnings |
$ |
1,211,611 |
$ |
1,374,869 |
$ |
3,672,775 |
$ |
5,298,574 |
||||||||
Interest Expense (o) |
110,014 |
80,312 |
321,353 |
216,339 |
||||||||||||
Taxes and Related Payables (j) |
175,747 |
184,130 |
527,132 |
686,571 |
||||||||||||
Depreciation and Amortization (p) |
21,598 |
14,958 |
68,873 |
44,918 |
||||||||||||
Adjusted EBITDA |
$ |
1,518,970 |
$ |
1,654,269 |
$ |
4,590,133 |
$ |
6,246,402 |
||||||||
(a) |
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 or 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 |
(b) |
This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation. |
(c) |
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 and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests. |
(d) |
This adjustment removes Unrealized Performance Revenues on a segment basis. The Segment Adjustment represents the add back of performance revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation. |
Three Months Ended |
Nine Months Ended | |||||||||||||||
September 30, |
||||||||||||||||
2022 |
2023 |
2022 | ||||||||||||||
(Dollars in Thousands) | ||||||||||||||||
GAAP Unrealized Performance Allocations |
$ |
(63,204 |
) |
$ |
(771,637 |
) |
$ |
(708,021 |
) |
$ |
(2,946,255 |
) | ||||
Segment Adjustment |
(5 |
) |
— |
(125 |
) |
— |
||||||||||
Unrealized Performance Revenues |
$ |
(63,209 |
) |
$ |
(771,637 |
) |
$ |
(708,146 |
) |
$ |
(2,946,255 |
) | ||||
(e) |
This adjustment removes Unrealized Performance Allocations Compensation. |
(f) |
This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis. The Segment Adjustment 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. |
Three Months Ended |
Nine Months Ended | |||||||||||||||
September 30, |
||||||||||||||||
2022 |
2023 |
2022 | ||||||||||||||
(Dollars in Thousands) | ||||||||||||||||
GAAP Unrealized Principal Investment Income (Loss) |
$ |
69,340 |
$ |
(1,069,697 |
) |
$ |
(257,988 |
) |
$ |
(1,496,226 |
) | |||||
Segment Adjustment |
15,440 |
73,592 |
24,350 |
323,591 |
||||||||||||
Unrealized Principal Investment Income (Loss) |
$ |
84,780 |
$ |
(996,105 |
) |
$ |
(233,638 |
) |
$ |
(1,172,635 |
) | |||||
(g) |
This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents (1) the add back of Other Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of certain Transaction-Related and Non-Recurring Items. |
Three Months Ended |
Nine Months Ended | |||||||||||||||
September 30, |
||||||||||||||||
2022 |
2023 |
2022 | ||||||||||||||
(Dollars in Thousands) | ||||||||||||||||
GAAP Other Revenue |
$ |
63,769 |
$ |
199,382 |
$ |
17,951 |
$ |
427,839 |
||||||||
Segment Adjustment |
(21 |
) |
(836 |
) |
(101 |
) |
(770 |
) | ||||||||
Other Revenues |
$ |
63,748 |
$ |
198,546 |
$ |
17,850 |
$ |
427,069 |
||||||||
(h) |
This adjustment removes Equity-Based Compensation on a segment basis. |
(i) |
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. |
(j) |
Taxes represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and adjusted to exclude the tax impact of any divestitures. For interim periods, taxes are calculated using the preferred annualized effective tax rate approach. Related Payables represent tax-related payables including the amount payable under the Tax Receivable Agreement. See “— Key Financial Measures and Indicators — Distributable Earnings” for the full definition of Taxes and Related Pa yables. |
Three Months Ended |
Nine Months Ended | |||||||||||||||
September 30, |
||||||||||||||||
2022 |
2023 |
2022 | ||||||||||||||
(Dollars in Thousands) | ||||||||||||||||
| Taxes |
$ |
151,812 |
$ |
163,602 |
$ |
459,770 |
$ |
613,201 |
||||||||
| Related Payables |
23,935 |
20,528 |
67,362 |
73,370 |
||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Taxes and Related Payables |
$ |
175,747 |
$ |
184,130 |
$ |
527,132 |
$ |
686,571 |
||||||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
(k) |
This adjustment removes Interest and Dividend Revenue less Interest Expense on a segment basis. The Segment Adjustment represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest expense associated with the Tax Receivable Agreement. |
Three Months Ended |
Nine Months Ended | |||||||||||||||
September 30, |
||||||||||||||||
2022 |
2023 |
2022 | ||||||||||||||
(Dollars in Thousands) | ||||||||||||||||
GAAP Interest and Dividend Revenue |
$ |
109,133 |
$ |
52,420 |
$ |
348,123 |
$ |
168,980 |
||||||||
Segment Adjustment |
4,771 |
5,042 |
14,122 |
9,110 |
||||||||||||
Interest and Dividend Revenue |
113,904 |
57,462 |
362,245 |
178,090 |
||||||||||||
GAAP Interest Expense |
110,599 |
80,507 |
323,136 |
216,896 |
||||||||||||
Segment Adjustment |
(585 |
) |
(195 |
) |
(1,783 |
) |
(557 |
) | ||||||||
Interest Expense |
110,014 |
80,312 |
321,353 |
216,339 |
||||||||||||
Net Interest and Dividend Income (Loss) |
$ |
3,890 |
$ |
(22,850 |
) |
$ |
40,892 |
$ |
(38,249 |
) | ||||||
(l) |
This adjustment removes the total segment amount of Realized Performance Revenues. |
(m) |
This adjustment removes the total segment amount of Realized Performance Compensation. |
(n) |
This adjustment removes the total segment amount of Realized Principal Investment Income. |
(o) |
This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement. |
(p) |
This adjustment adds back Depreciation and Amortization on a segment basis. |
2022 | ||||||||
(Dollars in Thousands) | ||||||||
Investments of Consolidated Blackstone Funds |
$ |
5,224,104 |
$ |
3,828,497 |
||||
Equity Method Investments |
||||||||
Partnership Investments |
5,588,222 |
5,566,645 |
||||||
Accrued Performance Allocations |
11,606,901 |
12,938,888 |
||||||
Corporate Treasury Investments |
763,515 |
799,016 |
||||||
Other Investments |
4,157,115 |
3,123,102 |
||||||
Total GAAP Investments |
$ |
27,339,857 |
$ |
26,256,148 |
||||
Accrued Performance Allocations - GAAP |
$ |
11,606,901 |
$ |
12,938,888 |
||||
Impact of Consolidation (a) |
— |
2,412 |
||||||
Due from Affiliates - GAAP (b) |
196,510 |
154,587 |
||||||
Less: Net Realized Performance Revenues (c) |
(367,944 |
) |
(342,922 |
) | ||||
Less: Accrued Performance Compensation - GAAP (d) |
(5,000,253 |
) |
(5,693,325 |
) | ||||
Net Accrued Performance Revenues |
$ |
6,435,214 |
$ |
7,059,640 |
||||
(a) |
This adjustment adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation. |
(b) |
Represents GAAP accrued performance revenue recorded within Due from Affiliates. |
(c) |
Represents Performance Revenues realized but not yet distributed as of the reporting date and are included in Distributable Earnings in the period they are realized. |
(d) |
Represents GAAP accrued performance compensation associated with Accrued Performance Allocations and is recorded within Accrued Compensation and Benefits and Due to Affiliates. |
Senior Managing Directors | ||||||||||||||||
Blackstone and |
and Certain Other | |||||||||||||||
General Partner (a) |
Professionals (b) | |||||||||||||||
Original |
Remaining |
Original |
Remaining | |||||||||||||
Fund |
Commitment |
Commitment |
Commitment |
Commitment | ||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Real Estate |
||||||||||||||||
BREP VI |
$ |
750,000 |
$ |
36,809 |
$ |
150,000 |
$ |
12,270 |
||||||||
BREP VII |
300,000 |
31,843 |
100,000 |
10,614 |
||||||||||||
BREP VIII |
300,000 |
40,704 |
100,000 |
13,568 |
||||||||||||
BREP IX |
300,000 |
47,648 |
100,000 |
15,883 |
||||||||||||
BREP X |
300,000 |
282,293 |
100,000 |
94,098 |
||||||||||||
BREP Europe III |
100,000 |
11,257 |
35,000 |
3,752 |
||||||||||||
BREP Europe IV |
130,000 |
22,477 |
43,333 |
7,492 |
||||||||||||
BREP Europe V |
150,000 |
22,292 |
43,333 |
6,440 |
||||||||||||
BREP Europe VI |
130,000 |
46,393 |
43,333 |
15,464 |
||||||||||||
BREP Europe VII |
130,000 |
130,000 |
43,333 |
43,333 |
||||||||||||
BREP Asia I |
50,392 |
10,342 |
16,797 |
3,447 |
||||||||||||
BREP Asia II |
70,707 |
13,221 |
23,569 |
4,407 |
||||||||||||
BREP Asia III |
81,078 |
69,065 |
27,026 |
23,022 |
||||||||||||
BREDS III |
50,000 |
13,499 |
16,667 |
4,500 |
||||||||||||
BREDS IV |
50,000 |
15,156 |
49,113 |
14,887 |
||||||||||||
BREDS V |
50,000 |
50,000 |
49,660 |
49,660 |
||||||||||||
BPP |
312,235 |
31,721 |
— |
— |
||||||||||||
Other (c) |
29,596 |
9,183 |
— |
— |
||||||||||||
Total Real Estate |
3,284,008 |
883,903 |
941,164 |
322,837 |
||||||||||||
Senior Managing Directors | ||||||||||||||||
Blackstone and |
and Certain Other | |||||||||||||||
General Partner (a) |
Professionals (b) | |||||||||||||||
Original |
Remaining |
Original |
Remaining | |||||||||||||
Fund |
Commitment |
Commitment |
Commitment |
Commitment | ||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Private Equity |
||||||||||||||||
BCP V |
629,356 |
30,642 |
— |
— |
||||||||||||
BCP VI |
719,718 |
81,403 |
250,000 |
28,276 |
||||||||||||
BCP VII |
500,000 |
36,635 |
225,000 |
16,486 |
||||||||||||
BCP VIII |
500,000 |
211,001 |
225,000 |
94,951 |
||||||||||||
BCP IX |
500,000 |
500,000 |
225,000 |
225,000 |
||||||||||||
BEP I |
50,000 |
4,728 |
— |
— |
||||||||||||
BEP II |
80,000 |
12,018 |
26,667 |
4,006 |
||||||||||||
BEP III |
80,000 |
34,702 |
26,667 |
11,567 |
||||||||||||
BETP IV |
46,345 |
46,345 |
15,448 |
15,448 |
||||||||||||
BCEP I |
117,747 |
27,016 |
18,992 |
4,358 |
||||||||||||
BCEP II |
160,000 |
112,943 |
32,640 |
23,040 |
||||||||||||
BCP Asia I |
40,000 |
5,869 |
13,333 |
1,956 |
||||||||||||
BCP Asia II |
100,000 |
74,993 |
33,333 |
24,998 |
||||||||||||
Tactical Opportunities |
489,986 |
233,238 |
163,329 |
77,746 |
||||||||||||
Strategic Partners |
1,258,964 |
739,369 |
1,174,464 |
692,673 |
||||||||||||
BIP |
335,315 |
83,504 |
— |
— |
||||||||||||
BXLS |
142,057 |
87,701 |
37,352 |
27,272 |
||||||||||||
BXG |
162,381 |
106,782 |
53,959 |
35,583 |
||||||||||||
Other (c) |
290,209 |
42,819 |
— |
— |
||||||||||||
Total Private Equity |
6,202,078 |
2,471,708 |
2,521,184 |
1,283,360 |
||||||||||||
Credit & Insurance |
||||||||||||||||
Mezzanine / Opportunistic II |
120,000 |
29,182 |
110,101 |
26,774 |
||||||||||||
Mezzanine / Opportunistic III |
130,783 |
38,331 |
96,654 |
28,328 |
||||||||||||
Mezzanine / Opportunistic IV |
122,000 |
77,078 |
115,608 |
73,040 |
||||||||||||
European Senior Debt I |
63,000 |
10,137 |
56,882 |
9,153 |
||||||||||||
European Senior Debt II |
92,366 |
34,763 |
89,639 |
33,759 |
||||||||||||
European Senior Debt III |
52,938 |
52,938 |
17,646 |
17,646 |
||||||||||||
Stressed / Distressed II |
125,000 |
51,695 |
119,878 |
49,576 |
||||||||||||
Stressed / Distressed III |
151,000 |
93,835 |
147,380 |
91,586 |
||||||||||||
Energy I |
80,000 |
37,626 |
75,445 |
35,484 |
||||||||||||
Energy II |
150,000 |
104,410 |
148,601 |
103,437 |
||||||||||||
Energy III |
127,000 |
127,000 |
123,077 |
123,077 |
||||||||||||
Credit Alpha Fund |
52,102 |
19,752 |
50,670 |
19,209 |
||||||||||||
Credit Alpha Fund II |
25,500 |
12,550 |
24,385 |
12,001 |
||||||||||||
Other (c) |
155,541 |
65,079 |
42,521 |
9,596 |
||||||||||||
Total Credit & Insurance |
1,447,230 |
754,376 |
1,218,487 |
632,666 |
||||||||||||
Senior Managing Directors | ||||||||||||||||
Blackstone and |
and Certain Other | |||||||||||||||
General Partner (a) |
Professionals (b) | |||||||||||||||
Original |
Remaining |
Original |
Remaining | |||||||||||||
Fund |
Commitment |
Commitment |
Commitment |
Commitment | ||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Hedge Fund Solutions |
||||||||||||||||
Strategic Alliance II |
50,000 |
1,482 |
— |
— |
||||||||||||
Strategic Alliance III |
22,000 |
16,577 |
— |
— |
||||||||||||
Strategic Alliance IV |
15,000 |
13,900 |
— |
— |
||||||||||||
Strategic Holdings I |
154,610 |
21,924 |
— |
— |
||||||||||||
Strategic Holdings II |
50,000 |
21,187 |
— |
— |
||||||||||||
Horizon |
100,000 |
27,765 |
— |
— |
||||||||||||
Dislocation |
20,000 |
12,274 |
— |
— |
||||||||||||
Other (c) |
7,481 |
2,703 |
— |
— |
||||||||||||
Total Hedge Fund Solutions |
419,091 |
117,812 |
— |
— |
||||||||||||
Other |
||||||||||||||||
Treasury (d) |
645,590 |
578,962 |
— |
— |
||||||||||||
$ |
11,997,997 |
$ |
4,806,761 |
$ |
4,680,835 |
$ |
2,238,863 |
|||||||||
(a) |
We expect our commitments to be drawn down over time and to be funded by available cash and cash generated from operations and realizations. Taking into account prevailing market conditions and both the liquidity and cash or liquid investment balances, we believe that the sources of liquidity described above will be more than sufficient to fund our working capital requirements. Additionally, for some of the general partner commitments shown in the table above, we require our senior managing directors and certain other professionals to fund a portion of the commitment even though the ultimate obligation to fund the aggregate commitment is ours pursuant to the governing agreements of the respective funds. The amounts of the aggregate applicable general partner original and remaining commitment are shown in the table above. |
(b) |
Includes the full portion of our commitments (i) required to be funded by senior managing directors and certain other professionals and (ii) that are elected by such individuals to be funded for the life of a fund, where such fund permits such election. Excludes amounts that are elected by such individuals to be funded on an annual basis and certain de minimis commitments funded by such individuals in certain carry funds. |
(c) |
Represents capital commitments to a number of other funds in each respective segment. |
(d) |
Represents loan origination commitments, revolver commitments and capital market commitments. |
Aggregate |
||||
Principal |
||||
Amount |
||||
(Dollars/Euros |
||||
Senior Notes (a) |
in Thousands) |
|||
2.000%, Due 5/19/2025 |
€ |
300,000 |
||
1.000%, Due 10/5/2026 |
€ |
600,000 |
||
3.150%, Due 10/2/2027 |
$ |
300,000 |
||
5.900%, Due 11/3/2027 |
$ |
600,000 |
||
1.625%, Due 8/5/2028 |
$ |
650,000 |
||
1.500%, Due 4/10/2029 |
€ |
600,000 |
||
2.500%, Due 1/10/2030 |
$ |
500,000 |
||
1.600%, Due 3/30/2031 |
$ |
500,000 |
||
2.000%, Due 1/30/2032 |
$ |
800,000 |
||
2.550%, Due 3/30/2032 |
$ |
500,000 |
||
6.200%, Due 4/22/2033 |
$ |
900,000 |
||
3.500%, Due 6/1/2034 |
€ |
500,000 |
||
6.250%, Due 8/15/2042 |
$ |
250,000 |
||
5.000%, Due 6/15/2044 |
$ |
500,000 |
||
4.450%, Due 7/15/2045 |
$ |
350,000 |
||
4.000%, Due 10/2/2047 |
$ |
300,000 |
||
3.500%, Due 9/10/2049 |
$ |
400,000 |
||
2.800%, Due 9/30/2050 |
$ |
400,000 |
||
2.850%, Due 8/5/2051 |
$ |
550,000 |
||
3.200%, Due 1/30/2052 |
$ |
1,000,000 |
||
$ |
10,614,600 |
|||
(a) |
The Notes are unsecured and unsubordinated obligations of the Issuer and are fully and unconditionally guaranteed, jointly and severally, by Blackstone Inc. and each of the Blackstone Holdings Partnerships. The Notes contain customary covenants and financial restrictions that, among other things, limit the Issuer and the guarantors’ ability, subject to certain exceptions, to incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The Notes also contain customary events of default. All or a portion of the Notes may be redeemed at our option, in whole or in part, at any time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the Notes. If a change of control repurchase
event occurs, the Notes are subject to repurchase at the repurchase price as set forth in the Notes. |
Contractual Obligations |
2024-2025 |
2026-2027 |
Thereafter |
Total | ||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Operating Lease Obligations (a) |
$ |
37,179 |
$ |
329,160 |
$ |
323,223 |
$ |
722,597 |
$ |
1,412,159 |
||||||||||
Purchase Obligations |
55,911 |
171,848 |
61,417 |
4,102 |
293,278 |
|||||||||||||||
Blackstone Operating Borrowings (b) |
34 |
325,413 |
1,551,999 |
8,777,120 |
10,654,566 |
|||||||||||||||
Interest on Blackstone Operating Borrowings (c) |
92,345 |
693,676 |
671,698 |
3,547,984 |
5,005,703 |
|||||||||||||||
Borrowings of Consolidated Blackstone Funds |
¯ |
¯ |
¯ |
1,685,566 |
1,685,566 |
|||||||||||||||
Interest on Borrowings of Consolidated Blackstone Funds |
4,464 |
35,712 |
35,712 |
31,994 |
107,882 |
|||||||||||||||
Blackstone Funds Capital Commitments to Investee Funds (d) |
173,580 |
¯ |
¯ |
¯ |
173,580 |
|||||||||||||||
Due to Certain Non-Controlling Interest Holders in Connection with Tax Receivable Agreements (e) |
¯ |
188,261 |
239,243 |
1,201,677 |
1,629,181 |
|||||||||||||||
Unrecognized Tax Benefits, Including Interest and Penalties (f) |
¯ |
¯ |
¯ |
¯ |
¯ |
|||||||||||||||
Blackstone Operating Entities Capital Commitments to Blackstone Funds and Other (g) |
4,806,761 |
¯ |
¯ |
¯ |
4,806,761 |
|||||||||||||||
Consolidated Contractual Obligations |
5,170,274 |
1,744,070 |
2,883,292 |
15,971,040 |
25,768,676 |
|||||||||||||||
Borrowings of Consolidated Blackstone Funds |
¯ |
¯ |
¯ |
(1,685,566 |
) |
(1,685,566 |
) | |||||||||||||
Interest on Borrowings of Consolidated Blackstone Funds |
(4,464 |
) |
(35,712 |
) |
(35,712 |
) |
(31,994 |
) |
(107,882 |
) | ||||||||||
Blackstone Funds Capital Commitments to Investee Funds (d) |
(173,580 |
) |
¯ |
¯ |
¯ |
(173,580 |
) | |||||||||||||
Blackstone Operating Entities Contractual Obligations |
$ |
4,992,230 |
$ |
1,708,358 |
$ |
2,847,580 |
$ |
14,253,480 |
$ |
23,801,648 |
||||||||||
(a) |
We lease our primary office space and certain office equipment under agreements that expire through 2043. Occupancy lease agreements, in addition to contractual rent payments, generally include additional payments for certain costs incurred by the landlord, such as building expenses and utilities. To the extent these are fixed or determinable they are included in the table above. The table above includes operating leases that are recognized as Operating Lease Liabilities, short-term leases that are not recorded as Operating Lease Liabilities and leases that have been signed but not yet commenced which are not recorded as Operating Lease Liabilities. The amounts in this table are presented net of contractual sublease commitments. |
(b) |
Represents the principal amounts due on our senior notes and secured borrowings. For our senior notes, we assume no pre-payments and the borrowings are held until their final maturity. For our secured borrowings we project prepayments based on the performance of the underlying assets and principal may be paid down in full prior to their stated maturity. As of September 30, 2023, we had no borrowings outstanding under our revolver. |
(c) |
Represents interest to be paid over the maturity of our senior notes and secured borrowings. For our senior notes, we assume no pre-payments and the borrowings are held until their final maturity. For our secured borrowings, we project pre-payments based on the performance of the underlying assets with interest payments based on the estimated principal outstanding, inclusive of projected pre-payments. These amounts include commitment fees for unutilized borrowings under our revolver. |
(d) |
These obligations represent commitments of the consolidated Blackstone Funds to make capital contributions to investee funds and portfolio companies. These amounts are generally due on demand and are therefore presented in the less than one year category. |
(e) |
Represents obligations by Blackstone’s corporate subsidiary to make payments under the Tax Receivable Agreements to certain non-controlling interest holders for the tax savings realized from the taxable purchases of their interests in connection with the reorganization at the time of Blackstone’s initial public offering (“IPO”) in 2007 and subsequent purchases. The obligation represents the amount of the payments currently expected to be made, which are dependent on the tax savings actually realized as determined annually without discounting for the timing of the payments. As required by GAAP, the amount of the obligation included in the Condensed Consolidated Financial Statements and shown in Note 16. “Related Party Transactions” (see “Part I. Item 1. Financial Statements”) differs to reflect the net present value of the payments due to certain non-controlling
interest holders. |
(f) |
As of September 30, 2023, there were no Unrecognized Tax Benefits, including Interest and Penalties. In addition, Blackstone is not able to make a reasonably reliable estimate of the timing of payments in individual years in connection with gross unrecognized benefits of $171.8 million and interest of $50.8 million, therefore, such amounts are not included in the above contractual obligations table. |
(g) |
These obligations represent commitments by us to provide general partner capital funding to the Blackstone Funds, limited partner capital funding to other funds and Blackstone principal investment commitments. These amounts are generally due on demand and are therefore presented in the less than one year category; however, a substantial amount of the capital commitments are expected to be called over the next three years. We expect to continue to make these general partner capital commitments as we raise additional amounts for our investment funds over time. |
Securities | ||||||||
Repurchase |
Sold, Not Yet | |||||||
Agreements |
Purchased | |||||||
(Dollars in Millions) | ||||||||
Balance, September 30, 2023 |
$ |
— |
$ |
3.8 |
||||
Balance, December 31, 2022 |
$ |
89.9 |
$ |
3.8 |
||||
Nine Months Ended September 30, 2023 |
||||||||
Average Daily Balance |
$ |
33.1 |
$ |
3.8 |
||||
Maximum Daily Balance |
$ |
90.1 |
$ |
3.9 |
||||
• |
Determining whether our management fees, Incentive Fees or Performance Allocations represent variable interests – We make judgments as to whether the fees we earn are commensurate with the level of effort required for those fees and at market rates. In making this judgment, we consider, among other things, the extent of third party investment in the entity and the terms of any other interests we hold in the VIE. |
• |
Determining whether kick-out rights are substantive – We make judgments as to whether the third party investors in a partnership entity have the ability to remove the general partner, the investment manager or its equivalent, or to dissolve (liquidate) the partnership entity, through a simple majority vote. This includes an evaluation of whether barriers to exercise these rights exist. |
• |
Concluding whether Blackstone has an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE – As there is no explicit threshold in GAAP to define “potentially significant,” management must apply judgment and evaluate both quantitative and qualitative factors to conclude whether this threshold is met. |
• |
0.25% to 1.75% of committed capital or invested capital during the investment period, |
• |
0.25% to 1.50% of invested capital, committed capital or investment fair value subsequent to the investment period for private equity and real estate funds, and |
• |
1.00% to 1.75% of invested capital or net asset value subsequent to the investment period for certain of our hedge fund solutions and credit-focused funds. |
• |
0.50% to 1.00% of net asset value. |
• |
0.20% to 1.35% of net asset value or total assets. |
• |
0.65% to 2.00% of invested capital, net operating income or net asset value. |
• |
0.25% to 1.00% of net asset value. |
• |
0.20% to 1.50% of net asset value. |
• |
0.20% to 0.50% of the aggregate par amount of collateral assets, including principal cash. |
• |
0.25% to 1.25% of total assets or net asset value. |
Approximate Dollar | ||||||||||||||||
Average |
Total Number of Shares |
Value of Shares that | ||||||||||||||
Total Number |
Price Paid |
Purchased as Part of |
May Yet Be Purchased | |||||||||||||
of Shares |
per |
Publicly Announced |
Under the Program | |||||||||||||
Period |
Purchased |
Share |
Plans or Programs (a) |
(Dollars in Thousands) (a) | ||||||||||||
Jul. 1 - Jul. 31, 2023 |
181,816 |
$ |
104.72 |
181,816 |
$ |
912,862 |
||||||||||
Aug. 1 - Aug. 31, 2023 |
1,045,449 |
$ |
100.91 |
1,045,449 |
$ |
807,367 |
||||||||||
Sep. 1 - Sep. 30, 2023 |
90,910 |
$ |
107.13 |
90,910 |
$ |
797,628 |
||||||||||
1,318,175 |
1,318,175 |
|||||||||||||||
(a) |
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. See “Part I. Item 1. Financial Statements – Notes to Condensed Consolidated Financial Statements – Note 14. Earnings Per Share and Stockholders’ Equity — Share Repurchase Program” and “Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
– Liquidity and Capital Resources – Share Repurchase Program” for further information regarding this repurchase program. |
Exhibit Number |
Exhibit Description | |
10.1*+ |
||
10.2*+ |
||
10.3*+ |
||
10.4*+ |
||
10.5*+ |
||
10.6*+ |
||
31.1* |
||
31.2* |
||
32.1* |
||
32.2* |
||
99.1* |
||
101.INS* |
Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
101.SCH* |
Inline XBRL Taxonomy Extension Schema Document. | |
101.CAL* |
Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.DEF* |
Inline XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB* |
Inline XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE* |
Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |
104. |
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | |
* |
+ |
Management contract or compensatory plan or arrangement in which directors or executive officers are eligible to participate. |
Blackstone Inc. | ||
/s/ Michael S. Chae | ||
Name: |
||
Title: |
Chief Financial Officer | |
(Principal Financial Officer and | ||
Authorized Signatory) | ||
| This ‘10-Q’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 12/31/27 | ||||
| 6/3/27 | ||||
| 12/31/26 | ||||
| 12/31/25 | ||||
| 12/31/24 | ||||
| 12/31/23 | ||||
| Filed on: | 11/3/23 | IRANNOTICE | ||
| 11/1/23 | ||||
| 10/27/23 | ||||
| 10/23/23 | ||||
| 10/1/23 | ||||
| For Period end: | 9/30/23 | |||
| 8/31/23 | 4 | |||
| 8/7/23 | 4 | |||
| 7/31/23 | 4 | |||
| 6/30/23 | 10-Q, 13F-HR | |||
| 5/19/23 | ||||
| 3/31/23 | 10-Q, 13F-HR, 4 | |||
| 2/15/23 | 4 | |||
| 1/1/23 | ||||
| 12/31/22 | 10-K, 13F-HR, 5 | |||
| 9/30/22 | 10-Q, 13F-HR, 13F-HR/A | |||
| 6/30/22 | 10-Q, 13F-HR | |||
| 12/31/21 | 10-K, 13F-HR, 5 | |||
| 12/7/21 | 4, 8-K, 8-K/A | |||
| 1/7/21 | 4 | |||
| 7/1/19 | 25-NSE, 4, 8-A12B/A, 8-K, S-8 POS | |||
| 11/20/18 | 4 | |||
| 1/1/17 | ||||
| 5/22/13 | ||||
| 7/1/09 | ||||
| 3/12/07 | ||||
| 12/31/05 | ||||
| 1/1/00 | ||||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/23/24 Blackstone Inc. 10-K 12/31/23 137:35M Donnelley … Solutions/FA |