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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/28/20 Blackstone Group Inc 10-K 12/31/19 149:40M Donnelley … Solutions/FA |
Document/Exhibit Description Pages Size
1: 10-K Annual Report HTML 4.81M
2: EX-4.1 Instrument Defining the Rights of Security Holders HTML 81K
8: EX-10.101 Material Contract HTML 137K
9: EX-10.102 Material Contract HTML 138K
10: EX-10.103 Material Contract HTML 136K
11: EX-10.104 Material Contract HTML 137K
12: EX-10.105 Material Contract HTML 383K
13: EX-10.106 Material Contract HTML 370K
3: EX-10.12 Material Contract HTML 82K
4: EX-10.82 Material Contract HTML 81K
5: EX-10.83 Material Contract HTML 82K
6: EX-10.84 Material Contract HTML 84K
7: EX-10.90 Material Contract HTML 209K
14: EX-21.1 Subsidiaries List HTML 239K
15: EX-23.1 Consent of Experts or Counsel HTML 44K
16: EX-31.1 Certification -- §302 - SOA'02 HTML 45K
17: EX-31.2 Certification -- §302 - SOA'02 HTML 45K
18: EX-32.1 Certification -- §906 - SOA'02 HTML 40K
19: EX-32.2 Certification -- §906 - SOA'02 HTML 40K
101: R1 Cover Page HTML 107K
32: R2 Consolidated Statements of Financial Condition HTML 142K
78: R3 Consolidated Statements of Financial Condition HTML 90K
(Parenthetical)
123: R4 Consolidated Statements of Operations HTML 148K
103: R5 Consolidated Statements of Comprehensive Income HTML 66K
34: R6 Consolidated Statement of Changes in Equity HTML 169K
80: R7 Consolidated Statements of Changes in Equity HTML 42K
(Parenthetical)
121: R8 Consolidated Statements of Cash Flows HTML 180K
106: R9 Consolidated Statements of Cash Flows HTML 48K
(Parenthetical)
122: R10 Organization HTML 46K
102: R11 Summary of Significant Accounting Policies HTML 136K
31: R12 Goodwill and Intangible Assets HTML 67K
77: R13 Investments HTML 399K
125: R14 Net Asset Value as Fair Value HTML 65K
104: R15 Derivative Financial Instruments HTML 162K
33: R16 Fair Value Option HTML 193K
79: R17 Fair Value Measurements of Financial Instruments HTML 920K
120: R18 Variable Interest Entities HTML 56K
105: R19 Repurchase Agreements HTML 89K
51: R20 Other Assets and Accounts Payable, Accrued HTML 58K
Expenses and Other Liabilities
66: R21 Offsetting of Assets And Liabilities HTML 133K
147: R22 Borrowings HTML 260K
97: R23 Leases HTML 72K
52: R24 Income Taxes HTML 218K
67: R25 Earnings Per Share and Stockholder's Equity HTML 92K
148: R26 Equity-Based Compensation HTML 85K
98: R27 Related Party Transactions HTML 90K
55: R28 Commitments and Contingencies HTML 79K
64: R29 Segment Reporting HTML 669K
73: R30 Subsequent Events HTML 41K
29: R31 Quarterly Financial Data (Unaudited) HTML 164K
109: R32 Summary of Significant Accounting Policies HTML 217K
(Policies)
128: R33 Goodwill and Intangible Assets (Tables) HTML 67K
72: R34 Investments (Tables) HTML 403K
28: R35 Net Asset Value as Fair Value (Tables) HTML 65K
108: R36 Derivative Financial Instruments (Tables) HTML 167K
127: R37 Fair Value Option (Tables) HTML 194K
75: R38 Fair Value Measurements of Financial Instruments HTML 924K
(Tables)
25: R39 Variable Interest Entities (Tables) HTML 57K
61: R40 Repurchase Agreements (Tables) HTML 88K
49: R41 Other Assets and Accounts Payable, Accrued HTML 56K
Expenses and Other Liabilities (Tables)
89: R42 Offsetting of Assets And Liabilities (Tables) HTML 134K
139: R43 Borrowings (Tables) HTML 258K
60: R44 Leases (Tables) HTML 78K
47: R45 Income Taxes (Tables) HTML 215K
88: R46 Earnings Per Share and Stockholder's Equity HTML 90K
(Tables)
138: R47 Equity-Based Compensation (Tables) HTML 78K
62: R48 Related Party Transactions (Tables) HTML 76K
46: R49 Commitments and Contingencies (Tables) HTML 67K
39: R50 Segment Reporting (Tables) HTML 636K
86: R51 Quarterly Financial Data (Unaudited) (Tables) HTML 163K
130: R52 Organization - Additional Information (Detail) HTML 43K
112: R53 Summary of Significant Accounting Policies - HTML 58K
Additional Information (Detail)
40: R54 Goodwill and Intangible Assets, Net (Detail) HTML 47K
87: R55 Goodwill and Intangible Assets - Additional HTML 68K
Information (Detail)
131: R56 Changes in Partnership's Intangible Assets, Net HTML 48K
(Detail)
113: R57 Investments (Detail) HTML 52K
41: R58 Investments - Additional Information (Detail) HTML 58K
85: R59 Reconciliation of Realized and Net Change in HTML 56K
Unrealized Gains (Losses) to Other Income (Loss) -
Net Gains (Losses) from Fund Investment Activities
in Consolidated Statements of Operations (Detail)
142: R60 Summarized Financial Information of Partnership's HTML 121K
Equity Method Investments (Detail)
90: R61 Performance Fees Allocated to Funds (Detail) HTML 61K
42: R62 Realized and Net Change in Unrealized Gains HTML 50K
(Losses) on Investments Held by Blackstone's
Treasury Cash Management Strategies (Detail)
56: R63 Realized and Net Change in Unrealized Gains HTML 50K
(Losses) in Other Investments (Detail)
145: R64 Summary of Fair Value by Strategy Type Alongside HTML 56K
Consolidated Funds of Hedge Funds' Remaining
Unfunded Commitments and Ability to Redeem Such
Investments (Detail)
93: R65 Summary of Fair Value by Strategy Type Alongside HTML 55K
Consolidated Funds of Hedge Funds' Remaining
Unfunded Commitments and Ability to Redeem Such
Investments (Parenthetical) (Detail)
45: R66 Summary of Aggregate Notional Amount and Fair HTML 79K
Value of Derivative Financial Instruments (Detail)
59: R67 Summary of Impact of Derivative Financial HTML 60K
Instruments to Consolidated Statements of
Operations (Detail)
140: R68 Summary of Financial Instruments for Which Fair HTML 67K
Value Option Has Been Elected (Detail)
94: R69 Realized and Net Change in Unrealized Gains HTML 75K
(Losses) on Financial Instruments on Financial
Instruments on Which Fair Value Option was Elected
(Detail)
119: R70 Information for Financial Instruments on Which HTML 51K
Fair Value Option was Elected (Detail)
135: R71 Fair Value Option - Additional Information HTML 47K
(Detail)
84: R72 Financial Assets and Liabilities at Fair Value HTML 204K
(Detail)
38: R73 Summary of Quantitative Inputs and Assumptions for HTML 220K
Items Categorized in Level III of Fair Value
Hierarchy (Detail)
116: R74 Summary of Changes in Financial Assets Measured at HTML 81K
Fair Value for Which Level III Inputs Were Used
(Detail)
132: R75 Fair Value Measurements of Financial instruments - HTML 42K
Additional Information (Detail)
81: R76 Maximum Exposure to Loss Relating to HTML 57K
Non-Consolidated VIEs (Detail)
35: R77 Repurchase Agreements - Additional Information HTML 42K
(Detail)
115: R78 Schedule of Repurchase Agreements Obligation by HTML 58K
Type of Collateral Pledged (Detail)
137: R79 Other Assets and Accounts Payable, Accrued HTML 46K
Expenses and Other Liabilities - Additional
Information (Detail)
118: R80 Components of Other Assets (Detail) HTML 58K
134: R81 Offsetting of Assets and Liabilities (Detail) HTML 95K
83: R82 Offsetting Of Assets And Liabilities - Additional HTML 46K
Information (Detail)
37: R83 Borrowings - Additional Information (Detail) HTML 75K
117: R84 Partnership Credit Facilities (Detail) HTML 101K
133: R85 Partnership Credit Facilities (Parenthetical) HTML 90K
(Detail)
82: R86 Carrying Value and Fair Value of Blackstone Issued HTML 78K
Notes (Detail)
36: R87 Carrying Value and Fair Value of Blackstone Issued HTML 95K
Notes (Parenthetical) (Detail)
114: R88 Partnership's Borrowings Through Consolidated CLO HTML 55K
Vehicles (Detail)
136: R89 Senior Secured Notes and Subordinated Notes HTML 55K
(Detail)
143: R90 Scheduled Principal Payments for Borrowings HTML 57K
(Detail)
91: R91 Leases - Additional informaton (Detail) HTML 50K
43: R92 Leases Components of leases expenses (Detail) HTML 50K
57: R93 Leases Supplemental Cash Flow Information Related HTML 44K
Leases (Detail)
144: R94 Leases Cash flows Annual Basis For Operating Lease HTML 58K
Liabilities (Detail)
92: R95 Aggregate Minimum Future Payments, Net of Sublease HTML 60K
Income, Required on Operating Leases (Detail)
44: R96 Income Before Provision for Taxes (Detail) HTML 54K
58: R97 Provision (Benefit) for Income Taxes (Detail) HTML 69K
141: R98 Summary of Tax Positions (Detail) HTML 54K
95: R99 Reconciliations of Effective Income Tax Rate to HTML 80K
Federal Statutory Tax Rate (Detail)
30: R100 Income Taxes - Additional Information (Detail) HTML 76K
74: R101 Summary of Tax Effects of Temporary Differences HTML 71K
(Detail)
129: R102 Unrecognized Tax Benefits Excluding Related HTML 52K
Interest and Penalties (Detail)
110: R103 Basic and Diluted Net Income Per Common Stock HTML 86K
(Detail)
27: R104 Summary of Anti-Dilutive Securities (Detail) HTML 44K
71: R105 Schedule of Shares Eligible For Dividends and HTML 50K
Distribution (Detail)
126: R106 Earnings Per Share and Stockholder's Equity - HTML 75K
Additional Information (Detail)
107: R107 Equity-Based Compensation - Additional Information HTML 87K
(Detail)
26: R108 Summary of Status of Partnership's Unvested HTML 77K
Equity-Based Awards (Detail)
76: R109 Unvested Shares and Units, After Expected HTML 54K
Forfeitures (Detail)
65: R110 Due from Affiliates and Due to Affiliates (Detail) HTML 63K
50: R111 Related Party Transactions - Additional HTML 65K
Information (Detail)
96: R112 Commitments and Contingencies - Additional HTML 63K
Information (Detail)
146: R113 Clawback Obligations by Segment (Detail) HTML 59K
68: R114 Segment Reporting - Additional Information HTML 42K
(Detail)
53: R115 Financial Data of Segments (Detail) HTML 95K
99: R116 Reconciliation of Total Segments to Income (Loss) HTML 143K
Before Provision for Taxes and Total Assets
(Detail)
149: R117 Reconciliation of Total Segments to Income (Loss) HTML 68K
Before Provision for Taxes and Total Assets
(Parenthetical) (Detail)
63: R118 Reconciliation of Total Segments to Reported on HTML 105K
the Consolidated Statement of Operations (Detail)
54: R119 Quarterly Financial Data (Detail) HTML 90K
100: R120 Quarterly Financial Data (Parenthetical) (Detail) HTML 47K
111: XML IDEA XML File -- Filing Summary XML 265K
124: XML XBRL Instance -- d844019d10k_htm XML 10.97M
69: EXCEL IDEA Workbook of Financial Reports XLSX 199K
21: EX-101.CAL XBRL Calculations -- bx-20191231_cal XML 285K
22: EX-101.DEF XBRL Definitions -- bx-20191231_def XML 2.19M
23: EX-101.LAB XBRL Labels -- bx-20191231_lab XML 2.24M
24: EX-101.PRE XBRL Presentations -- bx-20191231_pre XML 2.26M
20: EX-101.SCH XBRL Schema -- bx-20191231 XSD 395K
48: JSON XBRL Instance as JSON Data -- MetaLinks 604± 963K
70: ZIP XBRL Zipped Folder -- 0001193125-20-056733-xbrl Zip 1.90M
| 10-K |
| i ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED i DECEMBER 31, 2019 |
| 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 |
i 20-8875684 | |
| (State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
| Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
| Class A 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 ☐ |
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| (a) | the fair value of the investments held by our carry funds and our side-by-side and co-investment entities managed by us, plus (1) 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, or (2) for certain credit-focused funds the amounts available to be borrowed under asset based credit facilities, |
| (b) | the net asset value of (1) our hedge funds and 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, and BREIT, |
| (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 |
| (g) | the fair value of common stock, preferred stock, convertible debt, or similar instruments issued by BXMT. |
| (a) | for our Private Equity segment funds and Real Estate segment carry funds including certain BREDS and 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, 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 core 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. |
| • | The investment adviser of each of our non-EEA domiciled carry funds and the AIFM of each of our EEA domiciled carry funds generally receives an annual management fee based on a percentage of the fund’s capital commitments, invested capital and/or undeployed capital during the investment period and the fund’s invested capital or investment fair value after the investment period, except that the investment adviser or AIFM to certain of our credit-focused, BPP and BCEP funds receives a management fee based on a percentage of invested capital or net asset value. These management fees are payable on a regular basis (typically quarterly) in the contractually prescribed amounts over the life of the fund. Depending on the base on which management fees are calculated, negative performance of one or more investments in the fund may reduce the total management fee paid for the relevant period, but not the fee rate. Management fees received are
not subject to clawback. |
| • | The investment adviser of each of our funds that are structured like hedge funds, or of our funds of hedge funds, registered mutual funds and separately managed accounts that invest in hedge funds, generally receives a management fee based on a percentage of the fund’s or account’s net asset value. These management fees are payable on a regular basis (typically quarterly). These funds generally permit investors to withdraw or redeem their interests periodically, in some cases following the expiration of a specified period of time when capital may not be withdrawn. Decreases in the net asset value of investor’s capital accounts may reduce the total management fee paid for the relevant period, but not the fee rate. Management fees received are not subject to clawback. In addition, to the extent the mandate of our funds is to invest capital in third party managed funds, as is the case with our funds of hedge funds, our funds will be required to pay management fees to such third party managers, which typically are borne by investors in such investment vehicles. |
| • | The investment adviser of each of our CLOs typically receives annual management fees based on a percentage of each fund’s assets, subject to certain performance measures related to the underlying assets the vehicle owns, and additional management fees, which are incentive-based (that is, subject to meeting certain return criteria). These management fees are payable on a regular basis (typically quarterly). The term of each CLO varies from deal to deal and may be subject to early redemption or extension; typically, however, a CLO will be wound down within eight to eleven years of being launched. The amount of fees will decrease as the fund deleverages toward the end of its term. |
| • | The investment adviser of each of our separately managed accounts generally receives annual management fees based on a percentage of each account’s net asset value or invested capital. The management fees we receive from each of our separately managed accounts are generally paid on a regular basis (typically quarterly) such management fees are generally subject to contractual rights the investor has to terminate our management of an account on generally as short as 30 days’ notice. |
| • | The investment adviser of each of our credit-focused registered and non-registered investment companies typically receives an annual management fee based on a percentage of net asset value or total managed assets. The management fees we receive from the registered investment companies we manage are generally paid on a regular basis (typically quarterly). Such management fees are generally subject to contractual rights the company’s board of directors has to terminate our management of an account on as short as 30 days’ notice. |
| • | The investment adviser of BXMT receives an annual management fee, paid quarterly, based on a percentage of BXMT’s net proceeds received from equity offerings and accumulated “core earnings” (which is generally equal to its net income, calculated under generally accepted accounting principles in the U.S. (“GAAP”), excluding certain non-cash and other items), subject to certain adjustments. |
| • | The investment adviser of BREIT receives a management fee based on a percentage of the REIT’s net asset value, payable monthly. |
| • | In our Hedge Fund Solutions segment, the investment adviser of our funds of hedge funds, certain hedge funds, separately managed accounts that invest in hedge funds and certain non-U.S. registered investment companies, is entitled to an incentive fee of 0% to 20%, as applicable, of the applicable investment vehicle’s net appreciation, subject to “high water mark” provisions and in some cases a preferred return. In addition, to the extent the mandate of our funds is to invest capital in third party managed hedge funds, as is the case with our funds of hedge funds, our funds will be required to pay incentive fees to such third party managers, which typically are borne by investors in such investment vehicles. |
| • | The general partners or similar entities of each of our real estate and credit hedge fund structures receive incentive fees of generally up to 20% of the applicable fund’s net capital appreciation per annum. |
| • | The investment manager of BXMT receives an incentive fee generally equal to 20% of BXMT’s core earnings in excess of a 7% per annum return on stockholder’s equity (excluding stock appreciation or depreciation), provided that BXMT’s core earnings over the prior three years is greater than zero. |
| • | The investment manager of BREIT receives an incentive fee of 12.5% of BREIT’s total return, subject to a 5% hurdle amount with a catch-up and recouping any loss carryforward amounts, payable annually. |
| • | The general partner of certain open-ended BPP funds is entitled to an incentive fee allocation of generally 10% of net profit, subject to a hurdle amount generally of 6% to 7%, a loss recovery amount and a catch-up. Incentive Fees for these funds are generally realized every three years from when a limited partner makes its initial investment. |
| • | economic slowdown in the U.S. and internationally; |
| • | changes in interest rates and/or a lack of availability of credit in the U.S. and internationally; |
| • | commodity price volatility; and |
| • | changes in law and/or regulation, and uncertainty regarding government and regulatory policy. |
| • | a number of our competitors in some of our businesses have greater financial, technical, marketing and other resources and more personnel than we do, |
| • | some of our funds may not perform as well as competitors’ funds or other available investment products, |
| • | several of our competitors have significant amounts of capital, and many of them have similar investment objectives to ours, which may create additional competition for investment opportunities and may reduce the size and duration of pricing inefficiencies that many alternative investment strategies seek to exploit, |
| • | some of our competitors, particularly strategic competitors, may have a lower cost of capital, which may be exacerbated to the extent potential changes to the Internal Revenue Code limit the deductibility of interest expense, |
| • | some of our competitors may have access to funding sources that are not available to us, which may create competitive disadvantages for us with respect to investment opportunities, |
| • | some of our competitors may be subject to less regulation and accordingly may have more flexibility to undertake and execute certain businesses or investments than we can and/or bear less compliance expense than we do, |
| • | some of our competitors may have more flexibility than us in raising certain types of investment funds under the investment management contracts they have negotiated with their investors, |
| • | some of our competitors may have higher risk tolerances, different risk assessments or lower return thresholds, which could allow them to consider a wider variety of investments and to bid more aggressively than us for investments that we want to make, |
| • | some of our competitors may be more successful than us in the development and implementation of new technology to address investor demand for product and strategy innovation, particularly in the hedge fund industry, |
| • | there are relatively few barriers to entry impeding new alternative asset fund management firms, and the successful efforts of new entrants into our various businesses, including former “star” portfolio managers at large diversified financial institutions as well as such institutions themselves, is expected to continue to result in increased competition, |
| • | some of our competitors may have better expertise or be regarded by investors as having better expertise in a specific asset class or geographic region than we do, |
| • | our competitors that are corporate buyers may be able to achieve synergistic cost savings in respect of an investment, which may provide them with a competitive advantage in bidding for an investment, |
| • | some investors may prefer to invest with an investment manager that is not publicly traded or is smaller with only one or two investment products that it manages, and |
| • | other industry participants will from time to time seek to recruit our investment professionals and other employees away from us. |
| • | Immigration reform has been a continued area of focus for the Trump administration. Although the details and timing of potential changes to immigration law are difficult to predict, restrictions on the ability of individuals from certain countries to obtain non-immigrant visas or limitations on the number of individuals eligible for U.S. work visas may make it more difficult for current and future portfolio companies to recruit and retain skilled foreign workers and may increase labor and compliance costs. |
| • | Effective for months beginning after December 31, 2018, the Tax Reform Bill provides for the repeal of the provision of the Patient Protection and Affordable Care Act (“ACA”), which requires certain individuals without minimum health coverage to pay a penalty. This repeal and other measures being pursued by the Trump administration could result in an increase in the size of the uninsured population or a reduction in funds presently available to patients as a result of the repeal of this provision or the potential repeal of other significant portions of the ACA could adversely affect multiple businesses in the healthcare industry, including pharmaceutical companies that benefit from purchases by individuals covered by government-subsidized insurance, hospitals that may be required to increase write-offs for bad debt resulting from the inability of insured patients to pay for care and insurance companies that have developed effective plans for participating in healthcare exchanges. Further, one court has ruled that the ACA is unconstitutional, but stayed that decision pending resolution of an appeal. If that decision is not reversed on appeal, that could exacerbate the types of adverse developments that are described above. |
| • | we may create new funds in the future that reflect a different asset mix and different investment strategies, as well as a varied geographic and industry exposure as compared to our present funds, and any such new funds could have different returns from our existing or previous funds, |
| • | despite periods of volatility, market conditions have been largely favorable in recent years, which has helped to generate positive performance, particularly in our private equity and real estate businesses, but there can be no assurance that such conditions will repeat or that our current or future investment funds will avail themselves of comparable market conditions, |
| • | the rates of returns of our carry funds reflect unrealized gains as of the applicable measurement date that may never be realized, which may adversely affect the ultimate value realized from those funds’ investments, |
| • | competition for investment opportunities resulting from, among other things, the increased amount of capital invested in alternative investment funds continues to increase, |
| • | our investment funds’ returns in some years benefited from investment opportunities and general market conditions that may not repeat themselves, our current or future investment funds might not be able to avail themselves of comparable investment opportunities or market conditions, and the circumstances under which our current or future funds may make future investments may differ significantly from those conditions prevailing in the past, |
| • | newly established funds may generate lower returns during the period in which they initially deploy their capital, and |
| • | the rates of return reflect our historical cost structure, which may vary in the future due to various factors enumerated elsewhere in this report and other factors beyond our control, including changes in laws. |
| • | give rise to an obligation to make mandatory pre-payments of debt using excess cash flow, which might limit the entity’s ability to respond to changing industry conditions to the extent additional cash is needed for the response, to make unplanned but necessary capital expenditures or to take advantage of growth opportunities, |
| • | limit the entity’s ability to adjust to changing market conditions, thereby placing it at a competitive disadvantage compared to its competitors who have relatively less debt, |
| • | allow even moderate reductions in operating cash flow to render it unable to service its indebtedness, leading to a bankruptcy or other reorganization of the entity and a loss of part or all of the equity investment in it, |
| • | limit the entity’s ability to engage in strategic acquisitions that might be necessary to generate attractive returns or further growth, and |
| • | limit the entity’s ability to obtain additional financing or increase the cost of obtaining such financing, including for capital expenditures, working capital or general corporate purposes. |
| • | currency exchange matters, including fluctuations in currency exchange rates and costs associated with conversion of investment principal and income from one currency into another, |
| • | less developed or efficient financial markets than in the United States, which may lead to potential price volatility and relative illiquidity, |
| • | the absence of uniform accounting, auditing and financial reporting standards, practices and disclosure requirements and less government supervision and regulation, |
| • | changes in laws or clarifications to existing laws that could impact our tax treaty positions, which could adversely impact the returns on our investments, |
| • | a less developed legal or regulatory environment, differences in the legal and regulatory environment or enhanced legal and regulatory compliance, |
| • | heightened exposure to corruption risk in non-U.S. markets, |
| • | political hostility to investments by foreign or private equity investors, |
| • | reliance on a more limited number of commodity inputs, service providers and/or distribution mechanisms, |
| • | higher rates of inflation, |
| • | higher transaction costs, |
| • | difficulty in enforcing contractual obligations, |
| • | fewer investor protections and less publicly available information in respect of companies in non-U.S. markets, |
| • | certain economic and political risks, including potential exchange control regulations and restrictions on our non-U.S. investments and repatriation of profits on investments or of capital invested, the risks of political, economic or social instability, the possibility of expropriation or confiscatory taxation and adverse economic and political developments, and |
| • | the possible imposition of non-U.S. taxes or withholding on income and gains recognized with respect to such securities. |
| • | the use of new technologies, including hydraulic fracturing, |
| • | reliance on estimates of oil and gas reserves in the evaluation of available geological, geophysical, engineering and economic data for each reservoir, and |
| • | encountering unexpected formations or pressures, premature declines of reservoirs, blow-outs, equipment failures and other accidents in completing wells and otherwise, cratering, sour gas releases, uncontrollable flows of oil, natural gas or well fluids, adverse weather conditions, pollution, fires, spills and other environmental risks. |
| • | Ownership of infrastructure assets may present risk of liability for personal and property injury or impose significant operating challenges and costs with respect to, for example, compliance with zoning, environmental or other applicable laws. |
| • | Infrastructure asset investments may face construction risks including, without limitation: (a) labor disputes, shortages of material and skilled labor, or work stoppages, (b) slower than projected construction progress and the unavailability or late delivery of necessary equipment, (c) less than optimal coordination with public utilities in the relocation of their facilities, (d) adverse weather conditions and unexpected construction conditions, (e) accidents or the breakdown or failure of construction equipment or processes; and (f) catastrophic events such as explosions, fires, terrorist activities and other similar events. These risks could result in substantial unanticipated delays or expenses (which may exceed expected or forecasted budgets) and, under certain circumstances, could prevent completion of construction activities once undertaken. Certain infrastructure asset investments may remain in construction phases for a prolonged period and, accordingly, may not be cash generative for a prolonged period. Recourse against the contractor may be subject to liability caps or may be subject to default or insolvency on the part of the contractor. |
| • | The operation of infrastructure assets is exposed to potential unplanned interruptions caused by significant catastrophic or force majeure events. These risks could, among other effects, adversely impact the cash flows available from investments in infrastructure assets, cause personal injury or loss of life, damage property, or instigate disruptions of service. In addition, the cost of repairing or replacing damaged assets could be considerable. Repeated or prolonged service interruptions may result in permanent loss of customers, litigation, or penalties for regulatory or contractual non-compliance. Force majeure events that are incapable of, or too costly to, cure may also have a permanent adverse effect on an investment. |
| • | The management of the business or operations of an infrastructure asset may be contracted to a third party management company unaffiliated with us. Although it would be possible to replace any such operator, the failure of such an operator to adequately perform its duties or to act in ways that are in our best interest, or the breach by an operator of applicable agreements or laws, rules and regulations, could have an adverse effect on the investment’s financial condition or results of operations. Infrastructure investments may involve the subcontracting of design and construction activities in respect of projects, and as a result our investments are subject to the risks that contractual provisions passing liabilities to a subcontractor could be ineffective, the subcontractor fails to perform services which it has agreed to perform and the subcontractor becomes insolvent. |
| • | BXLS’s strategies include, among others, investments that are referred to as “pharmaceutical corporate partnership” transactions. Pharmaceutical corporate partnership transactions are risk-sharing collaborations with large pharmaceutical partners on drug development programs and investments in royalty streams of |
pre-commercial pharmaceutical products. BXLS’s ability to source pharmaceutical corporate partnership transactions has been, and will continue to be, in part dependent on the ability of three special purpose development companies to identify, diligence, negotiate and in many cases, take the lead in executing the agreed development plans with respect to, a pharmaceutical corporate partnership transaction. Moreover, as such special purpose development companies are jointly owned by us and two unaffiliated life sciences investors, we (and our funds) are not the sole beneficiaries of such sourcing strategies and capabilities of such special purpose development companies. |
| • | Life sciences and healthcare companies are subject to extensive regulation by the U.S. Food and Drug Administration, similar foreign regulatory authorities and, to a lesser extent, other federal and state agencies, prior to marketing their products to the public. These companies are subject to the expense, delay and uncertainty of the approval process, and there can be no guarantee that a particular product will obtain regulatory approval. In addition, the current regulatory framework may change or additional regulations may arise at any stage during the product development phase of an investment, which may delay or prevent regulatory approval or impact applicable exclusivity periods. If a company in which our funds are invested is unable to obtain regulatory approval for its product, or a product in which our funds are invested does not obtain regulatory approval, in a timely fashion or at all, the value of our investment would be adversely impacted. In addition, in connection with certain pharmaceutical corporate partnership transactions, our special purpose development companies will be contractually obligated to run clinical trials. In the event such clinical trials do not comply with the complicated regulatory requirements applicable thereto, such special purpose development companies may be subject to regulatory actions. Lastly, if legislation is passed in the U.S. that reduces the applicable exclusivity period for biologic products, this reform could result in price reductions at an earlier stage of a product’s life cycle than originally estimated by BXLS, which could reduce the cumulative financial returns on BXLS’s investment in any such product. |
| • | Intellectual property often constitutes an important part of a life sciences company’s assets and competitive strengths, particularly for royalty monetization transactions. To the extent such companies’ intellectual property positions with respect to products in which BXLS invests, whether through a royalty or otherwise, are challenged, invalidated or circumvented, the value of BXLS’s investment may be impaired. The success of a life sciences investment depends in part on the ability of the pharmaceutical or other life sciences companies in whose products BXLS invests to obtain and defend patent rights and other intellectual property rights that are important to the commercialization of such products. The patent positions of such companies can be highly uncertain and often involve complex legal, scientific and factual questions. |
| • | The commercial success of products could be compromised if governmental or third party payers do not provide coverage and reimbursement, breach, rescind or modify their contracts or reimbursement policies or delay payments for such products. In both the U.S. and foreign markets, the successful sale of a life sciences company’s product depends on the ability to obtain and maintain adequate coverage and reimbursement from third party payers, including government healthcare programs and private insurance plans. Governments and third party payers continue to pursue aggressive initiatives to contain costs and manage drug utilization and are increasingly focused on the effectiveness, benefits and costs of similar treatments, which could result in lower reimbursement rates and narrower populations for whom the products in which BXLS invests will be reimbursed by payers. To the extent an investment made by BXLS relies in whole or in part on royalties or other payments based on product sales, adequate third party payer reimbursement may not be available to enable price levels for the product sufficient for BXLS to realize an appropriate return on the investment. |
| • | Certain of the funds in which we invest are newly established funds without any operating history or are managed by management companies or general partners who may not have as significant track records as an independent manager. |
| • | Generally, the execution of these hedge funds’ investment strategies is subject to the sole discretion of the management company or the general partner of such funds. |
| • | Hedge funds may engage in speculative trading strategies, including short selling, which is subject to the theoretically unlimited risk of loss because there is no limit on how much the price of a security may appreciate before the short position is closed out. A fund may be subject to losses if a security lender demands return of the lent securities and an alternative lending source cannot be found or if the fund is otherwise unable to borrow securities that are necessary to hedge or cover its positions. |
| • | Hedge funds are exposed to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem or otherwise, thus causing the fund to suffer a loss. Counterparty risk is accentuated for contracts with longer maturities where events may intervene to prevent settlement, or where the fund has concentrated its transactions with a single or small group of counterparties. Generally, hedge funds are not restricted from dealing with any particular counterparty or from concentrating any or all of their transactions with one counterparty. Moreover, the funds’ internal consideration of the creditworthiness of their counterparties may prove insufficient. The absence of a regulated market to facilitate settlement may increase the potential for losses. |
| • | Credit risk may arise through a default by one of several large institutions that are dependent on one another to meet their liquidity or operational needs, so that a default by one institution causes a series of defaults by the other institutions. This “systemic risk” may adversely affect the financial intermediaries (such as clearing agencies, clearing houses, banks, securities firms and exchanges) with which the hedge funds interact on a daily basis. |
| • | The efficacy of investment and trading strategies depend largely on the ability to establish and maintain an overall market position in a combination of financial instruments. A hedge fund’s trading orders may not be executed in a timely and efficient manner due to various circumstances, including systems failures or human error. In such event, the funds might only be able to acquire some but not all of the components of the position, or if the overall position were to need adjustment, the funds might not be able to make such adjustment. As a result, the funds would not be able to achieve the market position selected by the management company or general partner of such funds, and might incur a loss in liquidating their position. |
| • | Hedge funds are subject to risks due to potential illiquidity of assets. Hedge funds may make investments or hold trading positions in markets that are volatile and which may become illiquid. Timely divestiture or sale of trading positions can be impaired by decreased trading volume, increased price volatility, concentrated trading positions, limitations on the ability to transfer positions in highly specialized or structured transactions to which they may be a party, and changes in industry and government regulations. It may be impossible or costly for hedge funds to liquidate positions rapidly in order to meet margin calls, withdrawal requests or otherwise, particularly if there are other market participants seeking to dispose of similar assets at the same time or the relevant market is otherwise moving against a position or in the event of trading halts or daily price movement limits on the market or otherwise. Any “gate” or similar limitation on withdrawals with respect to hedge funds may not be effective in mitigating such risk. Moreover, these risks may be exacerbated for our funds of hedge funds. For example, if one of our funds of hedge funds were to invest a significant portion of its assets in two or more hedge funds that each had illiquid positions in the same issuer, the illiquidity risk for our funds of hedge funds would be compounded. For example, in 2008 many hedge funds, including some of our hedge funds, experienced significant declines in value. In many cases, these declines in value were both provoked and exacerbated by margin calls and forced selling of assets. Moreover, certain of our funds of hedge funds were invested in third party hedge funds that halted redemptions in the face of illiquidity and other issues, which precluded those funds of hedge funds from receiving their capital back on request. |
| • | Hedge fund investments are subject to risks relating to investments in commodities, futures, options and other derivatives, the prices of which are highly volatile and may be subject to the theoretically unlimited risk of loss in certain circumstances, including if the fund writes a call option. Price movements of commodities, futures and options contracts and payments pursuant to swap agreements are influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary and exchange control programs and policies of governments and national and international political and economic events and policies. The value of futures, options and swap agreements also depends upon the price of the commodities underlying them and prevailing exchange rates. In addition, hedge funds’ assets are subject to the risk of the failure of any of the exchanges on which their positions trade or of their clearinghouses or counterparties. Most U.S. commodities exchanges limit fluctuations in certain commodity interest prices during a single day by imposing “daily price fluctuation limits” or “daily limits,” the existence of which may reduce liquidity or effectively curtail trading in particular markets. |
| • | permitting our board of directors to issue one or more series of preferred stock; |
| • | providing for the loss of voting rights for the Class A common stock; |
| • | requiring advance notice for shareholder proposals and nominations if they are ever permitted by applicable law; |
| • | placing limitations on convening shareholder meetings; |
| • | prohibiting shareholder action by written consent unless such action is consent to by the Class C Shareholder; and |
| • | imposing super-majority voting requirements for certain amendments to our certificate of incorporation. |
Item 1B. |
Unresolved Staff Comments |
Item 2. |
Properties |
Item 3. |
Legal Proceedings |
Item 5. |
Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities |
| 2019 |
2018 |
|||||||
| First Quarter |
$ | 0.37 |
$ | 0.35 |
||||
| Second Quarter |
0.48 |
0.58 |
||||||
| Third Quarter |
0.49 |
0.64 |
||||||
| Fourth Quarter |
0.61 |
0.58 |
||||||
| $ | 1.95 |
$ | 2.15 |
|||||
| Period |
Total Number of Shares Purchased |
Average Price Paid per Share |
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (a) |
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (Dollars in Thousands) (a) |
||||||||||||
| Oct. 1 - Oct. 31, 2019 |
— |
$ | — |
— |
$ | 864,012 |
||||||||||
| Nov. 1 - Nov. 30, 2019 |
— |
$ | — |
— |
$ | 864,012 |
||||||||||
| Dec. 1 - Dec. 31, 2019 |
1,500,000 |
$ | 55.22 |
1,500,000 |
$ | 781,182 |
||||||||||
| 1,500,000 |
1,500,000 |
|||||||||||||||
| (a) | On July 16, 2019, our board of directors authorized the repurchase of up to $1.0 billion of Class A 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 “— Item 8. Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements — Note 16. Earnings Per Share and Stockholder’s Equity” and “— Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Sources and Uses of Liquidity” for further information regarding this unit repurchase program. |
| Year Ended December 31, |
||||||||||||||||||||
| 2018 |
2017 |
2016 |
2015 |
|||||||||||||||||
| (Dollars in Thousands, Except Per Share Data) |
||||||||||||||||||||
| Revenues |
||||||||||||||||||||
| Management and Advisory Fees, Net |
$ | 3,472,155 |
$ | 3,027,796 |
$ | 2,751,322 |
$ | 2,464,290 |
$ | 2,566,449 |
||||||||||
| Incentive Fees |
129,911 |
57,540 |
242,514 |
149,928 |
168,554 |
|||||||||||||||
| Total Investment Income |
3,473,813 |
2,903,659 |
4,144,712 |
2,381,604 |
1,844,930 |
|||||||||||||||
| Interest and Dividend Revenue and Other |
262,391 |
844,264 |
6,467 |
150,477 |
102,739 |
|||||||||||||||
| Total Revenues |
7,338,270 |
6,833,259 |
7,145,015 |
5,146,299 |
4,682,672 |
|||||||||||||||
| Expenses |
||||||||||||||||||||
| Total Compensation and Benefits |
3,067,857 |
2,674,691 |
2,933,523 |
2,202,986 |
2,296,515 |
|||||||||||||||
| General, Administrative and Other |
679,408 |
594,873 |
488,582 |
541,624 |
600,047 |
|||||||||||||||
| Interest Expense |
199,648 |
163,990 |
197,486 |
152,654 |
144,522 |
|||||||||||||||
| Fund Expenses |
17,738 |
78,486 |
132,787 |
52,181 |
79,499 |
|||||||||||||||
| Total Expenses |
3,964,651 |
3,512,040 |
3,752,378 |
2,949,445 |
3,120,583 |
|||||||||||||||
| Other Income |
||||||||||||||||||||
| Change in Tax Receivable Agreement Liability |
161,567 |
— |
403,855 |
— |
82,707 |
|||||||||||||||
| Net Gains from Fund Investment Activities |
282,829 |
191,722 |
321,597 |
184,750 |
176,364 |
|||||||||||||||
| Total Other Income |
444,396 |
191,722 |
725,452 |
184,750 |
259,071 |
|||||||||||||||
| Income Before Provision (Benefit) for Taxes |
3,818,015 |
3,512,941 |
4,118,089 |
2,381,604 |
1,821,160 |
|||||||||||||||
| Provision (Benefit) for Taxes |
(47,952 |
) | 249,390 |
743,147 |
132,362 |
190,398 |
||||||||||||||
| Net Income |
3,865,967 |
3,263,551 |
3,374,942 |
2,249,242 |
1,630,762 |
|||||||||||||||
| Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities |
(121 |
) | (2,104 |
) | 13,806 |
3,977 |
11,145 |
|||||||||||||
| Net Income Attributable to Non-Controlling Interests in Consolidated Entities |
476,779 |
358,878 |
497,439 |
246,152 |
219,900 |
|||||||||||||||
| Net Income Attributable to Non-Controlling Interests in Blackstone Holdings |
1,339,627 |
1,364,989 |
1,392,323 |
960,099 |
686,529 |
|||||||||||||||
| Net Income Attributable to The Blackstone Group Inc. |
$ | 2,049,682 |
$ | 1,541,788 |
$ | 1,471,374 |
$ | 1,039,014 |
$ | 713,188 |
||||||||||
| Year Ended December 31, |
||||||||||||||||||||
| 2018 |
2017 |
2016 |
2015 |
|||||||||||||||||
| (Dollars in Thousands, Except Per Share Data) |
||||||||||||||||||||
| Net Income Per Share of Class A Common Stock |
||||||||||||||||||||
| Basic |
$ | 3.03 |
$ | 2.27 |
$ | 2.21 |
$ | 1.60 |
$ | 1.12 |
||||||||||
| Diluted |
$ | 3.03 |
$ | 2.26 |
$ | 2.21 |
$ | 1.56 |
$ | 1.04 |
||||||||||
| Dividends Declared Per Share of Class A Common Stock (a) |
$ | 1.92 |
$ | 2.42 |
$ | 2.32 |
$ | 1.66 |
$ | 2.90 |
||||||||||
| (a) | Dividends declared reflects the calendar date of declaration for each dividend. The fourth quarter dividend, if any, for any fiscal year will be declared and paid in the subsequent fiscal year. |
| 2018 |
2017 |
2016 |
2015 |
|||||||||||||||||
| (Dollars in Thousands) |
||||||||||||||||||||
| Statement of Financial Condition Data |
||||||||||||||||||||
| Total Assets (a) |
$ | 32,585,506 |
$ | 28,924,650 |
$ | 34,415,919 |
$ | 26,386,650 |
$ | 22,510,246 |
||||||||||
| Senior Notes |
$ | 4,600,856 |
$ | 3,471,151 |
$ | 3,514,815 |
$ | 3,399,922 |
$ | 2,797,060 |
||||||||||
| Total Liabilities (a) |
$ | 17,482,454 |
$ | 15,170,564 |
$ | 20,692,828 |
$ | 13,879,169 |
$ | 10,286,836 |
||||||||||
| Redeemable Non-Controlling Interests in Consolidated Entities |
$ | 87,651 |
$ | 141,779 |
$ | 210,944 |
$ | 185,390 |
$ | 183,459 |
||||||||||
| Total Equity/Partners’ Capital |
$ | 15,015,401 |
$ | 13,612,307 |
$ | 13,512,147 |
$ | 12,322,091 |
$ | 12,039,951 |
||||||||||
| (a) | The decrease in Total Assets and Total Liabilities from December 31, 2017 to December 31, 2018 is primarily due to the deconsolidation of CLOs and other fund entities, partially offset by the launch of new consolidated CLOs. The increase in Total Assets and Total Liabilities from December 31, 2016 to December 31, 2017 is principally due to new consolidated CLO vehicles managed by our Credit segment. |
| • | Real Estate. |
| • | Private Equity. |
| (b) our opportunistic investment platform that invests globally across asset classes, industries and geographies, Blackstone Tactical Opportunities (“Tactical Opportunities”), (c) our secondary fund of funds business, Strategic Partners Fund Solutions (“Strategic Partners”), (d) our infrastructure-focused funds, Blackstone Infrastructure Partners (“BIP”), (e) our life sciences private investment platform, Blackstone Life Sciences (“BXLS”), (f) a multi-asset investment program for eligible high net worth investors offering exposure to certain of Blackstone’s key illiquid investment strategies through a single commitment, Blackstone Total Alternatives Solution (“BTAS”) and (g) our capital markets services business, Blackstone Capital Markets (“BXCM”). |
| • | Hedge Fund Solutions. |
| • | Credit. sub-advises predominantly consist of loans and securities of non-investment grade companies spread across the capital structure including senior debt, subordinated debt, preferred stock and common equity. |
| (a) | the fair value of the investments held by our carry funds and our side-by-side and co-investment entities managed by us, plus (1) 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, or (2) for certain credit-focused funds the amounts available to be borrowed under asset based credit facilities, |
| (b) | the net asset value of (1) our hedge funds and 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, and BREIT, |
| (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 |
| (g) | the fair value of common stock, preferred stock, convertible debt, or similar instruments issued by BXMT. |
| (a) | for our Private Equity segment funds and Real Estate segment carry funds, including certain BREDS and 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, 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 core 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. |
| Year Ended December 31, |
2019 vs. 2018 |
2018 vs. 2017 | |||||||||||||||||||||||||||
| 2019 |
2018 |
2017 |
$ |
% |
$ |
% |
|||||||||||||||||||||||
| (Dollars in Thousands) | |||||||||||||||||||||||||||||
| Revenues |
|||||||||||||||||||||||||||||
| Management and Advisory Fees, Net |
$ | 3,472,155 |
$ | 3,027,796 |
$ | 2,751,322 |
$ | 444,359 |
15% |
$ | 276,474 |
10% |
|||||||||||||||||
| Incentive Fees |
129,911 |
57,540 |
242,514 |
72,371 |
126% |
(184,974 |
) | -76% |
|||||||||||||||||||||
| Investment Income (Loss) |
|||||||||||||||||||||||||||||
| Performance Allocations |
|||||||||||||||||||||||||||||
| Realized |
1,739,000 |
1,876,507 |
3,571,811 |
(137,507 |
) | -7% |
(1,695,304 |
) | -47% |
||||||||||||||||||||
| Unrealized |
1,126,332 |
561,373 |
(105,473 |
) | 564,959 |
101% |
666,846 |
N/M |
|||||||||||||||||||||
| Principal Investments |
|||||||||||||||||||||||||||||
| Realized |
393,478 |
415,862 |
635,769 |
(22,384 |
) | -5% |
(219,907 |
) | -35% |
||||||||||||||||||||
| Unrealized |
215,003 |
49,917 |
42,605 |
165,086 |
331% |
7,312 |
17% |
||||||||||||||||||||||
| Total Investment Income |
3,473,813 |
2,903,659 |
4,144,712 |
570,154 |
20% |
(1,241,053 |
) | -30% |
|||||||||||||||||||||
| Interest and Dividend Revenue |
182,398 |
171,947 |
139,696 |
10,451 |
6% |
32,251 |
23% |
||||||||||||||||||||||
| Other |
79,993 |
672,317 |
(133,229 |
) | (592,324 |
) | -88% |
805,546 |
N/M |
||||||||||||||||||||
| Total Revenues |
7,338,270 |
6,833,259 |
7,145,015 |
505,011 |
7% |
(311,756 |
) | -4% |
|||||||||||||||||||||
| Expenses |
|||||||||||||||||||||||||||||
| Compensation and Benefits |
|||||||||||||||||||||||||||||
| Compensation |
1,820,330 |
1,609,957 |
1,442,485 |
210,373 |
13% |
167,472 |
12% |
||||||||||||||||||||||
| Incentive Fee Compensation |
44,300 |
33,916 |
105,279 |
10,384 |
31% |
(71,363 |
) | -68% |
|||||||||||||||||||||
| Performance Allocations Compensation |
|||||||||||||||||||||||||||||
| Realized |
662,942 |
711,076 |
1,281,965 |
(48,134 |
) | -7% |
(570,889 |
) | -45% |
||||||||||||||||||||
| Unrealized |
540,285 |
319,742 |
103,794 |
220,543 |
69% |
215,948 |
208% |
||||||||||||||||||||||
| Total Compensation and Benefits |
3,067,857 |
2,674,691 |
2,933,523 |
393,166 |
15% |
(258,832 |
) | -9% |
|||||||||||||||||||||
| General, Administrative and Other |
679,408 |
594,873 |
488,582 |
84,535 |
14% |
106,291 |
22% |
||||||||||||||||||||||
| Interest Expense |
199,648 |
163,990 |
197,486 |
35,658 |
22% |
(33,496 |
) | -17% |
|||||||||||||||||||||
| Fund Expenses |
17,738 |
78,486 |
132,787 |
(60,748 |
) | -77% |
(54,301 |
) | -41% |
||||||||||||||||||||
| Total Expenses |
3,964,651 |
3,512,040 |
3,752,378 |
452,611 |
13% |
(240,338 |
) | -6% |
|||||||||||||||||||||
| Other Income |
|||||||||||||||||||||||||||||
| Change in Tax Receivable Agreement Liability |
161,567 |
— |
403,855 |
161,567 |
N/M |
(403,855 |
) | -100% |
|||||||||||||||||||||
| Net Gains from Fund Investment Activities |
282,829 |
191,722 |
321,597 |
91,107 |
48% |
(129,875 |
) | -40% |
|||||||||||||||||||||
| Total Other Income |
444,396 |
191,722 |
725,452 |
252,674 |
132% |
(533,730 |
) | -74% |
|||||||||||||||||||||
| Income Before Provision (Benefit) for Taxes |
3,818,015 |
3,512,941 |
4,118,089 |
305,074 |
9% |
(605,148 |
) | -15% |
|||||||||||||||||||||
| Provision (Benefit) for Taxes |
(47,952 |
) | 249,390 |
743,147 |
(297,342 |
) | N/M |
(493,757 |
) | -66% |
|||||||||||||||||||
| Net Income |
3,865,967 |
3,263,551 |
3,374,942 |
602,416 |
18% |
(111,391 |
) | -3% |
|||||||||||||||||||||
| Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities |
(121 |
) | (2,104 |
) | 13,806 |
1,983 |
-94% |
(15,910 |
) | N/M |
|||||||||||||||||||
| Net Income Attributable to Non- Controlling Interests in Consolidated Entities |
476,779 |
358,878 |
497,439 |
117,901 |
33% |
(138,561 |
) | -28% |
|||||||||||||||||||||
| Net Income Attributable to Non- Controlling Interests in Blackstone Holdings |
1,339,627 |
1,364,989 |
1,392,323 |
(25,362 |
) | -2% |
(27,334 |
) | -2% |
||||||||||||||||||||
| Net Income Attributable to The Blackstone Group Inc. |
$ | 2,049,682 |
$ | 1,541,788 |
$ | 1,471,374 |
$ | 507,894 |
33% |
$ | 70,414 |
5% |
|||||||||||||||||
| N/M | Not meaningful. |
| Year Ended December 31, |
||||||||||||
| 2018 |
2017 |
|||||||||||
| (Dollars in Thousands) |
||||||||||||
| Income Before Provision (Benefit) for Taxes |
$ | 3,818,015 |
$ | 3,512,941 |
$ | 4,118,089 |
||||||
| Provision (Benefit) for Taxes |
$ | (47,952 |
) | $ | 249,390 |
$ | 743,147 |
|||||
| Effective Income Tax Rate |
-1.3 |
% | 7.1 |
% | 18.0 |
% | ||||||
| Year Ended December 31, |
2019 vs. 2018 |
2018 vs. 2017 |
|||||||||||||||||||
| 2019 |
2018 |
2017 |
|||||||||||||||||||
| Statutory U.S. Federal Income Tax Rate |
21.0 |
% | 21.0 |
% | 35.0 |
% | — |
-14.0 |
% | ||||||||||||
| Income Passed Through to Common Shareholders and Non-Controlling Interest Holders (a) |
-13.5 |
% | -15.5 |
% | -25.9 |
% | 2.0 |
% | 10.4 |
% | |||||||||||
| State and Local Income Taxes |
1.6 |
% | 1.8 |
% | 1.5 |
% | -0.2 |
% | 0.3 |
% | |||||||||||
| Equity-Based Compensation |
— |
— |
-0.1 |
% | — |
0.1 |
% | ||||||||||||||
| Change to a Taxable Corporation |
-10.3 |
% | — |
— |
-10.3 |
% | — |
||||||||||||||
| Impact of the Tax Reform Bill |
— |
— |
8.3 |
% | — |
-8.3 |
% | ||||||||||||||
| Change in Valuation Allowance (b) |
-0.8 |
% | — |
— |
-0.8 |
% | — |
||||||||||||||
| Other |
0.7 |
% | -0.2 |
% | -0.8 |
% | 0.9 |
% | 0.6 |
% | |||||||||||
| Effective Income Tax Rate |
-1.3 |
% | 7.1 |
% | 18.0 |
% | -8.4 |
% | -10.9 |
% | |||||||||||
| (a) | Includes income that was not taxable to Blackstone and its subsidiaries. Such income was directly taxable to shareholders of Blackstone’s Class A common stock for the period prior to the Conversion and remains taxable to Blackstone’s non-controlling interest holders. |
| (b) | The Change in Valuation Allowance for the year ended December 31, 2019 represents the change from July 1, 2019 to December 31, 2019, following the change to a taxable corporation. |
| Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
| 2018 | |||||||||||||||||||||||||||||||||||||||||
| Real Estate |
Private Equity |
Hedge Fund Solutions |
Credit |
Total |
Real Estate |
Private Equity |
Hedge Fund Solutions |
Credit |
Total |
||||||||||||||||||||||||||||||||
| (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||
| Fee-Earning Assets Under Management |
|||||||||||||||||||||||||||||||||||||||||
| Balance, Beginning of Period |
$ | 93,252,724 |
$ | 80,008,166 |
$ | 72,280,606 |
$ | 96,986,011 |
$ | 342,527,507 |
$ | 83,984,824 |
$ | 70,140,883 |
$ | 69,914,061 |
$ | 111,304,230 |
$ | 335,343,998 |
|||||||||||||||||||||
| Inflows, including Commitments (a) |
52,424,662 |
27,260,480 |
11,488,234 |
21,069,189 |
112,242,565 |
17,961,223 |
16,096,543 |
12,354,410 |
24,587,957 |
71,000,133 |
|||||||||||||||||||||||||||||||
| Outflows, including Distributions (b) |
(9,690,143 |
) | (2,352,716 |
) | (11,928,940 |
) | (9,067,554 |
) | (33,039,353 |
) | (2,000,367 |
) | (1,888,223 |
) | (10,278,403 |
) | (27,640,908 |
) | (41,807,901 |
) | |||||||||||||||||||||
| Net Inflows (Outflows) |
42,734,519 |
24,907,764 |
(440,706 |
) | 12,001,635 |
79,203,212 |
15,960,856 |
14,208,320 |
2,076,007 |
(3,052,951 |
) | 29,192,232 |
|||||||||||||||||||||||||||||
| Realizations (c) |
(11,353,675 |
) | (7,212,993 |
) | (1,153,785 |
) | (5,629,089 |
) | (25,349,542 |
) | (8,781,140 |
) | (4,729,843 |
) | (429,912 |
) | (6,672,539 |
) | (20,613,434 |
) | |||||||||||||||||||||
| Market Activity (d)(g) |
3,580,569 |
71,027 |
4,949,889 |
3,092,190 |
11,693,675 |
2,088,184 |
388,806 |
720,450 |
(4,592,729 |
) | (1,395,289 |
) | |||||||||||||||||||||||||||||
| Balance, End of Period (e) |
$ | 128,214,137 |
$ | 97,773,964 |
$ | 75,636,004 |
$ | 106,450,747 |
$ | 408,074,852 |
$ | 93,252,724 |
$ | 80,008,166 |
$ | 72,280,606 |
$ | 96,986,011 |
$ | 342,527,507 |
|||||||||||||||||||||
| Increase (Decrease) |
$ | 34,961,413 |
$ | 17,765,798 |
$ | 3,355,398 |
$ | 9,464,736 |
$ | 65,547,345 |
$ | 9,267,900 |
$ | 9,867,283 |
$ | 2,366,545 |
$ | (14,318,219 |
) | $ | 7,183,509 |
||||||||||||||||||||
| Increase (Decrease) |
37 |
% | 22 |
% | 5 |
% | 10 |
% | 19 |
% | 11 |
% | 14 |
% | 3 |
% | -13 |
% | 2 |
% | |||||||||||||||||||||
| Annualized Base Management Fee Rate (f) |
1.04 |
% | 1.02 |
% | 0.75 |
% | 0.56 |
% | 0.86 |
% | 1.09 |
% | 1.00 |
% | 0.73 |
% | 0.56 |
% | 0.84 |
% | |||||||||||||||||||||
| Year Ended December 31, | |||||||||||||||||||||
| Real Estate |
Private Equity |
Hedge Fund Solutions |
Credit |
Total |
|||||||||||||||||
| (Dollars in Thousands) | |||||||||||||||||||||
| Fee-Earning Assets Under Management |
|||||||||||||||||||||
| Balance, Beginning of Period |
$ | 72,030,054 |
$ | 69,110,457 |
$ | 66,987,553 |
$ | 68,964,608 |
$ | 277,092,672 |
|||||||||||
| Inflows, including Commitments (a) |
23,555,866 |
8,257,430 |
10,302,444 |
55,099,845 |
97,215,585 |
||||||||||||||||
| Outflows, including Distributions (b) |
(2,773,181 |
) | (1,196,502 |
) | (9,777,064 |
) | (4,364,916 |
) | (18,111,663 |
) | |||||||||||
| Net Inflows |
20,782,685 |
7,060,928 |
525,380 |
50,734,929 |
79,103,922 |
||||||||||||||||
| Realizations (c) |
(11,851,866 |
) | (6,558,390 |
) | (2,182,220 |
) | (10,396,313 |
) | (30,988,789 |
) | |||||||||||
| Market Activity (d)(g) |
3,023,951 |
527,888 |
4,583,348 |
2,001,006 |
10,136,193 |
||||||||||||||||
| Balance, End of Period (e) |
$ | 83,984,824 |
$ | 70,140,883 |
$ | 69,914,061 |
$ | 111,304,230 |
$ | 335,343,998 |
|||||||||||
| Increase |
$ | 11,954,770 |
$ | 1,030,426 |
$ | 2,926,508 |
$ | 42,339,622 |
$ | 58,251,326 |
|||||||||||
| Increase |
17 |
% | 1 |
% | 4 |
% | 61 |
% | 21 |
% | |||||||||||
| Annualized Base Management Fee Rate (f) |
1.06 |
% | 1.07 |
% | 0.74 |
% | 0.56 |
% | 0.83 |
% | |||||||||||
| Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
| 2018 | |||||||||||||||||||||||||||||||||||||||||
| Real Estate |
Private Equity |
Hedge Fund Solutions |
Credit |
Total |
Real Estate |
Private Equity |
Hedge Fund Solutions |
Credit |
Total |
||||||||||||||||||||||||||||||||
| (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||
| Total Assets Under Management |
|||||||||||||||||||||||||||||||||||||||||
| Balance, Beginning of Period |
$ | 136,247,229 |
$ | 130,665,286 |
$ | 77,814,516 |
$ | 127,515,286 |
$ | 472,242,317 |
$ | 115,340,363 |
$ | 105,560,576 |
$ | 75,090,834 |
$ | 138,136,470 |
$ | 434,128,243 |
|||||||||||||||||||||
| Inflows, including Commitments (a) |
34,190,566 |
56,836,570 |
12,242,855 |
31,107,288 |
134,377,279 |
31,478,431 |
26,639,963 |
13,278,327 |
29,578,890 |
100,975,611 |
|||||||||||||||||||||||||||||||
| Outflows, including Distributions (b) |
(2,664,717 |
) | (1,065,445 |
) | (13,433,702 |
) | (11,629,269 |
) | (28,793,133 |
) | (2,162,958 |
) | (1,617,585 |
) | (10,780,055 |
) | (28,057,658 |
) | (42,618,256 |
) | |||||||||||||||||||||
| Net Inflows (Outflows) |
31,525,849 |
55,771,125 |
(1,190,847 |
) | 19,478,019 |
105,584,146 |
29,315,473 |
25,022,378 |
2,498,272 |
1,521,232 |
58,357,355 |
||||||||||||||||||||||||||||||
| Realizations (c) |
(18,097,899 |
) | (13,540,914 |
) | (1,271,968 |
) | (7,291,045 |
) | (40,201,826 |
) | (14,675,095 |
) | (10,396,611 |
) | (471,931 |
) | (8,516,996 |
) | (34,060,633 |
) | |||||||||||||||||||||
| Market Activity (d)(h) |
13,480,885 |
9,990,612 |
5,386,411 |
4,639,918 |
33,497,826 |
6,266,488 |
10,478,943 |
697,341 |
(3,625,420 |
) | 13,817,352 |
||||||||||||||||||||||||||||||
| Balance, End of Period (e) |
$ | 163,156,064 |
$ | 182,886,109 |
$ | 80,738,112 |
$ | 144,342,178 |
$ | 571,122,463 |
$ | 136,247,229 |
$ | 130,665,286 |
$ | 77,814,516 |
$ | 127,515,286 |
$ | 472,242,317 |
|||||||||||||||||||||
| Increase (Decrease) |
$ | 26,908,835 |
$ | 52,220,823 |
$ | 2,923,596 |
$ | 16,826,892 |
$ | 98,880,146 |
$ | 20,906,866 |
$ | 25,104,710 |
$ | 2,723,682 |
$ | (10,621,184 |
) | $ | 38,114,074 |
||||||||||||||||||||
| Increase (Decrease) |
20 |
% | 40 |
% | 4 |
% | 13 |
% | 21 |
% | 18 |
% | 24 |
% | 4 |
% | -8 |
% | 9 |
% | |||||||||||||||||||||
| Year Ended December 31, | |||||||||||||||||||||
| Real Estate |
Private Equity |
Hedge Fund Solutions |
Credit |
Total |
|||||||||||||||||
| (Dollars in Thousands) | |||||||||||||||||||||
| Total Assets Under Management |
|||||||||||||||||||||
| Balance, Beginning of Period |
$ | 101,963,652 |
$ | 100,189,994 |
$ | 71,119,718 |
$ | 93,280,101 |
$ | 366,553,465 |
|||||||||||
| Inflows, including Commitments (a) |
23,844,270 |
12,631,106 |
12,106,471 |
59,373,876 |
107,955,723 |
||||||||||||||||
| Outflows, including Distributions (b) |
(1,399,741 |
) | (1,230,409 |
) | (10,661,542 |
) | (6,165,216 |
) | (19,456,908 |
) | |||||||||||
| Net Inflows |
22,444,529 |
11,400,697 |
1,444,929 |
53,208,660 |
88,498,815 |
||||||||||||||||
| Realizations (c) |
(24,527,951 |
) | (15,760,727 |
) | (2,409,985 |
) | (12,487,834 |
) | (55,186,497 |
) | |||||||||||
| Market Activity (d)(h) |
15,460,133 |
9,730,612 |
4,936,172 |
4,135,543 |
34,262,460 |
||||||||||||||||
| Balance, End of Period (e) |
$ | 115,340,363 |
$ | 105,560,576 |
$ | 75,090,834 |
$ | 138,136,470 |
$ | 434,128,243 |
|||||||||||
| Increase |
$ | 13,376,711 |
$ | 5,370,582 |
$ | 3,971,116 |
$ | 44,856,369 |
$ | 67,574,778 |
|||||||||||
| Increase |
13 |
% | 5 |
% | 6 |
% | 48 |
% | 18 |
% | |||||||||||
| (a) | Inflows represent contributions, capital raised, other increases in available capital (recallable capital, increased side-by-side commitments), purchases, inter-segment allocations and acquisitions. |
| (b) | Outflows represent redemptions, client withdrawals and decreases in available capital (expired capital, expense drawdowns and decreased side-by-side commitments). |
| (c) | Realizations represent realizations from the disposition of assets 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) | Assets Under Management are reported in the segment where the assets are managed. |
| (f) | Represents the annualized current quarter’s Base Management Fee divided by period end Fee-Earning Assets Under Management. |
| (g) | For the year ended December 31, 2019, the impact to Fee-Earning Assets Under Management due to foreign exchange rate fluctuations was $(94.9) million, $(280.6) million and $(375.5) million for the Real Estate, Credit and Total segments, respectively. For the year ended December 31, 2018, the impact to Fee-Earning Assets Under Management due to foreign exchange rate fluctuations was $(904.2) million, $(626.6) million and $(1.5) billion for the Real Estate, Credit and Total segments, respectively. For the year ended December 31, 2017, such impact was $1.4 billion, $1.3 million, $1.4 billion and $2.8 billion for the Real Estate, Private Equity, Credit and Total segments, respectively. |
| (h) | For the year ended December 31, 2019, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $(908.4) million, $238.8 million, $(233.0) million and $(902.6) million for the Real Estate, Private Equity, Credit and Total segments, respectively. For the year ended December 31, 2018, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $(2.1) billion, $(354.1) million, $(821.9) million and $(3.3) billion for the Real Estate, Private Equity, Credit and Total segments, respectively. For the year ended December 31, 2017, such impact was $3.1 billion, $1.1 billion, $1.8 billion and $5.9 billion for the Real Estate, Private Equity, Credit and Total segments, respectively. |
| • | Inflows of $112.2 billion related to: |
¡ |
$52.4 billion in our Real Estate segment primarily driven by $20.1 billion from BREP IX, which started its investment period on June 3, 2019 (this amount was reflected in Total Assets Under Management at each capital closing of the fund), $9.8 billion from BREP Europe VI, which started its investment period on October 9, 2019 (this amount was reflected in Total Assets Under Management at each capital closing of the fund), $8.2 billion from BREIT, $5.3 billion from BREDS, $3.1 billion from BPP U.S. and co-investment, $1.3 billion from BPP Europe and co-investment and $970.6 million from BPP Asia, |
¡ |
$27.3 billion in our Private Equity segment driven by $11.7 billion from Strategic Partners, $8.1 billion from BIP, $4.0 billion from Tactical Opportunities, $2.5 billion from core private equity, $492.5 million from corporate private equity and $429.9 million from multi-asset products, |
¡ |
$21.1 billion in our Credit segment driven by $19.0 billion from certain long only and MLP strategies, $5.2 billion from direct lending, $4.8 billion from BIS, $3.7 billion from new CLOs, $2.8 billion from our distressed strategies and $993.8 million from mezzanine funds, partially offset by $16.0 billion of allocations to various strategies, and |
¡ |
$11.5 billion in our Hedge Fund Solutions segment driven by $7.0 billion from individual investor and specialized solutions, $2.8 billion from customized solutions and $1.7 billion from commingled products. |
| • | Market activity of $11.7 billion due to: |
¡ |
$4.9 billion of market activity in our Hedge Fund Solutions segment driven by returns from BAAM’s Principal Solutions Composite of 8.2% gross (7.3% net), |
¡ |
$3.6 billion of market activity in our Real Estate segment driven by $3.1 billion of appreciation from our core+ real estate funds ($3.0 billion from market appreciation and $50.8 million from foreign exchange appreciation) and $710.1 million of market appreciation from BREDS, partially offset by $145.8 million of foreign exchange depreciation from BREP opportunistic funds, and |
¡ |
$3.1 billion of market activity in our Credit segment driven by $3.4 billion of market appreciation (primarily in certain long only and MLP strategies and BIS), partially offset by $280.6 million of foreign exchange depreciation. |
| • | Outflows of $33.0 billion primarily attributable to: |
¡ |
$11.9 billion in our Hedge Fund Solutions segment driven by $6.3 billion from customized solutions, $3.4 billion from individual investor and specialized solutions and $2.2 billion from commingled products, |
¡ |
$9.7 billion in our Real Estate segment driven by $5.4 billion of uninvested reserves at the end of BREP VIII’s investment period and $2.9 billion of uninvested reserves at the end of BREP Europe V’s investment period (these amounts are still classified as available capital and included in Total Assets Under Management), $693.7 million of redemptions from core+ real estate funds and $583.9 million of redemptions from BREDS liquids funds, |
¡ |
$9.1 billion in our Credit segment driven by $6.6 billion from certain long only and MLP strategies, $1.3 billion from BIS and $493.8 million from our distressed strategies, and |
¡ |
$2.4 billion in our Private Equity segment driven by $978.1 million from core private equity, $440.2 million from multi-asset products, $369.2 million from corporate private equity, $286.4 million from Tactical Opportunities and $194.1 million from BXLS. |
| • | Realizations of $25.3 billion primarily driven by: |
¡ |
$11.4 billion in our Real Estate segment driven by $5.8 billion from BREP opportunistic funds and co-investment, $3.1 billion from BREDS and $2.5 billion from core+ real estate funds, |
¡ |
$7.2 billion in our Private Equity segment driven by $3.5 billion from corporate private equity, $2.0 billion from Tactical Opportunities and $1.4 billion from Strategic Partners and $260.0 million from core private equity, |
¡ |
$5.6 billion in our Credit segment driven by $1.9 billion from our distressed strategies, $1.4 billion from our mezzanine funds, $904.9 million from capital returned to investors from CLOs that are post their reinvestment periods, $762.9 million from certain long only and MLP strategies and $610.4 million from direct lending, and |
¡ |
$1.2 billion in our Hedge Fund Solutions segment drive by $1.1 billion from individual investor and specialized solutions. |
| • | Inflows of $134.4 billion related to: |
¡ |
$56.8 billion in our Private Equity segment driven by $27.7 billion from corporate private equity primarily due to the initial close for the eighth flagship private equity fund in the first quarter of 2019 (this amount will be reflected in Fee-Earning Assets Under Management when the investment period commences), $11.2 billion from Strategic Partners, $8.3 billion from BIP, $5.4 billion from Tactical Opportunities, $3.0 billion from BXLS, $608.3 million from core private equity and $606.9 million from multi-asset products, |
¡ |
$34.2 billion in our Real Estate segment driven by $10.0 billion capital raised from BREP Europe VI, $8.2 billion capital raised from BREIT, $5.2 billion capital raised from BREP IX, $6.0 billion total inflows from BREDS and $3.8 billion from BPP funds, |
¡ |
$31.1 billion in our Credit segment driven by $19.9 billion from certain long only and MLP strategies, $10.3 billion from direct lending, $8.1 billion from BIS, $4.0 billion from our distressed strategies, $3.7 billion from new CLOs and $587.3 million from mezzanine funds, partially offset by $16.0 billion of allocations to various strategies, and |
¡ |
$12.2 billion in our Hedge Fund Solutions segment driven by $6.5 billion from individual investor and specialized solutions, $4.1 billion from customized solutions, and $1.6 billion from commingled products. |
| • | Market activity of $33.5 billion due to: |
¡ |
$13.5 billion of market activity in our Real Estate segment driven by carrying value increases in our opportunistic and BPP funds of 17.6% and 9.2% for the year, respectively, which includes $908.4 million of foreign exchange depreciation across the segment, |
¡ |
$10.0 billion of market activity in our Private Equity segment driven by carrying value increase in Strategic Partners, Tactical Opportunities and corporate private equity of 17.0%, 13.1% and 9.3%, respectively, which included $238.8 million of foreign exchange appreciation across the segment, |
¡ |
$5.4 billion of market activity in our Hedge Fund Solutions segment driven by reasons noted above in Fee-Earning Assets Under Management, and |
¡ |
$4.6 billion of market activity in our Credit segment driven by $4.9 billion of market appreciation (primarily in certain long only and MLP strategies, BIS, and mezzanine funds), partially offset by $233.0 million of foreign exchange depreciation. |
| • | Realizations of $40.2 billion primarily driven by: |
¡ |
$18.1 billion in our Real Estate segment driven by $13.1 billion from BREP opportunistic and co-investment, $2.7 billion from core+ real estate funds and $2.3 billion from BREDS, |
¡ |
$13.5 billion in our Private Equity segment driven by disposition activity across the segment, mainly related to $6.9 billion from corporate private equity, $3.2 billion from Tactical Opportunities, $2.7 billion from Strategic Partners, $418.1 million from core private equity, and $353.9 million from BXLS, |
¡ |
$7.3 billion in our Credit segment driven by $2.8 billion from our distressed strategies, $1.6 billion from our mezzanine funds, $1.1 billion from direct lending, $904.9 million from capital returned to investors from CLOs that are post their reinvestment periods and $788.2 million from certain long only and MLP strategies, and |
¡ |
$1.3 billion in our Hedge Fund Solutions segment driven by $1.2 billion from individual investor and specialized solutions. |
| • | Outflows of $28.8 billion primarily attributable to: |
¡ |
$13.4 billion in our Hedge Fund Solutions segment driven by $7.5 billion from customized solutions, $3.4 billion from individual investor and specialized solutions and $2.5 billion from commingled products, |
¡ |
$11.6 billion in our Credit segment driven by $6.9 billion from certain long only and MLP strategies, $1.4 billion from direct lending, $1.3 billion from BIS and $1.2 billion from our distressed strategies, |
¡ |
$2.7 billion in our Real Estate segment driven by the release of uninvested capital in BPP and BREDS, and redemptions from BREDS liquid funds, BPP U.S. and BREIT, and |
¡ |
$1.1 billion in our Private Equity segment driven by $447.1 million from Strategic Partners, $365.2 million from Tactical Opportunities, $268.3 million from corporate private equity and $111.0 million from multi-asset products, partially offset by $145.6 million from BXLS. |
| (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. |
| 2018 |
2019 |
||||||||||||
| (Dollars in Thousands) | |||||||||||||
| Dry Powder Available for Investment |
|||||||||||||
| Real Estate |
$ | 32,251,005 |
$ | 40,627,676 |
$ | 45,698,155 |
|||||||
| Private Equity |
36,302,497 |
44,431,881 |
74,013,156 |
||||||||||
| Hedge Fund Solutions |
3,943,358 |
3,275,768 |
2,677,748 |
||||||||||
| Credit |
22,285,149 |
24,542,243 |
28,716,911 |
||||||||||
| $ | 94,782,009 |
$ | 112,877,568 |
$ | 151,105,970 |
||||||||
| 2018 |
|||||||||
| (Dollars in Millions) | |||||||||
| Real Estate |
|||||||||
| BREP IV |
$ | 11 |
$ | 3 |
|||||
| BREP V |
19 |
55 |
|||||||
| BREP VI |
81 |
89 |
|||||||
| BREP VII |
447 |
484 |
|||||||
| BREP VIII |
674 |
429 |
|||||||
| BREP IX |
6 |
— |
|||||||
| BREP International II |
— |
— |
|||||||
| BREP Europe IV |
167 |
200 |
|||||||
| BREP Europe V |
193 |
110 |
|||||||
| BREP Asia I |
152 |
114 |
|||||||
| BREP Asia II |
22 |
— |
|||||||
| BPP |
282 |
215 |
|||||||
| BREIT |
79 |
23 |
|||||||
| BREDS |
47 |
17 |
|||||||
| BTAS |
42 |
36 |
|||||||
| Total Real Estate (a) |
2,220 |
1,775 |
|||||||
| Private Equity |
|||||||||
| BCP IV |
23 |
72 |
|||||||
| BCP VI |
705 |
746 |
|||||||
| BCP VII |
471 |
225 |
|||||||
| BCP Asia |
17 |
— |
|||||||
| BEP I |
102 |
103 |
|||||||
| BEP II |
— |
73 |
|||||||
| Tactical Opportunities |
160 |
155 |
|||||||
| Strategic Partners |
144 |
94 |
|||||||
| BCEP |
46 |
19 |
|||||||
| Clarus |
7 |
— |
|||||||
| BTAS |
61 |
41 |
|||||||
| Other |
— |
1 |
|||||||
| Total Private Equity (a) |
1,737 |
1,529 |
|||||||
| Hedge Fund Solutions |
105 |
24 |
|||||||
| Credit |
252 |
195 |
|||||||
| Total Blackstone Net Accrued Performance Revenues |
$ | 4,314 |
$ | 3,523 |
|||||
| (a) | Real Estate and Private Equity include Co-Investments, as applicable. |
| Fund (Investment Period Beginning Date / Ending Date) (a) |
Committed Capital |
Available Capital (b) |
Unrealized Investments |
Realized Investments |
Total Investments |
Net IRRs (d) | ||||||||||||||||||||||||||||||||||||||
| Value |
MOIC (c) |
% Public |
Value |
MOIC (c) |
Value |
MOIC (c) |
Realized |
Total |
||||||||||||||||||||||||||||||||||||
| (Dollars 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 |
— |
74,855 |
0.1x |
50 |
% | 4,521,164 |
2.2x |
4,596,019 |
1.7x |
28 |
% | 12 |
% | ||||||||||||||||||||||||||||||
| BREP V (Dec 2005 / Feb 2007) |
5,539,418 |
— |
272,765 |
1.0x |
54 |
% | 13,030,719 |
2.4x |
13,303,484 |
2.3x |
12 |
% | 11 |
% | ||||||||||||||||||||||||||||||
| BREP VI (Feb 2007 / Aug 2011) |
11,060,444 |
— |
917,009 |
2.8x |
72 |
% | 26,936,728 |
2.5x |
27,853,737 |
2.5x |
13 |
% | 13 |
% | ||||||||||||||||||||||||||||||
| BREP VII (Aug 2011 / Apr 2015) |
13,496,564 |
1,906,699 |
7,262,924 |
1.6x |
8 |
% | 22,551,604 |
2.1x |
29,814,528 |
2.0x |
22 |
% | 16 |
% | ||||||||||||||||||||||||||||||
| BREP VIII (Apr 2015 / Jun 2019) |
16,629,914 |
3,254,163 |
18,095,903 |
1.4x |
— |
6,838,570 |
1.7x |
24,934,473 |
1.5x |
26 |
% | 16 |
% | |||||||||||||||||||||||||||||||
| *BREP IX (Jun 2019 / Dec 2024) |
20,634,398 |
16,859,273 |
3,907,608 |
1.0x |
— |
87,590 |
N/M |
3,995,198 |
1.0x |
N/M |
N/M |
|||||||||||||||||||||||||||||||||
| Total Global BREP |
$ | 72,801,901 |
$ | 22,020,135 |
$ | 30,531,064 |
1.4x |
5 |
% | $ | 81,501,293 |
2.2x |
$ | 112,032,357 |
1.9x |
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 |
— |
3,566 |
N/A |
— |
2,572,364 |
1.8x |
2,575,930 |
1.8x |
8 |
% | 8 |
% | |||||||||||||||||||||||||||||||
| BREP Europe III (Jun 2008 / Sep 2013) |
3,205,167 |
467,438 |
581,528 |
0.8x |
— |
5,579,325 |
2.5x |
6,160,853 |
2.1x |
21 |
% | 14 |
% | |||||||||||||||||||||||||||||||
| BREP Europe IV (Sep 2013 / Dec 2016) |
6,709,145 |
1,339,258 |
3,091,281 |
1.6x |
— |
8,910,480 |
2.0x |
12,001,761 |
1.9x |
23 |
% | 17 |
% | |||||||||||||||||||||||||||||||
| BREP Europe V (Dec 2016 / Oct 2019) |
7,935,140 |
1,780,767 |
7,935,118 |
1.3x |
— |
667,050 |
2.6x |
8,602,168 |
1.4x |
51 |
% | 16 |
% | |||||||||||||||||||||||||||||||
| *BREP Europe VI (Oct 2019 / Apr 2025) |
8,880,497 |
8,371,719 |
507,476 |
1.0x |
— |
— |
N/A |
507,476 |
1.0x |
N/A |
N/M |
|||||||||||||||||||||||||||||||||
| Total BREP Europe |
€ |
29,183,869 |
€ |
11,959,182 |
€ |
12,118,969 |
1.3x |
— |
€ |
19,102,389 |
2.1x |
€ |
31,221,358 |
1.7x |
16 |
% | 14 |
% | ||||||||||||||||||||||||||
| BREP Asia I (Jun 2013 / Dec 2017) |
$ | 5,096,361 |
$ | 1,728,289 |
$ | 3,774,257 |
1.6x |
15 |
% | $ | 4,049,838 |
1.9x |
$ | 7,824,095 |
1.7x |
21 |
% | 15 |
% | |||||||||||||||||||||||||
| *BREP Asia II (Dec 2017 / Jun 2023) |
7,208,070 |
4,785,471 |
2,787,120 |
1.2x |
— |
62,050 |
1.6x |
2,849,170 |
1.2x |
N/M |
10 |
% | ||||||||||||||||||||||||||||||||
| BREP Co-Investment (f) |
7,055,974 |
170,135 |
1,587,692 |
2.1x |
— |
13,263,050 |
2.1x |
14,850,742 |
2.1x |
15 |
% | 16 |
% | |||||||||||||||||||||||||||||||
| Total BREP |
$ | 127,001,719 |
$ | 42,113,862 |
$ | 52,689,535 |
1.4x |
4 |
% | $ | 122,989,021 |
2.2x |
$ | 175,678,556 |
1.9x |
17 |
% | 15 |
% | |||||||||||||||||||||||||
| *Core+ BPP (Various) (g) |
29,378,175 |
689,947 |
32,420,228 |
N/A |
— |
5,877,291 |
N/A |
38,297,519 |
N/A |
N/M |
10 |
% | ||||||||||||||||||||||||||||||||
| *Core+ BREIT (Various) (h) |
12,532,379 |
N/M |
13,104,041 |
N/A |
— |
258,935 |
N/A |
13,362,976 |
N/A |
N/M |
10 |
% | ||||||||||||||||||||||||||||||||
| *BREDS High-Yield (Various) (i) |
13,856,187 |
4,489,213 |
3,310,277 |
1.1x |
— |
11,889,018 |
1.3x |
15,199,295 |
1.3x |
11 |
% | 11 |
% | |||||||||||||||||||||||||||||||
| Fund (Investment Period Beginning Date / Ending Date) (a) |
Committed Capital |
Available Capital (b) |
Unrealized Investments |
Realized Investments |
Total Investments |
Net IRRs (d) | ||||||||||||||||||||||||||||||||||||||
| Value |
MOIC (c) |
% Public |
Value |
MOIC (c) |
Value |
MOIC (c) |
Realized |
Total |
||||||||||||||||||||||||||||||||||||
| (Dollars in Thousands, Except Where Noted) | ||||||||||||||||||||||||||||||||||||||||||||
| 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 |
— |
3,256,819 |
2.5x |
3,256,819 |
2.5x |
32 |
% | 32 |
% | |||||||||||||||||||||||||||||||
| BCP III (Aug 1997 / Nov 2002) |
3,967,422 |
— |
— |
N/A |
— |
9,184,688 |
2.3x |
9,184,688 |
2.3x |
14 |
% | 14 |
% | |||||||||||||||||||||||||||||||
| BCOM (Jun 2000 / Jun 2006) |
2,137,330 |
24,575 |
13,493 |
N/A |
— |
2,953,649 |
1.4x |
2,967,142 |
1.4x |
6 |
% | 6 |
% | |||||||||||||||||||||||||||||||
| BCP IV (Nov 2002 / Dec 2005) |
6,773,182 |
198,964 |
178,378 |
2.5x |
— |
21,417,821 |
2.9x |
21,596,199 |
2.9x |
36 |
% | 36 |
% | |||||||||||||||||||||||||||||||
| BCP V (Dec 2005 / Jan 2011) |
21,013,658 |
1,039,805 |
736,918 |
0.7x |
45 |
% | 37,166,622 |
1.9x |
37,903,540 |
1.9x |
9 |
% | 8 |
% | ||||||||||||||||||||||||||||||
| BCP VI (Jan 2011 / May 2016) |
15,192,447 |
1,652,514 |
12,566,484 |
1.7x |
38 |
% | 14,834,583 |
2.1x |
27,401,067 |
1.9x |
18 |
% | 12 |
% | ||||||||||||||||||||||||||||||
| *BCP VII (May 2016 / May 2022) |
18,819,853 |
5,048,792 |
17,566,425 |
1.4x |
1 |
% | 1,663,648 |
1.7x |
19,230,073 |
1.4x |
45 |
% | 19 |
% | ||||||||||||||||||||||||||||||
| BCP VIII (TBD) |
24,500,000 |
24,500,000 |
— |
N/A |
— |
— |
N/A |
— |
N/A |
N/A |
N/A |
|||||||||||||||||||||||||||||||||
| Energy I (Aug 2011 / Feb 2015) |
2,435,285 |
224,784 |
1,611,101 |
1.6x |
61 |
% | 2,699,524 |
2.0x |
4,310,625 |
1.8x |
18 |
% | 12 |
% | ||||||||||||||||||||||||||||||
| *Energy II (Feb 2015 / Feb 2021) |
4,913,607 |
749,717 |
4,347,043 |
1.3x |
— |
278,192 |
1.8x |
4,625,235 |
1.3x |
43 |
% | 7 |
% | |||||||||||||||||||||||||||||||
| Energy III (TBD) |
4,193,015 |
4,193,015 |
— |
N/A |
— |
— |
N/A |
— |
N/A |
N/A |
N/A |
|||||||||||||||||||||||||||||||||
| *BCP Asia (Dec 2017 / Dec 2023) |
2,397,744 |
1,310,366 |
1,028,271 |
1.3x |
6 |
% | 54,308 |
1.7x |
1,082,579 |
1.3x |
N/M |
25 |
% | |||||||||||||||||||||||||||||||
| Total Corporate Private Equity |
$ | 108,563,724 |
$ | 38,942,532 |
$ | 38,048,113 |
1.5x |
17 |
% | $ | 95,251,592 |
2.1x |
$ | 133,299,705 |
1.9x |
16 |
% | 15 |
% | |||||||||||||||||||||||||
| *Core Private Equity (Jan 2017 / Jan 2021) (j) |
4,755,077 |
1,385,354 |
4,325,980 |
1.3x |
— |
418,053 |
1.6x |
4,744,033 |
1.3x |
37 |
% | 15 |
% | |||||||||||||||||||||||||||||||
| Tactical Opportunities |
||||||||||||||||||||||||||||||||||||||||||||
| *Tactical Opportunities (Various) |
23,654,242 |
10,157,252 |
10,351,985 |
1.2x |
11 |
% | 8,955,179 |
1.7x |
19,307,164 |
1.4x |
19 |
% | 10 |
% | ||||||||||||||||||||||||||||||
| *Tactical Opportunities Co-Investment and Other (Various) |
6,885,259 |
2,352,464 |
5,409,682 |
1.3x |
4 |
% | 1,894,792 |
1.6x |
7,304,474 |
1.4x |
23 |
% | 14 |
% | ||||||||||||||||||||||||||||||
| Total Tactical Opportunities |
$ | 30,539,501 |
$ | 12,509,716 |
$ | 15,761,667 |
1.3x |
9 |
% | $ | 10,849,971 |
1.7x |
$ | 26,611,638 |
1.4x |
20 |
% | 11 |
% | |||||||||||||||||||||||||
| Strategic Partners (Secondaries) |
||||||||||||||||||||||||||||||||||||||||||||
| Strategic Partners I-V (Various) (k) |
11,862,623 |
1,732,094 |
1,092,247 |
N/M |
— |
16,645,510 |
N/M |
17,737,757 |
1.5x |
N/A |
13 |
% | ||||||||||||||||||||||||||||||||
| Strategic Partners VI (Apr 2014 / Apr 2016) (k) |
4,362,750 |
1,140,935 |
1,488,888 |
N/M |
— |
3,111,382 |
N/M |
4,600,270 |
1.5x |
N/A |
16 |
% | ||||||||||||||||||||||||||||||||
| Strategic Partners VII (May 2016 / Mar 2019) (k) |
7,489,970 |
2,506,624 |
5,556,596 |
N/M |
— |
1,546,950 |
N/M |
7,103,546 |
1.5x |
N/A |
23 |
% | ||||||||||||||||||||||||||||||||
| *Strategic Partners Real Assets II (May 2017 / Mar 2022) (k) |
1,749,807 |
516,372 |
817,832 |
N/M |
— |
271,186 |
N/M |
1,089,018 |
1.2x |
N/A |
17 |
% | ||||||||||||||||||||||||||||||||
| *Strategic Partners VIII (Mar 2019 / Jul 2023) (k) |
10,763,600 |
5,421,224 |
3,166,592 |
N/M |
— |
53,818 |
N/M |
3,220,410 |
1.3x |
N/A |
N/M |
|||||||||||||||||||||||||||||||||
| *Strategic Partners Real Estate, SMA and Other (Various) (k) |
6,606,978 |
2,096,602 |
2,498,143 |
N/M |
— |
1,189,081 |
N/M |
3,687,224 |
1.3x |
N/A |
18 |
% | ||||||||||||||||||||||||||||||||
| Total Strategic Partners (Secondaries) |
$ | 42,835,728 |
$ | 13,413,851 |
$ | 14,620,298 |
N/M |
— |
$ | 22,817,927 |
N/M |
$ | 37,438,225 |
1.5x |
N/A |
14 |
% | |||||||||||||||||||||||||||
| *Infrastructure (Various) |
13,659,163 |
11,309,149 |
2,407,643 |
1.0x |
53 |
% | — |
N/A |
2,407,643 |
1.0x |
N/A |
N/M |
||||||||||||||||||||||||||||||||
| Life Sciences |
||||||||||||||||||||||||||||||||||||||||||||
| *Clarus IV (Jan 2018 / Jan 2020) |
910,000 |
547,667 |
467,471 |
1.5x |
4 |
% | 3,323 |
N/M |
470,794 |
1.5x |
N/M |
29 |
% | |||||||||||||||||||||||||||||||
| BXLS V (Jan 2020 / Jan 2025) |
3,194,630 |
3,194,630 |
— |
N/A |
— |
— |
N/A |
— |
N/A |
N/A |
N/A |
|||||||||||||||||||||||||||||||||
| Fund (Investment Period Beginning Date / Ending Date) (a) |
Committed Capital |
Available Capital (b) |
Unrealized Investments |
Realized Investments |
Total Investments |
Net IRRs (d) | ||||||||||||||||||||||||||||||||||||||
| Value |
MOIC (c) |
% Public |
Value |
MOIC (c) |
Value |
MOIC (c) |
Realized |
Total |
||||||||||||||||||||||||||||||||||||
| (Dollars in Thousands, Except Where Noted) | ||||||||||||||||||||||||||||||||||||||||||||
| Credit (l) |
||||||||||||||||||||||||||||||||||||||||||||
| Mezzanine I (Jul 2007 / Oct 2011) |
$ | 2,000,000 |
$ | 97,114 |
$ | 23,053 |
1.2x |
— |
$ | 4,772,316 |
1.6x |
$ | 4,795,369 |
1.6x |
N/A |
17 |
% | |||||||||||||||||||||||||||
| Mezzanine II (Nov 2011 / Nov 2016) |
4,120,000 |
1,033,255 |
1,371,238 |
0.9x |
— |
5,273,460 |
1.6x |
6,644,698 |
1.3x |
N/A |
11 |
% | ||||||||||||||||||||||||||||||||
| *Mezzanine III (Sep 2016 / Sep 2021) |
6,639,133 |
2,845,176 |
4,324,259 |
1.1x |
1 |
% | 1,678,739 |
1.6x |
6,002,998 |
1.2x |
N/A |
12 |
% | |||||||||||||||||||||||||||||||
| Distressed I (Sep 2009 / May 2013) |
3,253,143 |
85,000 |
121,458 |
0.2x |
— |
5,772,964 |
1.6x |
5,894,422 |
1.4x |
N/A |
10 |
% | ||||||||||||||||||||||||||||||||
| Distressed II (Jun 2013 / Jun 2018) |
5,125,000 |
573,315 |
1,160,820 |
0.6x |
9 |
% | 4,300,232 |
1.3x |
5,461,052 |
1.1x |
N/A |
2 |
% | |||||||||||||||||||||||||||||||
| *Distressed III (Dec 2017 / Dec 2022) |
7,356,380 |
4,962,377 |
1,772,334 |
1.0x |
1 |
% | 866,528 |
1.4x |
2,638,862 |
1.1x |
N/A |
11 |
% | |||||||||||||||||||||||||||||||
| Energy I (Nov 2015 / Nov 2018) |
2,856,867 |
1,078,049 |
1,834,281 |
1.1x |
— |
1,013,466 |
1.7x |
2,847,747 |
1.3x |
N/A |
10 |
% | ||||||||||||||||||||||||||||||||
| *Energy II (Feb 2019 / Feb 2024) |
3,616,081 |
2,973,803 |
671,512 |
1.0x |
— |
30,067 |
2.3x |
701,579 |
1.1x |
N/A |
N/M |
|||||||||||||||||||||||||||||||||
| Euro |
||||||||||||||||||||||||||||||||||||||||||||
| European Senior Debt (Feb 2015 / Feb 2019) |
€ |
1,964,689 |
€ |
381,768 |
€ |
2,028,539 |
1.1x |
2 |
% | € |
1,159,583 |
1.5x |
€ |
3,188,122 |
1.2x |
N/A |
9 |
% | ||||||||||||||||||||||||||
| *European Senior Debt II (Jun 2019 / Jun 2024) |
€ |
3,403,585 |
€ |
3,117,425 |
€ |
292,468 |
1.0x |
— |
€ |
— |
N/A |
€ |
292,468 |
1.0x |
N/A |
N/M |
||||||||||||||||||||||||||||
| Total Credit |
$ | 41,095,232 |
$ | 17,575,933 |
$ | 13,884,286 |
1.0x |
2 |
% | $ | 25,026,993 |
1.5x |
$ | 38,911,279 |
1.3x |
N/A |
11 |
% | ||||||||||||||||||||||||||
| N/M | Not meaningful generally due to the limited time since initial investment. |
| N/A | Not applicable. |
| * | Represents funds that are currently in their investment period and open-ended funds. |
| (a) | Excludes investment vehicles where Blackstone does not earn fees. |
| (b) | Available Capital represents total investable capital commitments, including side-by-side, adjusted for certain expenses and expired or recallable capital and may include leverage, less invested capital. This amount is not reduced by outstanding commitments to investments. |
| (c) | Multiple of Invested Capital (“MOIC”) represents carrying value, before management fees, expenses and Performance Revenues, divided by invested capital. |
| (d) | Net Internal Rate of Return (“IRR”) represents the annualized inception to December 31, 2019 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 cash flow 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) | BPP represents the core+ real estate funds which invest with a more modest risk profile and lower leverage. |
| (h) | Unrealized Investment Value reflects BREIT’s net asset value as of December 31, 2019. Realized Investment Value represents BREIT’s cash distributions, net of servicing fees. BREIT 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. These returns are not representative of the returns experienced by any particular investor or share class. Inception to date net returns are presented on an annualized basis and are from January 1, 2017. |
| (i) | BREDS High-Yield represents the flagship real estate debt drawdown funds only and excludes BREDS High-Grade. |
| (j) | BCEP, or Blackstone Core Equity Partners, is a core private equity fund which invests with a more modest risk profile and longer hold period. |
| (k) | Realizations are treated as return of capital until fully recovered and therefore unrealized and realized MOICs are not meaningful. If information is not available on a timely basis, returns are calculated from results that are reported on a three month lag. |
| (l) | Funds presented represent the flagship credit drawdown funds only. The Total Credit Net IRR is the combined IRR of the credit drawdown funds presented. |
| Year Ended December 31, |
2019 vs. 2018 |
2018 vs. 2017 | |||||||||||||||||||||||||||
| 2019 |
2018 |
2017 |
$ |
% |
$ |
% |
|||||||||||||||||||||||
| (Dollars in Thousands) | |||||||||||||||||||||||||||||
| Management Fees, Net |
|||||||||||||||||||||||||||||
| Base Management Fees |
$ | 1,116,183 |
$ | 985,399 |
$ | 872,191 |
$ | 130,784 |
13 |
% | $ | 113,208 |
13 |
% | |||||||||||||||
| Transaction and Other Fees, Net |
175,831 |
152,513 |
82,781 |
23,318 |
15 |
% | 69,732 |
84 |
% | ||||||||||||||||||||
| Management Fee Offsets |
(26,836 |
) | (11,442 |
) | (15,934 |
) | (15,394 |
) | 135 |
% | 4,492 |
-28 |
% | ||||||||||||||||
| Total Management Fees, Net |
1,265,178 |
1,126,470 |
939,038 |
138,708 |
12 |
% | 187,432 |
20 |
% | ||||||||||||||||||||
| Fee Related Performance Revenues |
198,237 |
124,502 |
79,500 |
73,735 |
59 |
% | 45,002 |
57 |
% | ||||||||||||||||||||
| Fee Related Compensation |
(531,259 |
) | (459,430 |
) | (437,311 |
) | (71,829 |
) | 16 |
% | (22,119 |
) | 5 |
% | |||||||||||||||
| Other Operating Expenses |
(168,332 |
) | (146,260 |
) | (136,042 |
) | (22,072 |
) | 15 |
% | (10,218 |
) | 8 |
% | |||||||||||||||
| Fee Related Earnings |
763,824 |
645,282 |
445,185 |
118,542 |
18 |
% | 200,097 |
45 |
% | ||||||||||||||||||||
| Realized Performance Revenues |
1,032,337 |
914,984 |
2,141,374 |
117,353 |
13 |
% | (1,226,390 |
) | -57 |
% | |||||||||||||||||||
| Realized Performance Compensation |
(374,096 |
) | (284,319 |
) | (751,526 |
) | (89,777 |
) | 32 |
% | 467,207 |
-62 |
% | ||||||||||||||||
| Realized Principal Investment Income |
79,733 |
92,525 |
255,903 |
(12,792 |
) | -14 |
% | (163,378 |
) | -64 |
% | ||||||||||||||||||
| Net Realizations |
737,974 |
723,190 |
1,645,751 |
14,784 |
2 |
% | (922,561 |
) | -56 |
% | |||||||||||||||||||
| Segment Distributable Earnings |
$ | 1,501,798 |
$ | 1,368,472 |
$ | 2,090,936 |
$ | 133,326 |
10 |
% | $ | (722,464 |
) | -35 |
% | ||||||||||||||
| N/M | Not meaningful. |
| Year Ended December 31, |
Inception to Date |
|||||||||||||||||||||||||||||||||||||||
| 2019 |
2018 |
2017 |
Realized |
Total |
||||||||||||||||||||||||||||||||||||
| Fund (a) |
Gross |
Net |
Gross |
Net |
Gross |
Net |
Gross |
Net |
Gross |
Net |
||||||||||||||||||||||||||||||
| BREP IV |
90% |
66% |
-14% |
-12% |
3% |
3% |
48% |
28% |
22% |
12% |
||||||||||||||||||||||||||||||
| BREP V |
16% |
13% |
-6% |
-5% |
11% |
10% |
15% |
12% |
14% |
11% |
||||||||||||||||||||||||||||||
| BREP VI |
34% |
28% |
7% |
5% |
28% |
23% |
18% |
13% |
17% |
13% |
||||||||||||||||||||||||||||||
| BREP VII |
15% |
12% |
3% |
2% |
22% |
17% |
31% |
22% |
23% |
16% |
||||||||||||||||||||||||||||||
| BREP VIII |
20% |
15% |
20% |
14% |
24% |
16% |
36% |
26% |
23% |
16% |
||||||||||||||||||||||||||||||
| BREP International II (b)(c)(d) |
N/A |
N/A |
34% |
29% |
23% |
21% |
10% |
8% |
10% |
8% |
||||||||||||||||||||||||||||||
| BREP Europe III (b) |
1% |
-1% |
-18% |
-15% |
25% |
20% |
30% |
21% |
23% |
14% |
||||||||||||||||||||||||||||||
| BREP Europe IV (b) |
13% |
10% |
20% |
14% |
33% |
26% |
32% |
23% |
23% |
17% |
||||||||||||||||||||||||||||||
| BREP Europe V (b) |
20% |
14% |
25% |
17% |
N/M |
N/M |
68% |
51% |
24% |
16% |
||||||||||||||||||||||||||||||
| BREP Asia I |
19% |
14% |
10% |
7% |
27% |
19% |
29% |
21% |
22% |
15% |
||||||||||||||||||||||||||||||
| BREP Asia II |
27% |
16% |
N/M |
N/M |
N/A |
N/A |
N/M |
N/M |
25% |
10% |
||||||||||||||||||||||||||||||
| BREP Co-Investment (e) |
20% |
13% |
-1% |
— |
24% |
22% |
17% |
15% |
18% |
16% |
||||||||||||||||||||||||||||||
| BPP (f) |
10% |
8% |
11% |
10% |
13% |
10% |
N/M |
N/M |
12% |
10% |
||||||||||||||||||||||||||||||
| BREDS High-Yield (g) |
17% |
13% |
9% |
4% |
15% |
11% |
15% |
11% |
15% |
11% |
||||||||||||||||||||||||||||||
| BREDS High-Grade (g) |
8% |
7% |
7% |
5% |
N/M |
N/M |
8% |
7% |
8% |
6% |
||||||||||||||||||||||||||||||
| BREDS Liquid (h) |
13% |
10% |
6% |
4% |
11% |
8% |
N/A |
N/A |
11% |
8% |
||||||||||||||||||||||||||||||
| BXMT (i) |
N/A |
25% |
N/A |
7% |
N/A |
16% |
N/A |
N/A |
N/A |
14% |
||||||||||||||||||||||||||||||
| BREIT (j) |
N/A |
12% |
N/A |
8% |
N/A |
10% |
N/A |
N/A |
N/A |
10% |
||||||||||||||||||||||||||||||
| 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. |
| (b) | Euro-based internal rates of return. |
| (c) | 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. |
| (d) | For the year ended December 31, 2019, the appreciation of our remaining assets has resulted in the fund exceeding the preferred return. |
| (e) | 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. |
| (f) | BPP represents the core+ real estate funds which invest with a more modest risk profile and lower leverage. |
| (g) | Effective March 31, 2019, the former BREDS Drawdown composite is presented by its components, BREDS High-Yield and BREDS High-Grade. BREDS High-Yield represents the flagship real estate debt drawdown funds and excludes the BREDS High-Grade drawdown fund, which has a different risk-return profile. Inception to date returns are from July 1, 2009 and July 1, 2017 for BREDS High-Yield and BREDS High-Grade, respectively. Prior periods have been updated to reflect this presentation. |
| (h) | BREDS Liquid represents BREDS funds that invest in liquid real estate debt securities, except funds in liquidation and insurance mandates with specific investment objectives. Effective June 30, 2018, the returns presented represent summarized asset-weighted gross and net rates of return. Inception to Date returns are presented on an annualized basis. Prior periods have been updated to reflect such rates of return. |
| (i) | 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. |
| (j) | Effective September 30, 2019, the BREIT return 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. Prior periods have been updated to reflect BREIT’s per share blended return. The BREIT returns presented in filings prior to September 30, 2019 were for BREIT’s Class S investors. |
| Year Ended December 31, |
2019 vs. 2018 |
2018 vs. 2017 | |||||||||||||||||||||||||||
| 2019 |
2018 |
2017 |
$ |
% |
$ |
% |
|||||||||||||||||||||||
| (Dollars in Thousands) | |||||||||||||||||||||||||||||
| Management and Advisory Fees, Net |
|||||||||||||||||||||||||||||
| Base Management Fees |
$ | 986,482 |
$ | 785,223 |
$ | 724,818 |
$ | 201,259 |
26 |
% | $ | 60,405 |
8 |
% | |||||||||||||||
| Transaction, Advisory and Other Fees, Net |
115,174 |
58,165 |
57,624 |
57,009 |
98 |
% | 541 |
1 |
% | ||||||||||||||||||||
| Management Fee Offsets |
(37,327 |
) | (13,504 |
) | (18,007 |
) | (23,823 |
) | 176 |
% | 4,503 |
-25 |
% | ||||||||||||||||
| Total Management and Advisory Fees, Net |
1,064,329 |
829,884 |
764,435 |
234,445 |
28 |
% | 65,449 |
9 |
% | ||||||||||||||||||||
| Fee Related Compensation |
(423,752 |
) | (375,446 |
) | (347,562 |
) | (48,306 |
) | 13 |
% | (27,884 |
) | 8 |
% | |||||||||||||||
| Other Operating Expenses |
(160,010 |
) | (133,096 |
) | (120,997 |
) | (26,914 |
) | 20 |
% | (12,099 |
) | 10 |
% | |||||||||||||||
| Fee Related Earnings |
480,567 |
321,342 |
295,876 |
159,225 |
50 |
% | 25,466 |
9 |
% | ||||||||||||||||||||
| Realized Performance Revenues |
468,992 |
757,406 |
1,157,188 |
(288,414 |
) | -38 |
% | (399,782 |
) | -35 |
% | ||||||||||||||||||
| Realized Performance Compensation |
(192,566 |
) | (318,167 |
) | (404,544 |
) | 125,601 |
-39 |
% | 86,377 |
-21 |
% | |||||||||||||||||
| Realized Principal Investment Income |
90,249 |
109,731 |
154,837 |
(19,482 |
) | -18 |
% | (45,106 |
) | -29 |
% | ||||||||||||||||||
| Net Realizations |
366,675 |
548,970 |
907,481 |
(182,295 |
) | -33 |
% | (358,511 |
) | -40 |
% | ||||||||||||||||||
| Segment Distributable Earnings |
$ | 847,242 |
$ | 870,312 |
$ | 1,203,357 |
$ | (23,070 |
) | -3 |
% | $ | (333,045 |
) | -28 |
% | |||||||||||||
| N/M | Not meaningful. |
| Year Ended December 31, |
December 31, 2019 Inception to Date |
|||||||||||||||||||||||||||||||||||||||
| 2019 |
2018 |
2017 |
Realized |
Total |
||||||||||||||||||||||||||||||||||||
| Fund (a) |
Gross |
Net |
Gross |
Net |
Gross |
Net |
Gross |
Net |
Gross |
Net |
||||||||||||||||||||||||||||||
| BCP IV |
68% |
51% |
6% |
5% |
1% |
1% |
50% |
36% |
50% |
36% |
||||||||||||||||||||||||||||||
| BCP V |
-14% |
-4% |
-6% |
-5% |
12% |
9% |
11% |
9% |
10% |
8% |
||||||||||||||||||||||||||||||
| BCP VI |
4% |
3% |
17% |
14% |
27% |
22% |
24% |
18% |
17% |
12% |
||||||||||||||||||||||||||||||
| BCP VII |
24% |
18% |
43% |
28% |
29% |
12% |
64% |
45% |
31% |
19% |
||||||||||||||||||||||||||||||
| BEP I |
— |
— |
18% |
15% |
16% |
13% |
22% |
18% |
15% |
12% |
||||||||||||||||||||||||||||||
| BEP II |
-5% |
-3% |
32% |
20% |
15% |
6% |
59% |
43% |
13% |
7% |
||||||||||||||||||||||||||||||
| BCOM |
-22% |
-23% |
3% |
2% |
-3% |
-4% |
13% |
6% |
13% |
6% |
||||||||||||||||||||||||||||||
| BCEP |
24% |
20% |
N/M |
N/M |
N/M |
N/M |
41% |
37% |
18% |
15% |
||||||||||||||||||||||||||||||
| Tactical Opportunities |
10% |
6% |
13% |
9% |
16% |
13% |
23% |
19% |
14% |
10% |
||||||||||||||||||||||||||||||
| Tactical Opportunities Co-Investment and Other |
15% |
14% |
13% |
11% |
28% |
21% |
26% |
23% |
16% |
14% |
||||||||||||||||||||||||||||||
| Strategic Partners I-V (b) |
— |
-1% |
9% |
6% |
12% |
11% |
N/A |
N/A |
16% |
13% |
||||||||||||||||||||||||||||||
| Strategic Partners VI (b) |
-4% |
-5% |
18% |
15% |
15% |
12% |
N/A |
N/A |
21% |
16% |
||||||||||||||||||||||||||||||
| Strategic Partners VII (b) |
12% |
10% |
32% |
26% |
103% |
82% |
N/A |
N/A |
30% |
23% |
||||||||||||||||||||||||||||||
| Strategic Partners Real Assets II (b) |
21% |
17% |
33% |
22% |
N/M |
N/M |
N/A |
N/A |
23% |
17% |
||||||||||||||||||||||||||||||
| Strategic Partners Real Estate, SMA and Other (b) |
19% |
18% |
15% |
13% |
22% |
17% |
N/A |
N/A |
21% |
18% |
||||||||||||||||||||||||||||||
| 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. |
| (b) | Realizations are treated as return of capital until fully recovered and therefore inception to date realized returns are not applicable. Returns are calculated from results that are reported on a three month lag. |
| Year Ended December 31, |
2019 vs. 2018 |
2018 vs. 2017 | |||||||||||||||||||||||||||
| 2019 |
2018 |
2017 |
$ |
% |
$ |
% |
|||||||||||||||||||||||
| (Dollars in Thousands) | |||||||||||||||||||||||||||||
| Management Fees, Net |
|||||||||||||||||||||||||||||
| Base Management Fees |
$ | 556,730 |
$ | 519,782 |
$ | 516,048 |
$ | 36,948 |
7% |
$ | 3,734 |
1% |
|||||||||||||||||
| Transaction and Other Fees, Net |
3,533 |
3,180 |
2,980 |
353 |
11% |
200 |
7% |
||||||||||||||||||||||
| Management Fee Offsets |
(138 |
) | (93 |
) | (93 |
) | (45 |
) | 48% |
— |
— |
||||||||||||||||||
| Total Management Fees, Net |
560,125 |
522,869 |
518,935 |
37,256 |
7% |
3,934 |
1% |
||||||||||||||||||||||
| Fee Related Compensation |
(151,960 |
) | (162,172 |
) | (146,924 |
) | 10,212 |
-6% |
(15,248 |
) | 10% |
||||||||||||||||||
| Other Operating Expenses |
(81,999 |
) | (77,772 |
) | (68,265 |
) | (4,227 |
) | 5% |
(9,507 |
) | 14% |
|||||||||||||||||
| Fee Related Earnings |
326,166 |
282,925 |
303,746 |
43,241 |
15% |
(20,821 |
) | -7% |
|||||||||||||||||||||
| Realized Performance Revenues |
126,576 |
42,419 |
154,343 |
84,157 |
198% |
(111,924 |
) | -73% |
|||||||||||||||||||||
| Realized Performance Compensation |
(24,301 |
) | (21,792 |
) | (40,707 |
) | (2,509 |
) | 12% |
18,915 |
-46% |
||||||||||||||||||
| Realized Principal Investment Income |
21,707 |
17,039 |
9,074 |
4,668 |
27% |
7,965 |
88% |
||||||||||||||||||||||
| Net Realizations |
123,982 |
37,666 |
122,710 |
86,316 |
229% |
(85,044 |
) | -69% |
|||||||||||||||||||||
| Segment Distributable Earnings |
$ | 450,148 |
$ | 320,591 |
$ | 426,456 |
$ | 129,557 |
40% |
$ | (105,865 |
) | -25% |
||||||||||||||||
| N/M | Not meaningful. |
| Invested Performance Revenue Eligible Assets Under Management |
Estimated % Above High Water Mark/Benchmark (a) |
|||||||||||||||||||||||
| December 31, |
||||||||||||||||||||||||
| 2018 |
2017 |
2019 |
2018 |
2017 |
||||||||||||||||||||
| (Dollars in Thousands) |
||||||||||||||||||||||||
| Hedge Fund Solutions Managed Funds (b) |
$ | 43,789,081 |
$ | 42,393,275 |
$ | 41,238,330 |
91% |
46% |
91% |
|||||||||||||||
| (a) | Estimated % Above High Water Mark/Benchmark represents the percentage of Invested Performance Revenue 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 December 31, 2019, the incremental appreciation needed for the 9% of Invested Performance Revenue Eligible Assets Under Management below their respective High Water Marks/Benchmarks to reach their respective High Water Marks/Benchmarks was $504.3 million, a decrease of $352.4 million, compared to $856.7 million at December 31, 2018. Of the Invested Performance Revenue Eligible Assets Under Management below their respective High Water Marks/Benchmarks as of December 31, 2019, 33% were within 5% of reaching their respective High Water Mark. |
| Average Annual Returns (a) |
||||||||||||||||||||||||||||||||
| Periods Ended December 31, 2019 |
||||||||||||||||||||||||||||||||
| One Year |
Three Year |
Five Year |
Historical |
|||||||||||||||||||||||||||||
| Composite |
Gross |
Net |
Gross |
Net |
Gross |
Net |
Gross |
Net |
||||||||||||||||||||||||
| BAAM Principal Solutions Composite (b) |
8% |
7% |
6% |
5% |
5% |
4% |
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. None of the other platforms/strategies managed through the Blackstone Hedge Fund Solutions Group are included in the composite (except for investments by BPS funds/accounts directly into those platforms/strategies). BAAM-managed funds in liquidation and non-fee-paying assets (in the case of net returns) are excluded from the composite. The historical return is from January 1, 2000. |
| Year Ended December 31, |
2019 vs. 2018 |
2018 vs. 2017 | |||||||||||||||||||||||||||
| 2019 |
2018 |
2017 |
$ |
% |
$ |
% |
|||||||||||||||||||||||
| (Dollars in Thousands) | |||||||||||||||||||||||||||||
| Management Fees, Net |
|||||||||||||||||||||||||||||
| Base Management Fees |
$ | 586,535 |
$ | 553,921 |
$ | 567,334 |
$ | 32,614 |
6% |
$ | (13,413 |
) | -2% |
||||||||||||||||
| Transaction and Other Fees, Net |
19,882 |
15,640 |
13,431 |
4,242 |
27% |
2,209 |
16% |
||||||||||||||||||||||
| Management Fee Offsets |
(11,813 |
) | (12,332 |
) | (32,382 |
) | 519 |
-4% |
20,050 |
-62% |
|||||||||||||||||||
| Total Management Fees, Net |
594,604 |
557,229 |
548,383 |
37,375 |
7% |
8,846 |
2% |
||||||||||||||||||||||
| Fee Related Performance Revenues |
13,764 |
(666 |
) | 89,945 |
14,430 |
N/M |
(90,611 |
) | N/M |
||||||||||||||||||||
| Fee Related Compensation |
(229,607 |
) | (219,098 |
) | (253,842 |
) | (10,509 |
) | 5% |
34,744 |
-14% |
||||||||||||||||||
| Other Operating Expenses |
(160,801 |
) | (131,200 |
) | (99,562 |
) | (29,601 |
) | 23% |
(31,638 |
) | 32% |
|||||||||||||||||
| Fee Related Earnings |
217,960 |
206,265 |
284,924 |
11,695 |
6% |
(78,659 |
) | -28% |
|||||||||||||||||||||
| Realized Performance Revenues |
32,737 |
96,962 |
194,902 |
(64,225 |
) | -66% |
(97,940 |
) | -50% |
||||||||||||||||||||
| Realized Performance Compensation |
(12,972 |
) | (53,863 |
) | (100,834 |
) | 40,891 |
-76% |
46,971 |
-47% |
|||||||||||||||||||
| Realized Principal Investment Income |
32,466 |
16,763 |
16,380 |
15,703 |
94% |
383 |
2% |
||||||||||||||||||||||
| Net Realizations |
52,231 |
59,862 |
110,448 |
(7,631 |
) | -13% |
(50,586 |
) | -46% |
||||||||||||||||||||
| Segment Distributable Earnings |
$ | 270,191 |
$ | 266,127 |
$ | 395,372 |
$ | 4,064 |
2% |
$ | (129,245 |
) | -33% |
||||||||||||||||
| N/M | Not meaningful. |
| Year Ended December 31, |
Inception to December 31, 2019 |
|||||||||||||||||||||||||||||||
| 2019 |
2018 |
2017 |
Total |
|||||||||||||||||||||||||||||
| Composite (a) |
Gross |
Net |
Gross |
Net |
Gross |
Net |
Gross |
Net |
||||||||||||||||||||||||
| Performing Credit Strategies (b) |
13% |
10% |
9% |
6% |
11% |
6% |
14% |
9% |
||||||||||||||||||||||||
| Distressed Strategies (c) |
-4% |
-6% |
-2% |
-2% |
9% |
6% |
10% |
6% |
||||||||||||||||||||||||
| (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) | Performing Credit Strategies include mezzanine lending funds, middle market direct lending funds, including our BDC, and other performing credit strategy funds. Performing Credit Strategies’ returns represent the IRR of the combined cash flows of the fee-earning funds exceeding $100 million of fair value at each respective quarter end as well as the Blackstone Funds that were contributed to GSO as part of Blackstone’s acquisition of GSO in March 2008. Effective December 31, 2019 Performing Credit Strategies’ returns exclude funds in liquidation. The inception to date returns are from July 16, 2007. Prior periods have been updated to reflect this presentation. |
| (c) | Distressed Strategies include stressed/distressed funds, credit alpha strategies and energy strategies. Distressed Strategies’ returns represent the IRR of the combined cash flows of the fee-earning funds exceeding $100 million of fair value at each respective quarter end. Effective December 31, 2019 Distressed Strategies’ returns exclude funds in liquidation. The inception to date returns are from August 1, 2005. Prior periods have been updated to reflect this presentation. |
| (a) | This adjustment removes Transaction-Related Charges, which are excluded from Blackstone’s segment presentation. Transaction-Related Charges arise from corporate actions including acquisitions, divestitures, and Blackstone’s initial public offering. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs and any gains or losses associated with these corporate actions. |
| (b) | This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation. This amount includes amortization of intangibles associated with Blackstone’s investment in Pátria, which is accounted for under the equity method. |
| (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. |
| Year Ended December 31, | |||||||||||||
| 2018 |
2017 |
||||||||||||
| (Dollars in Thousands) | |||||||||||||
| GAAP Unrealized Performance Allocations |
$ | 1,126,332 |
$ | 561,373 |
$ | (105,473 |
) | ||||||
| Segment Adjustment |
336 |
(210 |
) | 41 |
|||||||||
| Unrealized Performance Revenues |
$ | 1,126,668 |
$ | 561,163 |
$ | (105,432 |
) | ||||||
| (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. |
| Year Ended December 31, | |||||||||||||
| 2018 |
2017 |
||||||||||||
| (Dollars in Thousands) | |||||||||||||
| GAAP Unrealized Principal Investment Income |
$ | 215,003 |
$ | 49,917 |
$ | 42,605 |
|||||||
| Segment Adjustment |
(101,676 |
) | (115,768 |
) | (173,811 |
) | |||||||
| Unrealized Principal Investment Income (Loss) |
$ | 113,327 |
$ | (65,851 |
) | $ | (131,206 |
) | |||||
| (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 Charges. For the year ended December 31, 2018, Transaction-Related Charges included $580.9 million of Other Revenues received upon the conclusion of Blackstone’s investment sub-advisory relationship with FS Investments’ funds. |
| Year Ended December 31, | |||||||||||||
| 2018 |
2017 |
||||||||||||
| (Dollars in Thousands) | |||||||||||||
| GAAP Other Revenue |
$ | 79,993 |
$ | 672,317 |
$ | (133,229 |
) | ||||||
| Segment Adjustment |
(546 |
) | (582,849 |
) | (6,822 |
) | |||||||
| Other Revenues |
$ | 79,447 |
$ | 89,468 |
$ | (140,051 |
) | ||||||
| (h) | This adjustment removes Equity-Based Compensation on a segment basis. |
| (i) | 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. Related Payables represent tax-related payables including the amount payable under the Tax Receivable Agreement. |
| Year Ended December 31, | |||||||||||||
| 2018 |
2017 |
||||||||||||
| (Dollars in Thousands) | |||||||||||||
| Taxes |
$ | 140,416 |
$ | 90,022 |
$ | 101,531 |
|||||||
| Related Payables |
55,743 |
63,843 |
88,457 |
||||||||||
| Taxes and Related Payables |
$ | 196,159 |
$ | 153,865 |
$ | 189,988 |
|||||||
| (j) | This adjustment removes Interest and Dividend Revenue less Interest Expense 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 interest expense associated with the Tax Receivable Agreement. |
| Year Ended December 31, | |||||||||||||
| 2018 |
2017 |
||||||||||||
| (Dollars in Thousands) | |||||||||||||
| GAAP Interest and Dividend Revenue |
$ | 182,398 |
$ | 171,947 |
$ | 139,696 |
|||||||
| Segment Adjustment |
10,195 |
9,816 |
3,224 |
||||||||||
| Interest and Dividend Revenue |
192,593 |
181,763 |
142,920 |
||||||||||
| GAAP Interest Expense |
199,648 |
163,990 |
197,486 |
||||||||||
| Segment Adjustment |
(4,614 |
) | (4,152 |
) | (4,648 |
) | |||||||
| Interest Expense |
195,034 |
159,838 |
192,838 |
||||||||||
| Net Interest Income (Loss) |
$ | (2,441 |
) | $ | 21,925 |
$ | (49,918 |
) | |||||
| (k) | This adjustment removes the total segment amounts of Realized Performance Revenues. |
| (l) | This adjustment removes the total segment amounts of Realized Performance Compensation. |
| (m) | This adjustment removes the total segment amount of Realized Principal Investment Income. |
| (n) | This adjustment adds back Interest Expense on a segment basis. |
| 2018 |
|||||||||
| (Dollars in Thousands) | |||||||||
| Investments of Consolidated Blackstone Funds |
$ | 8,380,698 |
$ | 8,376,338 |
|||||
| Equity Method Investments |
|||||||||
| Partnership Investments |
4,035,675 |
3,649,423 |
|||||||
| Accrued Performance Allocations |
7,180,449 |
5,883,924 |
|||||||
| Corporate Treasury Investments |
2,419,587 |
2,206,493 |
|||||||
| Other Investments |
265,273 |
260,853 |
|||||||
| Total GAAP Investments |
$ | 22,281,682 |
$ | 20,377,031 |
|||||
| Accrued Performance Allocations - GAAP |
$ | 7,180,449 |
$ | 5,883,924 |
|||||
| Impact of Consolidation (a) |
384 |
— |
|||||||
| Due From Affiliates - GAAP (b) |
154,980 |
33,419 |
|||||||
| Less: Accrued Performance Compensation - GAAP (c) |
(3,021,899 |
) | (2,394,747 |
) | |||||
| Net Accrued Performance Revenues |
$ | 4,313,914 |
$ | 3,522,596 |
|||||
| (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 GAAP accrued performance compensation associated with Accrued Performance Allocations and is recorded within Accrued Compensation and Benefits and Due to Affiliates. |
| |
Blackstone and General Partner |
Senior Managing Directors and Certain Other Professionals (a) | |||||||||||||||
| Fund |
Original Commitment |
Remaining Commitment |
Original Commitment |
Remaining Commitment |
|||||||||||||
| |
(Dollars in Thousands) | ||||||||||||||||
| Real Estate |
|
|
|
|
|||||||||||||
| BREP VII |
$ | 300,000 |
$ | 41,987 |
$ | 100,000 |
$ | 13,996 |
|||||||||
| BREP VIII |
300,000 |
56,952 |
100,000 |
18,984 |
|||||||||||||
| BREP IX |
300,000 |
246,615 |
100,000 |
82,205 |
|||||||||||||
| BREP Europe III |
100,000 |
13,231 |
35,000 |
4,410 |
|||||||||||||
| BREP Europe IV |
130,000 |
23,540 |
43,333 |
7,847 |
|||||||||||||
| BREP Europe V |
150,000 |
34,995 |
43,333 |
10,110 |
|||||||||||||
| BREP Europe VI |
130,000 |
122,768 |
43,333 |
40,923 |
|||||||||||||
| BREP Asia I |
50,000 |
14,806 |
16,667 |
4,935 |
|||||||||||||
| BREP Asia II |
70,707 |
47,267 |
23,569 |
15,756 |
|||||||||||||
| BREDS II |
50,000 |
6,227 |
16,667 |
2,076 |
|||||||||||||
| BREDS III |
50,000 |
21,545 |
16,667 |
7,182 |
|||||||||||||
| BREDS IV |
50,000 |
50,000 |
— |
— |
|||||||||||||
| BPP |
75,994 |
5,327 |
— |
— |
|||||||||||||
| Other (b) |
9,752 |
3,054 |
— |
— |
|||||||||||||
| Private Equity |
|
|
|
|
|||||||||||||
| BCP V |
629,356 |
30,642 |
— |
— |
|||||||||||||
| BCP VI |
719,718 |
91,540 |
250,000 |
31,797 |
|||||||||||||
| BCP VII |
500,000 |
164,618 |
225,000 |
74,078 |
|||||||||||||
| BCP VIII |
500,000 |
500,000 |
225,000 |
225,000 |
|||||||||||||
| BEP I |
50,000 |
4,728 |
— |
— |
|||||||||||||
| BEP II |
80,000 |
21,813 |
26,667 |
7,271 |
|||||||||||||
| BEP III |
80,000 |
80,000 |
26,667 |
26,667 |
|||||||||||||
| BCEP |
120,000 |
35,179 |
18,992 |
5,568 |
|||||||||||||
| BCP Asia |
40,000 |
26,675 |
13,333 |
8,892 |
|||||||||||||
| Tactical Opportunities |
408,657 |
208,225 |
136,219 |
69,408 |
|||||||||||||
| Strategic Partners |
737,539 |
463,092 |
90,627 |
52,595 |
|||||||||||||
| BIP |
168,632 |
139,709 |
— |
— |
|||||||||||||
| BXLS |
10,500 |
6,780 |
— |
— |
|||||||||||||
| Other (b) |
265,974 |
34,676 |
— |
— |
|||||||||||||
| Hedge Fund Solutions |
|
|
|
|
|||||||||||||
| Strategic Alliance |
50,000 |
2,033 |
— |
— |
|||||||||||||
| Strategic Alliance II |
50,000 |
1,482 |
— |
— |
|||||||||||||
| Strategic Alliance III |
22,000 |
11,880 |
— |
— |
|||||||||||||
| Strategic Holdings LP |
154,610 |
83,379 |
— |
— |
|||||||||||||
| Strategic Holdings II LP |
50,000 |
50,000 |
— |
— |
|||||||||||||
| Other (b) |
3,239 |
1,667 |
— |
— |
|||||||||||||
| |
Blackstone and General Partner |
Senior Managing Directors and Certain Other Professionals (a) | |||||||||||||||
| Fund |
Original Commitment |
Remaining Commitment |
Original Commitment |
Remaining Commitment |
|||||||||||||
| |
(Dollars in Thousands) | ||||||||||||||||
| Credit |
|
|
|
|
|||||||||||||
| Capital Opportunities Fund II LP |
$ | 120,000 |
$ | 30,218 |
$ | 110,101 |
$ | 27,726 |
|||||||||
| Capital Opportunities Fund III LP |
130,783 |
68,905 |
30,688 |
16,569 |
|||||||||||||
| GSO European Senior Debt Fund LP |
63,000 |
16,547 |
56,992 |
14,969 |
|||||||||||||
| GSO European Senior Debt Fund II LP |
77,182 |
69,773 |
26,989 |
25,657 |
|||||||||||||
| GSO Capital Solutions |
50,000 |
5,008 |
27,666 |
2,771 |
|||||||||||||
| GSO Capital Solutions II |
125,000 |
51,695 |
119,959 |
49,610 |
|||||||||||||
| GSO Capital Solutions III |
151,000 |
123,656 |
31,395 |
26,923 |
|||||||||||||
| GSO Energy Select Opportunities Fund |
80,000 |
41,247 |
74,741 |
38,535 |
|||||||||||||
| GSO Energy Select Opportunities Fund II |
150,000 |
139,917 |
25,222 |
23,523 |
|||||||||||||
| GSO Credit Alpha Fund LP |
52,102 |
7,465 |
50,394 |
7,221 |
|||||||||||||
| GSO Credit Alpha Fund II LP |
25,500 |
15,701 |
5,907 |
3,626 |
|||||||||||||
| Blackstone / GSO Secured Lending Fund |
64,500 |
31,650 |
— |
— |
|||||||||||||
| Other (b) |
164,378 |
49,883 |
21,515 |
3,913 |
|||||||||||||
| Other |
|
|
|
|
|||||||||||||
| Treasury (c) |
748,854 |
512,352 |
— |
— |
|||||||||||||
| |
$ | 8,408,977 |
$ | 3,810,449 |
$ | 2,132,643 |
$ | 950,743 |
|||||||||
| (a) | 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. In addition, certain senior managing directors and other professionals may be required to fund a de minimis amount of the commitment in certain carry funds. 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. |
| (b) | Represents capital commitments to a number of other funds in each respective segment. |
| (c) | Represents loan origination commitments, which are typically funded within 60-90 days of making a commitment, and capital market commitments. |
| Senior Notes (a) |
Aggregate Principal Amount (Dollars/Euros in Thousands) |
||||
| 4.750%, Due 2/15/2023 |
$ | 400,000 |
|||
| 2.000%, Due 5/19/2025 |
€ |
300,000 |
|||
| 1.000%, Due 10/5/2026 |
€ |
600,000 |
|||
| 3.150%, Due 10/2/2027 |
$ | 300,000 |
|||
| 1.500%, Due 4/10/2029 |
€ |
600,000 |
|||
| 2.500%, Due 1/10/2030 |
$ | 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 |
|||
| (a) | The Notes are unsecured and unsubordinated obligations of the Issuer and are fully and unconditionally guaranteed, jointly and severally, by The Blackstone Group 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. |
| Repurchase Agreements |
Securities Sold, Not Yet Purchased |
||||||||
| (Dollars in Millions) | |||||||||
| Balance, December 31, 2019 |
$ | 154.1 |
$ | 75.5 |
|||||
| Balance, December 31, 2018 |
$ | 222.2 |
$ | 142.6 |
|||||
| Year Ended December 31, 2019 |
|||||||||
| Average Daily Balance |
$ | 191.4 |
$ | 112.8 |
|||||
| Maximum Daily Balance |
$ | 224.6 |
$ | 142.9 |
|||||
| • | 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 and investment fair value subsequent to the investment period for private equity and real estate funds, and |
| • | 0.75% to 1.50% of invested capital or net asset value subsequent to the investment period for certain of our hedge fund solutions and credit-focused funds. |
| • | 0.30% to 1.50% of net asset value. |
| • | 0.25% to 1.50% of net asset value or total assets. |
| • | 0.50% to 2.00% of invested capital, net operating income or net asset value. |
| • | 0.25% to 1.50% of net asset value. |
| • | 0.40% to 0.65% of the aggregate par amount of collateral assets, including principal cash. |
| • | 0.35% to 1.50% of total assets or net asset value. |
| • | Note 9. “Variable Interest Entities”, and |
| • | Note 19. “Commitments and Contingencies — Commitments — Investment Commitments” and “— Contingencies — Guarantees”. |
| Contractual Obligations |
2020 |
2021-2022 |
2023-2024 |
Thereafter |
Total |
||||||||||||||||
| (Dollars in Thousands) | |||||||||||||||||||||
| Operating Lease Obligations (a) |
$ | 90,569 |
$ | 208,113 |
$ | 182,780 |
$ | 259,311 |
$ | 740,773 |
|||||||||||
| Purchase Obligations |
39,958 |
24,388 |
24 |
— |
64,370 |
||||||||||||||||
| Blackstone Issued Notes and Revolving Credit Facility (b) |
— |
— |
400,000 |
4,281,950 |
4,681,950 |
||||||||||||||||
| Interest on Blackstone Issued Notes and Revolving Credit Facility (c) |
146,697 |
293,395 |
264,895 |
1,889,567 |
2,594,554 |
||||||||||||||||
| Blackstone Funds and CLO Vehicles Debt Obligations Payable (d) |
113 |
— |
— |
6,859,535 |
6,859,648 |
||||||||||||||||
| Interest on Blackstone Funds and CLO Vehicles Debt Obligations Payable (e) |
231,786 |
463,571 |
463,571 |
1,237,518 |
2,396,446 |
||||||||||||||||
| Blackstone Funds Capital Commitments to Investee Funds (f) |
79,950 |
— |
— |
— |
79,950 |
||||||||||||||||
| Due to Certain Non-Controlling Interest Holders in Connection with Tax Receivable Agreements (g) |
70,987 |
78,323 |
64,233 |
467,967 |
681,510 |
||||||||||||||||
| Unrecognized Tax Benefits, Including Interest and Penalties (h) |
912 |
— |
— |
— |
912 |
||||||||||||||||
| Blackstone Operating Entities Capital Commitments to Blackstone Funds and Other (i) |
3,810,449 |
— |
— |
— |
3,810,449 |
||||||||||||||||
| Consolidated Contractual Obligations |
4,471,421 |
1,067,790 |
1,375,503 |
14,995,848 |
21,910,562 |
||||||||||||||||
| Blackstone Funds and CLO Vehicles Debt Obligations Payable (d) |
(113 |
) | — |
— |
(6,859,535 |
) | (6,859,648 |
) | |||||||||||||
| Interest on Blackstone Funds and CLO Vehicles Debt Obligations Payable (e) |
(231,786 |
) | (463,571 |
) | (463,571 |
) | (1,237,518 |
) | (2,396,446 |
) | |||||||||||
| Blackstone Funds Capital Commitments to Investee Funds (f) |
(79,950 |
) | — |
— |
— |
(79,950 |
) | ||||||||||||||
| Blackstone Operating Entities Contractual Obligations |
$ | 4,159,572 |
$ | 604,219 |
$ | 911,932 |
$ | 6,898,795 |
$ | 12,574,518 |
|||||||||||
| (a) | We lease our primary office space and certain office equipment under agreements that expire through 2030. 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 amount due on the senior notes we issued. As of December 31, 2019, we had no outstanding borrowings under our revolver. |
| (c) | Represents interest to be paid over the maturity of our senior notes and borrowings under our revolving credit facility which has been calculated assuming no pre-payments are made and debt is held until its final maturity date. These amounts exclude commitment fees for unutilized borrowings under our revolver. |
| (d) | These obligations are those of the Blackstone Funds including the consolidated CLO vehicles. |
| (e) | Represents interest to be paid over the maturity of the related consolidated Blackstone Funds’ and CLO vehicles’ debt obligations which has been calculated assuming no pre-payments will be made and debt will be held until its final maturity date. The future interest payments are calculated using variable rates in effect as of December 31, 2019, at spreads to market rates pursuant to the financing agreements, and range from 2.6% to 8.4%. The majority of the borrowings are due on demand and for purposes of this schedule are assumed to mature within one year. Interest on the majority of these borrowings rolls over into the principal balance at each reset date. |
| (f) | 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. |
| (g) | 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 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 Consolidated Financial Statements and shown in Note 18. “Related Party Transactions” (see “— Item 8. Financial Statements and Supplementary Data”) differs to reflect the net present value of the payments due to certain non-controlling interest holders. |
| (h) | The total represents gross unrecognized tax benefits of $0.5 million and interest and penalties of $0.5 million. 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 $24.5 million and interest of $2.2 million; therefore, such amounts are not included in the above contractual obligations table. |
| (i) | 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. |
| Year Ended December 31, | |||||||||
| 2018 |
|||||||||
| Fund Management Fees Based on the NAV of the Applicable Funds or Separately Managed Accounts |
35 |
% | 38 |
% | |||||
| 2018 | |||||||||||||||||||||||||
| Management Fees (a) |
Performance Revenues, Net of Related Compensation Expense (b) |
Investment Income (b) |
Management Fees (a) |
Performance Revenues, Net of Related Compensation Expense (b) |
Investment Income (b) |
||||||||||||||||||||
| (Dollars in Thousands) | |||||||||||||||||||||||||
| 10% Decline in Fair Value of the Investments |
$ | 129,020 |
$ | 1,659,753 |
$ | 177,934 |
$ | 104,582 |
$ | 1,475,206 |
$ | 199,072 |
|||||||||||||
| (a) | Represents the annualized effect of the 10% decline. |
| (b) | Represents the reporting date effect of the 10% decline. |
| Total Assets Under Management, Excluding Undrawn Capital Commitments and the Amount of Capital Raised for CLOs |
Percentage Amount Classified as Level III Investments |
|||||||
| (Dollars in Thousands) |
||||||||
| Real Estate |
$ 115,766,929 |
87% |
||||||
| Private Equity |
$ 87,325,460 |
67% |
||||||
| Hedge Fund Solutions |
$ 78,205,986 |
10% |
||||||
| Credit |
$ 79,522,359 |
28% |
||||||
| 2018 |
||||||||||||||||||||||||
| Management Fees (a) |
Performance Revenues, Net of Related Compensation Expense (b) |
Investment Income (b) |
Management Fees (a) |
Performance Revenues, Net of Related Compensation Expense (b) |
Investment Income (b) |
|||||||||||||||||||
| (Dollars in Thousands) |
||||||||||||||||||||||||
| 10% Decline in the Rate of Exchange of All Foreign Currencies Against the U.S. Dollar |
$ | 22,883 |
$ | 555,767 |
$ | 43,802 |
$ | 18,289 |
$ | 339,152 |
$ | 32,810 |
||||||||||||
| (a) | Represents the annualized effect of the 10% decline. |
| (b) | Represents the reporting date effect of the 10% decline. |
| 2018 |
|||||||||
| (Dollars in Thousands) | |||||||||
| Annualized Increase in Interest Expense Due to a One Percentage Point Increase in Interest Rates (a) |
$ | — |
$ | — |
|||||
| (a) | As of December 31, 2019 and 2018 Blackstone had no such debt obligations payable outstanding. |
| |
|||||||||||||||||
| |
2018 | ||||||||||||||||
| |
Annualized Decrease in Investment Income |
Annualized Increase in Interest Income from Floating Rate Assets |
Annualized Decrease in Investment Income |
Annualized Increase in Interest Income from Floating Rate Assets |
|||||||||||||
| |
(Dollars in Thousands) | ||||||||||||||||
| One Percentage Point Increase in Interest Rates |
$ | 6,855 |
(a) | $ | 28,404 |
$ | 6,641 |
(a) | $ | 24,602 |
|||||||
| (a) | As of December 31, 2019 and 2018, this represents 0.2% and 0.1% of our portfolio of liquid assets, respectively. |
| 2018 |
|||||||||
| (Dollars in Thousands) | |||||||||
| Annualized Increase in Other Revenue Due to a One Percentage Point Increase in Interest Rates |
$ | 13,957 |
$ | 14,210 |
|||||
| 2018 |
|||||||||
| (Dollars in Thousands) | |||||||||
| Decrease in Annualized Investment Income Due to a One Percentage Point Increase in Credit Spreads (a) |
$ | 42,135 |
$ | 52,051 |
|||||
| (a) | As of December 31, 2019 and 2018, this represents 1.2% and 1.1% of our portfolio of liquid assets, respectively. |
| 136 |
||||
| 140 |
||||
| 142 |
||||
| 143 |
||||
| 144 |
||||
| 147 |
||||
| 149 |
| • | We tested the design, implementation, and operating effectiveness of controls, including those related to management’s review of the techniques and assumptions used in the determination of fair value. |
| • | We tested management’s assumptions through independent analysis and comparison to external sources. |
| • | We evaluated management’s ability to accurately estimate fair value by comparing management’s historical fair value estimates to observable market transactions. |
| • | We evaluated the impact of current market events and conditions, including relevant comparable transactions, on the valuation techniques and assumptions used by management (i.e., commodity prices, interest rate environment, and overall sector performance). |
| • | We inspected industry reports for each industry in the portfolio for negative evidence of performance or expected performance changes (i.e., changing product demand/obsolescence or commodity prices declines) in determining if the current valuations captured significant economic or industry events. |
| • | We utilized our internal fair value specialists to assist in the evaluation of management’s valuation methodologies and assumptions (or “inputs”). With the assistance of our internal fair value specialists, we evaluated certain of these inputs (e.g., guideline public companies, guideline transactions, valuation multiples, discount rates, yields, cap rates, exit multiples, and long-term growth rates). Our fair value specialist procedures included testing the underlying source information of the assumptions, as well as developing a range of independent estimates and comparing those to the inputs used by management. |
| • | We tested the design, implementation, and operating effectiveness of management’s review of the accounting impacts of the Conversion. |
| • | We assessed the appropriateness of the methodology employed by management in calculating and allocating the step-up, based upon the relevant tax rules and regulations. |
| • | We tested the formulaic accuracy of the mathematical model used by management and its third-party specialist to compute the step-up, in order to evaluate whether the calculation and allocation was made in accordance with management’s chosen methodology. |
| • | We tested key inputs to the mathematical model used by management, which included, among others, the fair values and tax bases of certain assets of the company. |
| • | We tested the transactional steps undertaken by the company to legally effectuate the Conversion, in order to evaluate that the recorded income tax accounting consequences were supported by appropriately implemented legal transactions. |
| • | We evaluated the financial statement disclosures related to the Conversion for completeness and accuracy. |
| 2019 |
2018 |
||||||||
| Assets |
|||||||||
| Cash and Cash Equivalents |
$ | i 2,172,441 |
$ | i 2,207,841 |
|||||
| Cash Held by Blackstone Funds and Other |
i 351,210 |
i 337,320 |
|||||||
| Investments (including assets pledged of $ i 196,094 and $ i 279,502
at December 31, 2019 and December 31, 2018, respectively) |
i 22,281,682 |
i 20,377,031 |
|||||||
| Accounts Receivable |
i 975,075 |
i 636,238 |
|||||||
| Due from Affiliates |
i 2,594,873 |
i 1,994,123 |
|||||||
| Intangible Assets, Net |
i 397,508 |
i 468,507 |
|||||||
| Goodwill |
i 1,869,860 |
i 1,869,860 |
|||||||
| Other Assets |
i 382,493 |
i 294,248 |
|||||||
| Right-of-Use Assets |
i 471,059 |
— |
|||||||
| Deferred Tax Assets |
i 1,089,305 |
i 739,482 |
|||||||
| Total Assets |
$ | i 32,585,506 |
$ | i 28,924,650 |
|||||
| Liabilities and Equity |
|||||||||
| Loans Payable |
$ | i 11,080,723 |
$ | i 9,951,862 |
|||||
| Due to Affiliates |
i 1,026,871 |
i 1,035,776 |
|||||||
| Accrued Compensation and Benefits |
i 3,796,044 |
i 2,942,128 |
|||||||
| Securities Sold, Not Yet Purchased |
i 75,545 |
i 142,617 |
|||||||
| Repurchase Agreements |
i 154,118 |
i 222,202 |
|||||||
| Operating Lease Liabilities |
i 542,994 |
— |
|||||||
| Accounts Payable, Accrued Expenses and Other Liabilities |
i 806,159 |
i 875,979 |
|||||||
| Total Liabilities |
i 17,482,454 |
i 15,170,564 |
|||||||
| Commitments and Contingencies |
|||||||||
| i | i | ||||||||
| Redeemable Non-Controlling Interests in Consolidated Entities |
i 87,651 |
i 141,779 |
|||||||
| Equity |
|||||||||
| Stockholders’ Equity of The Blackstone Group Inc. |
|||||||||
| The Blackstone Group L.P. Partners’ Capital ( i 663,212,830 common units issued and outstanding as of December 31, 2018) |
— |
i 6,415,700 |
|||||||
| Class A Common Stock, $ i 0.00001 par value, i 90 billion
shares authorized, ( i i 671,157,692 /
shares issued and outstanding as of December 31, 2019) |
i 7 |
— |
|||||||
| Class B Common Stock, $ i 0.00001 par value, i 999,999,000
shares authorized, ( i i 1 /
share issued and outstanding as of December 31, 2019) |
i — |
— |
|||||||
| Class C Common Stock, $ i 0.00001 par value, i 1,000
shares authorized, ( i i 1 /
share issued and outstanding as of December 31, 2019) |
i — |
— |
|||||||
| Additional Paid-in-Capital |
i 6,428,647 |
— |
|||||||
| Retained Earnings |
i 609,625 |
— |
|||||||
| Accumulated Other Comprehensive Loss |
( i 28,495 |
) | ( i 36,476 |
) | |||||
| Total Stockholders’ Equity of The Blackstone Group Inc. |
i 7,009,784 |
i 6,379,224 |
|||||||
| Non-Controlling Interests in Consolidated Entities |
i 4,186,069 |
i 3,648,766 |
|||||||
| Non-Controlling Interests in Blackstone Holdings |
i 3,819,548 |
i 3,584,317 |
|||||||
| Total Equity |
i 15,015,401 |
i 13,612,307 |
|||||||
| Total Liabilities and Equity |
$ | i 32,585,506 |
$ | i 28,924,650 |
|||||
| Assets |
||||||||
| Cash Held by Blackstone Funds and Other |
$ | i 351,210 |
$ | i 337,030 |
||||
| Investments |
i 8,371,899 |
i 8,363,669 |
||||||
| Accounts Receivable |
i 220,372 |
i 179,863 |
||||||
| Due from Affiliates |
i 7,856 |
i 6,303 |
||||||
| Other Assets |
i 1,204 |
i 3,880 |
||||||
| Total Assets |
$ | i 8,952,541 |
$ | i 8,890,745 |
||||
| Liabilities |
||||||||
| Loans Payable |
$ | i 6,479,867 |
$ | i 6,480,711 |
||||
| Due to Affiliates |
i 142,546 |
i 129,370 |
||||||
| Securities Sold, Not Yet Purchased |
i 55,289 |
i 92,603 |
||||||
| Repurchase Agreements |
i 154,118 |
i 222,202 |
||||||
| Accounts Payable, Accrued Expenses and Other Liabilities |
i 301,355 |
i 252,176 |
||||||
| Total Liabilities |
$ | i 7,133,175 |
$ | i 7,177,062 |
||||
| Year Ended December 31, | |||||||||||||
| 2018 |
2017 |
||||||||||||
| Revenues |
|||||||||||||
| Management and Advisory Fees, Net |
$ | i 3,472,155 |
$ | i 3,027,796 |
$ | i 2,751,322 |
|||||||
| Incentive Fees |
i 129,911 |
i 57,540 |
i 242,514 |
||||||||||
| Investment Income (Loss) |
|||||||||||||
| Performance Allocations |
|||||||||||||
| Realized |
i 1,739,000 |
i 1,876,507 |
i 3,571,811 |
||||||||||
| Unrealized |
i 1,126,332 |
i 561,373 |
( i 105,473 |
) | |||||||||
| Principal Investments |
|||||||||||||
| Realized |
i 393,478 |
i 415,862 |
i 635,769 |
||||||||||
| Unrealized |
i 215,003 |
i 49,917 |
i 42,605 |
||||||||||
| Total Investment Income |
i 3,473,813 |
i 2,903,659 |
i 4,144,712 |
||||||||||
| Interest and Dividend Revenue |
i 182,398 |
i 171,947 |
i 139,696 |
||||||||||
| Other |
i 79,993 |
i 672,317 |
( i 133,229 |
) | |||||||||
| Total Revenues |
i 7,338,270 |
i 6,833,259 |
i 7,145,015 |
||||||||||
| Expenses |
|||||||||||||
| Compensation and Benefits |
|||||||||||||
| Compensation |
i 1,820,330 |
i 1,609,957 |
i 1,442,485 |
||||||||||
| Incentive Fee Compensation |
i 44,300 |
i 33,916 |
i 105,279 |
||||||||||
| Performance Allocations Compensation |
|||||||||||||
| Realized |
i 662,942 |
i 711,076 |
i 1,281,965 |
||||||||||
| Unrealized |
i 540,285 |
i 319,742 |
i 103,794 |
||||||||||
| Total Compensation and Benefits |
i 3,067,857 |
i 2,674,691 |
i 2,933,523 |
||||||||||
| General, Administrative and Other |
i 679,408 |
i 594,873 |
i 488,582 |
||||||||||
| Interest Expense |
i 199,648 |
i 163,990 |
i 197,486 |
||||||||||
| Fund Expenses |
i 17,738 |
i 78,486 |
i 132,787 |
||||||||||
| Total Expenses |
i 3,964,651 |
i 3,512,040 |
i 3,752,378 |
||||||||||
| Other Income |
|||||||||||||
| Change in Tax Receivable Agreement Liability |
i 161,567 |
— |
i 403,855 |
||||||||||
| Net Gains from Fund Investment Activities |
i 282,829 |
i 191,722 |
i 321,597 |
||||||||||
| Total Other Income |
i 444,396 |
i 191,722 |
i 725,452 |
||||||||||
| Income Before Provision (Benefit) for Taxes |
i 3,818,015 |
i 3,512,941 |
i 4,118,089 |
||||||||||
| Provision (Benefit) for Taxes |
( i 47,952 |
) | i 249,390 |
i 743,147 |
|||||||||
| Net Income |
i 3,865,967 |
i 3,263,551 |
i 3,374,942 |
||||||||||
| Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities |
( i 121 |
) | ( i 2,104 |
) | i 13,806 |
||||||||
| Net Income Attributable to Non-Controlling Interests in Consolidated Entities |
i 476,779 |
i 358,878 |
i 497,439 |
||||||||||
| Net Income Attributable to Non-Controlling Interests in Blackstone Holdings |
i 1,339,627 |
i 1,364,989 |
i 1,392,323 |
||||||||||
| Net Income Attributable to The Blackstone Group Inc. |
$ | i 2,049,682 |
$ | i 1,541,788 |
$ | i 1,471,374 |
|||||||
| Net Income Per Share of Class A Common Stock |
|||||||||||||
| Basic |
$ | i 3.03 |
$ | i 2.27 |
$ | i 2.21 |
|||||||
| Diluted |
$ | i 3.03 |
$ | i 2.26 |
$ | i 2.21 |
|||||||
| Weighted-Average Shares of Class A Common Stock Outstanding |
|||||||||||||
| Basic |
i 675,900,466 |
i 678,850,245 |
i 665,453,198 |
||||||||||
| Diluted |
i 676,167,851 |
i 1,206,962,846 |
i 666,246,846 |
||||||||||
Year Ended December 31, |
||||||||||||||
2018 |
2017 |
|||||||||||||
Net Income |
$ | i 3,865,967 |
$ | i 3,263,551 |
$ | i 3,374,942 |
||||||||
Other Comprehensive Income (Loss) – Currency Translation Adjustment |
i 14,332 |
( i 33,506 |
) | i 80,366 |
||||||||||
Comprehensive Income |
i 3,880,299 |
i 3,230,045 |
i 3,455,308 |
|||||||||||
Less: |
||||||||||||||
Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities |
( i 121 |
) | ( i 2,104 |
) | i 13,806 |
|||||||||
Comprehensive Income Attributable to Non-Controlling Interests in Consolidated Entities |
i 476,779 |
i 356,488 |
i 548,936 |
|||||||||||
Comprehensive Income Attributable to Non-Controlling Interests in Blackstone Holdings |
i 1,345,980 |
i 1,336,331 |
i 1,392,323 |
|||||||||||
Comprehensive Income Attributable to Non-Controlling Interests |
i 1,822,638 |
i 1,690,715 |
i 1,955,065 |
|||||||||||
Comprehensive Income Attributable to The Blackstone Group Inc. |
$ | i 2,057,661 |
$ | i 1,539,330 |
$ | i 1,500,243 |
||||||||
| The Blackstone Group L.P. |
Redeemable Non- Controlling Interests in Consolidated Entities |
||||||||||||||||||||||||||||||||
| Common Units |
Partners’ Capital |
Accumulated Other Compre- hensive (Loss) |
Total |
Non- Controlling Interests in Consolidated Entities |
Non- Controlling Interests in Blackstone Holdings |
Total Partners’ Capital |
|||||||||||||||||||||||||||
| Balance at December 31, 2016 |
i 643,459,542 |
$ | i 6,521,531 |
$ | ( i 62,887 |
) | $ | i 6,458,644 |
$ | i 2,428,964 |
$ | i 3,434,483 |
$ | i 12,322,091 |
$ | i 185,390 |
|||||||||||||||||
| Consolidation of Fund Entity |
— |
— |
— |
— |
i 387,006 |
— |
i 387,006 |
— |
|||||||||||||||||||||||||
| Net Income |
— |
i 1,471,374 |
— |
i 1,471,374 |
i 497,439 |
i 1,392,323 |
i 3,361,136 |
i 13,806 |
|||||||||||||||||||||||||
| Currency Translation Adjustment |
— |
— |
i 28,869 |
i 28,869 |
i 51,497 |
i — |
i 80,366 |
— |
|||||||||||||||||||||||||
| Capital Contributions |
— |
— |
— |
— |
i 730,793 |
— |
i 730,793 |
i 58,920 |
|||||||||||||||||||||||||
| Capital Distributions |
— |
( i 1,534,586 |
) | — |
( i 1,534,586 |
) | ( i 836,535 |
) | ( i 1,307,996 |
) | ( i 3,679,117 |
) | ( i 47,172 |
) | |||||||||||||||||||
| Transfer of Non-Controlling Interests in Consolidated Entities |
— |
— |
— |
— |
( i 6,016 |
) | — |
( i 6,016 |
) | — |
|||||||||||||||||||||||
| Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders |
— |
i 11,057 |
— |
i 11,057 |
— |
— |
i 11,057 |
— |
|||||||||||||||||||||||||
| Equity-Based Compensation |
— |
i 183,484 |
— |
i 183,484 |
— |
i 151,539 |
i 335,023 |
— |
|||||||||||||||||||||||||
| Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units |
i 7,084,888 |
( i 28,486 |
) | — |
( i 28,486 |
) | — |
( i 1,706 |
) | ( i 30,192 |
) | — |
|||||||||||||||||||||
| Change in The Blackstone Group L.P.’s Ownership Interest |
— |
( i 15,197 |
) | — |
( i 15,197 |
) | — |
i 15,197 |
— |
— |
|||||||||||||||||||||||
| Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units |
i 8,981,663 |
i 59,334 |
— |
i 59,334 |
— |
( i 59,334 |
) | — |
— |
||||||||||||||||||||||||
| Balance at December 31, 2017 |
i 659,526,093 |
$ | i 6,668,511 |
$ | ( i 34,018 |
) | $ | i 6,634,493 |
$ | i 3,253,148 |
$ | i 3,624,506 |
$ | i 13,512,147 |
$ | i 210,944 |
|||||||||||||||||
| The Blackstone Group L.P. |
Redeemable Non- Controlling Interests in Consolidated Entities |
||||||||||||||||||||||||||||||||
| Common Units |
Partners’ Capital |
Accumulated Other Compre- hensive (Loss) |
Total |
Non- Controlling Interests in Consolidated Entities |
Non- Controlling Interests in Blackstone Holdings |
Total Partners’ Capital |
|||||||||||||||||||||||||||
| Balance at December 31, 2017 |
i 659,526,093 |
$ | i 6,668,511 |
$ | ( i 34,018 |
) | $ | i 6,634,493 |
$ | i 3,253,148 |
$ | i 3,624,506 |
$ | i 13,512,147 |
$ | i 210,944 |
|||||||||||||||||
| Transfer Out Due to Deconsolidation of Fund Entities |
— |
— |
— |
— |
( i 197,091 |
) | — |
( i 197,091 |
) | — |
|||||||||||||||||||||||
| Net Income (Loss) |
— |
i 1,541,788 |
— |
i 1,541,788 |
i 358,878 |
i 1,364,989 |
i 3,265,655 |
( i 2,104 |
) | ||||||||||||||||||||||||
| Currency Translation Adjustment |
— |
— |
( i 2,458 |
) | ( i 2,458 |
) | ( i 2,389 |
) | ( i 28,659 |
) | ( i 33,506 |
) | — |
||||||||||||||||||||
| Capital Contributions |
— |
— |
— |
— |
i 903,655 |
— |
i 903,655 |
i 12,980 |
|||||||||||||||||||||||||
| Capital Distributions |
— |
( i 1,635,921 |
) | — |
( i 1,635,921 |
) | ( i 687,623 |
) | ( i 1,410,483 |
) | ( i 3,734,027 |
) | ( i 78,688 |
) | |||||||||||||||||||
| Transfer or Repurchase of Non-Controlling Interests in Consolidated Entities |
— |
( i 7,642 |
) | — |
( i 7,642 |
) | i 20,188 |
( i 6,005 |
) | i 6,541 |
( i 1,353 |
) | |||||||||||||||||||||
| Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders |
— |
i 13,907 |
— |
i 13,907 |
— |
— |
i 13,907 |
— |
|||||||||||||||||||||||||
| Equity-Based Compensation |
— |
i 204,590 |
— |
i 204,590 |
— |
i 161,824 |
i 366,414 |
— |
|||||||||||||||||||||||||
| Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Units |
i 4,114,395 |
( i 20,198 |
) | — |
( i 20,198 |
) | — |
( i 5,462 |
) | ( i 25,660 |
) | — |
|||||||||||||||||||||
| Repurchase of Blackstone Common Units |
( i 16,000,000 |
) | ( i 541,501 |
) | — |
( i 541,501 |
) | — |
— |
( i 541,501 |
) | — |
|||||||||||||||||||||
| Change in The Blackstone Group L.P.’s Ownership Interest |
— |
i 66,799 |
— |
i 66,799 |
— |
( i 66,799 |
) | — |
— |
||||||||||||||||||||||||
| Conversion of Blackstone Holdings Partnership Units to Blackstone Common Units |
i 14,821,603 |
i 100,397 |
— |
i 100,397 |
— |
( i 100,397 |
) | — |
— |
||||||||||||||||||||||||
| Issuance of Blackstone Common Units and Blackstone Holdings Partnership Units |
i 750,739 |
i 24,970 |
— |
i 24,970 |
— |
i 50,803 |
i 75,773 |
— |
|||||||||||||||||||||||||
| Balance at December 31, 2018 |
i 663,212,830 |
$ | i 6,415,700 |
$ | ( i 36,476 |
) | $ | i 6,379,224 |
$ | i 3,648,766 |
$ | i 3,584,317 |
$ | i 13,612,307 |
$ | i 141,779 |
|||||||||||||||||
| Shares of The Blackstone Group Inc. (a) |
The Blackstone Group Inc. (a) |
|||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated |
Redeemable | |||||||||||||||||||||||||||||||||||||||||||||||
| Other |
Non- |
Non- |
Non- | |||||||||||||||||||||||||||||||||||||||||||||
| Compre- |
Controlling |
Controlling |
Controlling | |||||||||||||||||||||||||||||||||||||||||||||
| Class A |
Class A |
Additional |
hensive |
Interests in |
Interests in |
Interests in | ||||||||||||||||||||||||||||||||||||||||||
| Common |
Common |
Partners’ |
Common |
Paid-in- |
Retained |
Income |
Consolidated |
Blackstone |
Total |
Consolidated | ||||||||||||||||||||||||||||||||||||||
| Units |
Stock |
Capital |
Stock |
Capital |
Earnings |
(Loss) |
Total |
Entities |
Holdings |
Equity |
Entities | |||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2018 |
i 663,212,830 |
— |
$ |
i 6,415,700 |
$ |
— |
$ |
— |
$ |
— |
$ |
( i 36,476 |
) |
$ |
i 6,379,224 |
$ |
i 3,648,766 |
$ |
i 3,584,317 |
$ |
i 13,612,307 |
$ |
i 141,779 |
|||||||||||||||||||||||||
| Net Income (Loss) |
— |
— |
i 787,096 |
— |
— |
i 1,262,586 |
— |
i 2,049,682 |
i 476,779 |
i 1,339,627 |
i 3,866,088 |
( i 121 |
) | |||||||||||||||||||||||||||||||||||
| Currency Translation Adjustment |
— |
— |
— |
— |
— |
— |
i 7,981 |
i 7,981 |
— |
i 6,353 |
i 14,334 |
— |
||||||||||||||||||||||||||||||||||||
| Capital Contributions |
— |
— |
— |
— |
— |
— |
— |
— |
i 775,873 |
— |
i 775,873 |
— |
||||||||||||||||||||||||||||||||||||
| Capital Distributions |
— |
— |
( i 639,210 |
) |
— |
— |
( i 652,961 |
) |
— |
( i 1,292,171 |
) |
( i 712,234 |
) |
( i 1,104,573 |
) |
( i 3,108,978 |
) |
( i 54,007 |
) | |||||||||||||||||||||||||||||
| Transfer of Non-Controlling Interests in Consolidated Entities |
— |
— |
— |
— |
— |
— |
— |
— |
( i 3,115 |
) |
— |
( i 3,115 |
) |
— |
||||||||||||||||||||||||||||||||||
| Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders |
— |
— |
i 5,016 |
— |
i 23,706 |
— |
— |
i 28,722 |
— |
— |
i 28,722 |
— |
||||||||||||||||||||||||||||||||||||
| Equity-Based Compensation |
— |
— |
i 101,200 |
— |
i 131,501 |
— |
— |
i 232,701 |
— |
i 182,809 |
i 415,510 |
— |
||||||||||||||||||||||||||||||||||||
| Net Delivery of Vested Blackstone Holdings Partnership Units and Blackstone Common Shares |
i 1,853,730 |
i 970,995 |
( i 10,613 |
) |
— |
( i 12,821 |
) |
— |
— |
( i 23,434 |
) |
— |
( i 6 |
) |
( i 23,440 |
) |
— |
|||||||||||||||||||||||||||||||
| Repurchase of Common Shares and Blackstone Holdings Partnership Units |
( i 8,100,000 |
) |
( i 4,650,000 |
) |
( i 325,214 |
) |
— |
( i 236,686 |
) |
— |
— |
( i 561,900 |
) |
— |
— |
( i 561,900 |
) |
— |
||||||||||||||||||||||||||||||
| Change in The Blackstone Group Inc.’s Ownership Interest |
— |
— |
( i 23,270 |
) |
— |
i 83,614 |
— |
— |
i 60,344 |
— |
( i 60,344 |
) |
— |
— |
||||||||||||||||||||||||||||||||||
| Conversion of Blackstone Holdings Partnership Units to Blackstone Common Shares |
i 3,621,809 |
i 14,248,328 |
i 25,192 |
— |
i 103,443 |
— |
— |
i 128,635 |
— |
( i 128,635 |
) |
— |
— |
|||||||||||||||||||||||||||||||||||
| Reclassification Resulting from Conversion to a Corporation |
( i 660,588,369 |
) |
i 660,588,369 |
( i 6,335,897 |
) |
i 7 |
i 6,335,890 |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||||
| Balance at December 31, 2019 |
— |
i 671,157,692 |
$ |
— |
$ |
i 7 |
$ |
i 6,428,647 |
$ |
i 609,625 |
$ |
( i 28,495 |
) |
$ |
i 7,009,784 |
$ |
i 4,186,069 |
$ |
i 3,819,548 |
$ |
i 15,015,401 |
$ |
i 87,651 |
|||||||||||||||||||||||||
| (a) | Following the conversion to a corporation, Blackstone also has i i one share outstanding / of each of Class B and Class C common stock, with par value of each less than one cent. After initial issuance, there have been no changes to the amounts related to Class B and Class C common stock during the period presented. |
| Year Ended December 31, |
||||||||||||||
| 2018 |
2017 |
|||||||||||||
| Operating Activities |
||||||||||||||
| Net Income |
$ | i 3,865,967 |
$ | i 3,263,551 |
$ | i 3,374,942 |
||||||||
| Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities |
||||||||||||||
| Blackstone Funds Related |
|
|
|
|
|
|
|
|
|
|||||
| Net Realized Gains on Investments |
( i 2,242,227 |
) | ( i 2,381,683 |
) | ( i 4,613,531 |
) | ||||||||
| Changes in Unrealized (Gains) Losses on Investments |
( i 324,448 |
) | i 4,784 |
( i 21,589 |
) | |||||||||
| Non-Cash Performance Allocations |
( i 1,126,332 |
) | ( i 561,373 |
) | i 105,472 |
|||||||||
| Non-Cash Performance Allocations and Incentive Fee Compensation |
i 1,234,455 |
i 1,053,690 |
i 1,491,040 |
|||||||||||
| Equity-Based Compensation Expense |
i 417,092 |
i 366,928 |
i 338,687 |
|||||||||||
| Amortization of Intangibles |
i 70,999 |
i 59,021 |
i 46,776 |
|||||||||||
| Other Non-Cash Amounts Included in Net Income |
( i 448,241 |
) | i 45,286 |
i 363,903 |
||||||||||
| Cash Flows Due to Changes in Operating Assets and Liabilities |
||||||||||||||
| Cash Acquired with Consolidation of Fund Entity |
— |
i 31,422 |
i 13,822 |
|||||||||||
| Cash Relinquished with Deconsolidation of Fund Entities |
— |
( i 899,959 |
) | ( i 33,566 |
) | |||||||||
| Accounts Receivable |
( i 237,751 |
) | i 43,037 |
i 282,026 |
||||||||||
| Reverse Repurchase Agreements |
— |
— |
i 118,495 |
|||||||||||
| Due from Affiliates |
( i 451,302 |
) | ( i 280,674 |
) | ( i 298,501 |
) | ||||||||
| Other Assets |
( i 50,017 |
) | ( i 76,596 |
) | i 17,377 |
|||||||||
| Accrued Compensation and Benefits |
( i 382,120 |
) | ( i 729,109 |
) | ( i 1,177,852 |
) | ||||||||
| Securities Sold, Not Yet Purchased |
( i 72,645 |
) | ( i 10,125 |
) | ( i 62,730 |
) | ||||||||
| Accounts Payable, Accrued Expenses and Other Liabilities |
( i 324,358 |
) | ( i 357,582 |
) | ( i 755,232 |
) | ||||||||
| Repurchase Agreements |
( i 68,084 |
) | i 103,362 |
i 43,516 |
||||||||||
| Due to Affiliates |
( i 5,250 |
) | i 74,108 |
( i 9,652 |
) | |||||||||
| Investments Purchased |
( i 8,537,874 |
) | ( i 13,881,869 |
) | ( i 19,573,153 |
) | ||||||||
| Cash Proceeds from Sale of Investments |
i 10,645,243 |
i 14,179,523 |
i 18,723,355 |
|||||||||||
| Net Cash Provided by (Used in) Operating Activities |
i 1,963,107 |
i 45,742 |
( i 1,626,395 |
) | ||||||||||
| Investing Activities |
||||||||||||||
| Purchase of Furniture, Equipment and Leasehold Improvements |
( i 60,280 |
) | ( i 18,377 |
) | ( i 24,347 |
) | ||||||||
| Net Cash Paid for Acquisitions, Net of Cash Acquired |
— |
( i 98,219 |
) | ( i 168,913 |
) | |||||||||
| Net Cash Used in Investing Activities |
( i 60,280 |
) | ( i 116,596 |
) | ( i 193,260 |
) | ||||||||
| Financing Activities |
||||||||||||||
| Distributions to Non-Controlling Interest |
|
|
|
|
|
|
|
|
|
|||||
| Holders in Consolidated Entities |
( i 765,849 |
) | ( i 762,588 |
) | ( i 813,987 |
) | ||||||||
| Contributions from Non-Controlling Interest |
|
|
|
|
|
|
|
|
|
|||||
| Holders in Consolidated Entities |
i 764,863 |
i 836,922 |
i 759,907 |
|||||||||||
| Payments Under Tax Receivable Agreement |
( i 84,640 |
) | — |
( i 135,831 |
) | |||||||||
| Net Settlement of Vested Class A Common stock and Repurchase of Class A Common Stock and Blackstone Holdings Partnership Units |
( i 585,340 |
) | ( i 567,161 |
) | ( i 30,192 |
) | ||||||||
| Year Ended December 31, | |||||||||||||
| 2018 |
2017 |
||||||||||||
| Financing Activities (Continued) |
|||||||||||||
| Proceeds from Loans Payable |
$ | i 1,549,732 |
$ | i 3,218,399 |
$ | i 7,600,153 |
|||||||
| Repayment and Repurchase of Loans Payable |
( i 403,401 |
) | ( i 1,009,354 |
) | ( i 1,766,129 |
) | |||||||
| Dividends/Distributions to Shareholders and Unitholders |
( i 2,396,744 |
) | ( i 3,046,404 |
) | ( i 2,842,582 |
) | |||||||
| Net Cash Provided by (Used in) Financing Activities |
( i 1,921,379 |
) | ( i 1,330,186 |
) | i 2,771,339 |
||||||||
| Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other |
( i 2,958 |
) |
i 9,712 |
i 123,850 |
|||||||||
| Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other |
|||||||||||||
| Net Increase (Decrease) |
( i 21,510 |
) | ( i 1,391,328 |
) | i 1,075,534 |
||||||||
| Beginning of Period |
i 2,545,161 |
i 3,936,489 |
i 2,860,955 |
||||||||||
| End of Period |
$ | i 2,523,651 |
$ | i 2,545,161 |
$ | i 3,936,489 |
|||||||
| Supplemental Disclosure of Cash Flows Information |
|||||||||||||
| Payments for Interest |
$ | i 167,458 |
$ | i 169,872 |
$ | i 160,178 |
|||||||
| Payments for Income Taxes |
$ | i 159,302 |
$ | i 192,790 |
$ | i 106,032 |
|||||||
| Supplemental Disclosure of Non-Cash Investing and Financing Activities |
|||||||||||||
| Non-Cash Contributions from Non-Controlling Interest Holders |
$ | i 10,078 |
$ | i 10,435 |
$ | i 1,112 |
|||||||
| Non-Cash Distributions to Non-Controlling Interest Holders |
$ | ( i 392 |
) | $ | ( i 18,723 |
) | $ | ( i 69,721 |
) | ||||
| Non-Cash Consideration for Acquisition |
$ | — |
$ | ( i 50,803 |
) | $ | ( i 95,262 |
) | |||||
| Net Assets Related to the Consolidation of Certain Fund Entities |
$ | — |
$ | — |
$ | i 387,006 |
|||||||
| Notes Issuance Costs |
$ | i 11,143 |
$ | — |
$ | i 5,582 |
|||||||
| Transfer of Interests to Non-Controlling Interest Holders |
$ | ( i 3,115 |
) | $ | i 20,188 |
$ | ( i 6,016 |
) | |||||
| Change in The Blackstone Group Inc.’s Ownership Interest |
$ | i 60,344 |
$ | i 66,799 |
$ | ( i 15,197 |
) | ||||||
| Net Settlement of Vested Common Units |
$ | i 102,028 |
$ | i 136,238 |
$ | i 127,392 |
|||||||
| Conversion of Blackstone Holdings Units to Common Units |
$ | i 128,635 |
$ | i 100,397 |
$ | i 59,334 |
|||||||
| Acquisition of Ownership Interests from Non-Controlling Interest Holders |
|
|
|
|
|
|
|
|
|
|
|
| |
| Deferred Tax Asset |
$ | ( i 149,513 |
) | $ | ( i 93,391 |
) | $ | ( i 74,487 |
) | ||||
| Due to Affiliates |
$ | i 120,791 |
$ | i 79,484 |
$ | i 63,430 |
|||||||
| Equity |
$ | i 28,722 |
$ | i 13,907 |
$ | i 11,057 |
|||||||
| Issuance of New Shares/Units |
$ | — |
$ | i 24,970 |
$ | — |
|||||||
| Cash and Cash Equivalents |
$ | i 2,172,441 |
$ | i 2,207,841 |
|||||
| Cash Held by Blackstone Funds and Other |
i 351,210 |
i 337,320 |
|||||||
| $ | i 2,523,651 |
$ | i 2,545,161 |
||||||
| • | 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 CLO vehicles, government and agency securities, less liquid and restricted equity securities, and certain over-the-counter derivatives where the fair value is based on observable inputs. Senior and subordinated notes issued by CLO vehicles are classified within Level II of the fair value hierarchy. |
| • | Level III — Pricing inputs are unobservable for the financial instruments and includes situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category generally include general and limited partnership interests in private equity and real estate funds, credit-focused funds, distressed debt and non-investment grade residual interests in securitizations, certain corporate bonds and loans held within CLO vehicles, and certain over-the-counter derivatives where the fair value is based on unobservable inputs. |
| • | Debt Instruments and Equity Securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments and various relationships between investments. The valuation of certain equity securities is based on an observable price for an identical security adjusted for the effect of a restriction. |
| • | Freestanding Derivatives are valued using contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads. |
| • | Senior and subordinate notes issued by CLO vehicles are classified 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. |
2018 |
|||||||||
Finite-Lived Intangible Assets/Contractual Rights |
$ | i 1,712,576 |
$ | i 1,712,576 |
|||||
Accumulated Amortization |
( i 1,315,068 |
) | ( i 1,244,069 |
) | |||||
Intangible Assets, Net |
$ | i 397,508 |
$ | i 468,507 |
|||||
Year Ended December 31, | |||||||||||||
2018 |
2017 |
||||||||||||
Balance, Beginning of Year |
$ | i 468,507 |
$ | i 409,828 |
$ | i 262,604 |
|||||||
Amortization Expense |
( i 70,999 |
) | ( i 59,021 |
) | ( i 46,776 |
) | |||||||
Acquisitions |
— |
i 117,700 |
i 194,000 |
||||||||||
Balance, End of Year |
$ | i 397,508 |
$ | i 468,507 |
$ | i 409,828 |
|||||||
2018 |
|||||||||
Investments of Consolidated Blackstone Funds |
$ | i 8,380,698 |
$ | i 8,376,338 |
|||||
Equity Method Investments |
|||||||||
Partnership Investments |
i 4,035,675 |
i 3,649,423 |
|||||||
Accrued Performance Allocations |
i 7,180,449 |
i 5,883,924 |
|||||||
Corporate Treasury Investments |
i 2,419,587 |
i 2,206,493 |
|||||||
Other Investments |
i 265,273 |
i 260,853 |
|||||||
| $ | i 22,281,682 |
$ | i 20,377,031 |
||||||
Year Ended December 31, | |||||||||||||
2018 |
2017 |
||||||||||||
Realized Gains |
$ | i 15,983 |
$ | i 74,784 |
$ | i 165,106 |
|||||||
Net Change in Unrealized Losses |
i 109,445 |
( i 54,697 |
) | ( i 21,016 |
) | ||||||||
Realized and Net Change in Unrealized Gains from Consolidated Blackstone Funds |
i 125,428 |
i 20,087 |
i 144,090 |
||||||||||
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds |
i 157,401 |
i 171,635 |
i 177,507 |
||||||||||
Other Income — Net Gains from Fund Investment Activities |
$ | i 282,829 |
$ | i 191,722 |
$ | i 321,597 |
|||||||
December 31, 2019 and the Year Then Ended | |||||||||||||||||||||||||
Real Estate |
Private Equity |
Hedge Fund Solutions |
Credit |
Other (a) |
Total |
||||||||||||||||||||
Statement of Financial Condition |
|||||||||||||||||||||||||
Assets |
|||||||||||||||||||||||||
Investments |
$ | i 119,951,496 |
$ | i 99,906,080 |
$ | i 26,516,304 |
$ | i 25,923,446 |
$ | i 849 |
$ | i 272,298,175 |
|||||||||||||
Other Assets |
i 5,318,743 |
i 2,907,054 |
i 2,609,755 |
i 1,680,187 |
i 119,739 |
i 12,635,478 |
|||||||||||||||||||
Total Assets |
$ | i 125,270,239 |
$ | i 102,813,134 |
$ | i 29,126,059 |
$ | i 27,603,633 |
$ | i 120,588 |
$ | i 284,933,653 |
|||||||||||||
Liabilities and Equity |
|||||||||||||||||||||||||
Debt |
$ | i 24,750,242 |
$ | i 12,399,899 |
$ | i 378,950 |
$ | i 6,687,654 |
$ | — |
$ | i 44,216,745 |
|||||||||||||
Other Liabilities |
i 6,575,483 |
i 1,124,857 |
i 2,402,920 |
i 1,535,636 |
i 24,717 |
i 11,663,613 |
|||||||||||||||||||
Total Liabilities |
i 31,325,725 |
i 13,524,756 |
i 2,781,870 |
i 8,223,290 |
i 24,717 |
i 55,880,358 |
|||||||||||||||||||
Equity |
i 93,944,514 |
i 89,288,378 |
i 26,344,189 |
i 19,380,343 |
i 95,871 |
i 229,053,295 |
|||||||||||||||||||
Total Liabilities and Equity |
$ | i 125,270,239 |
$ | i 102,813,134 |
$ | i 29,126,059 |
$ | i 27,603,633 |
$ | i 120,588 |
$ | i 284,933,653 |
|||||||||||||
Statement of Operations |
|||||||||||||||||||||||||
Interest Income |
$ | i 535,274 |
$ | i 897,990 |
$ | i 16,708 |
$ | i 1,252,747 |
$ | — |
$ | i 2,702,719 |
|||||||||||||
Other Income |
i 1,422,711 |
i 46,126 |
i 206,630 |
i 313,009 |
i 109,692 |
i 2,098,168 |
|||||||||||||||||||
Interest Expense |
( i 736,840 |
) | ( i 416,603 |
) | ( i 87,898 |
) | ( i 250,261 |
) | — |
( i 1,491,602 |
) | ||||||||||||||
Other Expenses |
( i 1,465,212 |
) | ( i 1,011,584 |
) | ( i 164,948 |
) | ( i 470,033 |
) | ( i 61,423 |
) | ( i 3,173,200 |
) | |||||||||||||
Net Realized and Unrealized Gain from Investments |
i 9,671,224 |
i 9,233,285 |
i 1,700,722 |
( i 456,651 |
) | — |
i 20,148,580 |
||||||||||||||||||
Net Income |
$ | i 9,427,157 |
$ | i 8,749,214 |
$ | i 1,671,214 |
$ | i 388,811 |
$ | i 48,269 |
$ | i 20,284,665 |
|||||||||||||
(a) |
Other represents the summarized financial information of equity method investments whose results, for segment reporting purposes, have been allocated across more than one of Blackstone’s segments. |
December 31, 2018 and the Year Then Ended | |||||||||||||||||||||||||
Real Estate |
Private Equity |
Hedge Fund Solutions |
Credit |
Other (a) |
Total |
||||||||||||||||||||
Statement of Financial Condition |
|||||||||||||||||||||||||
Assets |
|||||||||||||||||||||||||
Investments |
$ | i 89,742,226 |
$ | i 79,718,783 |
$ | i 26,336,573 |
$ | i 24,634,380 |
$ | i 353 |
$ | i 220,432,315 |
|||||||||||||
Other Assets |
i 3,542,235 |
i 2,257,152 |
i 3,119,639 |
i 1,706,579 |
i 125,007 |
i 10,750,612 |
|||||||||||||||||||
Total Assets |
$ | i 93,284,461 |
$ | i 81,975,935 |
$ | i 29,456,212 |
$ | i 26,340,959 |
$ | i 125,360 |
$ | i 231,182,927 |
|||||||||||||
Liabilities and Partners’ Capital |
|||||||||||||||||||||||||
Debt |
$ | i 15,081,536 |
$ | i 9,989,289 |
$ | i 350,982 |
$ | i 5,087,998 |
$ | — |
$ | i 30,509,805 |
|||||||||||||
Other Liabilities |
i 3,568,159 |
i 749,043 |
i 1,529,466 |
i 1,338,712 |
i 28,295 |
i 7,213,675 |
|||||||||||||||||||
Total Liabilities |
i 18,649,695 |
i 10,738,332 |
i 1,880,448 |
i 6,426,710 |
i 28,295 |
i 37,723,480 |
|||||||||||||||||||
Partners’ Capital |
i 74,634,766 |
i 71,237,603 |
i 27,575,764 |
i 19,914,249 |
i 97,065 |
i 193,459,447 |
|||||||||||||||||||
Total Liabilities and Partners’ Capital |
$ | i 93,284,461 |
$ | i 81,975,935 |
$ | i 29,456,212 |
$ | i 26,340,959 |
$ | i 125,360 |
$ | i 231,182,927 |
|||||||||||||
Statement of Operations |
|||||||||||||||||||||||||
Interest Income |
$ | i 377,615 |
$ | i 1,022,387 |
$ | i 6,695 |
$ | i 1,130,490 |
$ | — |
$ | i 2,537,187 |
|||||||||||||
Other Income |
i 1,244,754 |
i 92,696 |
i 166,842 |
i 417,883 |
i 106,525 |
i 2,028,700 |
|||||||||||||||||||
Interest Expense |
( i 518,137 |
) | ( i 278,348 |
) | ( i 17,780 |
) | ( i 228,734 |
) | — |
( i 1,042,999 |
) | ||||||||||||||
Other Expenses |
( i 921,990 |
) | ( i 903,737 |
) | ( i 150,135 |
) | ( i 547,612 |
) | ( i 65,249 |
) | ( i 2,588,723 |
) | |||||||||||||
Net Realized and Unrealized Gain from Investments |
i 4,437,434 |
i 10,172,066 |
i 352,018 |
( i 733,747 |
) | — |
i 14,227,771 |
||||||||||||||||||
Net Income |
$ | i 4,619,676 |
$ | i 10,105,064 |
$ | i 357,640 |
$ | i 38,280 |
$ | i 41,276 |
$ | i 15,161,936 |
|||||||||||||
| (a) | Other represents the summarized financial information of equity method investments whose results, for segment reporting purposes, have been allocated across more than one of Blackstone’s segments. |
December 31, 2017 and the Year Then Ended | |||||||||||||||||||||||||
Real Estate |
Private Equity |
Hedge Fund Solutions |
Credit |
Other (a) |
Total |
||||||||||||||||||||
Statement of Financial Condition |
|||||||||||||||||||||||||
Assets |
|||||||||||||||||||||||||
Investments |
$ | i 67,780,737 |
$ | i 50,339,913 |
$ | i 21,639,763 |
$ | i 22,593,717 |
$ | i 363 |
$ | i 162,354,493 |
|||||||||||||
Other Assets |
i 3,077,573 |
i 2,283,602 |
i 1,969,832 |
i 1,573,279 |
i 154,131 |
i 9,058,417 |
|||||||||||||||||||
Total Assets |
$ | i 70,858,310 |
$ | i 52,623,515 |
$ | i 23,609,595 |
$ | i 24,166,996 |
$ | i 154,494 |
$ | i 171,412,910 |
|||||||||||||
Liabilities and Partners’ Capital |
|||||||||||||||||||||||||
Debt |
$ | i 6,329,068 |
$ | i 6,779,634 |
$ | i 53,787 |
$ | i 4,896,346 |
$ | — |
$ | i 18,058,835 |
|||||||||||||
Other Liabilities |
i 1,618,408 |
i 430,763 |
i 1,150,307 |
i 420,988 |
i 39,923 |
i 3,660,389 |
|||||||||||||||||||
Total Liabilities |
i 7,947,476 |
i 7,210,397 |
i 1,204,094 |
i 5,317,334 |
i 39,923 |
i 21,719,224 |
|||||||||||||||||||
Partners’ Capital |
i 62,910,834 |
i 45,413,118 |
i 22,405,501 |
i 18,849,662 |
i 114,571 |
i 149,693,686 |
|||||||||||||||||||
Total Liabilities and Partners’ Capital |
$ | i 70,858,310 |
$ | i 52,623,515 |
$ | i 23,609,595 |
$ | i 24,166,996 |
$ | i 154,494 |
$ | i 171,412,910 |
|||||||||||||
Statement of Operations |
|||||||||||||||||||||||||
Interest Income |
$ | i 485,751 |
$ | i 362,788 |
$ | i 2,942 |
$ | i 928,670 |
$ | — |
$ | i 1,780,151 |
|||||||||||||
Other Income |
i 1,334,544 |
i 45,770 |
i 91,006 |
i 178,281 |
i 107,204 |
i 1,756,805 |
|||||||||||||||||||
Interest Expense |
( i 180,258 |
) | ( i 121,876 |
) | ( i 2,086 |
) | ( i 127,153 |
) | — |
( i 431,373 |
) | ||||||||||||||
Other Expenses |
( i 703,165 |
) | ( i 568,369 |
) | ( i 435,974 |
) | ( i 258,157 |
) | ( i 57,830 |
) | ( i 2,023,495 |
) | |||||||||||||
Net Realized and Unrealized Gain from Investments |
i 12,223,852 |
i 7,892,937 |
i 1,054,516 |
i 584,366 |
— |
i 21,755,671 |
|||||||||||||||||||
Net Income |
$ | i 13,160,724 |
$ | i 7,611,250 |
$ | i 710,404 |
$ | i 1,306,007 |
$ | i 49,374 |
$ | i 22,837,759 |
|||||||||||||
| (a) | Other represents the summarized financial information of equity method investments whose results, for segment reporting purposes, have been allocated across more than one of Blackstone’s segments. |
Real Estate |
Private Equity |
Hedge Fund Solutions |
Credit |
Total |
|||||||||||||||||
Accrued Performance Allocations, December 31, 2018 |
$ | i 2,853,261 |
$ | i 2,642,119 |
$ | i 22,921 |
$ | i 365,623 |
$ | i 5,883,924 |
|||||||||||
Performance Allocations as a Result of Changes in Fund Fair Values |
i 1,866,491 |
i 935,707 |
i 48,484 |
i 124,526 |
i 2,975,208 |
||||||||||||||||
Foreign Exchange Loss |
( i 10,367 |
) | — |
— |
— |
( i 10,367 |
) | ||||||||||||||
Fund Distributions |
( i 1,069,530 |
) | ( i 514,677 |
) | ( i 47,454 |
) | ( i 36,655 |
) | ( i 1,668,316 |
) | |||||||||||
Accrued Performance Allocations, December 31, 2019 |
$ | i 3,639,855 |
$ | i 3,063,149 |
$ | i 23,951 |
$ | i 453,494 |
$ | i 7,180,449 |
|||||||||||
| Year Ended December 31, | |||||||||||||
| 2018 |
2017 |
||||||||||||
| Realized Gains (Losses) |
$ | i 28,585 |
$ | ( i 1,024 |
) | $ | i 4,378 |
||||||
| Net Change in Unrealized Gains (Losses) |
i 62,042 |
( i 38,113 |
) | i 50,222 |
|||||||||
| $ | i 90,627 |
$ | ( i 39,137 |
) | $ | i 54,600 |
|||||||
| Year Ended December 31, | |||||||||||||
| 2018 |
2017 |
||||||||||||
| Realized Gains |
$ | i 46,248 |
$ | i 56,381 |
$ | i 4,886 |
|||||||
| Net Change in Unrealized Gains |
i 21,450 |
i 20,335 |
i 14,324 |
||||||||||
| $ | i 67,698 |
$ | i 76,716 |
$ | i 19,210 |
||||||||
| Strategy |
Fair Value |
Unfunded Commitments |
Redemption Frequency (if currently eligible) |
Redemption Notice Period |
|||||||||||||
| Diversified Instruments |
$ | i 221,901 |
$ | i 126 |
(a) |
(a) |
|||||||||||
| Credit Driven |
i 79,092 |
i 268 |
(b) |
(b) |
|||||||||||||
| Equity |
i 6,245 |
— |
(c) |
(c) |
|||||||||||||
| Commodities |
i 1,613 |
— |
(d) |
(d) |
|||||||||||||
| $ |
i 308,851 |
$ | i 394 |
||||||||||||||
| (a) | Diversified Instruments include investments in funds that invest across multiple strategies. Investments representing i 3% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. The remaining i 97% of investments in this category are redeemable as of the reporting date. |
| (b) | The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. Investments representing i 21% of the fair value of the investments in this category are in liquidation. The remaining i 79% of investments in this category are redeemable as of the reporting date. |
| (c) | The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Investments representing i 100% of the fair value of the investments in this category are in liquidation. As of the reporting date, the investee fund manager had elected to side |
| (d) | The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. Investments representing i 100% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. |
| Assets |
Liabilities |
Assets |
Liabilities | ||||||||||||||||||||||||||||||
| Notional |
Fair Value |
Notional |
Fair Value |
Notional |
Fair Value |
Notional |
Fair Value |
||||||||||||||||||||||||||
| Freestanding Derivatives |
|||||||||||||||||||||||||||||||||
| Blackstone |
|||||||||||||||||||||||||||||||||
| Interest Rate Contracts |
$ | i 1,256,287 |
$ | i 53,129 |
$ | i 165,852 |
$ | i 4,895 |
$ | i 798,137 |
$ | i 43,632 |
$ | i 844,620 |
$ | i 39,164 |
|||||||||||||||||
| Foreign Currency Contracts |
i 344,422 |
i 1,231 |
i 97,626 |
i 802 |
i 224,841 |
i 1,286 |
i 245,371 |
i 1,636 |
|||||||||||||||||||||||||
| Credit Default Swaps |
i 7,617 |
i 36 |
i 16,697 |
i 197 |
— |
— |
i 34,060 |
i 4,004 |
|||||||||||||||||||||||||
| Investments of Consolidated Blackstone Funds |
|||||||||||||||||||||||||||||||||
| Foreign Currency Contracts |
i 106,906 |
i 307 |
i 40,110 |
i 1,167 |
i 108,271 |
i 524 |
i 16,952 |
i 164 |
|||||||||||||||||||||||||
| Interest Rate Contracts |
— |
— |
i 33,000 |
i 1,728 |
— |
— |
i 10,000 |
i 311 |
|||||||||||||||||||||||||
| Credit Default Swaps |
i 5,108 |
i 58 |
i 47,405 |
i 960 |
i 20,952 |
i 55 |
i 46,685 |
i 5,710 |
|||||||||||||||||||||||||
| Total Return Swaps |
i 4,558 |
i 21 |
i 27,334 |
i 464 |
— |
— |
i 31,440 |
i 1,855 |
|||||||||||||||||||||||||
| Other |
i 1 |
i 4 |
i 1 |
i 2 |
— |
— |
— |
— |
|||||||||||||||||||||||||
| $ | i 1,724,899 |
$ | i 54,786 |
$ | i 428,025 |
$ | i 10,215 |
$ | i 1,152,201 |
$ | i 45,497 |
$ | i 1,229,128 |
$ | i 52,844 |
||||||||||||||||||
| Year Ended December 31, | |||||||||||||
| 2018 |
2017 |
||||||||||||
| Freestanding Derivatives |
|||||||||||||
| Realized Gains (Losses) |
|||||||||||||
| Interest Rate Contracts |
$ | ( i 3,570 |
) | $ | i 2,968 |
$ | ( i 2,400 |
) | |||||
| Foreign Currency Contracts |
i 6,099 |
i 10,761 |
( i 6,333 |
) | |||||||||
| Credit Default Swaps |
i 3,209 |
( i 539 |
) | ( i 3,764 |
) | ||||||||
| Total Return Swaps |
( i 908 |
) | i 145 |
i 295 |
|||||||||
| Other |
( i 286 |
) | ( i 120 |
) | ( i 417 |
) | |||||||
| $ | i 4,544 |
$ | i 13,215 |
$ | ( i 12,619 |
) | |||||||
| Net Change in Unrealized Gains (Losses) |
|||||||||||||
| Interest Rate Contracts |
i 50,431 |
i 36,472 |
( i 24,629 |
) | |||||||||
| Foreign Currency Contracts |
( i 441 |
) | ( i 6,682 |
) | ( i 3,556 |
) | |||||||
| Credit Default Swaps |
i 3,400 |
( i 521 |
) | i 4,881 |
|||||||||
| Total Return Swaps |
i 1,296 |
( i 2,107 |
) | ( i 447 |
) | ||||||||
| Other |
( i 36 |
) | — |
i 129 |
|||||||||
| $ | i 54,650 |
$ | i 27,162 |
$ | ( i 23,622 |
) | |||||||
| 2018 |
|||||||||
| Assets |
|||||||||
| Loans and Receivables |
$ | i 500,751 |
$ | i 304,173 |
|||||
| Equity and Preferred Securities |
i 432,472 |
i 390,095 |
|||||||
| Debt Securities |
i 506,924 |
i 529,698 |
|||||||
| Assets of Consolidated CLO Vehicles |
|||||||||
| Corporate Loans |
i 6,801,691 |
i 6,766,700 |
|||||||
| Other |
i 770 |
— |
|||||||
| $ | i 8,242,608 |
$ | i 7,990,666 |
||||||
| Liabilities |
|||||||||
| Liabilities of Consolidated CLO Vehicles |
|||||||||
| Senior Secured Notes |
|||||||||
| Loans Payable |
$ | i 6,455,016 |
$ | i 6,473,233 |
|||||
| Due to Affiliates |
i 57,717 |
i 3,201 |
|||||||
| Subordinated Notes |
|||||||||
| Loans Payable |
i 24,738 |
i 7,478 |
|||||||
| Due to Affiliates |
i 20,535 |
i 52,811 |
|||||||
| $ | i 6,558,006 |
$ | i 6,536,723 |
||||||
| Year Ended December 31, | |||||||||||||||||||||||||
| 2018 |
2017 | ||||||||||||||||||||||||
| Realized Gains (Losses) |
Net Change in Unrealized Gains (Losses) |
Realized Gains (Losses) |
Net Change in Unrealized Gains (Losses) |
Realized Gains (Losses) |
Net Change in Unrealized Gains (Losses) |
||||||||||||||||||||
| Assets |
|||||||||||||||||||||||||
| Loans and Receivables |
$ | ( i 4,595 |
) | $ | ( i 6,533 |
) | $ | i 291 |
$ | ( i 447 |
) | $ | ( i 1,214 |
) | $ | i 6,590 |
|||||||||
| Equity and Preferred Securities |
i 16,493 |
( i 2,331 |
) | i 3,451 |
( i 3,589 |
) | i 4,611 |
i 22,326 |
|||||||||||||||||
| Debt Securities |
( i 7,139 |
) | i 12,748 |
( i 1,105 |
) | ( i 29,069 |
) | i 4,866 |
( i 3,390 |
) | |||||||||||||||
| Assets of Consolidated CLO Vehicles |
|||||||||||||||||||||||||
| Corporate Loans |
( i 29,191 |
) | i 96,221 |
( i 8,749 |
) | ( i 285,698 |
) | ( i 3,827 |
) | ( i 6,603 |
) | ||||||||||||||
| Corporate Bonds |
— |
— |
( i 24,056 |
) | i 9,693 |
i 12,442 |
( i 36,219 |
) | |||||||||||||||||
| Other |
— |
i 133 |
— |
i 6 |
— |
i 454 |
|||||||||||||||||||
| $ | ( i 24,432 |
) | $ | i 100,238 |
$ | ( i 30,168 |
) | $ | ( i 309,104 |
) | $ | i 16,878 |
$ | ( i 16,842 |
) | ||||||||||
| Liabilities |
|||||||||||||||||||||||||
| Liabilities of Consolidated CLO Vehicles |
|||||||||||||||||||||||||
| Senior Secured Notes |
$ | — |
$ | ( i 40,050 |
) | $ | — |
$ | i 51,048 |
$ | — |
$ | — |
||||||||||||
| Subordinated Notes |
— |
i 15,017 |
— |
i 254,966 |
— |
i 81,460 |
|||||||||||||||||||
| $ | — |
$ | ( i 25,033 |
) | $ | — |
$ | i 306,014 |
$ | — |
$ | i 81,460 |
|||||||||||||
| For Financial Assets Past Due (a) |
For Financial Assets Past Due (a) | ||||||||||||||||||||||||
| Excess (Deficiency) of Fair Value Over Principal |
Fair Value |
Excess (Deficiency) of Fair Value Over Principal |
Excess (Deficiency) of Fair Value Over Principal |
Fair Value |
Excess (Deficiency) of Fair Value Over Principal |
||||||||||||||||||||
| Loans and Receivables |
$ | ( i 3,875 |
) | $ | — |
$ | — |
$ | i 2,421 |
$ | — |
$ | — |
||||||||||||
| Debt Securities |
( i 14,667 |
) | — |
— |
( i 26,660 |
) | — |
— |
|||||||||||||||||
| Assets of Consolidated CLO Vehicles |
|||||||||||||||||||||||||
| Corporate Loans |
( i 234,430 |
) | — |
— |
( i 301,085 |
) | — |
— |
|||||||||||||||||
| Other |
i 133 |
— |
— |
— |
— |
— |
|||||||||||||||||||
| $ | ( i 252,839 |
) | $ | — |
$ | — |
$ | ( i 325,324 |
) | $ | — |
$ | — |
||||||||||||
| (a) | Corporate Loans within CLO assets are classified as past due if contractual payments are more than one day past due. |
| Level I |
Level II |
Level III |
NAV |
Total |
|||||||||||||||||
| Assets |
|||||||||||||||||||||
| Cash and Cash Equivalents — Money Market Funds and Short-Term Investments |
$ | i 456,784 |
$ | — |
$ | — |
$ | — |
$ | i 456,784 |
|||||||||||
| Investments |
|||||||||||||||||||||
| Investments of Consolidated Blackstone Funds (a) |
|||||||||||||||||||||
| Investment Funds |
— |
— |
— |
i 23,647 |
i 23,647 |
||||||||||||||||
| Equity Securities |
i 31,812 |
i 40,495 |
i 255,900 |
— |
i 328,207 |
||||||||||||||||
| Partnership and LLC Interests |
— |
i 13,116 |
i 418,250 |
— |
i 431,366 |
||||||||||||||||
| Debt Instruments |
— |
i 715,246 |
i 79,381 |
— |
i 794,627 |
||||||||||||||||
| Freestanding Derivatives |
|||||||||||||||||||||
| Foreign Currency Contracts |
— |
i 307 |
— |
— |
i 307 |
||||||||||||||||
| Credit Default Swaps |
— |
i 58 |
— |
— |
i 58 |
||||||||||||||||
| Total Return Swaps |
— |
i 21 |
— |
— |
i 21 |
||||||||||||||||
| Other |
— |
i 4 |
— |
— |
i 4 |
||||||||||||||||
| Assets of Consolidated CLO Vehicles |
|||||||||||||||||||||
| Corporate Loans |
— |
i 6,505,720 |
i 295,971 |
— |
i 6,801,691 |
||||||||||||||||
| Other |
— |
— |
i 770 |
— |
i 770 |
||||||||||||||||
| Total Investments of Consolidated Blackstone Funds |
i 31,812 |
i 7,274,967 |
i 1,050,272 |
i 23,647 |
i 8,380,698 |
||||||||||||||||
| Corporate Treasury Investments |
|||||||||||||||||||||
| Equity Securities |
i 429,527 |
— |
— |
— |
i 429,527 |
||||||||||||||||
| Debt Instruments |
i 297,111 |
i 1,385,582 |
i 26,345 |
— |
i 1,709,038 |
||||||||||||||||
| Other |
— |
— |
i 2,944 |
i 278,078 |
i 281,022 |
||||||||||||||||
| Total Corporate Treasury Investments |
i 726,638 |
i 1,385,582 |
i 29,289 |
i 278,078 |
i 2,419,587 |
||||||||||||||||
| Other Investments |
i 200,478 |
— |
i — |
i 7,126 |
i 207,604 |
||||||||||||||||
| Total Investments |
i 958,928 |
i 8,660,549 |
i 1,079,561 |
i 308,851 |
i 11,007,889 |
||||||||||||||||
| Accounts Receivable — Loans and Receivables |
— |
— |
i 500,751 |
— |
i 500,751 |
||||||||||||||||
| Other Assets |
|||||||||||||||||||||
| Freestanding Derivatives |
|||||||||||||||||||||
| Interest Rate Contracts |
i 502 |
i 52,627 |
— |
— |
i 53,129 |
||||||||||||||||
| Foreign Currency Contracts |
— |
i 1,231 |
— |
— |
i 1,231 |
||||||||||||||||
| Credit Default Swaps |
— |
i 36 |
— |
— |
i 36 |
||||||||||||||||
| Total Other Assets |
i 502 |
i 53,894 |
— |
— |
i 54,396 |
||||||||||||||||
| $ |
i 1,416,214 |
$ |
i 8,714,443 |
$ |
i 1,580,312 |
$ |
i 308,851 |
$ |
i 12,019,820 |
||||||||||||
Level I |
Level II |
Level III |
Total |
||||||||||||||
Liabilities |
|||||||||||||||||
Loans Payable — Liabilities of Consolidated CLO Vehicles (a) |
|||||||||||||||||
Senior Secured Notes (b) |
$ | — |
$ | i 6,455,016 |
$ | — |
$ | i 6,455,016 |
|||||||||
Subordinated Notes (b) |
— |
i 24,738 |
— |
i 24,738 |
|||||||||||||
Total Loans Payable |
— |
i 6,479,754 |
— |
i 6,479,754 |
|||||||||||||
Due to Affiliates — Liabilities of Consolidated CLO Vehicles (a) |
|||||||||||||||||
Senior Secured Notes (b) |
— |
i 57,717 |
— |
i 57,717 |
|||||||||||||
Subordinated Notes (b) |
— |
i 20,535 |
— |
i 20,535 |
|||||||||||||
Total Due to Affiliates |
— |
i 78,252 |
— |
i 78,252 |
|||||||||||||
Securities Sold, Not Yet Purchased |
i 19,977 |
i 55,569 |
— |
i 75,546 |
|||||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities |
|||||||||||||||||
Liabilities of Consolidated Blackstone Funds — Freestanding Derivatives (a) |
|||||||||||||||||
Foreign Currency Contracts |
— |
i 1,167 |
— |
i 1,167 |
|||||||||||||
Credit Default Swaps |
— |
i 960 |
— |
i 960 |
|||||||||||||
Total Return Swaps |
— |
i 464 |
— |
i 464 |
|||||||||||||
Interest Rate Swaps |
— |
i 1,728 |
— |
i 1,728 |
|||||||||||||
Other |
— |
i 2 |
— |
i 2 |
|||||||||||||
Total Liabilities of Consolidated Blackstone Funds |
— |
i 4,321 |
— |
i 4,321 |
|||||||||||||
Freestanding Derivatives |
|||||||||||||||||
Interest Rate Contracts |
i 150 |
i 4,745 |
— |
i 4,895 |
|||||||||||||
Foreign Currency Contracts |
— |
i 802 |
— |
i 802 |
|||||||||||||
Credit Default Swaps |
— |
i 197 |
— |
i 197 |
|||||||||||||
Total Freestanding Derivatives |
i 150 |
i 5,744 |
— |
i 5,894 |
|||||||||||||
Total Accounts Payable, Accrued Expenses and Other Liabilities |
i 150 |
i 10,065 |
— |
i 10,215 |
|||||||||||||
| $ | i 20,127 |
$ | i 6,623,640 |
$ | — |
$ | i 6,643,767 |
||||||||||
Level I |
Level II |
Level III |
NAV |
Total |
|||||||||||||||||
Assets |
|||||||||||||||||||||
Cash and Cash Equivalents — Money Market Funds and Short-Term Investments |
$ | i 623,526 |
$ | — |
$ | — |
$ | — |
$ | i 623,526 |
|||||||||||
Investments |
|||||||||||||||||||||
Investments of Consolidated Blackstone Funds (a) |
|||||||||||||||||||||
Investment Funds |
— |
— |
— |
i 80,726 |
i 80,726 |
||||||||||||||||
Equity Securities |
i 42,937 |
i 34,946 |
i 201,566 |
— |
i 279,449 |
||||||||||||||||
Partnership and LLC Interests |
— |
i 7,170 |
i 355,273 |
— |
i 362,443 |
||||||||||||||||
Debt Instruments |
— |
i 752,622 |
i 133,819 |
— |
i 886,441 |
||||||||||||||||
Freestanding Derivatives |
|||||||||||||||||||||
Foreign Currency Contracts |
— |
i 524 |
— |
— |
i 524 |
||||||||||||||||
Credit Default Swaps |
— |
i 55 |
— |
— |
i 55 |
||||||||||||||||
Assets of Consolidated CLO Vehicles |
|||||||||||||||||||||
Corporate Loans |
— |
i 6,093,342 |
i 673,358 |
— |
i 6,766,700 |
||||||||||||||||
Total Investments of Consolidated Blackstone Funds |
i 42,937 |
i 6,888,659 |
i 1,364,016 |
i 80,726 |
i 8,376,338 |
||||||||||||||||
Corporate Treasury Investments |
|||||||||||||||||||||
Equity Securities |
i 233,834 |
— |
— |
— |
i 233,834 |
||||||||||||||||
Debt Instruments |
i 243,297 |
i 1,444,968 |
i 24,568 |
— |
i 1,712,833 |
||||||||||||||||
Other |
— |
— |
— |
i 259,826 |
i 259,826 |
||||||||||||||||
Total Corporate Treasury Investments |
i 477,131 |
i 1,444,968 |
i 24,568 |
i 259,826 |
i 2,206,493 |
||||||||||||||||
Other Investments |
i 176,432 |
— |
i 31,617 |
i 7,581 |
i 215,630 |
||||||||||||||||
Total Investments |
i 696,500 |
i 8,333,627 |
i 1,420,201 |
i 348,133 |
i 10,798,461 |
||||||||||||||||
Accounts Receivable — Loans and Receivables |
— |
— |
i 304,173 |
— |
i 304,173 |
||||||||||||||||
Other Assets |
|||||||||||||||||||||
Freestanding Derivatives |
|||||||||||||||||||||
Interest Rate Contracts |
i 1,274 |
i 42,358 |
— |
— |
i 43,632 |
||||||||||||||||
Foreign Currency Contracts |
— |
i 1,286 |
— |
— |
i 1,286 |
||||||||||||||||
Total Other Assets |
i 1,274 |
i 43,644 |
— |
— |
i 44,918 |
||||||||||||||||
| $ | i 1,321,300 |
$ | i 8,377,271 |
$ | i 1,724,374 |
$ | i 348,133 |
$ | i 11,771,078 |
||||||||||||
| Level I |
Level II |
Level III |
Total |
||||||||||||||
| Liabilities |
|||||||||||||||||
| Loans Payable — Liabilities of Consolidated CLO Vehicles (a) |
|||||||||||||||||
| Senior Secured Notes (b) |
$ | — |
$ | i 6,473,233 |
$ | — |
$ | i 6,473,233 |
|||||||||
| Subordinated Notes (b) |
— |
i 7,478 |
— |
i 7,478 |
|||||||||||||
| Total Loans Payable |
— |
i 6,480,711 |
— |
i 6,480,711 |
|||||||||||||
| Due to Affiliates — Liabilities of Consolidated CLO Vehicles (a) |
|||||||||||||||||
| Senior Secured Notes (b) |
— |
i 3,201 |
— |
i 3,201 |
|||||||||||||
| Subordinated Notes (b) |
— |
i 52,811 |
— |
i 52,811 |
|||||||||||||
| Total Due to Affiliates |
— |
i 56,012 |
— |
i 56,012 |
|||||||||||||
| Securities Sold, Not Yet Purchased |
i 35,959 |
i 106,658 |
— |
i 142,617 |
|||||||||||||
| Accounts Payable, Accrued Expenses and Other Liabilities |
|||||||||||||||||
| Liabilities of Consolidated Blackstone Funds — Freestanding Derivatives (a) Foreign Currency Contracts |
— |
i 164 |
— |
i 164 |
|||||||||||||
| Credit Default Swaps |
— |
i 5,710 |
— |
i 5,710 |
|||||||||||||
| Total Return Swaps |
— |
i 1,855 |
— |
i 1,855 |
|||||||||||||
| Interest Rate Swaps |
— |
i 311 |
— |
i 311 |
|||||||||||||
| Total Liabilities of Consolidated Blackstone Funds |
— |
i 8,040 |
— |
i 8,040 |
|||||||||||||
| Freestanding Derivatives |
|||||||||||||||||
| Interest Rate Contracts |
i 3,080 |
i 36,084 |
— |
i 39,164 |
|||||||||||||
| Foreign Currency Contracts |
— |
i 1,636 |
— |
i 1,636 |
|||||||||||||
| Credit Default Swaps |
— |
i 4,004 |
— |
i 4,004 |
|||||||||||||
| Total Freestanding Derivatives |
i 3,080 |
i 41,724 |
— |
i 44,804 |
|||||||||||||
| Total Accounts Payable, Accrued Expenses and Other Liabilities |
i 3,080 |
i 49,764 |
— |
i 52,844 |
|||||||||||||
| $ | i 39,039 |
$ | i 6,693,145 |
$ | — |
$ | i 6,732,184 |
||||||||||
| (a) | Pursuant to GAAP consolidation guidance, Blackstone is required to consolidate all VIEs in which it has been identified as the primary beneficiary, including certain CLO vehicles, and other funds in which a consolidated entity of Blackstone, such as the general partner of the fund, has a controlling financial interest. While Blackstone is required to consolidate certain funds, including CLO vehicles, for GAAP purposes, Blackstone has no ability to utilize the assets of these funds and there is no recourse to Blackstone for their liabilities since these are client assets and liabilities. |
| (b) | Senior and subordinated notes issued by CLO vehicles are classified based on the more observable fair value of CLO assets less (1) the fair value of any beneficial interests held by Blackstone, and (2) the carrying value of any beneficial interests that represent compensation for services. |
| Fair Value |
Valuation Techniques |
Unobservable Inputs |
Ranges |
Weighted Average (a) |
||||||||||||||||
| Financial Assets |
||||||||||||||||||||
| Investments of Consolidated Blackstone Funds |
||||||||||||||||||||
| Equity Securities |
$ | i 198,094 |
Discounted Cash Flows |
Discount Rate |
i 7.2% |
i 13.1% |
||||||||||||||
| Revenue CAGR |
i 0.0% - i 25.4%
|
i 9.1% |
||||||||||||||||||
| Book Value Multiple |
i 0.9x - i 10.0x
|
i 6.4x |
||||||||||||||||||
| EBITDA Multiple |
i 1.1x
- i 13.5x |
i 8.3x
|
||||||||||||||||||
| Exit Capitalization Rate |
i 5.0% - i 11.4%
|
i 7.9% |
||||||||||||||||||
| Exit Multiple - EBITDA |
i 0.1x
- i 17.0x |
i 9.5x
|
||||||||||||||||||
| Exit Multiple - NOI |
i 14.3x |
N/A |
||||||||||||||||||
| Exit Multiple - P/E |
i 17.0x |
N/A |
||||||||||||||||||
| i 471 |
Market Comparable Companies |
Book Value Multiple |
i 1.1x |
N/A |
||||||||||||||||
| i 30,250 |
Other |
N/A |
N/A |
N/A |
||||||||||||||||
| i 26,958 |
Transaction Price |
N/A |
N/A |
N/A |
||||||||||||||||
| i 127 |
Third Party Pricing |
N/A |
N/A |
N/A |
||||||||||||||||
| Partnership and LLC Interests |
i 367,308 |
Discounted Cash Flows |
Discount Rate |
i 0.9%
- i 26.5% |
i 9.2% |
|||||||||||||||
| Revenue CAGR |
- i 4.3%
- i 26.3% |
i 17.1% |
||||||||||||||||||
| Book Value Multiple |
i 1.0x - i 1.1x
|
i 1.1x |
||||||||||||||||||
| EBITDA Multiple |
i 6.5x
- i 14.0x |
i 9.8x
|
||||||||||||||||||
| Exit Capitalization Rate |
i 2.0%
- i 27.0% |
i 5.8% |
||||||||||||||||||
| Exit Multiple - EBITDA |
i 3.5x
- i 18.6x |
i 10.2x
|
||||||||||||||||||
| Exit Multiple - NOI |
i 13.0x
- i 15.7x |
i 14.6x |
||||||||||||||||||
| i 3,330 |
Market Comparable Companies |
Book Value Multiple |
i 1.2x |
N/A |
||||||||||||||||
| Dollar/Acre Multiple |
$ i 12.0 |
N/A |
||||||||||||||||||
| i 2,637 |
Other |
N/A |
N/A |
N/A |
||||||||||||||||
| i 44,975 |
Transaction Price |
N/A |
N/A |
N/A |
||||||||||||||||
| Debt Instruments |
i 8,628 |
Discounted Cash Flows |
Discount Rate |
i 7.1%
- i 58.2% |
i 12.1% |
|||||||||||||||
| Exit Capitalization Rate |
i 5.5% - i 8.0%
|
i 6.7% |
||||||||||||||||||
| Exit Multiple - EBITDA |
i 6.5x
|
N/A |
||||||||||||||||||
| i 69,620 |
Third Party Pricing |
N/A |
N/A |
N/A |
||||||||||||||||
| i 1,133 |
Transaction Price |
N/A |
N/A |
N/A |
||||||||||||||||
| Assets of Consolidated CLO Vehicles |
i 296,741 |
Third Party Pricing |
N/A |
N/A |
N/A |
|||||||||||||||
| Total Investments of Consolidated Blackstone Funds |
i 1,050,272 |
|||||||||||||||||||
Fair Value |
Valuation Techniques |
Unobservable Inputs |
Ranges |
Weighted Average (a) |
|||||||||||||||||
Corporate Treasury Investments |
$ | i 10,332 |
Discounted Cash Flows |
Discount Rate |
i 3.2% - i 7.1%
|
i 5.7% |
|||||||||||||||
Default Rate |
i 2.0% |
N/A |
|||||||||||||||||||
Pre-payment Rate |
i 20.0% |
N/A |
|||||||||||||||||||
Recovery Lag |
i 12 Months |
N/A |
|||||||||||||||||||
Recovery Rate |
i 8.0% - i 70.0%
|
i 67.9% |
|||||||||||||||||||
Reinvestment Rate |
LIBOR + 400 bps |
N/A |
|||||||||||||||||||
i 2,944 |
Market Comparable Companies |
EBITDA Multiple |
i 6.2x - i 8.8x
|
i 8.1x |
|||||||||||||||||
i 16,013 |
Third Party Pricing |
N/A |
N/A |
N/A |
|||||||||||||||||
Loans and Receivables |
i 406,498 |
Discounted Cash Flows |
Discount Rate |
i 5.2% - i 9.8%
|
i 7.7% |
||||||||||||||||
i 94,253 |
Transaction Price |
N/A |
N/A |
N/A |
|||||||||||||||||
| $ | i 1,580,312 |
||||||||||||||||||||
Fair Value |
Valuation Techniques |
Unobservable Inputs |
Ranges |
Weighted- Average (a) |
||||||||||||||||
Financial Assets |
||||||||||||||||||||
Investments of Consolidated Blackstone Funds |
||||||||||||||||||||
Equity Securities |
$ | i 138,725 |
Discounted Cash Flows |
Discount Rate |
i 7.1% - i 26.1% |
i 12.6% |
||||||||||||||
Revenue CAGR |
- i 0.8% - i 32.4% |
i 6.6% |
||||||||||||||||||
Book Value Multiple |
i 0.9x - i 9.5x
|
i 8.3x |
||||||||||||||||||
Exit Capitalization Rate |
i 5.0% - i 11.4% |
i 8.0% |
||||||||||||||||||
Exit Multiple - EBITDA |
i 0.1x - i 17.5x |
i 10.3x
|
||||||||||||||||||
Exit Multiple - NOI |
i 12.8x |
N/A |
||||||||||||||||||
Exit Multiple - P/E |
i 17.0x |
N/A |
||||||||||||||||||
i 21,050 |
Market Comparable Companies |
Book Value Multiple |
i 0.8x - i 8.0x
|
i 1.3x |
||||||||||||||||
Dollar/Acre Multiple |
$ i 7.0 - $ i 44.1 |
$ i 32.9 |
||||||||||||||||||
i 21,492 |
Other |
N/A |
N/A |
N/A |
||||||||||||||||
i 20,250 |
Transaction Price |
N/A |
N/A |
N/A |
||||||||||||||||
i 49 |
Third Party Pricing |
N/A |
N/A |
N/A |
||||||||||||||||
Partnership and LLC Interests |
i 295,251 |
Discounted Cash Flows |
Discount Rate |
i 4.1% - i 26.5% |
i 9.7% |
|||||||||||||||
Revenue CAGR |
- i 1.1% - i 48.4% |
i 26.9% |
||||||||||||||||||
Book Value Multiple |
i 8.5x - i 9.3x
|
i 9.2x |
||||||||||||||||||
Exit Capitalization Rate |
i 2.9% - i 15.0% |
i 6.3% |
||||||||||||||||||
Exit Multiple - EBITDA |
i 0.1x - i 15.3x
|
i 10.0x
|
||||||||||||||||||
Exit Multiple - NOI |
i 13.3x |
N/A |
||||||||||||||||||
i 9,444 |
Market Comparable Companies |
Book Value Multiple |
i 1.1x |
N/A |
||||||||||||||||
Dollar/Acre Multiple |
$ i 5.3 - $ i 12.0 |
$ i 7.5 |
||||||||||||||||||
i 9,390 |
Other |
N/A |
N/A |
N/A |
||||||||||||||||
i 41,188 |
Transaction Price |
N/A |
N/A |
N/A |
||||||||||||||||
Debt Instruments |
i 8,342 |
Discounted Cash Flows |
Discount Rate |
i 7.0% - i 19.3% |
i 9.8% |
|||||||||||||||
Revenue CAGR |
i 0.7% |
N/A |
||||||||||||||||||
Exit Multiple - EBITDA |
i 6.5x
|
N/A |
||||||||||||||||||
i 120,843 |
Third Party Pricing |
N/A |
N/A |
N/A |
||||||||||||||||
i 4,634 |
Transaction Price |
N/A |
N/A |
N/A |
||||||||||||||||
Assets of Consolidated CLO Vehicles |
i 41 |
Discounted Cash Flows |
Discount Rate |
i 5.0% |
N/A |
|||||||||||||||
i 673,317 |
Third Party Pricing |
N/A |
N/A |
N/A |
||||||||||||||||
Total Investments of Consolidated Blackstone Funds |
i 1,364,016 |
|||||||||||||||||||
| Fair Value |
Valuation Techniques |
Unobservable Inputs |
Ranges |
Weighted- Average (a) |
||||||||||||||||
| Corporate Treasury Investments |
$ | i 7,947 |
Discounted Cash Flows |
Discount Rate |
i 4.4% - i 7.5%
|
i 6.6% |
||||||||||||||
| Default Rate |
i 2.0% |
N/A |
||||||||||||||||||
| Pre-payment Rate |
i 20.0% |
N/A |
||||||||||||||||||
| Recovery Lag |
i 12 Months - |
i 13 Months |
||||||||||||||||||
| |
|
|
|
|
|
|
|
|
|
|
|
i 21 Months |
|
|
|
|
| |||
| Recovery Rate |
i 17.5%
- i 70.0% |
i 67.7% |
||||||||||||||||||
| Reinvestment Rate |
LIBOR + 400 bps |
N/A |
||||||||||||||||||
| i 16,621 |
Third Party Pricing |
N/A |
N/A |
N/A |
||||||||||||||||
| Loans and Receivables |
i 304,173 |
Discounted Cash Flows |
Discount Rate |
i 6.1%
- i 12.8% |
i 8.7% |
|||||||||||||||
| Other Investments |
i 26,631 |
Discounted Cash Flows |
Discount Rate |
i 1.0%
- i 15.0% |
i 2.8% |
|||||||||||||||
| Default Rate |
i 2.0% |
N/A |
||||||||||||||||||
| Pre-payment Rate |
i 20.0% |
N/A |
||||||||||||||||||
| Recovery Lag |
i 12 Months |
N/A |
||||||||||||||||||
| Recovery Rate |
i 70.0% |
N/A |
||||||||||||||||||
| Reinvestment Rate |
LIBOR + 400 bps |
N/A |
||||||||||||||||||
| i 4,986 |
Transaction Price |
N/A |
N/A |
N/A |
||||||||||||||||
| $ | i 1,724,374 |
|||||||||||||||||||
| N/A |
Not applicable. | |
| CAGR |
Compound annual growth rate. | |
| EBITDA |
Earnings before interest, taxes, depreciation and amortization. | |
| Exit Multiple |
Ranges include the last twelve months EBITDA, forward EBITDA and price/earnings exit multiples. | |
| LIBOR |
London Interbank Offered Rate. | |
| NOI |
Net operating income. | |
| P/E |
Price-earnings ratio. | |
| 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. |
| Level III Financial Assets at Fair Value Year Ended December 31, | |||||||||||||||||||||||||||||||||
| 2018 | |||||||||||||||||||||||||||||||||
| Investments of Consolidated Funds |
Loans and Receivables |
Other Investments (a) |
Total |
Investments of Consolidated Funds |
Loans and Receivables |
Other Investments (a) |
Total |
||||||||||||||||||||||||||
| Balance, Beginning of Period |
$ | i 1,364,016 |
$ | i 304,173 |
$ | i 56,185 |
$ | i 1,724,374 |
$ | i 1,029,371 |
$ | i 239,659 |
$ | i 119,642 |
$ | i 1,388,672 |
|||||||||||||||||
| Transfer In Due to Consolidation and Acquisition |
— |
— |
— |
— |
i 50,043 |
— |
— |
i 50,043 |
|||||||||||||||||||||||||
| Transfer Out Due to Deconsolidation |
— |
— |
— |
— |
( i 217,182 |
) | — |
— |
( i 217,182 |
) | |||||||||||||||||||||||
| Transfer In to Level III (b) |
i 154,046 |
— |
i 29,941 |
i 183,987 |
i 190,497 |
— |
i 8,484 |
i 198,981 |
|||||||||||||||||||||||||
| Transfer Out of Level III (b) |
( i 507,546 |
) | — |
( i 40,426 |
) | ( i 547,972 |
) | ( i 127,829 |
) | — |
( i 56,534 |
) | ( i 184,363 |
) | |||||||||||||||||||
| Purchases |
i 510,516 |
i 1,037,019 |
i 18,816 |
i 1,566,351 |
i 862,844 |
i 1,016,838 |
i 28,041 |
i 1,907,723 |
|||||||||||||||||||||||||
| Sales |
( i 536,156 |
) | ( i 834,145 |
) | ( i 34,905 |
) | ( i 1,405,206 |
) | ( i 457,824 |
) | ( i 953,538 |
) | ( i 43,213 |
) | ( i 1,454,575 |
) | |||||||||||||||||
| Settlements |
— |
( i 21,262 |
) | — |
( i 21,262 |
) | — |
( i 22,285 |
) | ( i 73 |
) | ( i 22,358 |
) | ||||||||||||||||||||
| Changes in Gains (Losses) Included in Earnings |
i 65,396 |
i 14,966 |
( i 322 |
) | i 80,040 |
i 34,096 |
i 23,499 |
( i 162 |
) | i 57,433 |
|||||||||||||||||||||||
| Balance, End of Period |
$ | i 1,050,272 |
$ | i 500,751 |
$ | i 29,289 |
$ | i 1,580,312 |
$ | i 1,364,016 |
$ | i 304,173 |
$ | i 56,185 |
$ | i 1,724,374 |
|||||||||||||||||
| Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date |
$ | i 33,721 |
$ | ( i 6,533 |
) | $ | i 588 |
$ | i 27,776 |
$ | ( i 4,378 |
) | $ | — |
$ | i 2,439 |
$ | ( i 1,939 |
) | ||||||||||||||
| (a) | Represents 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. |
9. |
Variable Interest Entities |
Investments |
$ | i 1,216,932 |
$ | i 942,700 |
|||||
Due from Affiliates |
i 143,949 |
i 254,744 |
|||||||
Potential Clawback Obligation |
i 109,240 |
i 159,691 |
|||||||
Maximum Exposure to Loss |
$ | i 1,470,121 |
$ | i 1,357,135 |
|||||
Amounts Due to Non-Consolidated VIEs |
$ | i 231 |
$ | i 207 |
|||||
Remaining Contractual Maturity of the Agreements | |||||||||||||||||||||
Overnight and Continuous |
Up to 30 Days |
30 - 90 Days |
Greater than 90 days |
Total |
|||||||||||||||||
Repurchase Agreements |
|||||||||||||||||||||
Asset-Backed Securities |
$ | — |
$ | i 42,459 |
$ | i 88,868 |
$ | i 22,791 |
$ |
i 154,118 |
|||||||||||
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 12. “Offsetting of Assets and Liabilities” |
$ | i 154,118 |
|||||||||||||||||||
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 12. “Offsetting of Assets and Liabilities” |
$ | i — |
|||||||||||||||||||
Remaining Contractual Maturity of the Agreements | |||||||||||||||||||||
Overnight and Continuous |
Up to 30 Days |
30 - 90 Days |
Greater than 90 days |
Total |
|||||||||||||||||
Repurchase Agreements |
|||||||||||||||||||||
Asset-Backed Securities |
$ | — |
$ | i 42,908 |
$ | i 144,731 |
$ |
i 34,563 |
$ |
i 222,202 |
|||||||||||
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 12. “Offsetting of Assets and Liabilities” |
$ | i 222,202 |
|||||||||||||||||||
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 12. “Offsetting of Assets and Liabilities” |
$ | i — |
|||||||||||||||||||
11. |
Other Assets and Accounts Payable, Accrued Expenses and Other Liabilities |
2018 |
|||||||||
Furniture, Equipment and Leasehold Improvements |
$ | i 417,373 |
$ | i 360,571 |
|||||
Less: Accumulated Depreciation |
( i 262,891 |
) | ( i 240,199 |
) | |||||
Furniture, Equipment and Leasehold Improvements, Net |
i 154,482 |
i 120,372 |
|||||||
Prepaid Expenses |
i 159,333 |
i 110,732 |
|||||||
Freestanding Derivatives |
i 54,396 |
i 44,918 |
|||||||
Other |
i 14,282 |
i 18,226 |
|||||||
| $ | i 382,493 |
$ | i 294,248 |
||||||
12. |
Offsetting of Assets and Liabilities |
| Gross and Net Amounts of Assets Presented in the Statement of Financial Condition |
Gross Amounts Not Offset in the Statement of Financial Condition |
||||||||||||||||
| Financial Instruments (a) |
Cash Collateral Received |
Net Amount |
|||||||||||||||
| Assets |
|||||||||||||||||
| Freestanding Derivatives |
$ |
i 54,479 |
$ |
i 380 |
$ |
i — |
$ |
i 54,099 |
|||||||||
| Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition |
Gross Amounts Not Offset in the Statement of Financial Condition |
||||||||||||||||
| Financial Instruments (a) |
Cash Collateral Pledged |
Net Amount |
|||||||||||||||
| Liabilities |
|||||||||||||||||
| Freestanding Derivatives |
$ |
i 10,215 |
$ |
i 380 |
$ |
i 9,198 |
$ |
i 637 |
|||||||||
| Repurchase Agreements |
i 154,118 |
i 154,118 |
i — |
i — |
|||||||||||||
$ |
i 164,333 |
$ |
i 154,498 |
$ |
i 9,198 |
$ |
i 637 |
||||||||||
| Gross and Net Amounts of Assets Presented in the Statement of Financial Condition |
Gross Amounts Not Offset in the Statement of Financial Condition |
||||||||||||||||
| Financial Instruments (a) |
Cash Collateral Received |
Net Amount |
|||||||||||||||
| Assets |
|||||||||||||||||
| Freestanding Derivatives |
$ |
i 45,416 |
$ |
i 37,788 |
$ |
i 5,547 |
$ |
i 2,081 |
|||||||||
| Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition |
Gross Amounts Not Offset in the Statement of Financial Condition |
||||||||||||||||
| Financial Instruments |
Cash Collateral Pledged |
Net Amount |
|||||||||||||||
| Liabilities |
|||||||||||||||||
| Freestanding Derivatives |
$ | i 52,844 |
$ | i 35,905 |
$ | i 15,377 |
$ | i 1,562 |
|||||||||
| Repurchase Agreements |
i 222,202 |
i 222,202 |
— |
— |
|||||||||||||
| $ |
i 275,046 |
$ |
i 258,107 |
$ |
i 15,377 |
$ |
i 1,562 |
||||||||||
| (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. |
13. |
Borrowings |
2018 | |||||||||||||||||||||||||
Credit Available |
Borrowing Outstanding |
Effective Interest Rate |
Credit Available |
Borrowing Outstanding |
Effective Interest Rate |
||||||||||||||||||||
Revolving Credit Facility (a) |
$ | i 1,600,000 |
$ | — |
— |
$ | i 1,600,000 |
$ | — |
— |
|||||||||||||||
Blackstone Issued Senior Notes (b) |
|||||||||||||||||||||||||
5.875%, Due i 3/15/2021 |
— |
— |
— |
i 400,000 |
i 400,000 |
i 6.01% |
|||||||||||||||||||
4.750%, Due i 2/15/2023 |
i 400,000 |
i 400,000 |
i 5.08% |
i 400,000 |
i 400,000 |
i 5.08% |
|||||||||||||||||||
2.000%, Due i 5/19/2025 |
i 336,390 |
i 336,390 |
i 2.12% |
i 344,010 |
i 344,010 |
i 2.14% |
|||||||||||||||||||
1.000%, Due i 10/5/2026 |
i 672,780 |
i 672,780 |
i 1.13% |
i 688,020 |
i 688,020 |
i 1.14% |
|||||||||||||||||||
3.150%, Due i 10/2/2027 |
i 300,000 |
i 300,000 |
i 3.30% |
i 300,000 |
i 300,000 |
i 3.30% |
|||||||||||||||||||
1.500%, Due i 4/10/2029 |
i 672,780 |
i 672,780 |
i 1.70% |
— |
— |
— |
|||||||||||||||||||
2.500%, Due i 1/10/2030 |
i 500,000 |
i 500,000 |
i 2.71% |
— |
— |
— |
|||||||||||||||||||
6.250%, Due i 8/15/2042 |
i 250,000 |
i 250,000 |
i 6.65% |
i 250,000 |
i 250,000 |
i 6.65% |
|||||||||||||||||||
5.000%, Due i 6/15/2044 |
i 500,000 |
i 500,000 |
i 5.16% |
i 500,000 |
i 500,000 |
i 5.16% |
|||||||||||||||||||
4.450%, Due i 7/15/2045 |
i 350,000 |
i 350,000 |
i 4.56% |
i 350,000 |
i 350,000 |
i 4.56% |
|||||||||||||||||||
4.000%, Due i 10/2/2047 |
i 300,000 |
i 300,000 |
i 4.20% |
i 300,000 |
i 300,000 |
i 4.20% |
|||||||||||||||||||
3.500%, Due i 9/10/2049 |
i 400,000 |
i 400,000 |
i 3.61% |
— |
— |
— |
|||||||||||||||||||
i 6,281,950 |
i 4,681,950 |
i 5,132,030 |
i 3,532,030 |
||||||||||||||||||||||
Blackstone Fund Facilities (c) |
i 113 |
i 113 |
i 3.68% |
— |
— |
— |
|||||||||||||||||||
CLO Vehicles (d) |
i 6,859,535 |
i 6,859,535 |
i 3.55% |
i 6,863,285 |
i 6,863,285 |
i 4.20% |
|||||||||||||||||||
| $ | i 13,141,598 |
$ | i 11,541,598 |
$ | i 11,995,315 |
$ | i 10,395,315 |
||||||||||||||||||
| (a) | The Issuer has a credit facility (the “Credit Facility”) with Citibank, N.A., as Administrative Agent in the amount of $ i i 1.6 / billion
with a maturity date of i September 21, 2023. Interest on the borrowings is based on an adjusted LIBOR rate or alternate base rate, in each case plus a margin, and undrawn commitments bear a commitment fee of i 0.06%.
The margin above adjusted LIBOR used to calculate the interest on borrowings was i i 0.75 / %
as of December 31, 2019 and 2018. The margin is subject to change based on Blackstone’s credit rating. Borrowings may also be made in U.K. sterling, euros, Swiss francs, Japanese yen or Canadian dollars, in each case subject to certain sub-limits. The Credit Facility contains customary representations, covenants and events of default. Financial covenants consist of a maximum net leverage ratio and a requirement to keep a minimum amount of fee-earning assets under management, each tested quarterly. The Borrowing Outstanding at each date represent outstanding but undrawn letters of credit against the credit facility. |
| (b) | The Issuer has issued long-term borrowings in the form of senior notes (the “Notes”). The Notes are unsecured and unsubordinated obligations of the Issuer. The Notes are fully and unconditionally guaranteed, jointly and severally, by Blackstone, Blackstone Holdings (the “Guarantors”), and the Issuer. The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to the issuance of the Notes have been deducted from the Note liability and are being amortized over the life of the Notes. The indentures include covenants, including limitations on the Issuer’s and the Guarantors’ ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries
or merge, consolidate or sell, transfer or lease assets. The indentures also provide for events of default and further provide that the trustee or the holders of not less than i 25% in aggregate principal amount of the outstanding Notes may declare the Notes immediately due and payable upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In
the case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the Notes and any accrued and unpaid interest on the Notes automatically become due and payable. All or a portion of the Notes may be redeemed at the Issuer’s option in whole or in part, at any time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the Notes. If a change of control repurchase event occurs, the holders of the Notes may require the Issuer to repurchase the Notes at a repurchase price in cash equal to i 101%
of the aggregate principal amount of the Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of repurchase. |
| (c) | Represents borrowing facilities for the various consolidated Blackstone Funds used to meet liquidity and investing needs. Certain borrowings under these facilities were used for bridge financing and general liquidity purposes. Other borrowings were used to finance the purchase of investments with the borrowing remaining in place until the disposition or refinancing event. Such borrowings have varying maturities and are rolled over until the disposition or a refinancing event. Because the timing of such events is unknown and may occur in the near term, these borrowings are considered short-term in nature. Borrowings bear interest at spreads to market rates. Borrowings were secured according to the terms of each facility and are generally secured by the investment purchased with the proceeds of the borrowing and/or the uncalled capital commitment of each respective fund. Certain facilities have commitment fees. When a fund borrows, the proceeds are available only for use by that fund and are not available for the benefit of other funds. Collateral within each fund is also available only against the borrowings by that fund and not against the borrowings of other funds. |
| (d) | Represents borrowings due to the holders of debt securities issued by CLO vehicles consolidated by Blackstone. These amounts are included within Loans Payable and Due to Affiliates within the Consolidated Statements of Financial Condition. |
2018 | |||||||||||||||||
Senior Notes |
Carrying Value |
Fair Value (a) |
Carrying Value |
Fair Value (a) |
|||||||||||||
i 5.875%, Due i 3/15/2021
|
$ | — |
$ | — |
$ | i 398,947 |
$ | i 421,720 |
|||||||||
i 4.750%, Due i 2/15/2023
|
i 396,247 |
i 429,280 |
i 395,166 |
i 417,600 |
|||||||||||||
i 2.000%, Due i 5/19/2025
|
i 332,393 |
i 365,521 |
i 339,959 |
i 352,197 |
|||||||||||||
i 1.000%, Due i 10/5/2026
|
i 664,229 |
i 691,012 |
i 679,193 |
i 647,564 |
|||||||||||||
i 3.150%, Due i 10/2/2027
|
i 297,046 |
i 309,540 |
i 296,717 |
i 285,030 |
|||||||||||||
i 1.500%, Due i 4/10/2029
|
i 667,425 |
i 708,841 |
— |
— |
|||||||||||||
i 2.500%, Due i 1/10/2030
|
i 489,841 |
i 493,500 |
— |
— |
|||||||||||||
i 6.250%, Due i 8/15/2042
|
i 238,437 |
i 338,200 |
i 238,221 |
i 289,225 |
|||||||||||||
i 5.000%, Due i 6/15/2044
|
i 488,968 |
i 606,700 |
i 488,747 |
i 490,150 |
|||||||||||||
i 4.450%, Due i 7/15/2045
|
i 344,157 |
i 396,235 |
i 344,038 |
i 329,770 |
|||||||||||||
i 4.000%, Due i 10/2/2047
|
i 290,344 |
i 321,780 |
i 290,163 |
i 262,800 |
|||||||||||||
i 3.500%, Due i 9/10/2049
|
i 391,769 |
i 399,961 |
— |
— |
|||||||||||||
| $ | i 4,600,856 |
$ | i 5,060,570 |
$ | i 3,471,151 |
$ | i 3,496,056 |
||||||||||
| (a) | Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy. |
2018 | |||||||||||||||||||||||||
Borrowing Outstanding |
Effective Interest Rate |
Weighted- Average Remaining Maturity in Years |
Borrowing Outstanding |
Effective Interest Rate |
Weighted- Average Remaining Maturity in Years |
||||||||||||||||||||
Senior Secured Notes |
$ | i 6,527,800 |
i 3.55% |
i 3.5 |
$ | i 6,531,550 |
i 4.20% |
i 7.5 |
|||||||||||||||||
Subordinated Notes |
i 331,735 |
(a) |
i | N/A |
i 331,735 |
(a) |
i | N/A |
|||||||||||||||||
| $ | i 6,859,535 |
$ | i 6,863,285 |
||||||||||||||||||||||
| (a) | The Subordinated Notes do not have contractual interest rates but instead receive distributions from the excess cash flows of the CLO vehicles. |
2018 | |||||||||||||||||||||||||
Amounts Due to Non- Consolidated Affiliates |
Amounts Due to Non- Consolidated Affiliates | ||||||||||||||||||||||||
Fair Value |
Borrowing Outstanding |
Fair Value |
Fair Value |
Borrowing Outstanding |
Fair Value |
||||||||||||||||||||
Senior Secured Notes |
$ | i 6,512,733 |
$ | i 57,750 |
$ | i 57,717 |
$ | i 6,476,434 |
$ | i 3,250 |
$ | i 3,201 |
|||||||||||||
Subordinated Notes |
i 45,273 |
i 44,734 |
i 20,535 |
i 60,289 |
i 111,659 |
i 52,811 |
|||||||||||||||||||
| $ | i 6,558,006 |
$ | i 102,484 |
$ | i 78,252 |
$ | i 6,536,723 |
$ | i 114,909 |
$ | i 56,012 |
||||||||||||||
Operating Borrowings |
Blackstone Fund Facilities / CLO Vehicles |
Total Borrowings |
|||||||||||
2020 |
$ | — |
$ | i 113 |
$ | i 113 |
|||||||
2021 |
— |
— |
— |
||||||||||
2022 |
— |
— |
— |
||||||||||
2023 |
i 400,000 |
— |
i 400,000 |
||||||||||
2024 |
— |
— |
— |
||||||||||
Thereafter |
i 4,281,950 |
i 6,859,535 |
i 11,141,485 |
||||||||||
| $ | i 4,681,950 |
$ | i 6,859,648 |
$ | i 11,541,598 |
||||||||
14. |
Leases |
Year Ended |
|||||
Operating Lease Cost (a) |
|||||
Straight-Line Lease Cost (b) |
$ | i 90,640 |
|||
Variable Lease Cost |
i 14,574 |
||||
Sublease Income |
( i 796 |
) | |||
| $ | i 104,418 |
||||
| (a) | Rent expense for the years ended December 31, 2018 and 2017, was $ i 109.9 million and $ i 104.7 million, respectively. |
| (b) | Straight-line lease cost includes short-term leases, which are immaterial. |
Year Ended December 31, 2019 |
|||||
Operating Cash Flows for Operating Leases |
$ | i 94,854 |
|||
Non-Cash Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities |
i 10,053 |
||||
2020 |
$ | i 84,639 |
||
2021 |
i 88,638 |
|||
2022 |
i 79,533 |
|||
2023 |
i 77,287 |
|||
2024 |
i 65,289 |
|||
Thereafter |
i 207,090 |
|||
Total Lease Payments (a) |
i 602,476 |
|||
Less: Imputed Interest |
( i 59,482 |
) | ||
Present Value of Operating Lease Liabilities |
$ | i 542,994 |
||
| (a) | Excludes $ i 138.7 million of lease payments for signed leases that have not yet commenced. |
2019 |
$ | i 78,506 |
||
2020 |
i 72,191 |
|||
2021 |
i 80,914 |
|||
2022 |
i 79,094 |
|||
2023 |
i 77,248 |
|||
Thereafter |
i 273,347 |
|||
Total |
$ | i 661,300 |
||
15. |
Income Taxes |
Year Ended December 31, | |||||||||||||
2018 |
2017 |
||||||||||||
Income Before Provision (Benefit) for Taxes |
|||||||||||||
U.S. Domestic Income |
$ | i 3,547,292 |
$ | i 3,308,202 |
$ | i 3,956,339 |
|||||||
Foreign Income |
i 270,723 |
i 204,739 |
i 161,750 |
||||||||||
| $ | i 3,818,015 |
$ | i 3,512,941 |
$ | i 4,118,089 |
||||||||
Year Ended December 31, | |||||||||||||
2018 |
2017 |
||||||||||||
Current |
|||||||||||||
Federal Income Tax |
$ | i 74,611 |
$ | i 73,525 |
$ | i 31,457 |
|||||||
Foreign Income Tax |
i 38,098 |
i 42,128 |
i 36,083 |
||||||||||
State and Local Income Tax |
i 19,267 |
i 53,961 |
i 40,507 |
||||||||||
i 131,976 |
i 169,614 |
i 108,047 |
|||||||||||
Deferred |
|||||||||||||
Federal Income Tax |
( i 222,790 |
) | i 59,924 |
i 613,518 |
|||||||||
Foreign Income Tax |
i 312 |
( i 2,518 |
) | ( i 34 |
) | ||||||||
State and Local Income Tax |
i 42,550 |
i 22,370 |
i 21,616 |
||||||||||
( i 179,928 |
) | i 79,776 |
i 635,100 |
||||||||||
Provision (Benefit) for Taxes |
$ | ( i 47,952 |
) | $ | i 249,390 |
$ | i 743,147 |
||||||
Year Ended December 31, | |||||||||||||
2018 |
2017 |
||||||||||||
Income Before Provision (Benefit) for Taxes |
$ | i 3,818,015 |
$ | i 3,512,941 |
$ | i 4,118,089 |
|||||||
Provision (Benefit) for Taxes |
$ | ( i 47,952 |
) | $ | i 249,390 |
$ | i 743,147 |
||||||
Effective Income Tax Rate |
- i 1.3 |
% | i 7.1 |
% | i 18.0 |
% | |||||||
| 2019 |
2018 |
||||||||||||||||||||
| Year Ended December 31, |
vs. |
vs. |
|||||||||||||||||||
| 2019 |
2018 |
2017 |
2018 |
2017 |
|||||||||||||||||
| Statutory U.S. Federal Income Tax Rate |
i 21.0 |
% | i 21.0 |
% | i 35.0 |
% | — |
- i 14.0 |
% | ||||||||||||
| Income Passed Through to Common Shareholders and Non-Controlling Interest Holders (a) |
- i 13.5 |
% | - i 15.5 |
% | - i 25.9 |
% | i 2.0 |
% | i 10.4 |
% | |||||||||||
| State and Local Income Taxes |
i 1.6 |
% | i 1.8 |
% | i 1.5 |
% | - i 0.2 |
% | i 0.3 |
% | |||||||||||
| Equity-Based Compensation |
— |
— |
- i 0.1 |
% | — |
i 0.1 |
% | ||||||||||||||
| Change to a Taxable Corporation |
- i 10.3 |
% | — |
— |
- i 10.3 |
% | — |
||||||||||||||
| Impact of the Tax Reform Bill |
— |
— |
i 8.3 |
% | — |
- i 8.3 |
% | ||||||||||||||
| Change in Valuation Allowance (b) |
- i 0.8 |
% | — |
— |
- i 0.8 |
% | — |
||||||||||||||
| Other |
i 0.7 |
% | - i 0.2 |
% | - i 0.8 |
% | i 0.9 |
% | i 0.6 |
% | |||||||||||
| Effective Income Tax Rate |
- i 1.3 |
% | i 7.1 |
% | i 18.0 |
% | - i 8.4 |
% | - i 10.9 |
% | |||||||||||
| (a) | Includes income that was not taxable to Blackstone and its subsidiaries. Such income was directly taxable to the common unitholders for the period prior to the Conversion and remains taxable to Blackstone’s non-controlling interest holders. |
(b) |
The Change in Valuation Allowance for the year ended December 31, 2019 represents the change from July 1, 2019 to December 31, 2019, following the change to a taxable corporation. |
| 2018 |
|||||||||
| Deferred Tax Assets |
|||||||||
| Fund Management Fees |
$ | — |
$ | i 6,955 |
|||||
| Equity-Based Compensation |
— |
i 69,484 |
|||||||
| Amortization and Depreciation |
— |
i 768,984 |
|||||||
| Investment Basis Differences/Net Unrealized Gains and Losses |
i 1,712,982 |
— |
|||||||
| Other |
i 5,342 |
— |
|||||||
| Total Deferred Tax Assets Before Valuation Allowance |
i 1,718,324 |
i 845,423 |
|||||||
| Valuation Allowance |
( i 629,019 |
) | — |
||||||
| Total Net Deferred Tax Assets |
i 1,089,305 |
i 845,423 |
|||||||
| Deferred Tax Liabilities |
|||||||||
| Investment Basis Differences/Net Unrealized Gains and Losses |
i 20,267 |
i 71,472 |
|||||||
| Other |
— |
i 34,469 |
|||||||
| Total Deferred Tax Liabilities |
i 20,267 |
i 105,941 |
|||||||
| |
|||||||||
| Net Deferred Tax Asset s |
$ | i 1,069,038 |
$ | i 739,482 |
|||||
2018 |
2017 |
||||||||||||
Unrecognized Tax Benefits — January 1 |
$ | i 20,864 |
$ | i 11,454 |
$ | i 3,581 |
|||||||
Additions for Tax Positions of Prior Years |
i 4,908 |
i 9,671 |
i 11,167 |
||||||||||
Reductions for Tax Positions of Prior Years |
— |
( i 323 |
) | ( i 1,860 |
) | ||||||||
Settlements |
( i 829 |
) | — |
( i 1,382 |
) | ||||||||
Exchange Rate Fluctuations |
i 15 |
i 62 |
( i 52 |
) | |||||||||
Unrecognized Tax Benefits — December 31 |
$ | i 24,958 |
$ | i 20,864 |
$ | i 11,454 |
|||||||
16. |
Earnings Per Share and Stockholder’s Equity |
Year Ended December 31, | |||||||||||||
2018 |
2017 |
||||||||||||
Net Income for Per Share of Class A Common Stock Calculations |
|||||||||||||
Net Income Attributable to The Blackstone Group Inc., Basic |
$ | i 2,049,682 |
$ | i 1,541,788 |
$ | i 1,471,374 |
|||||||
Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units |
— |
i 1,185,799 |
— |
||||||||||
Net Income Attributable to The Blackstone Group Inc., Diluted |
$ | i 2,049,682 |
$ | i 2,727,587 |
$ | i 1,471,374 |
|||||||
Shares/Units Outstanding |
|||||||||||||
Weighted-Average Shares of Class A Common Stock Outstanding, Basic |
i 675,900,466 |
i 678,850,245 |
i 665,453,198 |
||||||||||
Weighted-Average Shares of Unvested Deferred Restricted Class A Common Stock |
i 267,385 |
i 226,487 |
i 793,648 |
||||||||||
Weighted-Average Blackstone Holdings Partnership Units |
— |
i 527,886,114 |
— |
||||||||||
Weighted-Average Shares of Class A Common Stock Outstanding, Diluted |
i 676,167,851 |
i 1,206,962,846 |
i 666,246,846 |
||||||||||
Net Income Per Share of Class A Common Stock |
|||||||||||||
Basic |
$ | i 3.03 |
$ | i 2.27 |
$ | i 2.21 |
|||||||
Diluted |
$ | i 3.03 |
$ | i 2.26 |
$ | i 2.21 |
|||||||
Dividends Declared Per Share of Class A Common Stock (a) |
$ | i 1.92 |
$ | i 2.42 |
$ | i 2.32 |
|||||||
| (a) | Dividends declared reflects the calendar date of the declaration for each distribution. The fourth quarter dividends, if any, for any fiscal year will be declared and paid in the subsequent fiscal year. |
Year Ended December 31, | |||||||||||||
2018 |
2017 |
||||||||||||
Weighted-Average Blackstone Holdings Partnership Units |
i 524,211,887 |
i — |
i 533,982,613 |
||||||||||
Shares/Units |
|||||
Class A Common Stock Outstanding |
i 671,157,692 |
||||
Unvested Participating Common Stock |
i 9,299,732 |
||||
Total Participating Common Stock |
i 680,457,424 |
||||
Participating Blackstone Holdings Partnership Units |
i 515,973,657 |
||||
i 1,196,431,081 |
|||||
Blackstone Holdings |
The Blackstone Group Inc. | ||||||||||||||||||||||||
Equity Settled Awards |
Cash Settled Awards | ||||||||||||||||||||||||
Unvested Shares/Units |
Partnership Units |
Weighted- Average Grant Date Fair Value |
Deferred Restricted Shares Class A Common Stock |
Weighted- Average Grant Date Fair Value |
Phantom Shares |
Weighted- Average Grant Date Fair Value |
|||||||||||||||||||
Balance, December 31, 2018 |
i 31,554,127 |
$ | i 34.38 |
i 9,312,268 |
$ | i 31.43 |
i 46,808 |
$ | i 34.66 |
||||||||||||||||
Granted |
i 9,094,157 |
i 43.57 |
i 3,639,947 |
i 38.80 |
i 20,355 |
i 50.71 |
|||||||||||||||||||
Vested |
( i 6,893,962 |
) | i 35.68 |
( i 3,272,213 |
) | i 31.18 |
( i 11,035 |
) | i 48.59 |
||||||||||||||||
Forfeited |
( i 1,595,104 |
) | i 31.77 |
( i 710,266 |
) | i 22.60 |
( i 4,787 |
) | i 47.95 |
||||||||||||||||
Balance, December 31, 2019 |
i 32,159,218 |
$ | i 36.25 |
i 8,969,736 |
$ | i 35.26 |
i 51,341 |
$ | i 52.85 |
||||||||||||||||
Shares/Units |
Weighted-Average Service Period in Years |
||||||||
Blackstone Holdings Partnership Units |
i 25,800,455 |
i 3.2 |
|||||||
Deferred Restricted Shares of Class A Common Stock |
i 7,465,122 |
i 2.2 |
|||||||
Total Equity-Based Awards |
i 33,265,577 |
i 2.9 |
|||||||
Phantom Shares |
i 39,155 |
i 2.9 |
|||||||
2018 |
|||||||||
Due from Affiliates |
|||||||||
Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated Entities and Portfolio Companies |
$ |
i 1,999,568 |
$ |
i 1,520,100 |
|||||
Due from Certain Non-Controlling Interest Holders and Blackstone Employees |
i 573,679 |
i 462,475 |
|||||||
Accrual for Potential Clawback of Previously Distributed Performance Allocations |
i 21,626 |
i 11,548 |
|||||||
$ |
i 2,594,873 |
$ |
i 1,994,123 |
||||||
2018 |
|||||||||
Due to Affiliates |
|||||||||
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements |
$ |
i 672,981 |
$ |
i 796,902 |
|||||
Due to Non-Consolidated Entities |
i 100,286 |
i 99,728 |
|||||||
Due to Note-Holders of Consolidated CLO Vehicles |
i 78,252 |
i 56,012 |
|||||||
Due to Certain Non-Controlling Interest Holders and Blackstone Employees |
i 48,433 |
i 53,613 |
|||||||
Accrual for Potential Repayment of Previously Received Performance Allocations |
i 126,919 |
i 29,521 |
|||||||
$ |
i 1,026,871 |
$ |
i 1,035,776 |
||||||
2018 | |||||||||||||||||||||||||
Segment |
Blackstone Holdings |
Current and Former Personnel (a) |
Total |
Blackstone Holdings |
Current and Former Personnel (a) |
Total |
|||||||||||||||||||
Real Estate |
$ | i 16,151 |
$ | i 10,597 |
$ | i 26,748 |
$ | i 15,770 |
$ | i 10,053 |
$ | i 25,823 |
|||||||||||||
Private Equity |
i 82,276 |
i 2,860 |
i 85,136 |
i 13,296 |
( i 12,448 |
) | i 848 |
||||||||||||||||||
Credit |
i 6,866 |
i 8,169 |
i 15,035 |
i 1,355 |
i 1,495 |
i 2,850 |
|||||||||||||||||||
| $ | i 105,293 |
$ | i 21,626 |
$ | i 126,919 |
$ | i 30,421 |
$ | ( i 900 |
) | $ | i 29,521 |
|||||||||||||
| (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. |
| • | Real Estate – Blackstone’s Real Estate segment primarily comprises its management of global, Europe and Asia-focused opportunistic real estate funds, high-yield and high-grade real estate debt funds, liquid real estate debt funds, core+ real estate funds which also include a non-exchange traded REIT and a NYSE-listed REIT. |
| • | Private Equity – Blackstone’s Private Equity segment includes its management of flagship corporate private equity funds, sector and geographically-focused corporate private equity funds, including energy and Asia-focused funds, a core private equity fund, an opportunistic investment platform, a secondary fund of funds business, infrastructure-focused funds, a life sciences private investment platform, a multi-asset investment program for eligible high net worth investors and a capital markets services business. |
| • | Hedge Fund Solutions – The largest component of Blackstone’s Hedge Fund Solutions segment is Blackstone Alternative Asset Management, which manages a broad range of commingled and customized hedge fund of fund solutions. The segment also includes investment platforms that seed new hedge fund businesses, purchase minority interests in more established general partners and management companies of funds, invest in special situation opportunities, create alternative solutions in the form of daily liquidity products and invest directly. |
| • | Credit – Blackstone’s Credit segment consists principally of GSO Capital Partners LP, which is organized into three overarching strategies: performing credit strategies (which include mezzanine lending funds, middle market direct lending funds, including our business development company and other performing credit strategy funds), distressed strategies (which include credit alpha strategies, stressed/distressed funds and energy strategies) and long only strategies (which consist of CLOs, closed - ended funds, open- ended funds and separately managed accounts). In addition, the segment includes a publicly traded master limited partnership investment platform, Harvest, and our insurer-focused platform, Blackstone Insurance Solutions. |
December 31, 2019 and the Year Then Ended | |||||||||||||||||||||
Real Estate |
Private Equity |
Hedge Fund Solutions |
Credit |
Total Segments |
|||||||||||||||||
Management and Advisory Fees, Net |
|||||||||||||||||||||
Base Management Fees |
$ | i 1,116,183 |
$ | i 986,482 |
$ | i 556,730 |
$ | i 586,535 |
$ | i 3,245,930 |
|||||||||||
Transaction, Advisory and Other Fees, Net |
i 175,831 |
i 115,174 |
i 3,533 |
i 19,882 |
i 314,420 |
||||||||||||||||
Management Fee Offsets |
( i 26,836 |
) | ( i 37,327 |
) | ( i 138 |
) | ( i 11,813 |
) | ( i 76,114 |
) | |||||||||||
Total Management and Advisory Fees, Net |
i 1,265,178 |
i 1,064,329 |
i 560,125 |
i 594,604 |
i 3,484,236 |
||||||||||||||||
Fee Related Performance Revenues |
i 198,237 |
— |
— |
i 13,764 |
i 212,001 |
||||||||||||||||
Fee Related Compensation |
( i 531,259 |
) | ( i 423,752 |
) | ( i 151,960 |
) | ( i 229,607 |
) | ( i 1,336,578 |
) | |||||||||||
Other Operating Expenses |
( i 168,332 |
) | ( i 160,010 |
) | ( i 81,999 |
) | ( i 160,801 |
) | ( i 571,142 |
) | |||||||||||
Fee Related Earnings |
i 763,824 |
i 480,567 |
i 326,166 |
i 217,960 |
i 1,788,517 |
||||||||||||||||
Realized Performance Revenues |
i 1,032,337 |
i 468,992 |
i 126,576 |
i 32,737 |
i 1,660,642 |
||||||||||||||||
Realized Performance Compensation |
( i 374,096 |
) | ( i 192,566 |
) | ( i 24,301 |
) | ( i 12,972 |
) | ( i 603,935 |
) | |||||||||||
Realized Principal Investment Income |
i 79,733 |
i 90,249 |
i 21,707 |
i 32,466 |
i 224,155 |
||||||||||||||||
Total Net Realizations |
i 737,974 |
i 366,675 |
i 123,982 |
i 52,231 |
i 1,280,862 |
||||||||||||||||
Total Segment Distributable Earnings |
$ | i 1,501,798 |
$ | i 847,242 |
$ | i 450,148 |
$ | i 270,191 |
$ | i 3,069,379 |
|||||||||||
Segment Assets |
$ |
i 9,023,353 |
$ |
i 9,007,658 |
$ |
i 2,238,048 |
$ |
i 4,009,354 |
$ |
i 24,278,413 |
|||||||||||
December 31, 2018 and the Year Then Ended | |||||||||||||||||||||
Real Estate |
Private Equity |
Hedge Fund Solutions |
Credit |
Total Segments |
|||||||||||||||||
Management and Advisory Fees, Net |
|||||||||||||||||||||
Base Management Fees |
$ |
i 985,399 |
$ |
i 785,223 |
$ |
i 519,782 |
$ |
i 553,921 |
$ |
i 2,844,325 |
|||||||||||
Transaction, Advisory and Other Fees, Net |
i 152,513 |
i 58,165 |
i 3,180 |
i 15,640 |
i 229,498 |
||||||||||||||||
Management Fee Offsets |
( i 11,442 |
) |
( i 13,504 |
) |
( i 93 |
) |
( i 12,332 |
) |
( i 37,371 |
) | |||||||||||
Total Management and Advisory Fees, Net |
i 1,126,470 |
i 829,884 |
i 522,869 |
i 557,229 |
i 3,036,452 |
||||||||||||||||
Fee Related Performance Revenues |
i 124,502 |
— |
— |
( i 666 |
) |
i 123,836 |
|||||||||||||||
Fee Related Compensation |
( i 459,430 |
) |
( i 375,446 |
) |
( i 162,172 |
) |
( i 219,098 |
) |
( i 1,216,146 |
) | |||||||||||
Other Operating Expenses |
( i 146,260 |
) |
( i 133,096 |
) |
( i 77,772 |
) |
( i 131,200 |
) |
( i 488,328 |
) | |||||||||||
Fee Related Earnings |
i 645,282 |
i 321,342 |
i 282,925 |
i 206,265 |
i 1,455,814 |
||||||||||||||||
Realized Performance Revenues |
i 914,984 |
i 757,406 |
i 42,419 |
i 96,962 |
i 1,811,771 |
||||||||||||||||
Realized Performance Compensation |
( i 284,319 |
) |
( i 318,167 |
) |
( i 21,792 |
) |
( i 53,863 |
) |
( i 678,141 |
) | |||||||||||
Realized Principal Investment Income |
i 92,525 |
i 109,731 |
i 17,039 |
i 16,763 |
i 236,058 |
||||||||||||||||
Total Net Realizations |
i 723,190 |
i 548,970 |
i 37,666 |
i 59,862 |
i 1,369,688 |
||||||||||||||||
Total Segment Distributable Earnings |
$ |
i 1,368,472 |
$ |
i 870,312 |
$ |
i 320,591 |
$ |
i 266,127 |
$ |
i 2,825,502 |
|||||||||||
Segment Assets |
$ |
i 7,521,117 |
$ |
i 7,548,544 |
$ |
i 1,976,809 |
$ |
i 3,592,356 |
$ |
i 20,638,826 |
|||||||||||
Year Ended December 31, 2017 | |||||||||||||||||||||
Real Estate |
Private Equity |
Hedge Fund Solutions |
Credit |
Total Segments |
|||||||||||||||||
Management and Advisory Fees, Net |
|||||||||||||||||||||
Base Management Fees |
$ |
i 872,191 |
$ |
i 724,818 |
$ |
i 516,048 |
$ |
i 567,334 |
$ |
i 2,680,391 |
|||||||||||
Transaction, Advisory and Other Fees, Net |
i 82,781 |
i 57,624 |
i 2,980 |
i 13,431 |
i 156,816 |
||||||||||||||||
Management Fee Offsets |
( i 15,934 |
) |
( i 18,007 |
) |
( i 93 |
) |
( i 32,382 |
) |
( i 66,416 |
) | |||||||||||
Total Management and Advisory Fees, Net |
i 939,038 |
i 764,435 |
i 518,935 |
i 548,383 |
i 2,770,791 |
||||||||||||||||
Fee Related Performance Revenues |
i 79,500 |
— |
— |
i 89,945 |
i 169,445 |
||||||||||||||||
Fee Related Compensation |
( i 437,311 |
) |
( i 347,562 |
) |
( i 146,924 |
) |
( i 253,842 |
) |
( i 1,185,639 |
) | |||||||||||
Other Operating Expenses |
( i 136,042 |
) |
( i 120,997 |
) |
( i 68,265 |
) |
( i 99,562 |
) |
( i 424,866 |
) | |||||||||||
Fee Related Earnings |
i 445,185 |
i 295,876 |
i 303,746 |
i 284,924 |
i 1,329,731 |
||||||||||||||||
Realized Performance Revenues |
i 2,141,374 |
i 1,157,188 |
i 154,343 |
i 194,902 |
i 3,647,807 |
||||||||||||||||
Realized Performance Compensation |
( i 751,526 |
) |
( i 404,544 |
) |
( i 40,707 |
) |
( i 100,834 |
) |
( i 1,297,611 |
) | |||||||||||
Realized Principal Investment Income |
i 255,903 |
i 154,837 |
i 9,074 |
i 16,380 |
i 436,194 |
||||||||||||||||
Total Net Realizations |
i 1,645,751 |
i 907,481 |
i 122,710 |
i 110,448 |
i 2,786,390 |
||||||||||||||||
Total Segment Distributable Earnings |
$ |
i 2,090,936 |
$ |
i 1,203,357 |
$ |
i 426,456 |
$ |
i 395,372 |
$ |
i 4,116,121 |
|||||||||||
Year Ended December 31, | |||||||||||||
2018 |
2017 |
||||||||||||
Revenues |
|||||||||||||
Total GAAP Revenues |
$ |
i 7,338,270 |
$ |
i 6,833,259 |
$ |
i 7,145,015 |
|||||||
Less: Unrealized Performance Allocations (a) |
( i 1,126,668 |
) |
( i 561,163 |
) |
i 105,432 |
||||||||
Less: Unrealized Principal Investment (Income) Loss (b) |
( i 113,327 |
) |
i 65,851 |
i 131,206 |
|||||||||
Less: Interest and Dividend Revenue (c) |
( i 192,593 |
) |
( i 181,763 |
) |
( i 142,920 |
) | |||||||
Less: Other Revenue (d) |
( i 79,447 |
) |
( i 89,468 |
) |
i 140,051 |
||||||||
Impact of Consolidation (e) |
( i 88,164 |
) |
( i 277,406 |
) |
( i 322,729 |
) | |||||||
Amortization of Intangibles (f) |
i 1,548 |
i 1,548 |
i 1,548 |
||||||||||
Transaction-Related Charges (g) |
( i 168,170 |
) |
( i 588,710 |
) |
( i 40,153 |
) | |||||||
Intersegment Eliminations |
i 9,585 |
i 5,969 |
i 6,787 |
||||||||||
Total Segment Revenue (h) |
$ |
i 5,581,034 |
$ |
i 5,208,117 |
$ |
i 7,024,237 |
|||||||
Year Ended December 31, | |||||||||||||
2018 |
2017 |
||||||||||||
Expenses |
|||||||||||||
Total GAAP Expenses |
$ |
i 3,964,651 |
$ |
i 3,512,040 |
$ |
i 3,752,378 |
|||||||
Less: Unrealized Performance Allocations Compensation (i) |
( i 540,285 |
) |
( i 319,742 |
) |
( i 103,794 |
) | |||||||
Less: Equity-Based Compensation (j) |
( i 230,194 |
) |
( i 158,220 |
) |
( i 107,110 |
) | |||||||
Less: Interest Expense (k) |
( i 195,034 |
) |
( i 159,838 |
) |
( i 192,838 |
) | |||||||
Impact of Consolidation (e) |
( i 55,902 |
) |
( i 112,354 |
) |
( i 133,081 |
) | |||||||
Amortization of Intangibles (f) |
( i 64,383 |
) |
( i 58,446 |
) |
( i 46,749 |
) | |||||||
Transaction-Related Charges (g) |
( i 376,783 |
) |
( i 326,794 |
) |
( i 267,477 |
) | |||||||
Intersegment Eliminations |
i 9,585 |
i 5,969 |
i 6,787 |
||||||||||
Total Segment Expenses (l) |
$ |
i 2,511,655 |
$ |
i 2,382,615 |
$ |
i 2,908,116 |
|||||||
Year Ended December 31, | |||||||||||||
2018 |
2017 |
||||||||||||
Other Income |
|||||||||||||
Total GAAP Other Income |
$ |
i 444,396 |
$ |
i 191,722 |
$ |
i 725,452 |
|||||||
Impact of Consolidation (e) |
( i 444,396 |
) |
( i 191,722 |
) |
( i 321,597 |
) | |||||||
Transaction-Related Charges (g) |
— |
— |
( i 403,855 |
) | |||||||||
Total Segment Other Income |
$ |
— |
$ |
— |
$ |
— |
|||||||
Year Ended December 31, | |||||||||||||
2018 |
2017 |
||||||||||||
Income Before Provision (Benefit) for Taxes |
|||||||||||||
Total GAAP Income Before Provision (Benefit) for Taxes |
$ | i 3,818,015 |
$ | i 3,512,941 |
$ | i 4,118,089 |
|||||||
Less: Unrealized Performance Allocations (a) |
( i 1,126,668 |
) | ( i 561,163 |
) | i 105,432 |
||||||||
Less: Unrealized Principal Investment (Income) Loss (b) |
( i 113,327 |
) | i 65,851 |
i 131,206 |
|||||||||
Less: Interest and Dividend Revenue (c) |
( i 192,593 |
) | ( i 181,763 |
) | ( i 142,920 |
) | |||||||
Less: Other Revenue (d) |
( i 79,447 |
) | ( i 89,468 |
) | i 140,051 |
||||||||
Plus: Unrealized Performance Allocations Compensation (i) |
i 540,285 |
i 319,742 |
i 103,794 |
||||||||||
Plus: Equity-Based Compensation (j) |
i 230,194 |
i 158,220 |
i 107,110 |
||||||||||
Plus: Interest Expense (k) |
i 195,034 |
i 159,838 |
i 192,838 |
||||||||||
Impact of Consolidation (e) |
( i 476,658 |
) | ( i 356,774 |
) | ( i 511,245 |
) | |||||||
Amortization of Intangibles (f) |
i 65,931 |
i 59,994 |
i 48,297 |
||||||||||
Transaction-Related Charges (g) |
i 208,613 |
( i 261,916 |
) | ( i 176,531 |
) | ||||||||
Total Segment Distributable Earnings |
$ | i 3,069,379 |
$ | i 2,825,502 |
$ | i 4,116,121 |
|||||||
As of December 31, | |||||||||||||
2018 |
|||||||||||||
Total Assets |
|||||||||||||
Total GAAP Assets |
$ | i 32,585,506 |
$ | i 28,924,650 |
|||||||||
Impact of Consolidation (e) |
( i 8,307,093 |
) | ( i 8,285,824 |
) | |||||||||
Total Segment Assets |
$ |
i 24,278,413 |
$ |
i 20,638,826 |
|||||||||
| (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 years ended December 31, 2019, 2018 and 2017, Other Revenue on a GAAP basis was $ i 80.0 million, $ i 672.3 million
and $( i 133.2) million and included $ i 76.4 million, $ i 87.4 million
and $( i 146.5) 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 the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation. This amount includes amortization of intangibles associated with Blackstone’s investment in Pátria, which is accounted for under the equity method. |
| (g) | This adjustment removes Transaction-Related Charges, which are excluded from Blackstone’s segment presentation. Transaction-Related Charges arise from corporate actions including acquisitions, divestitures, and Blackstone’s initial public offering. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs and any gains or losses associated with these corporate actions. |
(h) |
Total Segment Revenues is comprised of the following: |
Year Ended December 31, | |||||||||||||
2018 |
2017 |
||||||||||||
Total Segment Management and Advisory Fees, Net |
$ |
i 3,484,236 |
$ |
i 3,036,452 |
$ |
i 2,770,791 |
|||||||
Total Segment Fee Related Performance Revenues |
i 212,001 |
i 123,836 |
i 169,445 |
||||||||||
Total Segment Realized Performance Revenues |
i 1,660,642 |
i 1,811,771 |
i 3,647,807 |
||||||||||
Total Segment Realized Principal Investment Income |
i 224,155 |
i 236,058 |
i 436,194 |
||||||||||
Total Segment Revenues |
$ |
i 5,581,034 |
$ |
i 5,208,117 |
$ |
i 7,024,237 |
|||||||
(i) |
This adjustment removes Unrealized Performance Allocations Compensation. |
(j) |
This adjustment removes Equity-Based Compensation on a segment basis. |
(k) |
This adjustment removes Interest Expense, excluding interest expense related to the Tax Receivable Agreement. |
(l) |
Total Segment Expenses is comprised of the following: |
Year Ended December 31, | |||||||||||||
2018 |
2017 |
||||||||||||
Total Segment Fee Related Compensation |
$ |
i 1,336,578 |
$ |
i 1,216,146 |
$ |
i 1,185,639 |
|||||||
Total Segment Realized Performance Compensation |
i 603,935 |
i 678,141 |
i 1,297,611 |
||||||||||
Total Segment Other Operating Expenses |
i 571,142 |
i 488,328 |
i 424,866 |
||||||||||
Total Segment Expenses |
$ |
i 2,511,655 |
$ |
i 2,382,615 |
$ |
i 2,908,116 |
|||||||
Year Ended December 31, | |||||||||||||
2018 |
2017 |
||||||||||||
Management and Advisory Fees, Net |
|||||||||||||
GAAP |
$ |
i 3,472,155 |
$ |
i 3,027,796 |
$ |
i 2,751,322 |
|||||||
Segment Adjustment (a) |
i 12,081 |
i 8,656 |
i 19,469 |
||||||||||
Total Segment |
$ |
i 3,484,236 |
$ |
i 3,036,452 |
$ |
i 2,770,791 |
|||||||
Year Ended December 31, | |||||||||||||
2018 |
2017 |
||||||||||||
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues |
|||||||||||||
GAAP |
|||||||||||||
Incentive Fees |
$ |
i 129,911 |
$ |
i 57,540 |
$ |
i 242,514 |
|||||||
Investment Income — Realized Performance Allocations |
i 1,739,000 |
i 1,876,507 |
i 3,571,811 |
||||||||||
GAAP |
i 1,868,911 |
i 1,934,047 |
i 3,814,325 |
||||||||||
Total Segment |
|||||||||||||
Less: Realized Performance Revenues |
( i 1,660,642 |
) |
( i 1,811,771 |
) |
( i 3,647,807 |
) | |||||||
Segment Adjustment (b) |
i 3,732 |
i 1,560 |
i 2,927 |
||||||||||
Total Segment |
$ |
i 212,001 |
$ |
i 123,836 |
$ |
i 169,445 |
|||||||
Year Ended December 31, | |||||||||||||
2018 |
2017 |
||||||||||||
GAAP Compensation to Total Segment Fee Related Compensation |
|||||||||||||
GAAP |
|||||||||||||
Compensation |
$ |
i 1,820,330 |
$ |
i 1,609,957 |
$ |
i 1,442,485 |
|||||||
Incentive Fee Compensation |
i 44,300 |
i 33,916 |
i 105,279 |
||||||||||
Realized Performance Allocations Compensation |
i 662,942 |
i 711,076 |
i 1,281,965 |
||||||||||
GAAP |
i 2,527,572 |
i 2,354,949 |
i 2,829,729 |
||||||||||
Total Segment |
|||||||||||||
Less: Realized Performance Compensation |
( i 603,935 |
) |
( i 678,141 |
) |
( i 1,297,611 |
) | |||||||
Less: Equity-Based Compensation — Operating Compensation |
( i 221,684 |
) |
( i 145,213 |
) |
( i 93,410 |
) | |||||||
Less: Equity-Based Compensation — Performance Compensation |
( i 8,510 |
) |
( i 13,007 |
) |
( i 13,700 |
) | |||||||
Segment Adjustment (c) |
( i 356,865 |
) |
( i 302,442 |
) |
( i 239,369 |
) | |||||||
Total Segment |
$ |
i 1,336,578 |
$ |
i 1,216,146 |
$ |
i 1,185,639 |
|||||||
Year Ended December 31, | |||||||||||||
2018 |
2017 |
||||||||||||
GAAP General, Administrative and Other to Total Segment Other Operating Expenses |
|||||||||||||
GAAP |
$ |
i 679,408 |
$ |
i 594,873 |
$ |
i 488,582 |
|||||||
Segment Adjustment (d) |
( i 108,266 |
) |
( i 106,545 |
) |
( i 63,716 |
) | |||||||
Total Segment |
$ |
i 571,142 |
$ |
i 488,328 |
$ |
i 424,866 |
|||||||
Year Ended December 31, | |||||||||||||
2018 |
2017 |
||||||||||||
Realized Performance Revenues |
|||||||||||||
GAAP |
|||||||||||||
Incentive Fees |
$ |
i 129,911 |
$ |
i 57,540 |
$ |
i 242,514 |
|||||||
Investment Income — Realized Performance Allocations |
i 1,739,000 |
i 1,876,507 |
i 3,571,811 |
||||||||||
GAAP |
i 1,868,911 |
i 1,934,047 |
i 3,814,325 |
||||||||||
Total Segment |
|||||||||||||
Less: Fee Related Performance Revenues |
( i 212,001 |
) |
( i 123,836 |
) |
( i 169,445 |
) | |||||||
Segment Adjustment (b) |
i 3,732 |
i 1,560 |
i 2,927 |
||||||||||
Total Segment |
$ |
i 1,660,642 |
$ |
i 1,811,771 |
$ |
i 3,647,807 |
|||||||
Year Ended December 31, | |||||||||||||
2018 |
2017 |
||||||||||||
Realized Performance Compensation |
|||||||||||||
GAAP |
|||||||||||||
Incentive Fee Compensation |
$ |
i 44,300 |
$ |
i 33,916 |
$ |
i 105,279 |
|||||||
Realized Performance Allocations Compensation |
i 662,942 |
i 711,076 |
i 1,281,965 |
||||||||||
GAAP |
i 707,242 |
i 744,992 |
i 1,387,244 |
||||||||||
Total Segment |
|||||||||||||
Less: Fee Related Performance Compensation |
( i 94,797 |
) |
( i 53,844 |
) |
( i 75,933 |
) | |||||||
Less: Equity-Based Compensation — Performance Compensation |
( i 8,510 |
) |
( i 13,007 |
) |
( i 13,700 |
) | |||||||
Total Segment |
$ |
i 603,935 |
$ |
i 678,141 |
$ |
i 1,297,611 |
|||||||
Year Ended December 31, | |||||||||||||
2018 |
2017 |
||||||||||||
Realized Principal Investment Income |
|||||||||||||
GAAP |
$ |
i 393,478 |
$ |
i 415,862 |
$ |
i 635,769 |
|||||||
Segment Adjustment (e) |
( i 169,323 |
) |
( i 179,804 |
) |
( i 199,575 |
) | |||||||
Total Segment |
$ |
i 224,155 |
$ |
i 236,058 |
$ |
i 436,194 |
|||||||
(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 Charges that are not recorded in the Total Segment measures. |
(d) |
Represents the removal of (1) the amortization of transaction-related intangibles, and (2) 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. |
(e) |
Represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests. |
21. |
Subsequent Events |
22. |
Quarterly Financial Data (Unaudited) |
Three Months Ended | |||||||||||||||||
2019 |
|||||||||||||||||
Revenues |
$ |
i 2,024,871 |
$ |
i 1,486,806 |
$ |
i 1,735,113 |
$ |
i 2,091,480 |
|||||||||
Expenses |
i 1,041,164 |
i 862,240 |
i 947,220 |
i 1,114,027 |
|||||||||||||
Other Income |
i 130,325 |
i 61,131 |
i 223,056 |
i 29,884 |
|||||||||||||
Income Before Provision (Benefit) for Taxes |
$ |
i 1,114,032 |
$ |
i 685,697 |
$ |
i 1,010,949 |
$ |
i 1,007,337 |
|||||||||
Net Income |
$ |
i 1,072,877 |
$ |
i 646,961 |
$ |
i 1,167,735 |
$ |
i 978,394 |
|||||||||
Net Income Attributable to The Blackstone Group Inc. |
$ |
i 481,304 |
$ |
i 305,792 |
$ |
i 779,437 |
$ |
i 483,149 |
|||||||||
Net Income Per Share of Class A Common Stock |
|||||||||||||||||
Basic |
$ |
i 0.71 |
$ |
i 0.45 |
$ |
i 1.15 |
$ |
i 0.71 |
|||||||||
Diluted |
$ |
i 0.71 |
$ |
i 0.45 |
$ |
i 1.15 |
$ |
i 0.71 |
|||||||||
Dividends Declared (b) |
$ |
i 0.58 |
$ |
i 0.37 |
$ |
i 0.48 |
$ |
i 0.49 |
|||||||||
Three Months Ended | |||||||||||||||||
2018 (c) |
|||||||||||||||||
Revenues |
$ |
i 1,769,131 |
$ |
i 2,632,570 |
$ |
i 1,926,580 |
$ |
i 504,978 |
|||||||||
Expenses |
i 982,931 |
i 1,016,381 |
i 1,017,632 |
i 495,096 |
|||||||||||||
Other Income (Loss) |
i 110,599 |
i 73,519 |
i 66,838 |
( i 59,234 |
) | ||||||||||||
Income (Loss) Before Provision (Benefit) for Taxes |
$ |
i 896,799 |
$ |
i 1,689,708 |
$ |
i 975,786 |
$ |
( i 49,352 |
) | ||||||||
Net Income (Loss) |
$ |
i 842,304 |
$ |
i 1,550,977 |
$ |
i 948,988 |
$ |
( i 78,718 |
) | ||||||||
Net Income (Loss) Attributable to The Blackstone Group Inc. |
$ |
i 367,872 |
$ |
i 742,042 |
$ |
i 442,742 |
$ |
( i 10,868 |
) | ||||||||
Net Income (Loss) Per Share of Class A Common Stock |
|||||||||||||||||
Basic |
$ |
i 0.55 |
$ |
i 1.09 |
$ |
i 0.65 |
$ |
( i 0.02 |
) | ||||||||
Diluted |
$ |
i 0.53 |
$ |
i 1.09 |
$ |
i 0.64 |
$ |
( i 0.02 |
) | ||||||||
Dividends Declared (b) |
$ |
i 0.85 |
$ |
i 0.35 |
$ |
i 0.58 |
$ |
i 0.64 |
|||||||||
(a) |
As a result of the Conversion, there was a reduction of $ i 174.6 million of the tax receivable agreement liability during the three months ended September 30, 2019. The reduction of the tax receivable agreement liability was included in Other Income. |
(b) |
Dividends declared reflects the calendar date of the declaration of each dividend. |
(c) |
For the three months ended June 30, 2018, Revenues included $ i 580.9 million of Transaction-Related Charges recorded in Other Revenues received upon the conclusion of Blackstone’s investment sub-advisory relationship with FS Investments’ funds. |
| Consolidated Operating Partnerships |
Consolidated Blackstone Funds (a) |
Reclasses and Eliminations |
Consolidated |
||||||||||||||
| Assets |
|||||||||||||||||
| Cash and Cash Equivalents |
$ | 2,172,441 |
$ | — |
$ | — |
$ | 2,172,441 |
|||||||||
| Cash Held by Blackstone Funds and Other |
— |
351,210 |
— |
351,210 |
|||||||||||||
| Investments |
14,535,685 |
8,380,698 |
(634,701 |
) | 22,281,682 |
||||||||||||
| Accounts Receivable |
754,703 |
220,372 |
— |
975,075 |
|||||||||||||
| Due from Affiliates |
2,606,563 |
8,818 |
(20,508 |
) | 2,594,873 |
||||||||||||
| Intangible Assets, Net |
397,508 |
— |
— |
397,508 |
|||||||||||||
| Goodwill |
1,869,860 |
— |
— |
1,869,860 |
|||||||||||||
| Other Assets |
381,289 |
1,204 |
— |
382,493 |
|||||||||||||
| Right-of-Use Assets |
471,059 |
— |
— |
471,059 |
|||||||||||||
| Deferred Tax Assets |
1,089,305 |
— |
— |
1,089,305 |
|||||||||||||
| Total Assets |
$ | 24,278,413 |
$ | 8,962,302 |
$ | (655,209 |
) | $ | 32,585,506 |
||||||||
| Liabilities and Equity |
|||||||||||||||||
| Loans Payable |
$ | 4,600,856 |
$ | 6,479,867 |
$ | — |
$ | 11,080,723 |
|||||||||
| Due to Affiliates |
885,655 |
509,681 |
(368,465 |
) | 1,026,871 |
||||||||||||
| Accrued Compensation and Benefits |
3,796,044 |
— |
— |
3,796,044 |
|||||||||||||
| Securities Sold, Not Yet Purchased |
20,256 |
55,289 |
— |
75,545 |
|||||||||||||
| Repurchase Agreements |
— |
154,118 |
— |
154,118 |
|||||||||||||
| Operating Lease Liabilities |
542,994 |
— |
— |
542,994 |
|||||||||||||
| Accounts Payable, Accrued Expenses and Other Liabilities |
504,804 |
301,355 |
— |
806,159 |
|||||||||||||
| Total Liabilities |
10,350,609 |
7,500,310 |
(368,465 |
) | 17,482,454 |
||||||||||||
| Redeemable Non-Controlling Interests in Consolidated Entities |
22,002 |
65,649 |
— |
87,651 |
|||||||||||||
| Equity |
|||||||||||||||||
| Class A Common Stock |
7 |
— |
— |
7 |
|||||||||||||
| Class B Common Stock |
— |
— |
— |
— |
|||||||||||||
| Class C Common Stock |
— |
— |
— |
— |
|||||||||||||
| Additional Paid-in-Capital |
6,428,647 |
283,339 |
(283,339 |
) | 6,428,647 |
||||||||||||
| Retained Earnings |
609,625 |
3,405 |
(3,405 |
) | 609,625 |
||||||||||||
| Accumulated Other Comprehensive Loss |
(28,495 |
) | — |
— |
(28,495 |
) | |||||||||||
| Non-Controlling Interests in Consolidated Entities |
3,076,470 |
1,109,599 |
— |
4,186,069 |
|||||||||||||
| Non-Controlling Interests in Blackstone Holdings |
3,819,548 |
— |
— |
3,819,548 |
|||||||||||||
| Total Equity |
13,905,802 |
1,396,343 |
(286,744 |
) | 15,015,401 |
||||||||||||
| Total Liabilities and Equity |
$ | 24,278,413 |
$ | 8,962,302 |
$ | (655,209 |
) | $ | 32,585,506 |
||||||||
| Consolidated Operating Partnerships |
Consolidated Blackstone Funds (a) |
Reclasses and Eliminations |
Consolidated |
||||||||||||||
| Assets |
|||||||||||||||||
| Cash and Cash Equivalents |
$ | 2,207,841 |
$ | — |
$ | — |
$ | 2,207,841 |
|||||||||
| Cash Held by Blackstone Funds and Other |
— |
337,320 |
— |
337,320 |
|||||||||||||
| Investments |
12,596,138 |
8,376,338 |
(595,445 |
) | 20,377,031 |
||||||||||||
| Accounts Receivable |
455,308 |
180,930 |
— |
636,238 |
|||||||||||||
| Due from Affiliates |
2,011,324 |
7,405 |
(24,606 |
) | 1,994,123 |
||||||||||||
| Intangible Assets, Net |
468,507 |
— |
— |
468,507 |
|||||||||||||
| Goodwill |
1,869,860 |
— |
— |
1,869,860 |
|||||||||||||
| Other Assets |
290,366 |
3,882 |
— |
294,248 |
|||||||||||||
| Deferred Tax Assets |
739,482 |
— |
— |
739,482 |
|||||||||||||
| Total Assets |
$ | 20,638,826 |
$ | 8,905,875 |
$ | (620,051 |
) | $ | 28,924,650 |
||||||||
| Liabilities and Partners’ Capital |
|||||||||||||||||
| Loans Payable |
$ | 3,471,151 |
$ | 6,480,711 |
$ | — |
$ | 9,951,862 |
|||||||||
| Due to Affiliates |
907,748 |
470,780 |
(342,752 |
) | 1,035,776 |
||||||||||||
| Accrued Compensation and Benefits |
2,942,128 |
— |
— |
2,942,128 |
|||||||||||||
| Securities Sold, Not Yet Purchased |
50,014 |
92,603 |
— |
142,617 |
|||||||||||||
| Repurchase Agreements |
— |
222,202 |
— |
222,202 |
|||||||||||||
| Accounts Payable, Accrued Expenses and Other Liabilities |
622,490 |
253,489 |
— |
875,979 |
|||||||||||||
| Total Liabilities |
7,993,531 |
7,519,785 |
(342,752 |
) | 15,170,564 |
||||||||||||
| Redeemable Non-Controlling Interests in Consolidated Entities |
22,000 |
119,779 |
— |
141,779 |
|||||||||||||
| Partners’ Capital |
|||||||||||||||||
| Partners’ Capital |
6,415,700 |
277,299 |
(277,299 |
) | 6,415,700 |
||||||||||||
| Accumulated Other Comprehensive Loss |
(36,476 |
) | — |
— |
(36,476 |
) | |||||||||||
| Non-Controlling Interests in Consolidated Entities |
2,659,754 |
989,012 |
— |
3,648,766 |
|||||||||||||
| Non-Controlling Interests in Blackstone Holdings |
3,584,317 |
— |
— |
3,584,317 |
|||||||||||||
| Total Partners’ Capital |
12,623,295 |
1,266,311 |
(277,299 |
) | 13,612,307 |
||||||||||||
| Total Liabilities and Partners’ Capital |
$ | 20,638,826 |
$ | 8,905,875 |
$ | (620,051 |
) | $ | 28,924,650 |
||||||||
| (a) | The Consolidated Blackstone Funds consisted of the following: |
| * | Consolidated as of December 31, 2018 only. |
Item 9B. |
Other Information |
Item 10. |
Directors, Executive Officers and Corporate Governance |
| Name |
Age |
Position | ||||
| 73 |
Founder, Chairman and Chief Executive Officer and Director | |||||
| 50 |
President, Chief Operating Officer and Director | |||||
| 69 |
Executive Vice Chairman and Director | |||||
| 51 |
Chief Financial Officer | |||||
| John G. Finley |
63 |
Chief Legal Officer | ||||
| Joseph P. Baratta |
49 |
Global Head of Private Equity and Director* | ||||
| 51 |
Director | |||||
| 58 |
Director | |||||
| 68 |
Director | |||||
| 72 |
Director | |||||
| 78 |
Director | |||||
| The Right Honorable Brian Mulroney |
80 |
Director | ||||
| 74 |
Director | |||||
| * | Appointment to board of directors effective March 2, 2020. |
Item 11. |
Executive Compensation |
| Executive |
Title | |
| Chairman and Chief Executive Officer | ||
| President and Chief Operating Officer | ||
| Executive Vice Chairman | ||
| Chief Financial Officer | ||
| John G. Finley |
Chief Legal Officer |
| Name and Principal Position |
Year |
Salary |
Bonus (a) |
Stock Awards (b) |
All Other Compensation (c) |
Total |
||||||||||||||||||
| Chairman and Chief Executive Officer |
2019 |
$ | 350,000 |
$ | — |
$ | — |
$ | 56,723,953 |
$ | 57,073,953 |
|||||||||||||
| 2018 |
$ | 350,000 |
$ | — |
$ | — |
$ | 68,797,028 |
$ | 69,147,028 |
||||||||||||||
| 2017 |
$ | 350,000 |
$ | — |
$ | — |
$ | 125,169,429 |
$ | 125,519,429 |
||||||||||||||
| President and Chief Operating Officer |
2019 |
$ | 350,000 |
$ | 10,000,000 |
$ | 33,006,635 |
$ | 55,637,598 |
$ | 98,994,233 |
|||||||||||||
| 2018 |
$ | 350,000 |
$ | 10,000,000 |
$ | — |
$ | 47,470,560 |
$ | 57,820,560 |
||||||||||||||
| 2017 |
$ | 350,000 |
$ | 25,797,554 |
$ | 6,040,668 |
$ | 131,861,776 |
$ | 164,049,998 |
||||||||||||||
| Executive Vice Chairman |
2019 |
$ | 350,000 |
$ | 27,347,258 |
$ | — |
$ | 28,265,429 |
$ | 55,962,687 |
|||||||||||||
| 2018 |
$ | 350,000 |
$ | 28,785,507 |
$ | — |
$ | 37,108,062 |
$ | 66,243,569 |
||||||||||||||
| 2017 |
$ | 350,000 |
$ | 45,978,814 |
$ | — |
$ | 61,426,748 |
$ | 107,755,562 |
||||||||||||||
| Chief Financial Officer |
2019 |
$ | 350,000 |
$ | 5,713,868 |
$ | 3,960,195 |
$ | 5,556,311 |
$ | 15,580,374 |
|||||||||||||
| 2018 |
$ | 350,000 |
$ | 5,702,045 |
$ | 1,398,751 |
$ | 6,865,619 |
$ | 14,316,416 |
||||||||||||||
| 2017 |
$ | 350,000 |
$ | 6,634,789 |
$ | 27,723 |
$ | 11,204,987 |
$ | 18,217,499 |
||||||||||||||
| John G. Finley Chief Legal Officer |
2019 |
$ | 350,000 |
$ | 3,691,801 |
$ | 4,564,697 |
$ | 1,383,733 |
$ | 9,990,231 |
|||||||||||||
| 2018 |
$ | 350,000 |
$ | 3,584,415 |
$ | 2,143,429 |
$ | 1,627,559 |
$ | 7,705,403 |
||||||||||||||
| 2017 |
$ | 350,000 |
$ | 3,787,940 |
$ | 1,578,479 |
$ | 2,295,742 |
$ | 8,012,161 |
||||||||||||||
| (a) | The amounts reported in this column reflect the annual cash bonus payments made for performance in the indicated year. |
| (b) | The reference to “stock” in this table refers to deferred restricted Blackstone Holdings Partnership Units or deferred restricted common stock units. The amounts reported in this column represent the grant date fair value of stock awards granted for financial statement reporting purposes in accordance with GAAP pertaining to equity-based compensation. The assumptions used in determining the grant date fair value are set forth in Note 17. “Equity-Based Compensation” in the “Notes to Consolidated Financial Statements” in “Part II. Item 8. Financial Statements and Supplementary Data.” |
| (c) | Amounts reported for 2019 include distributions, whether in cash or in-kind, in respect of carried interest or incentive fee allocations relating to our Performance Plans to the named executive officer in 2019 as follows: $53,486,800 for Mr. Schwarzman, $52,790,654 for Mr. Gray, $27,169,243 for Mr. James, $5,358,441 for Mr. Chae and $1,303,840 for Mr. Finley, respectively. Any in-kind distributions in respect of carried interest are reported based on the market value of the securities distributed as of the date of distribution. For 2019, Messrs. Schwarzman, Gray, James and Chae were the only named executive officers who received such in-kind distributions. We have determined to present compensation relating to carried interest and incentive fees within the Summary Compensation Table in the year in which such compensation is paid to the named executive officer under the terms of the relevant
Performance Plan. Accordingly, the amounts presented in the table differ from the compensation expense recorded by us on an accrual basis for such year in respect of carried interest and incentive fees allocable to a named executive officer, which accrued amounts for 2019 are separately disclosed in this footnote to the Summary Compensation Table. We believe that the presentation of the actual amounts of carried interest- and incentive fee-related compensation paid to a named executive officer during the year, instead of the amounts of compensation expense we have recorded on an accrual basis, most appropriately reflects the actual compensation received by the named executive officer and represents the amount most directly aligned with the named executive officer’s actual performance. By contrast, the amount of compensation expense accrued in respect of carried interest and incentive fees allocable to a named executive officer can be highly volatile
from year to year, with amounts accrued in one year being reversed in a following year, and vice versa, causing such amounts to be less useful as a measure of the compensation actually earned by a named executive officer in any particular year. |
| Name |
Grant Date |
All Other Stock Awards: Number of Shares of Stock or Units (a) |
Grant Date Fair Value of Stock and Option Awards (a) |
||||||||||
| — |
— |
$ | — |
||||||||||
| 7/1/2019 |
708,601 |
(c) | $ | 33,006,635 |
|||||||||
| — |
— |
$ | — |
||||||||||
| 7/1/2019 |
47,241 |
(c) | $ | 2,200,486 |
|||||||||
| 1/10/2020 |
30,487 |
(b) | $ | 1,759,710 |
|||||||||
| John G. Finley |
7/1/2019 |
47,241 |
(c) | $ | 2,200,486 |
||||||||
| 1/10/2020 |
40,960 |
(b) | $ | 2,364,211 |
|||||||||
| (a) | The references to “stock” or “shares” in this table refer to deferred restricted Blackstone Holdings Partnership Units or our deferred restricted common stock units. |
| (b) | Represents deferred restricted common stock units granted in 2020 under the Bonus Deferral Plan for 2019 performance. These grants are reflected in the “Stock Awards” column of the Summary Compensation Table in 2019. |
| (c) | Represents deferred restricted Blackstone Holdings Partnership Units granted under our 2007 Equity Incentive Plan and reflects 2018 performance. |
| Portion of Annual Incentive |
Marginal Deferral Rate Applicable to Such Portion |
Effective Deferral Rate for Entire Annual Bonus (a) |
||||||
| $0 - 100,000 |
0% |
0.0% |
||||||
| $100,001 - 200,000 |
15% |
7.5% |
||||||
| $200,001 - 500,000 |
20% |
15.0% |
||||||
| $500,001 - 750,000 |
30% |
20.0% |
||||||
| $750,001 - 1,250,000 |
40% |
28.0% |
||||||
| $1,250,001 - 2,000,000 |
45% |
34.4% |
||||||
| $2,000,001 - 3,000,000 |
50% |
39.6% |
||||||
| $3,000,001 - 4,000,000 |
55% |
43.4% |
||||||
| $4,000,001 - 5,000,000 |
60% |
46.8% |
||||||
| $5,000,000 + |
65% |
52.8% |
||||||
| (a) | Effective deferral rates are shown for illustrative purposes only and are based on an annual cash payment equal to the maximum amount in the range shown in the far left column (which is assumed to be $7,500,000 for the last range shown). |
| Stock Awards (a) | |||||||||
| Name |
Number of Shares or Units of Stock That Have Not Vested |
Market Value of Shares or Units of Stock That Have Not Vested (b) |
|||||||
| — |
$ | — |
|||||||
| 915,896 |
$ | 51,235,222 |
|||||||
| — |
$ | — |
|||||||
| Michael Chae |
947,166 |
$ | 53,038,733 |
||||||
| John G. Finley (c) |
292,029 |
$ | 16,409,011 |
||||||
| (a) | The references to “stock” or “shares” in this table refer to unvested deferred restricted Blackstone Holdings Partnership Units and unvested deferred restricted common stock units granted under the Bonus Deferral Plan (including deferred restricted common stock units granted to Messrs. Chae and Finley in 2020 in respect of 2019 performance). The vesting terms of these awards are described under the captions “Narrative Disclosure to Summary Compensation Table and Grants of Plan-Based Awards in 2019 — Terms of Blackstone Holdings Partnership Units Granted in 2019 and Prior Years” above. |
| (b) | The dollar amounts shown under this column were calculated by multiplying the number of unvested deferred restricted Blackstone Holdings Partnership Units or unvested deferred restricted common stock units held by the named executive officer by the closing market price of $55.94 per share of our Class A common stock on December 31, 2019, the last trading day of 2019, other than the deferred restricted common stock units granted in 2020 in respect of 2019 performance, which are valued as of the date of their grant. |
| (c) | Amounts reported for Mr. Finley include (1) 68,494 deferred restricted Blackstone Holdings Partnership Units, which reflects 50% of the unvested deferred restricted Blackstone Holdings Partnership Units that have been granted to Mr. Finley and (2) 155,042 deferred restricted common stock units granted pursuant to the Bonus Deferral Plan, which are considered vested and undelivered for financial statement reporting purposes in accordance with GAAP pertaining to equity-based compensation due to Mr. Finley’s retirement eligibility. Upon retirement the deferred restricted Blackstone Holdings Partnership Units are scheduled to vest and be delivered over the vesting period and the deferred restricted common stock units are scheduled to be delivered in equal annual installments over the three year deferral period, in each case subject to forfeiture if the named executive officer violates any applicable provision of his employment agreement or engages in any competitive activity (as such term is defined in the applicable award agreement or the Bonus Deferral Plan, as applicable). |
| Stock Awards (a) | |||||||||
| Name |
Number of Shares Acquired on Vesting |
Value Realized on Vesting (b) |
|||||||
| — |
$ | — |
|||||||
| 165,304 |
$ | 4,927,712 |
|||||||
| — |
$ | — |
|||||||
| 170,834 |
$ | 7,836,922 |
|||||||
| John G. Finley |
115,078 |
$ | 4,598,187 |
||||||
| (a) | The references to “stock” or “shares” in this table refer to deferred restricted Blackstone Holdings Partnership Units and our deferred restricted common stock units. |
| (b) | The value realized on vesting is based on the closing market prices of our Class A common stock on the day of vesting. |
| • | engage in any business activity in which we operate, including any competitive business, |
| • | render any services to any competitive business, or |
| • | acquire a financial interest in or become actively involved with any competitive business (other than as a passive investor holding minimal percentages of the stock of public companies). |
| Covenant |
Other Senior Managing Directors |
Other Contracting Employees | ||||
| Non-competition |
Two years after termination of employment. |
One year after termination of employment (which may be extended to 18 months in Blackstone’s sole discretion). |
Between 90 days and nine months after termination of employment. | |||
| Non-solicitation of Blackstone employees |
Two years after termination of employment. |
Two years after termination of employment. |
Generally one year after termination of employment. | |||
| Non-solicitation of Blackstone clients or investors |
Two years after termination of employment. |
One year after termination of employment (which may be extended to 18 months in Blackstone’s sole discretion). |
Generally between six months and one year after termination of employment. | |||
| Non-interference with business relationships |
Two years after termination of employment. |
One year after termination of employment (which may be extended to 18 months in Blackstone’s sole discretion). |
Generally between six months and one year after termination of employment. |
| Name |
Fees Earned or Paid in Cash |
Stock Awards (a) (b) |
Total |
||||||||||
| Bennett J. Goodman (c) |
$ | — |
$ | — |
$ | — |
|||||||
| Kelly A. Ayotte (d) |
$ | 94,758 |
$ | 209,210 |
$ | 303,968 |
|||||||
| $ | 150,000 |
$ | 210,035 |
$ | 360,035 |
||||||||
| Sir John Hood |
$ | 150,000 |
$ | 211,524 |
$ | 361,524 |
|||||||
| $ | 150,000 |
$ | 212,182 |
$ | 362,182 |
||||||||
| $ | 200,000 |
$ | 209,022 |
$ | 409,022 |
||||||||
| The Right Honorable Brian Mulroney |
$ | 150,000 |
$ | 209,481 |
$ | 359,481 |
|||||||
| $ | 180,000 |
$ | 219,930 |
$ | 399,930 |
||||||||
| (a) | The references to “stock” in this table refer to our deferred restricted common stock units. Amounts for 2019 represent the grant date fair value of stock awards granted in the year, computed in accordance with GAAP, pertaining to equity-based compensation. The assumptions used in determining the grant date fair value are set forth in Note 16. “Earnings Per Share and Stockholder’s Equity” in the “Notes to Consolidated Financial Statements” in “Part II. Item 8. Financial Statements and Supplementary Data.” These deferred restricted common stock units vest, and the underlying shares of Blackstone Class A common stock will be delivered, on the first anniversary of the date of the grant, subject to the outside director’s continued service on our board of directors. |
| (b) | Each of our non-employee directors was granted deferred restricted common stock units upon appointment as a director. In 2019, in connection with the anniversary of his or her initial grant, each of the following directors was granted deferred restricted common stock units: Ms. Lazarus — 4,566 units; Mr. Light — 3,955 units; Mr. Mulroney — 4,651 units; Mr. Parrett — 4,268 units; Mr. Hood — 5,370 units; and Mr. Breyer — 4,564 units. In addition, Ms. Ayotte was granted 5,392 deferred |
| restricted common stock units upon her appointment as a director in 2019. The amounts of our non-employee directors’ compensation were approved by our board of directors upon the recommendation of our founder following his review of directors’ compensation paid by comparable companies. |
| Stock Awards (1) |
||||||||
| Name |
Number of Shares or Units of Stock That Have Not Vested |
Market Value of Shares or Units of Stock That Have Not Vested (2) |
||||||
| 5,392 |
$ | 301,628 |
||||||
| 4,564 |
$ | 255,310 |
||||||
| Sir John Hood |
5,370 |
$ | 300,398 |
|||||
| 4,566 |
$ | 255,422 |
||||||
| 3,955 |
$ | 221,243 |
||||||
| The Right Honorable Brian Mulroney |
4,651 |
$ | 260,177 |
|||||
| 4,268 |
$ | 238,752 |
||||||
| (1) | The references to “stock” or “shares” in this table refer to our deferred restricted common stock units. |
| (2) | The dollar amounts shown in this column were calculated by multiplying the number of unvested deferred restricted common stock units held by the director by the closing market price of $55.94 per share of our Class A common stock on December 31, 2019, the last trading day of 2019. |
| (c) | Mr. Goodman resigned from the board of directors effective January 1, 2020. During 2019, Mr. Goodman served as a senior managing director of the Company and no additional remuneration was paid to him for his service as director. Mr. Goodman’s employee compensation is discussed in “—Item 13. Certain Relationships and Related Transactions, and Director Independence.” |
| (d) | Ms. Ayotte was appointed to the board of directors on April 11, 2019. Therefore, the amounts reported for Ms. Ayotte reflect the pro-rated portion of her annual cash retainer earned from the date of her appointment. |
Item 12. |
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
| • | each person known to us to beneficially own 5% of any class of the outstanding voting securities of The Blackstone Group Inc.; |
| • | each member of our board of directors; |
| • | each of our named executive officers; and |
| • | all our directors and executive officers as a group. |
| Class A Common Stock Beneficially Owned |
Blackstone Holdings Partnership Units Beneficially Owned (a) | ||||||||||||||||
| Name of Beneficial Owner |
Number |
% of Class |
Number |
% of Class |
|||||||||||||
| 5% Stockholders |
|||||||||||||||||
| The Vanguard Group, Inc. (b) |
37,649,030 |
5.6 |
% | — |
— |
||||||||||||
| Directors and Executive Officers (c)(d) |
|||||||||||||||||
| Stephen A. Schwarzman (e)(f) |
— |
— |
231,924,793 |
48.8 |
% | ||||||||||||
| Jonathan D. Gray (f) |
438,315 |
* |
40,585,300 |
8.5 |
% | ||||||||||||
| 20,497 |
* |
28,880,300 |
6.1 |
% | |||||||||||||
| Michael S. Chae (f) |
35,880 |
* |
5,995,079 |
1.3 |
% | ||||||||||||
| John G. Finley (f) |
135,306 |
* |
440,789 |
* |
|||||||||||||
| — |
— |
— |
— |
||||||||||||||
| 14,625 |
* |
— |
— |
||||||||||||||
| Sir John Hood |
3,344 |
* |
— |
— |
|||||||||||||
| 42,540 |
* |
— |
— |
||||||||||||||
| 58,513 |
* |
— |
— |
||||||||||||||
| The Right Honorable Brian Mulroney |
164,724 |
* |
— |
— |
|||||||||||||
| 84,903 |
* |
— |
— |
||||||||||||||
| All executive officers and directors as a group (12 persons) |
998,647 |
* |
307,826,261 |
64.7 |
% | ||||||||||||
| * | Less than one percent |
| (a) | Subject to certain requirements and restrictions, the partnership units of Blackstone Holdings are exchangeable for shares of our Class A common stock on a one-for-one basis. A Blackstone Holdings limited partner must exchange one partnership unit in each of the five Blackstone Holdings Partnerships to effect an exchange for a share of our Class A common stock. See “— Item 13. Certain Relationships and Related Transactions, and Director Independence — Exchange Agreement.” Beneficial ownership of Blackstone Holdings Partnership Units reflected in this table has not been also reflected as beneficial ownership of our shares of Class A common stock for which such units may be exchanged. |
| (b) | Reflects shares of Class A common stock beneficially owned by The Vanguard Group, Inc. and its subsidiaries based on the Schedule 13G filed by The Vanguard Group, Inc. on February 11, 2020. The address of The Vanguard Group, Inc. is 100 Vanguard Boulevard, Malvern, Pennsylvania 19355. |
| (c) | The shares of Class A common stock and Blackstone Holdings Partnership Units beneficially owned by the directors and executive officers reflected above do not include the following number of securities that will be delivered to the respective individual more than 60 days after February 28, 2020: Mr. Gray — 708,601 deferred restricted Blackstone Holdings Partnership Units and 57,596 deferred restricted common stock units; Mr. Chae — 865,477 deferred restricted Blackstone Holdings Partnership Units and 59,919 deferred restricted common stock units; Mr. Finley — 136,987 deferred restricted Blackstone Holdings Partnership Units and 100,706 deferred restricted common stock units; Ms. Ayotte — 5,392 deferred restricted common stock units; Mr. Mulroney — 4,651 deferred restricted common stock units; Mr. Parrett — 4,268 deferred restricted common stock units; Ms. Lazarus — 4,566 deferred restricted common stock units; Mr. Light — 3,955 deferred restricted common stock units; Mr. Breyer — 4,564 deferred restricted common stock units; and Mr. Hood — 5,370 deferred restricted common stock units. |
| (d) | The Blackstone Holdings Partnership Units shown in the table above include the following number of vested units being held back under our minimum retained ownership requirements: Mr. Schwarzman — 24,489,796 Blackstone Holdings Partnership Units; Mr. Gray — 11,477,971 Blackstone Holdings Partnership Units; Mr. James — 14,648,744 Blackstone Holdings Partnership Units; Mr. Chae — 3,223,072 Blackstone Holdings Partnership Units; and Mr. Finley — 165,445 Blackstone Holdings Partnership Units. |
| (e) | On those few matters that may be submitted for a vote of the sole holder of the Class B common stock, Blackstone Partners L.L.C., an entity owned by senior managing directors of Blackstone and controlled by Mr. Schwarzman, is entitled to an aggregate number of votes on any matter that may be submitted for a vote of our Class A common stock that is equal to the aggregate number of vested and unvested Blackstone Holdings Partnership Units held by the limited partners of Blackstone Holdings on the relevant record date and entitles it to participate in the vote on the same basis as our Class A common stock. Our senior managing directors have agreed in the limited liability company agreement of Blackstone Partners L.L.C. that our founder, Mr. Schwarzman, will have the power to determine how the Class B common stock held by Blackstone Partners L.L.C. will be voted. Following the withdrawal, death or disability of Mr. Schwarzman (and any successor founder), this power will revert to the members of Blackstone Partners L.L.C. holding a majority in interest in that entity. The limited liability company agreement of Blackstone Partners L.L.C. provides that at such time as Mr. Schwarzman should cease to be a founding member, Jonathan D. Gray will thereupon succeed Mr. Schwarzman as the sole founding member of Blackstone Partners L.L.C. If Blackstone Partners L.L.C. directs us to do so, we will issue shares of Class B common stock to each of the limited partners of Blackstone Holdings, whereupon each holder of Class B common stock will be entitled to a number of votes that is equal to the number of vested and unvested Blackstone Holdings Partnership Units held by such Class B common stockholder on the relevant record date. |
| (f) | The Blackstone Holdings Partnership Units shown in the table above for such named executive officers and directors include (a) the following units held for the benefit of family members with respect to which the named executive officer or director, as applicable, disclaims beneficial ownership: Mr. Schwarzman — 1,873,140 units held in various trusts for which Mr. Schwarzman is the investment trustee, Mr. James — 9,157,207 units held in various trusts for which Mr. James and his brother are trustees (but Mr. James does not have or share investment control with respect to the units), Mr. Gray — 7,218,465 units held in a trust for which Mr. Gray is the investment trustee and Mr. Chae — 1,150,070 units held in various trusts for which Mr. Chae is the investment trustee, (b) the following units held in grantor retained annuity trusts for which the named executive officer or director, as applicable, is the investment trustee: Mr. Schwarzman — 2,723,913 units and Mr. Gray — 15,141,837 units, (c) the following units held by a corporation for which the named executive officer is a controlling shareholder: Mr. Schwarzman — 1,438,529 units and (d) 5,000,000 units that have been pledged by Mr. Schwarzman as security to a third party to secure payment for a loan made by such third party. Mr. Schwarzman also directly, or through a corporation for which he is the controlling shareholder, beneficially owns an additional 364,278 partnership units in each of Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. In addition, with respect to Mr. Schwarzman, the above table excludes partnership units of Blackstone Holdings held by his children or in trusts for the benefit of his family as to which he has no voting or investment control. The Blackstone Class A common stock shown in the table above for each named executive officer and director include (a) the following shares held for the benefit of family members with respect to which the named executive officer or director, as applicable, disclaims beneficial ownership: Mr. James — 20,497 shares held in a family limited liability company, Mr. Finley — 62,523 shares held in a family limited liability company and 2,000 shares held in a trust for the benefit of family members of which he is a trustee, and Ms. Lazarus — 2,950 shares held in trusts for the benefit of family members over which she shares investment control and (b) 11,000 shares held in a trust for the benefit of Mr. Finley and of which he is the trustee. |
| (g) | The Class A common stock shown in the table above for Mr. Parrett includes 13,000 shares that are pledged to a third party to secure payment for a loan. |
| Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights (a) |
Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights |
Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (excluding securities reflected in column (a)) |
||||||||||
| Equity Compensation Plans Approved by Security Holders |
53,502,880 |
— |
158,769,854 |
|||||||||
| Equity Compensation Plans Not Approved by Security Holders |
— |
— |
— |
|||||||||
| 53,502,880 |
— |
158,769,854 |
||||||||||
| (a) | Reflects the outstanding number of our deferred restricted common stock units and deferred restricted Blackstone Holdings Partnership Units granted under the 2007 Equity Incentive Plan as of December 31, 2019. |
| (b) | The aggregate number of our Class A common stock and Blackstone Holdings Partnership Units covered by the 2007 Equity Incentive Plan is increased on the first day of each fiscal year during its term by a number of shares of Class A common stock equal to the positive difference, if any, of (a) 15% of the aggregate number of shares of our Class A common stock and Blackstone Holdings Partnership Units outstanding on the last day of the immediately preceding fiscal year (excluding Blackstone Holdings Partnership Units held by The Blackstone Group Inc. or its wholly owned subsidiaries) minus (b) the aggregate number of shares of our Class A common stock and Blackstone Holdings Partnership Units covered by the 2007 Equity Incentive Plan as of such date (unless the administrator of the 2007 Equity Incentive Plan should decide to increase the number of shares of our Class A
common stock and Blackstone Holdings Partnership Units covered by the plan by a lesser amount). As of January 1, 2020, pursuant to this formula, 171,085,619 shares of Class A common stock, which is equal to 0.15 times the number of shares of our Class A common stock and Blackstone Holdings Partnership Units outstanding on December 31, 2019, were available for issuance under the 2007 Equity Incentive Plan. We have filed a registration statement and intend to file additional registration statements on Form S-8 under the Securities Act to register shares of Class A common stock covered by the 2007 Equity Incentive Plan (including pursuant to automatic annual increases). Any such Form S-8 registration statement will automatically become effective upon filing. Accordingly, shares of Class A common stock registered under such registration
statement will be available for sale in the open market. |
Item 13. |
Certain Relationships and Related Transactions, and Director Independence |
Item 14. |
Principal Accounting Fees and Services |
| Year Ended December 31, 2019 | |||||||||||||||||
| The Blackstone Group Inc. |
Blackstone Entities, Principally Fund Related (c) |
Blackstone Funds, Transaction Related (d) |
Total |
||||||||||||||
| (Dollars in Thousands) | |||||||||||||||||
| Audit Fees |
$ | 10,185 |
(a) | $ | 41,395 |
$ | — |
$ | 51,580 |
||||||||
| Audit-Related Fees |
— |
2,946 |
19,257 |
22,203 |
|||||||||||||
| Tax Fees |
1,222 |
(b) | 63,424 |
10,873 |
75,519 |
||||||||||||
| All Other Fees |
— |
172 |
— |
172 |
|||||||||||||
| $ | 11,407 |
$ | 107,937 |
$ | 30,130 |
$ | 149,474 |
||||||||||
| Year Ended December 31, 2018 | |||||||||||||||||
| The Blackstone Group Inc. |
Blackstone Entities, Principally Fund Related (c) |
Blackstone Funds, Transaction Related (d) |
Total |
||||||||||||||
| (Dollars in Thousands) | |||||||||||||||||
| Audit Fees |
$ | 9,500 |
(a) | $ | 37,306 |
$ | — |
$ | 46,806 |
||||||||
| Audit-Related Fees |
— |
191 |
25,473 |
25,664 |
|||||||||||||
| Tax Fees |
1,316 |
(b) | 54,216 |
14,145 |
69,677 |
||||||||||||
| All Other Fees |
— |
739 |
— |
739 |
|||||||||||||
| $ | 10,816 |
$ | 92,452 |
$ | 39,618 |
$ |
142,886 |
||||||||||
| (a) | Audit Fees consisted of fees for (1) the audits of our consolidated financial statements in our Annual Report on Form 10-K and services attendant to, or required by, statute or regulation, (2) reviews of the interim condensed consolidated financial statements included in our quarterly reports on Form 10-Q, and (3) consents and other services related to SEC and other regulatory filings. |
| (b) | Tax Fees consisted of fees for services rendered for tax compliance and tax planning and advisory services. |
| (c) | The Deloitte Entities also provide audit, audit-related and tax services (primarily tax compliance and related services) to certain Blackstone Funds and other corporate entities. |
| (d) | Audit-Related and Tax Fees included merger and acquisition due diligence services provided in connection with potential acquisitions of portfolio companies for investment purposes primarily to certain private equity and real estate funds managed by Blackstone in its capacity as the general partner. In addition, the Deloitte Entities provide audit, audit-related, tax and other services to the portfolio companies, which are approved directly by the portfolio company’s management and are not included in the amounts presented here. |
Item 15. |
Exhibits, Financial Statement Schedules |
| (a) | The following documents are filed as part of this annual report. |
| 1. | Financial Statements: |
| 2. | Financial Statement Schedules: |
| 3. | Exhibits: |
| Exhibit Number |
Exhibit Description | |||
| 3.1 |
||||
| 3.2 |
||||
| 3.3 |
||||
| 4.1* |
||||
| 4.2 |
||||
| 4.3 |
||||
| 4.4 |
||||
| 4.5 |
||||
| 4.6 |
||||
| 4.7 |
||||
| Exhibit Number |
Exhibit Description | |||
| 4.8 |
||||
| 4.9 |
||||
| 4.10 |
||||
| 4.11 |
||||
| 4.12 |
||||
| 4.13 |
||||
| 4.14 |
||||
| 4.15 |
||||
| 4.16 |
||||
| 4.17 |
||||
| 4.18 |
Form of 3.150% Senior Note due 2027 (included in Exhibit 4.17 hereto). | |||
| 4.19 |
||||
| 4.20 |
Form of 4.000% Senior Note due 2047 (included in Exhibit 4.19 hereto). | |||
| Exhibit Number |
Exhibit Description | |||
| 4.21 |
||||
| 4.22 |
||||
| 4.23 |
||||
| 4.24 |
||||
| 4.25 |
||||
| 4.26 |
||||
| 10.1 |
||||
| 10.2 |
||||
| 10.3 |
||||
| 10.4 |
||||
| 10.5 |
||||
| 10.6 |
||||
| Exhibit Number |
Exhibit Description | |||
| 10.7 |
||||
| 10.8 |
||||
| 10.9 |
||||
| 10.10 |
||||
| 10.11+ |
||||
| 10.12+* |
||||
| 10.13+ |
||||
| 10.14+ |
||||
| 10.15+ |
||||
| 10.16+ |
||||
| 10.17+ |
||||
| 10.18+ |
||||
| Exhibit Number |
Exhibit Description | |||
| 10.19+ |
||||
| 10.19.1+ |
||||
| 10.20+ |
||||
| 10.21+ |
||||
| 10.22+ |
||||
| 10.23+ |
||||
| 10.24+ |
||||
| 10.25+ |
||||
| 10.26+ |
||||
| 10.27+ |
||||
| Exhibit Number |
Exhibit Description | |||
| 10.27.1+ |
||||
| 10.28 |
||||
| 10.29+ |
||||
| 10.30+ |
||||
| 10.31+ |
||||
| 10.32+ |
||||
| 10.33+ |
||||
| 10.34+ |
||||
| 10.35+ |
||||
| 10.36+ |
||||
| 10.37+ |
||||
| Exhibit Number |
Exhibit Description | |||
| 10.38+ |
||||
| 10.39+ |
||||
| 10.40+ |
||||
| 10.41+ |
||||
| 10.42+ |
||||
| 10.43+ |
||||
| 10.44+ |
||||
| 10.45+ |
||||
| 10.46+ |
||||
| 10.47+ |
||||
| 10.48+ |
||||
| Exhibit Number |
Exhibit Description | |||
| 10.49+ |
||||
| 10.50+ |
||||
| 10.51+ |
||||
| 10.52+ |
||||
| 10.53+ |
||||
| 10.54+ |
||||
| 10.55+ |
||||
| 10.56+ |
||||
| 10.57+ |
||||
| 10.58+ |
||||
| 10.59+ |
||||
| 10.60+ |
||||
| Exhibit Number |
Exhibit Description | |||
| 10.61 |
||||
| 10.62+ |
||||
| 10.63+ |
||||
| 10.64+ |
||||
| 10.65+ |
||||
| 10.66+ |
||||
| 10.67+ |
||||
| 10.68+ |
||||
| 10.69+ |
||||
| 10.70+ |
||||
| 10.71+ |
||||
| 10.72+ |
||||
| Exhibit Number |
Exhibit Description | |||
| 10.73+ |
||||
| 10.74+ |
||||
| 10.75+ |
||||
| 10.76+ |
||||
| 10.77+ |
||||
| 10.78+ |
||||
| 10.79+ |
||||
| 10.80+ |
||||
| 10.81+ |
||||
| 10.82* |
||||
| 10.83* |
||||
| 10.84* |
||||
| Exhibit Number |
Exhibit Description | |||
| 10.85 |
||||
| 10.86+ |
||||
| 10.87+ |
||||
| 10.88+ |
||||
| 10.89+ |
||||
| 10.90+* |
||||
| 10.91+ |
||||
| 10.92+ |
||||
| 10.93+ |
||||
| 10.94+ |
||||
| 10.95+ |
||||
| Exhibit Number |
Exhibit Description | |||
| 10.96+ |
||||
| 10.97+ |
||||
| 10.98+ |
||||
| 10.99+ |
||||
| 10.100+ |
||||
| 10.101+* |
||||
| 10.102+* |
||||
| 10.103+* |
||||
| 10.104+* |
||||
| 10.105+* |
||||
| 10.106+* |
||||
| 21.1* |
||||
| 23.1* |
||||
| 31.1* |
||||
| 31.2* |
||||
| 32.1* |
||||
| 32.2* |
||||
| Exhibit Number |
Exhibit Description | |||
| 101.INS* |
XBRL Instance Document. | |||
| 101.SCH* |
XBRL Taxonomy Extension Schema Document. | |||
| 101.CAL* |
XBRL Taxonomy Extension Calculation Linkbase Document. | |||
| 101.DEF* |
XBRL Taxonomy Extension Definition Linkbase Document. | |||
| 101.LAB* |
XBRL Taxonomy Extension Label Linkbase Document. | |||
| 101.PRE* |
XBRL Taxonomy Extension Presentation Linkbase Document. | |||
| * | Filed herewith. |
| + | Management contract or compensatory plan or arrangement in which directors or executive officers are eligible to participate. |
Item 16. |
Form 10- K Summary |
| The Blackstone Group Inc. | ||
| /s/ Michael S. Chae | ||
| Name: |
||
| Title: |
Chief Financial Officer | |
| (Principal Financial Officer and Authorized Signatory) | ||
| Stephen A. Schwarzman, Chief Executive Officer and Chairman of the Board of Directors (Principal Executive Officer) |
/s/ James W. Breyer James W. Breyer, Director | |
| /s/ Jonathan D. Gray Jonathan D. Gray, President, Chief Operating Officer and Director |
Sir John Antony Hood, Director | |
| Hamilton E. James, Executive Vice Chairman and Director |
Rochelle B. Lazarus, Director | |
| /s/ Michael S. Chae Michael S. Chae, Chief Financial Officer (Principal Financial Officer) |
/s/ Jay O. Light Jay O. Light, Director | |
| Christopher Striano, Principal Accounting Officer (Principal Accounting Officer) |
/s/ Brian Mulroney Brian Mulroney, Director | |
| /s/ Kelly A. Ayotte Kelly A. Ayotte, Director |
William G. Parrett, Director |
| This ‘10-K’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 1/10/30 | ||||
| 4/10/29 | ||||
| 2/14/27 | ||||
| 7/1/25 | ||||
| 12/31/24 | ||||
| 7/1/24 | ||||
| 12/31/23 | ||||
| 9/21/23 | ||||
| 7/1/23 | ||||
| 12/31/22 | ||||
| 7/1/22 | ||||
| 1/1/22 | ||||
| 12/31/21 | ||||
| 7/1/21 | ||||
| 3/15/21 | ||||
| 3/10/21 | ||||
| 1/1/21 | ||||
| 12/31/20 | ||||
| 7/1/20 | ||||
| 4/10/20 | ||||
| 4/1/20 | 4 | |||
| 3/10/20 | 4 | |||
| 3/2/20 | 3 | |||
| Filed on: | 2/28/20 | 4, S-8 | ||
| 2/25/20 | ||||
| 2/21/20 | ||||
| 2/11/20 | SC 13G | |||
| 2/1/20 | ||||
| 1/31/20 | ||||
| 1/10/20 | 4 | |||
| 1/1/20 | 4 | |||
| For Period end: | 12/31/19 | 13F-HR, 5 | ||
| 11/30/19 | ||||
| 10/31/19 | ||||
| 10/24/19 | ||||
| 10/10/19 | ||||
| 10/9/19 | ||||
| 9/30/19 | 10-Q, 13F-HR | |||
| 9/10/19 | 8-K | |||
| 9/9/19 | 8-K | |||
| 9/3/19 | 4, 8-K | |||
| 8/28/19 | 4, 8-K | |||
| 7/16/19 | 4 | |||
| 7/1/19 | 25-NSE, 4, 8-A12B/A, 8-K, S-8 POS | |||
| 6/30/19 | 10-Q, 13F-HR | |||
| 6/28/19 | 4, 8-K | |||
| 6/5/19 | 4 | |||
| 6/3/19 | 3, 4 | |||
| 5/13/19 | 3, 4 | |||
| 4/24/19 | 4 | |||
| 4/23/19 | ||||
| 4/11/19 | 4, 8-K | |||
| 4/10/19 | 8-K | |||
| 3/31/19 | 10-Q, 13F-HR | |||
| 1/1/19 | ||||
| 12/31/18 | 10-K, 13F-HR, 5 | |||
| 11/30/18 | ||||
| 9/30/18 | 10-Q, 13F-HR | |||
| 7/1/18 | 3, 4 | |||
| 6/30/18 | 10-Q, 13F-HR | |||
| 5/24/18 | 4 | |||
| 5/14/18 | 3, 4 | |||
| 3/31/18 | 10-Q, 13F-HR | |||
| 3/1/18 | 10-K, S-8 | |||
| 1/3/18 | 3 | |||
| 1/1/18 | ||||
| 12/31/17 | 10-K, 13F-HR | |||
| 12/22/17 | ||||
| 7/27/17 | ||||
| 7/1/17 | 4 | |||
| 1/1/17 | ||||
| 12/31/16 | 10-K, 13F-HR | |||
| 7/14/16 | 3, 4, 8-K | |||
| 4/6/16 | 4 | |||
| 12/31/15 | 10-K, 13F-HR | |||
| 10/1/15 | 3, 8-K | |||
| 2/24/15 | 3, 4 | |||
| 7/9/13 | 3, 4, 8-K | |||
| 5/22/13 | ||||
| 12/31/12 | 10-K, 13F-HR, 5 | |||
| 2/24/12 | 3 | |||
| 10/1/10 | 4 | |||
| 7/1/09 | ||||
| 1/1/09 | ||||
| 9/18/08 | 3, 4, 8-K | |||
| 11/9/07 | 3, 4 | |||
| 7/16/07 | ||||
| 6/21/07 | 3, 4, 4/A, 8-K, CERTNYS, EFFECT, S-1/A, S-8 | |||
| 5/31/07 | ||||
| 3/20/07 | ||||
| 3/12/07 | ||||
| 8/1/05 | ||||
| 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 2/24/23 Blackstone Inc. 10-K 12/31/22 133:34M Donnelley … Solutions/FA 2/25/22 Blackstone Inc. 10-K 12/31/21 135:34M Donnelley … Solutions/FA 2/26/21 Blackstone Inc. 10-K 12/31/20 136:33M Donnelley … Solutions/FA 12/07/20 Blackstone Private Credit Fund 424B3 1:2.2M Donnelley … Solutions/FA 10/07/20 Blackstone Private Credit Fund 424B3 1:2M Donnelley … Solutions/FA 9/30/20 Blackstone Private Credit Fund N-2/A 11:2.8M Donnelley … Solutions/FA 8/27/20 Blackstone Private Credit Fund N-2 15:2.9M Donnelley … Solutions/FA |