10-Q 1 d354082d10q.htm 10-Q 10-Q
falseQ30001393818--12-31During the period presented, Blackstone also had one share outstanding of each of Series I and Series II preferred stock, with par value of each less than one cent.Equity Securities, Partnership and LLC Interest includes investments in investment funds. Prior period amounts have been reclassified to this presentation.Other Investments includes Blackstone’s ownership of common stock of Corebridge. Following Corebridge’s IPO in September 2022, a quoted price for Corebridge’s common shares exists and as such the investment will be measured at fair value on a recurring basis as a Level I investment. Blackstone’s investment in Corebridge was previously valued as a Level III investment on a nonrecurring basis using the measurement alternative.As of September 30, 2022, Other Investments includes Level III Freestanding Derivatives.Unobservable inputs were weighted based on the fair value of the investments included in the range.Effective September 30, 2022, fair value is determined by third party pricing services. Prior to this date, fair value was determined by broker quote and under both techniques, these notes would be classified as Level II within the fair value hierarchy.Dividends declared reflects the calendar date of the declaration for each distribution.This adjustment removes Equity-Based Compensation on a segment basis.This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement.This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation.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.This adjustment removes Unrealized Performance Allocations Compensation.This adjustment removes Other Revenue on a segment basis. For the three months ended September 30, 2022 and 2021, Other Revenue on a GAAP basis was $199.4 million and $64.2 million, and included $198.4 million and $63.5 million of foreign exchange gains, respectively. For the nine months ended September 30, 2022 and 2021, Other Revenue on a GAAP basis was $427.8 million and $152.4 million, and included $426.7 million and $150.4 million of foreign exchange gains, respectively.This adjustment removes Interest and Dividend Revenue on a segment basis.This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis.This adjustment removes Unrealized Performance Revenues on a segment basis.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.Total Segment Expenses is comprised of the following:Total Segment Revenues is comprised of the following:Fee related performance compensation may include equity-based compensation based on fee related performance revenues.Represents the (1) removal of amortization of transaction-related intangibles, (2) removal of certain expenses reimbursed by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.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.Represents the removal of Transaction-Related Charges that are not recorded in the Total Segment measures.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.Corporate Treasury Commitments are measured using third party pricing.This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM                  TO                 
Commission File Number:
001-33551

Blackstone Inc.
(Exact name of Registrant as specified in its charter)
Delaware
(State or other jurisdiction of
incorporation or organization)
 
20-8875684
(I.R.S. Employer
Identification No.)
345 Park Avenue
New York, New York 10154
(Address of principal executive offices)(Zip Code)
(212)
583-5000
(Registrant’s telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
  
Trading Symbol(s)
  
Name of each exchange on which registered
Common Stock    BX    New York Stock Exchange
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                    
Yes
No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                                                                      
Yes
No
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
 
Large accelerated filer
 
  
Accelerated filer
Non-accelerated
filer
 
  
Smaller reporting company
 
 
  
Emerging growth company
If an emerging
 growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the Registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act). Yes
No
As of October 28, 2022, there were 701,780,900 shares of common stock of the registrant outstanding.
 
 

Table of Contents
 
 
  
 
  
Page
 
Part I.
  
  
     
     
Item 1.
  
  
 
6
 
     
 
  
Unaudited Condensed Consolidated Financial Statements:
  
     
     
 
  
  
 
6
 
     
 
  
  
 
8
 
     
 
  
  
 
9
 
     
 
  
  
 
10
 
     
 
  
  
 
14
 
     
 
  
  
 
16
 
     
Item 1A.
  
  
 
65
 
     
Item 2.
  
  
 
67
 
     
Item 3.
  
  
 
141
 
     
Item 4.
  
  
 
141
 
     
Part II.
  
  
     
     
Item 1.
  
  
 
142
 
     
Item 1A.
  
  
 
142
 
     
Item 2.
  
  
 
143
 
     
Item 3.
  
  
 
143
 
     
Item 4.
  
  
 
143
 
     
Item 5.
  
  
 
143
 
     
Item 6.
  
  
 
144
 
   
  
 
145
 
 
1

Forward-Looking Statements
This report may contain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, which reflect our current views with respect to, among other things, our operations, taxes, earnings and financial performance, and share repurchases and dividends. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “opportunity,” “leads,” “forecast” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in our Annual Report on
Form 10-K
for the year ended December 31, 2021, as such factors may be updated from time to time in our periodic filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other periodic filings. The forward-looking statements speak only as of the date of this report, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
Website and Social Media Disclosure
We use our website (www.blackstone.com), Facebook page (www.facebook.com/blackstone), Twitter (www.twitter.com/blackstone), LinkedIn (www.linkedin.com/company/blackstonegroup), Instagram (www.instagram.com/blackstone), SoundCloud (www.soundcloud.com/blackstone-300250613), PodBean (www.blackstone.podbean.com), Spotify (https://spoti.fi/2LJ1tHG), YouTube (www.youtube.com/user/blackstonegroup) and Apple Podcast (https://apple.co/31Pe1Gg) accounts as channels of distribution of company information. The information we post through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, you may automatically receive email alerts and other information about Blackstone when you enroll your email address by visiting the “Contact Us/Email Alerts” section of our website at http://ir.blackstone.com. The contents of our website, any alerts and social media channels are not, however, a part of this report.
 
 
In this report, references to “Blackstone,” the “Company,” “we,” “us” or “our” refer to Blackstone Inc. and its consolidated subsidiaries.
“Series I Preferred Stockholder” refers to Blackstone Partners L.L.C., the holder of the sole outstanding share of our Series I preferred stock.
“Series II Preferred Stockholder” refers to Blackstone Group Management L.L.C., the holder of the sole outstanding share of our Series II preferred stock.
“Blackstone Funds,” “our funds” and “our investment funds” refer to the funds and other vehicles that are managed by Blackstone. “Our carry funds” refers to funds managed by Blackstone that have commitment-based multi-year drawdown structures that pay carry on the realization of an investment.
We refer to our real estate opportunistic funds as Blackstone Real Estate Partners (“BREP”) funds and our real estate debt investment funds as Blackstone Real Estate Debt Strategies (“BREDS”) funds. We refer to our real estate investment trusts as “REITs,” to Blackstone Mortgage Trust, Inc., our NYSE-listed REIT, as “BXMT,” and to Blackstone Real Estate Income Trust, Inc., our
non-listed
REIT, as “BREIT.” We refer to our real estate funds that target substantially stabilized assets in prime markets, as Blackstone Property Partners (“BPP”) funds and our income-generating European real estate funds as Blackstone European Property Income (“BEPIF”). We refer to BREIT, BPP and BEPIF collectively as our Core+ real estate strategies.
 
2

We refer to our flagship corporate private equity funds as Blackstone Capital Partners (“BCP”) funds, our energy-focused private equity funds as Blackstone Energy Partners (“BEP”) funds, our core private equity funds as Blackstone Core Equity Partners (“BCEP”), our opportunistic investment platform that invests globally across asset classes, industries and geographies as Blackstone Tactical Opportunities (“Tactical Opportunities”), our secondary fund of funds business as Strategic Partners Fund Solutions (“Strategic Partners”), our infrastructure-focused funds as Blackstone Infrastructure Partners (“BIP”), our life sciences investment platform, Blackstone Life Sciences (“BXLS”), our growth equity investment platform, Blackstone Growth (“BXG”), our multi-asset investment program for eligible high net worth investors offering exposure to certain of our key illiquid investment strategies through a single commitment as Blackstone Total Alternatives Solution (“BTAS”) and our capital markets services business as Blackstone Capital Markets (“BXCM”).
“Our hedge funds” refers to our funds of hedge funds, hedge funds, certain of our real estate debt investment funds, including a registered investment company, and certain other credit-focused funds which are managed by Blackstone.
We refer to our business development companies as “BDCs,” to Blackstone Private Credit Fund as “BCRED” and to Blackstone Secured Lending Fund as “BXSL.”
“BIS” refers to Blackstone Insurance Solutions, which partners with insurers to deliver capital-efficient investments tailored to each insurer’s needs and risk profile.
We refer to our separately managed accounts as “SMAs.”
“Total Assets Under Management” refers to the assets we manage. Our Total Assets Under Management equals the sum of:
 
  (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 the capital that we are entitled to call from investors in those funds and entities pursuant to the terms of their respective capital commitments, including capital commitments to funds that have yet to commence their investment periods,
 
  (b)
the net asset value of (1) our hedge funds, real estate debt carry funds, BPP, certain
co-investments
managed by us, certain credit-focused funds, and our Hedge Fund Solutions drawdown funds (plus, in each case, the capital that we are entitled to call from investors in those funds, including commitments yet to commence their investment periods), and (2) our funds of hedge funds, our Hedge Fund Solutions registered investment companies, BREIT, and BEPIF,
 
  (c)
the invested capital, fair value or net asset value of assets we manage pursuant to separately managed accounts,
 
  (d)
the amount of debt and equity outstanding for our collateralized loan obligations (“CLO”) during the reinvestment period,
 
  (e)
the aggregate par amount of collateral assets, including principal cash, for our CLOs after the reinvestment period,
 
  (f)
the gross or net amount of assets (including leverage where applicable) for our credit-focused registered investment companies,
 
  (g)
the fair value of common stock, preferred stock, convertible debt, term loans or similar instruments issued by BXMT, and
 
  (h)
borrowings under and any amounts available to be borrowed under certain credit facilities of our funds.
 
3

Our carry funds are commitment-based drawdown structured funds that do not permit investors to redeem their interests at their election. Our funds of hedge funds, hedge funds, funds structured like hedge funds and other open-ended funds in our Real Estate, Hedge Fund Solutions and Credit & Insurance segments generally have structures that afford an investor the right to withdraw or redeem their interests on a periodic basis (for example, annually or quarterly), typically with 30 to 95 days’ notice, depending on the fund and the liquidity profile of the underlying assets. In our Perpetual Capital vehicles where redemption rights exist, Blackstone has the ability to fulfill redemption requests only (a) in Blackstone’s or the vehicles’ board’s discretion, as applicable, or (b) to the extent there is sufficient new capital. Investment advisory agreements related to certain separately managed accounts in our Hedge Fund Solutions and Credit & Insurance segments, excluding our BIS separately managed accounts, may generally be terminated by an investor on 30 to 90 days’ notice. Our BIS separately managed accounts can generally only be terminated for long-term underperformance, cause and certain other limited circumstances, in each case subject to Blackstone’s right to cure.
“Fee-Earning
Assets Under Management” refers to the assets we manage on which we derive management fees and/or performance revenues. Our
Fee-Earning
Assets Under Management equals the sum of:
 
  (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, BEPIF, and certain of our Hedge Fund Solutions drawdown funds,
 
  (e)
the invested capital, fair value of assets or the net asset value we manage pursuant to separately managed accounts,
 
  (f)
the net proceeds received from equity offerings and accumulated distributable earnings of BXMT, subject to certain adjustments,
 
  (g)
the aggregate par amount of collateral assets, including principal cash, of our CLOs, and
 
  (h)
the gross amount of assets (including leverage) or the net assets (plus leverage where applicable) for certain of our credit-focused registered investment companies.
Each of our segments may include certain
Fee-Earning
Assets Under Management on which we earn performance revenues but not management fees.
Our calculations of Total Assets Under Management and
Fee-Earning
Assets Under Management may differ from the calculations of other asset managers, and as a result this measure may not be comparable to similar measures presented by other asset managers. In addition, our calculation of Total Assets Under Management includes commitments to, and the fair value of, invested capital in our funds from Blackstone and our personnel, regardless of whether such commitments or invested capital are subject to fees. Our definitions of Total Assets Under Management and
Fee-Earning
Assets Under Management are not based on any definition of total assets under management and
fee-earning
assets under management that is set forth in the agreements governing the investment funds that we manage.
 
4

For our carry funds, Total Assets Under Management includes the fair value of the investments held and uncalled capital commitments, whereas
Fee-Earning
Assets Under Management may include the total amount of capital commitments or the remaining amount of invested capital at cost, depending on whether the investment period has expired or as specified by the fee terms of the fund. As such, in certain carry funds
Fee-Earning
Assets Under Management may be greater than Total Assets Under Management when the aggregate fair value of the remaining investments is less than the cost of those investments.
“Perpetual Capital” refers to the component of assets under management with an indefinite term, that is not in liquidation, and for which there is no requirement to return capital to investors through redemption requests in the ordinary course of business, except where funded by new capital inflows. Perpetual Capital includes
co-investment
capital with an investor right to convert into Perpetual Capital.
This report does not constitute an offer of any Blackstone Fund.
 
5

Part I. Financial Information
 
Item 1.
Financial Statements
Blackstone Inc.
Condensed Consolidated Statements of Financial Condition (Unaudited)
(Dollars in Thousands, Except Share Data)
 
 
                                                               
    
September 30,
 
December 31,
    
2022
 
2021
Assets
                
Cash and Cash Equivalents
  
 $
3,480,003
 
 
 $
2,119,738
 
Cash Held by Blackstone Funds and Other
  
 
94,358
 
 
 
79,994
 
Investments (including assets pledged of $313,138 and $63,044 at September 30, 2022 and December 31, 2021, respectively)
  
 
26,256,148
 
 
 
28,665,043
 
Accounts Receivable
  
 
835,529
 
 
 
636,616
 
Due from Affiliates
  
 
4,029,490
 
 
 
4,656,867
 
Intangible Assets, Net
  
 
232,096
 
 
 
284,384
 
Goodwill
  
 
1,890,202
 
 
 
1,890,202
 
Other Assets
  
 
785,794
 
 
 
492,936
 
Right-of-Use
Assets
  
 
887,832
 
 
 
788,991
 
Deferred Tax Assets
  
 
1,767,869
 
 
 
1,581,637
 
    
 
 
 
 
 
 
 
Total Assets
  
 $
40,259,321
 
 
 $
41,196,408
 
    
 
 
 
 
 
 
 
     
Liabilities and Equity
                
Loans Payable
  
 $
9,263,080
 
 
 $
7,748,163
 
Due to Affiliates
  
 
2,060,891
 
 
 
1,906,098
 
Accrued Compensation and Benefits
  
 
6,732,507
 
 
 
7,905,070
 
Securities Sold, Not Yet Purchased
  
 
26,783
 
 
 
27,849
 
Repurchase Agreements
  
 
313,138
 
 
 
57,980
 
Operating Lease Liabilities
  
 
985,632
 
 
 
908,033
 
Accounts Payable, Accrued Expenses and Other Liabilities
  
 
1,141,905
 
 
 
937,169
 
    
 
 
 
 
 
 
 
Total Liabilities
  
 
20,523,936
 
 
 
19,490,362
 
    
 
 
 
 
 
 
 
     
Commitments and Contingencies
                
     
Redeemable
Non-Controlling
Interests in Consolidated Entities
  
 
1,344,188
 
 
 
68,028
 
    
 
 
 
 
 
 
 
     
Equity
                
Stockholders’ Equity of Blackstone Inc.
                
Common Stock, $0.00001 par value, 90 billion shares authorized, (709,040,610 shares issued and outstanding as of September 30, 2022; 704,339,774 shares issued and outstanding as of December 31, 2021)
  
 
7
 
 
 
7
 
Series I Preferred Stock, $0.00001 par value, 999,999,000 shares authorized, (1 share issued and outstanding as of September 30, 2022 and December 31, 2021)
  
 
 
 
 
 
Series II Preferred Stock, $0.00001 par value, 1,000 shares authorized, (1 share issued and outstanding as of September 30, 2022 and December 31, 2021)
  
 
 
 
 
 
Additional
Paid-in-Capital
  
 
5,791,006
 
 
 
5,794,727
 
Retained Earnings
  
 
1,869,463
 
 
 
3,647,785
 
Accumulated Other Comprehensive Loss
  
 
(74,800
 
 
(19,626
    
 
 
 
 
 
 
 
Total Stockholders’ Equity of Blackstone Inc.
  
 
7,585,676
 
 
 
9,422,893
 
Non-Controlling
Interests in Consolidated Entities
  
 
5,357,148
 
 
 
5,600,653
 
Non-Controlling
Interests in Blackstone Holdings
  
 
5,448,373
 
 
 
6,614,472
 
    
 
 
 
 
 
 
 
Total Equity
  
 
18,391,197
 
 
 
21,638,018
 
    
 
 
 
 
 
 
 
Total Liabilities and Equity
  
 $
40,259,321
 
 
 $
41,196,408
 
    
 
 
 
 
 
 
 
 
continued...
See notes to condensed consolidated financial statements.
 
6

Blackstone Inc.
Condensed Consolidated Statements of Financial Condition (Unaudited)
(Dollars in Thousands)
 
 
 
The following presents the asset and liability portion of the consolidated balances presented in the Condensed Consolidated Statements of Financial Condition attributable to consolidated Blackstone Funds which are variable interest entities. The following assets may only be used to settle obligations of these consolidated Blackstone Funds and these liabilities are only the obligations of these consolidated Blackstone Funds and they do not have recourse to the general credit of Blackstone.

                        
                        
 
  
September 30,
  
December 31,
 
  
2022
  
2021
Assets
                 
Cash Held by Blackstone Funds and Other
  
 $
94,358
 
  
 $
79,994
 
Investments
  
 
3,828,497
 
  
 
2,018,829
 
Accounts Receivable
  
 
92,499
 
  
 
64,680
 
Due from Affiliates
  
 
11,655
 
  
 
13,748
 
Other Assets
  
 
285
 
  
 
251
 
    
 
 
 
  
 
 
 
Total Assets
  
 $
         4,027,294
 
  
 $
     2,177,502
 
    
 
 
 
  
 
 
 
     
Liabilities
                 
Loans Payable
  
 $
30,627
 
  
 $
101
 
Due to Affiliates
  
 
69,715
 
  
 
95,204
 
Securities Sold, Not Yet Purchased
  
 
22,971
 
  
 
23,557
 
Repurchase Agreements
  
 
 
  
 
15,980
 
Accounts Payable, Accrued Expenses and Other Liabilities
  
 
24,565
 
  
 
10,420
 
    
 
 
 
  
 
 
 
Total Liabilities
  
 $
147,878
 
  
 $
145,262
 
    
 
 
 
  
 
 
 
See notes to condensed consolidated financial statements.
 
7

Blackstone Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(Dollars in Thousands, Except Share and Per Share Data)
 
 
                                                                                                                             
    
Three Months Ended
 
Nine Months Ended
    
September 30,
 
September 30,
    
2022
 
2021
 
2022
 
2021
Revenues
                                
Management and Advisory Fees, Net
  
 $
1,617,754
 
 
 $
1,320,795
 
 
 $
4,654,877
 
 
 $
3,711,159
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Incentive Fees
  
 
110,776
 
 
 
48,206
 
 
 
314,863
 
 
 
117,537
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Income (Loss)
                                
Performance Allocations
                                
Realized
  
 
725,888
 
 
 
1,522,495
 
 
 
4,946,043
 
 
 
2,865,482
 
Unrealized
  
 
(771,637
 
 
2,724,366
 
 
 
(2,946,255
 
 
7,886,033
 
Principal Investments
                                
Realized
  
 
193,228
 
 
 
325,414
 
 
 
743,493
 
 
 
832,512
 
Unrealized
  
 
(1,069,697
 
 
183,754
 
 
 
(1,496,226
 
 
1,151,904
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment Income (Loss)
  
 
(922,218
 
 
4,756,029
 
 
 
1,247,055
 
 
 
12,735,931
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest and Dividend Revenue
  
 
52,420
 
 
 
35,048
 
 
 
168,980
 
 
 
97,477
 
Other
  
 
199,382
 
 
 
64,187
 
 
 
427,839
 
 
 
152,387
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Revenues
  
 
1,058,114
 
 
 
6,224,265
 
 
 
6,813,614
 
 
 
16,814,491
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenses
                                
Compensation and Benefits
                                
Compensation
  
 
600,273
 
 
 
536,199
 
 
 
1,942,790
 
 
 
1,585,941
 
Incentive Fee Compensation
  
 
50,355
 
 
 
21,007
 
 
 
136,737
 
 
 
48,763
 
Performance Allocations Compensation
                                
Realized
  
 
313,930
 
 
 
631,632
 
 
 
2,067,447
 
 
 
1,192,082
 
Unrealized
  
 
(359,590
 
 
1,193,853
 
 
 
(1,273,849
 
 
3,394,041
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Compensation and Benefits
  
 
604,968
 
 
 
2,382,691
 
 
 
2,873,125
 
 
 
6,220,827
 
General, Administrative and Other
  
 
270,369
 
 
 
217,995
 
 
 
800,331
 
 
 
608,174
 
Interest Expense
  
 
80,507
 
 
 
52,413
 
 
 
216,896
 
 
 
141,718
 
Fund Expenses
  
 
5,517
 
 
 
1,260
 
 
 
12,144
 
 
 
7,417
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Expenses
  
 
961,361
 
 
 
2,654,359
 
 
 
3,902,496
 
 
 
6,978,136
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Income (Loss)
                                
Change in Tax Receivable Agreement Liability
  
 
 
 
 
(37,321
 
 
748
 
 
 
(34,803
Net Gains (Losses) from Fund Investment Activities
  
 
1,178
 
 
 
132,312
 
 
 
(52,272
 
 
379,781
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Other Income (Loss)
  
 
1,178
 
 
 
94,991
 
 
 
(51,524
 
 
344,978
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income Before Provision for Taxes
  
 
97,931
 
 
 
3,664,897
 
 
 
2,859,594
 
 
 
10,181,333
 
Provision for Taxes
  
 
94,231
 
 
 
458,904
 
 
 
614,026
 
 
 
746,707
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income
  
 
3,700
 
 
 
3,205,993
 
 
 
2,245,568
 
 
 
9,434,626
 
Net Income Attributable to Redeemable
Non-Controlling
Interests in Consolidated Entities
  
 
25,773
 
 
 
1,550
 
 
 
56,700
 
 
 
2,816
 
Net Income (Loss) Attributable to
Non-Controlling
Interests in Consolidated Entities
  
 
(62,093
 
 
486,907
 
 
 
(62,425
 
 
1,305,273
 
Net Income Attributable to
Non-Controlling
Interests in Blackstone Holdings
  
 
37,724
 
 
 
1,315,641
 
 
 
1,061,516
 
 
 
3,667,618
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income Attributable to Blackstone Inc.
  
 $
2,296
 
 
 $
1,401,895
 
 
 $
1,189,777
 
 
 $
4,458,919
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
         
Net Income Per Share of Common Stock
                                
Basic
  
 $
 
 
 $
1.94
 
 
 $
1.61
 
 
 $
6.21
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted
  
 $
 
 
 $
1.94
 
 
 $
1.61
 
 
 $
6.21
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
         
Weighted-Average Shares of Common Stock Outstanding
                                
Basic
  
 
742,345,646
 
 
 
722,229,117
 
 
 
739,963,370
 
 
 
717,516,302
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted
  
 
      742,495,532
 
 
 
      722,433,099
 
 
 
      740,272,247
 
 
 
      717,918,415
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See notes to condensed consolidated financial statements.
 
8

Blackstone Inc.
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
(Dollars in Thousands)
 
 
                                                                                                                             
    
Three Months Ended
 
Nine Months Ended
    
September 30,
 
September 30,
    
2022
 
2021
 
2022
 
2021
Net Income
  
 $
3,700
 
 
 $
3,205,993
 
 
 $
2,245,568
 
 
 $
9,434,626
 
Other Comprehensive Income (Loss), Currency Translation Adjustment
  
 
(156,610
)
 
 
(8,689
 
 
(226,076
)
 
 
1,366
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive Income (Loss)
  
 
(152,910
)
 
 
3,197,304
 
 
 
2,019,492
 
 
 
9,435,992
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Less:
                                
Comprehensive Income (Loss) Attributable to Redeemable
Non-Controlling
Interests in Consolidated Entities
  
 
(76,820
)
 
 
1,550
 
 
 
(78,623
)
 
 
2,816
 
Comprehensive Income (Loss) Attributable to
Non-Controlling
Interests in Consolidated Entities
  
 
(62,093
)
 
 
486,907
 
 
 
(62,425
)
 
 
1,305,273
 
Comprehensive Income Attributable to
Non-Controlling
Interests in Blackstone Holdings
  
 
16,282
 
 
 
1,312,064
 
 
 
1,025,937
 
 
 
3,668,510
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive Income (Loss) Attributable to
Non-Controlling
Interests
  
 
(122,631
)
 
 
1,800,521
 
 
 
884,889

 
 
4,976,599
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive Income (Loss) Attributable to Blackstone Inc.
  
 $
      (30,279
 
 $
      1,396,783
 
 
 $
      1,134,603

 
 $
      4,459,393
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See notes to condensed consolidated financial statements.
 
9

Blackstone Inc.
Condensed Consolidated Statements of Changes in Equity (Unaudited)
(Dollars in Thousands, Except Share Data)
 
 
                                                                                                                                                                                               
   
Shares of
Blackstone
Inc. (a)
 
Blackstone Inc. (a)
               
                   
Accumulated
                 
Redeemable
                   
Other
     
Non-
 
Non-
     
Non-
                   
Compre-
     
Controlling
 
Controlling
     
Controlling
           
Additional
 
Retained
 
hensive
 
Total
 
Interests in
 
Interests in
     
Interests in
   
Common
 
Common
 
Paid-in-
 
Earnings
 
Income
 
Stockholders’
 
Consolidated
 
Blackstone
 
Total
 
Consolidated
   
Stock
 
Stock
 
Capital
 
(Deficit)
 
(Loss)
 
Equity
 
Entities
 
Holdings
 
Equity
 
Entities
Balance at June 30, 2022
 
 
706,476,877
 
 
 $
7
 
 
 $
5,870,285
 
 
 $
2,803,100
 
 
 $
(42,225
 
 $
8,631,167
 
 
 $
5,281,244
 
 
 $
6,146,196
 
 
 $
20,058,607
 
 
 $
1,275,491
 
Transfer In Due to Consolidation of Fund Entities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income (Loss)
 
 
 
 
 
 
 
 
 
 
 
2,296
 
 
 
 
 
 
2,296
 
 
 
(62,093
 
 
37,724
 
 
 
(22,073
 
 
25,773
 
Currency Translation Adjustment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(32,575
 
 
(32,575
 
 
 
 
 
(21,442
 
 
(54,017
 
 
(102,593
Capital Contributions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
268,165
 
 
 
2,460
 
 
 
270,625
 
 
 
180,300
 
Capital Distributions
 
 
 
 
 
 
 
 
 
 
 
(935,933
 
 
 
 
 
(935,933
 
 
(142,675
 
 
(775,697
 
 
(1,854,305
 
 
(21,440
Transfer of
Non-Controlling
Interests in Consolidated Entities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
12,507
 
 
 
 
 
 
12,507
 
 
 
(13,343
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from
Non-Controlling
Interest Holders
 
 
 
 
 
 
 
 
5,562
 
 
 
 
 
 
 
 
 
5,562
 
 
 
 
 
 
 
 
 
5,562
 
 
 
 
Equity-Based Compensation
 
 
 
 
 
 
 
 
121,264
 
 
 
 
 
 
 
 
 
121,264
 
 
 
 
 
 
80,087
 
 
 
201,351
 
 
 
 
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock
 
 
2,938,303
 
 
 
 
 
 
(30,418
 
 
 
 
 
 
 
 
(30,418
 
 
 
 
 
 
 
 
(30,418
 
 
 
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units
 
 
(1,954,545
 
 
 
 
 
(196,642
 
 
 
 
 
 
 
 
(196,642
 
 
 
 
 
 
 
 
(196,642
 
 
 
Change in Blackstone Inc.’s Ownership Interest
 
 
 
 
 
 
 
 
80
 
 
 
 
 
 
 
 
 
80
 
 
 
 
 
 
(80
 
 
 
 
 
 
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock
 
 
1,579,975
 
 
 
 
 
 
20,875
 
 
 
 
 
 
 
 
 
20,875
 
 
 
 
 
 
(20,875
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at September 30, 2022
 
 
709,040,610
 
 
 $
7
 
 
 $
5,791,006
 
 
 $
1,869,463
 
 
 $
(74,800
 
 $
7,585,676
 
 
 $
5,357,148
 
 
 $
5,448,373
 
 
 $
18,391,197
 
 
 $
1,344,188
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
During the period presented, Blackstone also had one share outstanding of each of Series I and Series II preferred stock, with par value of each less than one cent.
 
continued...
See notes to condensed consolidated financial statements.
 
10

Blackstone Inc.
Condensed Consolidated Statements of Changes in Equity (Unaudited)
(Dollars in Thousands, Except Share Data)
 
 
                                                                                                                                                                                               
   
Shares of
Blackstone
Inc. (a)
 
Blackstone Inc. (a)
               
                   
Accumulated
                 
Redeemable
                   
Other
     
Non-
 
Non-
     
Non-
                   
Compre-
     
Controlling
 
Controlling
     
Controlling
        &