Company Quick10K Filing
⚲
Blackstone
Financials
Price52.63 EPS4
Shares676 P/E12
MCap35,589 P/FCF26
Net Debt8,866 EBIT2,939
TEV44,456 TEV/EBIT15
TTM 2019-09-30, in MM, except price, ratios
Filings
10-Q 2021-03-31 Filed 2021-05-07
10-K 2020-12-31 Filed 2021-02-26
10-Q 2020-09-30 Filed 2020-11-06
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-07
10-Q 2012-03-31 Filed 2012-05-07
10-K 2011-12-31 Filed 2012-02-28
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-02-26
Reports
8-K 2020-11-24
8-K 2020-10-28
8-K 2020-09-29
8-K 2020-09-22
8-K 2020-09-22
8-K 2020-09-15
8-K 2020-07-23
8-K 2020-06-25
8-K 2020-04-23
8-K 2020-01-30
8-K 2019-10-23
8-K 2019-09-09
8-K 2019-09-03
8-K 2019-09-03
8-K 2019-08-28
8-K 2019-07-18
8-K 2019-07-01
8-K 2019-06-28
8-K 2019-04-18
8-K 2019-04-11
8-K 2019-04-10
8-K 2019-04-02
8-K 2019-04-02
8-K 2019-01-31
8-K 2019-01-25
8-K 2018-10-18
8-K 2018-10-02
8-K 2018-09-21
8-K 2018-09-21
8-K 2018-07-19
8-K 2018-06-06
8-K 2018-04-19
8-K 2018-04-17
8-K 2018-02-13
8-K 2018-02-01
8-K 2018-01-30

BX 10Q Quarterly Report

Content
Part I. Financial Information
Item 1. Financial Statements
Item 1A. Unaudited Supplemental Presentation of Statements of Financial Condition
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
Exhibits
EX-10.1 d174285dex101.htm
EX-10.2 d174285dex102.htm
EX-10.3 d174285dex103.htm
EX-10.4 d174285dex104.htm
EX-10.5 d174285dex105.htm
EX-10.6 d174285dex106.htm
EX-10.7 d174285dex107.htm
EX-10.8 d174285dex108.htm
EX-10.9 d174285dex109.htm
EX-10.10 d174285dex1010.htm
EX-31.1 d174285dex311.htm
EX-31.2 d174285dex312.htm
EX-32.1 d174285dex321.htm
EX-32.2 d174285dex322.htm

Blackstone Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
35282114702012201420172020
Assets, Equity
 2.82.21.60.90.3-0.32012201420172020
Rev, G Profit, Net Income
 1.50.80.2-0.5-1.1-1.82012201420172020
Ops, Inv, Fin
10-Q
false2021Q10001393818--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.Unobservable inputs were weighted based on the fair value of the investments included in the range.Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.Dividends declared reflects the calendar date of the declaration for each dividend.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.This adjustment removes Unrealized Performance Revenues on a segment basis.This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis.This adjustment removes Interest and Dividend Revenue on a segment basis.This adjustment removes Other Revenue on a segment basis. For the three months ended March 31, 2021 and 2020, Other Revenue on a GAAP basis was $60.3 million and $138.2 million, and included $59.5 million and $136.9 million of foreign exchange gains (losses), respectively.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.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 was historically accounted for under the equity method. As a result of Pátria’s IPO in January 2021, equity method has been discontinued and there will no longer be amortization of intangibles associated with the investment.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.Total Segment Revenues is comprised of the following:This adjustment removes Unrealized Performance Allocations Compensation.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 adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.Total Segment Expenses is comprised of the following: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.Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.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 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. 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Table of Contents
 
 
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
MARCH 31, 2021
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
The Blackstone Group 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 April 30, 2021, there were
684,230,922
 shares of common stock of the registrant outstanding.
 
 
Table of Contents
Table of Contents
 
             
 
  
 
  
Page
 
Part I.
  
  
      
     
Item 1.
  
  
 
6
 
     
 
  
Unaudited Condensed Consolidated Financial Statements:
  
      
     
 
  
  
 
6
 
     
 
  
  
 
8
 
     
 
  
  
 
9
 
     
 
  
  
 
10
 
     
 
  
  
 
12
 
     
 
  
  
 
14
 
     
Item 1A.
  
  
 
58
 
     
Item 2.
  
  
 
60
 
     
Item 3.
  
  
 
120
 
     
Item 4.
  
  
 
120
 
     
Part II.
  
  
      
     
Item 1.
  
  
 
121
 
     
Item 1A.
  
  
 
121
 
     
Item 2.
  
  
 
121
 
     
Item 3.
  
  
 
122
 
     
Item 4.
  
  
 
122
 
     
Item 5.
  
  
 
122
 
     
Item 6.
  
  
 
123
 
   
  
 
125
 
 
1
Table of Contents
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, 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,” “scheduled,” “estimates,” “anticipates” 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 the impact of the novel coronavirus
(“COVID-19”),
as well as those described under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020, 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 The Blackstone Group Inc. and its consolidated subsidiaries.
Effective February 26, 2021, Blackstone effectuated changes to rename its Class A common stock as “common stock,” and to reclassify its Class B and Class C common stock into a new “Series I preferred stock” and “Series II preferred stock,” respectively (the “share reclassification”). Each new stock has the same rights and powers of its predecessor. All references to common stock, Series I preferred stock and Series II preferred stock prior to the share reclassification refer to Class A, Class B and Class C common stock, respectively. See “Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Organizational Structure.”
“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.
 
2
Table of Contents
“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 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 private 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”).
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 which target substantially stabilized assets in prime markets, as Blackstone Property Partners (“BPP”) funds. We refer to BPP and BREIT collectively as our Core+ real estate strategies.
“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 bespoke, capital-efficient investments tailored to each insurer’s needs and risk profile.
We refer to our separately managed accounts as “SMAs.”
“Assets Under Management” refers to the assets we manage. Our 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, 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,
 
3
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  (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.
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. 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.
“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, 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 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 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 assets under management and fee-earning assets under management are not based on any definition of assets under management and fee-earning assets under management that is set forth in the agreements governing the investment funds that we manage.
 
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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
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Part I. Financial Information
 
Item 1.
Financial Statements
The Blackstone Group Inc.
Condensed Consolidated Statements of Financial Condition (Unaudited)
(Dollars in Thousands, Except Share Data)
 
 
                                                               
    
March 31,
  
December 31,
    
2021
  
2020
Assets
                 
Cash and Cash Equivalents
   
 $
2,862,422
 
  
 $
1,999,484
 
Cash Held by Blackstone Funds and Other
   
 
109,285
 
  
 
64,972
 
Investments (including assets pledged of $83,538 and $110,835 at March 31, 2021 and December 31, 2020, respectively)
   
 
17,943,309
 
  
 
15,617,142
 
Accounts Receivable
   
 
975,610
 
  
 
866,158
 
Due from Affiliates
   
 
3,015,318
 
  
 
3,221,515
 
Intangible Assets, Net
   
 
340,478
 
  
 
347,955
 
Goodwill
   
 
1,890,185
 
  
 
1,901,485
 
Other Assets
   
 
434,475
 
  
 
481,022
 
Right-of-Use Assets
   
 
736,633
 
  
 
526,943
 
Deferred Tax Assets
   
 
1,402,271
 
  
 
1,242,576
 
    
 
 
 
  
 
 
 
Total Assets
   
 $
    29,709,986
 
  
 $
    26,269,252
 
    
 
 
 
  
 
 
 
     
Liabilities and Equity
                 
Loans Payable
   
 $
5,573,965
 
  
 $
5,644,653
 
Due to Affiliates
   
 
1,161,775
 
  
 
1,135,041
 
Accrued Compensation and Benefits
   
 
4,376,226
 
  
 
3,433,260
 
Securities Sold, Not Yet Purchased
   
 
33,160
 
  
 
51,033
 
Repurchase Agreements
   
 
58,050
 
  
 
76,808
 
Operating Lease Liabilities
   
 
842,692
 
  
 
620,844
 
Accounts Payable, Accrued Expenses and Other Liabilities
   
 
838,930
 
  
 
717,104
 
    
 
 
 
  
 
 
 
Total Liabilities
   
 
12,884,798
 
  
 
11,678,743
 
    
 
 
 
  
 
 
 
     
Commitments and Contingencies
                 
     
Redeemable Non-Controlling Interests in Consolidated Entities
   
 
65,546
 
  
 
65,161
 
    
 
 
 
  
 
 
 
     
Equity
                 
Stockholders’ Equity of The Blackstone Group Inc.
                 
Common Stock, $0.00001 par value, 90 billion shares authorized, (690,569,563 shares issued and outstanding as of March 31, 2021; 683,875,544 shares issued and outstanding as of December 31, 2020)
   
 
7
 
  
 
7
 
Series I Preferred Stock, $0.00001 par value, 999,999,000 shares authorized, (1 share issued and outstanding as of March 31, 2021 and December 31, 2020)
   
 
—
 
  
 
—
 
Series II Preferred Stock, $0.00001 par value, 1,000 shares authorized, (1 share issued and outstanding as of March 31, 2021 and December 31, 2020)
   
 
—
 
  
 
—
 
Additional Paid-in-Capital
   
 
6,446,829
 
  
 
6,332,105
 
Retained Earnings
   
 
1,408,768
 
  
 
335,762
 
Accumulated Other Comprehensive Loss
   
 
(11,454
) 
  
 
(15,831
) 
    
 
 
 
  
 
 
 
Total Stockholders’ Equity of The Blackstone Group Inc.
   
 
7,844,150
 
  
 
6,652,043
 
Non-Controlling Interests in Consolidated Entities
   
 
4,390,594
 
  
 
4,042,157
 
Non-Controlling Interests in Blackstone Holdings
   
 
4,524,898
 
  
 
3,831,148
 
    
 
 
 
  
 
 
 
Total Equity
   
 
16,759,642
 
  
 
14,525,348
 
    
 
 
 
  
 
 
 
Total Liabilities and Equity
   
 $
29,709,986
 
  
 $
26,269,252
 
    
 
 
 
  
 
 
 
 
continued...
See notes to condensed consolidated financial statements.
 
6
Table of Contents
The Blackstone Group 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.
 
                                                               
    
March 31,
   
December 31,
    
2021
   
2020
Assets
 
         
Cash Held by Blackstone Funds and Other
   
 $
109,285
 
   
 $
64,972
 
Investments
   
 
1,459,804
 
   
 
1,455,008
 
Accounts Receivable
   
 
88,560
 
   
 
120,099
 
Due from Affiliates
   
 
9,813
 
   
 
8,676
 
Other Assets
   
 
674
 
   
 
262
 
    
 
 
 
   
 
 
 
Total Assets
   
 $
          1,668,136
 
   
 $
          1,649,017
 
    
 
 
 
   
 
 
 
     
Liabilities
                  
Loans Payable
   
 $
100
 
   
 $
99
 
Due to Affiliates
   
 
87,087
 
   
 
65,429
 
Securities Sold, Not Yet Purchased
   
 
23,936
 
   
 
41,709
 
Repurchase Agreements
   
 
58,050
 
   
 
76,808
 
Accounts Payable, Accrued Expenses and Other Liabilities
   
 
54,539
 
   
 
37,221
 
    
 
 
 
   
 
 
 
Total Liabilities
   
 $
223,712
 
   
 $
221,266
 
    
 
 
 
   
 
 
 
See notes to condensed consolidated financial statements.
 
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The Blackstone Group Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(Dollars in Thousands, Except Share and Per Share Data)
 
 
                                                 
    
Three Months Ended
    
March 31,
    
2021
  
2020
Revenues
     
Management and Advisory Fees, Net
   
 $
1,177,815
 
  
 $
934,832
 
    
 
 
 
  
 
 
 
Incentive Fees
   
 
36,124
 
  
 
12,161
 
    
 
 
 
  
 
 
 
Investment Income (Loss)
                 
Performance Allocations
                 
Realized
   
 
534,367
 
  
 
167,530
 
Unrealized
   
 
2,464,497
 
  
 
(3,453,081
) 
Principal Investments
                 
Realized
   
 
355,038
 
  
 
48,695
 
Unrealized
   
 
639,315
 
  
 
(959,365
) 
    
 
 
 
  
 
 
 
Total Investment Income (Loss)
   
 
3,993,217
 
  
 
(4,196,221
) 
    
 
 
 
  
 
 
 
Interest and Dividend Revenue
   
 
31,412
 
  
 
35,084
 
Other
   
 
60,304
 
  
 
138,180
 
    
 
 
 
  
 
 
 
Total Revenues
   
 
5,298,872
 
  
 
(3,075,964
) 
    
 
 
 
  
 
 
 
     
Expenses
                 
Compensation and Benefits
                 
Compensation
   
 
542,638
 
  
 
476,543
 
Incentive Fee Compensation
   
 
13,325
 
  
 
6,522
 
Performance Allocations Compensation
                 
Realized
   
 
213,027
 
  
 
72,423
 
Unrealized
   
 
1,049,969
 
  
 
(1,397,378
) 
    
 
 
 
  
 
 
 
Total Compensation and Benefits
   
 
1,818,959
 
  
 
(841,890
) 
General, Administrative and Other
   
 
185,122
 
  
 
157,566
 
Interest Expense
   
 
44,983
 
  
 
41,644
 
Fund Expenses
   
 
2,383
 
  
 
4,605
 
    
 
 
 
  
 
 
 
Total Expenses
   
 
2,051,447
 
  
 
(638,075
) 
    
 
 
 
  
 
 
 
     
Other Income (Loss)
                 
Change in Tax Receivable Agreement Liability
   
 
2,910
 
  
 
(595
) 
Net Gains (Losses) from Fund Investment Activities
   
 
120,353
 
  
 
(327,374
) 
    
 
 
 
  
 
 
 
Total Other Income (Loss)
   
 
123,263
 
  
 
(327,969
) 
    
 
 
 
  
 
 
 
Income (Loss) Before Benefit for Taxes
   
 
3,370,688
 
  
 
(2,765,858
) 
Benefit for Taxes
   
 
(447
) 
  
 
(158,703
) 
    
 
 
 
  
 
 
 
Net Income (Loss)
   
 
3,371,135
 
  
 
(2,607,155
) 
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities
   
 
629
 
  
 
(15,469
) 
Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities
   
 
386,850
 
  
 
(645,077
) 
Net Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings
   
 
1,235,784
 
  
 
(880,117
) 
    
 
 
 
  
 
 
 
Net Income (Loss) Attributable to The Blackstone Group Inc.
   
 $
1,747,872
 
  
 $
(1,066,492
) 
    
 
 
 
  
 
 
 
     
Net Income (Loss) Per Share of Common Stock
                 
Basic
   
 $
2.47
 
  
 $
(1.58
) 
    
 
 
 
  
 
 
 
Diluted
   
 $
2.46
 
  
 $
(1.58
) 
    
 
 
 
  
 
 
 
     
Weighted-Average Shares of Common Stock Outstanding
                 
Basic
   
 
709,033,212
 
  
 
676,305,359
 
    
 
 
 
  
 
 
 
Diluted
   
 
      709,912,344
 
  
 
      676,305,359
 
    
 
 
 
  
 
 
 
See notes to condensed consolidated financial statements.
 
8
Table of Contents
The Blackstone Group Inc.
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
(Dollars in Thousands)
 
 
                                                               
    
Three Months Ended
    
March 31,
    
2021
   
2020
Net Income (Loss)
   
 $
3,371,135
 
   
 $
(2,607,155
) 
Other Comprehensive Income (Loss) – Currency Translation Adjustment
   
 
7,931
 
   
 
(20,219
) 
    
 
 
 
   
 
 
 
Comprehensive Income (Loss)
   
 
3,379,066
 
   
 
(2,627,374
) 
    
 
 
 
   
 
 
 
Less:
                  
Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entitie
s
   
 
629
 
   
 
(15,469
) 
Comprehensive Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities
   
 
386,850
 
   
 
(645,077
) 
Comprehensive Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings
   
 
1,239,338
 
   
 
(887,298
) 
    
 
 
 
   
 
 
 
Comprehensive Income (Loss) Attributable to Non-Controlling Interests
   
 
1,626,817
 
   
 
(1,547,844
) 
    
 
 
 
   
 
 
 
Comprehensive Income (Loss) Attributable to The Blackstone Group Inc.
   
 $
      1,752,249
 
   
 
 $      (1,079,530
) 
    
 
 
 
   
 
 
 
See notes to condensed consolidated financial statements.
 
9
Table of Contents
The Blackstone Group Inc.
Condensed Consolidated Statements of Changes in Equity (Unaudited)
(Dollars in Thousands, Except Share Data)
 
 
                                                                                                                                                                                               
   
Shares of
The Blackstone
Group Inc. (a)
  
The Blackstone Group Inc. (a)
                
                   
Accumulated
                  
Redeemable
                   
Other
      
Non-
  
Non-
      
Non-
                   
Compre-
  
Total
  
Controlling
  
Controlling
      
Controlling
           
Additional
  
Retained
  
hensive
  
Stock-
  
Interests in
  
Interests in
      
Interests in
   
Common
  
Common
  
Paid-in-
  
Earnings
  
Income
  
holders’
  
Consolidated
  
Blackstone
  
Total
  
Consolidated
   
Stock
  
Stock
  
Capital
  
(Deficit)
  
(Loss)
  
Equity
  
Entities
  
Holdings
  
Equity
  
Entities
Balance at December 31, 2020
  
 
683,875,544
 
  
$
7
 
  
$
6,332,105
 
  
$
335,762
 
  
$
(15,831
) 
  
$
6,652,043
 
  
$
4,042,157
 
  
$
3,831,148
 
  
$
14,525,348
 
  
$
65,161
 
Net Income
  
 
—
 
  
 
—
 
  
 
—
 
  
 
1,747,872
 
  
 
—
 
  
 
1,747,872
 
  
 
386,850
 
  
 
1,235,784
 
  
 
3,370,506
 
  
 
629
 
Currency Translation Adjustment
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
4,377
 
  
 
4,377
 
  
 
—
 
  
 
3,554
 
  
 
7,931
 
  
 
—
 
Capital Contributions
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
207,297
 
  
 
2,708
 
  
 
210,005
 
  
 
—
 
Capital Distributions
  
 
—
 
  
 
—
 
  
 
—
 
  
 
(674,866
) 
  
 
—
 
  
 
(674,866
) 
  
 
(242,200
) 
  
 
(582,970
) 
  
 
(1,500,036
) 
  
 
(244
) 
Transfer of Non-Controlling Interests in Consolidated Entities
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
(3,510
) 
  
 
—
 
  
 
(3,510
) 
  
 
—
 
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders
  
 
—
 
  
 
—
 
  
 
10,179
 
  
 
—
 
  
 
—
 
  
 
10,179
 
  
 
—
 
  
 
—
 
  
 
10,179
 
  
 
—
 
Equity-Based Compensation
  
 
—
 
  
 
—
 
  
 
91,523
 
  
 
—
 
  
 
—
 
  
 
91,523
 
  
 
—
 
  
 
65,895
 
  
 
157,418
 
  
 
—
 
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock
  
 
1,713,313
 
  
 
—
 
  
 
(18,199
) 
  
 
—
 
  
 
—
 
  
 
(18,199
) 
  
 
—
 
  
 
—
 
  
 
(18,199
) 
  
 
—
 
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
Change in The Blackstone Group Inc.’s Ownership Interest
  
 
—
 
  
 
—
 
  
 
(7,445
) 
  
 
—
 
  
 
—
 
  
 
(7,445
) 
  
 
—
 
  
 
7,445
 
  
 
—
 
  
 
—
 
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock
  
 
4,980,706
 
  
 
—
 
  
 
38,666
 
  
 
—
 
  
 
—
 
  
 
38,666
 
  
 
—
 
  
 
(38,666
) 
  
 
—
 
  
 
—
 
   
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Balance at March 31, 2021
  
 
690,569,563
 
  
$
7
 
  
$
6,446,829
 
  
$
1,408,768
 
  
$
(11,454
) 
  
$
7,844,150
 
  
$
4,390,594
 
  
$
4,524,898
 
  
$
16,759,642
 
  
$
65,546
 
   
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(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
Table of Contents
The Blackstone Group Inc.
Condensed Consolidated Statements of Changes in Equity (Unaudited)
(Dollars in Thousands, Except Share Data)
 
 
 
 
                                                                                                                                                                                               
   
Shares of
The Blackstone
                                    
   
Group Inc. (a)
  
The Blackstone Group Inc. (a)
                
                   
Accumulated
                  
Redeemable
                   
Other
      
Non-
  
Non-