10-Q
falseQ20001393818--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.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.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 distribution.Total Segment Revenues is comprised of the following:Total Segment Expenses is comprised of the following: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 June 30, 2022 and 2021, Other Revenue on a GAAP basis was $155.6 million and $27.9 million, and included $155.5 million and $27.3 million of foreign exchange gains, respectively. For the six months ended June 30, 2022 and 2021, Other Revenue on a GAAP basis was $228.5 million and $88.2 million, and included $228.2 million and $86.9 million of foreign exchange gains, 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 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 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 Unrealized Performance Revenues on a segment basis.Fee related performance compensation may include equity-based compensation based on fee related performance revenues.Represents the removal of Transaction-Related Charges that are not recorded in the Total Segment measures.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 (1) the add back of net management fees earned from consolidated Blackstone 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SECURITIES AND EXCHANGE COMMISSION
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2022 |
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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
(Exact name of Registrant as specified in its charter)
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(State or other jurisdiction of incorporation or organization) |
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(Address of principal executive offices)(Zip Code)
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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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 ☒ |
|
|
|
|
|
|
|
|
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 July 29, 2022, there were 701,673,387 shares of common stock of the registrant outstanding.
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Page |
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6 |
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Unaudited Condensed Consolidated Financial Statements: |
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6 |
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8 |
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9 |
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10 |
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14 |
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16 |
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65 |
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67 |
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141 |
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141 |
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142 |
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142 |
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|
143 |
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143 |
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143 |
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143 |
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144 |
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146 |
|
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.
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 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. |
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.
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.
Part I. Financial Information
Condensed Consolidated Statements of Financial Condition (Unaudited)
(Dollars in Thousands, Except Share Data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents |
|
$ |
4,183,380 |
|
|
$ |
2,119,738 |
|
Cash Held by Blackstone Funds and Other |
|
|
129,276 |
|
|
|
79,994 |
|
Investments (including assets pledged of $152,529 and $63,044 at June 30, 2022 and December 31, 2021, respectively) |
|
|
27,323,758 |
|
|
|
28,665,043 |
|
Accounts Receivable |
|
|
774,137 |
|
|
|
636,616 |
|
Due from Affiliates |
|
|
3,891,958 |
|
|
|
4,656,867 |
|
Intangible Assets, Net |
|
|
246,988 |
|
|
|
284,384 |
|
Goodwill |
|
|
1,890,202 |
|
|
|
1,890,202 |
|
Other Assets |
|
|
658,298 |
|
|
|
492,936 |
|
|
|
|
886,911 |
|
|
|
788,991 |
|
Deferred Tax Assets |
|
|
1,646,400 |
|
|
|
1,581,637 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
41,631,308 |
|
|
$ |
41,196,408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans Payable |
|
|
|
|
|
|
|
|
Due to Affiliates |
|
|
|
|
|
|
|
|
Accrued Compensation and Benefits |
|
|
6,765,492 |
|
|
|
7,905,070 |
|
Securities Sold, Not Yet Purchased |
|
|
27,029 |
|
|
|
27,849 |
|
Repurchase Agreements |
|
|
152,529 |
|
|
|
57,980 |
|
Operating Lease Liabilities |
|
|
993,875 |
|
|
|
908,033 |
|
Accounts Payable, Accrued Expenses and Other Liabilities |
|
|
991,620 |
|
|
|
937,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
20,297,210 |
|
|
|
19,490,362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and Contingencies |
|
|
|
|
|
|
|
|
|
|
|
Redeemable Non-Controlling Interests in Consolidated Entities |
|
|
1,275,491 |
|
|
|
68,028 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity of Blackstone Inc. |
|
|
|
|
|
|
|
|
Common Stock, $0.00001 par value, 90 billion shares authorized, (706,476,877 shares issued and outstanding as of June 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 June 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 June 30, 2022 and December 31, 2021) |
|
|
— |
|
|
|
— |
|
|
|
|
5,870,285 |
|
|
|
5,794,727 |
|
Retained Earnings |
|
|
2,803,100 |
|
|
|
3,647,785 |
|
Accumulated Other Comprehensive Loss |
|
|
(42,225 |
) |
|
|
(19,626 |
) |
|
|
|
|
|
|
|
|
|
Total Stockholders’ Equity of Blackstone Inc. |
|
|
8,631,167 |
|
|
|
9,422,893 |
|
Non-Controlling Interests in Consolidated Entities |
|
|
5,281,244 |
|
|
|
5,600,653 |
|
Non-Controlling Interests in Blackstone Holdings |
|
|
6,146,196 |
|
|
|
6,614,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
20,058,607 |
|
|
|
21,638,018 |
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to condensed consolidated financial statements.
6
Condensed Consolidated Statements of Financial Condition (Unaudited)
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Held by Blackstone Funds and Other |
|
$ |
129,276 |
|
|
$ |
79,994 |
|
Investments |
|
|
3,764,850 |
|
|
|
2,018,829 |
|
Accounts Receivable |
|
|
89,725 |
|
|
|
64,680 |
|
Due from Affiliates |
|
|
16,026 |
|
|
|
13,748 |
|
Other Assets |
|
|
273 |
|
|
|
251 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,000,150 |
|
|
$ |
2,177,502 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans Payable |
|
$ |
— |
|
|
$ |
101 |
|
Due to Affiliates |
|
|
84,116 |
|
|
|
95,204 |
|
Securities Sold, Not Yet Purchased |
|
|
23,063 |
|
|
|
23,557 |
|
Repurchase Agreements |
|
|
— |
|
|
|
15,980 |
|
Accounts Payable, Accrued Expenses and Other Liabilities |
|
|
22,356 |
|
|
|
10,420 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
129,535 |
|
|
$ |
145,262 |
|
|
|
|
|
|
|
|
|
|
See notes to condensed consolidated financial statements.
Condensed Consolidated Statements of Operations (Unaudited)
(Dollars in Thousands, Except Share and Per Share Data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management and Advisory Fees, Net |
|
$ |
1,561,187 |
|
|
$ |
1,212,549 |
|
|
$ |
3,037,123 |
|
|
$ |
2,390,364 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incentive Fees |
|
|
99,598 |
|
|
|
33,207 |
|
|
|
204,087 |
|
|
|
69,331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Allocations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized |
|
|
2,453,769 |
|
|
|
808,620 |
|
|
|
4,220,155 |
|
|
|
1,342,987 |
|
Unrealized |
|
|
(3,467,668 |
) |
|
|
2,697,170 |
|
|
|
(2,174,618 |
) |
|
|
5,161,667 |
|
Principal Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized |
|
|
265,161 |
|
|
|
152,060 |
|
|
|
550,265 |
|
|
|
507,098 |
|
Unrealized |
|
|
(500,490 |
) |
|
|
328,835 |
|
|
|
(426,529 |
) |
|
|
968,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Income (Loss) |
|
|
(1,249,228 |
) |
|
|
3,986,685 |
|
|
|
2,169,273 |
|
|
|
7,979,902 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and Dividend Revenue |
|
|
62,075 |
|
|
|
31,017 |
|
|
|
116,560 |
|
|
|
62,429 |
|
Other |
|
|
155,588 |
|
|
|
27,896 |
|
|
|
228,457 |
|
|
|
88,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
629,220 |
|
|
|
5,291,354 |
|
|
|
5,755,500 |
|
|
|
10,590,226 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and Benefits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation |
|
|
686,012 |
|
|
|
507,104 |
|
|
|
1,342,517 |
|
|
|
1,049,742 |
|
Incentive Fee Compensation |
|
|
45,363 |
|
|
|
14,431 |
|
|
|
86,382 |
|
|
|
27,756 |
|
Performance Allocations Compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized |
|
|
1,035,916 |
|
|
|
347,423 |
|
|
|
1,753,517 |
|
|
|
560,450 |
|
Unrealized |
|
|
(1,386,543 |
) |
|
|
1,150,219 |
|
|
|
(914,259 |
) |
|
|
2,200,188 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Compensation and Benefits |
|
|
380,748 |
|
|
|
2,019,177 |
|
|
|
2,268,157 |
|
|
|
3,838,136 |
|
General, Administrative and Other |
|
|
289,288 |
|
|
|
205,057 |
|
|
|
529,962 |
|
|
|
390,179 |
|
Interest Expense |
|
|
69,642 |
|
|
|
44,322 |
|
|
|
136,389 |
|
|
|
89,305 |
|
Fund Expenses |
|
|
4,435 |
|
|
|
3,774 |
|
|
|
6,627 |
|
|
|
6,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
744,113 |
|
|
|
2,272,330 |
|
|
|
2,941,135 |
|
|
|
4,323,777 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in Tax Receivable Agreement Liability |
|
|
(13 |
) |
|
|
(392 |
) |
|
|
748 |
|
|
|
2,518 |
|
Net Gains (Losses) from Fund Investment Activities |
|
|
(104,326 |
) |
|
|
127,116 |
|
|
|
(53,450 |
) |
|
|
247,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Other Income (Loss) |
|
|
(104,339 |
) |
|
|
126,724 |
|
|
|
(52,702 |
) |
|
|
249,987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) Before Provision for Taxes |
|
|
(219,232 |
) |
|
|
3,145,748 |
|
|
|
2,761,663 |
|
|
|
6,516,436 |
|
|
|
|
36,514 |
|
|
|
288,250 |
|
|
|
519,795 |
|
|
|
287,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(255,746 |
) |
|
|
2,857,498 |
|
|
|
2,241,868 |
|
|
|
6,228,633 |
|
Net Income Attributable to Redeemable Non-Controlling Interests in Consolidated Entities |
|
|
25,875 |
|
|
|
637 |
|
|
|
30,927 |
|
|
|
1,266 |
|
Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities |
|
|
(216,707 |
) |
|
|
431,516 |
|
|
|
(332 |
) |
|
|
818,366 |
|
Net Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings |
|
|
(35,521 |
) |
|
|
1,116,193 |
|
|
|
1,023,792 |
|
|
|
2,351,977 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) Attributable to Blackstone Inc. |
|
$ |
(29,393 |
) |
|
$ |
1,309,152 |
|
|
$ |
1,187,481 |
|
|
$ |
3,057,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) Per Share of Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.04 |
) |
|
$ |
1.82 |
|
|
$ |
1.61 |
|
|
$ |
4.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
$ |
(0.04 |
) |
|
$ |
1.82 |
|
|
$ |
1.61 |
|
|
$ |
4.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average Shares of Common Stock Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
707,382,293 |
|
|
|
721,141,954 |
|
|
|
738,752,489 |
|
|
|
715,121,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
707,382,293 |
|
|
|
721,265,180 |
|
|
|
739,140,862 |
|
|
|
715,622,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to condensed consolidated financial statements.
8
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
|
$ |
(255,746 |
) |
|
$ |
2,857,498 |
|
|
$ |
2,241,868 |
|
|
$ |
6,228,633 |
|
Other Comprehensive Income (Loss), Currency Translation Adjustment |
|
|
(60,067 |
) |
|
|
2,124 |
|
|
|
(69,466 |
) |
|
|
10,055 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive Income (Loss) |
|
|
(315,813 |
) |
|
|
2,859,622 |
|
|
|
2,172,402 |
|
|
|
6,238,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities |
|
|
(6,855 |
) |
|
|
637 |
|
|
|
(1,803 |
) |
|
|
1,266 |
|
Comprehensive Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities |
|
|
(216,707 |
) |
|
|
431,516 |
|
|
|
(332 |
) |
|
|
818,366 |
|
Comprehensive Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings |
|
|
(46,387 |
) |
|
|
1,117,108 |
|
|
|
1,009,655 |
|
|
|
2,356,446 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive Income (Loss) Attributable to Non-Controlling Interests |
|
|
(269,949 |
) |
|
|
1,549,261 |
|
|
|
1,007,520 |
|
|
|
3,176,078 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive Income (Loss) Attributable to Blackstone Inc. |
|
$ |
(45,864 |
) |
|
$ |
1,310,361 |
|
|
$ |
1,164,882 |
|
|
$ |
3,062,610 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to condensed consolidated financial statements.
9
Condensed Consolidated Statements of Changes in Equity (Unaudited)
(Dollars in Thousands, Except Share Data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares of Blackstone Inc. (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2022 |
|
|
707,180,830 |
|
|
$ |
7 |
|
|
$ |
5,879,796 |
|
|
$ |
3,805,918 |
|
|
$ |
(25,754 |
) |
|
$ |
9,659,967 |
|
|
$ |
5,747,698 |
|
|
$ |
6,791,932 |
|
|
$ |
22,199,597 |
|
|
$ |
41,430 |
|
Transfer In Due to Consolidation of Fund Entities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,146,410 |
|
Net Income (Loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(29,393 |
) |
|
|
— |
|
|
|
(29,393 |
) |
|
|
(216,707 |
) |
|
|
(35,521 |
) |
|
|
(281,621 |
) |
|
|
25,875 |
|
Currency Translation Adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(16,471 |
) |
|
|
(16,471 |
) |
|
|
— |
|
|
|
(10,866 |
) |
|
|
(27,337 |
) |
|
|
(32,730 |
) |
Capital Contributions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
260,428 |
|
|
|
2,477 |
|
|
|
262,905 |
|
|
|
105,467 |
|
Capital Distributions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(973,425 |
) |
|
|
— |
|
|
|
(973,425 |
) |
|
|
(510,253 |
) |
|
|
(692,719 |
) |
|
|
(2,176,397 |
) |
|
|
(10,961 |
) |
Transfer of Non-Controlling Interests in Consolidated Entities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
78 |
|
|
|
— |
|
|
|
78 |
|
|
|
— |
|
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders |
|
|
— |
|
|
|
— |
|
|
|
4,257 |
|
|
|
— |
|
|
|
— |
|
|
|
4,257 |
|
|
|
— |
|
|
|
— |
|
|
|
4,257 |
|
|
|
— |
|
Equity-Based Compensation |
|
|
— |
|
|
|
— |
|
|
|
168,354 |
|
|
|
— |
|
|
|
— |
|
|
|
168,354 |
|
|
|
— |
|
|
|
111,409 |
|
|
|
279,763 |
|
|
|
— |
|
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock |
|
|
372,867 |
|
|
|
— |
|
|
|
(7,312 |
) |
|
|
— |
|
|
|
— |
|
|
|
(7,312 |
) |
|
|
— |
|
|
|
— |
|
|
|
(7,312 |
) |
|
|
— |
|
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units |
|
|
(1,850,000 |
) |
|
|
— |
|
|
|
(195,326 |
) |
|
|
— |
|
|
|
— |
|
|
|
(195,326 |
) |
|
|
— |
|
|
|
— |
|
|
|
(195,326 |
) |
|
|
— |
|
Change in Blackstone Inc.’s Ownership Interest |
|
|
— |
|
|
|
— |
|
|
|
9,247 |
|
|
|
— |
|
|
|
— |
|
|
|
9,247 |
|
|
|
— |
|
|
|
(9,247 |
) |
|
|
— |
|
|
|
— |
|
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock |
|
|
773,180 |
|
|
|
— |
|
|
|
11,269 |
|
|
|
— |
|
|
|
— |
|
|
|
11,269 |
|
|
|
— |
|
|
|
(11,269 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
706,476,877 |
|
|
$ |
7 |
|
|
$ |
5,870,285 |
|
|