QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
☒ |
Accelerated filer ☐ | |||||
Non-accelerated filer ☐ |
Smaller reporting company | |||||
Emerging growth company |
Page |
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Part I. |
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Item 1. |
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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Item 1A. |
68 |
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Item 2. |
70 |
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Item 3. |
143 |
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Item 4. |
143 |
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Part II. |
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Item 1. |
144 |
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Item 1A. |
144 |
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Item 2. |
145 |
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Item 3. |
145 |
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Item 4. |
145 |
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Item 5. |
145 |
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Item 6. |
146 |
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148 |
(a) |
the fair value of the investments held by our carry funds and our side-by-side co-investment entities managed by us plus the capital that we are entitled to call from investors in those funds and entities pursuant to the terms of their respective capital commitments, including capital commitments to funds that have yet to commence their investment periods, |
(b) |
the net asset value of (1) our hedge funds, real estate debt carry funds, BPP, certain co-investments managed by us, certain credit-focused funds, and our Hedge Fund Solutions drawdown funds (plus, in each case, the capital that we are entitled to call from investors in those funds, including commitments yet to commence their investment periods), and (2) our funds of hedge funds, our Hedge Fund Solutions registered investment companies, BREIT, and BEPIF, |
(c) |
the invested capital, fair value or net asset value of assets we manage pursuant to separately managed accounts, |
(d) |
the amount of debt and equity outstanding for our collateralized loan obligations (“CLO”) during the reinvestment period, |
(e) |
the aggregate par amount of collateral assets, including principal cash, for our CLOs after the reinvestment period, |
(f) |
the gross or net amount of assets (including leverage where applicable) for our credit-focused registered investment companies and BDCs, |
(g) |
the fair value of common stock, preferred stock, convertible debt, term loans or similar instruments issued by BXMT, and |
(h) |
borrowings under and any amounts available to be borrowed under certain credit facilities of our funds. |
(a) |
for our Private Equity segment funds, Real Estate segment carry funds including certain BREDS funds, and certain Hedge Fund Solutions funds, the amount of capital commitments, remaining invested capital, fair value, net asset value or par value of assets held, depending on the fee terms of the fund, |
(b) |
for our credit-focused carry funds, the amount of remaining invested capital (which may include leverage) or net asset value, depending on the fee terms of the fund, |
(c) |
the remaining invested capital or fair value of assets held in co-investment vehicles managed by us on which we receive fees, |
(d) |
the net asset value of our funds of hedge funds, hedge funds, BPP, certain co-investments managed by us, certain registered investment companies, BREIT, BEPIF, and certain of our Hedge Fund Solutions drawdown funds, |
(e) |
the invested capital, fair value of assets or the net asset value we manage pursuant to separately managed accounts, |
(f) |
the net proceeds received from equity offerings and accumulated distributable earnings of BXMT, subject to certain adjustments, |
(g) |
the aggregate par amount of collateral assets, including principal cash, of our CLOs, and |
(h) |
the gross amount of assets (including leverage) or the net assets (plus leverage where applicable) for certain of our credit-focused registered investment companies and BDCs. |
Item 1. |
Financial Statements |
September 30, |
December 31, | |||||||
2023 |
2022 | |||||||
Assets |
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Cash and Cash Equivalents |
$ |
$ |
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Cash Held by Blackstone Funds and Other |
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Investments |
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Accounts Receivable |
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Intangible Assets, Net |
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Goodwill |
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Other Assets |
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Right-of-Use |
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Deferred Tax Assets |
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Total Assets |
$ |
$ |
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Liabilities and Equity |
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Loans Payable |
$ |
$ |
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Accrued Compensation and Benefits |
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Operating Lease Liabilities |
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Accounts Payable, Accrued Expenses and Other Liabilities |
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Total Liabilities |
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Commitments and Contingencies |
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Redeemable Non-Controlling Interests in Consolidated Entities |
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Equity |
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Stockholders’ Equity of Blackstone Inc. |
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Common Stock, $ |
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Series I Preferred Stock, $ |
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Series II Preferred Stock, $ |
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Additional Paid-in-Capital |
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Retained Earnings |
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Accumulated Other Comprehensive Loss |
( |
) |
( |
) | ||||
Total Stockholders’ Equity of Blackstone Inc. |
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Non-Controlling Interests in Consolidated Entities |
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Non-Controlling Interests in Blackstone Holdings |
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Total Equity |
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Total Liabilities and Equity |
$ |
$ |
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September 30, |
December 31, | |||||||
2023 |
2022 | |||||||
Assets |
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Cash Held by Blackstone Funds and Other |
$ |
$ |
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Investments |
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Accounts Receivable |
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Due from Affiliates |
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Other Assets |
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Total Assets |
$ |
$ |
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Liabilities |
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Loans Payable |
$ |
$ |
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Due to Affiliates |
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Accounts Payable, Accrued Expenses and Other Liabilities |
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Total Liabilities |
$ |
$ |
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Three Months Ended |
Nine Months Ended | |||||||||||||||
September 30, |
September 30, | |||||||||||||||
2023 |
2022 |
2023 |
2022 | |||||||||||||
Revenues |
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Management and Advisory Fees, Net |
$ |
$ |
$ |
$ |
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Incentive Fees |
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Investment Income (Loss) |
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Performance Allocations |
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Realized |
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Unrealized |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Principal Investments |
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Realized |
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Unrealized |
( |
) |
( |
) |
( |
) | ||||||||||
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Total Investment Income (Loss) |
( |
) |
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Interest and Dividend Revenue |
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Other |
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Total Revenues |
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Expenses |
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Compensation and Benefits |
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Compensation |
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Incentive Fee Compensation |
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Performance Allocations Compensation |
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Realized |
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Unrealized |
( |
) |
( |
) |
( |
) | ||||||||||
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Total Compensation and Benefits |
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General, Administrative and Other |
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Interest Expense |
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Fund Expenses |
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Total Expenses |
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Other Income (Loss) |
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Change in Tax Receivable Agreement Liability |
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Net Gains (Losses) from Fund Investment Activities |
( |
) |
( |
) | ||||||||||||
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Total Other Income (Loss) |
( |
) |
( |
) | ||||||||||||
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Income Before Provision for Taxes |
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Provision for Taxes |
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Net Income |
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Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities |
( |
) |
( |
) |
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Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities |
( |
) |
( |
) | ||||||||||||
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings |
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Net Income Attributable to Blackstone Inc. |
$ |
$ |
$ |
$ |
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Net Income Per Share of Common Stock |
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Basic |
$ |
$ |
$ |
$ |
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Diluted |
$ |
$ |
$ |
$ |
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Weighted-Average Shares of Common Stock Outstanding |
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Basic |
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Diluted |
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Three Months Ended |
Nine Months Ended | |||||||||||||||
September 30, |
September 30, | |||||||||||||||
2023 |
2022 |
2023 |
2022 | |||||||||||||
Net Income |
$ |
$ |
$ |
$ |
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Other Comprehensive Loss, Currency Translation Adjustment |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Comprehensive Income (Loss) |
( |
) |
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Less: |
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Comprehensive Loss Attributable to Redeemable Non-Controlling Interests in Consolidated Entities |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Comprehensive Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities |
( |
) |
( |
) | ||||||||||||
Comprehensive Income Attributable to Non-Controlling Interests in Blackstone Holdings |
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Comprehensive Income (Loss) Attributable to Non-Controlling Interests |
( |
) |
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Comprehensive Income (Loss) Attributable to Blackstone Inc. |
$ |
$ |
( |
$ |
$ |
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Shares of Blackstone Inc. (a) |
Blackstone Inc. (a) |
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Accumulated |
Redeemable | |||||||||||||||||||||||||||||||||||||||
Other |
Non- |
Non- |
Non- | |||||||||||||||||||||||||||||||||||||
Compre- |
Controlling |
Controlling |
Controlling | |||||||||||||||||||||||||||||||||||||
Additional |
Retained |
hensive |
Total |
Interests in |
Interests in |
Interests in | ||||||||||||||||||||||||||||||||||
Common |
Common |
Paid-in- |
Earnings |
Income |
Stockholders’ |
Consolidated |
Blackstone |
Total |
Consolidated | |||||||||||||||||||||||||||||||
Stock |
Stock |
Capital |
(Deficit) |
(Loss) |
Equity |
Entities |
Holdings |
Equity |
Entities | |||||||||||||||||||||||||||||||
Balance at June 30, 2023 |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
$ |
$ |
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Net Income (Loss) |
— |
— |
— |
— |
( |
) | ||||||||||||||||||||||||||||||||||
Currency Translation Adjustment |
— |
— |
— |
— |
( |
) |
( |
) |
— |
( |
) |
( |
) |
( |
) | |||||||||||||||||||||||||
Capital Contributions |
— |
— |
— |
— |
— |
— |
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Capital Distributions |
— |
— |
— |
( |
) |
— |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||
Transfer of Non-Controlling Interests in Consolidated Entities |
— |
— |
— |
— |
— |
— |
( |
) |
— |
( |
) |
— |
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Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders |
— |
— |
— |
— |
— |
— |
— |
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Equity-Based Compensation |
— |
— |
— |
— |
— |
— |
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Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock |
— |
( |
) |
— |
— |
( |
) |
— |
— |
( |
) |
— |
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Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units |
( |
) |
— |
( |
) |
— |
— |
( |
) |
— |
— |
( |
) |
— |
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Change in Blackstone Inc.’s Ownership Interest |
— |
— |
( |
) |
— |
— |
( |
) |
— |
— |
— |
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Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock |
— |
— |
— |
— |
( |
) |
— |
— |
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