Blackstone Inc. [BX] Filings

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10-Q 1 d344950d10q.htm 10-Q 10-Q

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 JUNE 30, 2022

☐	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

☒

☐

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

☒

☐

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.

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

☐

☒

As of July 29, 2022, there were 701,673,387 shares of common stock of the registrant outstanding.

Table of Contents


		Page
Part I.	Financial Information

Item 1.	Financial Statements		6

	Unaudited Condensed Consolidated Financial Statements:

	Condensed Consolidated Statements of Financial Condition as of June 30, 2022 and December 31, 2021		6

	Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2022 and 2021		8

	Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2022 and 2021		9

	Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2022 and 2021		10

	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021		14

	Notes to Condensed Consolidated Financial Statements		16

Item 1A.	Unaudited Supplemental Presentation of Statements of Financial Condition		65

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		67

Item 3.	Quantitative and Qualitative Disclosures About Market Risk		141

Item 4.	Controls and Procedures		141

Part II.	Other Information

Item 1.	Legal Proceedings		142

Item 1A.	Risk Factors		142

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		143

Item 3.	Defaults Upon Senior Securities		143

Item 4.	Mine Safety Disclosures		143

Item 5.	Other Information		143

Item 6.	Exhibits		144

Signatures			146

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, 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.

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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.

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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.

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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.

Table of Contents

Part I. Financial Information

Item 1.

Financial Statements

Blackstone Inc.

Condensed Consolidated Statements of Financial Condition (Unaudited)

(Dollars in Thousands, Except Share Data)


	June 30,			December 31,
	2022			2021
Assets
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
Right-of-Use Assets		886,911			788,991
Deferred Tax Assets		1,646,400			1,581,637

Total Assets	$	41,631,308		$	41,196,408


Liabilities and Equity
Loans Payable	$	9,365,274		$	7,748,163
Due to Affiliates		2,001,391			1,906,098
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

Total Liabilities		20,297,210			19,490,362


Commitments and Contingencies

Redeemable Non-Controlling Interests in Consolidated Entities		1,275,491			68,028


Equity
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)		—			—
Additional Paid-in-Capital		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

Total Equity		20,058,607			21,638,018

Total Liabilities and Equity	$	41,631,308		$	41,196,408

continued...

See notes to condensed consolidated financial statements.

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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.


	June 30,		December 31,
	2022		2021
Assets
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

Total Assets	$	4,000,150	$	2,177,502


Liabilities
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

Total Liabilities	$	129,535	$	145,262

See notes to condensed consolidated financial statements.

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Blackstone Inc.

Condensed Consolidated Statements of Operations (Unaudited)

(Dollars in Thousands, Except Share and Per Share Data)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2022			2021			2022			2021
Revenues
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

Total Revenues		629,220			5,291,354			5,755,500			10,590,226

Expenses
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

Total Expenses		744,113			2,272,330			2,941,135			4,323,777

Other Income (Loss)
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
Provision for Taxes		36,514			288,250			519,795			287,803

Net Income (Loss)		(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.

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Blackstone Inc.

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

(Dollars in Thousands)


	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2022			2021		2022			2021
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.

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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 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	)		—			—

Balance at June 30, 2022		706,476,877		$	7	$	5,870,285