10-Q 1 d806510d10q.htm 10-Q 10-Q
http://fasb.org/us-gaap/2023#RelatedPartyMemberhttp://fasb.org/us-gaap/2023#RelatedPartyMemberhttp://fasb.org/us-gaap/2023#RelatedPartyMemberhttp://fasb.org/us-gaap/2023#RelatedPartyMemberfalseQ10001393818--12-31http://fasb.org/us-gaap/2023#UnrealizedGainLossOnInvestmentshttp://fasb.org/us-gaap/2023#UnrealizedGainLossOnInvestmentshttp://fasb.org/us-gaap/2023#OtherAssetshttp://fasb.org/us-gaap/2023#OtherAssetsDuring 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.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.Fee related performance compensation may include equity-based compensation based on fee related performance revenues.Represents the (1) removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures, (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. For the three months ended March 31, 2024, this adjustment includes removal of an accrual for an estimated liability for a legal matter.Represents the removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures.Unobservable inputs were weighted based on the fair value of the investments included in the range.Equity Securities, Partnership and LLC Interest includes investments in investment funds.As of March 31, 2024 and December 31, 2023, Other Investments includes Level III Freestanding Derivatives.Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.The volatility of the historical performance of the underlying reference entity is used to project the expected returns relevant for the fair value of the derivative.As of March 31, 2024 and December 31, 2023, Other Liabilities includes Level III Contingent Consideration and Level III Corporate Treasury Commitments.CLO Notes Payable have maturity dates ranging from June 2025 to January 2037 and have an effective interest rate of 8.25% as of March 31, 2024. A portion of the borrowing outstanding is comprised of subordinated notes which do not have contractual interest rates but instead pay distributions from the excess cash flows of the CLO vehicles.The Secured Borrowing, Due 10/27/2033 has an interest rate of 7.64% and the Secured Borrowing, Due 1/29/2035 has an interest rate of 7.64%. Principal on the Secured Borrowings will be paid over the term with repayment amounts dependent on the performance of the underlying assets securing each borrowing. Repayment amounts from the underlying assets are restricted to solely satisfy the Secured Borrowings obligations. As of March 31, 2024, the fair value of the assets securing both Secured Borrowings equaled $48.5 million.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.Total is a component of Due to Affiliates. See Note 15. “Related Party Transactions — Affiliate Receivables and Payables — Due to Affiliates.”Total Segment Revenues is comprised of the following: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, 2024 and 2023, Other Revenue on a GAAP basis was $44.8 million and $(14.2) million, and included $44.5 million and $(14.7) 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 Transaction-Related and Non-Recurring Items, which are excluded from Blackstone’s segment presentation. Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering and non-recurring gains, losses, or other charges, if any. 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, gains or losses associated with these corporate actions and non-recurring gains, losses or other charges that affect period to period comparability and are not reflective of Blackstone’s operational performance. For the three months ended March 31, 2024, this adjustment includes removal of an accrual for an estimated liability for a legal matter.Total Segment Expenses 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 removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation.This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2024
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
LOGO
Blackstone Inc.
(Exact name of registrant as specified in its charter)
 
Delaware
(State or other jurisdiction of
incorporation or organization)
 
20-8875684
(I.R.S. Employer
Identification No.)
345 Park Avenue
New York, New York 10154
(Address of principal executive offices)(Zip Code)
(212)
583-5000
(Registrant’s telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
  
Trading Symbol(s)
  
Name of each exchange on which registered
Common Stock
  
BX
  
New York Stock Exchange
Indicate by
check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes
No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
                
Yes
No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
 
Large accelerated filer
    
Accelerated filer
Non-accelerated filer
    
Smaller reporting company
      
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act). Yes
No

As of April 26, 2024, there were
714,645,995
 shares of common stock of the registrant outstanding.
 
 

Table of Contents
 
        
Page
 
Part I.
    
Item 1.
    
 
6
 
 
Unaudited Condensed Consolidated Financial Statements:
  
    
 
6
 
    
 
8
 
    
 
9
 
    
 
10
 
    
 
12
 
    
 
14
 
Item 1A.
    
 
60
 
Item 2.
    
 
62
 
Item 3.
    
 
124
 
Item 4.
    
 
124
 
Part II.
    
Item 1.
    
 
125
 
Item 1A.
    
 
125
 
Item 2.
    
 
126
 
Item 3.
    
 
126
 
Item 4.
    
 
126
 
Item 5.
    
 
126
 
Item 6.
    
 
127
 
  
 
128
 
 
1

Forward-Looking Statements
This report may contain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, which reflect our current views with respect to, among other things, our operations, taxes, earnings and financial performance, 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,” “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, 2023, 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), X (Twitter) (www.x.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
 
2

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”) funds. 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 Transition Partners (“BETP”) 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 as Blackstone Life Sciences (“BXLS”), our growth equity investment platform as Blackstone Growth (“BXG”), our investment platform offering eligible individual investors access to Blackstone’s private equity capabilities as the Blackstone Private Equity Strategies Fund Program (“BXPE Fund Program”), 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 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.”
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 Multi-Asset Investing 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 Multi-Asset Investing 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.
 
3

Our carry funds are commitment-based drawdown structured funds that do not permit investors to redeem their interests at their election. Our funds of hedge funds, hedge funds, funds structured like hedge funds and other open-ended funds in our Real Estate, Credit & Insurance and Multi-Asset Investing segments generally have structures that afford an investor the right to withdraw or redeem their interests on a periodic basis (for example, annually, quarterly or monthly), typically with 2 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 Credit & Insurance and Multi-Asset Investing segments, excluding separately managed accounts in our insurance platform, may generally be terminated by an investor on 30 to 90 days’ notice. Separately managed accounts in our insurance platform 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, Real Estate segment carry funds including certain BREDS funds, and certain Multi-Asset Investing 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 Multi-Asset Investing 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.
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
 
4

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

Part I. Financial Information
 
Item 1.
Financial Statements
Blackstone Inc.
Condensed Consolidated Statements of Financial Condition (Unaudited)
(Dollars in Thousands, Except Share Data)
 
 
                        
                        
 
  
March 31,
 
December 31,
 
  
2024
 
2023
                                                 
Assets
    
Cash and Cash Equivalents
  
 $
2,504,471
 
 
 $
2,955,866
 
Cash Held by Blackstone Funds and Other
  
 
167,711
 
 
 
316,197
 
Investments
  
 
25,922,290
 
 
 
26,146,622
 
Accounts Receivable
  
 
199,302
 
 
 
193,365
 
Due from Affiliates
  
 
4,695,224
 
 
 
4,466,521
 
Intangible Assets, Net
  
 
192,227
 
 
 
201,208
 
Goodwill
  
 
1,890,202
 
 
 
1,890,202
 
Other Assets
  
 
1,072,627
 
 
 
944,848
 
Right-of-Use
Assets
  
 
805,454
 
 
 
841,307
 
Deferred Tax Assets
  
 
2,256,794
 
 
 
2,331,394
 
  
 
 
 
 
 
 
 
Total Assets
  
 $
39,706,302
 
 
 $
40,287,530
 
  
 
 
 
 
 
 
 
Liabilities and Equity
    
Loans Payable
  
 $
10,740,171
 
 
 $
11,304,059
 
Due to Affiliates
  
 
2,135,478
 
 
 
2,393,410
 
Accrued Compensation and Benefits
  
 
5,378,212
 
 
 
5,247,766
 
Operating Lease Liabilities
  
 
951,648
 
 
 
989,823
 
Accounts Payable, Accrued Expenses and Other Liabilities
  
 
2,023,359
 
 
 
2,277,258
 
  
 
 
 
 
 
 
 
Total Liabilities
  
 
21,228,868
 
 
 
22,212,316
 
  
 
 
 
 
 
 
 
Commitments and Contingencies
    
Redeemable
Non-Controlling
Interests in Consolidated Entities
  
 
935,005
 
 
 
1,179,073
 
  
 
 
 
 
 
 
 
Equity
    
Stockholders’ Equity of Blackstone Inc.
    
Common Stock, $0.00001 par value, 90 billion shares authorized, (722,263,433 shares issued and outstanding as of March 31, 2024; 719,358,114 shares issued and outstanding as of December 31, 2023)
  
 
7
 
 
 
7
 
Series I Preferred Stock, $0.00001 par value, 999,999,000 shares authorized, (1 share issued and outstanding as of March 31, 2024 and December 31, 2023)
  
 
 
 
 
 
Series II Preferred Stock, $0.00001 par value, 1,000 shares authorized, (1 share issued and outstanding as of March 31, 2024 and December 31, 2023)
  
 
 
 
 
 
Additional
Paid-in-Capital
  
 
6,190,142
 
 
 
6,175,190
 
Retained Earnings
  
 
796,201
 
 
 
660,734
 
Accumulated Other Comprehensive Loss
  
 
(31,282
 
 
(19,133
  
 
 
 
 
 
 
 
Total Stockholders’ Equity of Blackstone Inc.
  
 
6,955,068
 
 
 
6,816,798
 
Non-Controlling Interests in Consolidated Entities
  
 
5,381,678
 
 
 
5,177,255
 
Non-Controlling Interests in Blackstone Holdings
  
 
5,205,683
 
 
 
4,902,088
 
  
 
 
 
 
 
 
 
Total Equity
  
 
17,542,429
 
 
 
16,896,141
 
  
 
 
 
 
 
 
 
Total Liabilities and Equity
  
 $
39,706,302
 
 
 $
40,287,530
 
  
 
 
 
 
 
 
 
 
continued...
See notes to condensed consolidated financial statements.
 
6

Blackstone Inc.
Condensed Consolidated Statements of Cash Flows (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,
    
2024
  
2023
Assets
     
Cash Held by Blackstone Funds and Other
  
 $
167,711
 
  
 $
316,197
 
Investments
  
 
3,458,911
 
  
 
4,319,483
 
Accounts Receivable
  
 
4,928
 
  
 
6,995
 
Due from Affiliates
  
 
14,089
 
  
 
12,762
 
Other Assets
  
 
324
 
  
 
770
 
  
 
 
 
  
 
 
 
Total Assets
  
 $
  3,645,963
 
  
 $
  4,656,207
 
  
 
 
 
  
 
 
 
Liabilities
     
Loans Payable
  
 $
169,835
 
  
 $
687,122
 
Due to Affiliates
  
 
111,948
 
  
 
123,909
 
Accounts Payable, Accrued Expenses and Other Liabilities
  
 
68,978
 
  
 
391,172
 
  
 
 
 
  
 
 
 
Total Liabilities
  
 $
350,761
 
  
 $
1,202,203
 
  
 
 
 
  
 
 
 
See notes to condensed consolidated financial statements.
 
7

Blackstone Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(Dollars in Thousands, Except Share and Per Share Data)
 
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
 
2023
Revenues
    
Management and Advisory Fees, Net
  
 $
1,727,148
 
 
 $
1,658,315
 
  
 
 
 
 
 
 
 
Incentive Fees
  
 
179,341
 
 
 
142,876
 
  
 
 
 
 
 
 
 
Investment Income (Loss)
    
Performance Allocations
    
Realized
  
 
652,517
 
 
 
646,894
 
Unrealized
  
 
445,943
 
 
 
(759,212
Principal Investments
    
Realized
  
 
78,597
 
 
 
108,058
 
Unrealized
  
 
461,623
 
 
 
(491,417
  
 
 
 
 
 
 
 
Total Investment Income (Loss)
  
 
1,638,680
 
 
 
(495,677
  
 
 
 
 
 
 
 
Interest and Dividend Revenue
  
 
97,839
 
 
 
90,485
 
Other
  
 
44,820
 
 
 
(14,154
  
 
 
 
 
 
 
 
Total Revenues
  
 
3,687,828
 
 
 
1,381,845
 
  
 
 
 
 
 
 
 
Expenses
    
Compensation and Benefits
    
Compensation
  
 
794,803
 
 
 
716,285
 
Incentive Fee Compensation
  
 
73,707
 
 
 
63,281
 
Performance Allocations Compensation
    
Realized
  
 
258,894
 
 
 
296,794
 
Unrealized
  
 
180,900
 
 
 
(313,249
  
 
 
 
 
 
 
 
Total Compensation and Benefits
  
 
1,308,304
 
 
 
763,111
 
General, Administrative and Other
  
 
369,950
 
 
 
273,394
 
Interest Expense
  
 
108,203
 
 
 
104,441
 
Fund Expenses
  
 
3,950
 
 
 
48,399
 
  
 
 
 
 
 
 
 
Total Expenses
  
 
1,790,407
 
 
 
1,189,345
 
  
 
 
 
 
 
 
 
Other Income (Loss)
    
Change in Tax Receivable Agreement Liability
  
 
 
 
 
(5,208
Net Gains (Losses) from Fund Investment Activities
  
 
(17,767
 
 
71,064
 
  
 
 
 
 
 
 
 
Total Other Income (Loss)
  
 
(17,767
 
 
65,856
 
  
 
 
 
 
 
 
 
Income Before Provision for Taxes
  
 
1,879,654
 
 
 
258,356
 
Provision for Taxes
  
 
283,671
 
 
 
47,675
 
  
 
 
 
 
 
 
 
Net Income
  
 
1,595,983
 
 
 
210,681
 
Net Loss Attributable to Redeemable Non-Controlling Interests in Consolidated Entities
  
 
(39,669
 
 
(6,700
Net Income Attributable to Non-Controlling Interests in Consolidated Entities
  
 
102,827
 
 
 
74,869
 
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings
  
 
685,439
 
 
 
56,700
 
  
 
 
 
 
 
 
 
Net Income Attributable to Blackstone Inc.
  
 $
847,386
 
 
 $
85,812
 
  
 
 
 
 
 
 
 
Net Income Per Share of Common Stock
    
Basic
  
 $
1.12
 
 
 $
0.12
 
  
 
 
 
 
 
 
 
Diluted
  
 $
1.11
 
 
 $
0.11
 
  
 
 
 
 
 
 
 
Weighted-Average Shares of Common Stock Outstanding
    
Basic
  
 
759,798,537
 
 
 
746,064,922
 
  
 
 
 
 
 
 
 
Diluted
  
 
760,257,644
 
 
 
746,643,929
 
  
 
 
 
 
 
 
 
See notes to condensed consolidated financial statements.
 
8

Blackstone Inc.
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
(Dollars in Thousands)
 
 
                                                 
    
Three Months Ended
    
March 31,
    
2024
 
2023
Net Income
  
 $
1,595,983
 
 
 $
210,681
 
Other Comprehensive Income (Loss) – Currency Translation Adjustment
  
 
(36,565
 
 
29,400
 
  
 
 
 
 
 
 
 
Comprehensive Income
  
 
1,559,418
 
 
 
240,081
 
  
 
 
 
 
 
 
 
Less:
    
Comprehensive Income (Loss) Attributable to Redeemable
Non-Controlling
Interests in Consolidated Entities
  
 
(56,485
 
 
14,010
 
Comprehensive Income Attributable to
Non-Controlling
Interests in Consolidated Entities
  
 
102,827
 
 
 
74,869
 
Comprehensive Income Attributable to
Non-Controlling
Interests in Blackstone Holdings
  
 
677,839
 
 
 
60,248
 
  
 
 
 
 
 
 
 
Comprehensive Income Attributable to
Non-Controlling
Interests
  
 
724,181
 
 
 
149,127
 
  
 
 
 
 
 
 
 
Comprehensive Income Attributable to Blackstone Inc.
  
 $
835,237
 
 
 $
90,954
 
  
 
 
 
 
 
 
 
See notes to condensed consolidated financial statements.
 
9

Blackstone Inc.
Condensed Consolidated Statements of Changes in Equity (Unaudited)
(Dollars in Thousands, Except Share Data)
 
 
                                                                                                   
   
Shares of
Blackstone
Inc. (a)
 
Blackstone Inc. (a)
               
                   
Accumulated
                 
Redeemable
                   
Other
     
Non-
 
Non-
     
Non-
                   
Compre-
     
Controlling
 
Controlling
     
Controlling
           
Additional
 
Retained
 
hensive
 
Total
 
Interests in
 
Interests in
     
Interests in
   
Common
 
Common
 
Paid-in-
 
Earnings
 
Income
 
Stockholders’
 
Consolidated
 
Blackstone
 
Total
 
Consolidated
   
Stock
 
Stock
 
Capital
 
(Deficit)
 
(Loss)
 
Equity
 
Entities
 
Holdings
 
Equity
 
Entities
Balance at December 31, 2023
 
 
719,358,114
 
 
 $
7
 
 
 $
6,175,190
 
 
 $
660,734
 
 
 $
(19,133
 
 $
6,816,798
 
 
 $
5,177,255
 
 
 $
4,902,088
 
 
 $
16,896,141
 
 
 $
1,179,073
 
Net Income (Loss)
 
 
 
 
 
 
 
 
 
 
 
847,386
 
 
 
 
 
 
847,386
 
 
 
102,827
 
 
 
685,439
 
 
 
1,635,652
 
 
 
(39,669
Currency Translation Adjustment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(12,149
 
 
(12,149
 
 
 
 
 
(7,600
 
 
(19,749
 
 
(16,816
Capital Contributions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
167,769
 
 
 
2,477
 
 
 
170,246
 
 
 
4,501
 
Capital Distributions
 
 
 
 
 
 
 
 
 
 
 
(711,919
 
 
 
 
 
(711,919
 
 
(128,400
 
 
(467,093
 
 
(1,307,412
 
 
(122,993
Transfer and Repurchase of
Non-Controlling
Interests in Consolidated Entities
 
 
 
 
 
 
 
 
(152
 
 
 
 
 
 
 
 
(152
 
 
62,227
 
 
 
 
 
 
62,075
 
 
 
(69,091
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from
Non-Controlling
Interest Holders
 
 
 
 
 
 
 
 
7,569
 
 
 
 
 
 
 
 
 
7,569
 
 
 
 
 
 
 
 
 
7,569
 
 
 
 
Equity-Based Compensation
 
 
 
 
 
 
 
 
143,257
 
 
 
 
 
 
 
 
 
143,257
 
 
 
 
 
 
91,018
 
 
 
234,275
 
 
 
 
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock
 
 
2,619,653
 
 
 
 
 
 
(47,963
 
 
 
 
 
 
 
 
(47,963
 
 
 
 
 
 
 
 
(47,963
 
 
 
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units
 
 
(700,000
 
 
 
 
 
(88,405
 
 
 
 
 
 
 
 
(88,405
 
 
 
 
 
 
 
 
(88,405
 
 
 
Change in Blackstone Inc.’s Ownership Interest
 
 
 
 
 
 
 
 
(9,891
 
 
 
 
 
 
 
 
(9,891
 
 
 
 
 
9,891
 
 
 
 
 
 
 
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock
 
 
985,666
 
 
 
 
 
 
10,537
 
 
 
 
 
 
 
 
 
10,537
 
 
 
 
 
 
(10,537
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2024
 
 
722,263,433
 
 
 $
7
 
 
 $
6,190,142
 
 
 $
796,201
 
 
 $
(31,282
 
 $
6,955,068
 
 
 $
5,381,678
 
 
 $
5,205,683
 
 
 $
17,542,429
 
 
 $
935,005
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
During the period presented, Blackstone also had one share outstanding of each of Series I and Series II preferred stock, with par value of each less than one cent.
 
continued...
See notes to condensed consolidated financial statements.
 
10

Blackstone Inc.
Condensed Consolidated Statements of Changes in Equity (Unaudited)
(Dollars in Thousands, Except Share Data)
 
 
                                                                                                   
   
Shares of
Blackstone
Inc. (a)
 
Blackstone Inc. (a)
               
                   
Accumulated
                 
Redeemable
                   
Other
     
Non-
 
Non-
     
Non-
                   
Compre-
     
Controlling
 
Controlling
     
Controlling
           
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 December 31, 2022
 
 
710,276,923
 
 
 $
7
 
 
 $
5,935,273
 
 
 $
1,748,106
 
 
 $
(27,475
 
 $
7,655,911
 
 
 $
5,056,480
 
 
 $
5,253,670
 
 
 $
17,966,061
 
 
 $
1,715,006
 
Transfer Out Due to Consolidation of Fund Entities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(53,713
Net Income (Loss)
 
 
 
 
 
 
 
 
 
 
 
85,812
 
 
 
 
 
 
85,812
 
 
 
74,869
 
 
 
56,700
 
 
 
217,381
 
 
 
(6,700
Currency Translation Adjustment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5,142
 
 
 
5,142
 
 
 
 
 
 
3,548
 
 
 
8,690
 
 
 
20,710
 
Capital Contributions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
123,952
 
 
 
2,447
 
 
 
126,399
 
 
 
51,092
 
Capital Distributions
 
 
 
 
 
 
 
 
 
 
 
(677,809
 
 
 
 
 
(677,809
 
 
(194,866
 
 
(461,978
 
 
(1,334,653
 
 
(81,698
Transfer of
Non-Controlling
Interests in Consolidated Entities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2,345
 
 
 
 
 
(2,345
 
 
 
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from
Non-Controlling
Interest Holders
 
 
 
 
 
 
 
 
2,001
 
 
 
 
 
 
 
 
 
2,001
 
 
 
 
 
 
 
 
 
2,001
 
 
 
 
Equity-Based Compensation
 
 
 
 
 
 
 
 
117,227
 
 
 
 
 
 
 
 
 
117,227
 
 
 
 
 
 
76,468
 
 
 
193,695