http://fasb.org/us-gaap/2024#RelatedPartyMemberhttp://fasb.org/us-gaap/2024#RelatedPartyMember錯誤Q30001393818--12-31http://fasb.org/us-gaap/2024#UnrealizedGainLossOnInvestmentshttp://fasb.org/us-gaap/2024#UnrealizedGainLossOnInvestmentshttp://fasb.org/us-gaap/2024#UnrealizedGainLossOnInvestmentshttp://fasb.org/us-gaap/2024#UnrealizedGainLossOnInvestmentshttp://fasb.org/us-gaap/2024#OtherAssetshttp://fasb.org/us-gaap/2024#OtherAssets部門總收入由以下部分組成:這一調整在分部的基礎上剔除了未實現的業績收入。此調整按分部基準剔除未實現本金投資收入(虧損)。這一調整將在分部的基礎上扣除利息和股息收入。這一調整將在分部基礎上剔除其他收入。截至2024年和2023年9月30日的三個月,按公認會計原則計算的其他收入分別爲9,630萬美元和6,380美元萬,其中分別包括匯兌損益(萬)9,670萬美元和6,320美元。截至2024年和2023年9月30日止九個月,按公認會計原則計算的其他收入分別爲3,190萬美元和1,800美元萬,並分別計入匯兌損益(萬)3,260萬美元和1,640美元。這一調整逆轉了整合Blackstone基金的效果,這些基金被排除在Blackstone的細分陳述之外。這一調整包括消除Blackstone在這些基金中的權益,取消Blackstone基金償還某些費用所產生的收入,這些費用根據GAAP計入毛收入,但扣除管理和諮詢費,計入總分部措施,以及取消與非控股權益持有的Blackstone合併運營合夥企業所有權相關的金額。部門支出總額由以下各項組成:這一調整取消了未實現的績效分配補償。這一調整取消了以分部爲基礎的股權薪酬。本次調整按分部計入利息支出,不包括與應收稅金協議相關的利息支出。這一調整剔除了與交易相關的無形資產的攤銷,這些無形資產不包括在黑石的部門報告中。這一調整剔除了與交易相關的和非經常性項目,這些項目不在Blackstone的部門報告中。與交易相關的非經常性項目產生於公司行爲,包括收購、資產剝離、Blackstone的首次公開募股以及非經常性損益或其他費用(如果有的話)。它們主要包括基於權益的補償費用、或有代價安排的收益或虧損、因稅法變化或類似事件導致的應收稅金協議餘額的變化、與這些公司行動相關的交易成本、收益或虧損,以及影響期間間可比性且不能反映Blackstone經營業績的非經常性收益、虧損或其他費用。在截至2024年9月30日的9個月中,這一調整包括取消估計的法律事項負債的應計項目。這一調整增加了相當於按季度向Blackstone Holdings Partnership Units的某些持有人收取的管理費的金額。管理費在公認會計原則下作爲資本貢獻入賬,但在Blackstone的分部列報中反映爲其他運營費用的減少。指(1)已在合併中剔除的合併Blackstone基金所賺取的管理費淨額加回,及(2)Blackstone基金償還某些開支所得的收入(按公認會計原則毛數列報,但在管理及諮詢費中扣除)按總分部措施淨額計算。代表從合併黑石基金賺取的業績收入中增加的收入,這些收入在合併中已被淘汰。在本報告所述期間,Blackstone還擁有一股系列I和系列II優先股的流通股,每股面值低於1美分。道達爾是Due to附屬公司的一個組成部分。見附註16。「關聯方交易--關聯企業應收賬款和應付款--應付關聯企業。」黑石控股(Blackstone Holdings)與現任和前任員工之間的追回劃分,是基於一隻基金持有的單個投資的表現,而不是基於一隻基金的表現。公允價值由經紀商報價決定,這些票據將被歸類爲公允價值層次結構中的第二級。2033年10月27日到期的有擔保借款利率爲7.60%,2035年1月29日到期的有擔保借款利率爲7.60%。有抵押借款的本金將在期限內支付,償還金額取決於爲每筆借款提供擔保的標的資產的表現。標的資產的還款金額僅限於滿足擔保借款義務。截至2024年9月30日,爲這兩筆有擔保借款提供擔保的資產的公允價值相當於4,850美元萬。截至2024年9月30日和2023年12月31日,其他負債包括III級或有對價和III級公司國庫承諾。相關參考實體的歷史表現的波動性被用來預測與衍生產品的公允價值相關的預期回報。與費用相關的績效薪酬可以包括基於與費用相關的績效收入的股權薪酬。如果合同付款逾期超過90天,則將資產歸類爲逾期。股權證券、合夥企業和有限責任公司權益包括對投資基金的投資。截至2024年9月30日和2023年12月31日,其他投資包括III級獨立衍生品。不可觀察到的投入是根據該範圍內投資的公允價值進行加權的。代表獨立衍生品、公司國庫投資和其他投資。第三級金融資產和負債的轉進轉出是由於這些資產和負債的估值所用投入的可觀測性發生了變化。對於包括在其他投資中的獨立衍生品,清算包括在工具有效期內支付或收到的所有持續合同現金付款。CLO應付票據的到期日爲2025年6月至2037年1月,於2024年9月30日的實際利率爲8.97%。未償還借款的一部分由次級票據組成,這些票據沒有合同利率,而是從CLO工具的超額現金流中支付分配。表示刪除未記錄在合計段度量中的與交易相關的項目和非經常性項目。指(1)剔除未計入分部總計量的交易相關及非經常性項目,(2)剔除Blackstone基金報銷的某些開支,該等開支按公認會計原則呈列毛額,但扣除管理及顧問費,並計入總分部計量淨額,以及(3)減少相當於按季向某些Blackstone Holdings Partnership 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目錄
 
 
美國
證券交易委員會
華盛頓特區20549
形式 10-Q
(Mark一)
根據1934年《證券交易所法》第13或15(d)條提交的四分之一結束的季度報告 9月30日, 2024
根據1934年《證券交易法》第13或15(d)條提交的過渡期報告      到     
委員會文件號: 001-33551

黑石公司
(章程中規定的註冊人的確切名稱)
 
德拉瓦
(州或其他司法管轄區
成立或組織)
 
20-8875684
(國稅局僱主
識別號)
公園大道345
紐約, 紐約 10154
(主要行政辦公室地址)(郵政編碼)
(212) 583-5000
(註冊人的電話號碼,包括地區代碼)
 
根據該法第12(b)條登記的證券:
 
每個班級的標題
  
交易符號
  
註冊的每個交易所的名稱
普通股
  
BX
  
紐約證券交易所
通過勾選標記標明註冊人是否(1)在過去12個月內(或在註冊人被要求提交此類報告的較短期限內)提交了1934年證券交易法第13或15(d)條要求提交的所有報告,以及(2)在過去90天內是否已遵守此類提交要求。     是的
沒有
通過勾選標記檢查註冊人是否已在過去12個月內(或在註冊人被要求提交此類文件的較短期限內)以電子方式提交了根據S-t法規第405條(本章第232.405條)要求提交的所有交互數據文件。                 是的
沒有
通過複選標記來確定註冊人是大型加速申報人、加速申報人、非加速申報人、小型報告公司還是新興成長型公司。請參閱《交易法》第120條第2條中「大型加速申報人」、「加速申報人」、「小型報告公司」和「新興成長型公司」的定義。
 
大型加速文件夾
    
加速編報公司
非加速歸檔
    
小型上市公司
      
新興成長型公司
如果是新興成長型公司,請通過勾選標記表明註冊人是否選擇不利用延長的過渡期來遵守根據《交易法》第13(a)條規定的任何新的或修訂的財務會計準則。
通過勾選標記檢查註冊人是否是空殼公司(定義見《交易法》第120條第2款)。是的
沒有
截至2024年10月25日,已有 722,002,699 註冊人的流通普通股股份。
 
 

目錄
目錄
 
        
頁面
 
第一部分.
    
項目1.
    
 
6
 
 
未經審計的簡明合併財務報表:
  
    
 
6
 
    
 
8
 
    
 
9
 
    
 
10
 
    
 
14
 
    
 
16
 
項目1A.
    
 
67
 
項目2.
    
 
69
 
項目3.
    
 
142
 
項目4.
    
 
142
 
第二部分.
    
項目1.
    
 
143
 
項目1A.
    
 
143
 
項目2.
    
 
144
 
項目3.
    
 
144
 
項目4.
    
 
144
 
項目5.
    
 
144
 
項目6.
    
 
145
 
  
 
147
 
 
1

目錄
前瞻性陳述
本報告可能包含19修訂的美國證券法第27A節和1934年修訂的美國證券交易法第21E節的含義的前瞻性陳述,這些陳述反映了我們目前對我們的運營、稅收、收益和財務業績、股票回購和股息等方面的看法。您可以通過使用“展望”、“指標”、“相信”、“預期”、“潛在”、“繼續”、“可能”、“將”、“應該”、“尋求”、“大約”、“預測”、“打算”、“計劃”、“預定”、“估計”、“預期”、“機會”、“線索”等詞語來識別這些前瞻性陳述。“預測”或這些詞的否定版本或其他可比的詞。此類前瞻性陳述會受到各種風險和不確定性的影響。因此,存在或將存在重要因素,可能導致實際結果或結果與這些聲明中指出的結果大相徑庭。我們相信這些因素包括但不限於我們在截至2023年12月31日的10-k表格年度報告中“風險因素”一節中描述的那些因素,因為此類因素可能會在我們提交給美國證券交易委員會(“美國證券交易委員會”)的定期檔案中不時更新,這些檔案可在美國證券交易委員會網站www.sec.gov上查閱。這些因素不應被解釋為詳盡無遺,應與本報告和我們其他定期檔案中所載的其他警示說明一併閱讀。前瞻性陳述僅代表截至本報告發表之日的情況,我們沒有義務公開更新或審查任何前瞻性陳述,無論是新資訊、未來發展還是其他情況。
網站和社交媒體披露
我們使用我們的網站(www.example.com)、Facebook頁面(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/blackston-300250613)、PodBean(www.example.com)、Spotify(https://spoti.fi/2LJ1tHG)、YouTube(www.youtube.com/user/blackstonegroup)和Apple播客(https://apple.co/31Pe1Gg)帳戶作為公司信息的分發渠道。我們通過這些渠道發布的信息可能被視為重要信息。因此,除了關注我們的新聞稿、SEC文件以及公開電話會議和網絡廣播外,投資者還應該監控這些渠道。此外,當您通過訪問我們網站www.example.com的「聯繫我們/電子郵件提醒」部分註冊您的電子郵件地址時,您可能會自動收到有關Blackstone的電子郵件提醒和其他信息。然而,我們網站的內容、任何警報和社交媒體渠道不屬於本報告的一部分。
 
 
在本報告中,提及「Blackstone」、「公司」、「我們」、「我們」或「我們的」是指Blackstone Inc.及其合併子公司。
「第一系列優先股東」是指Blackstone Partners LLC,我們第一系列優先股唯一已發行股份的持有者。
「第二系列優先股東」是指Blackstone Group Management LLC,我們第二系列優先股唯一已發行股份的持有者。
「Blackstone Funds」、「我們的基金」和「我們的投資基金」是指Blackstone管理的基金和其他工具。「我們的套利基金」是指Blackstone管理的基金,具有基於承諾的多年提款結構,並繼續實現投資。
我們將我們的房地產機會主義基金稱為Blackstone Real Estate Partners(「BREP」)基金,將我們的房地產債務投資基金稱為Blackstone Real Estate Debt Strategies(「BRDS」)基金。我們將我們的房地產投資信託稱為「REIT」,指Blackstone Mortgage Trust,Inc.,我們在紐約證券交易所上市的房地產投資信託基金,名稱為「BXMT」,並
 
2

目錄
Blackstone Real Estate Income Trust,Inc.,我們的非上市房地產投資信託基金,被稱為“Breit”。我們將我們針對優質市場穩定資產的房地產基金稱為Blackstone Property Partners(“BPP”)基金,將我們的創收歐洲房地產基金稱為Blackstone European Property Income(“BEPIF”)基金。我們將Breit、BPP和BEPIF統稱為我們的核心+房地產戰略。
我們將我們的旗艦企業私募股權基金稱為Blackstone Capital Partners(“BCP”)基金,將我們專注於能源的私募股權基金稱為Blackstone Energy Transition Partners(“BETP”)基金,將我們的核心私募股權基金稱為Blackstone Core Equity Partners(“BCEP”),我們的機會主義投資平臺將跨資產類別、行業和地域的投資稱為Blackstone Tactical Opportunities(“Tactical Opportunities”),我們的二級基金業務、Strategic Partners Fund Solutions(“Strategic Partners”)以及我們以私募股權和其他私募市場另類資產管理公司(“GP Stakes”)的一般合作夥伴的少數股權投資為目標的業務稱為“次要投資”。作為Blackstone Infrastructure Partners(“BIP”),我們專注於基礎設施的基金,包括主要專注於美國的工具(“BIP U.S.”)在歐洲(“BIP Europe”),我們的生命科學投資平臺Blackstone Life Science(“BXLS”),我們的成長型股權投資平臺Blackstone Growth(“BXG”),我們的投資平臺為符合條件的個人投資者提供Blackstone的私募股權投資能力,如Blackstone Private Equity Strategy Fund計劃(“BXPE”),我們為合格的高淨值投資者提供的多資產投資計劃,通過作為Blackstone Total Alternative Solution(“BTAS”)的單一承諾提供對我們某些非流動性的關鍵投資策略的敞口,以及作為Blackstone Capital Markets(“BXCM”)的我們的資本市場服務業務。
「我們的對沖基金」是指我們的對沖基金基金、對沖基金、我們的某些房地產債務投資基金以及由Blackstone管理的某些其他以信貸為重點的基金。
我們將業務發展公司稱為「BDS」,將Blackstone Private Credit Fund稱為「BCRED」,將Blackstone Securities Lending Fund稱為「BNSX」。
我們將單獨管理的帳戶稱為「SMAs」。
「管理資產總額」是指我們管理的資產。我們管理的總資產等於以下各項的總和:
 
 
(a)
由我們管理的套利基金和我們的並列和聯合投資實體持有的投資的公允價值,加上我們有權根據這些基金和實體的資本承諾條款向其投資者催繳的資本,包括對尚未開始投資期的基金的資本承諾。
 
(b)
(1)我們的對沖基金、房地產債務持有基金、BPP、我們管理的某些共同投資、某些以信貸為重點的基金和我們的多資產投資提款基金(在每種情況下,加上我們有權從這些基金的投資者那裡要求的資本,包括尚未開始投資期的承諾)的資產淨值,以及(2)我們的對沖基金的基金、我們的多資產投資註冊投資公司Breit、BEPIF和BXPE,
 
(c)
我們根據單獨管理的帳戶管理的資產的投資資本、公允價值或淨資產價值,
 
(d)
再投資期內我們的抵押貸款債務(「CLO」)的未償債務和股權金額,
 
(e)
再投資期後我們的CLO抵押品資產(包括本金現金)的總面值,
 
(f)
我們以信貸為中心的註冊投資公司和BDS的資產總額或淨值(包括槓桿率(如適用)),
 
(g)
BXM發行的普通股、優先股、可轉換債務、定期貸款或類似工具的公允價值,以及
 
(h)
根據我們資金的某些信貸安排借款以及根據我們資金的某些信貸安排可借入的任何金額。
 
3

目錄
我們的套利基金是基於承諾的提款結構性基金,不允許投資者在選舉時贖回他們的利益。我們的對沖基金、對沖基金、類似對沖基金的基金結構以及我們的房地產、信用保險和多資產投資部門中的其他開放式基金通常具有這樣的結構,即允許投資者有權定期(例如,每年、每季度或每月)提取或贖回其權益,通常需要2至95天的通知,具體取決於基金和標的資產的流動性狀況。在我們存在贖回權的永久資本工具中,Blackstone只有在以下情況下才有能力滿足贖回請求:(A)由Blackstone或工具董事會酌情決定,或(B)只要有足夠的新資本。與我們的信用保險和多資產投資部門中某些單獨管理的賬戶相關的投資諮詢協定,不包括我們保險平臺中的單獨管理的賬戶,通常可由投資者提前30至95天通知終止。我們保險平臺中單獨管理的賬戶一般只能因長期表現不佳、原因和某些其他有限情況而被終止,在每一種情況下,均受Blackstone的補救權利的約束。
“管理下的收費資產”是指我們管理的資產,我們從中獲得管理費和/或業績收入。我們管理的可賺取手續費的資產總和為:
 
 
(a)
對於我們的私募股權部門基金,房地產部門的資金包括某些BRDS基金和某些多資產投資基金、資本承諾金額、剩餘投資資本、公允價值、資產淨值或持有資產的面值,具體取決於基金的費用條款,
 
(b)
對於我們以信貸為重點的套利基金,剩餘投資資本金額(可能包括槓桿)或淨資產價值,具體取決於基金的費用條款,
 
(c)
在我們管理的共同投資工具中持有的剩餘投資資本或資產的公允價值,我們從中收取費用,
 
(d)
我們的對沖基金、對沖基金、BPP、由我們管理的某些共同投資、某些註冊投資公司、Breit、BEPIF、BXPE和我們的某些多資產投資提款基金的資產淨值,
 
(e)
我們根據單獨管理的帳戶管理的投資資本、資產公允價值或淨資產價值,
 
(f)
BXMt的股權發行和累計可分配收益收到的淨收益,但須進行一定調整,
 
(g)
我們的CLO的抵押品資產(包括本金現金)的總面值,以及
 
(h)
我們某些專注於信貸的註冊投資公司和BDC的總資產(包括槓桿)或淨資產。
我們的每個部門可能包括管理下的某些可賺取手續費的資產,我們在這些資產上賺取業績收入,但不包括管理費。
我們對管理下的總資產和管理下的收費資產的計算可能與其他資產管理公司的計算不同,因此,這一衡量標準可能無法與其他資產管理公司提出的類似衡量標準進行比較。此外,我們管理的總資產的計算包括Blackstone和我們的人員對我們基金的承諾和投資資本的公允價值,無論此類承諾或投資資本是否需要支付費用。我們對管理下的總資產和管理下的收費資產的定義並不是基於管理我們管理的投資基金的協定中規定的管理下的總資產和管理下的收費資產的任何定義。
 
4

目錄
對於我們的套利基金,管理下的總資產包括持有的投資的公允價值和未催繳的資本承諾,而管理下的收費資產可能包括資本承諾的總金額或按成本計算的投資資本剩餘金額,這取決於投資期是否已經到期或基金的費用條款所規定的。因此,在某些套利基金中,當剩餘投資的合計公允價值低於該等投資的成本時,管理下的賺取手續費的資產可能大於管理下的總資產。
“永久資本”是指管理資產的組成部分,期限不確定,不在清算中,在正常業務過程中不要求通過贖回請求向投資者返還資本,但由新資本流入提供資金的情況除外。永久資本包括共同投資資本,投資者有權將其轉換為永久資本。
本報告不構成任何Blackstone基金的要約。
 
5

目錄
第一部分.財務資料
 
項目1.
財務報表
黑石公司
簡明合併財務狀況報表(未經審計)
(美金單位:千美金,共享數據除外)
 
 
 
                                                 
    
9月30日,
 
12月31日,
    
2024
 
2023
資產
    
現金及現金等價物
  
 $
2,353,332
 
 
 $
2,955,866
 
Blackstone基金和其他基金持有的現金
  
 
180,545
 
 
 
316,197
 
投資
  
 
28,322,715
 
 
 
26,146,622
 
應收帳款
  
 
300,004
 
 
 
193,365
 
應收附屬公司款項
  
 
5,163,883
 
 
 
4,466,521
 
無形資產,淨
  
 
174,265
 
 
 
201,208
 
商譽
  
 
1,890,202
 
 
 
1,890,202
 
其他資產
  
 
933,990
 
 
 
944,848
 
使用權資產
  
 
978,699
 
 
 
841,307
 
遞延稅項資產
  
 
2,277,807
 
 
 
2,331,394
 
  
 
 
 
 
 
 
 
總資產
  
 $
42,575,442
 
 
 $
40,287,530
 
  
 
 
 
 
 
 
 
負債及股本
    
應付貸款
  
 $
10,752,246
 
 
 $
11,304,059
 
應歸功於附屬機構
  
 
2,620,530
 
 
 
2,393,410
 
應計薪酬和福利
  
 
6,398,365
 
 
 
5,247,766
 
經營租賃負債
  
 
1,136,671
 
 
 
989,823
 
應付帳款、應計費用和其他負債
  
 
2,202,689
 
 
 
2,277,258
 
  
 
 
 
 
 
 
 
總負債
  
 
23,110,501
 
 
 
22,212,316
 
  
 
 
 
 
 
 
 
承諾和
意外開支
合併實體中的可贖回非控制性權益
  
 
892,846
 
 
 
1,179,073
 
  
 
 
 
 
 
 
 
股權
    
Blackstone Inc.的股東權益
    
普通股,美金0.00001 面值, 90 授權十億股,(730,699,964 截至2024年9月30日已發行和發行的股份; 719,358,114 截至2023年12月31日已發行和發行的股份)
  
 
7
 
 
 
7
 
第一系列優先股,美金0.00001 面值, 999,999,000 授權股份,(1 截至2024年9月30日和2023年12月31日已發行和發行的股份)
  
 
 
 
 
 
第二系列優先股,美金0.00001 面值, 1,000 授權股份,(1 截至2024年9月30日和2023年12月31日已發行和發行的股份)
  
 
 
 
 
 
額外實繳資本
  
 
6,257,788
 
 
 
6,175,190
 
留存收益
  
 
760,471
 
 
 
660,734
 
累計其他綜合損失
  
 
(10,609
 
 
(19,133
  
 
 
 
 
 
 
 
Blackstone Inc.的總股東權益
  
 
7,007,657
 
 
 
6,816,798
 
合併實體中的非控股權益
  
 
6,015,967
 
 
 
5,177,255
 
Blackstone Holdings的非控股權益
  
 
5,548,471
 
 
 
4,902,088
 
  
 
 
 
 
 
 
 
權益總額
  
 
18,572,095
 
 
 
16,896,141
 
  
 
 
 
 
 
 
 
負債和權益總額
  
 $
42,575,442
 
 
 $
40,287,530
 
  
 
 
 
 
 
 
 
 
續...
請參閱簡明合併財務報表附註。
 
6

目錄
黑石公司
簡明合併財務狀況報表(未經審計)
(美金單位:千)
 
 
 
以下列出了合併Blackstone基金(為可變利益實體)應占的簡明綜合財務狀況表中綜合餘額的資產和負債部分。以下資產僅可用於結算該等合併Blackstone基金的義務,而這些負債僅為該等合併Blackstone基金的義務,並且對Blackstone的一般信貸沒有追索權。
 
                                                 
    
9月30日,
  
12月31日,
    
2024
  
2023
資產
     
Blackstone基金和其他基金持有的現金
  
 $
180,545
 
  
 $
316,197
 
投資
  
 
3,873,027
 
  
 
4,319,483
 
應收帳款
  
 
39,826
 
  
 
6,995
 
應收附屬公司款項
  
 
10,121
 
  
 
12,762
 
其他資產
  
 
3,534
 
  
 
770
 
  
 
 
 
  
 
 
 
總資產
  
 $
4,107,053
 
  
 $
4,656,207
 
  
 
 
 
  
 
 
 
負債
     
應付貸款
  
 $
107,715
 
  
 $
687,122
 
應歸功於附屬機構
  
 
166,535
 
  
 
123,909
 
應付帳款、應計費用和其他負債
  
 
73,703
 
  
 
391,172
 
  
 
 
 
  
 
 
 
總負債
  
 $
347,953
 
  
 $
1,202,203
 
  
 
 
 
  
 
 
 
請參閱簡明合併財務報表附註。
 
7

目錄
黑石公司
簡明合併經營報表(未經審計)
(單位:千美金,份額和每股數據除外)
 
 
                                                                                                   
    
止三個月
 
九個月結束
    
9月30日,
 
9月30日,
    
2024
 
2023
 
2024
 
2023
收入
        
管理和諮詢費,淨
  
 $
1,794,894
 
 
 $
1,655,443
 
 
 $
5,309,355
 
 
 $
5,023,128
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
獎勵費
  
 
191,794
 
 
 
158,801
 
 
 
559,434
 
 
 
454,754
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
投資收益(損失)
        
績效分配
        
實現
  
 
414,755
 
 
 
453,690
 
 
 
1,598,913
 
 
 
1,602,668
 
未實現
  
 
1,154,918
 
 
 
(63,204
 
 
1,723,090
 
 
 
(708,021
本金投資
        
實現
  
 
95,235
 
 
 
94,313
 
 
 
247,877
 
 
 
257,206
 
未實現
  
 
(1,864
 
 
69,340
 
 
 
427,983
 
 
 
(257,988
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
總投資收益
  
 
1,663,044
 
 
 
554,139
 
 
 
3,997,863
 
 
 
893,865
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
利息和股息收入
  
 
109,774
 
 
 
109,133
 
 
 
312,612
 
 
 
348,123
 
其他
  
 
(96,312
 
 
63,769
 
 
 
(31,861
 
 
17,951
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
總收入
  
 
3,663,194
 
 
 
2,541,285
 
 
 
10,147,403
 
 
 
6,737,821
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
費用
        
薪酬福利
        
補償
  
 
732,041
 
 
 
700,268
 
 
 
2,293,491
 
 
 
2,153,570
 
激勵費用補償
  
 
73,464
 
 
 
65,432
 
 
 
224,310
 
 
 
192,940
 
績效分配補償
        
實現
  
 
169,740
 
 
 
168,620
 
 
 
689,370
 
 
 
670,610
 
未實現
  
 
465,099
 
 
 
11,866
 
 
 
747,679
 
 
 
(247,228
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
薪酬和福利總額
  
 
1,440,344
 
 
 
946,186
 
 
 
3,954,850
 
 
 
2,769,892
 
一般、行政和其他
  
 
340,945
 
 
 
279,186
 
 
 
1,022,823
 
 
 
827,614
 
利息開支
  
 
111,337
 
 
 
110,599
 
 
 
328,156
 
 
 
323,136
 
基金費用開支
  
 
3,470
 
 
 
38,934
 
 
 
13,380
 
 
 
118,918
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
總支出
  
 
1,896,096
 
 
 
1,374,905
 
 
 
5,319,209
 
 
 
4,039,560
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
其他收入(損失)
        
應收稅款協議責任變更
  
 
 
 
 
 
 
 
 
 
 
1,887
 
基金投資活動淨收益(損失)
  
 
42,842
 
 
 
(49,078
 
 
70,009
 
 
 
102,486
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
其他收入總額(損失)
  
 
42,842
 
 
 
(49,078
 
 
70,009
 
 
 
104,373
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
稅前收入
  
 
1,809,940
 
 
 
1,117,302
 
 
 
4,898,203
 
 
 
2,802,634
 
稅款準備金
  
 
245,303
 
 
 
196,560
 
 
 
789,220
 
 
 
467,504
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
淨收入
  
 
1,564,637
 
 
 
920,742
 
 
 
4,108,983
 
 
 
2,335,130
 
歸因於合併實體中可贖回非控制性權益的淨虧損
  
 
(22,184
 
 
(92,577
 
 
(61,595
 
 
(81,589
歸屬於合併實體非控制性權益的淨利潤
  
 
202,929
 
 
 
20,716
 
 
 
406,339
 
 
 
185,021
 
歸屬於黑石控股非控股權益的淨利潤
  
 
603,057
 
 
 
440,609
 
 
 
1,691,604
 
 
 
992,618
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
歸屬於Blackstone Inc.的淨利潤
  
 $
780,835
 
 
 $
551,994
 
 
 $
2,072,635
 
 
 $
1,239,080
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
每股普通股淨利潤
        
基本
  
 $
1.02
 
 
 $
0.73
 
 
 $
2.71
 
 
 $
1.64
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
稀釋
  
 $
1.02
 
 
 $
0.73
 
 
 $
2.71
 
 
 $
1.64
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
流通普通股加權平均股數
        
基本
  
 
768,230,595
 
 
 
757,958,602
 
 
 
765,747,924
 
 
 
754,211,390
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
稀釋
  
 
768,280,366
 
 
 
758,046,096
 
 
 
765,933,326
 
 
 
754,456,326
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
請參閱簡明合併財務報表附註。
 
8

目錄
黑石公司
簡明綜合全面收益表(未經審計)
(美金單位:千)
 
 
                                                                                                   
    
止三個月
 
九個月結束
    
9月30日,
 
9月30日,
    
2024
  
2023
 
2024
 
2023
淨收入
  
 $
1,564,637
 
  
 $
920,742
 
 
 $
4,108,983
 
 
 $
2,335,130
 
其他綜合收益(損失)-貨幣兌換調整
  
 
75,461
 
  
 
(67,046
 
 
30,493
 
 
 
(20,754
  
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
全面收益
  
 
1,640,098
 
  
 
853,696
 
 
 
4,139,476
 
 
 
2,314,376
 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
減:
         
歸屬於合併實體中可贖回非控制性權益的全面收益(損失)
  
 
14,035
 
  
 
(129,432
 
 
(45,207
 
 
(84,903
歸屬於合併實體非控制性權益的綜合收益
  
 
202,929
 
  
 
20,716
 
 
 
406,339
 
 
 
185,021
 
歸屬於黑石控股非控股權益的綜合收益
  
 
618,291
 
  
 
431,471
 
 
 
1,697,185
 
 
 
985,961
 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
歸屬於非控制性權益的綜合收益
  
 
835,255
 
  
 
322,755
 
 
 
2,058,317
 
 
 
1,086,079
 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
歸屬於Blackstone Inc.的綜合收入
  
 $
804,843
 
  
 $
530,941
 
 
 $
2,081,159
 
 
 $
1,228,297
 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
請參閱簡明合併財務報表附註。
 
9

目錄
黑石公司
簡明合併權益變動表(未經審計)
(美金單位:千美金,共享數據除外)
 
 
                                                                                                   
   
股份
黑石
Inc.(a)
 
黑石公司(a)
               
                   
積累
                 
可贖回
                   
其他
     
 
     
                   
壓縮-
     
控制
 
控制
     
控制
           
額外
 
保留
 
深刻的
 
 
權益
 
權益
     
權益
   
共同
 
共同
 
已繳-
 
盈利
 
收入
 
股東
 
綜合
 
黑石
 
 
綜合
   
股票
 
股票
 
資本
 
(赤字)
 
(損失)
 
股權
 
實體
 
控股
 
股權
 
實體
2024年6月30日餘額
 
 
722,540,712
 
 
 $
7
 
 
 $
6,260,619
 
 
 $
607,564
 
 
 $
(34,617
 
 $
6,833,573
 
 
 $
5,682,606
 
 
 $
5,269,248
 
 
 $
17,785,427
 
 
 $
888,868
 
因基金實體合併轉入
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
87,643
 
 
 
 
 
 
87,643
 
 
 
 
淨利潤(虧損)
 
 
 
 
 
 
 
 
 
 
 
780,835
 
 
 
 
 
 
780,835
 
 
 
202,929
 
 
 
603,057
 
 
 
1,586,821
 
 
 
(22,184
貨幣兌換調整
 
 
 
 
 
 
 
 
 
 
 
 
 
 
24,008
 
 
 
24,008
 
 
 
 
 
 
15,234
 
 
 
39,242
 
 
 
36,219
 
出資
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
186,158
 
 
 
3,218
 
 
 
189,376
 
 
 
43,083
 
資本分派
 
 
 
 
 
 
 
 
 
 
 
(627,928
 
 
 
 
 
(627,928
 
 
(141,949
 
 
(446,490
 
 
(1,216,367
 
 
(53,140
轉讓和回購合併實體中的非控制性權益
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1,420
 
 
 
 
 
(1,420
 
 
 
從非控股權益持有人手中收購所有權權益產生的遞延稅務影響
 
 
 
 
 
 
 
 
52,997
 
 
 
 
 
 
 
 
 
52,997
 
 
 
 
 
 
 
 
 
52,997
 
 
 
 
基於股權的薪酬
 
 
 
 
 
 
 
 
162,407
 
 
 
 
 
 
 
 
 
162,407
 
 
 
 
 
 
102,347
 
 
 
264,754
 
 
 
 
既得Blackstone Holdings合夥企業單位和普通股股份的淨交付
 
 
7,259,786
 
 
 
 
 
 
(75,561
 
 
 
 
 
 
 
 
(75,561
 
 
 
 
 
 
 
 
(75,561
 
 
 
回購普通股和Blackstone Holdings合夥企業單位的股份
 
 
(1,000,000
 
 
 
 
 
(140,817
 
 
 
 
 
 
 
 
(140,817
 
 
 
 
 
 
 
 
(140,817
 
 
 
黑石公司的變化'之擁有權權益
 
 
 
 
 
 
 
 
(23,823
 
 
 
 
 
 
 
 
(23,823
 
 
 
 
 
23,823
 
 
 
 
 
 
 
Blackstone Holdings合夥企業單位轉換為普通股股份
 
 
1,899,466
 
 
 
 
 
 
21,966
 
 
 
 
 
 
 
 
 
21,966
 
 
 
 
 
 
(21,966
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2024年9月30日餘額
 
 
730,699,964
 
 
 $
7
 
 
 $
6,257,788
 
 
 $
760,471
 
 
 $
(10,609
 
 $
7,007,657
 
 
 $
6,015,967
 
 
 $
5,548,471
 
 
 $
18,572,095
 
 
 $
892,846
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
在報告期間,黑石集團還擁有 已發行一股 第一系列和第二系列優先股的每一種,每股面值低於一美分。
 
續...
請參閱簡明合併財務報表附註。
 
10

目錄
黑石公司
簡明合併權益變動表(未經審計)
(美金單位:千美金,共享數據除外)
 
 
                                                                                                   
   
股份
黑石
Inc.(a)
 
黑石公司(a)
               
                   
積累
                 
可贖回
                   
其他
     
 
     
                   
壓縮-
     
控制
 
控制
     
控制
           
額外
 
保留
 
深刻的
 
 
權益
 
權益
     
權益
   
共同
 
共同
 
已繳-
 
盈利
 
收入
 
股東
 
綜合
 
黑石
 
 
綜合
   
股票
 
股票
 
資本
 
(赤字)
 
(損失)
 
股權
 
實體
 
控股
 
股權
 
實體
2023年6月30日餘額
 
 
713,551,859
 
 
 $
7
 
 
 $
6,076,367
 
 
 $
1,160,278
 
 
 $
(17,205
 
 $
7,219,447
 
 
 $
5,174,961
 
 
 $
5,069,722
 
 
 $
17,464,130
 
 
 $
1,626,349
 
淨利潤(虧損)
 
 
 
 
 
 
 
 
 
 
 
551,994
 
 
 
 
 
 
551,994
 
 
 
20,716
 
 
 
440,609
 
 
 
1,013,319
 
 
 
(92,577
貨幣兌換調整
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(21,053
 
 
(21,053
 
 
 
 
 
(9,138
 
 
(30,191
 
 
(36,855
出資
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
156,074
 
 
 
2,425
 
 
 
158,499
 
 
 
48,560
 
資本分派
 
 
 
 
 
 
 
 
 
 
 
(598,263
 
 
 
 
 
(598,263
 
 
(177,001
 
 
(443,207
 
 
(1,218,471
 
 
(196,417
合併實體的非控股權益轉讓
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(277
 
 
 
 
 
(277
 
 
 
從非控股權益持有人手中收購所有權權益產生的遞延稅務影響
 
 
 
 
 
 
 
 
2,938
 
 
 
 
 
 
 
 
 
2,938
 
 
 
 
 
 
 
 
 
2,938
 
 
 
 
基於股權的薪酬
 
 
 
 
 
 
 
 
149,843
 
 
 
 
 
 
 
 
 
149,843
 
 
 
 
 
 
97,040
 
 
 
246,883
 
 
 
 
既得Blackstone Holdings合夥企業單位和普通股股份的淨交付
 
 
4,759,543
 
 
 
 
 
 
(40,897
 
 
 
 
 
 
 
 
(40,897
 
 
 
 
 
 
 
 
(40,897
 
 
 
回購普通股和Blackstone Holdings合夥企業單位的股份
 
 
(1,318,175
 
 
 
 
 
(134,272
 
 
 
 
 
 
 
 
(134,272
 
 
 
 
 
 
 
 
(134,272
 
 
 
黑石公司的變化'之擁有權權益
 
 
 
 
 
 
 
 
(12,858
 
 
 
 
 
 
 
 
(12,858
 
 
 
 
 
12,858
 
 
 
 
 
 
 
Blackstone Holdings合夥企業單位轉換為普通股股份
 
 
1,449,636
 
 
 
 
 
 
15,944
 
 
 
 
 
 
 
 
 
15,944
 
 
 
 
 
 
(15,944
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2023年9月30日餘額
 
 
718,442,863
 
 
 $
7
 
 
 $
6,057,065
 
 
 $
1,114,009
 
 
 $
(38,258
 
 $
7,132,823
 
 
 $
5,174,473
 
 
 $
5,154,365
 
 
 $
17,461,661
 
 
 $
1,349,060
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
在報告期間,黑石集團還擁有 已發行一股 第一系列和第二系列優先股的每一種,每股面值低於一美分。
 
續...
請參閱簡明合併財務報表附註。
 
11

目錄
黑石公司
簡明合併權益變動表(未經審計)
(美金單位:千美金,共享數據除外)
 
 
                                                                                                   
   
股份
黑石
Inc.(a)
 
黑石公司(a)
               
                   
積累
                 
可贖回
                   
其他
     
 
     
                   
壓縮-
     
控制
 
控制
     
控制
           
額外
 
保留
 
深刻的
 
 
權益
 
權益
     
權益
   
共同
 
共同
 
已繳-
 
盈利
 
收入
 
股東
 
綜合
 
黑石
 
 
綜合
   
股票
 
股票
 
資本
 
(赤字)
 
(損失)
 
股權
 
實體
 
控股
 
股權
 
實體
2023年12月31日餘額
 
 
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
 
因基金實體合併轉入
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
87,643
 
 
 
 
 
 
87,643
 
 
 
1,065
 
淨利潤(虧損)
 
 
 
 
 
 
 
 
 
 
 
2,072,635
 
 
 
 
 
 
2,072,635
 
 
 
406,339
 
 
 
1,691,604
 
 
 
4,170,578
 
 
 
(61,595
貨幣兌換調整
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8,524
 
 
 
8,524
 
 
 
 
 
 
5,581
 
 
 
14,105
 
 
 
16,388
 
出資
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
700,343
 
 
 
8,160
 
 
 
708,503
 
 
 
55,316
 
資本分派
 
 
 
 
 
 
 
 
 
 
 
(1,972,898
 
 
 
 
 
(1,972,898
 
 
(416,359
 
 
(1,371,073
 
 
(3,760,330
 
 
(228,310
轉讓和回購合併實體中的非控制性權益
 
 
 
 
 
 
 
 
(134
 
 
 
 
 
 
 
 
(134
 
 
60,746
 
 
 
 
 
 
60,612
 
 
 
(69,091
從非控股權益持有人手中收購所有權權益產生的遞延稅務影響
 
 
 
 
 
 
 
 
121,541
 
 
 
 
 
 
 
 
 
121,541
 
 
 
 
 
 
 
 
 
121,541
 
 
 
 
基於股權的薪酬
 
 
 
 
 
 
 
 
535,526
 
 
 
 
 
 
 
 
 
535,526
 
 
 
 
 
 
339,016
 
 
 
874,542
 
 
 
 
既得Blackstone Holdings合夥企業單位和普通股股份的淨交付
 
 
10,309,560
 
 
 
 
 
 
(127,730
 
 
 
 
 
 
 
 
(127,730
 
 
 
 
 
 
 
 
(127,730
 
 
 
回購普通股和Blackstone Holdings合夥企業單位的股份
 
 
(3,700,000
 
 
 
 
 
(473,510
 
 
 
 
 
 
 
 
(473,510
 
 
 
 
 
 
 
 
(473,510
 
 
 
黑石公司的變化'之擁有權權益
 
 
 
 
 
 
 
 
(26,617
 
 
 
 
 
 
 
 
(26,617
 
 
 
 
 
26,617
 
 
 
 
 
 
 
Blackstone Holdings合夥企業單位轉換為普通股股份
 
 
4,732,290
 
 
 
 
 
 
53,522
 
 
 
 
 
 
 
 
 
53,522
 
 
 
 
 
 
(53,522
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2024年9月30日餘額
 
 
730,699,964
 
 
 $
7
 
 
 $
6,257,788
 
 
 $
760,471
 
 
 $
(10,609
 
 $
7,007,657
 
 
 $
6,015,967
 
 
 $
5,548,471
 
 
 $
18,572,095
 
 
 $
892,846
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
在報告期間,黑石集團還擁有 已發行一股 第一系列和第二系列優先股的每一種,每股面值低於一美分。
 
續...
請參閱簡明合併財務報表附註。
 
12

目錄
黑石公司
簡明合併權益變動表(未經審計)
(美金單位:千美金,共享數據除外)
 
 
                                                                                                   
   
股份
黑石
Inc.(a)
 
黑石公司(a)
               
                   
積累
                 
可贖回
                   
其他
     
 
     
                   
壓縮-
     
控制
 
控制
     
控制
           
額外
 
保留
 
深刻的
 
 
權益
 
權益
     
權益
   
共同
 
共同
 
已繳-
 
盈利
 
收入
 
股東
 
綜合
 
黑石
 
 
綜合
   
股票
 
股票
 
資本
 
(赤字)
 
(損失)
 
股權
 
實體
 
控股
 
股權
 
實體
2022年12月31日餘額
 
 
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
 
因基金實體合併轉出
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(53,713
淨利潤(虧損)
 
 
 
 
 
 
 
 
 
 
 
1,239,080
 
 
 
 
 
 
1,239,080
 
 
 
185,021
 
 
 
992,618
 
 
 
2,416,719
 
 
 
(81,589
貨幣兌換調整
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(10,783
 
 
(10,783
 
 
 
 
 
(6,657
 
 
(17,440
 
 
(3,314
出資
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
463,377
 
 
 
7,284
 
 
 
470,661
 
 
 
140,840
 
資本分派
 
 
 
 
 
 
 
 
 
 
 
(1,873,177
 
 
 
 
 
(1,873,177
 
 
(527,333
 
 
(1,363,233
 
 
(3,763,743
 
 
(368,170
合併實體的非控股權益轉讓
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(3,072
 
 
 
 
 
(3,072
 
 
 
從非控股權益持有人手中收購所有權權益產生的遞延稅務影響
 
 
 
 
 
 
 
 
6,857
 
 
 
 
 
 
 
 
 
6,857
 
 
 
 
 
 
 
 
 
6,857
 
 
 
 
基於股權的薪酬
 
 
 
 
 
 
 
 
460,615
 
 
 
 
 
 
 
 
 
460,615
 
 
 
 
 
 
299,404
 
 
 
760,019
 
 
 
 
既得Blackstone Holdings合夥企業單位和普通股股份的淨交付
 
 
7,432,747
 
 
 
 
 
 
(63,998
 
 
 
 
 
 
 
 
(63,998
 
 
 
 
 
 
 
 
(63,998
 
 
 
回購普通股和Blackstone Holdings合夥企業單位的股份
 
 
(3,318,175
 
 
 
 
 
(310,403
 
 
 
 
 
 
 
 
(310,403
 
 
 
 
 
 
 
 
(310,403
 
 
 
黑石公司的變化'之擁有權權益
 
 
 
 
 
 
 
 
(15,867
 
 
 
 
 
 
 
 
(15,867
 
 
 
 
 
15,867
 
 
 
 
 
 
 
Blackstone Holdings合夥企業單位轉換為普通股股份
 
 
4,051,368
 
 
 
 
 
 
44,588
 
 
 
 
 
 
 
 
 
44,588
 
 
 
 
 
 
(44,588
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2023年9月30日餘額
 
 
718,442,863
 
 
 $
7
 
 
 $
6,057,065
 
 
 $
1,114,009
 
 
 $
(38,258
 
 $
7,132,823
 
 
 $
5,174,473
 
 
 $
5,154,365
 
 
 $
17,461,661
 
 
 $
1,349,060
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
在報告期間,黑石集團還擁有 已發行一股 第一系列和第二系列優先股的每一種,每股面值低於一美分。
 
請參閱簡明合併財務報表附註。
 
13

目錄
黑石公司
簡明合併現金流量報表(未經審計)
(美金單位:千)
 
 
                                                 
    
截至9月30日的九個月,
    
  2024  
 
  2023  
經營活動
    
淨收入
  
 $
4,108,983
 
 
 $
2,335,130
 
淨利潤與經營活動提供的淨現金的調整
    
投資實現淨收益
  
 
(2,016,277
 
 
(2,171,161
未實現(收益)投資損失的變化
  
 
(512,196
 
 
236,161
 
非現金績效分配
  
 
(1,723,090
 
 
708,021
 
非現金績效分配和激勵費補償
  
 
1,656,373
 
 
 
612,097
 
基於股權的薪酬分配表
  
 
885,862
 
 
 
797,762
 
無形資產攤銷
  
 
26,944
 
 
 
31,073
 
淨利潤中包含的其他非現金金額
  
 
(141,766
 
 
(691,415
因經營資產和負債變化而產生的現金流
    
通過合併基金實體獲得的現金
  
 
22,101
 
 
 
 
因基金實體取消合併而放棄現金
  
 
(113,224
 
 
(113,588
應收帳款
  
 
(133,900
 
 
(236,453
應收附屬公司款項
  
 
(445,388
 
 
101,157
 
其他資產
  
 
(41,946
 
 
(44,728
應計薪酬和福利
  
 
(557,187
 
 
(510,514
應付帳款、應計費用和其他負債
  
 
237,730
 
 
 
88,010
 
應歸功於附屬機構
  
 
2,713
 
 
 
(3,955
購買的投資
  
 
(1,313,128
 
 
(2,437,975
出售投資的現金收益
  
 
3,377,653
 
 
 
4,461,596
 
  
 
 
 
 
 
 
 
經營活動提供的淨現金
  
 
3,320,257
 
 
 
3,161,218
 
  
 
 
 
 
 
 
 
投資活動
    
購買家具、設備和租賃改進
  
 
(49,523
 
 
(192,904
收購支付的淨現金,扣除收購現金
  
 
 
 
 
(5,420
  
 
 
 
 
 
 
 
投資活動所用現金淨額
  
 
(49,523
 
 
(198,324
  
 
 
 
 
 
 
 
融資活動
    
向合併實體中非控股權益持有人的分配
  
 
(650,455
 
 
(795,554
合併實體中非控股權益持有人的繳款
  
 
747,180
 
 
 
591,547
 
根據應收稅款協議付款
  
 
(87,508
 
 
(64,634
既得普通股淨結算和普通股回購
  
 
(601,240
 
 
(374,401
 
續...
請參閱簡明合併財務報表附註。
 
14

目錄
黑石公司
簡明合併現金流量報表(未經審計)
(美金單位:千)
 
 
 
                                                 
    
截至9月30日的九個月,
    
  2024  
 
  2023  
融資活動(續)
    
償還和回購應付貸款
  
 $
(83,787
 
 $
(469,460
向股東和基金單位持有人的股息/分配
  
 
(3,335,811
 
 
(3,229,127
  
 
 
 
 
 
 
 
融資活動所用現金淨額
  
 
(4,011,621
 
 
(4,341,629
  
 
 
 
 
 
 
 
價位變化對現金和現金等值以及Blackstone基金和其他持有的現金的影響
  
 
2,701
 
 
 
(5,185
  
 
 
 
 
 
 
 
黑石基金和其他基金持有的現金和現金等值物以及現金
    
淨減少
  
 
(738,186
 
 
(1,383,920
期初
  
 
3,272,063
 
 
 
4,493,715
 
  
 
 
 
 
 
 
 
期末
  
 $
2,533,877
 
 
 $
3,109,795
 
  
 
 
 
 
 
 
 
現金流量信息的補充披露
    
利息支付
  
 $
269,804
 
 
 $
292,525
 
  
 
 
 
 
 
 
 
繳納所得稅
  
 $
492,142
 
 
 $
460,531
 
  
 
 
 
 
 
 
 
非現金投資和融資活動的補充披露
    
非控股權益持有人的非現金貢獻
  
 $
8,160
 
 
 $
18,566
 
  
 
 
 
 
 
 
 
向非控股權益持有人的非現金分配
  
 $
(2,374
 
 $
(107,232
  
 
 
 
 
 
 
 
向非控股權益持有人轉讓利益
  
 $
(8,345
 
 $
(3,072
  
 
 
 
 
 
 
 
黑石公司的變化'之擁有權權益
  
 $
(26,617
 
 $
(15,867
  
 
 
 
 
 
 
 
既得普通股的淨結算
  
 $
925,711
 
 
 $
617,197
 
  
 
 
 
 
 
 
 
Blackstone Holdings單位轉換為普通股
  
 $
53,522
 
 
 $
44,588
 
  
 
 
 
 
 
 
 
從非控股權益持有人手中收購所有權權益
    
遞延稅項資產
  
 $
(274,453
 
 $
(98,627
  
 
 
 
 
 
 
 
應歸功於附屬機構
  
 $
152,912
 
 
 $
91,770
 
  
 
 
 
 
 
 
 
股權
  
 $
121,541
 
 
 $
6,857
 
  
 
 
 
 
 
 
 
下表提供了現金和現金等值以及Blackstone Funds和其他在簡明合併財務狀況報表中報告的現金的對帳:
 
                                                 
    
 9月30日, 
  
 12月31日, 
    
2024
  
2023
現金及現金等價物
  
 $
2,353,332
 
  
 $
2,955,866
 
Blackstone基金和其他基金持有的現金
  
 
180,545
 
  
 
316,197
 
  
 
 
 
  
 
 
 
  
 $
  2,533,877
 
  
 $
  3,272,063
 
  
 
 
 
  
 
 
 
請參閱簡明合併財務報表附註。
 
15

目錄
Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited)
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
1.   Organization
Blackstone Inc., together with its consolidated subsidiaries (“Blackstone” or the “Company”), is the world’s largest alternative asset manager. Blackstone’s asset management business includes global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. “Blackstone Funds” refers to the funds and other vehicles that are managed by Blackstone. Blackstone’s business is organized into four segments: Real Estate, Private Equity, Credit & Insurance and Multi-Asset Investing.
Blackstone Inc. was initially formed as The Blackstone Group L.P., a Delaware limited partnership, on March 12, 2007. Prior to its conversion on July 1, 2019 to a Delaware corporation, Blackstone Inc. was managed and operated by Blackstone Group Management L.L.C., which is wholly owned by Blackstone’s senior managing directors and controlled by one of Blackstone’s founders, Stephen A. Schwarzman (the “Founder”).
The activities of Blackstone are conducted through its holding partnerships: Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. (collectively, “Blackstone Holdings,” “Blackstone Holdings Partnerships” or the “Holding Partnerships”). Blackstone, through its wholly owned subsidiaries, is the sole general partner of each of the Holding Partnerships. Generally, holders of the limited partner interests in the Holding Partnerships may, four times each year, exchange their limited partnership interests (“Partnership Units”) for Blackstone common stock, on a one-to-one basis, exchanging one Partnership Unit from each of the Holding Partnerships for one share of Blackstone common stock.
2.   Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of Blackstone have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in Blackstone’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission.
The condensed consolidated financial statements include the accounts of Blackstone, its wholly owned or majority-owned subsidiaries, the consolidated entities which are considered to be variable interest entities and for which Blackstone is considered the primary beneficiary, and certain partnerships or similar entities which are not considered variable interest entities but in which the general partner is determined to have control.
All intercompany balances and transactions have been eliminated in consolidation.
Consolidation
Blackstone consolidates all entities that it controls through a majority voting interest or otherwise, including those Blackstone Funds in which the general partner has a controlling financial interest. Blackstone has a controlling financial interest in Blackstone Holdings because the limited partners do not have the right to dissolve the partnerships or have substantive kick-out rights or participating rights that would overcome the control held by Blackstone. Accordingly, Blackstone consolidates Blackstone Holdings and records non-controlling interests to reflect the economic interests of the limited partners of Blackstone Holdings.
 
16

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
In addition, Blackstone consolidates all variable interest entities (“VIE”) for which it is the primary beneficiary. An enterprise is determined to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (a) whether an entity in which Blackstone holds a variable interest is a VIE and (b) whether Blackstone’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests, would give it a controlling financial interest. Performance of that analysis requires the exercise of judgment.
Blackstone determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a variable interest entity and continuously reconsiders that conclusion. In determining whether Blackstone is the primary beneficiary, Blackstone evaluates its control rights as well as economic interests in the entity held either directly or indirectly by Blackstone. The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that Blackstone is not the primary beneficiary, a quantitative analysis may also be performed. Investments and redemptions (either by Blackstone, affiliates of Blackstone or third parties) or amendments to the governing documents of the respective Blackstone Funds could affect an entity’s status as a VIE or the determination of the primary beneficiary. At each reporting date, Blackstone assesses whether it is the primary beneficiary and will consolidate or deconsolidate accordingly.
Assets of consolidated VIEs that can only be used to settle obligations of the consolidated VIE and liabilities of a consolidated VIE for which creditors (or beneficial interest holders) do not have recourse to the general credit of Blackstone are presented in a separate section in the Condensed Consolidated Statements of Financial Condition.
Blackstone’s other disclosures regarding VIEs are discussed in Note 9. “Variable Interest Entities.”
Revenue Recognition
Revenues primarily consist of management and advisory fees, incentive fees, investment income, interest and dividend revenue and other.
Management and advisory fees and incentive fees are accounted for as contracts with customers. Under the guidance for contracts with customers, an entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. See Note 18. “Segment Reporting” for a disaggregated presentation of revenues from contracts with customers.
Management and Advisory Fees, Net
 — Management and Advisory Fees, Net are comprised of management fees, including base management fees, transaction, advisory and other fees net of management fee reductions and offsets.
Blackstone earns base management fees from its customers at a fixed percentage of a calculation base which is typically assets under management, net asset value, gross asset value, total assets, committed capital or invested capital. Blackstone identifies its customers on a fund by fund basis in accordance with the terms and circumstances of the individual fund. Generally the customer is identified as the investors in its managed funds and
 
17

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
investment vehicles, but for certain widely held funds or vehicles, the fund or vehicle itself may be identified as the customer. These customer contracts require Blackstone to provide investment management services, which represents a performance obligation that Blackstone satisfies over time. Management fees are a form of variable consideration because the fees Blackstone is entitled to vary based on fluctuations in the basis for the management fee. The amount recorded as revenue is generally determined at the end of the period because these management fees are payable on a regular basis (typically quarterly) and are not subject to clawback once paid.
Transaction, advisory and other fees are principally fees charged to the investors of funds indirectly through the managed funds and portfolio companies. The investment advisory agreements generally require that the investment adviser reduce the amount of management fees payable by the investors to Blackstone (“management fee reductions”) by an amount equal to a portion of the transaction and other fees paid to Blackstone by the portfolio companies. The amount of the reduction varies by fund, the type of fee paid by the portfolio company and the previously incurred expenses of the fund. These fees and associated management fee reductions are a component of the transaction price for Blackstone’s performance obligation to provide investment management services to the investors of funds and are recognized as changes to the transaction price in the period in which they are charged and the services are performed.
Management fee offsets are reductions to management fees payable by the investors of the Blackstone Funds, which are based on the amount such investors reimburse the Blackstone Funds or Blackstone primarily for placement fees. Providing investment management services requires Blackstone to arrange for services on behalf of its customers. In those situations where Blackstone is acting as an agent on behalf of the investors of funds, it presents the cost of services as net against management fee revenue. In all other situations, Blackstone is primarily responsible for fulfilling the services and is therefore acting as a principal for those arrangements. As a result, the cost of those services is presented as Compensation or General, Administrative and Other expense, as appropriate, with any reimbursement from the investors of the funds recorded as Management and Advisory Fees, Net. In cases where the investors of the funds are determined to be the customer in an arrangement, placement fees may be capitalized as a cost to acquire a customer contract. Capitalized placement fees are amortized over the life of the customer contract, are recorded within Other Assets in the Consolidated Statements of Financial Condition and amortization is recorded within General, Administrative and Other within the Consolidated Statements of Operations.
Accrued but unpaid Management and Advisory Fees, net of management fee reductions and management fee offsets, as of the reporting date are included in Due from Affiliates in the Condensed Consolidated Statements of Financial Condition.
Incentive Fees
 — Contractual fees earned based on the performance of Blackstone vehicles (“Incentive Fees”) are a form of variable consideration in Blackstone’s contracts with customers to provide investment management services. Incentive Fees are earned based on performance of the vehicle during the period, subject to the achievement of minimum return levels, or high water marks, in accordance with the respective terms set out in each vehicle’s governing agreements. Incentive Fees will not be recognized as revenue until (a) it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur, or (b) the uncertainty associated with the variable consideration is subsequently resolved. Incentive Fees are typically recognized as revenue when realized at the end of the measurement period. Once realized, such fees are not subject to clawback or reversal. Accrued but unpaid Incentive Fees charged directly to investors in Blackstone vehicles as of the reporting date are recorded within Due from Affiliates in the Condensed Consolidated Statements of Financial Condition.
Investment Income (Loss)
 — Investment Income (Loss) represents the unrealized and realized gains and losses on Blackstone’s Performance Allocations and Principal Investments.
 
18

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
In carry fund structures and certain open-ended structures, Blackstone, through its subsidiaries, invests alongside its limited partners in a partnership and is entitled to its pro-rata share of the results of the fund vehicle (a “pro-rata allocation”). In addition to a pro-rata allocation, and assuming certain investment returns are achieved, Blackstone is entitled to a disproportionate allocation of the income otherwise allocable to the limited partners, commonly referred to as carried interest (“Performance Allocations”).
Performance Allocations in carry fund structures are made to the general partner based on cumulative fund performance to date, subject to a preferred return to limited partners. Performance Allocations in open-ended structures are based on vehicle performance over a period of time, subject to a high water mark and preferred return to investors. At the end of each reporting period, Blackstone calculates the balance of accrued Performance Allocations (“Accrued Performance Allocations”) that would be due to Blackstone for each fund, pursuant to the fund agreements, as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. Accrued Performance Allocations as of the reporting date are reflected in Investments in the Condensed Consolidated Statements of Financial Condition.
Performance Allocations in carry fund structures are realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the preferred return or, in limited instances, after certain thresholds for return of capital are met. Performance Allocations in carry fund structures are subject to clawback to the extent that the Performance Allocation received to date exceeds the amount due to Blackstone based on cumulative results. As such, the accrual for potential repayment of previously received Performance Allocations, which is a component of Due to Affiliates, represents all amounts previously distributed to Blackstone Holdings and non-controlling interest holders that would need to be repaid to the Blackstone carry funds if the Blackstone carry funds were to be liquidated based on the current fair value of the underlying funds’ investments as of the reporting date. The actual clawback liability, however, generally does not become realized until the end of a fund’s life except for certain funds, which may have an interim clawback liability. Performance Allocations in open-ended structures are realized based on the stated time period in the agreements and are generally not subject to clawback once paid.
Principal Investments include the unrealized and realized gains and losses on Blackstone’s principal investments, including its investments in Blackstone Funds that are not consolidated and receive pro-rata allocations, its equity method investments, and other principal investments. Income (Loss) on Principal Investments is realized when Blackstone redeems all or a portion of its investment or when Blackstone receives cash income, such as dividends or distributions. Unrealized Income (Loss) on Principal Investments results from changes in the fair value of the underlying investment as well as the reversal of unrealized gain (loss) at the time an investment is realized.
Interest and Dividend Revenue
 — Interest and Dividend Revenue comprises primarily interest and dividend income earned on principal investments not accounted for under the equity method held by Blackstone.
 
19

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
Other Revenue
 — Other Revenue consists of miscellaneous income and foreign exchange gains and losses arising on transactions denominated in currencies other than U.S. dollars.
Fair Value of Financial Instruments
GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.
Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows:
 
 
 
Level I – Quoted prices are available in active markets for identical financial instruments as of the reporting date. The types of financial instruments in Level I include listed equities, listed derivatives and mutual funds with quoted prices. Blackstone does not adjust the quoted price for these investments, even in situations where Blackstone holds a large position and a sale could reasonably impact the quoted price.
 
 
Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Financial instruments which are generally included in this category include corporate bonds and loans, including corporate bonds and loans held within consolidated collateralized loan obligations (“CLO”) vehicles, government and agency securities, less liquid and restricted equity securities, and certain over-the-counter derivatives where the fair value is based on observable inputs. Notes issued by consolidated CLO vehicles are classified within Level II of the fair value hierarchy.
 
 
Level III – Pricing inputs are unobservable for the financial instruments and includes situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category generally include general and limited partnership interests in private equity, real estate funds and credit-focused funds, distressed debt and non-investment grade residual interests in securitizations, investments in non-consolidated CLOs and certain over-the-counter derivatives where the fair value is based on unobservable inputs.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Blackstone’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.
Level II Valuation Techniques
Financial instruments classified within Level II of the fair value hierarchy comprise debt instruments, debt securities sold, not yet purchased and certain equity securities and derivative instruments valued using observable inputs.
 
20

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
The valuation techniques used to value financial instruments classified within Level II of the fair value hierarchy are as follows:
 
 
 
Debt Instruments and Equity Securities are valued on the basis of prices from an orderly transaction between market participants including those provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments and various relationships between investments. The valuation of certain equity securities is based on an observable price for an identical security adjusted for the effect of a restriction.
 
 
Freestanding Derivatives are valued using contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads.
 
 
Notes issued by consolidated CLO vehicles are measured based on the more observable fair value of CLO assets less (a) the fair value of any beneficial interests held by Blackstone, and (b) the carrying value of any beneficial interests that represent compensation for services.
Level III Valuation Techniques
In the absence of observable market prices, Blackstone values its investments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist; management’s determination of fair value is then based on the best information available in the circumstances, and may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for non-performance and liquidity risks. Investments for which market prices are not observable include private investments in the equity of operating companies, real estate properties, investments in non-consolidated CLO vehicles, certain funds of hedge funds and credit-focused investments.
Real Estate Investments
– The fair values of real estate investments are determined by considering projected operating cash flows, sales of comparable assets, if any, and replacement costs, among other measures and considerations. The methods used to estimate the fair value of real estate investments include the discounted cash flow method, where value is calculated by discounting the estimated cash flows and the estimated terminal value of the subject investment by the assumed buyer’s weighted-average cost of capital. A terminal value is derived by reference to an exit multiple, such as for estimates of earnings before interest, taxes, depreciation and amortization (“EBITDA”), or a capitalization rate, such as for estimates of net operating income (“NOI”). Valuations may also be derived by the performance multiple or market approach, by reference to observable valuation measures for comparable companies or assets (for example, dividing NOI by a relevant capitalization rate observed for comparable companies or transactions), adjusted by management for differences between the investment and the referenced comparables.
Private Equity Investments
– The fair values of private equity investments are determined by reference to projected net earnings, EBITDA, the discounted cash flow method, public market or private transactions, valuations for comparable companies and other measures which, in many cases, are based on unaudited information at the time received. Where a discounted cash flow method is used, a terminal value is derived by reference to EBITDA or price/earnings exit multiples. Valuations may also be derived by reference to observable valuation measures for comparable companies or transactions (for example, multiplying a key performance metric of the investee company, such as EBITDA, by a relevant valuation multiple observed in the range of comparable companies or transactions), adjusted by management for differences between the investment and the referenced comparables, and in some instances by reference to option pricing models or other similar methods.
 
21

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
Credit-Focused Investments
– The fair values of credit-focused investments are generally determined on the basis of prices between market participants provided by reputable dealers or pricing services. For credit-focused investments that are not publicly traded or whose market prices are not readily available, Blackstone may utilize other valuation techniques, including the discounted cash flow method or a market approach. The discounted cash flow method projects the expected cash flows of the debt instrument based on contractual terms, and discounts such cash flows back to the valuation date using a market-based yield. The market-based yield is generally estimated using yields of publicly traded debt instruments issued by companies operating in similar industries as the subject investment or based on changes in credit spreads of a broader benchmark index applicable to a subject investment.
The market approach is generally used to determine the enterprise value of the issuer of a credit investment, and considers valuation multiples of comparable companies or transactions. The resulting enterprise value will dictate whether or not such credit investment has adequate enterprise value coverage. In cases of distressed credit instruments, the market approach may be used to estimate a recovery value in the event of a restructuring.
Investments, at Fair Value
Generally, the Blackstone Funds are accounted for as investment companies under the American Institute of Certified Public Accountants Audit and Accounting Guide,
Investment Companies
, and in accordance with the GAAP guidance on investment companies and reflect their investments, including majority-owned and controlled investments (the “Portfolio Companies”), at fair value. Such consolidated funds’ investments are reflected in Investments on the Condensed Consolidated Statements of Financial Condition at fair value, with unrealized gains and losses resulting from changes in fair value reflected as a component of Net Gains (Losses) from Fund Investment Activities in the Condensed Consolidated Statements of Operations. Fair value is the amount that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants at the measurement date, at current market conditions (i.e., the exit price).
Blackstone’s principal investments are presented at fair value with unrealized appreciation or depreciation and realized gains and losses recognized in the Condensed Consolidated Statements of Operations within Investment Income (Loss).
For certain instruments, Blackstone has elected the fair value option. Such election is irrevocable and is applied on an investment by investment basis at initial recognition or other eligible election dates. Blackstone has applied the fair value option for certain loans and receivables, unfunded loan commitments and certain investments that otherwise would not have been carried at fair value with gains and losses recorded in net income. The methodology for measuring the fair value of such investments is consistent with the methodology applied to private equity, real estate, credit-focused and funds of hedge funds investments. Changes in the fair value of such instruments are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. Interest income on interest bearing loans and receivables and debt securities on which the fair value option has been elected is based on stated coupon rates adjusted for the accretion of purchase discounts and the amortization of purchase premiums. This interest income is recorded within Interest and Dividend Revenue.
Blackstone has elected the fair value option for the assets of consolidated CLO vehicles. As permitted under GAAP, Blackstone measures notes issued by consolidated CLO vehicles as (a) the sum of the fair value of the consolidated CLO assets and the carrying value of any non-financial assets held temporarily, less (b) the sum of the fair value of any beneficial interests retained by Blackstone (other than those that represent compensation for services) and Blackstone’s carrying value of any beneficial interests that represent compensation for services. As a result of this measurement alternative, there is no attribution of amounts to Non-Controlling Interests for consolidated CLO vehicles. Assets of the consolidated CLOs are presented within Investments within the
 
22

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
Condensed Consolidated Statements of Financial Condition and notes payable within Loans Payable for the amounts due to unaffiliated third parties. Changes in the fair value of consolidated CLO assets and liabilities and related interest, dividend and other income are presented within Net Gains (Losses) from Fund Investment Activities. Expenses of consolidated CLO vehicles are presented in Fund Expenses.
Blackstone has elected the fair value option for certain proprietary investments that would otherwise have been accounted for using the equity method of accounting. The fair value of such investments is based on quoted prices in an active market, quoted prices that are published on a regular basis and are the basis for current transactions or using the discounted cash flow method. Changes in fair value are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations.
Further disclosure on instruments for which the fair value option has been elected is presented in Note 7. “Fair Value Option.”
Blackstone may elect to measure certain proprietary investments in equity securities without readily determinable fair values under the measurement alternative, which reflects cost less impairment, with adjustments in value resulting from observable price changes arising from orderly transactions of the same or a similar security from the same issuer. If the measurement alternative election is not made, the equity security is measured at fair value. The measurement alternative election is made on an instrument by instrument basis. The election is reassessed each reporting period to determine whether investments under the measurement alternative have readily determinable fair values, in which case they would no longer be eligible for this election.
The investments of consolidated Blackstone funds in funds of hedge funds (“Investee Funds”) are valued at net asset value (“NAV”) per share of the Investee Fund. In limited circumstances, Blackstone may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, Blackstone will estimate the fair value in good faith and in a manner that it reasonably chooses, in accordance with the requirements of GAAP.
Certain investments of Blackstone and of the consolidated Blackstone funds of hedge funds and credit-focused funds measure their investments in underlying funds at fair value using NAV per share without adjustment. The terms of the investee’s investment generally provide for minimum holding periods or lock-ups, the institution of gates on redemptions or the suspension of redemptions or an ability to side pocket investments, at the discretion of the investee’s fund manager, and as a result, investments may not be redeemable at, or within three months of, the reporting date. A side-pocket is used by hedge funds and funds of hedge funds to separate investments that may lack a readily ascertainable value, are illiquid or are subject to liquidity restriction. Redemptions are generally not permitted until the investments within a side-pocket are liquidated or it is deemed that the conditions existing at the time that required the investment to be included in the side-pocket no longer exist. As the timing of either of these events is uncertain, the timing at which Blackstone may redeem an investment held in a side-pocket cannot be estimated. Further disclosure on instruments for which fair value is measured using NAV per share is presented in Note 5. “Net Asset Value as Fair Value.”
Security and loan transactions are recorded on a trade date basis.
Equity Method Investments
Investments in which Blackstone is deemed to exert significant influence, but not control, are accounted for using the equity method of accounting except in cases where the fair value option has been elected. Blackstone has significant influence over all Blackstone Funds in which it invests but does not consolidate. Therefore, its investments in such Blackstone Funds, which generally include both a proportionate and disproportionate allocation of the profits and losses (as is the case with carry funds that include a Performance Allocation), are accounted for under the equity method. Under the equity method of accounting, Blackstone’s share of earnings (losses) from equity method investments is included in Investment Income (Loss) in the Condensed Consolidated Statements of Operations.
 
23

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
In cases where Blackstone’s equity method investments provide for a disproportionate allocation of the profits and losses (as is the case with funds that include a Performance Allocation), Blackstone’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period, Blackstone calculates the Accrued Performance Allocations that would be due to Blackstone for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner, or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. The carrying amounts of equity method investments are reflected in Investments in the Condensed Consolidated Statements of Financial Condition.
Strategic Partners’ results presented in Blackstone’s condensed consolidated financial statements are reported on a three-month lag from Strategic Partners’ fund financial statements, which report the performance of underlying investments generally on a same quarter basis, if available. Therefore, Strategic Partners’ results presented herein do not reflect the impact of economic and market activity in the current quarter. Current quarter market activity of Strategic Partners’ underlying investments is expected to affect Blackstone’s reported results in upcoming periods.
Compensation and Benefits
Compensation and Benefits 
Compensation
 — Compensation consists of (a) salary and bonus, and benefits paid and payable to employees and senior managing directors and (b) equity-based compensation associated with the grants of equity-based awards to employees and senior managing directors. Compensation cost relating to the issuance of equity-based awards to senior managing directors and employees is measured at fair value at the grant date, and expensed over the vesting period on a straight-line basis, taking into consideration expected forfeitures, except in the case of (a) equity-based awards that do not require future service, which are expensed immediately, and (b) certain awards to recipients that meet criteria making them eligible for retirement (allowing such recipient to keep a percentage of those awards upon departure from Blackstone after becoming eligible for retirement), for which the expense for the portion of the award that would be retained in the event of retirement is either expensed immediately or amortized to the retirement date. Cash settled equity-based awards and awards settled in a variable number of shares are classified as liabilities and are remeasured at the end of each reporting period.
Compensation and Benefits — Incentive Fee Compensation —
Incentive Fee Compensation consists of compensation paid based on Incentive Fees.
Compensation and Benefits — Performance Allocations Compensation —
Performance Allocation Compensation consists of compensation paid based on Performance Allocations (which may be distributed in cash or in-kind). Such compensation expense is subject to both positive and negative adjustments. Performance Allocations Compensation is generally based on the performance of individual investments held by a fund rather than on a fund by fund basis. These amounts may also include allocations of investment income from Blackstone’s principal investments, to senior managing directors and employees participating in certain profit sharing initiatives.
 
24

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
Non-Controlling Interests in Consolidated Entities
Non-Controlling Interests in Consolidated Entities represent the component of Equity in general partner entities and consolidated Blackstone funds held by third party investors and employees. The percentage interests in consolidated Blackstone funds held by third parties and employees is adjusted for general partner allocations and by subscriptions and redemptions in funds of hedge funds and certain credit-focused funds which occur during the reporting period. Income (Loss) and other comprehensive income, if applicable, arising from the respective entities is allocated to non-controlling interests in consolidated entities based on the relative ownership interests of third party investors and employees after considering any contractual arrangements that govern the allocation of income (loss) such as fees allocable to Blackstone Inc.
Redeemable Non-Controlling Interests in Consolidated Entities
Investors in certain consolidated vehicles may be granted redemption rights that allow for quarterly or monthly redemption, as outlined in the relevant governing documents. Such redemption rights may be subject to certain limitations, including limits on the aggregate amount of interests that may be redeemed in a given period, may only allow for redemption following the expiration of a specified period of time, or may be withdrawn subject to a redemption fee during the period when capital may not be withdrawn. As a result, amounts relating to third party interests in such consolidated vehicles are presented as Redeemable Non-Controlling Interests in Consolidated Entities within the Condensed Consolidated Statements of Financial Condition. When redeemable amounts become legally payable to investors, they are classified as a liability and included in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition. For all consolidated vehicles in which redemption rights have not been granted, non-controlling interests are presented within Equity in the Condensed Consolidated Statements of Financial Condition as Non-Controlling Interests in Consolidated Entities.
Non-Controlling Interests in Blackstone Holdings
Non-Controlling Interests in Blackstone Holdings represent the component of Equity in the consolidated Blackstone Holdings Partnerships held by Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships.
Certain costs and expenses are borne directly by the Holdings Partnerships. Income (Loss), excluding those costs directly borne by and attributable to the Holdings Partnerships, is attributable to Non-Controlling Interests in Blackstone Holdings. This residual attribution is based on the year to date average percentage of Blackstone Holdings Partnership Units and unvested participating Holdings Partnership Units held by Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. Unvested participating Holdings Partnership Units are excluded from the attribution in periods of loss as they are not contractually obligated to share in losses of the Holdings Partnerships.
Income Taxes
Provision for Income Taxes
Income taxes are provided for using the asset and liability method under which deferred tax assets and liabilities are recognized for temporary differences between the financial reporting and tax bases of assets and liabilities, resulting in all pretax amounts being appropriately tax effected in the period, irrespective of which tax return year items will be reflected. Blackstone reports interest expense and tax penalties related to income tax matters in provision for income taxes.
 
25

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
Deferred Income Taxes
Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities. These temporary differences result in taxable or deductible amounts in future years and are measured using the tax rates and laws that will be in effect when such differences are expected to reverse. Valuation allowances are established to reduce the deferred tax assets to the amount that is more likely than not to be realized. Deferred tax assets are separately stated, and deferred tax liabilities are included in Accounts Payable, Accrued Expenses, and Other Liabilities in the condensed consolidated financial statements.
Unrecognized Tax Benefits
Blackstone recognizes tax positions in the condensed consolidated financial statements when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in the return and amounts recognized in the condensed consolidated financial statements. Accrued interest and penalties related to unrecognized tax benefits are reported on the related liability line in the condensed consolidated financial statements.
Net Income (Loss) Per Share of Common Stock
Basic Income (Loss) Per Share of Common Stock is calculated by dividing Net Income (Loss) Attributable to Blackstone Inc. by the weighted-average shares of common stock, unvested participating shares of common stock outstanding for the period and vested deferred restricted shares of common stock that have been earned for which issuance of the related shares of common stock is deferred until future periods. Diluted Income (Loss) Per Share of Common Stock reflects the impact of all dilutive securities. Unvested participating shares of common stock are excluded from the computation in periods of loss as they are not contractually obligated to share in losses.
Blackstone applies the treasury stock method to determine the dilutive weighted-average common shares outstanding for certain equity-based compensation awards. Blackstone applies the “if-converted” method to the Blackstone Holdings Partnership Units to determine the dilutive impact, if any, of the exchange right included in the Blackstone Holdings Partnership Units. Blackstone applies the contingently issuable share model to contracts that may require the issuance of shares.
Reverse Repurchase and Repurchase Agreements
Securities purchased under agreements to resell (“reverse repurchase agreements”) and securities sold under agreements to repurchase (“repurchase agreements”), generally comprised of U.S. and non-U.S. government and agency securities, asset backed securities and corporate debt, represent collateralized financing transactions. Such transactions are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition at their contractual amounts and include accrued interest. The carrying value of reverse repurchase and repurchase agreements approximates fair value.
Blackstone manages credit exposure arising from reverse repurchase agreements and repurchase agreements by, in appropriate circumstances, entering into master netting agreements and collateral arrangements with counterparties that provide Blackstone, in the event of a counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations.
 
26

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
Blackstone takes possession of securities purchased under reverse repurchase agreements and is permitted to repledge, deliver or otherwise use such securities. Blackstone also pledges its financial instruments to counterparties to collateralize repurchase agreements. Financial instruments pledged that can be repledged, delivered or otherwise used by the counterparty are recorded in Investments in the Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to repurchase agreements are included in Note 10. “Repurchase Agreements.”
Blackstone does not offset assets and liabilities relating to reverse repurchase agreements and repurchase agreements in its Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to offsetting are discussed in Note 11. “Offsetting of Assets and Liabilities.”
Securities Sold, Not Yet Purchased
Securities Sold, Not Yet Purchased consist of equity and debt securities that Blackstone has borrowed and sold. Blackstone is required to “cover” its short sale in the future by purchasing the security at prevailing market prices and delivering it to the counterparty from which it borrowed the security. Blackstone is exposed to loss in the event that the price at which a security may have to be purchased to cover a short sale exceeds the price at which the borrowed security was sold short.
Securities Sold, Not Yet Purchased are recorded at fair value within Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition.
Derivative Instruments
Blackstone recognizes all derivatives as assets or liabilities on its Condensed Consolidated Statements of Financial Condition at fair value. On the date Blackstone enters into a derivative contract, it designates and documents each derivative contract as one of the following: (a) a hedge of a recognized asset or liability (“fair value hedge”), (b) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), (c) a hedge of a net investment in a foreign operation, or (d) a derivative instrument not designated as a hedging instrument (“freestanding derivative”).
For freestanding derivative contracts, Blackstone presents changes in fair value in current period earnings. Changes in the fair value of derivative instruments held by consolidated Blackstone funds are reflected in Net Gains (Losses) from Fund Investment Activities or, where derivative instruments are held by Blackstone, within Investment Income (Loss) in the Condensed Consolidated Statements of Operations. The fair value of freestanding derivative assets of the consolidated Blackstone funds are recorded within Investments, the fair value of freestanding derivative assets that are not part of the consolidated Blackstone funds are recorded within Other Assets and the fair value of freestanding derivative liabilities are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition.
Blackstone has elected to not offset derivative assets and liabilities or financial assets in its Condensed Consolidated Statements of Financial Condition, including cash, that may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement is in place that provides Blackstone, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations.
Blackstone’s other disclosures regarding derivative financial instruments are discussed in Note 6. “Derivative Financial Instruments.”
Blackstone’s disclosures regarding offsetting are discussed in Note 11. “Offsetting of Assets and Liabilities.”
 
27

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
Affiliates
Blackstone considers its Founder, senior managing directors, employees, the Blackstone Funds and the Portfolio Companies to be affiliates.
Dividends
Dividends are reflected in the condensed consolidated financial statements when declared.
3.  Intangible Assets
Intangible Assets, Net consists of the following:
 
                                                 
    
September 30,
 
December 31,
    
2024
 
2023
Finite-Lived Intangible Assets/Contractual Rights
  
 $
1,769,372
 
 
 $
1,769,372
 
Accumulated Amortization
  
 
(1,595,107
)
 
 
(1,568,164
  
 
 
 
 
 
 
 
Intangible Assets, Net
  
 $
174,265
 
 
 $
201,208
 
  
 
 
 
 
 
 
 
Amortization expense associated with Blackstone’s intangible assets was $9.0 million and $26.9 million for the three and nine months ended September 30, 2024, respectively, and $9.0 million and $31.1 million for the three and nine months ended September 30, 2023, respectively.
Amortization of Intangible Assets held at September 30, 2024 is expected to be $35.9 million, $35.9 million, $35.7 million, $34.6 million, and $17.8 million for each of the years ending December 31, 2024, 2025, 2026, 2027, and 2028, respectively. Blackstone’s Intangible Assets as of September 30, 2024 are expected to amortize over a weighted-average period of 5.5 years.
4.  Investments
Investments consist of the following:
 
                                                 
    
September 30,
 
December 31,
    
2024
 
2023
Investments of Consolidated Blackstone Funds
  
 $
3,873,027
 
 
 $
4,319,483
 
Equity Method Investments
    
Partnership Investments
  
 
6,295,704
 
 
 
5,924,275
 
Accrued Performance Allocations
  
 
12,411,485
  
 
 
10,775,355
  
Corporate Treasury Investments
  
 
147,642
 
 
 
803,870
 
Other Investments
  
 
5,594,857
 
 
 
4,323,639
 
  
 
 
 
 
 
 
 
  
 $
28,322,715
 
 
 $
26,146,622
 
  
 
 
 
 
 
 
 
Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $431.5 million and $1.0 billion at September 30, 2024 and December 31, 2023, respectively.
Where appropriate, the accounting for Blackstone’s investments incorporates the changes in fair value of those investments as determined under GAAP. The significant inputs and assumptions required to determine the change in fair value of the Investments of Consolidated Blackstone Funds, Corporate Treasury Investments and Other Investments are discussed in more detail in Note 8. “Fair Value Measurements of Financial Instruments.”
 
28

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
Investments of Consolidated Blackstone Funds
The following table presents the Realized and Net Change in Unrealized Gains (Losses) on investments held by the consolidated Blackstone Funds and a reconciliation to Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities in the Condensed Consolidated Statements of Operations:
 
                                                                                       
    
Three Months Ended
  
Nine Months Ended
    
September 30,
  
September 30,
    
2024
  
2023
  
2024
  
2023
Realized Gains (Losses)
  
 $
10,721
 
  
 $
(2,624
  
 $
(29,725)
 
  
 $
18,184
 
Net Change in Unrealized Gains (Losses)
  
 
28,698
 
  
 
(19,145
  
 
84,216
 
  
 
21,805
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds
  
 
39,419
 
  
 
(21,769
  
 
54,491
 
  
 
39,989
 
Interest and Dividend Revenue and Foreign Exchange Gains (Losses) Attributable to Consolidated Blackstone Funds
  
 
3,423
 
  
 
(27,309
  
 
15,518
 
  
 
62,497
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities
  
 $
42,842
 
  
 $
(49,078
  
 $
70,009
 
  
 $
102,486
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Equity Method Investments
Blackstone’s equity method investments include Partnership Investments, which represent the pro-rata investments, and any associated Accrued Performance Allocations, in Blackstone Funds, excluding any equity method investments for which the fair value option has been elected. Blackstone evaluates each of its equity method investments, excluding Accrued Performance Allocations, to determine if any were significant as defined by guidance from the United States Securities and Exchange Commission. As of and for the nine months ended September 30, 2024 and 2023, no individual equity method investment held by Blackstone met the significance criteria.
Partnership Investments
Blackstone recognized net gains (losses) related to its Partnership Investments accounted for under the equity method of $215.3 million and $48.1 million for the three months ended September 30, 2024 and 2023, respectively. Blackstone recognized net gains (losses) related to its equity method investments of $512.4 million and $208.6 million for the nine months ended September 30, 2024 and 2023, respectively.
 
29

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
Accrued Performance Allocations
Accrued Performance Allocations to Blackstone were as follows:
 
                                                                                                                            
    
Real
 
Private
 
Credit &
 
Multi-Asset
   
    
Estate
 
Equity
 
Insurance
 
Investing
 
Total
Accrued Performance Allocations, December 31, 2023
  
 $
2,990,602
 
 
 $
7,093,920
 
 
 $
599,779
 
 
 $
91,054
 
 
 $
10,775,355
 
Performance Allocations as a Result of Changes in Fund Fair Values
  
 
170,069
 
 
 
2,732,551
 
 
 
399,619
 
 
 
150,739
 
 
 
3,452,978
 
Foreign Exchange Gain
  
 
1,764
 
 
 
 
 
 
 
 
 
 
 
 
1,764
 
Fund Distributions
  
 
(432,118
 
 
(1,109,686
 
 
(180,658
 
 
(96,150
 
 
(1,818,612
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accrued Performance Allocations, September 30, 2024
  
 $
2,730,317
 
 
 $
8,716,785
 
 
 $
818,740
 
 
 $
145,643
 
 
 $
12,411,485
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate Treasury Investments
The portion of corporate treasury investments included in Investments represents Blackstone’s investments into primarily fixed income securities, mutual fund interests, and other fund interests. These strategies are managed by a combination of Blackstone personnel and third party advisors. The following table presents the Realized and Net Change in Unrealized Gains (Losses) on these investments:
 
                                                                                                           
    
Three Months Ended
  
Nine Months Ended
    
September 30,
  
September 30,
    
2024
  
2023
  
2024
  
2023
Realized Losses
  
 $
(11
  
 $
 (2,283
  
 $
(2,660
  
 $
(2,206
Net Change in Unrealized Gains (Losses)
  
 
6,935
 
  
 
(7,425
  
 
9,711
 
  
 
1,161
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 $
6,924
 
  
 $
(9,708
  
 $
7,051
 
  
 $
(1,045
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Other Investments
Other Investments consist of equity method investments where Blackstone has elected the fair value option and other proprietary investment securities held by Blackstone, including equity securities carried at fair value, equity investments without readily determinable fair values, and senior secured and subordinated notes in non-consolidated CLO vehicles. Equity investments without a readily determinable fair value had a carrying value of $357.9 million as of September 30, 2024. In the period of acquisition and upon remeasurement in connection with an observable transaction, such investments are reported at fair value. See Note 8. “Fair Value Measurements of Financial Instruments” for additional detail. The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in Other Investments:
 
                           
                           
                           
                           
    
Three Months Ended
  
Nine Months Ended
    
September 30,
  
September 30,
    
2024
 
2023
  
2024
  
2023
Realized Gains (Losses)
  
 $
(3,702
 
 $
2,305
 
  
 $
1,114
 
  
 $
(13,880
Net Change in Unrealized Gains (Losses)
  
 
(21,118
 
 
149,851
 
  
 
426,250
 
  
 
(5,334
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
  
 $
(24,820
 
 $
152,156
 
  
 $
427,364
 
  
 $
(19,214
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
 
30

Table of Contents
Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
5.  Net Asset Value as Fair Value
A summary of fair value by strategy type and ability to redeem such investments as of September 30, 2024 is presented below:
 
                                                                          
         
Redemption
   
         
Frequency
 
Redemption
Strategy (a)
  
Fair Value
  
 (if currently eligible) 
 
Notice Period
Equity
  
 $
413,313
 
  
(b)
 
(b)
Real Estate
  
 
83,505
 
  
(c)
 
(c)
Other
  
 
6,952
 
  
(d)
 
(d)
  
 
 
 
    
  
 $
   503,770
 
    
  
 
 
 
    
 
(a)
As of September 30, 2024, Blackstone had no unfunded commitments.
(b)
The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Investments representing 69% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. Investments representing 31% of the fair value of the investments in this category are redeemable as of the reporting date.
(c)
The Real Estate category includes investments in funds that primarily invest in real estate assets. All investments in this category are redeemable as of the reporting date.
(d)
Other is composed of the Credit Driven category, the Commodities category and the Diversified Instruments category. The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. The Diversified Instruments category includes investments in funds that invest across multiple strategies. All investments in these categories may not be redeemed at, or within three months of, the reporting date.
6.  Derivative Financial Instruments
Blackstone and the consolidated Blackstone funds enter into derivative contracts in the normal course of business to achieve certain risk management objectives and for general investment and business purposes. Blackstone may enter into derivative contracts in order to hedge its interest rate risk exposure against the effects of interest rate changes. Additionally, Blackstone may also enter into derivative contracts in order to hedge its foreign currency risk exposure against the effects of a portion of its non-U.S. dollar denominated currency net investments. As a result of the use of derivative contracts, Blackstone and the consolidated Blackstone funds are exposed to the risk that counterparties will fail to fulfill their contractual obligations. To mitigate such counterparty risk, Blackstone and the consolidated Blackstone funds enter into contracts with certain major financial institutions, all of which have investment grade ratings. Counterparty credit risk is evaluated in determining the fair value of derivative instruments.
Freestanding Derivatives
Freestanding derivatives are instruments that Blackstone and certain of the consolidated Blackstone funds have entered into as part of their overall risk management and investment strategies. These derivative contracts are not designated as hedging instruments for accounting purposes. Such contracts may include interest rate swaps, foreign exchange contracts, equity swaps, options, futures and other derivative contracts.
 
31

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
The table below summarizes the aggregate notional amount and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts.
 
                                                                                                                               
   
September 30, 2024
 
December 31, 2023
   
Assets
 
Liabilities
 
Assets
 
Liabilities
       
Fair
     
Fair
     
Fair
     
Fair
   
Notional
 
Value
 
Notional
 
Value
 
Notional
 
Value
 
Notional
 
Value
Freestanding Derivatives
               
Blackstone
               
Interest Rate Contracts
 
 $
623,740
 
 
 $
124,009
 
 
 $
601,000
 
 
 $
72,600
 
 
 $
634,840
 
 
 $
145,798
 
 
 $
607,000
 
 
 $
86,589
 
Foreign Currency Contracts
 
 
445,761
 
 
 
12,292
 
 
 
181,298
 
 
 
2,092
 
 
 
387,102
 
 
 
11,442
 
 
 
334,228
 
 
 
3,538
 
Credit Default Swaps
 
 
 
 
 
 
 
 
640
 
 
 
9
 
 
 
3,108
 
 
 
479
 
 
 
3,748
 
 
 
508
 
Total Return Swaps
 
 
30,062
 
 
 
5,636
 
 
 
 
 
 
 
 
 
63,158
 
 
 
13,171
 
 
 
 
 
 
 
Equity Options
 
 
 
 
 
 
 
 
1,139,349
 
 
 
857,632
 
 
 
 
 
 
 
 
 
1,110,490
 
 
 
563,986
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,099,563
 
 
 
141,937
 
 
 
1,922,287
 
 
 
932,333
 
 
 
1,088,208
 
 
 
170,890
 
 
 
2,055,466
 
 
 
654,621
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments of Consolidated Blackstone Funds
               
Interest Rate Contracts
 
 
982,952
 
 
 
13,819
 
 
 
843,764
 
 
 
17,066
 
 
 
855,683
 
 
 
19,189
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
982,952
 
 
 
13,819
 
 
 
843,764
 
 
 
17,066
 
 
 
855,683
 
 
 
19,189
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 $
2,082,515
 
 
 $
155,756
 
 
 $
2,766,051
 
 
 $
949,399
 
 
 $
1,943,891
 
 
 $
190,079
 
 
 $
2,055,466
 
 
$
654,621
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The table below summarizes the impact to the Condensed Consolidated Statements of Operations from derivative financial instruments:
 
                                                                                       
    
Three Months Ended
  
Nine Months Ended
    
September 30,
  
September 30,
    
2024
  
2023
  
2024
  
2023
Freestanding Derivatives
           
Realized Gains (Losses)
           
Interest Rate Contracts
  
 $
 
  
 $
2,213
 
  
 $
(614
  
 $
2,360
 
Foreign Currency Contracts
  
 
3,078
 
  
 
(3,072
  
 
6,380
 
  
 
6,951
 
Credit Default Swaps
  
 
 
  
 
 
  
 
75
 
  
 
(413
Total Return Swaps
  
 
6,455
 
  
 
3,436
 
  
 
19,325
 
  
 
14,461
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
9,533
 
  
 
2,577
 
  
 
25,166
 
  
 
23,359
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net Change in Unrealized Gains (Losses)
           
Interest Rate Contracts
  
 
(23,272
  
 
(3,148
  
 
(1,176
  
 
(371
Foreign Currency Contracts
  
 
8,028
 
  
 
(3,375
  
 
2,413
 
  
 
(11,213
Credit Default Swaps
  
 
(2
  
 
2
 
  
 
(54
  
 
366
 
Total Return Swaps
  
 
(3,592
  
 
884
 
  
 
(6,930
  
 
(1,293
Equity Options
  
 
(106,119
  
 
(38,710
  
 
(293,646
  
 
(211,586
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
(124,957
  
 
(44,347
  
 
(299,393
  
 
(224,097
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 $
(115,424
  
 $
(41,770
  
 $
(274,227
  
 $
(200,738
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
As of September 30, 2024 and December 31, 2023, Blackstone had not designated any derivatives as fair value, cash flow or net investment hedges.
 
32

Table of Contents
Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
7.  Fair Value Option
The following table summarizes the financial instruments for which the fair value option has been elected:
 
                                                 
    
September 30,
  
December 31,
    
2024
  
2023
Assets
     
Loans and Receivables
  
 $
192,271
 
  
 $
60,738
 
Equity and Preferred Securities
  
 
3,372,042
 
  
 
2,894,302
 
Debt Securities
  
 
63,735
 
  
 
63,486
 
Assets of Consolidated CLO Vehicles
     
Corporate Loans
  
 
90,875
 
  
 
938,801
 
  
 
 
 
  
 
 
 
  
 $
  3,718,923
 
  
 $
  3,957,327
 
  
 
 
 
  
 
 
 
Liabilities
     
CLO Notes Payable
  
 $
107,715
 
  
 $
687,122
 
Corporate Treasury Commitments
  
 
1,470
 
  
 
1,264
 
  
 
 
 
  
 
 
 
  
 $
109,185
 
  
 $
688,386
 
  
 
 
 
  
 
 
 
The following tables present the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected:
 
                                                                                                   
    
Three Months Ended September 30,
    
2024
 
2023
        
Net Change
     
Net Change
    
Realized
 
in Unrealized
 
Realized
 
in Unrealized
    
Gains (Losses)
 
Gains (Losses)
 
Gains (Losses)
 
Gains (Losses)
Assets
        
Loans and Receivables
  
 $
(625
 
 $
406
 
 
 $
(520
 
 $
406
 
Equity and Preferred Securities
  
 
884
 
 
 
(21,743
 
 
406
 
 
 
11,538
 
Debt Securities
  
 
 
 
 
87
 
 
 
 
 
 
(904
Assets of Consolidated CLO Vehicles
        
Corporate Loans
  
 
(438
 
 
1,065
 
 
 
47
 
 
 
703
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 $
(179
 
 $
(20,185
 
 $
(67
 
 $
11,743
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
        
CLO Notes Payable
  
 $
 
 
 $
(391
 
 $
 
 
 $
(907
Corporate Treasury Commitments
  
 
 
 
 
16
 
 
 
 
 
 
2,213
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 $
 
 
 $
(375
 
 $
 
 
 $
1,306
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
33

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
                                                                                                   
    
Nine Months Ended September 30,
    
2024
 
2023
        
Net Change
     
Net Change
    
Realized
 
in Unrealized
 
Realized
 
in Unrealized
    
Gains (Losses)
 
Gains (Losses)
 
Gains (Losses)
 
Gains (Losses)
Assets
        
Loans and Receivables
  
 $
(3,647
 
 $
218
 
 
 $
(6,515
 
 $
4,330
 
Equity and Preferred Securities
  
 
6,072
 
 
 
(23,094
 
 
(776
 
 
(6,763
Debt Securities
  
 
 
 
 
(2,034
 
 
 
 
 
(3,611
Assets of Consolidated CLO Vehicles
        
Corporate Loans
  
 
(3,042
 
 
2,520
 
 
 
(6,152
 
 
5,335
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 $
(617
 
 $
(22,390
 
 $
(13,443
 
 $
(709
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
        
CLO Notes Payable
  
 $
 
 
 $
1,384
 
 
 $
 
 
 $
16
 
Corporate Treasury Commitments
  
 
 
 
 
(206
 
 
 
 
 
6,586
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 $
 
 
 $
1,178
 
 
 $
 
 
 $
6,602
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following table presents information for those financial instruments for which the fair value option was elected:
 
                                                                                                                 
    
September 30, 2024
  
December 31, 2023
        
For Financial Assets
      
For Financial Assets
        
Past Due (a)
      
Past Due (a)
    
Excess
(Deficiency)
      
Excess
(Deficiency)
  
Excess
(Deficiency)
      
Excess
(Deficiency)
    
of Fair Value
 
Fair
  
of Fair Value
  
of Fair Value
 
Fair
  
of Fair Value
    
Over Principal
 
  Value  
  
Over Principal
  
Over Principal
 
  Value  
  
Over Principal
Loans and Receivables
  
 $
2,099
 
 
 $
 
  
 $
 
  
 $
675
 
 
 $
 
  
 $
 
Debt Securities
  
 
(55,104
 
 
 
  
 
 
  
 
(52,577
 
 
 
  
 
 
Assets of Consolidated CLO Vehicles
               
Corporate Loans
  
 
(2,990
 
 
1,313
 
  
 
 
  
 
(8,751
 
 
1,345
 
  
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 $
(55,995
 
 $
1,313
 
  
 $
 
  
 $
(60,653
 
 $
1,345
 
  
 $
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
(a)
Assets are classified as past due if contractual payments are more than 90 days past due.
As of September 30, 2024 and December 31, 2023, no Loans and Receivables for which the fair value option was elected were past due or in non-accrual status and there were two Corporate Loans included within the Assets of Consolidated CLO Vehicles for which the fair value option was elected that were past due but was not in non-accrual status.
 
34

Table of Contents
Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
8.  Fair Value Measurements of Financial Instruments
The following tables summarize the valuation of Blackstone’s financial assets and liabilities by the fair value hierarchy:
 
                                                                                                             
    
September 30, 2024
    
Level I
  
Level II
  
Level III
  
NAV
  
Total
Assets
              
Cash and Cash Equivalents
  
 $
59,326
 
  
 $
 
  
 $
 
  
 $
 
  
 $
59,326
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Investments
              
Investments of Consolidated Blackstone Funds
              
Equity Securities, Partnerships and LLC Interests (a)
  
 
9,099
 
  
 
128,405
 
  
 
3,118,501
 
  
 
496,818
 
  
 
3,752,823
 
Debt Instruments
  
 
 
  
 
90,173
 
  
 
16,212
 
  
 
 
  
 
106,385
 
Freestanding Derivatives
  
 
 
  
 
13,819
 
  
 
 
  
 
 
  
 
13,819
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Investments of Consolidated Blackstone Funds
  
 
9,099
 
  
 
232,397
 
  
 
3,134,713
 
  
 
496,818
 
  
 
3,873,027
 
Corporate Treasury Investments
  
 
74,030
 
  
 
68,117
 
  
 
5,495
 
  
 
 
  
 
147,642
 
Other Investments
  
 
2,029,109
 
  
 
3,009,294
 
  
 
196,631
 
  
 
6,952
 
  
 
5,241,986
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Investments
  
 
2,112,238
 
  
 
3,309,808
 
  
 
3,336,839
 
  
 
503,770
 
  
 
9,262,655
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Accounts Receivable - Loans and Receivables
  
 
 
  
 
 
  
 
192,271
 
  
 
 
  
 
192,271
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Other Assets - Freestanding Derivatives
  
 
 
  
 
136,301
 
  
 
5,636
 
  
 
 
  
 
141,937
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 $
2,171,564
 
  
 $
3,446,109
 
  
 $
3,534,746
 
  
 $
503,770
 
  
 $
9,656,189
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Liabilities
              
Loans Payable - CLO Notes Payable
  
 $
 
  
 $
107,715
 
  
 $
 
  
 $
 
  
 $
107,715
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Accounts Payable, Accrued Expenses and Other Liabilities
              
Consolidated Blackstone Funds - Freestanding Derivatives
  
 
 
  
 
17,066
 
  
 
 
  
 
 
  
 
17,066
 
Freestanding Derivatives
  
 
 
  
 
74,701
 
  
 
857,632
 
  
 
 
  
 
932,333
 
Contingent Consideration
  
 
 
  
 
 
  
 
504
 
  
 
 
  
 
504
 
Corporate Treasury Commitments
  
 
 
  
 
 
  
 
1,470
 
  
 
 
  
 
1,470
 
Securities Sold, Not Yet Purchased
  
 
3,959
 
  
 
 
  
 
 
  
 
 
  
 
3,959
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Accounts Payable, Accrued Expenses and Other Liabilities
  
 
3,959
 
  
 
91,767
 
  
 
859,606
 
  
 
 
  
 
955,332
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 $
3,959
 
  
 $
199,482
 
  
 $
859,606
 
  
 $
 
  
 $
1,063,047
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
35

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
                                                                                                             
    
December 31, 2023
    
Level I
  
Level II
  
Level III
  
NAV
  
Total
Assets
              
Cash and Cash Equivalents
  
 $
263,574
 
  
 $
 
  
 $
 
  
 $
 
  
 $
263,574
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Investments
              
Investments of Consolidated Blackstone Funds
              
Equity Securities, Partnerships and LLC Interests (a)
  
 
11,118
 
  
 
123,022
 
  
 
2,653,246
 
  
 
558,259
 
  
 
3,345,645
 
Debt Instruments
  
 
 
  
 
924,264
 
  
 
30,385
 
  
 
 
  
 
954,649
 
Freestanding Derivatives
  
 
 
  
 
19,189
 
  
 
 
  
 
 
  
 
19,189
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Investments of Consolidated Blackstone Funds
  
 
11,118
 
  
 
1,066,475
 
  
 
2,683,631
 
  
 
558,259
 
  
 
4,319,483
 
Corporate Treasury Investments
  
 
72,071
 
  
 
435,430
 
  
 
296,369
 
  
 
 
  
 
803,870
 
Other Investments
  
 
1,564,112
 
  
 
2,355,423
 
  
 
223,441
 
  
 
7,275
 
  
 
4,150,251
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Investments
  
 
1,647,301
 
  
 
3,857,328
 
  
 
3,203,441
 
  
 
565,534
 
  
 
9,273,604
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Accounts Receivable - Loans and Receivables
  
 
 
  
 
 
  
 
60,738
 
  
 
 
  
 
60,738
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Other Assets - Freestanding Derivatives
  
 
90
 
  
 
157,629
 
  
 
13,171
 
  
 
 
  
 
170,890
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 $
1,910,965
 
  
 $
4,014,957
 
  
 $
3,277,350
 
  
 $
565,534
 
  
 $
9,768,806
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Liabilities
              
Loans Payable - CLO Notes Payable
  
 $
 
  
 $
687,122
 
  
 $
 
  
 $
 
  
 $
687,122
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Accounts Payable, Accrued Expenses and Other Liabilities
              
Freestanding Derivatives
  
 
436
 
  
 
90,199
 
  
 
563,986
 
  
 
 
  
 
654,621
 
Contingent Consideration
  
 
 
  
 
 
  
 
387
 
  
 
 
  
 
387
 
Corporate Treasury Commitments
  
 
 
  
 
 
  
 
1,264
 
  
 
 
  
 
1,264
 
Securities Sold, Not Yet Purchased
  
 
3,886
 
  
 
 
  
 
 
  
 
 
  
 
3,886
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Accounts Payable, Accrued Expenses and Other Liabilities
  
 
4,322
 
  
 
90,199
 
  
 
565,637
 
  
 
 
  
 
660,158
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 $
4,322
 
  
 $
777,321
 
  
 $
565,637
 
  
 $
 
  
 $
1,347,280
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
LLC Limited Liability Company.
(a)
Equity Securities, Partnership and LLC Interest includes investments in investment funds.
Within Investments of Consolidated Blackstone Funds and Other Investments, Blackstone held equity securities subject to sale restrictions with a fair value of $621.7 million as of September 30, 2024. The nature of such restrictions are contractual or legal in nature and deemed an attribute of the holder rather than the investment. Contractual restrictions include certain phased restrictions on sale or transfer, underwriter lock-ups and sale or transfer restrictions applicable to certain Investments of Consolidated Blackstone Funds pledged as collateral. Restrictions will generally lapse over time or after a predetermined date and the weighted-average remaining duration of such restrictions is 2.5 years. Level III equity securities included in Investments of Consolidated Blackstone Funds are illiquid and privately negotiated in nature and may also be subject to contractual sale or transfer restrictions including those pursuant to their respective governing or similar agreements. Investments within Other Investments subject to restrictions on sale or transfer as a result of pledge arrangements are discussed in Note 17. “Commitments and Contingencies — Contingencies — Strategic Ventures.”
 
36

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of September 30, 2024. Consistent with presentation in these Notes to Condensed Consolidated Financial Statements, this table presents the Level III investments only of consolidated Blackstone funds and therefore does not reflect any other Blackstone Funds.
 
                                                                                                                 
   
Fair Value
 
Valuation

Techniques
 
Unobservable

Inputs
 
Ranges
 
Weighted-
Average (a)
 
Impact to
Valuation
from an
Increase
in Input
Financial Assets
           
Investments of Consolidated Blackstone Funds
           
Equity Securities, Partnership and LLC Interests
 
 $
3,118,501
 
 
 
Discounted Cash Flows
 
 
 
Discount Rate
 
 
 
4.1% - 38.9%
 
 
 
10.4%
 
 
 
Lower
 
     
 
Exit Multiple - EBITDA
 
 
 
4.0x - 30.6x
 
 
 
15.5x
 
 
 
Higher
 
     
 
Exit Capitalization Rate
 
 
 
3.1% - 13.8%
 
 
 
5.1%
 
 
 
Lower
 
Debt Instruments
 
 
16,212
 
 
 
Third Party Pricing
 
 
 
n/a
 
     
 
 
 
 
         
Total Investments of Consolidated Blackstone Funds
 
 
3,134,713
 
         
Corporate Treasury Investments
 
 
5,495
 
 
 
Third Party Pricing
 
 
 
n/a
 
     
Loans and Receivables
 
 
192,271
 
 
 
Discounted Cash Flows
 
 
 
Discount Rate
 
 
 
7.0% - 10.4%
 
 
 
9.2%
 
 
 
Lower
 
Other Investments (b)
 
 
202,267
 
 
 
Discounted Cash Flows
 
 
 
Discount Rate
 
 
 
7.1% - 7.6%
 
 
 
7.3%
 
 
 
Lower
 
   
 
Third Party Pricing
 
 
 
n/a
 
     
 
 
 
 
         
 
 $
3,534,746
 
         
 
 
 
 
         
Financial Liabilities
           
Freestanding Derivatives (c)
 
 $
857,632
 
 
 
Option Pricing Model
 
 
 
Volatility
 
 
 
6.1%
 
 
 
n/a
 
 
 
Higher
 
Other Liabilities (d)
 
 
1,974
 
 
 
Third Party Pricing
 
 
 
n/a
 
     
   
 
Other
 
 
 
n/a
 
     
 
 
 
 
         
 
 $
859,606
 
         
 
 
 
 
         
 
37

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of December 31, 2023:
 
                                                                                                                 
   
Fair Value
 
Valuation

Techniques
 
Unobservable

Inputs
 
Ranges
 
Weighted-
Average (a)
 
Impact to
Valuation
from an
Increase
in Input
Financial Assets
           
Investments of Consolidated Blackstone Funds
           
Equity Securities, Partnership and LLC Interests
 
 $
2,653,246
 
 
 
Discounted Cash Flows
 
 
 
Discount Rate
 
 
 
3.3% - 38.0%
 
 
 
9.7%
 
 
 
Lower
 
     
 
Exit Multiple - EBITDA
 
 
 
4.0x - 30.6x
 
 
 
15.0x
 
 
 
Higher
 
     
 
Exit Capitalization Rate
 
 
 
3.1% - 12.8%
 
 
 
5.1%
 
 
 
Lower
 
Debt Instruments
 
 
30,385
 
 
 
Third Party Pricing
 
 
 
n/a
 
     
 
 
 
 
         
Total Investments of Consolidated Blackstone Funds
 
 
2,683,631
 
         
Corporate Treasury Investments
 
 
296,369
 
 
 
Discounted Cash Flows
 
 
 
Discount Rate
 
 
 
11.2% - 22.4%
 
 
 
17.1%
 
 
 
Lower
 
   
 
Transaction Price
 
 
 
n/a
 
     
Loans and Receivables
 
 
60,738
 
 
 
Discounted Cash Flows
 
 
 
Discount Rate
 
 
 
8.8% - 14.9%
 
 
 
10.3%
 
 
 
Lower
 
Other Investments (b)
 
 
236,612
 
 
 
Third Party Pricing
 
 
 
n/a
 
     
   
 
Transaction Price
 
 
 
n/a
 
     
 
 
 
 
         
 
 $
3,277,350
 
         
 
 
 
 
         
Financial Liabilities
           
Freestanding Derivatives (c)
 
 $
563,986
 
 
 
Option Pricing Model
 
 
 
Volatility
 
 
 
6.3%
 
 
 
n/a
 
 
 
Higher
 
Other Liabilities (d)
 
 
1,651
 
 
 
Third Party Pricing
 
 
 
n/a
 
     
   
 
Other
 
 
 
n/a
 
     
 
 
 
 
         
 
 $
565,637
 
         
 
 
 
 
         
 
n/a
  
Not applicable.
EBITDA
  
Earnings before interest, taxes, depreciation and amortization.
Exit Multiple
  
Ranges include the last twelve months EBITDA and forward EBITDA multiples.
Third Party Pricing
  
Third Party Pricing is generally determined on the basis of unadjusted prices between market participants provided by reputable dealers or pricing services.
Transaction Price
  
Includes recent acquisitions or transactions.
(a)
  
Unobservable inputs were weighted based on the fair value of the investments included in the range.
(b)
  
As of September 30, 2024 and December 31, 2023, Other Investments includes Level III Freestanding Derivatives.
(c)
  
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.
(d)
  
As of September 30, 2024 and December 31, 2023, Other Liabilities includes Level III Contingent Consideration and Level III Corporate Treasury Commitments.
For the nine months ended September 30, 2024, there have been no changes in valuation techniques within Level II and Level III that have had a material impact on the valuation of financial instruments.
 
38

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
The following tables summarize the changes in financial assets and liabilities measured at fair value for which Blackstone has used Level III inputs to determine fair value and does not include gains or losses that were reported in Level III in prior years or for instruments that were transferred out of Level III prior to the end of the respective reporting period. These tables also exclude financial assets and liabilities measured at fair value on a non-recurring basis. Total realized and unrealized gains and losses recorded for Level III investments are reported in either Investment Income (Loss) or Net Gains from Fund Investment Activities in the Condensed Consolidated Statements of Operations.
 
                                                                                                       
   
Level III Financial Assets at Fair Value

Three Months Ended September 30,
   
2024
 
2023
   
Investments
             
Investments
           
   
of
 
Loans
 
Other
     
of
 
Loans
 
Other
   
   
Consolidated
 
and
 
Investments
     
Consolidated
 
and
 
Investments
   
   
Funds
 
Receivables
 
(a)
 
Total
 
Funds
 
Receivables
 
(a)
 
Total
Balance, Beginning of Period
 
 $
2,881,553
 
 
 $
135,577
 
 
 $
183,677
 
 
 $
3,200,807
 
 
 $
4,439,851
 
 
 $
76,861
 
 
 $
73,612
 
 
 $
4,590,324
 
Transfer In Due to Consolidation and Acquisition
 
 
68,012
 
 
 
 
 
 
 
 
 
68,012
 
 
 
 
 
 
 
 
 
 
 
 
 
Transfer Into Level III (b)
 
 
29,855
 
 
 
 
 
 
 
 
 
29,855
 
 
 
12,858
 
 
 
 
 
 
 
 
 
12,858
 
Transfer Out of Level III (b)
 
 
(2,303
 
 
 
 
 
 
 
 
(2,303
 
 
(11,544
 
 
 
 
 
(649
 
 
(12,193
Purchases
 
 
140,076
 
 
 
275,240
 
 
 
2,523
 
 
 
417,839
 
 
 
43,208
 
 
 
28,823
 
 
 
4,913
 
 
 
76,944
 
Sales
 
 
(81,616
 
 
(200,850
 
 
(1,535
 
 
(284,001
 
 
(51,735
 
 
(23,312
 
 
(1,573
 
 
(76,620
Issuances
 
 
 
 
 
10,883
 
 
 
 
 
 
10,883
 
 
 
 
 
 
 
 
 
 
 
 
 
Settlements (c)
 
 
 
 
 
(32,522
 
 
(10,074
 
 
(42,596
 
 
 
 
 
(4,117
 
 
(3,389
 
 
(7,506
Changes in Gains (Losses) Included in Earnings
 
 
99,136
 
 
 
3,943
 
 
 
6,908
 
 
 
109,987
 
 
 
(183,730
 
 
1,084
 
 
 
3,332
 
 
 
(179,314
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, End of Period
 
 $
3,134,713
 
 
 $
192,271
 
 
 $
181,499
 
 
 $
3,508,483
 
 
 $
4,248,908
 
 
 $
79,339
 
 
 $
76,246
 
 
 $
4,404,493
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Changes in
Unrealized Gains
(Losses) Included in
Earnings Related
to Financial Assets Still Held at the Reporting Date
 
 $
33,937
 
 
 $
57
 
 
 $
2,401
 
 
 $
36,395
 
 
 $
(88,307
 
 $
(52
 
 $
(1,891
 
 $
(90,250
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                                                                       
   
Level III Financial Assets at Fair Value

Nine Months Ended September 30,
   
2024
 
2023
   
Investments
             
Investments
           
   
of
 
Loans
 
Other
     
of
 
Loans
 
Other
   
   
Consolidated
 
and
 
Investments
     
Consolidated
 
and
 
Investments
   
   
Funds
 
Receivables
 
(a)
 
Total
 
Funds
 
Receivables
 
(a)
 
Total
Balance, Beginning of Period
 
 $
2,683,631
 
 
 $
60,738
 
 
 $
373,024
 
 
 $
3,117,393
 
 
 $
4,249,832
 
 
 $
315,039
 
 
 $
30,971
 
 
 $
4,595,842
 
Transfer In Due to Consolidation and Acquisition
 
 
68,012
 
 
 
 
 
 
 
 
 
68,012
 
 
 
 
 
 
 
 
 
 
 
 
 
Transfer Out Due to Deconsolidation
 
 
(14,237
 
 
 
 
 
 
 
 
(14,237
 
 
(3,837
 
 
 
 
 
 
 
 
(3,837
Transfer Into Level III (b)
 
 
36,014
 
 
 
 
 
 
109,347
 
 
 
145,361
 
 
 
26,856
 
 
 
 
 
 
898
 
 
 
27,754
 
Transfer Out of Level III (b)
 
 
(24,426
 
 
 
 
 
(58
 
 
(24,484
 
 
(16,608
 
 
 
 
 
(3,374
 
 
(19,982
Purchases
 
 
479,093
 
 
 
594,528
 
 
 
8,198
 
 
 
1,081,819
 
 
 
214,076
 
 
 
200,791
 
 
 
56,589
 
 
 
471,456
 
Sales
 
 
(143,435
 
 
(430,408
 
 
(296,565
 
 
(870,408
 
 
(173,442
 
 
(459,825
 
 
(3,258
 
 
(636,525
Issuances
 
 
 
 
 
27,963
 
 
 
 
 
 
27,963
 
 
 
 
 
 
57,008
 
 
 
 
 
 
57,008
 
Settlements (c)
 
 
 
 
 
(67,913
 
 
(19,929
 
 
(87,842
 
 
 
 
 
(57,205
 
 
(8,086
 
 
(65,291
Changes in Gains (Losses) Included in Earnings
 
 
50,061
 
 
 
7,363
 
 
 
7,482
 
 
 
64,906
 
 
 
(47,969
 
 
23,531
 
 
 
2,506
 
 
 
(21,932
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, End of Period
 
 $
3,134,713
 
 
 $
192,271
 
 
 $
181,499
 
 
 $
3,508,483
 
 
 $
4,248,908
 
 
 $
79,339
 
 
 $
76,246
 
 
 $
4,404,493
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Changes in
Unrealized Gains
(Losses) Included in
Earnings Related
to Financial Assets Still Held at the Reporting Date
 
 $
14,745
 
 
 $
(1,283
 
 $
3,713
 
 
 $
17,175
 
 
 $
(48,875
 
 $
2,391
 
 
 $
2,869
 
 
 $
(43,615
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
39

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
                                                                                               
    
Level III Financial Liabilities at Fair Value

Three Months Ended September 30,
    
2024
  
2023
    
Freestanding
  
Other
      
Freestanding
  
Other
   
    
Derivatives
  
Liabilities
 
Total
  
Derivatives
  
Liabilities
 
Total
Balance, Beginning of Period
  
 $
751,513
 
  
 $
1,990
 
 
 $
753,503
 
  
 $
221,457
 
  
 $
4,571
 
 
 $
226,028
 
Changes in Losses (Gains) Included in Earnings
  
 
106,119
 
  
 
(16
 
 
106,103
 
  
 
38,710
 
  
 
(2,213
)
 
 
36,497
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Balance, End of Period
  
 $
857,632
 
  
 $
1,974
 
 
 $
859,606
 
  
 $
260,167
 
  
 $
2,358
 
 
 $
262,525
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date
  
 $
106,119
 
  
 $
(16
 
 $
106,103
 
  
 $
38,711
 
  
 $
(2,213
 
 $
36,498
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
                                                                                               
    
Level III Financial Liabilities at Fair Value

Nine Months Ended September 30,
    
2024
  
2023
    
Freestanding
  
Other
       
Freestanding
  
Other
   
    
Derivatives
  
Liabilities
  
Total
  
Derivatives
  
Liabilities
 
Total
Balance, Beginning of Period
  
 $
563,986
 
  
 $
1,651
 
  
 $
565,637
 
  
 $
48,581
 
  
 $
8,144
 
 
 $
56,725
 
Transfer In (Out) Due to Consolidation and Acquisition
  
 
 
  
 
 
  
 
 
  
 
 
  
 
800
 
 
 
800
 
Changes in Losses (Gains) Included in Earnings
  
 
293,646
 
  
 
323
 
  
 
293,969
 
  
 
211,586
 
  
 
(6,586
 
 
205,000
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Balance, End of Period
  
 $
857,632
 
  
 $
1,974
 
  
 $
859,606
 
  
 $
260,167
 
  
 $
2,358
 
 
 $
262,525
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date
  
 $
293,646
 
  
 $
323
 
  
 $
293,969
 
  
 $
211,586
 
  
 $
(6,586
 
 $
205,000
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
(a)
Represents freestanding derivatives, corporate treasury investments and Other Investments.
(b)
Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities.
(c)
For Freestanding Derivatives included within Other Investments, Settlements includes all ongoing contractual cash payments made or received over the life of the instrument.
9.  Variable Interest Entities
Pursuant to GAAP consolidation guidance, Blackstone consolidates certain VIEs for which it is the primary beneficiary either directly or indirectly, through a consolidated entity or affiliate. VIEs include certain private equity, real estate, credit-focused or funds of hedge funds entities and CLO vehicles. The purpose of such VIEs is to provide strategy specific investment opportunities for investors in exchange for management and performance-based fees. The investment strategies of the Blackstone Funds differ by product; however, the fundamental risks of the Blackstone Funds are similar, including loss of invested capital and loss of management fees and performance-based fees. In Blackstone’s role as general partner, collateral manager or investment adviser, it generally considers itself the sponsor of the applicable Blackstone Fund. Blackstone does not provide performance guarantees and has no other financial obligation to provide funding to consolidated VIEs other than its own capital commitments.
The assets of consolidated variable interest entities may only be used to settle obligations of these entities. In addition, there is no recourse to Blackstone for the consolidated VIEs’ liabilities.
 
40

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
Blackstone holds variable interests in certain VIEs which are not consolidated as it is determined that Blackstone is not the primary beneficiary. Blackstone’s involvement with such entities is in the form of direct and indirect equity interests and fee arrangements. The maximum exposure to loss represents the loss of assets recognized by Blackstone relating to non-consolidated VIEs and any clawback obligation relating to previously distributed Performance Allocations. Blackstone’s maximum exposure to loss relating to non-consolidated VIEs were as follows:
 
    
September 30,
    
December 31,
 
    
2024
    
2023
 
Investments
  
 $
4,662,323
 
  
 $
3,751,591
 
Due from Affiliates
  
 
262,652
 
  
 
203,187
 
Potential Clawback Obligation
  
 
82,122
 
  
 
72,119
 
  
 
 
    
 
 
 
Maximum Exposure to Loss
  
 $
5,007,097
 
  
 $
4,026,897
 
  
 
 
    
 
 
 
Amounts Due to Non-Consolidated VIEs
  
 $
70
 
  
 $
223
 
  
 
 
    
 
 
 
10. Repurchase Agreements
As of September 30, 2024, Blackstone pledged securities with a carrying value of $100.3 million. As of December 31, 2023, Blackstone had no Repurchase Agreements and hence
no
pledged securities.
The following table provides information regarding Blackstone’s Repurchase Agreements obligation by type of collateral pledged as of September 30, 2024.
 
                                                                                                                            
    
September 30, 2024
    
Remaining Contractual Maturity of the Agreements
    
Overnight
            
Greater
    
    
and
  
Up to
  
30 - 90
  
than
    
    
Continuous
  
30 Days
  
Days
  
90 days
  
Total
Repurchase Agreements
              
Loans
  
 $
 
  
 $
28,205
 
  
 $
72,113
 
  
 $
 
  
 $
100,318
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities”
 
  
 $
100,318
 
              
 
 
 
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities”
 
  
 $
 
              
 
 
 
11. Offsetting of Assets and Liabilities
The following tables present the offsetting of assets and liabilities as of September 30, 2024 and December 31, 2023:
 
                                                                                                   
    
September 30, 2024
    
Gross and Net
              
    
Amounts of
  
Gross Amounts Not Offset
    
    
Assets Presented
  
in the Statement of
    
    
in the Statement
  
Financial Condition
    
    
of Financial
  
Financial
  
Cash Collateral
    
    
Condition
  
Instruments (a)
  
Received
  
Net Amount
Assets
           
Freestanding Derivatives
  
 $
155,756
 
  
 $
87,537
 
  
 $
48,305
 
  
 $
19,914
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
41

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
                                                                                                   
    
September 30, 2024
    
Gross and Net
              
    
Amounts of
         
    
Liabilities
  
Gross Amounts Not Offset
    
    
Presented in the
  
in the Statement of
    
    
Statement of
  
Financial Condition
    
    
Financial
  
Financial
  
Cash Collateral
    
    
Condition
  
Instruments (a)
  
Pledged
  
Net Amount
Liabilities
           
Freestanding Derivatives
  
 $
91,767
 
  
 $
90,734
 
  
 $
50
 
  
 $
983
 
Repurchase Agreements
  
 
100,318
 
  
 
100,318
 
  
 
 
  
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 $
192,085
 
  
 $
191,052
 
  
 $
50
 
  
 $
983
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
                                                                                                   
    
December 31, 2023
    
Gross and Net
              
    
Amounts of
  
Gross Amounts Not Offset
    
    
Assets Presented
  
in the Statement of
    
    
in the Statement
  
Financial Condition
    
    
of Financial
  
Financial
  
Cash Collateral
    
    
Condition
  
Instruments (a)
  
Received
  
Net Amount
Assets
           
Freestanding Derivatives
  
 $
190,079
 
  
 $
107,330
 
  
 $
49,532
 
  
 $
33,217
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
                                                                                                   
    
December 31, 2023
    
Gross and Net
              
    
Amounts of
              
    
Liabilities
  
Gross Amounts Not Offset
    
    
Presented in the
  
in the Statement of
    
    
Statement of
  
Financial Condition
    
    
Financial
  
Financial
  
Cash Collateral
    
    
Condition
  
Instruments (a)
  
Pledged
  
Net Amount
Liabilities
           
Freestanding Derivatives
  
 $
90,635
 
  
 $
87,777
 
  
 $
625
 
  
 $
2,233
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(a)
Amounts presented are inclusive of both legally enforceable master netting agreements, and financial instruments received or pledged as collateral. Financial instruments received or pledged as collateral offset derivative counterparty risk exposure, but do not reduce net balance sheet exposure.
 
42

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
Freestanding Derivative liabilities and repurchase agreements are included in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition. Freestanding Derivative assets are included in Other Assets in the Condensed Consolidated Statements of Financial Condition. The following table presents the components of Other Assets:
 
    
September 30,
    
December 31,
 
    
2024
    
2023
 
Furniture, Equipment and Leasehold Improvements
  
 $
978,073
 
  
 $
937,355
 
Less: Accumulated Depreciation
  
 
(461,216)
 
  
 
(394,602)
 
  
 
 
    
 
 
 
Furniture, Equipment and Leasehold Improvements, Net
  
 
516,857
 
  
 
542,753
 
Prepaid Expenses
  
 
247,909
 
  
 
207,886
 
Freestanding Derivatives
  
 
141,937
 
  
 
170,890
 
Other
  
 
27,287
 
  
 
23,319
 
  
 
 
    
 
 
 
  
 $
  933,990
 
  
 $
  944,848
 
  
 
 
    
 
 
 
Notional Pooling Arrangements
Blackstone has notional cash pooling arrangements with financial institutions for cash management purposes. These arrangements allow for cash withdrawals based upon aggregate cash balances on deposit at the same financial institution. Cash withdrawals cannot exceed aggregate cash balances on deposit. The net balance of cash on deposit and overdrafts is used as a basis for calculating net interest expense or income. As of September 30, 2024, the aggregate cash balance on deposit relating to the cash pooling arrangements was $903.1 million, which was offset and reported net of the accompanying overdraft of $903.1 million.
12. Borrowings
The following table presents each of Blackstone’s borrowings as of September 30, 2024 and December 31, 2023, as well as their carrying value and fair value. The borrowings are included in Loans Payable within the Condensed Consolidated Statements of Financial Condition. Each of the Senior Notes were issued at a discount through Blackstone’s indirect subsidiary, Blackstone Holdings Finance Co. L.L.C. The Senior Notes accrue interest from the issue date thereof and pay interest in arrears on a semi-annual basis or annual basis. The Secured Borrowings were issued at par, accrue interest from the issue date thereof and pay interest in arrears on a quarterly basis. CLO Notes Payable pay interest in arrears on a quarterly basis.
 
43

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
    
September 30, 2024
  
December 31, 2023
    
Carrying
  
Fair
  
Carrying
  
Fair
Description
  
Value
  
Value
  
Value
  
Value
Blackstone Operating Borrowings Senior Notes (a)
           
2.000%, Due 5/19/2025
  
 $
339,384
 
  
 $
331,585
 
  
 $
336,005
 
  
 $
324,778
 
1.000%, Due 10/5/2026
  
 
670,693
 
  
 
643,714
 
  
 
664,085
 
  
 
620,864
 
3.150%, Due 10/2/2027
  
 
298,766
 
  
 
290,220
 
  
 
298,476
 
  
 
283,059
 
5.900%, Due 11/3/2027
  
 
596,225
 
  
 
627,510
 
  
 
595,411
 
  
 
625,158
 
1.625%, Due 8/5/2028
  
 
646,130
 
  
 
589,940
 
  
 
645,406
 
  
 
566,508
 
1.500%, Due 4/10/2029
  
 
673,001
 
  
 
629,323
 
  
 
666,655
 
  
 
601,272
 
2.500%, Due 1/10/2030
  
 
494,316
 
  
 
459,090
 
  
 
493,573
 
  
 
431,005
 
1.600%, Due 3/30/2031
  
 
496,794
 
  
 
415,375
 
  
 
496,447
 
  
 
391,955
 
2.000%, Due 1/30/2032
  
 
790,200
 
  
 
672,856
 
  
 
789,283
 
  
 
633,153
 
2.550%, Due 3/30/2032
  
 
496,026
 
  
 
435,125
 
  
 
495,670
 
  
 
410,755
 
6.200%, Due 4/22/2033
  
 
892,393
 
  
 
992,556
 
  
 
891,899
 
  
 
962,037
 
3.500%, Due 6/1/2034
  
 
526,835
 
  
 
566,883
 
  
 
521,549
 
  
 
536,319
 
6.250%, Due 8/15/2042
  
 
239,679
 
  
 
271,733
 
  
 
239,457
 
  
 
263,270
 
5.000%, Due 6/15/2044
  
 
490,188
 
  
 
489,335
 
  
 
489,975
 
  
 
464,560
 
4.450%, Due 7/15/2045
  
 
344,802
 
  
 
311,325
 
  
 
344,691
 
  
 
297,486
 
4.000%, Due 10/2/2047
  
 
291,316
 
  
 
248,808
 
  
 
291,149
 
  
 
233,685
 
3.500%, Due 9/10/2049
  
 
392,572
 
  
 
305,692
 
  
 
392,436
 
  
 
294,608
 
2.800%, Due 9/30/2050
  
 
394,214
 
  
 
262,916
 
  
 
394,103
 
  
 
252,008
 
2.850%, Due 8/5/2051
  
 
543,437
 
  
 
362,357
 
  
 
543,317
 
  
 
352,457
 
3.200%, Due 1/30/2052
  
 
987,611
 
  
 
717,090
 
  
 
987,401
 
  
 
696,740
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
10,604,582
 
  
 
9,623,433
 
  
 
10,576,988
 
  
 
9,241,677
 
Other (b)
           
Secured Borrowing, Due 10/27/2033
  
 
19,949
 
  
 
19,949
 
  
 
19,949
 
  
 
19,949
 
Secured Borrowing, Due 1/29/2035
  
 
20,000
 
  
 
20,000
 
  
 
20,000
 
  
 
20,000
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
10,644,531
 
  
 
9,663,382
 
  
 
10,616,937
 
  
 
9,281,626
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Borrowings of Consolidated Blackstone Funds
           
CLO Notes Payable (c)
  
 
107,715
 
  
 
107,715
 
  
 
687,122
 
  
 
687,122
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
107,715
 
  
 
107,715
 
  
 
687,122
 
  
 
687,122
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 $
10,752,246
 
  
 $
9,771,097
 
  
 $
11,304,059
 
  
 $
9,968,748
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(a)
Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.
(b)
The Secured Borrowing, Due 10/27/2033 has an interest rate of 7.60% and the Secured Borrowing, Due 1/29/2035 has an interest rate of 7.60%. 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 September 30, 2024, the fair value of the assets securing both Secured Borrowings equaled $48.5 million.
(c)
CLO Notes Payable have maturity dates ranging from June 2025 to January 2037 and have an effective interest rate of 8.97% as of September 30, 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.
 
44

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
Scheduled principal payments for borrowings as of September 30, 2024 were as follows:
 
    
Blackstone
  
 Borrowings of 
    
    
Operating

 Borrowings 
  
Consolidated

Blackstone Funds
  
Total

 Borrowings 
2024
  
 $
 
  
 $
 
  
 $
 
2025
  
 
342,273
 
  
 
 
  
 
342,273
 
2026
  
 
674,148
 
  
 
 
  
 
674,148
 
2027
  
 
911,589
 
  
 
 
  
 
911,589
 
2028
  
 
664,090
 
  
 
 
  
 
664,090
 
Thereafter
  
 
8,174,850
 
  
 
118,796
 
  
 
8,293,646
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 $
10,766,950
 
  
 $
118,796
 
  
 $
10,885,746
 
  
 
 
 
  
 
 
 
  
 
 
 
13. Income Taxes
Blackstone’s net deferred tax assets relate primarily to basis differences resulting from a step-up in tax basis of certain assets at the time of its conversion to a corporation, as well as ongoing exchanges of units for common shares by founders and partners. As of September 30, 2024, Blackstone had no material valuation allowance recorded against deferred tax assets.
Blackstone is subject to examination by the U.S. Internal Revenue Service and other taxing authorities where Blackstone has significant business operations such as the United Kingdom, and various state and local jurisdictions such as New York State and New York City. The tax years under examination vary by jurisdiction. Blackstone does not expect the completion of these audits to have a material impact on its financial condition, but it may be material to operating results for a particular period, depending on the operating results for that period. Blackstone believes the liability established for unrecognized tax benefits is adequate in relation to the potential for additional assessments. It is reasonably possible that changes in the balance of unrecognized tax benefits may occur within the next 12 months; however, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits and the impact on Blackstone’s effective tax rate over the next 12 months.
As of September 30, 2024, the following are the major filing jurisdictions and their respective earliest open tax period subject to examination:
 
Jurisdiction
  
Year
 
Federal
  
 
2020
 
New York City
  
 
2009
 
New York State
  
 
2016
 
United Kingdom
  
 
2011
 
 
45

Table of Contents
Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
14. Earnings Per Share and Stockholders’ Equity
Earnings Per Share
Basic and diluted net income per share of common stock for the three and nine months ended September 30, 2024 and 2023 was calculated as follows:
 
                                                                                       
    
Three Months Ended
  
Nine Months Ended
    
September 30,
  
September 30,
    
2024
  
2023
  
2024
  
2023
Net Income for Per Share of Common Stock Calculations
           
Net Income Attributable to Blackstone Inc., Basic and Diluted
  
 $
780,835
 
  
 $
551,994
 
  
 $
2,072,635
 
  
 $
1,239,080
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Shares/Units Outstanding
           
Weighted-Average Shares of Common Stock Outstanding, Basic
  
 
768,230,595
 
  
 
757,958,602
 
  
 
765,747,924
 
  
 
754,211,390
 
Weighted-Average Shares of Unvested Deferred Restricted Common Stock
  
 
49,771
 
  
 
87,494
 
  
 
185,402
 
  
 
244,936
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Weighted-Average Shares of Common Stock Outstanding, Diluted
  
 
768,280,366
 
  
 
758,046,096
 
  
 
765,933,326
 
  
 
754,456,326
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net Income Per Share of Common Stock
           
Basic
  
 $
1.02
 
  
 $
0.73
 
  
 $
2.71
 
  
 $
1.64
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Diluted
  
 $
1.02
 
  
 $
0.73
 
  
 $
2.71
 
  
 $
1.64
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Dividends Declared Per Share of Common Stock (a)
  
 $
0.82
 
  
 $
0.79
 
  
 $
2.59
 
  
 $
2.52
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(a)
Dividends declared reflects the calendar date of the declaration for each distribution.
In computing the dilutive effect that the exchange of Blackstone Holdings Partnership Units would have on Net Income Per Share of Common Stock, Blackstone considered that net income available to holders of shares of common stock would increase due to the elimination of non-controlling interests in Blackstone Holdings, inclusive of any tax impact. The hypothetical conversion may be dilutive to the extent there is activity at the Blackstone Inc. level that has not previously been attributed to the non-controlling interests or if there is a change in tax rate as a result of a hypothetical conversion.
The following table summarizes the anti-dilutive securities for the three and nine months ended September 30, 2024 and 2023:
 
                                                                                               
    
Three Months Ended
  
Nine Months Ended
    
September 30,
  
September 30,
    
2024
  
2023
  
2024
  
2023
Weighted-Average Blackstone Holdings Partnership Units
  
 
454,290,705
 
  
 
460,160,593
 
  
 
456,139,859
 
  
 
461,549,778
 
 
46

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
Share Repurchase Program
On July 16, 2024, Blackstone’s board of directors authorized the repurchase of up to $2.0 billion of common stock and Blackstone Holdings Partnership Units. This authorization replaced Blackstone’s prior $2.0 billion repurchase authorization. Under the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual numbers repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or discontinued at any time and does not have a specified expiration date.
During the three and nine months ended September 30, 2024, Blackstone repurchased 1.0 million and 3.7 million shares of common stock at a total cost of $140.8 million and $473.5 million, respectively. During the three and nine months ended September 30, 2023, Blackstone repurchased 1.3 million and 3.3 million shares of common stock at a total cost of $134.3 million and $310.4 million, respectively. As of September 30, 2024, the amount remaining available for repurchases under the program was $1.9 billion.
Shares Eligible for Dividends and Distributions
As of September 30, 2024, the total shares of common stock and Blackstone Holdings Partnership Units entitled to participate in dividends and distributions were as follows:
 
    
Shares/Units
Common Stock Outstanding
  
 
730,699,964
 
Unvested Participating Common Stock
  
 
37,195,280
 
  
 
 
 
Total Participating Common Stock
  
 
767,895,244
 
Participating Blackstone Holdings Partnership Units
  
 
453,685,697
 
  
 
 
 
  
 
1,221,580,941
 
  
 
 
 
15. Equity-Based Compensation
Blackstone has granted equity-based compensation awards to Blackstone’s senior managing directors, non-partner professionals, non-professionals and selected external advisers under Blackstone’s Amended and Restated 2007 Equity Incentive Plan (the “Equity Plan”). The Equity Plan allows for the granting of options, share appreciation rights or other share-based awards (shares, restricted shares, restricted shares of common stock, deferred restricted shares of common stock, phantom restricted shares of common stock or other share-based awards based in whole or in part on the fair value of shares of common stock or Blackstone Holdings Partnership Units) which may contain certain service or performance requirements. As of January 1, 2024, Blackstone had the ability to grant 173,443,452 shares under the Equity Plan.
For the three and nine months ended September 30, 2024, Blackstone recorded compensation expense of $264.2 million and $885.9 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $65.0 million and $192.9 million, respectively. For the three and nine months ended September 30, 2023, Blackstone recorded compensation expense of $260.0 million and $797.8 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $49.1 million and $132.2 million, respectively.
As of September 30, 2024, there was $2.3 billion of estimated unrecognized compensation expense related to unvested awards, including compensation with performance conditions where it is probable that the performance condition will be met. This cost is expected to be recognized over a weighted-average period of 3.4 years.
 
47

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
Total vested and unvested outstanding shares, including common stock, Blackstone Holdings Partnership Units and deferred restricted shares of common stock, were 1,221,548,610 as of September 30, 2024. Total outstanding phantom shares were 91,652 as of September 30, 2024.
A summary of the status of Blackstone’s unvested equity-based awards as of September 30, 2024 and of changes during the period January 1, 2024 through September 30, 2024 is presented below:
 
                                                                                                                                   
    
Blackstone Holdings
  
Blackstone Inc.
             
Equity Settled Awards
  
Cash Settled Awards
        
Weighted-
      
Weighted-
      
Weighted-
        
Average
  
Deferred
 
Average
      
Average
    
Partnership
 
Grant Date
  
Restricted Shares
 
Grant Date
  
Phantom
 
Grant Date
Unvested Shares/Units
  
Units
 
Fair Value
  
of Common Stock
 
Fair Value
  
Shares
 
Fair Value
Balance, December 31, 2023
  
 
4,585,893
 
 
 $
38.94
 
  
 
36,456,644
 
 
 $
86.05
 
  
 
85,447
 
 
 $
114.50
 
Granted
  
 
 
 
 
 
  
 
11,401,550
 
 
 
130.79
 
  
 
38,819
 
 
 
121.94
 
Vested
  
 
(3,678,715
 
 
40.02
 
  
 
(11,684,791
 
 
79.22
 
  
 
(26,948
 
 
135.49
 
Forfeited
  
 
(35,431
 
 
46.58
 
  
 
(1,704,058
 
 
97.59
 
  
 
(20,863
 
 
130.85
 
  
 
 
 
    
 
 
 
    
 
 
 
 
Balance, September 30, 2024
  
 
871,747
 
 
 $
34.16
 
  
 
34,469,345
 
 
 $
102.76
 
  
 
76,455
 
 
 $
138.24
 
  
 
 
 
    
 
 
 
    
 
 
 
 
Shares/Units Expected to Vest
The following unvested shares and units, after expected forfeitures, as of September 30, 2024, are expected to vest:
 
           
Weighted-
           
Average
           
Service Period
    
Shares/Units
    
in Years
Blackstone Holdings Partnership Units
  
 
835,081
 
  
0.9
Deferred Restricted Shares of Common Stock
  
 
30,656,880
 
  
3.0
  
 
 
    
 
Total Equity-Based Awards
  
 
  31,491,961
 
  
2.9
  
 
 
    
 
Phantom Shares
  
 
64,184
 
  
2.9
  
 
 
    
 
 
48

Table of Contents
Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
16. Related Party Transactions
Affiliate Receivables and Payables
Due from Affiliates and Due to Affiliates consisted of the following:
 
                                                 
    
September 30,
  
December 31,
    
2024
  
2023
Due from Affiliates
     
Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated Entities and Portfolio Companies
  
 $
3,884,260
 
  
 $
3,638,948
 
Due from Certain Non-Controlling Interest Holders and Blackstone Employees
  
 
1,131,274
 
  
 
720,743
 
Accrual for Potential Clawback of Previously Distributed Performance Allocations
  
 
148,349
 
  
 
106,830
 
  
 
 
 
  
 
 
 
  
 $
5,163,883
 
  
 $
4,466,521
 
  
 
 
 
  
 
 
 
 
                                                 
    
September 30,
  
December 31,
    
2024
  
2023
Due to Affiliates
     
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements
  
 $
1,747,513
 
  
 $
1,681,516
 
Due to Non-Consolidated Entities
  
 
158,196
 
  
 
124,560
 
Due to Certain Non-Controlling Interest Holders and Blackstone Employees
  
 
274,326
 
  
 
305,816
 
Accrual for Potential Repayment of Previously Received Performance Allocations
  
 
440,495
 
  
 
281,518
 
  
 
 
 
  
 
 
 
  
 $
2,620,530
 
  
 $
2,393,410
 
  
 
 
 
  
 
 
 
Interests of the Founder, Senior Managing Directors, Employees and Other Related Parties
The Founder, senior managing directors, employees and certain other related parties invest on a discretionary basis in the consolidated Blackstone Funds both directly and through consolidated entities. These investments generally are subject to preferential management fee and performance allocation or incentive fee arrangements. As of September 30, 2024 and December 31, 2023, such investments aggregated $2.0 billion and $1.7 billion, respectively. Their share of the Net Income Attributable to Redeemable Non-Controlling and
Non-Controlling
Interests in Consolidated Entities aggregated to $40.0 million and $13.4 million for the three months ended September 30, 2024 and 2023, respectively, and $113.1 million and $67.8 million for the nine months ended September 30, 2024 and 2023, respectively.
Contingent Repayment Guarantee
Blackstone and its personnel who have received Performance Allocation distributions have guaranteed payment on a several basis (subject to a cap) to the carry funds of any clawback obligation with respect to the excess Performance Allocation allocated to the general partners of such funds and indirectly received thereby to the extent that either Blackstone or its personnel fails to fulfill its clawback obligation, if any. The Accrual for Potential Repayment of Previously Received Performance Allocations represents amounts previously paid to Blackstone Holdings and non-controlling interest holders that would need to be repaid to the Blackstone Funds if the carry funds were to be liquidated based on the fair value of their underlying investments as of September 30, 2024. See Note 17. “Commitments and Contingencies — Contingencies — Contingent Obligations (Clawback).”
 
49

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
Tax Receivable Agreements
Blackstone used a portion of the proceeds from the IPO and other sales of shares to purchase interests in the predecessor businesses from the predecessor owners. In addition, holders of Blackstone Holdings Partnership Units may exchange their Blackstone Holdings Partnership Units for shares of Blackstone common stock on a one-for-one basis. The purchase and subsequent exchanges are expected to result in increases in the tax basis of the tangible and intangible assets of Blackstone Holdings and therefore reduce the amount of tax that Blackstone would otherwise be required to pay in the future.
Blackstone has entered into tax receivable agreements with each of the predecessor owners and additional tax receivable agreements have been executed, and will continue to be executed, with senior managing directors and others who acquire Blackstone Holdings Partnership Units. The agreements provide for the payment by the corporate taxpayer to such owners of 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax that the corporate taxpayers actually realize as a result of the aforementioned increases in tax basis and of certain other tax benefits related to entering into these tax receivable agreements. For purposes of the tax receivable agreements, cash savings in income tax will be computed by comparing the actual income tax liability of the corporate taxpayers to the amount of such taxes that the corporate taxpayers would have been required to pay had there been no increase to the tax basis of the tangible and intangible assets of Blackstone Holdings as a result of the exchanges and had the corporate taxpayers not entered into the tax receivable agreements.
Assuming no future material changes in the relevant tax law and that the corporate taxpayers earn sufficient taxable income to realize the full tax benefit of the increased amortization of the assets, the expected future payments under the tax receivable agreements (which are taxable to the recipients) will aggregate $1.7 billion over the next 15 years. The after-tax net present value of these estimated payments totals $523.9 million assuming a 15% discount rate and using Blackstone’s most recent projections relating to the estimated timing of the benefit to be received. Future payments under the tax receivable agreements in respect of subsequent exchanges would be in addition to these amounts. The payments under the tax receivable agreements are not conditioned upon continued ownership of Blackstone equity interests by the pre-IPO owners and the others mentioned above.
Amounts related to the deferred tax asset resulting from the increase in tax basis from the exchange of Blackstone Holdings Partnership Units to shares of Blackstone common stock, the resulting remeasurement of net deferred tax assets at the Blackstone ownership percentage at the balance sheet date, the due to affiliates for the future payments resulting from the tax receivable agreements and resulting adjustment to partners’ capital are included as Acquisition of Ownership Interests from Non-Controlling Interest Holders in the Supplemental Disclosure of Non-Cash Investing and Financing Activities in the Condensed Consolidated Statements of Cash Flows.
Other
Blackstone does business with and on behalf of some of its Portfolio Companies; all such arrangements are on a negotiated basis.
Additionally, please see Note 17. “Commitments and Contingencies — Contingencies — Guarantees” for information regarding guarantees provided to a lending institution for certain loans held by employees.
 
50

Table of Contents
Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
17. Commitments and Contingencies
Commitments
Investment Commitments
Blackstone had $5.4 billion of investment commitments as of September 30, 2024 representing general partner capital funding commitments to the Blackstone Funds, limited partner capital funding to other funds and Blackstone principal investment commitments, including loan commitments. The consolidated Blackstone
f
unds had signed investment commitments of $351.3 million as of September 30, 2024, which includes $183.1 million of signed investment commitments for portfolio company acquisitions in the process of closing.
Contingencies
Guarantees
Certain of Blackstone’s consolidated real estate funds guarantee payments to third parties in connection with the ongoing business activities and/or acquisitions of their Portfolio Companies. There is no direct recourse to Blackstone to fulfill such obligations. To the extent that underlying funds are required to fulfill guarantee obligations, Blackstone’s invested capital in such funds is at risk. Total investments at risk in respect of guarantees extended by consolidated real estate funds was $33.0 million as of September 30, 2024.
The Blackstone Holdings Partnerships provided guarantees to a lending institution for certain loans held by employees either for investment in Blackstone Funds or for members’ capital contributions to Blackstone Europe LLP. The amount guaranteed as of September 30, 2024 was $88.2 million.
Strategic Ventures
In December 2022 and January 2023, Blackstone entered into long-term strategic ventures (“UC strategic ventures”) with the Regents of the University of California (“UC Investments”), an institutional investor that subscribed for $4.5 billion of Blackstone Real Estate Income Trust, Inc. (“BREIT”) Class I shares during the three months ended March 31, 2023. The UC strategic ventures provide a waterfall structure with UC Investments receiving an 11.25% target annualized net return on its $4.5 billion investment in BREIT shares and upside from its investment. This target return, while not guaranteed, is supported by a pledge by Blackstone of $1.1 billion of its holdings in BREIT as of the subscription dates, including any appreciation or dividends received by Blackstone in respect thereof. Pursuant to the UC strategic ventures, Blackstone is entitled to receive an incremental 5% cash payment from UC Investments on any returns received in excess of the target return. An asset or liability is recognized based on fair value with the maximum potential future obligation capped at the fair value of the assets pledged by Blackstone in connection with the above arrangements. As of September 30, 2024, the fair value of the assets pledged was $1.1 billion and the total liability recognized was $857.6 million.
Litigation
Blackstone may from time to time be involved in litigation and claims incidental to the conduct of its business. Blackstone’s businesses are also subject to extensive regulation, which may result in regulatory proceedings against Blackstone.
Blackstone accrues a liability for legal proceedings only when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. Although there can be no assurance of the outcome of such legal actions, based on information known by management, Blackstone does not have any unaccrued liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, financial position or cash flows.
 
51

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
In December 2017, eight pension plan members of the Kentucky Retirement System (“KRS”) filed a derivative lawsuit on behalf of KRS in the Franklin County Circuit Court of the Commonwealth of Kentucky (the “Mayberry Action”). Plaintiffs alleged various breaches of fiduciary duty and other violations of Kentucky state law in connection with KRS’s investment in three hedge funds of funds, including a fund managed by Blackstone Alternative Asset Management L.P. (“BLP”). The suit named more than 30 defendants, including, among others, The Blackstone Group L.P. (now Blackstone Inc.); BLP; Stephen A. Schwarzman, as Chairman and CEO of Blackstone; and J. Tomilson Hill, as then-CEO of BLP (collectively, the “Blackstone Defendants”). In July 2020, the Kentucky Supreme Court directed the Circuit Court to dismiss the action due to the plaintiffs’ lack of standing.
Over the objection of the Blackstone Defendants and others, in December 2020, the Circuit Court permitted the Attorney General of the Commonwealth of Kentucky (the “AG”) to intervene in the Mayberry Action. In April 2023, the Kentucky Court of Appeals held that the Circuit Court exceeded its authority in permitting the AG’s intervention in the Mayberry Action, and vacated all orders other than the order dismissing the original derivative complaint in the Mayberry Action.
Around the time the AG moved to intervene, the AG separately filed an additional back-up complaint asserting substantially identical claims against largely the same defendants as the Mayberry Action (the “July 2020 Action”). The AG filed amended complaints in August 2023 and November 2023. Defendants moved to dismiss.
In April 2024, while the motions to dismiss the AG’s second amended complaint were pending, the AG amended its complaint for the third time, adding a breach of contract claim against the Blackstone Defendants. Also in April 2024, as a technicality the AG instituted a technical action asserting substantively the same claims against the same defendants for the stated purpose of satisfying a limitations statute (the “April 2024 Action”). In May 2024, the Court consolidated the July 2020 Action and the April 2024 Action, and denied the Blackstone Defendants’ motion to dismiss the AG’s second amended complaint in the July 2020 Action, along with most other defendants’ motions to dismiss. On June 17, 2024, the defendants moved to dismiss the AG’s third amended complaint in the now-consolidated actions. Briefing on the motions to dismiss is ongoing.
In August 2022, KRS was ordered to disclose, and in September 2022, did disclose, a report prepared in 2021 by a law firm retained by KRS to conduct an investigation into the investment activities underlying the lawsuit. According to the report, the investigators “did not find any violations of fiduciary duty or illegal activity by [BLP]” related to KRS’s due diligence and retention of BLP or KRS’s continued investment with BLP. The report quotes contemporaneous communications by KRS staff during the period of the investment recognizing that BLP was exceeding KRS’s returns benchmark, that BLP was providing KRS with “far fewer negative months than any liquid market comparable,” and that BLP “[h]as killed it.”
In January 2021, certain former plaintiffs in the Mayberry Action filed a separate action (“Taylor I”) against the Blackstone Defendants and other defendants named in the Mayberry Action, asserting allegations substantially similar to those in the Mayberry Action, and in July 2021 they amended their complaint to add class action allegations. Defendants removed Taylor I to the U.S. District Court for the Eastern District of Kentucky, and in March 2022, the District Court stayed Taylor I pending the resolution of the AG’s suit.
In August 2021, a group of KRS members—including those that filed Taylor I—filed a new action in Franklin County Circuit Court (“Taylor II”), against the Blackstone Defendants, other defendants named in the Mayberry Action, and other KRS officials. The filed complaint is substantially similar to that filed in Taylor I and the Mayberry Action. In July 2022, most defendants (including the Blackstone Defendants) moved to dismiss, which the Court denied in May 2024. These defendants subsequently filed appeals in the Court of Appeals, including a cross-appeal filed by the Blackstone Defendants, which is currently pending. In July 2024, the Blackstone Defendants and the other fund manager defendants filed a petition for a writ of prohibition, which is also pending. In July 2024, the Court stayed the action pending resolution of the writ of prohibition.
 
52

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
In April 2021, the AG filed an action (the “Declaratory Judgment Action”) against BLP and the other fund manager defendants from the Mayberry Action in Franklin County Circuit Court. The action sought to have certain provisions in the subscription agreements between KRS and the fund managers declared to be in violation of the Kentucky Constitution. In March 2022, the Circuit Court granted summary judgment to the AG and the Court of Appeals affirmed in December 2023. On August 14, 2024, the Kentucky Supreme Court granted BLP’s motion for discretionary review.
Blackstone continues to believe that the preceding lawsuits against Blackstone are totally without merit and intends to defend them vigorously.
In July 2021, BLP filed a breach of contract action against defendants affiliated with KRS alleging that the Mayberry Action and the Declaratory Judgment Action breach the parties’ subscription agreements governing KRS’s investment with BLP. The action seeks damages, including legal fees and expenses incurred in defending against the above actions. In April 2022, the Circuit Court dismissed BLP’s complaint without prejudice to refiling, on the grounds that the action was not yet ripe for adjudication. The Court of Appeals affirmed that decision in May 2023. In February 2024, the Kentucky Supreme Court granted BLP’s motion for discretionary review. The appeal is fully briefed and pending.
In October 2022, as part of a sweep of private equity and other investment advisory firms, the SEC sent us a request for information relating to the retention of certain types of electronic business communications, including text messages, that may be required to be preserved under certain SEC rules. We are continuing to cooperate with the SEC and are discussing a potential resolution of this inquiry. Our financial results for the nine months ended September 30, 2024 include an accrual for the estimated liability related to this matter.
Contingent Obligations (Clawback)
Performance Allocations are subject to clawback to the extent that the Performance Allocations received to date with respect to a fund exceeds the amount due to Blackstone based on cumulative results of that fund. The actual clawback liability, however, generally does not become realized until the end of a fund’s life except for certain Blackstone funds, which may have an interim clawback liability. The lives of the carry funds, including available contemplated extensions, for which a liability for potential clawback obligations has been recorded for financial reporting purposes, are currently anticipated to expire at various points through 2032. Further extensions of such terms may be implemented under given circumstances.
For financial reporting purposes, when applicable, the general partners record a liability for potential clawback obligations to the limited partners of some of the carry funds due to changes in the unrealized value of a fund’s remaining investments and where the fund’s general partner has previously received Performance Allocation distributions with respect to such fund’s realized investments.
 
53

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
The following table presents the clawback obligations by segment:
 
                                                                                                                                   
    
September 30, 2024
  
December 31, 2023
         
Current and
            
Current and
    
    
Blackstone
  
Former
       
Blackstone
  
Former
    
Segment
  
Holdings
  
Personnel (a)
  
Total (b)
  
Holdings
  
Personnel (a)
  
Total (b)
Real Estate
  
 $
274,378
 
  
 $
131,600
 
  
 $
405,978
 
  
 $
145,435
 
  
 $
90,337
 
  
 $
235,772
 
Private Equity
  
 
22,456
 
  
 
10,957
 
  
 
33,413
 
  
 
29,046
 
  
 
16,231
 
  
 
45,277
 
Credit & Insurance
  
 
478
 
  
 
626
 
  
 
1,104
 
  
 
207
 
  
 
262
 
  
 
469
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 $
297,312
 
  
 $
143,183
 
  
 $
440,495
 
  
 $
174,688
 
  
 $
106,830
 
  
 $
281,518
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(a)
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.
(b)
Total is a component of Due to Affiliates. See Note 16. “Related Party Transactions — Affiliate Receivables and Payables — Due to Affiliates.”
During the nine months ended September 30, 2024, the Blackstone general partners paid an interim cash clawback obligation of $1.0 million related to a Private Equity segment fund, of which $0.6 million was paid by Blackstone Holdings and $0.4 million by current and former Blackstone personnel.
For Private Equity, Real Estate, and certain Credit & Insurance Funds, a portion of the Performance Allocations paid to current and former Blackstone personnel is held in segregated accounts in the event of a cash clawback obligation. These segregated accounts are not included in the Condensed Consolidated Financial Statements of Blackstone, except to the extent a portion of the assets held in the segregated accounts may be allocated to a consolidated Blackstone fund of hedge funds. At September 30, 2024, $1.1 billion was held in segregated accounts for the purpose of meeting any clawback obligations of current and former personnel if such payments are required.
In the Credit & Insurance segment, payment of Performance Allocations to Blackstone by the majority of the stressed/distressed, mezzanine and credit alpha strategies funds are substantially deferred under the terms of the partnership agreements. This deferral mitigates the need to hold funds in segregated accounts in the event of a cash clawback obligation.
If, at September 30, 2024, all of the investments held by Blackstone’s carry funds were deemed worthless, a possibility that management views as remote, the amount of Performance Allocations subject to potential clawback would be $7.1 billion, on an
after-tax
basis where applicable, of which Blackstone Holdings is potentially liable for $6.5 billion if current and former Blackstone personnel default on their share of the liability, a possibility that management also views as remote.
18. Segment Reporting
Blackstone conducts its alternative asset management businesses through four segments:
 
 
 
Real Estate – Blackstone’s Real Estate segment primarily comprises its management of opportunistic real estate funds, Core+ real estate funds, and real estate debt strategies.
 
 
Private Equity – Blackstone’s Private Equity segment includes its management of flagship Corporate Private Equity funds, sector and geographically-focused Corporate Private Equity funds, core private equity funds, an opportunistic investment platform, a secondary funds business and GP Stakes, infrastructure-focused funds, a life sciences investment platform, a growth equity investment platform, an investment platform offering eligible individual investors access to Blackstone’s private equity capabilities, a multi-asset investment program for eligible high net worth investors and a capital markets services business.
 
54

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
 
 
Credit & Insurance – Blackstone’s Credit & Insurance segment consists principally of Blackstone Credit & Insurance, which is organized into three overarching strategies: private corporate credit, liquid corporate credit and infrastructure and asset based credit. In addition, the segment includes an insurer-focused platform.
 
 
Multi-Asset Investing – Multi-Asset Investing is organized into two primary platforms: Absolute Return and Multi-Strategy. In addition, the segment also includes a publicly traded energy infrastructure, renewables and master limited partnership investment platform.
These business segments are differentiated by their various investment strategies. Each of the segments primarily earns its income from management fees and investment returns on assets under management.
Segment Distributable Earnings is Blackstone’s segment profitability measure used to make operating decisions and assess performance across Blackstone’s four segments.
Segment Distributable Earnings represents the net realized earnings of Blackstone’s segments and is the sum of Fee Related Earnings and Net Realizations for each segment. Blackstone’s segments are presented on a basis that deconsolidates Blackstone Funds, eliminates non-controlling ownership interests in Blackstone’s consolidated operating partnerships, removes the amortization of intangible assets and removes Transaction-Related and Non-Recurring Items. 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 segment reporting purposes, Segment Distributable Earnings is presented along with its major components, Fee Related Earnings and Net Realizations. Fee Related Earnings is used to assess Blackstone’s ability to generate profits from revenues that are measured and received on a recurring basis and not subject to future realization events. Net Realizations is the sum of Realized Principal Investment Income and Realized Performance Revenues less Realized Performance Compensation. Performance Allocations and Incentive Fees are presented together and referred to collectively as Performance Revenues or Performance Compensation.
Effective for the three months ended June 30, 2024, GP Stakes is included in Blackstone’s Private Equity segment and Harvest is included in Blackstone’s Multi-Asset Investing segment. Previously, GP Stakes and Harvest were included in Blackstone’s Multi-Asset Investing and Credit & Insurance segments, respectively. All prior periods have been recast to reflect this reclassification.
 
55

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
Segment Presentation
The following tables present the financial data for Blackstone’s four segments for the three months ended September 30, 2024 and 2023:
 
                                                                                              
    
Three Months Ended September 30, 2024
    
Real
 
Private
 
Credit &
 
Multi-Asset
 
Total
    
Estate
 
Equity
 
Insurance
 
Investing
 
Segments
Management and Advisory Fees, Net
          
Base Management Fees
  
 $
672,260
 
 
 $
511,355
 
 
 $
407,947
 
 
 $
119,379
 
 
 $
1,710,941
 
Transaction, Advisory and Other Fees, Net
  
 
24,810
 
 
 
45,592
 
 
 
11,164
 
 
 
940
 
 
 
82,506
 
Management Fee Offsets
  
 
(1,524
 
 
(4,127
 
 
(1,062
 
 
 
 
 
(6,713
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Management and Advisory Fees, Net
  
 
695,546
 
 
 
552,820
 
 
 
418,049
 
 
 
120,319
 
 
 
1,786,734
 
Fee Related Performance Revenues
  
 
72,428
 
 
 
5,868
 
 
 
185,805
 
 
 
 
 
 
264,101
 
Fee Related Compensation
  
 
(166,567
 
 
(169,059
 
 
(181,586
 
 
(37,643
 
 
(554,855
Other Operating Expenses
  
 
(100,739
 
 
(96,660
 
 
(97,756
 
 
(25,668
 
 
(320,823
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee Related Earnings
  
 
500,668
 
 
 
292,969
 
 
 
324,512
 
 
 
57,008
 
 
 
1,175,157
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized Performance Revenues
  
 
78,022
 
 
 
216,643
 
 
 
42,926
 
 
 
5,078
 
 
 
342,669
 
Realized Performance Compensation
  
 
(44,761
 
 
(94,800
 
 
(16,489
 
 
(1,520
 
 
(157,570
Realized Principal Investment Income
  
 
6,421
 
 
 
9,028
 
 
 
24,239
 
 
 
715
 
 
 
40,403
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Net Realizations
  
 
39,682
 
 
 
130,871
 
 
 
50,676
 
 
 
4,273
 
 
 
225,502
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Segment Distributable Earnings
  
 $
540,350
 
 
 $
423,840
 
 
 $
375,188
 
 
 $
61,281
 
 
 $
1,400,659
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
56

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
                                                                                              
    
Three Months Ended September 30, 2023
    
Real
 
Private
 
Credit &
 
Multi-Asset
 
Total
    
Estate
 
Equity
 
Insurance
 
Investing
 
Segments
Management and Advisory Fees, Net
          
Base Management Fees
  
 $
697,561
 
 
 $
481,224
 
 
 $
324,148
 
 
 $
116,810
 
 
 $
1,619,743
 
Transaction, Advisory and Other Fees, Net
  
 
10,686
 
 
 
22,604
 
 
 
10,357
 
 
 
964
 
 
 
44,611
 
Management Fee Offsets
  
 
(7,616
 
 
(2,000
 
 
(898
 
 
 
 
 
(10,514
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Management and Advisory Fees, Net
  
 
700,631
 
 
 
501,828
 
 
 
333,607
 
 
 
117,774
 
 
 
1,653,840
 
Fee Related Performance Revenues
  
 
127,841
 
 
 
 
 
 
146,710
 
 
 
 
 
 
274,551
 
Fee Related Compensation
  
 
(199,384
 
 
(152,491
 
 
(145,011
 
 
(43,037
 
 
(539,923
Other Operating Expenses
  
 
(83,074
 
 
(81,738
 
 
(75,227
 
 
(24,406
 
 
(264,445
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee Related Earnings
  
 
546,014
 
 
 
267,599
 
 
 
260,079
 
 
 
50,331
 
 
 
1,124,023
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized Performance Revenues
  
 
17,419
 
 
 
299,271
 
 
 
14,349
 
 
 
6,901
 
 
 
337,940
 
Realized Performance Compensation
  
 
(7,813
 
 
(114,211
 
 
(5,453
 
 
(6,518
 
 
(133,995
Realized Principal Investment Income
  
 
1,565
 
 
 
22,682
 
 
 
29,181
 
 
 
2,072
 
 
 
55,500
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Net Realizations
  
 
11,171
 
 
 
207,742
 
 
 
38,077
 
 
 
2,455
 
 
 
259,445
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Segment Distributable Earnings
  
 $
557,185
 
 
 $
475,341
 
 
 $
298,156
 
 
 $
52,786
 
 
 $
1,383,468
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
57

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
The following tables present the financial data for Blackstone’s four segments as of September 30, 2024 and for the nine months ended September 30, 2024 and 2023:
 
                                                                                              
    
September 30, 2024 and the Nine Months Then Ended
    
Real
 
Private
 
Credit &
 
Multi-Asset
 
Total
    
Estate
 
Equity
 
Insurance
 
Investing
 
Segments
Management and Advisory Fees, Net
          
Base Management Fees
  
 $
2,052,223
 
 
 $
1,454,183
 
 
 $
1,149,811
 
 
 $
351,020
 
 
 $
5,007,237
 
Transaction, Advisory and Other Fees, Net
  
 
129,140
 
 
 
118,721
 
 
 
31,200
 
 
 
2,919
 
 
 
281,980
 
Management Fee Offsets
  
 
(7,921
 
 
(4,026
 
 
(2,947
 
 
(80
 
 
(14,974
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Management and Advisory Fees, Net
  
 
2,173,442
 
 
 
1,568,878
 
 
 
1,178,064
 
 
 
353,859
 
 
 
5,274,243
 
Fee Related Performance Revenues
  
 
202,992
 
 
 
14,571
 
 
 
519,106
 
 
 
 
 
 
736,669
 
Fee Related Compensation
  
 
(525,540
 
 
(489,686
 
 
(532,658
 
 
(113,961
 
 
(1,661,845
Other Operating Expenses
  
 
(282,879
 
 
(274,131
 
 
(270,680
 
 
(75,233
 
 
(902,923
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee Related Earnings
  
 
1,568,015
 
 
 
819,632
 
 
 
893,832
 
 
 
164,665
 
 
 
3,446,144
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized Performance Revenues
  
 
181,461
 
 
 
1,048,314
 
 
 
149,293
 
 
 
42,883
 
 
 
1,421,951
 
Realized Performance Compensation
  
 
(91,919
 
 
(495,042
 
 
(59,548
 
 
(15,142
 
 
(661,651
Realized Principal Investment Income (Loss)
  
 
15,667
 
 
 
37,182
 
 
 
31,311
 
 
 
(17,247
 
 
66,913
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Net Realizations
  
 
105,209
 
 
 
590,454
 
 
 
121,056
 
 
 
10,494
 
 
 
827,213
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Segment Distributable Earnings
  
 $
1,673,224
 
 
 $
1,410,086
 
 
 $
1,014,888
 
 
 $
175,159
 
 
 $
4,273,357
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Segment Assets
  
 $
13,197,587
 
 
 $
16,283,251
 
 
 $
8,120,026
 
 
 $
1,762,563
 
 
 $
39,363,427
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
58

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
                                                                                              
    
Nine Months Ended September 30, 2023
    
Real
 
Private
 
Credit &
 
Multi-Asset
 
Total
    
Estate
 
Equity
 
Insurance
 
Investing
 
Segments
Management and Advisory Fees, Net
          
Base Management Fees
  
 $
2,112,925
 
 
 $
1,423,470
 
 
 $
967,467
 
 
 $
356,037
 
 
 $
4,859,899
 
Transaction, Advisory and Other Fees, Net
  
 
58,313
 
 
 
87,923
 
 
 
33,800
 
 
 
3,020
 
 
 
183,056
 
Management Fee Offsets
  
 
(26,380
 
 
(4,104
 
 
(3,055
 
 
(3
 
 
(33,542
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Management and Advisory Fees, Net
  
 
2,144,858
 
 
 
1,507,289
 
 
 
998,212
 
 
 
359,054
 
 
 
5,009,413
 
Fee Related Performance Revenues
  
 
279,888
 
 
 
 
 
 
409,645
 
 
 
 
 
 
689,533
 
Fee Related Compensation
  
 
(536,000
 
 
(482,596
 
 
(471,245
 
 
(127,861
 
 
(1,617,702
Other Operating Expenses
  
 
(229,204
 
 
(238,912
 
 
(229,235
 
 
(76,108
 
 
(773,459
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee Related Earnings
  
 
1,659,542
 
 
 
785,781
 
 
 
707,377
 
 
 
155,085
 
 
 
3,307,785
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized Performance Revenues
  
 
148,236
 
 
 
1,021,164
 
 
 
181,874
 
 
 
16,615
 
 
 
1,367,889
 
Realized Performance Compensation
  
 
(80,571
 
 
(437,970
 
 
(79,516
 
 
(10,332
 
 
(608,389
Realized Principal Investment Income
  
 
3,719
 
 
 
68,558
 
 
 
15,753
 
 
 
3,700
 
 
 
91,730
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Net Realizations
  
 
71,384
 
 
 
651,752
 
 
 
118,111
 
 
 
9,983
 
 
 
851,230
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Segment Distributable Earnings
  
 $
1,730,926
 
 
 $
1,437,533
 
 
 $
825,488
 
 
 $
165,068
 
 
 $
4,159,015
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reconciliations of Total Segment Amounts
The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the three and nine months ended September 30, 2024 and 2023 along with Total Assets as of September 30, 2024:
 
                                                                           
    
Three Months Ended
 
Nine Months Ended
    
September 30,
 
September 30,
    
2024
 
2023
 
2024
 
2023
Revenues
        
Total GAAP Revenues
  
 $
3,663,194
 
 
 $
2,541,285
 
 
 $
10,147,403
 
 
 $
6,737,821
 
Less: Unrealized Performance Revenues (a)
  
 
(1,154,905
 
 
63,209
 
 
 
(1,723,080
 
 
708,146
 
Less: Unrealized Principal Investment (Income) Loss (b)
  
 
90,254
 
 
 
(84,780
 
 
(314,597
 
 
233,638
 
Less: Interest and Dividend Revenue (c)
  
 
(109,595
 
 
(113,904
 
 
(312,433
 
 
(362,245
Less: Other Revenue (d)
  
 
96,329
 
 
 
(63,748
 
 
32,041
 
 
 
(17,850
Impact of Consolidation (e)
  
 
(151,369
 
 
(20,389
 
 
(329,402
 
 
(139,784
Transaction-Related and Non-Recurring Items (f)
  
 
(415
 
 
(420
 
 
(1,241
 
 
(3,093
Intersegment Eliminations
  
 
414
 
 
 
578
 
 
 
1,085
 
 
 
1,932
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Segment Revenue (g)
  
 $
2,433,907
 
 
 $
2,321,831
 
 
 $
7,499,776
 
 
 $
7,158,565
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
59

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
                                                                           
    
Three Months Ended
 
Nine Months Ended
    
September 30,
 
September 30,
    
2024
 
2023
 
2024
 
2023
Expenses
        
Total GAAP Expenses
  
 $
1,896,096
 
 
 $
1,374,905
 
 
 $
5,319,209
 
 
 $
4,039,560
 
Less: Unrealized Performance Allocations Compensation (h)
  
 
(465,099
 
 
(11,866
 
 
(747,679
 
 
247,228
 
Less: Equity-Based Compensation (i)
  
 
(262,798
 
 
(255,616
 
 
(875,973
 
 
(773,505
Less: Interest Expense (j)
  
 
(111,326
 
 
(110,014
 
 
(327,390
 
 
(321,353
Impact of Consolidation (e)
  
 
(13,466
 
 
(43,172
 
 
(54,667
 
 
(140,725
Amortization of Intangibles (k)
  
 
(7,333
 
 
(7,357
 
 
(21,999
 
 
(26,110
Transaction-Related and Non-Recurring Items (f)
  
 
(21
 
 
(6,670
 
 
(58,006
 
 
(20,192
Administrative Fee Adjustment (l)
  
 
(3,219
 
 
(2,425
 
 
(8,161
 
 
(7,285
Intersegment Eliminations
  
 
414
 
 
 
578
 
 
 
1,085
 
 
 
1,932
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Segment Expenses (m)
  
 $
1,033,248
 
 
 $
938,363
 
 
 $
3,226,419
 
 
 $
2,999,550
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                                           
    
Three Months Ended
 
Nine Months Ended
    
September 30,
 
September 30,
    
2024
 
2023
 
2024
 
2023
Other Income
        
Total GAAP Other Income (Loss)
  
 $
42,842
 
 
 $
(49,078
 
 $
70,009
 
 
 $
104,373
 
Impact of Consolidation (e)
  
 
(42,842
 
 
49,078
 
 
 
(70,009
 
 
(104,373
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Segment Other Income
  
 $
 
 
 $
 
 
 $
 
 
 $
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
60

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
                                                                           
    
Three Months Ended
 
Nine Months Ended
    
September 30,
 
September 30,
    
2024
 
2023
 
2024
 
2023
Income Before Provision for Taxes
        
Total GAAP Income Before Provision for Taxes
  
 $
1,809,940
 
 
 $
1,117,302
 
 
 $
4,898,203
 
 
 $
2,802,634
 
Less: Unrealized Performance Revenues (a)
  
 
(1,154,905
 
 
63,209
 
 
 
(1,723,080
 
 
708,146
 
Less: Unrealized Principal Investment (Income) Loss (b)
  
 
90,254
 
 
 
(84,780
 
 
(314,597
 
 
233,638
 
Less: Interest and Dividend Revenue (c)
  
 
(109,595
 
 
(113,904
 
 
(312,433
 
 
(362,245
Less: Other Revenue (d)
  
 
96,329
 
 
 
(63,748
 
 
32,041
 
 
 
(17,850
Plus: Unrealized Performance Allocations Compensation (h)
  
 
465,099
 
 
 
11,866
 
 
 
747,679
 
 
 
(247,228
Plus: Equity-Based Compensation (i)
  
 
262,798
 
 
 
255,616
 
 
 
875,973
 
 
 
773,505
 
Plus: Interest Expense (j)
  
 
111,326
 
 
 
110,014
 
 
 
327,390
 
 
 
321,353
 
Impact of Consolidation (e)
  
 
(180,745
 
 
71,861
 
 
 
(344,744
 
 
(103,432
Amortization of Intangibles (k)
  
 
7,333
 
 
 
7,357
 
 
 
21,999
 
 
 
26,110
 
Transaction-Related and Non-Recurring Items (f)
  
 
(394
 
 
6,250
 
 
 
56,765
 
 
 
17,099
 
Administrative Fee Adjustment (l)
  
 
3,219
 
 
 
2,425
 
 
 
8,161
 
 
 
7,285
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Segment Distributable Earnings
  
 $
1,400,659
 
 
 $
1,383,468
 
 
 $
4,273,357
 
 
 $
4,159,015
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                  
    
As of
    
September 30,
    
2024
Total Assets
  
Total GAAP Assets
  
 $
42,575,442
 
Impact of Consolidation (e)
  
 
(3,212,015
  
 
 
 
Total Segment Assets
  
 $
39,363,427
 
  
 
 
 
 
Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles and Transaction-Related and Non-Recurring Items.
(a)
This adjustment removes Unrealized Performance Revenues on a segment basis.
(b)
This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis.
(c)
This adjustment removes Interest and Dividend Revenue on a segment basis.
(d)
This adjustment removes Other Revenue on a segment basis. For the three months ended September 30, 2024 and 2023, Other Revenue on a GAAP basis was $(96.3) million and $63.8 million, and included $(96.7) million and $63.2 million of foreign exchange gains (losses), respectively. For the nine months ended September 30, 2024 and 2023, Other Revenue on a GAAP basis was $(31.9) million and $18.0 million, and included $(32.6) million and $16.4 million of foreign exchange gains (losses), respectively.
(e)
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.
 
61

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
(f)
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 or 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 nine months ended September 30, 2024, this adjustment includes removal of an accrual for an estimated liability for a legal matter.
(g)
Total Segment Revenues is comprised of the following:
 
                                                                           
    
Three Months Ended
  
Nine Months Ended
    
September 30,
  
September 30,
    
2024
  
2023
  
2024
  
2023
Total Segment Management and Advisory Fees, Net
  
 $
1,786,734
 
  
 $
1,653,840
 
  
 $
5,274,243
 
  
 $
5,009,413
 
Total Segment Fee Related Performance Revenues
  
 
264,101
 
  
 
274,551
 
  
 
736,669
 
  
 
689,533
 
Total Segment Realized Performance Revenues
  
 
342,669
 
  
 
337,940
 
  
 
1,421,951
 
  
 
1,367,889
 
Total Segment Realized Principal Investment Income
  
 
40,403
 
  
 
55,500
 
  
 
66,913
 
  
 
91,730
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Segment Revenues
  
 $
2,433,907
 
  
 $
2,321,831
 
  
 $
7,499,776
 
  
 $
7,158,565
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(h)
This adjustment removes Unrealized Performance Allocations Compensation.
(i)
This adjustment removes Equity-Based Compensation on a segment basis.
(j)
This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the tax receivable agreement.
(k)
This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation.
(l)
This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.
 
62

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
(m)
Total Segment Expenses is comprised of the following:
 
                                                                                                   
    
Three Months Ended
 
Nine Months Ended
    
September 30,
 
September 30,
    
2024
 
2023
 
2024
 
2023
Total Segment Fee Related Compensation
  
 $
554,855
 
 
 $
539,923
 
 
 $
1,661,845
 
 
 $
1,617,702
 
Total Segment Realized Performance Compensation
  
 
157,570
  
 
 
133,995
  
 
 
661,651
  
 
 
608,389
  
Total Segment Other Operating Expenses
  
 
320,823
 
 
 
264,445
 
 
 
902,923
 
 
 
773,459
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Segment Expenses
  
 $
1,033,248
 
 
 $
938,363
 
 
 $
3,226,419
 
 
 $
2,999,550
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reconciliations of Total Segment Components
The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported on the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023:
 
                                                                                                   
    
Three Months Ended
 
Nine Months Ended
    
September 30,
 
September 30,
    
2024
 
2023
 
2024
 
2023
Management and Advisory Fees, Net
        
GAAP
  
 $
1,794,894
 
 
 $
1,655,443
 
 
 $
5,309,355
 
 
 $
5,023,128
 
Segment Adjustment (a)
  
 
(8,160
 
 
(1,603
 
 
(35,112
 
 
(13,715
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Segment
  
 $
1,786,734
 
 
 $
1,653,840
 
 
 $
5,274,243
 
 
 $
5,009,413
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                                                                   
    
Three Months Ended
 
Nine Months Ended
    
September 30,
 
September 30,
    
2024
 
2023
 
2024
 
2023
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues
        
GAAP
        
Incentive Fees
  
 $
191,794
 
 
 $
158,801
 
 
 $
559,434
 
 
 $
454,754
 
Investment Income - Realized Performance Allocations
  
 
414,755
 
 
 
453,690
 
 
 
1,598,913
 
 
 
1,602,668
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GAAP
  
 
606,549
 
 
 
612,491
 
 
 
2,158,347
 
 
 
2,057,422
 
Total Segment
        
Less: Realized Performance Revenues
  
 
(342,669
 
 
(337,940
 
 
(1,421,951
 
 
(1,367,889
Segment Adjustment (b)
  
 
221
 
 
 
 
 
 
273
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Segment
  
 $
264,101
 
 
 $
274,551
 
 
 $
736,669
 
 
 $
689,533
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
63

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
                                                                                                   
    
Three Months Ended
 
Nine Months Ended
    
September 30,
 
September 30,
    
2024
 
2023
 
2024
 
2023
GAAP Compensation to Total Segment Fee Related Compensation
        
GAAP
        
Compensation
  
 $
732,041
 
 
 $
700,268
 
 
 $
2,293,491
 
 
 $
2,153,570
 
Incentive Fee Compensation
  
 
73,464
 
 
 
65,432
 
 
 
224,310
 
 
 
192,940
 
Realized Performance Allocations Compensation
  
 
169,740
 
 
 
168,620
 
 
 
689,370
 
 
 
670,610
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GAAP
  
 
975,245
 
 
 
934,320
 
 
 
3,207,171
 
 
 
3,017,120
 
Total Segment
        
Less: Realized Performance Compensation
  
 
(157,570
 
 
(133,995
 
 
(661,651
 
 
(608,389
Less: Equity-Based Compensation - Fee Related Compensation
  
 
(259,265
 
 
(252,928
 
 
(864,205
 
 
(764,527
Less: Equity-Based Compensation - Performance Compensation
  
 
(3,533
 
 
(2,688
 
 
(11,768
 
 
(8,978
Segment Adjustment (c)
  
 
(22
 
 
(4,786
 
 
(7,702
 
 
(17,524
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Segment
  
 $
554,855
 
 
 $
539,923
 
 
 $
1,661,845
 
 
 $
1,617,702
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                                                                   
    
Three Months Ended
 
Nine Months Ended
    
September 30,
 
September 30,
    
2024
 
2023
 
2024
 
2023
GAAP General, Administrative and Other to Total Segment Other Operating Expenses
        
GAAP
  
 $
340,945
 
 
 $
279,186
 
 
 $
1,022,823
 
 
 $
827,614
 
Segment Adjustment (d)
  
 
(20,122
 
 
(14,741
 
 
(119,900
 
 
(54,155
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Segment
  
 $
320,823
 
 
 $
264,445
 
 
 $
902,923
 
 
 $
773,459
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                                                                   
    
Three Months Ended
 
Nine Months Ended
    
September 30,
 
September 30,
    
2024
 
2023
 
2024
 
2023
Realized Performance Revenues
        
GAAP
        
Incentive Fees
  
 $
191,794
 
 
 $
158,801
 
 
 $
559,434
 
 
 $
454,754
 
Investment Income - Realized Performance Allocations
  
 
414,755
 
 
 
453,690
 
 
 
1,598,913
 
 
 
1,602,668
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GAAP
  
 
606,549
 
 
 
612,491
 
 
 
2,158,347
 
 
 
2,057,422
 
Total Segment
        
Less: Fee Related Performance Revenues
  
 
(264,101
 
 
(274,551
 
 
(736,669
 
 
(689,533
Segment Adjustment (b)
  
 
221
 
 
 
 
 
 
273
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Segment
  
 $
342,669
 
 
 $
337,940
 
 
 $
1,421,951
 
 
 $
1,367,889
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
64

Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
                                                                                                   
    
Three Months Ended
 
Nine Months Ended
    
September 30,
 
September 30,
    
2024
 
2023
 
2024
 
2023
Realized Performance Compensation
        
GAAP
        
Incentive Fee Compensation
  
 $
73,464
 
 
 $
65,432
 
 
 $
224,310
 
 
 $
192,940
 
Realized Performance Allocation Compensation
  
 
169,740
 
 
 
168,620
 
 
 
689,370
 
 
 
670,610
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GAAP
  
 
243,204
 
 
 
234,052
 
 
 
913,680
 
 
 
863,550
 
Total Segment
        
Less: Fee Related Performance Compensation (e)
  
 
(82,101
 
 
(97,369
 
 
(240,261
 
 
(246,183
Less: Equity-Based Compensation - Performance Compensation
  
 
(3,533
 
 
(2,688
 
 
(11,768
 
 
(8,978
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Segment
  
 $
157,570
 
 
 $
133,995
 
 
 $
661,651
 
 
 $
608,389
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                                                                   
    
Three Months Ended
 
Nine Months Ended
    
September 30,
 
September 30,
    
2024
 
2023
 
2024
 
2023
Realized Principal Investment Income
        
GAAP
  
 $
95,235
 
 
 $
94,313
 
 
 $
247,877
 
 
 $
257,206
 
Segment Adjustment (f)
  
 
(54,832
 
 
(38,813
 
 
(180,964
 
 
(165,476
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Segment
  
 $
40,403
 
 
 $
55,500
 
 
 $
66,913
 
 
 $
91,730
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles, the expense of equity-based awards and Transaction-Related and Non-Recurring Items.
(a)
Represents (1) the add back of net management fees earned from consolidated Blackstone
f
unds which have been eliminated in consolidation, and (2) the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures.
(b)
Represents the add back of Performance Revenues earned from consolidated Blackstone
f
unds which have been eliminated in consolidation.
(c)
Represents the removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures.
(d)
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 nine months ended September 30, 2024, this adjustment includes removal of an accrual for an estimated liability for a legal matter.
(e)
Fee related performance compensation may include equity-based compensation based on fee related performance revenues.
(f)
Represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone
f
unds 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.
 
65

Table of Contents
Blackstone Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) - Continued
(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)
 
 
19. Subsequent Events
There have been no events since September 30, 2024 that require recognition or disclosure in the Condensed Consolidated Financial Statements.
 
66

Table of Contents
Item 1A. Unaudited Supplemental Presentation of Statements of Financial Condition
Blackstone Inc.
Unaudited Consolidating Statements of Financial Condition
(Dollars in Thousands)
 
 
                                                                                                   
    
September 30, 2024
    
Consolidated
 
Consolidated
    
    
Operating
 
Blackstone
  
Reclasses and
   
    
Partnerships
 
Funds (a)
  
Eliminations
 
Consolidated
                   
Assets
         
Cash and Cash Equivalents
  
 $
2,353,332
 
 
 $
 
  
 $
 
 
 $
2,353,332
 
Cash Held by Blackstone Funds and Other
  
 
 
 
 
180,545
 
  
 
 
 
 
180,545
 
Investments
  
 
25,291,635
 
 
 
3,873,027
 
  
 
(841,947
 
 
28,322,715
 
Accounts Receivable
  
 
260,178
 
 
 
39,826
 
  
 
 
 
 
300,004
 
Due from Affiliates
  
 
5,206,853
 
 
 
11,216
 
  
 
(54,186
 
 
5,163,883
 
Intangible Assets, Net
  
 
174,265
 
 
 
 
  
 
 
 
 
174,265
 
Goodwill
  
 
1,890,202
 
 
 
 
  
 
 
 
 
1,890,202
 
Other Assets
  
 
930,456
 
 
 
3,534
 
  
 
 
 
 
933,990
 
Right-of-Use Assets
  
 
978,699
 
 
 
 
  
 
 
 
 
978,699
 
Deferred Tax Assets
  
 
2,277,807
 
 
 
 
  
 
 
 
 
2,277,807
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
Total Assets
  
 $
39,363,427
 
 
 $
4,108,148
 
  
 $
(896,133
 
 $
42,575,442
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
Liabilities and Equity
         
Loans Payable
  
 $
10,644,531
 
 
 $
107,715
 
  
 $
 
 
 $
10,752,246
 
Due to Affiliates
  
 
2,457,515
 
 
 
219,391
 
  
 
(56,376
 
 
2,620,530
 
Accrued Compensation and Benefits
  
 
6,398,365
 
 
 
 
  
 
 
 
 
6,398,365
 
Operating Lease Liabilities
  
 
1,136,671
 
 
 
 
  
 
 
 
 
1,136,671
 
Accounts Payable, Accrued Expenses and Other Liabilities
  
 
2,128,986
 
 
 
73,703
 
  
 
 
 
 
2,202,689
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
Total Liabilities
  
 
22,766,068
 
 
 
400,809
 
  
 
(56,376
 
 
23,110,501
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
Redeemable Non-Controlling Interests in Consolidated Entities
  
 
3
 
 
 
892,843
 
  
 
 
 
 
892,846
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
Equity
         
Common Stock
  
 
7
 
 
 
 
  
 
 
 
 
7
 
Series I Preferred Stock
  
 
 
 
 
 
  
 
 
 
 
 
Series II Preferred Stock
  
 
 
 
 
 
  
 
 
 
 
 
Additional Paid-in-Capital
  
 
6,257,788
 
 
 
832,392
 
  
 
(832,392
 
 
6,257,788
 
Retained Earnings
  
 
760,471
 
 
 
7,365
 
  
 
(7,365
 
 
760,471
 
Accumulated Other Comprehensive Income (Loss)
  
 
(36,869
 
 
26,260
 
  
 
 
 
 
(10,609
Non-Controlling Interests in Consolidated Entities
  
 
4,067,488
 
 
 
1,948,479
 
  
 
 
 
 
6,015,967
 
Non-Controlling Interests in Blackstone Holdings
  
 
5,548,471
 
 
 
 
  
 
 
 
 
5,548,471
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
Total Equity
  
 
16,597,356
 
 
 
2,814,496
 
  
 
(839,757
 
 
18,572,095
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
Total Liabilities and Equity
  
 $
39,363,427
 
 
 $
4,108,148
 
  
 $
(896,133
 
 $
42,575,442
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
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Blackstone Inc.
Unaudited Consolidating Statements of Financial Condition - Continued
(Dollars in Thousands)
 
 
 
                                                                                                   
    
December 31, 2023
    
Consolidated
 
Consolidated
    
    
Operating
 
Blackstone
  
Reclasses and
   
    
Partnerships
 
Funds (a)
  
Eliminations
 
Consolidated
                   
Assets
         
Cash and Cash Equivalents
  
 $
2,955,866
 
 
 $
 
  
 $
 
 
 $
2,955,866
 
Cash Held by Blackstone Funds and Other
  
 
 
 
 
316,197
 
  
 
 
 
 
316,197
 
Investments
  
 
22,595,236
 
 
 
4,319,483
 
  
 
(768,097
 
 
26,146,622
 
Accounts Receivable
  
 
186,370
 
 
 
6,995
 
  
 
 
 
 
193,365
 
Due from Affiliates
  
 
4,498,250
 
 
 
13,901
 
  
 
(45,630
 
 
4,466,521
 
Intangible Assets, Net
  
 
201,208
 
 
 
 
  
 
 
 
 
201,208
 
Goodwill
  
 
1,890,202
 
 
 
 
  
 
 
 
 
1,890,202
 
Other Assets
  
 
944,078
 
 
 
770
 
  
 
 
 
 
944,848
 
Right-of-Use Assets
  
 
841,307
 
 
 
 
  
 
 
 
 
841,307
 
Deferred Tax Assets
  
 
2,331,394
 
 
 
 
  
 
 
 
 
2,331,394
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
Total Assets
  
 $
36,443,911
 
 
 $
4,657,346
 
  
 $
(813,727
 
 $
40,287,530
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
Liabilities and Equity
         
Loans Payable
  
 $
10,616,937
 
 
 $
687,122
 
  
 $
 
 
 $
11,304,059
 
Due to Affiliates
  
 
2,273,008
 
 
 
220,758
 
  
 
(100,356
 
 
2,393,410
 
Accrued Compensation and Benefits
  
 
5,247,766
 
 
 
 
  
 
 
 
 
5,247,766
 
Operating Lease Liabilities
  
 
989,823
 
 
 
 
  
 
 
 
 
989,823
 
Accounts Payable, Accrued Expenses and Other Liabilities
  
 
1,886,086
 
 
 
391,172
 
  
 
 
 
 
2,277,258
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
Total Liabilities
  
 
21,013,620
 
 
 
1,299,052
 
  
 
(100,356
 
 
22,212,316
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
Redeemable Non-Controlling Interests in Consolidated Entities
  
 
9
 
 
 
1,179,064
 
  
 
 
 
 
1,179,073
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
Equity
         
Common Stock
  
 
7
 
 
 
 
  
 
 
 
 
7
 
Series I Preferred Stock
  
 
 
 
 
 
  
 
 
 
 
 
Series II Preferred Stock
  
 
 
 
 
 
  
 
 
 
 
 
Additional Paid-in-Capital
  
 
6,175,190
 
 
 
701,792
 
  
 
(701,792
 
 
6,175,190
 
Retained Earnings
  
 
660,734
 
 
 
11,579
 
  
 
(11,579
 
 
660,734
 
Accumulated Other Comprehensive Income (Loss)
  
 
(36,175
 
 
17,042
 
  
 
 
 
 
(19,133
Non-Controlling Interests in Consolidated Entities
  
 
3,728,438
 
 
 
1,448,817
 
  
 
 
 
 
5,177,255
 
Non-Controlling Interests in Blackstone Holdings
  
 
4,902,088
 
 
 
 
  
 
 
 
 
4,902,088
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
Total Equity
  
 
15,430,282
 
 
 
2,179,230
 
  
 
(713,371
 
 
16,896,141
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
Total Liabilities and Equity
  
 $
36,443,911
 
 
 $
4,657,346
 
  
 $
(813,727
 
 $
40,287,530
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
(a)
The Consolidated Blackstone Funds consisted of the following:
Blackstone Annex Onshore Fund L.P.
Blackstone Horizon Fund L.P.
 
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BTD CP Holdings LP
Blackstone Dislocation Fund L.P.
Blackstone European Property Income Fund (Master) FCP*
Blackstone European Property Income Fund SICAV*
BEPIF (Aggregator) SCSp
BX Shipston SCSp
Blackstone Infrastructure Partners Europe F (CYM) L.P.*
Blackstone Infrastructure Partners Europe Lower Fund 1 (LUX) SCSp*
Blackstone Private Equity Strategies Fund L.P.**
Blackstone Private Equity Strategies Fund SICAV**
Blackstone Private Equity Strategies Fund (Master) FCP**
Clover Credit Partners CLO III, Ltd.
Bayswater Park CLO, Ltd.**
Peebles Park CLO, Ltd.**
Private equity side-by-side investment vehicles
Real estate side-by-side investment vehicles
* Consolidated as of September 30, 2024 only
** Consolidated as of December 31, 2023 only
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis should be read in conjunction with Blackstone Inc.’s condensed consolidated financial statements and the related notes included within this Quarterly Report on
Form 10-Q.
In this report, references to “Blackstone,” the “Company,” “we,” “us” or “our” refer to Blackstone Inc. and its consolidated subsidiaries.
Our Business
Blackstone is the world’s largest alternative asset manager. We generate revenue from fees earned pursuant to contractual arrangements with funds, fund investors and fund portfolio companies (including management, transaction and monitoring fees), and from capital markets services. We also invest in the funds we manage and we are entitled to a pro-rata share of the income of the fund (a “pro-rata allocation”). In addition to a pro-rata allocation, and assuming certain investment returns are achieved, we are entitled to a disproportionate allocation of the income otherwise allocable to the limited partners, commonly referred to as carried interest (“Performance Allocations”). In certain structures, we receive a contractual incentive fee from an investment fund based on achieving certain investment returns (an “Incentive Fee,” and together with Performance Allocations, “Performance Revenues”). The composition of our revenues will vary based on market conditions and the cyclicality of the different businesses in which we operate. Net investment gains and investment income generated by the Blackstone Funds are driven by the performance of the underlying investments as well as overall market conditions. Fair values are affected by changes in the fundamentals of our portfolio companies and other investments, the industries in which they operate, the overall economy and other market conditions.
Our business is organized into four segments:
Real Estate
Our Real Estate business is a global leader in real estate investing. Our Real Estate segment operates as one globally integrated business, with investments across the globe, including in the Americas, Europe and Asia. Our real estate investment teams seek to utilize our global expertise and presence to generate attractive risk-adjusted returns for our investors.
 
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Our Blackstone Real Estate Partners (“BREP”) business is geographically diversified and targets a broad range of opportunistic real estate and real estate-related investments. The BREP platform includes global funds as well as funds focused specifically on Europe or Asia investments. BREP seeks to invest thematically in high-quality assets, focusing where we see outsized growth potential driven by global economic and demographic trends. BREP has made significant investments in logistics, data centers, rental housing, hospitality, office and retail properties around the world, as well as in a variety of real estate operating companies.
Our Core+ real estate strategy invests in substantially stabilized real estate globally primarily through perpetual capital vehicles. Our Core+ real estate strategy includes our (a) Blackstone Property Partners (“BPP”) funds, which focus on high-quality assets in the Americas, Europe and Asia and (b) our non-listed REIT, Blackstone Real Estate Income Trust, Inc. (“BREIT”) and our Blackstone European Property Income (“BEPIF”) vehicles, which provide income-focused individual investors access to institutional quality real estate primarily in the Americas and Europe, respectively.
Our Blackstone Real Estate Debt Strategies (“BREDS”) platform primarily targets real estate-related debt investment opportunities. BREDS invests in both public and private markets, primarily in the U.S. and Europe. BREDS’ scale and investment mandates enable it to provide a variety of lending options for our borrowers and investment options for our investors, including commercial real estate and mezzanine loans and liquid real estate-related debt securities. The BREDS platform includes high-yield real estate debt funds, liquid real estate debt funds, capital managed on behalf of our Credit & Insurance segment’s insurance platform and Blackstone Mortgage Trust, Inc. (“BXMT”), a NYSE-listed REIT.
Effective the third quarter of 2024, the residential debt business was transferred from Real Estate to Credit & Insurance to align with a change in Blackstone’s management of those businesses. This organizational change resulted in a decrease (reflected as an outflow) for September 30, 2024 to Real Estate Total and Fee-Earning Assets Under Management and an increase (reflected as a contra-outflow) to Credit & Insurance Total and Fee-Earning Assets Under Management (the “Residential Debt Transfer”). These changes do not impact Blackstone’s Total or Fee-Earning Assets Under Management or outflows in total.
Private Equity
Our Private Equity segment includes our Corporate Private Equity business, which consists of: (a) our global private equity funds, Blackstone Capital Partners (“BCP”), (b) our sector-focused funds, including our energy- and energy transition-focused funds, Blackstone Energy Transition Partners (“BETP”), (c) our Asia-focused private equity funds, Blackstone Capital Partners Asia and (d) our core private equity funds, Blackstone Core Equity Partners (“BCEP”). Our Private Equity segment also includes (a) our opportunistic investment platform that invests flexibly across asset classes, industries and geographies, Blackstone Tactical Opportunities (“Tactical Opportunities”), (b) our secondary funds business, Strategic Partners Fund Solutions (“Strategic Partners”), and our business that targets minority investments in the general partners of private equity and other private market alternative asset management firms (“GP Stakes”) as “Secondaries,” (c) our infrastructure-focused funds, Blackstone Infrastructure Partners (“BIP”), including vehicles primarily focused in the U.S. (“BIP U.S.”) and in Europe (“BIP Europe”), (d) our life sciences investment platform, Blackstone Life Sciences (“BXLS”), (e) our growth equity investment platform, Blackstone Growth (“BXG”), (f) our investment platform offering eligible individual investors access to Blackstone’s private equity capabilities, the Blackstone Private Equity Strategies Fund Program (“BXPE”), (g) our multi-asset investment program for eligible high net worth investors offering exposure to certain of Blackstone’s key illiquid investment strategies through a single commitment, Blackstone Total Alternatives Solution (“BTAS”) and (h) our capital markets services business, Blackstone Capital Markets (“BXCM”).
 
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We are a global leader in private equity investing. Our Corporate Private Equity business pursues transactions across industries on a global basis. It strives to create value by investing in great businesses where our capital, strategic insight, global relationships and operational support can drive transformation. Corporate Private Equity’s investment strategies and core themes continually evolve in anticipation of, or in response to, changes in the global economy, local markets, regulation, capital flows and geopolitical trends. We seek to construct a differentiated portfolio of investments with a well-defined, post-acquisition value creation strategy. Similarly, we seek investments that can generate strong unlevered returns regardless of entry or exit cycle timing.
BCEP pursues control-oriented investments in high-quality companies with durable businesses and seeks to offer a lower level of risk and a longer hold period than traditional private equity.
Tactical Opportunities pursues a thematically driven, opportunistic investment strategy. Our flexible, global mandate enables us to find differentiated opportunities across asset classes, industries and geographies and invest behind them with the frequent use of structure to generate attractive risk-adjusted returns. Tactical Opportunities’ ability to dynamically shift focus to the most compelling opportunities in any market environment, combined with the business’ expertise in structuring complex transactions, enables Tactical Opportunities to invest in attractive market areas, often with securities that provide downside protection and maintain upside return.
Secondaries is comprised of our Strategic Partners and GP Stakes businesses. Strategic Partners is a total fund solutions provider. As a secondary investor, it acquires interests in high-quality private funds from original holders seeking liquidity. Strategic Partners focuses on a range of opportunities in underlying funds such as private equity, real estate, infrastructure, venture and growth capital, credit and other types of funds, as well as general partner-led transactions and primary investments and co-investments with financial sponsors. Strategic Partners also provides investment advisory services to separately managed account clients investing in primary and secondary investments in private funds and co-investments. Effective the second quarter of 2024, our GP Stakes business moved from our Multi-Asset Investment segment to our Private Equity segment. GP Stakes targets minority investments in the general partners of private equity and other private market alternative asset management firms globally, with a focus on delivering a combination of recurring annual cash flow yield and long-term capital appreciation.
BIP targets a diversified mix of core+, core and public-private partnership investments across all infrastructure sectors, including energy infrastructure, transportation, digital infrastructure and water and waste. BIP applies a disciplined, operationally intensive investment approach to investments, seeking to apply a long-term buy-and-hold strategy to large-scale infrastructure assets with a focus on delivering stable, long-term capital appreciation together with a predictable annual cash flow yield.
BXLS invests across the life cycle of companies and products within the life sciences sector. BXLS primarily focuses on investments in life sciences products in late-stage clinical development within the pharmaceutical, biotechnology and medical technology sectors.
BXG seeks to deliver attractive risk-adjusted returns by investing in dynamic, growth-stage businesses, with a focus on the consumer, consumer technology, enterprise solutions, financial services and healthcare sectors.
BXPE invests primarily in privately negotiated, equity-oriented investments, leveraging the talent and investment capabilities of Blackstone’s private equity platform to create an attractive portfolio of alternative investments diversified across geographies and sectors for eligible individual investors.
Credit & Insurance
Effective January 1, 2024, our corporate credit (formerly Blackstone Credit or BXC), asset based finance and insurance (“insurance platform” and formerly Blackstone Insurance Solutions or BIS) groups were integrated into a single new unit, Blackstone Credit & Insurance (“BXCI”). BXCI offers its clients and borrowers a comprehensive solution across corporate and asset based, as well as investment grade and non-investment grade, private credit. BXCI is one of the largest credit-oriented managers and CLO managers in the world. The investment portfolios of the funds BXCI’s credit platform manages or sub-advises consist primarily of loans and securities of non-investment and investment grade companies spread across the capital structure including senior debt, subordinated debt, preferred stock and common equity.
 
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BXCI is organized into three overarching credit investing strategies: private corporate credit, liquid corporate credit and infrastructure and asset based credit. The private corporate credit strategies include mezzanine and direct lending funds and stressed/distressed strategies. The direct lending funds include Blackstone Private Credit Fund (“BCRED”) and Blackstone Secured Lending Fund (“BXSL”), both of which are business development companies (“BDCs”). The liquid corporate credit strategies consist of CLOs, closed-ended funds, open-ended funds, systematic strategies and separately managed accounts. The infrastructure and asset based credit strategies include our private placement strategies, energy strategies (including the sustainable resources platform) and asset based finance strategies focused on privately originated, income-oriented credit assets secured by physical, financial or residential real estate collateral.
Our insurance platform focuses on providing full investment management services for insurers’ general accounts, seeking to deliver customized and diversified portfolios that include allocations to Blackstone managed products and strategies across asset classes and Blackstone’s private credit origination capabilities. Through this platform, we provide our clients tailored portfolio construction and strategic asset allocation, seeking to generate risk-managed, capital-efficient returns, diversification and capital preservation that meets clients’ objectives. We also provide similar services to clients through separately managed accounts or by sub-managing assets for certain insurance-dedicated funds and special purpose vehicles. Through the insurance platform, we currently manage assets for clients that include Corebridge Financial Inc., Everlake Life Insurance Company, Fidelity & Guaranty Life Insurance Company and Resolution Life Group, among others.
Multi-Asset Investing
Effective the first quarter of 2024, our Hedge Fund Solutions segment was renamed “Multi-Asset Investing.” Our Multi-Asset Investing segment seeks to grow investors’ assets through investment strategies designed to deliver, primarily through the public markets, compelling risk-adjusted returns. Blackstone Multi-Asset Investing (“BXMA”) is the world’s largest discretionary allocator to hedge funds. BXMA is organized into two primary platforms: Absolute Return and Multi-Strategy. Absolute Return is designed to pursue consistent, efficient and diversifying returns across multiple market environments. Absolute Return manages a broad range of commingled and customized fund solutions, a seeding business and registered funds that provide alternative asset solutions through daily liquidity products. Multi-Strategy aims to generate strong risk-adjusted returns through opportunistic, asset-class agnostic investing, including structured risk transfer and equity capital markets strategies. Effective the second quarter of 2024, our Multi-Asset Investing segment also includes a platform managed by Harvest Fund Advisors LLC (“Harvest”), which was previously part of the Credit & Insurance segment. Harvest primarily invests in publicly traded energy infrastructure, renewables and master limited partnerships holding midstream energy assets in North America.
Business Environment
Blackstone’s businesses are materially affected by conditions in the financial markets and economic conditions in the U.S., Europe, Asia and, to a lesser extent, elsewhere in the world.
Most major equity markets appreciated in the third quarter of 2024, reflecting continued resilience of the global economy and improving investor sentiment following central banks’ interest rate reductions. The total return of the S&P 500 index was 5.9%, led by utilities and real estate, which increased 19.4% and 17.2%, respectively. The energy sector decreased 2.3% on lower energy prices, with the price of West Texas Intermediate crude oil down 16% to $68.17 per barrel. Equity market volatility increased, with the CBOE Volatility Index up 34.5%. Credit markets appreciated as well, with the S&P leveraged loan index up 2.1% and the Credit Suisse high yield bond index up 4.8%. High yield spreads tightened by 7 basis points sequentially, while issuance increased 95% year-over-year.
 
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In the U.S., inflation continued to decelerate in the third quarter, with September CPI of 2.4% down sharply from the prior peak of 9.1% in June 2022 and down from 3.0% in June 2024. For the first time since March 2020, the Federal Reserve lowered the federal funds target range by 50 basis points in September to 4.75-5.00% in light of the progress on inflation and the balance of risks. The Federal Reserve has stated it is not on a preset course for reductions, but has indicated that additional, smaller cuts this year are likely if economic data remains consistent. The ten-year U.S. Treasury yield decreased 61 basis points to 3.78% but subsequently increased to 4.28% as of October 28, 2024. Meanwhile, short-term yields moved lower, with three-month SOFR down 37 basis points to 4.96% and further declined to 4.82% as of October 28, 2024.
The advance estimate of U.S. annualized GDP growth for the third quarter was 2.8%, demonstrating continued resilience of the U.S. economy. Wages increased 4.0% year-over-year in September 2024, while re
tail
sales rose 1.7% year-over-year. In manufacturing, the ISM Manufacturing PMI decreased from 48.5 to 47.2 quarter over quarter. Following a strong September jobs report that exceeded economists’ expectations, job creation stalled in October 2024 amid weather disruptions and labor strikes. The unemployment rate, however, remained relatively steady at 4.1%.
Outside of the U.S., many central banks have been loosening monetary policy. The European Central Bank lowered its deposit facility rate by 25 basis points in the third quarter to 3.50% and an additional 25 basis points to 3.25% in October, its first consecutive reduction since 2011. Eurozone inflation slowed to 1.7% year-over-year in September 2024, down from a peak of 10.6% in October 2022 and from 2.5% in June 2024. The Bank of England also lowered its bank rate by 25 basis points in the third quarter to 5.0%, as U.K. inflation slowed to 1.7% year-over-year in September 2024—down from a peak of 11.1% and 2.0% in October 2022 and June 2024, respectively. By contrast, the Bank of Japan further increased its policy rate to 0.25% in July following its first increase in 17 years in March 2024.
Capital markets activity levels in the U.S. improved on a year-to-date basis but remained at historically lower levels. While rising 68% year-over-year, U.S. initial public offering volumes year to date remained 87% below the comparable period in 2021. U.S. announced merger and acquisition deal volumes year to date similarly increased 17% year-over-year but remained 42% below the comparable period in 2021.
Amid moderating inflation, declining cost of capital and a healthy labor market, many economic analysts forecast a soft-landing for the U.S. economy. While this should support global economic growth over time, the outlook remains uncertain given continued geopolitical turbulence, including ongoing wars in the Middle East and Ukraine, concern over whether China’s stimulus measures will effectively stabilize slowing economic growth in the country, and upcoming elections. In the U.S., the Presidential election creates the potential for governmental policy and regulatory changes in a variety of areas, which could impact such economic outlook.
 
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Organizational Structure
The simplified diagram below depicts our current organizational structure. The diagram does not depict all of our subsidiaries, including intermediate holding companies through which certain of the subsidiaries depicted are held.
 

Key Financial Measures and Indicators
We manage our business using certain financial measures and key operating metrics since we believe these metrics measure the productivity of our investment activities. We prepare our Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”). See “—Item 1. Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 2. Summary of Significant Accounting Policies” and “—Critical Accounting Policies.” Our key non-GAAP financial measures and operating indicators and metrics are discussed below.
Distributable Earnings
Distributable Earnings is derived from Blackstone’s segment reported results. Distributable Earnings is used to assess performance and amounts available for dividends to Blackstone stockholders, including Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. Distributable Earnings is the sum of Segment Distributable Earnings plus Net Interest and Dividend Income (Loss) less Taxes and Related Payables. Distributable Earnings excludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes. See “—Non-GAAP Financial Measures” for our reconciliation of Distributable Earnings.
 
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Net Interest and Dividend Income (Loss) is presented on a segment basis and is equal to Interest and Dividend Revenue less Interest Expense, adjusted for the impact of consolidation of Blackstone Funds, and interest expense associated with the tax receivable agreement.
Taxes and Related Payables represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and including the payable under the tax receivable agreement. Further, the current tax provision utilized when calculating Taxes and Related Payables and Distributable Earnings reflects the benefit of deductions available to the company on certain expense items that are excluded from the underlying calculation of Segment Distributable Earnings and Total Segment Distributable Earnings, such as equity-based compensation charges and certain Transaction-Related and Non-Recurring Items where there is a current tax provision or benefit. The economic assumptions and methodologies that impact the implied income tax provision are the same as those methodologies and assumptions used in calculating the current income tax provision for Blackstone’s Consolidated Statements of Operations under GAAP, excluding the impact of divestitures and accrued tax contingencies and refunds which are reflected when paid or received. Management believes that including the amount payable under the tax receivable agreement and utilizing the current income tax provision adjusted as described above when calculating Distributable Earnings is meaningful as it increases comparability between periods and more accurately reflects earnings that are available for distribution to stockholders.
Segment Distributable Earnings
Segment Distributable Earnings is Blackstone’s segment profitability measure used to make operating decisions and assess performance across Blackstone’s four segments. Blackstone believes it is useful to stockholders to review the measure that management uses in assessing segment performance. Segment Distributable Earnings represents the net realized earnings of Blackstone’s segments and is the sum of Fee Related Earnings and Net Realizations for each segment. Blackstone’s segments are presented on a basis that deconsolidates Blackstone Funds, eliminates non-controlling ownership interests in Blackstone’s consolidated operating partnerships, removes the amortization of intangible assets and removes Transaction-Related and Non-Recurring Items. 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. Segment Distributable Earnings excludes unrealized activity and is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes. See “—Non-GAAP Financial Measures” for our reconciliation of Segment Distributable Earnings.
Net Realizations is presented on a segment basis and is the sum of Realized Principal Investment Income and Realized Performance Revenues (which refers to Realized Performance Revenues excluding Fee Related Performance Revenues), less Realized Performance Compensation (which refers to Realized Performance Compensation excluding Fee Related Performance Compensation and Equity-Based Performance Compensation).
Realized Performance Compensation reflects an increase in the aggregate Realized Performance Compensation paid to certain of our professionals above the amounts allocable to them based upon the percentage participation in the relevant performance plans previously awarded to them. The expectation is that for the full year 2024, Fee Related Compensation will be decreased by the total amount of additional Performance Compensation awarded for the year. During the three and nine months ended September 30, 2024, Realized Performance Compensation increased by $21.6 million and $77.6 million, respectively, and Fee Related Compensation decreased by $21.3 million and $63.8 million, respectively. These changes to Realized Performance Compensation and Fee Related Compensation reduced Net Realizations, increased Fee Related Earnings and had a
 
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negative impact to Income Before Provision for Taxes and Distributable Earnings in the three and nine months ended September 30, 2024. These changes are not expected to impact Income Before Provision for Taxes and Distributable Earnings for the year ending December 31, 2024. Changes to Realized Performance Compensation and Fee Related Compensation had an impact on individual quarters in 2023 but did not impact Income Before Provision for Taxes and Distributable Earnings for the year ended December 31, 2023.
Effective during the three months ended June 30, 2024, GP Stakes is included in our Private Equity segment and Harvest is included in our Multi-Asset Investing segment. Previously, GP Stakes and Harvest were included in our Multi-Asset Investing and Credit & Insurance segments, respectively. All prior periods have been recast to reflect this reclassification.
Fee Related Earnings
Fee Related Earnings is a performance measure used to assess Blackstone’s ability to generate profits from revenues that are measured and received on a recurring basis and not subject to future realization events. Blackstone believes Fee Related Earnings is useful to stockholders as it provides insight into the profitability of the portion of Blackstone’s business that is not dependent on realization activity. Fee Related Earnings equals management and advisory fees (net of management fee reductions and offsets) plus Fee Related Performance Revenues, less (a) Fee Related Compensation on a segment basis and (b) Other Operating Expenses. Fee Related Earnings is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes. See “—Non-GAAP Financial Measures” for our reconciliation of Fee Related Earnings.
Fee Related Compensation is presented on a segment basis and refers to the compensation expense, excluding Equity-Based Compensation, directly related to (a) Management and Advisory Fees, Net and (b) Fee Related Performance Revenues, referred to as Fee Related Performance Compensation.
Fee Related Performance Revenues refers to the realized portion of Performance Revenues from Perpetual Capital that are (a) measured and received on a recurring basis and (b) not dependent on realization events from the underlying investments.
Other Operating Expenses is presented on a segment basis and is equal to General, Administrative and Other Expenses, adjusted to (a) remove transaction-related and non-recurring items that arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering, and non-recurring gains, losses, or other charges, if any, (b) remove certain expenses reimbursed by the Blackstone Funds which are netted against Management and Advisory Fees, Net in Blackstone’s segment presentation and (c) give effect to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.
Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization
Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization (“Adjusted EBITDA”), is a supplemental measure used to assess performance derived from Blackstone’s segment results and may be used to assess its ability to service its borrowings. Adjusted EBITDA represents Distributable Earnings plus the addition of (a) Interest Expense on a segment basis, (b) Taxes and Related Payables and (c) Depreciation and Amortization. Adjusted EBITDA is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Income (Loss) Before Provision (Benefit) for Taxes. See “—Non-GAAP Financial Measures” for our reconciliation of Adjusted EBITDA.
 
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Net Accrued Performance Revenues
Net Accrued Performance Revenues is a non-GAAP financial measure Blackstone believes is useful to stockholders as an indicator of potential future realized performance revenues based on the current investment portfolio of the funds and vehicles we manage. Net Accrued Performance Revenues represents the accrued performance revenues receivable by Blackstone, net of the related accrued performance compensation payable by Blackstone, excluding performance revenues that have been realized but not yet distributed as of the reporting date and clawback amounts, if any. Net Accrued Performance Revenues is derived from and reconciled to, but not equivalent to, its most directly comparable GAAP measure of Investments. See “—Non-GAAP Financial Measures” for our reconciliation of Net Accrued Performance Revenues and Note 2. “Summary of Significant Accounting Policies — Equity Method Investments” in the “Notes to Condensed Consolidated Financial Statements” in “—Item 1. Financial Statements” for additional information on the calculation of Investments — Accrued Performance Allocations.
Operating Metrics
The alternative asset management business is primarily based on managing third party capital and does not require substantial capital investment to support rapid growth. Since our inception, we have developed and used various key operating metrics to assess and monitor the operating performance of our various alternative asset management businesses in order to monitor the effectiveness of our value creating strategies.
Total and Fee-Earning Assets Under Management
Total Assets Under Management refers to the assets we manage. We believe this measure is useful to stockholders as it represents the total capital for which we provide investment management services. 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, BEPIF and BXPE,
 
(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 CLOs 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.
 
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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, 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 95 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. We believe this measure is useful to stockholders as it provides insight into the capital base upon which we can earn 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, BXPE 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 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 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.
 
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Perpetual Capital
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. We believe this measure is useful to stockholders as it represents capital we manage that has a longer duration and the ability to generate recurring revenues in a different manner than traditional fund structures.
Dry Powder
Dry Powder represents the amount of capital available for investment or reinvestment, including general partner and employee capital, and is an indicator of the capital we have available for future investments. We believe this measure is useful to stockholders as it provides insight into the extent to which capital is available for Blackstone to deploy capital into investment opportunities as they arise.
Invested Performance Eligible Assets Under Management
Invested Performance Eligible Assets Under Management represents invested capital at fair value, including capital closed for funds whose investment period has not yet commenced, on which performance revenues could be earned if certain hurdles are met. We believe Invested Performance Eligible Assets Under Management is useful to stockholders as it provides insight into the capital deployed that has the potential to generate performance revenues.
Consolidated Results of Operations
Following is a discussion of our consolidated results of operations. For a more detailed discussion of the factors that affected the results of our four business segments (which are presented on a basis that deconsolidates the investment funds, eliminates non-controlling ownership interests in Blackstone’s consolidated operating partnerships and removes the amortization of intangibles assets and Transaction-Related and Non-Recurring Items) in these periods, see “— Segment Analysis” below.
 
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The following table sets forth information regarding our consolidated results of operations and certain key operating metrics for the three and nine months ended September 30, 2024 and 2023:
 
                                                                                                       
    
Three Months Ended
         
Nine Months Ended
       
    
September 30,
 
2024 vs. 2023
 
September 30,
 
2024 vs. 2023
    
2024
 
2023
 
$
 
%
 
2024
 
2023
 
$
 
%
      
    
(Dollars in Thousands)
Revenues
                
Management and Advisory Fees, Net
  
$
1,794,894
 
 
$
1,655,443
 
 
$
139,451
 
 
 
8
 
$
5,309,355
 
 
$
5,023,128
 
 
$
286,227
 
 
 
6
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Incentive Fees
  
 
191,794
 
 
 
158,801
 
 
 
32,993
 
 
 
21
 
 
559,434
 
 
 
454,754
 
 
 
104,680
 
 
 
23
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment Income (Loss)
                
Performance Allocations
                
Realized
  
 
414,755
 
 
 
453,690
 
 
 
(38,935
 
 
-9
 
 
1,598,913
 
 
 
1,602,668
 
 
 
(3,755
 
 
 
Unrealized
  
 
1,154,918
 
 
 
(63,204
 
 
1,218,122
 
 
 
n/m
 
 
 
1,723,090
 
 
 
(708,021
 
 
2,431,111
 
 
 
n/m
 
Principal Investments
                
Realized
  
 
95,235
 
 
 
94,313
 
 
 
922
 
 
 
1
 
 
247,877
 
 
 
257,206
 
 
 
(9,329
 
 
-4
Unrealized
  
 
(1,864
 
 
69,340
 
 
 
(71,204
 
 
n/m
 
 
 
427,983
 
 
 
(257,988
 
 
685,971
 
 
 
n/m
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment Income (Loss)
  
 
1,663,044
 
 
 
554,139
 
 
 
1,108,905
 
 
 
200
 
 
3,997,863
 
 
 
893,865
 
 
 
3,103,998
 
 
 
347
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest and Dividend Revenue
  
 
109,774
 
 
 
109,133
 
 
 
641
 
 
 
1
 
 
312,612
 
 
 
348,123
 
 
 
(35,511
 
 
-10
Other
  
 
(96,312
 
 
63,769
 
 
 
(160,081
 
 
n/m
 
 
 
(31,861
 
 
17,951
 
 
 
(49,812
 
 
n/m
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Revenues
  
 
3,663,194
 
 
 
2,541,285
 
 
 
1,121,909
 
 
 
44
 
 
10,147,403
 
 
 
6,737,821
 
 
 
3,409,582
 
 
 
51
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenses
                
Compensation and Benefits
                
Compensation
  
 
732,041
 
 
 
700,268
 
 
 
31,773
 
 
 
5
 
 
2,293,491
 
 
 
2,153,570
 
 
 
139,921
 
 
 
6
Incentive Fee Compensation
  
 
73,464
 
 
 
65,432
 
 
 
8,032
 
 
 
12
 
 
224,310
 
 
 
192,940
 
 
 
31,370
 
 
 
16
Performance Allocations Compensation
                
Realized
  
 
169,740
 
 
 
168,620
 
 
 
1,120
 
 
 
1
 
 
689,370
 
 
 
670,610
 
 
 
18,760
 
 
 
3
Unrealized
  
 
465,099
 
 
 
11,866
 
 
 
453,233
 
 
 
3820
 
 
747,679
 
 
 
(247,228
 
 
994,907
 
 
 
n/m
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Compensation and Benefits
  
 
1,440,344
 
 
 
946,186
 
 
 
494,158
 
 
 
52
 
 
3,954,850
 
 
 
2,769,892
 
 
 
1,184,958
 
 
 
43
General, Administrative and Other
  
 
340,945
 
 
 
279,186
 
 
 
61,759
 
 
 
22
 
 
1,022,823
 
 
 
827,614
 
 
 
195,209
 
 
 
24
Interest Expense
  
 
111,337
 
 
 
110,599
 
 
 
738
 
 
 
1
 
 
328,156
 
 
 
323,136
 
 
 
5,020
 
 
 
2
Fund Expenses
  
 
3,470
 
 
 
38,934
 
 
 
(35,464
 
 
-91
 
 
13,380
 
 
 
118,918
 
 
 
(105,538
 
 
-89
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Expenses
  
 
1,896,096
 
 
 
1,374,905
 
 
 
521,191
 
 
 
38
 
 
5,319,209
 
 
 
4,039,560
 
 
 
1,279,649
 
 
 
32
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Income (Loss)
                
Change in Tax Receivable Agreement Liability
  
 
 
 
 
 
 
 
 
 
 
n/m
 
 
 
 
 
 
1,887
 
 
 
(1,887
 
 
-100
Net Gains (Losses) from Fund Investment Activities
  
 
42,842
 
 
 
(49,078
 
 
91,920
 
 
 
n/m
 
 
 
70,009
 
 
 
102,486
 
 
 
(32,477
 
 
-32
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Other Income (Loss)
  
 
42,842
 
 
 
(49,078
 
 
91,920
 
 
 
n/m
 
 
 
70,009
 
 
 
104,373
 
 
 
(34,364
 
 
-33
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income Before Provision for Taxes
  
 
1,809,940
 
 
 
1,117,302
 
 
 
692,638
 
 
 
62
 
 
4,898,203
 
 
 
2,802,634
 
 
 
2,095,569
 
 
 
75
Provision for Taxes
  
 
245,303
 
 
 
196,560
 
 
 
48,743
 
 
 
25
 
 
789,220
 
 
 
467,504
 
 
 
321,716
 
 
 
69
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income
  
 
1,564,637
 
 
 
920,742
 
 
 
643,895
 
 
 
70
 
 
4,108,983
 
 
 
2,335,130
 
 
 
1,773,853
 
 
 
76
Net Loss Attributable to Redeemable
Non-Controlling Interests in Consolidated Entities
  
 
(22,184
 
 
(92,577
 
 
70,393
 
 
 
-76
 
 
(61,595
 
 
(81,589
 
 
19,994
 
 
 
-25
Net Income Attributable to Non-Controlling Interests in Consolidated Entities
  
 
202,929
 
 
 
20,716
 
 
 
182,213
 
 
 
880
 
 
406,339
 
 
 
185,021
 
 
 
221,318
 
 
 
120
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings
  
 
603,057
 
 
 
440,609
 
 
 
162,448
 
 
 
37
 
 
1,691,604
 
 
 
992,618
 
 
 
698,986
 
 
 
70
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income Attributable to Blackstone Inc.
  
$
780,835
 
 
$
551,994
 
 
$
228,841
 
 
 
41
 
$
2,072,635
 
 
$
1,239,080
 
 
$
833,555
 
 
 
67
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
n/m  Not meaningful.
 
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Three Months Ended September 30, 2024, Compared to Three Months Ended September 30, 2023
Revenues
Revenues were $3.7 billion for the three months ended September 30, 2024, an increase of $1.1 billion, compared to $2.5 billion for the three months ended September 30, 2023. The increase in Revenues was primarily attributable to an increase of $1.1 billion in Investment Income (Loss), which was primarily due to an increase of $1.1 billion in Unrealized Investment Income (Loss).
The $1.1 billion increase in Unrealized Investment Income (Loss) was primarily attributable to higher unrealized appreciation of investments in the three months ended September 30, 2024 compared to the three months ended September 30, 2023. Principal drivers were:
 
 
 
An increase of $834.6 million in our Private Equity segment, primarily attributable to higher unrealized appreciation of Blackstone’s investment in certain Corporate Private Equity funds and GP Stakes funds in the three months ended September 30, 2024, compared to the three months ended September 30, 2023. Corporate Private Equity and GP Stakes funds appreciated 6.2% and 12.6%, respectively, in the three months ended September 30, 2024, compared to 2.4% and 0.9%, respectively, in the three months ended September 30, 2023.
 
 
An increase of $310.9 million in our Real Estate segment, primarily attributable to lower unrealized depreciation of Blackstone’s investment in certain BREP funds in the three months ended September 30, 2024, compared to the three months ended September 30, 2023.
Expenses
Expenses were $1.9 billion for the three months ended September 30, 2024, an increase of $521.2 million, compared to $1.4 billion for the three months ended September 30, 2023. The increase was primarily attributable to an increase of $494.2 million in Total Compensation and Benefits, of which $454.4 million was an increase in Performance Allocations Compensation. The increase in Performance Allocations Compensation was primarily due to an increase in Investment Income (Loss), on which a portion of compensation is based.
Other Income (Loss)
Other Income (Loss) was $42.8 million for the three months ended September 30, 2024, an increase of $91.9 million, compared to $(49.1) million for the three months ended September 30, 2023. The increase in Other Income (Loss) was due to an increase of $91.9 million in Net Gains (Losses) from Fund Investment Activities.
The increase in Net Gains (Losses) from Fund Investment Activities was principally driven by increases of $81.5 million and $13.3 million in our Real Estate and Private Equity segments, respectively. The increase in our Real Estate segment was primarily driven by lower unrealized depreciation of investments in our consolidated funds. The increase in our Private Equity segment was primarily driven by higher unrealized appreciation of investments in our consolidated funds, partially offset by deconsolidation of a fund.
Nine Months Ended September 30, 2024, Compared to Nine Months Ended September 30, 2023
Revenues
Revenues were $10.1 billion for the nine months ended September 30, 2024, an increase of $3.4 billion, compared to $6.7 billion for the nine months ended September 30, 2023. The increase in Revenues was primarily attributable to an increase of $3.1 billion in Investment Income (Loss), which was primarily composed of an increase of $3.1 billion in Unrealized Investment Income (Loss).
 
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The $3.1 billion increase in Unrealized Investment Income (Loss) was primarily attributable to net unrealized appreciation of investments in the nine months ended September 30, 2024 compared to net unrealized depreciation of investments in the nine months ended September 30, 2023. Principal drivers were:
 
 
 
An increase of $1.4 billion in our Private Equity segment, primarily attributable to higher unrealized appreciation of Blackstone’s investment in certain BIP funds, certain Corporate Private Equity funds and GP Stakes funds in the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023. BIP, Corporate Private Equity and GP Stakes funds appreciated 16.8%, 11.7% and 24.7%, respectively, in the nine months ended September 30, 2024, compared to 11.4%, 8.6% and 1.1%, respectively, in the nine months ended September 30, 2023.
 
 
An increase of $819.6 million in our Credit & Insurance segment, primarily attributable to an unrealized gain on the ownership of Corebridge common stock based on the publicly traded price as of September 30, 2024, compared to an unrealized loss based on the publicly traded price as of September 30, 2023.
 
 
An increase of $682.3 million in our Real Estate segment, primarily attributable to lower unrealized depreciation of Blackstone’s investment in certain BREP and Core+ real estate funds in the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023.
Expenses
Expenses were $5.3 billion for the nine months ended September 30, 2024, an increase of $1.3 billion, compared to $4.0 billion for the nine months ended September 30, 2023. The increase was primarily attributable to an increase of $1.2 billion in Total Compensation and Benefits, of which $1.0 billion was an increase in Performance Allocations Compensation. The increase in Performance Allocations Compensation was primarily due to the increase in Investment Income (Loss), on which a portion of compensation is based.
Other Income (Loss)
Other Income (Loss) was $70.0 million for the nine months ended September 30, 2024, a decrease of $34.4 million, compared to $104.4 million for the nine months ended September 30, 2023. The decrease in Other Income (Loss) was principally due to a decrease of $32.5 million in Net Gains (Losses) from Fund Investment Activities.
The decrease in Net Gains (Losses) from Fund Investment Activities was driven by a decrease of $57.0 million in our Private Equity segment, partially offset by an increase of $27.3 million in our Real Estate segment. The decrease in our Private Equity segment was primarily due to the deconsolidation of a fund and the increase in our Real Estate segment was primarily due to lower unrealized depreciation of investments in our consolidated funds.
Provision for Taxes
Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023
Blackstone’s Provision for Taxes for the three months ended September 30, 2024 was $245.3 million, an increase of $48.7 million, compared to $196.6 million for the three months ended September 30, 2023. This resulted in an effective tax rate of 13.6% and 17.6%, based on our Income Before Provision for Taxes of $1.8 billion and $1.1 billion for the three months ended September 30, 2024 and 2023, respectively.
The decrease in Blackstone’s effective tax rate for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, relates primarily to the deferred tax impact of Blackstone’s investment in its operating partnerships.
 
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Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023
Blackstone’s Provision for Taxes for the nine months ended September 30, 2024 was $789.2 million, an increase of $321.7 million, compared to $467.5 million for the nine months ended September 30, 2023. This resulted in an effective tax rate of 16.1% and 16.7%, based on our Income Before Provision for Taxes of $4.9 billion and $2.8 billion for the nine months ended September 30, 2024 and 2023, respectively.
The decrease in Blackstone’s effective tax rate for the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, relates primarily to the impact of Non-Controlling Interests in Consolidated Entities and the deferred tax impact of Blackstone’s investment in its operating partnerships.
Blackstone had a corporate alternative minimum tax (“CAMT”) liability for the nine months ended September 30, 2024 as calculated pursuant to the Inflation Reduction Act. Blackstone will continue to assess the overall impact to its Provision for Taxes upon the issuance of applicable additional guidance by the U.S. Treasury Department related to interpretations of CAMT. For the nine months ended September 30, 2024, there is no meaningful CAMT impact reflected in the Provision for Taxes given current year tax payments made under CAMT are permitted to be carried forward and used as credits in future years resulting in a deferred tax benefit.
Additional information regarding our income taxes can be found in Note 13. “Income Taxes” in the “Notes to Condensed Consolidated Financial Statements” in “Part I. Item 1. Financial Statements” of this filing.
Non-Controlling Interests in Consolidated Entities
The Net Loss Attributable to Redeemable Non-Controlling Interests in Consolidated Entities and Net Income Attributable to Non-Controlling Interests in Consolidated Entities is attributable to the consolidated Blackstone funds. The amounts of these items vary directly with the performance of the consolidated Blackstone funds and largely eliminate the amount of Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities from the Net Income Attributable to Blackstone Inc.
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings is derived from the Income Before Provision for Taxes at the Blackstone Holdings level, excluding the Net Gains (Losses) from Fund Investment Activities and the percentage allocation of the income between Blackstone personnel and others who are limited partners of Blackstone Holdings and Blackstone after considering any contractual arrangements that govern the allocation of income such as fees allocable to Blackstone.
For the three months ended September 30, 2024 and 2023, the Net Income Before Taxes allocated to Blackstone personnel and other limited partners of Blackstone Holdings was 38.4% and 39.1%, respectively. For the nine months ended September 30, 2024 and 2023, the Net Income Before Taxes allocated to Blackstone personnel and others who are limited partners of Blackstone Holdings was 38.6% and 39.3%, respectively. The respective decreases of 0.7% and 0.7% were primarily due to the conversion of Blackstone Holdings Partnership Units to shares of common stock and the vesting of shares of common stock.
 
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Operating Metrics
Total and Fee-Earning Assets Under Management
The following graphs and tables summarize the Fee-Earning Assets Under Management by Segment and Total Assets Under Management by Segment, followed by a rollforward of activity for the three and nine months ended September 30, 2024 and 2023. For a description of how Assets Under Management and Fee-Earning Assets Under Management are determined, please see “—Key Financial Measures and Indicators — Operating Metrics — Total and Fee-Earning Assets Under Management.”
 

 
Note:
Totals may not add due to rounding.
 
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Three Months Ended
    
September 30, 2024
 
September 30, 2023
        
Private
 
Credit &
 
Multi-Asset
         
Private
 
Credit &
 
Multi-Asset
   
    
Real Estate
 
Equity
 
Insurance
 
Investing
 
Total
 
Real Estate
 
Equity
 
Insurance
 
Investing
 
Total
                                          
    
(Dollars in Thousands)
Fee-Earning Assets Under Management
                    
Balance, Beginning of Period
  
$
299,066,252
 
 
$
200,486,740
 
 
$
237,285,546
 
 
$
71,818,263
 
 
$
808,656,801
 
 
$
287,556,241
 
 
$
173,736,641
 
 
$
202,794,690
 
 
$
67,057,493
 
 
$
731,145,065
 
Inflows (a)
  
 
6,339,267
 
 
 
9,837,020
 
 
 
15,543,666
 
 
 
2,414,940
 
 
 
34,134,893
 
 
 
10,868,551
 
 
 
2,353,367
 
 
 
9,547,713
 
 
 
1,994,463
 
 
 
24,764,094
 
Outflows (b)
  
 
(14,705,015
 
 
(1,939,598
 
 
1,179,299
 
 
 
(1,235,655
 
 
(16,700,969
 
 
(7,228,016
 
 
(91,048
 
 
(2,516,618
 
 
(1,811,313
 
 
(11,646,995
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Inflows (Outflows)
  
 
(8,365,748
 
 
7,897,422
 
 
 
16,722,965
 
 
 
1,179,285
 
 
 
17,433,924
 
 
 
3,640,535
 
 
 
2,262,319
 
 
 
7,031,095
 
 
 
183,150
 
 
 
13,117,099
 
Realizations (c)
  
 
(7,766,570
 
 
(1,481,885
 
 
(7,185,343
 
 
(393,637
 
 
(16,827,435
 
 
(4,631,227
 
 
(2,189,450
 
 
(3,510,415
 
 
(394,892
 
 
(10,725,984
Market Activity (d)(g)
  
 
2,554,138
 
 
 
1,779,379
 
 
 
4,744,263
 
 
 
2,116,133
 
 
 
11,193,913
 
 
 
(1,628,646
 
 
2,067,862
 
 
 
(1,341,325
 
 
1,907,532
 
 
 
1,005,423
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, End of Period (e)
  
$
285,488,072
 
 
$
208,681,656
 
 
$
251,567,431
 
 
$
74,720,044
 
 
$
820,457,203
 
 
$
284,936,903
 
 
$
175,877,372
 
 
$
204,974,045
 
 
$
68,753,283
 
 
$
734,541,603
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Increase (Decrease)
  
$
(13,578,180
 
$
8,194,916
 
 
$
14,281,885
 
 
$
2,901,781
 
 
$
11,800,402
 
 
$
(2,619,338
 
$
2,140,731
 
 
$
2,179,355
 
 
$
1,695,790
 
 
$
3,396,538
 
Increase (Decrease)
  
 
-5
 
 
4
 
 
6
 
 
4
 
 
1
 
 
-1
 
 
1
 
 
1
 
 
3
 
 
 
 
    
Nine Months Ended
    
September 30, 2024
 
September 30, 2023
        
Private
 
Credit &
 
Multi-Asset
         
Private
 
Credit &
 
Multi-Asset
   
    
Real Estate
 
Equity
 
Insurance
 
Investing
 
Total
 
Real Estate
 
Equity
 
Insurance
 
Investing
 
Total
                                          
    
(Dollars in Thousands)
Fee-Earning Assets Under Management
                    
Balance, Beginning of Period
  
$
298,889,475
 
 
$
176,997,265
 
 
$
218,188,936
 
 
$
68,532,226
 
 
$
762,607,902
 
 
$
281,967,153
 
 
$
175,990,967
 
 
$
192,535,693
 
 
$
67,893,075
 
 
$
718,386,888
 
Inflows (a)
  
 
22,109,230
 
 
 
39,183,794
 
 
 
48,657,787
 
 
 
6,272,938
 
 
 
116,223,749
 
 
 
33,698,852
 
 
 
5,596,149
 
 
 
30,103,693
 
 
 
5,322,695
 
 
 
74,721,389
 
Outflows (b)
  
 
(21,515,859
 
 
(6,268,958
 
 
(3,241,976
 
 
(5,153,945
 
 
(36,180,738
 
 
(14,801,926
 
 
(357,026
 
 
(10,101,624
 
 
(6,517,553
 
 
(31,778,129
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Inflows (Outflows)
  
 
593,371
 
 
 
32,914,836
 
 
 
45,415,811
 
 
 
1,118,993
 
 
 
80,043,011
 
 
 
18,896,926
 
 
 
5,239,123
 
 
 
20,002,069
 
 
 
(1,194,858
 
 
42,943,260
 
Realizations (c)
  
 
(17,370,846
 
 
(5,617,538
 
 
(18,893,384
 
 
(1,403,073
 
 
(43,284,841
 
 
(14,583,553
 
 
(7,711,110
 
 
(10,137,479
 
 
(1,653,465
 
 
(34,085,607
Market Activity (d)(h)
  
 
3,376,072
 
 
 
4,387,093
 
 
 
6,856,068
 
 
 
6,471,898
 
 
 
21,091,131
 
 
 
(1,343,623
 
 
2,358,392
 
 
 
2,573,762
 
 
 
3,708,531
 
 
 
7,297,062
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, End of Period (e)
  
$
285,488,072
 
 
$
208,681,656
 
 
$
251,567,431
 
 
$
74,720,044
 
 
$
820,457,203
 
 
$
284,936,903
 
 
$
175,877,372
 
 
$
204,974,045
 
 
$
68,753,283
 
 
$
734,541,603
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Increase (Decrease)
  
$
(13,401,403
 
$
31,684,391
 
 
$
33,378,495
 
 
$
6,187,818
 
 
$
57,849,301
 
 
$
2,969,750
 
 
$
(113,595
 
$
12,438,352
 
 
$
860,208
 
 
$
16,154,715
 
Increase (Decrease)
  
 
-4
 
 
18
 
 
15
 
 
9
 
 
8
 
 
1
 
 
 
 
 
6
 
 
1
 
 
2
Annualized Base Management Fee Rate (f)
  
 
0.92
 
 
1.01
 
 
0.65
 
 
0.65
 
 
0.84
 
 
0.99
 
 
1.08
 
 
0.64
 
 
0.70
 
 
0.89
 
85

Table of Contents
    
Three Months Ended
    
September 30, 2024
 
September 30, 2023
        
Private
 
Credit &
 
Multi-Asset
         
Private
 
Credit &
 
Multi-Asset
   
    
Real Estate
 
Equity
 
Insurance
 
Investing
 
Total
 
Real Estate
 
Equity
 
Insurance
 
Investing
 
Total
                                          
    
(Dollars in Thousands)
Total Assets Under Management
                    
Balance, Beginning of Period
  
$
336,100,271
 
 
$
330,589,586
 
 
$
330,117,204
 
 
$
79,564,750
 
 
$
1,076,371,811
 
 
$
333,241,514
 
 
$
305,277,730
 
 
$
288,410,617
 
 
$
74,426,098
 
 
$
1,001,355,959
 
Inflows (a)
  
 
5,834,937
 
 
 
10,201,293
 
 
 
21,389,914
 
 
 
3,114,569
 
 
 
40,540,713
 
 
 
9,080,894
 
 
 
3,575,508
 
 
 
10,388,817
 
 
 
2,298,059
 
 
 
25,343,278
 
Outflows (b)
  
 
(14,625,590
 
 
(1,795,914
 
 
6,487,234
 
 
 
(1,385,397
 
 
(11,319,667
 
 
(3,666,574
 
 
(790,417
 
 
(2,701,996
 
 
(1,994,183
 
 
(9,153,170
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Inflows (Outflows)
  
 
(8,790,653
 
 
8,405,379
 
 
 
27,877,148
 
 
 
1,729,172
 
 
 
29,221,046
 
 
 
5,414,320
 
 
 
2,785,091
 
 
 
7,686,821
 
 
 
303,876
 
 
 
16,190,108
 
Realizations (c)
  
 
(7,405,152
 
 
(5,255,528
 
 
(9,631,685
 
 
(444,578
 
 
(22,736,943
 
 
(4,210,722
 
 
(5,189,356
 
 
(4,957,840
 
 
(418,063
 
 
(14,775,981
Market Activity (d)(i)
  
 
5,171,247
 
 
 
10,970,764
 
 
 
6,378,853
 
 
 
2,251,584
 
 
 
24,772,448
 
 
 
(2,944,415
 
 
5,696,492
 
 
 
(231,486
 
 
2,062,781
 
 
 
4,583,372
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, End of Period (e)
  
$
325,075,713
 
 
$
344,710,201
 
 
$
354,741,520
 
 
$
83,100,928
 
 
$
1,107,628,362
 
 
$
331,500,697
 
 
$
308,569,957
 
 
$
290,908,112
 
 
$
76,374,692
 
 
$
1,007,353,458
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Increase (Decrease)
  
$
(11,024,558
 
$
14,120,615
 
 
$
24,624,316
 
 
$
3,536,178
 
 
$
31,256,551
 
 
$
(1,740,817
 
$
3,292,227
 
 
$
2,497,495
 
 
$
1,948,594
 
 
$
5,997,499
 
Increase (Decrease)
  
 
-3
 
 
4
 
 
7
 
 
4
 
 
3
 
 
-1
 
 
1
 
 
1
 
 
3
 
 
1
 
    
Nine Months Ended
    
September 30, 2024
 
September 30, 2023
        
Private
 
Credit &
 
Multi-Asset
         
Private
 
Credit &
 
Multi-Asset
   
    
Real Estate
 
Equity
 
Insurance
 
Investing
 
Total
 
Real Estate
 
Equity
 
Insurance
 
Investing
 
Total
                                          
    
(Dollars in Thousands)
Total Assets Under Management
                    
Balance, Beginning of Period
  
$
336,940,096
 
 
$
314,391,397
 
 
$
312,674,037
 
 
$
76,186,917
 
 
$
1,040,192,447
 
 
$
326,146,904
 
 
$
299,850,659
 
 
$
273,746,559
 
 
$
74,928,955
 
 
$
974,673,077
 
Inflows (a)
  
 
19,846,962
 
 
 
29,667,700
 
 
 
57,019,224
 
 
 
7,425,130
 
 
 
113,959,016
 
 
 
34,017,611
 
 
 
16,789,616
 
 
 
38,997,788
 
 
 
6,013,159
 
 
 
95,818,174
 
Outflows (b)
  
 
(21,496,056
 
 
(4,490,723
 
 
(2,440,863
 
 
(5,832,229
 
 
(34,259,871
 
 
(11,593,028
 
 
(1,947,839
 
 
(12,554,437
 
 
(6,767,885
 
 
(32,863,189
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Inflows (Outflows)
  
 
(1,649,094
 
 
25,176,977
 
 
 
54,578,361
 
 
 
1,592,901
 
 
 
79,699,145
 
 
 
22,424,583
 
 
 
14,841,777
 
 
 
26,443,351
 
 
 
(754,726
 
 
62,954,985
 
Realizations (c)
  
 
(16,706,782
 
 
(18,364,933
 
 
(24,620,900
 
 
(1,549,541
 
 
(61,242,156
 
 
(14,177,010
 
 
(18,991,092
 
 
(14,996,977
 
 
(1,740,913
 
 
(49,905,992
Market Activity (d)(j)
  
 
6,491,493
 
 
 
23,506,760
 
 
 
12,110,022
 
 
 
6,870,651
 
 
 
48,978,926
 
 
 
(2,893,780
 
 
12,868,613
 
 
 
5,715,179
 
 
 
3,941,376
 
 
 
19,631,388
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, End of Period (e)
  
$
325,075,713
 
 
$
344,710,201
 
 
$
354,741,520
 
 
$
83,100,928
 
 
$
1,107,628,362
 
 
$
331,500,697
 
 
$
308,569,957
 
 
$
290,908,112
 
 
$
76,374,692
 
 
$
1,007,353,458
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Increase (Decrease)
  
$
(11,864,383
 
$
30,318,804
 
 
$
42,067,483
 
 
$
6,914,011
 
 
$
67,435,915
 
 
$
5,353,793
 
 
$
8,719,298
 
 
$
17,161,553
 
 
$
1,445,737
 
 
$
32,680,381
 
Increase (Decrease)
  
 
-4
 
 
10
 
 
13
 
 
9
 
 
6
 
 
2
 
 
3
 
 
6
 
 
2
 
 
3
 
86

Table of Contents
 
(a)
Inflows include contributions, capital raised, other increases in available capital (recallable capital and increased side-by-side commitments), purchases, inter-segment allocations and acquisitions.
(b)
Outflows represent redemptions, client withdrawals and decreases in available capital (expired capital, expense drawdowns and decreased side-by-side commitments).
(c)
Realizations represent realization proceeds from the disposition or other monetization of assets, current income or capital returned to investors from CLOs.
(d)
Market Activity includes realized and unrealized gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations.
(e)
Total and Fee-Earning Assets Under Management are reported in the segment where the assets are managed.
(f)
Annualized Base Management Fee Rate represents annualized year to date Base Management Fee divided by the average of the beginning of year and each quarter end’s Fee-Earning Assets Under Management in the reporting period.
(g)
For the three months ended September 30, 2024, the impact to Fee-Earning Assets Under Management due to foreign exchange rate fluctuations was $2.4 billion, $176.9 million, $724.9 million, $329.7 million and $3.6 billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively. For the three months ended September 30, 2023, the impact to Fee-Earning Assets Under Management due to foreign exchange rate fluctuations was $(1.6) billion, $(117.9) million, $(630.3) million, $(213.6) million and $(2.6) billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively.
(h)
For the nine months ended September 30, 2024, the impact to Fee-Earning Assets Under Management due to foreign exchange rate fluctuations was $896.7 million, $40.2 million, $265.4 million, $27.6 million and $1.2 billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively. For the nine months ended September 30, 2023, the impact to Fee-Earning Assets Under Management due to foreign exchange rate fluctuations was $(617.3) million, $(62.7) million, $99.0 million, $(452.2) million and $(1.0) billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively.
(i)
For the three months ended September 30, 2024, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $3.8 billion, $1.5 billion, $788.6 million, $333.3 million and $6.5 billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively. For the three months ended September 30, 2023, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $(2.6) billion, $(822.0) million, $(693.3) million, $(214.0) million and $(4.3) billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively.
(j)
For the nine months ended September 30, 2024, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $1.5 billion, $666.7 million, $354.5 million, $31.7 million and $2.6 billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively. For the nine months ended September 30, 2023, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $(1.3) billion, $26.8 million, $130.8 million, $(444.7) million and $(1.6) billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively.
 
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Table of Contents
Fee-Earning Assets Under Management
Fee-Earning Assets Under Management were $820.5 billion at September 30, 2024, an increase of $11.8 billion compared to $808.7 billion at June 30, 2024. The net increase was due to:
 
 
 
In our Real Estate segment, a decrease of $13.6 billion from $299.1 billion at June 30, 2024 to $285.5 billion at September 30, 2024. The net decrease was due to outflows of $14.7 billion and realizations of $7.8 billion, offset by inflows of $6.3 billion and market appreciation of $2.6 billion.
 
 
o
Outflows were driven by $12.1 billion due to the Residential Debt Transfer and $1.7 billion from BREIT.
 
o
Realizations were driven by $3.6 billion from BREDS and $2.0 billion from BREIT.
 
o
Inflows were driven by $2.3 billion from BREIT, $2.0 billion from BREDS and $1.3 billion from BPP and co-investment.
 
o
Market appreciation was driven by appreciation of $1.5 billion from BREDS (which reflected $63.5 million of foreign exchange appreciation) and $613.1 million from BREP and co-investment (which reflected $609.3 million of foreign exchange appreciation).
 
 
 
In our Private Equity segment, an increase of $8.2 billion from $200.5 billion at June 30, 2024 to $208.7 billion at September 30, 2024. The net increase was due to inflows of $9.8 billion and market appreciation of $1.8 billion, offset by outflows of $1.9 billion and realizations of $1.5 billion.
 
 
o
Inflows were driven by $3.0 billion from Corporate Private Equity, $3.0 billion from Secondaries and $1.5 billion from BIP.
 
o
Market appreciation was driven by appreciation of $1.7 billion from BIP (which reflected $177.0 million of foreign exchange appreciation).
 
o
Outflows were driven by $1.2 billion from Corporate Private Equity and $275.8 million from BTAS.
 
o
Realizations were driven by $468.9 million from Secondaries, $440.0 million from BIP and $390.1 million from Corporate Private Equity.
 
 
 
In our Credit & Insurance segment, an increase of $14.3 billion from $237.3 billion at June 30, 2024 to $251.6 billion at September 30, 2024. The net increase was due to inflows of $15.5 billion, market appreciation of $4.7 billion and outflows of $(1.2) billion, offset by realizations of $7.2 billion.
 
 
o
Inflows were driven by $7.0 billion from direct lending, $4.2 billion from liquid corporate credit and $4.1 billion from infrastructure and asset based credit strategies.
 
o
Market appreciation was driven by appreciation of $2.6 billion from liquid corporate credit (which reflected $536.9 million of foreign exchange appreciation) and $1.1 billion from infrastructure and asset based credit strategies.
 
o
Outflows were driven by $4.0 billion as a result of an update to the methodology to exclude, leverage that contributes to performance revenues but does not earn management fees, $3.9 billion from liquid corporate credit, $1.5 billion from mezzanine funds and $809.3 million from the insurance platform, all offset by $(12.1) billion due to the Residential Debt Transfer.
 
o
Realizations were driven by $3.6 billion from liquid corporate credit and $2.2 billion from direct lending.
 
 
 
In our Multi-Asset Investing segment, an increase of $2.9 billion from $71.8 billion at June 30, 2024 to $74.7 billion at September 30, 2024. The net increase was due to inflows of $2.4 billion and market appreciation of $2.1 billion, offset by outflows of $1.2 billion and realizations of $393.6 million.
 
 
o
Inflows were driven by $2.1 billion from Absolute Return and $209.1 million from Multi-Strategy.
 
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Table of Contents
 
o
Market appreciation was driven by appreciation of $1.5 billion from Absolute Return (which reflected $316.1 million of foreign exchange appreciation), $304.4 million from Harvest and $272.8 million from Multi-Strategy (which reflected $13.6 million of foreign exchange appreciation).
 
o
Outflows were driven by $1.1 billion from Absolute Return and $145.0 million from Harvest.
 
o
Realizations were driven by $199.9 million from Multi-Strategy and $124.8 million from Absolute Return.
Fee-Earning Assets Under Management were $820.5 billion at September 30, 2024, an increase of $57.8 billion compared to $762.6 billion at December 31, 2023. The net increase was due to:
 
 
 
In our Real Estate segment, a decrease of $13.4 billion from $298.9 billion at December 31, 2023 to $285.5 billion at September 30, 2024. The net decrease was due to outflows of $21.5 billion and realizations of $17.4 billion, offset by inflows of $22.1 billion and market appreciation of $3.4 billion.
 
 
o
Outflows were driven by $12.1 billion due to the Residential Debt Transfer and $8.0 billion from BREIT.
 
o
Realizations were driven by $8.0 billion from BREDS and $4.9 billion from BREIT.
 
o
Inflows were driven by $8.0 billion from BREDS, $6.1 billion from BREIT and $4.4 billion from BREP and co-investment.
 
o
Market appreciation was driven by appreciation of $2.2 billion from BREDS (which reflected $51.9 million of foreign exchange appreciation) and $1.3 billion from BREIT (which reflected $55.6 million of foreign exchange appreciation), partially offset by depreciation of $349.7 million from BPP and co-investment (which reflected $532.7 million of foreign exchange appreciation).
 
 
 
In our Private Equity segment, an increase of $31.7 billion from $177.0 billion at December 31, 2023 to $208.7 billion at September 30, 2024. The net increase was due to inflows of $39.2 billion and market appreciation of $4.4 billion, offset by outflows of $6.3 billion and realizations of $5.6 billion.
 
 
o
Inflows were driven by $26.6 billion from Corporate Private Equity, $3.8 billion from BIP and $3.5 billion from Secondaries.
 
o
Market appreciation was driven by appreciation of $4.5 billion from BIP (which reflected $35.9 million of foreign exchange appreciation), partially offset by depreciation of $268.8 million from Secondaries.
 
o
Outflows were driven by $4.6 billion from Corporate Private Equity.
 
o
Realizations were driven by $1.9 billion from Secondaries, $1.8 billion from Corporate Private Equity and $1.2 billion from Tactical Opportunities.
 
 
 
In our Credit & Insurance segment, an increase of $33.4 billion from $218.2 billion at December 31, 2023 to $251.6 billion at September 30, 2024. The net increase was due to inflows of $48.7 billion and market appreciation of $6.9 billion, offset by realizations of $18.9 billion and outflows of $3.2 billion.
 
 
o
Inflows were driven by $19.6 billion from direct lending, $14.8 billion from liquid corporate credit and $11.9 billion from infrastructure and asset based credit strategies.
 
o
Market appreciation was driven by appreciation of $3.2 billion from direct lending (which reflected $37.3 million of foreign exchange appreciation) and $2.5 billion from liquid corporate credit (which reflected $221.1 million of foreign exchange appreciation).
 
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o
Realizations were driven by $8.9 billion from liquid corporate credit and $5.8 billion from direct lending.
 
o
Outflows were driven by $4.0 billion as a result of an update to the methodology to exclude, leverage that contributes to performance revenues but does not earn management fees, $6.3 billion from liquid corporate credit, $1.6 billion from the insurance platform and $1.5 billion from mezzanine funds, all offset by $(12.1) billion due to the Residential Debt Transfer.
 
 
 
In our Multi-Asset Investing segment, an increase of $6.2 billion from $68.5 billion at December 31, 2023 to $74.7 billion at September 30, 2024. The net increase was due to market appreciation of $6.5 billion and inflows of $6.3 billion, offset by outflows of $5.2 billion and realizations of $1.4 billion.
 
 
o
Market appreciation was driven by appreciation of $4.3 billion from Absolute Return, $1.5 billion from Harvest and $699.9 million from Multi-Strategy (which reflected $18.8 million of foreign exchange appreciation).
 
o
Inflows were driven by $5.0 billion from Absolute Return, $967.8 million from Multi-Strategy and $316.5 million from Harvest.
 
o
Outflows were driven by $4.4 billion from Absolute Return, $422.1 million from Harvest and $348.0 million from Multi-Strategy.
 
o
Realizations were driven by $801.0 million from Multi-Strategy, $402.6 million from Absolute Return and $199.5 million from Harvest.
Total Assets Under Management
Total Assets Under Management were $1,107.6 billion at September 30, 2024, an increase of $31.3 billion compared to $1,076.4 billion at June 30, 2024. The net increase was due to:
 
 
 
In our Real Estate segment, a decrease of $11.0 billion from $336.1 billion at June 30, 2024 to $325.1 billion at September 30, 2024. The net decrease was due to outflows of $14.6 billion and realizations of $7.4 billion, offset by inflows of $5.8 billion and market appreciation of $5.2 billion.
 
 
o
Outflows were driven by $12.5 billion due to the Residential Debt Transfer and $1.7 billion from BREIT.
 
o
Realizations were driven by $2.4 billion from BREDS, $2.0 billion from BREIT and $1.8 billion from BREP and co-investment.
 
o
Inflows were driven by $2.3 billion from BREIT, $1.6 billion from BREDS and $1.3 billion from BPP and co-investment.
 
o
Market appreciation was driven by appreciation of $2.7 billion from BREDS (which reflected $82.5 million of foreign exchange appreciation) and $2.0 billion from BREP and co-investment (which reflected $2.0 billion of foreign exchange appreciation).
 
 
 
In our Private Equity segment, an increase of $14.1 billion from $330.6 billion at June 30, 2024 to $344.7 billion at September 30, 2024. The net increase was due to market appreciation of $11.0 billion and inflows of $10.2 billion, offset by realizations of $5.3 billion and outflows of $1.8 billion.
 
 
o
Market appreciation was driven by appreciation of $5.8 billion from Corporate Private Equity (which reflected $1.1 billion of foreign exchange appreciation) and $2.2 billion from BIP (which reflected $260.3 million of foreign exchange appreciation).
 
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o
Inflows were driven by $3.4 billion from Corporate Private Equity, $2.8 billion from BIP and $1.5 billion from Secondaries.
 
o
Realizations were driven by $2.1 billion from Corporate Private Equity, $1.6 billion from Secondaries and $971.0 million from BIP.
 
o
Outflows were driven by $664.1 million from Secondaries and $613.4 million from Tactical Opportunities.
 
 
 
In our Credit & Insurance segment, an increase of $24.6 billion from $330.1 billion at June 30, 2024 to $354.7 billion at September 30, 2024. The net increase was due to inflows of $21.4 billion, outflows of $(6.5) billion and market appreciation of $6.4 billion, offset by realizations of $9.6 billion.
 
 
o
Inflows were driven by $8.9 billion from direct lending, $5.5 billion from liquid corporate credit and $4.6 billion from infrastructure and asset based credit strategies.
 
o
Outflows were driven by $4.0 billion from liquid corporate credit, $1.3 billion from direct lending and $809.3 million from the insurance platform, all offset by $(12.5) billion due to the Residential Debt Transfer.
 
o
Market appreciation was driven by appreciation of $2.6 billion from liquid corporate credit (which reflected $551.8 million of foreign exchange appreciation), $1.6 billion from direct lending (which reflected $234.0 million of foreign exchange appreciation) and $1.5 billion from infrastructure and asset based credit strategies.
 
o
Realizations were driven by $4.0 billion from direct lending and $3.6 billion from liquid corporate credit.
 
 
 
In our Multi-Asset Investing segment, an increase of $3.5 billion from $79.6 billion at June 30, 2024 to $83.1 billion at September 30, 2024. The net increase was due to inflows of $3.1 billion and market appreciation of $2.3 billion, offset by outflows of $1.4 billion and realizations of $444.6 million.
 
 
o
Inflows were driven by $2.0 billion from Absolute Return, $964.3 million from Multi-Strategy and $142.9 million from Harvest.
 
o
Market appreciation was driven by appreciation of $1.6 billion from Absolute Return (which reflected $316.3 million of foreign exchange appreciation), $334.8 million from Harvest and $290.4 million from Multi-Strategy (which reflected $16.9 million of foreign exchange appreciation).
 
o
Outflows were driven by $1.2 billion from Absolute Return and $145.1 million from Harvest.
 
o
Realizations were driven by $218.5 million from Multi-Strategy, $131.6 million from Absolute Return and $94.5 million from Harvest.
Total Assets Under Management were $1,107.6 billion at September 30, 2024, an increase of $67.4 billion compared to $1,040.2 billion at December 31, 2023. The net increase was due to:
 
 
 
In our Real Estate segment, a decrease of $11.9 billion from $336.9 billion at December 31, 2023 to $325.1 billion at September 30, 2024. The net decrease was due to outflows of $21.5 billion and realizations of $16.7 billion, offset by inflows of $19.8 billion and market appreciation of $6.5 billion.
 
 
o
Outflows were driven by $12.5 billion due to the Residential Debt Transfer and $8.0 billion from BREIT.
 
o
Realizations were driven by $6.0 billion from BREDS, $4.9 billion from BREIT and $2.9 billion from BPP and co-investment.
 
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o
Inflows were driven by $7.7 billion from BREDS, $6.1 billion from BREIT and $3.5 billion from BREP and co-investment.
 
o
Market appreciation was primarily driven by appreciation of $3.9 billion from BREDS (which reflected $79.1 million of foreign exchange appreciation) and $1.7 billion from BREP and co-investment (which reflected $779.2 million of foreign exchange appreciation).
 
 
 
In our Private Equity segment, an increase of $30.3 billion from $314.4 billion at December 31, 2023 to $344.7 billion at September 30, 2024. The net increase was due to inflows of $29.7 billion and market appreciation of $23.5 billion, offset by realizations of $18.4 billion and outflows of $4.5 billion.
 
 
o
Inflows were driven by $11.6 billion from Corporate Private Equity, $7.4 billion from BIP and $4.9 billion from Secondaries.
 
o
Market appreciation was driven by appreciation of $10.5 billion from Corporate Private Equity (which reflected $479.4 million of foreign exchange appreciation), $5.7 billion from BIP (which reflected $122.9 million of foreign exchange appreciation) and $4.6 billion from Secondaries (which reflected $13.6 million of foreign exchange appreciation).
 
o
Realizations were driven by $8.8 billion from Corporate Private Equity and $5.4 billion from Secondaries.
 
o
Outflows were driven by $1.8 billion from Secondaries and $1.5 billion from Tactical Opportunities.
 
 
 
In our Credit & Insurance segment, an increase of $42.1 billion from $312.7 billion at December 31, 2023 to $354.7 billion at September 30, 2024. The net increase was due to inflows of $57.0 billion and market appreciation of $12.1 billion, offset by realizations of $24.6 billion and outflows of $2.4 billion.
 
 
o
Inflows were driven by $24.4 billion from direct lending, $15.1 billion from liquid corporate credit and $12.4 billion from infrastructure and asset based credit strategies.
 
o
Market appreciation was driven by appreciation of $4.5 billion from direct lending (which reflected $78.9 million of foreign exchange appreciation), $2.7 billion from the liquid corporate credit (which reflected $276.1 million of foreign exchange appreciation) and $1.7 billion from infrastructure and asset based credit strategies.
 
o
Realizations were driven by $9.7 billion from direct lending and $8.9 billion from liquid corporate credit.
 
o
Outflows were driven by $6.5 billion from liquid corporate credit, $6.0 billion from direct lending and $1.6 billion from the insurance platform, all offset by $(12.5) billion due to the Residential Debt Transfer.
 
 
 
In our Multi-Asset Investing segment, an increase of $6.9 billion from $76.2 billion at December 31, 2023 to $83.1 billion at September 30, 2024. The net increase was due to inflows of $7.4 billion and market appreciation of $6.9 billion, offset by outflows of $5.8 billion and realizations of $1.5 billion.
 
 
o
Inflows were driven by $5.1 billion from Absolute Return, $2.0 billion from Multi-Strategy and $384.2 million from Harvest.
 
o
Market appreciation was driven by appreciation of $4.5 billion from Absolute Return, $1.6 billion from Harvest and $714.9 million from Multi-Strategy (which reflected $22.7 million of foreign exchange appreciation).
 
o
Outflows were driven by $4.6 billion from Absolute Return, $736.2 million from Multi-Strategy and $450.4 million from Harvest.
 
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o
Realizations were driven by $872.0 million from Multi-Strategy, $413.9 million from Absolute Return and $263.6 million from Harvest.
Fee-Earning Assets Under Management inflows in Corporate Private Equity exceed Total Assets Under Management inflows primarily due to the commencement of the investment period of BCP IX and BETP IV in the nine months ended September 30, 2024. Fee-Earning Assets Under Management inflows are reported when a fund’s investment period commences, whereas Total Assets Under Management activity is reported at each fund closing.
Total Assets Under Management realizations in our Private Equity segment generally represents the total proceeds and typically exceeds the Fee-Earning Assets Under Management realizations. Fee-Earning Assets Under Management generally represents only the invested capital.
Fee-Earning Assets Under Management in Corporate Private Equity is reported based on committed or remaining invested capital, whereas Total Assets Under Management is reported based on fair value and remaining available capital. Total Assets Under Management market activity therefore exceeds Fee-Earning Assets Under Management market activity.
Total Assets Under Management inflows in our Credit & Insurance segment direct lending funds exceed the Fee-Earning Assets Under Management inflows because Total Assets Under Management inflows are reported at their gross value while, for certain funds, Fee-Earning Assets Under Management inflows are reported as net assets, which is the basis on which fees are charged.
 
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Dry Powder
The following presents our Dry Powder as of quarter end of each period:
 

 
Note:
Totals may not add due to rounding.
(a)
Represents illiquid drawdown funds, a component of Perpetual Capital and fee-paying co-investments; includes fee-paying third party capital as well as general partner and employee capital that does not earn fees. Amounts are reduced by outstanding capital commitments, for which capital has not yet been invested.
Net Accrued Performance Revenues
The following table presents the Accrued Performance Revenues, net of performance compensation, of the Blackstone Funds as of September 30, 2024 and 2023. Net Accrued Performance Revenues presented do not include clawback amounts, if any, which are disclosed in Note 17. “Commitments and Contingencies — Contingencies — Contingent Obligations (Clawback)” in the “Notes to Condensed Consolidated Financial Statements” in “Part I. Item 1. Financial Statements” of this filing. See “—Non-GAAP Financial Measures” for our reconciliation of Net Accrued Performance Revenues.
 
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September 30,
 
    
2024
    
2023
 
               
    
(Dollars in Millions)
 
Real Estate
     
BREP Global
  
$
1,313
 
  
$
1,625
 
BREP Europe
  
 
130
 
  
 
132
 
BREP Asia
  
 
97
 
  
 
93
 
BPP
  
 
32
 
  
 
387
 
BREDS
  
 
18
 
  
 
30
 
BTAS
  
 
18
 
  
 
18
 
  
 
 
    
 
 
 
Total Real Estate (a)
  
 
1,608
 
  
 
2,285
 
  
 
 
    
 
 
 
Private Equity
     
BCP Global
  
 
1,708
 
  
 
1,542
 
BCP Asia
  
 
260
 
  
 
113
 
Energy/Energy Transition
  
 
533
 
  
 
387
 
Core Private Equity
  
 
244
 
  
 
220
 
Tactical Opportunities
  
 
181
 
  
 
235
 
Secondaries
  
 
951
 
  
 
737
 
Infrastructure
  
 
568
 
  
 
324
 
Life Sciences
  
 
145
 
  
 
62
 
BTAS/BXPE/Other
  
 
240
 
  
 
186
 
  
 
 
    
 
 
 
Total Private Equity (a)
  
 
4,829
 
  
 
3,804
 
  
 
 
    
 
 
 
Credit & Insurance
  
 
450
 
  
 
292
 
  
 
 
    
 
 
 
Multi-Asset Investing
  
 
105
 
  
 
53
 
  
 
 
    
 
 
 
Total Blackstone Net Accrued Performance Revenues
  
$
6,992
 
  
$
6,435
 
  
 
 
    
 
 
 
 
Note:
Totals may not add due to rounding.
(a)
Real Estate and Private Equity include co-investments, as applicable.
For the twelve months ended September 30, 2024, Net Accrued Performance Revenues receivable increased due to Net Performance Revenues of $2.4 billion, partially offset by net realized distributions of $1.8 billion.
 
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Invested Performance Eligible Assets Under Management
The following presents our Invested Performance Eligible Assets Under Management as of quarter end for each period:
 

 
Note:
Totals may not add due to rounding.
 
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Perpetual Capital
The following presents our Perpetual Capital Total Assets Under Management as of quarter end for each period:
 

 
Note:
Totals may not add due to rounding.
(a)
Perpetual Capital Total Assets Under Management for Multi-Asset Investing segment was zero, $200.4 million and $206.3 million as of December 31, 2023, June 30, 2024 and September 30, 2024, respectively.
Perpetual Capital Total Assets Under Management were $434.7 billion as of September 30, 2024, an increase of $16.2 billion, compared to $418.6 billion as of June 30, 2024. Perpetual Capital Total Assets Under Management in our Credit & Insurance and Private Equity segments increased $18.2 billion and $7.9 billion, respectively, partially offset by a decrease in our Real Estate segment of $10.0 billion. Principal drivers of the increases and decrease were:
 
 
 
In our Credit & Insurance segment, growth of $16.1 billion in insurance capital managed in the segment, which was primarily related to the perpetual capital portion of the Residential Debt Transfer.
 
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In our Private Equity segment, growth in BIP and BXPE capital managed in the segment resulted in an increase of $3.9 billion and $2.2 billion, respectively.
 
 
In our Real Estate segment, the decrease of $10.0 billion was primarily due to the perpetual capital portion of the Residential Debt Transfer.
Perpetual Capital Total Assets Under Management were $434.7 billion as of September 30, 2024, an increase of $38.4 billion, compared to $396.3 billion as of December 31, 2023. Perpetual Capital Total Assets Under Management in our Credit & Insurance and Private Equity segments increased $31.6 billion and $18.2 billion, respectively, partially offset by a decrease in our Real Estate segment of $11.6 billion. Principal drivers of the increases and decrease were:
 
 
 
In our Credit & Insurance segment, growth of $22.1 billion in insurance capital managed in the segment, which was primarily related to the perpetual capital portion of the Residential Debt Transfer.
 
 
In our Private Equity segment, growth in BIP and BXPE capital managed in the segment resulted in increases of $11.6 billion and $3.8 billion, respectively.
 
 
In our Real Estate segment, the decrease of $11.6 billion was primarily due to decreases of $5.4 billion in BREIT and $4.4 billion in BREDS, primarily reflecting the perpetual capital portion of the Residential Debt Transfer.
Investment Records
Fund returns information for our significant funds is included throughout this discussion and analysis to facilitate an understanding of our results of operations for the periods presented. The fund returns information reflected in this discussion and analysis is not indicative of the financial performance of Blackstone and is also not necessarily indicative of the future performance of any particular fund. An investment in Blackstone is not an investment in any of our funds. There can be no assurance that any of our funds or our other existing and future funds will achieve similar returns.
The following tables present the investment record of our significant carry/drawdown funds and selected perpetual capital strategies from inception through September 30, 2024:
 
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Carry/Drawdown Funds
 
           
Unrealized Investments
 
Realized Investments
 
Total Investments
   
Fund (Investment Period
 
Committed
 
Available
         
%
                 
Net IRRs (d)
Beginning Date / Ending Date) (a)
 
Capital
 
Capital (b)
 
Value
 
MOIC (c)
 
Public
 
Value
 
MOIC (c)
 
Value
 
MOIC (c)
 
Realized
 
Total
                                             
   
(Dollars/Euros in Thousands, Except Where Noted)
Real Estate
 
Pre-BREP
 
$      140,714 
 
$           — 
 
$           — 
 
 
n/a
 
 
 
—  
 
 
$      345,190 
 
 
2.5x
 
 
$      345,190 
 
 
2.5x
 
 
 
33%
 
 
 
33%
 
BREP I (Sep 1994 / Oct 1996)
 
380,708 
 
— 
 
— 
 
 
n/a
 
 
 
—  
 
 
1,327,708 
 
 
2.8x
 
 
1,327,708 
 
 
2.8x
 
 
 
40%
 
 
 
40%
 
BREP II (Oct 1996 / Mar 1999)
 
1,198,339 
 
— 
 
— 
 
 
n/a
 
 
 
—  
 
 
2,531,614 
 
 
2.1x
 
 
2,531,614 
 
 
2.1x
 
 
 
19%
 
 
 
19%
 
BREP III (Apr 1999 / Apr 2003)
 
1,522,708 
 
— 
 
— 
 
 
n/a
 
 
 
—  
 
 
3,330,406 
 
 
2.4x
 
 
3,330,406 
 
 
2.4x
 
 
 
21%
 
 
 
21%
 
BREP IV (Apr 2003 / Dec 2005)
 
2,198,694 
 
— 
 
— 
 
 
n/a
 
 
 
—  
 
 
4,684,232 
 
 
1.7x
 
 
4,684,232 
 
 
1.7x
 
 
 
12%
 
 
 
12%
 
BREP V (Dec 2005 / Feb 2007)
 
5,539,418 
 
— 
 
6,226 
 
 
n/a
 
 
 
—  
 
 
13,463,448 
 
 
2.3x
 
 
13,469,674 
 
 
2.3x
 
 
 
11%
 
 
 
11%
 
BREP VI (Feb 2007 / Aug 2011)
 
11,060,122 
 
— 
 
7,531 
 
 
n/a
 
 
 
—  
 
 
27,758,817 
 
 
2.5x
 
 
27,766,348 
 
 
2.5x
 
 
 
13%
 
 
 
13%
 
BREP VII (Aug 2011 / Apr 2015)
 
13,505,657 
 
1,017,051 
 
1,883,905 
 
 
0.6x
 
 
 
—  
 
 
28,472,664 
 
 
2.2x
 
 
30,356,569 
 
 
1.9x
 
 
 
20%
 
 
 
14%
 
BREP VIII (Apr 2015 / Jun 2019)
 
16,607,961 
 
2,006,806 
 
11,937,632 
 
 
1.5x
 
 
 
1%
 
 
22,801,799 
 
 
2.3x
 
 
34,739,431 
 
 
2.0x
 
 
 
23%
 
 
 
14%
 
BREP IX (Jun 2019 / Aug 2022)
 
21,349,913 
 
3,314,887 
 
24,434,954 
 
 
1.4x
 
 
 
1%
 
 
9,029,887 
 
 
2.2x
 
 
33,464,841 
 
 
1.5x
 
 
 
55%
 
 
 
13%
 
*BREP X (Aug 2022 / Feb 2028)
 
30,640,856 
 
22,293,304 
 
9,524,677 
 
 
1.2x
 
 
 
6%
 
 
302,375 
 
 
1.1x
 
 
9,827,052 
 
 
1.2x
 
 
 
n/a
 
 
 
10%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Global BREP
 
$  104,145,090 
 
$   28,632,048 
 
$   47,794,925 
 
 
1.3x
 
 
 
2%
 
 
$  114,048,140 
 
 
2.3x
 
 
$  161,843,065 
 
 
1.9x
 
 
 
17%
 
 
 
15%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BREP Int’l (Jan 2001 / Sep 2005)
 
      824,172 
 
           — 
 
           — 
 
 
n/a
 
 
 
—  
 
 
    1,373,170 
 
 
2.1x
 
 
    1,373,170 
 
 
2.1x
 
 
 
23%
 
 
 
23%
 
BREP Int’l II (Sep 2005 / Jun 2008) (e)
 
1,629,748 
 
— 
 
— 
 
 
n/a
 
 
 
—  
 
 
2,583,032 
 
 
1.8x
 
 
2,583,032 
 
 
1.8x
 
 
 
8%
 
 
 
8%
 
BREP Europe III (Jun 2008 / Sep 2013)
 
3,205,420 
 
391,802 
 
152,188 
 
 
0.3x
 
 
 
—  
 
 
5,856,192 
 
 
2.4x
 
 
6,008,380 
 
 
2.0x
 
 
 
18%
 
 
 
13%
 
BREP Europe IV (Sep 2013 / Dec 2016)
 
6,676,577 
 
1,079,282 
 
1,075,017 
 
 
0.8x
 
 
 
—  
 
 
10,146,604 
 
 
1.9x
 
 
11,221,621 
 
 
1.7x
 
 
 
18%
 
 
 
12%
 
BREP Europe V (Dec 2016 / Oct 2019)
 
7,992,703 
 
884,823 
 
4,407,440 
 
 
0.8x
 
 
 
—  
 
 
6,762,819 
 
 
3.8x
 
 
11,170,259 
 
 
1.5x
 
 
 
41%
 
 
 
7%
 
BREP Europe VI (Oct 2019 / Sep 2023)
 
9,933,550 
 
2,975,177 
 
8,442,676 
 
 
1.2x
 
 
 
—  
 
 
3,442,555 
 
 
2.6x
 
 
11,885,231 
 
 
1.4x
 
 
 
72%
 
 
 
12%
 
*BREP Europe VII (Sep 2023 / Mar 2029)
 
7,704,643 
 
6,190,274 
 
1,768,948 
 
 
1.2x
 
 
 
—  
 
 
— 
 
 
n/a
 
 
1,768,948 
 
 
1.2x
 
 
 
n/a
 
 
 
n/m
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total BREP Europe
 
   37,966,813 
 
   11,521,358 
 
   15,846,269 
 
 
1.0x
 
 
 
—  
 
 
   30,164,372 
 
 
2.3x
 
 
   46,010,641 
 
 
1.6x
 
 
 
17%
 
 
 
11%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
continued...
 
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Table of Contents
           
Unrealized Investments
 
Realized Investments
 
Total Investments
   
Fund (Investment Period
 
Committed
 
Available
         
%
                 
Net IRRs (d)
Beginning Date / Ending Date) (a)
 
Capital
 
Capital (b)
 
Value
 
MOIC (c)
 
Public
 
Value
 
MOIC (c)
 
Value
 
MOIC (c)
 
Realized
 
Total
                                             
   
(Dollars/Euros in Thousands, Except Where Noted)
Real Estate (continued)
 
BREP Asia I (Jun 2013 / Dec 2017)
 
$
4,262,075
  
 
$
898,533
  
 
$
1,560,757
  
 
 
1.7x
 
 
 
14
 
$
7,229,127
 
 
 
2.0x
 
 
$
8,789,884
 
 
 
1.9x
 
 
 
16%
 
 
 
12%
 
BREP Asia II (Dec 2017 / Mar 2022)
 
 
7,354,811
 
 
 
1,310,778
 
 
 
6,411,213
 
 
 
1.2x
 
 
 
5
 
 
2,112,419
 
 
 
1.8x
 
 
 
8,523,632
 
 
 
1.3x
 
 
 
24%
 
 
 
5%
 
*BREP Asia III (Mar 2022 / Sep 2027)
 
 
8,210,352
 
 
 
6,801,968
 
 
 
1,403,568
 
 
 
1.0x
 
 
 
 
 
 
 
 
 
n/a
 
 
 
1,403,568
 
 
 
1.0x
 
 
 
n/a
 
 
 
-13%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total BREP Asia
 
 
19,827,238
 
 
 
9,011,279
 
 
 
9,375,538
 
 
 
1.2x
 
 
 
6
 
 
9,341,546
 
 
 
1.9x
 
 
 
18,717,084
 
 
 
1.5x
 
 
 
17%
 
 
 
8%
 
BREP Co-Investment (f)
 
 
7,587,426
 
 
 
117,353
 
 
 
1,103,907
 
 
 
1.7x
 
 
 
 
 
 
15,264,782
 
 
 
2.2x
 
 
 
16,368,689
 
 
 
2.2x
 
 
 
16%
 
 
 
16%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total BREP
 
$
176,001,124
 
 
$
50,446,797
 
 
$
76,080,082
 
 
 
1.2x
 
 
 
2
 
$
175,528,787
 
 
 
2.3x
 
 
$
251,608,869
 
 
 
1.8x
 
 
 
17%
 
 
 
14%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*BREDS High-Yield (Various) (g)
 
$
25,164,762
 
 
$
8,052,575
 
 
$
5,428,734
 
 
 
1.0x
 
 
 
 
 
$
21,395,281
 
 
 
1.3x
 
 
$
26,824,015
 
 
 
1.3x
 
 
 
10%
 
 
 
9%
 
Private Equity
                     
Corporate Private Equity
                     
BCP I (Oct 1987 / Oct 1993)
 
$
859,081
 
 
$
 
 
$
 
 
 
n/a
 
 
 
 
 
$
1,741,738
 
 
 
2.6x
 
 
$
1,741,738
 
 
 
2.6x
 
 
 
19%
 
 
 
19%
 
BCP II (Oct 1993 / Aug 1997)
 
 
1,361,100
 
 
 
 
 
 
 
 
 
n/a
 
 
 
 
 
 
3,268,627
 
 
 
2.5x
 
 
 
3,268,627
 
 
 
2.5x
 
 
 
32%
 
 
 
32%
 
BCP III (Aug 1997 / Nov 2002)
 
 
3,967,422
 
 
 
 
 
 
 
 
 
n/a
 
 
 
 
 
 
9,228,707
 
 
 
2.3x
 
 
 
9,228,707
 
 
 
2.3x
 
 
 
14%
 
 
 
14%
 
BCOM (Jun 2000 / Jun 2006)
 
 
2,137,330
 
 
 
24,575
 
 
 
184
 
 
 
n/a
 
 
 
 
 
 
2,995,106
 
 
 
1.4x
 
 
 
2,995,290
 
 
 
1.4x
 
 
 
6%
 
 
 
6%
 
BCP IV (Nov 2002 / Dec 2005)
 
 
6,773,182
 
 
 
195,824
 
 
 
357
 
 
 
n/a
 
 
 
 
 
 
21,720,334
 
 
 
2.9x
 
 
 
21,720,691
 
 
 
2.9x
 
 
 
36%
 
 
 
36%
 
BCP V (Dec 2005 / Jan 2011)
 
 
21,009,112
 
 
 
1,035,259
 
 
 
66,016
 
 
 
n/a
 
 
 
100
 
 
38,806,330
 
 
 
1.9x
 
 
 
38,872,346
 
 
 
1.9x
 
 
 
8%
 
 
 
8%
 
BCP VI (Jan 2011 / May 2016)
 
 
15,195,243
 
 
 
1,341,026
 
 
 
4,120,776
 
 
 
2.0x
 
 
 
16
 
 
28,788,181
 
 
 
2.2x
 
 
 
32,908,957
 
 
 
2.2x
 
 
 
14%
 
 
 
12%
 
BCP VII (May 2016 / Feb 2020)
 
 
18,867,443
 
 
 
1,704,240
 
 
 
17,880,529
 
 
 
1.7x
 
 
 
21
 
 
18,540,348
 
 
 
2.6x
 
 
 
36,420,877
 
 
 
2.0x
 
 
 
25%
 
 
 
13%
 
BCP VIII (Feb 2020 / Apr 2024)
 
 
25,912,375
 
 
 
8,372,340
 
 
 
25,407,341
 
 
 
1.4x
 
 
 
4
 
 
2,518,107
 
 
 
2.3x
 
 
 
27,925,448
 
 
 
1.5x
 
 
 
n/m
 
 
 
11%
 
*BCP IX (Apr 2024 / Apr 2029)
 
 
20,777,398
 
 
 
20,690,042
 
 
 
46,367
 
 
 
n/a
 
 
 
 
 
 
 
 
 
n/a
 
 
 
46,367
 
 
 
n/a
 
 
 
n/a
 
 
 
n/a
 
Energy I (Aug 2011 / Feb 2015)
 
 
2,441,558
 
 
 
174,492
 
 
 
487,445
 
 
 
1.5x
 
 
 
54
 
 
4,191,619
 
 
 
2.0x
 
 
 
4,679,064
 
 
 
2.0x
 
 
 
14%
 
 
 
11%
 
Energy II (Feb 2015 / Feb 2020)
 
 
4,920,933
 
 
 
867,570
 
 
 
4,136,017
 
 
 
1.9x
 
 
 
68
 
 
4,377,051
 
 
 
1.8x
 
 
 
8,513,068
 
 
 
1.9x
 
 
 
12%
 
 
 
8%
 
Energy III (Feb 2020 / Jun 2024)
 
 
4,355,021
 
 
 
1,583,228
 
 
 
5,370,434
 
 
 
2.1x
 
 
 
10
 
 
1,631,879
 
 
 
2.4x
 
 
 
7,002,313
 
 
 
2.2x
 
 
 
47%
 
 
 
30%
 
*Energy Transition IV (Jun 2024 / Jun 2029)
 
 
4,303,332
 
 
 
4,270,434
 
 
 
 
 
 
n/a
 
 
 
 
 
 
 
 
 
n/a
 
 
 
 
 
 
n/a
 
 
 
n/a
 
 
 
n/a
 
BCP Asia I (Dec 2017 / Sep 2021)
 
 
2,437,080
 
 
 
417,510
 
 
 
2,947,127
 
 
 
2.1x
 
 
 
60
 
 
2,623,597
 
 
 
3.5x
 
 
 
5,570,724
 
 
 
2.6x
 
 
 
51%
 
 
 
26%
 
*BCP Asia II (Sep 2021 / Sep 2027)
 
 
6,788,466
 
 
 
4,361,442
 
 
 
3,431,480
 
 
 
1.9x
 
 
 
8
 
 
91,510
 
 
 
2.2x
 
 
 
3,522,990
 
 
 
1.9x
 
 
 
n/m
 
 
 
35%
 
Core Private Equity I (Jan 2017 / Mar 2021) (h)
 
 
4,760,279
 
 
 
1,171,237
 
 
 
7,485,845
 
 
 
2.0x
 
 
 
 
 
 
2,871,414
 
 
 
5.2x
 
 
 
10,357,259
 
 
 
2.4x
 
 
 
58%
 
 
 
17%
 
*Core Private Equity II (Mar 2021 / Mar 2026) (h)
 
 
8,450,958
 
 
 
5,123,153
 
 
 
4,683,299
 
 
 
1.3x
 
 
 
 
 
 
346,751
 
 
 
n/a
 
 
 
5,030,050
 
 
 
1.4x
 
 
 
n/a
 
 
 
15%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Corporate Private Equity
 
$
  155,317,313
 
 
$
   51,332,372
 
 
$
   76,063,217
 
 
 
1.6x
 
 
 
15
 
$
  143,741,299
 
 
 
2.3x
 
 
$
  219,804,516
 
 
 
2.0x
 
 
 
16%
 
 
 
15%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
continued...
 
100

Table of Contents
           
Unrealized Investments
 
Realized Investments
 
Total Investments
   
Fund (Investment Period
 
Committed
 
Available
         
%
                 
Net IRRs (d)
Beginning Date / Ending Date) (a)
 
Capital
 
Capital (b)
 
Value
 
MOIC (c)
 
Public
 
Value
 
MOIC (c)
 
Value
 
MOIC (c)
 
Realized
 
Total
                                             
   
(Dollars/Euros in Thousands, Except Where Noted)
Private Equity (continued)
 
Tactical Opportunities
 
*Tactical Opportunities (Various)
 
$
30,813,178
  
 
$
12,260,704
  
 
$
15,581,042
  
 
 
1.2x
 
 
 
5
 
$
24,261,935
  
 
 
1.8x
 
 
$
39,842,977
  
 
 
1.5x
 
 
 
16%
 
 
 
10%
 
*Tactical Opportunities Co-Investment and Other (Various)
 
 
12,541,264
 
 
 
2,391,711
 
 
 
5,259,063
 
 
 
1.2x
 
 
 
2
 
 
10,576,414
 
 
 
1.8x
 
 
 
15,835,477
 
 
 
1.6x
 
 
 
21%
 
 
 
16%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Tactical Opportunities
 
$
43,354,442
 
 
$
14,652,415
 
 
$
20,840,105
 
 
 
1.2x
 
 
 
4
 
$
34,838,349
 
 
 
1.8x
 
 
$
55,678,454
 
 
 
1.5x
 
 
 
17%
 
 
 
12%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Growth
 
*BXG I (Jul 2020 / Jul 2025)
 
$
5,006,755
 
 
$
1,204,350
 
 
$
3,520,462
 
 
 
1.0x
 
 
 
2
 
$
517,135
 
 
 
2.6x
 
 
$
4,037,597
 
 
 
1.1x
 
 
 
n/m
 
 
 
-2%
 
BXG II (TBD)
 
 
4,190,970
 
 
 
4,190,970
 
 
 
 
 
 
n/a
 
 
 
 
 
 
 
 
 
n/a
 
 
 
 
 
 
n/a
 
 
 
n/a
 
 
 
n/a
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Growth
 
$
9,197,725
 
 
$
5,395,320
 
 
$
3,520,462
 
 
 
1.0x
 
 
 
2
 
$
517,135
 
 
 
2.6x
 
 
$
4,037,597
 
 
 
1.1x
 
 
 
n/m
 
 
 
-2%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic Partners (Secondaries)
 
Strategic Partners I-V (Various) (i)
 
$
11,035,527
 
 
$
23,013
 
 
$
7,796
 
 
 
n/a
 
 
 
 
 
$
16,782,783
 
 
 
n/a
 
 
$
16,790,579
 
 
 
1.7x
 
 
 
n/a
 
 
 
13%
 
Strategic Partners VI (Apr 2014 / Apr 2016) (i)
 
 
4,362,772
 
 
 
604,672
 
 
 
662,063
 
 
 
n/a
 
 
 
 
 
 
4,399,074
 
 
 
n/a
 
 
 
5,061,137
 
 
 
1.7x
 
 
 
n/a
 
 
 
13%
 
Strategic Partners VII (May 2016 / Mar 2019) (i)
 
 
7,489,970
 
 
 
1,672,312
 
 
 
3,060,725
 
 
 
n/a
 
 
 
 
 
 
7,577,917
 
 
 
n/a
 
 
 
10,638,642
 
 
 
1.9x
 
 
 
n/a
 
 
 
16%
 
Strategic Partners Real Assets II (May 2017 / Jun 2020) (i)
 
 
1,749,807
 
 
 
502,307
 
 
 
1,279,240
 
 
 
n/a
 
 
 
 
 
 
1,173,420
 
 
 
n/a
 
 
 
2,452,660
 
 
 
1.7x
 
 
 
n/a
 
 
 
16%
 
Strategic Partners VIII (Mar 2019 / Oct 2021) (i)
 
 
10,763,600
 
 
 
3,974,342
 
 
 
7,787,015
 
 
 
n/a
 
 
 
 
 
 
6,876,095
 
 
 
n/a
 
 
 
14,663,110
 
 
 
1.8x
 
 
 
n/a
 
 
 
24%
 
*Strategic Partners Real Estate, SMA and Other (Various) (i)
 
 
7,455,591
 
 
 
2,382,516
 
 
 
2,516,169
 
 
 
n/a
 
 
 
 
 
 
2,525,494
 
 
 
n/a
 
 
 
5,041,663
 
 
 
1.5x
 
 
 
n/a
 
 
 
13%
 
Strategic Partners Infrastructure III (Jun 2020 / Jun 2024) (i)
 
 
3,250,100
 
 
 
534,128
 
 
 
2,626,027
 
 
 
n/a
 
 
 
 
 
 
274,616
 
 
 
n/a
 
 
 
2,900,643
 
 
 
1.4x
 
 
 
n/a
 
 
 
22%
 
*Strategic Partners IX (Oct 2021 / Jan 2027) (i)
 
 
19,692,626
 
 
 
7,648,783
 
 
 
8,568,139
 
 
 
n/a
 
 
 
 
 
 
782,344
 
 
 
n/a
 
 
 
9,350,483
 
 
 
1.4x
 
 
 
n/a
 
 
 
18%
 
*Strategic Partners GP Solutions (Jun 2021 / Dec 2026) (i)
 
 
2,095,211
 
 
 
739,359
 
 
 
900,770
 
 
 
n/a
 
 
 
 
 
 
3,947
 
 
 
n/a
 
 
 
904,717
 
 
 
1.0x
 
 
 
n/a
 
 
 
-3%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Strategic Partners (Secondaries)
 
$
   67,895,204
 
 
$
   18,081,432
 
 
$
   27,407,944
 
 
 
n/a
 
 
 
 
 
$
   40,395,690
 
 
 
n/a
 
 
$
   67,803,634
 
 
 
1.6x
 
 
 
n/a
 
 
 
14%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Life Sciences
 
Clarus IV (Jan 2018 / Jan 2020)
 
$
910,000
 
 
$
61,316
 
 
$
716,439
 
 
 
2.1x
 
 
 
 
 
$
559,642
 
 
 
1.4x
 
 
$
1,276,081
 
 
 
1.7x
 
 
 
6%
 
 
 
10%
 
*BXLS V (Jan 2020 / Jan 2025)
 
 
5,004,386
 
 
 
2,657,312
 
 
 
3,536,842
 
 
 
1.9x
 
 
 
2
 
 
469,474
 
 
 
1.2x
 
 
 
4,006,316
 
 
 
1.8x
 
 
 
n/m
 
 
 
16%
 
 
continued...
 
101

Table of Contents
           
Unrealized Investments
 
Realized Investments
 
Total Investments
   
Fund (Investment Period
 
Committed
 
Available
         
%
                 
Net IRRs (d)
Beginning Date / Ending Date) (a)
 
Capital
 
Capital (b)
 
Value
 
MOIC (c)
 
Public
 
Value
 
MOIC (c)
 
Value
 
MOIC (c)
 
Realized
 
Total
                                             
   
(Dollars/Euros in Thousands, Except Where Noted)
Credit
 
Mezzanine / Opportunistic I (Jul 2007 / Oct 2011)
 
$
2,000,000
  
 
$
97,114
  
 
$
  
 
 
n/a
 
 
 
—  
 
 
$
4,809,113
  
 
 
1.6x
 
 
$
4,809,113
  
 
 
1.6x
 
 
 
n/a
 
 
 
17%
 
Mezzanine / Opportunistic II (Nov 2011 / Nov 2016)
 
 
4,120,000
 
 
 
993,260
 
 
 
92,124
 
 
 
0.2x
 
 
 
—  
 
 
 
6,678,087
 
 
 
1.5x
 
 
 
6,770,211
 
 
 
1.4x
 
 
 
n/a
 
 
 
10%
 
Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)
 
 
6,639,133
 
 
 
1,091,782
 
 
 
2,165,828
 
 
 
1.2x
 
 
 
39%
 
 
 
8,454,627
 
 
 
1.6x
 
 
 
10,620,455
 
 
 
1.5x
 
 
 
n/a
 
 
 
12%
 
*Mezzanine / Opportunistic IV (Jan 2021 / Jan 2026)
 
 
5,016,771
 
 
 
1,389,288
 
 
 
4,679,493
 
 
 
1.1x
 
 
 
—  
 
 
 
1,239,671
 
 
 
1.8x
 
 
 
5,919,164
 
 
 
1.2x
 
 
 
n/a
 
 
 
14%
 
Stressed / Distressed I (Sep 2009 / May 2013)
 
 
3,253,143
 
 
 
 
 
 
 
 
 
n/a
 
 
 
—  
 
 
 
5,777,098
 
 
 
1.3x
 
 
 
5,777,098
 
 
 
1.3x
 
 
 
n/a
 
 
 
9%
 
Stressed / Distressed II (Jun 2013 / Jun 2018)
 
 
5,125,000
 
 
 
547,430
 
 
 
142,782
 
 
 
0.2x
 
 
 
—  
 
 
 
5,470,492
 
 
 
1.2x
 
 
 
5,613,274
 
 
 
1.1x
 
 
 
n/a
 
 
 
1%
 
Stressed / Distressed III (Dec 2017 / Dec 2022)
 
 
7,356,380
 
 
 
1,100,454
 
 
 
2,552,558
 
 
 
1.1x
 
 
 
—  
 
 
 
4,209,841
 
 
 
1.5x
 
 
 
6,762,399
 
 
 
1.3x
 
 
 
n/a
 
 
 
10%
 
Energy I (Nov 2015 / Nov 2018)
 
 
2,856,867
 
 
 
1,154,819
 
 
 
279,453
 
 
 
0.8x
 
 
 
—  
 
 
 
3,293,013
 
 
 
1.6x
 
 
 
3,572,466
 
 
 
1.5x
 
 
 
n/a
 
 
 
10%
 
Energy II (Feb 2019 / Jun 2023)
 
 
3,616,081
 
 
 
1,474,627
 
 
 
1,028,263
 
 
 
1.1x
 
 
 
—  
 
 
 
2,738,563
 
 
 
1.4x
 
 
 
3,766,826
 
 
 
1.3x
 
 
 
n/a
 
 
 
16%
 
*Green Energy III (May 2023 / May 2028)
 
 
6,477,000
 
 
 
4,649,454
 
 
 
1,958,000
 
 
 
1.0x
 
 
 
—  
 
 
 
161,207
 
 
 
n/a
 
 
 
2,119,207
 
 
 
1.1x
 
 
 
n/a
 
 
 
n/m
 
European Senior Debt I (Feb 2015 / Feb 2019)
 
1,964,689
 
 
139,954
 
 
204,893
 
 
 
0.4x
 
 
 
—  
 
 
2,978,763
 
 
 
1.3x
 
 
3,183,656
 
 
 
1.2x
 
 
 
n/a
 
 
 
2%
 
European Senior Debt II (Jun 2019 / Jun 2023) (j)
 
4,088,344
 
 
719,250
 
 
3,958,457
 
 
 
0.9x
 
 
 
—  
 
 
2,871,992
 
 
 
2.4x
 
 
6,830,449
 
 
 
1.3x
 
 
 
n/a
 
 
 
10%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Credit Drawdown Funds (k)
 
$
   53,366,033
 
 
$
   13,457,145
 
 
$
   17,545,006
 
 
 
1.0x
 
 
 
5%
 
 
$
   49,509,019
 
 
 
1.5x
 
 
$
   67,054,025
 
 
 
1.3x
 
 
 
n/a
 
 
 
10%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
102

Table of Contents
Selected Perpetual Capital Strategies (l)
 
Strategy (Inception Year) (a)
 
Investment

Strategy
    
Total Assets
Under
Management
    
Total Net
Return (m)
 
                     
   
(Dollars in Thousands, Except Where Noted)
 
Real Estate
       
BPP—Blackstone Property Partners Platform (2013) (n)
 
 
Core+ Real Estate
 
  
$
 64,308,476
 
  
 
5%
 
BREIT—Blackstone Real Estate Income Trust (2017) (o)
 
 
Core+ Real Estate
 
  
 
55,295,802
 
  
 
9%
 
 BREIT—Class I (p)
 
 
Core+ Real Estate
 
     
 
10%
 
BXMT—Blackstone Mortgage Trust (2013) (q)
 
 
Real Estate Debt
 
  
 
5,933,731
 
  
 
6%
 
Private Equity
       
BSCH—Blackstone Strategic Capital Holdings (2014) (r)
 
 
Secondaries—GP Stakes
 
  
 
10,739,337
 
  
 
13%
 
BIP—Blackstone Infrastructure Partners (2019) (s)
 
 
Infrastructure
 
  
 
40,470,269
 
  
 
16%
 
BXPE—Blackstone Private Equity Strategies Fund Program (2024) (t)
 
 
Private Equity
 
  
 
5,747,358
 
  
 
(t)
 
Credit
       
BXSL—Blackstone Secured Lending Fund (2018) (u)
 
 
U.S. Direct Lending
 
  
 
12,661,739
 
  
 
11%
 
BCRED—Blackstone Private Credit Fund (2021) (v)
 
 
U.S. Direct Lending
 
  
 
71,173,137
 
  
 
10%
 
 BCRED—Class I (w)
 
 
U.S. Direct Lending
 
     
 
10%
 
The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone.
 
n/m
Not meaningful generally due to the limited time since initial investment.
n/a
Not applicable.
SMA
Separately managed account.
*
Represents funds that are in their investment period as of September 30, 2024.
(a)
Excludes investment vehicles where Blackstone does not earn fees.
(b)
Available Capital represents total investable capital commitments, including side-by-side, adjusted for certain expenses and expired or recallable capital and may include leverage, less invested capital. This amount is not reduced by outstanding commitments to investments.
(c)
Multiple of Invested Capital (“MOIC”) represents carrying value, before management fees, expenses and Performance Revenues, divided by invested capital.
(d)
Unless otherwise indicated, Net Internal Rate of Return (“IRR”) represents the annualized inception to September 30, 2024 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of limited partner cash flows. Initial inception date of cash flows may differ from the Investment Period Beginning Date.
(e)
The 8% Realized Net IRR and 8% Total Net IRR exclude investors that opted out of the Hilton investment opportunity. Overall BREP International II performance reflects a 7% Realized Net IRR and a 7% Total Net IRR.
(f)
BREP Co-Investment represents co-investment capital raised for various BREP investments. The Net IRR reflected is calculated by aggregating each co-investment’s realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues.
(g)
BREDS High-Yield represents the flagship real estate debt drawdown funds only.
(h)
Blackstone Core Equity Partners is a core private equity strategy which invests with a more modest risk profile and longer hold period than traditional private equity.
(i)
Strategic Partners’ Unrealized Investment Value, Realized Investment Value, Total Investment Value, Total MOIC and Total Net IRRs are reported on a three-month lag and therefore do not include the impact of economic and market activities in the current quarter. Realizations are treated as returns of capital until fully recovered and therefore Unrealized and Realized MOICs and Realized Net IRRs are not applicable. Committed Capital and Available Capital are presented as of the current quarter.
 
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(j)
European Senior Debt II Levered has a net return of 15%, European Senior Debt II Unlevered has a net return of 8%.
(k)
Funds presented represent the flagship credit drawdown funds only. The Total Credit Net IRR is the combined IRR of the credit drawdown funds presented.
(l)
Represents the performance for select perpetual capital strategies; strategies excluded consist primarily of (i) investment strategies that have been investing for less than one year, (ii) perpetual capital assets managed for certain insurance clients, and (iii) investment vehicles where Blackstone does not earn fees.
(m)
Unless otherwise indicated, Total Net Return represents the annualized inception to September 30, 2024 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of investor cash flows. Initial inception date of cash flows occurred during the Inception Year.
(n)
BPP represents the aggregate Total Assets Under Management and Total Net Return of the BPP Platform, which comprises over 30 funds, co-investment and separately managed account vehicles. It includes certain vehicles managed as part of the BPP Platform but not classified as Perpetual Capital. As of September 30, 2024, these vehicles represented $2.5 billion of Total Assets Under Management.
(o)
The BREIT Total Net Return reflects a per share blended return, assuming BREIT had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from January 1, 2017.
(p)
Represents the Total Net Return for BREIT’s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. Class I Total Net Return is presented on an annualized basis and is from January 1, 2017.
(q)
The BXMT Total Net Return reflects annualized market return of a shareholder invested in BXMT since inception, May 22, 2013, assuming reinvestment of all dividends received during the period.
(r)
BSCH represents the aggregate Total Assets Under Management and Total Net Return of BSCH I and BSCH II funds that invest as part of the Secondaries – GP Stakes strategy, which targets minority investments in the general partners of private equity and other private-market alternative asset management firms globally. Including co-investment vehicles that do not pay fees, BSCH Total Assets Under Management is $12.0 billion.
(s)
BIP represents the aggregate Total Assets Under Management and Total Net Return of the infrastructure-focused funds with a primary focus on the U.S. Including co-investment vehicles and BIP Europe, BIP Total Assets Under Management is $52.6 billion.
(t)
BXPE’s Total Assets Under Management reflects net asset value as of August 31, 2024 plus net subscriptions as of September 1, 2024. For purposes of segment Assets Under Management reporting, BXPE’s Assets Under Management is reported by the business managing the assets. Total net return not presented because the reporting date is less than one year from BXPE’s inception date (January 2, 2024).
(u)
The BXSL Total Assets Under Management and Total Net Return are presented as of June 30, 2024. Refer to BXSL public filings for current quarter results. BXSL Total Net Return reflects the change in Net Asset Value (“NAV”) per share, plus distributions per share (assuming dividends and distributions are reinvested in accordance with BXSL’s dividend reinvestment plan) divided by the beginning NAV per share. Total Net Returns are presented on an annualized basis and are from November 20, 2018.
(v)
The BCRED Total Net Return reflects a per share blended return, assuming BCRED had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. This return is not representative of the return experienced by any particular investor or share class. Total Net Return is presented on an annualized basis and is from January 7, 2021. Total Assets Under Management reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. BCRED net asset value as of September 30, 2024 was $36.4 billion.
 
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(w)
Represents the Total Net Return for BCRED’s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. Class I Total Net Return is presented on an annualized basis and is from January 7, 2021.
Segment Analysis
Discussed below is our Segment Distributable Earnings for each of our segments. This information is reflected in the manner utilized by our senior management to make operating decisions, assess performance and allocate resources. References to “our” sectors or investments may also refer to portfolio companies and investments of the underlying funds that we manage.
Real Estate
The following table presents the results of operations for our Real Estate segment:
 
                                                                                                                       
    
Three Months Ended
          
Nine Months Ended
       
    
September 30,
 
2024 vs. 2023
  
September 30,
 
2024 vs. 2023
    
2024
 
2023
 
$
 
%
  
2024
 
2023
 
$
 
%
    
(Dollars in Thousands)
Management Fees, Net
                 
Base Management Fees
  
$
672,260
 
 
$
697,561
 
 
$
(25,301
 
 
-4%
 
  
$
2,052,223
 
 
$
2,112,925
 
 
$
(60,702
 
 
-3
Transaction and Other Fees, Net
  
 
24,810
 
 
 
10,686
 
 
 
14,124
 
 
 
132%
 
  
 
129,140
 
 
 
58,313
 
 
 
70,827
 
 
 
121
Management Fee Offsets
  
 
(1,524
 
 
(7,616
 
 
6,092
 
 
 
-80%
 
  
 
(7,921
 
 
(26,380
 
 
18,459
 
 
 
-70
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Management Fees, Net
  
 
695,546
 
 
 
700,631
 
 
 
(5,085
 
 
-1%
 
  
 
2,173,442
 
 
 
2,144,858
 
 
 
28,584
 
 
 
1
Fee Related Performance Revenues
  
 
72,428
 
 
 
127,841
 
 
 
(55,413
 
 
-43%
 
  
 
202,992
 
 
 
279,888
 
 
 
(76,896
 
 
-27
Fee Related Compensation
  
 
(166,567
 
 
(199,384
 
 
32,817
 
 
 
-16%
 
  
 
(525,540
 
 
(536,000
 
 
10,460
 
 
 
-2
Other Operating Expenses
  
 
(100,739
 
 
(83,074
 
 
(17,665
 
 
21%
 
  
 
(282,879
 
 
(229,204
 
 
(53,675
 
 
23
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee Related Earnings
  
 
500,668
 
 
 
546,014
 
 
 
(45,346
 
 
-8%
 
  
 
1,568,015
 
 
 
1,659,542
 
 
 
(91,527
 
 
-6
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized Performance Revenues
  
 
78,022
 
 
 
17,419
 
 
 
60,603
 
 
 
348%
 
  
 
181,461
 
 
 
148,236
 
 
 
33,225
 
 
 
22
Realized Performance Compensation
  
 
(44,761
 
 
(7,813
 
 
(36,948
 
 
473%
 
  
 
(91,919
 
 
(80,571
 
 
(11,348
 
 
14
Realized Principal Investment Income
  
 
6,421
 
 
 
1,565
 
 
 
4,856
 
 
 
310%
 
  
 
15,667
 
 
 
3,719
 
 
 
11,948
 
 
 
321
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Realizations
  
 
39,682
 
 
 
11,171
 
 
 
28,511
 
 
 
255%
 
  
 
105,209
 
 
 
71,384
 
 
 
33,825
 
 
 
47
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Segment Distributable Earnings
  
$
540,350
 
 
$
557,185
 
 
$
(16,835
 
 
-3%
 
  
$
1,673,224
 
 
$
1,730,926
 
 
$
(57,702
 
 
-3
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
n/m Not meaningful.
Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023
Segment Distributable Earnings were $540.4 million for the three months ended September 30, 2024, a decrease of $16.8 million, compared to $557.2 million for the three months ended September 30, 2023. The decrease in Segment Distributable Earnings was attributable to a decrease of $45.3 million in Fee Related Earnings, partially offset by an increase of $28.5 million in Net Realizations.
Our global opportunistic and Core+ real estate portfolios are concentrated in high-conviction sectors with favorable long-term fundamentals. These sectors, including digital infrastructure, logistics and rental housing, have continued to support performance in our Real Estate segment. In particular, our data center platform was the single largest driver of appreciation in our Real Estate business and the firm in the third quarter of 2024. More broadly, we believe our Real Estate segment is well positioned to benefit from the expected increase in demand for digital infrastructure over time.
 
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We believe a meaningful decline in the cost of capital has positioned commercial real estate for increasing values over time and improving investor sentiment toward the sector. Moreover, real estate values should further be supported by the material decrease in new construction in certain sectors, including logistics and rental housing, which will contribute to further constraints on future supply. Growth in certain markets and sectors with elevated near-term supply, including U.S. logistics and multifamily, has slowed, however, and may moderate further. Challenges from new supply and muted demand have also pressured life science office and have negatively impacted valuations of such assets. Weak fundamentals have also persisted in the traditional office market and more troubled assets are likely to emerge. While our NYSE-listed REIT, Blackstone Mortgage Trust (“BXMT”), is mostly focused in sectors with strong long-term fundamentals, its office exposure is higher than in our real estate equity business. Although this has posed challenges for the vehicle, its focus on senior loans has been an important factor in mitigating the adverse impact of the sector’s dislocation.
In addition, liquidity in the private market has also improved meaningfully, providing the foundation for greater transaction activity in the future. Ahead of an anticipated market recovery, our Real Estate funds invested or committed $22.4 billion in the first nine months of 2024, approximately two-and-a-half times the same period in 2023. These positive signs have coincided with improving investor sentiment in the third quarter, reflected in an over 90% decline in BREIT repurchase requests in September 2024 relative to their peak in January 2023. We believe that flows in our perpetual capital strategies could benefit from continued improvement of the market environment.
Fee Related Earnings
Fee Related Earnings were $500.7 million for the three months ended September 30, 2024, a decrease of $45.3 million, compared to $546.0 million for the three months ended September 30, 2023. The decrease in Fee Related Earnings was primarily attributable to a decrease of $55.4 million in Fee Related Performance Revenues and an increase of $17.7 million in Other Operating Expenses, partially offset by a decrease of $32.8 million in Fee Related Compensation.
Fee Related Performance Revenues were $72.4 million for the three months ended September 30, 2024, a decrease of $55.4 million, compared to $127.8 million for the three months ended September 30, 2023. The decrease was primarily due to lower Fee Related Performance Revenues in BPP and co-investment.
Other Operating Expenses were $100.7 million for the three months ended September 30, 2024, an increase of $17.7 million, compared to $83.1 million for the three months ended September 30, 2023. The increase was primarily due to higher sub-servicing fees and professional fees.
Fee Related Compensation was $166.6 million for the three months ended September 30, 2024, a decrease of $32.8 million, compared to $199.4 million for the three months ended September 30, 2023. The decrease was primarily due to decreases in Fee Related Performance Revenues and Management Fees, Net, both of which impact Fee Related Compensation.
Net Realizations
Net Realizations were $39.7 million for the three months ended September 30, 2024, an increase of $28.5 million, compared to $11.2 million for the three months ended September 30, 2023. The increase in Net Realizations was primarily attributable to an increase of $60.6 million in Realized Performance Revenues, partially offset by an increase of $36.9 million in Realized Performance Compensation.
 
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Realized Performance Revenues were $78.0 million for the three months ended September 30, 2024, an increase of $60.6 million, compared to $17.4 million for the three months ended September 30, 2023. The increase was primarily due to higher Realized Performance Revenues in BREP.
Realized Performance Compensation was $44.8 million for the three months ended September 30, 2024, an increase of $36.9 million, compared to $7.8 million for the three months ended September 30, 2023. The increase was primarily due to the increase in Realized Performance Revenues.
Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023
Segment Distributable Earnings were $1.7 billion for the nine months ended September 30, 2024, a decrease of $57.7 million, compared to $1.7 billion for the nine months ended September 30, 2023. The decrease in Segment Distributable Earnings was attributable to a decrease of $91.5 million in Fee Related Earnings, partially offset by an increase of $33.8 million in Net Realizations.
Fee Related Earnings
Fee Related Earnings were $1.6 billion for the nine months ended September 30, 2024, a decrease of $91.5 million, compared to $1.7 billion for the nine months ended September 30, 2023. The decrease in Fee Related Earnings was attributable to a decrease of $76.9 million in Fee Related Performance Revenues and an increase of $53.7 million in Other Operating Expenses, partially offset by an increase of $28.6 million in Management Fees, Net.
Fee Related Performance Revenues were $203.0 million for the nine months ended September 30, 2024, a decrease of $76.9 million, compared to $279.9 million for the nine months ended September 30, 2023. The decrease was primarily due to lower Fee Related Performance Revenues in BPP and co-investment and BXMT.
Other Operating Expenses were $282.9 million for the nine months ended September 30, 2024, an increase of $53.7 million, compared to $229.2 million for the nine months ended September 30, 2023. The increase was primarily due to higher sub-servicing fees, professional fees and occupancy costs.
Management Fees, Net were $2.2 billion for the nine months ended September 30, 2024, an increase of $28.6 million, compared to $2.1 billion for the nine months ended September 30, 2023, primarily driven by an increase in Transaction and Other Fees, Net, partially offset by a decrease in Base Management Fees. Transaction and Other Fees, Net increased $70.8 million primarily due to an increase in acquisition fees paid to the advisor of our BREP funds. Base Management Fees decreased $60.7 million primarily due to a decrease in Fee-Earning Assets Under Management in BREIT and BPP and co-investment.
Net Realizations
Net Realizations were $105.2 million for the nine months ended September 30, 2024, an increase of $33.8 million, compared to $71.4 million for the nine months ended September 30, 2023. The increase in Net Realizations was primarily attributable to an increase of $33.2 million in Realized Performance Revenues.
Realized Performance Revenues were $181.5 million for the nine months ended September 30, 2024, an increase of $33.2 million, compared to $148.2 million for the nine months ended September 30, 2023. The increase was primarily due to higher Realized Performance Revenues in BREDS.
Fund Returns
Fund return information for our significant funds is included throughout this discussion and analysis to facilitate an understanding of our results of operations for the periods presented. The fund returns information reflected in this discussion and analysis is not indicative of the financial performance of Blackstone and is also not necessarily indicative of the future performance of any particular fund. An investment in Blackstone is not an investment in any of our funds. There can be no assurance that any of our funds or our other existing and future funds will achieve similar returns.
 
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The following table presents the internal rates of return, except where noted, of our significant real estate funds:
 
                                                                                   
    
Three Months Ended
  
Nine Months Ended
  
September 30, 2024
    
September 30,
  
September 30,
  
Inception to Date
    
2024
  
2023
  
2024
  
2023
  
Realized
  
Total
Fund (a)
  
Gross
  
Net
  
Gross
  
Net
  
Gross
  
Net
  
Gross
  
Net
  
Gross
  
Net
  
Gross
  
Net
BREP VII
  
 
-7%
 
  
 
-6%
 
  
 
-11%
 
  
 
-10%
 
  
 
-15%
 
  
 
-13%
 
  
 
-24%
 
  
 
-21%
 
  
 
27%
 
  
 
20%
 
  
 
20%
 
  
 
14%
 
BREP VIII
  
 
1%
 
  
 
0%
 
  
 
-3%
 
  
 
-3%
 
  
 
2%
 
  
 
1%
 
  
 
-5%
 
  
 
-5%
 
  
 
30%
 
  
 
23%
 
  
 
19%
 
  
 
14%
 
BREP IX
  
 
0%
 
  
 
0%
 
  
 
-2%
 
  
 
-2%
 
  
 
-1%
 
  
 
-1%
 
  
 
-1%
 
  
 
-2%
 
  
 
81%
 
  
 
55%
 
  
 
19%
 
  
 
13%
 
BREP X
  
 
8%
 
  
 
6%
 
  
 
n/m
 
  
 
n/m
 
  
 
25%
 
  
 
15%
 
  
 
n/m
 
  
 
n/m
 
  
 
n/a
 
  
 
n/a
 
  
 
40%
 
  
 
10%
 
BREP Europe IV (b)
  
 
1%
 
  
 
1%
 
  
 
-7%
 
  
 
-6%
 
  
 
-4%
 
  
 
-4%
 
  
 
-12%
 
  
 
-11%
 
  
 
26%
 
  
 
18%
 
  
 
18%
 
  
 
12%
 
BREP Europe V (b)
  
 
-5%
 
  
 
-4%
 
  
 
-4%
 
  
 
-3%
 
  
 
-8%
 
  
 
-7%
 
  
 
-7%
 
  
 
-6%
 
  
 
50%
 
  
 
41%
 
  
 
12%
 
  
 
7%
 
BREP Europe VI (b)
  
 
1%
 
  
 
0%
 
  
 
3%
 
  
 
2%
 
  
 
2%
 
  
 
1%
 
  
 
11%
 
  
 
7%
 
  
 
97%
 
  
 
72%
 
  
 
20%
 
  
 
12%
 
BREP Asia I
  
 
5%
 
  
 
4%
 
  
 
2%
 
  
 
2%
 
  
 
8%
 
  
 
6%
 
  
 
1%
 
  
 
0%
 
  
 
23%
 
  
 
16%
 
  
 
18%
 
  
 
12%
 
BREP Asia II
  
 
1%
 
  
 
1%
 
  
 
-2%
 
  
 
-3%
 
  
 
1%
 
  
 
0%
 
  
 
-4%
 
  
 
-2%
 
  
 
36%
 
  
 
24%
 
  
 
8%
 
  
 
5%
 
BREP Asia III
  
 
6%
 
  
 
3%
 
  
 
-9%
 
  
 
-13%
 
  
 
9%
 
  
 
-1%
 
  
 
-8%
 
  
 
-20%
 
  
 
n/a
 
  
 
n/a
 
  
 
2%
 
  
 
-13%
 
BREP Co-Investment (c)
  
 
1%
 
  
 
0%
 
  
 
1%
 
  
 
1%
 
  
 
3%
 
  
 
0%
 
  
 
4%
 
  
 
3%
 
  
 
18%
 
  
 
16%
 
  
 
18%
 
  
 
16%
 
BPP (d)
  
 
-1%
 
  
 
-1%
 
  
 
-2%
 
  
 
-2%
 
  
 
-1%
 
  
 
-2%
 
  
 
-3%
 
  
 
-4%
 
  
 
n/a
 
  
 
n/a
 
  
 
7%
 
  
 
5%
 
BREIT (e)
  
 
n/a
 
  
 
0%
 
  
 
n/a
 
  
 
2%
 
  
 
n/a
 
  
 
2%
 
  
 
n/a
 
  
 
3%
 
  
 
n/a
 
  
 
n/a
 
  
 
n/a
 
  
 
9%
 
BREIT - Class I (f)
  
 
n/a
 
  
 
0%
 
  
 
n/a
 
  
 
2%
 
  
 
n/a
 
  
 
2%
 
  
 
n/a
 
  
 
3%
 
  
 
n/a
 
  
 
n/a
 
  
 
n/a
 
  
 
10%
 
BREDS High-Yield (g)
  
 
4%
 
  
 
3%
 
  
 
4%
 
  
 
2%
 
  
 
12%
 
  
 
9%
 
  
 
8%
 
  
 
5%
 
  
 
14%
 
  
 
10%
 
  
 
14%
 
  
 
9%
 
BXMT (h)
  
 
n/a
 
  
 
12%
 
  
 
n/a
 
  
 
7%
 
  
 
n/a
 
  
 
-2%
 
  
 
n/a
 
  
 
13%
 
  
 
n/a
 
  
 
n/a
 
  
 
n/a
 
  
 
6%
 
The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone.
 
n/m
Not meaningful generally due to the limited time since initial investment.
n/a
Not applicable.
(a)
Net returns are based on the change in carrying value (realized and unrealized) after management fees, expenses and Performance Revenues. Excludes investment vehicles where Blackstone does not earn fees.
(b)
Euro-based internal rates of return.
(c)
BREP Co-Investment represents co-investment capital raised for various BREP investments. The Net IRR reflected is calculated by aggregating each co-investment’s realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues.
(d)
The BPP platform, which comprises over 30 funds, co-investment and separately managed account vehicles, represents the Core+ real estate funds which invest with a more modest risk profile and lower leverage.
(e)
Reflects a per share blended return for each respective period, assuming BREIT had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. These returns are not representative of the returns experienced by any particular investor or share class. Inception to date returns are presented on an annualized basis and are from January 1, 2017.
(f)
Represents the Total Net Return for BREIT’s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. Inception to date return is from January 1, 2017.
 
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(g)
BREDS High-Yield represents the flagship real estate debt drawdown funds only. Inception to date returns are from July 1, 2009.
(h)
Reflects annualized return of a shareholder invested in BXMT as of the beginning of each period presented, assuming reinvestment of all dividends received during the period, and net of all fees and expenses incurred by BXMT. Return incorporates the closing NYSE stock price as of each period end. Inception to date returns are from May 22, 2013.
Funds With Closed Investment Periods as of September 30, 2024
The Real Estate segment has fourteen funds with closed investment periods as of September 30, 2024: BREP IX, BREP VIII, BREP VII, BREP VI, BREP V, BREP IV, BREP Europe VI, BREP Europe V, BREP Europe IV, BREP Europe III, BREP Asia II, BREP Asia I, BREDS IV and BREDS III. As of September 30, 2024, BREP VII, BREP VI, BREP V, BREP IV, BREP Europe IV, BREP Europe III and BREP Asia I were above their carried interest thresholds (i.e., the preferred return payable to its limited partners before the general partner is eligible to receive carried interest) and would have been above their carried interest thresholds even if all remaining investments were valued at zero. BREP IX, BREP VIII, BREP Europe VI, BREP Europe V, BREDS IV and BREDS III were above their carried interest thresholds as of September 30, 2024, and BREP Asia II was below its carried interest threshold. Funds are considered above their carried interest thresholds based on the aggregate fund position, although individual limited partners may be below their respective carried interest thresholds in certain funds.
Private Equity
The following table presents the results of operations for our Private Equity segment:
 
                                                                                                                       
    
Three Months Ended
          
Nine Months Ended
       
    
September 30,
 
2024 vs. 2023
  
September 30,
 
2024 vs. 2023
    
2024
 
2023
 
$
 
%
  
2024
 
2023
 
$
 
%
    
(Dollars in Thousands)
Management and Advisory Fees, Net
                 
Base Management Fees
  
$
511,355
 
 
$
481,224
 
 
$
30,131
 
 
 
6%
 
  
$
1,454,183
 
 
$
1,423,470
 
 
$
30,713
 
 
 
2%
 
Transaction, Advisory and Other Fees, Net
  
 
45,592
 
 
 
22,604
 
 
 
22,988
 
 
 
102%
 
  
 
118,721
 
 
 
87,923
 
 
 
30,798
 
 
 
35%
 
Management Fee Offsets
  
 
(4,127
 
 
(2,000
 
 
(2,127
 
 
106%
 
  
 
(4,026
 
 
(4,104
 
 
78
 
 
 
-2%
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Management and Advisory Fees, Net
  
 
552,820
 
 
 
501,828
 
 
 
50,992
 
 
 
10%
 
  
 
1,568,878
 
 
 
1,507,289
 
 
 
61,589
 
 
 
4%
 
Fee Related Performance Revenues
  
 
5,868
 
 
 
-
 
 
 
5,868
 
 
 
n/m
 
  
 
14,571
 
 
 
-
 
 
 
14,571
 
 
 
n/m
 
Fee Related Compensation
  
 
(169,059
 
 
(152,491
 
 
(16,568
 
 
11%
 
  
 
(489,686
 
 
(482,596
 
 
(7,090
 
 
1%
 
Other Operating Expenses
  
 
(96,660
 
 
(81,738
 
 
(14,922
 
 
18%
 
  
 
(274,131
 
 
(238,912
 
 
(35,219
 
 
15%
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee Related Earnings
  
 
292,969
 
 
 
267,599
 
 
 
25,370
 
 
 
9%
 
  
 
819,632
 
 
 
785,781
 
 
 
33,851
 
 
 
4%
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized Performance Revenues
  
 
216,643
 
 
 
299,271
 
 
 
(82,628
 
 
-28%
 
  
 
1,048,314
 
 
 
1,021,164
 
 
 
27,150
 
 
 
3%
 
Realized Performance Compensation
  
 
(94,800
 
 
(114,211
 
 
19,411
 
 
 
-17%
 
  
 
(495,042
 
 
(437,970
 
 
(57,072
 
 
13%
 
Realized Principal Investment Income
  
 
9,028
 
 
 
22,682
 
 
 
(13,654
 
 
-60%
 
  
 
37,182
 
 
 
68,558
 
 
 
(31,376
 
 
-46%
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Realizations
  
 
130,871
 
 
 
207,742
 
 
 
(76,871
 
 
-37%
 
  
 
590,454
 
 
 
651,752
 
 
 
(61,298
 
 
-9%
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Segment Distributable Earnings
  
$
423,840
 
 
$
475,341
 
 
$
(51,501
 
 
-11%
 
  
$
1,410,086
 
 
$
1,437,533
 
 
$
(27,447
 
 
-2%
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
n/m Not meaningful.
 
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Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023
Segment Distributable Earnings were $423.8 million for the three months ended September 30, 2024, a decrease of $51.5 million, compared to $475.3 million for the three months ended September 30, 2023. The decrease in Segment Distributable Earnings was primarily attributable to a decrease of $76.9 million in Net Realizations, partially offset by an increase of $25.4 million in Fee Related Earnings.
Our Private Equity segment’s performance in the third quarter of 2024 was driven by particular strength in our Corporate Private Equity, Infrastructure and Life Sciences strategies. Specifically, our data center platform was the single largest driver of appreciation in our Infrastructure business and the firm in the third quarter of 2024. We believe our Infrastructure business is well positioned to benefit from the expected increase in demand for digital infrastructure over time. In Corporate Private Equity, our operating companies saw stable revenue growth and margin strength overall in the quarter. Declining interest rates and improved investor sentiment have created positive momentum in deployment and fundraising, including in our perpetual capital strategies. The debt and equity capital markets have also improved, providing the foundation for greater transaction activity in the future.
Fee Related Earnings
Fee Related Earnings were $293.0 million for the three months ended September 30, 2024, an increase of $25.4 million, compared to $267.6 million for the three months ended September 30, 2023. The increase in Fee Related Earnings was primarily attributable to an increase of $51.0 million in Management and Advisory Fees, Net, partially offset by increases of $16.6 million in Fee Related Compensation and $14.9 million in Other Operating Expenses.
Management and Advisory Fees, Net were $552.8 million for the three months ended September 30, 2024, an increase of $51.0 million, compared to $501.8 million for the three months ended September 30, 2023, primarily driven by increases in Base Management Fees and Transaction, Advisory and Other Fees, Net. Base Management Fees increased $30.1 million primarily due to an increase in Fee-Earning Assets Under Management in BIP and BXPE, as well as the commencement of BCP IX and BETP IV’s investment period. Transaction, Advisory and Other Fees, Net increased $23.0 million primarily due to increased volume of deal activity in BXCM.
Fee Related Compensation was $169.1 million for the three months ended September 30, 2024, an increase of $16.6 million, compared to $152.5 million for the three months ended September 30, 2023. The increase was primarily due to an increase in Management and Advisory Fees, Net, on which a portion of Fee Related Compensation is based.
Other Operating Expenses were $96.7 million for the three months ended September 30, 2024, an increase of $14.9 million, compared to $81.7 million for the three months ended September 30, 2023. The increase was primarily due to higher professional fees, including placement fees, and occupancy costs.
Net Realizations
Net Realizations were $130.9 million for the three months ended September 30, 2024, a decrease of $76.9 million, compared to $207.7 million for the three months ended September 30, 2023. The decrease in Net Realizations was primarily attributable to a decrease of $82.6 million in Realized Performance Revenues, partially offset by a decrease of $19.4 million in Realized Performance Compensation.
Realized Performance Revenues were $216.6 million for the three months ended September 30, 2024, a decrease of $82.6 million, compared to $299.3 million for the three months ended September 30, 2023. The decrease was primarily due to decreases in Realized Performance Revenues in Secondaries and Corporate Private Equity.
 
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Realized Performance Compensation was $94.8 million for the three months ended September 30, 2024, a decrease of $19.4 million, compared to $114.2 million for the three months ended September 30, 2023. The decrease was primarily due to decreases in Realized Performance Compensation in Secondaries and Corporate Private Equity.
Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023
Segment Distributable Earnings were $1.4 billion for the nine months ended September 30, 2024, a decrease of $27.4 million, compared to $1.4 billion for the nine months ended September 30, 2023. The decrease in Segment Distributable Earnings was primarily attributable to a decrease of $61.3 million in Net Realizations, partially offset by an increase of $33.9 million in Fee Related Earnings.
Fee Related Earnings
Fee Related Earnings were $819.6 million for the nine months ended September 30, 2024, an increase of $33.9 million, compared to $785.8 million for the nine months ended September 30, 2023. The increase in Fee Related Earnings was primarily attributable to increases of $61.6 million in Management and Advisory Fees, Net and $14.6 million in Fee Related Performance Revenues, partially offset by an increase of $35.2 million in Other Operating Expenses.
Management and Advisory Fees, Net were $1.6 billion for the nine months ended September 30, 2024, an increase of $61.6 million compared to $1.5 billion for the nine months ended September 30, 2023, primarily driven by increases in Transaction, Advisory and Other Fees, Net and Base Management Fees. Transaction, Advisory and Other Fees, Net increased $30.8 million primarily due to increased volume of deal activity in BXCM. Base Management Fees increased $30.7 million primarily due to an increase in Fee-Earning Assets Under Management in BIP and BXPE.
Fee Related Performance Revenues was $14.6 million for the nine months ended September 30, 2024, an increase of $14.6 million compared to the nine months ended September 30, 2023. The increase was primarily due to crystallization of performance revenues in BIP and BXPE.
Other Operating Expenses were $274.1 million for the nine months ended September 30, 2024, an increase of $35.2 million, compared to $238.9 million for the nine months ended September 30, 2023. The increase was primarily due to higher professional fees, including placement fees, and occupancy costs.
Net Realizations
Net Realizations were $590.5 million for the nine months ended September 30, 2024, a decrease of $61.3 million, compared to $651.8 million for the nine months ended September 30, 2023. The decrease in Net Realizations was attributable to an increase of $57.1 million in Realized Performance Compensation and a decrease of $31.4 million in Realized Principal Investment Income, partially offset by an increase of $27.2 million in Realized Performance Revenues.
Realized Performance Compensation was $495.0 million for the nine months ended September 30, 2024, an increase of $57.1 million, compared to $438.0 million for the nine months ended September 30, 2023. The increase was primarily due to increases in Realized Performance Compensation in Corporate Private Equity and Tactical Opportunities.
Realized Principal Investment Income was $37.2 million for the nine months ended September 30, 2024, a decrease of $31.4 million, compared to $68.6 million for the nine months ended September 30, 2023. The decrease was primarily due to decreases in Realized Principal Investment Income in Corporate Private Equity and GP Stakes.
 
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Realized Performance Revenues were $1.0 billion for the nine months ended September 30, 2024, an increase of $27.2 million, compared to $1.0 billion for the nine months ended September 30, 2023. The increase was primarily due to increases in Realized Performance Revenues in Tactical Opportunities.
Fund Returns
Fund returns information for our significant funds is included throughout this discussion and analysis to facilitate an understanding of our results of operations for the periods presented. The fund returns information reflected in this discussion and analysis is not indicative of the financial performance of Blackstone and is also not necessarily indicative of the future performance of any particular fund. An investment in Blackstone is not an investment in any of our funds. There can be no assurance that any of our funds or our other existing and future funds will achieve similar returns.
 
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The following table presents the internal rates of return of our significant private equity funds:
 
                                                                                   
    
Three Months Ended
  
Nine Months Ended
  
September 30, 2024
    
September 30,
  
September 30,
  
Inception to Date
    
2024
  
2023
  
2024
  
2023
  
Realized
  
Total
Fund (a)
  
Gross
  
Net
  
Gross
  
Net
  
Gross
  
Net
  
Gross
  
Net
  
Gross
  
Net
  
Gross
  
Net
BCP VI
  
 
2%
 
  
 
2%
 
  
 
2%
 
  
 
1%
 
  
 
2%
 
  
 
2%
 
  
 
6%
 
  
 
5%
 
  
 
19%
 
  
 
14%
 
  
 
17%
 
  
 
12%
 
BCP VII
  
 
3%
 
  
 
3%
 
  
 
-1%
 
  
 
-1%
 
  
 
9%
 
  
 
7%
 
  
 
9%
 
  
 
7%
 
  
 
34%
 
  
 
25%
 
  
 
18%
 
  
 
13%
 
BCP VIII
  
 
8%
 
  
 
6%
 
  
 
3%
 
  
 
2%
 
  
 
13%
 
  
 
8%
 
  
 
8%
 
  
 
5%
 
  
 
n/m
 
  
 
n/m
 
  
 
20%
 
  
 
11%
 
BEP I
  
 
-1%
 
  
 
-1%
 
  
 
0%
 
  
 
0%
 
  
 
5%
 
  
 
5%
 
  
 
-10%
 
  
 
-8%
 
  
 
18%
 
  
 
14%
 
  
 
15%
 
  
 
11%
 
BEP II
  
 
6%
 
  
 
2%
 
  
 
6%
 
  
 
3%
 
  
 
21%
 
  
 
8%
 
  
 
13%
 
  
 
7%
 
  
 
15%
 
  
 
12%
 
  
 
13%
 
  
 
8%
 
BEP III
  
 
9%
 
  
 
7%
 
  
 
4%
 
  
 
3%
 
  
 
17%
 
  
 
13%
 
  
 
28%
 
  
 
21%
 
  
 
66%
 
  
 
47%
 
  
 
45%
 
  
 
30%
 
BCP Asia I
  
 
9%
 
  
 
8%
 
  
 
7%
 
  
 
5%
 
  
 
16%
 
  
 
13%
 
  
 
4%
 
  
 
2%
 
  
 
71%
 
  
 
51%
 
  
 
38%
 
  
 
26%
 
BCP Asia II
  
 
20%
 
  
 
17%
 
  
 
n/m
 
  
 
n/m
 
  
 
44%
 
  
 
35%
 
  
 
n/m
 
  
 
n/m
 
  
 
n/m
 
  
 
n/m
 
  
 
65%
 
  
 
35%
 
BCEP I (b)
  
 
2%
 
  
 
2%
 
  
 
1%
 
  
 
1%
 
  
 
6%
 
  
 
5%
 
  
 
0%
 
  
 
0%
 
  
 
64%
 
  
 
58%
 
  
 
19%
 
  
 
17%
 
BCEP II (b)
  
 
3%
 
  
 
2%
 
  
 
12%
 
  
 
10%
 
  
 
12%
 
  
 
9%
 
  
 
20%
 
  
 
15%
 
  
 
n/a
 
  
 
n/a
 
  
 
20%
 
  
 
15%
 
Tactical Opportunities
  
 
5%
 
  
 
3%
 
  
 
0%
 
  
 
-1%
 
  
 
9%
 
  
 
5%
 
  
 
5%
 
  
 
2%
 
  
 
19%
 
  
 
16%
 
  
 
15%
 
  
 
10%
 
Tactical Opportunities Co-Investment and Other
  
 
5%
 
  
 
4%
 
  
 
0%
 
  
 
1%
 
  
 
10%
 
  
 
9%
 
  
 
4%
 
  
 
4%
 
  
 
22%
 
  
 
21%
 
  
 
19%
 
  
 
16%
 
BXG I
  
 
0%
 
  
 
-1%
 
  
 
-2%
 
  
 
-3%
 
  
 
1%
 
  
 
-2%
 
  
 
-4%
 
  
 
-6%
 
  
 
n/m
 
  
 
n/m
 
  
 
2%
 
  
 
-2%
 
Strategic Partners VI (c)
  
 
0%
 
  
 
0%
 
  
 
0%
 
  
 
0%
 
  
 
0%
 
  
 
0%
 
  
 
-1%
 
  
 
-1%
 
  
 
n/a
 
  
 
n/a
 
  
 
18%
 
  
 
13%
 
Strategic Partners VII (c)
  
 
-2%
 
  
 
-2%
 
  
 
1%
 
  
 
1%
 
  
 
-3%
 
  
 
-3%
 
  
 
2%
 
  
 
2%
 
  
 
n/a
 
  
 
n/a
 
  
 
21%
 
  
 
16%
 
Strategic Partners Real Assets II (c)
  
 
1%
 
  
 
0%
 
  
 
1%
 
  
 
0%
 
  
 
10%
 
  
 
8%
 
  
 
19%
 
  
 
16%
 
  
 
n/a
 
  
 
n/a
 
  
 
19%
 
  
 
16%
 
Strategic Partners VIII (c)
  
 
0%
 
  
 
-1%
 
  
 
0%
 
  
 
-1%
 
  
 
1%
 
  
 
-1%
 
  
 
1%
 
  
 
0%
 
  
 
n/a
 
  
 
n/a
 
  
 
31%
 
  
 
24%
 
Strategic Partners Real Estate, SMA and Other (c)
  
 
2%
 
  
 
1%
 
  
 
-1%
 
  
 
-2%
 
  
 
-1%
 
  
 
-5%
 
  
 
-4%
 
  
 
-5%
 
  
 
n/a
 
  
 
n/a
 
  
 
14%
 
  
 
13%
 
Strategic Partners Infrastructure III (c)
  
 
4%
 
  
 
3%
 
  
 
1%
 
  
 
1%
 
  
 
9%
 
  
 
7%
 
  
 
6%
 
  
 
3%
 
  
 
n/a
 
  
 
n/a
 
  
 
32%
 
  
 
22%
 
Strategic Partners IX (c)
  
 
2%
 
  
 
1%
 
  
 
1%
 
  
 
0%
 
  
 
18%
 
  
 
13%
 
  
 
16%
 
  
 
9%
 
  
 
n/a
 
  
 
n/a
 
  
 
29%
 
  
 
18%
 
Strategic Partners GP Solutions (c)
  
 
-2%
 
  
 
-2%
 
  
 
-3%
 
  
 
-2%
 
  
 
-2%
 
  
 
-4%
 
  
 
-9%
 
  
 
-9%
 
  
 
n/a
 
  
 
n/a
 
  
 
0%
 
  
 
-3%
 
BIP
  
 
6%
 
  
 
5%
 
  
 
11%
 
  
 
9%
 
  
 
18%
 
  
 
15%
 
  
 
12%
 
  
 
9%
 
  
 
n/a
 
  
 
n/a
 
  
 
21%
 
  
 
16%
 
Clarus IV
  
 
3%
 
  
 
3%
 
  
 
-2%
 
  
 
-2%
 
  
 
17%
 
  
 
14%
 
  
 
0%

 
  
 
-1%
 
  
 
11%
 
  
 
6%
 
  
 
16%
 
  
 
10%
 
BXLS V
  
 
7%
 
  
 
5%
 
  
 
21%
 
  
 
14%
 
  
 
24%
 
  
 
17%
 
  
 
29%
 
  
 
18%
 
  
 
n/m
 
  
 
n/m
 
  
 
28%
 
  
 
16%
 
The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone.
 
n/m
Not meaningful generally due to the limited time since initial investment.
n/a
Not applicable.
SMA
Separately managed account.
(a)
Net returns are based on the change in carrying value (realized and unrealized) after management fees, expenses and Performance Revenues. Excludes investment vehicles where Blackstone does not earn fees.
(b)
BCEP is a core private equity strategy which invests with a more modest risk profile and longer hold period than traditional private equity.
(c)
Gross and net returns are reported on a three-month lag, reflect Strategic Partners’ fund financial performance as of the prior quarter and therefore do not include the impact of economic and market activities in the current quarter. Realizations are treated as returns of capital until fully recovered and therefore inception to date realized returns are not applicable.
 
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Funds With Closed Investment Periods as of September 30, 2024
The Corporate Private Equity funds have eleven funds with closed investment periods: BCP IV, BCP V, BCP VI, BCP VII, BCP VIII, BCOM, BEP I, BEP II, BEP III, BCEP I and BCP Asia I. As of September 30, 2024, BCP IV was above its carried interest threshold (i.e., the preferred return payable to its limited partners before the general partner is eligible to receive carried interest) and would still be above its carried interest threshold even if all remaining investments were valued at zero. BCP V is comprised of two fund classes, the BCP V “main fund” and BCP V-AC fund. Within these fund classes, the general partner is subject to equalization such that (a) the general partner accrues carried interest when the respective carried interest for either fund class is positive and (b) the general partner realizes carried interest so long as clawback obligations, if any, for either of the respective fund classes are fully satisfied. BCP V, BCP VI, BCP VII, BCOM, BEP I, BEP II, BCEP I and BCP Asia I were above their respective carried interest thresholds. Funds are considered above their carried interest thresholds based on the aggregate fund position, although individual limited partners may be below their respective carried interest thresholds in certain funds.
Tactical Opportunities funds have various funds with closed investment periods, including but not limited to: BTOF-POOL, BTOF-POOL II, and BTOF-POOL III, which are each above their carried interest thresholds based on aggregate fund position. Blackstone Growth funds have no funds with closed investment periods. Secondaries funds have various funds with closed investment periods, including but not limited to: Strategic Partners Infrastructure III, Strategic Partners VIII, Strategic Partners Real Estate VII and BSCH I which are above their respective carried interest thresholds based on aggregate fund position. Certain Strategic Partners funds with closed investment periods do not generate carried interest for Blackstone as agreed to at the time the Strategic Partners business was acquired. Blackstone Life Sciences funds have one fund with a closed investment period: Clarus IV, which was above its carried interest threshold.
 
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Credit & Insurance
The following table presents the results of operations for our Credit & Insurance segment:
 
                                                                                                                       
    
Three Months Ended
          
Nine Months Ended
       
    
September 30,
 
2024 vs. 2023
  
September 30,
 
2024 vs. 2023
    
2024
 
2023
 
$
 
%
  
2024
 
2023
 
$
 
%
    
(Dollars in Thousands)
Management Fees, Net
                 
Base Management Fees
  
$
407,947
 
 
$
324,148
 
 
$
83,799
 
 
 
26%
 
  
$
1,149,811
 
 
$
967,467
 
 
$
182,344
 
 
 
19%
 
Transaction and Other Fees, Net
  
 
11,164
 
 
 
10,357
 
 
 
807
 
 
 
8%
 
  
 
31,200
 
 
 
33,800
 
 
 
(2,600
 
 
-8%
 
Management Fee Offsets
  
 
(1,062
 
 
(898
 
 
(164
 
 
18%
 
  
 
(2,947
 
 
(3,055
 
 
108
 
 
 
-4%
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Management Fees, Net
  
 
418,049
 
 
 
333,607
 
 
 
84,442
 
 
 
25%
 
  
 
1,178,064
 
 
 
998,212
 
 
 
179,852
 
 
 
18%
 
Fee Related Performance Revenues
  
 
185,805
 
 
 
146,710
 
 
 
39,095
 
 
 
27%
 
  
 
519,106
 
 
 
409,645
 
 
 
109,461
 
 
 
27%
 
Fee Related Compensation
  
 
(181,586
 
 
(145,011
 
 
(36,575
 
 
25%
 
  
 
(532,658
 
 
(471,245
 
 
(61,413
 
 
13%
 
Other Operating Expenses
  
 
(97,756
 
 
(75,227
 
 
(22,529
 
 
30%
 
  
 
(270,680
 
 
(229,235
 
 
(41,445
 
 
18%
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee Related Earnings
  
 
324,512
 
 
 
260,079
 
 
 
64,433
 
 
 
25%
 
  
 
893,832
 
 
 
707,377
 
 
 
186,455
 
 
 
26%
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized Performance Revenues
  
 
42,926
 
 
 
14,349
 
 
 
28,577
 
 
 
199%
 
  
 
149,293
 
 
 
181,874
 
 
 
(32,581
 
 
-18%
 
Realized Performance Compensation
  
 
(16,489
 
 
(5,453
 
 
(11,036
 
 
202%
 
  
 
(59,548
 
 
(79,516
 
 
19,968
 
 
 
-25%
 
Realized Principal Investment Income
  
 
24,239
 
 
 
29,181
 
 
 
(4,942
 
 
-17%
 
  
 
31,311
 
 
 
15,753
 
 
 
15,558
 
 
 
99%
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Realizations
  
 
50,676
 
 
 
38,077
 
 
 
12,599
 
 
 
33%
 
  
 
121,056
 
 
 
118,111
 
 
 
2,945
 
 
 
2%
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Segment Distributable Earnings
  
$
375,188
 
 
$
298,156
 
 
$
77,032
 
 
 
26%
 
  
$
1,014,888
 
 
$
825,488
 
 
$
189,400
 
 
 
23%
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
n/m  Not meaningful.
Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023
Segment Distributable Earnings were $375.2 million for the three months ended September 30, 2024, an increase of $77.0 million, compared to $298.2 million for the three months ended September 30, 2023. The increase in Segment Distributable Earnings was attributable to increases of $64.4 million in Fee Related Earnings and $12.6 million in Net Realizations.
Our Credit & Insurance segment continued to demonstrate strong performance in the third quarter of 2024. Longer-term structural shifts in the lending market have contributed to attractive and sizeable deployment opportunities in the segment, which invested $18.4 billion in the third quarter of 2024. As our Credit & Insurance funds have also benefited from an environment of high interest rates, a further decline in interest rates and/or widening of credit spreads would make it more difficult for our credit funds to replicate this recent strong performance. However, even with modest decreases in base rates, we continue to see significant opportunities to generate excess returns relative to liquid markets in our non-investment grade strategies. Moreover, lower base rates and rapidly expanding private credit markets should be supportive of overall transaction activity, including deployment.
Fundraising in our Credit & Insurance segment, including in our perpetual capital strategies, continued to be positively impacted by the long-term structural shifts in the lending market. In addition to strong interest in non-investment grade strategies, such as opportunistic and direct lending, and a meaningful increase in demand for investment grade private credit, we see robust momentum in our perpetual capital strategies. BCRED had $3.0 billion of subscriptions in the third quarter of 2024 and $9.4 billion in the year to date period, surpassing the total amount of subscriptions in 2023. We believe the long-term growth trajectory is positive and that strong investment performance and investor under-allocation to such private wealth strategies should continue to drive flows over the long-term.
 
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Fee Related Earnings
Fee Related Earnings were $324.5 million for the three months ended September 30, 2024, an increase of $64.4 million, compared to $260.1 million for the three months ended September 30, 2023. The increase in Fee Related Earnings was primarily attributable to increases of $84.4 million in Management Fees, Net and $39.1 million in Fee Related Performance Revenues, partially offset by an increase of $36.6 million in Fee Related Compensation.
Management Fees, Net were $418.0 million for the three months ended September 30, 2024, an increase of $84.4 million, compared to $333.6 million for the three months ended September 30, 2023, primarily driven by an increase in Base Management Fees. Base Management Fees increased $83.8 million primarily due to an increase in Fee-Earning Assets Under Management in direct lending.
Fee Related Performance Revenues were $185.8 million for the three months ended September 30, 2024, an increase of $39.1 million, compared to $146.7 million for the three months ended September 30, 2023. The increase was primarily due to higher net investment income and Fee-Earning Assets Under Management in BCRED.
Fee Related Compensation was $181.6 million for the three months ended September 30, 2024, an increase of $36.6 million, compared to $145.0 million for the three months ended September 30, 2023. The increase was primarily due to increases in Management Fees, Net and Fee Related Performance Revenues, both of which impact Fee Related Compensation.
Net Realizations
Net Realizations were $50.7 million for the three months ended September 30, 2024, an increase of $12.6 million, compared to $38.1 million for the three months ended September 30, 2023. The increase in Net Realizations was primarily attributable to an increase of $28.6 million in Realized Performance Revenues, partially offset by an increase of $11.0 million in Realized Performance Compensation.
Realized Performance Revenues were $42.9 million for the three months ended September 30, 2024, an increase of $28.6 million, compared to $14.3 million for the three months ended September 30, 2023. The increase was primarily due to higher Realized Performance Revenues in our infrastructure and asset based credit strategies.
Realized Performance Compensation was $16.5 million for the three months ended September 30, 2024, an increase of $11.0 million, compared to $5.5 million for the three months ended September 30, 2023. The increase was primarily due to the increase in Realized Performance Revenues.
Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023
Segment Distributable Earnings were $1.0 billion for the nine months ended September 30, 2024, an increase of $189.4 million, compared to $825.5 million for the nine months ended September 30, 2023. The increase in Segment Distributable Earnings was attributable to increases of $186.5 million in Fee Related Earnings and $2.9 million in Net Realizations.
Fee Related Earnings
Fee Related Earnings were $893.8 million for the nine months ended September 30, 2024, an increase of $186.5 million, compared to $707.4 million for the nine months ended September 30, 2023. The increase in Fee Related Earnings was attributable to increases of $179.9 million in Management Fees, Net and $109.5 million in Fee Related Performance Revenues, partially offset by increases of $61.4 million in Fee Related Compensation and $41.4 million in Other Operating Expenses.
 
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Management Fees, Net were $1.2 billion for the nine months ended September 30, 2024, an increase of $179.9 million, compared to $998.2 million for the nine months ended September 30, 2023, primarily driven by an increase in Base Management Fees. Base Management Fees increased $182.3 million primarily due to an increase in Fee-Earning Assets Under Management in direct lending.
Fee Related Performance Revenues were $519.1 million for the nine months ended September 30, 2024, an increase of $109.5 million, compared to $409.6 million for the nine months ended September 30, 2023. The increase was primarily due to higher net investment income and Fee-Earning Assets Under Management in BCRED.
Fee Related Compensation was $532.7 million for the nine months ended September 30, 2024, an increase of $61.4 million, compared to $471.2 million for the nine months ended September 30, 2023. The increase was primarily due to increases in Management Fees, Net and Fee Related Performance Revenues, both of which impact Fee Related Compensation.
Other Operating Expenses were $270.7 million for the nine months ended September 30, 2024, an increase of $41.4 million, compared to $229.2 million for the nine months ended September 30, 2023. The increase was primarily due to higher professional fees and technology-related expenses.
Net Realizations
Net Realizations were $121.1 million for the nine months ended September 30, 2024, an increase of $2.9 million, compared to $118.1 million for the nine months ended September 30, 2023. The increase in Net Realizations was attributable to a decrease of $20.0 million in Realized Performance Compensation and an increase of $15.6 million in Realized Principal Investment Income, partially offset by a decrease of $32.6 million in Realized Performance Revenues.
Realized Performance Compensation was $59.5 million for the nine months ended September 30, 2024, a decrease of $20.0 million, compared to $79.5 million for the nine months ended September 30, 2023. The decrease was primarily due to the decrease in Realized Performance Revenues.
Realized Principal Investment Income was $31.3 million for the nine months ended September 30, 2024, an increase of $15.6 million, compared to $15.8 million for the nine months ended September 30, 2023. The increase was primarily due to the impact of a realized loss related to the insurance platform in the nine months ended September 30, 2023.
Realized Performance Revenues were $149.3 million for the nine months ended September 30, 2024, a decrease of $32.6 million, compared to $181.9 million for the nine months ended September 30, 2023. The decrease was primarily due to lower Realized Performance Revenues in mezzanine funds.
Composite Returns
Composite returns information is included throughout this discussion and analysis to facilitate an understanding of our results of operations for the periods presented. The composite returns information reflected in this discussion and analysis is not indicative of the financial performance of Blackstone and is also not necessarily indicative of the future results of any particular fund or composite. An investment in Blackstone is not an investment in any of our funds or composites. There can be no assurance that any of our funds or composites or our other existing and future funds or composites will achieve similar returns.
 
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The following table presents the return information for the Private Credit and Liquid Credit composites:
 
                                                 
    
Three Months Ended
  
Nine Months Ended
         
    
September 30,
  
September 30,
  
September 30, 2024
    
2024
  
2023
  
2024
  
2023
  
Inception to Date
Composite (a)
  
Gross
  
Net
  
Gross
  
Net
  
Gross
  
Net
  
Gross
  
Net
  
Gross
  
Net
Private Credit (b)
  
 
4%
 
  
 
3%
 
  
 
5%
 
  
 
3%
 
  
 
12%
 
  
 
9%
 
  
 
12%
 
  
 
9%
 
  
 
12%
 
  
 
8%
 
Liquid Credit (b)
  
 
2%
 
  
 
2%
 
  
 
3%
 
  
 
3%
 
  
 
7%
 
  
 
7%
 
  
 
9%
 
  
 
9%
 
  
 
5%
 
  
 
5%
 
The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone.
 
(a)
Net returns are based on the change in carrying value (realized and unrealized) after management fees, expenses and Performance Allocations, net of tax advances.
(b)
Private Credit returns include mezzanine lending funds and middle market direct lending funds (including BXSL and BCRED), stressed/distressed strategies (including stressed/distressed funds and credit alpha strategies) and energy strategies. Liquid Credit returns include CLOs, closed-ended funds, open-ended funds and separately managed accounts. Only fee-earning funds exceeding $100 million of fair value at the beginning of each respective quarter-end are included. Funds in liquidation, funds investing primarily in investment grade corporate credit and asset based finance funds are excluded. Blackstone Funds that were contributed to BXC as part of Blackstone’s acquisition of BXC in March 2008 and the pre-acquisition date performance for funds and vehicles acquired by BXC subsequent to March 2008, are also excluded. Private Credit and Liquid Credit’s inception to date returns are from December 31, 2005.
Operating Metrics
The following table presents information regarding our Invested Performance Eligible Assets Under Management:
 
                                                                                                   
    
Invested Performance Eligible

Assets Under Management
  
Estimated % Above

High Water Mark/

Hurdle (a)
    
As of September 30,
  
As of September 30,
    
2024
  
2023
  
2024
 
2023
    
(Dollars in Thousands)
        
Credit & Insurance (b)
  
$
  105,416,219
 
  
$
  86,453,042
 
  
99%
 
96%
 
(a)
Estimated % Above High Water Mark/Hurdle represents the percentage of Invested Performance Eligible Assets Under Management that as of the dates presented would earn performance fees when the applicable Credit & Insurance managed fund has positive investment performance relative to a hurdle, where applicable. Incremental positive performance in the applicable Blackstone Funds may cause additional assets to reach their respective High Water Mark or clear a hurdle return, thereby resulting in an increase in Estimated % Above High Water Mark/Hurdle.
(b)
For the Credit & Insurance managed funds, at September 30, 2024, the incremental appreciation needed for the 1% of Invested Performance Eligible Assets Under Management below their respective High Water Marks/Hurdles to reach their respective High Water Marks/Hurdles was $2.1 billion, an increase of $131.7 million, compared to $2.0 billion at September 30, 2023. Of the Invested Performance Eligible Assets Under Management below their respective High Water Marks/Hurdles as of September 30, 2024, 0% were within 5% of reaching their respective High Water Mark.
 
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Multi-Asset Investing
The following table presents the results of operations for our Multi-Asset Investing segment:
 
                                                                                                                               
    
Three Months Ended
          
Nine Months Ended
       
    
September 30,
 
2024 vs. 2023
  
September 30,
 
2024 vs. 2023
    
2024
 
2023
 
$
 
%
  
2024
 
2023
 
$
 
%
                 
    
(Dollars in Thousands)
Management Fees, Net
                 
Base Management Fees
  
$
119,379
 
 
$
116,810
 
 
$
2,569
 
 
 
2%
 
  
$
351,020
 
 
$
356,037
 
 
$
(5,017
 
 
-1%
 
Transaction and Other Fees, Net
  
 
940
 
 
 
964
 
 
 
(24
 
 
-2%
 
  
 
2,919
 
 
 
3,020
 
 
 
(101
 
 
-3%
 
Management Fee Offsets
  
 
 
 
 
 
 
 
 
 
 
n/m
 
  
 
(80
 
 
(3
 
 
(77
 
 
n/m
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Management Fees, Net
  
 
120,319
 
 
 
117,774
 
 
 
2,545
 
 
 
2%
 
  
 
353,859
 
 
 
359,054
 
 
 
(5,195
 
 
-1%
 
Fee Related Compensation
  
 
(37,643
 
 
(43,037
 
 
5,394
 
 
 
-13%
 
  
 
(113,961
 
 
(127,861
 
 
13,900
 
 
 
-11%
 
Other Operating Expenses
  
 
(25,668
 
 
(24,406
 
 
(1,262
 
 
5%
 
  
 
(75,233
 
 
(76,108
 
 
875
 
 
 
-1%
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee Related Earnings
  
 
57,008
 
 
 
50,331
 
 
 
6,677
 
 
 
13%
 
  
 
164,665
 
 
 
155,085
 
 
 
9,580
 
 
 
6%
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Realized Performance Revenues
  
 
5,078
 
 
 
6,901
 
 
 
(1,823
 
 
-26%
 
  
 
42,883
 
 
 
16,615
 
 
 
26,268
 
 
 
158%
 
Realized Performance Compensation
  
 
(1,520
 
 
(6,518
 
 
4,998
 
 
 
-77%
 
  
 
(15,142
 
 
(10,332
 
 
(4,810
 
 
47%
 
Realized Principal Investment Income (Loss)
  
 
715
 
 
 
2,072
 
 
 
(1,357
 
 
-65%
 
  
 
(17,247
 
 
3,700
 
 
 
(20,947
 
 
n/m
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Realizations
  
 
4,273
 
 
 
2,455
 
 
 
1,818
 
 
 
74%
 
  
 
10,494
 
 
 
9,983
 
 
 
511
 
 
 
5%
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Segment Distributable Earnings
  
$
61,281
 
 
$
52,786
 
 
$
8,495
 
 
 
16%
 
  
$
175,159
 
 
$
165,068
 
 
$
10,091
 
 
 
6%
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
n/m  Not meaningful.
Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023
Segment Distributable Earnings were $61.3 million for the three months ended September 30, 2024, an increase of $8.5 million, compared to $52.8 million for the three months ended September 30, 2023. The increase in Segment Distributable Earnings was attributable to increases of $6.7 million in Fee Related Earnings and $1.8 million in Net Realizations.
Nearly all strategies across our Multi-Asset Investing segment exhibited positive performance in the third quarter of 2024, with significantly less volatility than the broader markets. The Absolute Return Composite had its eighteenth consecutive quarter of positive performance, benefiting from performance across strategies, including equities, quantitative and credit. Segment Distributable Earnings in the Multi-Asset Investing segment would likely be negatively impacted, however, by a significant or sustained weak market environment or decline in asset prices, including as a result of concerns over macroeconomic factors. In addition, certain of our strategies are designed to benefit from a high interest rate environment. Declining interest rates may make it more difficult for these Multi-Asset Investing strategies to replicate their positive performance. Conversely, if interest rates remain at sustained high levels for an extended period, certain investors may seek to reallocate capital away from traditional Multi-Asset Investing strategies in favor of fixed income investments. Outperformance by our Multi-Asset Investing segment strategies in a weak market environment has in some cases resulted in such strategies representing an increasing portion of the value of certain investors’ portfolios, which may limit such investors’ ability to allocate additional capital to certain funds in the segment, or result in such investors seeking to withdraw capital from such funds.
 
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Fee Related Earnings
Fee Related Earnings were $57.0 million for the three months ended September 30, 2024, an increase of $6.7 million, compared to $50.3 million for the three months ended September 30, 2023. The increase in Fee Related Earnings was primarily attributable to a decrease of $5.4 million in Fee Related Compensation.
Fee Related Compensation was $37.6 million for the three months ended September 30, 2024, a decrease of $5.4 million, compared to $43.0 million for the three months ended September 30, 2023. The decrease was primarily due to lower compensation accruals.
Net Realizations
Net Realizations were $4.3 million for the three months ended September 30, 2024, an increase of $1.8 million, compared to $2.5 million for the three months ended September 30, 2023. The increase in Net Realizations was attributable to a decrease of $5.0 million in Realized Performance Compensation, partially offset by decreases of $1.8 million in Realized Performance Revenues and $1.4 million in Realized Principal Investment Income (Loss).
Realized Performance Compensation was $1.5 million for the three months ended September 30, 2024, a decrease of $5.0 million, compared to $6.5 million for the three months ended September 30, 2023. The decrease was primarily due to the decrease in Realized Performance Revenues.
Realized Performance Revenues were $5.1 million for the three months ended September 30, 2024, a decrease of $1.8 million, compared to $6.9 million for the three months ended September 30, 2023. The decrease was primarily due to lower Realized Performance Revenues in Absolute Return.
Realized Principal Investment Income (Loss) was $0.7 million for the three months ended September 30, 2024, a decrease of $1.4 million, compared to $2.1 million for the three months ended September 30, 2023. The decrease was primarily due to realized losses in Absolute Return.
Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023
Segment Distributable Earnings were $175.2 million for the nine months ended September 30, 2024, an increase of $10.1 million, compared to $165.1 million for the nine months ended September 30, 2023. The increase in Segment Distributable Earnings was attributable to increases of $9.6 million in Fee Related Earnings and $0.5 million in Net Realizations.
Fee Related Earnings
Fee Related Earnings were $164.7 million for the nine months ended September 30, 2024, an increase of $9.6 million, compared to $155.1 million for the nine months ended September 30, 2023. The increase in Fee Related Earnings was primarily attributable to a decrease of $13.9 million in Fee Related Compensation, partially offset by a decrease of $5.2 million in Management Fees, Net.
Fee Related Compensation was $114.0 million for the nine months ended September 30, 2024, a decrease of $13.9 million, compared to $127.9 million for the nine months ended September 30, 2023. The decrease was primarily due to lower compensation accruals.
Management Fees, Net were $353.9 million for the nine months ended September 30, 2024, a decrease of $5.2 million, compared to $359.1 million for the nine months ended September 30, 2023, primarily driven by a decrease in Base Management Fees. Base Management Fees decreased $5.0 million, primarily due to a decrease in Fee-Earning Assets Under Management in Absolute Return.
 
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Net Realizations
Net Realizations were $10.5 million for the nine months ended September 30, 2024, an increase of $0.5 million, compared to $10.0 million for the nine months ended September 30, 2023. The increase in Net Realizations was primarily attributable to an increase of $26.3 million in Realized Performance Revenues, partially offset by a decrease of $20.9 million in Realized Principal Investment Income (Loss).
Realized Performance Revenues were $42.9 million for the nine months ended September 30, 2024, an increase of $26.3 million, compared to $16.6 million for the nine months ended September 30, 2023. The increase was primarily due to higher Realized Performance Revenues in Absolute Return.
Realized Principal Investment Income (Loss) was $(17.2) million for the nine months ended September 30, 2024, a decrease of $20.9 million, compared to $3.7 million for the nine months ended September 30, 2023. The decrease was primarily due to higher realized losses in Multi-Strategy.
Composite Returns
Composite returns information is included throughout this discussion and analysis to facilitate an understanding of our results of operations for the periods presented. The composite returns information reflected in this discussion and analysis is not indicative of the financial performance of Blackstone and is also not necessarily indicative of the future results of any particular fund or composite. An investment in Blackstone is not an investment in any of our funds or composites. There can be no assurance that any of our funds or composites or our other existing and future funds or composites will achieve similar returns.
The following table presents the return information of the Absolute Return Composite:
 
    
Three
 
Nine
 
Average Annual Returns (a)
    
Months Ended
 
Months Ended
 
Periods Ended
    
September 30,
 
September 30,
 
September 30, 2024
    
2024
 
2023
 
2024
 
2023
 
One Year
 
Three Year
 
Five Year
 
Historical
Composite
  
Gross
 
Net
 
Gross
 
Net
 
Gross
 
Net
 
Gross
 
Net
 
Gross
 
Net
 
Gross
 
Net
 
Gross
 
Net
 
Gross
 
Net
Absolute Return Composite (b)
  
 
2
 
 
2
 
 
2
 
 
2
 
 
9
 
 
8
 
 
5
 
 
5
 
 
12
 
 
11
 
 
8
 
 
7
 
 
8
 
 
7
 
 
7
 
 
6
The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone.
 
(a)
Composite returns present a summarized asset-weighted return measure to evaluate the overall performance of the applicable class of Blackstone Funds.
(b)
Absolute Return Composite covers the period from January 2000 to present, although BXMA’s inception date is September 1990. The Absolute Return Composite includes only BXMA-managed commingled and customized multi-manager funds and accounts and does not include BXMA’s liquid solutions, seeding, Multi-Strategy, Harvest and advisory (non-discretionary) platforms, except for investments by Absolute Return funds directly into those platforms. BXMA-managed funds in liquidation and, in the case of net returns, non-fee-paying assets are also excluded. The funds/accounts that comprise the Absolute Return Composite are not managed within a single fund or account and are managed with different mandates. There is no guarantee that BXMA would have made the same mix of investments in a stand-alone fund/account. The Absolute Return Composite is not an investible product and, as such, the performance of the Absolute Return Composite does not represent the performance of an actual fund or account. The historical return is from January 1, 2000.
 
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Operating Metrics
The following table presents information regarding our Invested Performance Eligible Assets Under Management:
 
                                                                                                   
    
Invested Performance

Eligible Assets Under

Management
  
Estimated % Above

High Water Mark/

Benchmark (a)
    
As of September 30,
  
As of September 30,
    
2024
  
2023
  
2024
 
2023
    
(Dollars in Thousands)
        
Multi-Asset Investing Managed Funds (b)
  
$
  50,287,515
 
  
$
  44,550,491
 
  
98%
 
93%
 
(a)
Estimated % Above High Water Mark/Benchmark represents the percentage of Invested Performance Eligible Assets Under Management that as of the dates presented would earn performance fees when the applicable Multi-Asset Investing managed fund has positive investment performance relative to a benchmark, where applicable. Incremental positive performance in the applicable Blackstone Funds may cause additional assets to reach their respective High Water Mark or clear a benchmark return, thereby resulting in an increase in Estimated % Above High Water Mark/Benchmark.
(b)
For the Multi-Asset Investing managed funds, at September 30, 2024, the incremental appreciation needed for the 2% of Invested Performance Eligible Assets Under Management below their respective High Water Marks/Benchmarks to reach their respective High Water Marks/Benchmarks was $125.7 million, a decrease of $(415.4) million, compared to $541.1 million at September 30, 2023. Of the Invested Performance Eligible Assets Under Management below their respective High Water Marks/Benchmarks as of September 30, 2024, 6% were within 5% of reaching their respective High Water Mark.
Non-GAAP Financial Measures
These non-GAAP financial measures are presented without the consolidation of any Blackstone Funds that are consolidated into the condensed consolidated financial statements. Consequently, all non-GAAP financial measures exclude the assets, liabilities and operating results related to the Blackstone Funds. See “—Key Financial Measures and Indicators” for our definitions of Distributable Earnings, Segment Distributable Earnings, Fee Related Earnings and Adjusted EBITDA.
 
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The following table is a reconciliation of Net Income (Loss) Attributable to Blackstone Inc. to Distributable Earnings, Total Segment Distributable Earnings, Fee Related Earnings and Adjusted EBITDA:
 
                                                               
    
Three Months Ended
 
Nine Months Ended
    
September 30,
 
September 30,
    
2024
 
2023
 
2024
 
2023
    
(Dollars in Thousands)
Net Income Attributable to Blackstone Inc.
  
$
780,835
 
 
$
551,994
 
 
$
2,072,635
 
 
$
1,239,080
 
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings
  
 
603,057
 
 
 
440,609
 
 
 
1,691,604
 
 
 
992,618
 
Net Income Attributable to Non-Controlling Interests in Consolidated Entities
  
 
202,929
 
 
 
20,716
 
 
 
406,339
 
 
 
185,021
 
Net Loss Attributable to Redeemable Non-Controlling Interests in Consolidated Entities
  
 
(22,184
 
 
(92,577
 
 
(61,595
 
 
(81,589
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income
  
 
1,564,637
 
 
 
920,742
 
 
 
4,108,983
 
 
 
2,335,130
 
Provision for Taxes
  
 
245,303
 
 
 
196,560
 
 
 
789,220
 
 
 
467,504
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income Before Provision for Taxes
  
 
1,809,940
 
 
 
1,117,302
 
 
 
4,898,203
 
 
 
2,802,634
 
Transaction-Related and Non-Recurring Items (a)
  
 
(394
 
 
6,250
 
 
 
56,765
 
 
 
17,099
 
Amortization of Intangibles (b)
  
 
7,333
 
 
 
7,357
 
 
 
21,999
 
 
 
26,110
 
Impact of Consolidation (c)
  
 
(180,745
 
 
71,861
 
 
 
(344,744
 
 
(103,432
Unrealized Performance Revenues (d)
  
 
(1,154,905
 
 
63,209
 
 
 
(1,723,080
 
 
708,146
 
Unrealized Performance Allocations Compensation (e)
  
 
465,099
 
 
 
11,866
 
 
 
747,679
 
 
 
(247,228
Unrealized Principal Investment (Income) Loss (f)
  
 
90,254
 
 
 
(84,780
 
 
(314,597
 
 
233,638
 
Other Revenues (g)
  
 
96,329
 
 
 
(63,748
 
 
32,041
 
 
 
(17,850
Equity-Based Compensation (h)
  
 
262,798
 
 
 
255,616
 
 
 
875,973
 
 
 
773,505
 
Administrative Fee Adjustment (i)
  
 
3,219
 
 
 
2,425
 
 
 
8,161
 
 
 
7,285
 
Taxes and Related Payables (j)
  
 
(120,278
 
 
(175,747
 
 
(461,151
 
 
(527,132
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distributable Earnings
  
 
1,278,650
 
 
 
1,211,611
 
 
 
3,797,249
 
 
 
3,672,775
 
Taxes and Related Payables (j)
  
 
120,278
 
 
 
175,747
 
 
 
461,151
 
 
 
527,132
 
Net Interest and Dividend (Income) Loss (k)
  
 
1,731
 
 
 
(3,890
 
 
14,957
 
 
 
(40,892
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Segment Distributable Earnings
  
 
1,400,659
 
 
 
1,383,468
 
 
 
4,273,357
 
 
 
4,159,015
 
Realized Performance Revenues (l)
  
 
(342,669
 
 
(337,940
 
 
(1,421,951
 
 
(1,367,889
Realized Performance Compensation (m)
  
 
157,570
 
 
 
133,995
 
 
 
661,651
 
 
 
608,389
 
Realized Principal Investment Income (n)
  
 
(40,403
 
 
(55,500
 
 
(66,913
 
 
(91,730
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fee Related Earnings
  
$
1,175,157
 
 
$
1,124,023
 
 
$
3,446,144
 
 
$
3,307,785
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted EBITDA Reconciliation
        
Distributable Earnings
  
$
1,278,650
 
 
$
1,211,611
 
 
$
3,797,249
 
 
$
3,672,775
 
Interest Expense (o)
  
 
111,326
 
 
 
110,014
 
 
 
327,390
 
 
 
321,353
 
Taxes and Related Payables (j)
  
 
120,278
 
 
 
175,747
 
 
 
461,151
 
 
 
527,132
 
Depreciation and Amortization (p)
  
 
24,685
 
 
 
21,598
 
 
 
76,074
 
 
 
68,873
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted EBITDA
  
$
  1,534,939
 
 
$
  1,518,970
 
 
$
  4,661,864
 
 
$
  4,590,133
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
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
 
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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 nine months ended September 30, 2024, this adjustment includes removal of an accrual for an estimated liability for a legal matter.
(b)
This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation.
(c)
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 and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.
(d)
This adjustment removes Unrealized Performance Revenues on a segment basis. The Segment Adjustment represents the add back of performance revenues earned from consolidated Blackstone funds which have been eliminated in consolidation.
 
                                                                                                   
    
Three Months Ended

September 30,
 
Nine Months Ended

September 30,
    
2024
 
2023
 
2024
 
2023
    
(Dollars in Thousands)
GAAP Unrealized Performance Allocations
  
$
1,154,918
 
 
$
(63,204
 
$
1,723,090
 
 
$
(708,021
Segment Adjustment
  
 
(13
 
 
(5
 
 
(10
 
 
(125
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized Performance Revenues
  
$
1,154,905
 
 
$
(63,209
 
$
1,723,080
 
 
$
(708,146
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(e)
This adjustment removes Unrealized Performance Allocations Compensation.
(f)
This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis. The Segment Adjustment 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.
 
                                                                                                   
    
Three Months Ended

September 30,
  
Nine Months Ended

September 30,
    
2024
 
2023
  
2024
 
2023
    
(Dollars in Thousands)
GAAP Unrealized Principal Investment Income (Loss)
  
$
(1,864
 
$
69,340
 
  
$
427,983
 
 
$
(257,988
Segment Adjustment
  
 
(88,390
 
 
15,440
 
  
 
(113,386
 
 
24,350
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
Unrealized Principal Investment Income (Loss)
  
$
(90,254
 
$
84,780
 
  
$
314,597
 
 
$
(233,638
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
(g)
This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents (1) the add back of Other Revenues earned from consolidated Blackstone funds which have been eliminated in consolidation, and (2) the removal of certain Transaction-Related and Non-Recurring Items.
 
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Three Months Ended

September 30,
 
Nine Months Ended

September 30,
    
2024
 
2023
 
2024
 
2023
    
(Dollars in Thousands)
GAAP Other Revenue
  
$
(96,312
 
$
63,769
 
 
$
(31,861
 
$
17,951
 
Segment Adjustment
  
 
(17
 
 
(21
 
 
(180
 
 
(101
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Revenues
  
$
(96,329
 
$
63,748
 
 
$
(32,041
 
$
17,850
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(h)
This adjustment removes Equity-Based Compensation on a segment basis.
(i)
This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.
(j)
Taxes represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and adjusted to exclude the tax impact of any divestitures. For interim periods, taxes are calculated using the preferred annualized effective tax rate approach. Related Payables represent tax-related payables including the amount payable under the tax receivable agreement. See “—Key Financial Measures and Indicators — Distributable Earnings” for the full definition of Taxes and Related Payables.
 
                                                                                                       
    
Three Months Ended

September 30,
  
Nine Months Ended

September 30,
    
2024
  
2023
  
2024
  
2023
    
(Dollars in Thousands)
Taxes
  
$
95,483
 
  
$
151,812
 
  
$
393,012
 
  
$
459,770
 
Related Payables
  
 
24,795
 
  
 
23,935
 
  
 
68,139
 
  
 
67,362
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Taxes and Related Payables
  
$
120,278
 
  
$
175,747
 
  
$
461,151
 
  
$
527,132
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(k)
This adjustment removes Interest and Dividend Revenue less Interest Expense on a segment basis. The Segment Adjustment represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone funds which have been eliminated in consolidation, and (2) the removal of interest expense associated with the tax receivable agreement.
 
                                                                                                   
    
Three Months Ended
 
Nine Months Ended
    
September 30,
 
September 30,
    
2024
 
2023
 
2024
 
2023
    
(Dollars in Thousands)
GAAP Interest and Dividend Revenue
  
$
109,774
 
 
$
109,133
 
 
$
312,612
 
 
$
348,123
 
Segment Adjustment
  
 
(179
 
 
4,771
 
 
 
(179
 
 
14,122
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest and Dividend Revenue
  
 
109,595
 
 
 
113,904
 
 
 
312,433
 
 
 
362,245
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GAAP Interest Expense
  
 
111,337
 
 
 
110,599
 
 
 
328,156
 
 
 
323,136
 
Segment Adjustment
  
 
(11
 
 
(585
 
 
(766
 
 
(1,783
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense
  
 
111,326
 
 
 
110,014
 
 
 
327,390
 
 
 
321,353
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Interest and Dividend Income (Loss)
  
$
(1,731
 
$
3,890
 
 
$
(14,957
 
$
40,892
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(l)
This adjustment removes the total segment amount of Realized Performance Revenues.
(m)
This adjustment removes the total segment amount of Realized Performance Compensation.
(n)
This adjustment removes the total segment amount of Realized Principal Investment Income.
 
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(o)
This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the tax receivable agreement.
(p)
This adjustment adds back Depreciation and Amortization on a segment basis.
The following tables are a reconciliation of Total GAAP Investments to Net Accrued Performance Revenues. Total GAAP Investments and Net Accrued Performance Revenues consist of the following:
 
                                                 
    
September 30,
    
2024
 
2023
    
(Dollars in Thousands)
Investments of Consolidated Blackstone Funds
  
$
3,873,027
 
 
$
5,224,104
 
Equity Method Investments
    
Partnership Investments
  
 
6,295,704
 
 
 
5,588,222
 
Accrued Performance Allocations
  
 
12,411,485
 
 
 
11,606,901
 
Corporate Treasury Investments
  
 
147,642
 
 
 
763,515
 
Other Investments
  
 
5,594,857
 
 
 
4,157,115
 
  
 
 
 
 
 
 
 
Total GAAP Investments
  
$
28,322,715
 
 
$
27,339,857
 
  
 
 
 
 
 
 
 
Accrued Performance Allocations - GAAP
  
$
12,411,485
 
 
$
11,606,901
 
Due from Affiliates - GAAP (a)
  
 
253,490
 
 
 
196,510
 
Less: Net Realized Performance Revenues (b)
  
 
(141,896
 
 
(367,944
Less: Accrued Performance Compensation - GAAP (c)
  
 
(5,531,520
 
 
(5,000,253
  
 
 
 
 
 
 
 
Net Accrued Performance Revenues
  
$
6,991,559
 
 
$
6,435,214
 
  
 
 
 
 
 
 
 
 
(a)
Represents GAAP accrued performance revenue recorded within Due from Affiliates.
(b)
Represents Performance Revenues realized but not yet distributed as of the reporting date and are included in Distributable Earnings in the period they are realized.
(c)
Represents GAAP accrued performance compensation associated with Accrued Performance Allocations and is recorded within Accrued Compensation and Benefits and Due to Affiliates.
Liquidity and Capital Resources
General
Blackstone’s business model derives revenue primarily from third party Assets Under Management. Blackstone is not a capital or balance sheet intensive business and targets operating expense levels such that total management and advisory fees exceed total operating expenses each period. As a result, we require limited capital resources to support the working capital or operating needs of our businesses. We draw primarily on the long-term committed or invested capital of investors in our investment vehicles to fund the investment requirements of the Blackstone Funds and use our own realizations and cash flows to invest in growth initiatives, make commitments to our own funds, where our minimum general partner commitments are generally less than 5% of the limited partner commitments of a fund, and pay dividends to stockholders and distributions to holders of Holdings Units.
Fluctuations in our statement of financial condition result primarily from activities of the Blackstone Funds that are consolidated as well as business transactions, such as the issuance of senior notes. The majority economic ownership interests of such consolidated Blackstone funds are reflected as Redeemable Non-Controlling Interests in Consolidated Entities, and Non-Controlling Interests in Consolidated Entities in the Consolidated Financial Statements. The consolidation of these Blackstone Funds has no net effect on Blackstone’s Net Income or Equity. Additionally, fluctuations in our statement of financial condition also include appreciation or depreciation in Blackstone investments in the non-consolidated Blackstone Funds, additional investments and redemptions of such interests in the non-consolidated Blackstone Funds and the collection of receivables related to management and advisory fees.
 
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Total Assets were $42.6 billion as of September 30, 2024, an increase of $2.3 billion from December 31, 2023. The increase in Total Assets was principally due to an increase of $2.9 billion in total assets attributable to consolidated operating partnerships, partially offset by a decrease of $549.2 million in total assets attributable to consolidated Blackstone funds.
 
 
 
The increase in total assets attributable to consolidated operating partnerships was primarily due to increases of $2.7 billion in Investments and $708.6 million in Due from Affiliates, partially offset by a decrease of $602.5 million in Cash and Cash Equivalents.
 
 
o
The increase in Investments was primarily due to appreciation in our Private Equity segment, partially offset by net sales in our Private Equity segment.
 
o
The increase in Due from Affiliates was primarily due to an increase in amounts due from certain non-controlling interest holders and Blackstone employees.
 
o
The decrease in Cash and Cash Equivalents was primarily due to ongoing operating activities.
 
 
 
The decrease in total assets attributable to consolidated Blackstone funds was primarily due to decreases of $446.5 million in Investments and $135.7 million in Cash Held by Blackstone Funds and Other, which were primarily due to the deconsolidation of two CLOs during the nine months ended September 30, 2024.
Total Liabilities were $23.1 billion as of September 30, 2024, an increase of $898.2 million from December 31, 2023. The increase in Total Liabilities was principally due to an increase of $1.8 billion in total liabilities attributable to consolidated operating partnerships, partially offset by a decrease of $898.2 million in total liabilities attributable to consolidated Blackstone funds.
 
 
 
The increase in total liabilities attributable to consolidated operating partnerships was primarily due to increases of $1.2 billion in Accrued Compensation and Benefits and $242.9 million in Accounts Payable, Accrued Expenses and Other Liabilities.
 
 
o
The increase in Accrued Compensation and Benefits was primarily due to an increase in compensation-related accruals.
 
o
The increase in Accounts Payable, Accrued Expenses and Other Liabilities was primarily due to an increase in derivative liabilities.
 
 
 
The decrease in total liabilities attributable to consolidated Blackstone funds was primarily due to decreases of $579.4 million in Loans Payable and $317.5 million in Accounts Payable, Accrued Expenses and Other Liabilities, which were primarily due to the deconsolidation of two CLOs during the nine months ended September 30, 2024.
Sources and Uses of Liquidity
We have multiple sources of liquidity to meet our capital needs, including annual cash flows, accumulated earnings in our businesses, the proceeds from our issuances of senior notes, liquid investments we hold on our balance sheet and access to our $4.325 billion committed revolving credit facility. As of September 30, 2024, Blackstone had $2.4 billion in Cash and Cash Equivalents, $147.6 million invested in Corporate Treasury Investments and $5.6 billion in Other Investments (which included $5.1 billion of liquid investments), against $10.7 billion in borrowings from our bond issuances, and no borrowings outstanding under our revolving credit facility.
 
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In addition to the cash we receive from our notes offerings and availability under our revolving credit facility, we expect to receive (a) cash generated from operating activities, (b) Performance Revenue realizations, and (c) realizations on the fund investments that we make. The amounts received from these three sources in particular may vary substantially from year to year and quarter to quarter depending on the frequency and size of realization events or net returns experienced by our investment funds. Our available capital could be adversely affected if there are prolonged periods of few substantial realizations from our investment funds accompanied by substantial capital calls for new investments from those investment funds. Therefore, Blackstone’s commitments to our funds are taken into consideration when managing our overall liquidity and cash position.
We expect that our primary liquidity needs will be cash to (a) provide capital to facilitate the growth of our existing businesses, which principally includes funding our general partner and co-investment commitments to our funds, (b) provide capital for business expansion, (c) pay operating expenses, including cash compensation to our employees and other obligations as they arise, (d) fund modest capital expenditures, (e) repay borrowings and related interest costs, (f) pay income taxes, (g) repurchase shares of our common stock and Blackstone Holdings Partnership Units pursuant to our repurchase program and (h) pay dividends to our stockholders and distributions to the holders of Blackstone Holdings Partnership Units. For a tabular presentation of Blackstone’s contractual obligations and the expected timing of such see “—Contractual Obligations.”
 
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Capital Commitments
Our own capital commitments to our funds, the funds we invest in and our investment strategies as of September 30, 2024 consisted of the following:
 
                                                                                                   
              
Senior Managing Directors
    
Blackstone and
  
and Certain Other
    
General Partner (a)
  
Professionals (b)
    
Original
  
Remaining
  
Original
  
Remaining
Fund
  
Commitment
  
Commitment
  
Commitment
  
Commitment
    
(Dollars in Thousands)
Real Estate
           
BREP VII
  
$
300,000
 
  
$
22,666
 
  
$
100,000
 
  
$
7,555
 
BREP VIII
  
 
300,000
 
  
 
37,581
 
  
 
100,000
 
  
 
12,527
 
BREP IX
  
 
300,000
 
  
 
46,361
 
  
 
100,000
 
  
 
15,454
 
BREP X
  
 
300,000
 
  
 
221,095
 
  
 
100,000
 
  
 
73,698
 
BREP Europe III
  
 
100,000
 
  
 
11,257
 
  
 
35,000
 
  
 
3,752
 
BREP Europe IV
  
 
130,000
 
  
 
19,109
 
  
 
43,333
 
  
 
6,370
 
BREP Europe V
  
 
150,000
 
  
 
17,917
 
  
 
43,333
 
  
 
5,176
 
BREP Europe VI
  
 
130,000
 
  
 
40,529
 
  
 
43,333
 
  
 
13,510
 
BREP Europe VII
  
 
130,000
 
  
 
104,621
 
  
 
43,333
 
  
 
34,874
 
BREP Asia I
  
 
50,392
 
  
 
10,342
 
  
 
16,797
 
  
 
3,447
 
BREP Asia II
  
 
70,707
 
  
 
12,878
 
  
 
23,569
 
  
 
4,293
 
BREP Asia III
  
 
81,078
 
  
 
66,237
 
  
 
27,026
 
  
 
22,079
 
BREDS III
  
 
50,000
 
  
 
11,721
 
  
 
16,667
 
  
 
3,907
 
BREDS IV
  
 
50,000
 
  
 
15,751
 
  
 
49,113
 
  
 
15,471
 
BREDS V
  
 
50,000
 
  
 
42,448
 
  
 
48,070
 
  
 
40,809
 
BPP
  
 
324,896
 
  
 
18,994
 
  
 
 
  
 
 
Other (c)
  
 
36,749
 
  
 
15,016
 
  
 
 
  
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Real Estate
  
 
2,553,822
 
  
 
714,523
 
  
 
789,574
 
  
 
262,922
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
continued...
 
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Senior Managing Directors
    
Blackstone and
  
and Certain Other
    
General Partner (a)
  
Professionals (b)
    
Original
  
Remaining
  
Original
  
Remaining
Fund
  
Commitment
  
Commitment
  
Commitment
  
Commitment
    
(Dollars in Thousands)
Private Equity
           
BCP V
  
$
629,356
 
  
$
30,642
 
  
$
 
  
$
 
BCP VI
  
 
719,718
 
  
 
81,400
 
  
 
250,000
 
  
 
28,275
 
BCP VII
  
 
500,000
 
  
 
36,635
 
  
 
225,000
 
  
 
16,486
 
BCP VIII
  
 
500,000
 
  
 
146,607
 
  
 
225,000
 
  
 
65,973
 
BCP IX
  
 
500,000
 
  
 
500,000
 
  
 
225,000
 
  
 
225,000
 
BEP I
  
 
50,000
 
  
 
4,728
 
  
 
 
  
 
 
BEP II
  
 
80,000
 
  
 
12,018
 
  
 
26,667
 
  
 
4,006
 
BEP III
  
 
80,000
 
  
 
28,956
 
  
 
26,667
 
  
 
9,652
 
BETP IV
  
 
80,000
 
  
 
80,000
 
  
 
26,667
 
  
 
26,667
 
BCEP I
  
 
117,747
 
  
 
27,016
 
  
 
18,992
 
  
 
4,358
 
BCEP II
  
 
160,000
 
  
 
93,383
 
  
 
32,640
 
  
 
19,050
 
BCP Asia I
  
 
40,000
 
  
 
5,869
 
  
 
13,333
 
  
 
1,956
 
BCP Asia II
  
 
100,000
 
  
 
70,478
 
  
 
33,333
 
  
 
23,493
 
Tactical Opportunities
  
 
492,133
 
  
 
193,955
 
  
 
164,044
 
  
 
64,652
 
Secondaries
  
 
1,495,155
 
  
 
698,806
 
  
 
1,166,041
 
  
 
582,166
 
BIP
  
 
403,146
 
  
 
85,035
 
  
 
 
  
 
 
BXLS
  
 
142,057
 
  
 
74,162
 
  
 
37,352
 
  
 
23,000
 
BXG
  
 
166,154
 
  
 
110,562
 
  
 
54,607
 
  
 
36,233
 
Other (c)
  
 
290,207
 
  
 
31,281
 
  
 
 
  
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Private Equity
  
 
6,545,673
 
  
 
2,311,533
 
  
 
2,525,343
 
  
 
1,130,967
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Credit & Insurance
           
Mezzanine / Opportunistic II
  
 
120,000
 
  
 
29,059
 
  
 
110,101
 
  
 
26,662
 
Mezzanine / Opportunistic III
  
 
130,783
 
  
 
34,664
 
  
 
98,118
 
  
 
26,006
 
Mezzanine / Opportunistic IV
  
 
122,000
 
  
 
57,136
 
  
 
115,980
 
  
 
54,317
 
Mezzanine / Opportunistic V
  
 
47,810
 
  
 
47,810
 
  
 
15,937
 
  
 
15,937
 
Stressed / Distressed II
  
 
125,000
 
  
 
51,612
 
  
 
119,878
 
  
 
49,497
 
Stressed / Distressed III
  
 
151,000
 
  
 
93,582
 
  
 
146,432
 
  
 
90,751
 
Energy I
  
 
80,000
 
  
 
36,700
 
  
 
75,445
 
  
 
34,611
 
Energy II
  
 
150,000
 
  
 
103,508
 
  
 
148,577
 
  
 
102,526
 
Green Energy III
  
 
127,000
 
  
 
108,611
 
  
 
118,776
 
  
 
101,578
 
European Senior Debt I
  
 
63,000
 
  
 
5,084
 
  
 
56,882
 
  
 
4,590
 
European Senior Debt II
  
 
92,822
 
  
 
32,610
 
  
 
89,599
 
  
 
31,525
 
European Senior Debt III
  
 
24,822
 
  
 
15,811
 
  
 
8,274
 
  
 
5,270
 
Credit Alpha Fund
  
 
52,102
 
  
 
19,752
 
  
 
50,670
 
  
 
19,209
 
Credit Alpha Fund II
  
 
25,500
 
  
 
12,550
 
  
 
24,385
 
  
 
12,001
 
Insurance Platform
  
 
501,600
 
  
 
129,053
 
  
 
1,600
 
  
 
412
 
Other (c)
  
 
209,684
 
  
 
98,841
 
  
 
72,377
 
  
 
29,340
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Credit & Insurance
  
 
2,023,123
 
  
 
876,383
 
  
 
1,253,031
 
  
 
604,232
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
continued...
 
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Senior Managing Directors
    
Blackstone and
  
and Certain Other
    
General Partner (a)
  
Professionals (b)
    
Original
  
Remaining
  
Original
  
Remaining
Fund
  
Commitment
  
Commitment
  
Commitment
  
Commitment
    
(Dollars in Thousands)
Multi-Asset Investing
           
Strategic Alliance II
  
$
50,000
 
  
$
1,482
 
  
$
 
  
$
 
Strategic Alliance III
  
 
22,000
 
  
 
18,223
 
  
 
 
  
 
 
Strategic Alliance IV
  
 
15,000
 
  
 
11,087
 
  
 
 
  
 
 
Dislocation
  
 
20,000
 
  
 
12,019
 
  
 
 
  
 
 
Other (c)
  
 
6,346
 
  
 
2,139
 
  
 
 
  
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total Multi-Asset Investing
  
 
113,346
 
  
 
44,950
 
  
 
 
  
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Other
           
Treasury (d)
  
 
1,696,402
 
  
 
1,491,410
 
  
 
 
  
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
$
12,932,366
 
  
$
5,438,799
 
  
$
4,567,948
 
  
$
1,998,121
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(a)
We expect our commitments to be drawn down over time and to be funded by available cash and cash generated from operations and realizations. Taking into account prevailing market conditions and both the liquidity and cash or liquid investment balances, we believe that the sources of liquidity described above will be more than sufficient to fund our working capital requirements. Additionally, for some of the general partner commitments shown in the table above, we require our senior managing directors and certain other professionals to fund a portion of the commitment even though the ultimate obligation to fund the aggregate commitment is ours pursuant to the governing agreements of the respective funds. The amounts of the aggregate applicable general partner original and remaining commitment are shown in the table above.
(b)
Includes the full portion of our commitments (i) required to be funded by senior managing directors and certain other professionals and (ii) that are elected by such individuals to be funded for the life of a fund, where such fund permits such election. Excludes amounts that are elected by such individuals to be funded on an annual basis and certain de minimis commitments funded by such individuals in certain carry funds.
(c)
Represents capital commitments to a number of other funds in each respective segment.
(d)
Represents loan origination commitments, revolver commitments and capital market commitments.
For a tabular presentation of the timing of Blackstone’s remaining capital commitments to our funds, the funds we invest in and our investment strategies see “—Contractual Obligations.”
 
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Borrowings
As of September 30, 2024, Blackstone Holdings Finance Co. L.L.C. (the “Issuer”), an indirect subsidiary of Blackstone, had issued and outstanding the following senior notes (collectively the “Notes”):
 
    
Aggregate
 
    
Principal
 
    
Amount
 
    
(Dollars/Euros
 
Senior Notes (a)
  
in Thousands)
 
2.000%, Due 5/19/2025
  
300,000 
 
1.000%, Due 10/5/2026
  
600,000 
 
3.150%, Due 10/2/2027
  
$
300,000 
 
5.900%, Due 11/3/2027
  
$
600,000 
 
1.625%, Due 8/5/2028
  
$
650,000 
 
1.500%, Due 4/10/2029
  
600,000 
 
2.500%, Due 1/10/2030
  
$
500,000 
 
1.600%, Due 3/30/2031
  
$
500,000 
 
2.000%, Due 1/30/2032
  
$
800,000 
 
2.550%, Due 3/30/2032
  
$
500,000 
 
6.200%, Due 4/22/2033
  
$
900,000 
 
3.500%, Due 6/1/2034
  
500,000 
 
6.250%, Due 8/15/2042
  
$
250,000 
 
5.000%, Due 6/15/2044
  
$
500,000 
 
4.450%, Due 7/15/2045
  
$
350,000 
 
4.000%, Due 10/2/2047
  
$
300,000 
 
3.500%, Due 9/10/2049
  
$
400,000 
 
2.800%, Due 9/30/2050
  
$
400,000 
 
2.850%, Due 8/5/2051
  
$
550,000 
 
3.200%, Due 1/30/2052
  
$
1,000,000 
 
  
 
 
 
  
$
10,727,000 
 
  
 
 
 
 
(a)
The Notes are unsecured and unsubordinated obligations of the Issuer and are fully and unconditionally guaranteed, jointly and severally, by Blackstone Inc. and each of the Blackstone Holdings Partnerships. The Notes contain customary covenants and financial restrictions that, among other things, limit the Issuer and the guarantors’ ability, subject to certain exceptions, to incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The Notes also contain customary events of default. All or a portion of the Notes may be redeemed at our option, in whole or in part, at any time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the Notes. If a change of control repurchase event occurs, the Notes are subject to repurchase at the repurchase price as set forth in the Notes.
Blackstone, through the Issuer, has a $4.325 billion unsecured revolving credit facility (the “Credit Facility”) with Citibank, N.A., as administrative agent with a maturity date of December 15, 2028. Borrowings may also be made in U.K. sterling, euros, Swiss francs, Japanese yen or Canadian dollars, in each case subject to certain sub-limits. The Credit Facility contains customary representations, covenants and events of default. Financial covenants consist of a maximum net leverage ratio and a requirement to keep a minimum amount of fee-earning assets under management, each tested quarterly.
 
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For a tabular presentation of the payment timing of principal and interest due on Blackstone’s issued notes and the Credit Facility see “—Contractual Obligations.”
Contractual Obligations
The following table sets forth information relating to our contractual obligations as of September 30, 2024 on a consolidated basis and on a basis deconsolidating the Blackstone Funds:
 
                                                                                              
    
October 1, 2024 to
               
Contractual Obligations
  
December 31, 2024
 
2025-2026
 
2027-2028
 
Thereafter
 
Total
    
(Dollars in Thousands)
Operating Lease Obligations (a)
  
$
44,892
 
 
$
359,732
 
 
$
422,473
 
 
$
1,275,698
 
 
$
2,102,795
 
Purchase Obligations
  
 
75,905
 
 
 
165,931
 
 
 
49,376
 
 
 
3,999
 
 
 
295,211
 
Blackstone Operating Borrowings (b)
  
 
-
 
 
 
1,016,421
 
 
 
1,575,679
 
 
 
8,174,850
 
 
 
10,766,950
 
Interest on Blackstone Operating Borrowings (c)
  
 
92,897
 
 
 
692,154
 
 
 
624,987
 
 
 
3,269,364
 
 
 
4,679,402
 
Borrowings of Consolidated Blackstone Funds
  
 
-
 
 
 
-
 
 
 
-
 
 
 
118,796
 
 
 
118,796
 
Interest on Borrowings of Consolidated Blackstone Funds
  
 
2,448
 
 
 
19,585
 
 
 
19,585
 
 
 
17,546
 
 
 
59,164
 
Blackstone Funds Capital Commitments to Investee Funds (d)
  
 
351,285
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
351,285
 
Due to Certain Non-Controlling Interest Holders in Connection with Tax Receivable Agreements (e)
  
 
-
 
 
 
198,697
 
 
 
218,540
 
 
 
1,330,524
 
 
 
1,747,761
 
Unrecognized Tax Benefits, Including Interest and Penalties (f)
  
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
Blackstone Operating Entities Capital Commitments to Blackstone Funds and Other (g)
  
 
5,438,799
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
5,438,799
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Contractual Obligations
  
 
6,006,226
 
 
 
2,452,520
 
 
 
2,910,640
 
 
 
14,190,777
 
 
 
25,560,163
 
Borrowings of Consolidated Blackstone Funds
  
 
-
 
 
 
-
 
 
 
-
 
 
 
(118,796
 
 
(118,796
Interest on Borrowings of Consolidated Blackstone Funds
  
 
(2,448
 
 
(19,585
 
 
(19,585
 
 
(17,546
 
 
(59,164
Blackstone Funds Capital Commitments to Investee Funds (d)
  
 
(351,285
 
 
-
 
 
 
-
 
 
 
-
 
 
 
(351,285
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Blackstone Operating Entities Contractual Obligations
  
$
5,652,493
 
 
$
2,432,935
 
 
$
2,891,055
 
 
$
14,054,435
 
 
$
25,030,918
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
We lease our primary office space and certain office equipment under agreements that expire through 2043. Occupancy lease agreements, in addition to contractual rent payments, generally include additional payments for certain costs incurred by the landlord, such as building expenses and utilities. To the extent these are fixed or determinable they are included in the table above. The table above includes operating leases that are recognized as Operating Lease Liabilities, short-term leases that are not recorded as Operating Lease Liabilities and leases that have been signed but not yet commenced which are not recorded as Operating Lease Liabilities. The amounts in this table are presented net of contractual sublease commitments.
 
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(b)
Represents the principal amounts due on our senior notes and secured borrowings. For our senior notes, we assume no pre-payments and the borrowings are held until their final maturity. For our secured borrowings we project pre-payments based on the performance of the underlying assets and principal may be paid down in full prior to their stated maturity. As of September 30, 2024, we had no borrowings outstanding under our revolver.
(c)
Represents interest to be paid over the maturity of our senior notes and secured borrowings. For our senior notes, we assume no pre-payments and the borrowings are held until their final maturity. For our secured borrowings, we project pre-payments based on the performance of the underlying assets with interest payments based on the estimated principal outstanding, inclusive of projected pre-payments. These amounts include commitment fees for unutilized borrowings under our revolver.
(d)
These obligations represent commitments of the consolidated Blackstone funds to make capital contributions to investee funds and portfolio companies. These amounts are generally due on demand and are therefore presented in the less than one year category.
(e)
Represents obligations by Blackstone’s corporate subsidiary to make payments under the tax receivable agreements to certain non-controlling interest holders for the tax savings realized from the taxable purchases of their interests in connection with the reorganization at the time of Blackstone’s initial public offering (“IPO”) in 2007 and subsequent purchases. The obligation represents the amount of the payments currently expected to be made, which are dependent on the tax savings actually realized as determined annually without discounting for the timing of the payments. As required by GAAP, the amount of the obligation included in the condensed consolidated financial statements and shown in Note 16. “Related Party Transactions” (see “Part I. Item 1. Financial Statements”) differs to reflect the net present value of the payments due to certain non-controlling interest holders.
(f)
Blackstone is not able to make a reasonably reliable estimate of the timing of payments in individual years in connection with gross unrecognized benefits of $247.0 million and interest of $81.0 million as of September 30, 2024; therefore, such amounts are not included in the above contractual obligations table.
(g)
These obligations represent commitments by us to provide general partner capital funding to the Blackstone Funds, limited partner capital funding to other funds and Blackstone principal investment commitments. These amounts are generally due on demand and are therefore presented in the less than one year category; however, a substantial amount of the capital commitments are expected to be called over the next three years. We expect to continue to make these general partner capital commitments as we raise additional amounts for our investment funds over time.
Guarantees
Blackstone and certain of its consolidated funds provide financial guarantees. The amounts and nature of these guarantees are described in Note 17. “Commitments and Contingencies — Contingencies — Guarantees” in the “Notes to Condensed Consolidated Financial Statements” in “Part I. Item 1. Financial Statements” of this filing.
Indemnifications
In many of its service contracts, Blackstone agrees to indemnify the third party service provider under certain circumstances. The terms of the indemnities vary from contract to contract and the amount of indemnification liability, if any, cannot be determined and has not been included in the above contractual obligations table or recorded in our condensed consolidated financial statements as of September 30, 2024.
Clawback Obligations
Performance Allocations are subject to clawback to the extent that the Performance Allocations received to date with respect to a fund exceed the amount due to Blackstone based on cumulative results of that fund. The amounts and nature of Blackstone’s clawback obligations are described in Note 17. “Commitments and Contingencies — Contingencies — Contingent Obligations (Clawback)” in the “Notes to Condensed Consolidated Financial Statements” in “Part I. Item 1. Financial Statements” of this filing.
 
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Share Repurchase Program
On July 16, 2024, Blackstone’s board of directors authorized the repurchase of up to $2.0 billion of common stock and Blackstone Holdings Partnership Units. This authorization replaced Blackstone’s prior $2.0 billion repurchase authorization. Under the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual number repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or discontinued at any time and does not have a specified expiration date.
During the three and nine months ended September 30, 2024, Blackstone repurchased 1.0 million and 3.7 million shares of common stock at a total cost of $140.8 million and $473.5 million, respectively. As of September 30, 2024, the amount remaining available for repurchases under the program was $1.9 billion.
Dividends
Our intention is to pay to holders of common stock a quarterly dividend representing approximately 85% of Blackstone Inc.’s share of Distributable Earnings, subject to adjustment by amounts determined by our board of directors to be necessary or appropriate to provide for the conduct of our business, to make appropriate investments in our business and funds, to comply with applicable law, any of our debt instruments or other agreements, or to provide for future cash requirements such as tax-related payments, clawback obligations and dividends to stockholders for any ensuing quarter. The dividend amount could also be adjusted upward in any one quarter.
For Blackstone’s definition of Distributable Earnings, see “—Key Financial Measures and Indicators.”
All of the foregoing is subject to the qualification that the declaration and payment of any dividends are at the sole discretion of our board of directors and our board of directors may change our dividend policy at any time, including, without limitation, to reduce such quarterly dividends or even to eliminate such dividends entirely.
Because the publicly traded entity and/or its wholly owned subsidiaries must pay taxes and make payments under the tax receivable agreements, the amounts ultimately paid as dividends by Blackstone to common stockholders in respect of each fiscal year are generally expected to be less, on a per share or per unit basis, than the amounts distributed by the Blackstone Holdings Partnerships to the Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships in respect of their Blackstone Holdings Partnership Units. Following Blackstone’s conversion from a limited partnership to a corporation, we expect to pay more corporate income taxes than we would have as a limited partnership, which will increase this difference between the per share dividend and per unit distribution amounts.
Dividends are treated as qualified dividends to the extent of Blackstone’s current and accumulated earnings and profits, with any excess dividends treated as a return of capital to the extent of the stockholder’s basis.
 
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The following graph shows fiscal quarterly and annual per common stockholder dividends for 2024 and 2023. Dividends are declared and paid in the quarter subsequent to the quarter in which they are earned.
 

With respect to the third quarter of fiscal year 2024, we declared to stockholders of our common stock a dividend of $0.86 per share, aggregating to $2.51 per share of common stock in respect of the three fiscal quarters ended September 30, 2024. With respect to fiscal year 2023, we paid stockholders aggregate dividends of $3.35 per share.
Leverage
We may under certain circumstances use leverage opportunistically and over time to create the most efficient capital structure for Blackstone and our stockholders. In addition to the borrowings from our note issuances and our revolving credit facility, we may use asset based financing arrangements, including but not limited to, margin loans, reverse repurchase agreements, repurchase agreements and securities sold, not yet purchased. Reverse repurchase agreements are entered into primarily to take advantage of opportunistic yields otherwise absent in the overnight markets and also to use the collateral received to cover securities sold, not yet purchased. Repurchase agreements are entered into primarily to opportunistically yield higher spreads on purchased securities. The balances held in these financial instruments fluctuate based on Blackstone’s liquidity needs, market conditions and investment risk profiles.
 
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The following table presents information regarding financial instruments which are included in Accounts Payable, Accrued Expenses and Other Liabilities in our Condensed Consolidated Statements of Financial Condition:
 
                                                 
         
Securities
    
Repurchase
  
Sold, Not Yet
    
Agreements
  
Purchased
    
(Dollars in Millions)
Balance, September 30, 2024
  
$
100.3
 
  
$
4.0
 
Balance, December 31, 2023
  
$
 
  
$
3.9
 
Nine Months Ended September 30, 2024
     
Average Daily Balance
  
$
23.4
 
  
$
3.9
 
Maximum Daily Balance
  
$
120.2
 
  
$
4.0
 
Critical Accounting Policies
We prepare our condensed consolidated financial statements in accordance with GAAP. In applying many of these accounting principles, we need to make assumptions, estimates and/or judgments that affect the reported amounts of assets, liabilities, revenues and expenses in our condensed consolidated financial statements. We base our estimates and judgments on historical experience and other assumptions that we believe are reasonable under the circumstances. These assumptions, estimates and/or judgments, however, are often subjective. Actual results may be affected negatively based on changing circumstances. If actual amounts are ultimately different from our estimates, the revisions are included in our results of operations for the period in which the actual amounts become known. We believe the following critical accounting policies could potentially produce materially different results if we were to change underlying assumptions, estimates and/or judgments. For a description of our accounting policies, see Note 2. “Summary of Significant Accounting Policies” in the “Notes to Condensed Consolidated Financial Statements” in “Part I. Item 1. Financial Statements” of this filing.
Principles of Consolidation
For a description of our accounting policy on consolidation, see Note 2. “Summary of Significant Accounting Policies — Consolidation” and Note 9. “Variable Interest Entities” in the “Notes to Condensed Consolidated Financial Statements” in “Part I. Item 1. Financial Statements” for detailed information on Blackstone’s involvement with VIEs. The following discussion is intended to provide supplemental information about how the application of consolidation principles impact our financial results, and management’s process for implementing those principles including areas of significant judgment.
The determination that Blackstone holds a controlling financial interest in a Blackstone Fund or investment vehicle significantly changes the presentation of our condensed consolidated financial statements. In our Condensed Consolidated Statements of Financial Position included in this filing, we present 100% of the assets and liabilities of consolidated VIEs along with a non-controlling interest which represents the portion of the consolidated vehicle’s interests held by third parties. However, assets of our consolidated VIEs can only be used to settle obligations of the consolidated VIE and are not available for general use by Blackstone. Further, the liabilities of our consolidated VIEs do not have recourse to the general credit of Blackstone. In the Condensed Consolidated Statements of Operations, we eliminate any management fees, Incentive Fees, or Performance Allocations received or accrued from consolidated VIEs as they are considered intercompany transactions. We recognize 100% of the consolidated VIE’s investment income (loss) and allocate the portion of that income (loss) attributable to third party ownership to non-controlling interests in arriving at Net Income Attributable to Blackstone Inc.
 
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The assessment of whether we consolidate a Blackstone Fund or investment vehicle we manage requires the application of significant judgment. These judgments are applied both at the time we become involved with the VIE and on an ongoing basis and include, but are not limited to:
 
 
 
Determining whether our management fees, Incentive Fees or Performance Allocations represent variable interests – We make judgments as to whether the fees we earn are commensurate with the level of effort required for those fees and at market rates. In making this judgment, we consider, among other things, the extent of third party investment in the entity and the terms of any other interests we hold in the VIE.
 
 
Determining whether kick-out rights are substantive – We make judgments as to whether the third party investors in a partnership entity have the ability to remove the general partner, the investment manager or its equivalent, or to dissolve (liquidate) the partnership entity, through a simple majority vote. This includes an evaluation of whether barriers to exercise these rights exist.
 
 
Concluding whether Blackstone has an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE – As there is no explicit threshold in GAAP to define “potentially significant,” management must apply judgment and evaluate both quantitative and qualitative factors to conclude whether this threshold is met.
Revenue Recognition
For a description of our accounting policy on revenue recognition, see Note 2. “Summary of Significant Accounting Policies — Revenue Recognition” in the “Notes to Condensed Consolidated Financial Statements” in “Part I. Item 1. Financial Statements.” For an additional description of the nature of our revenue arrangements, including how management fees, Incentive Fees, and Performance Allocations are generated, please refer to “Part I. Item 1. Business — Fee Structure/Incentive Arrangements” in our Annual Report on Form 10-K for the year ended December 31, 2023. The following discussion is intended to provide supplemental information about how the application of revenue recognition principles impact our financial results, and management’s process for implementing those principles including areas of significant judgment.
Management and Advisory Fees, Net
— Blackstone earns base management fees from its customers at a fixed percentage of a calculation base which is typically assets under management, net asset value, gross asset value, total assets, committed capital or invested capital. The range of management fee rates and the calculation base from which they are earned, generally, are as follows:
On private equity, real estate, and certain of our multi-asset investing and credit-focused funds:
 
 
 
0.25% to 1.75% of committed capital or invested capital during the investment period,
 
 
0.25% to 1.50% of invested capital, committed capital or investment fair value subsequent to the investment period for private equity and real estate funds, and
 
 
1.15% to 1.50% of invested capital or net asset value subsequent to the investment period for certain of our multi-asset investing and
credit-focused
funds.
On real estate and credit-focused funds structured like hedge funds:
 
 
 
0.50% to 1.00% of net asset value.
On credit separately managed accounts:
 
 
 
0.20% to 1.35% of net asset value or total assets.
 
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On real estate separately managed accounts:
 
 
 
0.35% to 2.00% of invested capital, net operating income or net asset value.
On insurance separately managed accounts and investment vehicles:
 
 
 
0.25% to 1.00% of net asset value.
On funds of hedge funds, certain hedge funds and separately managed accounts invested in hedge funds:
 
 
 
0.20% to 1.50% of net asset value.
On CLO vehicles:
 
 
 
0.20% to 0.50% of the aggregate par amount of collateral assets, including principal cash.
On credit-focused registered and non-registered investment companies:
 
 
 
0.25% to 1.25% of total assets or net asset value.
On certain real estate and private equity-focused registered funds or companies:
 
 
 
1.25% of net asset value.
The investment adviser of BXMT receives annual management fees based on 1.50% of BXMT’s net proceeds received from equity offerings and accumulated “distributable earnings” (which is generally equal to its GAAP net income excluding certain non-cash and other items), subject to certain adjustments.
Management fee calculations based on committed capital or invested capital are mechanical in nature and therefore do not require the use of significant estimates or judgments. Management fee calculations based on net asset value, total assets, or investment fair value depend on the fair value of the underlying investments within the funds. Estimates and assumptions are made when determining the fair value of the underlying investments within the funds and could vary depending on the valuation methodology that is used as well as economic conditions. See “—Fair Value” below for further discussion of the judgment required for determining the fair value of the underlying investments.
Investment Income (Loss)
— Performance Allocations are made to the general partner based on cumulative fund performance to date, subject to a preferred return to limited partners. Blackstone has concluded that investments made alongside its limited partners in a partnership which entitle Blackstone to a Performance Allocation represent equity method investments that are not in the scope of the GAAP guidance on accounting for revenues from contracts with customers. Blackstone accounts for these arrangements under the equity method of accounting. Under the equity method, Blackstone’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period Blackstone calculates the accrued Performance Allocations that would be due to Blackstone for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. Performance Allocations are subject to clawback to the extent that the Performance Allocation received to date exceeds the amount due to Blackstone based on cumulative results.
The change in the fair value of the investments held by certain Blackstone Funds is a significant input into the accrued Performance Allocation calculation and accrual for potential repayment of previously received Performance Allocations. Estimates and assumptions are made when determining the fair value of the underlying investments within the funds. See “—Fair Value” below for further discussion related to significant estimates and assumptions used for determining fair value of the underlying investments.
 
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Fair Value
Blackstone uses fair value throughout the reporting process. For a description of our accounting policies related to valuation, see Note 2. “Summary of Significant Accounting Policies — Fair Value of Financial Instruments” and “Summary of Significant Accounting Policies — Investments, at Fair Value” in the “Notes to Condensed Consolidated Financial Statements” in “Part I. Item 1. Financial Statements” of this filing. The following discussion is intended to provide supplemental information about how the application of fair value principles impact our financial results, and management’s process for implementing those principles including areas of significant judgment.
The fair value of the investments held by Blackstone Funds is the primary input to the calculation of certain of our management fees, Incentive Fees, Performance Allocations and the related Compensation we recognize. Generally, Blackstone Funds are accounted for as investment companies under the American Institute of Certified Public Accountants Audit and Accounting Guide,
Investment Companies
, and in accordance with the GAAP guidance on investment companies and reflect their investments, including majority-owned and controlled investments (the “Portfolio Companies”), at fair value. In the absence of observable market prices, we utilize valuation methodologies applied on a consistent basis and assumptions that we believe market participants would use to determine the fair value of the investments. For investments where little market activity exists management’s determination of fair value is based on the best information available in the circumstances, which may incorporate management’s own assumptions and involves a significant degree of judgment, and the consideration of a combination of internal and external factors, including the appropriate risk adjustments for non-performance and liquidity risks.
Blackstone has also elected the fair value option for certain instruments it owns directly, including loans and receivables, investments in private debt securities and other proprietary investments. Blackstone is required to measure certain financial instruments at fair value, including debt instruments, equity securities and freestanding derivatives.
Fair Value of Investments or Instruments that are Publicly Traded
Securities that are publicly traded and for which a quoted market exists will be valued at the closing price of such securities in the principal market in which the security trades, or in the absence of a principal market, in the most advantageous market on the valuation date. When a quoted price in an active market exists, no block discounts or control premiums are permitted regardless of the size of the public security held. In some cases, securities will include legal and contractual restrictions limiting their purchase and sale for a period of time. A discount to publicly traded price may be appropriate in instances where a legal restriction is a characteristic of the security, such as may be required under SEC Rule 144. The amount of the discount, if taken, shall be determined based on the time period that must pass before the restricted security becomes unrestricted or otherwise available for sale.
Fair Value of Investments or Instruments that are not Publicly Traded
Investments for which market prices are not observable include private investments in the equity or debt of operating companies or real estate properties. Our primary methodology for determining the fair values of such investments is generally the income approach which provides an indication of fair value based on the present value of cash flows that a business, security, or property is expected to generate in the future. The most widely used methodology under the income approach is the discounted cash flow method which includes significant assumptions about the underlying investment’s projected net earnings or cash flows, discount rate, capitalization rate and exit multiple. Our secondary methodology, generally used to corroborate the results of the income
 
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approach, is typically the market approach. The most widely used methodology under the market approach relies upon valuations for comparable public companies, transactions, or assets, and includes making judgments about which companies, transactions, or assets are comparable. Depending on the facts and circumstances associated with the investment, different primary and secondary methodologies may be used including option value, contingent claims or scenario analysis, yield analysis, projected cash flow through maturity or expiration, discount to sale, probability weighted methods or recent round of financing.
In certain cases debt and equity securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments and various relationships between investments.
Management Process on Fair Value
Due to the importance of fair value throughout the condensed consolidated financial statements and the significant judgment required to be applied in arriving at those fair values, we have developed a process around valuation that incorporates several levels of approval and review from both internal and external sources. Investments held by Blackstone Funds and investment vehicles are valued on at least a quarterly basis by our internal valuation or asset management teams, which are independent from our investment teams. For investments held by vehicles managed by more than one business unit, Blackstone has developed a process designed to facilitate coordination and alignment, as appropriate, of the fair value of in-scope investments across business units.
For investments valued utilizing the income method and where Blackstone has information rights, we generally have a direct line of communication with each of the Portfolio Companies’ and underlying assets’ finance teams and collect financial data used to support projections used in a discounted cash flow analysis. The valuation team then analyzes the data received and updates the valuation models reflecting any changes in the underlying cash flow projections, weighted-average cost of capital, exit multiple or capitalization rate, and any other valuation input relevant to economic conditions.
The results of all valuations of investments held by Blackstone Funds and investment vehicles are reviewed by the relevant business unit’s valuation sub-committee, which is comprised of key personnel from the business unit, typically the chief investment officer, chief operating officer, chief financial officer, chief compliance officer (or their respective equivalents where applicable) and other senior managing directors in the business. To further corroborate results, each business unit also generally obtains either a positive assurance opinion or a range of value from an independent valuation party, at least annually for internally prepared valuations for investments that have been held by Blackstone Funds and investment vehicles for greater than a year and quarterly for certain investments. Our firmwide valuation committee, chaired by our Chief Financial Officer and comprised of senior members of our businesses and representatives from corporate functions, including legal and finance, reviews the valuation process for investments held by us and our investment vehicles, including the application of appropriate valuation standards on a consistent basis. Each quarter, the valuation process is also reviewed by the audit committee of our board of directors, which is comprised of our non-employee directors.
Income Tax
For a description of our accounting policy on taxes and additional information on taxes see Note 2. “Summary of Significant Accounting Policies” and Note 13. “Income Taxes” in the “Notes to Condensed Consolidated Financial Statements” in “Part I. Item 1. Financial Statements” of this filing.
Our provision for income taxes is composed of current and deferred taxes. Current income taxes approximate taxes to be paid or refunded for the current period. Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities and are measured using the applicable enacted tax rates and laws that will be in effect when such differences are expected to reverse.
 
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Additionally, significant judgment is required in estimating the provision for (benefit from) income taxes, current and deferred tax balances (including valuation allowance), accrued interest or penalties and uncertain tax positions. In evaluating these judgments, we consider, among other items, projections of taxable income (including the character of such income), beginning with historic results and incorporating assumptions of the amount of future pretax operating income. These assumptions about future taxable income require significant judgment and are consistent with the plans and estimates that Blackstone uses to manage its business. To the extent any portion of the deferred tax assets are not considered to be more likely than not to be realized, a valuation allowance is recorded.
Revisions in estimates and/or actual costs of a tax assessment may ultimately be materially different from the recorded accruals and unrecognized tax benefits, if any.
Recent Accounting Developments
Information regarding recent accounting developments and their impact on Blackstone, if any, can be found in Note 2. “Summary of Significant Accounting Policies” in the “Notes to Condensed Consolidated Financial Statements” in “Part I. Item 1. Financial Statements” of this filing.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Our predominant exposure to market risk is related to our role as general partner or investment adviser to the Blackstone Funds and the sensitivities to movements in the fair value of their investments, including the effect on management fees, performance revenues and investment income. There were no material changes in our market risks as of September 30, 2024 as compared to December 31, 2023. For additional information, refer to our Annual Report on Form 10-K for the year ended December 31, 2023.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We maintain “disclosure controls and procedures,” as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are designed to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing disclosure controls and procedures, our management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures. The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired objectives.
Our management, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15 under the Exchange Act as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this report, our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) are effective at the reasonable assurance level to accomplish their objectives of ensuring that information we are required to disclose in reports that we file or submit under the
 
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Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting
No change in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during our most recent quarter, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
Part II. Other Information
Item 1. Legal Proceedings
We may from time to time be involved in litigation and claims incidental to the conduct of our business. Our businesses are also subject to extensive regulation, which may result in regulatory proceedings against us. See “Part I. Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023. We are not currently subject to any pending legal (including judicial, regulatory, administrative or arbitration) proceedings that we expect to have a material impact on our condensed consolidated financial statements. However, given the inherent unpredictability of these types of proceedings and the potentially large and/or indeterminate amounts that could be sought, an adverse outcome in certain matters could have a material effect on Blackstone’s financial results in any particular period. See “Part I. Item 1. Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 17. Commitments and Contingencies — Contingencies — Litigation.”
Item 1A. Risk Factors
For a discussion of our potential risks and uncertainties, see the information under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 and in our subsequently filed periodic reports as such factors may be updated from time to time, all of which are accessible on the Securities and Exchange Commission’s website at www.sec.gov.
See “Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Business Environment” in this report for a discussion of the conditions in the financial markets and economic conditions affecting our businesses. This discussion updates, and should be read together with, the risk factor entitled “Difficult market and geopolitical conditions can adversely affect our business in many ways, each of which could materially reduce our revenue, earnings and cash flow and adversely affect our financial prospects and condition.” in our Annual Report on Form 10-K for the year ended December 31, 2023.
The risks described in our Annual Report on Form 10-K and in our subsequently filed periodic reports are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.
 
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The following table sets forth information regarding repurchases of shares of our common stock during the three months ended September 30, 2024:
 
                                                                                                   
                   
Approximate Dollar
         
Average
  
Total Number of Shares
  
Value of Shares that
    
Total Number
  
Price Paid
  
Purchased as Part of
  
May Yet Be Purchased
    
of Shares
  
per
  
Publicly Announced
  
Under the Program
Period
  
Purchased
  
Share
  
Plans or Programs (a)
  
(Dollars in Thousands) (a)
Jul. 1 - Jul. 31, 2024
  
 
133,332
 
  
$
141.09
 
  
 
133,332
 
  
$
1,981,188
 
Aug. 1 - Aug. 31, 2024
  
 
488,884
 
  
$
135.02
 
  
 
488,884
 
  
$
1,915,178
 
Sep. 1 - Sep. 30, 2024
  
 
377,784
 
  
$
148.22
 
  
 
377,784
 
  
$
1,859,183
 
  
 
 
 
     
 
 
 
  
  
 
1,000,000
 
     
 
1,000,000
 
  
  
 
 
 
     
 
 
 
  
 
(a)
On July 16, 2024, Blackstone’s board of directors authorized the repurchase of up to $2.0 billion of common stock and Blackstone Holdings Partnership Units. This authorization replaced Blackstone’s prior $2.0 billion repurchase authorization. Under the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual numbers repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or discontinued at any time and does not have a specified expiration date. See “Part I. Item 1. Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 14. Earnings Per Share and Stockholders’ Equity — Share Repurchase Program” and “Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Share Repurchase Program” for further information regarding this repurchase program.
As permitted by our policies and procedures governing transactions in our securities by our directors, executive officers and other employees, from time to time some of these persons may establish plans or arrangements complying with Rule 10b5-1 under the Exchange Act, and similar plans and arrangements relating to our common stock and Blackstone Holdings Partnership Units.
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Section 13(r) Disclosure
Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which added Section 13(r) of the Exchange Act, Blackstone hereby incorporates by reference herein Exhibit 99.1 of this report, which includes disclosures provided to us by Mundys S.p.A.
 
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Item 6. Exhibits
 
Exhibit
Number
  
Exhibit Description
 10.1*+
  
Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates GP Solutions L.P., dated as of November 1, 2024 and deemed effective as of June 16, 2021.
 10.2*+
  
Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates Infrastructure IV L.P., dated November 1, 2024 and deemed effective as of December 11, 2023.
 10.3*+
  
Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates IX L.P., dated as of November 1, 2024 and deemed effective as of October 7, 2021.
 10.4*+
  
Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates Real Estate VIII L.P., dated as of November 1, 2024 and deemed effective as of May 3, 2022.
 10.5*+
  
Second Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates – NC Real Asset Opportunities, L.P., dated as of November 1, 2024 and deemed effective as of May 23, 2023.
 10.6*+
  
Second Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates Infrastructure III L.P., dated as of November 1, 2024 and deemed effective as of May 23, 2023.
 10.7*+
  
Second Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates RA II L.P., dated as of November 1, 2024 and deemed effective as of May 23, 2023.
 10.8*+
  
Second Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates Real Estate VI L.P., dated as of November 1, 2024 and deemed effective as of May 23, 2023.
 10.9*+
  
Second Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates Real Estate VII L.P., dated as of November 1, 2024 and deemed effective as of May 23, 2023.
 10.10*+
  
Second Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates VII L.P., dated as of November 1, 2024 and deemed effective as of May 23, 2023.
 10.11*+
  
Second Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates VIII L.P., dated as of November 1, 2024 and deemed effective as of May 23, 2023.
 10.12*+
  
Amended and Restated Limited Partnership Agreement of Blackstone ETMA IV GP L.P., dated as of November 1, 2024 and deemed effective as of June 4, 2024.
 31.1*
  
Certification of the Chief Executive Officer pursuant to Rule 13a-14(a).
 31.2*
  
Certification of the Chief Financial Officer pursuant to Rule 13a-14(a).
 32.1**
  
Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
 
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 32.2**
  
Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
 99.1*
  
Section 13(r) Disclosure.
101.INS*
  
Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*
  
Inline XBRL Taxonomy Extension Schema Document.
101.CAL*
  
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*
  
Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*
  
Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*
  
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104*
  
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
 
*
Filed herewith.
**
Furnished herewith.
+
Management contract or compensatory plan or arrangement in which directors or executive officers are eligible to participate.
The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.
 
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: November 1, 2024
 
Blackstone Inc.
/s/ Michael S. Chae
Name:
 
Michael S. Chae
Title:
 
Chief Financial Officer
 
(Principal Financial Officer and
 
Authorized Signatory)
 
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