falseQ10001393818--12-31http://fasb.org/us-gaap/2022#OtherAssetshttp://fasb.org/us-gaap/2022#OtherAssetsDuring the period presented, Blackstone also had one share outstanding of each of Series I and Series II preferred stock, with par value of each less than one cent.Level III freestanding derivatives are valued using an option pricing model where the significant inputs include the expected return and expected volatility. Equity Securities, Partnership and LLC Interest includes investments in investment funds.As of March 31, 2023 and December 31, 2022, Other Investments includes Level III Freestanding Derivatives. Unobservable inputs were weighted based on the fair value of the investments included in the range. Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy. The Secured Borrowing, Due 10/27/2033 has an interest rate of 6.97% and the Secured Borrowing, Due 1/29/2035 has an interest rate of 3.72%. Blackstone Fund Facilities represents borrowing facilities for the various consolidated Blackstone Funds used to meet liquidity and investing needs. Such borrowings have varying maturities and may be rolled over until the disposition or refinancing event. Borrowings bear interest at spreads to market rates or at stated fixed rates that can vary over the borrowing term. Interest may be subject to the performance of the assets within the fund and therefore, the stated interest rate and effective interest rate may differ. CLO Notes Payable are due 10/15/2029 and have an effective interest rate of 6.97% as of March 31, 2023. Dividends declared reflects the calendar date of the declaration for each distribution.The split of clawback between Blackstone Holdings and Current and Former Personnel is based on the performance of individual investments held by a fund rather than on a fund by fund basis.Total is a component of Due to Affiliates. See Note 16. “Related Party Transactions — Affiliate Receivables and Payables — Due to Affiliates.”Total Segment Revenues is comprised of the following:This adjustment removes Unrealized Performance Revenues on a segment basis.This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis.This adjustment removes Interest and Dividend Revenue on a segment basis.This adjustment removes Other Revenue on a segment basis. For the three months ended March 31, 2023 and 2022, Other Revenue on a GAAP basis was $(14.2) million and $72.9 million, and included $(14.7) million and $72.8 million of foreign exchange gains (losses), respectively.This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds, the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.This adjustment removes Transaction-Related Charges, which are excluded from Blackstone’s segment presentation. Transaction-Related Charges arise from corporate actions including acquisitions, divestitures, and Blackstone’s initial public offering. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs and any gains or losses associated with these corporate actions.Total Segment Expenses is comprised of the following:This adjustment removes Unrealized Performance Allocations Compensation.This adjustment removes Equity-Based Compensation on a segment basis.This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement.This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation.Fee related performance compensation may include equity-based compensation based on fee related performance revenuesRepresents the (1) removal of amortization of transaction-related intangibles, (2) removal of certain expenses reimbursed by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.Represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.Represents the removal of Transaction-Related Charges that are not recorded in the Total Segment measures.Represents (1) the add back of net management fees earned from consolidated Blackstone Funds 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.Corporate Treasury Commitments are measured using third party pricing. This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. 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Table of Contents
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM                  TO                 
Commission File Number:
001-33551

Blackstone Inc.
(Exact name of Registrant as specified in its charter)
Delaware
(State or other jurisdiction of
incorporation or organization)
 
20-8875684
(I.R.S. Employer
Identification No.)
345 Park Avenue
New York, New York 10154
(Address of principal executive offices)(Zip Code)
(212)
583-5000
(Registrant’s telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
  
Trading Symbol(s)
  
Name of each exchange on which registered
Common Stock    BX    New York Stock Exchange
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                    Yes
No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                                                                      Yes
No
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
 
Large accelerated filer
     Accelerated filer
Non-accelerated filer
     Smaller reporting company
       Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the Registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act). Yes
No
As of April 28, 2023, there were 706,084,809 shares of common stock of the registrant outstanding.
 
 

Table of Contents
Table of Contents
 
          Page  
Part I.
     
Item 1.
   Financial Statements      6  
   Unaudited Condensed Consolidated Financial Statements:   
        6  
        8  
        9  
        10  
        12  
        14  
Item 1A.
   Unaudited Supplemental Presentation of Statements of Financial Condition      59  
Item 2.
   Management’s Discussion and Analysis of Financial Condition and Results of Operations      61  
Item 3.
   Quantitative and Qualitative Disclosures About Market Risk      124  
Item 4.
   Controls and Procedures      124  
Part II.
     
Item 1.
   Legal Proceedings      125  
Item 1A.
   Risk Factors      125  
Item 2.
   Unregistered Sales of Equity Securities and Use of Proceeds      126  
Item 3.
   Defaults Upon Senior Securities      126  
Item 4.
   Mine Safety Disclosures      126  
Item 5.
   Other Information      126  
Item 6.
   Exhibits      127  
     128  
 
1

Table of Contents
Forward-Looking Statements
This report may contain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, which reflect our current views with respect to, among other things, our operations, taxes, earnings and financial performance, share repurchases and dividends. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,” “forecast” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in our Annual Report on
Form 10-K
for the year ended December 31, 2022, as such factors may be updated from time to time in our periodic filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other periodic filings. The forward-looking statements speak only as of the date of this report, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
Website and Social Media Disclosure
We use our website (www.blackstone.com), Facebook page (www.facebook.com/blackstone), Twitter (www.twitter.com/blackstone), LinkedIn (www.linkedin.com/company/blackstonegroup), Instagram (www.instagram.com/blackstone), SoundCloud (www.soundcloud.com/blackstone-300250613), PodBean (www.blackstone.podbean.com), Spotify (https://spoti.fi/2LJ1tHG), YouTube (www.youtube.com/user/blackstonegroup) and Apple Podcast (https://apple.co/31Pe1Gg) accounts as channels of distribution of company information. The information we post through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, you may automatically receive email alerts and other information about Blackstone when you enroll your email address by visiting the “Contact Us/Email Alerts” section of our website at http://ir.blackstone.com. The contents of our website, any alerts and social media channels are not, however, a part of this report.
 
 
In this report, references to “Blackstone,” the “Company,” “we,” “us” or “our” refer to Blackstone Inc. and its consolidated subsidiaries.
“Series I Preferred Stockholder” refers to Blackstone Partners L.L.C., the holder of the sole outstanding share of our Series I preferred stock.
“Series II Preferred Stockholder” refers to Blackstone Group Management L.L.C., the holder of the sole outstanding share of our Series II preferred stock.
“Blackstone Funds,” “our funds” and “our investment funds” refer to the funds and other vehicles that are managed by Blackstone. “Our carry funds” refers to funds managed by Blackstone that have commitment-based multi-year drawdown structures that pay carry on the realization of an investment.
We refer to our real estate opportunistic funds as Blackstone Real Estate Partners (“BREP”) funds and our real estate debt investment funds as Blackstone Real Estate Debt Strategies (“BREDS”) funds. We refer to our real estate investment trusts as “REITs,” to Blackstone Mortgage Trust, Inc., our NYSE-listed REIT, as “BXMT” and to Blackstone Real Estate Income Trust, Inc., our
non-listed
REIT, as “BREIT.” We refer to our real estate funds that target substantially stabilized assets in prime markets, as Blackstone Property Partners (“BPP”) funds and our income-generating European real estate funds as Blackstone European Property Income (“BEPIF”) funds. We refer to BREIT, BPP and BEPIF collectively as our Core+ real estate strategies.
 
2

Table of Contents
We refer to our flagship corporate private equity funds as Blackstone Capital Partners (“BCP”) funds, our energy-focused private equity funds as Blackstone Energy Transition Partners (“BETP”) funds, our core private equity funds as Blackstone Core Equity Partners (“BCEP”), our opportunistic investment platform that invests globally across asset classes, industries and geographies as Blackstone Tactical Opportunities (“Tactical Opportunities”), our secondary fund of funds business as Strategic Partners Fund Solutions (“Strategic Partners”), our infrastructure-focused funds as Blackstone Infrastructure Partners (“BIP”), our life sciences investment platform as Blackstone Life Sciences (“BXLS”), our growth equity investment platform as Blackstone Growth (“BXG”), our multi-asset investment program for eligible high net worth investors offering exposure to certain of our key illiquid investment strategies through a single commitment as Blackstone Total Alternatives Solution (“BTAS”) and our capital markets services business as Blackstone Capital Markets (“BXCM”).
“Our hedge funds” refers to our funds of hedge funds, hedge funds, certain of our real estate debt investment funds, including a registered investment company, and certain other credit-focused funds which are managed by Blackstone.
We refer to our business development companies as “BDCs,” to Blackstone Private Credit Fund as “BCRED” and to Blackstone Secured Lending Fund as “BXSL.”
“BIS” refers to Blackstone Insurance Solutions, which partners with insurers to deliver capital-efficient investments tailored to each insurer’s needs and risk profile.
We refer to our separately managed accounts as “SMAs.”
“Total Assets Under Management” refers to the assets we manage. Our Total Assets Under Management equals the sum of:
 
  (a)
the fair value of the investments held by our carry funds and our
side-by-side
and
co-investment
entities managed by us plus the capital that we are entitled to call from investors in those funds and entities pursuant to the terms of their respective capital commitments, including capital commitments to funds that have yet to commence their investment periods,
 
  (b)
the net asset value of (1) our hedge funds, real estate debt carry funds, BPP, certain
co-investments
managed by us, certain credit-focused funds, and our Hedge Fund Solutions drawdown funds (plus, in each case, the capital that we are entitled to call from investors in those funds, including commitments yet to commence their investment periods), and (2) our funds of hedge funds, our Hedge Fund Solutions registered investment companies, BREIT, and BEPIF,
 
  (c)
the invested capital, fair value or net asset value of assets we manage pursuant to separately managed accounts,
 
  (d)
the amount of debt and equity outstanding for our collateralized loan obligations (“CLO”) during the reinvestment period,
 
  (e)
the aggregate par amount of collateral assets, including principal cash, for our CLOs after the reinvestment period,
 
  (f)
the gross or net amount of assets (including leverage where applicable) for our credit-focused registered investment companies and BDCs,
 
  (g)
the fair value of common stock, preferred stock, convertible debt, term loans or similar instruments issued by BXMT, and
 
  (h)
borrowings under and any amounts available to be borrowed under certain credit facilities of our funds.
 
3

Table of Contents
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 Hedge Fund Solutions 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 Hedge Fund Solutions segments, excluding our BIS separately managed accounts, may generally be terminated by an investor on 30 to 90 days’ notice. Our BIS separately managed accounts can generally only be terminated for long-term underperformance, cause and certain other limited circumstances, in each case subject to Blackstone’s right to cure.
“Fee-Earning
Assets Under Management” refers to the assets we manage on which we derive management fees and/or performance revenues. Our
Fee-Earning
Assets Under Management equals the sum of:
 
  (a)
for our Private Equity segment funds, Real Estate segment carry funds including certain BREDS funds, and certain Hedge Fund Solutions funds, the amount of capital commitments, remaining invested capital, fair value, net asset value or par value of assets held, depending on the fee terms of the fund,
 
  (b)
for our credit-focused carry funds, the amount of remaining invested capital (which may include leverage) or net asset value, depending on the fee terms of the fund,
 
  (c)
the remaining invested capital or fair value of assets held in
co-investment
vehicles managed by us on which we receive fees,
 
  (d)
the net asset value of our funds of hedge funds, hedge funds, BPP, certain
co-investments
managed by us, certain registered investment companies, BREIT, BEPIF, and certain of our Hedge Fund Solutions drawdown funds,
 
  (e)
the invested capital, fair value of assets or the net asset value we manage pursuant to separately managed accounts,
 
  (f)
the net proceeds received from equity offerings and accumulated distributable earnings of BXMT, subject to certain adjustments,
 
  (g)
the aggregate par amount of collateral assets, including principal cash, of our CLOs, and
 
  (h)
the gross amount of assets (including leverage) or the net assets (plus leverage where applicable) for certain of our credit-focused registered investment companies and BDCs.
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.
 
4

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

Table of Contents
Part I. Financial Information
 
Item 1.
Financial Statements
Blackstone Inc.
Condensed Consolidated Statements of Financial Condition (Unaudited)
(Dollars in Thousands, Except Share Data)
 
 
                                                               
    
March 31,
 
December 31,
    
2023
 
2022
Assets
                
Cash and Cash Equivalents
  
 $
2,830,971
 
 
 $
4,252,003
 
Cash Held by Blackstone Funds and Other
  
 
190,322
 
 
 
241,712
 
Investments
  
 
26,985,951
 
 
 
27,553,251
 
Accounts Receivable
  
 
924,934
 
 
 
462,904
 
Due from Affiliates
  
 
4,099,765
 
 
 
4,146,707
 
Intangible Assets, Net
  
 
230,295
 
 
 
217,287
 
Goodwill
  
 
1,890,202
 
 
 
1,890,202
 
Other Assets
  
 
833,232
 
 
 
800,458
 
Right-of-Use
Assets
  
 
894,067
 
 
 
896,981
 
Deferred Tax Assets
  
 
2,206,700
 
 
 
2,062,722
 
    
 
 
 
 
 
 
 
Total Assets
  
 $
41,086,439
 
 
 $
42,524,227
 
    
 
 
 
 
 
 
 
     
Liabilities and Equity
                
Loans Payable
  
 $
12,311,469
 
 
 $
12,349,584
 
Due to Affiliates
  
 
1,974,182
 
 
 
2,118,481
 
Accrued Compensation and Benefits
  
 
5,470,773
 
 
 
6,101,801
 
Securities Sold, Not Yet Purchased
  
 
3,881
 
 
 
3,825
 
Repurchase Agreements
  
 
19,563
 
 
 
89,944
 
Operating Lease Liabilities
  
 
1,016,808
 
 
 
1,021,454
 
Accounts Payable, Accrued Expenses and Other Liabilities
  
 
1,575,938
 
 
 
1,158,071
 
    
 
 
 
 
 
 
 
Total Liabilities
  
 
22,372,614
 
 
 
22,843,160
 
    
 
 
 
 
 
 
 
     
Commitments and Contingencies
                
     
Redeemable
Non-Controlling
Interests in Consolidated Entities
  
 
1,644,697
 
 
 
1,715,006
 
    
 
 
 
 
 
 
 
     
Equity
                
Stockholders’ Equity of Blackstone Inc.
                
Common Stock, $0.00001 par value, 90 billion shares authorized, (712,794,968 shares issued and outstanding as of March 31, 2023; 710,276,923 shares issued and outstanding as of December 31, 2022)
  
 
7
 
 
 
7
 
Series I Preferred Stock, $0.00001 par value, 999,999,000 shares authorized, (1 share issued and outstanding as of March 31, 2023 and December 31, 2022)
  
 
 
 
 
 
Series II Preferred Stock, $0.00001 par value, 1,000 shares authorized, (1 share issued and outstanding as of March 31, 2023 and December 31, 2022)
  
 
 
 
 
 
Additional
Paid-in-Capital
  
 
5,957,054
 
 
 
5,935,273
 
Retained Earnings
  
 
1,156,109
 
 
 
1,748,106
 
Accumulated Other Comprehensive Loss
  
 
(22,333
 
 
(27,475
    
 
 
 
 
 
 
 
Total Stockholders’ Equity of Blackstone Inc.
  
 
7,090,837
 
 
 
7,655,911
 
Non-Controlling
Interests in Consolidated Entities
  
 
5,058,090
 
 
 
5,056,480
 
Non-Controlling
Interests in Blackstone Holdings
  
 
4,920,201
 
 
 
5,253,670
 
    
 
 
 
 
 
 
 
Total Equity
  
 
17,069,128
 
 
 
17,966,061
 
    
 
 
 
 
 
 
 
Total Liabilities and Equity
  
 $
41,086,439
 
 
 $
42,524,227
 
    
 
 
 
 
 
 
 
 
continued...
See notes to condensed consolidated financial statements.
 
6

Table of Contents
Blackstone Inc.
Condensed Consolidated Statements of Financial Condition (Unaudited)
(Dollars in Thousands)
 
 
 
The following presents the asset and liability portion of the consolidated balances presented in the Condensed Consolidated Statements of Financial Condition attributable to consolidated Blackstone Funds which are variable interest entities. The following assets may only be used to settle obligations of these consolidated Blackstone Funds and these liabilities are only the obligations of these consolidated Blackstone Funds and they do not have recourse to the general credit of Blackstone.
 
                                                               
    
March 31,
  
December 31,
    
2023
  
2022
Assets
                 
Cash Held by Blackstone Funds and Other
  
 $
190,322
 
  
 $
241,712
 
Investments
  
 
5,443,867
 
  
 
5,136,542
 
Accounts Receivable
  
 
39,006
 
  
 
55,223
 
Due from Affiliates
  
 
23,041
 
  
 
7,152
 
Other Assets
  
 
2,523
 
  
 
2,159
 
    
 
 
 
  
 
 
 
Total Assets
  
 $
          5,698,759
 
  
 $
          5,442,788
 
    
 
 
 
  
 
 
 
     
Liabilities
                 
Loans Payable
  
 $
1,742,452
 
  
 $
1,450,000
 
Due to Affiliates
  
 
87,523
 
  
 
82,345
 
Accounts Payable, Accrued Expenses and Other Liabilities
  
 
124,658
 
  
 
25,858
 
    
 
 
 
  
 
 
 
Total Liabilities
  
 $
1,954,633
 
  
 $
1,558,203
 
    
 
 
 
  
 
 
 
See notes to condensed consolidated financial statements.
 
7

Table of Contents
Blackstone Inc.
Condensed Consolidated Statements of Operations (Unaudited)
(Dollars in Thousands, Except Share and Per Share Data)
 
 
                        
                        
 
  
Three Months Ended
 
  
March 31,
 
  
2023
 
2022
Revenues
                
Management and Advisory Fees, Net
  
 $
1,658,315
 
 
 $
1,475,936
 
    
 
 
 
 
 
 
 
Incentive Fees
  
 
142,876
 
 
 
104,489
 
    
 
 
 
 
 
 
 
Investment Income (Loss)
                
Performance Allocations
                
Realized
  
 
646,894
 
 
 
1,766,386
 
Unrealized
  
 
(759,212
 
 
1,293,050
 
Principal Investments
                
Realized
  
 
108,058
 
 
 
285,104
 
Unrealized
  
 
(491,417
 
 
73,961
 
    
 
 
 
 
 
 
 
Total Investment Income (Loss)
  
 
(495,677
 
 
3,418,501
 
    
 
 
 
 
 
 
 
Interest and Dividend Revenue
  
 
90,485
 
 
 
54,485
 
Other
  
 
(14,154
 
 
72,869
 
    
 
 
 
 
 
 
 
Total Revenues
  
 
1,381,845
 
 
 
5,126,280
 
    
 
 
 
 
 
 
 
Expenses
                
Compensation and Benefits
                
Compensation
  
 
716,285
 
 
 
656,505
 
Incentive Fee Compensation
  
 
63,281
 
 
 
41,019
 
Performance Allocations Compensation
                
Realized
  
 
296,794
 
 
 
717,601
 
Unrealized
  
 
(313,249
 
 
472,284
 
    
 
 
 
 
 
 
 
Total Compensation and Benefits
  
 
763,111
 
 
 
1,887,409
 
General, Administrative and Other
  
 
273,394
 
 
 
240,674
 
Interest Expense
  
 
104,441
 
 
 
66,747
 
Fund Expenses
  
 
48,399
 
 
 
2,192
 
    
 
 
 
 
 
 
 
Total Expenses
  
 
1,189,345
 
 
 
2,197,022
 
    
 
 
 
 
 
 
 
Other Income
                
Change in Tax Receivable Agreement Liability
  
 
(5,208
 
 
761
 
Net Gains from Fund Investment Activities
  
 
71,064
 
 
 
50,876
 
    
 
 
 
 
 
 
 
Total Other Income
  
 
65,856
 
 
 
51,637
 
    
 
 
 
 
 
 
 
Income Before Provision for Taxes
  
 
258,356
 
 
 
2,980,895
 
Provision for Taxes
  
 
47,675
 
 
 
483,281
 
    
 
 
 
 
 
 
 
Net Income
  
 
210,681
 
 
 
2,497,614
 
Net Income (Loss) Attributable to Redeemable
Non-Controlling
Interests in Consolidated Entities
  
 
(6,700
 
 
5,052
 
Net Income Attributable to
Non-Controlling
Interests in Consolidated Entities
  
 
74,869
 
 
 
216,375
 
Net Income Attributable to
Non-Controlling
Interests in Blackstone Holdings
  
 
56,700
 
 
 
1,059,313
 
    
 
 
 
 
 
 
 
Net Income Attributable to Blackstone Inc.
  
 $
85,812
 
 
 $
1,216,874
 
    
 
 
 
 
 
 
 
     
Net Income Per Share of Common Stock
                
Basic
  
 $
0.12
 
 
 $
1.66
 
    
 
 
 
 
 
 
 
Diluted
  
 $
0.11
 
 
 $
1.66
 
    
 
 
 
 
 
 
 
     
Weighted-Average Shares of Common Stock Outstanding
                
Basic
  
 
746,064,922
 
 
 
734,327,015
 
    
 
 
 
 
 
 
 
Diluted
  
 
      746,643,929
 
 
 
      734,966,915
 
    
 
 
 
 
 
 
 
See notes to condensed consolidated financial statements.
 
8

Table of Contents
Blackstone Inc.
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
(Dollars in Thousands)
 
 
                        
                        
 
  
Three Months Ended
 
  
March 31,
 
  
2023
  
2022
Net Income
  
 $
210,681
 
  
 $
2,497,614
 
Other Comprehensive Income (Loss) – Currency Translation Adjustment
  
 
29,400
 
  
 
(9,399
    
 
 
 
  
 
 
 
Comprehensive Income
  
 
240,081
 
  
 
2,488,215
 
    
 
 
 
  
 
 
 
Less:
                 
Comprehensive Income Attributable to Redeemable
Non-Controlling
Interests in Consolidated Entities
  
 
14,010
 
  
 
5,052
 
Comprehensive Income Attributable to
Non-Controlling
Interests in Consolidated Entities
  
 
74,869
 
  
 
216,375
 
Comprehensive Income Attributable to
Non-Controlling
Interests in Blackstone Holdings
  
 
60,248
 
  
 
1,056,042
 
    
 
 
 
  
 
 
 
Comprehensive Income Attributable to
Non-Controlling
Interests
  
 
149,127
 
  
 
1,277,469
 
    
 
 
 
  
 
 
 
Comprehensive Income Attributable to Blackstone Inc.
  
 $
      90,954
 
  
 $
      1,210,746
 
    
 
 
 
  
 
 
 
See notes to condensed consolidated financial statements.
 
9

Table of Contents
Blackstone Inc.
Condensed Consolidated Statements of Changes in Equity (Unaudited)
(Dollars in Thousands, Except Share Data)
 
 
                                                                                                                                                                                               
   
Shares of
Blackstone
Inc. (a)
 
Blackstone Inc. (a)
               
                   
Accumulated
                 
Redeemable
                   
Other
     
Non-
 
Non-
     
Non-
                   
Compre-
     
Controlling
 
Controlling
     
Controlling
           
Additional
 
Retained
 
hensive
 
Total
 
Interests in
 
Interests in
     
Interests in
   
Common
 
Common
 
Paid-in-
 
Earnings
 
Income
 
Stockholders’
 
Consolidated
 
Blackstone
 
Total
 
Consolidated
   
Stock
 
Stock
 
Capital
 
(Deficit)
 
(Loss)
 
Equity
 
Entities
 
Holdings
 
Equity
 
Entities
Balance at December 31, 2022
 
 
710,276,923
 
 
 $
7
 
 
 $
5,935,273
 
 
 $
1,748,106
 
 
 $
(27,475
 
 $
7,655,911
 
 
 $
5,056,480
 
 
 $
5,253,670
 
 
 $
17,966,061
 
 
 $
1,715,006
 
Transfer Out Due to Deconsolidation of Fund Entities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(53,713
Net Income (Loss)
 
 
 
 
 
 
 
 
 
 
 
85,812
 
 
 
 
 
 
85,812
 
 
 
74,869
 
 
 
56,700
 
 
 
217,381
 
 
 
(6,700
Currency Translation Adjustment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5,142
 
 
 
5,142
 
 
 
 
 
 
3,548
 
 
 
8,690
 
 
 
20,710
 
Capital Contributions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
123,952
 
 
 
2,447
 
 
 
126,399
 
 
 
51,092
 
Capital Distributions
 
 
 
 
 
 
 
 
 
 
 
(677,809
 
 
 
 
 
(677,809
 
 
(194,866
 
 
(461,978
 
 
(1,334,653
 
 
(81,698
Transfer of
Non-Controlling
Interests in Consolidated Entities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2,345
 
 
 
 
 
(2,345
 
 
 
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from
Non-Controlling
Interest Holders
 
 
 
 
 
 
 
 
2,001
 
 
 
 
 
 
 
 
 
2,001
 
 
 
 
 
 
 
 
 
2,001
 
 
 
 
Equity-Based Compensation
 
 
 
 
 
 
 
 
117,227
 
 
 
 
 
 
 
 
 
117,227
 
 
 
 
 
 
76,468
 
 
 
193,695
 
 
 
 
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock
 
 
2,143,256
 
 
 
 
 
 
(18,004
 
 
 
 
 
 
 
 
(18,004
 
 
 
 
 
 
 
 
(18,004
 
 
 
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units
 
 
(1,000,000
 
 
 
 
 
(90,097
 
 
 
 
 
 
 
 
(90,097
 
 
 
 
 
 
 
 
(90,097
 
 
 
Change in Blackstone Inc.’s Ownership Interest
 
 
 
 
 
 
 
 
(4,927
 
 
 
 
 
 
 
 
(4,927
 
 
 
 
 
4,927
 
 
 
 
 
 
 
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock
 
 
1,374,789
 
 
 
 
 
 
15,581
 
 
 
 
 
 
 
 
 
15,581
 
 
 
 
 
 
(15,581
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2023
 
 
712,794,968
 
 
 $
7
 
 
 $
5,957,054
 
 
 $
1,156,109
 
 
 $
(22,333
 
 $
7,090,837
 
 
 $
5,058,090
 
 
 $
4,920,201
 
 
 $
17,069,128
 
 
 $
1,644,697
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
During the period presented, Blackstone also had one share outstanding of each of Series I and Series II preferred stock, with par value of each less than one cent.
 
continued...
See notes to condensed consolidated financial statements.
 
10

Table of Contents
Blackstone Inc.
Condensed Consolidated Statements of Changes in Equity (Unaudited)
(Dollars in Thousands, Except Share Data)
 
 
                                                                                                                                                                                               
   
Shares of
Blackstone
Inc. (a)
 
Blackstone Inc. (a)
               
                   
Accumulated
                 
Redeemable
                   
Other
     
Non-
 
Non-
     
Non-
                   
Compre-
     
Controlling
 
Controlling
     
Controlling
           
Additional
 
Retained
 
hensive
 
Total
 
Interests in
 
Interests in
     
Interests in
   
Common
 
Common
 
Paid-in-
 
Earnings
 
Income
 
Stockholders’
 
Consolidated
 
Blackstone
 
Total
 
Consolidated
   
Stock
 
Stock
 
Capital
 
(Deficit)
 
(Loss)
 
Equity
 
Entities
 
Holdings
 
Equity
 
Entities
Balance at December 31, 2021
 
 
704,339,774
 
 
 $
7
 
 
 $
5,794,727
 
 
 $
3,647,785
 
 
 $
(19,626
 
 $
9,422,893
 
 
 $
5,600,653
 
 
 $
6,614,472
 
 
 $
21,638,018
 
 
 $
68,028
 
Net Income
 
 
 
 
 
 
 
 
 
 
 
1,216,874
 
 
 
 
 
 
1,216,874
 
 
 
216,375
 
 
 
1,059,313
 
 
 
2,492,562
 
 
 
5,052
 
Currency Translation Adjustment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(6,128
 
 
(6,128
 
 
 
 
 
(3,271
 
 
(9,399
 
 
 
Capital Contributions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
192,338
 
 
 
2,486
 
 
 
194,824
 
 
 
 
Capital Distributions
 
 
 
 
 
 
 
 
 
 
 
(1,058,741
 
 
 
 
 
(1,058,741
 
 
(252,846
 
 
(901,789
 
 
(2,213,376
 
 
(31,650
Transfer of
Non-Controlling
Interests in Consolidated Entities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(8,822
 
 
 
 
 
(8,822
 
 
 
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from
Non-Controlling
Interest Holders
 
 
 
 
 
 
 
 
3,272
 
 
 
 
 
 
 
 
 
3,272
 
 
 
 
 
 
 
 
 
3,272
 
 
 
 
Equity-Based Compensation
 
 
 
 
 
 
 
 
80,901
 
 
 
 
 
 
 
 
 
80,901
 
 
 
 
 
 
53,678
 
 
 
134,579
 
 
 
 
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock
 
 
1,892,172
 
 
 
 
 
 
(32,061
 
 
 
 
 
 
 
 
(32,061
 
 
 
 
 
 
 
 
(32,061
 
 
 
Change in Blackstone Inc.’s Ownership Interest
 
 
 
 
 
 
 
 
19,519
 
 
 
 
 
 
 
 
 
19,519
 
 
 
 
 
 
(19,519
 
 
 
 
 
 
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock
 
 
948,884
 
 
 
 
 
 
13,438
 
 
 
 
 
 
 
 
 
13,438
 
 
 
 
 
 
(13,438
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2022
 
 
707,180,830
 
 
 $
7
 
 
 $
5,879,796
 
 
 $
3,805,918
 
 
 $
(25,754
 
 $
9,659,967
 
 
 $
5,747,698
 
 
 $
6,791,932
 
 
 $
22,199,597
 
 
 $
41,430
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
During the period presented, Blackstone also had one share outstanding of each of Series I and Series II preferred stock, with par value of each less than one cent.
 
See notes to condensed consolidated financial statements.
 
11

Table of Contents
Blackstone Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(Dollars in Thousands)
 
 
                                                               
    
Three Months Ended March 31,
    
      2023      
 
      2022      
Operating Activities
                
Net Income
  
 $
210,681
 
 
 $
2,497,614
 
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities
                
Blackstone Funds Related
                
Net Realized Gains on Investments
  
 
(924,643
 
 
(2,154,499
Changes in Unrealized (Gains) Losses on Investments
  
 
508,398
 
 
 
(101,802
Non-Cash
Performance Allocations
  
 
759,212
 
 
 
(1,293,050
Non-Cash
Performance Allocations and Incentive Fee Compensation
  
 
46,827
 
 
 
1,230,904
 
Equity-Based Compensation Expense
  
 
277,431
 
 
 
219,083
 
Amortization of Intangibles
  
 
12,996
 
 
 
18,698
 
Other
Non-Cash
Amounts Included in Net Income
  
 
(348,203
 
 
(215,753
Cash Flows Due to Changes in Operating Assets and Liabilities
                
Cash Relinquished with Deconsolidation of Fund Entities
  
 
(113,588
 
 
 
Accounts Receivable
  
 
(470,691
 
 
169,644
 
Due from Affiliates
  
 
151,635
 
 
 
722,779
 
Other Assets
  
 
12,284
 
 
 
118,945
 
Accrued Compensation and Benefits
  
 
(483,939
 
 
(1,079,703
Securities Sold, Not Yet Purchased
  
 
(3
 
 
16
 
Accounts Payable, Accrued Expenses and Other Liabilities
  
 
233,965
 
 
 
52,257
 
Repurchase Agreements
  
 
(70,381
 
 
19,310
 
Due to Affiliates
  
 
(65,276
 
 
22,831
 
Investments Purchased
  
 
(1,130,045
 
 
(773,867
Cash Proceeds from Sale of Investments
  
 
1,746,068
 
 
 
3,295,094
 
    
 
 
 
 
 
 
 
Net Cash Provided by Operating Activities
  
 
352,728
 
 
 
2,748,501
 
    
 
 
 
 
 
 
 
Investing Activities
                
Purchase of Furniture, Equipment and Leasehold Improvements
  
 
(69,557
 
 
(56,152
Net Cash Paid for Acquisitions, Net of Cash Acquired
  
 
(5,413
 
 
 
    
 
 
 
 
 
 
 
Net Cash Used in Investing Activities
  
 
(74,970
 
 
(56,152
    
 
 
 
 
 
 
 
Financing Activities
                
Distributions to
Non-Controlling
Interest Holders in Consolidated Entities
  
 
(215,124
 
 
(284,496
Contributions from
Non-Controlling
Interest Holders in Consolidated Entities
  
 
173,657
 
 
 
181,824
 
Payments Under Tax Receivable Agreement
  
 
(64,634
 
 
(46,880
Net Settlement of Vested Common Stock and Repurchase of Common Stock and Blackstone Holdings Partnership Units
  
 
(108,101
 
 
(32,061
Proceeds from Loans Payable
  
 
78
 
 
 
1,481,644
 
 
continued...
See notes to condensed consolidated financial statements.
 
12

Table of Contents
Blackstone Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(Dollars in Thousands)
 
 
 
                                                               
    
Three Months Ended March 31,
    
      2023      
 
      2022      
Financing Activities (Continued)
                
Repayment and Repurchase of Loans Payable
  
 $
(400,000
 
 $
(250,101
Dividends/Distributions to Stockholders and Unitholders
  
 
(1,137,340
 
 
(1,958,044
    
 
 
 
 
 
 
 
Net Cash Used in Financing Activities
  
 
(1,751,464
 
 
(908,114
    
 
 
 
 
 
 
 
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other
  
 
1,284
 
 
 
(4,752
    
 
 
 
 
 
 
 
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other
                
Net Increase (Decrease)
  
 
(1,472,422
 
 
1,779,483
 
Beginning of Period
  
 
4,493,715
 
 
 
2,199,732
 
    
 
 
 
 
 
 
 
End of Period
  
 $
3,021,293
 
 
 $
3,979,215
 
    
 
 
 
 
 
 
 
     
Supplemental Disclosure of Cash Flows Information
                
Payments for Interest
  
 $
99,096
 
 
 $
75,184
 
    
 
 
 
 
 
 
 
Payments for Income Taxes
  
 $
53,504
 
 
 $
41,394
 
    
 
 
 
 
 
 
 
Supplemental Disclosure of
Non-Cash
Investing and Financing Activities
                
Non-Cash
Contributions from
Non-Controlling
Interest Holders
  
 $
2,447
 
 
 
$
4,227
 
    
 
 
 
 
 
 
 
Non-Cash Distributions to Non-Controlling Interest Holder
s

 
 
$
(61,440
 
 
$
 
 
 
 
 
 
 
 
 
 
Notes Issuance Costs
  
 $
 
 
 $
14,226