EX-99.1 2 d701698dex991.htm EX-99.1 EX-99.1

 

Exhibit 99.1

 

 

LOGO

 

Blackstone Reports Fourth Quarter and

Full Year 2023 Results

New York, January 25, 2024: Blackstone (NYSE:BX) today reported its fourth quarter and full year 2023 results.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone reported strong fourth-quarter

results, as we exited a volatile year for global markets. The quarter reflected strong momentum across the

business, including a meaningful acceleration in fund-raising and investment activity. We are exceptionally well

positioned for the road ahead with nearly $200 billion of dry powder capital to invest.”

Blackstone issued a full detailed presentation of its fourth quarter and full year 2023 results, which can be viewed

at www.blackstone.com.

Dividend

Blackstone has declared a quarterly dividend of $0.94 per share to record holders of common stock at the close of

business on February 5, 2024. This dividend will be paid on February 12, 2024.

Quarterly Investor Call Details

Blackstone will host its fourth quarter and full year 2023 investor conference via public webcast on January 25,

2024 at 9:00 a.m. ET. To register, please use the following link:

https://event.webcasts.com/starthere.jsp?ei=1649868&tp_key=e37365a1ec. For those unable to listen to the live

 

 

Blackstone

345 Park Avenue, New York, NY 10154

T 212 583 5000

www.blackstone.com

 
 


 

broadcast, there will be a webcast replay on the Shareholders section of Blackstone’s website at

https://ir.blackstone.com/.

About Blackstone

Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-

term value for our investors. We do this by relying on extraordinary people and flexible capital to help strengthen

the companies we invest in. Our over $1 trillion in assets under management include investment vehicles focused

on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic,

non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available

at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Forward-Looking Statements

This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act

of 1933, as amended, and Section 21E of the 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.

 
 

 

2

 


 

This presentation does not constitute an offer of any Blackstone Fund.

Investor and Media Relations Contacts

 

  Weston Tucker

  Blackstone

  Tel: +1 (212) 583-5231

  tucker@blackstone.com

  

    Christine Anderson

    Blackstone

    Tel: +1 (212) 583-5182

    christine.anderson@blackstone.com

  
 
 

 

3

 


 

LOGO

 

Blackstone’s Fourth

Quarter and Full Year

2023 Earnings

JANUARY 25, 2024

 

 

 


 

BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2023 GAAP RESULTS

 

 

§

  GAAP Net Income was $109 million for the quarter and $2.4 billion for the year. GAAP Net Income Attributable to Blackstone Inc. was $152 million for the quarter and $1.4 billion for the year.

 

 

 

   
 ($ in thousands, except per share data) (unaudited) 4Q’22 4Q’23     FY’22 FY’23
   

Revenues

   

Management and Advisory Fees, Net

 $ 1,648,438  $                     1,648,132  $                     6,303,315   $                     6,671,260
   

Incentive Fees

  210,264   240,417   525,127   695,171
   

Performance Allocations

  (53,204 )   (362,474 )   1,946,584   532,173
   

Principal Investments

  39,211   (298,549 )   (713,522 )   (299,331 )
   

Interest and Dividend Revenue

  102,632   168,374   271,612   516,497
   

Other

  (243,282 )   (110,880 )   184,557   (92,929 )
   

Total Revenues

 $ 1,704,059  $ 1,285,020  $ 8,517,673  $ 8,022,841
   

Expenses

   

Compensation and Benefits

  659,329   543,078   3,532,454   3,312,970
   

General, Administrative and Other

                       292,340   289,691   1,092,671   1,117,305
   

Interest Expense

  100,329   108,732   317,225   431,868
   

Fund Expenses

  18,531   69   30,675   118,987
   

Total Expenses

 $ 1,070,529  $ 941,570  $ 4,973,025  $ 4,981,130
   

Other Income (Loss)

 $ (31,335 )  $ (188,370 )  $ (82,859 )  $ (83,997 )
   

Income Before Provision for Taxes

 $ 602,195  $ 155,080  $ 3,461,789  $ 2,957,714
   

Provision (Benefit) for Taxes

  (141,146 )   45,957   472,880   513,461
   

Net Income

 $ 743,341  $ 109,123  $ 2,988,909  $ 2,444,253
   

Redeemable NCI in Consolidated Entities

  (199,590 )   (163,929 )   (142,890 )   (245,518 )
   

Non-Redeemable NCI in Consolidated Entities

  385,077   121,252   1,384,168   1,298,891
   

Net Income Attributable to Blackstone Inc. (‘‘BX’’)

 $ 557,854  $ 151,800  $ 1,747,631  $ 1,390,880
   

Net Income Per Share of Common Stock, Basic

 $ 0.75  $ 0.20  $ 2.36  $ 1.84
   

Net Income Per Share of Common Stock, Diluted

 $ 0.75  $ 0.20  $ 2.36  $ 1.84
 
   

Throughout this presentation, all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See pages 36-38, Definitions and

Dividend Policy, for definitions of terms used throughout this presentation. NCI means non-controlling interests.

 

 

Blackstone |   1

 


 

BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2023 HIGHLIGHTS

 

 

Financial Measures   

 

 

§   Fee Related Earnings (“FRE”) of $1.0 billion ($0.86/share) in the quarter

 

–  FRE was $4.3 billion for the year ($3.58/share)

 

§   Distributable Earnings (“DE”) of $1.4 billion ($1.11/share) in the quarter

 

–  DE was $5.1 billion for the year ($3.95/share)

 

§   Net Accrued Performance Revenues of $5.8 billion ($4.80/share)

 

  
Capital Metrics   

 

 

§   Total Assets Under Management (“AUM”) of $1,040.2 billion

 

–  Fee-Earning AUM of $762.6 billion

 

–  Perpetual Capital AUM of $396.3 billion

 

§   Inflows of $52.7 billion in the quarter and $148.5 billion for the year

 

§   Deployment of $31.1 billion in the quarter and $73.8 billion for the year

 

§   Realizations of $15.8 billion in the quarter and $65.7 billion for the year

 

  

Capital Returned

to Shareholders

  

 

 

§   Dividend of $0.94 per common share payable on February 12, 2024

 

–  Dividends of $3.35 per common share for the year

 

§   Repurchased 0.4 million common shares in the quarter and 3.7 million common shares for the year

 

§   $1.2 billion to be distributed to shareholders with respect to the fourth quarter and $4.7 billion for the year through dividends and share repurchases

 

 

 
   
          

 

Blackstone |   2

 


 

BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2023 SEGMENT EARNINGS

 

 

   
     

    % Change      

   

  % Change  

   
 ($ in thousands, except per share data) 4Q’22 4Q’23     vs. 4Q’22       FY’22 FY’23   vs. FY’22  
   

Management and Advisory Fees, Net

$

1,641,091

  $

1,653,831

 

1%

     

$

6,282,946

  $

6,663,244

6%

   

Fee Related Performance Revenues

 

172,708

 

168,994

 

(2)%

 

 

1,449,497

 

858,527

(41)%

   

Fee Related Compensation

 

(480,623

)

 

(470,408

)

 

(2)%

 

 

(2,330,775

)

 

(2,088,110

)

(10)%

   

Other Operating Expenses

 

(267,281

)

 

(310,874

)

 

16%

 

 

(989,023

)

 

(1,084,333

)

10%

   

Fee Related Earnings

$

1,065,895

  $

1,041,543

 

(2)%

 

$

4,412,645

  $

4,349,328

(1)%

    

   

Realized Performance Revenues

 

472,745

 

693,213

 

47%

 

 

4,461,338

 

2,061,102

(54)%

   

Realized Performance Compensation

 

(161,779

)

 

(287,628

)

 

78%

 

 

(1,814,097

)

 

(896,017

)

(51)%

   

Realized Principal Investment Income

 

55,887

 

19,202

 

(66)%

 

 

396,256

 

110,932

(72)%

   

Net Realizations

 

366,853

 

424,787

 

16%

 

 

3,043,497

 

1,276,017

(58)%

   

Total Segment Distributable Earnings

$

1,432,748

  $

1,466,330

 

2%

 

$

7,456,142

  $

5,625,345

(25)%

    

   

Distributable Earnings

$

1,334,206

  $

1,388,180

 

4%

 

$

6,632,780

  $

5,060,955

(24)%

    

   

Additional Metrics:

   

Net Income Per Share of Common Stock, Basic

$

0.75

  $

0.20

 

(73)%

 

$

2.36

  $

1.84

(22)%

   

FRE per Share

$

0.88

  $

0.86

 

(2)%

 

$

3.65

  $

3.58

(2)%

   

DE per Common Share

$

1.07

  $

1.11

 

4%

 

$

5.17

  $

3.95

(24)%

   

Total Segment Revenues

$

2,342,431

  $

2,535,240

 

8%

 

$

12,590,037

  $

9,693,805

(23)%

   

Total Assets Under Management

$

974,673,077

  $

  1,040,192,447

 

7%

 

$

974,673,077

  $

  1,040,192,447

7%

   

Fee-Earning Assets Under Management

$

  718,386,888

  $

762,607,902

 

6%

 

$

  718,386,888

  $

762,607,902

6%

 
   

Fee Related Earnings per Share is based on end of period DE Shares Outstanding (see page 24, Share Summary). DE per Common Share is based on DE Attributable to

Common Shareholders (see page 23, Shareholder Dividends) and end of period Participating Common Shares outstanding. Full year FRE per Share and DE per Common Share

amounts represent the sum of the last four quarters. See pages 32-33 for the Reconciliation of GAAP to Total Segment Measures.

 

 

Blackstone |   3

 


 

INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES

 

 

§

  Net Accrued Performance Revenues declined quarter-over-quarter to $5.8 billion ($4.80/share) due to realized distributions across strategies.

 

 

 

 

Investment Performance

(appreciation / gross returns)

 

     4Q’23         FY’23           

Real Estate

      

Opportunistic

     (3.8 )%          (6.3 )%   

Core+

     (4.6 )%      (4.3 )%   
      

Private Equity

      

Corporate Private Equity

     3.5     12.1  

Tactical Opportunities

     3.5     6.6  

Secondaries

     (1.3 )%      2.3  

Infrastructure

     1.0     12.1  

Credit & Insurance

      

Private Credit

     3.9     16.4  

Liquid Credit

     3.3     13.0  

Hedge Fund Solutions

      

BPS Composite

     2.3     7.8  

 

Net Accrued Performance Revenues

($ in millions)

 

LOGO

 
 
   
Investment Performance represents fund appreciation for Real Estate and Private Equity and gross returns for Credit & Insurance and Hedge Fund Solutions. Private Credit net returns were 2.9% and 12.1% for 4Q’23 and FY’23, respectively. Private Credit net returns for the two years ended 4Q’23 were 25.2% gross (17.1% net). Liquid Credit net returns were 3.1% and 12.4% for 4Q’23 and FY’23, respectively. BPS Composite net returns were 2.1% and 6.9% for 4Q’23 and FY’23, respectively. BPS Composite returns for the two years ended 4Q’23 were 13.2% gross (11.3% net). See notes on page 34 for additional details on investment performance.  

 

Blackstone |   4

 


 

CAPITAL METRICS – ADDITIONAL DETAIL

 

 

§

  Inflows were $52.7 billion in the quarter, bringing full year inflows to $148.5 billion.

 

§

  Deployed $31.1 billion in the quarter and $73.8 billion for the year.

 

    Committed an additional $15.3 billion that was not yet deployed in the quarter.

 

§

  Realizations were $15.8 billion in the quarter and $65.7 billion for the year.

 

 

 

     Inflows        Capital Deployed        Realizations
 ($ in millions)    4Q’23   FY’23        4Q’23   FY’23        4Q’23   FY’23

Real Estate

    

$

19,905

  

   

$

53,923

  

        

$

6,262

  

   

$

15,025

  

        

$

4,567

  

   

$

18,744

  

Opportunistic

    

 

1,878

   

 

8,534

        

 

1,278

   

 

7,228

        

 

796

   

 

3,326

Core+

    

 

3,061

   

 

17,094

        

 

992

   

 

2,435

        

 

2,837

   

 

12,017

BREDS

    

 

14,967

   

 

28,294

        

 

3,992

   

 

5,363

        

 

934

   

 

3,401

Private Equity

    

 

7,151

   

 

23,797

        

 

6,551

   

 

24,477

        

 

5,388

   

 

23,229

Corporate Private Equity

    

 

1,801

   

 

9,718

        

 

1,273

   

 

9,598

        

 

3,055

   

 

13,321

Tactical Opportunities

    

 

1,219

   

 

4,867

        

 

1,025

   

 

2,941

        

 

682

   

 

3,658

Secondaries

    

 

3,445

   

 

5,839

        

 

1,937

   

 

6,664

        

 

1,494

   

 

5,336

Infrastructure

    

 

686

   

 

3,374

        

 

2,316

   

 

5,274

        

 

157

   

 

914

Credit & Insurance

    

 

23,158

   

 

62,498

        

 

16,604

   

 

31,005

        

 

5,157

   

 

20,369

                                  

Hedge Fund Solutions

    

 

2,487

   

 

8,300

        

 

1,659

   

 

3,303

        

 

673

   

 

3,350

                                  

Total Blackstone

    

$

          52,700

   

$

       148,518

        

$

       31,076

   

$

         73,810

        

$

       15,785

   

$

       65,691

 
   
Corporate Private Equity also includes Life Sciences and BTAS. Tactical Opportunities also includes Blackstone Growth.  

 

Blackstone |   5

 


 

ASSETS UNDER MANAGEMENT

 

 

§

  Total AUM increased to $1,040.2 billion, up 7% year-over-year, with $52.7 billion of inflows in the quarter and $148.5 billion for the year.

 

§

  Fee-Earning AUM of $762.6 billion was up 6% year-over-year, with $44.6 billion of inflows in the quarter and $119.4 billion for the year.

 

§

  Perpetual Capital AUM reached $396.3 billion, up 7% year-over-year.

 

    Fee-Earning Perpetual Capital AUM increased to $338.0 billion, representing 44% of Fee-Earning AUM.

 

 

 

LOGO

 
   
          

 

Blackstone |   6

 


 

ADDITIONAL CAPITAL DETAIL

 

 

§

  Invested Performance Eligible AUM reached $504.7 billion at quarter end.

 

§

  Undrawn capital (“Total Dry Powder”) available for investment of $197.3 billion.

 

 

 

LOGO

 
   
Invested Performance Eligible AUM represents the fair value of invested assets that are eligible to earn performance revenues.  

 

Blackstone |   7

 


 

Segment Highlights

 
          

 

Blackstone |   8

 


 

SEGMENT DISTRIBUTABLE EARNINGS COMPOSITION

 

 

§

  4Q’23 Total Segment Distributable Earnings were $1.5 billion.

 

§

  Full year Total Segment Distributable Earnings were $5.6 billion.

 

 

Segment Distributable Earnings

($ in millions)

 

LOGO

 
   
          

 

Blackstone |   9

 


 

REAL ESTATE

 

 

§

  Total AUM: Increased 3% to $336.9 billion with inflows of $19.9 billion in the quarter and $53.9 billion for the year.
    Entered into a fee-paying joint venture with the FDIC to acquire the Signature Bank commercial senior mortgage loan portfolio, resulting in $10.5 billion of inflows in the quarter.

 

    Inflows in the quarter also included $3.8 billion in BREDS insurance SMAs, $1.0 billion in the seventh European opportunistic fund, $813 million of capital raised in BREIT, and $230 million in the fifth real estate debt strategies fund, which commenced its investment period in December.

 

§

  Capital Deployed: $6.3 billion in the quarter and $15.0 billion for the year.

 

§

  Realizations: $4.6 billion in the quarter and $18.7 billion for the year.
    Realizations in the quarter included the BREIT partial sale of The Bellagio Las Vegas for $933 million and the BREP final share sale of Embassy REIT for $848 million.

 

§

  Appreciation: Opportunistic funds declined (3.8)% in the quarter and (6.3)% for the year; Core+ funds declined (4.6)% in the quarter and (4.3)% for the year.

 

 

 

   
                      % Change                   % Change
   
 ($ in thousands)   4Q’22     4Q’23           vs. 4Q’22       FY’22     FY’23       vs. FY’22
   

Management Fees, Net

 

  $

682,212

 

 

  $

698,500

 

 

2%

 

  $

2,623,065

 

 

  $

2,843,358

 

 

8%

   

Fee Related Performance Revenues

 

 

58,397

 

 

 

14,352

 

 

(75)%

 

 

1,075,424

 

 

 

294,240

 

 

(73)%

   

Fee Related Compensation

 

 

(180,818

 

 

(139,880

 

(23)%

 

 

(1,039,125

 

 

(675,880

 

(35)%

   

Other Operating Expenses

 

 

(86,298

 

 

(95,846

 

11%

 

 

(315,331

 

 

(325,050

 

3%

   

Fee Related Earnings

 

  $

473,493

 

 

  $

477,126

 

 

1%

 

  $

2,344,033

 

 

  $

2,136,668

 

 

(9)%

    

               
   

Realized Performance Revenues

 

 

42,283

 

 

 

96,122

 

 

127%

 

 

2,985,713

 

 

 

244,358

 

 

(92)%

   

Realized Performance Compensation

 

 

(13,148

 

 

(42,728

 

225%

 

 

(1,168,045

 

 

(123,299

 

(89)%

   

Realized Principal Investment Income

 

 

22,402

 

 

 

3,909

 

 

(83)%

 

 

150,790

 

 

 

7,628

 

 

(95)%

   

Net Realizations

 

 

51,537

 

 

 

57,303

 

 

11%

 

 

1,968,458

 

 

 

128,687

 

 

(93)%

   

Segment Distributable Earnings

 

  $

525,030

 

 

  $

534,429

 

 

2%

 

  $

4,312,491

 

 

  $

2,265,355

 

 

(47)%

    

               
   

Segment Revenues

 

  $

805,294

 

 

  $

812,883

 

 

1%

 

  $

6,834,992

 

 

  $

3,389,584

 

 

(50)%

   

Total AUM

 

  $

326,146,904

 

 

  $

336,940,096

 

 

3%

 

  $

326,146,904

 

 

  $

336,940,096

 

 

3%

   

Fee-Earning AUM

 

  $

  281,967,153

 

 

  $

  298,889,475

 

 

6%

 

  $

  281,967,153

 

 

  $

  298,889,475

 

 

6%

 
   
          

 

Blackstone |   10

 


 

PRIVATE EQUITY

 

 

§

  Total AUM: Increased 5% to $304.0 billion with inflows of $7.2 billion in the quarter and $23.8 billion for the year.
    Inflows in the quarter included $885 million for Tactical Opportunities vehicles and $755 million for the ninth flagship private equity fund.

 

    Raised an initial $1.8 billion for the fourth infrastructure Secondaries vintage and held the final close on $2.6 billion for the eighth real estate Secondaries vintage, including $725 million of capital raised in the quarter.

 

    On January 2, launched Blackstone Private Equity Strategies Fund (“BXPE”), a continuously offered private equity strategy with an initial $1.3 billion raised not yet included in Total AUM.

 

§

  Capital Deployed: $6.6 billion in the quarter, including in Northern Indiana Public Service Company (“NIPSCO”), Groupe Premium, and Power Grid Components, and $24.5 billion for the year.

 

    Committed an additional $8.4 billion in the quarter, including to Adevinta, Rover, Civica, and Digital Realty.

 

§

  Realizations: $5.4 billion in the quarter, including in Guidon Energy and IntraFi, and $23.2 billion for the year.

§

  Appreciation: Corporate Private Equity appreciated 3.5% in the quarter and 12.1% for the year.
    Tactical Opportunities appreciated 3.5% in the quarter and 6.6% for the year; Secondaries declined (1.3)% in the quarter and appreciated 2.3% for the year; Infrastructure appreciated 1.0% in the quarter and 12.1% for the year.

 

 

 

   
                       % Change                    % Change
   
 ($ in thousands)    4Q’22     4Q’23           vs. 4Q’22        FY’22     FY’23       vs. FY’22
   

Management and Advisory Fees, Net

  

  $

496,743

 

 

  $

475,403

 

 

(4)%

  

  $

1,828,737

 

 

  $

1,908,364

 

 

4%

   

Fee Related Performance Revenues

  

 

-    

 

 

 

-    

 

 

n/a

  

 

(648

 

 

-    

 

 

(100)%

   

Fee Related Compensation

  

 

(129,141

 

 

(132,376

 

3%

  

 

(575,194

 

 

(595,669

 

4%

   

Other Operating Expenses

  

 

(77,062

 

 

(87,028

 

13%

  

 

(304,177

 

 

(316,741

 

4%

   

Fee Related Earnings

  

  $

290,540

 

 

  $

255,999

 

 

(12)%

  

  $

948,718

 

 

  $

995,954

 

 

5%

    

                 
   

Realized Performance Revenues

  

 

308,580

 

 

 

322,713

 

 

5%

  

 

1,191,028

 

 

 

1,268,483

 

 

7%

   

Realized Performance Compensation

  

 

(115,615

 

 

(145,256

 

26%

  

 

(544,229

 

 

(558,645

 

3%

   

Realized Principal Investment Income

  

 

27,410

 

 

 

7,780

 

 

(72)%

  

 

139,767

 

 

 

67,133

 

 

(52)%

   

Net Realizations

  

 

220,375

 

 

 

185,237

 

 

(16)%

  

 

786,566

 

 

 

776,971

 

 

(1)%

   

Segment Distributable Earnings

  

  $

510,915

 

 

  $

441,236

 

 

(14)%

  

  $

1,735,284

 

 

  $

1,772,925

 

 

2%

    

                 
   

Segment Revenues

  

  $

832,733

 

 

  $

805,896

 

 

(3)%

  

  $

3,158,884

 

 

  $

3,243,980

 

 

3%

   

Total AUM

  

  $

  288,902,142

 

 

  $

304,038,221

 

 

5%

  

  $

288,902,142

 

 

  $

304,038,221

 

 

5%

   

Fee-Earning AUM

  

  $

167,082,852

 

 

  $

  168,620,545

 

 

1%

  

  $

167,082,852

 

 

  $

  168,620,545

 

 

1%

 
   
          

 

Blackstone |   11

 


 

CREDIT & INSURANCE

 

 

§

  Total AUM: Increased 14% to $318.9 billion with inflows of $23.2 billion in the quarter and $62.5 billion for the year.
    Inflows in the quarter included $7.6 billion for the global direct lending strategy, inclusive of $2.7 billion of equity raised for BCRED, bringing direct lending Total AUM to $110.0 billion.

 

    $14.3 billion of inflows from our insurance strategic partnerships, including assets allocated to other segments.

 

    Closed 5 new CLOs (3 U.S. and 2 European) for $2.1 billion.

 

§

  Capital Deployed: $16.6 billion in the quarter and $31.0 billion for the year driven by U.S. direct lending.

 

    Committed an additional $6.1 billion that was not yet deployed in the quarter.

 

§

  Realizations: $5.2 billion in the quarter and $20.4 billion for the year.

§

  Returns: Private Credit gross return of 3.9% (2.9% net) and Liquid Credit gross return of 3.3% (3.1% net) in the quarter.
    Private Credit gross return of 16.4% (12.1% net) and Liquid Credit gross return of 13.0% (12.4% net) for the year.

 

 

 

 

 

 

   
                       % Change                    % Change
   
 ($ in thousands)    4Q’22     4Q’23           vs. 4Q’22        FY’22     FY’23       vs. FY’22
   

Management Fees, Net

  

  $

325,169

 

 

  $

349,386

 

 

7%

  

  $

1,259,902

 

 

  $

1,376,061

 

 

9%

   

Fee Related Performance Revenues

  

 

114,311

 

 

 

154,642

 

 

35%

  

 

374,721

 

 

 

564,287

 

 

51%

   

Fee Related Compensation

  

 

(129,985

 

 

(159,901

 

23%

  

 

(529,784

 

 

(640,190

 

21%

   

Other Operating Expenses

  

 

(74,436

 

 

(95,974

 

29%

  

 

(264,181

 

 

(327,734

 

24%

   

Fee Related Earnings

  

  $

235,059

 

 

  $

248,153

 

 

6%

  

  $

840,658

 

 

  $

972,424

 

 

16%

    

                 
   

Realized Performance Revenues

  

 

25,238

 

 

 

135,886

 

 

438%

  

 

147,413

 

 

 

317,760

 

 

116%

   

Realized Performance Compensation

  

 

(9,359

 

 

(60,696

 

549%

  

 

(63,846

 

 

(140,490

 

120%

   

Realized Principal Investment Income

  

 

4,200

 

 

 

6,031

 

 

44%

  

 

80,993

 

 

 

21,897

 

 

(73)%

   

Net Realizations

  

 

20,079

 

 

 

81,221

 

 

305%

  

 

164,560

 

 

 

199,167

 

 

21%

   

Segment Distributable Earnings

  

  $

255,138

 

 

  $

329,374

 

 

29%

  

  $

1,005,218

 

 

  $

1,171,591

 

 

17%

    

                 
   

Segment Revenues

  

  $

468,918

 

 

  $

645,945

 

 

38%

  

  $

1,863,029

 

 

  $

2,280,005

 

 

22%

   

Total AUM

  

  $

  279,908,030

 

 

  $

318,915,676

 

 

14%

  

  $

279,908,030

 

 

  $

318,915,676

 

 

14%

   

Fee-Earning AUM

  

  $

198,162,931

 

 

  $

  223,844,084

 

 

13%

  

  $

  198,162,931

 

 

  $

  223,844,084

 

 

13%

 
   
          

 

Blackstone |   12

 


 

HEDGE FUND SOLUTIONS

 

 

§

  Total AUM: $80.3 billion with inflows of $2.5 billion in the quarter and $8.3 billion for the year.

 

§

  Returns: BPS Composite gross return of 2.3% in the quarter (2.1% net), outperforming the HFRX Global Hedge Fund Index, which was 1.7%.

 

    BPS benefited from performance of credit, equities, and global macro strategies during the quarter.

 

    Gross returns of 7.8% for the year (6.9% net), with significantly less volatility than the broader markets, compared to 3.1% return for the HFRX Global Hedge Fund Index.

 

 

 

 

   
                       % Change                    % Change
   
 ($ in thousands)    4Q’22     4Q’23           vs. 4Q’22        FY’22     FY’23       vs. FY’22
   

Management Fees, Net

  

  $

136,967

 

 

  $

130,542

 

 

(5)%

  

  $

571,242

 

 

  $

535,461

 

 

(6)%

   

Fee Related Compensation

  

 

(40,679

 

 

(38,251

 

(6)%

  

 

(186,672

 

 

(176,371

 

(6)%

   

Other Operating Expenses

  

 

(29,485

 

 

(32,026

 

9%

  

 

(105,334

 

 

(114,808

 

9%

   

Fee Related Earnings

  

  $

66,803

 

 

  $

60,265

 

 

(10)%

  

  $

279,236

 

 

  $

244,282

 

 

(13)%

    

                 
   

Realized Performance Revenues

  

 

96,644

 

 

 

138,492

 

 

43%

  

 

137,184

 

 

 

230,501

 

 

68%

   

Realized Performance Compensation

  

 

(23,657

 

 

(38,948

 

65%

  

 

(37,977

 

 

(73,583

 

94%

   

Realized Principal Investment Income

  

 

1,875

 

 

 

1,482

 

 

(21)%

  

 

24,706

 

 

 

14,274

 

 

(42)%

   

Net Realizations

  

 

74,862

 

 

 

101,026

 

 

35%

  

 

123,913

 

 

 

171,192

 

 

38%

   

Segment Distributable Earnings

  

  $

141,665

 

 

  $

161,291

 

 

14%

  

  $

403,149

 

 

  $

415,474

 

 

3%

    

                 
   

Segment Revenues

  

  $

235,486

 

 

  $

270,516

 

 

15%

  

  $

733,132

 

 

  $

780,236

 

 

6%

   

Total AUM

  

  $

79,716,001

 

 

  $

80,298,454

 

 

1%

  

  $

79,716,001

 

 

  $

80,298,454

 

 

1%

   

Fee-Earning AUM

  

  $

    71,173,952

 

 

  $

    71,253,798

 

 

0%

  

  $

    71,173,952

 

 

  $

    71,253,798

 

 

0%

 
   
          

 

Blackstone |   13

 


 

Supplemental Details

 
          

 

Blackstone |   14

 


 

TOTAL SEGMENTS

 

 

   
 ($ in thousands)   4Q’22     1Q’23     2Q’23     3Q’23     4Q’23     FY’22     FY’23  
   

Base Management Fees

   $ 1,580,452      $ 1,619,547      $ 1,620,609      $ 1,619,743      $ 1,605,948      $ 6,045,038      $ 6,465,847  
   

Transaction, Advisory and Other Fees, Net

    71,151       45,710       92,735       44,611       52,836       310,117       235,892  
   

Management Fee Offsets

    (10,512     (12,870     (10,158     (10,514     (4,953     (72,209     (38,495
   

Total Management and Advisory Fees, Net

    1,641,091       1,652,387       1,703,186       1,653,840       1,653,831       6,282,946       6,663,244  
   

Fee Related Performance Revenues

    172,708       148,244       266,738       274,551       168,994       1,449,497       858,527  
   

Fee Related Compensation

    (480,623     (508,971     (568,808     (539,923     (470,408     (2,330,775     (2,088,110
   

Other Operating Expenses

    (267,281     (251,648     (257,366     (264,445     (310,874     (989,023     (1,084,333
   

Fee Related Earnings

   $ 1,065,895      $ 1,040,012      $ 1,143,750      $ 1,124,023      $ 1,041,543      $ 4,412,645      $ 4,349,328  
   

    

                 
   

Realized Performance Revenues

    472,745       641,526       388,423       337,940       693,213       4,461,338       2,061,102  
   

Realized Performance Compensation

    (161,779     (296,024     (178,370     (133,995     (287,628     (1,814,097     (896,017
   

Realized Principal Investment Income (Loss)

    55,887       43,691       (7,461     55,500       19,202       396,256       110,932  
             

Total Net Realizations

   $ 366,853      $ 389,193      $ 202,592      $ 259,445      $ 424,787      $ 3,043,497      $ 1,276,017  
   

Total Segment Distributable Earnings

   $ 1,432,748      $ 1,429,205      $ 1,346,342      $ 1,383,468      $ 1,466,330      $ 7,456,142      $ 5,625,345  
   

    

                 
   

Distributable Earnings

   $ 1,334,206      $ 1,249,092      $ 1,212,072      $ 1,211,611      $ 1,388,180      $ 6,632,780      $ 5,060,955  
   

    

                 
   

Additional Metrics:

                 
   

Total Segment Revenues

   $ 2,342,431      $ 2,485,848      $ 2,350,886      $ 2,321,831      $ 2,535,240      $ 12,590,037      $ 9,693,805  
   

Total Assets Under Management

   $ 974,673,077      $ 991,293,596      $  1,001,355,959      $  1,007,353,458      $  1,040,192,447      $     974,673,077      $  1,040,192,447  
   

Fee-Earning Assets Under Management

   $     718,386,888      $     731,973,409      $ 731,145,065      $ 734,541,603      $ 762,607,902      $ 718,386,888      $ 762,607,902  
 
   
          

 

Blackstone |   15

 


 

ASSETS UNDER MANAGEMENT – ROLLFORWARD

 

Total AUM Rollforward

($ in millions)

   
     Three Months Ended December 31, 2023             Twelve Months Ended December 31, 2023
                                                 
   
    

Real

 

    Estate    

 

    Private    

 

Equity

 

Credit &

 

    Insurance    

 

    Hedge Fund    

 

Solutions

      Total             

Real

 

    Estate    

 

    Private    

 

Equity

 

Credit &

 

    Insurance    

 

    Hedge Fund    

 

Solutions

      Total    

Beginning Balance

  

$

331,501

 

 

$

298,643

 

 

$

297,212

 

 

$

79,997

 

 

$

1,007,353

 

  

$

326,147

 

 

$

288,902

 

 

$

279,908

 

 

$

79,716

 

 

$

974,673

 

Inflows

  

 

19,905

 

 

 

7,151

 

 

 

23,158

 

 

 

2,487

 

 

 

52,700

 

  

 

53,923

 

 

 

23,797

 

 

 

62,498

 

 

 

8,300

 

 

 

148,518

 

Outflows

  

 

(4,049

 

 

(1,137

 

 

(3,832

 

 

(3,836

 

 

(12,855

  

 

(15,642

 

 

(3,085

 

 

(17,214

 

 

(9,777

 

 

(45,718

Net Flows

  

 

15,856

 

 

 

6,013

 

 

 

19,326

 

 

 

(1,350

 

 

39,845

 

  

 

38,280

 

 

 

20,712

 

 

 

45,284

 

 

 

(1,476

 

 

102,800

 

Realizations

  

 

(4,567

 

 

(5,388

 

 

(5,157

 

 

(673

 

 

(15,785

  

 

(18,744

 

 

(23,229

 

 

(20,369

 

 

(3,350

 

 

(65,691

Market Activity

  

 

(5,849

 

 

4,769

 

 

 

7,534

 

 

 

2,325

 

 

 

8,778

 

  

 

(8,743

 

 

17,653

 

 

 

14,092

 

 

 

5,408

 

 

 

28,410

 

Ending Balance

  

  $

  336,940

 

 

$

  304,038

 

 

$

  318,916

 

 

$

  80,298

 

 

$

  1,040,192

 

  

$

  336,940

 

 

$

  304,038

 

 

$

  318,916

 

 

$

  80,298

 

 

$

  1,040,192

 

% Change

  

 

2%

 

 

 

2%

 

 

 

7%

 

 

 

0%

 

 

 

3%

 

    

 

3%

 

 

 

5%

 

 

 

14%

 

 

 

1%

 

 

 

7%

 

 

 

Fee-Earning AUM Rollforward

($ in millions)

   
     Three Months Ended December 31, 2023             Twelve Months Ended December 31, 2023
                                                 
   
    

Real

 

    Estate    

 

    Private    

 

Equity

 

Credit &

 

    Insurance    

 

    Hedge Fund    

 

Solutions

      Total             

Real

 

    Estate    

 

    Private    

 

Equity

 

Credit &

 

    Insurance    

 

    Hedge Fund    

 

Solutions

      Total    

Beginning Balance

  

  $

284,937

 

 

$

167,790

 

 

$

210,689

 

 

$

71,125

 

 

$

734,542

 

  

$

281,967

 

 

$

167,083

 

 

$

198,163

 

 

$

71,174

 

 

$

718,387

 

Inflows

  

 

26,706

 

 

 

2,905

 

 

 

12,670

 

 

 

2,350

 

 

 

44,631

 

  

 

60,404

 

 

 

8,355

 

 

 

43,050

 

 

 

7,543

 

 

 

119,352

 

Outflows

  

 

(3,375

 

 

(381

 

 

(2,627

 

 

(3,702

 

 

(10,084

  

 

(18,177

 

 

(738

 

 

(13,525

 

 

(9,423

 

 

(41,862

Net Flows

  

 

23,331

 

 

 

2,525

 

 

 

10,043

 

 

 

(1,352

 

 

34,546

 

  

 

42,227

 

 

 

7,617

 

 

 

29,524

 

 

 

(1,879

 

 

77,490

 

Realizations

  

 

(5,683

 

 

(2,009

 

 

(3,159

 

 

(664

 

 

(11,515

  

 

(20,266

 

 

(8,694

 

 

(13,455

 

 

(3,186

 

 

(45,601

Market Activity

  

 

(3,695

 

 

315

 

 

 

6,270

 

 

 

2,145

 

 

 

5,035

 

  

 

(5,039

 

 

2,615

 

 

 

9,611

 

 

 

5,145

 

 

 

12,332

 

Ending Balance

  

  $

  298,889

 

 

$

  168,621

 

 

$

  223,844

 

 

$

  71,254

 

 

$

  762,608

 

  

$

  298,889

 

 

$

  168,621

 

 

$

  223,844

 

 

$

  71,254

 

 

$

  762,608

 

% Change

  

 

5%

 

 

 

0%

 

 

 

6%

 

 

 

0%

 

 

 

4%

 

    

 

6%

 

 

 

1%

 

 

 

13%

 

 

 

0%

 

 

 

6%

 

 
   
Inflows include contributions, capital raised, other increases in available capital (recallable capital and increased side-by-side commitments), purchases, inter-segment allocations and acquisitions. Outflows represent redemptions, client withdrawals and decreases in available capital (expired capital, expense drawdowns and decreased side-by-side commitments). Realizations represent realization proceeds from the disposition or other monetization of assets, current income or capital returned to investors from CLOs. Market Activity includes realized and unrealized gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations. AUM is reported in the segment where the assets are managed.  

 

Blackstone |   16

 


 

DECONSOLIDATED BALANCE SHEET HIGHLIGHTS

 

 

§

  At December 31, 2023, Blackstone had $8.4 billion in total cash, cash equivalents, corporate treasury, and other investments and $16.9 billion of cash and net investments, or $13.93 per share.

 

§

  Blackstone has a $4.3 billion undrawn credit revolver and maintains A+/A+ ratings.

 

 

 

 

 

($ in millions)

  4Q’23  
 

Cash and Cash Equivalents

  $       2,956  
 

Corporate Treasury and
Other Investments

    5,455  
 

GP/Fund Investments

    2,701  
 

Net Accrued Performance
Revenues

    5,835  
 

Cash and Net Investments

  $       16,946  
 

Outstanding Debt (at par)

    10,748  

Cash and Net Investments

(per share)

 

 

LOGO

 

 

A+ / A+

rated by S&P and Fitch

$4.3B

credit revolver with

December 2028 maturity

$8.4B

total cash, corporate

treasury and other

 

 

 
 
   
Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $4.3 billion as of December 31, 2023, which was comprised of $4.0 billion of liquid investments and $352 million of illiquid investments. See notes on pages 31 and 34 for additional details on non-GAAP balance sheet measures.  

 

Blackstone |   17

 


NET ACCRUED PERFORMANCE REVENUES – ADDITIONAL DETAIL

 

    

 
 ($ in millions, except per share data)   4Q’22     3Q’23     4Q’23     4Q’23
       
    Per Share            

Real Estate

           

BREP IV

 

$

6

 

 

$

6

 

 

$

2

 

 

$

0.00

 

 

BREP V

 

 

4

 

 

 

4

 

 

 

4

 

 

 

0.00

 

 

BREP VI

 

 

21

 

 

 

20

 

 

 

1

 

 

 

0.00

 

 

BREP VII

 

 

115

 

 

 

22

 

 

 

-    

 

 

 

-    

 

 

BREP VIII

 

 

749

 

 

 

657

 

 

 

572

 

 

 

0.47

 

 

BREP IX

 

 

1,011

 

 

 

916

 

 

 

744

 

 

 

0.61

 

 

BREP Europe IV

 

 

48

 

 

 

23

 

 

 

5

 

 

 

0.00

 

 

BREP Europe V

 

 

44

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

BREP Europe VI

 

 

49

 

 

 

109

 

 

 

104

 

 

 

0.09

 

 

BREP Asia I

 

 

108

 

 

 

93

 

 

 

92

 

 

 

0.08

 

 

BREP Asia II

 

 

119

 

 

 

-    

 

 

 

-    

 

 

 

-    

 

 

BPP

 

 

633

 

 

 

387

 

 

 

129

 

 

 

0.11

 

 

BREDS

 

 

11

 

 

 

30

 

 

 

32

 

 

 

0.03

 

 

BTAS

 

 

25

 

 

 

18

 

 

 

2

 

 

 

0.00

 

 

Real Estate

 

$

2,944

 

 

$

2,285

 

 

$

1,687

 

 

$

1.39

 

 

Private Equity

           

BCP IV

 

 

6

 

 

 

6

 

 

 

-    

 

 

 

-    

 

 

BCP V

 

 

20

 

 

 

17

 

 

 

17

 

 

 

0.01

 

 

BCP VI

 

 

459

 

 

 

365

 

 

 

340

 

 

 

0.28

 

 

BCP VII

 

 

870

 

 

 

810

 

 

 

839

 

 

 

0.69

 

 

BCP VIII

 

 

256

 

 

 

345

 

 

 

366

 

 

 

0.30

 

 

BCP Asia I

 

 

144

 

 

 

113

 

 

 

149

 

 

 

0.12

 

 

BCP Asia II

 

 

-    

 

 

 

-    

 

 

 

32

 

 

 

0.03

 

 

BEP I

 

 

37

 

 

 

29

 

 

 

25

 

 

 

0.02

 

 

BEP II

 

 

27

 

 

 

143

 

 

 

78

 

 

 

0.06

 

 

BEP III

 

 

136

 

 

 

215

 

 

 

203

 

 

 

0.17

 

 

BCEP

 

 

205

 

 

 

220

 

 

 

234

 

 

 

0.19

 

 

Tactical Opportunities

 

 

234

 

 

 

235

 

 

 

229

 

 

 

0.19

 

 

Secondaries

 

 

512

 

 

 

512

 

 

 

478

 

 

 

0.39

 

 

Infrastructure

 

 

193

 

 

 

324

 

 

 

333

 

 

 

0.27

 

 

Life Sciences

 

 

25

 

 

 

62

 

 

 

82

 

 

 

0.07

 

 

BTAS/Other

 

 

174

 

 

 

176

 

 

 

173

 

 

 

0.14

 

 

Private Equity

 

$

3,298

 

 

$

3,569

 

 

$

3,581

 

 

$

2.94

 

 
           

Credit & Insurance

 

$

312

 

 

$

292

 

 

$

286

 

 

$

0.24

 

 
           

Hedge Fund Solutions

 

$

282

 

 

$

289

 

 

$

281

 

 

$

0.23

 

 
           

Net Accrued Performance Revenues

 

$

          6,835

 

 

$

          6,435

 

 

$

          5,835

 

 

$

          4.80

 

 
               

4Q’23 QoQ Rollforward

($ in millions)

 

    3Q’23      Net
Performance
    Revenues    
    Net
Realized
  Distributions  
    4Q’23  
 

Real Estate

  $ 2,285     $ (491   $ (108     $ 1,687  
 

Private Equity

    3,569       189       (177     3,581  
 

Credit & Insurance

    292       161       (167     286  
 

HFS

    289       92       (100     281  
 

Total

  $ 6,435     $ (49   $ (552     $ 5,835  
 

QoQ Change

          (9)%  

FY’23 Rollforward

($ in millions)

 

    4Q’22      Net
Performance
    Revenues    
    Net
Realized
  Distributions  
    4Q’23  
 

Real Estate

  $ 2,944     $ (866   $ (391     $ 1,687  
 

Private Equity

    3,298       993       (710     3,581  
 

Credit & Insurance

    312       483       (509     286  
 

HFS

    282       156       (157     281  
 

Total

  $ 6,835     $ 766     $ (1,766     $ 5,835  
 

YoY Change

          (15)%  
 
   
Net Accrued Performance Revenues (“NAPR”) are presented net of performance compensation and excludes Performance Revenues realized but not yet distributed as of the reporting date and clawback amounts, if any, which are disclosed in the 10-K/Q. Real Estate and Private Equity include co-investments, as applicable. Per Share calculations are based on end of period DE Shares Outstanding (see page 24, Share Summary).  

 

Blackstone |   18


 

INVESTMENT RECORDS AS OF DECEMBER 31, 2023(a)

 

 

 ($/ in thousands, except where noted)    Committed      Available      Unrealized Investments    Realized Investments    Total Investments   

Net IRRs (d)

 Fund (Investment Period Beginning Date / Ending Date)    Capital      Capital (b)      Value      MOIC (c)    Value      MOIC (c)    Value      MOIC (c)      Realized        Total  

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        -            1,983      n/a      4,666,129      1.7x      4,668,112      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        -            5,797      n/a      27,758,980      2.5x      27,764,777      2.5x    13%    13%

BREP VII (Aug 2011 / Apr 2015)

     13,502,690        1,284,421        2,000,250      0.6x      28,399,471      2.3x      30,399,721      1.9x    20%    14%

BREP VIII (Apr 2015 / Jun 2019)

     16,601,896        2,126,652        12,577,721      1.5x      21,833,202      2.4x      34,410,923      1.9x    25%    14%

BREP IX (Jun 2019 / Aug 2022)

     21,346,598        3,379,621        24,992,884      1.4x      8,549,345      2.2x      33,542,229      1.5x    59%    17%

*BREP X (Aug 2022 / Feb 2028)

     30,498,731        28,234,499        2,477,931      1.1x      -          n/a      2,477,931      1.1x    n/m    n/m
                   

Total Global BREP

  

  $

103,990,618

 

  

$

35,025,193

 

  

$

42,062,792

 

  

1.3x

  

$

112,205,493

 

  

2.3x

  

$

154,268,285

 

  

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        393,185        159,016      0.3x      5,856,192      2.4x      6,015,208      2.0x    18%    13%

BREP Europe IV (Sep 2013 / Dec 2016)

     6,674,949        1,280,424        1,084,235      0.8x      9,982,474      1.9x      11,066,709      1.7x    19%    12%

BREP Europe V (Dec 2016 / Oct 2019)

     7,979,853        1,121,512        4,589,558      0.9x      6,696,771      3.9x      11,286,329      1.6x    41%    9%

BREP Europe VI (Oct 2019 / Sep 2023)

     10,033,576        3,387,193        7,974,065      1.2x      3,427,886      2.6x      11,401,951      1.4x    72%    16%

*BREP Europe VII (Sep 2023 / Mar 2029)

     5,097,875        4,730,274        367,601      1.0x      -          n/a      367,601      1.0x    n/a    n/a

Total BREP Europe

      35,445,593      10,912,588      14,174,475      1.0x    29,919,525      2.3x    44,094,000      1.6x    17%    11%

BREP Asia I (Jun 2013 / Dec 2017)

     $ 4,262,075      $ 898,228      $ 1,640,959      1.6x    $ 7,018,318      1.9x    $ 8,659,277      1.9x    16%    12%

BREP Asia II (Dec 2017 / Mar 2022)

     7,354,782        1,310,674        6,783,639      1.2x      1,670,209      1.9x      8,453,848      1.3x    32%    6%

*BREP Asia III (Mar 2022 / Sep 2027)

     8,225,044        6,877,915        1,241,164      1.0x      -          n/a      1,241,164      1.0x    n/a    (21)%
                   

Total BREP Asia

  

  $

19,841,901

 

  

$

9,086,817

 

  

$

9,665,762

 

  

1.2x

  

$

8,688,527

 

  

1.9x

  

$

18,354,289

 

  

1.5x

  

17%

  

9%

BREP Co-Investment (f)

     7,308,836        40,457        918,951      2.0x      15,219,149      2.2x      16,138,100      2.2x    16%    16%

Total BREP

  

  $

172,853,680

 

  

$

56,150,637

 

  

$

68,646,642

 

  

1.2x

  

$

172,689,772

 

  

2.3x

  

$

241,336,414

 

  

1.8x

  

17%

  

14%

*BREDS High-Yield (Various) (g)

     24,060,116        8,065,536        5,916,743      1.0x      18,862,743      1.4x      24,779,486      1.2x    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        113      n/a      2,995,106      1.4x      2,995,219      1.4x    6%    6%

BCP IV (Nov 2002 / Dec 2005)

     6,773,182