EX-99.1 2 d781420dex991.htm EX-99.1 EX-99.1

 

Exhibit 99.1

 

 

LOGO

 

Blackstone Reports First Quarter 2024 Results

New York, April 18, 2024: Blackstone (NYSE:BX) today reported its first quarter 2024 results.

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

results, highlighted by accelerating momentum in our private credit and private wealth businesses. We are seeing a

strengthening transaction environment and attractive opportunities to deploy capital. We are well positioned to

navigate today’s dynamic market landscape, with a portfolio concentrated in compelling sectors and nearly

$200 billion of dry powder available to invest.”

Blackstone issued a full detailed presentation of its first quarter 2024 results, which can be viewed at

www.blackstone.com.

Dividend

Blackstone has declared a quarterly dividend of $0.83 per share to record holders of common stock at the close of

business on April 29, 2024. This dividend will be paid on May 6, 2024.

Quarterly Investor Call Details

Blackstone will host its first quarter 2024 investor conference via public webcast on April 18, 2024 at 9:00 a.m. ET.

To register, please use the following link:

https://event.webcasts.com/viewer/event.jsp?ei=1662836&tp_key=79511c5e2b. For those unable to listen to the

 

 

Blackstone

345 Park Avenue, New York, NY 10154

T 212 583 5000

www.blackstone.com

 
 

 

 


 

live 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 deliver compelling returns for institutional

and individual investors by strengthening the companies in which we invest. Our more than $1 trillion in assets

under management include global investment strategies focused on real estate, private equity, infrastructure, life

sciences, growth equity, credit, real assets, secondaries and hedge funds. 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, 2023, as such factors may be updated from time to time in our periodic

filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s

website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction

with the other cautionary statements that are included in this report and in our other periodic filings. The forward-

looking statements speak only as of the date of this report, and we undertake no obligation to publicly update or

review any forward-looking statement, whether as a result of new information, future developments or otherwise.

 
 

 

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 First

Quarter 2024 Earnings

APRIL 18, 2024

 

 

 


 

BLACKSTONE’S FIRST QUARTER 2024 GAAP RESULTS

 

 

§

  GAAP Net Income was $1.6 billion for the quarter and $3.8 billion over the last twelve months (“LTM”). GAAP Net Income Attributable to Blackstone Inc. was $847 million for the quarter and $2.2 billion over the LTM.

 

 

 

   
 ($ in thousands, except per share data) (unaudited) 1Q’23 1Q’24    1Q’23 LTM 1Q’24 LTM
   

Revenues

   

Management and Advisory Fees, Net

 $ 1,658,315  $          1,727,148  $          6,485,694   $          6,740,093
   

Incentive Fees

  142,876   179,341   563,514   731,636
   

Performance Allocations

  (112,318 )   1,098,460   (1,225,170 )   1,742,951
   

Principal Investments

  (383,359 )   540,220   (1,455,946 )   624,248
   

Interest and Dividend Revenue

  90,485   97,839   307,612   523,851
   

Other

  (14,154 )   44,820   97,534   (33,955 )
   

Total Revenues

 $ 1,381,845  $ 3,687,828  $ 4,773,238  $ 10,328,824
   

Expenses

   

Compensation and Benefits

  763,111   1,308,304   2,408,156   3,858,163
   

General, Administrative and Other

           273,394   369,950   1,125,391   1,213,861
   

Interest Expense

  104,441   108,203   354,919   435,630
   

Fund Expenses

  48,399   3,950   76,882   74,538
   

Total Expenses

 $ 1,189,345  $ 1,790,407  $ 3,965,348  $ 5,582,192
   

Other Income (Loss)

 $ 65,856  $ (17,767 )  $ (68,640 )  $ (167,620 )
   

Income Before Provision for Taxes

 $ 258,356  $ 1,879,654  $ 739,250  $ 4,579,012
   

Provision for Taxes

  47,675   283,671   37,274   749,457
   

Net Income

 $ 210,681  $ 1,595,983  $ 701,976  $ 3,829,555
   

Redeemable NCI in Consolidated Entities

  (6,700 )   (39,669 )   (154,642 )   (278,487 )
   

Non-Redeemable NCI in Consolidated Entities

  131,569   788,266   240,049   1,955,588
   

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

 $ 85,812  $ 847,386  $ 616,569  $ 2,152,454
   

Net Income Per Share of Common Stock, Basic

 $ 0.12  $ 1.12  $ 0.83  $ 2.84
   

Net Income Per Share of Common Stock, Diluted

 $ 0.11  $ 1.11  $ 0.83  $ 2.84
 
   

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 FIRST QUARTER 2024 HIGHLIGHTS

 

 

Financial Measures   

 

 

§   Fee Related Earnings (“FRE”) of $1.2 billion ($0.95/share) in the quarter

 

–  FRE was $4.5 billion over the LTM ($3.67/share)

 

§   Distributable Earnings (“DE”) of $1.3 billion ($0.98/share) in the quarter

 

–  DE was $5.1 billion over the LTM ($3.96/share)

 

§   Net Accrued Performance Revenues of $6.1 billion ($5.00/share)

 

  
Capital Metrics   

 

 

§   Total Assets Under Management (“AUM”) of $1,061.3 billion

 

–  Fee-Earning AUM of $781.4 billion

 

–  Perpetual Capital AUM of $408.1 billion

 

§   Inflows of $34.0 billion in the quarter and $142.2 billion over the LTM

 

§   Deployment of $24.5 billion in the quarter and $87.5 billion over the LTM

 

§   Realizations of $15.0 billion in the quarter and $62.8 billion over the LTM

 

  

Capital Returned

to Shareholders

  

 

 

§   Dividend of $0.83 per common share payable on May 6, 2024

 

–  Dividends of $3.36 per common share over the LTM

 

§   Repurchased 0.7 million common shares in the quarter and 3.4 million common shares over the LTM

 

§   $1.2 billion to be distributed to shareholders with respect to the first quarter and $4.7 billion over the LTM through dividends and share repurchases

 

 
   
    

 

Blackstone | 2

 


 

BLACKSTONE’S FIRST QUARTER 2024 SEGMENT EARNINGS

 

 

   
     

 % Change  

   

 % Change

   
 ($ in thousands, except per share data) 1Q’23 1Q’24  vs. 1Q’23   1Q’23 LTM 1Q’24 LTM  vs. 1Q’23 LTM 
   

Management and Advisory Fees, Net

$

1,652,387

 $

1,707,571

 

3%

  

$

6,461,965

 $

6,718,428

4%

   

Fee Related Performance Revenues

 

148,244

 

295,501

 

99%

 

 

1,039,676

 

1,005,784

(3)%

   

Fee Related Compensation

 

(508,971

)

 

(554,077

)

 

9%

 

 

(2,169,275

)

 

(2,133,216

)

(2)%

   

Other Operating Expenses

 

(251,648

)

 

(288,978

)

 

15%

 

 

(1,026,573

)

 

(1,121,663

)

9%

   

Fee Related Earnings

$

1,040,012

 $

1,160,017

 

12%

 

$

4,305,793

 $

4,469,333

4%

   

Realized Performance Revenues

 

641,526

 

536,393

 

(16)%

 

 

3,790,054

 

1,955,969

(48)%

   

Realized Performance Compensation

 

(296,024

)

 

(253,024

) 

 

(15)%

 

 

(1,591,001

) 

 

(853,017

) 

(46)%

   

Realized Principal Investment Income

 

43,691

 

9,938

 

(77)%

 

 

282,852

 

77,179

(73)%

   

Net Realizations

 

389,193

 

293,307

 

(25)%

 

 

2,481,905

 

1,180,131

(52)%

   

Total Segment Distributable Earnings

$

1,429,205

 $

1,453,324

 

2%

 

$

6,787,698

 $

5,649,464

(17)%

   

Distributable Earnings

$

1,249,092

 $

1,266,378

 

1%

 

$

5,943,992

 $

5,078,241

(15)%

   

Additional Metrics:

   

Net Income Per Share of Common Stock, Basic

$

0.12

 $

1.12

 

833%

 

$

0.83

 $

2.84

242%

   

FRE per Share

$

0.86

 $

0.95

 

10%

 

$

3.56

 $

3.67

3%

   

DE per Common Share

$

0.97

 $

0.98

 

1%

 

$

4.59

 $

3.96

(14)%

   

Total Segment Revenues

$

2,485,848

 $

2,549,403

 

3%

 

$

11,574,547

 $

9,757,360

(16)%

   

Total Assets Under Management

$

 991,293,596

 $

 1,061,262,748

 

7%

 

$

991,293,596

 $

 1,061,262,748

7%

   

Fee-Earning Assets Under Management

$

731,973,409

 $

781,397,555

 

7%

 

$

 731,973,409

 $

781,397,555

7%

 
   

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. LTM 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

 

 

§

  Appreciation across strategies led to higher Net Accrued Performance Revenues quarter-over-quarter of $6.1 billion ($5.00/share).

 

 

 

 

Investment Performance

(appreciation / gross returns)

 

     1Q’24      1Q’24 LTM      

Real Estate

        

Opportunistic

     0.3%         (5.6)%     

Core+

     1.2%         (1.5)%     
        

Private Equity

        

Corporate Private Equity

     3.4%         12.7%     

Tactical Opportunities

     2.1%         6.8%     

Secondaries

     2.2%         3.4%     

Infrastructure

     4.8%         18.9%     
        

Credit & Insurance

        

Private Credit

     4.1%         17.2%     

Liquid Credit

     2.5%         12.4%     
        

Multi-Asset Investing

        

Absolute Return Composite

     4.6%         11.7%     

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 Multi-Asset Investing.

Private Credit net returns were 3.1% and 12.6% for 1Q’24 and 1Q’24 LTM, respectively. Liquid Credit net returns were 2.3% and 11.8% for 1Q’24 and 1Q’24 LTM,

respectively. Absolute Return Composite net returns were 4.3% and 10.7% for 1Q’24 and 1Q’24 LTM, respectively. See notes on page 34 for additional details on

investment performance. Effective 1Q’24, the Hedge Fund Solutions segment was renamed “Multi-Asset Investing” (“BXMA”) and the BPS Composite was renamed

“Absolute Return Composite”.

 

 

Blackstone | 4

 


 

CAPITAL METRICS – ADDITIONAL DETAIL

 

 

§   Inflows were $34.0 billion in the quarter, bringing LTM inflows to $142.2 billion.

 

§   Deployed $24.5 billion in the quarter and $87.5 billion over the LTM.

 

    Committed an additional $11.0 billion that was not yet deployed in the quarter.

 

§   Realizations were $15.0 billion in the quarter and $62.8 billion over the LTM.

 

 

 

     Inflows        Capital Deployed        Realizations
 ($ in millions)    1Q’24   1Q’24 LTM        1Q’24   1Q’24 LTM        1Q’24   1Q’24 LTM

Real Estate

  

$

8,089

  

 

$

44,966

  

    

$

4,797

  

 

$

17,795

  

    

$

3,847

  

 

$

18,168

  

Opportunistic

  

 

2,321

 

 

 

9,062

 

    

 

819

 

 

 

6,807

 

    

 

470

 

 

 

3,271

 

Core+

  

 

2,208

 

 

 

11,289

 

    

 

1,420

 

 

 

3,440

 

    

 

2,166

 

 

 

10,955

 

BREDS

  

 

3,560

 

 

 

24,615

 

    

 

2,558

 

 

 

7,547

 

    

 

1,211

 

 

 

3,941

 

Private Equity

  

 

7,360

 

 

 

26,601

 

    

 

7,341

 

 

 

28,250

 

    

 

5,219

 

 

 

19,826

 

Corporate Private Equity

  

 

3,394

 

 

 

12,332

 

    

 

3,418

 

 

 

12,939

 

    

 

2,508

 

 

 

11,158

 

Tactical Opportunities

  

 

1,130

 

 

 

4,800

 

    

 

1,523

 

 

 

3,783

 

    

 

1,484

 

 

 

3,086

 

Secondaries

  

 

1,108

 

 

 

6,043

 

    

 

2,080

 

 

 

6,483

 

    

 

1,122

 

 

 

4,861

 

Infrastructure

  

 

1,729

 

 

 

3,426

 

    

 

319

 

 

 

5,046

 

    

 

104

 

 

 

721

 

Credit & Insurance

  

 

17,194

 

 

 

63,103

 

    

 

11,956

 

 

 

38,135

 

    

 

5,543

 

 

 

21,335

 

                  

Multi-Asset Investing

  

 

1,398

 

 

 

7,530

 

    

 

433

 

 

 

3,315

 

    

 

436

 

 

 

3,455

 

                  

Total Blackstone

  

$

   34,042

 

 

$

   142,200

 

    

$

   24,526

 

 

$

   87,495

 

    

$

   15,045

 

 

$

   62,784

 

 

   
Corporate Private Equity also includes Life Sciences, Blackstone Growth (effective 1Q’24 with prior periods recast), BTAS, and BXPE. AUM and related capital metrics are reported in the segment where the assets are managed. See note on page 34 for additional details on segment organizational updates.  

 

Blackstone | 5

 

 


 

ASSETS UNDER MANAGEMENT

 

 

§

  Total AUM increased to $1,061.3 billion, up 7% year-over-year, with $34.0 billion of inflows in the quarter and $142.2 billion over the LTM.

 

§

  Fee-Earning AUM of $781.4 billion was up 7% year-over-year, with $29.0 billion of inflows in the quarter and $116.4 billion over the LTM.

 

§

  Perpetual Capital AUM reached $408.1 billion, up 7% year-over-year.

 

    Fee-Earning Perpetual Capital AUM increased to $351.7 billion, representing 45% of Fee-Earning AUM.

 

 

 

LOGO

 
   
    

 

Blackstone | 6

 


 

ADDITIONAL CAPITAL DETAIL

 

 

§

  Invested Performance Eligible AUM reached $515.4 billion at quarter end.

 

§

  Undrawn capital (“Total Dry Powder”) available for investment of $191.2 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

 

 

§

  1Q’24 Total Segment Distributable Earnings were $1.5 billion.

 

§

  LTM Total Segment Distributable Earnings were $5.6 billion.

 

 

 

Segment Distributable Earnings

 

($ in millions)

 

LOGO

  

 

LOGO

 
   
    

 

Blackstone | 9

 


 

REAL ESTATE

 

 

§   Total AUM: Increased 2% to $339.3 billion with inflows of $8.1 billion in the quarter and $45.0 billion over the LTM.  
    Inflows in the quarter included $2.5 billion in BREDS Insurance SMAs, $2.2 billion in the seventh European opportunistic fund, $807 million of capital raised in BREIT, and $606 million in the fifth real estate debt strategies fund.  

 

§   Capital Deployed: $4.8 billion in the quarter and $17.8 billion over the LTM.  
    Committed an additional $2.9 billion in the quarter, including the privatization of Tricon Residential by BREP and BREIT.  
    Subsequent to quarter end, BREP committed to the privatization of Apartment Income REIT Corp.  

 

§   Realizations: $3.8 billion in the quarter and $18.2 billion over the LTM.  
    Realizations in the quarter included the sale by BREIT of its remaining interest in Phoenix Tower International, the sale of Arc Place Korean Office by BPP, and the sale of U.S. industrial assets across BREP and Core+.  

 

§   Appreciation: Opportunistic funds appreciated 0.3% in the quarter and declined (5.6)% over the LTM; Core+ funds appreciated 1.2% in the quarter and declined (1.5)% over the LTM.  

 

 

 

   
        % Change      % Change
   
 ($ in thousands) 1Q’23 1Q’24   vs. 1Q’23  1Q’23 LTM 1Q’24 LTM  vs. 1Q’23 LTM
   

Management Fees, Net

$

715,491

 $

720,439

1%

 $

2,718,845

 $

2,848,306

5%

   

Fee Related Performance Revenues

 

20,748

 

129,958

526%

 

604,655

 

403,450

(33)%

   

Fee Related Compensation

 

(137,610

) 

 

(174,569

) 

27%

 

(831,893

) 

 

(712,839

) 

(14)%

   

Other Operating Expenses

 

(74,181

) 

 

(89,762

) 

21%

 

(323,509

) 

 

(340,631

) 

5%

   

Fee Related Earnings

$

524,448

 $

586,066

12%

 $

2,168,098

 $

2,198,286

1%

   

Realized Performance Revenues

 

11,096

 

49,967

350%

 

2,193,893

 

283,229

(87)%

   

Realized Performance Compensation

 

(3,165

) 

 

(21,863

) 

591%

 

(881,179

) 

 

(141,997

) 

(84)%

   

Realized Principal Investment Income

 

2,224

 

2,193

(1)%

 

99,039

 

7,597

(92)%

   

Net Realizations

 

10,155

 

30,297

198%

 

1,411,753

 

148,829

(89)%

   

Segment Distributable Earnings

$

534,603

 $

616,363

15%

 $

3,579,851

 $

2,347,115

(34)%

   

Segment Revenues

$

749,559

 $

902,557

20%

 $

5,616,432

 $

3,542,582

(37)%

   

Total AUM

$

331,797,338

 $

339,332,420

2%

 $

 331,797,338

 $

339,332,420

2%

   

Fee-Earning AUM

$

 287,497,306

 $

 301,583,557

5%

 $

 287,497,306

 $

 301,583,557

5%

 
   
    

 

Blackstone | 10

 


 

PRIVATE EQUITY

 

 

§   Total AUM: Increased 8% to $310.0 billion with inflows of $7.4 billion in the quarter and $26.6 billion over the LTM.  
    Inflows in the quarter included $1.7 billion in Infrastructure and $1.4 billion for the ninth flagship private equity fund.  
    $2.7 billion of capital raised in Blackstone Private Equity Strategies Fund Program (“BXPE”), including amounts allocated to other segments.  

 

§   Capital Deployed: $7.3 billion in the quarter, including Rover and 7 Brew, and $28.3 billion over the LTM.  
    Committed an additional $2.8 billion in the quarter, including Life Sciences’ transaction with Moderna, Inc.  

 

§   Realizations: $5.2 billion in the quarter, including in Refinitiv, Phoenix Tower International, and Beacon Offshore Energy, and $19.8 billion over the LTM.  

 

§   Appreciation: Corporate Private Equity appreciated 3.4% in the quarter and 12.7% over the LTM.  
    Tactical Opportunities appreciated 2.1% in the quarter and 6.8% over the LTM; Secondaries appreciated 2.2% in the quarter and 3.4% over the LTM; Infrastructure appreciated 4.8% in the quarter and 18.9% over the LTM.  

 

 

 

   
        % Change      % Change
   
 ($ in thousands) 1Q’23 1Q’24   vs. 1Q’23  1Q’23 LTM 1Q’24 LTM  vs. 1Q’23 LTM
   

Management and Advisory Fees, Net

$

465,084

 $

476,165

2%

 $

1,886,833

 $

1,919,445

2%

   

Fee Related Compensation

 

(161,626

) 

 

(157,392

) 

(3)%

 

(585,770

) 

 

(591,435

) 

1%

   

Other Operating Expenses

 

(76,763

) 

 

(86,879

) 

13%

 

(313,196

) 

 

(326,857

) 

4%

   

Fee Related Earnings

$

226,695

 $

231,894

2%

 $

987,867

 $

1,001,153

1%

   

Realized Performance Revenues

 

499,322

 

446,455

(11)%

 

1,240,112

 

1,215,616

(2)%

   

Realized Performance Compensation

 

(232,934

) 

 

(218,938

) 

(6)%

 

(570,460

) 

 

(544,649

) 

(5)%

   

Realized Principal Investment Income

 

32,889

 

22,208

(32)%

 

107,218

 

56,452

(47)%

   

Net Realizations

 

299,277

 

249,725

(17)%

 

776,870

 

727,419

(6)%

   

Segment Distributable Earnings

$

525,972

 $

481,619

(8)%

 $

1,764,737

 $

1,728,572

(2)%

   

Segment Revenues

$

997,295

 $

944,828

(5)%

 $

3,234,163

 $

3,191,513

(1)%

   

Total AUM

$

287,048,441

 $

309,999,029

8%

 $

287,048,441

 $

309,999,029

8%

   

Fee-Earning AUM

$

 165,343,505

 $

 170,604,390

3%

 $

 165,343,505

 $

 170,604,390

3%

 
   
    

 

Blackstone | 11

 


 

CREDIT & INSURANCE

 

 

§   Total AUM: Increased 13% to $329.6 billion with inflows of $17.2 billion in the quarter and $63.1 billion over the LTM.  
    Inflows in the quarter included $7.3 billion for the global direct lending strategy, inclusive of $2.9 billion of equity raised for BCRED, and $5.3 billion for the infrastructure and asset based credit strategies.  
    Closed 3 new U.S. CLOs for $1.4 billion.  

 

§   Capital Deployed: $12.0 billion in the quarter and $38.1 billion over the LTM driven by U.S. direct lending as well as infrastructure and asset based credit strategies.  
    Committed an additional $5.3 billion that was not yet deployed in the quarter.  

 

§   Realizations: $5.5 billion in the quarter and $21.3 billion over the LTM.  

 

§   Returns: Private Credit gross return of 4.1% (3.1% net) and Liquid Credit gross return of 2.5% (2.3% net) in the quarter.  
    Private Credit gross return of 17.2% (12.6% net) and Liquid Credit gross return of 12.4% (11.8% net) over the LTM.  

 

 

 

   
        % Change      % Change
   
 ($ in thousands) 1Q’23 1Q’24   vs. 1Q’23  1Q’23 LTM 1Q’24 LTM  vs. 1Q’23 LTM
   

Management Fees, Net

$

334,129

 $

379,896

14%

 $

1,293,808

 $

1,421,828

10%

   

Fee Related Performance Revenues

 

127,496

 

165,543

30%

 

435,021

 

602,334

38%

   

Fee Related Compensation

 

(163,999

) 

 

(181,337

) 

11%

 

(566,439

) 

 

(657,528

) 

16%

   

Other Operating Expenses

 

(74,238

) 

 

(85,530

) 

15%

 

(281,252

) 

 

(339,026

) 

21%

   

Fee Related Earnings

$

223,388

 $

278,572

25%

 $

881,138

 $

1,027,608

17%

   

Realized Performance Revenues

 

125,181

 

15,120

(88)%

 

241,851

 

207,699

(14)%

   

Realized Performance Compensation

 

(56,772

) 

 

(5,445

) 

(90)%

 

(107,232

) 

 

(89,163

) 

(17)%

   

Realized Principal Investment Income

 

6,009

 

3,597

(40)%

 

64,221

 

19,485

(70)%

   

Net Realizations

 

74,418

 

13,272

(82)%

 

198,840

 

138,021

(31)%

   

Segment Distributable Earnings

$

297,806

 $

291,844

(2)%

 $

1,079,978

 $

1,165,629

8%

   

Segment Revenues

$

592,815

 $

564,156

(5)%

 $

2,034,901

 $

2,251,346

11%

   

Total AUM

$

291,268,846

 $

329,636,429

13%

 $

291,268,846

 $

329,636,429

13%

   

Fee-Earning AUM

$

 206,622,922

 $

 235,826,905

14%

 $

 206,622,922

 $

 235,826,905

14%

 
   
See note on page 34 for additional details on infrastructure and asset based credit strategies.  

 

Blackstone | 12

 


 

MULTI-ASSET INVESTING

 

 

§   Total AUM: Increased 1% to $82.3 billion with inflows of $1.4 billion in the quarter and $7.5 billion over the LTM.  

 

§   Returns: Absolute Return Composite gross return of 4.6% in the quarter (4.3% net), outperforming the HFRX Global Hedge Fund Index, which was 2.5%.  
    Absolute Return benefited from performance across strategies, including quantitative, equities, macro, and credit during the quarter.  
    Gross returns of 11.7% over the LTM (10.7% net), with significantly less volatility than the broader markets, compared to 5.7% return for the HFRX Global Hedge Fund Index.  

 

 

 

 

   
        % Change      % Change
   
 ($ in thousands) 1Q’23 1Q’24   vs. 1Q’23  1Q’23 LTM 1Q’24 LTM  vs. 1Q’23 LTM
   

Management Fees, Net

$

137,683

 $

131,071

(5)%

 $

562,479

 $

528,849

(6)%

   

Fee Related Compensation

 

(45,736

) 

 

(40,779

) 

(11)%

 

(185,173

) 

 

(171,414

) 

(7)%

   

Other Operating Expenses

 

(26,466

) 

 

(26,807

) 

1%

 

(108,616

) 

 

(115,149

) 

6%

   

Fee Related Earnings

$

65,481

 $

63,485

(3)%

 $

268,690

 $

242,286

(10)%

   

Realized Performance Revenues

 

5,927

 

24,851

319%

 

114,198

 

249,425

118%

   

Realized Performance Compensation

 

(3,153

) 

 

(6,778

) 

115%

 

(32,130

) 

 

(77,208

) 

140%

   

Realized Principal Investment Income (Loss)

 

2,569

 

(18,060

) 

n/m

 

12,374

 

(6,355

) 

n/m

   

Net Realizations

 

5,343

 

13

(100)%

 

94,442

 

165,862

76%

   

Segment Distributable Earnings

$

70,824

 $

63,498

(10)%

 $

363,132

 $

408,148

12%

   

Segment Revenues

$

146,179

 $

137,862

(6)%

 $

689,051

 $

771,919

12%

   

Total AUM

$

81,178,971

 $

82,294,870

1%

 $

81,178,971

 $

82,294,870

1%

   

Fee-Earning AUM

$

  72,509,676

 $

  73,382,703

1%

 $

  72,509,676

 $

  73,382,703

1%

 
   
    

 

Blackstone | 13

 


 

Supplemental Details

 
    

 

Blackstone | 14

 


 

TOTAL SEGMENTS

 

 

   
 ($ in thousands) 1Q’23 2Q’23 3Q’23 4Q’23 1Q’24 1Q’23 LTM 1Q’24 LTM
   

Base Management Fees

$ 1,619,547  $ 1,620,609  $ 1,619,743  $ 1,605,948  $ 1,644,730  $ 6,225,436  $ 6,491,030
   

Transaction, Advisory and Other Fees, Net

  45,710   92,735   44,611   52,836   66,938   291,818   257,120
   

Management Fee Offsets

  (12,870 )   (10,158 )   (10,514 )   (4,953 )    (4,097 )    (55,289 )    (29,722 ) 
   

Total Management and Advisory Fees, Net

  1,652,387   1,703,186   1,653,840   1,653,831   1,707,571   6,461,965   6,718,428
   

Fee Related Performance Revenues

  148,244   266,738   274,551   168,994   295,501   1,039,676   1,005,784
   

Fee Related Compensation

  (508,971 )   (568,808 )   (539,923 )   (470,408 )    (554,077 )    (2,169,275 )    (2,133,216 ) 
   

Other Operating Expenses

  (251,648 )   (257,366 )   (264,445 )   (310,874 )    (288,978 )    (1,026,573 )    (1,121,663 ) 
   

Fee Related Earnings

$ 1,040,012  $ 1,143,750  $ 1,124,023  $ 1,041,543  $ 1,160,017  $ 4,305,793  $ 4,469,333
   

   

Realized Performance Revenues

  641,526   388,423   337,940   693,213   536,393   3,790,054   1,955,969
   

Realized Performance Compensation

  (296,024 )   (178,370 )   (133,995 )   (287,628 )    (253,024 )    (1,591,001 )    (853,017 ) 
   

Realized Principal Investment Income (Loss)

  43,691   (7,461 )   55,500   19,202   9,938   282,852   77,179
             

Total Net Realizations

$ 389,193  $ 202,592  $ 259,445  $ 424,787  $ 293,307  $ 2,481,905  $ 1,180,131
   

Total Segment Distributable Earnings

$ 1,429,205  $ 1,346,342  $ 1,383,468  $ 1,466,330  $ 1,453,324  $ 6,787,698  $ 5,649,464
   

   

Distributable Earnings

$ 1,249,092  $ 1,212,072  $ 1,211,611  $ 1,388,180  $ 1,266,378  $ 5,943,992  $ 5,078,241
   

   

Additional Metrics:

   

Total Segment Revenues

$ 2,485,848  $ 2,350,886  $ 2,321,831  $ 2,535,240  $ 2,549,403  $ 11,574,547  $ 9,757,360
   

Total Assets Under Management

$ 991,293,596  $   1,001,355,959  $   1,007,353,458  $   1,040,192,447  $   1,061,262,748  $   991,293,596  $   1,061,262,748
   

Fee-Earning Assets Under Management

$   731,973,409  $ 731,145,065  $ 734,541,603  $ 762,607,902  $   781,397,555  $ 731,973,409  $ 781,397,555
 
   
    

 

Blackstone | 15

 


 

ASSETS UNDER MANAGEMENT – ROLLFORWARD

 

Total AUM Rollforward

($ in millions)

   
  Three Months Ended March 31, 2024 Twelve Months Ended March 31, 2024
                       
   
 

Real

 

 Estate 

 Private 

 

Equity

Credit &

 

 Insurance 

 Multi-Asset 

 

Investing

 Total   

Real

 

 Estate 

 Private 

 

Equity

Credit &

 

 Insurance 

 Multi-Asset 

 

Investing

 Total 

Beginning Balance

$

336,940

$

304,038

$

318,916

$

80,298

 $

1,040,192

 $

331,797

$

287,048

$

291,269

$

81,179

 $

 991,294

Inflows

 

8,089

 

7,360

 

17,194

 

1,398

 

34,042

 

44,966

 

26,601

 

63,103

 

7,530

 

142,200

Outflows

 

(3,233

)

 

(1,805

)

 

(4,350

)

 

(1,694

) 

 

(11,082

) 

 

(14,847

)

 

(4,258

)

 

(16,813

)

 

(10,068

) 

 

(45,985

)

Net Flows

 

4,856

 

5,555

 

12,845

 

(296

) 

 

22,959

 

30,119

 

22,343

 

46,290

 

(2,538

) 

 

96,215

Realizations

 

(3,847

)

 

(5,219

)

 

(5,543

)

 

(436

) 

 

(15,045

) 

 

(18,168

)

 

(19,826

)

 

(21,335

)

 

(3,455

) 

 

(62,784

)

Market Activity

 

1,383

 

5,625

 

3,420

 

2,728

 

13,156

 

(4,416

)

 

20,434

 

13,413

 

7,108

 

36,538

Ending Balance

$

 339,332

$

 309,999

$

 329,636

$

 82,295

 $

 1,061,263

 $

 339,332

$

 309,999

$

 329,636

$

 82,295

 $

 1,061,263

% Change

 

1%

 

 

2%

 

 

3%

 

 

2%

 

 

2%

 

 

2%

 

 

8%

 

 

13%

 

 

1%

 

 

7%

 

 

 

Fee-Earning AUM Rollforward

($ in millions)

   
  Three Months Ended March 31, 2024 Twelve Months Ended March 31, 2024
                       
   
 

Real

 

 Estate 

 Private 

 

Equity

Credit &

 

 Insurance 

 Multi-Asset 

 

Investing

 Total   

Real

 

 Estate 

 Private 

 

Equity

Credit &

 

 Insurance 

 Multi-Asset 

 

Investing

 Total 

Beginning Balance

$

298,889

$

168,621

$

223,844

$

71,254

 $

762,608

 $

287,497

$

165,344

$

206,623

$

 72,510

 $

731,973

Inflows

 

9,026

 

2,277

 

16,428

 

1,315

 

29,046

 

53,715

 

8,852

 

47,064

 

6,800

 

116,431

Outflows

 

(3,175

)

 

(218

)

 

(2,120

)

 

(1,287

) 

 

(6,800

) 

 

(17,610

)

 

(811

)

 

(11,788

)

 

(9,327

) 

 

(39,535

)

Net Flows

 

5,852

 

2,060

 

14,307

 

28

 

22,246

 

36,105

 

8,041

 

35,277

 

(2,527

) 

 

76,896

Realizations

 

(4,104

)

 

(1,455

)

 

(4,039

)

 

(385

) 

 

(9,982

) 

 

(19,876

)

 

(7,205

)

 

(14,262

)

 

(3,246

) 

 

(44,589

)

Market Activity

 

946

 

1,379

 

1,714

 

2,486

 

6,526

 

(2,143

)

 

4,425

 

8,189

 

6,647

 

17,118

Ending Balance

$

 301,584

$

 170,604

$

 235,827

$

 73,383

 $

   781,398

 $

 301,584

$

 170,604

$

 235,827

$

 73,383

 $

   781,398

% Change

 

1%

 

 

1%

 

 

5%

 

 

3%

 

 

2%

 

 

5%

 

 

3%

 

 

14%

 

 

1%

 

 

7%

 

 
   

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 March 31, 2024, Blackstone had $8.4 billion in total cash, cash equivalents, corporate treasury, and other investments and $17.3 billion of cash and net investments, or $14.21 per share.

 

§

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

 

 

 

 

 

($ in millions)

  1Q’24  
 

Cash and Cash Equivalents

  $      2,504  
 

Corporate Treasury and
Other Investments

   

 

5,906

 

 

 

 

GP/Fund Investments

    2,793  
 

Net Accrued Performance
Revenues

   

 

6,084

 

 

 

 

Cash and Net Investments

  $   17,287  
 

Outstanding Debt (at par)

    10,698  

 

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 $5.0 billion as of March 31, 2024, which was comprised of $4.6 billion of liquid investments and $353 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)   1Q’23     4Q’23     1Q’24     1Q’24  
   Per Share   

Real Estate

         

BREP IV

 

$

6

 

 

$

2

 

 

$

4

 

 

$

0.00

 

BREP V

 

 

4

 

 

 

4

 

 

 

4

 

 

 

0.00

 

BREP VI

 

 

19

 

 

 

1

 

 

 

2

 

 

 

0.00

 

BREP VII

 

 

86

 

 

 

- 

 

 

 

- 

 

 

 

- 

 

BREP VIII

 

 

717

 

 

 

572

 

 

 

585

 

 

 

0.48

 

BREP IX

 

 

1,015

 

 

 

744

 

 

 

730

 

 

 

0.60

 

BREP Europe IV

 

 

43

 

 

 

5

 

 

 

3

 

 

 

0.00

 

BREP Europe V

 

 

28

 

 

 

- 

 

 

 

- 

 

 

 

- 

 

BREP Europe VI

 

 

68

 

 

 

104

 

 

 

113

 

 

 

0.09

 

BREP Asia I

 

 

104

 

 

 

92

 

 

 

89

 

 

 

0.07

 

BREP Asia II

 

 

37

 

 

 

- 

 

 

 

- 

 

 

 

- 

 

BPP

 

 

518

 

 

 

129

 

 

 

73

 

 

 

0.06

 

BREDS

 

 

6

 

 

 

32

 

 

 

30

 

 

 

0.02

 

BTAS

 

 

22

 

 

 

2

 

 

 

- 

 

 

 

- 

 

Real Estate

 

$

2,672

 

 

$

1,687

 

 

$

1,632

 

 

$

1.34

 

Private Equity

         

BCP IV

 

 

6

 

 

 

- 

 

 

 

- 

 

 

 

- 

 

BCP V

 

 

31

 

 

 

17

 

 

 

14

 

 

 

0.01

 

BCP VI

 

 

407

 

 

 

340

 

 

 

335

 

 

 

0.28

 

BCP VII

 

 

854

 

 

 

839

 

 

 

845

 

 

 

0.69

 

BCP VIII

 

 

276

 

 

 

366

 

 

 

398

 

 

 

0.33

 

BCP Asia I

 

 

95

 

 

 

149

 

 

 

140

 

 

 

0.11

 

BCP Asia II

 

 

- 

 

 

 

32

 

 

 

40

 

 

 

0.03

 

BEP I

 

 

26

 

 

 

25

 

 

 

29

 

 

 

0.02

 

BEP II

 

 

2

 

 

 

78

 

 

 

138

 

 

 

0.11

 

BEP III

 

 

158

 

 

 

203

 

 

 

227

 

 

 

0.19

 

BCEP

 

 

213

 

 

 

234

 

 

 

230

 

 

 

0.19

 

Tactical Opportunities

 

 

223

 

 

 

229

 

 

 

158

 

 

 

0.13

 

Secondaries

 

 

511

 

 

 

478

 

 

 

501

 

 

 

0.41

 

Infrastructure

 

 

158

 

 

 

333

 

 

 

389

 

 

 

0.32

 

Life Sciences

 

 

29

 

 

 

82

 

 

 

85

 

 

 

0.07

 

BTAS/BXPE

 

 

172

 

 

 

173

 

 

 

187

 

 

 

0.15

 

Private Equity

 

$

3,161

 

 

$

3,581

 

 

$

3,717

 

 

$

3.05

 

         

Credit & Insurance

 

$

239

 

 

$

286

 

 

$

355

 

 

$

0.29

 

         

Multi-Asset Investing

 

$

300

 

 

$

281

 

 

$

380

 

 

$

0.31

 

         

Net Accrued Performance Revenues

 

$

   6,372

 

 

$

   5,835

 

 

$

   6,084

 

 

$

   5.00

 

             

 1Q’24 QoQ Rollforward

 ($ in millions)

 

    Net Net  
     Performance  Realized  
  4Q’23  Revenues  Distributions  1Q’24
 

Real Estate

$ 1,687  $ 101  $ (156 )  $ 1,632
 

Private Equity

  3,581   364   (228 )   3,717

Credit &
Insurance

  286   175   (106 )   355

Multi-Asset
Investing

  281   117   (18 )   380
 

Total

$  5,835  $   757  $   (508  $  6,084
 

QoQ Change

  4%  

 1Q’24 LTM Rollforward

 ($ in millions)

 

    Net  Net   
     Performance   Realized   
  1Q’23  Revenues  Distributions  1Q’24
 

Real Estate

 $ 2,672  $ (527 )  $ (513 )  $ 1,632
 

Private Equity

  3,161   1,226   (671 )   3,717

Credit &
Insurance

  239   590   (473 )   355

Multi-Asset
Investing

  300   252   (172 )   380
 

Total

 $  6,372  $   1,542  $   (1,830  $  6,084
 

YoY Change

  (5)%  
 
   

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 MARCH 31, 2024(a)

 

 

 

 ($/ in thousands, except where noted)

 

 Fund (Investment Period Beginning Date / Ending Date)

 

  

 

Committed

Capital

    

 

Available

Capital (b)

    

 

Unrealized Investments

  

 

Realized Investments

  

 

Total Investments

  

 

Net IRRs (d)

   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

 

  

 

- 

 

  

 

3,170

 

  

n/a

  

 

4,666,129

 

  

1.7x

  

 

4,669,299

 

  

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

 

  

 

- 

 

  

 

5,324

 

  

n/a

  

 

27,760,883

 

  

2.5x

  

 

27,766,207

 

  

2.5x

  

13%

  

13%

BREP VII (Aug 2011 / Apr 2015)

  

 

13,503,329

 

  

 

1,225,034

 

  

 

1,956,790

 

  

0.6x

  

 

28,403,367

 

  

2.3x

  

 

30,360,157

 

  

1.9x

  

20%

  

14%

BREP VIII (Apr 2015 / Jun 2019)

  

 

16,602,804

 

  

 

2,106,760

 

  

 

12,551,757

 

  

1.5x

  

 

22,034,929

 

  

2.3x

  

 

34,586,686

 

  

2.0x

  

24%

  

14%

BREP IX (Jun 2019 / Aug 2022)

  

 

21,346,305

 

  

 

3,387,974

 

  

 

24,901,917

 

  

1.4x

  

 

8,634,759

 

  

2.2x

  

 

33,536,676

 

  

1.5x

  

59%

  

15%

*BREP X (Aug 2022 / Feb 2028)

  

 

30,480,299

 

  

 

28,079,177

 

  

 

2,795,029

 

  

1.2x

  

 

- 

 

  

n/a

  

 

2,795,029

 

  

1.2x

  

n/m

  

n/m

Total Global BREP

  

$

 103,973,440

 

  

$

 34,798,945

 

  

$

 42,220,213

 

  

1.3x

  

$

 112,498,433

 

  

2.3x

  

$

 154,718,646

 

  

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

 

  

 

395,780

 

  

 

156,697

 

  

0.3x

  

 

5,856,192

 

  

2.4x

  

 

6,012,889

 

  

2.0x

  

18%

  

13%

BREP Europe IV (Sep 2013 / Dec 2016)

  

 

6,676,581

 

  

 

1,098,498

 

  

 

1,253,628

 

  

0.8x

  

 

10,027,832

 

  

1.9x

  

 

11,281,460

 

  

1.7x

  

19%

  

12%

BREP Europe V (Dec 2016 / Oct 2019)

  

 

7,981,358

 

  

 

1,097,156

 

  

 

4,576,200

 

  

0.9x

  

 

6,757,417

 

  

3.8x

  

 

11,333,617

 

  

1.6x

  

41%

  

9%

BREP Europe VI (Oct 2019 / Sep 2023)

  

 

9,922,660

 

  

 

3,320,479

 

  

 

8,093,104

 

  

1.2x

  

 

3,439,595

 

  

2.6x

  

 

11,532,699

 

  

1.4x

  

72%

  

15%

*BREP Europe VII (Sep 2023 / Mar 2029)

  

 

7,073,413

 

  

 

6,525,856

 

  

 

631,994

 

  

1.2x

  

 

- 

 

  

n/a

  

 

631,994

 

  

1.2x

  

n/a

  

n/a

Total BREP Europe

  

37,313,352

 

  

12,437,769

 

  

14,711,623

 

  

1.0x

  

30,037,238

 

  

2.3x

  

44,748,861

 

  

1.6x

  

17%

  

11%

BREP Asia I (Jun 2013 / Dec 2017)

  

$

4,262,075

 

  

$

898,228

 

  

$

1,614,155

 

  

1.6x

  

$

7,023,539

 

  

1.9x

  

$

8,637,694

 

  

1.9x

  

16%

  

12%

BREP Asia II (Dec 2017 / Mar 2022)

  

 

7,354,811

 

  

 

1,310,691

 

  

 

6,618,861

 

  

1.2x

  

 

1,707,204

 

  

1.9x

  

 

8,326,065

 

  

1.3x

  

31%

  

5%

*BREP Asia III (Mar 2022 / Sep 2027)

  

 

8,209,660

 

  

 

6,869,378

 

  

 

1,217,283

 

  

0.9x

  

 

- 

 

  

n/a

  

 

1,217,283

 

  

0.9x

  

n/a

  

(21)%

Total BREP Asia

  

$

19,826,546

 

  

$

9,078,297

 

  

$

9,450,299

 

  

1.2x

  

$

8,730,743

 

  

1.9x

  

$

18,181,042

 

  

1.5x

  

17%

  

8%

BREP Co-Investment (f)

  

 

7,387,496

 

  

 

101,066

 

  

 

910,970

 

  

1.9x

  

 

15,226,653

 

  

2.2x

  

 

16,137,623

 

  

2.2x

  

16%

  

16%

Total BREP

  

$

174,923,872

 

  

$

57,481,967

 

  

$

69,149,508

 

  

1.2x

  

$

173,164,628

 

  

2.3x

  

$

242,314,136

 

  

1.8x

  

17%

  

14%

*BREDS High-Yield (Various) (g)

 

  

 

 

24,667,563

 

 

 

  

 

 

8,606,485

 

 

 

  

 

 

6,016,175

 

 

 

  

1.0x

 

  

 

 

19,217,327

 

 

 

  

1.4x

 

  

 

 

25,233,502

 

 

 

  

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%