v2.4.1.9

SEGMENT REPORTING (Tables) | 3 Months Ended
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Mar. 31, 2015
Financial Data of Segments | The following table presents the financial data for Blackstone’s five segments as of and for the three months ended March 31, 2015 and 2014:
|  | March 31, 2015 and the Three Months Then Ended |
|  | Private Equity |  |  | Real Estate |  |  | Hedge Fund Solutions |  |  | Credit |  |  | Financial Advisory |  |  | Total Segments |
Segment Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Management and Advisory Fees, Net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Base Management Fees |  | $ | 108,383 |  |  | $ | 152,348 |  |  | $ | 130,637 |  |  | $ | 125,029 |  |  | $ | — |  |  | $ | 516,397 |
Advisory Fees |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 84,238 |  |  |  | 84,238 |
Transaction and Other Fees, Net |  |  | 20,359 |  |  |  | 15,216 |  |  |  | 25 |  |  |  | 1,457 |  |  |  | 16 |  |  |  | 37,073 |
Management Fee Offsets |  |  | (4,949 | ) |  |  | (4,866 | ) |  |  | (280 | ) |  |  | (7,850 | ) |  |  | — |  |  |  | (17,945 | )
Total Management and Advisory Fees, Net |  |  | 123,793 |  |  |  | 162,698 |  |  |  | 130,382 |  |  |  | 118,636 |  |  |  | 84,254 |  |  |  | 619,763 |
Performance Fees |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Realized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Carried Interest |  |  | 382,978 |  |  |  | 811,249 |  |  |  | — |  |  |  | 13,367 |  |  |  | — |  |  |  | 1,207,594 |
Incentive Fees |  |  | — |  |  |  | 723 |  |  |  | 10,516 |  |  |  | 18,431 |  |  |  | — |  |  |  | 29,670 |
Unrealized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Carried Interest |  |  | 566,822 |  |  |  | (181,019 | ) |  |  | — |  |  |  | (11,951 | ) |  |  | — |  |  |  | 373,852 |
Incentive Fees |  |  | — |  |  |  | 6,069 |  |  |  | 47,427 |  |  |  | 9,124 |  |  |  | — |  |  |  | 62,620 |
Total Performance Fees |  |  | 949,800 |  |  |  | 637,022 |  |  |  | 57,943 |  |  |  | 28,971 |  |  |  | — |  |  |  | 1,673,736 |
Investment Income (Loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Realized |  |  | 44,816 |  |  |  | 71,344 |  |  |  | (10,375 | ) |  |  | 2,237 |  |  |  | (230 | ) |  |  | 107,792 |
Unrealized |  |  | 31,487 |  |  |  | 37,510 |  |  |  | 4,483 |  |  |  | 6,887 |  |  |  | 1,482 |  |  |  | 81,849 |
Total Investment Income (Loss) |  |  | 76,303 |  |  |  | 108,854 |  |  |  | (5,892 | ) |  |  | 9,124 |  |  |  | 1,252 |  |  |  | 189,641 |
Interest and Dividend Revenue |  |  | 7,617 |  |  |  | 9,997 |  |  |  | 3,949 |  |  |  | 5,651 |  |  |  | 3,237 |  |  |  | 30,451 |
Other |  |  | (1,825 | ) |  |  | (3,977 | ) |  |  | (1,607 | ) |  |  | 3,493 |  |  |  | (956 | ) |  |  | (4,872 | )
Total Revenues |  |  | 1,155,688 |  |  |  | 914,594 |  |  |  | 184,775 |  |  |  | 165,875 |  |  |  | 87,787 |  |  |  | 2,508,719 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and Benefits Compensation |  |  | 70,089 |  |  |  | 84,834 |  |  |  | 56,104 |  |  |  | 49,877 |  |  |  | 68,934 |  |  |  | 329,838 |
Performance Fee Compensation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Realized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Carried Interest |  |  | 39,482 |  |  |  | 246,496 |  |  |  | — |  |  |  | 6,270 |  |  |  | — |  |  |  | 292,248 |
Incentive Fees |  |  | — |  |  |  | 356 |  |  |  | 3,470 |  |  |  | 8,401 |  |  |  | — |  |  |  | 12,227 |
Unrealized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Carried Interest |  |  | 178,120 |  |  |  | (98,084 | ) |  |  | — |  |  |  | (5,656 | ) |  |  | — |  |  |  | 74,380 |
Incentive Fees |  |  | — |  |  |  | 2,575 |  |  |  | 15,651 |  |  |  | 6,735 |  |  |  | — |  |  |  | 24,961 |
Total Compensation and Benefits |  |  | 287,691 |  |  |  | 236,177 |  |  |  | 75,225 |  |  |  | 65,627 |  |  |  | 68,934 |  |  |  | 733,654 |
Other Operating Expenses |  |  | 38,755 |  |  |  | 40,143 |  |  |  | 21,206 |  |  |  | 21,836 |  |  |  | 21,342 |  |  |  | 143,282 |
Total Expenses |  |  | 326,446 |  |  |  | 276,320 |  |  |  | 96,431 |  |  |  | 87,463 |  |  |  | 90,276 |  |  |  | 876,936 |
Economic Income (Loss) |  | $ | 829,242 |  |  | $ | 638,274 |  |  | $ | 88,344 |  |  | $ | 78,412 |  |  | $ | (2,489 | ) |  | $ | 1,631,783 |
Segment Assets |  | $ | 6,754,805 |  |  | $ | 7,916,836 |  |  | $ | 1,533,776 |  |  | $ | 2,563,449 |  |  | $ | 869,846 |  |  | $ | 19,638,712 |
|  | Three Months Ended March 31, 2014 |
|  | Private Equity |  |  | Real Estate |  |  | Hedge Fund Solutions |  |  | Credit |  |  | Financial Advisory |  |  | Total Segments |
Segment Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Management and Advisory Fees, Net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Base Management Fees |  | $ | 98,584 |  |  | $ | 159,336 |  |  | $ | 113,384 |  |  | $ | 105,574 |  |  | $ | — |  |  | $ | 476,878 |
Advisory Fees |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 69,963 |  |  |  | 69,963 |
Transaction and Other Fees, Net |  |  | 42,847 |  |  |  | 13,564 |  |  |  | 93 |  |  |  | 3,344 |  |  |  | 62 |  |  |  | 59,910 |
Management Fee Offsets |  |  | (1,713 | ) |  |  | (9,224 | ) |  |  | (1,455 | ) |  |  | (4,252 | ) |  |  | — |  |  |  | (16,644 | )
Total Management and Advisory Fees, Net |  |  | 139,718 |  |  |  | 163,676 |  |  |  | 112,022 |  |  |  | 104,666 |  |  |  | 70,025 |  |  |  | 590,107 |
Performance Fees |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Realized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Carried Interest |  |  | 119,805 |  |  |  | 194,658 |  |  |  | — |  |  |  | 19,160 |  |  |  | — |  |  |  | 333,623 |
Incentive Fees |  |  | — |  |  |  | (26 | ) |  |  | 39,845 |  |  |  | 14,018 |  |  |  | — |  |  |  | 53,837 |
Unrealized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Carried Interest |  |  | 167,065 |  |  |  | 140,237 |  |  |  | — |  |  |  | 22,986 |  |  |  | — |  |  |  | 330,288 |
Incentive Fees |  |  | — |  |  |  | 2,737 |  |  |  | 18,085 |  |  |  | 40,444 |  |  |  | — |  |  |  | 61,266 |
Total Performance Fees |  |  | 286,870 |  |  |  | 337,606 |  |  |  | 57,930 |  |  |  | 96,608 |  |  |  | — |  |  |  | 779,014 |
Investment Income (Loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Realized |  |  | 60,535 |  |  |  | 31,357 |  |  |  | 16,820 |  |  |  | 3,071 |  |  |  | 134 |  |  |  | 111,917 |
Unrealized |  |  | (9,033 | ) |  |  | 5,379 |  |  |  | 4,431 |  |  |  | 3,079 |  |  |  | 694 |  |  |  | 4,550 |
Total Investment Income |  |  | 51,502 |  |  |  | 36,736 |  |  |  | 21,251 |  |  |  | 6,150 |  |  |  | 828 |  |  |  | 116,467 |
Interest and Dividend Revenue |  |  | 5,228 |  |  |  | 6,110 |  |  |  | 2,661 |  |  |  | 5,861 |  |  |  | 2,502 |  |  |  | 22,362 |
Other |  |  | 864 |  |  |  | 317 |  |  |  | 122 |  |  |  | (259 | ) |  |  | (175 | ) |  |  | 869 |
Total Revenues |  |  | 484,182 |  |  |  | 544,445 |  |  |  | 193,986 |  |  |  | 213,026 |  |  |  | 73,180 |  |  |  | 1,508,819 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and Benefits Compensation |  |  | 73,307 |  |  |  | 80,233 |  |  |  | 40,571 |  |  |  | 50,752 |  |  |  | 61,682 |  |  |  | 306,545 |
Performance Fee Compensation Realized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Carried Interest |  |  | 85,771 |  |  |  | 51,833 |  |  |  | — |  |  |  | 11,794 |  |  |  | — |  |  |  | 149,398 |
Incentive Fees |  |  | — |  |  |  | (16 | ) |  |  | 13,271 |  |  |  | 10,380 |  |  |  | — |  |  |  | 23,635 |
Unrealized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Carried Interest |  |  | (27,148 | ) |  |  | 56,985 |  |  |  | — |  |  |  | 10,853 |  |  |  | — |  |  |  | 40,690 |
Incentive Fees |  |  | — |  |  |  | 1,382 |  |  |  | 6,761 |  |  |  | 15,388 |  |  |  | — |  |  |  | 23,531 |
Total Compensation and Benefits |  |  | 131,930 |  |  |  | 190,417 |  |  |  | 60,603 |  |  |  | 99,167 |  |  |  | 61,682 |  |  |  | 543,799 |
Other Operating Expenses |  |  | 33,006 |  |  |  | 33,107 |  |  |  | 19,480 |  |  |  | 32,839 |  |  |  | 21,342 |  |  |  | 139,774 |
Total Expenses |  |  | 164,936 |  |  |  | 223,524 |  |  |  | 80,083 |  |  |  | 132,006 |  |  |  | 83,024 |  |  |  | 683,573 |
Economic Income (Loss) |  | $ | 319,246 |  |  | $ | 320,921 |  |  | $ | 113,903 |  |  | $ | 81,020 |  |  | $ | (9,844 | ) |  | $ | 825,246 |
Reconciliation of Total Segments to Income Before Provision for Taxes and Total Assets | The following table reconciles the Total Segments to Blackstone’s Income Before Provision for Taxes and Total Assets as of and for the three months ended March 31, 2015 and 2014:
|  | Three Months Ended March 31, 2015 |  |  | Three Months Ended March 31, 2014 |
|  | Total Segments |  |  | Consolidation Adjustments and Reconciling Items |  |  | Blackstone Consolidated |  |  | Total Segments |  |  | Consolidation Adjustments and Reconciling Items |  |  | Blackstone Consolidated |
Revenues |  | $ | 2,508,719 |  |  | $ | (15,139)(a) |  |  | $ | 2,493,580 |  |  | $ | 1,508,819 |  |  | $ | 17,849(a) |  |  | $ | 1,526,668 |
Expenses |  | $ | 876,936 |  |  | $ | 272,014(b) |  |  | $ | 1,148,950 |  |  | $ | 683,573 |  |  | $ | 204,278(b) |  |  | $ | 887,851 |
Other Income |  | $ | — |  |  | $ | 238,972(c) |  |  | $ | 238,972 |  |  | $ | — |  |  | $ | 70,155(c) |  |  | $ | 70,155 |
Economic Income |  | $ | 1,631,783 |  |  | $ | (48,181)(d) |  |  | $ | 1,583,602 |  |  | $ | 825,246 |  |  | $ | (116,274)(d) |  |  | $ | 708,972 |
Total Assets |  | $ | 19,638,712 |  |  | $ | 12,767,889(e) |  |  | $ | 32,406,601 |  |  | $ | 16,458,341 |  |  | $ | 13,570,204(e) |  |  | $ | 30,028,545 |
(a) | The Revenues adjustment represents management and performance fees earned from Blackstone Funds which were eliminated in consolidation to arrive at Blackstone consolidated revenues and non-segment related Investment Income, which is included in Blackstone consolidated revenues.
(b) | The Expenses adjustment represents the addition of expenses of the consolidated Blackstone Funds to the Blackstone unconsolidated expenses, amortization of intangibles and expenses related to transaction-related equity-based compensation to arrive at Blackstone consolidated expenses.
(c) | The Other Income adjustment results from the following:
|  | Three Months Ended March 31, |
|  | 2015 |  |  | 2014 |
Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss |  | $ | 15,067 |  |  | $ | (17,878 | )
Fund Expenses Added in Consolidation |  |  | 15,748 |  |  |  | (746 | )
Non-Controlling Interests in Income of Consolidated Entities |  |  | 209,580 |  |  |  | 89,753 |
Transaction-Related Other Loss |  |  | (1,423 | ) |  |  | (974 | )
Total Consolidation Adjustments and Reconciling Items |  | $ | 238,972 |  |  | $ | 70,155 |
(d) | The reconciliation of Economic Income to Income Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following:
|  | Three Months Ended March 31, |
|  | 2015 |  |  | 2014 |
Economic Income |  | $ | 1,631,783 |  |  | $ | 825,246 |
Adjustments |  |  |  |  |  |  |  |
Amortization of Intangibles |  |  | (25,899 | ) |  |  | (29,003 | )
IPO and Acquisition-Related Charges |  |  | (231,862 | ) |  |  | (177,024 | )
Non-Controlling Interests in Income of Consolidated Entities |  |  | 209,580 |  |  |  | 89,753 |
Total Consolidation Adjustments and Reconciling Items |  |  | (48,181 | ) |  |  | (116,274 | )
Income Before Provision for Taxes |  | $ | 1,583,602 |  |  | $ | 708,972 |
(e) | The Total Assets adjustment represents the addition of assets of the consolidated Blackstone Funds to the Blackstone unconsolidated assets to arrive at Blackstone consolidated assets.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8721-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8813-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8736-108599 + Details
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