v2.4.1.9

SEGMENT REPORTING (Tables)

3 Months Ended

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.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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