v3.3.0.814

SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 30, 2015

Financial Data of Segments

The following table presents the financial data for Blackstone’s five segments for the three months ended September 30, 2015 and 2014:

		Three Months Ended September 30, 2015
		Private Equity				Real Estate				Hedge Fund Solutions				Credit				Financial Advisory				Total Segments
Segment Revenues
Management and Advisory Fees, Net Base Management Fees		$	128,452			$	175,710			$	133,592			$	126,533			$	—			$	564,287
Advisory Fees			—				—				—				—				146,153				146,153
Transaction and Other Fees, Net			9,358				21,390				219				1,289				147				32,403
Management Fee Offsets			(12,262	)			(10,147	)			(507	)			(11,260	)			—				(34,176	)
Total Management and Advisory Fees, Net			125,548				186,953				133,304				116,562				146,300				708,667
Performance Fees
Realized
Carried Interest			214,532				169,051				—				51,606				—				435,189
Incentive Fees			—				3,879				2,783				28,123				—				34,785
Unrealized
Carried Interest			(809,363	)			(128,854	)			(5,394	)			(112,366	)			—				(1,055,977	)
Incentive Fees			—				2,784				(29,711	)			(26,419	)			—				(53,346	)
Total Performance Fees			(594,831	)			46,860				(32,322	)			(59,056	)			—				(639,349	)
Investment Income (Loss)
Realized			46,917				39,821				(468	)			1,735				(479	)			87,526
Unrealized			(110,689	)			(95,382	)			(6,411	)			(10,177	)			(998	)			(223,657	)
Total Investment Loss			(63,772	)			(55,561	)			(6,879	)			(8,442	)			(1,477	)			(136,131	)
Interest and Dividend Revenue			8,119				11,057				4,136				6,053				6,094				35,459
Other			471				(938	)			(66	)			(73	)			(235	)			(841	)
Total Revenues			(524,465	)			188,371				98,173				55,044				150,682				(32,195	)
Expenses
Compensation and Benefits Compensation			69,522				99,255				44,408				51,324				65,066				329,575
Performance Fee Compensation Realized
Carried Interest			16,303				52,546				—				28,950				—				97,799
Incentive Fees			—				1,838				(436	)			13,659				—				15,061
Unrealized
Carried Interest			(141,448	)			(23,018	)			(3,041	)			(61,190	)			—				(228,697	)
Incentive Fees			—				5,215				(7,011	)			(12,846	)			—				(14,642	)
Total Compensation and Benefits			(55,623	)			135,836				33,920				19,897				65,066				199,096
Other Operating Expenses			43,693				42,050				24,147				24,898				22,777				157,565
Total Expenses			(11,930	)			177,886				58,067				44,795				87,843				356,661
Economic Income (Loss)		$	(512,535	)		$	10,485			$	40,106			$	10,249			$	62,839			$	(388,856	)

		Three Months Ended September 30, 2014
		Private Equity				Real Estate				Hedge Fund Solutions				Credit				Financial Advisory				Total Segments
Segment Revenues
Management and Advisory Fees, Net
Base Management Fees		$	108,236			$	155,089			$	121,484			$	120,684			$	—			$	505,493
Advisory Fees			—				—				—				—				84,131				84,131
Transaction and Other Fees, Net			48,996				38,312				161				3,025				391				90,885
Management Fee Offsets			(5,837	)			(8,977	)			(1,099	)			(6,850	)			—				(22,763	)
Total Management and Advisory Fees, Net			151,395				184,424				120,546				116,859				84,522				657,746
Performance Fees
Realized
Carried Interest			124,913				349,237				—				164,602				—				638,752
Incentive Fees			—				1,159				6,683				28,998				—				36,840
Unrealized
Carried Interest			96,455				187,175				—				(61,604	)			—				222,026
Incentive Fees			—				(374	)			25,473				(31,630	)			—				(6,531	)
Total Performance Fees			221,368				537,197				32,156				100,366				—				891,087
Investment Income (Loss)
Realized			20,421				49,173				2,693				3,040				505				75,832
Unrealized			(12,754	)			14,492				(1,168	)			4,892				(528	)			4,934
Total Investment Income (Loss)			7,667				63,665				1,525				7,932				(23	)			80,766
Interest and Dividend Revenue			5,346				7,135				2,724				5,968				2,412				23,585
Other			2,150				976				740				(3,619	)			472				719
Total Revenues			387,926				793,397				157,691				227,506				87,383				1,653,903
Expenses
Compensation and Benefits Compensation			79,007				90,586				41,940				54,877				58,016				324,426
Performance Fee Compensation Realized
Carried Interest			30,944				64,187				—				90,872				—				186,003
Incentive Fees			—				592				2,312				16,125				—				19,029
Unrealized
Carried Interest			93,434				108,789				—				(38,091	)			—				164,132
Incentive Fees			—				(123	)			8,778				(17,657	)			—				(9,002	)
Total Compensation and Benefits			203,385				264,031				53,030				106,126				58,016				684,588
Other Operating Expenses			34,109				36,138				20,480				20,860				19,853				131,440
Total Expenses			237,494				300,169				73,510				126,986				77,869				816,028
Economic Income		$	150,432			$	493,228			$	84,181			$	100,520			$	9,514			$	837,875

Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets

The following table reconciles the Total Segments to Blackstone’s Income (Loss) Before Provision for Taxes for the three months ended September 30, 2015 and 2014:

		Three Months Ended September 30, 2015												Three Months Ended September 30, 2014
		Total Segments				Consolidation Adjustments and Reconciling Items				Blackstone Consolidated				Total Segments				Consolidation Adjustments and Reconciling Items				Blackstone Consolidated
Revenues		$	(32,195	)		$	43,768	(a)		$	11,573			$	1,653,903			$	25,523	(a)		$	1,679,426
Expenses		$	356,661			$	120,336	(b)		$	476,997			$	816,028			$	239,110	(b)		$	1,055,138
Other Income (Loss)		$	—			$	(16,867)	(c)		$	(16,867	)		$	—			$	8,682	(c)		$	8,682
Economic Income (Loss)		$	(388,856	)		$	(93,435)	(d)		$	(482,291	)		$	837,875			$	(204,905)	(d)		$	632,970

(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 (Loss), 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 (Loss) adjustment results from the following:

		Three Months Ended September 30,
		2015				2014
Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss		$	(45,027	)		$	(25,613	)
Fund Expenses Added in Consolidation			10,175				7,649
Non-Controlling Interests in Income of Consolidated Entities			18,151				32,163
Transaction-Related Other Income			(166	)			(5,517	)
Total Consolidation Adjustments and Reconciling Items		$	(16,867	)		$	8,682

(d) The reconciliation of Economic Income (Loss) to Income (Loss) Before Provision for Taxes as reported in the Condensed Consolidated Statements of Operations consists of the following:

		Three Months Ended September 30,
		2015				2014
Economic Income (Loss)		$	(388,856	)		$	837,875
Adjustments
Amortization of Intangibles			(30,624	)			(27,828	)
IPO and Acquisition-Related Charges			(80,962	)			(209,240	)
Non-Controlling Interests in Income of Consolidated Entities			18,151				32,163
Total Consolidation Adjustments and Reconciling Items			(93,435	)			(204,905	)
Income (Loss) Before Provision (Benefit) for Taxes		$	(482,291	)		$	632,970

The following table presents the financial data for Blackstone’s segments as of and for the nine months ended September 30, 2015 and 2014:

		September 30, 2015 and the Nine 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		$	358,753			$	468,801			$	394,445			$	375,177			$	—			$	1,597,176
Advisory Fees			—				—				—				—				307,389				307,389
Transaction and Other Fees, Net			17,586				58,116				244				4,806				452				81,204
Management Fee Offsets			(26,239	)			(20,441	)			(1,395	)			(22,480	)			—				(70,555	)
Total Management and Advisory Fees, Net			350,100				506,476				393,294				357,503				307,841				1,915,214
Performance Fees
Realized
Carried Interest			1,144,085				1,344,283				—				91,898				—				2,580,266
Incentive Fees			—				5,822				30,214				76,238				—				112,274
Unrealized
Carried Interest			(548,114	)			(498,481	)			2,620				(80,099	)			—				(1,124,074	)
Incentive Fees			—				12,788				33,571				(10,774	)			—				35,585
Total Performance Fees			595,971				864,412				66,405				77,263				—				1,604,051
Investment Income (Loss)
Realized			141,991				196,597				(12,600	)			6,695				(868	)			331,815
Unrealized			(101,503	)			(165,563	)			104				(530	)			(39	)			(267,531	)
Total Investment Income (Loss)			40,488				31,034				(12,496	)			6,165				(907	)			64,284
Interest and Dividend Revenue			23,403				31,313				12,055				17,642				12,523				96,936
Other			1,161				(3,838	)			(1,214	)			3,454				(1,303	)			(1,740	)
Total Revenues			1,011,123				1,429,397				458,044				462,027				318,154				3,678,745
Expenses
Compensation and Benefits Compensation			206,690				263,573				146,353				148,325				183,824				948,765
Performance Fee Compensation Realized
Carried Interest			162,287				415,210				—				50,582				—				628,079
Incentive Fees			—				2,865				11,745				34,515				—				49,125
Unrealized
Carried Interest			11,098				(171,661	)			1,036				(45,349	)			—				(204,876	)
Incentive Fees			—				8,020				12,404				(3,974	)			—				16,450
Total Compensation and Benefits			380,075				518,007				171,538				184,099				183,824				1,437,543
Other Operating Expenses			144,906				125,539				65,852				70,273				62,678				469,248
Total Expenses			524,981				643,546				237,390				254,372				246,502				1,906,791
Economic Income		$	486,142			$	785,851			$	220,654			$	207,655			$	71,652			$	1,771,954
Segment Assets as of September 30, 2015		$	5,616,177			$	7,528,157			$	1,763,698			$	2,775,812			$	954,220			$	18,638,064

		Nine Months Ended September 30, 2014
		Private Equity				Real Estate				Hedge Fund Solutions				Credit				Financial Advisory				Total Segments
Segment Revenues
Management and Advisory Fees, Net
Base Management Fees		$	310,024			$	472,294			$	357,876			$	338,747			$	—			$	1,478,941
Advisory Fees			—				—				—				—				269,008				269,008
Transaction and Other Fees, Net			119,459				65,390				380				13,433				1,329				199,991
Management Fee Offsets			(11,796	)			(25,903	)			(4,085	)			(17,841	)			—				(59,625	)
Total Management and Advisory Fees, Net			417,687				511,781				354,171				334,339				270,337				1,888,315
Performance Fees
Realized
Carried Interest			457,112				961,721				—				195,201				—				1,614,034
Incentive Fees			—				7,203				54,501				68,264				—				129,968
Unrealized
Carried Interest			765,730				446,873				—				423				—				1,213,026
Incentive Fees			—				(1,120	)			74,114				38,517				—				111,511
Total Performance Fees			1,222,842				1,414,677				128,615				302,405				—				3,068,539
Investment Income (Loss)
Realized			155,768				203,194				21,907				8,334				745				389,948
Unrealized			(4,125	)			(30,566	)			4,320				12,492				1,135				(16,744	)
Total Investment Income			151,643				172,628				26,227				20,826				1,880				373,204
Interest and Dividend Revenue			15,240				21,254				7,725				16,721				7,101				68,041
Other			3,578				1,075				659				(3,867	)			137				1,582
Total Revenues			1,810,990				2,121,415				517,397				670,424				279,455				5,399,681
Expenses
Compensation and Benefits Compensation			225,352				256,401				125,852				156,939				189,442				953,986
Performance Fee Compensation Realized
Carried Interest			229,435				259,462				—				106,805				—				595,702
Incentive Fees			—				3,657				18,501				39,015				—				61,173
Unrealized
Carried Interest			132,480				193,113				—				(6,435	)			—				319,158
Incentive Fees			—				(524	)			26,791				12,954				—				39,221
Total Compensation and Benefits			587,267				712,109				171,144				309,278				189,442				1,969,240
Other Operating Expenses			106,308				105,787				65,061				75,858				63,311				416,325
Total Expenses			693,575				817,896				236,205				385,136				252,753				2,385,565
Economic Income		$	1,117,415			$	1,303,519			$	281,192			$	285,288			$	26,702			$	3,014,116

The following table reconciles the Total Segments to Blackstone’s Income (Loss) Before Provision for Taxes and Total Assets as of and for the nine months ended September 30, 2015 and 2014:

		September 30, 2015 and the Nine Months  Then Ended												Nine Months Ended September 30, 2014
		Total Segments				Consolidation Adjustments and Reconciling Items				Blackstone Consolidated				Total Segments				Consolidation Adjustments and Reconciling Items				Blackstone Consolidated
Revenues		$	3,678,745			$	70,388(a)			$	3,749,133			$	5,399,681			$	64,273(a)			$	5,463,954
Expenses		$	1,906,791			$	627,206(b)			$	2,533,997			$	2,385,565			$	647,205(b)			$	3,032,770
Other Income		$	—			$	158,703(c)			$	158,703			$	—			$	217,422(c)			$	217,422
Economic Income (Loss)		$	1,771,954			$	(398,115)(d)			$	1,373,839			$	3,014,116			$	(365,510)(d)			$	2,648,606
Total Assets		$	18,638,064			$	4,980,639(e)			$	23,618,703

(a) The Revenues adjustment represents management and performance fees earned from Blackstone Funds that were eliminated in consolidation to arrive at Blackstone consolidated revenues and non-segment related Investment Income (Loss), 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:

		Nine Months Ended September 30,
		2015				2014
Fund Management Fees and Performance Fees Eliminated in Consolidation and Transactional Investment Loss		$	(80,519	)		$	(64,531	)
Fund Expenses Added in Consolidation			53,218				7,668
Non-Controlling Interests in Income of Consolidated Entities			187,970				284,463
Transaction-Related Other Income			(1,966	)			(10,178	)
Total Consolidation Adjustments and Reconciling Items		$	158,703			$	217,422

(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:

		Nine Months Ended September 30,
		2015				2014
Economic Income		$	1,771,954			$	3,014,116
Adjustments
Amortization of Intangibles			(81,243	)			(85,141	)
IPO and Acquisition-Related Charges			(504,842	)			(564,832	)
Non-Controlling Interests in Income of Consolidated Entities			187,970				284,463
Total Consolidation Adjustments and Reconciling Items			(398,115	)			(365,510	)
Income Before Provision for Taxes		$	1,373,839			$	2,648,606

(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



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Reference 2: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 280



-SubTopic 10



-Section 50



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Reference 3: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 280



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-Section 50



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-Publisher FASB



-Name Accounting Standards Codification



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