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v3.22.4

Segment Reporting (Tables) | 12 Months Ended
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Dec. 31, 2022
Financial Data of Segments | The following tables present the financial data for Blackstone’s four segments as of December 31, 2022 and 2021, and for the years ended December 31, 2022, 2021 and 2020.
|  | December 31, 2022 and the Year Then Ended
|  | Real Estate |  | Private Equity |  | Credit & Insurance |  | Hedge Fund Solutions |  | Total Segments
Management and Advisory Fees, Net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Base Management Fees |  | $ | 2,462,179 |  |  | $ | 1,786,923 |  |  | $ | 1,230,710 |  |  | $ | 565,226 |  |  | $ | 6,045,038 |
Transaction, Advisory and Other Fees, Net |  |  | 171,424 |  |  |  | 97,876 |  |  |  | 34,624 |  |  |  | 6,193 |  |  |  | 310,117 |
Management Fee Offsets |  |  | (10,538 | ) |  |  | (56,062 | ) |  |  | (5,432 | ) |  |  | (177 | ) |  |  | (72,209 | )
Total Management and Advisory Fees, Net |  |  | 2,623,065 |  |  |  | 1,828,737 |  |  |  | 1,259,902 |  |  |  | 571,242 |  |  |  | 6,282,946 |
Fee Related Performance Revenues |  |  | 1,075,424 |  |  |  | (648 | ) |  |  | 374,721 |  |  |  | — |  |  |  | 1,449,497 |
Fee Related Compensation |  |  | (1,039,125 | ) |  |  | (575,194 | ) |  |  | (529,784 | ) |  |  | (186,672 | ) |  |  | (2,330,775 | )
Other Operating Expenses |  |  | (315,331 | ) |  |  | (304,177 | ) |  |  | (264,181 | ) |  |  | (105,334 | ) |  |  | (989,023 | )
Fee Related Earnings |  |  | 2,344,033 |  |  |  | 948,718 |  |  |  | 840,658 |  |  |  | 279,236 |  |  |  | 4,412,645 |
Realized Performance Revenues |  |  | 2,985,713 |  |  |  | 1,191,028 |  |  |  | 147,413 |  |  |  | 137,184 |  |  |  | 4,461,338 |
Realized Performance Compensation |  |  | (1,168,045 | ) |  |  | (544,229 | ) |  |  | (63,846 | ) |  |  | (37,977 | ) |  |  | (1,814,097 | )
Realized Principal Investment Income |  |  | 150,790 |  |  |  | 139,767 |  |  |  | 80,993 |  |  |  | 24,706 |  |  |  | 396,256 |
Total Net Realizations |  |  | 1,968,458 |  |  |  | 786,566 |  |  |  | 164,560 |  |  |  | 123,913 |  |  |  | 3,043,497 |
Total Segment Distributable Earnings |  | $ | 4,312,491 |  |  | $ | 1,735,284 |  |  | $ | 1,005,218 |  |  | $ | 403,149 |  |  | $ | 7,456,142 |
Segment Assets |  | $ | 14,637,693 |  |  | $ | 14,142,313 |  |  | $ | 6,346,001 |  |  | $ | 2,821,753 |  |  | $ | 37,947,760 |
|  | December 31, 2021 and the Year Then Ended
|  | Real Estate |  | Private Equity |  | Credit & Insurance |  | Hedge Fund Solutions |  | Total Segments
Management and Advisory Fees, Net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Base Management Fees |  | $ | 1,895,412 |  |  | $ | 1,521,273 |  |  | $ | 765,905 |  |  | $ | 636,685 |  |  | $ | 4,819,275 |
Transaction, Advisory and Other Fees, Net |  |  | 160,395 |  |  |  | 174,905 |  |  |  | 44,868 |  |  |  | 11,770 |  |  |  | 391,938 |
Management Fee Offsets |  |  | (3,499 | ) |  |  | (33,247 | ) |  |  | (6,653 | ) |  |  | (572 | ) |  |  | (43,971 | )
Total Management and Advisory Fees, Net |  |  | 2,052,308 |  |  |  | 1,662,931 |  |  |  | 804,120 |  |  |  | 647,883 |  |  |  | 5,167,242 |
Fee Related Performance Revenues |  |  | 1,695,019 |  |  |  | 212,128 |  |  |  | 118,097 |  |  |  | — |  |  |  | 2,025,244 |
Fee Related Compensation |  |  | (1,161,349 | ) |  |  | (662,824 | ) |  |  | (367,322 | ) |  |  | (156,515 | ) |  |  | (2,348,010 | )
Other Operating Expenses |  |  | (234,505 | ) |  |  | (264,468 | ) |  |  | (199,912 | ) |  |  | (94,792 | ) |  |  | (793,677 | )
Fee Related Earnings |  |  | 2,351,473 |  |  |  | 947,767 |  |  |  | 354,983 |  |  |  | 396,576 |  |  |  | 4,050,799 |
Realized Performance Revenues |  |  | 1,119,612 |  |  |  | 2,263,099 |  |  |  | 209,421 |  |  |  | 290,980 |  |  |  | 3,883,112 |
Realized Performance Compensation |  |  | (443,220 | ) |  |  | (943,199 | ) |  |  | (94,450 | ) |  |  | (76,701 | ) |  |  | (1,557,570 | )
Realized Principal Investment Income |  |  | 196,869 |  |  |  | 263,368 |  |  |  | 70,796 |  |  |  | 56,733 |  |  |  | 587,766 |
Total Net Realizations |  |  | 873,261 |  |  |  | 1,583,268 |  |  |  | 185,767 |  |  |  | 271,012 |  |  |  | 2,913,308 |
Total Segment Distributable Earnings |  | $ | 3,224,734 |  |  | $ | 2,531,035 |  |  | $ | 540,750 |  |  | $ | 667,588 |  |  | $ | 6,964,107 |
Segment Assets |  | $ | 14,866,437 |  |  | $ | 15,242,626 |  |  | $ | 6,522,091 |  |  | $ | 2,791,939 |  |  | $ | 39,423,093 |
|  | Year Ended December 31, 2020
|  | Real Estate |  | Private Equity |  | Credit & Insurance |  | Hedge Fund Solutions |  | Total Segments
Management and Advisory Fees, Net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Base Management Fees |  | $ | 1,553,483 |  |  | $ | 1,232,028 |  |  | $ | 603,713 |  |  | $ | 582,830 |  |  | $ | 3,972,054 |
Transaction, Advisory and Other Fees, Net |  |  | 98,225 |  |  |  | 82,440 |  |  |  | 21,311 |  |  |  | 5,899 |  |  |  | 207,875 |
Management Fee Offsets |  |  | (13,020 | ) |  |  | (44,628 | ) |  |  | (10,466 | ) |  |  | (650 | ) |  |  | (68,764 | )
Total Management and Advisory Fees, Net |  |  | 1,638,688 |  |  |  | 1,269,840 |  |  |  | 614,558 |  |  |  | 588,079 |  |  |  | 4,111,165 |
Fee Related Performance Revenues |  |  | 338,161 |  |  |  | — |  |  |  | 40,515 |  |  |  | — |  |  |  | 378,676 |
Fee Related Compensation |  |  | (618,105 | ) |  |  | (455,538 | ) |  |  | (261,214 | ) |  |  | (161,713 | ) |  |  | (1,496,570 | )
Other Operating Expenses |  |  | (183,132 | ) |  |  | (195,213 | ) |  |  | (165,114 | ) |  |  | (79,758 | ) |  |  | (623,217 | )
Fee Related Earnings |  |  | 1,175,612 |  |  |  | 619,089 |  |  |  | 228,745 |  |  |  | 346,608 |  |  |  | 2,370,054 |
Realized Performance Revenues |  |  | 787,768 |  |  |  | 877,493 |  |  |  | 20,943 |  |  |  | 179,789 |  |  |  | 1,865,993 |
Realized Performance Compensation |  |  | (312,698 | ) |  |  | (366,949 | ) |  |  | (3,476 | ) |  |  | (31,224 | ) |  |  | (714,347 | )
Realized Principal Investment Income |  |  | 24,764 |  |  |  | 72,089 |  |  |  | 7,970 |  |  |  | 54,110 |  |  |  | 158,933 |
Total Net Realizations |  |  | 499,834 |  |  |  | 582,633 |  |  |  | 25,437 |  |  |  | 202,675 |  |  |  | 1,310,579 |
Total Segment Distributable Earnings |  | $ | 1,675,446 |  |  | $ | 1,201,722 |  |  | $ | 254,182 |  |  | $ | 549,283 |  |  | $ | 3,680,633 |
Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes | The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the years ended December 31, 2022, 2021 and 2020 along with Total Assets as of December 31, 2022 and 2021:
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Total GAAP Revenues |  | $ | 8,517,673 |  |  | $ | 22,577,148 |  |  | $ | 6,101,927 |
Less: Unrealized Performance Revenues (a) |  |  | 3,436,978 |  |  |  | (8,675,246 | ) |  |  | 384,758 |
Less: Unrealized Principal Investment (Income) Loss (b) |  |  | 1,235,529 |  |  |  | (679,767 | ) |  |  | 101,742 |
Less: Interest and Dividend Revenue (c) |  |  | (285,075 | ) |  |  | (163,044 | ) |  |  | (130,112 | )
Less: Other Revenue (d) |  |  | (183,754 | ) |  |  | (202,885 | ) |  |  | 253,693 |
Impact of Consolidation (e) |  |  | (109,379 | ) |  |  | (1,197,854 | ) |  |  | (234,148 | )
Amortization of Intangibles (f) |  |  | — |  |  |  | — |  |  |  | 1,548 |
Transaction-Related Charges (g) |  |  | (24,656 | ) |  |  | 660 |  |  |  | 29,837 |
Intersegment Eliminations |  |  | 2,721 |  |  |  | 4,352 |  |  |  | 5,522 |
Total Segment Revenue (h) |  | $ | 12,590,037 |  |  | $ | 11,663,364 |  |  | $ | 6,514,767 |
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Total GAAP Expenses |  | $ | 4,973,025 |  |  | $ | 9,476,617 |  |  | $ | 3,479,566 |
Less: Unrealized Performance Allocations Compensation (i) |  |  | 1,470,588 |  |  |  | (3,778,048 | ) |  |  | 154,516 |
Less: Equity-Based Compensation (j) |  |  | (782,090 | ) |  |  | (559,537 | ) |  |  | (333,767 | )
Less: Interest Expense (k) |  |  | (316,569 | ) |  |  | (196,632 | ) |  |  | (165,022 | )
Impact of Consolidation (e) |  |  | (61,644 | ) |  |  | (25,673 | ) |  |  | (26,088 | )
Amortization of Intangibles (f) |  |  | (60,481 | ) |  |  | (68,256 | ) |  |  | (64,436 | )
Transaction-Related Charges (g) |  |  | (81,789 | ) |  |  | (143,378 | ) |  |  | (210,892 | )
Administrative Fee Adjustment (l) |  |  | (9,866 | ) |  |  | (10,188 | ) |  |  | (5,265 | )
Intersegment Eliminations |  |  | 2,721 |  |  |  | 4,352 |  |  |  | 5,522 |
Total Segment Expenses (m) |  | $ | 5,133,895 |  |  | $ | 4,699,257 |  |  | $ | 2,834,134 |
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Other Income |  |  |  |  |  |  |  |  |  |  |  |
Total GAAP Other Income |  | $ | (82,859 | ) |  | $ | 458,865 |  |  | $ | (4,841 | )
Impact of Consolidation (e) |  |  | 82,859 |  |  |  | (458,865 | ) |  |  | 4,841 |
Total Segment Other Income |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Income Before Provision for Taxes |  |  |  |  |  |  |  |  |  |  |  |
Total GAAP Income Before Provision for Taxes |  | $ | 3,461,789 |  |  | $ | 13,559,396 |  |  | $ | 2,617,520 |
Less: Unrealized Performance Revenues (a) |  |  | 3,436,978 |  |  |  | (8,675,246 | ) |  |  | 384,758 |
Less: Unrealized Principal Investment (Income) Loss (b) |  |  | 1,235,529 |  |  |  | (679,767 | ) |  |  | 101,742 |
Less: Interest and Dividend Revenue (c) |  |  | (285,075 | ) |  |  | (163,044 | ) |  |  | (130,112 | )
Less: Other Revenue (d) |  |  | (183,754 | ) |  |  | (202,885 | ) |  |  | 253,693 |
Plus: Unrealized Performance Allocations Compensation (i) |  |  | (1,470,588 | ) |  |  | 3,778,048 |  |  |  | (154,516 | )
Plus: Equity-Based Compensation (j) |  |  | 782,090 |  |  |  | 559,537 |  |  |  | 333,767 |
Plus: Interest Expense (k) |  |  | 316,569 |  |  |  | 196,632 |  |  |  | 165,022 |
Impact of Consolidation (e) |  |  | 35,124 |  |  |  | (1,631,046 | ) |  |  | (203,219 | )
Amortization of Intangibles (f) |  |  | 60,481 |  |  |  | 68,256 |  |  |  | 65,984 |
Transaction-Related Charges (g) |  |  | 57,133 |  |  |  | 144,038 |  |  |  | 240,729 |
Administrative Fee Adjustment (l) |  |  | 9,866 |  |  |  | 10,188 |  |  |  | 5,265 |
Total Segment Distributable Earnings |  | $ | 7,456,142 |  |  | $ | 6,964,107 |  |  | $ | 3,680,633 |
|  | As of December 31,
|  | 2022 |  | 2021
Total Assets |  |  |  |  |  |  |  |
Total GAAP Assets |  | $ | 42,524,227 |  |  | $ | 41,196,408 |
Impact of Consolidation (e) |  |  | (4,576,467 | ) |  |  | (1,773,315 | )
Total Segment Assets |  | $ | 37,947,760 |  |  | $ | 39,423,093 |
Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles and Transaction-Related Charges.
(a) | This adjustment removes Unrealized Performance Revenues on a segment basis.
(b) | This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis.
(c) | This adjustment removes Interest and Dividend Revenue on a segment basis.
(d) | This adjustment removes Other Revenue on a segment basis. For the years ended December 31, 2022, 2021 and 2020, Other Revenue on a GAAP basis was $184.6 million, $203.1 million and $(253.1) million and included $182.9 million, $200.6 million and $(257.8) million of foreign exchange gains (losses), respectively.
(e) | This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds, the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.
(f) | This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation. This amount includes amortization of intangibles associated with Blackstone’s investment in Pátria, which was historically accounted for under the equity method. As a result of Pátria’s IPO in January 2021, equity method has been discontinued and there is no longer amortization of intangibles associated with the investment.
(g) | This adjustment removes Transaction-Related Charges, which are excluded from Blackstone’s segment presentation. Transaction-Related Charges arise from corporate actions including acquisitions, divestitures, and Blackstone’s initial public offering. They consist primarily of equity-based compensation charges, gains
| and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs and any gains or losses associated with these corporate actions.
(h) | Total Segment Revenues is comprised of the following:
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Total Segment Management and Advisory Fees, Net |  | $ | 6,282,946 |  |  | $ | 5,167,242 |  |  | $ | 4,111,165 |
Total Segment Fee Related Performance Revenues |  |  | 1,449,497 |  |  |  | 2,025,244 |  |  |  | 378,676 |
Total Segment Realized Performance Revenues |  |  | 4,461,338 |  |  |  | 3,883,112 |  |  |  | 1,865,993 |
Total Segment Realized Principal Investment Income |  |  | 396,256 |  |  |  | 587,766 |  |  |  | 158,933 |
Total Segment Revenues |  | $ | 12,590,037 |  |  | $ | 11,663,364 |  |  | $ | 6,514,767 |
(i) | This adjustment removes Unrealized Performance Allocations Compensation.
(j) | This adjustment removes Equity-Based Compensation on a segment basis.
(k) | This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement.
(l) | This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.
(m) | Total Segment Expenses is comprised of the following:
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Total Segment Fee Related Compensation |  | $ | 2,330,775 |  |  | $ | 2,348,010 |  |  | $ | 1,496,570 |
Total Segment Realized Performance Compensation |  |  | 1,814,097 |  |  |  | 1,557,570 |  |  |  | 714,347 |
Total Segment Other Operating Expenses |  |  | 989,023 |  |  |  | 793,677 |  |  |  | 623,217 |
Total Segment Expenses |  | $ | 5,133,895 |  |  | $ | 4,699,257 |  |  | $ | 2,834,134 |
Reconciliation of Total Segments to Reported on the Consolidated Statement of Operations | The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported on the Consolidated Statement of Operations for the years ended December 31, 2022, 2021 and 2020:
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Management and Advisory Fees, Net |  |  |  |  |  |  |  |  |  |  |  |
GAAP |  | $ | 6,303,315 |  |  | $ | 5,170,707 |  |  | $ | 4,092,549 |
Segment Adjustment (a) |  |  | (20,369 | ) |  |  | (3,465 | ) |  |  | 18,616 |
Total Segment |  | $ | 6,282,946 |  |  | $ | 5,167,242 |  |  | $ | 4,111,165 |
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues |  |  |  |  |  |  |  |  |  |  |  |
GAAP |  |  |  |  |  |  |  |  |  |  |  |
Incentive Fees |  | $ | 525,127 |  |  | $ | 253,991 |  |  | $ | 138,661 |
Investment Income — Realized Performance Allocations |  |  | 5,381,640 |  |  |  | 5,653,452 |  |  |  | 2,106,000 |
GAAP |  |  | 5,906,767 |  |  |  | 5,907,443 |  |  |  | 2,244,661 |
Total Segment |  |  |  |  |  |  |  |  |  |  |  |
Less: Realized Performance Revenues |  |  | (4,461,338 | ) |  |  | (3,883,112 | ) |  |  | (1,865,993 | )
Segment Adjustment (b) |  |  | 4,068 |  |  |  | 913 |  |  |  | 8 |
Total Segment |  | $ | 1,449,497 |  |  | $ | 2,025,244 |  |  | $ | 378,676 |
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
GAAP Compensation to Total Segment Fee Related Compensation |  |  |  |  |  |  |  |  |  |  |  |
GAAP |  |  |  |  |  |  |  |  |  |  |  |
Compensation |  | $ | 2,569,780 |  |  | $ | 2,161,973 |  |  | $ | 1,855,619 |
Incentive Fee Compensation |  |  | 207,998 |  |  |  | 98,112 |  |  |  | 44,425 |
Realized Performance Allocations Compensation |  |  | 2,225,264 |  |  |  | 2,311,993 |  |  |  | 843,230 |
GAAP |  |  | 5,003,042 |  |  |  | 4,572,078 |  |  |  | 2,743,274 |
Total Segment |  |  |  |  |  |  |  |  |  |  |  |
Less: Realized Performance Compensation |  |  | (1,814,097 | ) |  |  | (1,557,570 | ) |  |  | (714,347 | )
Less: Equity-Based Compensation — Fee Related Compensation |  |  | (772,170 | ) |  |  | (551,263 | ) |  |  | (326,116 | )
Less: Equity-Based Compensation — Performance Compensation |  |  | (9,920 | ) |  |  | (8,274 | ) |  |  | (7,651 | )
Segment Adjustment (c) |  |  | (76,080 | ) |  |  | (106,961 | ) |  |  | (198,590 | )
Total Segment |  | $ | 2,330,775 |  |  | $ | 2,348,010 |  |  | $ | 1,496,570 |
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
GAAP General, Administrative and Other to Total Segment Other Operating Expenses |  |  |  |  |  |  |  |  |  |  |  |
GAAP |  | $ | 1,092,671 |  |  | $ | 917,847 |  |  | $ | 711,782 |
Segment Adjustment (d) |  |  | (103,648 | ) |  |  | (124,170 | ) |  |  | (88,565 | )
Total Segment |  | $ | 989,023 |  |  | $ | 793,677 |  |  | $ | 623,217 |
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Realized Performance Revenues |  |  |  |  |  |  |  |  |  |  |  |
GAAP |  |  |  |  |  |  |  |  |  |  |  |
Incentive Fees |  | $ | 525,127 |  |  | $ | 253,991 |  |  | $ | 138,661 |
Investment Income — Realized Performance Allocations |  |  | 5,381,640 |  |  |  | 5,653,452 |  |  |  | 2,106,000 |
GAAP |  |  | 5,906,767 |  |  |  | 5,907,443 |  |  |  | 2,244,661 |
Total Segment |  |  |  |  |  |  |  |  |  |  |  |
Less: Fee Related Performance Revenues |  |  | (1,449,497 | ) |  |  | (2,025,244 | ) |  |  | (378,676 | )
Segment Adjustment (b) |  |  | 4,068 |  |  |  | 913 |  |  |  | 8 |
Total Segment |  | $ | 4,461,338 |  |  | $ | 3,883,112 |  |  | $ | 1,865,993 |
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Realized Performance Compensation |  |  |  |  |  |  |  |  |  |  |  |
GAAP |  |  |  |  |  |  |  |  |  |  |  |
Incentive Fee Compensation |  | $ | 207,998 |  |  | $ | 98,112 |  |  | $ | 44,425 |
Realized Performance Allocations Compensation |  |  | 2,225,264 |  |  |  | 2,311,993 |  |  |  | 843,230 |
GAAP |  |  | 2,433,262 |  |  |  | 2,410,105 |  |  |  | 887,655 |
Total Segment |  |  |  |  |  |  |  |  |  |  |  |
Less: Fee Related Performance Compensation (e) |  |  | (609,245 | ) |  |  | (844,261 | ) |  |  | (165,657 | )
Less: Equity-Based Compensation — Performance Compensation |  |  | (9,920 | ) |  |  | (8,274 | ) |  |  | (7,651 | )
Total Segment |  | $ | 1,814,097 |  |  | $ | 1,557,570 |  |  | $ | 714,347 |
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Realized Principal Investment Income |  |  |  |  |  |  |  |  |  |  |  |
GAAP |  | $ | 850,327 |  |  | $ | 1,003,822 |  |  | $ | 391,628 |
Segment Adjustment (f) |  |  | (454,071 | ) |  |  | (416,056 | ) |  |  | (232,695 | )
Total Segment |  | $ | 396,256 |  |  | $ | 587,766 |  |  | $ | 158,933 |
Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles, the expense of equity-based awards and Transaction-Related Charges.
(a) | Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures.
(b) | Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.
(c) | Represents the removal of Transaction-Related Charges that are not recorded in the Total Segment measures.
(d) | Represents the (1) removal of amortization of transaction-related intangibles, (2) removal of certain expenses reimbursed by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an administrative fee
| collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.
(e) | Fee related performance compensation may include equity-based compensation based on fee related performance revenues.
(f) | Represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.

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