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Fair Value Measurements of Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2022
Financial Assets and Liabilities at Fair Value | The following tables summarize the valuation of Blackstone’s financial assets and liabilities by the fair value hierarchy:
|  | December 31, 2022
|  | Level I |  | Level II |  | Level III |  | NAV |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents |  | $ | 1,134,733 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,134,733 |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments of Consolidated Blackstone Funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Securities, Partnerships and LLC Interests (a) |  |  | 12,024 |  |  |  | 149,689 |  |  |  | 4,195,859 |  |  |  | 596,708 |  |  |  | 4,954,280 |
Debt Instruments |  |  | — |  |  |  | 53,787 |  |  |  | 53,973 |  |  |  | — |  |  |  | 107,760 |
Freestanding Derivatives |  |  | — |  |  |  | 74,926 |  |  |  | — |  |  |  | — |  |  |  | 74,926 |
Total Investments of Consolidated Blackstone Funds |  |  | 12,024 |  |  |  | 278,402 |  |  |  | 4,249,832 |  |  |  | 596,708 |  |  |  | 5,136,966 |
Corporate Treasury Investments |  |  | 116,266 |  |  |  | 931,406 |  |  |  | 5,868 |  |  |  | — |  |  |  | 1,053,540 |
Other Investments (b) |  |  | 1,473,611 |  |  |  | 1,597,696 |  |  |  | 51,155 |  |  |  | 5,985 |  |  |  | 3,128,447 |
Total Investments |  |  | 1,601,901 |  |  |  | 2,807,504 |  |  |  | 4,306,855 |  |  |  | 602,693 |  |  |  | 9,318,953 |
Accounts Receivable — Loans and Receivables |  |  | — |  |  |  | — |  |  |  | 315,039 |  |  |  | — |  |  |  | 315,039 |
Other Assets — Freestanding Derivatives |  |  | 279 |  |  |  | 196,188 |  |  |  | 6,210 |  |  |  | — |  |  |  | 202,677 |
|  | $ | 2,736,913 |  |  | $ | 3,003,692 |  |  | $ | 4,628,104 |  |  | $ | 602,693 |  |  | $ | 10,971,402 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities Sold, Not Yet Purchased |  | $ | 3,825 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,825 |
Accounts Payable, Accrued Expenses and Other Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated Blackstone Funds — Freestanding Derivatives |  |  | — |  |  |  | 284 |  |  |  | — |  |  |  | — |  |  |  | 284 |
Freestanding Derivatives (c) |  |  | 21 |  |  |  | 88,161 |  |  |  | 48,581 |  |  |  | — |  |  |  | 136,763 |
Corporate Treasury Commitments (d) |  |  | — |  |  |  | — |  |  |  | 8,144 |  |  |  | — |  |  |  | 8,144 |
Total Accounts Payable, Accrued Expenses and Other Liabilities |  |  | 21 |  |  |  | 88,445 |  |  |  | 56,725 |  |  |  | — |  |  |  | 145,191 |
|  | $ | 3,846 |  |  | $ | 88,445 |  |  | $ | 56,725 |  |  | $ | — |  |  | $ | 149,016 |
|  | December 31, 2021
|  | Level I |  | Level II |  | Level III |  | NAV |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents |  | $ | 173,408 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 173,408 |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments of Consolidated Blackstone Funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment Funds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 18,365 |  |  |  | 18,365 |
Equity Securities, Partnerships and LLC Interests (a) |  |  | 70,484 |  |  |  | 122,068 |  |  |  | 1,170,362 |  |  |  | 363,902 |  |  |  | 1,726,816 |
Debt Instruments |  |  | 642 |  |  |  | 242,393 |  |  |  | 29,953 |  |  |  | — |  |  |  | 272,988 |
Freestanding Derivatives |  |  | — |  |  |  | 660 |  |  |  | — |  |  |  | — |  |  |  | 660 |
Total Investments of Consolidated Blackstone Funds |  |  | 71,126 |  |  |  | 365,121 |  |  |  | 1,200,315 |  |  |  | 382,267 |  |  |  | 2,018,829 |
Corporate Treasury Investments |  |  | 86,877 |  |  |  | 570,712 |  |  |  | 477 |  |  |  | — |  |  |  | 658,066 |
Other Investments (b) |  |  | 478,892 |  |  |  | 210,752 |  |  |  | 2,518,032 |  |  |  | 4,845 |  |  |  | 3,212,521 |
Total Investments |  |  | 636,895 |  |  |  | 1,146,585 |  |  |  | 3,718,824 |  |  |  | 387,112 |  |  |  | 5,889,416 |
Accounts Receivable — Loans and Receivables |  |  | — |  |  |  | — |  |  |  | 392,732 |  |  |  | — |  |  |  | 392,732 |
Other Assets — Freestanding Derivatives |  |  | 113 |  |  |  | 145,288 |  |  |  | — |  |  |  | — |  |  |  | 145,401 |
|  | $ | 810,416 |  |  | $ | 1,291,873 |  |  | $ | 4,111,556 |  |  | $ | 387,112 |  |  | $ | 6,600,957 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities Sold, Not Yet Purchased |  | $ | 4,292 |  |  | $ | 23,557 |  |  | $ | — |  |  | $ | — |  |  | $ | 27,849 |
Accounts Payable, Accrued Expenses and Other Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated Blackstone Funds — Freestanding Derivatives |  |  | — |  |  |  | 1,933 |  |  |  | — |  |  |  | — |  |  |  | 1,933 |
Freestanding Derivatives |  |  | 323 |  |  |  | 145,552 |  |  |  | — |  |  |  | — |  |  |  | 145,875 |
Corporate Treasury Commitments (d) |  |  | — |  |  |  | — |  |  |  | 636 |  |  |  | — |  |  |  | 636 |
Total Accounts Payable, Accrued Expenses and Other Liabilities |  |  | 323 |  |  |  | 147,485 |  |  |  | 636 |  |  |  | — |  |  |  | 148,444 |
|  | $ | 4,615 |  |  | $ | 171,042 |  |  | $ | 636 |  |  | $ | — |  |  | $ | 176,293 |
LLC | Limited Liability Company.
(a) | Equity Securities, Partnership and LLC Interest includes investments in investment funds. Prior period amounts have been reclassified to this presentation.
(b) | Other Investments includes Blackstone’s ownership of common stock of Corebridge. Following Corebridge’s IPO in September 2022, a quoted price for Corebridge’s common shares exists and as such the investment will be measured at fair value on a recurring basis as a Level I investment. Blackstone’s investment in Corebridge was previously valued as a Level III investment on a nonrecurring basis using the measurement alternative. See Note 4. “Investments — Other Investments” for additional details.
(c) | Level III freestanding derivatives are valued using an option pricing model where the significant inputs include the expected return and expected volatility.
(d) | Corporate Treasury Commitments are measured using third party pricing.
Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy | The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of December 31, 2022:
|  |  |  |  |  |  |  |  |  |  |  | Impact to
|  |  |  |  |  |  |  |  |  |  |  | Valuation
|  |  |  |  |  |  |  |  |  |  |  | from an
|  |  |  | Valuation |  | Unobservable |  |  |  | Weighted- |  | Increase
|  | Fair Value |  | Techniques |  | Inputs |  | Ranges |  | Average (a) |  | in Input
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments of Consolidated Blackstone Funds |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Securities, Partnership and LLC Interests |  | $ | 4,195,859 |  |  | Discounted Cash Flows |  | Discount Rate |  | 4.1% - 34.5% |  | 8.8% |  | Lower
|  |  |  |  |  |  |  | Exit Multiple - EBITDA |  | 4.0x - 30.6x |  | 14.7x |  | Higher
|  |  |  |  |  |  |  | Exit Capitalization Rate |  | 2.6% - 14.4% |  | 4.7% |  | Lower
|  |  |  |  |  | Transaction Price |  | n/a |  |  |  |  |  |
Debt Instruments |  |  | 53,973 |  |  | Transaction Price |  | n/a |  |  |  |  |  |
|  |  |  |  |  | Third Party Pricing |  | n/a |  |  |  |  |  |
Total Investments of Consolidated Blackstone Funds |  |  | 4,249,832 |  |  |  |  |  |  |  |  |  |  |
Corporate Treasury Investments |  |  | 5,868 |  |  | Third Party Pricing |  | n/a |  |  |  |  |  |
Loans and Receivables |  |  | 315,039 |  |  | Discounted Cash Flows |  | Discount Rate |  | 7.6% - 11.5% |  | 9.8% |  | Lower
Other Investments (b) |  |  | 57,365 |  |  | Transaction Price |  | n/a |  |  |  |  |  |
|  |  |  |  |  | Third Party Pricing |  | n/a |  |  |  |  |  |
|  | $ | 4,628,104 |  |  |  |  |  |  |  |  |  |  |
The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of December 31, 2021:
|  |  |  |  |  |  |  |  |  |  |  | Impact to
|  |  |  |  |  |  |  |  |  |  |  | Valuation
|  |  |  |  |  |  |  |  |  |  |  | from an
|  |  |  | Valuation |  | Unobservable |  |  |  | Weighted- |  | Increase
|  | Fair Value |  | Techniques |  | Inputs |  | Ranges |  | Average (a) |  | in Input
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments of Consolidated Blackstone Funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Securities, Partnership and LLC Interests |  | $ | 1,170,362 |  |  |  | Discounted Cash Flows |  |  |  | Discount Rate |  |  | 1.3% - 43.3% |  | 10.4% |  | Lower
|  |  |  |  |  |  |  |  |  |  | Exit Multiple - EBITDA |  |  | 3.7x - 31.4x |  | 14.7x |  | Higher
|  |  |  |  |  |  |  |  |  |  | Exit Capitalization Rate |  |  | 1.3% - 17.3% |  | 4.9% |  | Lower
Debt Instruments |  |  | 29,953 |  |  |  | Discounted Cash Flows |  |  |  | Discount Rate |  |  | 6.5% - 19.3% |  | 9.0% |  | Lower
|  |  |  |  |  |  | Third Party Pricing |  |  |  | n/a |  |  |  |  |  |  |
Total Investments of Consolidated Blackstone Funds |  |  | 1,200,315 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate Treasury Investments |  |  | 477 |  |  |  | Discounted Cash Flows |  |  |  | Discount Rate |  |  | 9.4 % |  | n/a |  | Lower
|  |  |  |  |  |  | Third Party Pricing |  |  |  | n/a |  |  |  |  |  |  |
Loans and Receivables |  |  | 392,732 |  |  |  | Discounted Cash Flows |  |  |  | Discount Rate |  |  | 6.5% - 12.2% |  | 7.6% |  | Lower
Other Investments |  |  | 2,518,032 |  |  |  | Third Party Pricing |  |  |  | n/a |  |  |  |  |  |  |
|  |  |  |  |  |  | Transaction Price |  |  |  | n/a |  |  |  |  |  |  |
|  | $ | 4,111,556 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
n/a |  | Not applicable.
EBITDA |  | Earnings before interest, taxes, depreciation and amortization.
Exit Multiple |  | Ranges include the last twelve months EBITDA and forward EBITDA multiples.
Third Party Pricing |  | Third Party Pricing is generally determined on the basis of unadjusted prices between market participants provided by reputable dealers or pricing services.
Transaction Price |  | Includes recent acquisitions or transactions.
(a) |  | Unobservable inputs were weighted based on the fair value of the investments included in the range.
(b) |  | As of December 31, 2022, Other Investments includes Level III Freestanding Derivatives.
Summary of Changes in Financial Assets Measured at Fair Value for Which Level III Inputs Were Used |
|  | Level III Financial Assets at Fair Value
|  | Year Ended December 31,
|  | 2022 |  | 2021
|  | Investments of Consolidated Funds |  | Loans and Receivables |  | Other Investments (a) |  | Total |  | Investments of Consolidated Funds |  | Loans and Receivables |  | Other Investments (a) |  | Total
Balance, Beginning of Period |  | $ | 1,200,315 |  |  | $ | 392,732 |  |  | $ | 43,987 |  |  | $ | 1,637,034 |  |  | $ | 858,310 |  |  | $ | 581,079 |  |  | $ | 46,158 |  |  | $ | 1,485,547 |
Transfer In Due to Consolidation and Acquisition |  |  | 2,985,171 |  |  |  | — |  |  |  | — |  |  |  | 2,985,171 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Transfer In to Level III (b) |  |  | 2,040 |  |  |  | — |  |  |  | 2,517 |  |  |  | 4,557 |  |  |  | 8,254 |  |  |  | — |  |  |  | 14,162 |  |  |  | 22,416 |
Transfer Out of Level III (b) |  |  | (76,621 | ) |  |  | — |  |  |  | (19,597 | ) |  |  | (96,218 | ) |  |  | (111,952 | ) |  |  | — |  |  |  | (16,388 | ) |  |  | (128,340 | )
Purchases |  |  | 636,338 |  |  |  | 805,375 |  |  |  | 14,524 |  |  |  | 1,456,237 |  |  |  | 381,826 |  |  |  | 955,236 |  |  |  | 225,297 |  |  |  | 1,562,359 |
Sales |  |  | (428,379 | ) |  |  | (882,668 | ) |  |  | (3,797 | ) |  |  | (1,314,844 | ) |  |  | (292,843 | ) |  |  | (1,132,405 | ) |  |  | (226,866 | ) |  |  | (1,652,114 | )
Issuances |  |  | — |  |  |  | 39,514 |  |  |  | — |  |  |  | 39,514 |  |  |  | — |  |  |  | 58,221 |  |  |  | — |  |  |  | 58,221 |
Settlements |  |  | — |  |  |  | (55,308 | ) |  |  | (4,433 | ) |  |  | (59,741 | ) |  |  | — |  |  |  | (85,444 | ) |  |  | — |  |  |  | (85,444 | )
Changes in Gains (Losses) Included in Earnings |  |  | (69,032 | ) |  |  | 15,394 |  |  |  | (2,230 | ) |  |  | (55,868 | ) |  |  | 356,720 |  |  |  | 16,045 |  |  |  | 1,624 |  |  |  | 374,389 |
Balance, End of Period |  | $ | 4,249,832 |  |  | $ | 315,039 |  |  | $ | 30,971 |  |  | $ | 4,595,842 |  |  | $ | 1,200,315 |  |  | $ | 392,732 |  |  | $ | 43,987 |  |  | $ | 1,637,034 |
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date |  | $ | (136,037 | ) |  | $ | (13,384 | ) |  | $ | (11,271 | ) |  | $ | (160,692 | ) |  | $ | 298,740 |  |  | $ | (9,005 | ) |  | $ | 1,412 |  |  | $ | 291,147 |
(a) | Represents corporate treasury investments and Other Investments.
(b) | Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities.

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI https://asc.fasb.org/extlink&oid=126976982&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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