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Segment Reporting | 12 Months Ended
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Dec. 31, 2022
Segment Reporting | 20. Segment Reporting Blackstone transacts its primary business in the United States and substantially all of its revenues are generated domestically. Blackstone conducts its alternative asset management businesses through four segments:
| • |  | Real Estate – Blackstone’s Real Estate segment primarily comprises its management of opportunistic real estate funds, Core+ real estate funds, high-yield real estate debt funds, liquid real estate debt funds.
| • |  | Private Equity – Blackstone’s Private Equity segment includes its management of flagship corporate private equity funds, sector and geographically-focused corporate private equity funds, core private equity funds, an opportunistic investment platform, a secondary fund of funds business, infrastructure-focused funds, a life sciences investment platform, a growth equity investment platform, a multi-asset investment program for eligible high net worth investors and a capital markets services business.
| • |  | Credit & Insurance – Blackstone’s Credit & Insurance segment consists principally of Blackstone Credit, which is organized into two overarching strategies: private credit (which includes mezzanine direct lending funds, private placement strategies, stressed/distressed strategies and energy strategies) and liquid credit (which consists of CLOs, closed-ended funds, open-ended funds and separately managed accounts). In addition, the segment includes an insurer-focused platform, an asset-based finance platform and publicly traded master limited partnership investment platform.
| • |  | Hedge Fund Solutions – The largest component of Blackstone’s Hedge Fund Solutions segment is Blackstone Alternative Asset Management, which manages a broad range of commingled and customized hedge fund of fund solutions. The segment also includes a GP Stakes business and investment platforms that invest directly, as well as investment platforms that seed new hedge fund businesses and create alternative solutions through daily liquidity products.
These business segments are differentiated by their various investment strategies. Each of the segments primarily earns its income from management fees and investment returns on assets under management. Segment Distributable Earnings is Blackstone’s segment profitability measure used to make operating decisions and assess performance across Blackstone’s four segments. For the year ended December 31, 2022, Blackstone Real Estate Investment Trust (“BREIT”), a vehicle in the Real Estate segment accounted for $841.3 million of Blackstone’s Management and Advisory Fees, Net. Generally, Blackstone identifies the customer as the investors in its managed funds and investment vehicles; but for certain widely held vehicles like BREIT, the fund or investment vehicle is determined to be the customer. Blackstone evaluates the major customer disclosure in the context of its revenue streams as determined under the GAAP guidance for contracts with customers which includes Management and Advisory Fees, Net and Incentive Fees. For the years ended December 31, 2021 and 2020, no individual customer constituted more than 10% of Blackstone’s Management and Advisory Fees, Net and Incentive Fees. Segment Distributable Earnings represents the net realized earnings of Blackstone’s segments and is the sum of Fee Related Earnings and Net Realizations for each segment. Blackstone’s segments are presented on a basis that deconsolidates Blackstone Funds, eliminates non-controlling ownership interests in Blackstone’s consolidated operating partnerships, removes the amortization of intangible assets and removes Transaction-Related Charges. 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. For segment reporting purposes, Segment Distributable Earnings is presented along with its major components, Fee Related Earnings and Net Realizations. Fee Related Earnings is used to assess Blackstone’s ability to generate profits from revenues that are measured and received on a recurring basis and not subject to future realization events. Net Realizations is the sum of Realized Principal Investment Income and Realized Performance Revenues less Realized Performance Compensation. Performance Allocations and Incentive Fees are presented together and referred to collectively as Performance Revenues or Performance Compensation. Segment Presentation 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 |
Reconciliations of Total Segment Amounts 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 |
Reconciliations of Total Segment Components 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.

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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