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Fair Value Option (Tables)
 12 Months Ended
Dec. 31, 2022
Summary of Financial Instruments for Which Fair Value Option Has Been Elected
The following table summarizes the financial instruments for which the fair value option has been elected:
 
                                                   
    
December 31,
    
2022
   
2021
Assets
                  
Loans and Receivables
   
$
315,039
 
   
$
392,732
 
Equity and Preferred Securities
   
 
1,868,192
 
   
 
516,539
 
Debt Securities
   
 
24,784
 
   
 
183,877
 
    
 
 
 
   
 
 
 
    
$
2,208,015
 
   
$
1,093,148
 
    
 
 
 
   
 
 
 
Liabilities
                  
Corporate Treasury Commitments
   
$
8,144
 
   
$
636
 
    
 
 
 
   
 
 
 
Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected
The following table presents the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected:
 
                                                                                                                                                       
    
Year Ended December 31,
    
2022
  
2021
  
2020
        
Net Change
      
Net Change
      
Net Change
    
Realized
  
in Unrealized
  
Realized
  
in Unrealized
  
Realized
  
in Unrealized
    
Gains
  
Gains
  
Gains
  
Gains
  
Gains
  
Gains
    
(Losses)
  
(Losses)
  
(Losses)
  
(Losses)
  
(Losses)
  
(Losses)
Assets
                                                 
Loans and Receivables
   
$
(10,733
) 
  
$
(464
) 
  
$
(11,661
) 
  
$
3,481
 
  
$
(10,314
) 
  
$
(2,011
) 
Equity and Preferred Securities
   
 
22,285
 
  
 
(91,338
) 
  
 
42,791
 
  
 
53,157
 
  
 
(342
) 
  
 
(67,869
) 
Debt Securities
   
 
(22,240
) 
  
 
(19,490
) 
  
 
14,399
 
  
 
(14,210
) 
  
 
(22,783
) 
  
 
29,143
 
Assets of Consolidated CLO Vehicles (a)
                                                 
Corporate Loans
   
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
(96,194
) 
  
 
(226,542
) 
Other
   
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
(325
) 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
    
$
(10,688
) 
  
$
(111,292
) 
  
$
45,529
 
  
$
42,428
 
  
$
(129,633
) 
  
$
(267,604
) 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Liabilities
                                                 
Liabilities of Consolidated CLO Vehicles (a)
                                                 
Senior Secured Notes
   
$
—
 
  
$
—
 
  
$
—
 
  
$
—
 
  
$
—
 
  
$
199,445
 
Subordinated Notes
   
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
30,046
 
Corporate Treasury Commitments
   
 
—
 
  
 
(7,508
) 
  
 
—
 
  
 
(383
) 
  
 
—
 
  
 
(244
) 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
    
$
—
 
  
$
(7,508
) 
  
$
—
 
  
$
(383
) 
  
$
—
 
  
$
229,247
 
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(a)
During the year ended December 31, 2020, Blackstone deconsolidated nine CLO vehicles.
Information for Financial Instruments on Which Fair Value Option was Elected
The following table presents information for those financial instruments for which the fair value option was elected:
 
                                                                                                                                                       
    
December 31, 2022
   
December 31, 2021
        
For Financial Assets
       
For Financial Assets
        
Past Due (a)
       
Past Due (a)
    
Excess
       
Excess
   
Excess
       
Excess
    
(Deficiency)
       
(Deficiency)
   
(Deficiency)
       
(Deficiency)
    
of Fair Value
  
Fair
   
of Fair Value
   
of Fair Value
  
Fair
   
of Fair Value
    
Over Principal
  
Value
   
Over Principal
   
Over Principal
  
Value
   
Over Principal
Loans and Receivables
   
$
(2,861
) 
  
$
—
 
   
$
—
 
   
$
(2,748
) 
  
$
—
 
   
$
—
 
Debt Securities
   
 
(48,670
) 
  
 
—
 
   
 
—
 
   
 
(29,475
) 
  
 
—
 
   
 
—
 
    
 
 
 
  
 
 
 
   
 
 
 
   
 
 
 
  
 
 
 
   
 
 
 
    
$
(51,531
) 
  
$
—
 
   
$
—
 
   
$
(32,223
) 
  
$
—
 
   
$
—