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Segment Reporting (Tables)
 12 Months Ended
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.