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Fair Value Measurements of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2024
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:
|  | March 31, 2024
|  | Level I |  | Level II |  | Level III |  | NAV |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents |  | $ | 214,997 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 214,997 |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments of Consolidated Blackstone Funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Securities, Partnerships and LLC Interests (a) |  |  | 10,259 |  |  |  | 119,238 |  |  |  | 2,688,028 |  |  |  | 469,012 |  |  |  | 3,286,537 |
Debt Instruments |  |  | — |  |  |  | 130,010 |  |  |  | 15,564 |  |  |  | — |  |  |  | 145,574 |
Freestanding Derivatives |  |  | — |  |  |  | 26,800 |  |  |  | — |  |  |  | — |  |  |  | 26,800 |
Total Investments of Consolidated Blackstone Funds |  |  | 10,259 |  |  |  | 276,048 |  |  |  | 2,703,592 |  |  |  | 469,012 |  |  |  | 3,458,911 |
Corporate Treasury Investments |  |  | 67,688 |  |  |  | 121,712 |  |  |  | 8,576 |  |  |  | — |  |  |  | 197,976 |
Other Investments |  |  | 2,006,970 |  |  |  | 2,590,956 |  |  |  | 72,555 |  |  |  | 7,081 |  |  |  | 4,677,562 |
Total Investments |  |  | 2,084,917 |  |  |  | 2,988,716 |  |  |  | 2,784,723 |  |  |  | 476,093 |  |  |  | 8,334,449 |
Accounts Receivable - Loans and Receivables |  |  | — |  |  |  | — |  |  |  | 95,532 |  |  |  | — |  |  |  | 95,532 |
O ther Assets - Freestanding Derivatives |  |  | — |  |  |  | 157,852 |  |  |  | 5,812 |  |  |  | — |  |  |  | 163,664 |
|  | $ | 2,299,914 |  |  | $ | 3,146,568 |  |  | $ | 2,886,067 |  |  | $ | 476,093 |  |  | $ | 8,808,642 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans Payable - CLO Notes Payable |  | $ | — |  |  | $ | 169,835 |  |  | $ | — |  |  | $ | — |  |  | $ | 169,835 |
Accounts Payable, Accrued Expenses and Other Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Freestanding Derivatives |  |  | — |  |  |  | 97,975 |  |  |  | 646,002 |  |  |  | — |  |  |  | 743,977 |
Contingent Consideration |  |  | — |  |  |  | — |  |  |  | 504 |  |  |  | — |  |  |  | 504 |
Corporate Treasury Commitments |  |  | — |  |  |  | — |  |  |  | 887 |  |  |  | — |  |  |  | 887 |
Securities Sold, Not Yet Purchased |  |  | 3,867 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,867 |
Total Accounts Payable, Accrued Expenses and Other Liabilities |  |  | 3,867 |  |  |  | 97,975 |  |  |  | 647,393 |  |  |  | — |  |  |  | 749,235 |
|  | $ | 3,867 |  |  | $ | 267,810 |  |  | $ | 647,393 |  |  | $ | — |  |  | $ | 919,070 |
|  | December 31, 2023
|  | Level I |  | Level II |  | Level III |  | NAV |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents |  | $ | 263,574 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 263,574 |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments of Consolidated Blackstone Funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Securities, Partnerships and LLC Interests (a) |  |  | 11,118 |  |  |  | 123,022 |  |  |  | 2,653,246 |  |  |  | 558,259 |  |  |  | 3,345,645 |
Debt Instruments |  |  | — |  |  |  | 924,264 |  |  |  | 30,385 |  |  |  | — |  |  |  | 954,649 |
Freestanding Derivatives |  |  | — |  |  |  | 19,189 |  |  |  | — |  |  |  | — |  |  |  | 19,189 |
Total Investments of Consolidated Blackstone Funds |  |  | 11,118 |  |  |  | 1,066,475 |  |  |  | 2,683,631 |  |  |  | 558,259 |  |  |  | 4,319,483 |
Corporate Treasury Investments |  |  | 72,071 |  |  |  | 435,430 |  |  |  | 296,369 |  |  |  | — |  |  |  | 803,870 |
Other Investments |  |  | 1,564,112 |  |  |  | 2,355,423 |  |  |  | 223,441 |  |  |  | 7,275 |  |  |  | 4,150,251 |
Total Investments |  |  | 1,647,301 |  |  |  | 3,857,328 |  |  |  | 3,203,441 |  |  |  | 565,534 |  |  |  | 9,273,604 |
Accounts Receivable - Loans and Receivables |  |  | — |  |  |  | — |  |  |  | 60,738 |  |  |  | — |  |  |  | 60,738 |
O ther Assets - Freestanding Derivatives |  |  | 90 |  |  |  | 157,629 |  |  |  | 13,171 |  |  |  | — |  |  |  | 170,890 |
|  | $ | 1,910,965 |  |  | $ | 4,014,957 |  |  | $ | 3,277,350 |  |  | $ | 565,534 |  |  | $ | 9,768,806 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans Payable - CLO Notes Payable |  | $ | — |  |  | $ | 687,122 |  |  | $ | — |  |  | $ | — |  |  | $ | 687,122 |
Accounts Payable, Accrued Expenses and Other Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Freestanding Derivatives |  |  | 436 |  |  |  | 90,199 |  |  |  | 563,986 |  |  |  | — |  |  |  | 654,621 |
Contingent Consideration |  |  | — |  |  |  | — |  |  |  | 387 |  |  |  | — |  |  |  | 387 |
Corporate Treasury Commitments |  |  | — |  |  |  | — |  |  |  | 1,264 |  |  |  | — |  |  |  | 1,264 |
Securities Sold, Not Yet Purchased |  |  | 3,886 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,886 |
Total Accounts Payable, Accrued Expenses and Other Liabilities |  |  | 4,322 |  |  |  | 90,199 |  |  |  | 565,637 |  |  |  | — |  |  |  | 660,158 |
|  | $ | 4,322 |  |  | $ | 777,321 |  |  | $ | 565,637 |  |  | $ | — |  |  | $ | 1,347,280 |
LLC Limited Liability Company.
(a) | Equity Securities, Partnership and LLC Interest includes investments in investment funds.
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 March 31, 2024. Consistent with presentation in these Notes to Condensed Consolidated Financial Statements, this table presents the Level III Investments only of Consolidated Blackstone Funds and therefore does not reflect any other Blackstone Funds.
|  | Fair Value |  | Valuation Techniques |  | Unobservable Inputs |  | Ranges |  | Weighted- Average (a) |  | Impact to Valuation from an Increase in Input
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments of Consolidated Blackstone Funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Securities, Partnership and LLC Interests |  | $ | 2,688,028 |  |  |  | Discounted Cash Flows |  |  |  | Discount Rate |  |  |  | 3.3% - 38.6% |  |  |  | 10.1% |  |  |  | Lower |
|  |  |  |  |  |  |  |  |  |  | Exit Multiple - EBITDA |  |  |  | 4.0x - 30.6x |  |  |  | 15.0x |  |  |  | Higher |
|  |  |  |  |  |  |  |  |  |  | Exit Capitalization Rate |  |  |  | 3.1% - 13.2% |  |  |  | 5.1% |  |  |  | Lower |
Debt Instruments |  |  | 15,564 |  |  |  | Third Party Pricing |  |  |  | n/a |  |  |  |  |  |  |  |  |  |  |  |  |
Total Investments of Consolidated Blackstone Funds |  |  | 2,703,592 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate Treasury Investments |  |  | 8,576 |  |  |  | Transaction Price |  |  |  | n/a |  |  |  |  |  |  |  |  |  |  |  |  |
Loans and Receivables |  |  | 95,532 |  |  |  | Discounted Cash Flows |  |  |  | Discount Rate |  |  |  | 8.8% - 14.0% |  |  |  | 10.3% |  |  |  | Lower |
Other Investments (b) |  |  | 78,367 |  |  |  | Third Party Pricing |  |  |  | n/a |  |  |  |  |  |  |  |  |  |  |  |  |
|  | $ | 2,886,067 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Freestanding Derivatives (c) |  | $ | 646,002 |  |  |  | Option Pricing Model |  |  |  | Volatility |  |  |  | 6.2% |  |  |  | n/a |  |  |  | Higher |
Other Liabilities (d) |  |  | 1,391 |  |  |  | Third Party Pricing |  |  |  | n/a |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  | Other |  |  |  | n/a |  |  |  |  |  |  |  |  |  |  |  |  |
|  | $ | 647,393 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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, 2023:
|  | Fair Value |  | Valuation Techniques |  | Unobservable Inputs |  | Ranges |  | Weighted- Average (a) |  | Impact to Valuation from an Increase in Input
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments of Consolidated Blackstone Funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Securities, Partnership and LLC Interests |  | $ | 2,653,246 |  |  |  | Discounted Cash Flows |  |  |  | Discount Rate |  |  |  | 3.3% - 38.0% |  |  |  | 9.7% |  |  |  | Lower |
|  |  |  |  |  |  |  |  |  |  | Exit Multiple - EBITDA |  |  |  | 4.0x - 30.6x |  |  |  | 15.0x |  |  |  | Higher |
|  |  |  |  |  |  |  |  |  |  | Exit Capitalization Rate |  |  |  | 3.1% - 12.8% |  |  |  | 5.1% |  |  |  | Lower |
Debt Instruments |  |  | 30,385 |  |  |  | Third Party Pricing |  |  |  | n/a |  |  |  |  |  |  |  |  |  |  |  |  |
Total Investments of Consolidated Blackstone Funds |  |  | 2,683,631 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate Treasury Investments |  |  | 296,369 |  |  |  | Discounted Cash Flows |  |  |  | Discount Rate |  |  |  | 11.2% - 22.4% |  |  |  | 17.1% |  |  |  | Lower |
|  |  |  |  |  |  | Transaction Price |  |  |  | n/a |  |  |  |  |  |  |  |  |  |  |  |  |
Loans and Receivables |  |  | 60,738 |  |  |  | Discounted Cash Flows |  |  |  | Discount Rate |  |  |  | 8.8% - 14.9% |  |  |  | 10.3% |  |  |  | Lower |
Other Investments (b) |  |  | 236,612 |  |  |  | Third Party Pricing |  |  |  | n/a |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  | Transaction Price |  |  |  | n/a |  |  |  |  |  |  |  |  |  |  |  |  |
|  | $ | 3,277,350 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Freestanding Derivatives (c) |  | $ | 563,986 |  |  |  | Option Pricing Model |  |  |  | Volatility |  |  |  | 6.3% |  |  |  | n/a |  |  |  | Higher |
Other Liabilities (d) |  |  | 1,651 |  |  |  | Third Party Pricing |  |  |  | n/a |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  | Other |  |  |  | n/a |  |  |  |  |  |  |  |  |  |  |  |  |
|  | $ | 565,637 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 March 31, 2024 and December 31, 2023, Other Investments includes Level III Freestanding Derivatives.
(c) |  | The volatility of the historical performance of the underlying reference entity is used to project the expected returns relevant for the fair value of the derivative.
(d) |  | As of March 31, 2024 and December 31, 2023, Other Liabilities includes Level III Contingent Consideration and Level III Corporate Treasury Commitments.
Summary of Changes in Financial Assets and Liabilities Measured at Fair Value for Which Level III Inputs Were Used | The following tables summarize the changes in financial assets and liabilities measured at fair value for which Blackstone has used Level III inputs to determine fair value and does not include gains or losses that were reported in Level III in prior years or for instruments that were transferred out of Level III prior to the end of the respective reporting period. These tables also exclude financial assets and liabilities measured at fair value on a non-recurring basis. Total realized and unrealized gains and losses recorded for Level III investments are reported in either Investment Income (Loss) or Net Gains from Fund Investment Activities in the Condensed Consolidated Statements of Operations.
|  | Level III Financial Assets at Fair Value Three Months Ended March 31,
|  | 2024 |  | 2023
|  | Investments |  |  |  |  |  |  |  | Investments |  |  |  |  |  |
|  | of |  | Loans |  | Other |  |  |  | of |  | Loans |  | Other |  |
|  | Consolidated |  | and |  | Investments |  |  |  | Consolidated |  | and |  | Investments |  |
|  | Funds |  | Receivables |  | (a) |  | Total |  | Funds |  | Receivables |  | (a) |  | Total
Balance, Beginning of Period |  | $ | 2,683,631 |  |  | $ | 60,738 |  |  | $ | 373,024 |  |  | $ | 3,117,393 |  |  | $ | 4,249,832 |  |  | $ | 315,039 |  |  | $ | 30,971 |  |  | $ | 4,595,842 |
Transfer Out Due to Deconsolidation |  |  | (14,237 | ) |  |  | — |  |  |  | — |  |  |  | (14,237 | ) |  |  | (3,837 | ) |  |  | — |  |  |  | — |  |  |  | (3,837 | )
Transfer Into Level III (b) |  |  | 3,434 |  |  |  | — |  |  |  | — |  |  |  | 3,434 |  |  |  | 13,873 |  |  |  | — |  |  |  | 898 |  |  |  | 14,771 |
Transfer Out of Level III (b) |  |  | (2,546 | ) |  |  | — |  |  |  | — |  |  |  | (2,546 | ) |  |  | (313 | ) |  |  | — |  |  |  | (2,726 | ) |  |  | (3,039 | )
Purchases |  |  | 133,116 |  |  |  | 149,639 |  |  |  | 5,675 |  |  |  | 288,430 |  |  |  | 299,948 |  |  |  | 55,070 |  |  |  | 49,404 |  |  |  | 404,422 |
Sales |  |  | (34,315 | ) |  |  | (111,167 | ) |  |  | (289,993 | ) |  |  | (435,475 | ) |  |  | (319,161 | ) |  |  | (86,725 | ) |  |  | (180 | ) |  |  | (406,066 | )
Issuances |  |  | — |  |  |  | 9,561 |  |  |  | — |  |  |  | 9,561 |  |  |  | — |  |  |  | 50,689 |  |  |  | — |  |  |  | 50,689 |
Settlements (c) |  |  | — |  |  |  | (14,110 | ) |  |  | (10,160 | ) |  |  | (24,270 | ) |  |  | — |  |  |  | (33,796 | ) |  |  | 528 |  |  |  | (33,268 | )
Changes in Gains (Losses) Includedin Earnings |  |  | (65,491 | ) |  |  | 871 |  |  |  | (1,404 | ) |  |  | (66,024 | ) |  |  | 98,167 |  |  |  | 7,011 |  |  |  | (4,291 | ) |  |  | 100,887 |
Balance, End of Period |  | $ | 2,703,592 |  |  | $ | 95,532 |  |  | $ | 77,142 |  |  | $ | 2,876,266 |  |  | $ | 4,338,509 |  |  | $ | 307,288 |  |  | $ | 74,604 |  |  | $ | 4,720,401 |
Changes in Unreali zed Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date |  | $ | (39,295 | ) |  | $ | (793 | ) |  | $ | (3,305 | ) |  | $ | (43,393 | ) |  | $ | 72,029 |  |  | $ | 1,737 |  |  | $ | 534 |  |  | $ | 74,300 |
|  | Level III Financial Liabilities at Fair Value Three Months Ended March 31,
|  | 2024 |  | 2023
|  | Freestanding |  | Other |  |  |  | Freestanding |  | Other |  |
|  | Derivatives |  | Liabilities |  | Total |  | Derivatives |  | Liabilities |  | Total
Balance, Beginning of Period |  | $ | 563,986 |  |  | $ | 1,651 |  |  | $ | 565,637 |  |  | $ | 48,581 |  |  | $ | 8,144 |  |  | $ | 56,725 |
Transfer In Due to Consolidation and Acquisition |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,300 |  |  |  | 2,300 |
Changes in Losses (Gains) Included in Earnings |  |  | 82,016 |  |  |  | (260 | ) |  |  | 81,756 |  |  |  | 154,838 |  |  |  | (2,226 | ) |  |  | 152,612 |
Balance, End of Period |  | $ | 646,002 |  |  | $ | 1,391 |  |  | $ | 647,393 |  |  | $ | 203,419 |  |  | $ | 8,218 |  |  | $ | 211,637 |
Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date |  | $ | 82,016 |  |  | $ | (260 | ) |  | $ | 81,756 |  |  | $ | 154,838 |  |  | $ | (2,226 | ) |  | $ | 152,612 |
(a) | Represents freestanding derivatives, 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.
(c) | For Freestanding Derivatives included within Other Investments, Settlements includes all ongoing contractual cash payments made or received over the life of the instrument.

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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 -Name Accounting Standards Codification -Section 50 -Paragraph 2C -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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