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Equity-Based Compensation | 3 Months Ended
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Mar. 31, 2024
Equity-Based Compensation | 14. Equity-Based Compensation Blackstone has granted equity-based compensation awards to Blackstone’s senior managing directors, non-partner professionals, non-professionals and selected external advisers under Blackstone’s Amended and Restated 2007 Equity Incentive Plan (the “Equity Plan”). The Equity Plan allows for the granting of options, share appreciation rights or other share-based awards (shares, restricted shares, restricted shares of common stock, deferred restricted shares of common stock, phantom restricted shares of common stock or other share-based awards based in whole or in part on the fair value of shares of common stock or Blackstone Holdings Partnership Units) which may contain certain service or performance requirements. As of January 1, 2024, Blackstone had the ability to grant 173,443,452 shares under the Equity Plan. For the three months ended March 31, 2024 and March 31, 2023, Blackstone recorded compensation expense of $320.7 million and $277.4 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $65.3 million and $39.3 million, respectively. As of March 31, 2024, there was $2.8 billion of estimated unrecognized compensation expense related to unvested awards, including compensation with performance conditions where it is probable that the performance condition will be met. This cost is expected to be recognized over a weighted-average period of 3.7 years. Total vested and unvested outstanding shares, including common stock, Blackstone Holdings Partnership Units and deferred restricted shares of common stock, were 1,216,634,747 as of March 31, 2024. Total outstanding phantom shares were 77,083 as of March 31, 2024. A summary of the status of Blackstone’s unvested equity-based awards as of March 31, 2024 and of changes during the period January 1, 2024 through March 31, 2024 is presented below:
|  | Blackstone Holdings |  | Blackstone Inc.
|  |  |  |  |  | Equity Settled Awards |  | Cash Settled Awards
|  |  |  | Weighted- |  |  |  | Weighted- |  |  |  | Weighted-
|  |  |  | Average |  | Deferred |  | Average |  |  |  | Average
|  | Partnership |  | Grant Date |  | Restricted Shares |  | Grant Date |  | Phantom |  | Grant Date
Unvested Shares/Units |  | Units |  | Fair Value |  | of Common Stock |  | Fair Value |  | Shares |  | Fair Value
Balance, December 31, 2023 |  |  | 4,585,893 |  |  | $ | 38.94 |  |  |  | 36,456,644 |  |  | $ | 86.05 |  |  |  | 85,447 |  |  | $ | 114.50 |
Granted |  |  | — |  |  |  | — |  |  |  | 1,708,994 |  |  |  | 130.25 |  |  |  | 7,362 |  |  |  | 128.09 |
Vested |  |  | (268,682 | ) |  |  | 33.25 |  |  |  | (2,839,811 | ) |  |  | 88.53 |  |  |  | (7,100 | ) |  |  | 128.09 |
Forfeited |  |  | (35,431 | ) |  |  | 46.58 |  |  |  | (597,142 | ) |  |  | 88.20 |  |  |  | (15,130 | ) |  |  | 128.09 |
Balance, March 31, 2024 |  |  | 4,281,780 |  |  | $ | 39.23 |  |  |  | 34,728,685 |  |  | $ | 88.04 |  |  |  | 70,579 |  |  | $ | 128.49 |
Shares/Units Expected to Vest The following unvested shares and units, after expected forfeitures, as of March 31, 2024, are expected to vest:
|  |  |  |  | Weighted-
|  |  |  |  | Average
|  |  |  |  | Service Period
|  | Shares/Units |  |  | in Years
Blackstone Holdings Partnership Units |  |  | 4,430,851 |  |  | 0.5
Deferred Restricted Shares of Common Stock |  |  | 31,480,104 |  |  | 2.7
Total Equity-Based Awards |  |  | 35,910,955 |  |  | 2.5
Phantom Shares |  |  | 60,171 |  |  | 2.8

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