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Segment Reporting (Tables) | 3 Months Ended
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Mar. 31, 2024
Financial Data of Segments | The following tables present the financial data for Blackstone’s four segments as of March 31, 2024 and for the three months ended March 31, 2024 and 2023.
|  | March 31, 2024 and the Three Months Then Ended
|  | Real |  | Private |  | Credit & |  | Multi-Asset |  | Total
|  | Estate |  | Equity |  | Insurance |  | Investing |  | Segments
Management and Advisory Fees, Net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Base Management Fees |  | $ | 694,179 |  |  | $ | 450,283 |  |  | $ | 370,998 |  |  | $ | 129,270 |  |  | $ | 1,644,730 |
Transaction, Advisory and Other Fees, Net |  |  | 29,190 |  |  |  | 26,149 |  |  |  | 9,790 |  |  |  | 1,809 |  |  |  | 66,938 |
Management Fee Offsets |  |  | (2,930 | ) |  |  | (267 | ) |  |  | (892 | ) |  |  | (8 | ) |  |  | (4,097 | )
Total Management and Advisory Fees, Net |  |  | 720,439 |  |  |  | 476,165 |  |  |  | 379,896 |  |  |  | 131,071 |  |  |  | 1,707,571 |
Fee Related Performance Revenues |  |  | 129,958 |  |  |  | — |  |  |  | 165,543 |  |  |  | — |  |  |  | 295,501 |
Fee Related Compensation |  |  | (174,569 | ) |  |  | (157,392 | ) |  |  | (181,337 | ) |  |  | (40,779 | ) |  |  | (554,077 | )
Other Operating Expenses |  |  | (89,762 | ) |  |  | (86,879 | ) |  |  | (85,530 | ) |  |  | (26,807 | ) |  |  | (288,978 | )
Fee Related Earnings |  |  | 586,066 |  |  |  | 231,894 |  |  |  | 278,572 |  |  |  | 63,485 |  |  |  | 1,160,017 |
Realized Performance Revenues |  |  | 49,967 |  |  |  | 446,455 |  |  |  | 15,120 |  |  |  | 24,851 |  |  |  | 536,393 |
Realized Performance Compensation |  |  | (21,863 | ) |  |  | (218,938 | ) |  |  | (5,445 | ) |  |  | (6,778 | ) |  |  | (253,024 | )
Realized Principal Investment Income (Loss) |  |  | 2,193 |  |  |  | 22,208 |  |  |  | 3,597 |  |  |  | (18,060 | ) |  |  | 9,938 |
Total Net Realizations |  |  | 30,297 |  |  |  | 249,725 |  |  |  | 13,272 |  |  |  | 13 |  |  |  | 293,307 |
Total Segment Distributable Earnings |  | $ | 616,363 |  |  | $ | 481,619 |  |  | $ | 291,844 |  |  | $ | 63,498 |  |  | $ | 1,453,324 |
Segment Assets |  | $ | 12,846,955 |  |  | $ | 13,761,878 |  |  | $ | 7,607,377 |  |  | $ | 2,615,141 |  |  | $ | 36,831,351 |
|  | Three Months Ended March 31, 2023
|  | Real |  | Private |  | Credit & |  | Multi-Asset |  | Total
|  | Estate |  | Equity |  | Insurance |  | Investing |  | Segments
Management and Advisory Fees, Net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Base Management Fees |  | $ | 705,387 |  |  | $ | 451,610 |  |  | $ | 326,779 |  |  | $ | 135,771 |  |  | $ | 1,619,547 |
Transaction, Advisory and Other Fees, Net |  |  | 20,561 |  |  |  | 14,784 |  |  |  | 8,451 |  |  |  | 1,914 |  |  |  | 45,710 |
Management Fee Offsets |  |  | (10,457 | ) |  |  | (1,310 | ) |  |  | (1,101 | ) |  |  | (2 | ) |  |  | (12,870 | )
Total Management and Advisory Fees, Net |  |  | 715,491 |  |  |  | 465,084 |  |  |  | 334,129 |  |  |  | 137,683 |  |  |  | 1,652,387 |
Fee Related Performance Revenues |  |  | 20,748 |  |  |  | — |  |  |  | 127,496 |  |  |  | — |  |  |  | 148,244 |
Fee Related Compensation |  |  | (137,610 | ) |  |  | (161,626 | ) |  |  | (163,999 | ) |  |  | (45,736 | ) |  |  | (508,971 | )
Other Operating Expenses |  |  | (74,181 | ) |  |  | (76,763 | ) |  |  | (74,238 | ) |  |  | (26,466 | ) |  |  | (251,648 | )
Fee Related Earnings |  |  | 524,448 |  |  |  | 226,695 |  |  |  | 223,388 |  |  |  | 65,481 |  |  |  | 1,040,012 |
Realized Performance Revenues |  |  | 11,096 |  |  |  | 499,322 |  |  |  | 125,181 |  |  |  | 5,927 |  |  |  | 641,526 |
Realized Performance Compensation |  |  | (3,165 | ) |  |  | (232,934 | ) |  |  | (56,772 | ) |  |  | (3,153 | ) |  |  | (296,024 | )
Realized Principal Investment Income |  |  | 2,224 |  |  |  | 32,889 |  |  |  | 6,009 |  |  |  | 2,569 |  |  |  | 43,691 |
Total Net Realizations |  |  | 10,155 |  |  |  | 299,277 |  |  |  | 74,418 |  |  |  | 5,343 |  |  |  | 389,193 |
Total Segment Distributable Earnings |  | $ | 534,603 |  |  | $ | 525,972 |  |  | $ | 297,806 |  |  | $ | 70,824 |  |  | $ | 1,429,205 |
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 three months ended March 31, 2024 and 2023 along with Total Assets as of March 31, 2024:
|  | Three Months Ended
|  | March 31,
|  | 2024 |  | 2023
Revenues |  |  |  |  |  |  |  |
Total GAAP Revenues |  | $ | 3,687,828 |  |  | $ | 1,381,845 |
Less: Unrealized Performance Revenues (a) |  |  | (445,936 | ) |  |  | 759,316 |
Less: Unrealized Principal Investment (Income) Loss (b) |  |  | (442,976 | ) |  |  | 479,120 |
Less: Interest and Dividend Revenue (c) |  |  | (97,839 | ) |  |  | (95,101 | )
Less: Other Revenue (d) |  |  | (44,747 | ) |  |  | 14,180 |
Impact of Consolidation (e) |  |  | (106,874 | ) |  |  | (58,987 | )
Transaction-Related and Non-Recurring Items (f) |  |  | (449 | ) |  |  | 4,788 |
Intersegment Eliminations |  |  | 396 |  |  |  | 687 |
Total Segment Revenue (g) |  | $ | 2,549,403 |  |  | $ | 2,485,848 |
|  | Three Months Ended
|  | March 31,
|  | 2024 |  | 2023
Expenses |  |  |  |  |  |  |  |
Total GAAP Expenses |  | $ | 1,790,407 |  |  | $ | 1,189,345 |
Less: Unrealized Performance Allocations Compensation (h) |  |  | (180,900 | ) |  |  | 313,249 |
Less: Equity-Based Compensation (i) |  |  | (317,779 | ) |  |  | (268,134 | )
Less: Interest Expense (j) |  |  | (107,640 | ) |  |  | (104,209 | )
Impact of Consolidation (e) |  |  | (25,949 | ) |  |  | (56,674 | )
Amortization of Intangibles (k) |  |  | (7,333 | ) |  |  | (11,341 | )
Transaction-Related and Non-Recurring Items (f) |  |  | (52,646 | ) |  |  | (3,833 | )
Administrative Fee Adjustment (l) |  |  | (2,477 | ) |  |  | (2,447 | )
Intersegment Eliminations |  |  | 396 |  |  |  | 687 |
Total Segment Expenses (m) |  | $ | 1,096,079 |  |  | $ | 1,056,643 |
|  | Three Months Ended
|  | March 31,
|  | 2024 |  | 2023
Other Income |  |  |  |  |  |  |  |
Total GAAP Other Income |  | $ | (17,767 | ) |  | $ | 65,856 |
Impact of Consolidation (e) |  |  | 17,767 |  |  |  | (65,856 | )
Total Segment Other Income |  | $ | — |  |  | $ | — |
|  | Three Months Ended
|  | March 31,
|  | 2024 |  | 2023
Income Before Provision for Taxes |  |  |  |  |  |  |  |
Total GAAP Income Before Provision for Taxes |  | $ | 1,879,654 |  |  | $ | 258,356 |
Less: Unrealized Performance Revenues (a) |  |  | (445,936 | ) |  |  | 759,316 |
Less: Unrealized Principal Investment (Income) Loss (b) |  |  | (442,976 | ) |  |  | 479,120 |
Less: Interest and Dividend Revenue (c) |  |  | (97,839 | ) |  |  | (95,101 | )
Less: Other Revenue (d) |  |  | (44,747 | ) |  |  | 14,180 |
Plus: Unrealized Performance Allocations Compensation (h) |  |  | 180,900 |  |  |  | (313,249 | )
Plus: Equity-Based Compensation (i) |  |  | 317,779 |  |  |  | 268,134 |
Plus: Interest Expense (j) |  |  | 107,640 |  |  |  | 104,209 |
Impact of Consolidation (e) |  |  | (63,158 | ) |  |  | (68,169 | )
Amortization of Intangibles (k) |  |  | 7,333 |  |  |  | 11,341 |
Transaction-Related and Non-Recurring Items (f) |  |  | 52,197 |  |  |  | 8,621 |
Administrative Fee Adjustment (l) |  |  | 2,477 |  |  |  | 2,447 |
Total Segment Distributable Earnings |  | $ | 1,453,324 |  |  | $ | 1,429,205 |
|  | As of
|  | March 31,
|  | 2024
Total Assets |  |  |  |
Total GAAP Assets |  | $ | 39,706,302 |
Impact of Consolidation (e) |  |  | (2,874,951 | )
Total Segment Assets |  | $ | 36,831,351 |
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 and Non-Recurring Items.
(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 three months ended March 31, 2024 and 2023, Other Revenue on a GAAP basis was $44.8 million and $(14.2 ) million, and included $44.5 million and $(14.7) 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 Transaction-Related and Non-Recurring Items, which are excluded from Blackstone’s segment presentation. Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering and non-recurring gains, losses, or other charges, if any. 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, gains or losses associated with these corporate actions and non-recurring gains, losses or other charges that affect period to period comparability and are not reflective of Blackstone’s operational performance. For the three months ended March 31, 2024, this adjustment includes removal of an accrual for an estimated liability for a legal matter.
(g) | Total Segment Revenues is comprised of the following:
|  | Three Months Ended
|  | March 31,
|  | 2024 |  | 2023
Total Segment Management and Advisory Fees, Net |  | $ | 1,707,571 |  |  | $ | 1,652,387 |
Total Segment Fee Related Performance Revenues |  |  | 295,501 |  |  |  | 148,244 |
Total Segment Realized Performance Revenues |  |  | 536,393 |  |  |  | 641,526 |
Total Segment Realized Principal Investment Income |  |  | 9,938 |  |  |  | 43,691 |
Total Segment Revenues |  | $ | 2,549,403 |  |  | $ | 2,485,848 |
(h) | This adjustment removes Unrealized Performance Allocations Compensation.
(i) | This adjustment removes Equity-Based Compensation on a segment basis.
(j) | This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement.
(k) | This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation.
(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:
|  | Three Months Ended
|  | March 31,
|  | 2024 |  | 2023
Total Segment Fee Related Compensation |  | $ | 554,077 |  |  | $ | 508,971 |
Total Segment Realized Performance Compensation |  |  | 253,024 |  |  |  | 296,024 |
Total Segment Other Operating Expenses |  |  | 288,978 |  |  |  | 251,648 |
Total Segment Expenses |  | $ | 1,096,079 |  |  | $ | 1,056,643 |
Reconciliation of Total Segments to Reported on the Consolidated Statements of Operations | The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported on the Condensed Consolidated Statement of Operations for the three months ended March 31, 2024 and 2023:
|  | Three Months Ended
|  | March 31,
|  | 2024 |  | 2023
Management and Advisory Fees, Net |  |  |  |  |  |  |  |
GAAP |  | $ | 1,727,148 |  |  | $ | 1,658,315 |
Segment Adjustment (a) |  |  | (19,577 | ) |  |  | (5,928 | )
Total Segment |  | $ | 1,707,571 |  |  | $ | 1,652,387 |
|  | Three Months Ended
|  | March 31,
|  | 2024 |  | 2023
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues |  |  |  |  |  |  |  |
GAAP |  |  |  |  |  |  |  |
Incentive Fees |  | $ | 179,341 |  |  | $ | 142,876 |
Investment Income - Realized Performance Allocations |  |  | 652,517 |  |  |  | 646,894 |
GAAP |  |  | 831,858 |  |  |  | 789,770 |
Total Segment |  |  |  |  |  |  |  |
Less: Realized Performance Revenues |  |  | (536,393 | ) |  |  | (641,526 | )
Segment Adjustment (b) |  |  | 36 |  |  |  | — |
Total Segment |  | $ | 295,501 |  |  | $ | 148,244 |
|  | Three Months Ended
|  | March 31,
|  | 2024 |  | 2023
GAAP Compensation to Total Segment Fee Related Compensation |  |  |  |  |  |  |  |
GAAP |  |  |  |  |  |  |  |
Compensation |  | $ | 794,803 |  |  | $ | 716,285 |
Incentive Fee Compensation |  |  | 73,707 |  |  |  | 63,281 |
Realized Performance Allocations Compensation |  |  | 258,894 |  |  |  | 296,794 |
GAAP |  |  | 1,127,404 |  |  |  | 1,076,360 |
Total Segment |  |  |  |  |  |  |  |
Less: Realized Performance Compensation |  |  | (253,024 | ) |  |  | (296,024 | )
Less: Equity-Based Compensation - Fee Related Compensation |  |  | (313,400 | ) |  |  | (265,154 | )
Less: Equity-Based Compensation - Performance Compensation |  |  | (4,379 | ) |  |  | (2,980 | )
Segment Adjustment (c) |  |  | (2,524 | ) |  |  | (3,231 | )
Total Segment |  | $ | 554,077 |  |  | $ | 508,971 |
|  | Three Months Ended
|  | March 31,
|  | 2024 |  | 2023
GAAP General, Administrative and Other to Total Segment Other Operating Expenses |  |  |  |  |  |  |  |
GAAP |  | $ | 369,950 |  |  | $ | 273,394 |
Segment Adjustment (d) |  |  | (80,972 | ) |  |  | (21,746 | )
Total Segment |  | $ | 288,978 |  |  | $ | 251,648 |
|  | Three Months Ended
|  | March 31,
|  | 2024 |  | 2023
Realized Performance Revenues |  |  |  |  |  |  |  |
GAAP |  |  |  |  |  |  |  |
Incentive Fees |  | $ | 179,341 |  |  | $ | 142,876 |
Investment Income - Realized Performance Allocations |  |  | 652,517 |  |  |  | 646,894 |
GAAP |  |  | 831,858 |  |  |  | 789,770 |
Total Segment |  |  |  |  |  |  |  |
Less: Fee Related Performance Revenues |  |  | (295,501 | ) |  |  | (148,244 | )
Segment Adjustment (b) |  |  | 36 |  |  |  | — |
Total Segment |  | $ | 536,393 |  |  | $ | 641,526 |
|  | Three Months Ended
|  | March 31,
|  | 2024 |  | 2023
Realized Performance Compensation |  |  |  |  |  |  |  |
GAAP |  |  |  |  |  |  |  |
Incentive Fee Compensation |  | $ | 73,707 |  |  | $ | 63,281 |
Realized Performance Allocations Compensation |  |  | 258,894 |  |  |  | 296,794 |
GAAP |  |  | 332,601 |  |  |  | 360,075 |
Total Segment |  |  |  |  |  |  |  |
Less: Fee Related Performance Compensation (e) |  |  | (75,198 | ) |  |  | (61,071 | )
Less: Equity-Based Compensation—Performance Compensation |  |  | (4,379 | ) |  |  | (2,980 | )
Total Segment |  | $ | 253,024 |  |  | $ | 296,024 |
|  | Three Months Ended
|  | March 31,
|  | 2024 |  | 2023
Realized Principal Investment Income |  |  |  |  |  |  |  |
GAAP |  | $ | 78,597 |  |  | $ | 108,058 |
Segment Adjustment (f) |  |  | (68,659 | ) |  |  | (64,367 | )
Total Segment |  | $ | 9,938 |  |  | $ | 43,691 |
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 and Non-Recurring Items.
(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 and Non-Recurring Items that are not recorded in the Total Segment measures.
(d) | Represents the (1) removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures, (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. For the three months ended March 31, 2024, this adjustment includes removal of an accrual for an estimated liability for a legal matter.
(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.

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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