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Equity-Based Compensation
 3 Months Ended
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