BX

BLACKSTONE INC

Financial Services | Large Cap

$1.07

EPS Forecast

$2,601

Revenue Forecast

Announcing earnings for the quarter ending 2024-06-30 soon
EX-99.1 2 d290475dex991.htm EX-99.1 EX-99.1

 

Exhibit 99.1

 

LOGO

 

Blackstone Reports Fourth Quarter and

Full Year 2021 Results

New York, January 27, 2022: Blackstone (NYSE:BX) today reported its fourth quarter and full year 2021 results.

Stephen A. Schwarzman, Chairman and Chief Executive Officer, said, “Blackstone’s fourth quarter results

represented a remarkable finish to a record-breaking year. Our limited partners entrusted us with $270 billion of

inflows in 2021, with assets under management rising 42% to $881 billion – our fastest growth rate in over a decade.

Outstanding investment performance and the power of our brand are leading to share gains in multiple customer

channels, driving exceptional earnings momentum for our shareholders.”

Blackstone issued a full detailed presentation of its fourth quarter and full year 2021 results, which can be viewed

at www.blackstone.com.

Dividend

Blackstone has declared a quarterly dividend of $1.45 per share to record holders of common stock at the close of

business on February 7, 2022. This dividend will be paid on February 14, 2022.

Quarterly Investor Call Details

Blackstone will host its fourth quarter and full year 2021 investor conference via public webcast on January 27,

2022 at 9:00 a.m. ET. To register, please use the following link:

https://event.webcasts.com/viewer/event.jsp?ei=1520327&tp_key=7f44bccae4. For those unable to listen to the

 

 

Blackstone

345 Park Avenue New York NY 10154

T 212 583 5000

www.blackstone.com

 

 

 


 

live broadcast, there will be a webcast replay on the Shareholders section of Blackstone’s website at

https://ir.blackstone.com/.

About Blackstone

Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-

term value for our investors, the companies we invest in, and the communities in which we work. We do this by

using extraordinary people and flexible capital to help companies solve problems. Our $881 billion in assets under

management include investment vehicles focused on private equity, real estate, public debt and equity, life

sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a

global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

Forward-Looking Statements

This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act

of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our

current views with respect to, among other things, our operations, taxes, earnings and financial performance, share

repurchases and dividends. You can identify these forward-looking statements by the use of words such as

“outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,”

“approximately,” “predicts,” “intends,” “plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads”

or the negative version of these words or other comparable words. Such forward-looking statements are subject to

various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual

outcomes or results to differ materially from those indicated in these statements. We believe these factors include

but are not limited to the impact of the novel coronavirus (“COVID-19”), as well as those described under the

section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020, as such

factors may be updated from time to time in our periodic filings with the United States Securities and Exchange

Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be

construed as exhaustive and should be read in conjunction with the other cautionary statements that are included

in this report and in our other periodic filings. The forward-looking statements speak only as of the date of this

report, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a

result of new information, future developments or otherwise.

 

 
 

 

2


 

This presentation does not constitute an offer of any Blackstone Fund.

Investor and Media Relations Contacts

 

  Weston Tucker

  Blackstone

  Tel: +1 (212) 583-5231

  tucker@blackstone.com

  

    Christine Anderson

    Blackstone

    Tel: +1 (212) 583-5182

    christine.anderson@blackstone.com

  

 

 
 

 

3


 

 

LOGO

 

Blackstone’s Fourth

Quarter and Full Year 2021 Earnings

 

 

JANUARY 27, 2022

 

 
 


 

BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2021 GAAP RESULTS

 

 

§

  GAAP Net Income was $2.9 billion for the quarter and $12.4 billion for the year. GAAP Net Income Attributable to Blackstone Inc. was $1.4 billion for the quarter and $5.9 billion for the year.

 

 

 

   
 ($ in thousands, except per share data) (unaudited)   4Q’20     4Q’21            FY’20     FY’21  

Revenues

                           

Management and Advisory Fees, Net

 

  $

1,134,138 

 

 

  $

          1,459,548 

 

 

  $

          4,092,549 

 

 

  $

          5,170,707 

 

Incentive Fees

 

 

97,702 

 

 

 

136,454 

 

 

 

138,661 

 

 

 

253,991 

 

Investment Income

           

Performance Allocations

           

Realized

 

 

1,465,154 

 

 

 

2,787,970 

 

 

 

2,106,000 

 

 

 

5,653,452 

 

Unrealized

 

 

            597,285 

 

 

 

789,213 

 

 

 

(384,393)

 

 

 

8,675,246 

 

Principal Investments

           

Realized

 

 

220,814 

 

 

 

171,310 

 

 

 

391,628 

 

 

 

1,003,822 

 

Unrealized

 

 

217,688 

 

 

 

304,297 

 

 

 

(114,607)

 

 

 

1,456,201 

 

Total Investment Income

 

 

2,500,941 

 

 

 

4,052,790 

 

 

 

1,998,628 

 

 

 

16,788,721 

 

Interest and Dividend Revenue

 

 

39,726 

 

 

 

63,166 

 

 

 

125,231 

 

 

 

160,643 

 

Other

 

 

(143,583)

 

 

 

50,699 

 

 

 

(253,142)

 

 

 

203,086 

 

Total Revenues

 

  $

3,628,924 

 

 

  $

5,762,657 

 

 

  $

6,101,927 

 

 

  $

22,577,148 

 

Expenses

           

Compensation and Benefits

           

Compensation

 

 

459,636 

 

 

 

576,032 

 

 

 

1,855,619 

 

 

 

2,161,973 

 

Incentive Fee Compensation

 

 

22,086 

 

 

 

49,349 

 

 

 

44,425 

 

 

 

98,112 

 

Performance Allocations Compensation

           

Realized

 

 

590,089 

 

 

 

1,119,911 

 

 

 

843,230 

 

 

 

2,311,993 

 

Unrealized

 

 

278,575 

 

 

 

384,007 

 

 

 

(154,516)

 

 

 

3,778,048 

 

Total Compensation and Benefits

 

 

1,350,386 

 

 

 

2,129,299 

 

 

 

2,588,758 

 

 

 

8,350,126 

 

General, Administrative and Other

 

 

214,124 

 

 

 

309,673 

 

 

 

711,782 

 

 

 

917,847 

 

Interest Expense

 

 

45,702 

 

 

 

56,550 

 

 

 

166,162 

 

 

 

198,268 

 

Fund Expenses

 

 

1,902 

 

 

 

2,959 

 

 

 

12,864 

 

 

 

10,376 

 

Total Expenses

 

  $

1,612,114 

 

 

  $

2,498,481 

 

 

  $

3,479,566 

 

 

  $

9,476,617 

 

Other Income (Loss)

           

Change in Tax Receivable Agreement Liability

 

 

(27,171)

 

 

 

32,044 

 

 

 

(35,383)

 

 

 

(2,759)

 

Net Gains from Fund Investment Activities

 

 

90,867 

 

 

 

81,843 

 

 

 

30,542 

 

 

 

461,624 

 

Income Before Provision for Taxes

 

  $

2,080,506 

 

 

  $

3,378,063 

 

 

  $

2,617,520 

 

 

  $

13,559,396 

 

Provision for Taxes

 

 

266,342 

 

 

 

437,694 

 

 

 

356,014 

 

 

 

1,184,401 

 

Net Income

 

  $

1,814,164 

 

 

  $

2,940,369 

 

 

  $

2,261,506 

 

 

  $

12,374,995 

 

Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities

 

 

(1,871)

 

 

 

2,924 

 

 

 

(13,898)

 

 

 

5,740 

 

Net Income Attributable to Non-Controlling Interests in Consolidated Entities

 

 

308,055 

 

 

 

320,033 

 

 

 

217,117 

 

 

 

1,625,306 

 

Net Income Attributable to Non-Controlling Interests in Blackstone Holdings

 

 

759,110 

 

 

 

1,218,934 

 

 

 

1,012,924 

 

 

 

4,886,552 

 

Net Income Attributable to Blackstone Inc. (“BX”)

 

  $

748,870 

 

 

  $

1,398,478 

 

 

  $

1,045,363 

 

 

  $

5,857,397 

 

Net Income Per Share of Common Stock, Basic

 

  $

1.07 

 

 

  $

1.93 

 

 

  $

1.50 

 

 

  $

8.14 

 

Net Income Per Share of Common Stock, Diluted

 

  $

1.07 

 

 

  $

1.92 

 

 

  $

1.50 

 

 

  $

8.13 

 

Income Before Provision for Taxes Margin

 

 

57.3%

 

 

 

58.6%

 

 

 

42.9%

 

 

 

60.1%

 

 

 
   
Throughout this presentation, all current period amounts are preliminary and unaudited. Totals may not add due to rounding. See pages 34-36, Definitions and
Dividend Policy, for definitions of terms used throughout this presentation. See additional notes on page 32.
 

 

Blackstone |   1


 

BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2021 HIGHLIGHTS

 

 

Financial Measures   

 

 

§   Fee Related Earnings (“FRE”) and Distributable Earnings (“DE”) reached record levels
for both the quarter and the year

 

§   FRE of $1.8 billion ($1.52/share) in the quarter, up 144% year-over-year

–  FRE was $4.1 billion for the year ($3.37/share), up 71% year-over-year

 

§   DE of $2.3 billion ($1.71/share) in the quarter, up 55% year-over-year

–  DE was $6.2 billion for the year ($4.77/share), up 85% year-over-year

 

§   Net Accrued Performance Revenues a record $8.7 billion ($7.28/share), up 128% year-over-year

  
Capital Metrics   

 

 

§   Total Assets Under Management (“AUM”), Fee-Earning AUM, Perpetual Capital AUM, Inflows, and Deployment all records for both the quarter and the year

 

§   Total AUM of $880.9 billion, up 42% year-over-year

–  Fee-Earning AUM of $650.0 billion, up 38% year-over-year

–  Perpetual Capital AUM of $313.4 billion, up 132% year-over-year

 

§   Inflows of $154.8 billion in the quarter and $270.5 billion for the year

 

§   Realizations of $21.0 billion in the quarter and $77.2 billion for the year

 

§   Deployment of $65.8 billion in the quarter and $144.4 billion for the year

  
Capital Returned
to Shareholders
  

 

 

§   Dividend of $1.45 per common share payable on February 14, 2022

–  Dividends of $4.06 per common share for the year

 

§   Repurchased 4.2 million common shares in the quarter and 10.3 million common shares for the year

 

§   $2.5 billion to be distributed to shareholders with respect to the fourth quarter
through dividends and share repurchases, and $6.5 billion for the year

 

 

 

 
   

 

Notes on page 32.

 

 

Blackstone |   2


 

BLACKSTONE’S FOURTH QUARTER AND FULL YEAR 2021 SEGMENT EARNINGS

 

 

                       % Change                   % Change  

($ in thousands, except per share data)

   4Q’20     4Q’21          vs. 4Q’20    FY’20     FY’21       vs. FY’20  

Management and Advisory Fees, Net

  

$

1,136,025

 

 

$

1,456,220

 

    

28%

  

$

4,111,165

 

 

$

5,167,242

 

 

26%

Fee Related Performance Revenues

  

 

286,227

 

 

 

1,733,874

 

    

506%

  

 

378,676

 

 

 

2,025,244

 

 

435%

Fee Related Compensation

  

 

(482,769

 

 

(1,108,034

    

130%

  

 

(1,496,570

 

 

(2,348,010

 

57%

Other Operating Expenses

  

 

(189,536

 

 

(255,133

    

35%

  

 

(623,217

 

 

(793,677

 

27%

Fee Related Earnings

  

$

749,947

 

 

$

1,826,927

 

    

144%

  

$

2,370,054

 

 

$

4,050,799

 

 

71%

   
                    

Realized Performance Revenues

  

 

1,276,629

 

 

 

1,191,374

 

    

(7)%

  

 

1,865,993

 

 

 

3,883,112

 

 

108%

Realized Performance Compensation

  

 

(483,528

 

 

(449,301

    

(7)%

  

 

(714,347

 

 

(1,557,570

 

118%

Realized Principal Investment Income

  

 

103,821

 

 

 

75,468

 

    

(27)%

  

 

158,933

 

 

 

587,766

 

 

270%

Net Realizations

  

 

896,922

 

 

 

817,541

 

    

(9)%

  

 

1,310,579

 

 

 

2,913,308

 

 

122%

Total Segment Distributable Earnings

  

$

1,646,869

 

 

$

2,644,468

 

    

61%

  

$

3,680,633

 

 

$

6,964,107

 

 

89%

   
                    

Net Interest and Dividend Income (Loss)

  

 

(5,604

 

 

6,779

 

    

n/m

  

 

(34,910

 

 

(33,588

 

(4)%

Taxes and Related Payables

  

 

(176,859

 

 

(377,920

    

114%

  

 

(304,127

 

 

(759,682

 

150%

Distributable Earnings

  

$

1,464,406

 

 

$

2,273,327

 

    

55%

  

$

3,341,596

 

 

$

6,170,837

 

 

85%

   
                    

Additional Metrics:

                    

FRE per Share

  

$

0.62

 

 

$

1.52

 

    

145%

  

$

1.97

 

 

$

3.37

 

 

71%

DE per Common Share

  

$

1.13

 

 

$

1.71

 

    

51%

  

$

2.65

 

 

$

4.77

 

 

80%

Total Segment Revenues

  

$

2,802,702

 

 

$

4,456,936

 

    

59%

  

$

6,514,767

 

 

$

11,663,364

 

 

79%

Total Assets Under Management

  

$

  618,556,928

 

 

$

  880,901,720

 

    

42%

  

$

  618,556,928

 

 

$

  880,901,720

 

 

42%

Fee-Earning Assets Under Management

  

$

469,433,114

 

 

$

649,969,058

 

    

38%

  

$

469,433,114

 

 

$

649,969,058

 

 

38%

 

 
   

Fee Related Earnings per Share is based on end of period DE Shares Outstanding (see page 23, Share Summary). DE per Common Share is based on DE Attributable

to Common Shareholders (see page 22, Shareholder Dividends) and end of period Participating Common Shares outstanding. Full year per Share amounts

represent the sum of the last four quarters. See pages 30-31 for the Reconciliation of GAAP to Total Segment Measures.

 

 

Blackstone |   3


 

SUMMARY OF FINANCIALS

 

 

§

  Full year Fee Related Earnings of $3.37 per share, an increase of 71% year-over-year.

 

§

  Full year Total Segment Distributable Earnings were $7.0 billion, an increase of 89% year-over-year.

 

 

 

Fee Related Earnings per Share

 

LOGO

  

Segment Distributable Earnings

 

($ in millions)

 

LOGO

 

 
   

FRE Margin is calculated by dividing Fee Related Earnings by Fee Related Revenues (defined as the sum of Total Segment Management and Advisory Fees, Net and

Fee Related Performance Revenues).

 

 

Blackstone |   4


 

INVESTMENT PERFORMANCE AND NET ACCRUED PERFORMANCE REVENUES

 

 

§

  Strong appreciation across strategies led to a 5% increase in Net Accrued Performance Revenues quarter-over-
quarter to $8.7 billion ($7.28/share).

 

 

 

Investment Performance

(appreciation / gross returns)

 

    

4Q’21    

 

FY’21    

Real Estate

    

Opportunistic

  

12.0%    

 

43.8%    

Core+

  

7.2%    

 

25.0%    

    

Private Equity

    

Corporate Private Equity

  

4.8%    

 

42.2%    

Tactical Opportunities

  

11.0%    

 

34.9%    

Secondaries

  

9.1%    

 

49.8%    

    

Hedge Fund Solutions

    

BPS Composite

  

0.8%    

 

8.1%    

    

Credit & Insurance

    

Private Credit

  

4.6%    

 

21.9%    

Liquid Credit

  

0.8%    

 

5.2%    

Net Accrued Performance Revenues

($ in millions)

 

 

LOGO

 

 

 
   

Investment Performance represents fund appreciation for Real Estate and Private Equity and gross returns for Hedge Fund Solutions and Credit & Insurance. Secondaries appreciation

is reported on a three-month lag from the fund financial reporting. Effective 3Q’21, the Secondaries fund financial reporting process was updated to generally report underlying fund

investments on a same-quarter basis, if available. Previously such fund financial reporting was generally on a three-month lag. This update has permitted Secondaries appreciation to

be reported on a more current basis. Secondaries appreciation is presented above as if the updated reporting process was in place for prior periods. Secondaries appreciation for

4Q’21 is not impacted by the reporting process change. Including the “catch up” from the reporting process change to reflect the economic and market activity of five quarters in

FY’21, Secondaries appreciation was 61.2% for FY’21. BPS Composite net returns were 0.6% and 7.2% for 4Q’21 and FY’21, respectively. Private Credit net returns were 3.1% and

16.2% for 4Q’21 and FY’21, respectively. Liquid Credit net returns were 0.7% and 4.9% for 4Q’21 and FY’21, respectively. See notes on page 32 for additional details on investment

performance.

 

 

Blackstone |   5


 

CAPITAL METRICS – ADDITIONAL DETAIL

 

 

§

  Inflows were $154.8 billion in the quarter, bringing full year inflows to $270.5 billion.
 

Inflows in the quarter include $77.6 billion across segments from the AIG Life & Retirement and Everlake transactions.

 

§

  Realizations were $21.0 billion in the quarter and $77.2 billion for the year.

 

 

§

  Deployed $65.8 billion in the quarter and $144.4 billion for the year.
 

Committed an additional $18.8 billion that was not yet deployed in the quarter.

 

 

 

     Inflows          Realizations          Capital Deployed  
 ($ in millions)    4Q’21      FY’21          4Q’21      FY’21          4Q’21      FY’21  

Real Estate

  

$

41,751

 

  

$

75,258

 

    

$

5,182

 

  

$

19,490

 

    

$

20,561

 

  

$

45,909

 

Opportunistic

  

 

3,436

 

  

 

8,548

 

    

 

2,351

 

  

 

12,467

 

    

 

3,141

 

  

 

11,096

 

Core+

  

 

12,599

 

  

 

38,272

 

    

 

1,884

 

  

 

4,628

 

    

 

16,802

 

  

 

32,102

 

BREDS

  

 

25,715

 

  

 

28,437

 

    

 

948

 

  

 

2,395

 

    

 

617

 

  

 

2,711

 

Private Equity

  

 

31,336

 

  

 

53,858

 

    

 

9,074

 

  

 

36,616

 

    

 

22,757

 

  

 

48,043

 

Corporate Private Equity

  

 

5,123

 

  

 

14,262

 

    

 

4,031

 

  

 

17,909

 

    

 

9,459

 

  

 

20,285

 

Tactical Opportunities

  

 

2,795

 

  

 

10,799

 

    

 

1,834

 

  

 

8,557

 

    

 

2,015

 

  

 

6,089

 

Secondaries

  

 

16,715

 

  

 

22,047

 

    

 

2,793

 

  

 

9,519

 

    

 

4,882

 

  

 

11,486

 

Infrastructure

  

 

6,703

 

  

 

6,749

 

    

 

416

 

  

 

632

 

    

 

6,401

 

  

 

10,184

 

Hedge Fund Solutions

  

 

4,316

 

  

 

11,922

 

    

 

707

 

  

 

1,628

 

    

 

1,763

 

  

 

4,973

 

                     

Credit & Insurance

  

 

77,443

 

  

 

129,434

 

    

 

5,992

 

  

 

19,475

 

    

 

20,702

 

  

 

45,502

 

                     

Total Blackstone

  

$

        154,846

 

  

$

      270,472

 

    

$

        20,956

 

  

$

        77,210

 

    

$

        65,783

 

  

$

      144,426

 

 

 
   
Corporate Private Equity also includes Life Sciences and BTAS. Tactical Opportunities also includes Blackstone Growth.  

 

Blackstone |   6


 

ASSETS UNDER MANAGEMENT

 

 

§

  Total AUM increased to $880.9 billion, up 42% year-over-year, with $154.8 billion of inflows in the quarter and $270.5 billion for the year.

 

§

  Fee-Earning AUM of $650.0 billion was up 38% year-over-year, with $135.7 billion of inflows in the quarter and $224.5 billion for the year.

 

§

  Perpetual Capital AUM reached $313.4 billion, up 132% year-over-year.
 

Fee-Earning Perpetual Capital AUM reached $275.4 billion, representing 42% of Fee-Earning AUM.

 

 

 

Total AUM

 

($ in billions)

 

  

Fee-Earning AUM

 

($ in billions)

 

  

Perpetual Capital AUM

 

($ in billions)

 

LOGO    LOGO    LOGO

 

LOGO

 

 
   
 

 

Blackstone |   7


 

ADDITIONAL CAPITAL DETAIL

 

 

§

  Invested Performance Eligible AUM reached $450.8 billion at quarter end, up 54% year-over-year.

 

§

  Undrawn capital (“Total Dry Powder”) available for investment of $135.8 billion.

 

 

 

Invested Performance Eligible AUM    Total Dry Powder
($ in billions)    ($ in billions)

 

LOGO

  

 

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Invested Performance Eligible AUM represents the fair value of invested assets that are eligible to earn performance revenues.  

 

Blackstone |   8


 

Segment Highlights

 

 
 

 

Blackstone |   9


 

REAL ESTATE

 

 

§

  Total AUM: Increased 49% to $279.5 billion with inflows of $41.8 billion in the quarter and $75.3 billion for the year.

 

 

Inflows during the quarter include $25.7 billion in BREDS driven by the AIG Life & Retirement and Everlake transactions, a record $9.9 billion in BREIT, $2.4 billion in the third Asian opportunistic fund, $2.4 billion across BPP, and 510 million capital raised in BEPIF.

 

 

January 1 subscriptions of $2.4 billion in BREIT not yet included in AUM.

 

 

Perpetual AUM increased 98% to $152.0 billion, representing 54% of Total AUM.

 

§

  Realizations: $5.2 billion in the quarter and $19.5 billion for the year.

 

§

  Capital Deployed: $20.6 billion in the quarter and $45.9 billion for the year; deployments in the quarter include the acquisitions of AIG’s affordable housing portfolio, a 15 million square-foot U.S. industrial portfolio, a multifamily portfolio of 17 high-quality assets, and the privatization of WPT Industrial REIT.

 

 

Committed an additional $6.1 billion that was not yet deployed in the quarter.

 

§

  Appreciation: Opportunistic funds and Core+ funds appreciated 12.0% and 7.2% for the quarter, and 43.8% and 25.0% for the year, respectively, driven by strong performance in global logistics and residential portfolios.

 

 

                 

    % Change    

               

% Change

($ in thousands)

  

4Q’20

   

4Q’21

   

    vs. 4Q’20    

  

FY’20

   

FY’21

   

    vs. FY’20    

Management Fees, Net

  

$

431,050

 

 

$

570,737

 

 

32%

  

$

1,638,688

 

 

$

2,052,308

 

 

25%

Fee Related Performance Revenues

  

 

271,778

 

 

 

1,470,226

 

 

441%

  

 

338,161

 

 

 

1,695,019

 

 

401%

Fee Related Compensation

  

 

(242,827

 

 

(713,587

 

194%

  

 

(618,105

 

 

(1,161,349

 

88%

Other Operating Expenses

  

 

(55,565

 

 

(73,985

 

33%

  

 

(183,132

 

 

(234,505

 

28%

Fee Related Earnings

  

$

404,436

 

 

$

1,253,391

 

 

210%

  

$

1,175,612

 

 

$

2,351,473

 

 

100%

    

                 

Realized Performance Revenues

  

 

690,967

 

 

 

184,194

 

 

(73)%

  

 

787,768

 

 

 

1,119,612

 

 

42%

Realized Performance Compensation

  

 

(279,416

 

 

(66,430

 

(76)%

  

 

(312,698

 

 

(443,220

 

42%

Realized Principal Investment Income

  

 

10,945

 

 

 

25,243

 

 

131%

  

 

24,764

 

 

 

196,869

 

 

695%

Net Realizations

  

 

422,496

 

 

 

143,007

 

 

(66)%

  

 

499,834

 

 

 

873,261

 

 

75%

Segment Distributable Earnings

  

$

826,932

 

 

$

1,396,398

 

 

69%

  

$

1,675,446

 

 

$

3,224,734

 

 

92%

    

                 

Segment Revenues

  

$

1,404,740

 

 

$

2,250,400

 

 

60%

  

$

2,789,381

 

 

$

5,063,808

 

 

82%

Total AUM

  

$

 187,191,247

 

 

$

 279,474,105

 

 

49%

  

$

 187,191,247

 

 

$

 279,474,105

 

 

49%

Fee-Earning AUM

  

$

 149,121,461

 

 

$

 221,476,699

 

 

49%

  

$

 149,121,461

 

 

$

 221,476,699

 

 

49%

 

 
   
 

 

Blackstone |   10


 

PRIVATE EQUITY

 

 

§

  Total AUM: Increased 32% to $261.5 billion with inflows of $31.3 billion in the quarter and $53.9 billion for the year.

 

 

Inflows in the quarter included $12.8 billion for the ninth Secondaries fund and $6.7 billion in Blackstone Infrastructure Partners.

 

§

  Realizations: $9.1 billion in the quarter and $36.6 billion for the year; realizations in the quarter included proceeds from Exeter Finance and Diamond Direct sales.

 

§

  Capital Deployed: $22.8 billion in the quarter and $48.0 billion for the year, including Medline, Carrix, and Chamberlain during the quarter.

 

 

Committed an additional $5.2 billion that was not yet deployed in the quarter, including investments in Invenergy, VFS Global, and Renaissance Learning.

 

§

  Appreciation: Corporate Private Equity appreciated 4.8% in the quarter and 42.2% for the year.

 

 

Tactical Opportunities appreciated 11.0% in the quarter and 34.9% for the year; Secondaries appreciated 9.1% in the quarter and 49.8% for the year.

 

 

 

                 

    % Change    

               

% Change

($ in thousands)

  

4Q’20

   

4Q’21

   

    vs. 4Q’20    

  

FY’20

   

FY’21

   

    vs. FY’20    

Management and Advisory Fees, Net

  

$

385,935

 

 

$

442,872

 

 

15%

  

$

1,269,840

 

 

$

1,662,931

 

 

31%

Fee Related Performance Revenues

  

 

 

 

 

212,128

 

 

n/m

  

 

 

 

 

212,128

 

 

n/m

Fee Related Compensation

  

 

(133,044

 

 

(246,249

 

85%

  

 

(455,538

 

 

(662,824

 

46%

Other Operating Expenses

  

 

(63,683

 

 

(95,580

 

50%

  

 

(195,213

 

 

(264,468

 

35%

Fee Related Earnings

  

$

189,208

 

 

$

313,171

 

 

66%

  

$

619,089

 

 

$

947,767

 

 

53%

    

                 

Realized Performance Revenues

  

 

405,665

 

 

 

635,913

 

 

57%

  

 

877,493

 

 

 

2,263,099

 

 

158%

Realized Performance Compensation

  

 

(174,577

 

 

(255,229

 

46%

  

 

(366,949

 

 

(943,199

 

157%

Realized Principal Investment Income

  

 

34,078

 

 

 

42,599

 

 

25%

  

 

72,089

 

 

 

263,368

 

 

265%

Net Realizations

  

 

265,166

 

 

 

423,283

 

 

60%

  

 

582,633

 

 

 

1,583,268

 

 

172%

Segment Distributable Earnings

  

$

454,374

 

 

$

736,454

 

 

62%

  

$

1,201,722

 

 

$

2,531,035

 

 

111%

    

                 

Segment Revenues

  

$

825,678

 

 

$

1,333,512

 

 

62%

  

$

2,219,422

 

 

$

4,401,526

 

 

98%

Total AUM

  

$

 197,549,222

 

 

$

 261,471,007

 

 

32%

  

$

 197,549,222

 

 

$

 261,471,007

 

 

32%

Fee-Earning AUM

  

$

 129,539,630

 

 

$

 156,556,959

 

 

21%

  

$

 129,539,630

 

 

$

 156,556,959

 

 

21%

 

 
   
See note on page 5 for additional details on Secondaries appreciation.  

 

Blackstone |   11


 

HEDGE FUND SOLUTIONS

 

 

§

  Total AUM: Increased 2% to $81.3 billion with inflows of $4.3 billion in the quarter and $11.9 billion for the year.

 

 

Held final close for the second GP stakes fund in the quarter, bringing total committed capital to $5.6 billion.

 

 

Market appreciation of $6.2 billion for the year driven by fund returns and portfolio performance.

 

§

  Returns: BPS Composite gross return of 0.8% in the quarter (0.6% net), outperforming the HFRX Global Hedge Fund Return Index, which was up 0.1%

 

 

Gross returns of 8.1% for the year (7.2% net), with significantly less volatility than the broader markets, compared to 3.7% return for the HFRX Global Hedge Fund Return Index.

 

 

 

                 

    % Change    

               

% Change

($ in thousands)

  

4Q’20

   

4Q’21

   

    vs. 4Q’20    

  

FY’20

   

FY’21

   

    vs. FY’20    

Management Fees, Net

  

$

154,074

 

 

$

179,299

 

 

16%

  

$

588,079

 

 

$

647,883

 

 

10%

Fee Related Compensation

  

 

(33,764

 

 

(43,935

 

30%

  

 

(161,713

 

 

(156,515

 

(3)%

Other Operating Expenses

  

 

(23,632

 

 

(28,271

 

20%

  

 

(79,758

 

 

(94,792

 

19%

Fee Related Earnings

  

$

96,678

 

 

$

107,093

 

 

11%

  

$

346,608

 

 

$

396,576

 

 

14%

    

                 

Realized Performance Revenues

  

 

170,922

 

 

 

235,080

 

 

38%

  

 

179,789

 

 

 

290,980

 

 

62%

Realized Performance Compensation

  

 

(29,022

 

 

(62,724

 

116%

  

 

(31,224

 

 

(76,701

 

146%

Realized Principal Investment Income

  

 

55,200

 

 

 

4,115

 

 

(93)%

  

 

54,110

 

 

 

56,733

 

 

5%

Net Realizations

  

 

197,100

 

 

 

176,471

 

 

(10)%

  

 

202,675

 

 

 

271,012

 

 

34%

Segment Distributable Earnings

  

$

293,778

 

 

$

283,564

 

 

(3)%

  

$

549,283

 

 

$

667,588

 

 

22%

    

                 

Segment Revenues

  

$

380,196

 

 

$

418,494

 

 

10%

  

$

821,978

 

 

$

995,596

 

 

21%

Total AUM

  

$

   79,422,869

 

 

$

   81,334,141

 

 

2%

  

$

   79,422,869

 

 

$

   81,334,141

 

 

2%

Fee-Earning AUM

  

$

74,126,610

 

 

$

74,034,568

 

 

(0)%

  

$

74,126,610

 

 

$

74,034,568

 

 

(0)%

 

 
   
 

 

Blackstone |   12


 

CREDIT & INSURANCE

 

 

§

  Total AUM: Increased 68% to $258.6 billion with inflows of $77.4 billion in the quarter and $129.4 billion for the year.

 

 

Inflows during the quarter include $52.0 billion from the AIG Life & Retirement and Everlake transactions, as well as the final close for the fourth Mezzanine / Opportunistic fund.

 

 

Record $4.4 billion of equity raised in the quarter for BCRED, a continuously offered non-traded BDC.

 

 

BXSL completed its IPO and began trading on the NYSE on October 28 in the largest BDC IPO in 15 years.

 

 

Closed 10 new CLOs / reissued CLOs (9 U.S. and 1 European) for $5.5 billion and closed 5 CLO refinancings and resets (3 U.S. and 2 European) for $2.4 billion in the quarter, capping another record year of CLO issuance.

 

§

  Realizations: $6.0 billion in the quarter and $19.5 billion for the year.

 

§

  Capital Deployed: Record $20.7 billion in the quarter, driven by $18.4 billion in Direct Lending, and $45.5 billion for the year; committed an additional $7.2 billion that was not yet deployed in the quarter.

 

§

  Returns: Private Credit gross return of 4.6% (3.1% net) for the quarter, positively impacted by strengthening fundamentals and opportunistic exits, and Liquid Credit gross return of 0.8% (0.7% net) for the quarter.

 

 

 

                 

    % Change    

               

% Change

($ in thousands)

  

4Q’20

   

4Q’21

   

    vs. 4Q’20    

  

FY’20

   

FY’21

   

    vs. FY’20    

Management Fees, Net

  

$

164,966

 

 

$

263,312

 

 

60%

  

$

614,558

 

 

$

804,120

 

 

31%

Fee Related Performance Revenues

  

 

14,449

 

 

 

51,520

 

 

257%

  

 

40,515

 

 

 

118,097

 

 

191%

Fee Related Compensation

  

 

(73,134

 

 

(104,263

 

43%

  

 

(261,214

 

 

(367,322

 

41%

Other Operating Expenses

  

 

(46,656

 

 

(57,297

 

23%

  

 

(165,114

 

 

(199,912

 

21%

Fee Related Earnings

  

$

59,625

 

 

$

153,272

 

 

157%

  

$

228,745

 

 

$

354,983

 

 

55%

    

                 

Realized Performance Revenues

  

 

9,075

 

 

 

136,187

 

 

n/m

  

 

20,943

 

 

 

209,421

 

 

900%

Realized Performance Compensation

  

 

(513

 

 

(64,918

 

n/m

  

 

(3,476

 

 

(94,450

 

n/m

Realized Principal Investment Income

  

 

3,598

 

 

 

3,511

 

 

(2)%

  

 

7,970

 

 

 

70,796

 

 

788%

Net Realizations

  

 

12,160

 

 

 

74,780

 

 

515%

  

 

25,437

 

 

 

185,767

 

 

630%

Segment Distributable Earnings

  

$

71,785

 

 

$

228,052

 

 

218%

  

$

254,182

 

 

$

540,750

 

 

113%

    

                 

Segment Revenues

  

$

192,088

 

 

$

454,530

 

 

137%

  

$

683,986

 

 

$

1,202,434

 

 

76%

Total AUM

  

$

154,393,590

 

 

$

258,622,467

 

 

68%

  

$

154,393,590

 

 

$

258,622,467

 

 

68%

Fee-Earning AUM

  

$

  116,645,413

 

 

$

  197,900,832

 

 

70%

  

$

  116,645,413

 

 

$

  197,900,832

 

 

70%

 

 
   
 

 

Blackstone |   13


 

Supplemental Details

 

 
 

 

Blackstone |   14


 

TOTAL SEGMENTS

 

 

($ in thousands)

  

4Q’20

   

1Q’21

   

2Q’21

   

3Q’21

   

4Q’21

   

FY’20

   

FY’21

 
   

Base Management Fees

  

$

1,076,094

 

 

$

1,117,290

 

 

$

1,140,051

 

 

$

1,207,866

 

 

$

1,354,068

 

 

$

3,972,054

 

 

$

4,819,275

 

   

Transaction, Advisory and Other Fees, Net

  

 

75,290

 

 

 

78,640

 

 

 

78,125

 

 

 

114,784

 

 

 

120,389

 

 

 

207,875

 

 

 

391,938

 

   

Management Fee Offsets

  

 

(15,359

 

 

(17,725

 

 

(5,434

 

 

(2,575

 

 

(18,237

 

 

(68,764

 

 

(43,971

   

Total Management and Advisory Fees, Net

  

 

1,136,025

 

 

 

1,178,205

 

 

 

1,212,742

 

 

 

1,320,075

 

 

 

1,456,220

 

 

 

4,111,165

 

 

 

5,167,242

 

   

Fee Related Performance Revenues

  

 

286,227

 

 

 

169,168

 

 

 

48,889

 

 

 

73,313

 

 

 

1,733,874

 

 

 

378,676

 

 

 

2,025,244

 

   

Fee Related Compensation

  

 

(482,769

 

 

(445,110

 

 

(375,385

 

 

(419,481

 

 

(1,108,034

 

 

(1,496,570

 

 

(2,348,010

   

Other Operating Expenses

  

 

(189,536

 

 

(161,424

 

 

(182,178

 

 

(194,942

 

 

(255,133

 

 

(623,217

 

 

(793,677

   

Fee Related Earnings

  

$

749,947

 

 

$

740,839

 

 

$

704,068

 

 

$

778,965

 

 

$

1,826,927

 

 

$

2,370,054

 

 

$

4,050,799

 

   
                  
   

Realized Performance Revenues

  

 

1,276,629

 

 

 

401,323

 

 

 

792,938

 

 

 

1,497,477

 

 

 

1,191,374

 

 

 

1,865,993

 

 

 

3,883,112

 

   

Realized Performance Compensation

  

 

(483,528

 

 

(150,924

 

 

(338,271

 

 

(619,074

 

 

(449,301

 

 

(714,347

 

 

(1,557,570

   

Realized Principal Investment Income

  

 

103,821

 

 

 

298,156

 

 

 

63,132

 

 

 

151,010

 

 

 

75,468

 

 

 

158,933

 

 

 

587,766

 

             

Total Net Realizations

  

 

896,922

 

 

 

548,555

 

 

 

517,799

 

 

 

1,029,413

 

 

 

817,541

 

 

 

1,310,579

 

 

 

2,913,308

 

   

Total Segment Distributable Earnings

  

$

1,646,869

 

 

$

1,289,394

 

 

$

1,221,867

 

 

$

1,808,378

 

 

$

2,644,468

 

 

$

3,680,633

 

 

$

6,964,107

 

   
                  
   

Net Interest and Dividend Income (Loss)

  

 

(5,604

 

 

(12,928

 

 

(11,201

 

 

(16,238

 

 

6,779

 

 

 

(34,910

 

 

(33,588

   

Taxes and Related Payables

  

 

(176,859

 

 

(84,222

 

 

(140,673

 

 

(156,867

 

 

(377,920

 

 

(304,127

 

 

(759,682

   

Distributable Earnings

  

$

1,464,406

 

 

$

1,192,244

 

 

$

1,069,993

 

 

$

1,635,273

 

 

$

2,273,327

 

 

$

3,341,596

 

 

$

6,170,837

 

   
                  
   

Additional Metrics:

                  
   

Total Segment Revenues

  

$

2,802,702

 

 

$

2,046,852

 

 

$

2,117,701

 

 

$

3,041,875

 

 

$

4,456,936

 

 

$

6,514,767

 

 

$

11,663,364

 

   

Total Assets Under Management

  

$

618,556,928

 

 

$

648,803,007

 

 

$

684,028,712

 

 

$

730,662,712

 

 

$

880,901,720

 

 

$

618,556,928

 

 

$

880,901,720

 

   

Fee-Earning Assets Under Management

  

$

  469,433,114

 

 

$

  481,225,407

 

 

$

  498,932,526

 

 

$

  528,412,550

 

 

$

  649,969,058

 

 

$

  469,433,114

 

 

$

  649,969,058

 

 

 
   
 

 

Blackstone |   15


 

ASSETS UNDER MANAGEMENT - ROLLFORWARD

 

Total AUM Rollforward

($ in millions)

   
     Three Months Ended December 31, 2021             Twelve Months Ended December 31, 2021  
                                                                              
   
    

Real

Estate

     Private
Equity
     Hedge Fund
Solutions
     Credit &
Insurance
     Total            

Real

Estate

     Private
Equity
     Hedge Fund
Solutions
     Credit &
Insurance
     Total  

Beginning Balance

  

$

230,183 

 

  

$

231,521 

 

  

$

80,602 

 

  

$

188,356 

 

  

$

730,663 

 

  

$

187,191 

 

  

$

197,549 

 

  

$

79,423 

 

  

$

154,394 

 

  

$

618,557 

 

Inflows

  

 

41,751 

 

  

 

31,336 

 

  

 

4,316 

 

  

 

77,443 

 

  

 

154,846 

 

  

 

75,258 

 

  

 

53,858 

 

  

 

11,922 

 

  

 

129,434 

 

  

 

270,472 

 

Outflows

  

 

(1,641)

 

  

 

(691)

 

  

 

(3,282)

 

  

 

(2,260)

 

  

 

(7,873)

 

  

 

(5,146)

 

  

 

(2,969)

 

  

 

(14,563)

 

  

 

(13,412)

 

  

 

(36,090)

 

Net Flows

  

 

40,110 

 

  

 

30,645 

 

  

 

1,034 

 

  

 

75,183 

 

  

 

146,972 

 

  

 

70,112 

 

  

 

50,889 

 

  

 

(2,641)

 

  

 

116,022 

 

  

 

234,382 

 

Realizations

  

 

(5,182)

 

  

 

(9,074)

 

  

 

(707)

 

  

 

(5,992)

 

  

 

(20,956)

 

  

 

(19,490)

 

  

 

(36,616)

 

  

 

(1,628)

 

  

 

(19,475)

 

  

 

(77,210)

 

Market Activity

  

 

14,363 

 

  

 

8,380 

 

  

 

405 

 

  

 

1,075 

 

  

 

24,223 

 

  

 

41,661 

 

  

 

49,649 

 

  

 

6,180 

 

  

 

7,683 

 

  

 

105,172 

 

Ending Balance

  

$

  279,474 

 

  

$

  261,471 

 

  

$

  81,334 

 

  

$

  258,622 

 

  

$

  880,902 

 

  

$

  279,474 

 

  

$

  261,471 

 

  

$

  81,334 

 

  

$

  258,622 

 

  

$

  880,902 

 

% Change

  

 

21%

 

  

 

13%

 

  

 

1%

 

  

 

37%

 

  

 

21%

 

     

 

49%

 

  

 

32%

 

  

 

2%

 

  

 

68%

 

  

 

42%

 

 

 

Fee-Earning AUM Rollforward

($ in millions)

   
     Three Months Ended December 31, 2021             Twelve Months Ended December 31, 2021  
                                                                              
   
    

Real

Estate

     Private
Equity
     Hedge Fund
Solutions
     Credit &
Insurance
     Total            

Real

Estate

     Private
Equity
     Hedge Fund
Solutions
     Credit &
Insurance
     Total  

Beginning Balance

  

$

180,168 

 

  

$

139,080 

 

  

$

73,267 

 

  

$

135,897 

 

  

$

528,413 

 

  

$

149,121 

 

  

$

129,540 

 

  

$

74,127 

 

  

$

116,645 

 

  

$

469,433 

 

Inflows

  

 

41,088 

 

  

 

22,366 

 

  

 

3,844 

 

  

 

68,368 

 

  

 

135,666 

 

  

 

73,052 

 

  

 

37,527 

 

  

 

10,656 

 

  

 

103,312 

 

  

 

224,547 

 

Outflows

  

 

(847)

 

  

 

(1,806)

 

  

 

(2,798)

 

  

 

(2,416)

 

  

 

(7,866)

 

  

 

(3,093)

 

  

 

(3,694)

 

  

 

(14,704)

 

  

 

(11,948)

 

  

 

(33,439)

 

Net Flows

  

 

40,241 

 

  

 

20,560 

 

  

 

1,046 

 

  

 

65,953 

 

  

 

127,800 

 

  

 

69,959 

 

  

 

33,833 

 

  

 

(4,048)

 

  

 

91,364 

 

  

 

191,108 

 

Realizations

  

 

(5,057)

 

  

 

(4,163)

 

  

 

(673)

 

  

 

(3,717)

 

  

 

(13,610)

 

  

 

(14,210)

 

  

 

(13,188)

 

  

 

(1,569)

 

  

 

(12,775)

 

  

 

(41,743)

 

Market Activity

  

 

6,124 

 

  

 

1,080 

 

  

 

394 

 

  

 

(232)

 

  

 

7,367 

 

  

 

16,607 

 

  

 

6,372 

 

  

 

5,525 

 

  

 

2,667 

 

  

 

31,171 

 

Ending Balance

  

$

  221,477 

 

  

$

  156,557 

 

  

$

  74,035 

 

  

$

  197,901 

 

  

$

  649,969 

 

  

$

  221,477 

 

  

$

  156,557 

 

  

$

  74,035 

 

  

$

  197,901 

 

  

$

  649,969 

 

% Change

  

 

23%

 

  

 

13%

 

  

 

1%

 

  

 

46%

 

  

 

23%

 

     

 

49%

 

  

 

21%

 

  

 

(0)%

 

  

 

70%

 

  

 

38%

 

 

 
   

Inflows include contributions, capital raised, other increases in available capital (recallable capital and increased side-by-side commitments), purchases, inter-segment

allocations and acquisitions. Outflows represent redemptions, client withdrawals and decreases in available capital (expired capital, expense drawdowns and decreased side-by-

side commitments). Realizations represent realization proceeds from the disposition or other monetization of assets, current income or capital returned to investors from CLOs.

Market Activity includes realized and unrealized gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations. AUM is reported in the segment

where the assets are managed. Total AUM Market Activity for the full year period includes an adjustment for a change in methodology, see additional notes on page 33.

 

 

Blackstone |   16


 

DECONSOLIDATED BALANCE SHEET HIGHLIGHTS

 

 

§

  At December 31, 2021, Blackstone had $6.9 billion in total cash, cash equivalents, corporate treasury, and other investments and $17.7 billion of cash and net investments, or $14.75 per share.

 

§

  Blackstone has a $2.3 billion credit revolver and maintains A+/A+ ratings.

 

 

On January 10, 2022, Blackstone issued $500 million of 10-year notes at a 2.55% coupon and $1.0 billion of 30-
year notes at a 3.20% coupon.

 

 

 

 

 

($ in millions)

  4Q’21  
 

Cash and Cash Equivalents

  $ 2,120  
 

Corporate Treasury and
Other Investments

   

 

4,762

 

 

 

 

GP/Fund Investments

    2,083  
 

Net Accrued Performance
Revenues

   

 

8,738

 

 

 

 

Cash and Net Investments

  $       17,702  
 

Outstanding Debt (at par)

    7,856  

Cash and Net Investments

(per share)

LOGO

 

A+ / A+

rated by S&P and Fitch

$2.3B

credit revolver with

November 2025 maturity

$6.9B

total cash, corporate

treasury and other

 

 
 

 

   

Balance Sheet Highlights exclude the consolidated Blackstone Funds. Other Investments was $3.2 billion as of December 31, 2021, which was comprised of

$727 million of liquid investments and $2.5 billion of illiquid investments. At December 31, 2021, there was $250 million of borrowings outstanding on the credit

revolver which reduced the capacity; this amount was repaid subsequent to the end of 4Q’21, restoring the revolver to full capacity. See notes on pages 29 and

33 for additional details on non-GAAP balance sheet measures.

 

 

Blackstone |   17


 

NET ACCRUED PERFORMANCE REVENUES – ADDITIONAL DETAIL

 

 

 

 

($ in millions, except per share data)

   4Q’20      3Q’21      4Q’21      4Q’21      
   Per Share      

Real Estate

             

BREP IV

  

$

9

 

  

$

22

 

  

$

22

 

  

$

0.02

 

BREP V

  

 

13

 

  

 

44

 

  

 

36

 

  

 

0.03

 

BREP VI

  

 

42

 

  

 

34

 

  

 

33

 

  

 

0.03

 

BREP VII

  

 

236

 

  

 

476

 

  

 

481

 

  

 

0.40

 

BREP VIII

  

 

475

 

  

 

713

 

  

 

962

 

  

 

0.80

 

BREP IX

  

 

137

 

  

 

551

 

  

 

901

 

  

 

0.75

 

BREP Europe IV

  

 

97

 

  

 

90

 

  

 

89

 

  

 

0.07

 

BREP Europe V

  

 

211

 

  

 

476

 

  

 

521

 

  

 

0.43

 

BREP Europe VI

  

 

-    

 

  

 

176

 

  

 

253

 

  

 

0.21

 

BREP Asia I

  

 

127

 

  

 

112

 

  

 

126

 

  

 

0.11

 

BREP Asia II

  

 

-    

 

  

 

116

 

  

 

162

 

  

 

0.13

 

BPP

  

 

264

 

  

 

362

 

  

 

505

 

  

 

0.42

 

BREIT

  

 

-    

 

  

 

513

 

  

 

-    

 

  

 

-    

 

BEPIF

  

 

-    

 

  

 

-    

 

  

 

2

 

  

 

0.00

 

BREDS

  

 

23

 

  

 

40

 

  

 

46

 

  

 

0.04

 

BTAS

  

 

21

 

  

 

23

 

  

 

57

 

  

 

0.05

 

Real Estate

  

$

1,656

 

  

$

3,747

 

  

$

4,197

 

  

$

3.50

 

Private Equity

             

BCP IV

  

 

18

 

  

 

8

 

  

 

8

 

  

$

0.01

 

BCP V

  

 

-    

 

  

 

57

 

  

 

45

 

  

 

0.04

 

BCP VI

  

 

680

 

  

 

561

 

  

 

469

 

  

 

0.39

 

BCP VII

  

 

688

 

  

 

1,278

 

  

 

1,313

 

  

 

1.09

 

BCP VIII

  

 

-    

 

  

 

216

 

  

 

275

 

  

 

0.23

 

BCP Asia I

  

 

72

 

  

 

407

 

  

 

380

 

  

 

0.32

 

BEP I

  

 

29

 

  

 

33

 

  

 

27

 

  

 

0.02

 

BEP III

  

 

16

 

  

 

64

 

  

 

68

 

  

 

0.06

 

BCEP

  

 

105

 

  

 

198

 

  

 

214

 

  

 

0.18

 

Tactical Opportunities

  

 

189

 

  

 

296

 

  

 

382

 

  

 

0.32

 

Growth

  

 

15

 

  

 

45

 

  

 

36

 

  

 

0.03

 

Secondaries

  

 

105

 

  

 

430

 

  

 

489

 

  

 

0.41

 

Infrastructure

  

 

-    

 

  

 

79

 

  

 

-    

 

  

 

-    

 

Life Sciences

  

 

10

 

  

 

33

 

  

 

21

 

  

 

0.02

 

BTAS/Other

  

 

45

 

  

 

195

 

  

 

211

 

  

 

0.18

 

Private Equity

  

$

1,971

 

  

$

3,899

 

  

$

3,939

 

  

$

3.28

 

             

Hedge Fund Solutions

  

$

29

 

  

$

362

 

  

$

280

 

  

$

0.23

 

             

Credit & Insurance

  

$

170

 

  

$

302

 

  

$

323

 

  

$

0.27

 

             

Net Accrued Performance Revenues

  

$

          3,826

 

  

$

          8,311

 

  

$

          8,738

 

  

$

          7.28

 

  4Q’21 QoQ Rollforward    

   ($ in millions)

 

         

 

Net

   

Net

        
         

Performance

   

Realized

       
   

3Q’21

   

Revenues

   

Distributions

   

4Q’21

 
 

Real Estate

  $ 3,747     $ 1,442     $ (992   $ 4,197  
 

Private Equity

    3,899       537       (497     3,939  
 

HFS

    362       100       (182     280  
 

Credit &
Insurance

    302       120       (100     323  
 

Total

  $  8,311     $ 2,198     $ (1,771   $  8,738  
 

QoQ Change

          5%  

  FY’21 Rollforward

   ($ in millions)

 

         

 

Net

   

Net

        
         

Performance

   

Realized

       
   

4Q’20

   

Revenues

   

Distributions

   

4Q’21

 
 

Real Estate

  $ 1,656     $ 4,220     $ (1,678   $ 4,197  
 

Private Equity

    1,971       3,408       (1,440     3,939  
 

HFS

    29       476       (225     280  
 

Credit &
Insurance

    170       333       (181     323  
 

Total

  $  3,826     $ 8,437     $ (3,524   $  8,738  
 

YoY Change

          128%  

 

 
   

Net Accrued Performance Revenues (“NAPR”) are presented net of performance compensation and excludes Performance Revenues realized but not yet distributed

as of the reporting date and clawback amounts, if any, which are disclosed in the 10-K/Q. Real Estate and Private Equity include co-investments, as applicable. Per

Share calculations are based on end of period DE Shares Outstanding (see page 23, Share Summary).

 

 

Blackstone |   18


 

INVESTMENT RECORDS AS OF DECEMBER 31, 2021(a)

 

($/ in thousands, except where noted)

  

Committed

    

Available

    

Unrealized Investments

  

Realized Investments

  

Total Investments

  

Net IRRs (d)

Fund (Investment Period Beginning Date / Ending Date)

  

Capital

    

Capital (b)

    

Value

    

MOIC (c)

  

Value

    

MOIC (c)

  

Value

    

MOIC (c)

  

Realized

  

  Total  

Real Estate

                             

Pre-BREP

  

$

140,714

 

  

$

-    

 

  

$

-    

 

  

n/a

  

$

345,190

 

  

2.5x

  

$

345,190

 

  

2.5x

  

33%

  

33%

BREP I (Sep 1994 / Oct 1996)

  

 

380,708

 

  

 

-    

 

  

 

-    

 

  

n/a

  

 

1,327,708

 

  

2.8x

  

 

1,327,708

 

  

2.8x

  

40%

  

40%

BREP II (Oct 1996 / Mar 1999)

  

 

1,198,339

 

  

 

-    

 

  

 

-    

 

  

n/a

  

 

2,531,614

 

  

2.1x

  

 

2,531,614

 

  

2.1x

  

19%

  

19%

BREP III (Apr 1999 / Apr 2003)

  

 

1,522,708

 

  

 

-    

 

  

 

-    

 

  

n/a

  

 

3,330,406

 

  

2.4x

  

 

3,330,406

 

  

2.4x

  

21%

  

21%

BREP IV (Apr 2003 / Dec 2005)

  

 

2,198,694

 

  

 

-    

 

  

 

86,217

 

  

1.7x

  

 

4,579,740

 

  

1.7x

  

 

4,665,957

 

  

1.7x

  

13%

  

12%

BREP V (Dec 2005 / Feb 2007)

  

 

5,539,418

 

  

 

230,597

 

  

 

225,785

 

  

1.9x

  

 

13,222,089

 

  

2.3x

  

 

13,447,874

 

  

2.3x

  

11%

  

11%

BREP VI (Feb 2007 / Aug 2011)

  

 

11,060,444

 

  

 

550,464

 

  

 

368,991

 

  

2.0x

  

 

27,395,812

 

  

2.5x

  

 

27,764,803

 

  

2.5x

  

13%

  

13%

BREP VII (Aug 2011 / Apr 2015)

  

 

13,496,823

 

  

 

1,513,419

 

  

 

7,227,075

 

  

1.6x

  

 

23,739,753

 

  

2.1x

  

 

30,966,828

 

  

2.0x

  

22%

  

15%

BREP VIII (Apr 2015 / Jun 2019)

  

 

16,576,617

 

  

 

2,408,621

 

  

 

17,141,352

 

  

1.7x

  

 

17,214,412

 

  

2.4x

  

 

34,355,764

 

  

2.0x

  

29%

  

18%

*BREP IX (Jun 2019 / Dec 2024)

  

 

21,007,890

 

  

 

9,286,121

 

  

 

20,046,447

 

  

1.7x

  

 

3,831,613

 

  

1.7x

  

 

23,878,060

 

  

1.7x

  

69%

  

43%

Total Global BREP

  

$

73,122,355

 

  

$

13,989,222

 

  

$

45,095,867

 

  

1.7x

  

$

97,518,337

 

  

2.3x

  

$

142,614,204

 

  

2.1x

  

17%

  

16%

BREP Int’l (Jan 2001 / Sep 2005)

  

824,172

 

  

-    

 

  

-    

 

  

n/a

  

1,373,170

 

  

2.1x

  

1,373,170

 

  

2.1x

  

23%

  

23%

BREP Int’l II (Sep 2005 / Jun 2008) (e)

  

 

1,629,748

 

  

 

-    

 

  

 

-    

 

  

n/a

  

 

2,583,032

 

  

1.8x

  

 

2,583,032

 

  

1.8x

  

8%

  

8%

BREP Europe III (Jun 2008 / Sep 2013)

  

 

3,205,167

 

  

 

418,580

 

  

 

301,469

 

  

0.5x

  

 

5,790,308

 

  

2.4x

  

 

6,091,777

 

  

2.0x

  

19%

  

14%

BREP Europe IV (Sep 2013 / Dec 2016)

  

 

6,675,950

 

  

 

1,358,287

 

  

 

1,859,069

 

  

1.3x

  

 

9,660,569

 

  

2.0x

  

 

11,519,638

 

  

1.8x

  

20%

  

14%

BREP Europe V (Dec 2016 / Oct 2019)

  

 

7,937,730

 

  

 

1,507,062

 

  

 

9,423,656

 

  

1.6x

  

 

2,244,531

 

  

2.7x

  

 

11,668,187

 

  

1.8x

  

40%

  

14%

*BREP Europe VI (Oct 2019 / Apr 2025)

  

 

9,838,021

 

  

 

5,535,286

 

  

 

6,465,502

 

  

1.5x

  

 

336,091

 

  

1.8x

  

 

6,801,593

 

  

1.5x

  

58%

  

33%

Total BREP Europe

  

30,110,788

 

  

8,819,215

 

  

18,049,696

 

  

1.5x

  

21,987,701

 

  

2.1x

  

40,037,397

 

  

1.8x

  

16%

  

13%

BREP Asia I (Jun 2013 / Dec 2017)

  

$

4,261,983

 

  

$

916,881

 

  

$

2,552,222

 

  

1.4x

  

$

6,021,459

 

  

2.1x

  

$

8,573,681

 

  

1.9x

  

21%

  

13%

*BREP Asia II (Dec 2017 / Jun 2023)

  

 

7,339,220

 

  

 

2,425,009

 

  

 

6,713,549

 

  

1.4x

  

 

580,190

 

  

1.8x

  

 

7,293,739

 

  

1.4x

  

50%

  

13%

BREP Asia III (TBD)

  

 

6,381,667

 

  

 

6,381,667

 

  

 

-    

 

  

n/a

  

 

-    

 

  

n/a

  

 

-    

 

  

n/a

  

n/a

  

n/a

BREP Co-Investment (f)

  

 

7,055,974

 

  

 

31,920

 

  

 

796,536

 

  

2.1x

  

 

14,948,870

 

  

2.2x

  

 

15,745,406

 

  

2.2x

  

16%

  

16%

Total BREP

  

$

133,185,559

 

  

$

33,772,146

 

  

$

75,965,536

 

  

1.6x

  

$

146,475,632

 

  

2.2x

  

$

222,441,168

 

  

2.0x

  

17%

  

16%

*Core+ BPP (Various) (g)

  

 

n/a

 

  

 

n/a

 

  

 

57,324,295

 

  

n/a

  

 

10,728,817

 

  

n/a

  

 

68,053,112

 

  

n/a

  

n/a

  

11%

*Core+ BREIT (Various) (h)

  

 

n/a

 

  

 

n/a

 

  

 

54,080,977

 

  

n/a

  

 

1,480,927

 

  

n/a

  

 

55,561,904

 

  

n/a

  

n/a

  

13%

*BREDS High-Yield (Various) (i)

  

 

19,986,922

 

  

 

5,933,947

 

  

 

5,829,078

 

  

1.1x

  

 

14,959,035

 

  

1.3x

  

 

20,788,113

 

  

1.2x

  

11%

  

10%

Private Equity

                             

Corporate Private Equity

                             

BCP I (Oct 1987 / Oct 1993)

  

$

859,081

 

  

$

-    

 

  

$

-    

 

  

n/a

  

$

1,741,738

 

  

2.6x

  

$

1,741,738

 

  

2.6x

  

19%

  

19%

BCP II (Oct 1993 / Aug 1997)

  

 

1,361,100

 

  

 

-    

 

  

 

-    

 

  

n/a

  

 

3,256,819

 

  

2.5x

  

 

3,256,819

 

  

2.5x

  

32%

  

32%

BCP III (Aug 1997 / Nov 2002)

  

 

3,967,422

 

  

 

-    

 

  

 

-    

 

  

n/a

  

 

9,184,688

 

  

2.3x

  

 

9,184,688

 

  

2.3x

  

14%

  

14%

BCOM (Jun 2000 / Jun 2006)

  

 

2,137,330

 

  

 

24,575

 

  

 

16,409

 

  

n/a

  

 

2,953,649

 

  

1.4x

  

 

2,970,058

 

  

1.4x

  

6%

  

6%

BCP IV (Nov 2002 / Dec 2005)

  

 

6,773,182

 

  

 

169,884

 

  

 

128,004

 

  

1.3x

  

 

21,479,599

 

  

2.9x

  

 

21,607,603

 

  

2.8x

  

36%

  

36%

BCP V (Dec 2005 / Jan 2011)

  

 

21,009,112

 

  

 

1,035,259

 

  

 

501,086

 

  

33.9x

  

 

37,985,864

 

  

1.9x

  

 

38,486,950

 

  

1.9x

  

8%

  

8%

BCP VI (Jan 2011 / May 2016)

  

 

15,202,513

 

  

 

1,378,295

 

  

 

8,021,296

 

  

1.8x

  

 

23,309,039

 

  

2.3x

  

 

31,330,335

 

  

2.1x

  

17%

  

13%

BCP VII (May 2016 / Feb 2020)

  

 

18,854,243

 

  

 

1,933,503

 

  

 

26,725,915

 

  

1.9x

  

 

8,448,126

 

  

2.3x

  

 

35,174,041

 

  

2.0x

  

34%

  

21%

*BCP VIII (Feb 2020 / Feb 2026)

  

 

25,179,610

 

  

 

18,004,146

 

  

 

10,614,496

 

  

1.5x

  

 

514,890

 

  

2.9x

  

 

11,129,386

 

  

1.5x

  

n/m

  

n/m

Energy I (Aug 2011 / Feb 2015)

  

 

2,441,558

 

  

 

174,492

 

  

 

685,652

 

  

1.4x

  

 

3,740,214

 

  

2.0x

  

 

4,425,866

 

  

1.8x

  

15%

  

11%

Energy II (Feb 2015 / Feb 2020)

  

 

4,933,284

 

  

 

1,030,529

 

  

 

4,413,862

 

  

1.4x

  

 

1,405,060

 

  

1.0x

  

 

5,818,922

 

  

1.3x

  

(0)%

  

4%

*Energy III (Feb 2020 / Feb 2026)

  

 

4,303,030

 

  

 

3,104,547

 

  

 

1,952,422

 

  

1.7x

  

 

297,794

 

  

2.5x

  

 

2,250,216

 

  

1.8x

  

110%

  

64%

BCP Asia I (Dec 2017 / Sep 2021)

  

 

2,454,139

 

  

 

1,118,140

 

  

 

4,879,474

 

  

3.7x

  

 

959,974

 

  

5.1x

  

 

5,839,448

 

  

3.9x

  

118%

  

74%

*BCP Asia II (Sep 2021 / Sep 2027)

  

 

6,491,738

 

  

 

6,477,858

 

  

 

-    

 

  

n/a

  

 

-    

 

  

n/a

  

 

-    

 

  

n/a

  

n/a

  

n/a

Core Private Equity I (Jan 2017 / Mar 2021) (j)

  

 

4,766,232

 

  

 

1,148,177

 

  

 

7,884,413

 

  

2.1x

  

 

1,845,111

 

  

3.3x

  

 

9,729,524

 

  

2.2x

  

49%

  

27%

*Core Private Equity II (Mar 2021 / Mar 2026) (j)

  

 

8,180,704

 

  

 

6,749,990

 

  

 

1,461,615

 

  

1.0x

  

 

-    

 

  

n/a

  

 

1,461,615

 

  

1.0x

  

n/a

  

n/m

Total Corporate Private Equity

  

$

    128,914,278

 

  

$

    42,349,395

 

  

$

    67,284,644

 

  

1.8x

  

$

    117,122,565

 

  

2.2x

  

$

    184,407,209

 

  

2.0x

  

16%

  

16%

 

 

 
   

Notes on page 21. BREP – Blackstone Real Estate Partners, BREIT – Blackstone Real Estate Income Trust, BPP – Blackstone Property Partners, BREDS – Blackstone Real Estate Debt

Strategies, BCP – Blackstone Capital Partners, BCOM – Blackstone Communications.

* Represents funds that are currently in their investment period and open ended funds.

 

 

Blackstone |   19


 

INVESTMENT RECORDS AS OF DECEMBER 31, 2021(a) – (CONT’D)

 

($/ in thousands, except where noted)

  

Committed

    

Available

    

Unrealized Investments

    

Realized Investments

  

Total Investments

  

Net IRRs (d)

Fund (Investment Period Beginning Date / Ending Date)

  

Capital

    

Capital (b)

    

Value

    

MOIC (c)

    

Value

    

MOIC (c)

  

Value

    

MOIC (c)

  

Realized    

  

Total 

Private Equity (continued)

                             

Tactical Opportunities

                             

*Tactical Opportunities (Various)

  

$

22,759,261

 

  

$

7,559,204

 

  

$

14,145,210

 

  

 

1.4x

 

  

$

17,666,444

 

  

1.9x

  

$

31,811,654

 

  

1.6x

  

18%

  

13%

*Tactical Opportunities Co-Investment and Other (Various)

  

 

12,949,322

 

  

 

5,251,126

 

  

 

5,963,952

 

  

 

1.8x

 

  

 

6,493,793

 

  

1.6x

  

 

12,457,745

 

  

1.7x

  

19%

  

20%

Total Tactical Opportunities

  

$

35,708,583

 

  

$

12,810,330

 

  

$

20,109,162

 

  

 

1.5x

 

  

$

24,160,237

 

  

1.8x

  

$

44,269,399

 

  

1.7x

  

19%

  

15%

*Growth (Jul 2020 / Jul 2025)

  

 

4,987,303

 

  

 

2,294,812

 

  

 

3,288,600

 

  

 

1.2x

 

  

 

332,887

 

  

3.2x

  

 

3,621,487

 

  

1.3x

  

n/m

  

43%

Strategic Partners (Secondaries)

                             

Strategic Partners I-V (Various) (k)

  

 

11,863,351

 

  

 

914,512

 

  

 

584,239

 

  

 

n/a

 

  

 

17,444,252

 

  

n/a

  

 

18,028,491

 

  

1.7x

  

n/a

  

13%

Strategic Partners VI (Apr 2014 / Apr 2016) (k)

  

 

4,362,750

 

  

 

1,405,799

 

  

 

1,265,351

 

  

 

n/a

 

  

 

3,841,661

 

  

n/a

  

 

5,107,012

 

  

1.7x

  

n/a

  

15%

Strategic Partners VII (May 2016 / Mar 2019) (k)

  

 

7,489,970

 

  

 

1,959,485

 

  

 

5,667,109

 

  

 

n/a

 

  

 

4,538,807

 

  

n/a

  

 

10,205,916

 

  

2.0x

  

n/a

  

23%

Strategic Partners Real Assets II (May 2017 / Jun 2020) (k)

  

 

1,749,807

 

  

 

446,763

 

  

 

1,185,225

 

  

 

n/a

 

  

 

722,811

 

  

n/a

  

 

1,908,036

 

  

1.4x

  

n/a

  

15%

Strategic Partners VIII (Mar 2019 / Oct 2021) (k)

  

 

10,763,600

 

  

 

4,356,481

 

  

 

9,904,521

 

  

 

n/a

 

  

 

2,852,354

 

  

n/a

  

 

12,756,875

 

  

1.9x

  

n/a

  

62%

*Strategic Partners Real Estate, SMA and Other (Various) (k)

  

 

7,878,498

 

  

 

2,567,247

 

  

 

3,123,973

 

  

 

n/a

 

  

 

2,536,724

 

  

n/a

  

 

5,660,697

 

  

1.6x

  

n/a

  

19%

*Strategic Partners Infra III (Jun 2020 / Jul 2024) (k)

  

 

3,250,100

 

  

 

2,135,928

 

  

 

487,301

 

  

 

n/a

 

  

 

65,044

 

  

n/a

  

 

552,345

 

  

1.4x

  

n/a

  

93%

*Strategic Partners IX (Oct 2021 / Jul 2026) (k)

  

 

12,787,918

 

  

 

10,352,530

 

  

 

1,214,852

 

  

 

n/a

 

  

 

-    

 

  

n/a

  

 

1,214,852

 

  

1.0x

  

n/a

  

n/m

Total Strategic Partners (Secondaries)

  

$

60,145,994

 

  

$

24,138,745

 

  

$

23,432,571

 

  

 

n/a

 

  

$

32,001,653

 

  

n/a

  

$

55,434,224

 

  

1.7x

  

n/a

  

16%

*Infrastructure (Various)

  

 

17,118,991

 

  

 

5,813,496

 

  

 

13,386,607

 

  

 

1.2x

 

  

 

615,083

 

  

n/a

  

 

14,001,690

 

  

1.2x

  

n/a

  

17%

Life Sciences

                             

Clarus IV (Jan 2018 / Jan 2020)

  

 

910,000

 

  

 

198,477

 

  

 

792,011

 

  

 

1.6x

 

  

 

230,278

 

  

1.9x

  

 

1,022,289

 

  

1.6x

  

25%

  

17%

*BXLS V (Jan 2020 / Jan 2025)

  

 

4,822,625

 

  

 

3,588,057

 

  

 

1,186,694

 

  

 

1.2x

 

  

 

-    

 

  

n/a

  

 

1,186,694

 

  

1.2x

  

n/a

  

6%

                             

Credit

                             

Mezzanine / Opportunistic I (Jul 2007 / Oct 2011)

  

$

2,000,000

 

  

$

97,114

 

  

$

18,004

 

  

 

1.4x

 

  

$

4,785,346

 

  

1.6x

  

$

4,803,350

 

  

1.6x

  

n/a

  

17%

Mezzanine / Opportunistic II (Nov 2011 / Nov 2016)

  

 

4,120,000

 

  

 

1,007,436

 

  

 

456,774

 

  

 

0.4x

 

  

 

6,318,337

 

  

1.6x

  

 

6,775,111

 

  

1.4x

  

n/a

  

10%

Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)

  

 

6,639,133

 

  

 

951,810

 

  

 

4,671,432

 

  

 

1.1x

 

  

 

4,725,460

 

  

1.6x

  

 

9,396,892

 

  

1.3x

  

n/a

  

12%

*Mezzanine / Opportunistic IV (Jan 2021 / Jan 2026)

  

 

5,016,771

 

  

 

3,917,329

 

  

 

1,140,074

 

  

 

1.0x

 

  

 

17,999

 

  

17.5x

  

 

1,158,073

 

  

1.0x

  

n/a

  

n/m

Stressed / Distressed I (Sep 2009 / May 2013)

  

 

3,253,143

 

  

 

76,000

 

  

 

-    

 

  

 

n/a

 

  

 

5,776,841

 

  

1.3x

  

 

5,776,841

 

  

1.3x

  

n/a

  

9%

Stressed / Distressed II (Jun 2013 / Jun 2018)

  

 

5,125,000

 

  

 

547,430

 

  

 

475,897

 

  

 

0.6x

 

  

 

5,163,266

 

  

1.2x

  

 

5,639,163

 

  

1.1x

  

n/a

  

2%

*Stressed / Distressed III (Dec 2017 / Dec 2022)

  

 

7,356,380

 

  

 

3,477,014

 

  

 

2,179,843

 

  

 

1.0x

 

  

 

2,240,073

 

  

1.4x

  

 

4,419,916

 

  

1.2x

  

n/a

  

9%

Energy I (Nov 2015 / Nov 2018)

  

 

2,856,867

 

  

 

1,049,896

 

  

 

997,985

 

  

 

1.0x

 

  

 

2,148,795

 

  

1.6x

  

 

3,146,780

 

  

1.3x

  

n/a

  

8%

*Energy II (Feb 2019 / Feb 2024)

  

 

3,616,081

 

  

 

2,259,493

 

  

 

1,629,250

 

  

 

1.2x

 

  

 

674,471

 

  

1.5x

  

 

2,303,721

 

  

1.3x

  

n/a

  

32%

European Senior Debt I (Feb 2015 / Feb 2019)

  

1,964,689

 

  

342,587

 

  

1,020,952

 

  

 

1.0x

 

  

2,258,855

 

  

1.4x

  

3,279,807

 

  

1.2x

  

n/a

  

6%

*European Senior Debt II (Jun 2019 / Jun 2024)

  

4,088,344

 

  

2,392,801

 

  

2,821,177

 

  

 

1.0x

 

  

955,757

 

  

1.3x

  

3,776,934

 

  

1.1x

  

n/a

  

18%

Total Credit Drawdown Funds (l)

  

$

    46,889,033

 

  

$

    16,494,206

 

  

$

    15,938,527

 

  

 

1.0x

 

  

$

    35,541,870

 

  

1.4x

  

$

    51,480,397

 

  

1.3x

  

n/a

  

10%

*Direct Lending BCRED (Various) (m)

  

 

n/a

 

  

 

n/a

 

  

 

12,854,821

 

  

 

n/a

 

  

 

315,805

 

  

n/a

  

 

13,170,626

 

  

n/a

  

n/a

  

12%

 

 
   

Notes on page 21. BXLS – Blackstone Life Sciences, BCRED – Blackstone Private Credit Fund.

 

* Represents funds that are currently in their investment period and open ended funds.

 

 

Blackstone |   20


 

INVESTMENT RECORDS AS OF DECEMBER 31, 2021 – NOTES

 

The returns presented herein represent those of the applicable Blackstone Funds and not those of Blackstone Inc.

 

 

n/m

Not meaningful generally due to the limited time since initial investment.

 

 

n/a

Not applicable.

 

 

(a)

Excludes investment vehicles where Blackstone does not earn fees.

 

 

(b)

Available Capital represents total investable capital commitments, including side-by-side, adjusted for certain expenses and expired or recallable capital and may include leverage, less invested capital. This amount is not reduced by outstanding commitments to investments.

 

 

(c)

Multiple of Invested Capital (“MOIC”) represents carrying value, before management fees, expenses and Performance Revenues, divided by invested capital.

 

 

(d)

Unless otherwise indicated, Net Internal Rate of Return (“IRR”) represents the annualized inception to December 31, 2021 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of limited partner cash flows. Initial inception date of cash flows may differ from the Investment Period Beginning Date.

 

 

(e)

The 8% Realized Net IRR and 8% Total Net IRR exclude investors that opted out of the Hilton investment opportunity. Overall BREP International II performance reflects a 7% Realized Net IRR and a 7% Total Net IRR.

 

 

(f)

BREP Co-Investment represents co-investment capital raised for various BREP investments. The Net IRR reflected is calculated by aggregating each co-investment’s realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues.

 

 

(g)

BPP represents the Core+ real estate funds which invest with a more modest risk profile and lower leverage. Committed Capital and Available Capital are not regularly reported to investors in our Core+ strategy and are not applicable in the context of these funds.

 

 

(h)

Unrealized Investment Value reflects BREIT’s net asset value as of December 31, 2021. Realized Investment Value represents BREIT’s cash distributions, net of servicing fees. The BREIT net return reflects a per share blended return, assuming BREIT had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. These returns are not representative of the returns experienced by any particular investor or share class. Inception to date net returns are presented on an annualized basis and are from January 1, 2017. Committed Capital and Available Capital are not regularly reported to investors in our Core+ strategy and are not applicable in the context of this vehicle.

 

 

(i)

BREDS High-Yield represents the flagship real estate debt drawdown funds only.

 

 

(j)

Blackstone Core Equity Partners is a core private equity strategy which invests with a more modest risk profile and longer hold period than traditional private equity.

 

 

(k)

Realizations are treated as return of capital until fully recovered and therefore unrealized and realized MOICs are not applicable. Returns are calculated from results that are reported on a three-month lag from Strategic Partners’ fund financial statements and therefore do not include the impact of economic and market activities in the current quarter. Effective 4Q’21, the MOIC calculation was updated to exclude capital called for management fees and expenses from invested capital.

 

 

(l)

Funds presented represent the flagship credit drawdown funds only. The Total Credit Net IRR is the combined IRR of the credit drawdown funds presented.

 

 

(m)

Unrealized Investment Value reflects Blackstone Private Credit Fund’s (“BCRED”) net asset value as of December 31, 2021. Realized Investment Value represents BCRED’s cash distributions, net of servicing fees. The BCRED net return reflects a per share blended return, assuming BCRED had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BCRED. These returns are not representative of the returns experienced by any particular investor or share class. Inception to date net returns are presented on an unannualized basis and are from January 7, 2021. Committed Capital and Available Capital are not regularly reported to investors in BCRED and are not applicable in the context of this vehicle. Does not include Blackstone Secured Lending Fund (“BXSL”) as it is now a publicly traded BDC following its IPO on October 28, 2021.

 

 
   
 

 

Blackstone |   21


 

SHAREHOLDER DIVIDENDS

 

 

§

  Generated $1.71 of Distributable Earnings per common share during the quarter, bringing the full year amount to
$4.77 per common share.

 

§

  Blackstone declared a quarterly dividend of $1.45 per common share to record holders as of February 7, 2022;
payable on February 14, 2022.

 

 

 

                                        

% Change

                   

% Change

 ($ in thousands, except per share data)

  

4Q’20

    

1Q’21

    

2Q’21

    

3Q’21

    

4Q’21

    

vs. 4Q’20

    

FY’20

    

FY’21

    

vs. FY’20

   

Distributable Earnings

  

$

1,464,406

 

  

$

1,192,244

 

  

$

1,069,993

 

  

$

1,635,273

 

  

$

2,273,327

 

  

55%

    

$

3,341,596

 

  

$

6,170,837

 

  

85%

   

Add: Other Payables Attributable to Common Shareholders

  

 

154,783

 

  

 

61,249

 

  

 

120,336

 

  

 

133,841

 

  

 

352,514

 

  

128%

    

 

233,117

 

  

 

667,939

 

  

187%

   

DE before Certain Payables

  

 

1,619,189

 

  

 

1,253,493

 

  

 

1,190,329

 

  

 

1,769,114

 

  

 

2,625,841

 

  

62%

    

 

3,574,713

 

  

 

6,838,776

 

  

91%

   

Percent to Common Shareholders

  

 

59%

 

  

 

59%

 

  

 

60%

 

  

 

60%

 

  

 

61%

 

       

 

58%

 

  

 

60%

 

  

DE before Certain Payables Attributable to Common Shareholders

  

 

949,854

 

  

 

741,662

 

  

 

710,081

 

  

 

1,059,142

 

  

 

1,601,199

 

  

69%

    

 

2,084,467

 

  

 

4,112,084

 

  

97%

   

Less: Other Payables Attributable to Common Shareholders

  

 

(154,783

  

 

(61,249

  

 

(120,336

  

 

(133,841

  

 

(352,514

  

128%

    

 

(233,117

  

 

(667,939

  

187%

   

DE Attributable to Common Shareholders

  

 

795,071

 

  

 

680,413

 

  

 

589,745

 

  

 

925,301

 

  

 

1,248,685

 

  

57%

    

 

1,851,350

 

  

 

3,444,145

 

  

86%

   

DE per Common Share

  

$

1.13

 

  

$

0.96

 

  

$

0.82

 

  

$

1.28

 

  

$

1.71

 

  

51%

    

$

2.65

 

  

$

4.77

 

  

80%

   

Less: Retained Capital per Common Share

  

$

(0.17)

 

  

$

(0.14)

 

  

$

(0.12)

 

  

$

(0.19)

 

  

$

(0.26)

 

  

53%

    

$

(0.39)

 

  

$

(0.71)

 

  

82%

   

Actual Dividend per Common Share

  

$

0.96

 

  

$

0.82

 

  

$

0.70

 

  

$

1.09

 

  

$

1.45

 

  

51%

    

$

2.26

 

  

$

4.06

 

  

80%

   

Record Date

              

 

Feb 7, 2022

 

               
   

Payable Date

              

 

Feb 14, 2022

 

                   

 

 

 
   

A detailed description of Blackstone’s dividend policy and the definition of Distributable Earnings can be found on pages 34-36, Definitions and Dividend Policy.

See additional notes on page 33.

 

 

Blackstone |   22


 

SHARE SUMMARY

 

 

§

  Distributable Earnings Shares Outstanding as of quarter end of 1.200 billion shares.

 

 

Repurchased 4.2 million common shares in the quarter and 10.3 million common shares for the year.

 

 

Available authorization remaining was $1.5 billion at December 31, 2021.

 

 

 

 
    4Q’20     1Q’21     2Q’21     3Q’21     4Q’21  
 

Participating Common Shares

    703,959,789       711,065,543       720,474,539       721,369,398       732,037,197  
 

Participating Partnership Units

    496,060,455       490,716,529       487,276,882       483,553,949       468,446,388  
 

Distributable Earnings Shares Outstanding

    1,200,020,244         1,201,782,072         1,207,751,421       1,204,923,347       1,200,483,585  

 

 
   
Participating Common Shares and Participating Partnership Units include both issued and outstanding shares and unvested shares that participate in dividends.  

 

Blackstone |   23


 

Reconciliations and Disclosures

 

 
 

 

Blackstone |   24


 

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

 

 

    QTD         FY  
       
               

 

 ($ in thousands)

 

 

4Q’20

 

   

1Q’21

 

   

2Q’21

 

   

3Q’21

 

   

4Q’21

 

       

FY’20

 

   

FY’21

 

 
   

 Net Income Attributable to Blackstone Inc.

 

$

748,870

 

 

$

1,747,872

 

 

$

1,309,152

 

 

$

1,401,895

 

 

$

1,398,478

 

   

$

1,045,363

 

 

$

5,857,397

 

   

Net Income Attributable to Non-Controlling Interests in Blackstone
Holdings

 

 

759,110

 

 

 

1,235,784

 

 

 

1,116,193

 

 

 

1,315,641

 

 

 

1,218,934

 

   

 

1,012,924

 

 

 

4,886,552

 

   

Net Income (Loss) Attributable to Non-Controlling Interests in
Consolidated Entities

 

 

308,055

 

 

 

386,850

 

 

 

431,516

 

 

 

486,907

 

 

 

320,033

 

   

 

217,117

 

 

 

1,625,306

 

   

Net Income (Loss) Attributable to Redeemable Non-Controlling
Interests in Consolidated Entities

 

 

(1,871

 

 

629

 

 

 

637

 

 

 

1,550

 

 

 

2,924

 

   

 

(13,898

 

 

5,740

 

   

 Net Income

 

$

1,814,164

 

 

$

3,371,135

 

 

$

2,857,498

 

 

$

3,205,993

 

 

$

2,940,369

 

   

$

2,261,506

 

 

$

12,374,995

 

   

Provision (Benefit) for Taxes

 

 

266,342

 

 

 

(447

 

 

288,250

 

 

 

458,904

 

 

 

437,694

 

   

 

356,014

 

 

 

1,184,401

 

   

 Income Before Provision for Taxes

 

$

2,080,506

 

 

$

3,370,688

 

 

$

3,145,748

 

 

$

3,664,897

 

 

$

3,378,063

 

   

$

2,617,520

 

 

$

13,559,396

 

   

Transaction-Related Charges (a)

 

 

70,292

 

 

 

27,888

 

 

 

35,533

 

 

 

59,193

 

 

 

21,424

 

   

 

240,729

 

 

 

144,038

 

   

Amortization of Intangibles (b)

 

 

16,535

 

 

 

17,124

 

 

 

17,044

 

 

 

17,044

 

 

 

17,044

 

   

 

65,984

 

 

 

68,256

 

   

Impact of Consolidation (c)

 

 

(306,184

 

 

(387,479

 

 

(432,153

 

 

(488,457

 

 

(322,957

   

 

(203,219

 

 

(1,631,046

   

Unrealized Performance Revenues (d)

 

 

(597,285

 

 

(2,464,497

 

 

(2,697,170

 

 

(2,724,366

 

 

(789,213

   

 

384,758

 

 

 

(8,675,246

   

Unrealized Performance Allocations Compensation (e)

 

 

278,575

 

 

 

1,049,969

 

 

 

1,150,219

 

 

 

1,193,853

 

 

 

384,007

 

   

 

(154,516

 

 

3,778,048

 

   

Unrealized Principal Investment (Income) Loss (f)

 

 

(114,427

 

 

(423,934

 

 

(104,658

 

 

2,343

 

 

 

(153,518

   

 

101,742

 

 

 

(679,767

   

Other Revenues (g)

 

 

143,615

 

 

 

(60,273

 

 

(27,870

 

 

(64,109

 

 

(50,633

   

 

253,693

 

 

 

(202,885

   

Equity-Based Compensation (h)

 

 

67,092

 

 

 

144,272

 

 

 

121,422

 

 

 

129,254

 

 

 

164,589

 

   

 

333,767

 

 

 

559,537

 

   

Administrative Fee Adjustment (i)

 

 

2,546

 

 

 

2,708

 

 

 

2,551

 

 

 

2,488

 

 

 

2,441

 

   

 

5,265

 

 

 

10,188

 

   

Taxes and Related Payables (j)

 

 

(176,859

 

 

(84,222

 

 

(140,673

 

 

(156,867

 

 

(377,920

   

 

(304,127

 

 

(759,682

   

 Distributable Earnings

 

$

1,464,406

 

 

$

1,192,244

 

 

$

1,069,993

 

 

$

1,635,273

 

 

$

2,273,327

 

   

$

3,341,596

 

 

$

6,170,837

 

   

Taxes and Related Payables (j)

 

 

176,859

 

 

 

84,222

 

 

 

140,673

 

 

 

156,867

 

 

 

377,920

 

   

 

304,127

 

 

 

759,682

 

   

Net Interest and Dividend (Income) Loss (k)

 

 

5,604

 

 

 

12,928

 

 

 

11,201

 

 

 

16,238

 

 

 

(6,779

   

 

34,910

 

 

 

33,588

 

   

 Total Segment Distributable Earnings

 

$

1,646,869

 

 

$

1,289,394

 

 

$

1,221,867

 

 

$

1,808,378

 

 

$

2,644,468

 

   

$

3,680,633

 

 

$

6,964,107

 

   

Realized Performance Revenues (l)

 

 

(1,276,629

 

 

(401,323

 

 

(792,938

 

 

(1,497,477

 

 

(1,191,374

   

 

(1,865,993

 

 

(3,883,112

   

Realized Performance Compensation (m)

 

 

483,528

 

 

 

150,924

 

 

 

338,271

 

 

 

619,074

 

 

 

449,301

 

   

 

714,347

 

 

 

1,557,570

 

   

Realized Principal Investment Income (n)

 

 

(103,821

 

 

(298,156

 

 

(63,132

 

 

(151,010

 

 

(75,468

   

 

(158,933

 

 

(587,766

   

 Fee Related Earnings

 

$

749,947

 

 

$

740,839

 

 

$

704,068

 

 

$

778,965

 

 

$

1,826,927

 

   

$

2,370,054

 

 

$

4,050,799

 

   

 Adjusted EBITDA Reconciliation

                   
   

 Distributable Earnings

 

$

1,464,406

 

 

$

1,192,244

 

 

$

1,069,993

 

 

$

1,635,273

 

 

$

2,273,327

 

   

$

3,341,596

 

 

$

6,170,837

 

   

Interest Expense (o)

 

 

45,330

 

 

 

44,340

 

 

 

44,132

 

 

 

51,773

 

 

 

56,387

 

   

 

165,022

 

 

 

196,632

 

   

Taxes and Related Payables (j)

 

 

176,859

 

 

 

84,222

 

 

 

140,673

 

 

 

156,867

 

 

 

377,920

 

   

 

304,127

 

 

 

759,682

 

   

Depreciation and Amortization (p)

 

 

9,946

 

 

 

12,293

 

 

 

12,581

 

 

 

12,771

 

 

 

14,542

 

   

 

35,136

 

 

 

52,187

 

   

 Adjusted EBITDA

 

$

  1,696,541

 

 

$

  1,333,099

 

 

$

  1,267,379

 

 

$

  1,856,684

 

 

$

  2,722,176

 

   

$

  3,845,881

 

 

$

  7,179,338

 

   
                           

 

 
   
Notes on pages 26-27.  

 

Blackstone |   25


 

RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES

 

Note:     See pages 34-36, Definitions and Dividend Policy.

 

(a)

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.

(b)

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 will no longer be amortization of intangibles associated with the
investment.

(c)

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 and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.

(d)

This adjustment removes Unrealized Performance Revenues on a segment basis. The Segment Adjustment represents the add back of performance revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.

 

     QTD          FY  
($ in thousands)    4Q’20     1Q’21     2Q’21     3Q’21     4Q’21          FY’20     FY’21  

GAAP Unrealized Performance Allocations

   $ 597,285     $ 2,464,497     $ 2,697,170     $ 2,724,366     $ 789,213        $ (384,393   $ 8,675,246  

Segment Adjustment

     -           -           -           -           -              (365     -      

Unrealized Principal Investment Income (Loss)

   $   597,285     $   2,464,497     $   2,697,170     $   2,724,366     $   789,213        $   (384,758   $   8,675,246  

 

(e)   This adjustment removes Unrealized Performance Allocations Compensation.

(f)  This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis. The Segment Adjustment 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.

 

    

   

     QTD          FY  
($ in thousands)    4Q’20     1Q’21     2Q’21     3Q’21     4Q’21          FY’20     FY’21  

GAAP Unrealized Principal Investment Income (Loss)

   $ 217,688     $ 639,315     $ 328,835     $ 183,754     $ 304,297        $ (114,607   $ 1,456,201  

Segment Adjustment

     (103,261     (215,381     (224,177     (186,097     (150,779        12,865       (776,434

Unrealized Principal Investment Income (Loss)

   $   114,427     $         423,934     $         104,658     $   (2,343   $   153,518        $   (101,742   $   679,767  

 

(g) This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents (1) the add back of Other Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of certain Transaction-Related Charges.

 

  

     QTD          FY  
($ in thousands)    4Q’20     1Q’21     2Q’21     3Q’21     4Q’21          FY’20     FY’21  

GAAP Other Revenue

   $ (143,583   $ 60,304     $ 27,896     $ 64,187     $ 50,699        $ (253,142   $ 203,086  

Segment Adjustment

     (32     (31     (26     (78     (66        (551     (201

Other Revenues

   $             (143,615   $               60,273     $               27,870     $               64,109     $               50,633        $         (253,693   $            202,885  

 

(h)   This adjustment removes Equity-Based Compensation on a segment basis.

(i)  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.

    

   

 

 
   
 

 

Blackstone |   26


 

RECONCILIATION OF GAAP TO NON-GAAP MEASURES – NOTES (CONT’D)

 

(j)

Taxes represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and adjusted to exclude the tax impact of any divestitures. Related Payables represent tax-related payables including the amount payable under the Tax Receivable Agreement. Please refer to page 34 for the full definition of Taxes and Related Payables.

 

     QTD          FY  
($ in thousands)    4Q’20     1Q’21     2Q’21     3Q’21     4Q’21          FY’20     FY’21  

Taxes

   $ 163,315     $ 69,609     $ 127,809     $ 140,548     $ 365,109        $ 260,569     $ 703,075  

Related Payables

     13,544       14,613       12,864       16,319       12,811          43,558       56,607  

Taxes and Related Payables

   $ 176,859     $ 84,222     $ 140,673     $ 156,867     $ 377,920        $ 304,127     $ 759,682  

(k)   This adjustment removes Interest and Dividend Revenue less Interest Expense on a segment basis. The Segment Adjustment represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest expense associated with the Tax Receivable Agreement.

    

     QTD          FY  
($ in thousands)    4Q’20     1Q’21     2Q’21     3Q’21     4Q’21          FY’20     FY’21  

GAAP Interest and Dividend Revenue

   $ 39,726     $ 31,412     $ 31,017     $ 35,048     $ 63,166        $ 125,231     $ 160,643  

Segment Adjustment

     -           -           1,914       487       -              4,881       2,401  

Interest and Dividend Revenue

   $ 39,726     $ 31,412     $ 32,931     $ 35,535     $ 63,166        $ 130,112     $ 163,044  

GAAP Interest Expense

   $ 45,702     $ 44,983     $ 44,322     $ 52,413     $ 56,550        $ 166,162     $ 198,268  

Segment Adjustment

     (372     (643     (190     (640     (163        (1,140     (1,636

Interest Expense

   $    45,330     $      44,340     $       44,132     $     51,773     $    56,387        $     165,022     $    196,632  

Net Interest and Dividend Income (Loss)

   $ (5,604   $ (12,928   $ (11,201   $ (16,238   $ 6,779        $ (34,910   $ (33,588

    

(l) This adjustment removes the total segment amount of Realized Performance Revenues.

 

(m)  This adjustment removes the total segment amount of Realized Performance Compensation.

 

(n)  This adjustment removes the total segment amount of Realized Principal Investment Income.

 

(o)  This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement.

 

(p)  This adjustment adds back Depreciation and Amortization on a segment basis.

 

Reconciliation of GAAP Shares of Common Stock Outstanding to Distributable Earnings Shares Outstanding

 

  

   

   

   

   

 

     QTD             
      4Q’20     1Q’21     2Q’21     3Q’21     4Q’21                   

GAAP Shares of Common Stock Outstanding

     683,875,544       690,569,563       691,093,463       693,612,698       704,339,774         

Unvested Participating Common Shares

     20,084,245       20,495,980       29,381,076       27,756,700       27,697,423         

Total Participating Common Shares

     703,959,789       711,065,543       720,474,539       721,369,398       732,037,197         

Participating Partnership Units

     496,060,455       490,716,529       487,276,882       483,553,949       468,446,388         

Distributable Earnings Shares Outstanding

     1,200,020,244       1,201,782,072       1,207,751,421       1,204,923,347       1,200,483,585         

Disclosure of Weighted-Average Shares Common Stock Outstanding

 

 
     QTD          FY  
      4Q’20     1Q’21     2Q’21     3Q’21     4Q’21          FY’20     FY’21  

Total GAAP Weighted-Average Shares of Common Stock Outstanding - Basic

     702,543,279       709,033,212       721,141,954       722,229,117       726,445,206          696,933,548       719,766,879  

Weighted-Average Shares of Unvested Deferred Restricted Common Stock

     436,255       879,132       123,226       203,982       226,315          324,748       358,164  

Total GAAP Weighted-Average Shares of Common Stock Outstanding - Diluted

     702,979,534       709,912,344       721,265,180       722,433,099       726,671,521          697,258,296       720,125,043  

 

 
   
 

 

Blackstone |   27


 

BLACKSTONE’S FOURTH QUARTER 2021 GAAP BALANCE SHEET RESULTS

 

 

 
 ($ in thousands) (unaudited)    4Q’20     1Q’21     2Q’21     3Q’21     4Q’21  
 

 Assets

                              
 

Cash and Cash Equivalents

  

$

1,999,484

 

 

$

2,862,422

 

 

$

2,467,444

 

 

$

5,011,433

 

 

$

2,119,738

 

 

Cash Held by Blackstone Funds and Other

  

 

64,972

 

 

 

109,285

 

 

 

109,676

 

 

 

113,731

 

 

 

79,994

 

 

Investments

  

 

15,617,142

 

 

 

17,943,309

 

 

 

22,163,322

 

 

 

25,104,195

 

 

 

28,665,043

 

 

Accounts Receivable

  

 

866,158

 

 

 

975,610

 

 

 

582,542

 

 

 

496,265

 

 

 

636,616

 

 

Due from Affiliates

  

 

3,221,515

 

 

 

3,015,318

 

 

 

3,159,829

 

 

 

3,718,119

 

 

 

4,656,867

 

 

Intangible Assets, Net

  

 

347,955

 

 

 

340,478

 

 

 

321,780

 

 

 

303,082

 

 

 

284,384

 

 

Goodwill

  

 

1,901,485

 

 

 

1,890,185

 

 

 

1,890,202

 

 

 

1,890,202

 

 

 

1,890,202

 

 

Other Assets

  

 

481,022

 

 

 

434,475

 

 

 

556,714

 

 

 

538,567

 

 

 

492,936

 

 

Right-of-Use Assets

  

 

526,943

 

 

 

736,633

 

 

 

723,539

 

 

 

745,886

 

 

 

788,991

 

 

Deferred Tax Assets

  

 

1,242,576

 

 

 

1,402,271

 

 

 

1,322,144

 

 

 

1,116,612

 

 

 

1,581,637

 

 

 Total Assets

  

$

    26,269,252

 

 

$

    29,709,986

 

 

$

    33,297,192

 

 

$

    39,038,092

 

 

$

    41,196,408

 

 

 Liabilities and Equity

                              
 

Loans Payable

  

$

5,644,653

 

 

$

5,573,965

 

 

$

5,594,648

 

 

$

7,527,576

 

 

$

7,748,163

 

 

Due to Affiliates

  

 

1,135,041

 

 

 

1,161,775

 

 

 

1,226,504

 

 

 

1,426,209

 

 

 

1,906,098

 

 

Accrued Compensation and Benefits

  

 

3,433,260

 

 

 

4,376,226

 

 

 

5,789,662

 

 

 

7,399,559

 

 

 

7,905,070

 

 

Securities Sold, Not Yet Purchased

  

 

51,033

 

 

 

33,160

 

 

 

35,783

 

 

 

35,657

 

 

 

27,849

 

 

Repurchase Agreements

  

 

76,808

 

 

 

58,050

 

 

 

57,247

 

 

 

36,545

 

 

 

57,980

 

 

Operating Lease Liabilities

  

 

620,844

 

 

 

842,692

 

 

 

841,152

 

 

 

863,020

 

 

 

908,033

 

 

Accounts Payable, Accrued Expenses and Other Liabilities

  

 

717,104

 

 

 

838,930

 

 

 

1,205,182

 

 

 

871,661

 

 

 

937,169

 

 

 Total Liabilities

  

 

11,678,743

 

 

 

12,884,798

 

 

 

14,750,178

 

 

 

18,160,227

 

 

 

19,490,362

 

 

 Redeemable Non-Controlling Interests in Consolidated Entities

  

 

65,161

 

 

 

65,546

 

 

 

65,568

 

 

 

66,824

 

 

 

68,028

 

 

 Equity

                              
 

Common Stock, $0.00001 par value (704,339,774 shares issued
and outstanding as of December 31, 2021)

  

 

7

 

 

 

7

 

 

 

7

 

 

 

7

 

 

 

7

 

 

Series I Preferred Stock, $0.00001 par value (1 share issued
and outstanding as of December 31, 2021)

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series II Preferred Stock, $0.00001 par value (1 share issued
and outstanding as of December 31, 2021)

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional Paid-in-Capital

  

 

6,332,105

 

 

 

6,446,829

 

 

 

6,282,600

 

 

 

6,037,628

 

 

 

5,794,727

 

 

Retained Earnings

  

 

335,762

 

 

 

1,408,768

 

 

 

2,133,794

 

 

 

3,031,765

 

 

 

3,647,785

 

 

Accumulated Other Comprehensive Loss

  

 

(15,831

 

 

(11,454

 

 

(10,245

 

 

(15,357

 

 

(19,626

 

Non-Controlling Interests in Consolidated Entities

  

 

4,042,157

 

 

 

4,390,594

 

 

 

4,860,442

 

 

 

5,638,612

 

 

 

5,600,653

 

 

Non-Controlling Interests in Blackstone Holdings

  

 

3,831,148

 

 

 

4,524,898

 

 

 

5,214,848

 

 

 

6,118,386

 

 

 

6,614,472

 

 

 Total Equity

  

 

14,525,348

 

 

 

16,759,642

 

 

 

18,481,446

 

 

 

20,811,041

 

 

 

21,638,018

 

 

 Total Liabilities and Equity

  

$

26,269,252

 

 

$

29,709,986

 

 

$

33,297,192

 

 

$

39,038,092

 

 

$

41,196,408

 

 
                

 

 

 
   
See page 29, Reconciliation of GAAP to Non-GAAP Balance Sheet Measures.  

 

Blackstone |   28


 

RECONCILIATION OF GAAP TO NON-GAAP BALANCE SHEET MEASURES

 

 

 
 ($ in thousands)    4Q’20     1Q’21     2Q’21     3Q’21      4Q’21  
 

Investments of Consolidated Blackstone Funds

  

$

1,455,008

 

 

$

1,459,804

 

 

$

1,871,269

 

 

$

2,104,705

 

  

$

2,018,829

 

 

Equity Method Investments

             
 

Partnership Investments

  

 

4,353,234

 

 

 

4,676,341

 

 

 

4,916,675

 

 

 

5,303,334

 

  

 

5,635,212

 

 

Accrued Performance Allocations

  

 

6,891,262

 

 

 

9,367,251

 

 

 

12,101,142

 

 

 

15,063,648

 

  

 

17,096,873

 

 

Corporate Treasury Investments

  

 

2,579,716

 

 

 

1,726,285

 

 

 

2,440,325

 

 

 

1,520,426

 

  

 

658,066

 

 

Other Investments

  

 

337,922

 

 

 

713,628

 

 

 

833,911

 

 

 

1,112,082

 

  

 

3,256,063

 

 

 Total GAAP Investments

  

 

15,617,142

 

 

 

17,943,309

 

 

 

22,163,322

 

 

 

25,104,195

 

  

 

28,665,043

 

 

    

             
 

 Accrued Performance Allocations - GAAP

  

$

        6,891,262

 

 

$

        9,367,251

 

 

$

        12,101,142

 

 

$

        15,063,648

 

  

$

        17,096,873

 

 

Impact of Consolidation (a)

  

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

  

 

1

 

 

Due from Affiliates - GAAP (b)

  

 

165,678

 

 

 

56,274

 

 

 

59,304

 

 

 

59,669

 

  

 

260,993

 

 

Less: Net Realized Performance Revenues (c)

  

 

(313,610

 

 

(269,426

 

 

(261,760

 

 

(416,336

  

 

(1,294,884

 

Less: Accrued Performance Compensation - GAAP (d)

  

 

(2,917,609

 

 

(3,952,253

 

 

(5,137,933

 

 

(6,395,903

  

 

(7,324,906

 

 Net Accrued Performance Revenues

  

$

3,825,722

 

 

$

5,201,847

 

 

$

6,760,754

 

 

$

8,311,079

 

  

$

8,738,077

 

 

 Corporate Treasury and Other Investments - GAAP (e)

  

$

2,917,638

 

 

$

2,439,913

 

 

$

3,274,236

 

 

$

2,632,508

 

  

$

3,914,129

 

 

Impact of Consolidation (a)

  

 

137,745

 

 

 

142,187

 

 

 

176,320

 

 

 

178,407

 

  

 

144,354

 

 

Other Assets (f)

  

 

947,565

 

 

 

766,285

 

 

 

479,591

 

 

 

580,641

 

  

 

797,843

 

 

Other Liabilities (g)

  

 

(30,355

 

 

(61,599

 

 

(494,119

 

 

(169,863

  

 

(94,314

 

 Corporate Treasury and Other Investments - Deconsolidated (h)

  

$

3,972,593

 

 

$

3,286,786

 

 

$

3,436,028

 

 

$

3,221,693

 

  

$

4,762,012

 

 

 Partnership Investments - GAAP

  

$

4,353,234

 

 

$

4,676,341

 

 

$

4,916,675

 

 

$

5,303,334

 

  

$

5,635,212

 

 

Impact of Consolidation (i)

  

 

(2,615,599

 

 

(2,923,029

 

 

(3,091,175

 

 

(3,459,004

  

 

(3,552,599

 

 GP/Fund Investments - Deconsolidated

  

$

1,737,635

 

 

$

1,753,312

 

 

$

1,825,500

 

 

$

1,844,330

 

  

$

2,082,613

 

 

 Loans Payable - GAAP

  

$

5,644,653

 

 

$

5,573,965

 

 

$

5,594,648

 

 

$

7,527,576

 

  

$

7,748,163

 

 

Impact of Consolidation (j)

  

 

(99

 

 

(100

 

 

(99

 

 

(100

  

 

(101

 

Outstanding Debt - Carrying Value

  

 

5,644,554

 

 

 

5,573,865

 

 

 

5,594,549

 

 

 

7,527,476

 

  

 

7,748,062

 

 

Unamortized Discount

  

 

87,846

 

 

 

85,635

 

 

 

84,151

 

 

 

109,524

 

  

 

107,438

 

 

 Outstanding Debt (at par) - Deconsolidated

  

$

5,732,400

 

 

$

5,659,500

 

 

$

5,678,700

 

 

$

7,637,000

 

  

$

7,855,500

 

 
                 
                                           

 

  (a)

This adjustment adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation.

  (b)

Represents GAAP accrued performance revenue recorded within Due from Affiliates.

  (c)

Represents Performance Revenues realized but not yet distributed as of the reporting date and are included in Distributable Earnings in the period they are realized.

  (d)

Represents GAAP accrued performance compensation associated with Accrued Performance Allocations and is recorded within Accrued Compensation and Benefits and Due to Affiliates.

  (e)

Effective 3Q’21, Corporate Treasury includes Other Investments and has been renamed to Corporate Treasury and Other Investments. Prior periods have been recast to reflect the revised classification.

  (f)

This adjustment adds other assets related to Treasury Operations that are recorded within Accounts Receivable, reverse repurchase agreements and Due from Affiliates.

  (g)

This adjustment adds other liabilities related to Treasury Operations that are recorded within Accounts Payable, Accrued Expenses and Other Liabilities, Repurchase Agreements and securities sold short, not yet purchased.

  (h)

Deconsolidated Other Investments was $3.2 billion as of December 31, 2021, which was comprised of $727 million of liquid investments and $2.5 billion of illiquid investments. The liquid portion of Other Investments relates to public equity securities, which may include equity securities subject to lockup periods, and other investments held by Blackstone that can be easily converted to cash.

  (i)

This adjustment removes amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests and adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation.

  (j)

This adjustment removes amounts related to consolidated Blackstone Funds.

 

 
   
 

 

Blackstone |   29


 

RECONCILIATION OF GAAP TO TOTAL SEGMENTS

 

<

 ($ in thousands)

   QTD            FY  
                 
                             
   4Q’20     1Q’21     2Q’21     3Q’21     4Q’21            FY’20     FY’21  
   

 Management and Advisory Fees, Net

                     
   

 GAAP

  

$

1,134,138

 

 

$

1,177,815

 

 

$

1,212,549

 

 

$

1,320,795

 

 

$

1,459,548

 

    

$

4,092,549

 

 

$

5,170,707

 

   

Segment Adjustment (a)

  

 

1,887

 

 

 

390

 

 

 

193

 

 

 

(720

 

 

(3,328

    

 

18,616

 

 

 

(3,465

   

 Total Segment

  

$

1,136,025

 

 

$

1,178,205

 

 

$

1,212,742

 

 

$

1,320,075

 

 

$

1,456,220

 

    

$

4,111,165

 

 

$

5,167,242

 

     

 GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues

 

              
   

 GAAP

                     
   

Incentive Fees

  

 

97,702

 

 

 

36,124

 

 

 

33,207

 

 

 

48,206

 

 

 

136,454

 

    

 

138,661

 

 

 

253,991

 

   

Investment Income - Realized Performance Allocations

  

 

1,465,154

 

 

 

534,367

 

 

 

808,620

 

 

 

1,522,495

 

 

 

2,787,970

 

    

 

2,106,000

 

 

 

5,653,452

 

   

 GAAP

  

$

1,562,856

 

 

$

570,491

 

 

$

841,827

 

 

$

1,570,701

 

 

$

2,924,424

 

    

$

2,244,661

 

 

$

5,907,443

 

   

 Total Segment

                     
   

Less: Realized Performance Revenues

  

 

(1,276,629

 

 

(401,323

 

 

(792,938

 

 

(1,497,477

 

 

(1,191,374

    

 

(1,865,993

 

 

(3,883,112

   

Segment Adjustment (b)

  

 

-    

 

 

 

-    

 

 

 

-

 

 

 

89

 

 

 

824

 

    

 

8

 

 

 

913

 

   

 Total Segment

  

$

286,227

 

 

$

169,168

 

 

$

48,889

 

 

$

73,313

 

 

$

1,733,874

 

    

$

378,676

 

 

$

2,025,244

 

   

 GAAP Compensation to Total Segment Fee Related Compensation

 

              
   

 GAAP

                     
   

Compensation

  

 

459,636

 

 

 

542,638

 

 

 

507,104

 

 

 

536,199

 

 

 

576,032

 

    

 

1,855,619

 

 

 

2,161,973

 

   

Incentive Fees Compensation

  

 

22,086

 

 

 

13,325

 

 

 

14,431

 

 

 

21,007

 

 

 

49,349

 

    

 

44,425

 

 

 

98,112

 

   

Realized Performance Allocations Compensation

  

 

590,089

 

 

 

213,027

 

 

 

347,423

 

 

 

631,632

 

 

 

1,119,911

 

    

 

843,230

 

 

 

2,311,993

 

   

 GAAP

  

$

1,071,811

 

 

$

768,990

 

 

$

868,958

 

 

$

1,188,838

 

 

$

1,745,292

 

    

$

2,743,274

 

 

$

4,572,078

 

   

 Total Segment

                     
   

Less: Realized Performance Compensation

  

 

(483,528

 

 

(150,924

 

 

(338,271

 

 

(619,074

 

 

(449,301

    

 

(714,347

 

 

(1,557,570

   

Less: Equity-Based Compensation - Fee Related Compensation

  

 

(65,397

 

 

(141,674

 

 

(119,491

 

 

(127,442

 

 

(162,656

    

 

(326,116

 

 

(551,263

   

Less: Equity-Based Compensation - Performance Compensation

  

 

(1,695

 

 

(2,598

 

 

(1,931

 

 

(1,812

 

 

(1,933

    

 

(7,651

 

 

(8,274