Blackstone Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Blackstone Inc. has filed its Q1 2024 10-Q, detailing financial adjustments and operational items.</b>

AI Summary

Blackstone Inc. (BX) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Blackstone Inc. filed its 10-Q report for the period ending March 31, 2024. The filing details financial performance and operational updates for the first quarter of 2024. Key adjustments include the add-back of Performance Revenues and Principal Investment Income from consolidated Blackstone Funds. The report addresses the removal of Transaction-Related and Non-Recurring Items from segment measures. Adjustments also account for certain expenses reimbursed by Blackstone Funds and administrative fees from Blackstone Holdings Partnership Units.

Why It Matters

For investors and stakeholders tracking Blackstone Inc., this filing contains several important signals. This filing provides investors with the latest financial disclosures, allowing for an updated assessment of Blackstone's performance and strategic positioning. Understanding the specific adjustments made to segment measures and the treatment of various income and expense items is crucial for accurately evaluating the company's reported profitability.

Risk Assessment

Risk Level: — Blackstone Inc. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any immediate or significant new risks beyond those typically associated with investment management firms.

Analyst Insight

Review the detailed segment reporting and financial adjustments within the 10-Q to understand the drivers of Blackstone's Q1 2024 performance.

Key Numbers

• 2024-03-31 — Period End Date (The reporting period for the 10-Q filing.)
• 2024-05-03 — Filing Date (The date the 10-Q was filed with the SEC.)

Key Players & Entities

• Blackstone Inc. (company) — Filer of the 10-Q report.
• Blackstone Funds (company) — Source of Performance Revenues and Principal Investment Income.
• Blackstone Holdings Partnership Units (company) — Holders from whom an administrative fee is collected.

FAQ

Risk Factors

• Fair Value Measurement [medium — financial]: The company utilizes unobservable inputs (Level III) for certain investments, where fair value is determined based on the weighted average of investments included in the range, introducing subjectivity.
• Derivative Valuation [medium — financial]: The fair value of derivatives is determined using broker quotes (Level II) or by projecting expected returns based on the volatility of underlying reference entities, indicating reliance on external data and models.
• Contingent Consideration and Commitments [medium — financial]: Level III inputs are used for valuing contingent consideration and corporate treasury commitments, which are included in 'Other Liabilities'.
• CLO Notes Payable [medium — financial]: The company has CLO Notes Payable with maturities ranging from June 2025 to January 2037, representing long-term debt obligations.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q.
• 2024-05-03: Filing Date — Date the 10-Q was officially submitted to the SEC.

Glossary

Performance Revenues

Revenues earned from consolidated Blackstone Funds that are eliminated in consolidation. (Indicates revenue streams that are subject to consolidation adjustments.)

Principal Investment Income

Includes general partner income earned from consolidated Blackstone Funds, eliminated in consolidation. (Represents income from principal investments that requires specific accounting treatment.)

Fee related performance compensation

Compensation based on fee-related performance revenues, potentially including equity-based awards. (Details executive or employee compensation tied to performance metrics.)

Transaction-Related and Non-Recurring Items

Items not recorded in Total Segment measures, removed for reporting clarity. (Highlights specific types of expenses or revenues that are excluded from core segment performance.)

Filing Documents

• d806510d10q.htm (10-Q) — 6315KB
• d806510d10q1.pdf (10-Q) — 1469KB
• d806510dex101.htm (EX-10.1) — 432KB
• d806510dex102.htm (EX-10.2) — 431KB
• d806510dex311.htm (EX-31.1) — 12KB
• d806510dex312.htm (EX-31.2) — 12KB
• d806510dex321.htm (EX-32.1) — 5KB
• d806510dex322.htm (EX-32.2) — 5KB
• d806510dex991.htm (EX-99.1) — 3KB
• g806510dsp001.jpg (GRAPHIC) — 6KB
• g806510dsp077.jpg (GRAPHIC) — 131KB
• g806510dsp082.jpg (GRAPHIC) — 61KB
• g806510dsp085.jpg (GRAPHIC) — 77KB
• g806510dsp086.jpg (GRAPHIC) — 73KB
• g806510dsp120.jpg (GRAPHIC) — 53KB
• g806510page068.jpg (GRAPHIC) — 74KB
• 0001193125-24-130670.txt (&nbsp;) — 25866KB
• bx-20240331.xsd (EX-101.SCH) — 103KB
• bx-20240331_cal.xml (EX-101.CAL) — 67KB
• bx-20240331_def.xml (EX-101.DEF) — 701KB
• bx-20240331_lab.xml (EX-101.LAB) — 688KB
• bx-20240331_pre.xml (EX-101.PRE) — 731KB
• d806510d10q_htm.xml (XML) — 5102KB

Financial Statements

Financial Statements 6 Unaudited Condensed Consolidated Financial Statements: Condensed Consolidated Statements of Financial Condition as of March 31, 2024 and December 31, 2023 6 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 8 Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 9 Condensed Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2024 and 2023 10 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 12 Notes to Condensed Consolidated Financial Statements 14 Item 1A. Unaudited Supplemental Presentation of Statements of Financial Condition 60 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 62 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 124 Item 4.

Controls and Procedures

Controls and Procedures 124 Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 125 Item 1A.

Risk Factors

Risk Factors 125 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 126 Item 3. Defaults Upon Senior Securities 126 Item 4. Mine Safety Disclosures 126 Item 5. Other Information 126 Item 6. Exhibits 127

Signatures

Signatures 128 1 Table of Contents

Forward-Looking Statements

Forward-Looking Statements This report may contain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. 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," "forecast" 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 those described under the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023, 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. Website and Social Media Disclosure We use our website (www.blackstone.com), Facebook page (www.facebook.com/blackstone), X (Twitter) (www.x.com/blackstone), LinkedIn (www.

Financial Information

Part I. Financial Information Item1.

Financial Statements

Financial Statements Blackstone Inc. Condensed Consolidated Statements of Financial Condition (Unaudited) (Dollars in Thousands, Except Share Data) March 31, December 31, 2024 2023 Assets Cash and Cash Equivalents $ 2,504,471 $ 2,955,866 Cash Held by Blackstone Funds and Other 167,711 316,197 Investments 25,922,290 26,146,622 Accounts Receivable 199,302 193,365 Due from Affiliates 4,695,224 4,466,521 Intangible Assets, Net 192,227 201,208 Goodwill 1,890,202 1,890,202 Other Assets 1,072,627 944,848 Right-of-Use Assets 805,454 841,307 Deferred Tax Assets 2,256,794 2,331,394 Total Assets $ 39,706,302 $ 40,287,530 Liabilities and Equity Loans Payable $ 10,740,171 $ 11,304,059 Due to Affiliates 2,135,478 2,393,410 Accrued Compensation and Benefits 5,378,212 5,247,766 Operating Lease Liabilities 951,648 989,823 Accounts Payable, Accrued Expenses and Other Liabilities 2,023,359 2,277,258 Total Liabilities 21,228,868 22,212,316 Commitments and Contingencies Redeemable Non-Controlling Interests in Consolidated Entities 935,005 1,179,073 Equity Stockholders' Equity of Blackstone Inc. Common Stock, $ 0.00001 par value, 90 billion shares authorized, ( 722,263,433 shares issued and outstanding as of March 31, 2024; 719,358,114 shares issued and outstanding as of December 31, 2023) 7 7 Series I Preferred Stock, $ 0.00001 par value, 999,999,000 shares authorized, ( 1 share issued and outstanding as of March 31, 2024 and December 31, 2023) — — Series II Preferred Stock, $ 0.00001 par value, 1,000 shares authorized, ( 1 share issued and outstanding as of March 31, 2024 and December 31, 2023) — — Additional Paid-in-Capital 6,190,142 6,175,190 Retained Earnings 796,201 660,734 Accumulated Other Comprehensive Loss ( 31,282 ) ( 19,133 ) Total Stockholders' Equity of Blackstone Inc. 6,955,068 6,816,798 Non-Controlling Interests in Conso

View Full Filing

View this 10-Q filing on SEC EDGAR