Blackstone Inc. Files Q1 2024 10-Q

TL;DR

Blackstone's Q1 2024 10-Q is in: financials look solid, watch out for performance revenue eliminations.

AI Summary

Blackstone Inc. filed its 10-Q for the period ending March 31, 2024. The filing details financial performance and operational updates for the first quarter of 2024. Key financial figures and business segment performance are presented, along with disclosures on investments and liabilities.

Why It Matters

This filing provides investors and analysts with crucial financial data and insights into Blackstone's performance and strategic direction during the first quarter of 2024.

Risk Assessment

Risk Level: medium — The filing contains detailed financial information and disclosures that could impact investor sentiment and stock price.

Key Numbers

• Q1 2024 — Reporting Period (First quarter of 2024 financial performance)

Key Players & Entities

• Blackstone Inc. (company) — Filer of the 10-Q
• 20240331 (date) — End of the reporting period
• 20240503 (date) — Filing date
• 345 PARK AVENUE (location) — Company's business and mailing address
• NEW YORK (location) — Company's business and mailing city
• 10154 (postal_code) — Company's business and mailing ZIP code
• (212) 583-5000 (phone_number) — Company's business phone number

FAQ

From the Filing

0001193125-24-130670.txt : 20240503 0001193125-24-130670.hdr.sgml : 20240503 20240503160254 ACCESSION NUMBER: 0001193125-24-130670 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 117 CONFORMED PERIOD OF REPORT: 20240331 FILED AS OF DATE: 20240503 DATE AS OF CHANGE: 20240503 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Blackstone Inc. CENTRAL INDEX KEY: 0001393818 STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282] ORGANIZATION NAME: 02 Finance IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-33551 FILM NUMBER: 24912902 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154 BUSINESS PHONE: (212) 583-5000 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154 FORMER COMPANY: FORMER CONFORMED NAME: Blackstone Inc DATE OF NAME CHANGE: 20210806 FORMER COMPANY: FORMER CONFORMED NAME: Blackstone Group Inc DATE OF NAME CHANGE: 20190628 FORMER COMPANY: FORMER CONFORMED NAME: Blackstone Group L.P. DATE OF NAME CHANGE: 20070320 10-Q 1 d806510d10q.htm 10-Q 10-Q http://fasb.org/us-gaap/2023#RelatedPartyMember http://fasb.org/us-gaap/2023#RelatedPartyMember http://fasb.org/us-gaap/2023#RelatedPartyMember http://fasb.org/us-gaap/2023#RelatedPartyMember false Q1 0001393818 --12-31 http://fasb.org/us-gaap/2023#UnrealizedGainLossOnInvestments http://fasb.org/us-gaap/2023#UnrealizedGainLossOnInvestments http://fasb.org/us-gaap/2023#OtherAssets http://fasb.org/us-gaap/2023#OtherAssets During the period presented, Blackstone also had one share outstanding of each of Series I and Series II preferred stock, with par value of each less than one cent. Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation. 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. Fee related performance compensation may include equity-based compensation based on fee related performance revenues. Represents the (1) removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures, (2) removal of certain expenses reimbursed by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation. For the three months ended March 31, 2024, this adjustment includes removal of an accrual for an estimated liability for a legal matter. Represents the removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures. Unobservable inputs were weighted based on the fair value of the investments included in the range. Equity Securities, Partnership and LLC Interest includes investments in investment funds. As of March 31, 2024 and December 31, 2023, Other Investments includes Level III Freestanding Derivatives. Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy. The volatility of the historical performance of the underlying reference entity is used to project the expected returns relevant for the fair value of the derivative. As of March 31, 2024 and December 31, 2023, Other Liabilities includes Level III Contingent Consideration and Level III Corporate Treasury Commitments. CLO Notes Payable have maturity dates ranging from June 2025 to January 2037 and have an e