Blackstone Q2 2024 10-Q Filed

TL;DR

Blackstone's 10-Q is in: Secured debt at 7.64% due 2033 & 2035. Fair value is Level II.

AI Summary

Blackstone Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and includes information on secured borrowings with interest rates of 7.64%, maturing in October 2033 and January 2035. Fair value measurements are noted as Level II within the fair value hierarchy, determined by broker quotes.

Why It Matters

This filing provides investors with an update on Blackstone's financial health and debt obligations, including specific details on interest rates and maturity dates for significant borrowings.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediate red flags indicating significant new risks.

Key Numbers

• 7.64% — Interest Rate (Applies to secured borrowings maturing in 2033 and 2035.)

Key Players & Entities

• Blackstone Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• October 2033 (date) — Maturity date of a secured borrowing
• January 2035 (date) — Maturity date of a secured borrowing
• 7.64% (dollar_amount) — Interest rate on secured borrowings

FAQ

From the Filing

0001193125-24-192846.txt : 20240802 0001193125-24-192846.hdr.sgml : 20240802 20240802160310 ACCESSION NUMBER: 0001193125-24-192846 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 116 CONFORMED PERIOD OF REPORT: 20240630 FILED AS OF DATE: 20240802 DATE AS OF CHANGE: 20240802 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: 241170878 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 d844230d10q.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#UnrealizedGainLossOnInvestments http://fasb.org/us-gaap/2023#UnrealizedGainLossOnInvestments http://fasb.org/us-gaap/2023#OtherAssets http://fasb.org/us-gaap/2023#OtherAssets Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy. The Secured Borrowing, Due 10/27/2033 has an interest rate of 7.64% and the Secured Borrowing, Due 1/29/2035 has an interest rate of 7.64%. Principal on the Secured Borrowings will be paid over the term with repayment amounts dependent on the performance of the underlying assets securing each borrowing. Repayment amounts from the underlying assets are restricted to solely satisfy the Secured Borrowings obligations. As of June 30, 2024, the fair value of the assets securing both Secured Borrowings equaled $48.5 million. CLO Notes Payable have maturity dates ranging from June 2025 to January 2037 and have an effective interest rate of 8.67% as of June 30, 2024. A portion of the borrowing outstanding is comprised of subordinated notes which do not have contractual interest rates but instead pay distributions from the excess cash flows of the CLO vehicles. Total is a component of Due to Affiliates. See Note 15. “Related Party Transactions — Affiliate Receivables and Payables — Due to Affiliates.” The split of clawback between Blackstone Holdings and Current and Former Personnel is based on the performance of individual investments held by a fund rather than on a fund by fund basis. 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. This adjustment removes Equity-Based Compensation on a segment basis. This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement. This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation. This adjustment removes Unrealized Performance Allocations Compensation. This adjustment removes Other Revenue on a segment basis. For the three months ended June 30, 2024 and 2023, Other Revenue on a GAAP basis was $19.6 million and $(31.7) million, and included $19.5 million and $(32.0) million of foreign exchange gains (losses), respectively. For the six months ended June 30, 2024 and 2023, Other Revenue on a GAAP basis was $64.5 million and $(45.8) million, and included $64.1