Blackstone (BX) 10-Q7 May 212021 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2021	Apr. 30, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Trading Symbol	BX
Entity Registrant Name	The Blackstone Group Inc.
Entity Central Index Key	0001393818
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Document Transition Report	false
Document Quarterly Report	true
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity File Number	001-33551
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-8875684
Entity Address, Address Line One	345 Park Avenue
Local Phone Number	583-5000
Entity Address, State or Province	NY
Entity Address, City or Town	New York
City Area Code	212
Entity Address, Postal Zip Code	10154
Entity Common Stock, Shares Outstanding		684,230,922

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and Cash Equivalents	$ 2,862,422	$ 1,999,484
Cash Held by Blackstone Funds and Other	109,285	64,972
Investments (including assets pledged of $83,538 and $110,835 at March 31, 2021 and December 31, 2020, respectively)	17,943,309	15,617,142
Accounts Receivable	975,610	866,158
Due from Affiliates	3,015,318	3,221,515
Intangible Assets, Net	340,478	347,955
Goodwill	1,890,185	1,901,485
Other Assets	434,475	481,022
Right-of-Use Assets	736,633	526,943
Deferred Tax Assets	1,402,271	1,242,576
Total Assets	29,709,986	26,269,252
Liabilities and Equity
Loans Payable	5,573,965	5,644,653
Due to Affiliates	1,161,775	1,135,041
Accrued Compensation and Benefits	4,376,226	3,433,260
Securities Sold, Not Yet Purchased	33,160	51,033
Repurchase Agreements	58,050	76,808
Operating Lease Liabilities	842,692	620,844
Accounts Payable, Accrued Expenses and Other Liabilities	838,930	717,104
Total Liabilities	12,884,798	11,678,743
Commitments and Contingencies
Redeemable Non-Controlling Interests in Consolidated Entities	65,546	65,161
Stockholders' Equity of The Blackstone Group Inc.
Common Stock, $0.00001 par value, 90 billion shares authorized, (690,569,563 shares issued and outstanding as of March 31, 2021; 683,875,544 shares issued and outstanding as of December 31, 2020)	7	7
Additional Paid-in-Capital	6,446,829	6,332,105
Retained Earnings	1,408,768	335,762
Accumulated Other Comprehensive Loss	(11,454)	(15,831)
Total Stockholders' Equity of The Blackstone Group Inc.	7,844,150	6,652,043
Non-Controlling Interests in Consolidated Entities	4,390,594	4,042,157
Non-Controlling Interests in Blackstone Holdings	4,524,898	3,831,148
Total Equity	16,759,642	14,525,348
Total Liabilities and Equity	29,709,986	26,269,252
Series I Preferred Stock [Member]
Stockholders' Equity of The Blackstone Group Inc.
Preferred Stock, Value, Issued	0	0
Series II Preferred Stock [Member]
Stockholders' Equity of The Blackstone Group Inc.
Preferred Stock, Value, Issued	$ 0	$ 0

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Investments assets pledged	$ 83,538	$ 110,835
Assets	29,709,986	26,269,252
Liabilities	$ 12,884,798	$ 11,678,743
Common stock par value	$ 0.00001	$ 0.00001
Common shares authorized	90,000,000,000	90,000,000,000
Common shares issued	690,569,563	683,875,544
Common shares outstanding	690,569,563	683,875,544
Series I Preferred Stock
Preferred shares par value	$ 0.00001	$ 0.00001
Preferred shares authorized	999,999,000	999,999,000
Preferred shares issued	1	1
Preferred shares outstanding	1	1
Series II Preferred Stock
Preferred shares par value	$ 0.00001	$ 0.00001
Preferred shares authorized	1,000	1,000
Preferred shares issued	1	1
Preferred shares outstanding	1	1
Consolidated Blackstone Funds \| Variable Interest Entity, Primary Beneficiary
Assets	$ 1,668,136	$ 1,649,017
Liabilities	223,712	221,266
Consolidated Blackstone Funds \| Repurchase Agreements \| Variable Interest Entity, Primary Beneficiary
Liabilities	58,050	76,808
Consolidated Blackstone Funds \| Loans Payable \| Variable Interest Entity, Primary Beneficiary
Liabilities	100	99
Securities Sold, Not Yet Purchased \| Consolidated Blackstone Funds \| Variable Interest Entity, Primary Beneficiary
Liabilities	23,936	41,709
Investments \| Consolidated Blackstone Funds \| Variable Interest Entity, Primary Beneficiary
Assets	1,459,804	1,455,008
Accounts Receivable \| Consolidated Blackstone Funds \| Variable Interest Entity, Primary Beneficiary
Assets	88,560	120,099
Cash Held by Funds and Other \| Consolidated Blackstone Funds \| Variable Interest Entity, Primary Beneficiary
Assets	109,285	64,972
Due from Affiliates \| Consolidated Blackstone Funds \| Variable Interest Entity, Primary Beneficiary
Assets	9,813	8,676
Other Assets \| Consolidated Blackstone Funds \| Variable Interest Entity, Primary Beneficiary
Assets	674	262
Due to Affiliates \| Consolidated Blackstone Funds \| Variable Interest Entity, Primary Beneficiary
Liabilities	87,087	65,429
Accounts Payable, Accrued Expenses and Other Liabilities \| Consolidated Blackstone Funds \| Variable Interest Entity, Primary Beneficiary
Liabilities	$ 54,539	$ 37,221

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Performance Allocations
Realized	$ 534,367	$ 167,530
Unrealized	2,464,497	(3,453,081)
Principal Investments
Realized	355,038	48,695
Unrealized	639,315	(959,365)
Total Investment Income (Loss)	3,993,217	(4,196,221)
Interest and Dividend Revenue	31,412	35,084
Other	60,304	138,180
Total Revenues	5,298,872	(3,075,964)
Expenses
Compensation and Benefits Compensation	542,638	476,543
Incentive Fee Compensation	13,325	6,522
Performance Allocations Compensation
Realized	213,027	72,423
Unrealized	1,049,969	(1,397,378)
Total Compensation and Benefits	1,818,959	(841,890)
General, Administrative and Other	185,122	157,566
Interest Expense	44,983	41,644
Fund Expenses	2,383	4,605
Total Expenses	2,051,447	(638,075)
Other Income (Loss)
Change in Tax Receivable Agreement Liability	2,910	(595)
Net Gains (Losses) from Fund Investment Activities	120,353	(327,374)
Total Other Income (Loss)	123,263	(327,969)
Income (Loss) Before Benefit for Taxes	3,370,688	(2,765,858)
Benefit for Taxes	(447)	(158,703)
Net Income (Loss)	3,371,135	(2,607,155)
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	629	(15,469)
Net Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities	386,850	(645,077)
Net Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings	1,235,784	(880,117)
Net Income (Loss) Attributable to The Blackstone Group Inc.	$ 1,747,872	$ (1,066,492)
Net Income (Loss) Per Share of Common Stock
Basic	$ 2.47	$ (1.58)
Diluted	$ 2.46	$ (1.58)
Weighted-Average Shares of Common Stock Outstanding
Basic	709,033,212	676,305,359
Diluted	709,912,344	676,305,359
Management and Advisory Fees, Net
Revenues
Revenues	$ 1,177,815	$ 934,832
Incentive Fees
Revenues
Revenues	$ 36,124	$ 12,161

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net Income (Loss)	$ 3,371,135	$ (2,607,155)
Other Comprehensive Income (Loss) – Currency Translation Adjustment	7,931	(20,219)
Comprehensive Income (Loss)	3,379,066	(2,627,374)
Less: Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	629	(15,469)
Comprehensive Income (Loss) Attributable to Non-Controlling Interests in Consolidated Entities	386,850	(645,077)
Comprehensive Income (Loss) Attributable to Non-Controlling Interests in Blackstone Holdings	1,239,338	(887,298)
Comprehensive Income (Loss) Attributable to Non-Controlling Interests	1,626,817	(1,547,844)
Comprehensive Income (Loss) Attributable to The Blackstone Group Inc.	$ 1,752,249	$ (1,079,530)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands		Total	Common Stock		Additional Paid-in Capital	[1]	Retained Earnings (Deficit)	[1]	Accumulated Other Comprehensive Income (Loss)	[1]	Parent	[1]	Noncontrolling InterestConsolidated Entities	Noncontrolling InterestBlackstone Holdings
Beginning Balance at Dec. 31, 2019		$ 15,015,401	$ 7	[1]	$ 6,428,647		$ 609,625		$ (28,495)		$ 7,009,784		$ 4,186,069	$ 3,819,548
Beginning Balance, Units at Dec. 31, 2019	[1]		671,157,692
Net Income (Loss)		(2,591,686)					(1,066,492)				(1,066,492)		(645,077)	(880,117)
Currency Translation Adjustment		(20,219)							(13,038)		(13,038)			(7,181)
Capital Contributions		202,679											202,679
Capital Distributions		(931,054)					(415,081)				(415,081)		(150,272)	(365,701)
Transfer of Non-Controlling Interests in Consolidated Entities		(2,239)											(2,239)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders		12,394			12,394						12,394
Equity-Based Compensation		89,482			50,824						50,824			38,658
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock		(15,248)			(15,241)						(15,241)			(7)
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock, Units	[1]		1,683,494
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units		(253,468)			(253,468)						(253,468)
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units, Units	[1]		(4,969,237)
Change in The Blackstone Group Inc.'s Ownership Interest		(9,779)			9,779						9,779			(9,779)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock					65,158						65,158			(65,158)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock, Units	[1]		8,758,540
Ending Balance at Mar. 31, 2020		11,506,042	$ 7	[1]	6,298,093		(871,948)		(41,533)		5,384,619		3,591,160	2,530,263
Ending Balance, Units at Mar. 31, 2020	[1]		676,630,489
Beginning Balance at Dec. 31, 2019		87,651
Net Income (Loss)		(15,469)
Capital Distributions		(116)
Ending Balance at Mar. 31, 2020		72,066
Beginning Balance at Dec. 31, 2020		14,525,348	$ 7	[1]	6,332,105		335,762		(15,831)		6,652,043		4,042,157	3,831,148
Beginning Balance, Units at Dec. 31, 2020	[1]		683,875,544
Net Income (Loss)		3,370,506					1,747,872				1,747,872		386,850	1,235,784
Currency Translation Adjustment		7,931							4,377		4,377			3,554
Capital Contributions		210,005											207,297	2,708
Capital Distributions		(1,500,036)					(674,866)				(674,866)		(242,200)	(582,970)
Transfer of Non-Controlling Interests in Consolidated Entities		(3,510)											(3,510)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders		10,179			10,179						10,179
Equity-Based Compensation		157,418			91,523						91,523			65,895
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock		(18,199)			(18,199)						(18,199)			0
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock, Units	[1]		1,713,313
Change in The Blackstone Group Inc.'s Ownership Interest		7,445			(7,445)						(7,445)			7,445
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock					38,666						38,666			(38,666)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock, Units	[1]		4,980,706
Ending Balance at Mar. 31, 2021		16,759,642	$ 7	[1]	$ 6,446,829		$ 1,408,768		$ (11,454)		$ 7,844,150		$ 4,390,594	$ 4,524,898
Ending Balance, Units at Mar. 31, 2021	[1]		690,569,563
Beginning Balance at Dec. 31, 2020		65,161
Net Income (Loss)		629
Capital Distributions		(244)
Ending Balance at Mar. 31, 2021		$ 65,546

[1]	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.

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Changes in Equity (Parenthetical)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Series I Preferred Stock [Member]
Conversion Of Stocks	one share outstanding	one share outstanding
Series II Preferred Stock [Member]
Conversion Of Stocks	one share outstanding	one share outstanding

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Activities
Net Income (Loss)	$ 3,371,135	$ (2,607,155)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities
Net Realized Gains on Investments	(942,407)	(156,408)
Changes in Unrealized (Gains) Losses on Investments	(723,783)	1,292,707
Non-Cash Performance Allocations	(2,464,497)	3,453,081
Non-Cash Performance Allocations and Incentive Fee Compensation	1,276,321	(1,318,433)
Equity-Based Compensation Expense	163,867	118,812
Amortization of Intangibles	18,778	17,750
Other Non-Cash Amounts Included in Net Income (Loss)	(204,164)	(237,086)
Cash Flows Due to Changes in Operating Assets and Liabilities
Accounts Receivable	(32,900)	496,348
Due from Affiliates	265,981	(54,790)
Other Assets	70,339	(168,965)
Accrued Compensation and Benefits	(339,805)	(541,706)
Securities Sold, Not Yet Purchased	(17,600)	(26,840)
Accounts Payable, Accrued Expenses and Other Liabilities	49,029	(103,025)
Repurchase Agreements	(18,758)	(48,985)
Due to Affiliates	31,228	(5,498)
Investments Purchased	(916,378)	(2,065,680)
Cash Proceeds from Sale of Investments	2,710,298	2,955,340
Net Cash Provided by Operating Activities	2,296,684	999,467
Investing Activities
Purchase of Furniture, Equipment and Leasehold Improvements	(20,741)	(12,428)
Net Cash Used in Investing Activities	(20,741)	(12,428)
Financing Activities
Distributions to Non-Controlling Interest Holders in Consolidated Entities	(242,444)	(148,415)
Contributions from Non-Controlling Interest Holders in Consolidated Entities	204,691	154,914
Payments Under Tax Receivable Agreement	(51,366)	(73,881)
Net Settlement of Vested Common stock and Repurchase of Common Stock and Blackstone Holdings Partnership Units	(18,199)	(268,716)
Proceeds from Loans Payable	0	102
Repayment and Repurchase of Loans Payable	0	(938)
Dividends/Distributions to Shareholders and Unitholders	(1,255,128)	(780,782)
Net Cash Used in Financing Activities	(1,362,446)	(1,117,716)
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other	(6,246)	(6,645)
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other
Net Increase (Decrease)	907,251	(137,322)
Beginning of Period	2,064,456	2,523,651
End of Period	2,971,707	2,386,329
Supplemental Disclosure of Cash Flows Information
Payments for Interest	51,368	42,440
Payments for Income Taxes	34,735	13,217
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Non-Cash Contributions from Non-Controlling Interest Holders	1,717	44,835
Non-Cash Distributions to Non-Controlling Interest Holders	0	(1,973)
Transfer of Interests to Non-Controlling Interest Holders	(3,510)	(2,239)
Change in The Blackstone Group Inc.'s Ownership Interest	(7,445)	9,779
Net Settlement of Vested Common Stock	89,733	60,214
Conversion of Blackstone Holdings Units to Common Stock	38,666	65,158
Acquisition of Ownership Interests from Non-Controlling Interest Holders
Deferred Tax Asset	(88,352)	(126,171)
Due to Affiliates	78,173	113,777
Equity	$ 10,179	$ 12,394

Condensed Consolidated Statem_8

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Cash and Cash Equivalents	$ 2,862,422	$ 1,999,484
Cash Held by Blackstone Funds and Other	109,285	64,972
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other	$ 2,971,707	$ 2,064,456	$ 2,386,329	$ 2,523,651

Organization

Organization	3 Months Ended
Organization	Mar. 31, 2021
Organization	1. Organization The Blackstone Group Inc., together with its consolidated subsidiaries (“Blackstone” or the “Company”), is one of the world’s leading investment firms. Blackstone’s asset management business includes investment vehicles focused on real estate, private equity, public debt and equity, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. “Blackstone Funds” refers to the funds and other vehicles that are managed by Blackstone. Blackstone’s business is organized into four segments: Real Estate, Private Equity, Hedge Fund Solutions and Credit & Insurance. Blackstone was formed as The Blackstone Group L.P., a Delaware limited partnership, on March 12, 2007. Prior to its conversion (effective July 1, 2019) to a Delaware corporation (the “Conversion”), The Blackstone Group Inc., Blackstone was managed and operated by Blackstone Group Management L.L.C., which is in turn wholly owned by Blackstone’s senior managing directors and controlled by one of Blackstone’s founders, Stephen A. Schwarzman (the “Founder”). Effective February 26, 2021, the Certificate of Incorporation of The Blackstone Group Inc. was amended and restated to rename Blackstone’s Class A Common stock as “common stock” and reclassify Blackstone’s Class B common stock and Class C common stock into a new Series I preferred stock and a new Series II preferred stock, respectively. All references to common stock, series I preferred stock and series II preferred stock prior to such date refer to Class A, Class B and Class C common stock, respectively. See Note 13. “Income Taxes” and Note 14. “Earnings Per Share and Stockholders’ Equity – Stockholders’ Equity.” The activities of Blackstone are conducted through its holding partnerships: Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. (collectively, “Blackstone Holdings,” “Blackstone Holdings Partnerships” or the “Holding Partnerships”). Blackstone, through its wholly owned subsidiaries, is the sole general partner in each of these Holding Partnerships. Generally, holders of the limited partner interests in the Holding Partnerships may, four times each year, exchange their limited partnership interests (“Partnership Units”) for Blackstone common stock, on a one-to-one basis, exchanging one Partnership Unit from each of the Holding Partnerships for one share of Blackstone common stock.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2021
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Blackstone have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in Blackstone’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission. The condensed consolidated financial statements include the accounts of Blackstone, its wholly owned or majority owned subsidiaries, the consolidated entities which are considered to be variable interest entities and for which Blackstone is considered the primary beneficiary, and certain partnerships or similar entities which are not considered variable interest entities but in which the general partner is determined to have control. All intercompany balances and transactions have been eliminated in consolidation. Restructurings within consolidated collateralized loan obligations (“CLOs”) are treated as investment purchases or sales, as applicable, in the Condensed Consolidated Statements of Cash Flows. COVID-19 The ongoing novel coronavirus (“COVID-19”) pandemic and restrictions on certain non-essential businesses have caused disruption in the U.S. and global economies. Although an economic recovery is partially underway, it continues to be gradual, uneven, and characterized by meaningful dispersion across sectors and regions. The estimates and assumptions underlying these consolidated financial statements are based on the information available as of March 31, 2021 for the current period and as of March 31, 2020 or December 31, 2020, as applicable. The estimates and assumptions include judgments about financial market and economic conditions which have changed, and may continue to change, over time. Consolidation Blackstone consolidates all entities that it controls through a majority voting interest or otherwise, including those Blackstone Funds in which the general partner has a controlling financial interest. Blackstone has a controlling financial interest in Blackstone Holdings because the limited partners do not have the right to dissolve the partnerships or have substantive kick-out rights or participating rights that would overcome the control held by Blackstone. Accordingly, Blackstone consolidates Blackstone Holdings and records non-controlling interests to reflect the economic interests of the limited partners of Blackstone Holdings. In addition, Blackstone consolidates all variable interest entities (“VIE”) for which it is the primary beneficiary. An enterprise is determined to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (a) whether an entity in which Blackstone holds a variable interest is a VIE and (b) whether Blackstone’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests, would give it a controlling financial interest. Performance of that analysis requires the exercise of judgment. Blackstone determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a variable interest entity and continuously reconsiders that conclusion. In determining whether Blackstone is the primary beneficiary, Blackstone evaluates its control rights as well as economic interests in the entity held either directly or indirectly by Blackstone. The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that Blackstone is not the primary beneficiary, a quantitative analysis may also be performed. Investments and redemptions (either by Blackstone, affiliates of Blackstone or third parties) or amendments to the governing documents of the respective Blackstone Funds could affect an entity’s status as a VIE or the determination of the primary beneficiary. At each reporting date, Blackstone assesses whether it is the primary beneficiary and will consolidate or deconsolidate accordingly. Assets of consolidated VIEs that can only be used to settle obligations of the consolidated VIE and liabilities of a consolidated VIE for which creditors (or beneficial interest holders) do not have recourse to the general credit of Blackstone are presented in a separate section in the Condensed Consolidated Statements of Financial Condition. Blackstone’s other disclosures regarding VIEs are discussed in Note 9. “Variable Interest Entities.” Revenue Recognition Revenues primarily consist of management and advisory fees, incentive fees, investment income, interest and dividend revenue and other. Management and advisory fees and incentive fees are accounted for as contracts with customers. Under the guidance for contracts with customers, an entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. See Note 18. “Segment Reporting” for a disaggregated presentation of revenues from contracts with customers. Management and Advisory Fees, Net Blackstone earns base management fees from limited partners of funds in each of its managed funds, at a fixed percentage of assets under management, net asset value, total assets, committed capital or invested capital. These customer contracts require Blackstone to provide investment management services, which represents a performance obligation that Blackstone satisfies over time. Management fees are a form of variable consideration because the fees Blackstone is entitled to vary based on fluctuations in the basis for the management fee. The amount recorded as revenue is generally determined at the end of the period because these management fees are payable on a regular basis (typically quarterly) and are not subject to clawback once paid. Transaction, advisory and other fees are principally fees charged to the limited partners of funds indirectly through the managed funds and portfolio companies. The investment advisory agreements generally require that the investment adviser reduce the amount of management fees payable by the limited partners to Blackstone (“management fee reductions”) by an amount equal to a portion of the transaction and other fees paid to Blackstone by the portfolio companies. The amount of the reduction varies by fund, the type of fee paid by the portfolio company and the previously incurred expenses of the fund. These fees and associated management fee reductions are a component of the transaction price for Blackstone’s performance obligation to provide investment management services to the limited partners of funds and are recognized as changes to the transaction price in the period in which they are charged and the services are performed. Management fee offsets are reductions to management fees payable by the limited partners of the Blackstone Funds, which are based on the amount such limited partners reimburse the Blackstone Funds or Blackstone primarily for placement fees. Providing investment management services requires Blackstone to arrange for services on behalf of its customers. In those situations where Blackstone is acting as an agent on behalf of the limited partners of funds, it presents the cost of services as net against management fee revenue. In all other situations, Blackstone is primarily responsible for fulfilling the services and is therefore acting as a principal for those arrangements. As a result, the cost of those services is presented as Compensation or General, Administrative and Other expense, as appropriate, with any reimbursement from the limited partners of the funds recorded as Management and Advisory Fees, Net. In cases where the limited partners of the funds are determined to be the customer in an arrangement, placement fees may be capitalized as a cost to acquire a customer contract. Capitalized placement fees are amortized over the life of the customer contract, are recorded within Other Assets in the Condensed Consolidated Statements of Financial Condition and amortization is recorded within General, Administrative and Other within the Condensed Consolidated Statements of Operations. Accrued but unpaid Management and Advisory Fees, net of management fee reductions and management fee offsets, as of the reporting date are included in Accounts Receivable or Due from Affiliates in the Condensed Consolidated Statements of Financial Condition. Incentive Fees Investment Income (Loss) In carry fund structures, Blackstone, through its subsidiaries, invests alongside its limited partners in a partnership and is entitled to its pro-rata share of the results of the fund (a “pro-rata allocation”). In addition to a pro-rata allocation, and assuming certain investment returns are achieved, Blackstone is entitled to a disproportionate allocation of the income otherwise allocable to the limited partners, commonly referred to as carried interest (“Performance Allocations”). Performance Allocations are made to the general partner based on cumulative fund performance to date, subject to a preferred return to limited partners. At the end of each reporting period, Blackstone calculates the balance of accrued Performance Allocations (“Accrued Performance Allocations”) that would be due to Blackstone for each fund, pursuant to the fund agreements, as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. Accrued Performance Allocations as of the reporting date are reflected in Investments in the Condensed Consolidated Statements of Financial Condition. Performance Allocations are realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the preferred return or, in limited instances, after certain thresholds for return of capital are met. Performance Allocations are subject to clawback to the extent that the Performance Allocation received to date exceeds the amount due to Blackstone based on cumulative results. As such, the accrual for potential repayment of previously received Performance Allocations, which is a component of Due to Affiliates, represents all amounts previously distributed to Blackstone Holdings and non-controlling interest holders that would need to be repaid to the Blackstone carry funds if the Blackstone carry funds were to be liquidated based on the current fair value of the underlying funds’ investments as of the reporting date. The actual clawback liability, however, generally does not become realized until the end of a fund’s life except for certain funds, including certain Blackstone real estate funds, multi-asset class investment funds and credit-focused funds, which may have an interim clawback liability. Principal Investments include the unrealized and realized gains and losses on Blackstone’s principal investments, including its investments in Blackstone Funds that are not consolidated and receive pro-rata allocations, its equity method investments, and other principal investments. Income (Loss) on Principal Investments is realized when Blackstone redeems all or a portion of its investment or when Blackstone receives cash income, such as dividends or distributions. Unrealized Income (Loss) on Principal Investments results from changes in the fair value of the underlying investment as well as the reversal of unrealized gain (loss) at the time an investment is realized. Interest and Dividend Revenue Other Revenue Fair Value of Financial Instruments GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: ● Level I – Quoted prices are available in active markets for identical financial instruments as of the reporting date. The types of financial instruments in Level I include listed equities, listed derivatives and mutual funds with quoted prices. Blackstone does not adjust the quoted price for these investments, even in situations where Blackstone holds a large position and a sale could reasonably impact the quoted price. ● Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Financial instruments which are generally included in this category include corporate bonds and loans, including corporate bonds and loans held within CLO vehicles, government and agency securities, less liquid and restricted equity securities, and certain over-the-counter derivatives where the fair value is based on observable inputs. Senior and subordinated notes issued by CLO vehicles are classified within Level II of the fair value hierarchy. ● Level III – Pricing inputs are unobservable for the financial instruments and includes situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category generally include general and limited partnership interests in private equity and real estate funds, credit-focused funds, distressed debt and non-investment grade residual interests in securitizations, certain corporate bonds and loans held within CLO vehicles and certain over-the-counter derivatives where the fair value is based on unobservable inputs. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Blackstone’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. Level II Valuation Techniques Financial instruments classified within Level II of the fair value hierarchy comprise debt instruments, including certain corporate loans and bonds held by Blackstone’s consolidated CLO vehicles and debt securities sold, not yet purchased. Certain equity securities and derivative instruments valued using observable inputs are also classified as Level II. The valuation techniques used to value financial instruments classified within Level II of the fair value hierarchy are as follows: ● Debt Instruments and Equity Securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments and various relationships between investments. The valuation of certain equity securities is based on an observable price for an identical security adjusted for the effect of a restriction. ● Freestanding Derivatives are valued using contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads. ● Senior and subordinate notes issued by CLO vehicles are classified based on the more observable fair value of CLO assets less (a) the fair value of any beneficial interests held by Blackstone, and (b) the carrying value of any beneficial interests that represent compensation for services. Level III Valuation Techniques In the absence of observable market prices, Blackstone values its investments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist; management’s determination of fair value is then based on the best information available in the circumstances, and may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for non-performance and liquidity risks. Investments for which market prices are not observable include private investments in the equity of operating companies, real estate properties, certain funds of hedge funds and credit-focused investments. Real Estate Investments – Private Equity Investments – Credit-Focused Investments The market approach is generally used to determine the enterprise value of the issuer of a credit investment, and considers valuation multiples of comparable companies or transactions. The resulting enterprise value will dictate whether or not such credit investment has adequate enterprise value coverage. In cases of distressed credit instruments, the market approach may be used to estimate a recovery value in the event of a restructuring. Investments, at Fair Value The Blackstone Funds are accounted for as investment companies under the American Institute of Certified Public Accountants Accounting and Auditing Guide, Investment Companies Blackstone’s principal investments are presented at fair value with unrealized appreciation or depreciation and realized gains and losses recognized in the Condensed Consolidated Statements of Operations within Investment Income (Loss). For certain instruments, Blackstone has elected the fair value option. Such election is irrevocable and is applied on an investment by investment basis at initial recognition. Blackstone has applied the fair value option for certain loans and receivables, unfunded loan commitments and certain investments in private debt securities that otherwise would not have been carried at fair value with gains and losses recorded in net income. The methodology for measuring the fair value of such investments is consistent with the methodology applied to private equity, real estate, credit-focused and funds of hedge funds investments. Changes in the fair value of such instruments are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. Interest income on interest bearing loans and receivables and debt securities on which the fair value option has been elected is based on stated coupon rates adjusted for the accretion of purchase discounts and the amortization of purchase premiums. This interest income is recorded within Interest and Dividend Revenue. Blackstone has elected the fair value option for the assets of consolidated CLO vehicles. As permitted under GAAP, Blackstone measures the liabilities of consolidated CLO vehicles as (a) the sum of the fair value of the consolidated CLO assets and the carrying value of any non-financial assets held temporarily, less (b) the sum of the fair value of any beneficial interests retained by Blackstone (other than those that represent compensation for services) and Blackstone’s carrying value of any beneficial interests that represent compensation for services. As a result of this measurement alternative, there is no attribution of amounts to Non-Controlling Interests for consolidated CLO vehicles. Assets of the consolidated CLOs are presented within Investments within the Condensed Consolidated Statements of Financial Condition and Liabilities within Loans Payable for the amounts due to unaffiliated third parties and Due to Affiliates for the amounts held by non-consolidated affiliates. Changes in the fair value of consolidated CLO assets and liabilities and related interest, dividend and other income are presented within Net Gains from Fund Investment Activities. Expenses of consolidated CLO vehicles are presented in Fund Expenses. Blackstone has elected the fair value option for certain proprietary investments that would otherwise have been accounted for using the equity method of accounting. The fair value of such investments is based on quoted prices in an active market or using the discounted cash flow method. Changes in fair value are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. Further disclosure on instruments for which the fair value option has been elected is presented in Note 7. “Fair Value Option.” The investments of consolidated Blackstone Funds in funds of hedge funds (“Investee Funds”) are valued at net asset value (“NAV”) per share of the Investee Fund. In limited circumstances, Blackstone may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, Blackstone will estimate the fair value in good faith and in a manner that it reasonably chooses, in accordance with the requirements of GAAP. Certain investments of Blackstone and of the consolidated Blackstone funds of hedge funds and credit-focused funds measure their investments in underlying funds at fair value using NAV per share without adjustment. The terms of the investee’s investment generally provide for minimum holding periods or lock-ups, the institution of gates on redemptions or the suspension of redemptions or an ability to side-pocket investments, at the discretion of the investee’s fund manager, and as a result, investments may not be redeemable at, or within three months of, the reporting date. A side-pocket is used by hedge funds and funds of hedge funds to separate investments that may lack a readily ascertainable value, are illiquid or are subject to liquidity restriction. Redemptions are generally not permitted until the investments within a side-pocket are liquidated or it is deemed that the conditions existing at the time that required the investment to be included in the side-pocket no longer exist. As the timing of either of these events is uncertain, the timing at which Blackstone may redeem an investment held in a side-pocket cannot be estimated. Further disclosure on instruments for which fair value is measured using NAV per share is presented in Note 5. “Net Asset Value as Fair Value.” Security and loan transactions are recorded on a trade date basis. Equity Method Investments Investments in which Blackstone is deemed to exert significant influence, but not control, are accounted for using the equity method of accounting except in cases where the fair value option has been elected. Blackstone has significant influence over all Blackstone Funds in which it invests but does not consolidate. Therefore, its investments in such Blackstone Funds, which include both a proportionate and disproportionate allocation of the profits and losses (as is the case with carry funds that include a Performance Allocation), are accounted for under the equity method. Under the equity method of accounting, Blackstone’s share of earnings (losses) from equity method investments is included in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. In cases where Blackstone’s equity method investments provide for a disproportionate allocation of the profits and losses (as is the case with carry funds that include a Performance Allocation), Blackstone’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period, Blackstone calculates the Accrued Performance Allocations that would be due to Blackstone for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner, or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. The carrying amounts of equity method investments are reflected in Investments in the Condensed Consolidated Statements of Financial Condition. Results for Strategic Partners are reported on a three month lag from the fund financial statements, which generally report based on a three month lag from the underlying fund investments unless information is available on a more timely basis. Therefore, results presented herein do not include the impact of economic and market activity in the quarter in which such events occur. Economic and market activity for the periods presented is expected to affect reported results in upcoming periods. Compensation and Benefits Compensation and Benefits Compensation Compensation and Benefits — Incentive Fee Compensation — Compensation and Benefits — Performance Allocations Compensation — Non-Controlling Interests in Consolidated Entities Non-Controlling Interests in Consolidated Entities represent the component of Equity in consolidated Blackstone Funds held by third party investors and employees. The percentage interests held by third parties and employees is adjusted for general partner allocations and by subscriptions and redemptions in funds of hedge funds and certain credit-focused funds which occur during the reporting period. In addition, all non-controlling interests in consolidated Blackstone Funds are attributed a share of income (loss) arising from the respective funds and a share of other comprehensive income, if applicable. Income (Loss) is allocated to non-controlling interests in consolidated entities based on the relative ownership interests of third party investors and employees after considering any contractual arrangements that govern the allocation of income (loss) such as fees allocable to The Blackstone Group Inc. Redeemable Non-Controlling Interests in Consolidated Entities Non-controlling interests related to funds of hedge funds are subject to annual, semi-annual or quarterly redemption by investors in these funds following the expiration of a specified period of time, or may be withdrawn subject to a redemption fee during the period when capital may not be withdrawn. As limited partners in these types of funds have been granted redemption rights, amounts relating to third party interests in such consolidated funds are presented as Redeemable Non-Controlling Interests in Consolidated Entities within the Condensed Consolidated Statements of Financial Condition. When redeemable amounts become legally payable to investors, they are classified as a liability and included in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition. For all consolidated funds in which redemption rights have not been granted, non-controlling interests are presented within Equity in the Condensed Consolidated Statements of Financial Condition as Non-Controlling Interests in Consolidated Entities. Non-Controlling Interests in Blackstone Holdings Non-Controlling Interests in Blackstone Holdings represent the component of Equity in the consolidated Blackstone Holdings Partnerships held by Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. Certain costs and expenses are borne directly by the Holdings Partnerships. Income (Loss), excluding those costs directly borne by and attributable to the Holdings Partnerships, is attributable to Non-Controlling Interests in Blackstone Holdings. This residual attribution is based on the year to date average percentage of Blackstone Holdings Partnership Units and unvested participating Holdings Partnership Units held by Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. Unvested participating Holdings Partnership Units are excluded from the attribution in periods of loss as they are not contractually obligated to share in losses of the Holdings Partnerships. Net Income (Loss) Per Share of Common Stock Basic Income (Loss) Per Share of Common Stock is calculated by dividing Net Income (Loss) Attributable to The Blackstone Group Inc. by the weighted-average shares of common stock, unvested participating shares of common stock outstanding for the period and vested deferred restricted shares of common stock that have been earned for which issuance of the related shares of common stock is deferred until future periods. Diluted Income (Loss) Per Share of Common Stock reflects the impact of all dilutive securities. Unvested participating shares of common stock are excluded from the computation in periods of loss as they are not contractually obligated to s

Intangible Assets

Intangible Assets	3 Months Ended
Intangible Assets	Mar. 31, 2021
Intangible Assets	3. Intangible Assets Intangible Assets, Net consists of the following: March 31, December 31, 2021 2020 Finite-Lived Intangible Assets/Contractual Rights $ 1,745,376 $ 1,734,076 Accumulated Amortization (1,404,898) (1,386,121) Intangible Assets, Net $ 340,478 $ 347,955 Amortization expense associated with Blackstone’s intangible assets was $18.8 million and $17.7 million for the three months ended March 31, 2021 and 2020, respectively. In December 2020, Blackstone acquired DCI LLC (“DCI”), a San Francisco based systematic credit investment firm. Provisional amounts of Intangible Assets and Goodwill for the acquisition of DCI were reported for the year ended December 31, 2020. During the three months ended March 31, 2021, Blackstone obtained additional information needed to identify and measure the acquired assets. This additional information resulted in a $11.3 million increase in Intangible Assets, related primarily to a $11.1 million increase in the contractual rights to earn future fee income, and a corresponding decrease in Goodwill of $11.3 million. Amortization of Intangible Assets held at March 31, 2021 is expected to be $74.9 million, $67.1 million, $38.1 million, $30.5 million, and $30.5 million for each of the years ending December 31, 2021, 2022, 2023, 2024, and 2025, respectively. Blackstone’s Intangible Assets as of March 31, 2021 are expected to amortize over a weighted-average period of 7.4 years.

Investments

Investments	3 Months Ended
Investments	Mar. 31, 2021
Investments	4. Investments Investments consist of the following: March 31, December 31, 2021 2020 Investments of Consolidated Blackstone Funds $ 1,459,804 $ 1,455,008 Equity Method Investments Partnership Investments 4,676,341 4,353,234 Accrued Performance Allocations 9,367,251 6,891,262 Corporate Treasury Investments 1,726,285 2,579,716 Other Investments 713,628 337,922 $ 17,943,309 $ 15,617,142 Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $290.5 million and $198.3 million at March 31, 2021 and December 31, 2020, respectively. Where appropriate, the accounting for Blackstone’s investments incorporates the changes in fair value of those investments as determined under GAAP. The significant inputs and assumptions required to determine the change in fair value of the investments of Consolidated Blackstone Funds, Corporate Treasury Investments and Other Investments are discussed in more detail in Note 8. “Fair Value Measurements of Financial Instruments.” Investments of Consolidated Blackstone Funds The following table presents the Realized and Net Change in Unrealized Gains (Losses) on investments held by the consolidated Blackstone Funds and a reconciliation to Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities in the Condensed Consolidated Statements of Operations: Three Months Ended March 31, 2021 2020 Realized Gains (Losses) $ 28,994 $ (73,274) Net Change in Unrealized Gains (Losses) 84,467 (333,342) Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds 113,461 (406,616) Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 6,892 79,242 Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities $ 120,353 $ (327,374) Equity Method Investments Blackstone’s equity method investments include Partnership Investments, which represent the pro-rata investments, and any associated Accrued Performance Allocations in private equity funds, real estate funds, funds of hedge funds and credit-focused funds. Prior to January 26, 2021, Partnership Investments also included the 40% non-controlling interest in Pátria Investments Limited and Pátria Investimentos Ltda. (collectively, “Pátria”). On January 26, 2021, Pátria completed its initial public offering (“IPO”), pursuant to which Blackstone sold a portion of its interests and no longer has representatives or the right to designate representatives on Pátria’s board of directors. As a result of Pátria’s pre-IPO reorganization transactions (which included Blackstone’s sale of 10% of Pátria’s pre-IPO shares to Pátria’s controlling shareholder) and the consummation of the IPO, Blackstone is deemed to no longer have significant influence over Pátria due to Blackstone’s decreased ownership and lack of board representation. Following the IPO, Blackstone will account for its retained interest in Pátria at fair value in accordance with the GAAP guidance for investments in equity securities with a readily determinable fair value. Blackstone evaluates each of its equity method investments, excluding Accrued Performance Allocations, to determine if any were significant as defined by guidance from the United States Securities and Exchange Commission (“SEC”). As of and for the three months ended March 31, 2021 and 2020, no individual equity method investment held by Blackstone met the significance criteria. As such, Blackstone is not required to present separate financial statements for any of its equity method investments. Partnership Investments Blackstone recognized net gains (losses) related to its Partnership Investments accounted for under the equity method of $694.4 million and $(566.5) million for the three months ended March 31, 2021 and 2020, respectively. Accrued Performance Allocations Accrued Performance Allocations to Blackstone were as follows: Real Private Hedge Fund Credit & Estate Equity Solutions Insurance Total Accrued Performance Allocations, December 31, 2020 $ 3,033,462 $ 3,487,206 $ 42,293 $ 328,301 $ 6,891,262 Performance Allocations as a Result of Changes in Fund Fair Values 757,150 1,849,012 283,485 105,673 2,995,320 Foreign Exchange Loss (34,771 ) — — — (34,771 ) Fund Distributions (266,397 ) (180,887 ) (13,279 ) (23,997 ) (484,560 ) Accrued Performance Allocations, March 31, 2021 $ 3,489,444 $ 5,155,331 $ 312,499 $ 409,977 $ 9,367,251 Corporate Treasury Investments The portion of corporate treasury investments included in Investments represents Blackstone’s investments into primarily fixed income securities, mutual fund interests, and other fund interests. These strategies are managed by a combination of Blackstone personnel and third party advisors. The following table presents the Realized and Net Change in Unrealized Gains (Losses) on these investments: Three Months Ended March 31, 2021 2020 Realized Gains $ 6,934 $ 2,517 Net Change in Unrealized Gains (Losses) 9,929 (258,387) $ 16,863 $ (255,870) Other Investments Other Investments consist primarily of proprietary investment securities held by Blackstone, including subordinated notes in non-consolidated CLO vehicles and the retained interest in Pátria following Pátria’s IPO. Other Investments include equity investments without readily determinable fair values which have a carrying value of $107.1 million as of March 31, 2021. The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in Other Investments: Three Months Ended March 31, 2021 2020 Realized Gains $ 113 $ 6,985 Net Change in Unrealized Gains (Losses) 284,502 (99,937) $ 284,615 $ (92,952)

Net Asset Value as Fair Value

Net Asset Value as Fair Value	3 Months Ended
Net Asset Value as Fair Value	Mar. 31, 2021
Net Asset Value as Fair Value	5. Net Asset Value as Fair Value A summary of fair value by strategy type and ability to redeem such investments as of March 31, 2021 is presented below: Redemption Frequency Redemption Strategy (a) Fair Value (if currently eligible) Notice Period Diversified Instruments $ 4,502 (b) (b) Credit Driven 74,841 (c) (c) Equity 671 (d) (d) Commodities 912 (e) (e) $ 80,926 (a) As of March 31, 2021, Blackstone had no unfunded commitments. (b) Diversified Instruments include investments in funds that invest across multiple strategies. Investments representing 100% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. (c) The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. Investments representing 19% of the fair value of the investments in this category are in liquidation. The remaining 81% of investments in this category are redeemable as of the reporting date. (d) The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Investments representing 100% of the fair value of the investments in this category are in liquidation. As of the reporting date, the investee fund manager had elected to side-pocket 62% of Blackstone’s investments in the category. (e) The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. Investments representing 100% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
Derivative Financial Instruments	Mar. 31, 2021
Derivative Financial Instruments	6. Derivative Financial Instruments Blackstone and the consolidated Blackstone Funds enter into derivative contracts in the normal course of business to achieve certain risk management objectives and for general investment purposes. Blackstone may enter into derivative contracts in order to hedge its interest rate risk exposure against the effects of interest rate changes. Additionally, Blackstone may also enter into derivative contracts in order to hedge its foreign currency risk exposure against the effects of a portion of its non-U.S. dollar denominated currency net investments. As a result of the use of derivative contracts, Blackstone and the consolidated Blackstone Funds are exposed to the risk that counterparties will fail to fulfill their contractual obligations. To mitigate such counterparty risk, Blackstone and the consolidated Blackstone Funds enter into contracts with certain major financial institutions, all of which have investment grade ratings. Counterparty credit risk is evaluated in determining the fair value of derivative instruments. Freestanding Derivatives Freestanding derivatives are instruments that Blackstone and certain of the consolidated Blackstone Funds have entered into as part of their overall risk management and investment strategies. These derivative contracts are not designated as hedging instruments for accounting purposes. Such contracts may include interest rate swaps, foreign exchange contracts, equity swaps, options, futures and other derivative contracts. The table below summarizes the aggregate notional amount and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts. March 31, 2021 December 31, 2020 Assets Liabilities Assets Liabilities Fair Fair Fair Fair Notional Value Notional Value Notional Value Notional Value Freestanding Derivatives Blackstone Interest Rate Contracts $ 1,075,051 $ 66,877 $ 459,072 $ 138,740 $ 684,320 $ 113,072 $ 862,887 $ 190,342 Foreign Currency Contracts 47,795 681 246,219 1,246 316,787 7,392 334,015 3,941 Credit Default Swaps 2,706 315 10,186 1,345 2,706 331 9,158 1,350 Other — — — — 5,000 5,227 — — 1,125,552 67,873 715,477 141,331 1,008,813 126,022 1,206,060 195,633 Investments of Consolidated Blackstone Funds Foreign Currency Contracts 57,192 2,057 14,294 821 — — 66,431 2,651 Interest Rate Contracts — — 14,000 1,073 — — 14,000 1,485 Credit Default Swaps 3,507 407 23,707 1,115 8,282 542 41,290 1,558 Total Return Swaps — — — — — — 19,275 2,125 60,699 2,464 52,001 3,009 8,282 542 140,996 7,819 $ 1,186,251 $ 70,337 $ 767,478 $ 144,340 $ 1,017,095 $ 126,564 $ 1,347,056 $ 203,452 The table below summarizes the impact to the Condensed Consolidated Statements of Operations from derivative financial instruments: Three Months Ended March 31, 2021 2020 Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ 1,646 $ (5,301 ) Foreign Currency Contracts 1,536 (13,707 ) Credit Default Swaps (982 ) (99 ) Total Return Swaps (1,350 ) (749 ) Other (40 ) (38 ) 810 (19,894 ) Net Change in Unrealized Gains (Losses) Interest Rate Contracts 5,701 108,298 Foreign Currency Contracts (128 ) 11,845 Credit Default Swaps 842 (1,389 ) Total Return Swaps 2,130 (4,976 ) Other (20 ) 36 8,525 113,814 $ 9,335 $ 93,920 As of March 31, 2021 and December 31, 2020, Blackstone had not designated any derivatives as cash flow hedges.

Fair Value Option

Fair Value Option	3 Months Ended
Fair Value Option	Mar. 31, 2021
Fair Value Option	7. Fair Value Option The following table summarizes the financial instruments for which the fair value option has been elected: March 31, December 31, 2021 2020 Assets Loans and Receivables $ 604,611 $ 581,079 Equity and Preferred Securities 565,840 532,790 Debt Securities 316,303 448,352 $ 1,486,754 $ 1,562,221 Liabilities Corporate Treasury Commitments $ 453 $ 244 The following table presents the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected: Three Months Ended March 31, 2021 2020 Net Change Net Change Realized in Unrealized Realized in Unrealized Gains (Losses) Gains (Losses) Gains (Losses) Gains (Losses) Assets Loans and Receivables $ (4,831 ) $ (1,929 ) $ (3,521 ) $ (13,369 ) Equity and Preferred Securities — 30,871 — (84,241 ) Debt Securities 8,667 (6,158 ) (11,616 ) (70,117 ) Assets of Consolidated CLO Vehicles (a) Corporate Loan s — — (43,901 ) (764,909 ) Other — — — (325 ) $ 3,836 $ 22,784 $ (59,038) $ (932,961) Liabilities Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes $ — $ — $ — $ 694,504 Subordinated Notes — — — (43,458 ) Corporate Treasury Commitments — (200 ) — — $ — $ (200 ) $ — $ 651,046 (a) During the year ended December 31, 2020, Blackstone deconsolidated nine CLO vehicles. See Note 9. “Variable Interest Entities” for additional details. The following table presents information for those financial instruments for which the fair value option was elected: March 31, 2021 December 31, 2020 For Financial Assets For Financial Assets Past Due Past Due (Deficiency) Excess (Deficiency) Excess of Fair Value Fair of Fair Value of Fair Value Fair of Fair Value Over Principal Value Over Principal Over Principal Value Over Principal Loans and Receivables $ (9,382 ) $ — $ — $ (7,807 ) $ — $ — Debt Securities (33,237 ) — — (29,359 ) — — $ (42,619 ) $ — $ — $ (37,166 ) $ — $ — As of March 31, 2021 and December 31, 2020, no Loans and Receivables for which the fair value option was elected were past due or in non-accrual status.

Fair Value Measurements of Fina

Fair Value Measurements of Financial Instruments	3 Months Ended
Fair Value Measurements of Financial Instruments	Mar. 31, 2021
Fair Value Measurements of Financial Instruments	8. Fair Value Measurements of Financial Instruments The following tables summarize the valuation of Blackstone’s financial assets and liabilities by the fair value hierarchy: March 31, 2021 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents $ 887,332 $ 6,800 $ — $ — $ 894,132 Investments Investments of Consolidated Blackstone Funds Investment Funds — — — 14,877 14,877 Equity Securities, Partnerships and LLC Interests 47,637 129,035 827,489 — 1,004,161 Debt Instruments 1,015 379,548 57,739 — 438,302 Freestanding Derivatives — 2,464 — — 2,464 Total Investments of Consolidated Blackstone Funds 48,652 511,047 885,228 14,877 1,459,804 Corporate Treasury Investments 536,296 1,126,529 2,825 60,635 1,726,285 Other Investments 555,523 — 45,602 5,414 606,539 Total Investments 1,140,471 1,637,576 933,655 80,926 3,792,628 Accounts Receivable - Loans and Receivables — — 604,611 — 604,611 Other Assets - Freestanding Derivatives 2,252 65,621 — — 67,873 $ 2,030,055 $ 1,709,997 $ 1,538,266 $ 80,926 $ 5,359,244 Liabilities Securities Sold, Not Yet Purchased $ 9,224 $ 23,936 $ — $ — $ 33,160 Accounts Payable, Accrued Expenses and Other Liabilities Consolidated Blackstone Funds - Freestanding Derivatives — 3,009 — — 3,009 Freestanding Derivatives 148 141,183 — — 141,331 Corporate Treasury Commitments (a) — — 453 — 453 Total Accounts Payable, Accrued Expenses and Other Liabilities 148 144,192 453 — 144,793 $ 9,372 $ 168,128 $ 453 $ — $ 177,953 December 31, 2020 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents $ 597,130 $ 15,606 $ — $ — $ 612,736 Investments Investments of Consolidated Blackstone Funds Investment Funds — — — 15,711 15,711 Equity Securities, Partnerships and LLC Interests 39,694 48,471 792,958 — 881,123 Debt Instruments — 492,280 65,352 — 557,632 Freestanding Derivatives — 542 — — 542 Total Investments of Consolidated Blackstone Funds 39,694 541,293 858,310 15,711 1,455,008 Corporate Treasury Investments 996,516 1,517,809 7,899 57,492 2,579,716 Other Investments 187,089 — 61,053 4,762 252,904 Total Investments 1,223,299 2,059,102 927,262 77,965 4,287,628 Accounts Receivable - Loans and Receivables — — 581,079 — 581,079 Other Assets - Freestanding Derivatives 162 125,860 — — 126,022 $ 1,820,591 $ 2,200,568 $ 1,508,341 $ 77,965 $ 5,607,465 Liabilities Securities Sold, Not Yet Purchased $ 9,324 $ 41,709 $ — $ — $ 51,033 Accounts Payable, Accrued Expenses and Other Liabilities Consolidated Blackstone Funds - Freestanding Derivatives — 7,819 — — 7,819 Freestanding Derivatives 373 195,260 — — 195,633 Corporate Treasury Commitments (a) — — 244 — 244 Total Accounts Payable, Accrued Expenses and Other Liabilities 373 203,079 244 — 203,696 $ 9,697 $ 244,788 $ 244 $ — $ 254,729 LLC Limited Liability Company. (a) Corporate Treasury Commitments are measured using third party pricing. The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of March 31, 2021: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Impact to Financial Assets Investments of Consolidated Blackstone Funds Equity Securities, Partnership and LLC Interests $ 827,489 Discounted Cash Flows Discount 3.8% - 42.1% 10.8% Lower Exit Multiple 3.7x - 27.0x 13.0x Higher Exit 2.7% - 15.1% 5.3% Lower Transaction Price N/A Debt Instruments 57,739 Discounted Cash Flows Discount 6.7% - 19.3% 10.1% Lower Third Party Pricing N/A Total Investments of Consolidated Blackstone Funds 885,228 Corporate Treasury Investments 2,825 Discounted Cash Flows Discount 0.9% - 6.8% 4.7% Lower Loans and Receivables 604,611 Discounted Cash Flows Discount 6.5% - 10.3% 7.7% Lower Other Investment s 45,602 Third Party Pricing N/A Transaction Price N/A $ 1,538,266 The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of December 31, 2020: Fair Value Valuation Unobservable Inputs Ranges Weighted- Impact to Financial Assets Investments of Consolidated Blackstone Funds Equity Securities, Partnership and LLC Interests $ 792,958 Discounted Cash Flows Discount 3.8% - 42.1% 10.8% Lower Exit Multiple 1.7x - 24.0x 13.2x Higher Exit 2.7% - 14.9% 5.4% Lower Transaction Price N/A Other N/A Debt Instruments 65,352 Discounted Cash Flows Discount 6.3% - 19.3% 8.6% Lower Third Party Pricing N/A Total Investments of Consolidated Blackstone Funds 858,310 Corporate Treasury Investments 7,899 Discounted Cash Flows Discount 3.3% - 7.4% 6.4% Lower Third Party Pricing N/A Loans and Receivables 581,079 Discounted Cash Flows Discount 6.7% - 10.3% 7.8% Lower Other Investment s 61,053 Third Party Pricing N/A Transaction Price N/A Other N/A $ 1,508,341 N/A Not applicable. EBITDA Earnings before interest, taxes, depreciation and amortization. Exit Multiple Ranges include the last twelve months EBITDA and forward EBITDA multiples. Third Party Pricing Third Party Pricing is generally determined on the basis of unadjusted prices between market participants provided by reputable dealers or pricing services. Transaction Price Includes recent acquisitions or transactions. (a) Unobservable inputs were weighted based on the fair value of the investments included in the range. Since December 31, 2020, there have been no changes in valuation techniques within Level II and Level III that have had a material impact on the valuation of financial instruments. The following tables summarize the changes in financial assets and liabilities measured at fair value for which Blackstone has used Level III inputs to determine fair value and does not include gains or losses that were reported in Level III in prior years or for instruments that were transferred out of Level III prior to the end of the respective reporting period. These tables also exclude financial assets and liabilities measured at fair value on a non-recurring basis. Total realized and unrealized gains and losses recorded for Level III investments are reported in either Investment Income (Loss) or Net Gains from Fund Investment Activities in the Condensed Consolidated Statements of Operations. Level III Financial Assets at Fair Value Three Months Ended March 31, 2021 2020 Investments Investments of Loans Other of Loans Other Consolidated and Investments Consolidated and Investments Funds Receivables (a) Total Funds Receivables (a) Total Balance, Beginning of Period $ 858,310 $ 581,079 $ 46,158 $ 1,485,547 $ 1,050,272 $ 500,751 $ 29,289 $ 1,580,312 Transfer Into Level III (b) 880 — — 880 188,123 — 26,719 214,842 Transfer Out of Level III (b) (77,451 ) — — (77,451 ) (152,339 ) — (12,144 ) (164,483 ) Purchases 87,327 323,329 — 410,656 96,651 163,739 1,212 261,602 Sales (47,989 ) (292,724 ) (5,149 ) (345,862 ) (67,228 ) (431,192 ) (5,039 ) (503,459 ) Issuances — 6,746 — 6,746 — — — — Settlements — (17,400 ) — (17,400 ) — (2,013 ) — (2,013 ) Changes in Gains (Losses) Included in Earnings 64,151 3,581 151 67,883 (101,381 ) (13,170 ) 7,872 (106,679 ) Balance, End of Period $ 885,228 $ 604,611 $ 41,160 $ 1,530,999 $ 1,014,098 $ 218,115 $ 47,909 $ 1,280,122 Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ 56,729 $ (3,856 ) $ 61 $ 52,934 $ (87,972 ) $ (19,902 ) $ 7,900 $ (99,974 ) (a) Represents corporate treasury investments and Other Investments. (b) Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
Variable Interest Entities	Mar. 31, 2021
Variable Interest Entities	9. Variable Interest Entities Pursuant to GAAP consolidation guidance, Blackstone consolidates certain VIEs for which it is the primary beneficiary either directly or indirectly, through a consolidated entity or affiliate. VIEs include certain private equity, real estate, credit-focused or funds of hedge funds entities and CLO vehicles. The purpose of such VIEs is to provide strategy specific investment opportunities for investors in exchange for management and performance-based fees. The investment strategies of the Blackstone Funds differ by product; however, the fundamental risks of the Blackstone Funds are similar, including loss of invested capital and loss of management fees and performance-based fees. In Blackstone’s role as general partner, collateral manager or investment adviser, it generally considers itself the sponsor of the applicable Blackstone Fund. Blackstone does not provide performance guarantees and has no other financial obligation to provide funding to consolidated VIEs other than its own capital commitments. The assets of consolidated variable interest entities may only be used to settle obligations of these entities. In addition, there is no recourse to Blackstone for the consolidated VIEs’ liabilities. During the year ended December 31, 2020, Blackstone determined that it was no longer the primary beneficiary and deconsolidated nine CLO vehicles as a result of an ownership reorganization and the ongoing decline in Blackstone’s economic exposure to these vehicles. Following the ownership reorganization, there are no remaining consolidated CLO vehicles. As of the date of deconsolidation, Blackstone’s Total Assets, Total Liabilities and Non-Controlling Interests in Consolidated Entities were reduced by $6.8 billion, $6.6 billion and $216.3 million, respectively. Blackstone will continue to receive management fees and Performance Allocations from these vehicles following the dilution of its ownership interests. Blackstone holds variable interests in certain VIEs which are not consolidated as it is determined that Blackstone is not the primary beneficiary. Blackstone’s involvement with such entities is in the form of direct and indirect equity interests and fee arrangements. The maximum exposure to loss represents the loss of assets recognized by Blackstone relating to non-consolidated VIEs and any clawback obligation relating to previously distributed Performance Allocations. Blackstone’s maximum exposure to loss relating to non-consolidated VIEs were as follows: March 31, December 31, 2021 2020 Investments $ 1,730,904 $ 1,307,292 Due from Affiliates 286,541 262,815 Potential Clawback Obligation 44,810 38,679 Maximum Exposure to Loss $ 2,062,255 $ 1,608,786 Amounts Due to Non-Consolidated VIEs $ 211 $ 241

Repurchase Agreements

Repurchase Agreements	3 Months Ended
Repurchase Agreements	Mar. 31, 2021
Repurchase Agreements	10. Repurchase Agreements At March 31, 2021 and December 31, 2020, Blackstone pledged securities with a carrying value of $83.5 million and $110.8 million, respectively, and cash to collateralize its repurchase agreements. Such securities can be repledged, delivered or otherwise used by the counterparty. The following tables provide information regarding Blackstone’s Repurchase Agreements obligation by type of collateral pledged: March 31, 2021 Remaining Contractual Maturity of the Overnight Greater and Up to 30 - 90 than Continuous 30 Days Days 90 days Total Repurchase Agreements Asset-Backed Securities $ — $ 10,791 $ 45,641 $ 1,618 $ 58,050 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 58,050 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ — December 31, 2020 Remaining Contractual Maturity of the Agreements Overnight Greater and Up to 30 - 90 than Continuous 30 Days Days 90 days Total Repurchase Agreements Asset-Backed Securities $ — $ 15,345 $ 32,759 $ 28,704 $ 76,808 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 76,808 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ —

Offsetting of Assets And Liabil

Offsetting of Assets And Liabilities	3 Months Ended
Offsetting of Assets And Liabilities	Mar. 31, 2021
Offsetting of Assets and Liabilities	11. Offsetting of Assets and Liabilities The following tables present the offsetting of assets and liabilities as of March 31, 2021 and December 31, 2020: March 31, 2021 Gross and Net Amounts of Gross Amounts Not Offset Assets Presented in the Statement of in the Statement Financial Condition of Financial Financial Cash Collateral Condition Instruments (a) Received Net Amount Assets Freestanding Derivatives $ 68,841 $ 66,305 $ 53 $ 2,483 March 31, 2021 Gross and Net Amounts of Liabilities Gross Amounts Not Offset Presented in the in the Statement of Statement of Financial Condition Financial Financial Cash Collateral Condition Instruments (a) Pledged Net Amount Liabilities Freestanding Derivatives $ 144,340 $ 125,667 $ 14,118 $ 4,555 Repurchase Agreements 58,050 58,050 — — $ 202,390 $ 183,717 $ 14,118 $ 4,555 December 31, 2020 Gross and Net Amounts of Gross Amounts Not Offset Assets Presented in the Statement of in the Statement Financial Condition of Financial Financial Cash Collateral Condition Instruments (a) Received Net Amount Assets Freestanding Derivatives $ 126,564 $ 114,673 $ 53 $ 11,838 December 31, 2020 Gross and Net Amounts of Liabilities Gross Amounts Not Offset Presented in the in the Statement of Statement of Financial Condition Financial Financial Cash Collateral Condition Instruments (a) Pledged Net Amount Liabilities Freestanding Derivatives $ 202,188 $ 174,623 $ 19,194 $ 8,371 Repurchase Agreements 76,808 76,808 — — $ 278,996 $ 251,431 $ 19,194 $ 8,371 (a) Amounts presented are inclusive of both legally enforceable master netting agreements, and financial instruments received or pledged as collateral. Financial instruments received or pledged as collateral offset derivative counterparty risk exposure, but do not reduce net balance sheet exposure. Repurchase Agreements are presented separately on the Condensed Consolidated Statements of Financial Condition. Freestanding Derivative assets are included in Other Assets in the Condensed Consolidated Statements of Financial Condition. The following table presents the components of Other Assets: March 31, December 31, 2021 2020 Furniture, Equipment and Leasehold Improvements, Net $ 240,426 $ 231,807 Prepaid Expenses 110,803 105,248 Freestanding Derivatives 67,873 126,022 Other 15,373 17,945 $ 434,475 $ 481,022 Freestanding Derivative liabilities are included in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition and are not a significant component thereof. Notional Pooling Arrangement Blackstone has a notional cash pooling arrangement with a financial institution for cash management purposes. This arrangement allows for cash withdrawals based upon aggregate cash balances on deposit at the same financial institution. Cash withdrawals cannot exceed aggregate cash balances on deposit. The net balance of cash on deposit and overdrafts is used as a basis for calculating net interest expense or income. As of March 31, 2021, the aggregate cash balance on deposit relating to the cash pooling arrangement was $545.8 million, which was offset with an accompanying overdraft of $545.8 million.

Borrowings

Borrowings	3 Months Ended
Borrowings	Mar. 31, 2021
Borrowings	12. Borrowings The following table presents the general characteristics of each of Blackstone’s notes, as well as their carrying value and fair value. The notes are included in Loans Payable within the Condensed Consolidated Statements of Financial Condition. All of the notes were issued at a discount. All of the notes accrue interest from the issue date thereof and all pay interest in arrears on a semi-annual basis or annual basis. March 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Senior Notes Value Value (a) Value Value (a) 4.750 2/15/2023 $ 397,678 $ 430,280 $ 397,385 $ 434,400 2.000 5/19/2025 348,493 380,193 362,947 398,620 1.000 10/5/2026 696,454 732,445 724,646 770,707 3.150 10/2/2027 297,473 324,930 297,387 332,370 1.500 4/10/2029 699,020 760,597 728,054 805,744 2.500 1/10/2030 490,972 505,750 490,745 538,200 1.600 3/30/2031 495,209 459,600 495,100 497,950 6.250 8/15/2042 238,728 345,000 238,668 372,250 5.000 6/15/2044 489,261 612,300 489,201 684,800 4.450 7/15/2045 344,315 402,324 344,282 449,645 4.000 10/2/2047 290,581 324,510 290,533 364,590 3.500 9/10/2049 391,966 402,280 391,925 460,120 2.800 9/30/2050 393,715 359,680 393,681 406,280 $ 5,573,865 $ 6,039,889 $ 5,644,554 $ 6,515,676 (a) Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy. Scheduled principal payments for borrowings as of March 31, 2021 were as follows: Operating Blackstone Fund Total Borrowings Facilities Borrowings 2021 $ — $ 100 $ 100 2022 — — — 2023 400,000 — 400,000 2024 — — — 2025 351,900 — 351,900 Thereafter 4,907,600 — 4,907,600 $ 5,659,500 $ 100 $ 5,659,600

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2021
Income Taxes	13. Income Taxes Prior to the Conversion, Blackstone and certain of its subsidiaries operated in the U.S. as partnerships for income tax purposes (partnerships generally are not subject to federal income taxes) and generally as corporate entities in non-U.S. jurisdictions. Subsequent to the Conversion, all income attributable to Blackstone is subject to U.S. corporate income taxes. The Conversion resulted in a step-up in the tax basis of certain assets that will be recovered as those assets are sold or the basis is amortized. Although Blackstone was a cash taxpayer for the three months ended March 31, 2021, Blackstone’s million for the three months ended March 31, 2021 and 2020, respectively. For both the three months ended March 31, 2021 and March 31, 2020, the effective tax rate differs from the statutory rate primarily because: (a) a portion of the reported net income (loss) before taxes is attributable to non-controlling interest holders and (b) of the net change to the valuation allowance related

Earnings Per Share and Stockhol

Earnings Per Share and Stockholders' Equity	3 Months Ended
Earnings Per Share and Stockholders' Equity	Mar. 31, 2021
Earnings Per Share and Stockholders' Equity	14. Earnings Per Share and Stockholders’ Equity Earnings Per Share Basic and diluted net income per share of common stock for the three months ended March 31, 2021 and March 31, 2020 was calculated as follows: Three Months Ended 2021 2020 Net Income (Loss) for Per Share of Common Stock Calculations Net Income (Loss) Attributable to The Blackstone Group Inc., Basic and Diluted $ 1,747,872 $ (1,066,492 ) Share/Units Outstanding Weighted-Average Shares of Common Stock Outstanding, Basic 709,033,212 676,305,359 Weighted-Average Shares of Unvested Deferred Restricted Common Stock 879,132 — Weighted-Average Shares of Common Stock Outstanding, Diluted 709,912,344 676,305,359 Net Income (Loss) Per Share of Common Stock Basic $ 2.47 $ (1.58 ) Diluted $ 2.46 $ (1.58 ) Dividends Declared Per Share of Common Stock (a) $ 0.96 $ 0.61 (a) Dividends declared reflects the calendar date of the declaration for each dividend. In computing the dilutive effect that the exchange of Blackstone Holdings Partnership Units would have on Net Income Per Share of Common Stock, Blackstone considered that net income available to holders of shares of common stock would increase due to the elimination of non-controlling interests in Blackstone Holdings, inclusive of any tax impact. The hypothetical conversion may be dilutive to the extent there is activity at The Blackstone Group Inc. level that has not previously been attributed to the non-controlling interests or if there is a change in tax rate as a result of a hypothetical conversion. The following table summarizes the anti-dilutive securities for the three months ended March 31, 2021 and 2020: Three Months Ended 2021 2020 Weighted-Average Shares of Unvested Deferred Restricted Common Stock — 10,465,568 Weighted-Average Blackstone Holdings Partnership Units 493,170,234 511,220,151 Stockholders’ Equity In connection with the Conversion, effective July 1, 2019, each common unit of the Partnership outstanding immediately prior to the Conversion converted into one issued and outstanding one issued and outstanding one issued and outstanding In connection with the share reclassification, effective February 26, 2021, the Certificate of Incorporation of The Blackstone Group Inc. was amended and restated to: (a) rename the Class A common stock as “common stock,” which has the same rights and powers (including, without limitation, with respect to voting) that Blackstone’s Class A common stock formerly had, (b) reclassify the “Class B common stock” into a new “Series I preferred stock,” which has the same rights and powers that the Class B common stock formerly had, and (c) reclassify the Class C common stock into a new “Series II preferred stock,” which has the same rights and powers that the Class C common stock formerly had. In connection with such share reclassification, the Company authorized 10 0.00001 999,999,000 I 1,000 9 Under Blackstone’s certificate of incorporation and Delaware law, holders of Blackstone’s common stock are entitled to vote, together with holders of Blackstone’s Series I preferred stock, voting as a single class, on a number of significant matters, including certain sales, exchanges or other dispositions of all or substantially all of Blackstone’s assets, a merger, consolidation or other business combination, the removal of the Series II Preferred Stockholder and forced transfer by the Series II Preferred Stockholder of its shares of Series II preferred stock and the designation of a successor Series II Preferred Stockholder. The Series II Preferred Stockholder elects the Company’s directors. Holders of Blackstone’s Series I preferred stock and Series II preferred stock are not entitled to dividends from the Company, or receipt of any of the Company’s assets in the event of any dissolution, liquidation or winding up. Blackstone Partners L.L.C. is the sole holder of the Series I preferred stock and Blackstone Group Management L.L.C. is the sole holder of the Series II preferred stock. Share Repurchase Program On July 16, 2019, Blackstone’s board of directors authorized the repurchase of up to billion of common stock and Blackstone Holdings Partnership Units ( billion of common stock and Blackstone Holdings Partnership Units, which authorization replaced the 2019 Repurchase Authorization. Under the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual numbers repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or discontinued at any time and does not have a specified expiration date. During the three months ended March 31, 2021, no Shares Eligible for Dividends and Distributions As of March 31, 2021, the total shares of common stock and Blackstone Holdings Partnership Units entitled to participate in dividends and distributions were as follows: Shares/Units Common Stock Outstanding 690,569,563 Unvested Participating Common Stock 20,495,980 Total Participating Common Stock 711,065,543 Participating Blackstone Holdings Partnership Units 490,716,529 1,201,782,072

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
Equity-Based Compensation	Mar. 31, 2021
Equity-Based Compensation	15. Equity-Based Compensation Blackstone has granted equity-based compensation awards to Blackstone’s senior managing directors, non-partner professionals, non-professionals and selected external advisers under Blackstone’s Amended and Restated 2007 Equity Incentive Plan (the “Equity Plan”). The Equity Plan allows for the granting of options, share appreciation rights or other share-based awards (shares, restricted shares, restricted shares of common stock, deferred restricted shares of common stock, phantom restricted shares of common stock or other share-based awards based in whole or in part on the fair value of shares of common stock or Blackstone Holdings Partnership Units) which may contain certain service or performance requirements. As of January 1, 2021, Blackstone had the ability to grant 171,130,080 shares under the Equity Plan. For the three months ended March 31, 2021 and March 31, 2020, Blackstone recorded compensation expense of $163.9 million and $118.8 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $21.9 million and $13.7 million, respectively. As of March 31, 2021, there was $1.4 billion of estimated unrecognized compensation expense related to unvested awards. This cost is expected to be recognized over a weighted-average period of 3.5 years. Total vested and unvested outstanding shares, including common stock, Blackstone Holdings Partnership Units and deferred restricted shares of common stock, were 1,201,928,645 as of March 31, 2021. Total outstanding phantom shares were 72,738 as of March 31, 2021. A summary of the status of Blackstone’s unvested equity-based awards as of March 31, 2021 and of changes during the period January 1, 2021 through March 31, 2021 is presented below: Blackstone Holdings The Blackstone Group Inc. Equity Settled Awards Cash Settled Awards Weighted- Weighted- Weighted- Average Deferred Average Average Partnership Grant Date Restricted Shares Grant Date Phantom Grant Date Unvested Shares/Units Units Fair Value of Common Stock Fair Value Shares Fair Value Balance, December 31, 2020 23,771,136 $ 36.33 19,512,034 $ 42.60 65,284 $ 60.42 Granted — — 2,491,254 64.59 2,687 69.96 Vested (1,084,770 ) 36.74 (1,977,694 ) 45.37 (1,211 ) 69.96 Forfeited (523,549 ) 41.33 (214,904 ) 44.53 — — Balance, March 31, 2021 22,162,817 $ 36.47 19,810,690 $ 45.07 66,760 $ 69.96 Shares/Units Expected to Vest The following unvested shares and units, after expected forfeitures, as of March 31, 2021, are expected to vest: Weighted- Average Service Period Shares/Units in Years Blackstone Holdings Partnership Units 19,349,603 2.5 Deferred Restricted Shares of Common Stock 16,881,420 3.2 Total Equity-Based Awards 36,231,023 2.8 Phantom Shares 54,690 2.8

Related Party Transactions

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2021
Related Party Transactions	16. Related Party Transactions Affiliate Receivables and Payables Due from Affiliates and Due to Affiliates consisted of the following: March 31, December 31, 2021 2020 Due from Affiliates Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated Entities and Portfolio Companies $ 2,365,997 $ 2,637,055 Due from Certain Non-Controlling Interest Holders and Blackstone Employees 614,749 548,897 Accrual for Potential Clawback of Previously Distributed Performance Allocations 34,572 35,563 $ 3,015,318 $ 3,221,515 March 31, December 31, 2021 2020 Due to Affiliates Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements $ 880,752 $ 857,523 Due to Non-Consolidated Entities 135,043 107,410 Due to Certain Non-Controlling Interest Holders and Blackstone Employees 64,619 61,539 Accrual for Potential Repayment of Previously Received Performance Allocations 81,361 108,569 $ 1,161,775 $ 1,135,041 Interests of the Founder, Senior Managing Directors, Employees and Other Related Parties The Founder, senior managing directors, employees and certain other related parties invest on a discretionary basis in the consolidated Blackstone Funds both directly and through consolidated entities. These investments generally are subject to preferential management fee and performance allocation or incentive fee arrangements. As of March 31, 2021 and December 31, 2020, such investments aggregated $1.3 billion and $1.1 billion, respectively. Their share of the Net Income Attributable to Redeemable Non-Controlling and Non-Controlling Interests in Consolidated Entities aggregated $117.4 million and $(178.4) million for the three months ended March 31, 2021 and 2020, respectively. Loans to Affiliates Loans to affiliates consist of interest bearing advances to certain Blackstone individuals to finance their investments in certain Blackstone Funds. These loans earn interest at Blackstone’s cost of borrowing and such interest totaled $2.2 million and $3.0 million for the three months ended March 31, 2021 and 2020, respectively. Contingent Repayment Guarantee Blackstone and its personnel who have received Performance Allocation distributions have guaranteed payment on a several basis (subject to a cap) to the carry funds of any clawback obligation with respect to the excess Performance Allocation allocated to the general partners of such funds and indirectly received thereby to the extent that either Blackstone or its personnel fails to fulfill its clawback obligation, if any. The Accrual for Potential Repayment of Previously Received Performance Allocations represents amounts previously paid to Blackstone Holdings and non-controlling interest holders that would need to be repaid to the Blackstone Funds if the carry funds were to be liquidated based on the fair value of their underlying investments as of March 31, 2021. See Note 17. “Commitments and Contingencies — Contingencies — Contingent Obligations (Clawback).” Aircraft and Other Services In the normal course of business, Blackstone makes use of aircraft owned by Stephen A. Schwarzman; aircraft owned by Jonathan D. Gray; and aircraft owned jointly by Joseph P. Baratta and two other individuals (each such aircraft, “Personal Aircraft”). Each of Messrs. Schwarzman, Gray and Baratta paid for his respective ownership interest in his Personal Aircraft himself and bears his respective share of all operating, personnel and maintenance costs associated with the operation of such Personal Aircraft. The payments Blackstone makes for the use of the Personal Aircraft are based on current market rates. In addition, on occasion, certain of Blackstone’s executive officers and employee directors and their families may make personal use of aircraft in which Blackstone owns a fractional interest, as well as other assets of Blackstone. Any such personal use of Blackstone assets is charged to the executive officer or employee director based on market rates and usage. Personal use of Blackstone resources is also reimbursed to Blackstone based on market rates. The transactions described herein are not material to the Condensed Consolidated Financial Statements. Tax Receivable Agreements Blackstone used a portion of the proceeds from the IPO and other sales of shares to purchase interests in the predecessor businesses from the predecessor owners. In addition, holders of Blackstone Holdings Partnership Units may exchange their Blackstone Holdings Partnership Units for shares of Blackstone common stock on a one-for-one basis. The purchase and subsequent exchanges are expected to result in increases in the tax basis of the tangible and intangible assets of Blackstone Holdings and therefore reduce the amount of tax that Blackstone would otherwise be required to pay in the future. Blackstone has entered into tax receivable agreements with each of the predecessor owners and additional tax receivable agreements have been executed, and will continue to be executed, with newly-admitted senior managing directors and others who acquire Blackstone Holdings Partnership Units. The agreements provide for the payment by the corporate taxpayer to such owners of 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax that the corporate taxpayers actually realize as a result of the aforementioned increases in tax basis and of certain other tax benefits related to entering into these tax receivable agreements. For purposes of the tax receivable agreements, cash savings in income tax will be computed by comparing the actual income tax liability of the corporate taxpayers to the amount of such taxes that the corporate taxpayers would have been required to pay had there been no increase to the tax basis of the tangible and intangible assets of Blackstone Holdings as a result of the exchanges and had the corporate taxpayers not entered into the tax receivable agreements. Assuming no future material changes in the relevant tax law and that the corporate taxpayers earn sufficient taxable income to realize the full tax benefit of the increased amortization of the assets, the expected future payments under the tax receivable agreements (which are taxable to the recipients) will aggregate $880.7 million over the next 15 years. The after-tax net present value of these estimated payments totals $237.3 million assuming a 15% discount rate and using Blackstone’s most recent projections relating to the estimated timing of the benefit to be received. Future payments under the tax receivable agreements in respect of subsequent exchanges would be in addition to these amounts. The payments under the tax receivable agreements are not conditioned upon continued ownership of Blackstone equity interests by the pre-IPO owners and the others mentioned above. Amounts related to the deferred tax asset resulting from the increase in tax basis from the exchange of Blackstone Holdings Partnership Units to shares of Blackstone common stock, the resulting remeasurement of net deferred tax assets at the Blackstone ownership percentage at the balance sheet date, the due to affiliates for the future payments resulting from the tax receivable agreements and resulting adjustment to partners’ capital are included as Acquisition of Ownership Interests from Non-Controlling Interest Holders in the Supplemental Disclosure of Non-Cash Investing and Financing Activities in the Condensed Consolidated Statements of Cash Flows. Other Blackstone does business with and on behalf of some of its Portfolio Companies; all such arrangements are on a negotiated basis. Additionally, please see Note 17. “Commitments and Contingencies — Contingencies — Guarantees” for information regarding guarantees provided to a lending institution for certain loans held by employees.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2021
Commitments and Contingencies	17. Commitments and Contingencies Commitments Investment Commitments Blackstone had $4.1 billion of investment commitments as of March 31, 2021 representing general partner capital funding commitments to the Blackstone Funds, limited partner capital funding to other funds and Blackstone principal investment commitments, including loan commitments. The consolidated Blackstone Funds had signed investment commitments of $102.9 million as of March 31, 2021, which includes $66.9 million of signed investment commitments for portfolio company acquisitions in the process of closing. Contingencies Guarantees Certain of Blackstone’s consolidated real estate funds guarantee payments to third parties in connection with the ongoing business activities and/or acquisitions of their Portfolio Companies. There is no direct recourse to Blackstone to fulfill such obligations. To the extent that underlying funds are required to fulfill guarantee obligations, Blackstone’s invested capital in such funds is at risk. Total investments at risk in respect of guarantees extended by consolidated real estate funds was $22.5 million as of March 31, 2021. The Blackstone Holdings Partnerships provided guarantees to a lending institution for certain loans held by employees either for investment in Blackstone Funds or for members’ capital contributions to The Blackstone Group International Partners LLP. The amount guaranteed as of March 31, 2021 was $222.0 million. During the period ended December 31, 2020, Blackstone provided a short-term guarantee supporting the purchase of loans from warehousing provided by third party banks related to the launch of a non-consolidated credit fund. As of March 31, 2021, this warehousing vehicle purchased $128.2 million of loans with a fair value of $128.8 million, a $0.6 million gain. As of January 7, 2021, the product’s fundraising threshold under the warehouse had been met releasing Blackstone as primary obligor under the ongoing purchase guarantee. Blackstone will continue to be secondarily liable under the purchase guarantee through June 30, 2021. Litigation Blackstone may from time to time be involved in litigation and claims incidental to the conduct of its business. Blackstone’s businesses are also subject to extensive regulation, which may result in regulatory proceedings against Blackstone. Blackstone accrues a liability for legal proceedings only when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. Although there can be no assurance of the outcome of such legal actions, based on information known by management, Blackstone does not have a potential liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, financial position or cash flows. In December 2017, a purported derivative suit (Mayberry v. KKR & Co., L.P., et al.) was filed in the Commonwealth of Kentucky Franklin County Circuit Court on behalf of the Kentucky Retirement System (“KRS”) by eight of its members and beneficiaries alleging various breaches of fiduciary duty and other violations of Kentucky state law in connection with KRS’s investment in three hedge funds of funds, including a fund managed by Blackstone Alternative Asset Management L.P. (“BAAM L.P.”). The suit named more than 30 defendants, including The Blackstone Group L.P.; BAAM L.P.; Stephen A. Schwarzman, as Chairman and CEO of Blackstone; and J. Tomilson Hill, as then-Vice Chairman of Blackstone and CEO of BAAM L.P. (collectively, the “Blackstone Defendants”). Aside from the Blackstone Defendants, the action also named current and former KRS trustees and former KRS officers and various other service providers to KRS and their related persons. The plaintiffs filed an amended complaint in January 2018. In November 2018, the Circuit Court granted one defendant’s motion to dismiss and denied all other defendants’ motions to dismiss, including those of the Blackstone Defendants. In January 2019, certain of the KRS trustee and officer defendants noticed appeals from the denial of the motions to dismiss to the Kentucky Court of Appeals, and also filed a motion to stay the Mayberry proceedings in Circuit Court pending the outcome of those appeals. In addition, several defendants, including the Blackstone Defendants, filed petitions in the Kentucky Court of Appeals for a writ of prohibition against the ongoing Mayberry proceedings on the ground that the plaintiffs lack standing. In April 2019, the KRS trustee and officer defendants’ appeals were transferred to the Kentucky Supreme Court. On April 23, 2019, the Kentucky Court of Appeals granted the Blackstone Defendants’ petition for a writ of prohibition and vacated the Circuit Court’s November 30, 2018 Opinion and Order denying the motion to dismiss for lack of standing. On April 24, 2019, the Mayberry Plaintiffs filed a notice of appeal of that order to the Kentucky Supreme Court. On July 9, 2020, the Kentucky Supreme Court unanimously held that the plaintiffs lack constitutional standing to bring their claims and remanded the case to the Circuit Court with direction to dismiss the complaint. On July 20, 2020, the Kentucky Attorney General filed a motion to intervene and a proposed intervening complaint in the Mayberry action on behalf of the Commonwealth of Kentucky. The Blackstone Defendants filed an objection to that motion on July 30, 2020. On July 21, 2020, the Kentucky Attorney General also filed a separate action in Franklin County Circuit Court that is nearly identical to its proposed intervening complaint. In addition, on July 29, 2020, counsel for certain of the Mayberry Plaintiffs filed a motion for leave to amend their complaint, purporting to remedy the standing defects identified by the Kentucky Supreme Court. On December 28, 2020, the Circuit Court dismissed the Mayberry Plaintiffs’ complaint for lack of standing, denied the Mayberry Plaintiffs’ motion for leave to amend, and granted the Kentucky Attorney General’s motion to intervene over the defendants’ objections. On January 11, 2021, the Circuit Court ordered the Kentucky Attorney General to file an amended complaint in the purported derivative suit by February 1, 2021. On January 29, 2021, the Kentucky Attorney General moved for an extension of time to file its amended complaint, citing an ongoing investigation of the claims by KRS. On February 18, 2021, the Circuit Court granted the Kentucky Attorney General’s request and ordered the Kentucky Attorney General to file such amended complaint by April 12, 2021. On April 8, 2021 and April 22, 2021, the Circuit Court granted extensions of the Kentucky Attorney General’s deadline to file an amended complaint, again citing the ongoing investigation by KRS. The Kentucky Attorney General’s deadline to file an amended complaint is currently May 27, 2021. On December 31, 2020, three potentially new derivative plaintiffs brought a motion in the Circuit Court for leave to file a third amended complaint. The new derivative plaintiffs allege they have standing and seek to press the Mayberry Plaintiffs’ case. On January 11, 2021, the Circuit Court concluded that the motion to amend was not ripe and ordered the three potentially new derivative plaintiffs to file a motion to intervene by no later than February 11, 2021. On February 1, 2021, the three potentially new derivative plaintiffs filed a motion to intervene in the purported derivative suit. On March 2, 2021, the Blackstone Defendants, certain other defendants, the Kentucky Attorney General, and KRS filed responses opposing the motion to intervene. The potentially new derivative plaintiffs filed their reply in support of the motion to intervene on March 8, 2021, and oral argument on the motion is currently scheduled for June 1, 2021. On January 6, 2021, the three potentially new derivative plaintiffs also filed a separate derivative action that is substantially the same as the amended complaint they seek to file in the original derivative action. On February 12, 2021, the Circuit Court stayed the defendants’ response deadline pending resolution of the three potentially new derivative plaintiffs’ motion to intervene in the purported derivative action. On April 28, 2021, the Kentucky Attorney General filed a declaratory judgment action in Franklin County Circuit Court on behalf of the Commonwealth of Kentucky. The Kentucky Attorney General’s complaint alleges that certain provisions in the subscription agreements between KRS and the managers of the three funds at issue in the Mayberry action violate the Kentucky Constitution. The Kentucky Attorney General’s suit names as defendants BAAM L.P., Blackstone, and five other defendants also named in the Mayberry action. Blackstone continues to believe that these suits are totally without merit and intends to defend them vigorously. Contingent Obligations (Clawback) Performance Allocations are subject to clawback to the extent that the Performance Allocations received to date with respect to a fund exceeds the amount due to Blackstone based on cumulative results of that fund. The actual clawback liability, however, generally does not become realized until the end of a fund’s life except for certain Blackstone real estate funds, multi-asset class investment funds and credit-focused funds, which may have an interim clawback liability. The lives of the carry funds, including available contemplated extensions, for which a liability for potential clawback obligations has been recorded for financial reporting purposes, are currently anticipated to expire at various points through 2028. Further extensions of such terms may be implemented under given circumstances. For financial reporting purposes, when applicable, the general partners record a liability for potential clawback obligations to the limited partners of some of the carry funds due to changes in the unrealized value of a fund’s remaining investments and where the fund’s general partner has previously received Performance Allocation distributions with respect to such fund’s realized investments. The following table presents the clawback obligations by segment: March 31, 2021 December 31, 2020 Current and Current and Blackstone Former Blackstone Former Segment Holdings Personnel (a) Total Holdings Personnel (a) Total Real Estate $ 27,433 $ 16,568 $ 44,001 $ 28,283 $ 17,102 $ 45,385 Private Equity 5,548 2,002 7,550 41,722 (8,623 ) 33,099 Credit & Insurance 13,808 16,002 29,810 13,935 16,150 30,085 $ 46,789 $ 34,572 $ 81,361 $ 83,940 $ 24,629 $ 108,569 (a) 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. For Private Equity, Real Estate, and certain Credit & Insurance Funds, a portion of the Performance Allocations paid to current and former Blackstone personnel is held in segregated accounts in the event of a cash clawback obligation. These segregated accounts are not included in the Condensed Consolidated Financial Statements of Blackstone, except to the extent a portion of the assets held in the segregated accounts may be allocated to a consolidated Blackstone fund of hedge funds. At March 31, 2021, $829.6 million was held in segregated accounts for the purpose of meeting any clawback obligations of current and former personnel if such payments are required. In the Credit & Insurance segment, payment of Performance Allocations to Blackstone by the majority of the stressed/distressed, mezzanine and credit alpha strategies funds are substantially deferred under the terms of the partnership agreements. This deferral mitigates the need to hold funds in segregated accounts in the event of a cash clawback obligation. If, at March 31, 2021, all of the investments held by Blackstone’s carry funds were deemed worthless, a possibility that management views as remote, the amount of Performance Allocations subject to potential clawback would be $4.3 billion, on an after-tax

Segment Reporting

Segment Reporting	3 Months Ended
Segment Reporting	Mar. 31, 2021
Segment Reporting	18. Segment Reporting Blackstone transacts its primary business in the United States and substantially all of its revenues are generated domestically. Blackstone conducts its alternative asset management businesses through four segments: • Real Estate – Blackstone’s Real Estate segment primarily comprises its management of global, Europe and Asia-focused opportunistic real estate funds, high-yield and high-grade real estate debt funds, liquid real estate debt funds, Core+ real estate funds, which also include a non-listed REIT, and a NYSE-listed REIT. • Private Equity – Blackstone’s Private Equity segment includes its management of flagship corporate private equity funds, sector and geographically-focused corporate private equity funds, including energy and Asia-focused funds, core private equity funds, an opportunistic investment platform, a secondary fund of funds business, infrastructure-focused funds, a life sciences private investment platform, a growth equity investment platform, a multi-asset investment program for eligible high net worth investors and a capital markets services business. • Hedge Fund Solutions – The largest component of Blackstone’s Hedge Fund Solutions segment is Blackstone Alternative Asset Management, which manages a broad range of commingled and customized hedge fund of fund solutions. The segment also includes investment platforms that seed new hedge fund businesses, purchase minority interests in more established general partners and management companies of funds, invest in special situation opportunities, create alternative solutions in the form of daily liquidity products and invest directly. • Credit & Insurance – Blackstone’s Credit & Insurance segment consists principally of Blackstone Credit, formerly known as GSO Capital Partners LP, which is organized into two overarching strategies: private credit (which includes mezzanine lending funds, middle market direct lending funds, including Blackstone’s business development company, secured lending fund, structured products group, stressed/distressed strategies and energy strategies) and liquid credit (which consists of CLOs, closed-ended funds, open-ended funds and separately managed accounts). In addition, the segment includes a publicly traded master limited partnership investment platform, Harvest, and Blackstone’s insurer-focused platform, Blackstone Insurance Solutions. These business segments are differentiated by their various investment strategies. The Real Estate, Private Equity, Hedge Fund Solutions and Credit & Insurance segments primarily earn their income from management fees and investment returns on assets under management. Segment Distributable Earnings is Blackstone’s segment profitability measure used to make operating decisions and assess performance across Blackstone’s four segments. Segment Distributable Earnings represents the net realized earnings of Blackstone’s segments and is the sum of Fee Related Earnings and Net Realizations for each segment. Blackstone’s segments are presented on a basis that deconsolidates Blackstone Funds, eliminates non-controlling ownership interests in Blackstone’s consolidated operating partnerships, removes the amortization of intangible assets and removes Transaction-Related Charges. 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. For segment reporting purposes, Segment Distributable Earnings is presented along with its major components, Fee Related Earnings and Net Realizations. Fee Related Earnings is used to assess Blackstone’s ability to generate profits from revenues that are measured and received on a recurring basis and not subject to future realization events. Net Realizations is the sum of Realized Principal Investment Income and Realized Performance Revenues less Realized Performance Compensation. Performance Allocations and Incentive Fees are presented together and referred to collectively as Performance Revenues or Performance Compensation. Segment Presentation The following tables present the financial data for Blackstone’s four segments as of March 31, 2021 and for the three months ended March 31, 2021 and 2020. March 31, 2021 and the Three Months Then Ended Real Private Hedge Fund Credit & Total Estate Equity Solutions Insurance Segments Management and Advisory Fees, Net Base Management Fees $ 427,186 $ 377,660 $ 150,533 $ 161,911 $ 1,117,290 Transaction, Advisory and Other Fees, Net 26,019 42,707 4,346 5,568 78,640 Management Fee Offsets (1,623 ) (13,919 ) (58 ) (2,125 ) (17,725 ) Total Management and Advisory Fees, Net 451,582 406,448 154,821 165,354 1,178,205 Fee Related Performance Revenues 155,392 — — 13,776 169,168 Fee Related Compensation (188,492 ) (140,597 ) (38,850 ) (77,171 ) (445,110 ) Other Operating Expenses (44,362 ) (51,055 ) (19,172 ) (46,835 ) (161,424 ) Fee Related Earnings 374,120 214,796 96,799 55,124 740,839 Realized Performance Revenues 88,638 255,845 31,573 25,267 401,323 Realized Performance Compensation (22,762 ) (111,209 ) (6,908 ) (10,045 ) (150,924 ) Realized Principal Investment Income 100,820 115,403 35,550 46,383 298,156 Total Net Realizations 166,696 260,039 60,215 61,605 548,555 Total Segment Distributable Earnings $ 540,816 $ 474,835 $ 157,014 $ 116,729 $ 1,289,394 Segment Assets $ 9,382,360 $ 12,585,484 $ 2,524,669 $ 3,837,509 $ 28,330,022 Three Months Ended March 31, 2020 Real Private Hedge Fund Credit & Total Estate Equity Solutions Insurance Segments Management and Advisory Fees, Net Base Management Fees $ 371,438 $ 253,974 $ 139,656 $ 145,328 $ 910,396 Transaction, Advisory and Other Fees, Net 23,024 21,413 758 5,470 50,665 Management Fee Offsets (8,341 ) (9,215 ) (42 ) (2,896 ) (20,494 ) Total Management and Advisory Fees, Net 386,121 266,172 140,372 147,902 940,567 Fee Related Performance Revenues 4,551 — — 7,915 12,466 Fee Related Compensation (120,296 ) (110,368 ) (46,191 ) (69,409 ) (346,264 ) Other Operating Expenses (40,476 ) (41,001 ) (18,667 ) (38,741 ) (138,885 ) Fee Related Earnings 229,900 114,803 75,514 47,667 467,884 Realized Performance Revenues 43,720 112,076 1,767 9,670 167,233 Realized Performance Compensation (13,392 ) (54,643 ) (945 ) (2,322 ) (71,302 ) Realized Principal Investment Income 7,300 10,347 (609 ) 3,252 20,290 Total Net Realizations 37,628 67,780 213 10,600 116,221 Total Segment Distributable Earnings $ 267,528 $ 182,583 $ 75,727 $ 58,267 $ 584,105 Reconciliations of Total Segment Amounts The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the three months ended March 31, 2021 and 2020 along with Total Assets as of March 31, 2021: Three Months Ended March 31, 2021 2020 Revenues Total GAAP Revenues $ 5,298,872 $ (3,075,964 ) Less: Unrealized Performance Revenues (a) (2,464,497 ) 3,453,446 Less: Unrealized Principal Investment (Income) Loss (b) (423,934 ) 616,610 Less: Interest and Dividend Revenue (c) (31,412 ) (37,599 ) Less: Other Revenue (d) (60,273 ) (138,151 ) Impact of Consolidation (e) (269,316 ) 321,118 Amortization of Intangibles (f) — 387 Transaction-Related Charges (g) (3,623 ) (830 ) Intersegment Eliminations 1,035 1,539 Total Segment Revenue (h) $ 2,046,852 $ 1,140,556 Three Months Ended 2021 2020 Expenses Total GAAP Expenses $ 2,051,447 $ (638,075 ) Less: Unrealized Performance Allocations Compensation (i) (1,049,969 ) 1,397,378 Less: Equity-Based Compensation (j) (144,272 ) (87,472 ) Less: Interest Expense (k) (44,340 ) (41,540 ) Impact of Consolidation (e) (5,100 ) (11,459 ) Amortization of Intangibles (f) (17,124 ) (16,096 ) Transaction-Related Charges (g) (31,511 ) (47,824 ) Administrative Fee Adjustment (l) (2,708 ) — Intersegment Eliminations 1,035 1,539 Total Segment Expenses (m) $ 757,458 $ 556,451 Three Months Ended 2021 2020 Other Income Total GAAP Other Income $ 123,263 $ (327,969 ) Impact of Consolidation (e) (123,263 ) 327,969 Total Segment Other Income $ — $ — Three Months Ended 2021 2020 Income (Loss) Before Benefit for Taxes Total GAAP Income (Loss) Before Benefit for Taxes $ 3,370,688 $ (2,765,858 ) Less: Unrealized Performance Revenues (a) (2,464,497 ) 3,453,446 Less: Unrealized Principal Investment (Income) Loss (b) (423,934 ) 616,610 Less: Interest and Dividend Revenue (c) (31,412 ) (37,599 ) Less: Other Revenue (d) (60,273 ) (138,151 ) Plus: Unrealized Performance Allocations Compensation (i) 1,049,969 (1,397,378 ) Plus: Equity-Based Compensation (j) 144,272 87,472 Plus: Interest Expense (k) 44,340 41,540 Impact of Consolidation (e) (387,479 ) 660,546 Amortization of Intangibles (f) 17,124 16,483 Transaction-Related Charges (g) 27,888 46,994 Administrative Fee Adjustment (l) 2,708 — Total Segment Distributable Earnings $ 1,289,394 $ 584,105 As of Total Assets Total GAAP Assets $ 29,709,986 Impact of Consolidation (e) (1,379,964 ) Total Segment Assets $ 28,330,022 Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles and Transaction-Related Charges. (a) This adjustment removes Unrealized Performance Revenues on a segment basis. (b) This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis. (c) This adjustment removes Interest and Dividend Revenue on a segment basis. (d) This adjustment removes Other Revenue on a segment basis. For the three months ended March 31, 2021 and 2020, Other Revenue on a GAAP basis was $60.3 million and $138.2 million, and included $59.5 million and $136.9 million of foreign exchange gains (losses), respectively. (e) 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, the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests. (f) 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. (g) 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. (h) Total Segment Revenues is comprised of the following: Three Months Ended March 31, 2021 2020 Total Segment Management and Advisory Fees, Net $ 1,178,205 $ 940,567 Total Segment Fee Related Performance Revenues 169,168 12,466 Total Segment Realized Performance Revenues 401,323 167,233 Total Segment Realized Principal Investment Income 298,156 20,290 Total Segment Revenues $ 2,046,852 $ 1,140,556 (i) This adjustment removes Unrealized Performance Allocations Compensation. (j) This adjustment removes Equity-Based Compensation on a segment basis. (k) This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement. (l) 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. (m) Total Segment Expenses is comprised of the following: Three Months Ended March 31, 2021 2020 Total Segment Fee Related Compensation $ 445,110 $ 346,264 Total Segment Realized Performance Compensation 150,924 71,302 Total Segment Other Operating Expenses 161,424 138,885 Total Segment Expenses $ 757,458 $ 556,451 Reconciliations of Total Segment Components The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported on the Condensed Consolidated Statement of Operations for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Management and Advisory Fees, Net GAAP $ 1,177,815 $ 934,832 Segment Adjustment (a) 390 5,735 Total Segment $ 1,178,205 $ 940,567 Three Months Ended March 31, 2021 2020 GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues GAAP Incentive Fees $ 36,124 $ 12,161 Investment Income - Realized Performance Allocations 534,367 167,530 GAAP 570,491 179,691 Total Segment Less: Realized Performance Revenues (401,323 ) (167,233 ) Segment Adjustment (b) — 8 Total Segment $ 169,168 $ 12,466 Three Months Ended March 31, 2021 2020 GAAP Compensation to Total Segment Fee Related Compensation GAAP Compensation $ 542,638 $ 476,543 Incentive Fee Compensation 13,325 6,522 Realized Performance Allocations Compensation 213,027 72,423 GAAP 768,990 555,488 Total Segment Less: Realized Performance Compensation (150,924 ) (71,302 ) Less: Equity-Based Compensation - Operating Compensation (141,674 ) (85,334 ) Less: Equity-Based Compensation - Performance Compensation (2,598 ) (2,138 ) Segment Adjustment (c) (28,684 ) (50,450 ) Total Segment $ 445,110 $ 346,264 Three Months Ended March 31, 2021 2020 GAAP General, Administrative and Other to Total Segment Other Operating Expenses GAAP $ 185,122 $ 157,566 Segment Adjustment (d) (23,698 ) (18,681 ) Total Segment $ 161,424 $ 138,885 Three Months Ended March 31, 2021 2020 Realized Performance Revenues GAAP Incentive Fees $ 36,124 $ 12,161 Investment Income - Realized Performance Allocations 534,367 167,530 GAAP 570,491 179,691 Total Segment Less: Fee Related Performance Revenues (169,168 ) (12,466 ) Segment Adjustment (b) — 8 Total Segment $ 401,323 $ 167,233 Three Months Ended March 31, 2021 2020 Realized Performance Compensation GAAP Incentive Fee Compensation $ 13,325 $ 6,522 Realized Performance Allocation Compensation 213,027 72,423 GAAP 226,352 78,945 Total Segment Less: Fee Related Performance Compensation (72,830 ) (5,505 ) Less: Equity-Based Compensation - Performance Compensation (2,598 ) (2,138 ) Total Segment $ 150,924 $ 71,302 Three Months Ended March 31, 2021 2020 Realized Principal Investment Income GAAP $ 355,038 $ 48,695 Segment Adjustment (e) (56,882 ) (28,405 ) Total Segment $ 298,156 $ 20,290 Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles, the expense of equity-based awards and Transaction-Related Charges. (a) Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures. (b) Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation. (c) Represents the removal of Transaction-Related Charges that are not recorded in the Total Segment measures. (d) Represents the removal of (1) the amortization of transaction-related intangibles, and (2) 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. The three months ended March 31, 2021 includes 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. (e) 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.

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2021
Subsequent Events	19. Subsequent Events There have been no events since March 31, 2021 that require recognition or disclosure in the Condensed Consolidated Financial Statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2021
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Blackstone have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in Blackstone’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission. The condensed consolidated financial statements include the accounts of Blackstone, its wholly owned or majority owned subsidiaries, the consolidated entities which are considered to be variable interest entities and for which Blackstone is considered the primary beneficiary, and certain partnerships or similar entities which are not considered variable interest entities but in which the general partner is determined to have control. All intercompany balances and transactions have been eliminated in consolidation. Restructurings within consolidated collateralized loan obligations (“CLOs”) are treated as investment purchases or sales, as applicable, in the Condensed Consolidated Statements of Cash Flows. COVID-19 The ongoing novel coronavirus (“COVID-19”) pandemic and restrictions on certain non-essential businesses have caused disruption in the U.S. and global economies. Although an economic recovery is partially underway, it continues to be gradual, uneven, and characterized by meaningful dispersion across sectors and regions. The estimates and assumptions underlying these consolidated financial statements are based on the information available as of March 31, 2021 for the current period and as of March 31, 2020 or December 31, 2020, as applicable. The estimates and assumptions include judgments about financial market and economic conditions which have changed, and may continue to change, over time.
Consolidation	Consolidation Blackstone consolidates all entities that it controls through a majority voting interest or otherwise, including those Blackstone Funds in which the general partner has a controlling financial interest. Blackstone has a controlling financial interest in Blackstone Holdings because the limited partners do not have the right to dissolve the partnerships or have substantive kick-out rights or participating rights that would overcome the control held by Blackstone. Accordingly, Blackstone consolidates Blackstone Holdings and records non-controlling interests to reflect the economic interests of the limited partners of Blackstone Holdings. In addition, Blackstone consolidates all variable interest entities (“VIE”) for which it is the primary beneficiary. An enterprise is determined to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation guidance requires an analysis to determine (a) whether an entity in which Blackstone holds a variable interest is a VIE and (b) whether Blackstone’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests, would give it a controlling financial interest. Performance of that analysis requires the exercise of judgment. Blackstone determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a variable interest entity and continuously reconsiders that conclusion. In determining whether Blackstone is the primary beneficiary, Blackstone evaluates its control rights as well as economic interests in the entity held either directly or indirectly by Blackstone. The consolidation analysis can generally be performed qualitatively; however, if it is not readily apparent that Blackstone is not the primary beneficiary, a quantitative analysis may also be performed. Investments and redemptions (either by Blackstone, affiliates of Blackstone or third parties) or amendments to the governing documents of the respective Blackstone Funds could affect an entity’s status as a VIE or the determination of the primary beneficiary. At each reporting date, Blackstone assesses whether it is the primary beneficiary and will consolidate or deconsolidate accordingly. Assets of consolidated VIEs that can only be used to settle obligations of the consolidated VIE and liabilities of a consolidated VIE for which creditors (or beneficial interest holders) do not have recourse to the general credit of Blackstone are presented in a separate section in the Condensed Consolidated Statements of Financial Condition. Blackstone’s other disclosures regarding VIEs are discussed in Note 9. “Variable Interest Entities.”
Revenue Recognition	Revenue Recognition Revenues primarily consist of management and advisory fees, incentive fees, investment income, interest and dividend revenue and other. Management and advisory fees and incentive fees are accounted for as contracts with customers. Under the guidance for contracts with customers, an entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. See Note 18. “Segment Reporting” for a disaggregated presentation of revenues from contracts with customers. Management and Advisory Fees, Net Blackstone earns base management fees from limited partners of funds in each of its managed funds, at a fixed percentage of assets under management, net asset value, total assets, committed capital or invested capital. These customer contracts require Blackstone to provide investment management services, which represents a performance obligation that Blackstone satisfies over time. Management fees are a form of variable consideration because the fees Blackstone is entitled to vary based on fluctuations in the basis for the management fee. The amount recorded as revenue is generally determined at the end of the period because these management fees are payable on a regular basis (typically quarterly) and are not subject to clawback once paid. Transaction, advisory and other fees are principally fees charged to the limited partners of funds indirectly through the managed funds and portfolio companies. The investment advisory agreements generally require that the investment adviser reduce the amount of management fees payable by the limited partners to Blackstone (“management fee reductions”) by an amount equal to a portion of the transaction and other fees paid to Blackstone by the portfolio companies. The amount of the reduction varies by fund, the type of fee paid by the portfolio company and the previously incurred expenses of the fund. These fees and associated management fee reductions are a component of the transaction price for Blackstone’s performance obligation to provide investment management services to the limited partners of funds and are recognized as changes to the transaction price in the period in which they are charged and the services are performed. Management fee offsets are reductions to management fees payable by the limited partners of the Blackstone Funds, which are based on the amount such limited partners reimburse the Blackstone Funds or Blackstone primarily for placement fees. Providing investment management services requires Blackstone to arrange for services on behalf of its customers. In those situations where Blackstone is acting as an agent on behalf of the limited partners of funds, it presents the cost of services as net against management fee revenue. In all other situations, Blackstone is primarily responsible for fulfilling the services and is therefore acting as a principal for those arrangements. As a result, the cost of those services is presented as Compensation or General, Administrative and Other expense, as appropriate, with any reimbursement from the limited partners of the funds recorded as Management and Advisory Fees, Net. In cases where the limited partners of the funds are determined to be the customer in an arrangement, placement fees may be capitalized as a cost to acquire a customer contract. Capitalized placement fees are amortized over the life of the customer contract, are recorded within Other Assets in the Condensed Consolidated Statements of Financial Condition and amortization is recorded within General, Administrative and Other within the Condensed Consolidated Statements of Operations. Accrued but unpaid Management and Advisory Fees, net of management fee reductions and management fee offsets, as of the reporting date are included in Accounts Receivable or Due from Affiliates in the Condensed Consolidated Statements of Financial Condition. Incentive Fees Investment Income (Loss) In carry fund structures, Blackstone, through its subsidiaries, invests alongside its limited partners in a partnership and is entitled to its pro-rata share of the results of the fund (a “pro-rata allocation”). In addition to a pro-rata allocation, and assuming certain investment returns are achieved, Blackstone is entitled to a disproportionate allocation of the income otherwise allocable to the limited partners, commonly referred to as carried interest (“Performance Allocations”). Performance Allocations are made to the general partner based on cumulative fund performance to date, subject to a preferred return to limited partners. At the end of each reporting period, Blackstone calculates the balance of accrued Performance Allocations (“Accrued Performance Allocations”) that would be due to Blackstone for each fund, pursuant to the fund agreements, as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. Accrued Performance Allocations as of the reporting date are reflected in Investments in the Condensed Consolidated Statements of Financial Condition. Performance Allocations are realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the preferred return or, in limited instances, after certain thresholds for return of capital are met. Performance Allocations are subject to clawback to the extent that the Performance Allocation received to date exceeds the amount due to Blackstone based on cumulative results. As such, the accrual for potential repayment of previously received Performance Allocations, which is a component of Due to Affiliates, represents all amounts previously distributed to Blackstone Holdings and non-controlling interest holders that would need to be repaid to the Blackstone carry funds if the Blackstone carry funds were to be liquidated based on the current fair value of the underlying funds’ investments as of the reporting date. The actual clawback liability, however, generally does not become realized until the end of a fund’s life except for certain funds, including certain Blackstone real estate funds, multi-asset class investment funds and credit-focused funds, which may have an interim clawback liability. Principal Investments include the unrealized and realized gains and losses on Blackstone’s principal investments, including its investments in Blackstone Funds that are not consolidated and receive pro-rata allocations, its equity method investments, and other principal investments. Income (Loss) on Principal Investments is realized when Blackstone redeems all or a portion of its investment or when Blackstone receives cash income, such as dividends or distributions. Unrealized Income (Loss) on Principal Investments results from changes in the fair value of the underlying investment as well as the reversal of unrealized gain (loss) at the time an investment is realized. Interest and Dividend Revenue Other Revenue
Fair Value of Financial Instruments	Fair Value of Financial Instruments GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows: ● Level I – Quoted prices are available in active markets for identical financial instruments as of the reporting date. The types of financial instruments in Level I include listed equities, listed derivatives and mutual funds with quoted prices. Blackstone does not adjust the quoted price for these investments, even in situations where Blackstone holds a large position and a sale could reasonably impact the quoted price. ● Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Financial instruments which are generally included in this category include corporate bonds and loans, including corporate bonds and loans held within CLO vehicles, government and agency securities, less liquid and restricted equity securities, and certain over-the-counter derivatives where the fair value is based on observable inputs. Senior and subordinated notes issued by CLO vehicles are classified within Level II of the fair value hierarchy. ● Level III – Pricing inputs are unobservable for the financial instruments and includes situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category generally include general and limited partnership interests in private equity and real estate funds, credit-focused funds, distressed debt and non-investment grade residual interests in securitizations, certain corporate bonds and loans held within CLO vehicles and certain over-the-counter derivatives where the fair value is based on unobservable inputs. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Blackstone’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. Level II Valuation Techniques Financial instruments classified within Level II of the fair value hierarchy comprise debt instruments, including certain corporate loans and bonds held by Blackstone’s consolidated CLO vehicles and debt securities sold, not yet purchased. Certain equity securities and derivative instruments valued using observable inputs are also classified as Level II. The valuation techniques used to value financial instruments classified within Level II of the fair value hierarchy are as follows: ● Debt Instruments and Equity Securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments and various relationships between investments. The valuation of certain equity securities is based on an observable price for an identical security adjusted for the effect of a restriction. ● Freestanding Derivatives are valued using contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads. ● Senior and subordinate notes issued by CLO vehicles are classified based on the more observable fair value of CLO assets less (a) the fair value of any beneficial interests held by Blackstone, and (b) the carrying value of any beneficial interests that represent compensation for services. Level III Valuation Techniques In the absence of observable market prices, Blackstone values its investments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist; management’s determination of fair value is then based on the best information available in the circumstances, and may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for non-performance and liquidity risks. Investments for which market prices are not observable include private investments in the equity of operating companies, real estate properties, certain funds of hedge funds and credit-focused investments. Real Estate Investments – Private Equity Investments – Credit-Focused Investments The market approach is generally used to determine the enterprise value of the issuer of a credit investment, and considers valuation multiples of comparable companies or transactions. The resulting enterprise value will dictate whether or not such credit investment has adequate enterprise value coverage. In cases of distressed credit instruments, the market approach may be used to estimate a recovery value in the event of a restructuring.
Investments, at Fair Value	Investments, at Fair Value The Blackstone Funds are accounted for as investment companies under the American Institute of Certified Public Accountants Accounting and Auditing Guide, Investment Companies Blackstone’s principal investments are presented at fair value with unrealized appreciation or depreciation and realized gains and losses recognized in the Condensed Consolidated Statements of Operations within Investment Income (Loss). For certain instruments, Blackstone has elected the fair value option. Such election is irrevocable and is applied on an investment by investment basis at initial recognition. Blackstone has applied the fair value option for certain loans and receivables, unfunded loan commitments and certain investments in private debt securities that otherwise would not have been carried at fair value with gains and losses recorded in net income. The methodology for measuring the fair value of such investments is consistent with the methodology applied to private equity, real estate, credit-focused and funds of hedge funds investments. Changes in the fair value of such instruments are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. Interest income on interest bearing loans and receivables and debt securities on which the fair value option has been elected is based on stated coupon rates adjusted for the accretion of purchase discounts and the amortization of purchase premiums. This interest income is recorded within Interest and Dividend Revenue. Blackstone has elected the fair value option for the assets of consolidated CLO vehicles. As permitted under GAAP, Blackstone measures the liabilities of consolidated CLO vehicles as (a) the sum of the fair value of the consolidated CLO assets and the carrying value of any non-financial assets held temporarily, less (b) the sum of the fair value of any beneficial interests retained by Blackstone (other than those that represent compensation for services) and Blackstone’s carrying value of any beneficial interests that represent compensation for services. As a result of this measurement alternative, there is no attribution of amounts to Non-Controlling Interests for consolidated CLO vehicles. Assets of the consolidated CLOs are presented within Investments within the Condensed Consolidated Statements of Financial Condition and Liabilities within Loans Payable for the amounts due to unaffiliated third parties and Due to Affiliates for the amounts held by non-consolidated affiliates. Changes in the fair value of consolidated CLO assets and liabilities and related interest, dividend and other income are presented within Net Gains from Fund Investment Activities. Expenses of consolidated CLO vehicles are presented in Fund Expenses. Blackstone has elected the fair value option for certain proprietary investments that would otherwise have been accounted for using the equity method of accounting. The fair value of such investments is based on quoted prices in an active market or using the discounted cash flow method. Changes in fair value are recognized in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. Further disclosure on instruments for which the fair value option has been elected is presented in Note 7. “Fair Value Option.” The investments of consolidated Blackstone Funds in funds of hedge funds (“Investee Funds”) are valued at net asset value (“NAV”) per share of the Investee Fund. In limited circumstances, Blackstone may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, Blackstone will estimate the fair value in good faith and in a manner that it reasonably chooses, in accordance with the requirements of GAAP. Certain investments of Blackstone and of the consolidated Blackstone funds of hedge funds and credit-focused funds measure their investments in underlying funds at fair value using NAV per share without adjustment. The terms of the investee’s investment generally provide for minimum holding periods or lock-ups, the institution of gates on redemptions or the suspension of redemptions or an ability to side-pocket investments, at the discretion of the investee’s fund manager, and as a result, investments may not be redeemable at, or within three months of, the reporting date. A side-pocket is used by hedge funds and funds of hedge funds to separate investments that may lack a readily ascertainable value, are illiquid or are subject to liquidity restriction. Redemptions are generally not permitted until the investments within a side-pocket are liquidated or it is deemed that the conditions existing at the time that required the investment to be included in the side-pocket no longer exist. As the timing of either of these events is uncertain, the timing at which Blackstone may redeem an investment held in a side-pocket cannot be estimated. Further disclosure on instruments for which fair value is measured using NAV per share is presented in Note 5. “Net Asset Value as Fair Value.” Security and loan transactions are recorded on a trade date basis.
Equity Method Investments	Equity Method Investments Investments in which Blackstone is deemed to exert significant influence, but not control, are accounted for using the equity method of accounting except in cases where the fair value option has been elected. Blackstone has significant influence over all Blackstone Funds in which it invests but does not consolidate. Therefore, its investments in such Blackstone Funds, which include both a proportionate and disproportionate allocation of the profits and losses (as is the case with carry funds that include a Performance Allocation), are accounted for under the equity method. Under the equity method of accounting, Blackstone’s share of earnings (losses) from equity method investments is included in Investment Income (Loss) in the Condensed Consolidated Statements of Operations. In cases where Blackstone’s equity method investments provide for a disproportionate allocation of the profits and losses (as is the case with carry funds that include a Performance Allocation), Blackstone’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period, Blackstone calculates the Accrued Performance Allocations that would be due to Blackstone for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner, or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. The carrying amounts of equity method investments are reflected in Investments in the Condensed Consolidated Statements of Financial Condition. Results for Strategic Partners are reported on a three month lag from the fund financial statements, which generally report based on a three month lag from the underlying fund investments unless information is available on a more timely basis. Therefore, results presented herein do not include the impact of economic and market activity in the quarter in which such events occur. Economic and market activity for the periods presented is expected to affect reported results in upcoming periods.
Compensation and Benefits	Compensation and Benefits Compensation and Benefits Compensation Compensation and Benefits — Incentive Fee Compensation — Compensation and Benefits — Performance Allocations Compensation —
Non-Controlling Interests in Consolidated Entities	Non-Controlling Interests in Consolidated Entities Non-Controlling Interests in Consolidated Entities represent the component of Equity in consolidated Blackstone Funds held by third party investors and employees. The percentage interests held by third parties and employees is adjusted for general partner allocations and by subscriptions and redemptions in funds of hedge funds and certain credit-focused funds which occur during the reporting period. In addition, all non-controlling interests in consolidated Blackstone Funds are attributed a share of income (loss) arising from the respective funds and a share of other comprehensive income, if applicable. Income (Loss) is allocated to non-controlling interests in consolidated entities based on the relative ownership interests of third party investors and employees after considering any contractual arrangements that govern the allocation of income (loss) such as fees allocable to The Blackstone Group Inc.
Redeemable Non-Controlling Interests in Consolidated Entities	Redeemable Non-Controlling Interests in Consolidated Entities Non-controlling interests related to funds of hedge funds are subject to annual, semi-annual or quarterly redemption by investors in these funds following the expiration of a specified period of time, or may be withdrawn subject to a redemption fee during the period when capital may not be withdrawn. As limited partners in these types of funds have been granted redemption rights, amounts relating to third party interests in such consolidated funds are presented as Redeemable Non-Controlling Interests in Consolidated Entities within the Condensed Consolidated Statements of Financial Condition. When redeemable amounts become legally payable to investors, they are classified as a liability and included in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition. For all consolidated funds in which redemption rights have not been granted, non-controlling interests are presented within Equity in the Condensed Consolidated Statements of Financial Condition as Non-Controlling Interests in Consolidated Entities.
Non-Controlling Interests in Blackstone Holdings	Non-Controlling Interests in Blackstone Holdings Non-Controlling Interests in Blackstone Holdings represent the component of Equity in the consolidated Blackstone Holdings Partnerships held by Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. Certain costs and expenses are borne directly by the Holdings Partnerships. Income (Loss), excluding those costs directly borne by and attributable to the Holdings Partnerships, is attributable to Non-Controlling Interests in Blackstone Holdings. This residual attribution is based on the year to date average percentage of Blackstone Holdings Partnership Units and unvested participating Holdings Partnership Units held by Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. Unvested participating Holdings Partnership Units are excluded from the attribution in periods of loss as they are not contractually obligated to share in losses of the Holdings Partnerships.
Net Income (Loss) Per Share of Common Stock	Net Income (Loss) Per Share of Common Stock Basic Income (Loss) Per Share of Common Stock is calculated by dividing Net Income (Loss) Attributable to The Blackstone Group Inc. by the weighted-average shares of common stock, unvested participating shares of common stock outstanding for the period and vested deferred restricted shares of common stock that have been earned for which issuance of the related shares of common stock is deferred until future periods. Diluted Income (Loss) Per Share of Common Stock reflects the impact of all dilutive securities. Unvested participating shares of common stock are excluded from the computation in periods of loss as they are not contractually obligated to share in losses. Blackstone applies the treasury stock method to determine the dilutive weighted-average common shares outstanding for certain equity-based compensation awards. Blackstone applies the “if-converted” method to the Blackstone Holdings Partnership Units to determine the dilutive impact, if any, of the exchange right included in the Blackstone Holdings Partnership Units.
Reverse Repurchase and Repurchase Agreements	Reverse Repurchase and Repurchase Agreements Securities purchased under agreements to resell (“reverse repurchase agreements”) and securities sold under agreements to repurchase (“repurchase agreements”), comprised primarily of U.S. and non-U.S. government and agency securities, asset-backed securities and corporate debt, represent collateralized financing transactions. Such transactions are recorded in the Condensed Consolidated Statements of Financial Condition at their contractual amounts and include accrued interest. The carrying value of reverse repurchase and repurchase agreements approximates fair value. Blackstone manages credit exposure arising from reverse repurchase agreements and repurchase agreements by, in appropriate circumstances, entering into master netting agreements and collateral arrangements with counterparties that provide Blackstone, in the event of a counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. Blackstone takes possession of securities purchased under reverse repurchase agreements and is permitted to repledge, deliver or otherwise use such securities. Blackstone also pledges its financial instruments to counterparties to collateralize repurchase agreements. Financial instruments pledged that can be repledged, delivered or otherwise used by the counterparty are recorded in Investments in the Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to repurchase agreements are discussed in Note 10. “Repurchase Agreements.” Blackstone does not offset assets and liabilities relating to reverse repurchase agreements and repurchase agreements in its Condensed Consolidated Statements of Financial Condition. Additional disclosures relating to offsetting are discussed in Note 11. “Offsetting of Assets and Liabilities.”
Securities Sold, Not Yet Purchased	Securities Sold, Not Yet Purchased Securities Sold, Not Yet Purchased consist of equity and debt securities that Blackstone has borrowed and sold. Blackstone is required to “cover” its short sale in the future by purchasing the security at prevailing market prices and delivering it to the counterparty from which it borrowed the security. Blackstone is exposed to loss in the event that the price at which a security may have to be purchased to cover a short sale exceeds the price at which the borrowed security was sold short. Securities Sold, Not Yet Purchased are recorded at fair value in the Condensed Consolidated Statements of Financial Condition.
Derivative Instruments	Derivative Instruments Blackstone recognizes all derivatives as assets or liabilities on its Condensed Consolidated Statements of Financial Condition at fair value. On the date Blackstone enters into a derivative contract, it designates and documents each derivative contract as one of the following: (a) a hedge of a recognized asset or liability (“fair value hedge”), (b) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), (c) a hedge of a net investment in a foreign operation, or (d) a derivative instrument not designated as a hedging instrument (“freestanding derivative”). Gains or losses on a derivative instrument that is designated as, and is effective as, an economic hedge of a net investment in a foreign operation are reported in the cumulative translation adjustment section of other comprehensive income to the extent it is effective as a hedge. The ineffective portion of a net investment hedge is recognized in current period earnings. Blackstone formally documents at inception its hedge relationships, including identification of the hedging instruments and the hedged items, its risk management objectives, strategy for undertaking the hedge transaction and Blackstone’s evaluation of effectiveness of its hedged transaction. At least monthly, Blackstone also formally assesses whether the derivative it designated in each hedging relationship is expected to be, and has been, highly effective in offsetting changes in estimated fair values or cash flows of the hedged items using either the regression analysis or the dollar offset method. For net investment hedges, Blackstone uses a method based on changes in spot rates to measure effectiveness. If it is determined that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued. The fair values of hedging derivative instruments are reflected within Other Assets in the Condensed Consolidated Statements of Financial Condition. For freestanding derivative contracts, Blackstone presents changes in fair value in current period earnings. Changes in the fair value of derivative instruments held by consolidated Blackstone Funds are reflected in Net Gains from Fund Investment Activities or, where derivative instruments are held by Blackstone, within Investment Income (Loss) in the Condensed Consolidated Statements of Operations. The fair value of freestanding derivative assets of the consolidated Blackstone Funds are recorded within Investments, the fair value of freestanding derivative assets that are not part of the consolidated Blackstone Funds are recorded within Other Assets and the fair value of freestanding derivative liabilities are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition. Blackstone has elected to not offset derivative assets and liabilities or financial assets in its Condensed Consolidated Statements of Financial Condition, including cash, that may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement is in place that provides Blackstone, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. Blackstone’s other disclosures regarding derivative financial instruments are discussed in Note 6. “Derivative Financial Instruments.” Blackstone’s disclosures regarding offsetting are discussed in Note 11. “Offsetting of Assets and Liabilities.”
Affiliates	Affiliates Blackstone considers its Founder, senior managing directors, employees, the Blackstone Funds and the Portfolio Companies to be affiliates.
Dividends	Dividends Dividends are reflected in the condensed consolidated financial statements when declared.

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
Intangible Assets (Tables)	Mar. 31, 2021
Intangible Assets, Net	Intangible Assets, Net consists of the following: March 31, December 31, 2021 2020 Finite-Lived Intangible Assets/Contractual Rights $ 1,745,376 $ 1,734,076 Accumulated Amortization (1,404,898) (1,386,121) Intangible Assets, Net $ 340,478 $ 347,955

Investments (Tables)

Investments (Tables)	3 Months Ended
Investments (Tables)	Mar. 31, 2021
Investments	Investments consist of the following: March 31, December 31, 2021 2020 Investments of Consolidated Blackstone Funds $ 1,459,804 $ 1,455,008 Equity Method Investments Partnership Investments 4,676,341 4,353,234 Accrued Performance Allocations 9,367,251 6,891,262 Corporate Treasury Investments 1,726,285 2,579,716 Other Investments 713,628 337,922 $ 17,943,309 $ 15,617,142
Reconciliation of Realized and Net Change in Unrealized Gains (Losses) to Other Income (Loss) - Net Gains (Losses) from Fund Investment Activities in Consolidated Statements of Operations	The following table presents the Realized and Net Change in Unrealized Gains (Losses) on investments held by the consolidated Blackstone Funds and a reconciliation to Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities in the Condensed Consolidated Statements of Operations: Three Months Ended March 31, 2021 2020 Realized Gains (Losses) $ 28,994 $ (73,274) Net Change in Unrealized Gains (Losses) 84,467 (333,342) Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds 113,461 (406,616) Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 6,892 79,242 Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities $ 120,353 $ (327,374)
Performance Fees Allocated to Funds	Accrued Performance Allocations Accrued Performance Allocations to Blackstone were as follows: Real Private Hedge Fund Credit & Estate Equity Solutions Insurance Total Accrued Performance Allocations, December 31, 2020 $ 3,033,462 $ 3,487,206 $ 42,293 $ 328,301 $ 6,891,262 Performance Allocations as a Result of Changes in Fund Fair Values 757,150 1,849,012 283,485 105,673 2,995,320 Foreign Exchange Loss (34,771 ) — — — (34,771 ) Fund Distributions (266,397 ) (180,887 ) (13,279 ) (23,997 ) (484,560 ) Accrued Performance Allocations, March 31, 2021 $ 3,489,444 $ 5,155,331 $ 312,499 $ 409,977 $ 9,367,251
Realized and Net Change in Unrealized Gains (Losses) on Investments	The following table presents the Realized and Net Change in Unrealized Gains (Losses) on these investments: Three Months Ended March 31, 2021 2020 Realized Gains $ 6,934 $ 2,517 Net Change in Unrealized Gains (Losses) 9,929 (258,387) $ 16,863 $ (255,870)
Realized and Net Change in Unrealized Gains in Other Investments	The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in Other Investments: Three Months Ended March 31, 2021 2020 Realized Gains $ 113 $ 6,985 Net Change in Unrealized Gains (Losses) 284,502 (99,937) $ 284,615 $ (92,952)

Net Asset Value as Fair Value (

Net Asset Value as Fair Value (Tables)	3 Months Ended
Net Asset Value as Fair Value (Tables)	Mar. 31, 2021
Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments	A summary of fair value by strategy type and ability to redeem such investments as of March 31, 2021 is presented below: Redemption Frequency Redemption Strategy (a) Fair Value (if currently eligible) Notice Period Diversified Instruments $ 4,502 (b) (b) Credit Driven 74,841 (c) (c) Equity 671 (d) (d) Commodities 912 (e) (e) $ 80,926 (a) As of March 31, 2021, Blackstone had no unfunded commitments. (b) Diversified Instruments include investments in funds that invest across multiple strategies. Investments representing 100% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. (c) The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. Investments representing 19% of the fair value of the investments in this category are in liquidation. The remaining 81% of investments in this category are redeemable as of the reporting date. (d) The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Investments representing 100% of the fair value of the investments in this category are in liquidation. As of the reporting date, the investee fund manager had elected to side-pocket 62% of Blackstone’s investments in the category. (e) The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. Investments representing 100% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
Derivative Financial Instruments (Tables)	Mar. 31, 2021
Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments	The table below summarizes the aggregate notional amount and fair value of the derivative financial instruments. The notional amount represents the absolute value amount of all outstanding derivative contracts. March 31, 2021 December 31, 2020 Assets Liabilities Assets Liabilities Fair Fair Fair Fair Notional Value Notional Value Notional Value Notional Value Freestanding Derivatives Blackstone Interest Rate Contracts $ 1,075,051 $ 66,877 $ 459,072 $ 138,740 $ 684,320 $ 113,072 $ 862,887 $ 190,342 Foreign Currency Contracts 47,795 681 246,219 1,246 316,787 7,392 334,015 3,941 Credit Default Swaps 2,706 315 10,186 1,345 2,706 331 9,158 1,350 Other — — — — 5,000 5,227 — — 1,125,552 67,873 715,477 141,331 1,008,813 126,022 1,206,060 195,633 Investments of Consolidated Blackstone Funds Foreign Currency Contracts 57,192 2,057 14,294 821 — — 66,431 2,651 Interest Rate Contracts — — 14,000 1,073 — — 14,000 1,485 Credit Default Swaps 3,507 407 23,707 1,115 8,282 542 41,290 1,558 Total Return Swaps — — — — — — 19,275 2,125 60,699 2,464 52,001 3,009 8,282 542 140,996 7,819 $ 1,186,251 $ 70,337 $ 767,478 $ 144,340 $ 1,017,095 $ 126,564 $ 1,347,056 $ 203,452
Summary of Impact of Derivative Financial Instruments to Consolidated Statements of Operations	The table below summarizes the impact to the Condensed Consolidated Statements of Operations from derivative financial instruments: Three Months Ended March 31, 2021 2020 Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ 1,646 $ (5,301 ) Foreign Currency Contracts 1,536 (13,707 ) Credit Default Swaps (982 ) (99 ) Total Return Swaps (1,350 ) (749 ) Other (40 ) (38 ) 810 (19,894 ) Net Change in Unrealized Gains (Losses) Interest Rate Contracts 5,701 108,298 Foreign Currency Contracts (128 ) 11,845 Credit Default Swaps 842 (1,389 ) Total Return Swaps 2,130 (4,976 ) Other (20 ) 36 8,525 113,814 $ 9,335 $ 93,920

Fair Value Option (Tables)

Fair Value Option (Tables)	3 Months Ended
Fair Value Option (Tables)	Mar. 31, 2021
Summary of Financial Instruments for Which Fair Value Option Has Been Elected	The following table summarizes the financial instruments for which the fair value option has been elected: March 31, December 31, 2021 2020 Assets Loans and Receivables $ 604,611 $ 581,079 Equity and Preferred Securities 565,840 532,790 Debt Securities 316,303 448,352 $ 1,486,754 $ 1,562,221 Liabilities Corporate Treasury Commitments $ 453 $ 244
Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected	The following table presents the Realized and Net Change in Unrealized Gains (Losses) on financial instruments on which the fair value option was elected: Three Months Ended March 31, 2021 2020 Net Change Net Change Realized in Unrealized Realized in Unrealized Gains (Losses) Gains (Losses) Gains (Losses) Gains (Losses) Assets Loans and Receivables $ (4,831 ) $ (1,929 ) $ (3,521 ) $ (13,369 ) Equity and Preferred Securities — 30,871 — (84,241 ) Debt Securities 8,667 (6,158 ) (11,616 ) (70,117 ) Assets of Consolidated CLO Vehicles (a) Corporate Loan s — — (43,901 ) (764,909 ) Other — — — (325 ) $ 3,836 $ 22,784 $ (59,038) $ (932,961) Liabilities Liabilities of Consolidated CLO Vehicles (a) Senior Secured Notes $ — $ — $ — $ 694,504 Subordinated Notes — — — (43,458 ) Corporate Treasury Commitments — (200 ) — — $ — $ (200 ) $ — $ 651,046 (a) During the year ended December 31, 2020, Blackstone deconsolidated nine CLO vehicles. See Note 9. “Variable Interest Entities” for additional details.
Information for Financial Instruments on Which Fair Value Option was Elected	The following table presents information for those financial instruments for which the fair value option was elected: March 31, 2021 December 31, 2020 For Financial Assets For Financial Assets Past Due Past Due (Deficiency) Excess (Deficiency) Excess of Fair Value Fair of Fair Value of Fair Value Fair of Fair Value Over Principal Value Over Principal Over Principal Value Over Principal Loans and Receivables $ (9,382 ) $ — $ — $ (7,807 ) $ — $ — Debt Securities (33,237 ) — — (29,359 ) — — $ (42,619 ) $ — $ — $ (37,166 ) $ — $ —

Fair Value Measurements of Fi_2

Fair Value Measurements of Financial Instruments (Tables)	3 Months Ended
Fair Value Measurements of Financial Instruments (Tables)	Mar. 31, 2021
Financial Assets and Liabilities at Fair Value	The following tables summarize the valuation of Blackstone’s financial assets and liabilities by the fair value hierarchy: March 31, 2021 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents $ 887,332 $ 6,800 $ — $ — $ 894,132 Investments Investments of Consolidated Blackstone Funds Investment Funds — — — 14,877 14,877 Equity Securities, Partnerships and LLC Interests 47,637 129,035 827,489 — 1,004,161 Debt Instruments 1,015 379,548 57,739 — 438,302 Freestanding Derivatives — 2,464 — — 2,464 Total Investments of Consolidated Blackstone Funds 48,652 511,047 885,228 14,877 1,459,804 Corporate Treasury Investments 536,296 1,126,529 2,825 60,635 1,726,285 Other Investments 555,523 — 45,602 5,414 606,539 Total Investments 1,140,471 1,637,576 933,655 80,926 3,792,628 Accounts Receivable - Loans and Receivables — — 604,611 — 604,611 Other Assets - Freestanding Derivatives 2,252 65,621 — — 67,873 $ 2,030,055 $ 1,709,997 $ 1,538,266 $ 80,926 $ 5,359,244 Liabilities Securities Sold, Not Yet Purchased $ 9,224 $ 23,936 $ — $ — $ 33,160 Accounts Payable, Accrued Expenses and Other Liabilities Consolidated Blackstone Funds - Freestanding Derivatives — 3,009 — — 3,009 Freestanding Derivatives 148 141,183 — — 141,331 Corporate Treasury Commitments (a) — — 453 — 453 Total Accounts Payable, Accrued Expenses and Other Liabilities 148 144,192 453 — 144,793 $ 9,372 $ 168,128 $ 453 $ — $ 177,953 December 31, 2020 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents $ 597,130 $ 15,606 $ — $ — $ 612,736 Investments Investments of Consolidated Blackstone Funds Investment Funds — — — 15,711 15,711 Equity Securities, Partnerships and LLC Interests 39,694 48,471 792,958 — 881,123 Debt Instruments — 492,280 65,352 — 557,632 Freestanding Derivatives — 542 — — 542 Total Investments of Consolidated Blackstone Funds 39,694 541,293 858,310 15,711 1,455,008 Corporate Treasury Investments 996,516 1,517,809 7,899 57,492 2,579,716 Other Investments 187,089 — 61,053 4,762 252,904 Total Investments 1,223,299 2,059,102 927,262 77,965 4,287,628 Accounts Receivable - Loans and Receivables — — 581,079 — 581,079 Other Assets - Freestanding Derivatives 162 125,860 — — 126,022 $ 1,820,591 $ 2,200,568 $ 1,508,341 $ 77,965 $ 5,607,465 Liabilities Securities Sold, Not Yet Purchased $ 9,324 $ 41,709 $ — $ — $ 51,033 Accounts Payable, Accrued Expenses and Other Liabilities Consolidated Blackstone Funds - Freestanding Derivatives — 7,819 — — 7,819 Freestanding Derivatives 373 195,260 — — 195,633 Corporate Treasury Commitments (a) — — 244 — 244 Total Accounts Payable, Accrued Expenses and Other Liabilities 373 203,079 244 — 203,696 $ 9,697 $ 244,788 $ 244 $ — $ 254,729 LLC Limited Liability Company. (a) Corporate Treasury Commitments are measured using third party pricing.
Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy	The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of March 31, 2021: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Impact to Financial Assets Investments of Consolidated Blackstone Funds Equity Securities, Partnership and LLC Interests $ 827,489 Discounted Cash Flows Discount 3.8% - 42.1% 10.8% Lower Exit Multiple 3.7x - 27.0x 13.0x Higher Exit 2.7% - 15.1% 5.3% Lower Transaction Price N/A Debt Instruments 57,739 Discounted Cash Flows Discount 6.7% - 19.3% 10.1% Lower Third Party Pricing N/A Total Investments of Consolidated Blackstone Funds 885,228 Corporate Treasury Investments 2,825 Discounted Cash Flows Discount 0.9% - 6.8% 4.7% Lower Loans and Receivables 604,611 Discounted Cash Flows Discount 6.5% - 10.3% 7.7% Lower Other Investment s 45,602 Third Party Pricing N/A Transaction Price N/A $ 1,538,266 The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of December 31, 2020: Fair Value Valuation Unobservable Inputs Ranges Weighted- Impact to Financial Assets Investments of Consolidated Blackstone Funds Equity Securities, Partnership and LLC Interests $ 792,958 Discounted Cash Flows Discount 3.8% - 42.1% 10.8% Lower Exit Multiple 1.7x - 24.0x 13.2x Higher Exit 2.7% - 14.9% 5.4% Lower Transaction Price N/A Other N/A Debt Instruments 65,352 Discounted Cash Flows Discount 6.3% - 19.3% 8.6% Lower Third Party Pricing N/A Total Investments of Consolidated Blackstone Funds 858,310 Corporate Treasury Investments 7,899 Discounted Cash Flows Discount 3.3% - 7.4% 6.4% Lower Third Party Pricing N/A Loans and Receivables 581,079 Discounted Cash Flows Discount 6.7% - 10.3% 7.8% Lower Other Investment s 61,053 Third Party Pricing N/A Transaction Price N/A Other N/A $ 1,508,341 N/A Not applicable. EBITDA Earnings before interest, taxes, depreciation and amortization. Exit Multiple Ranges include the last twelve months EBITDA and forward EBITDA multiples. Third Party Pricing Third Party Pricing is generally determined on the basis of unadjusted prices between market participants provided by reputable dealers or pricing services. Transaction Price Includes recent acquisitions or transactions. (a) Unobservable inputs were weighted based on the fair value of the investments included in the range.
Summary of Changes in Financial Assets Measured at Fair Value for Which Level III Inputs Were Used	The following tables summarize the changes in financial assets and liabilities measured at fair value for which Blackstone has used Level III inputs to determine fair value and does not include gains or losses that were reported in Level III in prior years or for instruments that were transferred out of Level III prior to the end of the respective reporting period. These tables also exclude financial assets and liabilities measured at fair value on a non-recurring basis. Total realized and unrealized gains and losses recorded for Level III investments are reported in either Investment Income (Loss) or Net Gains from Fund Investment Activities in the Condensed Consolidated Statements of Operations. Level III Financial Assets at Fair Value Three Months Ended March 31, 2021 2020 Investments Investments of Loans Other of Loans Other Consolidated and Investments Consolidated and Investments Funds Receivables (a) Total Funds Receivables (a) Total Balance, Beginning of Period $ 858,310 $ 581,079 $ 46,158 $ 1,485,547 $ 1,050,272 $ 500,751 $ 29,289 $ 1,580,312 Transfer Into Level III (b) 880 — — 880 188,123 — 26,719 214,842 Transfer Out of Level III (b) (77,451 ) — — (77,451 ) (152,339 ) — (12,144 ) (164,483 ) Purchases 87,327 323,329 — 410,656 96,651 163,739 1,212 261,602 Sales (47,989 ) (292,724 ) (5,149 ) (345,862 ) (67,228 ) (431,192 ) (5,039 ) (503,459 ) Issuances — 6,746 — 6,746 — — — — Settlements — (17,400 ) — (17,400 ) — (2,013 ) — (2,013 ) Changes in Gains (Losses) Included in Earnings 64,151 3,581 151 67,883 (101,381 ) (13,170 ) 7,872 (106,679 ) Balance, End of Period $ 885,228 $ 604,611 $ 41,160 $ 1,530,999 $ 1,014,098 $ 218,115 $ 47,909 $ 1,280,122 Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date $ 56,729 $ (3,856 ) $ 61 $ 52,934 $ (87,972 ) $ (19,902 ) $ 7,900 $ (99,974 ) (a) Represents corporate treasury investments and Other Investments. (b) Transfers in and out of Level III financial assets and liabilities were due to changes in the observability of inputs used in the valuation of such assets and liabilities.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
Variable Interest Entities (Tables)	Mar. 31, 2021
Maximum Exposure to Loss Relating to Non-Consolidated VIEs	Blackstone’s maximum exposure to loss relating to non-consolidated VIEs were as follows: March 31, December 31, 2021 2020 Investments $ 1,730,904 $ 1,307,292 Due from Affiliates 286,541 262,815 Potential Clawback Obligation 44,810 38,679 Maximum Exposure to Loss $ 2,062,255 $ 1,608,786 Amounts Due to Non-Consolidated VIEs $ 211 $ 241

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	3 Months Ended
Repurchase Agreements (Tables)	Mar. 31, 2021
Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged	The following tables provide information regarding Blackstone’s Repurchase Agreements obligation by type of collateral pledged: March 31, 2021 Remaining Contractual Maturity of the Overnight Greater and Up to 30 - 90 than Continuous 30 Days Days 90 days Total Repurchase Agreements Asset-Backed Securities $ — $ 10,791 $ 45,641 $ 1,618 $ 58,050 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 58,050 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ — December 31, 2020 Remaining Contractual Maturity of the Agreements Overnight Greater and Up to 30 - 90 than Continuous 30 Days Days 90 days Total Repurchase Agreements Asset-Backed Securities $ — $ 15,345 $ 32,759 $ 28,704 $ 76,808 Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. “Offsetting of Assets and Liabilities” $ 76,808 Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. “Offsetting of Assets and Liabilities” $ —

Offsetting of Assets And Liab_2

Offsetting of Assets And Liabilities (Tables)	3 Months Ended
Offsetting of Assets And Liabilities (Tables)	Mar. 31, 2021
Offsetting of Assets	The following tables present the offsetting of assets and liabilities as of March 31, 2021 and December 31, 2020: March 31, 2021 Gross and Net Amounts of Gross Amounts Not Offset Assets Presented in the Statement of in the Statement Financial Condition of Financial Financial Cash Collateral Condition Instruments (a) Received Net Amount Assets Freestanding Derivatives $ 68,841 $ 66,305 $ 53 $ 2,483 December 31, 2020 Gross and Net Amounts of Gross Amounts Not Offset Assets Presented in the Statement of in the Statement Financial Condition of Financial Financial Cash Collateral Condition Instruments (a) Received Net Amount Assets Freestanding Derivatives $ 126,564 $ 114,673 $ 53 $ 11,838
Offsetting of Liabilities	March 31, 2021 Gross and Net Amounts of Liabilities Gross Amounts Not Offset Presented in the in the Statement of Statement of Financial Condition Financial Financial Cash Collateral Condition Instruments (a) Pledged Net Amount Liabilities Freestanding Derivatives $ 144,340 $ 125,667 $ 14,118 $ 4,555 Repurchase Agreements 58,050 58,050 — — $ 202,390 $ 183,717 $ 14,118 $ 4,555 December 31, 2020 Gross and Net Amounts of Liabilities Gross Amounts Not Offset Presented in the in the Statement of Statement of Financial Condition Financial Financial Cash Collateral Condition Instruments (a) Pledged Net Amount Liabilities Freestanding Derivatives $ 202,188 $ 174,623 $ 19,194 $ 8,371 Repurchase Agreements 76,808 76,808 — — $ 278,996 $ 251,431 $ 19,194 $ 8,371 (a) Amounts presented are inclusive of both legally enforceable master netting agreements, and financial instruments received or pledged as collateral. Financial instruments received or pledged as collateral offset derivative counterparty risk exposure, but do not reduce net balance sheet exposure.
Other Assets	March 31, December 31, 2021 2020 Furniture, Equipment and Leasehold Improvements, Net $ 240,426 $ 231,807 Prepaid Expenses 110,803 105,248 Freestanding Derivatives 67,873 126,022 Other 15,373 17,945 $ 434,475 $ 481,022

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
Borrowings (Tables)	Mar. 31, 2021
Carrying Value and Fair Value of Blackstone Issued Notes	The following table presents the general characteristics of each of Blackstone’s notes, as well as their carrying value and fair value. The notes are included in Loans Payable within the Condensed Consolidated Statements of Financial Condition. All of the notes were issued at a discount. All of the notes accrue interest from the issue date thereof and all pay interest in arrears on a semi-annual basis or annual basis. March 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Senior Notes Value Value (a) Value Value (a) 4.750 2/15/2023 $ 397,678 $ 430,280 $ 397,385 $ 434,400 2.000 5/19/2025 348,493 380,193 362,947 398,620 1.000 10/5/2026 696,454 732,445 724,646 770,707 3.150 10/2/2027 297,473 324,930 297,387 332,370 1.500 4/10/2029 699,020 760,597 728,054 805,744 2.500 1/10/2030 490,972 505,750 490,745 538,200 1.600 3/30/2031 495,209 459,600 495,100 497,950 6.250 8/15/2042 238,728 345,000 238,668 372,250 5.000 6/15/2044 489,261 612,300 489,201 684,800 4.450 7/15/2045 344,315 402,324 344,282 449,645 4.000 10/2/2047 290,581 324,510 290,533 364,590 3.500 9/10/2049 391,966 402,280 391,925 460,120 2.800 9/30/2050 393,715 359,680 393,681 406,280 $ 5,573,865 $ 6,039,889 $ 5,644,554 $ 6,515,676 (a) Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.
Scheduled Principal Payments for Borrowings	Scheduled principal payments for borrowings as of March 31, 2021 were as follows: Operating Blackstone Fund Total Borrowings Facilities Borrowings 2021 $ — $ 100 $ 100 2022 — — — 2023 400,000 — 400,000 2024 — — — 2025 351,900 — 351,900 Thereafter 4,907,600 — 4,907,600 $ 5,659,500 $ 100 $ 5,659,600

Earnings Per Share and Stockh_2

Earnings Per Share and Stockholders' Equity (Tables)	3 Months Ended
Earnings Per Share and Stockholders' Equity (Tables)	Mar. 31, 2021
Basic and Diluted Net Income Per Common Stock	Basic and diluted net income per share of common stock for the three months ended March 31, 2021 and March 31, 2020 was calculated as follows: Three Months Ended 2021 2020 Net Income (Loss) for Per Share of Common Stock Calculations Net Income (Loss) Attributable to The Blackstone Group Inc., Basic and Diluted $ 1,747,872 $ (1,066,492 ) Share/Units Outstanding Weighted-Average Shares of Common Stock Outstanding, Basic 709,033,212 676,305,359 Weighted-Average Shares of Unvested Deferred Restricted Common Stock 879,132 — Weighted-Average Shares of Common Stock Outstanding, Diluted 709,912,344 676,305,359 Net Income (Loss) Per Share of Common Stock Basic $ 2.47 $ (1.58 ) Diluted $ 2.46 $ (1.58 ) Dividends Declared Per Share of Common Stock (a) $ 0.96 $ 0.61 (a) Dividends declared reflects the calendar date of the declaration for each dividend.
Summary of Anti-Dilutive Securities	The following table summarizes the anti-dilutive securities for the three months ended March 31, 2021 and 2020: Three Months Ended 2021 2020 Weighted-Average Shares of Unvested Deferred Restricted Common Stock — 10,465,568 Weighted-Average Blackstone Holdings Partnership Units 493,170,234 511,220,151
Schedule of Shares Eligible For Dividends and Distribution	As of March 31, 2021, the total shares of common stock and Blackstone Holdings Partnership Units entitled to participate in dividends and distributions were as follows: Shares/Units Common Stock Outstanding 690,569,563 Unvested Participating Common Stock 20,495,980 Total Participating Common Stock 711,065,543 Participating Blackstone Holdings Partnership Units 490,716,529 1,201,782,072

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
Equity-Based Compensation (Tables)	Mar. 31, 2021
Summary of Status of Partnership's Unvested Equity-Based Awards	A summary of the status of Blackstone’s unvested equity-based awards as of March 31, 2021 and of changes during the period January 1, 2021 through March 31, 2021 is presented below: Blackstone Holdings The Blackstone Group Inc. Equity Settled Awards Cash Settled Awards Weighted- Weighted- Weighted- Average Deferred Average Average Partnership Grant Date Restricted Shares Grant Date Phantom Grant Date Unvested Shares/Units Units Fair Value of Common Stock Fair Value Shares Fair Value Balance, December 31, 2020 23,771,136 $ 36.33 19,512,034 $ 42.60 65,284 $ 60.42 Granted — — 2,491,254 64.59 2,687 69.96 Vested (1,084,770 ) 36.74 (1,977,694 ) 45.37 (1,211 ) 69.96 Forfeited (523,549 ) 41.33 (214,904 ) 44.53 — — Balance, March 31, 2021 22,162,817 $ 36.47 19,810,690 $ 45.07 66,760 $ 69.96
Unvested Shares and Units, After Expected Forfeitures	The following unvested shares and units, after expected forfeitures, as of March 31, 2021, are expected to vest: Weighted- Average Service Period Shares/Units in Years Blackstone Holdings Partnership Units 19,349,603 2.5 Deferred Restricted Shares of Common Stock 16,881,420 3.2 Total Equity-Based Awards 36,231,023 2.8 Phantom Shares 54,690 2.8

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
Related Party Transactions (Tables)	Mar. 31, 2021
Due from Affiliates and Due to Affiliates	Due from Affiliates and Due to Affiliates consisted of the following: March 31, December 31, 2021 2020 Due from Affiliates Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated Entities and Portfolio Companies $ 2,365,997 $ 2,637,055 Due from Certain Non-Controlling Interest Holders and Blackstone Employees 614,749 548,897 Accrual for Potential Clawback of Previously Distributed Performance Allocations 34,572 35,563 $ 3,015,318 $ 3,221,515 March 31, December 31, 2021 2020 Due to Affiliates Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements $ 880,752 $ 857,523 Due to Non-Consolidated Entities 135,043 107,410 Due to Certain Non-Controlling Interest Holders and Blackstone Employees 64,619 61,539 Accrual for Potential Repayment of Previously Received Performance Allocations 81,361 108,569 $ 1,161,775 $ 1,135,041

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
Commitments and Contingencies (Tables)	Mar. 31, 2021
Clawback Obligations by Segment	The following table presents the clawback obligations by segment: March 31, 2021 December 31, 2020 Current and Current and Blackstone Former Blackstone Former Segment Holdings Personnel (a) Total Holdings Personnel (a) Total Real Estate $ 27,433 $ 16,568 $ 44,001 $ 28,283 $ 17,102 $ 45,385 Private Equity 5,548 2,002 7,550 41,722 (8,623 ) 33,099 Credit & Insurance 13,808 16,002 29,810 13,935 16,150 30,085 $ 46,789 $ 34,572 $ 81,361 $ 83,940 $ 24,629 $ 108,569 (a) 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.

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
Segment Reporting (Tables)	Mar. 31, 2021
Financial Data of Segments	The following tables present the financial data for Blackstone’s four segments as of March 31, 2021 and for the three months ended March 31, 2021 and 2020. March 31, 2021 and the Three Months Then Ended Real Private Hedge Fund Credit & Total Estate Equity Solutions Insurance Segments Management and Advisory Fees, Net Base Management Fees $ 427,186 $ 377,660 $ 150,533 $ 161,911 $ 1,117,290 Transaction, Advisory and Other Fees, Net 26,019 42,707 4,346 5,568 78,640 Management Fee Offsets (1,623 ) (13,919 ) (58 ) (2,125 ) (17,725 ) Total Management and Advisory Fees, Net 451,582 406,448 154,821 165,354 1,178,205 Fee Related Performance Revenues 155,392 — — 13,776 169,168 Fee Related Compensation (188,492 ) (140,597 ) (38,850 ) (77,171 ) (445,110 ) Other Operating Expenses (44,362 ) (51,055 ) (19,172 ) (46,835 ) (161,424 ) Fee Related Earnings 374,120 214,796 96,799 55,124 740,839 Realized Performance Revenues 88,638 255,845 31,573 25,267 401,323 Realized Performance Compensation (22,762 ) (111,209 ) (6,908 ) (10,045 ) (150,924 ) Realized Principal Investment Income 100,820 115,403 35,550 46,383 298,156 Total Net Realizations 166,696 260,039 60,215 61,605 548,555 Total Segment Distributable Earnings $ 540,816 $ 474,835 $ 157,014 $ 116,729 $ 1,289,394 Segment Assets $ 9,382,360 $ 12,585,484 $ 2,524,669 $ 3,837,509 $ 28,330,022 Three Months Ended March 31, 2020 Real Private Hedge Fund Credit & Total Estate Equity Solutions Insurance Segments Management and Advisory Fees, Net Base Management Fees $ 371,438 $ 253,974 $ 139,656 $ 145,328 $ 910,396 Transaction, Advisory and Other Fees, Net 23,024 21,413 758 5,470 50,665 Management Fee Offsets (8,341 ) (9,215 ) (42 ) (2,896 ) (20,494 ) Total Management and Advisory Fees, Net 386,121 266,172 140,372 147,902 940,567 Fee Related Performance Revenues 4,551 — — 7,915 12,466 Fee Related Compensation (120,296 ) (110,368 ) (46,191 ) (69,409 ) (346,264 ) Other Operating Expenses (40,476 ) (41,001 ) (18,667 ) (38,741 ) (138,885 ) Fee Related Earnings 229,900 114,803 75,514 47,667 467,884 Realized Performance Revenues 43,720 112,076 1,767 9,670 167,233 Realized Performance Compensation (13,392 ) (54,643 ) (945 ) (2,322 ) (71,302 ) Realized Principal Investment Income 7,300 10,347 (609 ) 3,252 20,290 Total Net Realizations 37,628 67,780 213 10,600 116,221 Total Segment Distributable Earnings $ 267,528 $ 182,583 $ 75,727 $ 58,267 $ 584,105
Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes	The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the three months ended March 31, 2021 and 2020 along with Total Assets as of March 31, 2021: Three Months Ended March 31, 2021 2020 Revenues Total GAAP Revenues $ 5,298,872 $ (3,075,964 ) Less: Unrealized Performance Revenues (a) (2,464,497 ) 3,453,446 Less: Unrealized Principal Investment (Income) Loss (b) (423,934 ) 616,610 Less: Interest and Dividend Revenue (c) (31,412 ) (37,599 ) Less: Other Revenue (d) (60,273 ) (138,151 ) Impact of Consolidation (e) (269,316 ) 321,118 Amortization of Intangibles (f) — 387 Transaction-Related Charges (g) (3,623 ) (830 ) Intersegment Eliminations 1,035 1,539 Total Segment Revenue (h) $ 2,046,852 $ 1,140,556 Three Months Ended 2021 2020 Expenses Total GAAP Expenses $ 2,051,447 $ (638,075 ) Less: Unrealized Performance Allocations Compensation (i) (1,049,969 ) 1,397,378 Less: Equity-Based Compensation (j) (144,272 ) (87,472 ) Less: Interest Expense (k) (44,340 ) (41,540 ) Impact of Consolidation (e) (5,100 ) (11,459 ) Amortization of Intangibles (f) (17,124 ) (16,096 ) Transaction-Related Charges (g) (31,511 ) (47,824 ) Administrative Fee Adjustment (l) (2,708 ) — Intersegment Eliminations 1,035 1,539 Total Segment Expenses (m) $ 757,458 $ 556,451 Three Months Ended 2021 2020 Other Income Total GAAP Other Income $ 123,263 $ (327,969 ) Impact of Consolidation (e) (123,263 ) 327,969 Total Segment Other Income $ — $ — Three Months Ended 2021 2020 Income (Loss) Before Benefit for Taxes Total GAAP Income (Loss) Before Benefit for Taxes $ 3,370,688 $ (2,765,858 ) Less: Unrealized Performance Revenues (a) (2,464,497 ) 3,453,446 Less: Unrealized Principal Investment (Income) Loss (b) (423,934 ) 616,610 Less: Interest and Dividend Revenue (c) (31,412 ) (37,599 ) Less: Other Revenue (d) (60,273 ) (138,151 ) Plus: Unrealized Performance Allocations Compensation (i) 1,049,969 (1,397,378 ) Plus: Equity-Based Compensation (j) 144,272 87,472 Plus: Interest Expense (k) 44,340 41,540 Impact of Consolidation (e) (387,479 ) 660,546 Amortization of Intangibles (f) 17,124 16,483 Transaction-Related Charges (g) 27,888 46,994 Administrative Fee Adjustment (l) 2,708 — Total Segment Distributable Earnings $ 1,289,394 $ 584,105 As of Total Assets Total GAAP Assets $ 29,709,986 Impact of Consolidation (e) (1,379,964 ) Total Segment Assets $ 28,330,022 Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles and Transaction-Related Charges. (a) This adjustment removes Unrealized Performance Revenues on a segment basis. (b) This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis. (c) This adjustment removes Interest and Dividend Revenue on a segment basis. (d) This adjustment removes Other Revenue on a segment basis. For the three months ended March 31, 2021 and 2020, Other Revenue on a GAAP basis was $60.3 million and $138.2 million, and included $59.5 million and $136.9 million of foreign exchange gains (losses), respectively. (e) 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, the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests. (f) 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. (g) 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. (h) Total Segment Revenues is comprised of the following: Three Months Ended March 31, 2021 2020 Total Segment Management and Advisory Fees, Net $ 1,178,205 $ 940,567 Total Segment Fee Related Performance Revenues 169,168 12,466 Total Segment Realized Performance Revenues 401,323 167,233 Total Segment Realized Principal Investment Income 298,156 20,290 Total Segment Revenues $ 2,046,852 $ 1,140,556 (i) This adjustment removes Unrealized Performance Allocations Compensation. (j) This adjustment removes Equity-Based Compensation on a segment basis. (k) This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement. (l) 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. (m) Total Segment Expenses is comprised of the following: Three Months Ended March 31, 2021 2020 Total Segment Fee Related Compensation $ 445,110 $ 346,264 Total Segment Realized Performance Compensation 150,924 71,302 Total Segment Other Operating Expenses 161,424 138,885 Total Segment Expenses $ 757,458 $ 556,451
Reconciliation of Total Segments to Reported on the Consolidated Statement of Operations	The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported on the Condensed Consolidated Statement of Operations for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Management and Advisory Fees, Net GAAP $ 1,177,815 $ 934,832 Segment Adjustment (a) 390 5,735 Total Segment $ 1,178,205 $ 940,567 Three Months Ended March 31, 2021 2020 GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues GAAP Incentive Fees $ 36,124 $ 12,161 Investment Income - Realized Performance Allocations 534,367 167,530 GAAP 570,491 179,691 Total Segment Less: Realized Performance Revenues (401,323 ) (167,233 ) Segment Adjustment (b) — 8 Total Segment $ 169,168 $ 12,466 Three Months Ended March 31, 2021 2020 GAAP Compensation to Total Segment Fee Related Compensation GAAP Compensation $ 542,638 $ 476,543 Incentive Fee Compensation 13,325 6,522 Realized Performance Allocations Compensation 213,027 72,423 GAAP 768,990 555,488 Total Segment Less: Realized Performance Compensation (150,924 ) (71,302 ) Less: Equity-Based Compensation - Operating Compensation (141,674 ) (85,334 ) Less: Equity-Based Compensation - Performance Compensation (2,598 ) (2,138 ) Segment Adjustment (c) (28,684 ) (50,450 ) Total Segment $ 445,110 $ 346,264 Three Months Ended March 31, 2021 2020 GAAP General, Administrative and Other to Total Segment Other Operating Expenses GAAP $ 185,122 $ 157,566 Segment Adjustment (d) (23,698 ) (18,681 ) Total Segment $ 161,424 $ 138,885 Three Months Ended March 31, 2021 2020 Realized Performance Revenues GAAP Incentive Fees $ 36,124 $ 12,161 Investment Income - Realized Performance Allocations 534,367 167,530 GAAP 570,491 179,691 Total Segment Less: Fee Related Performance Revenues (169,168 ) (12,466 ) Segment Adjustment (b) — 8 Total Segment $ 401,323 $ 167,233 Three Months Ended March 31, 2021 2020 Realized Performance Compensation GAAP Incentive Fee Compensation $ 13,325 $ 6,522 Realized Performance Allocation Compensation 213,027 72,423 GAAP 226,352 78,945 Total Segment Less: Fee Related Performance Compensation (72,830 ) (5,505 ) Less: Equity-Based Compensation - Performance Compensation (2,598 ) (2,138 ) Total Segment $ 150,924 $ 71,302 Three Months Ended March 31, 2021 2020 Realized Principal Investment Income GAAP $ 355,038 $ 48,695 Segment Adjustment (e) (56,882 ) (28,405 ) Total Segment $ 298,156 $ 20,290 Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles, the expense of equity-based awards and Transaction-Related Charges. (a) Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures. (b) Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation. (c) Represents the removal of Transaction-Related Charges that are not recorded in the Total Segment measures. (d) Represents the removal of (1) the amortization of transaction-related intangibles, and (2) 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. The three months ended March 31, 2021 includes 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. (e) 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.

Organization - Additional Infor

Organization - Additional Information (Detail)	3 Months Ended
Organization - Additional Information (Detail)	Mar. 31, 2021SegmentPerson
Organization [Line Items]
Number of business segments \| Segment	4
Number of Blackstone founders managing the Partnership \| Person	1

Intangible Assets, Net (Detail)

Intangible Assets, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets/Contractual Rights	$ 1,745,376	$ 1,734,076
Accumulated Amortization	(1,404,898)	(1,386,121)
Intangible Assets, Net	$ 340,478	$ 347,955

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Goodwill and Intangible Assets [Line Items]
Amortization Expense	$ 18,778	$ 17,750
Expected amortization of intangibles, 2021	74,900
Expected amortization of intangibles, 2022	67,100
Expected amortization of intangibles, 2023	38,100
Expected amortization of intangibles, 2024	30,500
Expected amortization of intangibles, 2025	$ 30,500
Intangible assets expected to amortize over a weighted-average period	7 years 4 months 24 days
DCI asset management firm
Goodwill and Intangible Assets [Line Items]
Increase (decrease) of intangible assets	$ 11,300
Increase in intangible assets, contractual rights to earn future fee income	11,100
Increase (decrease) of goodwill	$ (11,300)

Investments (Detail)

Investments (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of Investments [Line Items]
Investments	$ 17,943,309	$ 15,617,142
Partnership Investments
Schedule of Investments [Line Items]
Investments	4,676,341	4,353,234
Accrued Performance Allocations
Schedule of Investments [Line Items]
Investments	9,367,251	6,891,262
Other Investments
Schedule of Investments [Line Items]
Investments	713,628	337,922
Consolidated Blackstone Funds
Schedule of Investments [Line Items]
Investments	1,459,804	1,455,008
Corporate Treasury Investments
Schedule of Investments [Line Items]
Investments	$ 1,726,285	$ 2,579,716

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Jan. 26, 2021	Dec. 31, 2020
Schedule of Investments [Line Items]
Investments	$ 17,943,309			$ 15,617,142
Recognized net gains (losses) related to equity method investments	694,400	$ (566,500)
Equity investments, carrying value	$ 107,100
IPO
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage			10.00%
Patria Investments Limited and Patria Investimentos Ltda.
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	40.00%
Consolidated Blackstone Funds \| Blackstone
Schedule of Investments [Line Items]
Investments	$ 290,500			$ 198,300

Reconciliation of Realized and

Reconciliation of Realized and Net Change in Unrealized Gains (Losses) to Other Income (Loss) - Net Gains (Losses) from Fund Investment Activities in Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Gain (Loss) on Securities [Line Items]
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds	$ 3,993,217	$ (4,196,221)
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	31,412	35,084
Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities	120,353	(327,374)
Consolidated Blackstone Funds
Gain (Loss) on Securities [Line Items]
Realized Gains (Losses)	28,994	(73,274)
Net Change in Unrealized Gains (Losses)	84,467	(333,342)
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds	113,461	(406,616)
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	6,892	79,242
Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities	$ 120,353	$ (327,374)

Performance Fees Allocated to F

Performance Fees Allocated to Funds (Detail) $ in Thousands	3 Months Ended
Performance Fees Allocated to Funds (Detail) $ in Thousands	Mar. 31, 2021USD ($)
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	$ 15,617,142
Ending Balance	17,943,309
Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	6,891,262
Performance Allocations as a Result of Changes in Fund Fair Values	2,995,320
Foreign Exchange Loss	(34,771)
Fund Distributions	(484,560)
Ending Balance	9,367,251
Real Estate Segment \| Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	3,033,462
Performance Allocations as a Result of Changes in Fund Fair Values	757,150
Foreign Exchange Loss	(34,771)
Fund Distributions	(266,397)
Ending Balance	3,489,444
Private Equity Segment \| Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	3,487,206
Performance Allocations as a Result of Changes in Fund Fair Values	1,849,012
Fund Distributions	(180,887)
Ending Balance	5,155,331
Hedge Fund Solutions Segment \| Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	42,293
Performance Allocations as a Result of Changes in Fund Fair Values	283,485
Fund Distributions	(13,279)
Ending Balance	312,499
Credit & Insurance Segment \| Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	328,301
Performance Allocations as a Result of Changes in Fund Fair Values	105,673
Fund Distributions	(23,997)
Ending Balance	$ 409,977

Realized and Net Change in Unre

Realized and Net Change in Unrealized Gains (Losses) on Investments Held by Blackstone's Treasury Cash Management Strategies (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Gain (Loss) on Securities [Line Items]
Total realized and net change in unrealized gains (losses)	$ 3,993,217	$ (4,196,221)
Corporate Treasury Investments
Gain (Loss) on Securities [Line Items]
Realized Gains	6,934	2,517
Net Change in Unrealized Gains (Losses)	9,929	(258,387)
Total realized and net change in unrealized gains (losses)	$ 16,863	$ (255,870)

Realized and Net Change in Un_2

Realized and Net Change in Unrealized Gains (Losses) in Other Investments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Gain (Loss) on Securities [Line Items]
Total Investment Income (Loss)	$ 3,993,217	$ (4,196,221)
Other Investments
Gain (Loss) on Securities [Line Items]
Realized Gains	113	6,985
Net Change in Unrealized Gains (Losses)	284,502	(99,937)
Total Investment Income (Loss)	$ 284,615	$ (92,952)

Summary of Fair Value by Strate

Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments (Detail) $ in Thousands	Mar. 31, 2021USD ($)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 80,926
Diversified Instruments
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	4,502
Credit Driven
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	74,841
Equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	671
Commodities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 912

Summary of Fair Value by Stra_2

Summary of Fair Value by Strategy Type Alongside Consolidated Funds of Hedge Funds' Remaining Unfunded Commitments and Ability to Redeem Such Investments (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2021
Diversified Instruments
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of investments unable to be redeemed at, or within 3 months of reporting date	100.00%
Credit Driven
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of investments unable to be redeemed at, or within 3 months of reporting date	19.00%
Percentage of investments redeemable as of reporting date	81.00%
Equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of investments unable to be redeemed at, or within 3 months of reporting date	100.00%
Investee funds categorized as non redeemable, percentage	62.00%
Commodities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of investments unable to be redeemed at, or within 3 months of reporting date	100.00%

Summary of Aggregate Notional A

Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	$ 1,186,251	$ 1,017,095
Derivative Liabilities, Notional	767,478	1,347,056
Derivative Assets, Fair Value	70,337	126,564
Derivative Liabilities, Fair Value	144,340	203,452
Freestanding Derivatives
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	60,699	8,282
Derivative Liabilities, Notional	52,001	140,996
Derivative Assets, Fair Value	2,464	542
Derivative Liabilities, Fair Value	3,009	7,819
Freestanding Derivatives \| Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	1,125,552	1,008,813
Derivative Liabilities, Notional	715,477	1,206,060
Derivative Assets, Fair Value	67,873	126,022
Derivative Liabilities, Fair Value	141,331	195,633
Freestanding Derivatives \| Blackstone \| Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	2,706	2,706
Derivative Liabilities, Notional	10,186	9,158
Derivative Assets, Fair Value	315	331
Derivative Liabilities, Fair Value	1,345	1,350
Freestanding Derivatives \| Consolidated Blackstone Funds \| Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	3,507	8,282
Derivative Liabilities, Notional	23,707	41,290
Derivative Assets, Fair Value	407	542
Derivative Liabilities, Fair Value	1,115	1,558
Freestanding Derivatives \| Consolidated Blackstone Funds \| Total Return Swaps
Derivatives, Fair Value [Line Items]
Derivative Liabilities, Notional		19,275
Derivative Liabilities, Fair Value		2,125
Freestanding Derivatives \| Foreign Currency Contracts \| Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	47,795	316,787
Derivative Liabilities, Notional	246,219	334,015
Derivative Assets, Fair Value	681	7,392
Derivative Liabilities, Fair Value	1,246	3,941
Freestanding Derivatives \| Foreign Currency Contracts \| Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	57,192
Derivative Liabilities, Notional	14,294	66,431
Derivative Assets, Fair Value	2,057
Derivative Liabilities, Fair Value	821	2,651
Freestanding Derivatives \| Interest Rate Contracts \| Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	1,075,051	684,320
Derivative Liabilities, Notional	459,072	862,887
Derivative Assets, Fair Value	66,877	113,072
Derivative Liabilities, Fair Value	138,740	190,342
Freestanding Derivatives \| Interest Rate Contracts \| Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Liabilities, Notional	14,000	14,000
Derivative Liabilities, Fair Value	$ 1,073	1,485
Freestanding Derivatives \| Other \| Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional		5,000
Derivative Assets, Fair Value		$ 5,227

Summary of Impact of Derivative

Summary of Impact of Derivative Financial Instruments to Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative [Line Items]
Unrealized Gain on Derivatives and Commodity Contracts	$ 9,335	$ 93,920
Freestanding Derivatives
Derivative [Line Items]
Realized Gains (Losses)	810	(19,894)
Net Change in Unrealized Gain (Loss)	8,525	113,814
Freestanding Derivatives \| Total Return Swaps
Derivative [Line Items]
Realized Gains (Losses)	(1,350)	(749)
Net Change in Unrealized Gain (Loss)	2,130	(4,976)
Freestanding Derivatives \| Credit Default Swap
Derivative [Line Items]
Realized Gains (Losses)	(982)	(99)
Net Change in Unrealized Gain (Loss)	842	(1,389)
Freestanding Derivatives \| Interest Rate Contracts
Derivative [Line Items]
Realized Gains (Losses)	1,646	(5,301)
Net Change in Unrealized Gain (Loss)	5,701	108,298
Freestanding Derivatives \| Foreign Currency Contracts
Derivative [Line Items]
Realized Gains (Losses)	1,536	(13,707)
Net Change in Unrealized Gain (Loss)	(128)	11,845
Freestanding Derivatives \| Other
Derivative [Line Items]
Realized Gains (Losses)	(40)	(38)
Net Change in Unrealized Gain (Loss)	$ (20)	$ 36

Summary of Financial Instrument

Summary of Financial Instruments for Which Fair Value Option Has Been Elected (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans and Receivables	$ 604,611	$ 581,079
Assets	1,486,754	1,562,221
Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments	316,303	448,352
Equity and Preferred Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments	565,840	532,790
Liabilities of Consolidated CLO Vehicles
Fair Value, Option, Quantitative Disclosures [Line Items]
Corporate Treasury Commitments	$ 453	$ 244

Realized and Net Change in Un_3

Realized and Net Change in Unrealized Gains (Losses) on Financial Instruments on Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Realized Gains (Losses) \| Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	$ 8,667	$ (11,616)
Realized Gains (Losses) \| Assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	3,836	(59,038)
Realized Gains (Losses) \| Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(4,831)	(3,521)
Realized Gains (Losses) \| Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments		(43,901)
Net Change In Unrealized Gains (Losses) \| Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(6,158)	(70,117)
Net Change In Unrealized Gains (Losses) \| Assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	22,784	(932,961)
Net Change In Unrealized Gains (Losses) \| Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(1,929)	(13,369)
Net Change In Unrealized Gains (Losses) \| Liabilities
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(200)	651,046
Net Change In Unrealized Gains (Losses) \| Equity and Preferred Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	30,871	(84,241)
Net Change In Unrealized Gains (Losses) \| Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments		(764,909)
Net Change In Unrealized Gains (Losses) \| Senior Secured Notes
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments		694,504
Net Change In Unrealized Gains (Losses) \| Subordinated Notes
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments		(43,458)
Net Change In Unrealized Gains (Losses) \| Corporate Treasury Commitments
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	$ (200)
Net Change In Unrealized Gains (Losses) \| Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments		$ (325)

Information for Financial Instr

Information for Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Option, Quantitative Disclosures [Line Items]
(Deficiency) of fair value over uncollected principal	$ (42,619)	$ (37,166)
Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
(Deficiency) of fair value over uncollected principal	(33,237)	(29,359)
Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
(Deficiency) of fair value over uncollected principal	$ (9,382)	$ (7,807)

Fair Value Option - Additional

Fair Value Option - Additional Information (Detail) - Loans and Receivables - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of financial instruments more than one day past due	$ 0	$ 0
Fair value of financial instruments with non-accrual status	$ 0	$ 0

Financial Assets and Liabilitie

Financial Assets and Liabilities at Fair Value (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts Receivable - Loans and Receivables	$ 604,611	$ 581,079
Assets	1,486,754	1,562,221
Securities Sold, Not Yet Purchased	33,160	51,033
Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets	68,841	126,564
Derivatives liabilities	144,340	202,188
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	1,538,266	1,508,341
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	894,132	612,736
Total Investments	3,792,628	4,287,628
Accounts Receivable - Loans and Receivables	604,611	581,079
Assets	5,359,244	5,607,465
Securities Sold, Not Yet Purchased	33,160	51,033
Total Accounts Payable, Accrued Expenses and Other Liabilities	144,793	203,696
Liabilities	177,953	254,729
Fair Value, Measurements, Recurring \| Corporate Treasury Commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Treasury Commitments	453	244
Fair Value, Measurements, Recurring \| Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities	141,331	195,633
Total Accounts Payable, Accrued Expenses and Other Liabilities	3,009	7,819
Fair Value, Measurements, Recurring \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	606,539	252,904
Fair Value, Measurements, Recurring \| Net Asset Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	80,926	77,965
Assets	80,926	77,965
Fair Value, Measurements, Recurring \| Net Asset Value \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	5,414	4,762
Fair Value, Measurements, Recurring \| Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	1,459,804	1,455,008
Derivatives assets	67,873	126,022
Fair Value, Measurements, Recurring \| Consolidated Blackstone Funds \| Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	2,464	542
Fair Value, Measurements, Recurring \| Consolidated Blackstone Funds \| Investment Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	14,877	15,711
Fair Value, Measurements, Recurring \| Consolidated Blackstone Funds \| Equity Securities, Partnerships and LLC Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	1,004,161	881,123
Fair Value, Measurements, Recurring \| Consolidated Blackstone Funds \| Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	438,302	557,632
Fair Value, Measurements, Recurring \| Consolidated Blackstone Funds \| Net Asset Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	14,877	15,711
Fair Value, Measurements, Recurring \| Consolidated Blackstone Funds \| Net Asset Value \| Investment Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	14,877	15,711
Fair Value, Measurements, Recurring \| Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	1,726,285	2,579,716
Fair Value, Measurements, Recurring \| Corporate Treasury Investments \| Net Asset Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	60,635	57,492
Fair Value, Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	887,332	597,130
Total Investments	1,140,471	1,223,299
Assets	2,030,055	1,820,591
Securities Sold, Not Yet Purchased	9,224	9,324
Total Accounts Payable, Accrued Expenses and Other Liabilities	148	373
Liabilities	9,372	9,697
Fair Value, Measurements, Recurring \| Level 1 \| Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities	148	373
Fair Value, Measurements, Recurring \| Level 1 \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	555,523	187,089
Fair Value, Measurements, Recurring \| Level 1 \| Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	48,652	39,694
Derivatives assets	2,252	162
Fair Value, Measurements, Recurring \| Level 1 \| Consolidated Blackstone Funds \| Equity Securities, Partnerships and LLC Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	47,637	39,694
Fair Value, Measurements, Recurring \| Level 1 \| Consolidated Blackstone Funds \| Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	1,015
Fair Value, Measurements, Recurring \| Level 1 \| Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	536,296	996,516
Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	6,800	15,606
Total Investments	1,637,576	2,059,102
Assets	1,709,997	2,200,568
Securities Sold, Not Yet Purchased	23,936	41,709
Total Accounts Payable, Accrued Expenses and Other Liabilities	144,192	203,079
Liabilities	168,128	244,788
Fair Value, Measurements, Recurring \| Level 2 \| Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities	141,183	195,260
Total Accounts Payable, Accrued Expenses and Other Liabilities	3,009	7,819
Fair Value, Measurements, Recurring \| Level 2 \| Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	511,047	541,293
Derivatives assets	65,621	125,860
Fair Value, Measurements, Recurring \| Level 2 \| Consolidated Blackstone Funds \| Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	2,464	542
Fair Value, Measurements, Recurring \| Level 2 \| Consolidated Blackstone Funds \| Equity Securities, Partnerships and LLC Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	129,035	48,471
Fair Value, Measurements, Recurring \| Level 2 \| Consolidated Blackstone Funds \| Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	379,548	492,280
Fair Value, Measurements, Recurring \| Level 2 \| Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	1,126,529	1,517,809
Fair Value, Measurements, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	933,655	927,262
Accounts Receivable - Loans and Receivables	604,611	581,079
Assets	1,538,266	1,508,341
Total Accounts Payable, Accrued Expenses and Other Liabilities	453	244
Liabilities	453	244
Fair Value, Measurements, Recurring \| Level 3 \| Corporate Treasury Commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Treasury Commitments	453	244
Fair Value, Measurements, Recurring \| Level 3 \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	45,602	61,053
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	885,228	858,310
Assets	885,228	858,310
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds \| Equity Securities, Partnerships and LLC Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	827,489	792,958
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds \| Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	57,739	65,352
Fair Value, Measurements, Recurring \| Level 3 \| Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	$ 2,825	$ 7,899

Summary of Quantitative Inputs

Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy (Detail) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2021	Dec. 31, 2020
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 1,486,754	$ 1,562,221
Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		1,538,266	1,508,341
Fair Value, Measurements, Recurring
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		5,359,244	5,607,465
Fair Value, Measurements, Recurring \| Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		1,538,266	1,508,341
Fair Value, Measurements, Recurring \| Level 3 \| Loans and Receivables \| Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 604,611	$ 581,079
Fair Value, Measurements, Recurring \| Level 3 \| Minimum \| Loans and Receivables \| Discounted Cash Flows \| Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		6.50%	6.70%
Fair Value, Measurements, Recurring \| Level 3 \| Maximum \| Loans and Receivables \| Discounted Cash Flows \| Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		10.30%	10.30%
Fair Value, Measurements, Recurring \| Level 3 \| Weighted Average \| Loans and Receivables \| Discounted Cash Flows \| Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	[1]	7.70%	7.80%
Fair Value, Measurements, Recurring \| Level 3 \| Other Investments \| Transaction Price Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 45,602	$ 61,053
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		885,228	858,310
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds \| Equity Securities, Partnerships and LLC Interests \| Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 827,489	$ 792,958
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds \| Equity Securities, Partnerships and LLC Interests \| Minimum \| Discounted Cash Flows \| Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		3.80%	3.80%
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds \| Equity Securities, Partnerships and LLC Interests \| Minimum \| Discounted Cash Flows \| Measurement Input, Cap Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate		2.70%	2.70%
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds \| Equity Securities, Partnerships and LLC Interests \| Minimum \| Discounted Cash Flows \| EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA		3.7	1.7
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds \| Equity Securities, Partnerships and LLC Interests \| Maximum \| Discounted Cash Flows \| Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		42.10%	42.10%
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds \| Equity Securities, Partnerships and LLC Interests \| Maximum \| Discounted Cash Flows \| Measurement Input, Cap Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate		15.10%	14.90%
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds \| Equity Securities, Partnerships and LLC Interests \| Maximum \| Discounted Cash Flows \| EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA		27	24
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds \| Equity Securities, Partnerships and LLC Interests \| Weighted Average \| Discounted Cash Flows \| Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	[1]	10.80%	10.80%
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds \| Equity Securities, Partnerships and LLC Interests \| Weighted Average \| Discounted Cash Flows \| Measurement Input, Cap Rate [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate	[1]	5.30%	5.40%
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds \| Equity Securities, Partnerships and LLC Interests \| Weighted Average \| Discounted Cash Flows \| EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA	[1]	13	13.2
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds \| Debt Instruments \| Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 57,739	$ 65,352
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds \| Debt Instruments \| Minimum \| Discounted Cash Flows \| Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		6.70%	6.30%
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds \| Debt Instruments \| Maximum \| Discounted Cash Flows \| Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		19.30%	19.30%
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds \| Debt Instruments \| Weighted Average \| Discounted Cash Flows \| Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	[1]	10.10%	8.60%
Fair Value, Measurements, Recurring \| Level 3 \| Corporate Treasury Investments \| Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 2,825	$ 7,899
Fair Value, Measurements, Recurring \| Level 3 \| Corporate Treasury Investments \| Minimum \| Discounted Cash Flows \| Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		0.90%	3.30%
Fair Value, Measurements, Recurring \| Level 3 \| Corporate Treasury Investments \| Maximum \| Discounted Cash Flows \| Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate		6.80%	7.40%
Fair Value, Measurements, Recurring \| Level 3 \| Corporate Treasury Investments \| Weighted Average \| Discounted Cash Flows \| Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	[1]	4.70%	6.40%

[1]	Unobservable inputs were weighted based on the fair value of the investments included in the range.

Summary of Changes in Financial

Summary of Changes in Financial Assets Measured at Fair Value for Which Level III Inputs Were Used (Detail) - Level 3 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	$ 1,485,547	$ 1,580,312
Transfer Into Level III	880	214,842
Transfer Out of Level III	(77,451)	(164,483)
Purchases	410,656	261,602
Sales	(345,862)	(503,459)
Issuances	6,746
Settlements	(17,400)	(2,013)
Changes in Gains (Losses) Included in Earnings	67,883	(106,679)
Balance, End of Period	1,530,999	1,280,122
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	52,934	(99,974)
Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	46,158	29,289
Transfer Into Level III		26,719
Transfer Out of Level III		(12,144)
Purchases		1,212
Sales	(5,149)	(5,039)
Changes in Gains (Losses) Included in Earnings	151	7,872
Balance, End of Period	41,160	47,909
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	61	7,900
Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	581,079	500,751
Purchases	323,329	163,739
Sales	(292,724)	(431,192)
Issuances	6,746
Settlements	(17,400)	(2,013)
Changes in Gains (Losses) Included in Earnings	3,581	(13,170)
Balance, End of Period	604,611	218,115
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	(3,856)	(19,902)
Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	858,310	1,050,272
Transfer Into Level III	880	188,123
Transfer Out of Level III	(77,451)	(152,339)
Purchases	87,327	96,651
Sales	(47,989)	(67,228)
Changes in Gains (Losses) Included in Earnings	64,151	(101,381)
Balance, End of Period	885,228	1,014,098
Changes in Unrealized Gains (Losses) Included in Earnings Related to Investments Still Held at the Reporting Date	$ 56,729	$ (87,972)

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Blackstone's Total Assets	$ 29,709,986	$ 26,269,252
Total Liabilities	$ 12,884,798	11,678,743
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Blackstone's Total Assets		6,800,000
Total Liabilities		6,600,000
Non-Controlling Interests		$ 216,300

Maximum Exposure to Loss Relati

Maximum Exposure to Loss Relating to Non-Consolidated VIEs (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
VIE Assets	$ 29,709,986	$ 26,269,252
VIE Liabilities	12,884,798	11,678,743
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
VIE Assets		6,800,000
VIE Liabilities		6,600,000
Maximum Exposure to Loss	2,062,255	1,608,786
Variable Interest Entity, Not Primary Beneficiary \| Investments
Variable Interest Entity [Line Items]
VIE Assets	1,730,904	1,307,292
Variable Interest Entity, Not Primary Beneficiary \| Due from Affiliates
Variable Interest Entity [Line Items]
VIE Assets	286,541	262,815
Variable Interest Entity, Not Primary Beneficiary \| Potential Clawback Obligation
Variable Interest Entity [Line Items]
VIE Liabilities	44,810	38,679
Variable Interest Entity, Not Primary Beneficiary \| Due to Non Consolidated Entity
Variable Interest Entity [Line Items]
VIE Liabilities	$ 211	$ 241

Repurchase Agreements - Additio

Repurchase Agreements - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Securities Financing Transaction [Line Items]
Pledged securities with carrying value to collateralize its repurchase agreements	$ 83.5	$ 110.8

Schedule of Repurchase Agreemen

Schedule of Repurchase Agreements Obligation by Type of Collateral Pledged (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 58,050	$ 76,808
Gross Amount of Recognized Liabilities for Repurchase Agreements in Note 11. "Offsetting of Assets and Liabilities"	58,050	76,808
Amounts Related to Agreements Not Included in Offsetting Disclosure in Note 11. "Offsetting of Assets and Liabilities"	0	0
Overnight and Continuous \| Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	0	0
Up to 30 Days \| Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	10,791	15,345
30 - 90 Days \| Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	45,641	32,759
Greater than 90 Days \| Asset-backed Securities
Assets Sold under Agreements to Repurchase [Line Items]
Repurchase Agreements	$ 1,618	$ 28,704

Offsetting of Assets and Liab_3

Offsetting of Assets and Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Offsetting Assets and Liabilities [Line Items]
Repurchase agreements gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	$ 58,050	$ 76,808
Repurchase agreements gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	58,050	76,808
Repurchase agreements gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	0	0
Repurchase agreements Net Amount	0	0
Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	202,390	278,996
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	183,717	251,431
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	14,118	19,194
Net Amount	4,555	8,371
Freestanding Derivatives
Offsetting Assets and Liabilities [Line Items]
Derivatives gross and Net Amounts of Assets Presented in the Statement of Financial Condition	68,841	126,564
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	66,305	114,673
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	53	53
Derivatives Net Amount	2,483	11,838
Derivatives gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	144,340	202,188
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	125,667	174,623
Derivatives gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	14,118	19,194
Derivatives Net Amount	$ 4,555	$ 8,371

Offsetting Of Assets And Liab_4

Offsetting Of Assets And Liabilities - Additional Information (Detail) - Cash Pooling Arrangement $ in Millions	Mar. 31, 2021USD ($)
Offsetting Assets [Line Items]
Aggregate cash balance on deposit relating to the cash pooling arrangement	$ 545.8
Overdraft facility	$ 545.8

Components of Other Assets (Det

Components of Other Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of Other Assets [Line Items]
Furniture, Equipment and Leasehold Improvements, Net	$ 240,426	$ 231,807
Prepaid Expenses	110,803	105,248
Freestanding Derivatives	67,873	126,022
Other	15,373	17,945
Total Other Assets	$ 434,475	$ 481,022

Carrying Value and Fair Value o

Carrying Value and Fair Value of Blackstone Issued Notes (Detail) - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Carrying Value		$ 5,573,865	$ 5,644,554
Debt instrument, fair value	[1]	6,039,889	6,515,676
4.750% Notes
Debt Instrument [Line Items]
Carrying Value		397,678	397,385
Debt instrument, fair value	[1]	430,280	434,400
2.000% Notes
Debt Instrument [Line Items]
Carrying Value		348,493	362,947
Debt instrument, fair value	[1]	380,193	398,620
1.000% Notes
Debt Instrument [Line Items]
Carrying Value		696,454	724,646
Debt instrument, fair value	[1]	732,445	770,707
3.150% Notes
Debt Instrument [Line Items]
Carrying Value		297,473	297,387
Debt instrument, fair value	[1]	324,930	332,370
1.500% Notes
Debt Instrument [Line Items]
Carrying Value		699,020	728,054
Debt instrument, fair value	[1]	760,597	805,744
2.500% Notes
Debt Instrument [Line Items]
Carrying Value		490,972	490,745
Debt instrument, fair value	[1]	505,750	538,200
1.600% Notes
Debt Instrument [Line Items]
Carrying Value		495,209	495,100
Debt instrument, fair value	[1]	459,600	497,950
6.250% Notes
Debt Instrument [Line Items]
Carrying Value		238,728	238,668
Debt instrument, fair value	[1]	345,000	372,250
5.000% Notes
Debt Instrument [Line Items]
Carrying Value		489,261	489,201
Debt instrument, fair value	[1]	612,300	684,800
4.450% Notes
Debt Instrument [Line Items]
Carrying Value		344,315	344,282
Debt instrument, fair value	[1]	402,324	449,645
4.000% Notes
Debt Instrument [Line Items]
Carrying Value		290,581	290,533
Debt instrument, fair value	[1]	324,510	364,590
3.500% Notes
Debt Instrument [Line Items]
Carrying Value		391,966	391,925
Debt instrument, fair value	[1]	402,280	460,120
2.800% Notes
Debt Instrument [Line Items]
Carrying Value		393,715	393,681
Debt instrument, fair value	[1]	$ 359,680	$ 406,280

[1]	Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.

Carrying Value and Fair Value_2

Carrying Value and Fair Value of Blackstone Issued Notes (Parenthetical) (Detail) - Senior Secured Notes	3 Months Ended
	Mar. 31, 2021
4.750% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	4.75%
Debt instrument, maturity date	Feb. 15, 2023
2.000% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2.00%
Debt instrument, maturity date	May 19, 2025
1.000% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	1.00%
Debt instrument, maturity date	Oct. 5, 2026
3.150% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	3.15%
Debt instrument, maturity date	Oct. 2, 2027
1.500% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	1.50%
Debt instrument, maturity date	Apr. 10, 2029
2.500% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2.50%
Debt instrument, maturity date	Jan. 10, 2030
1.600% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	1.60%
Debt instrument, maturity date	Mar. 30, 2031
6.250% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	6.25%
Debt instrument, maturity date	Aug. 15, 2042
5.000% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	5.00%
Debt instrument, maturity date	Jun. 15, 2044
4.450% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	4.45%
Debt instrument, maturity date	Jul. 15, 2045
4.000% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	4.00%
Debt instrument, maturity date	Oct. 2, 2047
3.500% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	3.50%
Debt instrument, maturity date	Sep. 10, 2049
2.800% Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2.80%
Debt instrument, maturity date	Sep. 30, 2050

Scheduled Principal Payments fo

Scheduled Principal Payments for Borrowings (Detail) $ in Thousands	Mar. 31, 2021USD ($)
Debt Instrument [Line Items]
2021	$ 100
2023	400,000
2025	351,900
Thereafter	4,907,600
Total	5,659,600
Operating Borrowings
Debt Instrument [Line Items]
2023	400,000
2025	351,900
Thereafter	4,907,600
Total	5,659,500
Blackstone Fund Facilities CLO Vehicles
Debt Instrument [Line Items]
2021	100
Total	$ 100

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax [Line Items]
Effective Income Tax Rate	0.00%	5.70%
Provision for Income Tax (Benefits) Expenses	$ (447)	$ (158,703)

Basic and Diluted Net Income Pe

Basic and Diluted Net Income Per Common Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Line Items]
Net Income (Loss) Attributable to The Blackstone Group Inc., Basic and Diluted		$ 1,747,872	$ (1,066,492)
Weighted-Average Shares of Common Stock Outstanding, Basic		709,033,212	676,305,359
Weighted-Average Shares of Unvested Deferred Restricted Common Stock		879,132
Weighted-Average Shares of Common Stock Outstanding, Diluted		709,912,344	676,305,359
Net Income (Loss) Per Share of Common Stock, Basic		$ 2.47	$ (1.58)
Net Income (Loss) Per Share of Common Stock, Diluted		2.46	(1.58)
Dividends Declared Per Share of Common Stock	[1]	$ 0.96	$ 0.61

[1]	Dividends declared reflects the calendar date of the declaration for each dividend.

Summary of Anti-Dilutive Securi

Summary of Anti-Dilutive Securities (Detail) - shares	3 Months Ended
Summary of Anti-Dilutive Securities (Detail) - shares	Mar. 31, 2021	Mar. 31, 2020
Unvested Deferred Restricted Common Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-Average Units		10,465,568
Blackstone Partnership Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-Average Units	493,170,234	511,220,151

Schedule of Shares Eligible For

Schedule of Shares Eligible For Dividends and Distribution (Detail)	Mar. 31, 2021shares
Stockholders Equity [Line Items]
Common stock eligible for dividends and distributions	711,065,543
Shares eligible for dividends and distributions	1,201,782,072
Common Stock [Member]
Stockholders Equity [Line Items]
Common stock eligible for dividends and distributions	690,569,563
Unvested Participating Common Stock [Member]
Stockholders Equity [Line Items]
Common stock eligible for dividends and distributions	20,495,980
Participating Partnership Units [Member]
Stockholders Equity [Line Items]
Participating Blackstone Holdings Partnership Units	490,716,529

Earnings Per Share and Stockh_3

Earnings Per Share and Stockholder's Equity - Additional Information (Detail) - USD ($)	Jul. 01, 2019	Mar. 31, 2021	Mar. 31, 2020	May 06, 2021	Feb. 26, 2021	Dec. 31, 2020	Jul. 16, 2019
Stockholders Equity [Line Items]
Common stock par value		$ 0.00001				$ 0.00001
Preferred shares authorized					10,000,000,000
Preferred shares par value					$ 0.00001
Amount remaining available for repurchases		$ 307,200,000
Share Reclassification
Stockholders Equity [Line Items]
Preferred shares authorized					9,000,000,000
Common Class A
Stockholders Equity [Line Items]
Common stock par value	$ 0.00001
Conversion of Stock	one issued and outstanding
Common Class B
Stockholders Equity [Line Items]
Common stock par value	$ 0.00001
Conversion of Stock	one issued and outstanding
Common Class C
Stockholders Equity [Line Items]
Common stock par value	$ 0.00001
Conversion of Stock	one issued and outstanding
Common Stock
Stockholders Equity [Line Items]
Common stock repurchased, units		0	5,000,000
Amount authorized to repurchase under unit repurchase program							$ 1,000,000,000
Common stock repurchased, cost			$ 253,500,000
Common Stock \| Subsequent Event
Stockholders Equity [Line Items]
Amount authorized to repurchase under unit repurchase program				$ 1,000,000,000
Series I Preferred Stock
Stockholders Equity [Line Items]
Preferred shares authorized		999,999,000				999,999,000
Preferred shares par value		$ 0.00001				$ 0.00001
Preferred shares issued		1				1
Preferred shares outstanding		1				1
Series I Preferred Stock \| Share Reclassification
Stockholders Equity [Line Items]
Preferred shares authorized					999,999,000
Preferred shares issued		1
Preferred shares outstanding		1
Series II Preferred Stock
Stockholders Equity [Line Items]
Preferred shares authorized		1,000				1,000
Preferred shares par value		$ 0.00001				$ 0.00001
Preferred shares issued		1				1
Preferred shares outstanding		1				1
Series II Preferred Stock \| Share Reclassification
Stockholders Equity [Line Items]
Preferred shares authorized					1,000
Preferred shares issued		1
Preferred shares outstanding		1

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Jan. 01, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Partnership grant units			171,130,080
Compensation expense in relation to equity-based awards	$ 163,867	$ 118,812
Tax benefits in relation to equity-based awards	21,900	$ 13,700
Estimated unrecognized compensation expense related to unvested awards	$ 1,400,000
Weighted-average period for recognized compensation expense related to unvested awards, years	3 years 6 months
Total vested and unvested outstanding units	1,201,928,645
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total outstanding unvested phantom units	72,738

Summary of Status of Partnershi

Summary of Status of Partnership's Unvested Equity-Based Awards (Detail)	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Blackstone \| Blackstone Partnership Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance \| shares	23,771,136
Vested (Units) \| shares	(1,084,770)
Forfeited (Units) \| shares	(523,549)
Ending Balance \| shares	22,162,817
Beginning Balance \| $ / shares	$ 36.33
Vested (Weighted-Average Grant Date Fair Value) \| $ / shares	36.74
Forfeited (Weighted-Average Grant Date Fair Value) \| $ / shares	41.33
Ending Balance \| $ / shares	$ 36.47
Blackstone Group Inc. [Member] \| Equity Settled Awards Deferred Restricted Shares Of Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance \| shares	19,512,034
Granted (Units) \| shares	2,491,254
Vested (Units) \| shares	(1,977,694)
Forfeited (Units) \| shares	(214,904)
Ending Balance \| shares	19,810,690
Beginning Balance \| $ / shares	$ 42.60
Granted (Weighted-Average Grant Date Fair Value) \| $ / shares	64.59
Vested (Weighted-Average Grant Date Fair Value) \| $ / shares	45.37
Forfeited (Weighted-Average Grant Date Fair Value) \| $ / shares	44.53
Ending Balance \| $ / shares	$ 45.07
Blackstone Group Inc. [Member] \| Cash Settled Awards Phantom Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance \| shares	65,284
Granted (Units) \| shares	2,687
Vested (Units) \| shares	(1,211)
Ending Balance \| shares	66,760
Beginning Balance \| $ / shares	$ 60.42
Granted (Weighted-Average Grant Date Fair Value) \| $ / shares	69.96
Vested (Weighted-Average Grant Date Fair Value) \| $ / shares	69.96
Ending Balance \| $ / shares	$ 69.96

Unvested Shares and Units, Afte

Unvested Shares and Units, After Expected Forfeitures (Detail)	3 Months Ended
	Mar. 31, 2021shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Blackstone Holdings Partnership Units	19,349,603
Deferred Restricted Shares of Common Stock	16,881,420
Total Equity-Based Awards	36,231,023
Phantom Shares	54,690
Blackstone Holdings Partnership Units (Weighted-Average Service Period in Years)	2 years 6 months
Deferred Restricted Shares of Common Stock (Weighted-Average Service in Years)	3 years 2 months 12 days
Total Equity-Based Awards (Weighted-Average Service Period in Years)	2 years 9 months 18 days
Phantom Shares (Weighted-Average Service Period in Years)	2 years 9 months 18 days

Due from Affiliates and Due to

Due from Affiliates and Due to Affiliates (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated Entities and Portfolio Companies	$ 2,365,997	$ 2,637,055
Due from Certain Non-Controlling Interest Holders and Blackstone Employees	614,749	548,897
Accrual for Potential Clawback of Previously Distributed Performance Allocations	34,572	35,563
Due from Affiliates, total	3,015,318	3,221,515
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements	880,752	857,523
Due to Non-Consolidated Entities	135,043	107,410
Due to Certain Non-Controlling Interest Holders and Blackstone Employees	64,619	61,539
Accrual for Potential Repayment of Previously Received Performance Allocations	81,361	108,569
Due to Affiliates, total	$ 1,161,775	$ 1,135,041

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Investments	$ 17,943,309		$ 15,617,142
Cash saving in tax receivable agreements, percentage	85.00%
Expected future payments under the tax receivable agreements	$ 880,700
Expected future payments under the tax receivable agreements in years	15 years
After-tax net present value estimated payments	$ 237,300
After-tax net present value discount rate assumption	15.00%
Founder, senior managing directors, employees and certain other related parties
Related Party Transaction [Line Items]
Net Income Attributable to Non-Controlling Interests	$ 117,400	$ (178,400)
Founder, senior managing directors, employees and certain other related parties \| Consolidated Blackstone Funds
Related Party Transaction [Line Items]
Investments	1,300,000		$ 1,100,000
Affiliates
Related Party Transaction [Line Items]
Interest from loans to affiliates	$ 2,200	$ 3,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Schedule Of Commitments And Contingencies [Line Items]
General partner capital funding	$ 4,100
Total investments at risk in respect of guarantees extended	$ 22.5
Contingent obligations currently anticipated to expire end	2028
Provision for cash clawback	$ 829.6
Contingent Obligations (Clawback)	4,300
Non Consolidated Credit Fund
Schedule Of Commitments And Contingencies [Line Items]
Purchase obligation	128.2
Fair value of the amount outstanding	128.8
Gain loss recognised on transaction	0.6
Blackstone Holdings
Schedule Of Commitments And Contingencies [Line Items]
Loans held By employees for investment guaranteed	222
Contingent Obligations (Clawback)	3,900
Consolidated Blackstone Funds
Schedule Of Commitments And Contingencies [Line Items]
Funds signed investment commitments	102.9
Consolidated Blackstone Funds \| Portfolio Company Acquisition
Schedule Of Commitments And Contingencies [Line Items]
Signed investment commitments for portfolio company acquisitions in process of closing	$ 66.9

Clawback Obligations by Segment

Clawback Obligations by Segment (Detail) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2021	Dec. 31, 2020
Product Liability Contingency [Line Items]
Clawback obligations		$ 81,361	$ 108,569
Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		46,789	83,940
Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[1]	34,572	24,629
Real Estate Segment
Product Liability Contingency [Line Items]
Clawback obligations		44,001	45,385
Real Estate Segment \| Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		27,433	28,283
Real Estate Segment \| Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[1]	16,568	17,102
Private Equity Segment
Product Liability Contingency [Line Items]
Clawback obligations		7,550	33,099
Private Equity Segment \| Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		5,548	41,722
Private Equity Segment \| Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[1]	2,002	(8,623)
Credit & Insurance
Product Liability Contingency [Line Items]
Clawback obligations		29,810	30,085
Credit & Insurance \| Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		13,808	13,935
Credit & Insurance \| Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[1]	$ 16,002	$ 16,150

[1]	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.

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	3 Months Ended
Segment Reporting - Additional Information (Detail)	Mar. 31, 2021Segment
Segment Reporting Information [Line Items]
Number of business segments	4

Financial Data of Segments (Det

Financial Data of Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Fee Related Performance Revenues	$ 169,168	$ 12,466
Realized Performance Revenues	570,491	179,691
Realized Performance Compensation	226,352	78,945
Operating Segments
Segment Reporting Information [Line Items]
Base Management Fees	1,117,290	910,396
Transaction, Advisory and Other Fees, Net	78,640	50,665
Management Fee Offsets	(17,725)	(20,494)
Total Management and Advisory Fees, Net	1,178,205	940,567
Fee Related Performance Revenues	169,168	12,466
Fee Related Compensation	(445,110)	(346,264)
Other Operating Expenses	(161,424)	(138,885)
Fee Related Earnings	740,839	467,884
Realized Performance Revenues	401,323	167,233
Realized Performance Compensation	(150,924)	(71,302)
Realized Principal Investment Income	298,156	20,290
Total Net Realizations	548,555	116,221
Total Segment Distributable Earnings	1,289,394	584,105
Segment Assets	28,330,022
Operating Segments \| Real Estate Segment
Segment Reporting Information [Line Items]
Base Management Fees	427,186	371,438
Transaction, Advisory and Other Fees, Net	26,019	23,024
Management Fee Offsets	(1,623)	(8,341)
Total Management and Advisory Fees, Net	451,582	386,121
Fee Related Performance Revenues	155,392	4,551
Fee Related Compensation	(188,492)	(120,296)
Other Operating Expenses	(44,362)	(40,476)
Fee Related Earnings	374,120	229,900
Realized Performance Revenues	88,638	43,720
Realized Performance Compensation	(22,762)	(13,392)
Realized Principal Investment Income	100,820	7,300
Total Net Realizations	166,696	37,628
Total Segment Distributable Earnings	540,816	267,528
Segment Assets	9,382,360
Operating Segments \| Private Equity Segment
Segment Reporting Information [Line Items]
Base Management Fees	377,660	253,974
Transaction, Advisory and Other Fees, Net	42,707	21,413
Management Fee Offsets	(13,919)	(9,215)
Total Management and Advisory Fees, Net	406,448	266,172
Fee Related Compensation	(140,597)	(110,368)
Other Operating Expenses	(51,055)	(41,001)
Fee Related Earnings	214,796	114,803
Realized Performance Revenues	255,845	112,076
Realized Performance Compensation	(111,209)	(54,643)
Realized Principal Investment Income	115,403	10,347
Total Net Realizations	260,039	67,780
Total Segment Distributable Earnings	474,835	182,583
Segment Assets	12,585,484
Operating Segments \| Hedge Fund Solutions Segment
Segment Reporting Information [Line Items]
Base Management Fees	150,533	139,656
Transaction, Advisory and Other Fees, Net	4,346	758
Management Fee Offsets	(58)	(42)
Total Management and Advisory Fees, Net	154,821	140,372
Fee Related Compensation	(38,850)	(46,191)
Other Operating Expenses	(19,172)	(18,667)
Fee Related Earnings	96,799	75,514
Realized Performance Revenues	31,573	1,767
Realized Performance Compensation	(6,908)	(945)
Realized Principal Investment Income	35,550	(609)
Total Net Realizations	60,215	213
Total Segment Distributable Earnings	157,014	75,727
Segment Assets	2,524,669
Operating Segments \| Credit & Insurance Segment
Segment Reporting Information [Line Items]
Base Management Fees	161,911	145,328
Transaction, Advisory and Other Fees, Net	5,568	5,470
Management Fee Offsets	(2,125)	(2,896)
Total Management and Advisory Fees, Net	165,354	147,902
Fee Related Performance Revenues	13,776	7,915
Fee Related Compensation	(77,171)	(69,409)
Other Operating Expenses	(46,835)	(38,741)
Fee Related Earnings	55,124	47,667
Realized Performance Revenues	25,267	9,670
Realized Performance Compensation	(10,045)	(2,322)
Realized Principal Investment Income	46,383	3,252
Total Net Realizations	61,605	10,600
Total Segment Distributable Earnings	116,729	$ 58,267
Segment Assets	$ 3,837,509

Reconciliation of Total Segment

Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total Revenues		$ 5,298,872	$ (3,075,964)
Less: Unrealized Principal Investment (Income) Loss		639,315	(959,365)
Total Expenses		2,051,447	(638,075)
Total Other Income		123,263	(327,969)
Total GAAP Income (Loss) Before Benefit for Taxes		3,370,688	(2,765,858)
Total Assets		29,709,986		$ 26,269,252
Less: Unrealized Principal Investment (Income) Loss		639,315	(959,365)
Operating Segments
Segment Reporting Information [Line Items]
Total Revenues	[1]	2,046,852	1,140,556
Total Expenses	[2]	757,458	556,451
Total Segment Distributable Earnings		1,289,394	584,105
Total Assets		28,330,022
Consolidation Adjustments and Reconciling Items
Segment Reporting Information [Line Items]
Less: Unrealized Performance Revenues	[3]	(2,464,497)	3,453,446
Less: Unrealized Principal Investment (Income) Loss	[4]	(423,934)	616,610
Less: Interest and Dividend Revenue	[5]	(31,412)	(37,599)
Less: Other Revenue	[6]	(60,273)	(138,151)
Impact of Consolidation	[7]	(269,316)	321,118
Amortization of Intangibles	[8]		387
Transaction-Related Charges	[9]	(3,623)	(830)
Less: Unrealized Performance Allocations Compensation	[10]	(1,049,969)	1,397,378
Less: Equity-Based Compensation	[11]	(144,272)	(87,472)
Less: Interest Expense	[12]	(44,340)	(41,540)
Impact of Consolidation	[7]	(5,100)	(11,459)
Amortization of Intangibles	[8]	(17,124)	(16,096)
Transaction-Related Charges	[9]	(31,511)	(47,824)
Administrative Fee Adjustment	[13]	2,708
Less: Unrealized Performance Revenues	[3]	(2,464,497)	3,453,446
Less: Unrealized Principal Investment (Income) Loss	[4]	(423,934)	616,610
Less: Interest and Dividend Revenue	[5]	(31,412)	(37,599)
Less: Other Revenue	[6]	(60,273)	(138,151)
Plus: Unrealized Performance Allocations Compensation	[10]	1,049,969	(1,397,378)
Plus: Equity Based Compensation	[11]	144,272	87,472
Plus: Interest Expense	[12]	44,340	41,540
Amortization of Intangibles	[8]	17,124	16,483
Transaction-Related Charges	[9]	27,888	46,994
Segment Adjustment
Segment Reporting Information [Line Items]
Intersegment Eliminations		1,035	1,539
Intersegment Eliminations		1,035	1,539
Impact of Consolidation
Segment Reporting Information [Line Items]
Total Other Income	[7]	(123,263)	327,969
Total Assets	[7]	(1,379,964)
Impact of Consolidation	[7]	$ (387,479)	$ 660,546

[1]	Total Segment Revenues is comprised of the following:
[2]	Total Segment Expenses is comprised of the following:
[3]	This adjustment removes Unrealized Performance Revenues on a segment basis.
[4]	This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis.
[5]	This adjustment removes Interest and Dividend Revenue on a segment basis.
[6]	This adjustment removes Other Revenue on a segment basis. For the three months ended March 31, 2021 and 2020, Other Revenue on a GAAP basis was $60.3 million and $138.2 million, and included $59.5 million and $136.9 million of foreign exchange gains (losses), respectively.
[7]	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, the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.
[8]	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.
[9]	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.
[10]	This adjustment removes Unrealized Performance Allocations Compensation.
[11]	This adjustment removes Equity-Based Compensation on a segment basis.
[12]	This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement.
[13]	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.

Reconciliation of Total Segme_2

Reconciliation of Total Segments to Income (Loss) Before Provision for Taxes and Total Assets (Parenthetical) (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Fee Related Performance Revenues		$ 169,168	$ 12,466
Total Segment Realized Performance Revenues		570,491	179,691
Total Segment Realized Performance Compensation		(226,352)	(78,945)
Other revenue		60,304	138,180
Other Operating Income (Expense) [Member]
Segment Reporting Information [Line Items]
Foreign exchange gains (losses)		59,500	136,900
Operating Segments
Segment Reporting Information [Line Items]
Total Segment Management and Advisory Fees, Net		1,178,205	940,567
Fee Related Performance Revenues		169,168	12,466
Total Segment Realized Performance Revenues		401,323	167,233
Total Segment Realized Principal Investment Income		298,156	20,290
Total Revenues	[1]	2,046,852	1,140,556
Total Segment Fee Related Compensation		445,110	346,264
Total Segment Realized Performance Compensation		150,924	71,302
Total Segment Other Operating Expenses		161,424	138,885
Total Expenses	[2]	$ 757,458	$ 556,451

[1]	Total Segment Revenues is comprised of the following:
[2]	Total Segment Expenses is comprised of the following:

Reconciliation of Total Segme_3

Reconciliation of Total Segments to Reported on the Consolidated Statement of Operations (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Revenues	[1]	$ 390	$ 5,735
Investment Income - Realized Performance Allocations		534,367	167,530
Realized Performance Revenues		169,168	12,466
Compensation and Benefits Compensation		542,638	476,543
Incentive Fee Compensation		13,325	6,522
Realized Performance Allocations Compensation		213,027	72,423
Realized Performance Revenues		570,491	179,691
Segment Adjustment	[2]		8
Total Compensation and Benefits		768,990	555,488
General, Administrative and Other		185,122	157,566
General, Administrative and Other	[3]	(23,698)	(18,681)
Investment Income - Realized Performance Allocations		534,367	167,530
Realized Performance Revenues		570,491	179,691
Realized Performance Compensation		226,352	78,945
Investment Income Realized		355,038	48,695
Segment Adjustment	[4]	(28,684)	(50,450)
Total Segment		(226,352)	(78,945)
Management and Advisory Fees, Net
Segment Reporting Information [Line Items]
Revenues		1,177,815	934,832
Incentive Fees
Segment Reporting Information [Line Items]
Revenues		36,124	12,161
Operating Segments
Segment Reporting Information [Line Items]
Revenues		1,178,205	940,567
Realized Performance Revenues		169,168	12,466
Realized Performance Revenues		401,323	167,233
Realized Performance Revenues		(169,168)	(12,466)
General, Administrative and Other		161,424	138,885
Realized Performance Revenues		401,323	167,233
Less: Realized Performance Revenues		(401,323)	(167,233)
Realized Performance Compensation		(150,924)	(71,302)
Investment Income Realized		298,156	20,290
Less: Equity-Based Compensation - Operating Compensation		(141,674)	(85,334)
Less: Equity-Based Compensation - Performance Compensation		(2,598)	(2,138)
Total Compensation and Benefits		445,110	346,264
Less: Fee Related Performance Compensation		(72,830)	(5,505)
Less: Equity-Based Compensation - Performance Compensation		(2,598)	(2,138)
Total Segment		150,924	71,302
Operating Segments \| Management and Advisory Fees, Net
Segment Reporting Information [Line Items]
Revenues		1,178,205	940,567
Segment Adjustment
Segment Reporting Information [Line Items]
Segment Adjustment	[2]		8
Investment Income Realized	[5]	$ (56,882)	$ (28,405)

[1]	Represents (1) the add back of net management fees earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures.
[2]	Represents the add back of Performance Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.
[3]	Represents the removal of (1) the amortization of transaction-related intangibles, and (2) 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. The three months ended March 31, 2021 includes 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.
[4]	Represents the removal of Transaction-Related Charges that are not recorded in the Total Segment measures.
[5]	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.