Blackstone (BX) 10-Q3 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	Apr. 26, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Trading Symbol	BX
Entity Registrant Name	Blackstone 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		714,645,995

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash and Cash Equivalents	$ 2,504,471	$ 2,955,866
Cash Held by Blackstone Funds and Other	167,711	316,197
Investments	25,922,290	26,146,622
Accounts Receivable	199,302	193,365
Due from Affiliates	$ 4,695,224	$ 4,466,521
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Intangible Assets, Net	$ 192,227	$ 201,208
Goodwill	1,890,202	1,890,202
Other Assets	1,072,627	944,848
Right-of-Use Assets	805,454	841,307
Deferred Tax Assets	2,256,794	2,331,394
Total Assets	39,706,302	40,287,530
Liabilities and Equity
Loans Payable	10,740,171	11,304,059
Due to Affiliates	$ 2,135,478	$ 2,393,410
Other Liability, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Accrued Compensation and Benefits	$ 5,378,212	$ 5,247,766
Operating Lease Liabilities	951,648	989,823
Accounts Payable, Accrued Expenses and Other Liabilities	2,023,359	2,277,258
Total Liabilities	21,228,868	22,212,316
Commitments and Contingencies
Redeemable Non-Controlling Interests in Consolidated Entities	935,005	1,179,073
Stockholders' Equity of Blackstone Inc.
Common Stock, $0.00001 par value, 90 billion shares authorized, (722,263,433 shares issued and outstanding as of March 31, 2024; 719,358,114 shares issued and outstanding as of December 31, 2023)	7	7
Additional Paid-in-Capital	6,190,142	6,175,190
Retained Earnings	796,201	660,734
Accumulated Other Comprehensive Loss	(31,282)	(19,133)
Total Stockholders' Equity of Blackstone Inc.	6,955,068	6,816,798
Non-Controlling Interests in Consolidated Entities	5,381,678	5,177,255
Non-Controlling Interests in Blackstone Holdings	5,205,683	4,902,088
Total Equity	17,542,429	16,896,141
Total Liabilities and Equity	39,706,302	40,287,530
Series I Preferred Stock
Stockholders' Equity of Blackstone Inc.
Preferred Stock, Value, Issued	0	0
Series II Preferred Stock
Stockholders' Equity of Blackstone Inc.
Preferred Stock, Value, Issued	$ 0	$ 0

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets	$ 39,706,302	$ 40,287,530
Liabilities	$ 21,228,868	$ 22,212,316
Common stock par value	$ 0.00001	$ 0.00001
Common shares authorized	90,000,000,000	90,000,000,000
Common shares issued	722,263,433	719,358,114
Common shares outstanding	722,263,433	719,358,114
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	$ 3,645,963	$ 4,656,207
Liabilities	350,761	1,202,203
Consolidated Blackstone Funds \| Loans Payable \| Variable Interest Entity, Primary Beneficiary
Liabilities	169,835	687,122
Investments \| Consolidated Blackstone Funds \| Variable Interest Entity, Primary Beneficiary
Assets	3,458,911	4,319,483
Accounts Receivable \| Consolidated Blackstone Funds \| Variable Interest Entity, Primary Beneficiary
Assets	4,928	6,995
Cash Held by Funds and Other \| Consolidated Blackstone Funds \| Variable Interest Entity, Primary Beneficiary
Assets	167,711	316,197
Due from Affiliates \| Consolidated Blackstone Funds \| Variable Interest Entity, Primary Beneficiary
Assets	14,089	12,762
Other Assets \| Consolidated Blackstone Funds \| Variable Interest Entity, Primary Beneficiary
Assets	324	770
Due to Affiliates \| Consolidated Blackstone Funds \| Variable Interest Entity, Primary Beneficiary
Liabilities	111,948	123,909
Accounts Payable, Accrued Expenses and Other Liabilities \| Consolidated Blackstone Funds \| Variable Interest Entity, Primary Beneficiary
Liabilities	$ 68,978	$ 391,172

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Performance Allocations
Realized	$ 652,517	$ 646,894
Unrealized	445,943	(759,212)
Principal Investments
Realized	78,597	108,058
Unrealized	461,623	(491,417)
Total Investment Income (Loss)	1,638,680	(495,677)
Interest and Dividend Revenue	97,839	90,485
Other	44,820	(14,154)
Total Revenues	3,687,828	1,381,845
Expenses
Compensation	794,803	716,285
Incentive Fee Compensation	73,707	63,281
Performance Allocations Compensation
Realized	258,894	296,794
Unrealized	180,900	(313,249)
Total Compensation and Benefits	1,308,304	763,111
General, Administrative and Other	369,950	273,394
Interest Expense	108,203	104,441
Fund Expenses	3,950	48,399
Total Expenses	1,790,407	1,189,345
Other Income (Loss)
Change in Tax Receivable Agreement Liability	0	(5,208)
Net Gains (Losses) from Fund Investment Activities	(17,767)	71,064
Total Other Income (Loss)	(17,767)	65,856
Income Before Provision for Taxes	1,879,654	258,356
Provision for Taxes	283,671	47,675
Net Income	1,595,983	210,681
Net Loss Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	(39,669)	(6,700)
Net Income Attributable to Non-Controlling Interests in Consolidated Entities	102,827	74,869
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings	685,439	56,700
Net Income Attributable to Blackstone Inc.	$ 847,386	$ 85,812
Net Income Per Share of Common Stock
Basic	$ 1.12	$ 0.12
Diluted	$ 1.11	$ 0.11
Weighted-Average Shares of Common Stock Outstanding
Basic	759,798,537	746,064,922
Diluted	760,257,644	746,643,929
Management and Advisory Fees, Net
Revenues
Revenues	$ 1,727,148	$ 1,658,315
Incentive Fees
Revenues
Revenues	$ 179,341	$ 142,876

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Income	$ 1,595,983	$ 210,681
Other Comprehensive Income (Loss) – Currency Translation Adjustment	(36,565)	29,400
Comprehensive Income	1,559,418	240,081
Comprehensive Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities	(56,485)	14,010
Comprehensive Income Attributable to Non-Controlling Interests in Consolidated Entities	102,827	74,869
Comprehensive Income Attributable to Non-Controlling Interests in Blackstone Holdings	677,839	60,248
Comprehensive Income Attributable to Non-Controlling Interests	724,181	149,127
Comprehensive Income Attributable to Blackstone Inc.	$ 835,237	$ 90,954

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands		Total	Common Units	Common Stock	[1]	Additional Paid-in Capital	[1]	Retained Earnings (Deficit)	[1]	Accumulated Other Comprehensive Income (Loss)	[1]	Parent	[1]	Noncontrolling Interest Consolidated Entities	Noncontrolling Interest Blackstone Holdings
Beginning Balance at Dec. 31, 2022		$ 17,966,061		$ 7		$ 5,935,273		$ 1,748,106		$ (27,475)		$ 7,655,911		$ 5,056,480	$ 5,253,670
Beginning Balance, Units at Dec. 31, 2022	[1]		710,276,923
Beginning Balance at Dec. 31, 2022		1,715,006
Transfer Out Due to Consolidation of Fund Entities		(53,713)
Net Income (Loss)		217,381						85,812				85,812		74,869	56,700
Net Income (Loss)		(6,700)
Currency Translation Adjustment		8,690								5,142		5,142			3,548
Currency Translation Adjustment		20,710
Capital Contributions		126,399												123,952	2,447
Capital Contributions		51,092
Capital Distributions		(1,334,653)						(677,809)				(677,809)		(194,866)	(461,978)
Capital Distributions		(81,698)
Transfer and Repurchase of Non-Controlling Interests in Consolidated Entities		(2,345)												(2,345)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders		2,001				2,001						2,001
Equity-Based Compensation		193,695				117,227						117,227			76,468
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock		(18,004)				(18,004)						(18,004)
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock, Units	[1]		2,143,256
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units		(90,097)				(90,097)						(90,097)
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units, Units	[1]		(1,000,000)
Change in Blackstone Inc.'s Ownership Interest		4,927				(4,927)						(4,927)			4,927
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock						15,581						15,581			(15,581)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock, Units	[1]		1,374,789
Ending Balance at Mar. 31, 2023		17,069,128		7		5,957,054		1,156,109		(22,333)		7,090,837		5,058,090	4,920,201
Ending Balance, Units at Mar. 31, 2023	[1]		712,794,968
Ending Balance at Mar. 31, 2023		1,644,697
Beginning Balance at Dec. 31, 2023		16,896,141		7		6,175,190		660,734		(19,133)		6,816,798		5,177,255	4,902,088
Beginning Balance, Units at Dec. 31, 2023	[1]		719,358,114
Beginning Balance at Dec. 31, 2023		1,179,073
Net Income (Loss)		1,635,652						847,386				847,386		102,827	685,439
Net Income (Loss)		(39,669)
Currency Translation Adjustment		(19,749)								(12,149)		(12,149)			(7,600)
Currency Translation Adjustment		(16,816)
Capital Contributions		170,246												167,769	2,477
Capital Contributions		4,501
Capital Distributions		(1,307,412)						(711,919)				(711,919)		(128,400)	(467,093)
Capital Distributions		(122,993)
Transfer and Repurchase of Non-Controlling Interests in Consolidated Entities		62,075				(152)						(152)		62,227
Transfer and Repurchase of Non-Controlling Interests in Consolidated Entities		(69,091)
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders		7,569				7,569						7,569
Equity-Based Compensation		234,275				143,257						143,257			91,018
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock		(47,963)				(47,963)						(47,963)			0
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock, Units	[1]		2,619,653
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units		(88,405)				(88,405)						(88,405)
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units, Units	[1]		(700,000)
Change in Blackstone Inc.'s Ownership Interest		9,891				(9,891)						(9,891)			9,891
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock						10,537						10,537			(10,537)
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock, Units	[1]		985,666
Ending Balance at Mar. 31, 2024		17,542,429		$ 7		$ 6,190,142		$ 796,201		$ (31,282)		$ 6,955,068		$ 5,381,678	$ 5,205,683
Ending Balance, Units at Mar. 31, 2024	[1]		722,263,433
Ending Balance at Mar. 31, 2024		$ 935,005

[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, 2024	Mar. 31, 2023
Series I Preferred Stock
Conversion of stocks	one share outstanding	one share outstanding
Series II Preferred Stock
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, 2024	Mar. 31, 2023
Operating Activities
Net Income	$ 1,595,983	$ 210,681
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities
Net Realized Gains on Investments	(849,072)	(924,643)
Changes in Unrealized (Gains) Losses on Investments	(496,568)	508,398
Non-Cash Performance Allocations	(446,065)	759,212
Non-Cash Performance Allocations and Incentive Fee Compensation	513,205	46,827
Equity-Based Compensation Expense	320,653	277,431
Amortization of Intangibles	8,981	12,996
Other Non-Cash Amounts Included in Net Income	(121,452)	(348,203)
Cash Flows Due to Changes in Operating Assets and Liabilities
Cash Relinquished with Deconsolidation of Fund Entities	(113,224)	(113,588)
Accounts Receivable	(18,097)	(470,691)
Due from Affiliates	(73,889)	151,635
Other Assets	(134,866)	12,284
Accrued Compensation and Benefits	(437,344)	(483,939)
Accounts Payable, Accrued Expenses and Other Liabilities	308,133	163,581
Due to Affiliates	(150,230)	(65,276)
Investments Purchased	(459,464)	(1,130,045)
Cash Proceeds from Sale of Investments	1,493,162	1,746,068
Net Cash Provided by Operating Activities	939,846	352,728
Investing Activities
Purchase of Furniture, Equipment and Leasehold Improvements	(17,756)	(69,557)
Net Cash Paid for Acquisitions, Net of Cash Acquired	0	(5,413)
Net Cash Used in Investing Activities	(17,756)	(74,970)
Financing Activities
Distributions to Non-Controlling Interest Holders in Consolidated Entities	(258,400)	(215,124)
Contributions from Non-Controlling Interest Holders in Consolidated Entities	165,253	173,657
Payments Under Tax Receivable Agreement	(87,508)	(64,634)
Net Settlement of Vested Common Stock and Repurchase of Common Stock and Blackstone Holdings Partnership Units	(136,368)	(108,101)
Proceeds from Loans Payable	0	78
Repayment and Repurchase of Loans Payable	(22,451)	(400,000)
Dividends/Distributions to Stockholders and Unitholders	(1,176,535)	(1,137,340)
Net Cash Used in Financing Activities	(1,516,009)	(1,751,464)
Effect of Exchange Rate Changes on Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other	(5,962)	1,284
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other
Net Decrease	(599,881)	(1,472,422)
Beginning of Period	3,272,063	4,493,715
End of Period	2,672,182	3,021,293
Supplemental Disclosure of Cash Flows Information
Payments for Interest	76,486	99,096
Payments for Income Taxes	172,346	53,504
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Non-Cash Contributions from Non-Controlling Interest Holders	2,477	2,447
Non-Cash Distributions to Non-Controlling Interest Holders	4,530	(61,440)
Transfer of Interests to Non-Controlling Interest Holders	(6,864)	(2,345)
Change in Blackstone Inc.'s Ownership Interest	(9,891)	(4,927)
Net Settlement of Vested Common Stock	251,422	191,144
Conversion of Blackstone Holdings Units to Common Stock	10,537	15,581
Acquisition of Ownership Interests from Non-Controlling Interest Holders
Deferred Tax Asset	(37,832)	(33,492)
Due to Affiliates	30,263	31,491
Equity	$ 7,569	$ 2,001

Condensed Consolidated Statem_8

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents	$ 2,504,471	$ 2,955,866
Cash Held by Blackstone Funds and Other	167,711	316,197
Cash and Cash Equivalents and Cash Held by Blackstone Funds and Other	$ 2,672,182	$ 3,272,063	$ 3,021,293	$ 4,493,715

Organization

Organization	3 Months Ended
Organization	Mar. 31, 2024
Organization	1. Organization Blackstone Inc., together with its consolidated subsidiaries (“Blackstone” or the “Company”), is the world’s largest alternative asset manager. Blackstone’s asset management business includes global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. “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, Credit & Insurance and Multi-Asset Investing. Blackstone Inc. was initially formed as The Blackstone Group L.P., a Delaware limited partnership, on March 12, 2007. Prior to its conversion on July 1, 2019 to a Delaware corporation, Blackstone Inc. was managed and operated by Blackstone Group Management L.L.C., which is wholly owned by Blackstone’s senior managing directors and controlled by one of Blackstone’s founders, Stephen A. Schwarzman (the “Founder”). 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 of each of the 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

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2024
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. Form 10-K 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. 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 non-controlling 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 17. “Segment Reporting” for a disaggregated presentation of revenues from contracts with customers. Management and Advisory Fees, Net Blackstone earns base management fees from its customers at a fixed percentage of a calculation base which is typically assets under management, net asset value, gross asset value, total assets, committed capital or invested capital. Blackstone identifies its customers on a fund by fund basis in accordance with the terms and circumstances of the individual fund. Generally the customer is identified as the investors in its managed funds and investment vehicles, but for certain widely held funds or vehicles, the fund or vehicle itself may be identified as the customer. 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 investors 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 investors 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 investors 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 investors of the Blackstone Funds, which are based on the amount such investors 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 investors 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 investors of the funds recorded as Management and Advisory Fees, Net. In cases where the investors 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 Consolidated Statements of Financial Condition and amortization is recorded within General, Administrative and Other within the 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 Due from Affiliates in the Condensed Consolidated Statements of Financial Condition. Incentive Fees Investment Income (Loss) In carry fund structures and certain open-ended structures, Blackstone, through its subsidiaries, invests alongside its limited partners in a partnership and is entitled to its pro-rata “pro-rata pro-rata Performance Allocations in carry fund structures are made to the general partner based on cumulative fund performance to date, subject to a preferred return to limited partners. Performance Allocations in open-ended structures are based on vehicle performance over a period of time, subject to a high water mark and preferred return to investors. 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 in carry fund structures 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 in carry fund structures 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 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 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 consolidated collateralized loan obligations (“CLO”) vehicles, government and agency securities, less liquid and restricted equity securities, and certain over-the-counter ● 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, real estate funds and credit-focused funds, distressed debt and non-investment non-consolidated over-the-counter 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, debt securities sold, not yet purchased and certain equity securities and derivative instruments valued using observable inputs. 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 including those 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. ● Notes issued by consolidated CLO vehicles are measured 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, investments in non-consolidated CLO vehicles, 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 Generally, the Blackstone Funds are accounted for as investment companies under the American Institute of Certified Public Accountants Audit and Accounting 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 or other eligible election dates. Blackstone has applied the fair value option for certain loans and receivables, unfunded loan commitments and certain investments 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 notes issued by consolidated CLO vehicles as (a) the sum of the fair value of the consolidated CLO assets and the carrying value of any non-financial Non-Controlling Condensed Consolidated Statements of Financial Condition and notes payable within Loans Payable for the amounts due to unaffiliated third parties. Changes in the fair value of consolidated CLO assets and liabilities and related interest, dividend and other income are presented within Net Gains (Losses) 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, quoted prices that are published on a regular basis and are the basis for current transactions 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.” Blackstone may elect to measure certain proprietary investments in equity securities without readily determinable fair values under the measurement alternative, which reflects cost less impairment, with adjustments in value resulting from observable price changes arising from orderly transactions of the same or a similar security from the same issuer. If the measurement alternative election is not made, the equity security is measured at fair value. The measurement alternative election is made on an instrument by instrument basis. The election is reassessed each reporting period to determine whether investments under the measurement alternative have readily determinable fair values, in which case they would no longer be eligible for this election. 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, 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 generally 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 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. Strategic Partners’ results presented in Blackstone’s condensed consolidated financial statements are reported on a three-month lag from Strategic Partners’ fund financial statements, which report the performance of underlying investments generally on a same quarter basis, if available. Therefore, Strategic Partners’ results presented herein do not reflect the impact of economic and market activity in the current quarter. Current quarter market activity of Strategic Partners’ underlying investments is expected to affect Blackstone’s reported results in upcoming periods. Compensation and Benefits Compensation and Benefits Compensation Compensation and Benefits — Incentive Fee Compensation — Compensation and Benefits — Performance Allocations Compensation — in-kind). Non-Controlling Non-Controlling non-controlling Redeemable Non-Controlling Investors in certain consolidated vehicles may be granted redemption rights that allow for quarterly or monthly redemption, as outlined in the relevant governing documents. Such redemption rights may be subject to certain limitations, including limits on the aggregate amount of interests that may be redeemed in a given period, may only allow for redemption 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 a result, amounts relating to third party interests in such consolidated vehicles are presented as Redeemable Non-Controlling non-controlling Non-Controlling Non-Controlling Non-Controlling 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 periods Income Taxes Provision for Income Taxes Income taxes are provided for using the asset and liability method under which deferred tax assets and liabilities are recognized for temporary differences between the financial reporting and tax bases of assets and liabilities, resulting in all pretax amounts being appropriately tax effected in the period, irrespective of which tax return year items will be reflected. Blackstone reports interest expense and tax penalties related to income tax matters in provision for income taxes. Deferred Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities. These temporary differences result in taxable or deductible amounts in future years and are measured using the tax rates and laws that will be in effect when such differences are expected to reverse. Valuation allowances are established to reduce the deferred tax assets to the amount that is more likely than not to be realized. Deferred tax assets are separately stated, and deferred tax liabilities are included in Accounts Payable, Accrued Expenses, and Other Liabilities in the condensed consolidated financial statements. Unrecognized Tax Benefits Blackstone recognizes tax positions in the condensed consolidated financial statements when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in the return and amounts recognized in the condensed consolidated financial statements. Accrued interest and penalties related to unrecognized tax benefits are reported on the related liability line in the condensed consolidated financial statements. 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 Blackstone 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” Reverse Repurchase and Repurchase Agreements Securities purchased under agreements to resell (“reverse repurchase agreements”) and securities sold under agreements to repurchase (“repurchase agreements”), generally comprised 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 within Accounts Payable, Accrued Expenses and Other Liabilities 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. 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 10. “Offsetting of Assets and Liabilities.” 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 within Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition. 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”). 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 (Losses) 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 freestandin

Intangible Assets

Intangible Assets	3 Months Ended
Intangible Assets	Mar. 31, 2024
Intangible Assets	3. Intangible Assets Intangible Assets, Net consists of the following: March 31, December 31, 2024 2023 Finite-Lived Intangible Assets/Contractual Rights $ 1,769,372 $ 1,769,372 Accumulated Amortization (1,577,145 ) (1,568,164 ) Intangible Assets, Net $ 192,227 $ 201,208 Amortization expense associated with Blackstone’s intangible assets was $9.0 million and $13.0 million for the three months ended March 31, 2024 and 2023, respectively. Amortization of Intangible Assets held at March 31, 2024 is expected to be $35.9 million, $35.9 million, $35.7 million, $34.6 million and $17.8 million for each of the years ending December 31, 2024, 2025, 2026, 2027, and 2028, respectively. Blackstone’s Intangible Assets as of March 31, 2024 are expected to amortize over a weighted-average period of 5.9 years.

Investments

Investments	3 Months Ended
Investments	Mar. 31, 2024
Investments	4. Investments Investments consist of the following: March 31, December 31, 2024 2023 Investments of Consolidated Blackstone Funds $ 3,458,911 $ 4,319,483 Equity Method Investments Partnership Investments 6,100,640 5,924,275 Accrued Performance Allocations 11,163,116 10,775,355 Corporate Treasury Investments 197,976 803,870 Other Investments 5,001,647 4,323,639 $ 25,922,290 $ 26,146,622 Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $241.1 million and $1.0 billion at March 31, 2024 and December 31, 2023, 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 2024 2023 Realized Gains (Losses) $ (58,412 ) $ 17,155 Net Change in Unrealized Gains (Losses) 35,125 (17,154 ) Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds (23,287 ) 1 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 5,520 71,063 Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities $ (17,767 ) $ 71,064 Equity Method Investments Blackstone’s equity method investments include Partnership Investments, which represent the pro-rata Partnership Investments Blackstone recognized net gains related to its Partnership Investments accounted for under the equity method of $156.0 million and $69.2 million for the three months ended March 31, 2024 and 2023, respectively. Accrued Performance Allocations Accrued Performance Allocations to Blackstone were as follows: Real Private Credit & Multi-Asset Estate Equity Insurance Investing Total Accrued Performance Allocations, December 31, 2023 $ 2,990,602 $ 6,707,244 $ 599,779 $ 477,730 $ 10,775,355 Performance Allocations as a Result of Changes in Fund Fair Values 83,357 690,844 120,988 155,775 1,050,964 Foreign Exchange Loss (5,711 ) — — — (5,711 ) Fund Distributions (183,108 ) (348,875 ) (50,449 ) (75,060 ) (657,492 ) Accrued Performance Allocations, March 31, 2024 $ 2,885,140 $ 7,049,213 $ 670,318 $ 558,445 $ 11,163,116 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 2024 2023 Realized Gains (Losses) $ (1,621 ) $ 2,374 Net Change in Unrealized Gains (Losses) (1,260 ) 7,795 $ (2,881 ) $ 10,169 Other Investments Other Investments consist of equity method investments where Blackstone has elected the fair value option and other proprietary investment securities held by Blackstone, including equity securities carried at fair value, equity investments without readily determinable fair values, and senior secured and subordinated notes in non-consolidated Three Months Ended 2024 2023 Realized Gains $ 2,467 $ 1,924 Net Change in Unrealized Gains (Losses) 455,800 (313,153 ) $ 458,267 $ (311,229 )

Net Asset Value as Fair Value

Net Asset Value as Fair Value	3 Months Ended
Net Asset Value as Fair Value	Mar. 31, 2024
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, 2024 is presented below: Redemption Frequency Redemption Strategy (a) Fair Value (if currently eligible) Notice Period Equity $ 356,173 (b) (b) Real Estate 112,839 (c) (c) Other 7,081 (d) (d) $ 476,093 (a) As of March 31, 2024, Blackstone had no unfunded commitments. (b) The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Investments representing 76% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. Investments representing 24% of the fair value of the investments in this category are redeemable as of the reporting date. (c) The Real Estate category includes investments in funds that primarily invest in real estate assets. All investments in this category are redeemable as of the reporting date. (d) Other is composed of the Credit Driven category, the Commodities category and the Diversified Instruments category. The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. The Diversified Instruments category includes investments in funds that invest across multiple strategies. All investments in these categories 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, 2024
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 and business 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. 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, 2024 December 31, 2023 Assets Liabilities Assets Liabilities Fair Fair Fair Fair Notional Value Notional Value Notional Value Notional Value Freestanding Derivatives Blackstone Interest Rate Contracts $ 626,740 $ 157,387 $ 600,000 $ 97,066 $ 634,840 $ 145,798 $ 607,000 $ 86,589 Foreign Currency Contracts 167,391 465 337,017 901 387,102 11,442 334,228 3,538 Credit Default Swaps — — 640 8 3,108 479 3,748 508 Total Return Swaps 39,956 5,812 — — 63,158 13,171 — — Equity Options — — 1,131,872 646,002 — — 1,110,490 563,986 834,087 163,664 2,069,529 743,977 1,088,208 170,890 2,055,466 654,621 Investments of Consolidated Blackstone Funds Interest Rate Contracts 839,931 26,800 — — 855,683 19,189 — — 839,931 26,800 — — 855,683 19,189 — — $ 1,674,018 $ 190,464 $ 2,069,529 $ 743,977 $ 1,943,891 $ 190,079 $ 2,055,466 $ 654,621 The table below summarizes the impact to the Condensed Consolidated Statements of Operations from derivative financial instruments: Three Months Ended 2024 2023 Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ (614 ) $ 336 Foreign Currency Contracts 5,525 5,590 Credit Default Swaps 75 (51 ) Total Return Swaps 8,320 4,652 13,306 10,527 Net Change in Unrealized Gains (Losses) Interest Rate Contracts 1,024 (2,120 ) Foreign Currency Contracts (8,222 ) (3,183 ) Credit Default Swaps (54 ) (228 ) Total Return Swaps (5,519 ) (13 ) Equity Options (82,016 ) (154,838 ) (94,787 ) (160,382 ) $ (81,481 ) $ (149,855 ) As of March 31, 2024 and December 31, 2023, Blackstone had not designated any derivatives as fair value, cash flow or net investment hedges.

Fair Value Option

Fair Value Option	3 Months Ended
Fair Value Option	Mar. 31, 2024
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, 2024 2023 Assets Loans and Receivables $ 95,532 $ 60,738 Equity and Preferred Securities 2,850,339 2,894,302 Debt Securities 62,757 63,486 Assets of Consolidated CLO Vehicles Corporate Loans 129,381 938,801 $ 3,138,009 $ 3,957,327 Liabilities CLO Notes Payable $ 169,835 $ 687,122 Corporate Treasury Commitments 887 1,264 $ 170,722 $ 688,386 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, 2024 2023 Net Change Net Change Realized in Unrealized Realized in Unrealized Gains (Losses) Gains (Losses) Gains (Losses) Gains (Losses) Assets Loans and Receivables $ (1,604 ) $ (408 ) $ (763 ) $ (303 ) Equity and Preferred Securities 2,281 17,729 1,696 (45,113 ) Debt Securities — (729 ) — (1,831 ) Assets of Consolidated CLO Vehicles Corporate Loans (2,846 ) 2,456 (3,129 ) 482 $ (2,169 ) $ 19,048 $ (2,196 ) $ (46,765 ) Liabilities CLO Notes Payable $ — $ 600 $ — $ 2,464 Corporate Treasury Commitments — 377 — 2,226 $ — $ 977 $ — $ 4,690 The following table presents information for those financial instruments for which the fair value option was elected: March 31, 2024 December 31, 2023 For Financial Assets For Financial Assets Past Due (a) Past Due (a) Excess Excess Excess 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 $ 252 $ — $ — $ 675 $ — $ — Debt Securities (54,072 ) — — (52,577 ) — — Assets of Consolidated CLO Vehicles Corporate Loans (3,495 ) 1,313 — (8,751 ) 1,345 — $ (57,315 ) $ 1,313 $ — $ (60,653 ) $ 1,345 $ — (a) Assets are classified as past due if contractual payments are more than 90 days past due. As of March 31, 2024 and December 31, 2023, no Loans and Receivables for which the fair value option was elected were past due or in non-accrual non-accrual

Fair Value Measurements of Fina

Fair Value Measurements of Financial Instruments	3 Months Ended
Fair Value Measurements of Financial Instruments	Mar. 31, 2024
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, 2024 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents $ 214,997 $ — $ — $ — $ 214,997 Investments Investments of Consolidated Blackstone Funds Equity Securities, Partnerships and LLC Interests (a) 10,259 119,238 2,688,028 469,012 3,286,537 Debt Instruments — 130,010 15,564 — 145,574 Freestanding Derivatives — 26,800 — — 26,800 Total Investments of Consolidated Blackstone Funds 10,259 276,048 2,703,592 469,012 3,458,911 Corporate Treasury Investments 67,688 121,712 8,576 — 197,976 Other Investments 2,006,970 2,590,956 72,555 7,081 4,677,562 Total Investments 2,084,917 2,988,716 2,784,723 476,093 8,334,449 Accounts Receivable - Loans and Receivables — — 95,532 — 95,532 O ther — 157,852 5,812 — 163,664 $ 2,299,914 $ 3,146,568 $ 2,886,067 $ 476,093 $ 8,808,642 Liabilities Loans Payable - CLO Notes Payable $ — $ 169,835 $ — $ — $ 169,835 Accounts Payable, Accrued Expenses and Other Liabilities Freestanding Derivatives — 97,975 646,002 — 743,977 Contingent Consideration — — 504 — 504 Corporate Treasury Commitments — — 887 — 887 Securities Sold, Not Yet Purchased 3,867 — — — 3,867 Total Accounts Payable, Accrued Expenses and Other Liabilities 3,867 97,975 647,393 — 749,235 $ 3,867 $ 267,810 $ 647,393 $ — $ 919,070 December 31, 2023 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents $ 263,574 $ — $ — $ — $ 263,574 Investments Investments of Consolidated Blackstone Funds Equity Securities, Partnerships and LLC Interests (a) 11,118 123,022 2,653,246 558,259 3,345,645 Debt Instruments — 924,264 30,385 — 954,649 Freestanding Derivatives — 19,189 — — 19,189 Total Investments of Consolidated Blackstone Funds 11,118 1,066,475 2,683,631 558,259 4,319,483 Corporate Treasury Investments 72,071 435,430 296,369 — 803,870 Other Investments 1,564,112 2,355,423 223,441 7,275 4,150,251 Total Investments 1,647,301 3,857,328 3,203,441 565,534 9,273,604 Accounts Receivable - Loans and Receivables — — 60,738 — 60,738 O ther 90 157,629 13,171 — 170,890 $ 1,910,965 $ 4,014,957 $ 3,277,350 $ 565,534 $ 9,768,806 Liabilities Loans Payable - CLO Notes Payable $ — $ 687,122 $ — $ — $ 687,122 Accounts Payable, Accrued Expenses and Other Liabilities Freestanding Derivatives 436 90,199 563,986 — 654,621 Contingent Consideration — — 387 — 387 Corporate Treasury Commitments — — 1,264 — 1,264 Securities Sold, Not Yet Purchased 3,886 — — — 3,886 Total Accounts Payable, Accrued Expenses and Other Liabilities 4,322 90,199 565,637 — 660,158 $ 4,322 $ 777,321 $ 565,637 $ — $ 1,347,280 LLC Limited Liability Company. (a) Equity Securities, Partnership and LLC Interest includes investments in investment funds. Within Investments of Consolidated Blackstone Funds and Other Investments, Blackstone held equity securities subject to sale restrictions with a fair value of $1.4 billion a s of 1.6 years. Level III equity securities included in Investments of Consolidated Blackstone Funds are illiquid and privately negotiated in nature and may also be subject to contractual sale or transfer restrictions including those pursuant to their respective governing or similar agreements. Investments within Other Investments subject to restrictions on sale or transfer as a result of pledge arrangements are discussed in Note 16. “Commitments and Contingencies — Contingencies — Strategic Ventures.” 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, 2024. Consistent with presentation in these Notes to Condensed Consolidated Financial Statements, this table presents the Level III Investments only of Consolidated Blackstone Funds and therefore does not reflect any other Blackstone Funds. Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Impact to Financial Assets Investments of Consolidated Blackstone Funds Equity Securities, Partnership and LLC Interests $ 2,688,028 Discounted Cash Flows Discount Rate 3.3% - 38.6% 10.1% Lower Exit Multiple - EBITDA 4.0x - 30.6x 15.0x Higher Exit Capitalization Rate 3.1% - 13.2% 5.1% Lower Debt Instruments 15,564 Third Party Pricing n/a Total Investments of Consolidated Blackstone Funds 2,703,592 Corporate Treasury Investments 8,576 Transaction Price n/a Loans and Receivables 95,532 Discounted Cash Flows Discount Rate 8.8% - 14.0% 10.3% Lower Other Investments (b) 78,367 Third Party Pricing n/a $ 2,886,067 Financial Liabilities Freestanding Derivatives (c) $ 646,002 Option Pricing Model Volatility 6.2% n/a Higher Other Liabilities (d) 1,391 Third Party Pricing n/a Other n/a $ 647,393 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, 2023: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Impact to Financial Assets Investments of Consolidated Blackstone Funds Equity Securities, Partnership and LLC Interests $ 2,653,246 Discounted Cash Flows Discount Rate 3.3% - 38.0% 9.7% Lower Exit Multiple - EBITDA 4.0x - 30.6x 15.0x Higher Exit Capitalization Rate 3.1% - 12.8% 5.1% Lower Debt Instruments 30,385 Third Party Pricing n/a Total Investments of Consolidated Blackstone Funds 2,683,631 Corporate Treasury Investments 296,369 Discounted Cash Flows Discount Rate 11.2% - 22.4% 17.1% Lower Transaction Price n/a Loans and Receivables 60,738 Discounted Cash Flows Discount Rate 8.8% - 14.9% 10.3% Lower Other Investments (b) 236,612 Third Party Pricing n/a Transaction Price n/a $ 3,277,350 Financial Liabilities Freestanding Derivatives (c) $ 563,986 Option Pricing Model Volatility 6.3% n/a Higher Other Liabilities (d) 1,651 Third Party Pricing n/a Other n/a $ 565,637 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. (b) As of March 31, 2024 and December 31, 2023, Other Investments includes Level III Freestanding Derivatives. (c) The volatility of the historical performance of the underlying reference entity is used to project the expected returns relevant for the fair value of the derivative. (d) As of March 31, 2024 and December 31, 2023, Other Liabilities includes Level III Contingent Consideration and Level III Corporate Treasury Commitments. For the three months ended March 31, 2024, 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 Level III Financial Assets at Fair Value Three Months Ended March 31, 2024 2023 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 $ 2,683,631 $ 60,738 $ 373,024 $ 3,117,393 $ 4,249,832 $ 315,039 $ 30,971 $ 4,595,842 Transfer Out Due to Deconsolidation (14,237 ) — — (14,237 ) (3,837 ) — — (3,837 ) Transfer Into Level III (b) 3,434 — — 3,434 13,873 — 898 14,771 Transfer Out of Level III (b) (2,546 ) — — (2,546 ) (313 ) — (2,726 ) (3,039 ) Purchases 133,116 149,639 5,675 288,430 299,948 55,070 49,404 404,422 Sales (34,315 ) (111,167 ) (289,993 ) (435,475 ) (319,161 ) (86,725 ) (180 ) (406,066 ) Issuances — 9,561 — 9,561 — 50,689 — 50,689 Settlements (c) — (14,110 ) (10,160 ) (24,270 ) — (33,796 ) 528 (33,268 ) Changes in Gains (Losses) Includedin Earnings (65,491 ) 871 (1,404 ) (66,024 ) 98,167 7,011 (4,291 ) 100,887 Balance, End of Period $ 2,703,592 $ 95,532 $ 77,142 $ 2,876,266 $ 4,338,509 $ 307,288 $ 74,604 $ 4,720,401 Changes in Unreali in Earnings $ (39,295 ) $ (793 ) $ (3,305 ) $ (43,393 ) $ 72,029 $ 1,737 $ 534 $ 74,300 Level III Financial Liabilities at Fair Value Three Months Ended March 31, 2024 2023 Freestanding Other Freestanding Other Derivatives Liabilities Total Derivatives Liabilities Total Balance, Beginning of Period $ 563,986 $ 1,651 $ 565,637 $ 48,581 $ 8,144 $ 56,725 Transfer In Due to Consolidation and Acquisition — — — — 2,300 2,300 Changes in Losses (Gains) Included in Earnings 82,016 (260 ) 81,756 154,838 (2,226 ) 152,612 Balance, End of Period $ 646,002 $ 1,391 $ 647,393 $ 203,419 $ 8,218 $ 211,637 Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date $ 82,016 $ (260 ) $ 81,756 $ 154,838 $ (2,226 ) $ 152,612 (a) Represents freestanding derivatives, 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. (c) For Freestanding Derivatives included within Other Investments, Settlements includes all ongoing contractual cash payments made or received over the life of the instrument.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
Variable Interest Entities	Mar. 31, 2024
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. 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 non-consolidated March 31, December 31, 2024 2023 Investments $ 3,905,515 $ 3,751,591 Due from Affiliates 266,394 203,187 Potential Clawback Obligation 78,823 72,119 Maximum Exposure to Loss $ 4,250,732 $ 4,026,897 Amounts Due to Non-Consolidated $ 557 $ 223

Offsetting of Assets And Liabil

Offsetting of Assets And Liabilities	3 Months Ended
Offsetting of Assets And Liabilities	Mar. 31, 2024
Offsetting of Assets and Liabilities	10. Offsetting of Assets and Liabilities The following tables present the offsetting of assets and liabilities as of March 31, 2024 and December 31, 2023: March 31, 2024 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 $ 190,464 $ 124,134 $ 55,854 $ 10,476 March 31, 2024 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 $ 97,974 $ 97,300 $ 8 $ 666 December 31, 2023 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 $ 190,079 $ 107,330 $ 49,532 $ 33,217 December 31, 2023 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 $ 90,635 $ 87,777 $ 625 $ 2,233 (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. Freestanding Derivative liabilities are included in Accounts Payable, Accrued Expenses and Other Liabilities in 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, 2024 2023 Furniture, Equipment and Leasehold Improvements $ 952,577 $ 937,355 Less: Accumulated Depreciation (417,903 ) (394,602 ) Furniture, Equipment and Leasehold Improvements, Net 534,674 542,753 Prepaid Expenses 314,873 207,886 Freestanding Derivatives 163,664 170,890 Other 59,416 23,319 $ 1,072,627 $ 944,848 Notional Pooling Arrangements Blackstone has notional cash pooling arrangements with financial institutions for cash management purposes. These arrangements allow 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, 2024, the aggregate cash balance on deposit relating to the cash pooling arrangements was $995.3 million, which was offset and reported net of the accompanying overdraft of $959.3 million.

Borrowings

Borrowings	3 Months Ended
Borrowings	Mar. 31, 2024
Borrowings	11. Borrowings The following table presents each of Blackstone’s borrowings as of March 31, 2024 and December 31, 2023, as well as their carrying value and fair value. The borrowings are included in Loans Payable within the Condensed Consolidated Statements of Financial Condition. Each of the Senior Notes were issued at a discount through Blackstone’s indirect subsidiary, Blackstone Holdings Finance Co. L.L.C. The Senior Notes accrue interest from the issue date thereof and pay interest in arrears on a semi-annual basis or annual basis. The Secured Borrowings were issued at par, accrue interest from the issue date thereof and pay interest in arrears on a quarterly basis. CLO Notes Payable pay interest in arrears on a quarterly basis. 40 March 31,2024 December 31, 2023 Carrying Fair Carrying Fair Description Value Value Value Value Blackstone Operating Borrowings Senior Notes (a) 2.000%, Due 5/19/2025 $ 328,618 $ 317,401 $ 336,005 $ 324,778 1.000%, Due 10/5/2026 649,429 607,196 664,085 620,864 3.150%, Due 10/2/2027 298,572 281,337 298,476 283,059 5.900%, Due 11/3/2027 595,678 616,194 595,411 625,158 1.625%, Due 8/5/2028 645,646 566,209 645,406 566,508 1.500%, Due 4/10/2029 651,823 590,558 666,655 601,272 2.500%, Due 1/10/2030 493,819 434,280 493,573 431,005 1.600%, Due 3/30/2031 496,562 390,120 496,447 391,955 2.000%, Due 1/30/2032 789,587 628,088 789,283 633,153 2.550%, Due 3/30/2032 495,788 413,915 495,670 410,755 6.200%, Due 4/22/2033 892,061 948,303 891,899 962,037 3.500%, Due 6/1/2034 509,849 541,291 521,549 536,319 6.250%, Due 8/15/2042 239,530 260,620 239,457 263,270 5.000%, Due 6/15/2044 490,045 458,045 489,975 464,560 4.450%, Due 7/15/2045 344,728 295,243 344,691 297,486 4.000%, Due 10/2/2047 291,204 229,914 291,149 233,685 3.500%, Due 9/10/2049 392,481 288,116 392,436 294,608 2.800%, Due 9/30/2050 394,140 247,376 394,103 252,008 2.850%, Due 8/5/2051 543,357 344,674 543,317 352,457 3.200%, Due 1/30/2052 987,470 686,310 987,401 696,740 10,530,387 9,145,190 10,576,988 9,241,677 Other (b) Secured Borrowing, Due 10/27/2033 19,949 19,949 19,949 19,949 Secured Borrowing, Due 1/29/2035 20,000 20,000 20,000 20,000 10,570,336 9,185,139 10,616,937 9,281,626 Borrowings of Consolidated Blackstone Funds CLO Notes Payable (c) 169,835 169,835 687,122 687,122 169,835 169,835 687,122 687,122 $ 10,740,171 $ 9,354,974 $ 11,304,059 $ 9,968,748 (a) Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy. (b) The Secured Borrowing, Due 10/27/2033 has an interest rate of 7.64% and the Secured Borrowing, Due 1/29/2035 has an interest rate of 7.64%. Principal on the Secured Borrowings will be paid over the term with repayment amounts dependent on the performance of the underlying assets securing each borrowing. Repayment amounts from the underlying assets are restricted to solely satisfy the Secured Borrowings obligations. As of March 31, 2024, the fair value of the assets securing both Secured Borrowings equaled $48.5 million. (c) CLO Notes Payable have maturity dates ranging from June 2025 to January 2037 and have an effective interest rate of 8.25% as of March 31, 2024. A portion of the borrowing outstanding is comprised of subordinated notes which do not have contractual interest rates but instead pay distributions from the excess cash flows of the CLO vehicles. Scheduled principal payments for borrowings as of March 31, 2024 were as follows: Blackstone Borrowings of Operating Borrowings Consolidated Blackstone Funds Total Borrowings 2024 $ — $ — $ — 2025 331,924 — 331,924 2026 653,447 — 653,447 2027 911,589 — 911,589 2028 664,090 — 664,090 Thereafter 8,136,900 180,131 8,317,031 $ 10,697,950 $ 180,131 $ 10,878,081

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Taxes	12. Income Taxes Blackstone’s net deferred tax assets relate primarily to basis differences resulting from a step-up Blackstone is subject to examination by the U.S. Internal Revenue Service and other taxing authorities where Blackstone has significant business operations such as the United Kingdom, and various state and local jurisdictions such as New York State and New York City. The tax years under examination vary by jurisdiction. Blackstone does not expect the completion of these audits to have a material impact on its financial condition, but it may be material to operating results for a particular period, depending on the operating results for that period. Blackstone believes the liability established for unrecognized tax benefits is adequate in relation to the potential for additional assessments. It is reasonably possible that changes in the balance of unrecognized tax benefits may occur within the next 12 months; however, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits and the impact on Blackstone’s effective tax rate over the next 12 months. As of March 31, 2024, the following are the major filing jurisdictions and their respective earliest open tax period subject to examination: Jurisdiction Year Federal 2020 New York City 2009 New York State 2016 United Kingdom 2011

Earnings Per Share and Stockhol

Earnings Per Share and Stockholders' Equity	3 Months Ended
Earnings Per Share and Stockholders' Equity	Mar. 31, 2024
Earnings Per Share and Stockholders' Equity	13. 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, 2024 and March 31, 2023 was calculated as follows: Three Months Ended March 31, 2024 2023 Net Income for Per Share of Common Stock Calculations Net Income Attributable to Blackstone Inc., Basic and Diluted $ 847,386 $ 85,812 Share/Units Outstanding Weighted-Average Shares of Common Stock Outstanding, Basic 759,798,537 746,064,922 Weighted-Average Shares of Unvested Deferred Restricted Common Stock 459,107 579,007 Weighted-Average Shares of Common Stock Outstanding, Diluted 760,257,644 746,643,929 Net Income Per Share of Common Stock Basic $ 1.12 $ 0.12 Diluted $ 1.11 $ 0.11 Dividends Declared Per Share of Common Stock (a) $ 0.94 $ 0.91 (a) Dividends declared reflects the calendar date of the declaration for each distribution. 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 non-controlling The following table summarizes the anti-dilutive securities for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 Weighted-Average Blackstone Holdings Partnership Units 457,917,611 462,949,870 Share Repurchase Program On December 7, 2021, Blackstone’s board of directors authorized the repurchase of up to $2.0 billion of common stock and Blackstone Holdings Partnership Units. 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, 2024, Blackstone repurchased 0.7 million shares of common stock at a total cost of $88.4 million. During the three months ended March 31, 2023, Blackstone repurchased 1.0 million shares of common stock at a total cost of $90.1 million. As of March 31, 2024, the amount remaining available for repurchases under the program was $668.4 million. Shares Eligible for Dividends and Distributions As of March 31, 2024, 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 722,263,433 Unvested Participating Common Stock 36,912,993 Total Participating Common Stock 759,176,426 Participating Blackstone Holdings Partnership Units 457,490,143 1,216,666,569

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
Equity-Based Compensation	Mar. 31, 2024
Equity-Based Compensation	14. Equity-Based Compensation Blackstone has granted equity-based compensation awards to Blackstone’s senior managing directors, non-partner non-professionals For the three months ended March 31, 2024 and March 31, 2023, Blackstone recorded compensation expense of $320.7 million and $277.4 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $65.3 million and $39.3 million, respectively. As of March 31, 2024, there was $2.8 billion of estimated unrecognized compensation expense related to unvested awards, including compensation with performance conditions where it is probable that the performance condition will be met. This cost is expected to be recognized over a weighted-average period of 3.7 years. Total vested and unvested outstanding shares, including common stock, Blackstone Holdings Partnership Units and deferred restricted shares of common stock, were 1,216,634,747 as of March 31, 2024. Total outstanding phantom shares were 77,083 as of March 31, 2024. A summary of the status of Blackstone’s unvested equity-based awards as of March 31, 2024 and of changes during the period January 1, 2024 through March 31, 2024 is presented below: Blackstone Holdings Blackstone 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, 2023 4,585,893 $ 38.94 36,456,644 $ 86.05 85,447 $ 114.50 Granted — — 1,708,994 130.25 7,362 128.09 Vested (268,682 ) 33.25 (2,839,811 ) 88.53 (7,100 ) 128.09 Forfeited (35,431 ) 46.58 (597,142 ) 88.20 (15,130 ) 128.09 Balance, March 31, 2024 4,281,780 $ 39.23 34,728,685 $ 88.04 70,579 $ 128.49 Shares/Units Expected to Vest The following unvested shares and units, after expected forfeitures, as of March 31, 2024, are expected to vest: Weighted- Average Service Period Shares/Units in Years Blackstone Holdings Partnership Units 4,430,851 0.5 Deferred Restricted Shares of Common Stock 31,480,104 2.7 Total Equity-Based Awards 35,910,955 2.5 Phantom Shares 60,171 2.8

Related Party Transactions

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2024
Related Party Transactions	15. Related Party Transactions Affiliate Receivables and Payables Due from Affiliates and Due to Affiliates consisted of the following: March 31, December 31, 2024 2023 Due from Affiliates Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated $ 3,824,853 $ 3,638,948 Due from Certain Non-Controlling 794,877 720,743 Accrual for Potential Clawback of Previously Distributed Performance Allocations 75,494 106,830 $ 4,695,224 $ 4,466,521 March 31, December 31, 2024 2023 Due to Affiliates Due to Certain Non-Controlling $ 1,622,694 $ 1,681,516 Due to Non-Consolidated 104,066 124,560 Due to Certain Non-Controlling 177,654 305,816 Accrual for Potential Repayment of Previously Received Performance Allocations 231,064 281,518 $ 2,135,478 $ 2,393,410 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, 2024 and December 31, 2023, such investments aggregated $1.7 billion and $1.7 billion, respectively. Their share of the Net Income Attributable to Redeemable Non-Controlling Non-Controlling 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 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 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 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 $1.6 billion over the next 15 years. The after-tax pre-IPO 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 Non-Cash 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 16. “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, 2024
Commitments and Contingencies	16. Commitments and Contingencies Commitments Investment Commitments Blackstone had $4.7 billion of investment commitments as of March 31, 2024 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 $324.2 million as of March 31, 2024, which includes $206.5 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 $32.0 million as of March 31, 2024. 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 Blackstone Europe LLP, formerly named The Blackstone Group International Partners LLP. The amount guaranteed as of March 31, 2024 was $76.0 million. Strategic Ventures In December 2022 and January 2023, Blackstone entered into long-term strategic ventures (“UC strategic ventures”) with the Regents of the University of California (“UC Investments”), an institutional investor that subscribed for $ billion of Blackstone Real Estate Income Trust, Inc. (“BREIT”) Class I shares during the three months ended March 31, 2023. The UC strategic ventures provide a waterfall structure with UC Investments receiving an % target annualized net return on its $ billion investment in BREIT shares and upside from its investment. This target return, while not guaranteed, is supported by a pledge by Blackstone of $ billion of its holdings in BREIT as of the subscription dates, including any appreciation or dividends received by Blackstone in respect thereof. Pursuant to the UC strategic ventures, Blackstone is entitled to receive an incremental % cash payment from UC Investments on any returns received in excess of the target return. An asset or liability is recognized based on fair value with the maximum potential future obligation capped at the fair value of the assets pledged by Blackstone in connection with the above arrangements. As of March 31, 2024, the fair value of the assets pledged was $ billion and the total liability recognized was $ million. 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 any unaccrued 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, eight pension plan members of the Kentucky Retirement System (“KRS”) filed a derivative lawsuit on behalf of KRS in the Franklin County Circuit Court of the Commonwealth of Kentucky (the “Mayberry Action”). The Mayberry Action alleged 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. (“BLP”). The suit named more than 30 defendants, including, among others, The Blackstone Group L.P. (now Blackstone Inc.); BLP; Stephen A. Schwarzman, as Chairman and CEO of Blackstone; and J. Tomilson Hill, as then-CEO Over the objection of the Blackstone Defendants and others, in December 2020, the Circuit Court permitted the Attorney General of the Commonwealth of Kentucky (the “AG”) to intervene in the Mayberry Action. In April 2023, the Kentucky Court of Appeals held that the Circuit Court exceeded its authority in permitting the AG’s intervention despite the Kentucky Supreme Court’s instruction to dismiss. Accordingly, the Kentucky Court of Appeals vacated all orders entered by the Circuit Court other than the order dismissing the original derivative complaint in the Mayberry Action. The AG’s motion for discretionary review of the Court of Appeals’ decision by the Kentucky Supreme Court was denied and, in February 2024, the Kentucky Circuit Court officially dismissed the Mayberry Action. Additionally, around the time the AG moved to intervene in 2020, the AG separately filed an additional back-up complaint asserting substantially identical claims against largely the same defendants as the Mayberry Action, including Stephen A. Schwarzman, J. Tomilson Hill and Blackstone Inc. (the “July 2020 Action”). The AG did not pursue the July 2020 Action until August 2023, when the AG served a substantially identical amended complaint which, in September 2023, the named defendants moved to dismiss. In November 2023, the AG amended its complaint again to add BLP—which had not previously been named in the July 2020 Action—as an additional defendant, and BLP subsequently filed a motion to dismiss in December 2023. On March 31, 2024, while the motions to dismiss were pending, the AG moved to amend its complaint for the third time, seeking for the first time in this litigation to assert a breach of contract claim against the Blackstone Defendants. On April 8, 2024, the Court granted the AG’s motion to amend. Defendants filed a motion to strike the third amended complaint on April 23, 2024. On May 1, 2024, the Court denied the Blackstone Defendants’ motion to dismiss, as well as most other defendants’ motions to dismiss, and defendants’ motion to strike the third amended complaint. Also on April 8, 2024, the AG filed a new action against the same defendants for the stated purpose of satisfying a limitations statute (the “April 2024 Action”) asserting substantively the same breach of contract claim as the third amended complaint in the July 2020 Action. On May 1, 2024, the Court consolidated the July 2020 Action and the April 2024 Action upon the AG’s motion. In August 2022, KRS was ordered to disclose, and in September 2022, did disclose, a report prepared in 2021 by a law firm retained by KRS to conduct an investigation into the investment activities underlying the lawsuit. According to the report, the investigators “did not find any violations of fiduciary duty or illegal activity by [BLP]” related to KRS’s due diligence and retention of BLP or KRS’s continued investment with BLP. The report quotes contemporaneous communications by KRS staff during the period of the investment recognizing that BLP was exceeding KRS’s returns benchmark, that BLP was providing KRS with “far fewer negative months than any liquid market comparable,” and that BLP “[h]as killed it.” In January 2021, certain former plaintiffs in the Mayberry Action filed a separate action (“Taylor I”) against the Blackstone Defendants and other defendants named in the Mayberry Action, asserting allegations substantially similar to those in the Mayberry Action, and in July 2021 they amended their complaint to add class action allegations. Defendants removed Taylor I to the U.S. District Court for the Eastern District of Kentucky, and in March 2022, the District Court stayed Taylor I pending the resolution of the AG’s suit. In August 2021, a group of KRS members—including those that filed Taylor I—filed a new action in Franklin County Circuit Court (“Taylor II”), against the Blackstone Defendants, other defendants named in the Mayberry Action, and other KRS officials. The filed complaint is substantially similar to that filed in Taylor I and the Mayberry Action. In July 2022, most defendants (including the Blackstone Defendants) moved to dismiss. On May 1, 2024, the Court denied the Blackstone Defendants’ motion to dismiss, as well as most other defendants’ motions to dismiss. In May 2022, the presiding judge recused himself from the Mayberry Action and Taylor II, and the cases were reassigned to another judge in the Franklin County Circuit Court. In April 2021, the AG filed an action (the “Declaratory Judgment Action”) against BLP and the other fund manager defendants from the Mayberry Action in Franklin County Circuit Court. The action sought to have certain provisions in the subscription agreements between KRS and the fund managers declared to be in violation of the Kentucky Constitution. In March 2022, the Circuit Court granted summary judgment to the AG and the Court of Appeals affirmed in December 2023. On March 6, 2024, BLP filed a motion for discretionary review by the Kentucky Supreme Court, which is pending. Blackstone continues to believe that the preceding lawsuits against Blackstone are totally without merit and intends to defend them vigorously. In July 2021, BLP filed a breach of contract action against defendants affiliated with KRS alleging that the Mayberry Action and the Declaratory Judgment Action breach the parties’ subscription agreements governing KRS’s investment with BLP. The action seeks damages, including legal fees and expenses incurred in defending against the above actions. In April 2022, the Circuit Court dismissed BLP’s complaint without prejudice to refiling, on the grounds that the action was not yet ripe for adjudication. In May 2023, the Court of Appeals affirmed the Circuit Court’s dismissal, without prejudice, of BLP’s complaint on ripeness grounds. In August 2023, BLP filed a motion with the Kentucky Supreme Court for discretionary review, which was granted in February 2024. Briefing is expected to conclude in June 2024. In October 2022, as part of a sweep of private equity and other investment advisory firms, the SEC sent us a request for information relating to the retention of certain types of electronic business communications, including text messages, that may be required to be preserved under certain SEC rules. We are continuing to cooperate with the SEC and have begun discussions with the SEC staff about a potential resolution of this inquiry. Our financial results for the three months ended March 31, 2024 include an accrual for the estimated liability related to this matter. 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 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 2032. 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, 2024 December 31, 2023 Current and Current and Blackstone Former Blackstone Former Segment Holdings Personnel (a) Total (b) Holdings Personnel (a) Total (b) Real Estate $ 128,972 $ 62,812 $ 191,784 $ 145,435 $ 90,337 $ 235,772 Private Equity 26,387 12,415 38,802 29,046 16,231 45,277 Credit & Insurance 211 267 478 207 262 469 $ 155,570 $ 75,494 $ 231,064 $ 174,688 $ 106,830 $ 281,518 (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. (b) Total is a component of Due to Affiliates. See Note 15. “Related Party Transactions —Affiliate Receivables and Payables — Due to Affiliates.” 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, 2024, $1.0 billion 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, 2024, 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 $6.5 billion, on an after-tax

Segment Reporting

Segment Reporting	3 Months Ended
Segment Reporting	Mar. 31, 2024
Segment Reporting	17. Segment Reporting Blackstone conducts its alternative asset management businesses through four segments: • Real Estate – Blackstone’s Real Estate segment primarily comprises its management of opportunistic real estate funds, Core+ real estate funds, and real estate debt strategies. • Private Equity – Blackstone’s Private Equity segment includes its management of flagship Corporate Private Equity funds, sector and geographically-focused Corporate Private Equity funds, core private equity funds, an opportunistic investment platform, a secondary fund of funds business, infrastructure-focused funds, a life sciences investment platform, a growth equity investment platform, an investment platform offering eligible individual investors access to Blackstone’s private equity capabilities, a multi-asset investment program for eligible high net worth investors and a capital markets services business. • Credit & Insurance – Blackstone’s Credit & Insurance segment consists principally of Blackstone Credit & Insurance, which is organized into three overarching strategies: private corporate credit, liquid corporate credit and infrastructure and asset based credit. In addition, the segment includes an insurer-focused platform and a publicly traded energy infrastructure, renewables and master limited partnership investment platform. • Multi-Asset Investing – Effective the first quarter of 2024, our Hedge Fund Solutions segment was renamed to “Multi-Asset Investing.” Multi-Asset Investing is organized into two primary platforms: Absolute Return and Multi-Strategy. In addition, the segment also includes a GP Stakes business. These business segments are differentiated by their various investment strategies. Each of the segments primarily earns its 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 and Non-Recurring Items. Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering and non-recurring gains, losses, or other charges, if any. 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, gains or losses associated with these corporate actions and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of Blackstone’s operational performance. 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, 2024 and for the three months ended March 31, 2024 and 2023. March 31, 2024 and the Three Months Then Ended Real Private Credit & Multi-Asset Total Estate Equity Insurance Investing Segments Management and Advisory Fees, Net Base Management Fees $ 694,179 $ 450,283 $ 370,998 $ 129,270 $ 1,644,730 Transaction, Advisory and Other Fees, Net 29,190 26,149 9,790 1,809 66,938 Management Fee Offsets (2,930 ) (267 ) (892 ) (8 ) (4,097 ) Total Management and Advisory Fees, Net 720,439 476,165 379,896 131,071 1,707,571 Fee Related Performance Revenues 129,958 — 165,543 — 295,501 Fee Related Compensation (174,569 ) (157,392 ) (181,337 ) (40,779 ) (554,077 ) Other Operating Expenses (89,762 ) (86,879 ) (85,530 ) (26,807 ) (288,978 ) Fee Related Earnings 586,066 231,894 278,572 63,485 1,160,017 Realized Performance Revenues 49,967 446,455 15,120 24,851 536,393 Realized Performance Compensation (21,863 ) (218,938 ) (5,445 ) (6,778 ) (253,024 ) Realized Principal Investment Income (Loss) 2,193 22,208 3,597 (18,060 ) 9,938 Total Net Realizations 30,297 249,725 13,272 13 293,307 Total Segment Distributable Earnings $ 616,363 $ 481,619 $ 291,844 $ 63,498 $ 1,453,324 Segment Assets $ 12,846,955 $ 13,761,878 $ 7,607,377 $ 2,615,141 $ 36,831,351 Three Months Ended March 31, 2023 Real Private Credit & Multi-Asset Total Estate Equity Insurance Investing Segments Management and Advisory Fees, Net Base Management Fees $ 705,387 $ 451,610 $ 326,779 $ 135,771 $ 1,619,547 Transaction, Advisory and Other Fees, Net 20,561 14,784 8,451 1,914 45,710 Management Fee Offsets (10,457 ) (1,310 ) (1,101 ) (2 ) (12,870 ) Total Management and Advisory Fees, Net 715,491 465,084 334,129 137,683 1,652,387 Fee Related Performance Revenues 20,748 — 127,496 — 148,244 Fee Related Compensation (137,610 ) (161,626 ) (163,999 ) (45,736 ) (508,971 ) Other Operating Expenses (74,181 ) (76,763 ) (74,238 ) (26,466 ) (251,648 ) Fee Related Earnings 524,448 226,695 223,388 65,481 1,040,012 Realized Performance Revenues 11,096 499,322 125,181 5,927 641,526 Realized Performance Compensation (3,165 ) (232,934 ) (56,772 ) (3,153 ) (296,024 ) Realized Principal Investment Income 2,224 32,889 6,009 2,569 43,691 Total Net Realizations 10,155 299,277 74,418 5,343 389,193 Total Segment Distributable Earnings 534,603 $ 525,972 $ 297,806 $ 70,824 $ 1,429,205 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, 2024 and 2023 along with Total Assets as of March 31, 2024: Three Months Ended March 31, 2024 2023 Revenues Total GAAP Revenues $ 3,687,828 $ 1,381,845 Less: Unrealized Performance Revenues (a) (445,936 ) 759,316 Less: Unrealized Principal Investment (Income) Loss (b) (442,976 ) 479,120 Less: Interest and Dividend Revenue (c) (97,839 ) (95,101 ) Less: Other Revenue (d) (44,747 ) 14,180 Impact of Consolidation (e) (106,874 ) (58,987 ) Transaction-Related and Non-Recurring (449 ) 4,788 Intersegment Eliminations 396 687 Total Segment Revenue (g) $ 2,549,403 $ 2,485,848 Three Months Ended March 31, 2024 2023 Expenses Total GAAP Expenses $ 1,790,407 $ 1,189,345 Less: Unrealized Performance Allocations Compensation (h) (180,900 ) 313,249 Less: Equity-Based Compensation (i) (317,779 ) (268,134 ) Less: Interest Expense (j) (107,640 ) (104,209 ) Impact of Consolidation (e) (25,949 ) (56,674 ) Amortization of Intangibles (k) (7,333 ) (11,341 ) Transaction-Related and Non-Recurring (52,646 ) (3,833 ) Administrative Fee Adjustment (l) (2,477 ) (2,447 ) Intersegment Eliminations 396 687 Total Segment Expenses (m) $ 1,096,079 $ 1,056,643 Three Months Ended March 31, 2024 2023 Other Income Total GAAP Other Income $ (17,767 ) $ 65,856 Impact of Consolidation (e) 17,767 (65,856 ) Total Segment Other Income — $ — Three Months Ended March 31, 2024 2023 Income Before Provision for Taxes Total GAAP Income Before Provision for Taxes $ 1,879,654 $ 258,356 Less: Unrealized Performance Revenues (a) (445,936 ) 759,316 Less: Unrealized Principal Investment (Income) Loss (b) (442,976 ) 479,120 Less: Interest and Dividend Revenue (c) (97,839 ) (95,101 ) Less: Other Revenue (d) (44,747 ) 14,180 Plus: Unrealized Performance Allocations Compensation (h) 180,900 (313,249 ) Plus: Equity-Based Compensation (i) 317,779 268,134 Plus: Interest Expense (j) 107,640 104,209 Impact of Consolidation (e) (63,158 ) (68,169 ) Amortization of Intangibles (k) 7,333 11,341 Transaction-Related and Non-Recurring 52,197 8,621 Administrative Fee Adjustment (l) 2,477 2,447 Total Segment Distributable Earnings $ 1,453,324 $ 1,429,205 As of March 31, 2024 Total Assets Total GAAP Assets $ 39,706,302 Impact of Consolidation (e) (2,874,951 ) Total Segment Assets $ 36,831,351 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 and Non-Recurring (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, 2024 and 2023, Other Revenue on a GAAP basis was $44.8 million and $(14.2 (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 non-controlling (f) This adjustment removes Transaction-Related and Non-Recurring Items, which are excluded from Blackstone’s segment presentation. Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering and non-recurring gains, losses, or other charges, if any. 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, gains or losses associated with these corporate actions and non-recurring gains, losses or other charges that affect period to period comparability and are not reflective of Blackstone’s operational performance. For the three months ended March 31, 2024, this adjustment includes removal of an accrual for an estimated liability for a legal matter. (g) Total Segment Revenues is comprised of the following: Three Months Ended March 31, 2024 2023 Total Segment Management and Advisory Fees, Net $ 1,707,571 $ 1,652,387 Total Segment Fee Related Performance Revenues 295,501 148,244 Total Segment Realized Performance Revenues 536,393 641,526 Total Segment Realized Principal Investment Income 9,938 43,691 Total Segment Revenues $ 2,549,403 $ 2,485,848 (h) This adjustment removes Unrealized Performance Allocations Compensation. (i) This adjustment removes Equity-Based Compensation on a segment basis. (j) This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement. (k) This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation. (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, 2024 2023 Total Segment Fee Related Compensation $ 554,077 $ 508,971 Total Segment Realized Performance Compensation 253,024 296,024 Total Segment Other Operating Expenses 288,978 251,648 Total Segment Expenses $ 1,096,079 $ 1,056,643 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, 2024 and 2023: Three Months Ended March 31, 2024 2023 Management and Advisory Fees, Net GAAP $ 1,727,148 $ 1,658,315 Segment Adjustment (a) (19,577 ) (5,928 ) Total Segment $ 1,707,571 $ 1,652,387 Three Months Ended March 31, 2024 2023 GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues GAAP Incentive Fees $ 179,341 $ 142,876 Investment Income - Realized Performance Allocations 652,517 646,894 GAAP 831,858 789,770 Total Segment Less: Realized Performance Revenues (536,393 ) (641,526 ) Segment Adjustment (b) 36 — Total Segment $ 295,501 $ 148,244 Three Months Ended March 31, 2024 2023 GAAP Compensation to Total Segment Fee Related Compensation GAAP Compensation $ 794,803 $ 716,285 Incentive Fee Compensation 73,707 63,281 Realized Performance Allocations Compensation 258,894 296,794 GAAP 1,127,404 1,076,360 Total Segment Less: Realized Performance Compensation (253,024 ) (296,024 ) Less: Equity-Based Compensation - Fee Related Compensation (313,400 ) (265,154 ) Less: Equity-Based Compensation - Performance Compensation (4,379 ) (2,980 ) Segment Adjustment (c) (2,524 ) (3,231 ) Total Segment $ 554,077 $ 508,971 Three Months Ended March 31, 2024 2023 GAAP General, Administrative and Other to Total Segment Other Operating Expenses GAAP $ 369,950 $ 273,394 Segment Adjustment (d) (80,972 ) (21,746 ) Total Segment $ 288,978 $ 251,648 Three Months Ended March 31, 2024 2023 Realized Performance Revenues GAAP Incentive Fees $ 179,341 $ 142,876 Investment Income - Realized Performance Allocations 652,517 646,894 GAAP 831,858 789,770 Total Segment Less: Fee Related Performance Revenues (295,501 ) (148,244 ) Segment Adjustment (b) 36 — Total Segment $ 536,393 $ 641,526 Three Months Ended March 31, 2024 2023 Realized Performance Compensation GAAP Incentive Fee Compensation $ 73,707 $ 63,281 Realized Performance Allocations Compensation 258,894 296,794 GAAP 332,601 360,075 Total Segment Less: Fee Related Performance Compensation (e) (75,198 ) (61,071 ) Less: Equity-Based Compensation—Performance Compensation (4,379 ) (2,980 ) Total Segment $ 253,024 $ 296,024 Three Months Ended March 31, 2024 2023 Realized Principal Investment Income GAAP $ 78,597 $ 108,058 Segment Adjustment (f) (68,659 ) (64,367 ) Total Segment $ 9,938 $ 43,691 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 and Non-Recurring (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 and Non-Recurring Items that are not recorded in the Total Segment measures. (d) Represents the (1) removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures, (2) removal of certain expenses reimbursed by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation. For the three months ended March 31, 2024, this adjustment includes removal of an accrual for an estimated liability for a legal matter. (e) Fee related performance compensation may include equity-based compensation based on fee related performance revenues. (f) 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, 2024
Subsequent Events	18. Subsequent Events There have been no events since March 31, 2024 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, 2024
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. Form 10-K 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.
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 non-controlling 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 17. “Segment Reporting” for a disaggregated presentation of revenues from contracts with customers. Management and Advisory Fees, Net Blackstone earns base management fees from its customers at a fixed percentage of a calculation base which is typically assets under management, net asset value, gross asset value, total assets, committed capital or invested capital. Blackstone identifies its customers on a fund by fund basis in accordance with the terms and circumstances of the individual fund. Generally the customer is identified as the investors in its managed funds and investment vehicles, but for certain widely held funds or vehicles, the fund or vehicle itself may be identified as the customer. 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 investors 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 investors 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 investors 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 investors of the Blackstone Funds, which are based on the amount such investors 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 investors 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 investors of the funds recorded as Management and Advisory Fees, Net. In cases where the investors 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 Consolidated Statements of Financial Condition and amortization is recorded within General, Administrative and Other within the 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 Due from Affiliates in the Condensed Consolidated Statements of Financial Condition. Incentive Fees Investment Income (Loss) In carry fund structures and certain open-ended structures, Blackstone, through its subsidiaries, invests alongside its limited partners in a partnership and is entitled to its pro-rata “pro-rata pro-rata Performance Allocations in carry fund structures are made to the general partner based on cumulative fund performance to date, subject to a preferred return to limited partners. Performance Allocations in open-ended structures are based on vehicle performance over a period of time, subject to a high water mark and preferred return to investors. 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 in carry fund structures 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 in carry fund structures 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 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 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 consolidated collateralized loan obligations (“CLO”) vehicles, government and agency securities, less liquid and restricted equity securities, and certain over-the-counter ● 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, real estate funds and credit-focused funds, distressed debt and non-investment non-consolidated over-the-counter 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, debt securities sold, not yet purchased and certain equity securities and derivative instruments valued using observable inputs. 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 including those 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. ● Notes issued by consolidated CLO vehicles are measured 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, investments in non-consolidated CLO vehicles, 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 Generally, the Blackstone Funds are accounted for as investment companies under the American Institute of Certified Public Accountants Audit and Accounting 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 or other eligible election dates. Blackstone has applied the fair value option for certain loans and receivables, unfunded loan commitments and certain investments 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 notes issued by consolidated CLO vehicles as (a) the sum of the fair value of the consolidated CLO assets and the carrying value of any non-financial Non-Controlling Condensed Consolidated Statements of Financial Condition and notes payable within Loans Payable for the amounts due to unaffiliated third parties. Changes in the fair value of consolidated CLO assets and liabilities and related interest, dividend and other income are presented within Net Gains (Losses) 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, quoted prices that are published on a regular basis and are the basis for current transactions 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.” Blackstone may elect to measure certain proprietary investments in equity securities without readily determinable fair values under the measurement alternative, which reflects cost less impairment, with adjustments in value resulting from observable price changes arising from orderly transactions of the same or a similar security from the same issuer. If the measurement alternative election is not made, the equity security is measured at fair value. The measurement alternative election is made on an instrument by instrument basis. The election is reassessed each reporting period to determine whether investments under the measurement alternative have readily determinable fair values, in which case they would no longer be eligible for this election. 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, 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 generally 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 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. Strategic Partners’ results presented in Blackstone’s condensed consolidated financial statements are reported on a three-month lag from Strategic Partners’ fund financial statements, which report the performance of underlying investments generally on a same quarter basis, if available. Therefore, Strategic Partners’ results presented herein do not reflect the impact of economic and market activity in the current quarter. Current quarter market activity of Strategic Partners’ underlying investments is expected to affect Blackstone’s 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 — in-kind).
Non-Controlling Interests in Consolidated Entities	Non-Controlling Non-Controlling non-controlling
Redeemable Non-Controlling Interests in Consolidated Entities	Redeemable Non-Controlling Investors in certain consolidated vehicles may be granted redemption rights that allow for quarterly or monthly redemption, as outlined in the relevant governing documents. Such redemption rights may be subject to certain limitations, including limits on the aggregate amount of interests that may be redeemed in a given period, may only allow for redemption 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 a result, amounts relating to third party interests in such consolidated vehicles are presented as Redeemable Non-Controlling non-controlling Non-Controlling
Non-Controlling Interests in Blackstone Holdings	Non-Controlling Non-Controlling 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 periods
Income Taxes	Income Taxes Provision for Income Taxes Income taxes are provided for using the asset and liability method under which deferred tax assets and liabilities are recognized for temporary differences between the financial reporting and tax bases of assets and liabilities, resulting in all pretax amounts being appropriately tax effected in the period, irrespective of which tax return year items will be reflected. Blackstone reports interest expense and tax penalties related to income tax matters in provision for income taxes. Deferred Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities. These temporary differences result in taxable or deductible amounts in future years and are measured using the tax rates and laws that will be in effect when such differences are expected to reverse. Valuation allowances are established to reduce the deferred tax assets to the amount that is more likely than not to be realized. Deferred tax assets are separately stated, and deferred tax liabilities are included in Accounts Payable, Accrued Expenses, and Other Liabilities in the condensed consolidated financial statements. Unrecognized Tax Benefits Blackstone recognizes tax positions in the condensed consolidated financial statements when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in the return and amounts recognized in the condensed consolidated financial statements. Accrued interest and penalties related to unrecognized tax benefits are reported on the related liability line in the condensed consolidated financial statements.
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 Blackstone 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”
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”), generally comprised 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 within Accounts Payable, Accrued Expenses and Other Liabilities 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. 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 10. “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 within Accounts Payable, Accrued Expenses and Other Liabilities 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”). 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 (Losses) 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 10. “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.
Recent Accounting Developments	Recent Accounting Developments In June 2022, the Financial Accounting Standards Board issued amended guidance addressing certain sale restrictions on equity securities measured at fair value. The guidance requires that reporting entities not consider contractual sale restrictions that prohibit the sale of equity securities when measuring fair value and introduces new disclosure requirements for equity securities subject to contractual sale restrictions. The new guidance was effective for Blackstone beginning January 1, 2024 and was adopted on a prospective basis. There was no impact on the condensed consolidated financial statements upon adoption.

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
Intangible Assets (Tables)	Mar. 31, 2024
Intangible Assets, Net	Intangible Assets, Net consists of the following: March 31, December 31, 2024 2023 Finite-Lived Intangible Assets/Contractual Rights $ 1,769,372 $ 1,769,372 Accumulated Amortization (1,577,145 ) (1,568,164 ) Intangible Assets, Net $ 192,227 $ 201,208

Investments (Tables)

Investments (Tables)	3 Months Ended
Investments (Tables)	Mar. 31, 2024
Investments	Investments consist of the following: March 31, December 31, 2024 2023 Investments of Consolidated Blackstone Funds $ 3,458,911 $ 4,319,483 Equity Method Investments Partnership Investments 6,100,640 5,924,275 Accrued Performance Allocations 11,163,116 10,775,355 Corporate Treasury Investments 197,976 803,870 Other Investments 5,001,647 4,323,639 $ 25,922,290 $ 26,146,622
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 2024 2023 Realized Gains (Losses) $ (58,412 ) $ 17,155 Net Change in Unrealized Gains (Losses) 35,125 (17,154 ) Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds (23,287 ) 1 Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds 5,520 71,063 Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities $ (17,767 ) $ 71,064
Performance Fees Allocated to Funds	Accrued Performance Allocations to Blackstone were as follows: Real Private Credit & Multi-Asset Estate Equity Insurance Investing Total Accrued Performance Allocations, December 31, 2023 $ 2,990,602 $ 6,707,244 $ 599,779 $ 477,730 $ 10,775,355 Performance Allocations as a Result of Changes in Fund Fair Values 83,357 690,844 120,988 155,775 1,050,964 Foreign Exchange Loss (5,711 ) — — — (5,711 ) Fund Distributions (183,108 ) (348,875 ) (50,449 ) (75,060 ) (657,492 ) Accrued Performance Allocations, March 31, 2024 $ 2,885,140 $ 7,049,213 $ 670,318 $ 558,445 $ 11,163,116
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 2024 2023 Realized Gains (Losses) $ (1,621 ) $ 2,374 Net Change in Unrealized Gains (Losses) (1,260 ) 7,795 $ (2,881 ) $ 10,169
Realized and Net Change in Unrealized Gains (Losses) in Other Investments	The following table presents Blackstone’s Realized and Net Change in Unrealized Gains (Losses) in Other Investments: Three Months Ended 2024 2023 Realized Gains $ 2,467 $ 1,924 Net Change in Unrealized Gains (Losses) 455,800 (313,153 ) $ 458,267 $ (311,229 )

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, 2024
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, 2024 is presented below: Redemption Frequency Redemption Strategy (a) Fair Value (if currently eligible) Notice Period Equity $ 356,173 (b) (b) Real Estate 112,839 (c) (c) Other 7,081 (d) (d) $ 476,093 (a) As of March 31, 2024, Blackstone had no unfunded commitments. (b) The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Investments representing 76% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date. Investments representing 24% of the fair value of the investments in this category are redeemable as of the reporting date. (c) The Real Estate category includes investments in funds that primarily invest in real estate assets. All investments in this category are redeemable as of the reporting date. (d) Other is composed of the Credit Driven category, the Commodities category and the Diversified Instruments category. The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. The Diversified Instruments category includes investments in funds that invest across multiple strategies. All investments in these categories 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, 2024
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, 2024 December 31, 2023 Assets Liabilities Assets Liabilities Fair Fair Fair Fair Notional Value Notional Value Notional Value Notional Value Freestanding Derivatives Blackstone Interest Rate Contracts $ 626,740 $ 157,387 $ 600,000 $ 97,066 $ 634,840 $ 145,798 $ 607,000 $ 86,589 Foreign Currency Contracts 167,391 465 337,017 901 387,102 11,442 334,228 3,538 Credit Default Swaps — — 640 8 3,108 479 3,748 508 Total Return Swaps 39,956 5,812 — — 63,158 13,171 — — Equity Options — — 1,131,872 646,002 — — 1,110,490 563,986 834,087 163,664 2,069,529 743,977 1,088,208 170,890 2,055,466 654,621 Investments of Consolidated Blackstone Funds Interest Rate Contracts 839,931 26,800 — — 855,683 19,189 — — 839,931 26,800 — — 855,683 19,189 — — $ 1,674,018 $ 190,464 $ 2,069,529 $ 743,977 $ 1,943,891 $ 190,079 $ 2,055,466 $ 654,621
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 2024 2023 Freestanding Derivatives Realized Gains (Losses) Interest Rate Contracts $ (614 ) $ 336 Foreign Currency Contracts 5,525 5,590 Credit Default Swaps 75 (51 ) Total Return Swaps 8,320 4,652 13,306 10,527 Net Change in Unrealized Gains (Losses) Interest Rate Contracts 1,024 (2,120 ) Foreign Currency Contracts (8,222 ) (3,183 ) Credit Default Swaps (54 ) (228 ) Total Return Swaps (5,519 ) (13 ) Equity Options (82,016 ) (154,838 ) (94,787 ) (160,382 ) $ (81,481 ) $ (149,855 )

Fair Value Option (Tables)

Fair Value Option (Tables)	3 Months Ended
Fair Value Option (Tables)	Mar. 31, 2024
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, 2024 2023 Assets Loans and Receivables $ 95,532 $ 60,738 Equity and Preferred Securities 2,850,339 2,894,302 Debt Securities 62,757 63,486 Assets of Consolidated CLO Vehicles Corporate Loans 129,381 938,801 $ 3,138,009 $ 3,957,327 Liabilities CLO Notes Payable $ 169,835 $ 687,122 Corporate Treasury Commitments 887 1,264 $ 170,722 $ 688,386
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, 2024 2023 Net Change Net Change Realized in Unrealized Realized in Unrealized Gains (Losses) Gains (Losses) Gains (Losses) Gains (Losses) Assets Loans and Receivables $ (1,604 ) $ (408 ) $ (763 ) $ (303 ) Equity and Preferred Securities 2,281 17,729 1,696 (45,113 ) Debt Securities — (729 ) — (1,831 ) Assets of Consolidated CLO Vehicles Corporate Loans (2,846 ) 2,456 (3,129 ) 482 $ (2,169 ) $ 19,048 $ (2,196 ) $ (46,765 ) Liabilities CLO Notes Payable $ — $ 600 $ — $ 2,464 Corporate Treasury Commitments — 377 — 2,226 $ — $ 977 $ — $ 4,690
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, 2024 December 31, 2023 For Financial Assets For Financial Assets Past Due (a) Past Due (a) Excess Excess Excess 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 $ 252 $ — $ — $ 675 $ — $ — Debt Securities (54,072 ) — — (52,577 ) — — Assets of Consolidated CLO Vehicles Corporate Loans (3,495 ) 1,313 — (8,751 ) 1,345 — $ (57,315 ) $ 1,313 $ — $ (60,653 ) $ 1,345 $ — (a) Assets are classified as past due if contractual payments are more than 90 days past due.

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, 2024
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, 2024 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents $ 214,997 $ — $ — $ — $ 214,997 Investments Investments of Consolidated Blackstone Funds Equity Securities, Partnerships and LLC Interests (a) 10,259 119,238 2,688,028 469,012 3,286,537 Debt Instruments — 130,010 15,564 — 145,574 Freestanding Derivatives — 26,800 — — 26,800 Total Investments of Consolidated Blackstone Funds 10,259 276,048 2,703,592 469,012 3,458,911 Corporate Treasury Investments 67,688 121,712 8,576 — 197,976 Other Investments 2,006,970 2,590,956 72,555 7,081 4,677,562 Total Investments 2,084,917 2,988,716 2,784,723 476,093 8,334,449 Accounts Receivable - Loans and Receivables — — 95,532 — 95,532 O ther — 157,852 5,812 — 163,664 $ 2,299,914 $ 3,146,568 $ 2,886,067 $ 476,093 $ 8,808,642 Liabilities Loans Payable - CLO Notes Payable $ — $ 169,835 $ — $ — $ 169,835 Accounts Payable, Accrued Expenses and Other Liabilities Freestanding Derivatives — 97,975 646,002 — 743,977 Contingent Consideration — — 504 — 504 Corporate Treasury Commitments — — 887 — 887 Securities Sold, Not Yet Purchased 3,867 — — — 3,867 Total Accounts Payable, Accrued Expenses and Other Liabilities 3,867 97,975 647,393 — 749,235 $ 3,867 $ 267,810 $ 647,393 $ — $ 919,070 December 31, 2023 Level I Level II Level III NAV Total Assets Cash and Cash Equivalents $ 263,574 $ — $ — $ — $ 263,574 Investments Investments of Consolidated Blackstone Funds Equity Securities, Partnerships and LLC Interests (a) 11,118 123,022 2,653,246 558,259 3,345,645 Debt Instruments — 924,264 30,385 — 954,649 Freestanding Derivatives — 19,189 — — 19,189 Total Investments of Consolidated Blackstone Funds 11,118 1,066,475 2,683,631 558,259 4,319,483 Corporate Treasury Investments 72,071 435,430 296,369 — 803,870 Other Investments 1,564,112 2,355,423 223,441 7,275 4,150,251 Total Investments 1,647,301 3,857,328 3,203,441 565,534 9,273,604 Accounts Receivable - Loans and Receivables — — 60,738 — 60,738 O ther 90 157,629 13,171 — 170,890 $ 1,910,965 $ 4,014,957 $ 3,277,350 $ 565,534 $ 9,768,806 Liabilities Loans Payable - CLO Notes Payable $ — $ 687,122 $ — $ — $ 687,122 Accounts Payable, Accrued Expenses and Other Liabilities Freestanding Derivatives 436 90,199 563,986 — 654,621 Contingent Consideration — — 387 — 387 Corporate Treasury Commitments — — 1,264 — 1,264 Securities Sold, Not Yet Purchased 3,886 — — — 3,886 Total Accounts Payable, Accrued Expenses and Other Liabilities 4,322 90,199 565,637 — 660,158 $ 4,322 $ 777,321 $ 565,637 $ — $ 1,347,280 LLC Limited Liability Company. (a) Equity Securities, Partnership and LLC Interest includes investments in investment funds.
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, 2024. Consistent with presentation in these Notes to Condensed Consolidated Financial Statements, this table presents the Level III Investments only of Consolidated Blackstone Funds and therefore does not reflect any other Blackstone Funds. Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Impact to Financial Assets Investments of Consolidated Blackstone Funds Equity Securities, Partnership and LLC Interests $ 2,688,028 Discounted Cash Flows Discount Rate 3.3% - 38.6% 10.1% Lower Exit Multiple - EBITDA 4.0x - 30.6x 15.0x Higher Exit Capitalization Rate 3.1% - 13.2% 5.1% Lower Debt Instruments 15,564 Third Party Pricing n/a Total Investments of Consolidated Blackstone Funds 2,703,592 Corporate Treasury Investments 8,576 Transaction Price n/a Loans and Receivables 95,532 Discounted Cash Flows Discount Rate 8.8% - 14.0% 10.3% Lower Other Investments (b) 78,367 Third Party Pricing n/a $ 2,886,067 Financial Liabilities Freestanding Derivatives (c) $ 646,002 Option Pricing Model Volatility 6.2% n/a Higher Other Liabilities (d) 1,391 Third Party Pricing n/a Other n/a $ 647,393 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, 2023: Fair Value Valuation Techniques Unobservable Inputs Ranges Weighted- Impact to Financial Assets Investments of Consolidated Blackstone Funds Equity Securities, Partnership and LLC Interests $ 2,653,246 Discounted Cash Flows Discount Rate 3.3% - 38.0% 9.7% Lower Exit Multiple - EBITDA 4.0x - 30.6x 15.0x Higher Exit Capitalization Rate 3.1% - 12.8% 5.1% Lower Debt Instruments 30,385 Third Party Pricing n/a Total Investments of Consolidated Blackstone Funds 2,683,631 Corporate Treasury Investments 296,369 Discounted Cash Flows Discount Rate 11.2% - 22.4% 17.1% Lower Transaction Price n/a Loans and Receivables 60,738 Discounted Cash Flows Discount Rate 8.8% - 14.9% 10.3% Lower Other Investments (b) 236,612 Third Party Pricing n/a Transaction Price n/a $ 3,277,350 Financial Liabilities Freestanding Derivatives (c) $ 563,986 Option Pricing Model Volatility 6.3% n/a Higher Other Liabilities (d) 1,651 Third Party Pricing n/a Other n/a $ 565,637 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. (b) As of March 31, 2024 and December 31, 2023, Other Investments includes Level III Freestanding Derivatives. (c) The volatility of the historical performance of the underlying reference entity is used to project the expected returns relevant for the fair value of the derivative. (d) As of March 31, 2024 and December 31, 2023, Other Liabilities includes Level III Contingent Consideration and Level III Corporate Treasury Commitments.
Summary of Changes in Financial Assets and Liabilities 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 Level III Financial Assets at Fair Value Three Months Ended March 31, 2024 2023 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 $ 2,683,631 $ 60,738 $ 373,024 $ 3,117,393 $ 4,249,832 $ 315,039 $ 30,971 $ 4,595,842 Transfer Out Due to Deconsolidation (14,237 ) — — (14,237 ) (3,837 ) — — (3,837 ) Transfer Into Level III (b) 3,434 — — 3,434 13,873 — 898 14,771 Transfer Out of Level III (b) (2,546 ) — — (2,546 ) (313 ) — (2,726 ) (3,039 ) Purchases 133,116 149,639 5,675 288,430 299,948 55,070 49,404 404,422 Sales (34,315 ) (111,167 ) (289,993 ) (435,475 ) (319,161 ) (86,725 ) (180 ) (406,066 ) Issuances — 9,561 — 9,561 — 50,689 — 50,689 Settlements (c) — (14,110 ) (10,160 ) (24,270 ) — (33,796 ) 528 (33,268 ) Changes in Gains (Losses) Includedin Earnings (65,491 ) 871 (1,404 ) (66,024 ) 98,167 7,011 (4,291 ) 100,887 Balance, End of Period $ 2,703,592 $ 95,532 $ 77,142 $ 2,876,266 $ 4,338,509 $ 307,288 $ 74,604 $ 4,720,401 Changes in Unreali in Earnings $ (39,295 ) $ (793 ) $ (3,305 ) $ (43,393 ) $ 72,029 $ 1,737 $ 534 $ 74,300 Level III Financial Liabilities at Fair Value Three Months Ended March 31, 2024 2023 Freestanding Other Freestanding Other Derivatives Liabilities Total Derivatives Liabilities Total Balance, Beginning of Period $ 563,986 $ 1,651 $ 565,637 $ 48,581 $ 8,144 $ 56,725 Transfer In Due to Consolidation and Acquisition — — — — 2,300 2,300 Changes in Losses (Gains) Included in Earnings 82,016 (260 ) 81,756 154,838 (2,226 ) 152,612 Balance, End of Period $ 646,002 $ 1,391 $ 647,393 $ 203,419 $ 8,218 $ 211,637 Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date $ 82,016 $ (260 ) $ 81,756 $ 154,838 $ (2,226 ) $ 152,612 (a) Represents freestanding derivatives, 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. (c) For Freestanding Derivatives included within Other Investments, Settlements includes all ongoing contractual cash payments made or received over the life of the instrument.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
Variable Interest Entities (Tables)	Mar. 31, 2024
Maximum Exposure to Loss Relating to Non-Consolidated VIEs	Blackstone’s maximum exposure to loss relating to non-consolidated March 31, December 31, 2024 2023 Investments $ 3,905,515 $ 3,751,591 Due from Affiliates 266,394 203,187 Potential Clawback Obligation 78,823 72,119 Maximum Exposure to Loss $ 4,250,732 $ 4,026,897 Amounts Due to Non-Consolidated $ 557 $ 223

Offsetting of Assets And Liab_2

Offsetting of Assets And Liabilities (Tables)	3 Months Ended
Offsetting of Assets And Liabilities (Tables)	Mar. 31, 2024
Offsetting of Assets	The following tables present the offsetting of assets and liabilities as of March 31, 2024 and December 31, 2023: March 31, 2024 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 $ 190,464 $ 124,134 $ 55,854 $ 10,476 March 31, 2024 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 $ 97,974 $ 97,300 $ 8 $ 666
Offsetting of Liabilities	December 31, 2023 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 $ 190,079 $ 107,330 $ 49,532 $ 33,217 December 31, 2023 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 $ 90,635 $ 87,777 $ 625 $ 2,233 (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	The following table presents the components of Other Assets: March 31, December 31, 2024 2023 Furniture, Equipment and Leasehold Improvements $ 952,577 $ 937,355 Less: Accumulated Depreciation (417,903 ) (394,602 ) Furniture, Equipment and Leasehold Improvements, Net 534,674 542,753 Prepaid Expenses 314,873 207,886 Freestanding Derivatives 163,664 170,890 Other 59,416 23,319 $ 1,072,627 $ 944,848

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
Borrowings (Tables)	Mar. 31, 2024
Carrying Value and Fair Value of Blackstone Issued Notes	The following table presents each of Blackstone’s borrowings as of March 31, 2024 and December 31, 2023, as well as their carrying value and fair value. The borrowings are included in Loans Payable within the Condensed Consolidated Statements of Financial Condition. Each of the Senior Notes were issued at a discount through Blackstone’s indirect subsidiary, Blackstone Holdings Finance Co. L.L.C. The Senior Notes accrue interest from the issue date thereof and pay interest in arrears on a semi-annual basis or annual basis. The Secured Borrowings were issued at par, accrue interest from the issue date thereof and pay interest in arrears on a quarterly basis. CLO Notes Payable pay interest in arrears on a quarterly basis. 40 March 31,2024 December 31, 2023 Carrying Fair Carrying Fair Description Value Value Value Value Blackstone Operating Borrowings Senior Notes (a) 2.000%, Due 5/19/2025 $ 328,618 $ 317,401 $ 336,005 $ 324,778 1.000%, Due 10/5/2026 649,429 607,196 664,085 620,864 3.150%, Due 10/2/2027 298,572 281,337 298,476 283,059 5.900%, Due 11/3/2027 595,678 616,194 595,411 625,158 1.625%, Due 8/5/2028 645,646 566,209 645,406 566,508 1.500%, Due 4/10/2029 651,823 590,558 666,655 601,272 2.500%, Due 1/10/2030 493,819 434,280 493,573 431,005 1.600%, Due 3/30/2031 496,562 390,120 496,447 391,955 2.000%, Due 1/30/2032 789,587 628,088 789,283 633,153 2.550%, Due 3/30/2032 495,788 413,915 495,670 410,755 6.200%, Due 4/22/2033 892,061 948,303 891,899 962,037 3.500%, Due 6/1/2034 509,849 541,291 521,549 536,319 6.250%, Due 8/15/2042 239,530 260,620 239,457 263,270 5.000%, Due 6/15/2044 490,045 458,045 489,975 464,560 4.450%, Due 7/15/2045 344,728 295,243 344,691 297,486 4.000%, Due 10/2/2047 291,204 229,914 291,149 233,685 3.500%, Due 9/10/2049 392,481 288,116 392,436 294,608 2.800%, Due 9/30/2050 394,140 247,376 394,103 252,008 2.850%, Due 8/5/2051 543,357 344,674 543,317 352,457 3.200%, Due 1/30/2052 987,470 686,310 987,401 696,740 10,530,387 9,145,190 10,576,988 9,241,677 Other (b) Secured Borrowing, Due 10/27/2033 19,949 19,949 19,949 19,949 Secured Borrowing, Due 1/29/2035 20,000 20,000 20,000 20,000 10,570,336 9,185,139 10,616,937 9,281,626 Borrowings of Consolidated Blackstone Funds CLO Notes Payable (c) 169,835 169,835 687,122 687,122 169,835 169,835 687,122 687,122 $ 10,740,171 $ 9,354,974 $ 11,304,059 $ 9,968,748 (a) Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy. (b) The Secured Borrowing, Due 10/27/2033 has an interest rate of 7.64% and the Secured Borrowing, Due 1/29/2035 has an interest rate of 7.64%. Principal on the Secured Borrowings will be paid over the term with repayment amounts dependent on the performance of the underlying assets securing each borrowing. Repayment amounts from the underlying assets are restricted to solely satisfy the Secured Borrowings obligations. As of March 31, 2024, the fair value of the assets securing both Secured Borrowings equaled $48.5 million. (c) CLO Notes Payable have maturity dates ranging from June 2025 to January 2037 and have an effective interest rate of 8.25% as of March 31, 2024. A portion of the borrowing outstanding is comprised of subordinated notes which do not have contractual interest rates but instead pay distributions from the excess cash flows of the CLO vehicles.
Scheduled Principal Payments for Borrowings	Scheduled principal payments for borrowings as of March 31, 2024 were as follows: Blackstone Borrowings of Operating Borrowings Consolidated Blackstone Funds Total Borrowings 2024 $ — $ — $ — 2025 331,924 — 331,924 2026 653,447 — 653,447 2027 911,589 — 911,589 2028 664,090 — 664,090 Thereafter 8,136,900 180,131 8,317,031 $ 10,697,950 $ 180,131 $ 10,878,081

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
Income Taxes (Tables)	Mar. 31, 2024
Schedule of Major Filing Jurisdictions and Open Period Subject to Examinations	As of March 31, 2024, the following are the major filing jurisdictions and their respective earliest open tax period subject to examination: Jurisdiction Year Federal 2020 New York City 2009 New York State 2016 United Kingdom 2011

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, 2024
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, 2024 and March 31, 2023 was calculated as follows: Three Months Ended March 31, 2024 2023 Net Income for Per Share of Common Stock Calculations Net Income Attributable to Blackstone Inc., Basic and Diluted $ 847,386 $ 85,812 Share/Units Outstanding Weighted-Average Shares of Common Stock Outstanding, Basic 759,798,537 746,064,922 Weighted-Average Shares of Unvested Deferred Restricted Common Stock 459,107 579,007 Weighted-Average Shares of Common Stock Outstanding, Diluted 760,257,644 746,643,929 Net Income Per Share of Common Stock Basic $ 1.12 $ 0.12 Diluted $ 1.11 $ 0.11 Dividends Declared Per Share of Common Stock (a) $ 0.94 $ 0.91 (a) Dividends declared reflects the calendar date of the declaration for each distribution. 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 non-controlling
Summary of Anti-Dilutive Securities	The following table summarizes the anti-dilutive securities for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 Weighted-Average Blackstone Holdings Partnership Units 457,917,611 462,949,870
Schedule of Shares Eligible For Dividends and Distribution	As of March 31, 2024, 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 722,263,433 Unvested Participating Common Stock 36,912,993 Total Participating Common Stock 759,176,426 Participating Blackstone Holdings Partnership Units 457,490,143 1,216,666,569

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
Equity-Based Compensation (Tables)	Mar. 31, 2024
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, 2024 and of changes during the period January 1, 2024 through March 31, 2024 is presented below: Blackstone Holdings Blackstone 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, 2023 4,585,893 $ 38.94 36,456,644 $ 86.05 85,447 $ 114.50 Granted — — 1,708,994 130.25 7,362 128.09 Vested (268,682 ) 33.25 (2,839,811 ) 88.53 (7,100 ) 128.09 Forfeited (35,431 ) 46.58 (597,142 ) 88.20 (15,130 ) 128.09 Balance, March 31, 2024 4,281,780 $ 39.23 34,728,685 $ 88.04 70,579 $ 128.49
Unvested Shares and Units, After Expected Forfeitures	The following unvested shares and units, after expected forfeitures, as of March 31, 2024, are expected to vest: Weighted- Average Service Period Shares/Units in Years Blackstone Holdings Partnership Units 4,430,851 0.5 Deferred Restricted Shares of Common Stock 31,480,104 2.7 Total Equity-Based Awards 35,910,955 2.5 Phantom Shares 60,171 2.8

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
Related Party Transactions (Tables)	Mar. 31, 2024
Due from Affiliates and Due to Affiliates	Due from Affiliates and Due to Affiliates consisted of the following: March 31, December 31, 2024 2023 Due from Affiliates Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated $ 3,824,853 $ 3,638,948 Due from Certain Non-Controlling 794,877 720,743 Accrual for Potential Clawback of Previously Distributed Performance Allocations 75,494 106,830 $ 4,695,224 $ 4,466,521 March 31, December 31, 2024 2023 Due to Affiliates Due to Certain Non-Controlling $ 1,622,694 $ 1,681,516 Due to Non-Consolidated 104,066 124,560 Due to Certain Non-Controlling 177,654 305,816 Accrual for Potential Repayment of Previously Received Performance Allocations 231,064 281,518 $ 2,135,478 $ 2,393,410

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
Commitments and Contingencies (Tables)	Mar. 31, 2024
Clawback Obligations by Segment	The following table presents the clawback obligations by segment: March 31, 2024 December 31, 2023 Current and Current and Blackstone Former Blackstone Former Segment Holdings Personnel (a) Total (b) Holdings Personnel (a) Total (b) Real Estate $ 128,972 $ 62,812 $ 191,784 $ 145,435 $ 90,337 $ 235,772 Private Equity 26,387 12,415 38,802 29,046 16,231 45,277 Credit & Insurance 211 267 478 207 262 469 $ 155,570 $ 75,494 $ 231,064 $ 174,688 $ 106,830 $ 281,518 (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. (b) Total is a component of Due to Affiliates. See Note 15. “Related Party Transactions —Affiliate Receivables and Payables — Due to Affiliates.”

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
Segment Reporting (Tables)	Mar. 31, 2024
Financial Data of Segments	The following tables present the financial data for Blackstone’s four segments as of March 31, 2024 and for the three months ended March 31, 2024 and 2023. March 31, 2024 and the Three Months Then Ended Real Private Credit & Multi-Asset Total Estate Equity Insurance Investing Segments Management and Advisory Fees, Net Base Management Fees $ 694,179 $ 450,283 $ 370,998 $ 129,270 $ 1,644,730 Transaction, Advisory and Other Fees, Net 29,190 26,149 9,790 1,809 66,938 Management Fee Offsets (2,930 ) (267 ) (892 ) (8 ) (4,097 ) Total Management and Advisory Fees, Net 720,439 476,165 379,896 131,071 1,707,571 Fee Related Performance Revenues 129,958 — 165,543 — 295,501 Fee Related Compensation (174,569 ) (157,392 ) (181,337 ) (40,779 ) (554,077 ) Other Operating Expenses (89,762 ) (86,879 ) (85,530 ) (26,807 ) (288,978 ) Fee Related Earnings 586,066 231,894 278,572 63,485 1,160,017 Realized Performance Revenues 49,967 446,455 15,120 24,851 536,393 Realized Performance Compensation (21,863 ) (218,938 ) (5,445 ) (6,778 ) (253,024 ) Realized Principal Investment Income (Loss) 2,193 22,208 3,597 (18,060 ) 9,938 Total Net Realizations 30,297 249,725 13,272 13 293,307 Total Segment Distributable Earnings $ 616,363 $ 481,619 $ 291,844 $ 63,498 $ 1,453,324 Segment Assets $ 12,846,955 $ 13,761,878 $ 7,607,377 $ 2,615,141 $ 36,831,351 Three Months Ended March 31, 2023 Real Private Credit & Multi-Asset Total Estate Equity Insurance Investing Segments Management and Advisory Fees, Net Base Management Fees $ 705,387 $ 451,610 $ 326,779 $ 135,771 $ 1,619,547 Transaction, Advisory and Other Fees, Net 20,561 14,784 8,451 1,914 45,710 Management Fee Offsets (10,457 ) (1,310 ) (1,101 ) (2 ) (12,870 ) Total Management and Advisory Fees, Net 715,491 465,084 334,129 137,683 1,652,387 Fee Related Performance Revenues 20,748 — 127,496 — 148,244 Fee Related Compensation (137,610 ) (161,626 ) (163,999 ) (45,736 ) (508,971 ) Other Operating Expenses (74,181 ) (76,763 ) (74,238 ) (26,466 ) (251,648 ) Fee Related Earnings 524,448 226,695 223,388 65,481 1,040,012 Realized Performance Revenues 11,096 499,322 125,181 5,927 641,526 Realized Performance Compensation (3,165 ) (232,934 ) (56,772 ) (3,153 ) (296,024 ) Realized Principal Investment Income 2,224 32,889 6,009 2,569 43,691 Total Net Realizations 10,155 299,277 74,418 5,343 389,193 Total Segment Distributable Earnings 534,603 $ 525,972 $ 297,806 $ 70,824 $ 1,429,205
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, 2024 and 2023 along with Total Assets as of March 31, 2024: Three Months Ended March 31, 2024 2023 Revenues Total GAAP Revenues $ 3,687,828 $ 1,381,845 Less: Unrealized Performance Revenues (a) (445,936 ) 759,316 Less: Unrealized Principal Investment (Income) Loss (b) (442,976 ) 479,120 Less: Interest and Dividend Revenue (c) (97,839 ) (95,101 ) Less: Other Revenue (d) (44,747 ) 14,180 Impact of Consolidation (e) (106,874 ) (58,987 ) Transaction-Related and Non-Recurring (449 ) 4,788 Intersegment Eliminations 396 687 Total Segment Revenue (g) $ 2,549,403 $ 2,485,848 Three Months Ended March 31, 2024 2023 Expenses Total GAAP Expenses $ 1,790,407 $ 1,189,345 Less: Unrealized Performance Allocations Compensation (h) (180,900 ) 313,249 Less: Equity-Based Compensation (i) (317,779 ) (268,134 ) Less: Interest Expense (j) (107,640 ) (104,209 ) Impact of Consolidation (e) (25,949 ) (56,674 ) Amortization of Intangibles (k) (7,333 ) (11,341 ) Transaction-Related and Non-Recurring (52,646 ) (3,833 ) Administrative Fee Adjustment (l) (2,477 ) (2,447 ) Intersegment Eliminations 396 687 Total Segment Expenses (m) $ 1,096,079 $ 1,056,643 Three Months Ended March 31, 2024 2023 Other Income Total GAAP Other Income $ (17,767 ) $ 65,856 Impact of Consolidation (e) 17,767 (65,856 ) Total Segment Other Income — $ — Three Months Ended March 31, 2024 2023 Income Before Provision for Taxes Total GAAP Income Before Provision for Taxes $ 1,879,654 $ 258,356 Less: Unrealized Performance Revenues (a) (445,936 ) 759,316 Less: Unrealized Principal Investment (Income) Loss (b) (442,976 ) 479,120 Less: Interest and Dividend Revenue (c) (97,839 ) (95,101 ) Less: Other Revenue (d) (44,747 ) 14,180 Plus: Unrealized Performance Allocations Compensation (h) 180,900 (313,249 ) Plus: Equity-Based Compensation (i) 317,779 268,134 Plus: Interest Expense (j) 107,640 104,209 Impact of Consolidation (e) (63,158 ) (68,169 ) Amortization of Intangibles (k) 7,333 11,341 Transaction-Related and Non-Recurring 52,197 8,621 Administrative Fee Adjustment (l) 2,477 2,447 Total Segment Distributable Earnings $ 1,453,324 $ 1,429,205 As of March 31, 2024 Total Assets Total GAAP Assets $ 39,706,302 Impact of Consolidation (e) (2,874,951 ) Total Segment Assets $ 36,831,351 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 and Non-Recurring (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, 2024 and 2023, Other Revenue on a GAAP basis was $44.8 million and $(14.2 (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 non-controlling (f) This adjustment removes Transaction-Related and Non-Recurring Items, which are excluded from Blackstone’s segment presentation. Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering and non-recurring gains, losses, or other charges, if any. 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, gains or losses associated with these corporate actions and non-recurring gains, losses or other charges that affect period to period comparability and are not reflective of Blackstone’s operational performance. For the three months ended March 31, 2024, this adjustment includes removal of an accrual for an estimated liability for a legal matter. (g) Total Segment Revenues is comprised of the following: Three Months Ended March 31, 2024 2023 Total Segment Management and Advisory Fees, Net $ 1,707,571 $ 1,652,387 Total Segment Fee Related Performance Revenues 295,501 148,244 Total Segment Realized Performance Revenues 536,393 641,526 Total Segment Realized Principal Investment Income 9,938 43,691 Total Segment Revenues $ 2,549,403 $ 2,485,848 (h) This adjustment removes Unrealized Performance Allocations Compensation. (i) This adjustment removes Equity-Based Compensation on a segment basis. (j) This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement. (k) This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation. (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, 2024 2023 Total Segment Fee Related Compensation $ 554,077 $ 508,971 Total Segment Realized Performance Compensation 253,024 296,024 Total Segment Other Operating Expenses 288,978 251,648 Total Segment Expenses $ 1,096,079 $ 1,056,643
Reconciliation of Total Segments to Reported on the Consolidated Statements 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, 2024 and 2023: Three Months Ended March 31, 2024 2023 Management and Advisory Fees, Net GAAP $ 1,727,148 $ 1,658,315 Segment Adjustment (a) (19,577 ) (5,928 ) Total Segment $ 1,707,571 $ 1,652,387 Three Months Ended March 31, 2024 2023 GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues GAAP Incentive Fees $ 179,341 $ 142,876 Investment Income - Realized Performance Allocations 652,517 646,894 GAAP 831,858 789,770 Total Segment Less: Realized Performance Revenues (536,393 ) (641,526 ) Segment Adjustment (b) 36 — Total Segment $ 295,501 $ 148,244 Three Months Ended March 31, 2024 2023 GAAP Compensation to Total Segment Fee Related Compensation GAAP Compensation $ 794,803 $ 716,285 Incentive Fee Compensation 73,707 63,281 Realized Performance Allocations Compensation 258,894 296,794 GAAP 1,127,404 1,076,360 Total Segment Less: Realized Performance Compensation (253,024 ) (296,024 ) Less: Equity-Based Compensation - Fee Related Compensation (313,400 ) (265,154 ) Less: Equity-Based Compensation - Performance Compensation (4,379 ) (2,980 ) Segment Adjustment (c) (2,524 ) (3,231 ) Total Segment $ 554,077 $ 508,971 Three Months Ended March 31, 2024 2023 GAAP General, Administrative and Other to Total Segment Other Operating Expenses GAAP $ 369,950 $ 273,394 Segment Adjustment (d) (80,972 ) (21,746 ) Total Segment $ 288,978 $ 251,648 Three Months Ended March 31, 2024 2023 Realized Performance Revenues GAAP Incentive Fees $ 179,341 $ 142,876 Investment Income - Realized Performance Allocations 652,517 646,894 GAAP 831,858 789,770 Total Segment Less: Fee Related Performance Revenues (295,501 ) (148,244 ) Segment Adjustment (b) 36 — Total Segment $ 536,393 $ 641,526 Three Months Ended March 31, 2024 2023 Realized Performance Compensation GAAP Incentive Fee Compensation $ 73,707 $ 63,281 Realized Performance Allocations Compensation 258,894 296,794 GAAP 332,601 360,075 Total Segment Less: Fee Related Performance Compensation (e) (75,198 ) (61,071 ) Less: Equity-Based Compensation—Performance Compensation (4,379 ) (2,980 ) Total Segment $ 253,024 $ 296,024 Three Months Ended March 31, 2024 2023 Realized Principal Investment Income GAAP $ 78,597 $ 108,058 Segment Adjustment (f) (68,659 ) (64,367 ) Total Segment $ 9,938 $ 43,691 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 and Non-Recurring (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 and Non-Recurring Items that are not recorded in the Total Segment measures. (d) Represents the (1) removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures, (2) removal of certain expenses reimbursed by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation. For the three months ended March 31, 2024, this adjustment includes removal of an accrual for an estimated liability for a legal matter. (e) Fee related performance compensation may include equity-based compensation based on fee related performance revenues. (f) 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, 2024 Segment Person	Mar. 31, 2023 Segment
Organization [Line Items]
Number of business segments \| Segment	4	4
Number of Blackstone founders managing the Partnership \| Person	1

Intangible Assets (Detail)

Intangible Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets/Contractual Rights	$ 1,769,372	$ 1,769,372
Accumulated Amortization	(1,577,145)	(1,568,164)
Intangible Assets, Net	$ 192,227	$ 201,208

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets [Line Items]
Amortization expense	$ 8,981	$ 12,996
Expected amortization of intangibles, 2024	35,900
Expected amortization of intangibles, 2025	35,900
Expected amortization of intangibles, 2026	35,700
Expected amortization of intangibles, 2027	34,600
Expected amortization of intangibles, 2028	$ 17,800
Intangible assets expected to amortize over a weighted-average period	5 years 10 months 24 days

Investments (Detail)

Investments (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Investments	$ 25,922,290	$ 26,146,622
Partnership Investments
Schedule of Investments [Line Items]
Investments	6,100,640	5,924,275
Accrued Performance Allocations
Schedule of Investments [Line Items]
Investments	11,163,116	10,775,355
Other Investments
Schedule of Investments [Line Items]
Investments	5,001,647	4,323,639
Consolidated Blackstone Funds
Schedule of Investments [Line Items]
Investments	3,458,911	4,319,483
Corporate Treasury Investments
Schedule of Investments [Line Items]
Investments	$ 197,976	$ 803,870

Investments - Additional Inform

Investments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule of Investments [Line Items]
Investments	$ 25,922,290		$ 26,146,622
Recognized net gains related to equity method investments	156,000	$ 69,200
Equity investments, carrying value	333,900
Consolidated Blackstone Funds \| Blackstone
Schedule of Investments [Line Items]
Investments	$ 241,100		$ 1,000,000

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, 2024	Mar. 31, 2023
Gain (Loss) on Securities [Line Items]
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds	$ 1,638,680	$ (495,677)
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	97,839	90,485
Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities	(17,767)	71,064
Consolidated Blackstone Funds
Gain (Loss) on Securities [Line Items]
Realized Gains (Losses)	(58,412)	17,155
Net Change in Unrealized Gains (Losses)	35,125	(17,154)
Realized and Net Change in Unrealized Gains (Losses) from Consolidated Blackstone Funds	(23,287)	1
Interest and Dividend Revenue Attributable to Consolidated Blackstone Funds	5,520	71,063
Other Income (Loss) – Net Gains (Losses) from Fund Investment Activities	$ (17,767)	$ 71,064

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, 2024 USD ($)
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	$ 26,146,622
Ending Balance	25,922,290
Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	10,775,355
Performance Allocations as a Result of Changes in Fund Fair Values	1,050,964
Foreign Exchange Loss	(5,711)
Fund Distributions	(657,492)
Ending Balance	11,163,116
Real Estate Segment
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	2,990,602
Performance Allocations as a Result of Changes in Fund Fair Values	83,357
Foreign Exchange Loss	(5,711)
Fund Distributions	(183,108)
Ending Balance	2,885,140
Private Equity Segment
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	6,707,244
Performance Allocations as a Result of Changes in Fund Fair Values	690,844
Fund Distributions	(348,875)
Ending Balance	7,049,213
Credit & Insurance Segment
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	599,779
Performance Allocations as a Result of Changes in Fund Fair Values	120,988
Fund Distributions	(50,449)
Ending Balance	670,318
Multi-Asset Investing \| Performance Fees
Schedule of Performance Fees and Allocations to the General Partner [Line Items]
Beginning Balance	477,730
Performance Allocations as a Result of Changes in Fund Fair Values	155,775
Fund Distributions	(75,060)
Ending Balance	$ 558,445

Realized and Net Change in Unre

Realized and Net Change in Unrealized Gains (Losses) on Investments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Gain (Loss) on Securities [Line Items]
Total realized and net change in unrealized gains (losses)	$ 1,638,680	$ (495,677)
Corporate Treasury Investments
Gain (Loss) on Securities [Line Items]
Realized Gains (Losses)	(1,621)	2,374
Net Change in Unrealized Gains (Losses)	(1,260)	7,795
Total realized and net change in unrealized gains (losses)	$ (2,881)	$ 10,169

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, 2024	Mar. 31, 2023
Gain (Loss) on Securities [Line Items]
Total Investment Income (Loss)	$ 1,638,680	$ (495,677)
Other Investments
Gain (Loss) on Securities [Line Items]
Realized Gains	2,467	1,924
Net Change in Unrealized Gains (Losses)	455,800	(313,153)
Total Investment Income (Loss)	$ 458,267	$ (311,229)

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, 2024 USD ($)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 476,093
Equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	356,173
Real Estate
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	112,839
Other
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 7,081

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) - Equity	Mar. 31, 2024
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	76%
Percentage of investments redeemable as of reporting date	24%

Summary of Aggregate Notional A

Summary of Aggregate Notional Amount and Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	$ 1,674,018	$ 1,943,891
Derivative Liabilities, Notional	2,069,529	2,055,466
Derivative Assets, Fair Value	190,464	190,079
Derivative Liabilities, Fair Value	743,977	654,621
Freestanding Derivatives
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	839,931	855,683
Derivative Assets, Fair Value	26,800	19,189
Freestanding Derivatives \| Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	834,087	1,088,208
Derivative Liabilities, Notional	2,069,529	2,055,466
Derivative Assets, Fair Value	163,664	170,890
Derivative Liabilities, Fair Value	743,977	654,621
Freestanding Derivatives \| Blackstone \| Total Return Swaps
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	39,956	63,158
Derivative Assets, Fair Value	5,812	13,171
Freestanding Derivatives \| Blackstone \| Credit Default Swap
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional		3,108
Derivative Liabilities, Notional	640	3,748
Derivative Assets, Fair Value		479
Derivative Liabilities, Fair Value	8	508
Freestanding Derivatives \| Foreign Currency Contracts \| Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	167,391	387,102
Derivative Liabilities, Notional	337,017	334,228
Derivative Assets, Fair Value	465	11,442
Derivative Liabilities, Fair Value	901	3,538
Freestanding Derivatives \| Interest Rate Contracts \| Blackstone
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	626,740	634,840
Derivative Liabilities, Notional	600,000	607,000
Derivative Assets, Fair Value	157,387	145,798
Derivative Liabilities, Fair Value	97,066	86,589
Freestanding Derivatives \| Interest Rate Contracts \| Consolidated Blackstone Funds
Derivatives, Fair Value [Line Items]
Derivative Assets, Notional	839,931	855,683
Derivative Assets, Fair Value	26,800	19,189
Freestanding Derivatives \| Equity Options \| Blackstone
Derivatives, Fair Value [Line Items]
Derivative Liabilities, Notional	1,131,872	1,110,490
Derivative Liabilities, Fair Value	$ 646,002	$ 563,986

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, 2024	Mar. 31, 2023
Derivative [Line Items]
Unrealized Gain (Loss) on Derivatives and Commodity Contracts	$ (81,481)	$ (149,855)
Freestanding Derivatives
Derivative [Line Items]
Realized Gains (Losses)	13,306	10,527
Net Change in Unrealized Gains (Losses)	(94,787)	(160,382)
Freestanding Derivatives \| Total Return Swaps
Derivative [Line Items]
Realized Gains (Losses)	8,320	4,652
Net Change in Unrealized Gains (Losses)	(5,519)	(13)
Freestanding Derivatives \| Credit Default Swap
Derivative [Line Items]
Realized Gains (Losses)	75	(51)
Net Change in Unrealized Gains (Losses)	(54)	(228)
Freestanding Derivatives \| Interest Rate Contracts
Derivative [Line Items]
Realized Gains (Losses)	(614)	336
Net Change in Unrealized Gains (Losses)	1,024	(2,120)
Freestanding Derivatives \| Foreign Currency Contracts
Derivative [Line Items]
Realized Gains (Losses)	5,525	5,590
Net Change in Unrealized Gains (Losses)	(8,222)	(3,183)
Freestanding Derivatives \| Equity Options
Derivative [Line Items]
Net Change in Unrealized Gains (Losses)	$ (82,016)	$ (154,838)

Summary of Financial Instrument

Summary of Financial Instruments for Which Fair Value Option Has Been Elected (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Option, Quantitative Disclosures [Line Items]
Loans and Receivables	$ 95,532	$ 60,738
Assets	3,138,009	3,957,327
Liabilities	170,722	688,386
Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments	62,757	63,486
Equity and Preferred Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Investments	2,850,339	2,894,302
Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets	129,381	938,801
CLO Notes Payable
Fair Value, Option, Quantitative Disclosures [Line Items]
Liabilities	169,835	687,122
Corporate Treasury Commitments
Fair Value, Option, Quantitative Disclosures [Line Items]
Liabilities	$ 887	$ 1,264

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, 2024	Mar. 31, 2023
Realized Gains (Losses) \| Assets
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	$ (2,169)	$ (2,196)
Realized Gains (Losses) \| Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(1,604)	(763)
Realized Gains (Losses) \| Equity and Preferred Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	2,281	1,696
Realized Gains (Losses) \| Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	(2,846)	(3,129)
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	(729)	(1,831)
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	19,048	(46,765)
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	(408)	(303)
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	977	4,690
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	17,729	(45,113)
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	2,456	482
Net Change In Unrealized Gains (Losses) \| CLO Notes Payable
Fair Value, Option, Quantitative Disclosures [Line Items]
Realized and net change in unrealized gains (losses) on financial instruments	600	2,464
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	$ 377	$ 2,226

Information for Financial Instr

Information for Financial Instruments on Which Fair Value Option was Elected (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	$ (57,315)	$ (60,653)
Fair value of financial instruments more than one day past due	1,313	1,345
Debt Securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	(54,072)	(52,577)
Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	(3,495)	(8,751)
Fair value of financial instruments more than one day past due	1,313	1,345
Loans and Receivables
Fair Value, Option, Quantitative Disclosures [Line Items]
Excess (Deficiency) of fair value over uncollected principal	252	675
Fair value of financial instruments more than one day past due	$ 0	$ 0

Fair Value Option - Additional

Fair Value Option - Additional Information (Detail) $ in Thousands	Mar. 31, 2024 USD ($) Loans	Dec. 31, 2023 USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of financial instruments more than one day past due	$ 1,313	$ 1,345
Corporate Loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value of financial instruments more than one day past due	$ 1,313	1,345
Corporate Loans \| Not In Non Accrual Status
Fair Value, Option, Quantitative Disclosures [Line Items]
Number of loans for which fair value option was elected past due \| Loans	2
Loans and Receivables
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, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts Receivable - Loans and Receivables		$ 95,532	$ 60,738
Assets		3,138,009	3,957,327
Loans Payable - CLO Notes Payable		10,740,171	11,304,059
Corporate Treasury Commitments		$ 170,722	$ 688,386
Derivative Asset, Statement of Financial Position [Extensible Enumeration]		Other Assets	Other Assets
Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives assets		$ 190,464	$ 190,079
Derivatives liabilities		97,974	90,635
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		2,886,067	3,277,350
Liabilities		647,393	565,637
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents		214,997	263,574
Total Investments		8,334,449	9,273,604
Accounts Receivable - Loans and Receivables		95,532	60,738
Assets		8,808,642	9,768,806
Securities Sold, Not Yet Purchased		3,867	3,886
Contingent Consideration		504	387
Total Accounts Payable, Accrued Expenses and Other Liabilities		749,235	660,158
Liabilities		919,070	1,347,280
Fair Value, Measurements, Recurring \| Corporate Treasury Commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate Treasury Commitments		887	1,264
Fair Value, Measurements, Recurring \| CLO Notes Payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans Payable - CLO Notes Payable		169,835	687,122
Fair Value, Measurements, Recurring \| Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities		743,977	654,621
Fair Value, Measurements, Recurring \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		4,677,562	4,150,251
Fair Value, Measurements, Recurring \| Net Asset Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		476,093	565,534
Assets		476,093	565,534
Fair Value, Measurements, Recurring \| Net Asset Value \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		7,081	7,275
Fair Value, Measurements, Recurring \| Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		3,458,911	4,319,483
Derivatives assets		163,664	170,890
Fair Value, Measurements, Recurring \| Consolidated Blackstone Funds \| Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		26,800	19,189
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]	3,286,537	3,345,645
Fair Value, Measurements, Recurring \| Consolidated Blackstone Funds \| Debt Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		145,574	954,649
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		469,012	558,259
Fair Value, Measurements, Recurring \| Consolidated Blackstone Funds \| Net Asset Value \| Equity Securities, Partnerships and LLC Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	[1]	469,012	558,259
Fair Value, Measurements, Recurring \| Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		197,976	803,870
Fair Value, Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents		214,997	263,574
Total Investments		2,084,917	1,647,301
Assets		2,299,914	1,910,965
Securities Sold, Not Yet Purchased		3,867	3,886
Total Accounts Payable, Accrued Expenses and Other Liabilities		3,867	4,322
Liabilities		3,867	4,322
Fair Value, Measurements, Recurring \| Level 1 \| Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities		0	436
Fair Value, Measurements, Recurring \| Level 1 \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		2,006,970	1,564,112
Fair Value, Measurements, Recurring \| Level 1 \| Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		10,259	11,118
Derivatives assets		0	90
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	[1]	10,259	11,118
Fair Value, Measurements, Recurring \| Level 1 \| Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		67,688	72,071
Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		2,988,716	3,857,328
Assets		3,146,568	4,014,957
Total Accounts Payable, Accrued Expenses and Other Liabilities		97,975	90,199
Liabilities		267,810	777,321
Fair Value, Measurements, Recurring \| Level 2 \| CLO Notes Payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans Payable - CLO Notes Payable		169,835	687,122
Fair Value, Measurements, Recurring \| Level 2 \| Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities		97,975	90,199
Fair Value, Measurements, Recurring \| Level 2 \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		2,590,956	2,355,423
Fair Value, Measurements, Recurring \| Level 2 \| Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		276,048	1,066,475
Derivatives assets		157,852	157,629
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		26,800	19,189
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	[1]	119,238	123,022
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		130,010	924,264
Fair Value, Measurements, Recurring \| Level 2 \| Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		121,712	435,430
Fair Value, Measurements, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		2,784,723	3,203,441
Accounts Receivable - Loans and Receivables		95,532	60,738
Assets		2,886,067	3,277,350
Contingent Consideration		504	387
Total Accounts Payable, Accrued Expenses and Other Liabilities		647,393	565,637
Liabilities		647,393	565,637
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		887	1,264
Fair Value, Measurements, Recurring \| Level 3 \| Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives liabilities		646,002	563,986
Fair Value, Measurements, Recurring \| Level 3 \| Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		72,555	223,441
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		2,703,592	2,683,631
Derivatives assets		5,812	13,171
Assets		2,703,592	2,683,631
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	[1]	2,688,028	2,653,246
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		15,564	30,385
Fair Value, Measurements, Recurring \| Level 3 \| Corporate Treasury Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments		$ 8,576	$ 296,369

[1]Equity Securities, Partnership and LLC Interest includes investments in investment funds.

Summary of Quantitative Inputs

Summary of Quantitative Inputs and Assumptions for Items Categorized in Level III of Fair Value Hierarchy (Detail) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 3,138,009	$ 3,957,327
Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		2,886,067	3,277,350
Fair value liabilities		647,393	565,637
Fair Value, Measurements, Recurring
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		8,808,642	9,768,806
Fair value liabilities		919,070	1,347,280
Fair Value, Measurements, Recurring \| Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		2,886,067	3,277,350
Fair value liabilities		647,393	565,637
Fair Value, Measurements, Recurring \| Level 3 \| Loans and Receivables \| Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 95,532	$ 60,738
Fair Value, Measurements, Recurring \| Level 3 \| Minimum \| Loans and Receivables \| Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate			8.80%
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		8.80%
Fair Value, Measurements, Recurring \| Level 3 \| Maximum \| Loans and Receivables \| Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate			14.90%
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		14%
Fair Value, Measurements, Recurring \| Level 3 \| Weighted Average \| Loans and Receivables \| Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	[1]		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]	10.30%
Fair Value, Measurements, Recurring \| Level 3 \| Other Investments \| Third Party Pricing Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets	[2]	$ 78,367	$ 236,612
Fair Value, Measurements, Recurring \| Level 3 \| Freestanding Derivatives \| Valuation Technique, Option Pricing Model
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value liabilities	[3]	$ 646,002	$ 563,986
Fair Value, Measurements, Recurring \| Level 3 \| Freestanding Derivatives \| Valuation Technique, Option Pricing Model \| Measurement Input, Price Volatility
Fair Value, Option, Quantitative Disclosures [Line Items]
Volatility		6.2	6.3	[3]
Fair Value, Measurements, Recurring \| Level 3 \| Other Liabilities \| Third Party Pricing Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value liabilities	[4]	$ 1,391	$ 1,651
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		2,703,592	2,683,631
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		$ 2,688,028	$ 2,653,246
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds \| Equity Securities, Partnerships and LLC Interests \| Minimum \| Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate			3.30%
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds \| Equity Securities, Partnerships and LLC Interests \| Minimum \| EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA		4	4
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds \| Equity Securities, Partnerships and LLC Interests \| Minimum \| Measurement Input, Cap Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate		3.10%	3.10%
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		3.30%
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds \| Equity Securities, Partnerships and LLC Interests \| Maximum \| Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate			38%
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds \| Equity Securities, Partnerships and LLC Interests \| Maximum \| EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA		30.6	30.6
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds \| Equity Securities, Partnerships and LLC Interests \| Maximum \| Measurement Input, Cap Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate		13.20%	12.80%
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		38.60%
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds \| Equity Securities, Partnerships and LLC Interests \| Weighted Average \| Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	[1]		9.70%
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds \| Equity Securities, Partnerships and LLC Interests \| Weighted Average \| EBITDA Multiple Market
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Multiple - EBITDA	[1]	15	15
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds \| Equity Securities, Partnerships and LLC Interests \| Weighted Average \| Measurement Input, Cap Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Exit Capitalization Rate	[1]	5.10%	5.10%
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]	10.10%
Fair Value, Measurements, Recurring \| Level 3 \| Consolidated Blackstone Funds \| Debt Instruments \| Third Party Pricing Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 15,564	$ 30,385
Fair Value, Measurements, Recurring \| Level 3 \| Corporate Treasury Investments \| Discounted Cash Flows
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets			$ 296,369
Fair Value, Measurements, Recurring \| Level 3 \| Corporate Treasury Investments \| Transaction Price Valuation Technique
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets		$ 8,576
Fair Value, Measurements, Recurring \| Level 3 \| Corporate Treasury Investments \| Minimum \| Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate			11.20%
Fair Value, Measurements, Recurring \| Level 3 \| Corporate Treasury Investments \| Maximum \| Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate			22.40%
Fair Value, Measurements, Recurring \| Level 3 \| Corporate Treasury Investments \| Weighted Average \| Measurement Input, Discount Rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Unobservable inputs, rate	[1]		17.10%

[1]Unobservable inputs were weighted based on the fair value of the investments included in the range.[2]As of March 31, 2024 and December 31, 2023, Other Investments includes Level III Freestanding Derivatives.[3]The volatility of the historical performance of the underlying reference entity is used to project the expected returns relevant for the fair value of the derivative.[4]As of March 31, 2024 and December 31, 2023, Other Liabilities includes Level III Contingent Consideration and Level III Corporate Treasury Commitments.

Summary of Changes in Financial

Summary of Changes in Financial Assets and Liabilities Measured at Fair Value for Which Level III Inputs Were Used (Detail) - Level 3 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	$ 3,117,393	$ 4,595,842
Transfer Out Due to Deconsolidation	(14,237)	(3,837)
Transfer Into Level III	3,434	14,771
Transfer Out of Level III	(2,546)	(3,039)
Purchases	288,430	404,422
Sales	(435,475)	(406,066)
Issuances	9,561	50,689
Settlements	(24,270)	(33,268)
Changes in Gains (Losses) In cludedin Earnings	(66,024)	100,887
Balance, End of Period	2,876,266	4,720,401
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date	$ (43,393)	$ 74,300
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Unrealized Gain (Loss) on Investments	Unrealized Gain (Loss) on Investments
Balance, Beginning of Period	$ 565,637	$ 56,725
Transfer In Due to Consolidation and Acquisition	0	2,300
Changes in Losses (Gains) Included in Earnings	81,756	152,612
Balance, End of Period	647,393	211,637
Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date	81,756	152,612
Other Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	373,024	30,971
Transfer Into Level III	0	898
Transfer Out of Level III	0	(2,726)
Purchases	5,675	49,404
Sales	(289,993)	(180)
Settlements	(10,160)	528
Changes in Gains (Losses) In cludedin Earnings	(1,404)	(4,291)
Balance, End of Period	77,142	74,604
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date	(3,305)	534
Other Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	1,651	8,144
Transfer In Due to Consolidation and Acquisition	0	2,300
Changes in Losses (Gains) Included in Earnings	(260)	(2,226)
Balance, End of Period	1,391	8,218
Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date	(260)	(2,226)
Freestanding Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	563,986	48,581
Changes in Losses (Gains) Included in Earnings	82,016	154,838
Balance, End of Period	646,002	203,419
Changes in Unrealized Losses (Gains) Included in Earnings Related to Financial Liabilities Still Held at the Reporting Date	82,016	154,838
Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	60,738	315,039
Purchases	149,639	55,070
Sales	(111,167)	(86,725)
Issuances	9,561	50,689
Settlements	(14,110)	(33,796)
Changes in Gains (Losses) In cludedin Earnings	871	7,011
Balance, End of Period	95,532	307,288
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date	(793)	1,737
Consolidated Blackstone Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance, Beginning of Period	2,683,631	4,249,832
Transfer Out Due to Deconsolidation	(14,237)	(3,837)
Transfer Into Level III	3,434	13,873
Transfer Out of Level III	(2,546)	(313)
Purchases	133,116	299,948
Sales	(34,315)	(319,161)
Changes in Gains (Losses) In cludedin Earnings	(65,491)	98,167
Balance, End of Period	2,703,592	4,338,509
Changes in Unrealized Gains (Losses) Included in Earnings Related to Financial Assets Still Held at the Reporting Date	$ (39,295)	$ 72,029

Fair Value Measurements of Fi_3

Fair Value Measurements of Financial instruments - Additional Information (Detail) - Blackstone [Member] - Consolidated Blackstone Funds [Member] - Fair Value, Measurements, Recurring - USD ($) $ in Billions		3 Months Ended
	Mar. 31, 2024	Mar. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial investment weighted average remaining term		1 year 7 months 6 days
Investments fair value disclosure	$ 1.4

Maximum Exposure to Loss Relati

Maximum Exposure to Loss Relating to Non-Consolidated VIEs (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
VIE Assets	$ 39,706,302	$ 40,287,530
VIE Liabilities	21,228,868	22,212,316
Due from Affiliates
Variable Interest Entity [Line Items]
VIE Assets	266,394	203,187
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Maximum Exposure to Loss	4,250,732	4,026,897
Variable Interest Entity, Not Primary Beneficiary \| Potential Clawback Obligation
Variable Interest Entity [Line Items]
VIE Liabilities	78,823	72,119
Variable Interest Entity, Not Primary Beneficiary \| Amounts Due to Non-Consolidated VIEs
Variable Interest Entity [Line Items]
VIE Liabilities	557	223
Variable Interest Entity, Not Primary Beneficiary \| Investments
Variable Interest Entity [Line Items]
VIE Assets	$ 3,905,515	$ 3,751,591

Offsetting of Assets and Liab_3

Offsetting of Assets and Liabilities (Detail) - Freestanding Derivatives - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Offsetting Assets and Liabilities [Line Items]
Derivatives Gross and Net Amounts of Assets Presented in the Statement of Financial Condition	$ 190,464	$ 190,079
Derivatives Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	124,134	107,330
Derivatives Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	55,854	49,532
Derivatives Net Amount	10,476	33,217
Derivatives Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition	97,974	90,635
Derivatives Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	97,300	87,777
Derivatives Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received	8	625
Derivatives Net Amount	$ 666	$ 2,233

Components of Other Assets (Det

Components of Other Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Other Assets [Line Items]
Furniture, Equipment and Leasehold Improvements	$ 952,577	$ 937,355
Less: Accumulated Depreciation	(417,903)	(394,602)
Furniture, Equipment and Leasehold Improvements, Net	534,674	542,753
Prepaid Expenses	314,873	207,886
Freestanding Derivatives	163,664	170,890
Other	59,416	23,319
Total Other Assets	$ 1,072,627	$ 944,848

Offsetting Of Assets And Liab_4

Offsetting Of Assets And Liabilities - Additional Information (Detail) - Cash Pooling Arrangement $ in Millions	Mar. 31, 2024 USD ($)
Offsetting Assets [Line Items]
Aggregate cash balance on deposit relating to the cash pooling arrangement	$ 995.3
Overdraft facility	$ 959.3

Carrying Value and Fair Value o

Carrying Value and Fair Value of Blackstone Issued Notes (Detail) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Carrying Value	[1]	$ 10,740,171	$ 11,304,059
Debt instrument, fair value	[1]	9,354,974	9,968,748
Senior Secured Notes
Debt Instrument [Line Items]
Carrying Value	[2]	10,530,387	10,576,988
Debt instrument, fair value	[2]	9,145,190	9,241,677
Borrowings Of Consolidated Blackstone Funds
Debt Instrument [Line Items]
Carrying Value	[1]	169,835	687,122
Debt instrument, fair value	[1]	169,835	687,122
2.000% Notes
Debt Instrument [Line Items]
Carrying Value	[2]	328,618	336,005
Debt instrument, fair value	[2]	317,401	324,778
1.000% Notes
Debt Instrument [Line Items]
Carrying Value	[2]	649,429	664,085
Debt instrument, fair value	[2]	607,196	620,864
3.150% Notes
Debt Instrument [Line Items]
Carrying Value	[2]	298,572	298,476
Debt instrument, fair value	[2]	281,337	283,059
5.900% Notes
Debt Instrument [Line Items]
Carrying Value	[2]	595,678	595,411
Debt instrument, fair value	[2]	616,194	625,158
1.625% Notes
Debt Instrument [Line Items]
Carrying Value	[2]	645,646	645,406
Debt instrument, fair value	[2]	566,209	566,508
1.500% Notes
Debt Instrument [Line Items]
Carrying Value	[2]	651,823	666,655
Debt instrument, fair value	[2]	590,558	601,272
2.500% Notes
Debt Instrument [Line Items]
Carrying Value	[2]	493,819	493,573
Debt instrument, fair value	[2]	434,280	431,005
1.600% Notes
Debt Instrument [Line Items]
Carrying Value	[2]	496,562	496,447
Debt instrument, fair value	[2]	390,120	391,955
2.000% Notes
Debt Instrument [Line Items]
Carrying Value	[2]	789,587	789,283
Debt instrument, fair value	[2]	628,088	633,153
2.550% Notes
Debt Instrument [Line Items]
Carrying Value	[2]	495,788	495,670
Debt instrument, fair value	[2]	413,915	410,755
6.200% Notes
Debt Instrument [Line Items]
Carrying Value	[2]	892,061	891,899
Debt instrument, fair value	[2]	948,303	962,037
3.500% Notes
Debt Instrument [Line Items]
Carrying Value	[2]	509,849	521,549
Debt instrument, fair value	[2]	541,291	536,319
6.250% Notes
Debt Instrument [Line Items]
Carrying Value	[2]	239,530	239,457
Debt instrument, fair value	[2]	260,620	263,270
5.000% Notes
Debt Instrument [Line Items]
Carrying Value	[2]	490,045	489,975
Debt instrument, fair value	[2]	458,045	464,560
4.450% Notes
Debt Instrument [Line Items]
Carrying Value	[2]	344,728	344,691
Debt instrument, fair value	[2]	295,243	297,486
4.000% Notes
Debt Instrument [Line Items]
Carrying Value	[2]	291,204	291,149
Debt instrument, fair value	[2]	229,914	233,685
3.500% Notes
Debt Instrument [Line Items]
Carrying Value	[2]	392,481	392,436
Debt instrument, fair value	[2]	288,116	294,608
2.800% Notes
Debt Instrument [Line Items]
Carrying Value	[2]	394,140	394,103
Debt instrument, fair value	[2]	247,376	252,008
2.850% Notes
Debt Instrument [Line Items]
Carrying Value	[2]	543,357	543,317
Debt instrument, fair value	[2]	344,674	352,457
3.200% Notes
Debt Instrument [Line Items]
Carrying Value	[2]	987,470	987,401
Debt instrument, fair value	[2]	686,310	696,740
Secured Borrowings One \| Other
Debt Instrument [Line Items]
Carrying Value	[3]	19,949	19,949
Debt instrument, fair value	[3]	19,949	19,949
Secured Borrowings Two \| Other
Debt Instrument [Line Items]
Carrying Value	[3]	20,000	20,000
Debt instrument, fair value	[3]	20,000	20,000
Blackstone Operating Borrowings \| Other
Debt Instrument [Line Items]
Carrying Value	[3]	10,570,336	10,616,937
Debt instrument, fair value	[3]	9,185,139	9,281,626
CLO Notes Payable \| Borrowings Of Consolidated Blackstone Funds
Debt Instrument [Line Items]
Carrying Value	[1]	169,835	687,122
Debt instrument, fair value	[1]	$ 169,835	$ 687,122

[1]CLO Notes Payable have maturity dates ranging from June 2025 to January 2037 and have an effective interest rate of 8.25% as of March 31, 2024. A portion of the borrowing outstanding is comprised of subordinated notes which do not have contractual interest rates but instead pay distributions from the excess cash flows of the CLO vehicles.[2]Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.[3]The Secured Borrowing, Due 10/27/2033 has an interest rate of 7.64% and the Secured Borrowing, Due 1/29/2035 has an interest rate of 7.64%. Principal on the Secured Borrowings will be paid over the term with repayment amounts dependent on the performance of the underlying assets securing each borrowing. Repayment amounts from the underlying assets are restricted to solely satisfy the Secured Borrowings obligations. As of March 31, 2024, the fair value of the assets securing both Secured Borrowings equaled $48.5 million.

Carrying Value and Fair Value_2

Carrying Value and Fair Value of Blackstone Issued Notes (Parenthetical) (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Debt Instrument [Line Items]
Fair Value of assets secured for secured borrowings	$ 48.5
Liabilities Of Consolidated Clo Vehicles Notes Payable
Debt Instrument [Line Items]
Debt instrument, interest rate	8.25%
Debt instrument, maturity date, description	June 2025 to January 2037
2.000% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	May 19, 2025	[1]
2.000% Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2%	[1]
1.000% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	Oct. 05, 2026	[1]
1.000% Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	1%	[1]
3.150% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	Oct. 02, 2027	[1]
3.150% Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	3.15%	[1]
5.900% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	Nov. 03, 2027	[1]
5.900% Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	5.90%	[1]
1.625% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	Aug. 05, 2028	[1]
1.625% Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	1.625%	[1]
1.500% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	Apr. 10, 2029	[1]
1.500% Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	1.50%	[1]
2.500% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	Jan. 10, 2030	[1]
2.500% Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2.50%	[1]
1.600% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	Mar. 30, 2031	[1]
1.600% Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	1.60%	[1]
2.000% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	Jan. 30, 2032	[1]
2.000% Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2%	[1]
2.550% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	Mar. 30, 2032	[1]
2.550% Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2.55%	[1]
6.200% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	Apr. 22, 2033	[1]
6.200% Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	6.20%	[1]
3.500% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	Jun. 01, 2034	[1]
3.500% Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	3.50%	[1]
6.250% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	Aug. 15, 2042	[1]
6.250% Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	6.25%	[1]
5.000% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	Jun. 15, 2044	[1]
5.000% Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	5%	[1]
4.450% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	Jul. 15, 2045	[1]
4.450% Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	4.45%	[1]
4.000% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	Oct. 02, 2047	[1]
4.000% Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	4%	[1]
3.500% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	Sep. 10, 2049	[1]
3.500% Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	3.50%	[1]
2.800% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	Sep. 30, 2050	[1]
2.800% Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2.80%	[1]
2.850% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	Aug. 05, 2051	[1]
2.850% Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	2.85%	[1]
3.200% Notes
Debt Instrument [Line Items]
Debt instrument, maturity date	Jan. 30, 2052	[1]
3.200% Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	3.20%	[1]
Secured Borrowings One
Debt Instrument [Line Items]
Debt instrument, interest rate	7.64%
Debt instrument, maturity date	Oct. 27, 2033	[2]
Secured Borrowings Two
Debt Instrument [Line Items]
Debt instrument, interest rate	7.64%
Debt instrument, maturity date	Jan. 29, 2035	[2]

[1]Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.[2]The Secured Borrowing, Due 10/27/2033 has an interest rate of 7.64% and the Secured Borrowing, Due 1/29/2035 has an interest rate of 7.64%. Principal on the Secured Borrowings will be paid over the term with repayment amounts dependent on the performance of the underlying assets securing each borrowing. Repayment amounts from the underlying assets are restricted to solely satisfy the Secured Borrowings obligations. As of March 31, 2024, the fair value of the assets securing both Secured Borrowings equaled $48.5 million.

Scheduled Principal Payments fo

Scheduled Principal Payments for Borrowings (Detail) $ in Thousands	Mar. 31, 2024 USD ($)
Debt Instrument [Line Items]
2024	$ 0
2025	331,924
2026	653,447
2027	911,589
2028	664,090
Thereafter	8,317,031
Total	10,878,081
Blackstone Operating Borrowings
Debt Instrument [Line Items]
2024	0
2025	331,924
2026	653,447
2027	911,589
2028	664,090
Thereafter	8,136,900
Total	10,697,950
Borrowings of Consolidated Blackstone Funds
Debt Instrument [Line Items]
2024	0
2025	0
2026	0
2027	0
2028	0
Thereafter	180,131
Total	$ 180,131

Schedule of Major Filing Jurisd

Schedule of Major Filing Jurisdictions and Open Period Subject to Examinations (Detail)	3 Months Ended
	Mar. 31, 2024
Federal \| Tax Year 2020
Income Tax Examination [Line Items]
Open Tax Year	2020
New York City \| Tax Year 2009
Income Tax Examination [Line Items]
Open Tax Year	2009
New York State \| Tax Year 2016
Income Tax Examination [Line Items]
Open Tax Year	2016
United Kingdom \| Tax Year 2011
Income Tax Examination [Line Items]
Open Tax Year	2011

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, 2024	Mar. 31, 2023
Earnings Per Share [Line Items]
Net Income Attributable to Blackstone Inc., Basic and Diluted	$ 847,386	$ 85,812
Weighted-Average Shares of Common Stock Outstanding, Basic	759,798,537	746,064,922
Weighted-Average Shares of Unvested Deferred Restricted Common Stock	459,107	579,007
Weighted-Average Shares of Common Stock Outstanding, Diluted	760,257,644	746,643,929
Net Income Per Share of Common Stock, Basic	$ 1.12	$ 0.12
Net Income Per Share of Common Stock, Diluted	1.11	0.11
Dividends Declared Per Share of Common Stock	$ 0.94	$ 0.91

Summary of Anti-Dilutive Securi

Summary of Anti-Dilutive Securities (Detail) - shares	3 Months Ended
Summary of Anti-Dilutive Securities (Detail) - shares	Mar. 31, 2024	Mar. 31, 2023
Blackstone Partnership Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-Average Units	457,917,611	462,949,870

Schedule of Shares Eligible For

Schedule of Shares Eligible For Dividends and Distribution (Detail)	Mar. 31, 2024 shares
Stockholders Equity [Line Items]
Common stock eligible for dividends and distributions	759,176,426
Shares eligible for dividends and distributions	1,216,666,569
Common Stock
Stockholders Equity [Line Items]
Common stock eligible for dividends and distributions	722,263,433
Unvested Participating Common Stock
Stockholders Equity [Line Items]
Common stock eligible for dividends and distributions	36,912,993
Participating Partnership Units
Stockholders Equity [Line Items]
Participating Blackstone Holdings Partnership Units	457,490,143

Earnings Per Share and Stockh_3

Earnings Per Share and Stockholder's Equity - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 07, 2021
Stockholders Equity [Line Items]
Amount remaining available for repurchases	$ 668.4
Common Stock
Stockholders Equity [Line Items]
Common stock repurchased, units	700,000	1,000,000
Amount authorized to repurchase under unit repurchase program			$ 2,000
Common stock repurchased, cost	$ 88.4	$ 90.1

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jan. 01, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Partnership grant units			173,443,452
Compensation expense in relation to equity-based awards	$ 320,653	$ 277,431
Tax benefits in relation to equity-based awards	65,300	$ 39,300
Estimated unrecognized compensation expense related to unvested awards	$ 2,800,000
Weighted-average period for recognized compensation expense related to unvested awards, years	3 years 8 months 12 days
Total vested and unvested outstanding units	1,216,634,747
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total outstanding unvested phantom units	77,083

Summary of Status of Partnershi

Summary of Status of Partnership's Unvested Equity-Based Awards (Detail)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Blackstone \| Blackstone Partnership Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance \| shares	4,585,893
Granted (Units) \| shares	0
Vested (Units) \| shares	(268,682)
Forfeited (Units) \| shares	(35,431)
Ending Balance \| shares	4,281,780
Beginning Balance \| $ / shares	$ 38.94
Granted (Weighted-Average Grant Date Fair Value) \| $ / shares	0
Vested (Weighted-Average Grant Date Fair Value) \| $ / shares	33.25
Forfeited (Weighted-Average Grant Date Fair Value) \| $ / shares	46.58
Ending Balance \| $ / shares	$ 39.23
Blackstone Group Inc. \| Equity Settled Awards Deferred Restricted Shares Of Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance \| shares	36,456,644
Granted (Units) \| shares	1,708,994
Vested (Units) \| shares	(2,839,811)
Forfeited (Units) \| shares	(597,142)
Ending Balance \| shares	34,728,685
Beginning Balance \| $ / shares	$ 86.05
Granted (Weighted-Average Grant Date Fair Value) \| $ / shares	130.25
Vested (Weighted-Average Grant Date Fair Value) \| $ / shares	88.53
Forfeited (Weighted-Average Grant Date Fair Value) \| $ / shares	88.2
Ending Balance \| $ / shares	$ 88.04
Blackstone Group Inc. \| Cash Settled Awards Phantom Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance \| shares	85,447
Granted (Units) \| shares	7,362
Vested (Units) \| shares	(7,100)
Forfeited (Units) \| shares	(15,130)
Ending Balance \| shares	70,579
Beginning Balance \| $ / shares	$ 114.5
Granted (Weighted-Average Grant Date Fair Value) \| $ / shares	128.09
Vested (Weighted-Average Grant Date Fair Value) \| $ / shares	128.09
Forfeited (Weighted-Average Grant Date Fair Value) \| $ / shares	128.09
Ending Balance \| $ / shares	$ 128.49

Unvested Shares and Units, Afte

Unvested Shares and Units, After Expected Forfeitures (Detail)	3 Months Ended
	Mar. 31, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Blackstone Holdings Partnership Units	4,430,851
Deferred Restricted Shares of Common Stock	31,480,104
Total Equity-Based Awards	35,910,955
Phantom Shares	60,171
Blackstone Holdings Partnership Units (Weighted-Average Service Period in Years)	6 months
Deferred Restricted Shares of Common Stock (Weighted-Average Service in Years)	2 years 8 months 12 days
Total Equity-Based Awards (Weighted-Average Service Period in Years)	2 years 6 months
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, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Management Fees, Performance Revenues, Reimbursable Expenses and Other Receivables from Non-Consolidated Entities and Portfolio Companies	$ 3,824,853	$ 3,638,948
Due from Certain Non-Controlling Interest Holders and Blackstone Employees	794,877	720,743
Accrual for Potential Clawback of Previously Distributed Performance Allocations	75,494	106,830
Due from Affiliates, total	4,695,224	4,466,521
Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements	1,622,694	1,681,516
Due to Non-Consolidated Entities	104,066	124,560
Due to Certain Non-Controlling Interest Holders and Blackstone Employees	177,654	305,816
Accrual for Potential Repayment of Previously Received Performance Allocations	231,064	281,518
Due to Affiliates, total	2,135,478	2,393,410
Related Party
Related Party Transaction [Line Items]
Due from Affiliates, total	4,695,224	4,466,521
Due to Affiliates, total	$ 2,135,478	$ 2,393,410

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Investments	$ 25,922,290		$ 26,146,622
Cash saving in tax receivable agreements, percentage	85%
Expected future payments under the tax receivable agreements	$ 1,600,000
Expected future payments under the tax receivable agreements in years	15 years
After-tax net present value estimated payments	$ 488,800
After-tax net present value discount rate assumption	15%
Founder, senior managing directors, employees and certain other related parties
Related Party Transaction [Line Items]
Net Income Attributable to Non-Controlling Interests	$ 31,900	$ 22,200
Founder, senior managing directors, employees and certain other related parties \| Consolidated Blackstone Funds
Related Party Transaction [Line Items]
Investments	$ 1,700,000		$ 1,700,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Jan. 01, 2023
Schedule Of Commitments And Contingencies [Line Items]
General partner capital funding	$ 4,700
Total investments at risk in respect of guarantees extended	$ 32
Contingent obligations currently anticipated to expire end	2032
Provision for cash clawback	$ 1,000
Contingent Obligations (Clawback)	6,500
Blackstone Real Estate Investment Trust or BREIT
Schedule Of Commitments And Contingencies [Line Items]
Percentage Of Incremental Cash Payment In Excess Of Target Return		5%
Security Owned and Pledged as Collateral, Associated Liabilities, Fair Value	646
Investments Pledged fair value	1,100	$ 1,100
Common stock, value, subscriptions			$ 4,500
Blackstone Real Estate Investment Trust or BREIT \| University of California
Schedule Of Commitments And Contingencies [Line Items]
Percentage of targeted annualized net return		11.25%
Cost of the investment		$ 4,500
Blackstone Holdings
Schedule Of Commitments And Contingencies [Line Items]
Loans held By employees for investment guaranteed	76
Contingent Obligations (Clawback)	6,100
Consolidated Blackstone Funds
Schedule Of Commitments And Contingencies [Line Items]
Funds signed investment commitments	324.2
Consolidated Blackstone Funds \| Portfolio Company Acquisition
Schedule Of Commitments And Contingencies [Line Items]
Signed investment commitments for portfolio company acquisitions in process of closing	$ 206.5

Clawback Obligations by Segment

Clawback Obligations by Segment (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Product Liability Contingency [Line Items]
Clawback obligations	[1]	$ 231,064	$ 281,518
Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		155,570	174,688
Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[2]	75,494	106,830
Real Estate Segment
Product Liability Contingency [Line Items]
Clawback obligations	[1]	191,784	235,772
Real Estate Segment \| Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		128,972	145,435
Real Estate Segment \| Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[2]	62,812	90,337
Private Equity Segment
Product Liability Contingency [Line Items]
Clawback obligations	[1]	38,802	45,277
Private Equity Segment \| Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		26,387	29,046
Private Equity Segment \| Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[2]	12,415	16,231
Credit & Insurance
Product Liability Contingency [Line Items]
Clawback obligations	[1]	478	469
Credit & Insurance \| Blackstone Holdings
Product Liability Contingency [Line Items]
Clawback obligations		211	207
Credit & Insurance \| Current And Former Blackstone Personnel
Product Liability Contingency [Line Items]
Clawback obligations	[2]	$ 267	$ 262

[1]Total is a component of Due to Affiliates. See Note 15. “Related Party Transactions — Affiliate Receivables and Payables — Due to Affiliates.”[2]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) - Segment	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Number of business segments	4	4

Financial Data of Segments (Det

Financial Data of Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Fee Related Performance Revenues	$ 295,501	$ 148,244
Realized Performance Revenues	831,858	789,770
Realized Performance Compensation	(332,601)	(360,075)
Realized Principal Investment Income	9,938	43,691
Operating Segments
Segment Reporting Information [Line Items]
Base Management Fees	1,644,730	1,619,547
Transaction, Advisory and Other Fees, Net	66,938	45,710
Management Fee Offsets	(4,097)	(12,870)
Total Management and Advisory Fees, Net	1,707,571	1,652,387
Fee Related Performance Revenues	295,501	148,244
Fee Related Compensation	(554,077)	(508,971)
Other Operating Expenses	(288,978)	(251,648)
Fee Related Earnings	1,160,017	1,040,012
Realized Performance Revenues	536,393	641,526
Realized Performance Compensation	(253,024)	(296,024)
Realized Principal Investment Income	9,938	43,691
Total Net Realizations	293,307	389,193
Total Segment Distributable Earnings	1,453,324	1,429,205
Segment Assets	36,831,351
Operating Segments \| Real Estate Segment
Segment Reporting Information [Line Items]
Base Management Fees	694,179	705,387
Transaction, Advisory and Other Fees, Net	29,190	20,561
Management Fee Offsets	(2,930)	(10,457)
Total Management and Advisory Fees, Net	720,439	715,491
Fee Related Performance Revenues	129,958	20,748
Fee Related Compensation	(174,569)	(137,610)
Other Operating Expenses	(89,762)	(74,181)
Fee Related Earnings	586,066	524,448
Realized Performance Revenues	49,967	11,096
Realized Performance Compensation	(21,863)	(3,165)
Realized Principal Investment Income	2,193	2,224
Total Net Realizations	30,297	10,155
Total Segment Distributable Earnings	616,363	534,603
Segment Assets	12,846,955
Operating Segments \| Private Equity Segment
Segment Reporting Information [Line Items]
Base Management Fees	450,283	451,610
Transaction, Advisory and Other Fees, Net	26,149	14,784
Management Fee Offsets	(267)	(1,310)
Total Management and Advisory Fees, Net	476,165	465,084
Fee Related Performance Revenues	0	0
Fee Related Compensation	(157,392)	(161,626)
Other Operating Expenses	(86,879)	(76,763)
Fee Related Earnings	231,894	226,695
Realized Performance Revenues	446,455	499,322
Realized Performance Compensation	(218,938)	(232,934)
Realized Principal Investment Income	22,208	32,889
Total Net Realizations	249,725	299,277
Total Segment Distributable Earnings	481,619	525,972
Segment Assets	13,761,878
Operating Segments \| Credit & Insurance Segment
Segment Reporting Information [Line Items]
Base Management Fees	370,998	326,779
Transaction, Advisory and Other Fees, Net	9,790	8,451
Management Fee Offsets	(892)	(1,101)
Total Management and Advisory Fees, Net	379,896	334,129
Fee Related Performance Revenues	165,543	127,496
Fee Related Compensation	(181,337)	(163,999)
Other Operating Expenses	(85,530)	(74,238)
Fee Related Earnings	278,572	223,388
Realized Performance Revenues	15,120	125,181
Realized Performance Compensation	(5,445)	(56,772)
Realized Principal Investment Income	3,597	6,009
Total Net Realizations	13,272	74,418
Total Segment Distributable Earnings	291,844	297,806
Segment Assets	7,607,377
Operating Segments \| Multi Assets Investing Segment
Segment Reporting Information [Line Items]
Base Management Fees	129,270	135,771
Transaction, Advisory and Other Fees, Net	1,809	1,914
Management Fee Offsets	(8)	(2)
Total Management and Advisory Fees, Net	131,071	137,683
Fee Related Performance Revenues	0	0
Fee Related Compensation	(40,779)	(45,736)
Other Operating Expenses	(26,807)	(26,466)
Fee Related Earnings	63,485	65,481
Realized Performance Revenues	24,851	5,927
Realized Performance Compensation	(6,778)	(3,153)
Realized Principal Investment Income	(18,060)	2,569
Total Net Realizations	13	5,343
Total Segment Distributable Earnings	63,498	$ 70,824
Segment Assets	$ 2,615,141

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, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total Revenues		$ 3,687,828	$ 1,381,845
Less: Unrealized Principal Investment (Income) Loss		461,623	(491,417)
Total Expenses		1,790,407	1,189,345
Total Other Income		(17,767)	65,856
Total Other Income		0	0
Total GAAP Income Before Provision for Taxes		1,879,654	258,356
Less: Unrealized Principal Investment (Income) Loss		461,623	(491,417)
Total Assets		39,706,302		$ 40,287,530
Operating Segments
Segment Reporting Information [Line Items]
Total Revenues	[1]	2,549,403	2,485,848
Total Expenses	[2]	1,096,079	1,056,643
Total Segment Distributable Earnings		1,453,324	1,429,205
Total Assets		36,831,351
Consolidation Adjustments and Reconciling Items
Segment Reporting Information [Line Items]
Less: Unrealized Performance Revenues	[3]	(445,936)	759,316
Less: Unrealized Principal Investment (Income) Loss	[4]	(442,976)	479,120
Less: Interest and Dividend Revenue	[5]	(97,839)	(95,101)
Less: Other Revenue	[6]	(44,747)	14,180
Impact of Consolidation	[7]	(106,874)	(58,987)
Transaction-Related and Non-Recurring Items	[8]	(449)	4,788
Less: Unrealized Performance Allocations Compensation	[9]	(180,900)	313,249
Less: Equity-Based Compensation	[10]	(317,779)	(268,134)
Less: Interest Expense	[11]	(107,640)	(104,209)
Impact of Consolidation	[7]	(25,949)	(56,674)
Amortization of Intangibles	[12]	(7,333)	(11,341)
Transaction-Related and Non-Recurring Items	[8]	(52,646)	(3,833)
Administrative Fee Adjustment	[13]	2,477	2,447
Less: Unrealized Performance Revenues	[3]	(445,936)	759,316
Less: Unrealized Principal Investment (Income) Loss	[4]	(442,976)	479,120
Less: Interest and Dividend Revenue	[5]	(97,839)	(95,101)
Less: Other Revenue	[6]	(44,747)	14,180
Plus: Unrealized Performance Allocations Compensation	[9]	180,900	(313,249)
Plus: Equity-Based Compensation	[10]	317,779	268,134
Plus: Interest Expense	[11]	107,640	104,209
Amortization of Intangibles	[12]	7,333	11,341
Administrative Fee Adjustment	[13]	2,477	2,447
Transaction-Related Charges	[8]	52,197	8,621
Segment Adjustment
Segment Reporting Information [Line Items]
Intersegment Eliminations		396	687
Intersegment Eliminations		396	687
Impact of Consolidation
Segment Reporting Information [Line Items]
Total Other Income		17,767	(65,856)
Impact of Consolidation	[7]	(63,158)	$ (68,169)
Total Assets	[7]	$ (2,874,951)

[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, 2024 and 2023, Other Revenue on a GAAP basis was $44.8 million and $(14.2) million, and included $44.5 million and $(14.7) 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 Transaction-Related and Non-Recurring Items, which are excluded from Blackstone’s segment presentation. Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering and non-recurring gains, losses, or other charges, if any. 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, gains or losses associated with these corporate actions and non-recurring gains, losses or other charges that affect period to period comparability and are not reflective of Blackstone’s operational performance. For the three months ended March 31, 2024, this adjustment includes removal of an accrual for an estimated liability for a legal matter.[9]This adjustment removes Unrealized Performance Allocations Compensation.[10]This adjustment removes Equity-Based Compensation on a segment basis.[11]This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement.[12]This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation.[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, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total Segment Fee Related Performance Revenues		$ 295,501	$ 148,244
Total Segment Realized Performance Revenues		831,858	789,770
Total Segment Realized Principal Investment Income		9,938	43,691
Total Segment Realized Performance Compensation		332,601	360,075
Total Segment Other Operating Expenses		44,820	(14,154)
Foreign exchange gains (losses)		44,500	(14,700)
Operating Segments
Segment Reporting Information [Line Items]
Total Segment Management and Advisory Fees, Net		1,707,571	1,652,387
Total Segment Fee Related Performance Revenues		295,501	148,244
Total Segment Realized Performance Revenues		536,393	641,526
Total Segment Realized Principal Investment Income		9,938	43,691
Total Revenues	[1]	2,549,403	2,485,848
Total Segment Fee Related Compensation		554,077	508,971
Total Segment Realized Performance Compensation		253,024	296,024
Total Segment Other Operating Expenses		288,978	251,648
Total Expenses	[2]	$ 1,096,079	$ 1,056,643

[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 Statements of Operations (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenues	[1]	$ (19,577)	$ (5,928)
Investment Income — Realized Performance Allocations		652,517	646,894
Realized Performance Revenues		295,501	148,244
Compensation		794,803	716,285
Incentive Fee Compensation		73,707	63,281
Realized Performance Allocations Compensation		258,894	296,794
Realized Performance Revenues		831,858	789,770
Segment Adjustment	[2]	36	0
Total Compensation and Benefits		1,127,404	1,076,360
General, Administrative and Other		369,950	273,394
General, Administrative and Other	[3]	(80,972)	(21,746)
Investment Income — Realized Performance Allocations		652,517	646,894
Realized Performance Revenues		831,858	789,770
Realized Performance Compensation		(332,601)	(360,075)
Investment Income Realized		78,597	108,058
Investment Income Realized	[4]	(68,659)	(64,367)
Investment Income Realized		9,938	43,691
Segment Adjustment	[5]	(2,524)	(3,231)
Less: Fee Related Performance Compensation	[6]	(75,198)	(61,071)
Total Segment		332,601	360,075
Management and Advisory Fees, Net
Segment Reporting Information [Line Items]
Revenues		1,727,148	1,658,315
Incentive Fees
Segment Reporting Information [Line Items]
Revenues		179,341	142,876
Operating Segments
Segment Reporting Information [Line Items]
Revenues		1,707,571	1,652,387
Realized Performance Revenues		295,501	148,244
Realized Performance Revenues		536,393	641,526
Realized Performance Revenues		(295,501)	(148,244)
General, Administrative and Other		288,978	251,648
Realized Performance Revenues		536,393	641,526
Less: Realized Performance Revenues		(536,393)	(641,526)
Realized Performance Compensation		(253,024)	(296,024)
Investment Income Realized		9,938	43,691
Less: Equity-Based Compensation — Operating Compensation		(313,400)	(265,154)
Less: Equity-Based Compensation — Performance Compensation		(4,379)	(2,980)
Total Compensation and Benefits		554,077	508,971
Less: Equity-Based Compensation — Performance Compensation		(4,379)	(2,980)
Total Segment		253,024	296,024
Operating Segments \| Management and Advisory Fees, Net
Segment Reporting Information [Line Items]
Revenues		$ 1,707,571	$ 1,652,387

[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 (1) removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures, (2) removal of certain expenses reimbursed by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and (3) a reduction equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units which is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation. For the three months ended March 31, 2024, this adjustment includes removal of an accrual for an estimated liability for a legal matter.[4]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.[5]Represents the removal of Transaction-Related and Non-Recurring Items that are not recorded in the Total Segment measures.[6]Fee related performance compensation may include equity-based compensation based on fee related performance revenues.