Blackstone : Third Quarter 2020 Supplemental Financial Data

Blackstone's Third Quarter

2020 Supplemental

Financial Data

October 28, 2020

Effective January 1, 2020, Blackstone updated its calculation methodology for Weighted-AverageFee-Earning Assets Under Management as follows:

quarterly amounts are calculated as the average of the beginning and end of quarter Fee-Earning Assets Under Management with year to date and last twelve months amounts calculated as the average of the beginning of period balance and each quarter end's Fee-Earning Assets Under Management in the calculation period. Prior periods have not been recast for this update.

Effective January 1, 2020, the Credit segment was renamed Credit & Insurance. There was no change to the composition of the segment or historical results.

Throughout this presentation, all current period amounts are preliminary.

Total Segments

																								Year-to-Date
($ in thousands)		1Q'18		2Q'18		3Q'18		4Q'18		1Q'19		2Q'19		3Q'19		4Q'19		1Q'20		2Q'20		3Q'20		3Q'19		3Q'20
Management and Advisory Fees, Net
Base Management Fees	$	707,156	$	692,915	$	721,606	$	722,648	$	757,518	$	805,315	$	809,729	$	873,368 $	910,396	$	941,794	$	1,043,770	$	2,372,562	$	2,895,960
Transaction, Advisory and Other Fees, Net		37,066		40,912		73,944		77,576		65,150		61,495		92,702		95,073		50,665		48,292		33,628		219,347		132,585
Management Fee Offsets		(8,178)		(10,833)		(16,331)		(2,029)		(8,606)		(22,654)		(22,086)		(22,768)	(20,494)		(13,353)		(19,558)		(53,346)		(53,405)
Total Management and Advisory Fees, Net		736,044		722,994		779,219		798,195		814,062		844,156		880,345		945,673	940,567		976,733		1,057,840		2,538,563		2,975,140
Fee Related Performance Revenues		3,837		45,515		30,299		44,185		7,779		13,624		34,225		156,373	12,466		15,033		64,950		55,628		92,449
Fee Related Compensation		(296,074)		(306,243)		(334,545)		(279,284)		(324,031)		(293,834)		(329,834)		(388,879)	(346,264)		(306,904)		(360,633)		(947,699)		(1,013,801)
Other Operating Expenses		(107,092)		(122,466)		(128,745)		(130,025)		(123,311)		(142,121)		(144,351)		(161,359)	(138,885)		(143,583)		(151,213)		(409,783)		(433,681)
Fee Related Earnings	$	336,715	$	339,800	$	346,228	$	433,071	$	374,499	$	421,825	$	440,385	$	551,808	$	467,884	$	541,279	$	610,944	$	1,236,709	$	1,620,107
Realized Performance Revenues		278,371		477,544		572,159		483,697		246,769		341,386		420,840		651,647	167,233		102,177		319,954		1,008,995		589,364
Realized Performance Compensation		(114,829)		(172,894)		(190,773)		(199,645)		(85,240)		(125,466)		(143,870)		(249,359)	(71,302)		(37,787)		(121,730)		(354,576)		(230,819)
Realized Principal Investment Income		28,693		94,647		65,620		47,098		25,908		123,557		36,148		38,542		20,290		18,938		15,884		185,613		55,112
Total Net Realizations		192,235		399,297		447,006		331,150		187,437		339,477		313,118		440,830		116,221		83,328		214,108		840,032		413,657
Total Segment Distributable Earnings	$	528,950	$	739,097	$	793,234	$	764,221	$	561,936	$	761,302	$	753,503	$	992,638	$	584,105	$	624,607	$	825,052	$	2,076,741	$	2,033,764
Net Interest Income (Loss)		(1,853)		2,842		9,013		11,923		5,061		2,761		(7,767)		(2,496)	(3,941)		(12,634)		(12,731)		55		(29,306)
Taxes and Related Payables		(25,042)		(41,797)		(32,963)		(54,063)		(29,039)		(55,201)		(35,815)		(76,104)	(23,053)		(63,990)		(40,225)		(120,055)		(127,268)
Distributable Earnings	$	502,055	$	700,142	$	769,284	$	722,081	$	537,958	$	708,862	$	709,921	$	914,038	$	557,111	$	547,983	$	772,096	$	1,956,741	$	1,877,190
Additional Metrics:
Total Segment Revenues	$	1,046,945	$	1,340,700	$	1,447,297	$	1,373,175	$	1,094,518	$	1,322,723	$	1,371,558	$	1,792,235 $	1,140,556	$	1,112,881	$	1,458,628	$	3,788,799	$	3,712,065
Total Assets Under Management	449,613,826	439,386,656	456,691,832	472,242,317	511,777,762	545,482,337	554,022,343	571,122,463	538,007,285	564,330,088	584,376,213	554,022,343	584,376,213
Fee-Earning Assets Under Management	344,650,797	332,978,145	342,261,123	342,527,507	352,993,394	387,864,642	394,138,443	408,074,852	423,055,037	435,825,935	444,511,078	394,138,443	444,511,078
Weighted-AverageFee-Earning AUM	343,211,044	328,594,512	340,994,284	343,514,196	349,589,269	368,900,952	391,977,663	398,811,159	415,564,944	429,440,486	440,168,506	365,664,742	427,866,725
Inflows		18,179,358		20,089,250		24,065,920		38,641,083		42,907,124		45,111,109		20,391,003		25,968,043	27,312,508		20,269,063		15,137,679	108,409,236		62,719,250
Capital Invested		10,119,519		8,351,772		9,894,470		16,349,738		11,783,583		17,669,109		16,156,664		17,339,074	14,818,725		12,832,119		8,601,474		45,609,356		36,252,318
Realizations		6,256,855		8,303,204		10,718,646		8,781,928		8,260,193		10,594,391		9,747,968		11,599,274	6,388,694		7,350,802		7,937,504		28,602,552		21,677,000

Blackstone | 1

Real Estate

																								Year-to-Date
($ in thousands)		1Q'18		2Q'18		3Q'18		4Q'18		1Q'19		2Q'19		3Q'19		4Q'19		1Q'20		2Q'20		3Q'20		3Q'19		3Q'20
Management Fees, Net
Base Management Fees	$	226,526	$	249,680	$	254,088	$	255,105	$	260,245	$	255,636	$	266,779	$	333,523	$	371,438	$	382,704	$	392,785	$	782,660	$	1,146,927
Transaction and Other Fees, Net		23,088		23,859		45,678		59,888		23,911		23,990		73,385		54,545		23,024		32,039		17,464		121,286		72,527
Management Fee Offsets		(1,668)		(3,785)		(8,265)		2,276		(280)		(1,686)		(7,635)		(17,235)	(8,341)		(2,436)		(1,039)		(9,601)		(11,816)
Total Management Fees, Net		247,946		269,754		291,501		317,269		283,876		277,940		332,529		370,833	386,121		412,307		409,210		894,345		1,207,638
Fee Related Performance Revenues		4,503		45,515		30,299		44,185		6,676		11,072		30,600		149,889	4,551		6,505		55,327		48,348		66,383
Fee Related Compensation		(100,610)		(120,783)		(128,342)		(109,695)		(114,816)		(97,795)		(132,183)		(186,465)	(120,296)		(116,640)		(138,342)		(344,794)		(375,278)
Other Operating Expenses		(29,417)		(36,026)		(39,787)		(41,030)		(38,986)		(40,114)		(43,897)		(45,335)	(40,476)		(44,525)		(42,566)		(122,997)		(127,567)
Fee Related Earnings	$	122,422	$	158,460	$	153,671	$	210,729	$	136,750	$	151,103	$	187,049	$	288,922	$	229,900	$	257,647	$	283,629	$	474,902	$	771,176
Realized Performance Revenues		151,181		317,509		273,309		172,985		77,182		198,573		282,379		474,203	43,720		34,209		18,872		558,134		96,801
Realized Performance Compensation		(56,115)		(94,716)		(79,309)		(54,179)		(29,900)		(67,742)		(85,544)		(190,910)	(13,392)		(12,547)		(7,343)		(183,186)		(33,282)
Realized Principal Investment Income (Loss)		14,690		50,199		16,197		11,439		(2,131)		47,420		17,968		16,476		7,300		1,573		4,946		63,257		13,819
Total Net Realizations		109,756		272,992		210,197		130,245		45,151		178,251		214,803		299,769		37,628		23,235		16,475		438,205		77,338
Segment Distributable Earnings	$	232,178	$	431,452	$	363,868	$	340,974	$	181,901	$	329,354	$	401,852	$	588,691	$	267,528	$	280,882	$	300,104	$	913,107	$	848,514
Additional Metrics:
Segment Revenues	$	418,320	$	682,977	$	611,306	$	545,878	$	365,603	$	535,005	$	663,476	$	1,011,401	$	441,692	$	454,594	$	488,355	$	1,564,084	$	1,384,641
Total Assets Under Management	119,575,884	119,399,973	119,942,029	136,247,229	140,334,043	153,604,820	157,076,273	163,156,064	160,934,849	166,723,844	173,796,594	157,076,273	173,796,594
Fee-Earning Assets Under Management		87,284,578		88,776,501		90,772,735		93,252,724		94,223,034	112,287,094	116,749,305	128,214,137	130,424,462	134,260,348	137,877,640	116,749,305	137,877,640
Weighted-AverageFee-Earning AUM		86,670,284		88,050,906		90,280,123		92,086,794		94,392,083	101,945,422	113,636,265	120,246,037	129,319,299	132,342,405	136,068,993		99,935,327	132,694,146
Inflows		3,622,876		5,124,391		2,609,037		20,122,127		5,033,851		14,364,834		6,745,847		8,046,034	12,653,175		4,884,629		3,872,574		26,144,532		21,410,378
Capital Invested		4,342,936		4,600,382		4,053,615		5,729,441		3,090,432		3,933,090		8,165,206		7,269,297	5,328,987		5,855,138		2,126,252		15,188,728		13,310,377
Realizations		2,666,715		4,326,910		4,039,437		3,642,033		3,058,141		3,989,755		4,575,981		6,474,022	2,518,796		2,264,204		1,854,440		11,623,877		6,637,440

Blackstone | 2

Private Equity

																								Year-to-Date
($ in thousands)		1Q'18		2Q'18		3Q'18		4Q'18		1Q'19		2Q'19		3Q'19		4Q'19		1Q'20		2Q'20		3Q'20		3Q'19		3Q'20
Management and Advisory Fees, Net
Base Management Fees	$	182,961	$	195,521	$	205,893	$	200,848	$	219,417	$	265,139	$	252,510	$	249,416	$	253,974	$	268,070	$	352,866	$	737,066	$	874,910
Transaction, Advisory and Other Fees, Net		11,094		12,780		21,709		12,582		37,291		31,526		14,657		31,700		21,413		9,521		11,571		83,474		42,505
Management Fee Offsets		(3,193)		(4,351)		(4,973)		(987)		(4,985)		(17,689)		(11,889)		(2,764)		(9,215)		(8,031)		(16,264)		(34,563)		(33,510)
Total Management and Advisory Fees, Net		190,862		203,950		222,629		212,443		251,723		278,976		255,278		278,352		266,172		269,560		348,173		785,977		883,905
Fee Related Compensation		(89,566)		(94,170)		(105,621)		(86,089)		(107,587)		(105,107)		(105,773)		(105,285)		(110,368)		(92,825)		(119,301)		(318,467)		(322,494)
Other Operating Expenses		(31,151)		(36,047)		(36,654)		(29,244)		(34,201)		(40,429)		(38,235)		(47,145)		(41,001)		(44,827)		(45,702)		(112,865)		(131,530)
Fee Related Earnings	$	70,145	$	73,733	$	80,354	$	97,110	$	109,935	$	133,440	$	111,270	$	125,922	$	114,803	$	131,908	$	183,170	$	354,645	$	429,881
Realized Performance Revenues		77,123		138,171		290,012		252,100		156,599		122,907		124,231		65,255		112,076		64,513		295,239		403,737		471,828
Realized Performance Compensation		(33,045)		(68,513)		(106,400)		(110,209)		(50,556)		(52,081)		(52,034)		(37,895)		(54,643)		(25,016)		(112,713)		(154,671)		(192,372)
Realized Principal Investment Income		6,338		32,600		44,408		26,385		25,139		42,906		11,977		10,227		10,347		17,416		10,248		80,022		38,011
Total Net Realizations		50,416		102,258		228,020		168,276		131,182		113,732		84,174		37,587		67,780		56,913		192,774		329,088		317,467
Segment Distributable Earnings	$	120,561	$	175,991	$	308,374	$	265,386	$	241,117	$	247,172	$	195,444	$	163,509	$	182,583	$	188,821	$	375,944	$	683,733	$	747,348
Additional Metrics:
Segment Revenues	$	274,323	$	374,721	$	557,049	$	490,928	$	433,461	$	444,789	$	391,486	$	353,834	$	388,595	$	351,489	$	653,660	$	1,269,736	$	1,393,744
Total Assets Under Management	111,414,214	119,524,518	126,184,368	130,665,286	158,988,748	171,171,687	173,858,400	182,886,109	174,695,883	184,118,135	189,153,816	173,858,400	189,153,816
Fee-Earning Assets Under Management		72,398,415		78,045,697		78,195,072		80,008,166		85,446,868		96,467,272		97,936,871		97,773,964	128,300,802	129,284,112	129,701,748		97,936,871	129,701,748
Weighted-AverageFee-Earning AUM		71,881,372		73,587,774		78,938,034		79,101,203		83,353,397		89,368,698		97,708,402		98,030,747	113,037,383	128,792,457	129,492,930		89,555,567	121,265,157
Inflows		3,534,463		6,282,722		6,997,499		9,825,279		28,471,460		16,806,806		3,254,530		8,303,774		8,868,851		5,202,708		3,942,139		48,532,796		18,013,698
Capital Invested		3,955,198		2,586,395		3,276,586		6,833,187		7,106,190		7,914,780		5,808,814		5,771,634		5,538,755		5,037,928		4,134,163		20,829,784		14,710,846
Realizations		1,041,784		2,058,727		4,033,482		3,262,618		3,742,658		4,678,685		2,812,162		2,307,409		2,031,106		2,990,225		4,665,183		11,233,505		9,686,514

Blackstone | 3

Hedge Fund Solutions

																								Year-to-Date
($ in thousands)		1Q'18		2Q'18		3Q'18		4Q'18		1Q'19		2Q'19		3Q'19		4Q'19		1Q'20		2Q'20		3Q'20		3Q'19		3Q'20
Management Fees, Net
Base Management Fees	$	129,228	$	129,553	$	129,554	$	131,447	$	137,328	$	136,990	$	140,694	$	141,718	$	139,656	$	145,455	$	146,082	$	415,012	$	431,193
Transaction and Other Fees, Net		345		812		766		1,257		318		723		691		1,801		758		859		1,255		1,732		2,872
Management Fee Offsets		-		-		-		(93)		-		-		(18)		(120)		(42)		4		(22)		(18)		(60)
Total Management Fees, Net		129,573		130,365		130,320		132,611		137,646		137,713		141,367		143,399		140,372		146,318		147,315		416,726		434,005
Fee Related Compensation		(39,639)		(40,533)		(43,443)		(38,557)		(42,954)		(36,622)		(38,898)		(33,486)		(46,191)		(40,353)		(41,405)		(118,474)		(127,949)
Other Operating Expenses		(18,785)		(18,494)		(20,753)		(19,740)		(17,885)		(21,112)		(20,495)		(22,507)		(18,667)		(17,807)		(19,652)		(59,492)		(56,126)
Fee Related Earnings	$	71,149	$	71,338	$	66,124	$	74,314	$	76,807	$	79,979	$	81,974	$	87,406	$	75,514	$	88,158	$	86,258	$	238,760	$	249,930
Realized Performance Revenues		10,177		7,270		3,985		20,987		4,091		11,960		1,848		108,677		1,767		1,482		5,618		17,899		8,867
Realized Performance Compensation		(2,923)		(2,546)		(1,922)		(14,401)		(1,413)		(2,175)		(1,000)		(19,713)		(945)		0		(1,257)		(4,588)		(2,202)
Realized Principal Investment Income (Loss)		640		7,766		2,024		6,609		(283)		12,306		1,480		8,204		(609)		(331)		(150)		13,503		(1,090)
Total Net Realizations		7,894		12,490		4,087		13,195		2,395		22,091		2,328		97,168		213		1,151		4,211		26,814		5,575
Segment Distributable Earnings	$	79,043	$	83,828	$	70,211	$	87,509	$	79,202	$	102,070	$	84,302	$	184,574	$	75,727	$	89,309	$	90,469	$	265,574	$	255,505
Additional Metrics:
Segment Revenues	$	140,390	$	145,401	$	136,329	$	160,207	$	141,454	$	161,979	$	144,695	$	260,280	$	141,530	$	147,469	$	152,783	$	448,128	$	441,782
Total Assets Under Management		78,657,551		77,403,078		80,005,136		77,814,516		80,182,772		81,435,680		81,154,390		80,738,112		73,720,792		75,668,139		77,788,713		81,154,390		77,788,713
Fee-Earning Assets Under Management		73,570,498		71,889,290		74,558,599		72,280,606		73,647,014		74,653,420		74,877,976		75,636,004		68,214,435		70,200,141		71,699,793		74,877,976		71,699,793
Weighted-AverageFee-Earning AUM		72,979,993		73,635,114		74,637,255		74,232,169		73,458,940		74,793,579		76,166,677		75,377,926		71,925,219		69,207,288		70,949,967		74,958,957		71,437,593
Inflows		3,940,614		2,995,023		3,702,238		2,640,452		2,568,943		3,812,651		3,164,093		2,697,168		3,246,661		3,323,861		1,717,874		9,545,687		8,288,396
Capital Invested		785,874		113,108		227,870		575,115		231,590		2,101,802		659,457		711,503		605,702		877,481		558,213		2,992,849		2,041,396
Realizations		56,072		126,015		70,986		218,858		186,558		296,126		305,905		483,379		138,987		516,843		192,729		788,589		848,559

Blackstone | 4

Credit & Insurance

																										Year-to-Date
($ in thousands)		1Q'18		2Q'18		3Q'18		4Q'18		1Q'19		2Q'19		3Q'19			4Q'19			1Q'20		2Q'20		3Q'20		3Q'19		3Q'20
Management Fees, Net
Base Management Fees	$	168,441	$	118,161	$	132,071	$	135,248	$	140,528	$	147,550	$	149,746		$	148,711	$	145,328	$	145,565	$	152,037	$	437,824	$	442,930
Transaction and Other Fees, Net		2,539		3,461		5,791		3,849		3,630		5,256		3,969			7,027		5,470		5,873		3,338		12,855		14,681
Management Fee Offsets		(3,317)		(2,697)		(3,093)		(3,225)		(3,341)		(3,279)		(2,544)		(2,649)		(2,896)		(2,890)		(2,233)		(9,164)		(8,019)
Total Management Fees, Net		167,663		118,925		134,769		135,872		140,817		149,527		151,171		153,089		147,902		148,548		153,142		441,515		449,592
Fee Related Performance Revenues		(666)		-		-		-		1,103		2,552		3,625			6,484		7,915		8,528		9,623		7,280		26,066
Fee Related Compensation		(66,259)		(50,757)		(57,139)		(44,943)		(58,674)		(54,310)		(52,980)		(63,643)		(69,409)		(57,086)		(61,585)		(165,964)		(188,080)
Other Operating Expenses		(27,739)		(31,899)		(31,551)		(40,011)		(32,239)		(40,466)		(41,724)		(46,372)		(38,741)		(36,424)		(43,293)		(114,429)		(118,458)
Fee Related Earnings	$	72,999	$	36,269	$	46,079	$	50,918	$	51,007	$	57,303	$	60,092		$	49,558		$	47,667	$	63,566	$	57,887	$	168,402	$	169,120
Realized Performance Revenues		39,890		14,594		4,853		37,625		8,897		7,946		12,382			3,512		9,670		1,973		225		29,225		11,868
Realized Performance Compensation		(22,746)		(7,119)		(3,142)		(20,856)		(3,371)		(3,468)		(5,292)		(841)		(2,322)		(224)		(417)		(12,131)		(2,963)
Realized Principal Investment Income		7,025		4,082		2,991		2,665		3,183		20,925		4,723			3,635		3,252		280		840		28,831		4,372
Total Net Realizations		24,169		11,557		4,702		19,434		8,709		25,403		11,813			6,306			10,600		2,029		648		45,925		13,277
Segment Distributable Earnings	$	97,168	$	47,826	$	50,781	$	70,352	$	59,716	$	82,706	$	71,905		$	55,864		$	58,267	$	65,595	$	58,535	$	214,327	$	182,397
Additional Metrics:
Segment Revenues	$	213,912	$	137,601	$	142,613	$	176,162	$	154,000	$	180,950	$	171,901		$	166,720	$	168,739	$	159,329	$	163,830	$	506,851	$	491,898
Total Assets Under Management	139,966,177	123,059,087	130,560,299	127,515,286	132,272,199	139,270,150	141,933,280		144,342,178		128,655,761	137,819,970	143,637,090	141,933,280	143,637,090
Fee-Earning Assets Under Management	111,397,306		94,266,657		98,734,717		96,986,011		99,676,478	104,456,856	104,574,291		106,450,747			96,115,338	102,081,334	105,231,897	104,574,291	105,231,897
Weighted-AverageFee-Earning AUM	111,679,395		93,320,718		97,138,872		98,094,030		98,384,849 102,793,253	104,466,319	105,156,449	101,283,043		99,098,336	103,656,616	101,214,891	102,469,829
Inflows		7,081,405		5,687,114		10,757,146		6,053,225		6,832,870		10,126,818		7,226,533		6,921,067		2,543,821		6,857,865		5,605,092		24,186,221		15,006,778
Capital Invested		1,035,511		1,051,887		2,336,399		3,211,995		1,355,371		3,719,437		1,523,187		3,586,640		3,345,281		1,061,572		1,782,846		6,597,995		6,189,699
Realizations		2,492,284		1,791,552		2,574,741		1,658,419		1,272,836		1,629,825		2,053,920		2,334,464		1,699,805		1,579,530		1,225,152		4,956,581		4,504,487

Blackstone | 5

Total Segments

($ in thousands)		2015		2016		2017		2018		2019
Management and Advisory Fees, Net
Base Management Fees	$	2,196,583	$	2,397,779	$	2,680,391	$	2,844,325	$	3,245,930
Transaction, Advisory and Other Fees, Net		461,816		144,858		156,816		229,498		314,420
Management Fee Offsets		(93,494)		(79,644)		(66,416)		(37,371)		(76,114)
Total Management and Advisory Fees, Net		2,564,905		2,462,993		2,770,791		3,036,452		3,484,236
Fee Related Performance Revenues		101,119		101,430		169,445		123,836		212,001
Fee Related Compensation		(1,136,083)		(1,054,438)		(1,185,639)		(1,216,146)		(1,336,578)
Other Operating Expenses		(448,575)		(431,836)		(424,866)		(488,328)		(571,142)
Fee Related Earnings	$	1,081,366	$	1,078,149	$	1,329,731	$	1,455,814	$	1,788,517
Realized Performance Revenues		3,299,503		1,545,586		3,647,807		1,811,771		1,660,642
Realized Performance Compensation		(829,838)		(483,257)		(1,297,611)		(678,141)		(603,935)
Realized Principal Investment Income		418,808		199,869		436,194		236,058		224,155
Total Net Realizations		2,888,473		1,262,198		2,786,390		1,369,688		1,280,862
Total Segment Distributable Earnings	$	3,969,839	$	2,340,347	$	4,116,121	$	2,825,502	$	3,069,379
Net Interest Income (Loss)		(44,181)		(51,623)		(49,918)		21,925		(2,441)
Taxes and Related Payables		(90,470)		(167,149)		(189,988)		(153,865)		(196,159)
Distributable Earnings	$	3,835,188	$	2,121,575	$	3,876,215	$	2,693,562	$	2,870,779
Additional Metrics:
Total Segment Revenues	$	6,384,335	$	4,309,878	$	7,024,237	$	5,208,117	$	5,581,034
Total Assets Under Management	336,384,575	366,553,465	434,128,243	472,242,317	571,122,463
Fee-Earning Assets Under Management	246,146,372	277,092,672	335,343,998	342,527,507	408,074,852
Weighted-AverageFee-Earning AUM	240,378,333	264,986,623	289,116,993	338,819,012	375,416,357
Inflows		93,584,676		69,660,775	107,955,723	100,975,611	134,377,279
Capital Invested		32,355,310		23,275,410		50,678,463		44,715,499		62,948,430
Realizations		42,670,111		39,383,839		55,186,497		34,060,633		40,201,826

Blackstone | 6